UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-02729 | |
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: 8/31/19 |
Item 1. Reports to Stockholders.
Annual Report to Shareholders | August 31, 2019 |
Table of Contents
Letters to Shareholders | 3 | |||
Fund Data | 5 | |||
Fund Objectives and Strategies | 6 | |||
Fund Composition by Maturity | 7 | |||
Schedules of Investments | 9 | |||
Financial Statements | 32 | |||
Financial Highlights | 38 | |||
Notes to Financial Statements | 39 | |||
Report of Independent Registered Public Accounting Firm | 51 | |||
Fund Expenses | 52 | |||
Approval of Investment Advisory and Sub-Advisory Contracts | 53 | |||
Tax Information | 57 | |||
Trustees and Officers | T-1 |
2
Andrew Schlossberg |
3 | Short-Term Investments Trust |
Bruce Crockett |
4 | Short-Term Investments Trust |
Institutional Class data as of 8/31/19 | ||||
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 - 49 days | 49 days | 84 days | $2.4 billion |
Invesco STIC Prime1 | 4 - 22 days | 12 days | 12 days | 652.2 million |
Invesco Treasury2 | 11 - 44 days | 18 days | 114 days | 18.7 billion |
Invesco Government & Agency2 | 6 - 47 days | 8 days | 115 days | 30.0 billion |
Invesco Treasury Obligations2 | 25 - 56 days | 28 days | 111 days | 1.0 billion |
Invesco Tax-Free Cash Reserve3 | 7 - 12 days | 7 days | 7 days | 161.0 million |
1 | You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
2 | You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
3 | You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
5 | Short-Term Investments Trust |
6 | Short-Term Investments Trust |
In days, as of 8/31/19 | ||||||
Invesco Liquid Assets Portfolio 1-6, 9-10, 12-14 | Invesco STIC Prime Portfolio 1-6, 9-10, 12-14 | Invesco Treasury Portfolio 2, 4-5, 7, 11-12, 14 | Invesco Government & Agency Portfolio 2, 4-5, 7, 11-12, 14 | Invesco Treasury Obligations Portfolio 2, 4-5, 7, 12, 14 | Invesco Tax-Free Cash Reserve Portfolio 2-5, 8-9,13-14 | |
1 - 7 | 41.3% | 69.6% | 54.1% | 52.1% | 7.6% | 95.3% |
8 - 30 | 2.9 | 18.8 | 8.7 | 6.4 | 27.1 | 1.7 |
31 - 60 | 10.8 | 11.6 | 5.7 | 4.0 | 30.5 | 2.8 |
61 - 90 | 5.3 | 0.0 | 1.2 | 2.3 | 10.8 | 0.2 |
91 - 180 | 19.7 | 0.0 | 9.1 | 13.4 | 5.4 | 0.0 |
181+ | 20.0 | 0.0 | 21.2 | 21.8 | 18.6 | 0.0 |
1 | Banking and financial services industry focus risk. From time to time, the Fund may invest more than 25% of its assets in unsecured bank instruments, including but not limited to certificates of deposit and time deposits, or securities that may have guarantees or credit or liquidity enhancements provided by banks, insurance companies or other financial institutions. To the extent the Fund focuses its investments in these instruments or securities, the Fund’s performance will depend on the overall condition of those industries and the individual banks and financial institutions in which the Fund invests (directly or indirectly), the supply of short-term financing, changes in government regulation, changes in interest rates, and economic downturns in the United States and abroad. |
2 | Debt securities risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund’s distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event. |
3 | Foreign securities and credit exposure risk. US 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. Furthermore, the Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. |
4 | Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective. |
5 | Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value. |
6 | Money market fund risk. 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 and you may lose money by investing in the Fund. 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 required minimums because of market conditions or other factors. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not rely on or expect that the sponsor will enter into support agreements or take other actions to provide financial support to the Fund at any time. The credit quality of the Fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s |
7 | Short-Term Investments Trust |
share price. The Fund’s share price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market volatility. |
7 | Money market fund risk. Although the Fund seeks to preserve the value of your investment at $1.00 per share, you may lose money by investing in the Fund. The share price of money market funds can fall below the $1.00 share price. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not rely on or expect that the sponsor will enter into support agreements or take other actions to provide financial support to the Fund or maintain the Fund’s $1.00 share price at any time. The credit quality of the Fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s share price. The Fund’s share price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market volatility. While the Board of Trustees may implement procedures to impose a fee upon the sale of your shares or temporarily suspend your ability to sell shares in the future if the Fund’s liquidity falls below required minimums because of market conditions or other factors, the Board has not elected to do so at this time. Should the Board elect to do so, such change would only become effective after shareholders were provided with specific advance notice of the change in the Fund’s policy and provided with the opportunity to redeem their shares in accordance with Rule 2a-7 before the policy change became effective. |
8 | Money market fund risk. Although the Fund seeks to preserve the value of your investment at $1.00 per share, you may lose money by investing in the Fund. The share price of money market funds can fall below the $1.00 share price. 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 required minimums because of market conditions or other factors. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not rely on or expect that the sponsor will enter into support agreements or take other actions to provide financial support to the Fund or maintain the Fund’s $1.00 share price at any time. The credit quality of the Fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s share price. The Fund’s share price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market volatility. |
9 | Municipal securities risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. |
10 | Repurchase agreement risk. The Fund is subject to the risk that the counterparty may default on its obligation to repurchase the underlying instruments collateralizing the repurchase agreement, which may cause the Fund to lose money. These risks are magnified to the extent that a repurchase agreement is secured by securities other than cash or US government securities. |
11 | Repurchase agreement risk. If the seller of a repurchase agreement defaults or otherwise does not fulfill its obligations, the Fund may incur delays and losses arising from selling the underlying securities, enforcing its rights, or declining collateral value. |
12 | US government obligations risk. Obligations of US government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the US government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the US government will provide financial support to its agencies and authorities if it is not obligated by law to do so. |
13 | Variable-rate demand notes risk. The absence of an active secondary market for certain variable and floating rate notes could make it difficult to dispose of these instruments, which could result in a loss. |
14 | Yield risk. The Fund’s yield will vary as the short-term securities in its portfolio mature or are sold and the proceeds are reinvested in other securities. When interest rates are very low, the Fund’s expenses could absorb all or a portion of the Fund’s income and yield. Additionally, inflation may outpace and diminish investment returns over time. |
8 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Commercial Paper-42.90%(a) | ||||||
Asset-Backed Securities - Consumer Receivables-0.61% | ||||||
Old Line Funding, LLC (CEP-Royal Bank of Canada)(b)(c) | 2.64% | 10/25/2019 | $ 15,000 | $ 14,955,876 | ||
Asset-Backed Securities - Fully Supported-6.50% | ||||||
Bennington Stark Capital Co., LLC (CEP-Societe Generale S.A.)(b)(c) | 2.35% | 10/02/2019 | 30,000 | 29,948,296 | ||
Kells Funding, LLC (CEP-FMS Wertmanagement)(c) | 2.61% | 10/07/2019 | 11,000 | 10,978,552 | ||
Kells Funding, LLC (CEP-FMS Wertmanagement)(c) | 2.23% | 01/07/2020 | 40,000 | 39,712,650 | ||
Kells Funding, LLC (CEP-FMS Wertmanagement)(c) | 2.06% | 03/03/2020 | 30,000 | 29,697,804 | ||
Ridgefield Funding Co., LLC (CEP-BNP Paribas S.A.)(b)(c) | 2.05% | 02/21/2020 | 50,000 | 49,493,531 | ||
159,830,833 | ||||||
Asset-Backed Securities - Fully Supported Bank-12.24% | ||||||
Anglesea Funding LLC (Multi- CEP’s) (1 wk. USD LIBOR + 0.10%) (Ireland)(b)(c)(d) | 2.24% | 09/06/2019 | 30,000 | 30,000,000 | ||
Cedar Springs Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.33% | 10/10/2019 | 29,166 | 29,099,708 | ||
Chesham Finance LLC (Multi-CEP’s)(b)(c) | 2.18% | 09/03/2019 | 25,000 | 25,000,000 | ||
Collateralized Commercial Paper Co., LLC (CEP-J.P. Morgan Securities LLC)(c) | 2.66% | 09/04/2019 | 10,000 | 9,999,410 | ||
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.18% | 09/03/2019 | 20,000 | 20,000,000 | ||
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.49% | 09/06/2019 | 11,500 | 11,497,918 | ||
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.36% | 10/10/2019 | 30,000 | 29,934,279 | ||
Halkin Finance LLC (Multi-CEP’s)(b)(c) | 2.18% | 09/03/2019 | 25,000 | 25,000,000 | ||
Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) | 2.25% | 09/03/2019 | 40,000 | 40,000,000 | ||
LMA Americas LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.64% | 10/18/2019 | 10,000 | 9,974,456 | ||
LMA Americas LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.41% | 01/06/2020 | 15,000 | 14,895,911 | ||
LMA Americas LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.19%-2.58% | 01/27/2020 | 56,000 | 55,542,939 | ||
300,944,621 | ||||||
Asset-Backed Securities - Multi-Purpose-0.74% | ||||||
Chariot Funding LLC(b)(c) | 2.59% | 09/03/2019 | 18,250 | 18,250,000 | ||
Consumer Finance-1.01% | ||||||
Toyota Motor Credit Corp. (1 mo. USD LIBOR + 0.15%)(c)(d) | 2.35% | 01/06/2020 | 25,000 | 25,002,028 | ||
Diversified Banks-10.55% | ||||||
Australia & New Zealand Banking Group, Ltd. (3 mo. USD LIBOR + 0.12%) (Australia)(b)(c)(d) | 2.59% | 09/06/2019 | 20,000 | 20,000,148 | ||
Banco del Estado de Chile (Chile)(b)(c) | 2.61% | 09/26/2019 | 15,000 | 14,979,851 | ||
Bank of Nova Scotia (1 mo. USD LIBOR + 0.14%) (Canada)(c)(d) | 2.29% | 01/24/2020 | 10,000 | 9,999,707 | ||
BPCE S.A. (France)(b)(c) | 2.69% | 12/16/2019 | 35,000 | 34,790,649 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.63% | 10/02/2019 | 25,000 | 24,957,034 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.32% | 11/19/2019 | 25,000 | 24,886,184 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.31% | 12/11/2019 | 10,000 | 9,942,704 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.02% | 02/14/2020 | 15,000 | 14,863,709 | ||
Natixis S.A. (France)(c) | 2.69% | 12/20/2019 | 10,000 | 9,937,015 | ||
Royal Bank of Canada (3 mo. USD LIBOR + 0.21%) (Canada)(b)(c)(d) | 2.54% | 01/03/2020 | 15,000 | 15,009,554 | ||
Royal Bank of Canada (3 mo. USD LIBOR + 0.05%) (Canada)(b)(c)(d) | 2.37% | 04/01/2020 | 25,000 | 25,002,054 | ||
Toronto-Dominion Bank (The) (1 mo. USD LIBOR + 0.12%) (Canada)(c)(d) | 2.27% | 11/25/2019 | 25,000 | 25,004,165 | ||
Westpac Banking Corp. (Federal Funds Rate + 0.26%) (Australia)(b)(c)(d) | 2.39% | 07/02/2020 | 30,000 | 30,075,000 | ||
259,447,774 |
9 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
Diversified Capital Markets-1.42% | |||||
UBS AG (3 mo. USD LIBOR + 0.17%) (Switzerland)(c)(d) | 2.69% | 09/03/2019 | $ 15,000 | $ 15,000,000 | |
UBS AG (3 mo. USD LIBOR + 0.05%) (Switzerland)(b)(c)(d) | 2.35% | 01/17/2020 | 20,000 | 20,001,021 | |
35,001,021 | |||||
Integrated Oil & Gas-0.95% | |||||
Shell International Finance B.V. (Netherlands)(b)(c) | 2.00% | 06/29/2020 | 23,750 | 23,371,484 | |
Other Diversified Financial Services-2.62% | |||||
ABN AMRO Funding USA LLC (Netherlands)(b)(c) | 2.13% | 02/28/2020 | 15,000 | 14,844,955 | |
Erste Abwicklungsanstalt (Germany)(b)(c) | 2.04% | 02/13/2020 | 50,000 | 49,551,410 | |
64,396,365 | |||||
Regional Banks-1.82% | |||||
ASB Finance Ltd. (3 mo. USD LIBOR + 0.22%) (New Zealand)(b)(c)(d) | 2.40% | 11/12/2019 | 15,000 | 15,004,916 | |
Banque et Caisse d’Epargne de l’Etat (Luxembourg)(c) | 2.16% | 03/02/2020 | 30,000 | 29,694,789 | |
44,699,705 | |||||
Specialized Finance-4.44% | |||||
CDP Financial, Inc. (Canada)(b)(c) | 2.38% | 06/01/2020 | 25,000 | 24,633,083 | |
Crown Point Capital Co., LLC (CEP-Credit Suisse AG) (1 mo. USD LIBOR + 0.15%)(b)(c)(d) | 2.35% | 10/10/2019 | 40,000 | 40,000,000 | |
Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) | 2.02% | 02/11/2020 | 15,000 | 14,866,001 | |
Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) | 1.99% | 02/18/2020 | 30,000 | 29,723,290 | |
109,222,374 | |||||
Total Commercial Paper (Cost $1,054,589,858) | 1,055,122,081 | ||||
Certificates of Deposit-22.12% | |||||
ABN AMRO Bank N.V. (Netherlands)(c) | 0.00% | 09/09/2019 | 50,000 | 49,970,323 | |
Australia & New Zealand Banking Group, Ltd.(c) | 2.11% | 09/03/2019 | 70,000 | 70,000,000 | |
Bank of Montreal (1 mo. USD LIBOR + 0.22%) (Canada)(c)(d) | 2.30% | 10/04/2019 | 25,000 | 25,002,808 | |
Bank of Montreal (3 mo. USD LIBOR + 0.06%) (Canada)(c)(d) | 2.38% | 04/01/2020 | 45,000 | 45,006,262 | |
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.10%) (Canada)(c)(d) | 2.44% | 10/10/2019 | 30,000 | 30,003,222 | |
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.05%) (Canada)(c)(d) | 2.37% | 04/01/2020 | 20,000 | 20,003,924 | |
Canadian Imperial Bank of Commerce (1 mo. USD LIBOR + 0.14%) (Canada)(c)(d) | 2.29% | 01/24/2020 | 25,000 | 25,000,255 | |
Canadian Imperial Bank of Commerce (1 mo. USD LIBOR + 0.17%) (Canada)(c)(d) | 2.39% | 05/07/2020 | 10,000 | 9,996,710 | |
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.26%) (Canada)(c)(d) | 2.39% | 07/01/2020 | 20,000 | 20,013,750 | |
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.36%) (Canada)(c)(d) | 2.49% | 09/18/2020 | 20,000 | 20,003,066 | |
Mitsubishi UFJ Trust & Banking Corp. (1 mo. USD LIBOR + 0.20%) (Japan)(c)(d) | 2.35% | 02/27/2020 | 63,000 | 62,983,084 | |
MUFG Bank, Ltd. (Japan)(b)(c) | 2.35% | 09/08/2019 | 5,900 | 5,899,995 | |
Natixis S.A. (3 mo. USD LIBOR + 0.07%) (France)(c)(d) | 2.28% | 11/07/2019 | 35,000 | 35,001,317 | |
Sumitomo Mitsui Banking Corp. (1 mo. USD LIBOR + 0.12%) (Japan)(c)(d) | 2.27% | 10/24/2019 | 20,000 | 20,002,463 | |
Sumitomo Mitsui Banking Corp. (1 mo. USD LIBOR + 0.14%) (Japan)(c)(d) | 2.37% | 11/06/2019 | 30,000 | 30,004,769 | |
Toronto-Dominion Bank (The) (1 mo. USD LIBOR + 0.14%) (Canada)(c)(d) | 2.28% | 02/28/2020 | 35,000 | 34,991,835 | |
Wells Fargo Bank, N.A. | 2.00% | 02/12/2020 | 40,000 | 40,005,922 | |
Total Certificates of Deposit (Cost $543,870,947) | 543,889,705 | ||||
U.S. Dollar Denominated Bonds & Notes-1.42% | |||||
Automobile Manufacturers-0.41% | |||||
Toyota Motor Credit Corp.(c) | 4.50% | 06/17/2020 | 9,900 | 10,090,381 |
10 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
Diversified Banks-1.01% | |||||
Westpac Banking Corp. (3 mo. USD LIBOR + 0.43%) (Australia)(c)(d) | 2.90% | 03/06/2020 | $ 10,460 | $ 10,479,320 | |
Westpac Banking Corp. (Australia)(c) | 2.30% | 05/26/2020 | 14,444 | 14,471,919 | |
24,951,239 | |||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $34,978,052) | 35,041,620 | ||||
Variable Rate Demand Notes-0.75%(e) | |||||
Credit Enhanced-0.75% | |||||
Derry (Township of), PA Industrial & Commercial Development Authority (GIANT Center); Series 2001, VRD RB (LOC-PNC Bank, N.A.)(f) | 2.20% | 11/01/2030 | 4,765 | 4,765,000 | |
Jets Stadium Development, LLC; Series 2014 A-4B, VRD Bonds (LOC-Sumitomo Mitsui Banking Corp.)(b)(c)(f) | 2.17% | 04/01/2047 | 9,400 | 9,399,999 | |
Keep Memory Alive; Series 2013, VRD Bonds (LOC-PNC Bank, N.A.)(f) | 2.20% | 05/01/2037 | 2,700 | 2,700,000 | |
S&L Capital, LLC (J&L Development of Holland, LLC); Series 2005 A, VRD Notes (LOC-FHLB of Indianapolis)(c)(f) | 2.20% | 07/01/2040 | 1,495 | 1,495,000 | |
Total Variable Rate Demand Notes (Cost $18,359,993) | 18,359,999 | ||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-67.19% (Cost $1,651,798,850) | 1,652,413,405 | ||||
Repurchase Amount | |||||
Repurchase Agreements-32.93%(g) | |||||
BMO Capital Markets Corp., joint agreement dated 08/30/2019, aggregate maturing value of $195,047,667 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, U.S. government sponsored agency obligations, domestic and foreign corporate obligations and domestic commercial paper valued at $207,184,381; 0% - 10.00%; 09/11/2019 - 04/25/2066)(c) | 2.20% | 09/03/2019 | 38,009,289 | 38,000,000 | |
BMO Capital Markets Corp., joint term agreement dated 08/30/2019, aggregate maturing value of $50,021,875 (collateralized by domestic agency mortgage-backed securities valued at $51,415,842; 0% - 13.73%; 06/25/2027 - 06/20/2069)(c)(h) | 2.25% | 09/06/2019 | 15,006,562 | 15,000,000 | |
Citigroup Global Markets, Inc., joint open agreement dated 04/11/2019 (collateralized by domestic and foreign non-agency asset-backed securities and domestic mortgage-backed securities valued at $234,301,461; 0% - 8.29%; 12/01/2025 - 03/25/2061)(c)(i) | 2.62% | - | - | 66,500,000 | |
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $250,060,000 (collateralized by domestic agency mortgage-backed securities valued at $255,000,001; 3.00% - 4.00%; 06/01/2048 - 08/01/2049)(c) | 2.16% | 09/03/2019 | 125,030,000 | 125,000,000 | |
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $30,013,475 (collateralized by foreign corporate obligations, domestic non-agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $32,999,964; 0% - 6.00%; 09/08/2020 - 12/15/2044)(c)(h) | 2.31% | 09/05/2019 | 5,002,246 | 5,000,000 | |
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $40,017,578 (collateralized by domestic non-agency asset-backed securities and a foreign corporate obligation valued at $43,999,986; 0% - 5.93%; 04/15/2026 - 05/16/2042)(c)(h) | 2.26% | 09/05/2019 | 30,013,183 | 30,000,000 | |
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $65,028,185 (collateralized by domestic and foreign agency and non-agency asset-backed securities, domestic non-agency mortgage-backed securities and a foreign corporate obligation valued at $68,250,000; 0.47% - 5.93%; 12/28/2023 - 09/10/2050)(c)(h) | 2.23% | 09/05/2019 | 23,009,973 | 23,000,000 |
11 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
ING Financial Markets, LLC, joint agreement dated 08/30/2019, aggregate maturing value of $124,030,311 (collateralized by domestic and foreign corporate obligations valued at $130,200,007; 1.63% - 7.88%; 09/29/2019 - 08/15/2059)(c) | 2.20% | 09/03/2019 | $ 55,013,444 | $ 55,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2019 (collateralized by domestic and foreign corporate obligations valued at $45,360,002; 0% - 7.50%; 09/06/2019 - 08/01/2057)(i) | 2.75% | - | - | 25,000,000 | |
Mizuho Securities (USA) LLC, joint open agreement dated 03/21/2019 (collateralized by domestic and foreign equity securities valued at $26,250,062; 0% - 7.13%;)(c)(i) | 2.20% | - | - | 15,000,000 | |
Natixis, joint agreement dated 08/30/2019, aggregate maturing value of $750,179,167 (collateralized by U.S. Treasury obligations valued at $765,000,060; 0% - 3.38%; 12/05/2019 - 11/15/2048)(c) | 2.15% | 09/03/2019 | 125,029,861 | 125,000,000 | |
RBC Capital Markets LLC, joint agreement dated 08/30/2019, aggregate maturing value of $150,036,667 (collateralized by domestic agency mortgage-backed securities and domestic and foreign corporate obligations valued at $156,822,868; 0% - 10.00%; 09/13/2019 - 08/15/2076)(c) | 2.20% | 09/03/2019 | 35,008,556 | 35,000,000 | |
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign corporate obligations valued at $106,426,641; 2.90% - 9.25%; 11/19/2019 - 03/15/2050)(c)(i) | 2.28% | - | - | 25,000,000 | |
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign corporate obligations valued at $91,808,572; 2.88% - 10.63%; 10/14/2019 - 01/11/2048)(c)(i) | 2.21% | - | - | 55,000,000 | |
Sumitomo Mitsui Banking Corp., joint agreement dated 08/30/2019, aggregate maturing value of $1,500,361,667 (collateralized by domestic agency mortgage-backed securities valued at $1,530,000,000; 3.00% - 3.50%; 08/20/2042 - 04/01/2049)(c) | 2.17% | 09/03/2019 | 172,451,548 | 172,409,978 | |
Total Repurchase Agreements (Cost $809,909,978) | 809,909,978 | ||||
TOTAL INVESTMENTS IN SECURITIES(j)(k)-100.12% (Cost $2,461,708,828) | 2,462,323,383 | ||||
OTHER ASSETS LESS LIABILITIES-(0.12)% | (3,062,638) | ||||
NET ASSETS-100.00% | $2,459,260,745 |
CEP | -Credit Enhancement Provider |
FHLB | -Federal Home Loan Bank |
LIBOR | -London Interbank Offered Rate |
LOC | -Letter of Credit |
RB | -Revenue Bonds |
USD | -U.S. Dollar |
VRD | -Variable Rate Demand |
(a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2019 was $865,395,955, which represented 35.19% of the Fund’s Net Assets. |
(c) | The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 17.6%; France: 14.0%; Netherlands: 10.5%; Switzerland: 7.9%; Japan: 7.3%; Australia: 5.9%; Germany: 5.3% other countries less than 5% each: 6.5%. |
(d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2019. |
(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, 2019. |
(f) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(g) | Principal amount equals value at period end. See Note 1I. |
(h) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(i) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
(j) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
(k) | Also represents cost for federal income tax purposes. |
12 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
Commercial Paper-40.06%(a) | |||||
Asset-Backed Securities - Fully Supported-6.10% | |||||
Atlantic Asset Securitization LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.18% | 10/11/2019 | $ 15,000 | $ 14,967,217 | |
Bennington Stark Capital Co., LLC (CEP-Societe Generale S.A.)(b)(c) | 2.36% | 09/06/2019 | 15,000 | 14,997,284 | |
Ridgefield Funding Co., LLC (CEP-BNP Paribas S.A.)(b)(c) | 2.29% | 09/04/2019 | 10,000 | 9,999,403 | |
39,963,904 | |||||
Asset-Backed Securities - Fully Supported Bank-14.50% | |||||
Anglesea Funding LLC (Multi-CEP’s)(b)(c) | 2.27% | 09/03/2019 | 15,000 | 15,000,000 | |
Cedar Springs Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.24% | 09/13/2019 | 15,000 | 14,990,652 | |
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.28% | 09/12/2019 | 15,000 | 14,991,879 | |
Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) | 2.25% | 09/03/2019 | 10,000 | 10,000,000 | |
Mountcliff Funding LLC (Multi-CEP’s)(b)(c) | 2.20% | 10/18/2019 | 15,000 | 14,960,184 | |
Regency Markets No. 1 LLC (CEP-HSBC Bank PLC) (Ireland)(b)(c) | 2.21% | 09/16/2019 | 10,000 | 9,992,202 | |
Versailles Commercial Paper LLC (CEP-Natixis S.A.)(b)(c) | 2.36% | 09/06/2019 | 15,000 | 14,997,285 | |
94,932,202 | |||||
Asset-Backed Securities - Multi-Purpose-2.29% | |||||
CAFCO LLC (CEP-Citibank, N.A.)(b)(c) | 2.29% | 09/27/2019 | 15,000 | 14,979,345 | |
Diversified Banks-16.35% | |||||
Banco Santander, S.A.(c) | 2.34% | 09/04/2019 | 15,000 | 14,999,111 | |
China Construction Bank Corp. (China)(b)(c) | 2.46% | 09/13/2019 | 15,000 | 14,991,060 | |
Industrial & Commercial Bank of China Ltd. (China)(b)(c) | 2.45% | 09/20/2019 | 15,000 | 14,984,201 | |
Mitsubishi UFJ Trust & Banking Corp. (Japan)(b)(c) | 2.37% | 09/19/2019 | 3,000 | 2,997,189 | |
National Bank of Canada (Canada)(b)(c) | 2.13% | 10/21/2019 | 15,000 | 14,957,210 | |
Oversea-Chinese Banking Corp. Ltd. (Singapore)(b)(c) | 2.19% | 09/23/2019 | 15,000 | 14,982,071 | |
Sumitomo Mitsui Trust Bank, Ltd. (Japan)(b)(c) | 2.18% | 09/06/2019 | 8,000 | 7,998,585 | |
Sumitomo Mitsui Trust Bank, Ltd. (Japan)(b)(c) | 2.23% | 10/21/2019 | 6,220 | 6,202,563 | |
Toronto-Dominion Bank (The) (Canada)(b)(c) | 2.21% | 09/25/2019 | 15,000 | 14,980,498 | |
107,092,488 | |||||
Specialized Finance-0.82% | |||||
Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) | 2.31% | 09/09/2019 | 5,400 | 5,398,090 | |
Total Commercial Paper (Cost $262,322,128) | 262,366,029 | ||||
Certificates of Deposit-10.23% | |||||
Australia & New Zealand Banking Group, Ltd.(c) | 2.11% | 09/03/2019 | 30,000 | 30,000,000 | |
Banco Del Estado De Chile(c) | 2.30% | 09/06/2019 | 15,000 | 15,000,237 | |
Cooperatieve Rabobank U.A.(c) | 2.14% | 10/11/2019 | 15,000 | 15,000,081 | |
Mitsubishi UFJ Trust & Banking Corp.(c) | 2.41% | 09/06/2019 | 7,000 | 7,000,171 | |
Total Certificates of Deposit (Cost $67,000,110) | 67,000,489 | ||||
Variable Rate Demand Notes-6.13%(d) | |||||
Credit Enhanced-6.13% | |||||
Jets Stadium Development, LLC; Series 2014 A-4C, VRD Bonds (LOC-Sumitomo Mitsui Banking Corp.)(b)(c)(e) | 2.17% | 04/01/2047 | 7,900 | 7,900,000 | |
Keep Memory Alive; Series 2013, VRD Bonds (LOC-PNC Bank, N.A.)(e) | 2.20% | 05/01/2037 | 3,380 | 3,380,000 | |
Maumelle (City of), AR (Kimberly-Clark Corp.); Series 2015, VRD IDR(b)(c) | 2.08% | 08/01/2045 | 9,400 | 9,400,000 |
13 | Short-Term Investments Trust |
Invesco STIC Prime Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
Credit Enhanced-(continued) | |||||
New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2015 B-1, VRD RB (LOC-Bank of China Ltd.)(c)(e) | 2.23% | 11/01/2049 | $ 14,000 | $ 14,000,000 | |
Ziegler Realty LLC; Series 2007, VRD Notes (LOC-Wells Fargo Bank, N.A.)(b)(c)(e) | 2.15% | 01/01/2033 | 5,500 | 5,500,000 | |
Total Variable Rate Demand Notes (Cost $40,180,000) | 40,180,000 | ||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-56.42% (Cost $369,502,238) | 369,546,518 | ||||
Repurchase Amount | |||||
Repurchase Agreements-43.72%(f) | |||||
BMO Capital Markets Corp., joint agreement dated 08/30/2019, aggregate maturing value of $195,047,667 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, U.S. government sponsored agency obligations, domestic and foreign corporate obligations and domestic commercial paper valued at $207,184,381; 0% - 10.00%; 09/11/2019 - 04/25/2066)(c) | 2.20% | 09/03/2019 | 20,004,889 | 20,000,000 | |
BMO Capital Markets Corp., joint term agreement dated 08/30/2019, aggregate maturing value of $50,021,875 (collateralized by domestic agency mortgage-backed securities valued at $51,415,842; 0% - 13.73%; 06/25/2027 - 06/20/2069)(c)(g) | 2.25% | 09/06/2019 | 8,003,500 | 8,000,000 | |
Citigroup Global Markets, Inc., joint agreement dated 08/30/2019, aggregate maturing value of $400,096,000 (collateralized by U.S. Treasury obligations valued at $408,000,053; 0% - 0.13%; 04/15/2020 - 08/15/2042) | 2.16% | 09/03/2019 | 30,007,200 | 30,000,000 | |
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $250,060,000 (collateralized by domestic agency mortgage-backed securities valued at $255,000,001; 3.00% - 4.00%; 06/01/2048 - 08/01/2049)(c) | 2.16% | 09/03/2019 | 30,007,200 | 30,000,000 | |
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $65,028,185 (collateralized by domestic and foreign agency and non-agency asset-backed securities, domestic non-agency mortgage-backed securities and a foreign corporate obligation valued at $68,250,000; 0.47% - 5.93%; 12/28/2023 - 09/10/2050)(c)(g) | 2.23% | 09/05/2019 | 5,002,168 | 5,000,000 | |
Credit Suisse Securities (USA) LLC, term agreement dated 08/30/2019, maturing value of $10,000,000 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic non-agency asset-backed securities and domestic and foreign corporate obligations valued at $10,499,736; 0% - 8.00%; 10/10/2019 - 07/15/2064)(c)(h) | 2.34% | 10/04/2019 | 10,000,000 | 10,000,000 | |
ING Financial Markets, LLC, joint agreement dated 08/30/2019, aggregate maturing value of $124,030,311 (collateralized by domestic and foreign corporate obligations valued at $130,200,007; 1.63% - 7.88%; 09/29/2019 - 08/15/2059)(c) | 2.20% | 09/03/2019 | 25,006,111 | 25,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 09/08/2017 (collateralized by domestic and foreign equity securities valued at $15,780,373; 2.20%; 02/15/2040 - 12/12/2222)(i) | 2.30% | - | - | 15,000,000 | |
Natixis, joint agreement dated 08/30/2019, aggregate maturing value of $750,179,167 (collateralized by U.S. Treasury obligations valued at $765,000,060; 0% - 3.38%; 12/05/2019 - 11/15/2048)(c) | 2.15% | 09/03/2019 | 60,014,334 | 60,000,000 | |
RBC Capital Markets LLC, joint agreement dated 08/30/2019, aggregate maturing value of $150,036,667 (collateralized by domestic agency mortgage-backed securities and domestic and foreign corporate obligations valued at $156,822,868; 0% - 10.00%; 09/13/2019 - 08/15/2076)(c) | 2.20% | 09/03/2019 | 20,004,889 | 20,000,000 | |
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign corporate obligations valued at $106,426,641; 2.90% - 9.25%; 11/19/2019 - 03/15/2050)(c)(i) | 2.28% | - | - | 5,000,000 | |
Sumitomo Mitsui Banking Corp., joint agreement dated 08/30/2019, aggregate maturing value of $1,500,361,667 (collateralized by domestic agency mortgage-backed securities valued at $1,530,000,000; 3.00% - 3.50%; 08/20/2042 - 04/01/2049)(c) | 2.17% | 09/03/2019 | 58,331,304 | 58,317,243 | |
Total Repurchase Agreements (Cost $286,317,243) | 286,317,243 | ||||
TOTAL INVESTMENTS IN SECURITIES(j)(k)-100.14% (Cost $655,819,481) | 655,863,761 | ||||
OTHER ASSETS LESS LIABILITIES-(0.14)% | (907,139) | ||||
NET ASSETS-100.00% | $ 654,956,622 |
14 | Short-Term Investments Trust |
Invesco STIC Prime Portfolio
CEP | -Credit Enhancement Provider |
IDR | -Industrial Development Revenue Bonds |
LOC | -Letter of Credit |
RB | -Revenue Bonds |
VRD | -Variable Rate Demand |
(a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2019 was $270,166,918, which represented 41.25% 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: 11.9%; Netherlands: 10.8%; France: 9.2%; Switzerland: 6.9%; China: 6.7%; other countries less than 5% each: 17.9%. |
(d) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2019. |
(e) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(f) | Principal amount equals value at period end. See Note 1I. |
(g) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(h) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2019. |
(i) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
(j) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
(k) | Also represents cost for federal income tax purposes. |
15 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
U.S. Treasury Securities-41.59% | |||||
U.S. Treasury Bills-22.07%(a) | |||||
U.S. Treasury Bills | 2.14% | 09/10/2019 | $ 500,000 | $ 499,741,875 | |
U.S. Treasury Bills | 2.49% | 09/12/2019 | 350,000 | 349,737,451 | |
U.S. Treasury Bills | 2.48% | 09/19/2019 | 500,000 | 499,387,500 | |
U.S. Treasury Bills | 2.10% | 09/26/2019 | 500,000 | 499,276,041 | |
U.S. Treasury Bills | 2.06% | 10/08/2019 | 750,000 | 748,419,791 | |
U.S. Treasury Bills | 2.42% | 10/17/2019 | 475,000 | 473,548,924 | |
U.S. Treasury Bills | 1.97% | 11/14/2019 | 250,000 | 248,992,778 | |
U.S. Treasury Bills | 2.21% | 12/05/2019 | 250,000 | 248,558,837 | |
U.S. Treasury Bills | 2.12% | 12/12/2019 | 300,000 | 298,216,276 | |
U.S. Treasury Bills | 1.91% | 02/13/2020 | 250,000 | 247,834,375 | |
U.S. Treasury Bills | 1.87% | 02/20/2020 | 250,000 | 247,790,278 | |
U.S. Treasury Bills | 1.86% | 02/27/2020 | 250,000 | 247,712,778 | |
U.S. Treasury Bills | 1.78% | 08/13/2020 | 100,000 | 98,313,194 | |
4,707,530,098 | |||||
U.S. Treasury Notes-19.52% | |||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b) | 1.97% | 04/30/2020 | 998,000 | 998,007,326 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b) | 1.98% | 07/31/2020 | 310,000 | 309,995,764 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)(b) | 1.98% | 10/31/2020 | 251,000 | 250,987,381 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)(b) | 2.05% | 01/31/2021 | 1,306,000 | 1,305,513,883 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b) | 2.08% | 04/30/2021 | 851,000 | 850,764,111 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)(b) | 2.16% | 07/31/2021 | 450,000 | 449,930,368 | |
4,165,198,833 | |||||
Total U.S. Treasury Securities (Cost $8,872,728,931) | 8,872,728,931 | ||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-41.59% (Cost $8,872,728,931) | 8,872,728,931 | ||||
Repurchase Amount | |||||
Repurchase Agreements-58.51%(c) | |||||
Bank of Nova Scotia, agreement dated 08/30/2019, maturing value of $500,119,445 (collateralized by U.S. Treasury obligations valued at $510,000,086; 0% - 8.50%; 09/12/2019 - 02/15/2049) | 2.15% | 09/03/2019 | 500,119,445 | 500,000,000 | |
BNP Paribas Securities Corp., joint term agreement dated 07/23/2019, aggregate maturing value of $2,007,612,222 (collateralized by U.S. Treasury obligations valued at $2,040,000,018; 0% - 4.38%; 01/15/2020 - 02/15/2049)(d) | 2.21% | 09/23/2019 | 1,104,186,722 | 1,100,000,000 | |
BNP Paribas Securities Corp., joint term agreement dated 08/26/2019, aggregate maturing value of $1,000,480,000 (collateralized by U.S. Treasury obligations valued at $1,020,000,010; 0% - 8.00%; 04/23/2020 - 11/15/2046)(d) | 2.16% | 09/03/2019 | 400,192,000 | 400,000,000 | |
CIBC World Markets Corp., agreement dated 08/30/2019, maturing value of $150,035,833 (collateralized by U.S. Treasury obligations valued at $153,000,089; 0.88% - 3.00%; 02/28/2022 - 05/15/2045) | 2.15% | 09/03/2019 | 150,035,833 | 150,000,000 | |
CIBC World Markets Corp., joint term agreement dated 08/07/2019, aggregate maturing value of $500,895,833 (collateralized by U.S. Treasury obligations valued at $510,000,083; 0.13% - 4.75%; 12/31/2020 - 11/15/2046)(d) | 2.15% | 09/06/2019 | 200,358,333 | 200,000,000 |
16 | Short-Term Investments Trust |
Invesco Treasury Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
Citigroup Global Markets, Inc., term agreement dated 08/29/2019, maturing value of $600,255,500 (collateralized by U.S. Treasury obligations valued at $612,000,082; 0% - 0.13%; 04/15/2020 - 02/15/2036)(d) | 2.19% | 09/05/2019 | $ 600,255,500 | $ 600,000,000 | |
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $1,000,237,778 (collateralized by U.S. Treasury obligations valued at $1,020,000,032; 2.00% - 2.63%; 12/15/2021 - 11/15/2026) | 2.14% | 09/03/2019 | 520,228,164 | 520,104,495 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/23/2019, aggregate maturing value of $802,897,556 (collateralized by U.S. Treasury obligations valued at $816,000,018; 0% - 2.50%; 08/13/2020 - 01/31/2021)(d) | 2.21% | 09/20/2019 | 401,448,778 | 400,000,000 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/06/2019, aggregate maturing value of $500,985,417 (collateralized by U.S. Treasury obligations valued at $510,000,057; 1.00% - 3.38%; 02/28/2021 - 02/15/2049)(d) | 2.15% | 09/09/2019 | 200,394,167 | 200,000,000 | |
Credit Agricole Corporate & Investment Bank, term agreement dated 07/22/2019, maturing value of $301,160,250 (collateralized by U.S. Treasury obligations valued at $306,000,125; 1.63% - 4.38%; 06/30/2021 - 05/15/2041)(d) | 2.21% | 09/23/2019 | 301,160,250 | 300,000,000 | |
DNB Bank ASA, agreement dated 08/30/2019, maturing value of $500,120,000 (collateralized by U.S. Treasury obligations valued at $510,000,097; 2.00% - 2.88%; 02/28/2021 - 08/15/2025) | 2.16% | 09/03/2019 | 500,120,000 | 500,000,000 | |
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/30/2019, maturing value of $150,035,000 (collateralized by a U.S. Treasury obligation valued at $153,000,034; 2.00%; 05/31/2024) | 2.10% | 09/03/2019 | 150,035,000 | 150,000,000 | |
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/30/2019, maturing value of $200,048,000 (collateralized by a U.S. Treasury obligation valued at $204,000,087; 2.63%; 12/31/2023) | 2.16% | 09/03/2019 | 200,048,000 | 200,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 07/18/2019 (collateralized by U.S. Treasury obligations valued at $357,000,214; 0% - 3.63%; 10/10/2019 - 11/15/2044)(e) | 2.11% | - | - | 130,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 05/15/2019 (collateralized by U.S. Treasury obligations valued at $408,000,000; 2.00% - 3.63%; 01/31/2023 - 02/15/2044)(e) | 2.15% | - | - | 400,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 05/22/2019 (collateralized by U.S. Treasury obligations valued at $510,000,052; 1.25% - 3.38%; 10/31/2021 - 11/15/2048)(e) | 2.11% | - | - | 500,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 07/29/2019 (collateralized by U.S. Treasury obligations valued at $510,000,016; 3.00% - 3.13%; 11/15/2028 - 02/15/2043)(e) | 2.15% | - | - | 500,000,000 | |
Metropolitan Life Insurance Co., joint term agreement dated 08/28/2019, aggregate maturing value of $450,199,671 (collateralized by U.S. Treasury obligations valued at $458,714,349; 0% - 2.63%; 10/01/2019 - 08/15/2047)(d) | 2.22% | 09/04/2019 | 185,081,809 | 185,001,950 | |
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/28/2019, aggregate maturing value of $1,333,325,304 (collateralized by U.S. Treasury obligations valued at $1,358,182,101; 2.00% - 2.38%; 04/30/2024 - 05/15/2029)(d) | 2.22% | 09/04/2019 | 472,328,801 | 472,125,000 | |
Natixis, joint agreement dated 08/30/2019, aggregate maturing value of $750,179,167 (collateralized by U.S. Treasury obligations valued at $765,000,060; 0% - 3.38%; 12/05/2019 - 11/15/2048) | 2.15% | 09/03/2019 | 565,134,972 | 565,000,000 | |
Natixis, joint term agreement dated 07/18/2019, aggregate maturing value of $501,858,333 (collateralized by U.S. Treasury obligations valued at $510,000,002; 0% - 3.38%; 09/19/2019 - 05/15/2049)(d) | 2.23% | 09/16/2019 | 200,743,333 | 200,000,000 | |
Prudential Insurance Co. of America, agreement dated 08/30/2019, maturing value of $405,934,102 (collateralized by U.S. Treasury obligations valued at $414,162,863; 0% - 2.75%; 11/15/2027 - 02/15/2045) | 2.17% | 09/03/2019 | 405,934,102 | 405,836,250 | |
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/30/2019, maturing value of $272,315,643 (collateralized by U.S. Treasury obligations valued at $278,228,000; 0%; 08/15/2033 - 08/15/2045) | 2.17% | 09/03/2019 | 272,315,643 | 272,250,000 |
17 | Short-Term Investments Trust |
Invesco Treasury Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
RBC Capital Markets LLC, term agreement dated 08/15/2019, maturing value of $250,529,861 (collateralized by U.S. Treasury obligations valued at $255,000,096; 2.88%; 05/31/2025 - 07/31/2025)(d) | 2.18% | 09/19/2019 | $ 250,529,861 | $ 250,000,000 | |
RBC Dominion Securities Inc., agreement dated 08/30/2019, maturing value of $1,000,238,889 (collateralized by U.S. Treasury obligations valued at $1,020,000,091; 0% - 4.25%; 09/12/2019 - 08/15/2048) | 2.15% | 09/03/2019 | 1,000,238,889 | 1,000,000,000 | |
Societe Generale, joint term agreement dated 08/28/2019, aggregate maturing value of $500,213,889 (collateralized by U.S. Treasury obligations valued at $510,000,072; 0.13% - 6.00%; 01/15/2020 - 02/15/2047)(d) | 2.20% | 09/04/2019 | 165,070,583 | 165,000,000 | |
Societe Generale, open agreement dated 06/25/2018 (collateralized by U.S. Treasury obligations valued at $1,020,000,037; 0% - 8.75%; 09/16/2019 - 02/15/2047)(e) | 2.12% | - | - | 1,000,000,000 | |
Sumitomo Mitsui Banking Corp., agreement dated 08/30/2019, maturing value of $250,059,722 (collateralized by U.S. Treasury obligation valued at $255,000,039; 1.63%; 02/15/2026) | 2.15% | 09/03/2019 | 250,059,722 | 250,000,000 | |
TD Securities (USA) LLC, agreement dated 08/30/2019, maturing value of $200,047,556 (collateralized by U.S. Treasury obligations valued at $204,000,014; 2.38% - 2.63%; 08/15/2024 - 02/15/2029) | 2.14% | 09/03/2019 | 200,047,556 | 200,000,000 | |
Wells Fargo Securities, LLC, agreement dated 08/30/2019, maturing value of $765,182,750 (collateralized by U.S. Treasury obligations valued at $780,300,004; 0.13% - 7.88%; 04/15/2020 - 07/15/2028) | 2.15% | 09/03/2019 | 765,182,750 | 765,000,000 | |
Total Repurchase Agreements (Cost $12,480,317,695) | 12,480,317,695 | ||||
TOTAL INVESTMENTS IN SECURITIES-100.10% (Cost $21,353,046,626) | 21,353,046,626 | ||||
OTHER ASSETS LESS LIABILITIES-(0.10)% | (21,407,037) | ||||
NET ASSETS-100.00% | $ 21,331,639,589 |
(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, 2019. |
(c) | Principal amount equals value at period end. See Note 1I. |
(d) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(e) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
18 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
U.S. Government Sponsored Agency Securities-27.29% | ||||||
Federal Farm Credit Bank (FFCB)-1.84% | ||||||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.10%)(a) | 2.04% | 09/25/2019 | $ 110,000 | $ 109,999,609 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.10%)(a) | 2.11% | 10/08/2019 | 75,000 | 74,997,138 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.12% | 11/19/2019 | 37,300 | 37,295,847 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.02% | 12/04/2019 | 125,000 | 124,999,160 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.07%)(a) | 2.12% | 12/16/2019 | 120,000 | 120,000,000 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.12% | 12/18/2019 | 25,000 | 24,999,287 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR + 0.05%)(a) | 2.20% | 01/27/2020 | 50,000 | 50,014,972 | ||
Federal Farm Credit Bank (SOFR + 0.10%)(a) | 2.31% | 05/07/2021 | 23,000 | 23,000,000 | ||
Federal Farm Credit Bank (SOFR + 0.08%)(a) | 2.29% | 06/10/2021 | 14,000 | 14,000,000 | ||
579,306,013 | ||||||
Federal Home Loan Bank (FHLB)-19.58% | ||||||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.12% | 09/18/2019 | 50,000 | 50,000,497 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 10/09/2019 | 119,000 | 119,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.11% | 10/22/2019 | 50,000 | 49,996,663 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.18% | 11/08/2019 | 250,000 | 250,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.12% | 11/25/2019 | 225,000 | 225,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.12% | 11/25/2019 | 175,000 | 175,000,000 | ||
Federal Home Loan Bank (SOFR + 0.02%)(a) | 2.23% | 11/27/2019 | 45,000 | 45,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.04% | 12/05/2019 | 150,000 | 150,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.05%)(a) | 2.18% | 12/06/2019 | 79,400 | 79,407,228 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.04%)(a) | 2.19% | 12/06/2019 | 250,000 | 249,993,709 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.18% | 12/09/2019 | 150,000 | 150,000,000 | ||
Federal Home Loan Bank (SOFR)(a) | 2.21% | 12/11/2019 | 398,000 | 398,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.17% | 12/16/2019 | 500,000 | 500,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.09%)(a) | 2.08% | 12/20/2019 | 125,000 | 125,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.02%)(a) | 2.15% | 12/20/2019 | 240,000 | 240,000,000 | ||
Federal Home Loan Bank (SOFR + 0.01%)(a) | 2.22% | 12/20/2019 | 170,000 | 170,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.09%)(a) | 2.06% | 12/27/2019 | 50,000 | 50,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.01%)(a) | 2.18% | 01/17/2020 | 145,000 | 145,000,000 | ||
Federal Home Loan Bank (SOFR + 0.02%)(a) | 2.23% | 02/21/2020 | 420,000 | 420,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 05/08/2020 | 120,000 | 120,000,000 | ||
Federal Home Loan Bank (SOFR + 0.02%)(a) | 2.23% | 05/22/2020 | 265,000 | 265,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 06/19/2020 | 60,000 | 60,000,000 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 07/17/2020 | 95,000 | 95,000,000 | ||
Federal Home Loan Bank (SOFR + 0.08%)(a) | 2.29% | 07/24/2020 | 26,000 | 26,000,000 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 08/21/2020 | 84,000 | 84,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 08/25/2020 | 46,000 | 46,000,000 | ||
Federal Home Loan Bank (SOFR + 0.05%)(a) | 2.26% | 09/28/2020 | 621,500 | 621,500,000 | ||
Federal Home Loan Bank (SOFR + 0.11%)(a) | 2.32% | 10/01/2020 | 40,000 | 40,000,000 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 11/06/2020 | 182,000 | 182,000,000 | ||
Federal Home Loan Bank (SOFR + 0.05%)(a) | 2.26% | 01/22/2021 | 109,000 | 109,000,000 | ||
Federal Home Loan Bank (SOFR + 0.05%)(a) | 2.26% | 01/28/2021 | 173,000 | 173,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 02/09/2021 | 224,000 | 224,000,000 | ||
Federal Home Loan Bank (SOFR + 0.07%)(a) | 2.28% | 02/26/2021 | 198,000 | 198,000,000 |
19 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
Federal Home Loan Bank (FHLB)-(continued) | |||||
Federal Home Loan Bank (SOFR + 0.08%)(a) | 2.29% | 07/23/2021 | $ 321,000 | $ 321,000,000 | |
6,155,898,097 | |||||
Federal Home Loan Mortgage Corp. (FHLMC)-2.83% | |||||
Federal Home Loan Mortgage Corp. (SOFR)(a) | 2.21% | 02/12/2020 | 250,000 | 250,000,000 | |
Federal Home Loan Mortgage Corp. (SOFR + 0.01%)(a) | 2.22% | 07/22/2020 | 119,000 | 119,000,000 | |
Federal Home Loan Mortgage Corp. (SOFR + 0.04%)(a) | 2.25% | 12/14/2020 | 150,000 | 150,000,000 | |
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) | 2.24% | 02/05/2021 | 315,000 | 315,000,000 | |
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) | 2.24% | 02/19/2021 | 55,000 | 55,000,000 | |
889,000,000 | |||||
Federal National Mortgage Association (FNMA)-1.82% | |||||
Federal National Mortgage Association (SOFR + 0.01%)(a) | 2.22% | 05/22/2020 | 215,000 | 215,000,000 | |
Federal National Mortgage Association (SOFR + 0.06%)(a) | 2.27% | 07/30/2020 | 63,000 | 63,000,000 | |
Federal National Mortgage Association (SOFR + 0.04%)(a) | 2.25% | 01/29/2021 | 292,000 | 292,000,000 | |
570,000,000 | |||||
Overseas Private Investment Corp. (OPIC)-1.22% | |||||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 09/15/2020 | 116,000 | 116,000,000 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 06/15/2025 | 24,000 | 24,000,000 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 07/15/2025 | 31,333 | 31,333,334 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 09/15/2025 | 5,000 | 5,000,000 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 09/15/2026 | 5,000 | 5,000,000 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 02/15/2028 | 18,889 | 18,888,889 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 11/15/2028 | 84,091 | 84,090,910 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.25% | 05/15/2030 | 9,282 | 9,282,000 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 10/15/2030 | 8,000 | 8,000,000 | |
Overseas Private Investment Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(b) | 2.22% | 07/09/2026 | 35,700 | 35,700,000 | |
Overseas Private Investment Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 03/15/2030 | 45,000 | 45,000,000 | |
382,295,133 | |||||
Total U.S. Government Sponsored Agency Securities (Cost $8,576,499,243) | 8,576,499,243 | ||||
U.S. Treasury Securities-19.48% | |||||
U.S. Treasury Bills-9.48%(c) | |||||
U.S. Treasury Bills | 2.49% | 09/05/2019 | 450,000 | 449,877,039 | |
U.S. Treasury Bills | 2.15% | 09/10/2019 | 395,000 | 394,788,675 | |
U.S. Treasury Bills | 2.49% | 09/12/2019 | 150,000 | 149,887,479 | |
U.S. Treasury Bills | 2.47%-2.48% | 09/19/2019 | 450,000 | 449,449,650 | |
U.S. Treasury Bills | 2.06% | 09/24/2019 | 400,000 | 399,473,556 | |
U.S. Treasury Bills | 2.06% | 10/01/2019 | 280,000 | 279,551,378 | |
U.S. Treasury Bills | 2.06% | 10/08/2019 | 500,000 | 498,946,527 | |
U.S. Treasury Bills | 1.99% | 10/29/2019 | 150,000 | 149,536,601 | |
U.S. Treasury Bills | 1.87% | 02/20/2020 | 150,000 | 148,674,167 | |
U.S. Treasury Bills | 1.78% | 08/13/2020 | 60,000 | 58,987,917 | |
2,979,172,989 | |||||
U.S. Treasury Notes-10.00%(a) | |||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate) | 1.94% | 01/31/2020 | 170,000 | 169,977,325 |
20 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
U.S. Treasury Notes(a)-(continued) | |||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%) | 1.97% | 04/30/2020 | $ 775,000 | $ 775,008,012 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%) | 1.98% | 07/31/2020 | 535,000 | 534,981,104 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%) | 1.98% | 10/31/2020 | 630,000 | 629,992,456 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%) | 2.05% | 01/31/2021 | 645,000 | 644,786,845 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%) | 2.08% | 04/30/2021 | 390,000 | 390,001,440 | |
3,144,747,182 | |||||
Total U.S. Treasury Securities (Cost $6,123,920,171) | 6,123,920,171 | ||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-46.77% (Cost $14,700,419,414) | 14,700,419,414 | ||||
Repurchase Amount | |||||
Repurchase Agreements-54.66%(d) | |||||
ABN AMRO Bank N.V., joint agreement dated 08/30/2019, aggregate maturing value of $200,047,778 (collateralized by U.S. Treasury obligations valued at $204,000,020; 2.00% - 6.63%; 09/30/2020 - 05/15/2044) | 2.15% | 09/03/2019 | 60,014,333 | 60,000,000 | |
Bank of Nova Scotia, joint agreement dated 08/30/2019, aggregate maturing value of $725,174,806 (collateralized by domestic agency mortgage-backed securities valued at $739,500,000; 2.48% - 6.50%; 11/01/2020 - 07/20/2049) | 2.17% | 09/03/2019 | 465,112,117 | 465,000,000 | |
BNP Paribas Securities Corp., joint term agreement dated 07/23/2019, aggregate maturing value of $2,007,612,222 (collateralized by U.S. Treasury obligations valued at $2,040,000,018; 0% - 4.38%; 01/15/2020 - 02/15/2049)(e) | 2.21% | 09/23/2019 | 903,425,500 | 900,000,000 | |
BNP Paribas Securities Corp., joint term agreement dated 07/23/2019, aggregate maturing value of $752,867,500 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $765,000,000; 0% - 6.75%; 02/06/2020 - 08/20/2049)(e) | 2.22% | 09/23/2019 | 271,032,300 | 270,000,000 | |
BNP Paribas Securities Corp., joint term agreement dated 08/26/2019, aggregate maturing value of $1,000,480,000 (collateralized by U.S. Treasury obligations valued at $1,020,000,010; 0% - 8.00%; 04/23/2020 - 11/15/2046)(e) | 2.16% | 09/03/2019 | 420,201,600 | 420,000,000 | |
CIBC World Markets Corp., joint term agreement dated 07/16/2019, aggregate maturing value of $501,827,361 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 3.00% - 5.00%; 11/01/2026 - 08/01/2049)(e) | 2.23% | 09/13/2019 | 346,260,879 | 345,000,000 | |
CIBC World Markets Corp., joint term agreement dated 08/07/2019, aggregate maturing value of $500,895,833 (collateralized by U.S. Treasury obligations valued at $510,000,083; 0.13% - 4.75%; 12/31/2020 - 11/15/2046)(e) | 2.15% | 09/06/2019 | 300,537,500 | 300,000,000 | |
CIBC World Markets Corp., joint term agreement dated 08/15/2019, aggregate maturing value of $726,543,646 (collateralized by domestic agency mortgage-backed securities valued at $739,500,000; 3.00% - 4.50%; 09/01/2029 - 07/01/2049)(e) | 2.19% | 09/19/2019 | 501,064,583 | 500,000,000 | |
CIBC World Markets Corp., term agreement dated 08/07/2019, maturing value of $500,904,167 (collateralized by domestic agency mortgage-backed securities valued at $510,000,001; 2.70% - 6.00%; 08/01/2023 - 11/15/2056)(e) | 2.17% | 09/06/2019 | 500,904,167 | 500,000,000 | |
Citigroup Global Markets, Inc., joint agreement dated 08/30/2019, aggregate maturing value of $400,096,000 (collateralized by U.S. Treasury obligations valued at $408,000,053; 0% - 0.13%; 04/15/2020 - 08/15/2042) | 2.16% | 09/03/2019 | 370,088,800 | 370,000,000 |
21 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $1,000,237,778 (collateralized by U.S. Treasury obligations valued at $1,020,000,032; 2.00% - 2.63%; 12/15/2021 - 11/15/2026) | 2.14% | 09/03/2019 | $ 480,009,614 | $ 479,895,505 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/23/2019, aggregate maturing value of $802,897,556 (collateralized by U.S. Treasury obligations valued at $816,000,018; 0% - 2.50%; 08/13/2020 - 01/31/2021)(e) | 2.21% | 09/20/2019 | 316,140,912 | 315,000,000 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/06/2019, aggregate maturing value of $500,985,417 (collateralized by U.S. Treasury obligations valued at $510,000,057; 1.00% - 3.38%; 02/28/2021 - 02/15/2049)(e) | 2.15% | 09/09/2019 | 300,591,250 | 300,000,000 | |
Credit Agricole Corporate & Investment Bank, term agreement dated 07/22/2019, maturing value of $150,580,125 (collateralized by a U.S. Treasury obligation valued at $153,000,034; 2.88%; 11/30/2023)(e) | 2.21% | 09/23/2019 | 150,580,125 | 150,000,000 | |
DNB Bank ASA, agreement dated 08/30/2019, maturing value of $300,072,000 (collateralized by U.S. Treasury obligations valued at $306,000,052; 2.00% - 2.63%; 02/28/2021 - 08/15/2025) | 2.16% | 09/03/2019 | 300,072,000 | 300,000,000 | |
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/30/2019, maturing value of $1,000,240,000 (collateralized by U.S. Treasury obligations valued at $1,020,000,048; 2.38% - 2.63%; 12/31/2023 - 02/29/2024) | 2.16% | 09/03/2019 | 1,000,240,000 | 1,000,000,000 | |
Fixed Income Clearing Corp. - State Street Bank, agreement dated 08/30/2019, maturing value of $630,151,200 (collateralized by U.S. Treasury obligations valued at $642,602,285; 2.16%; 06/15/2022 - 07/15/2022) | 2.16% | 09/03/2019 | 630,151,200 | 630,000,000 | |
ING Financial Markets, LLC, agreement dated 08/30/2019, maturing value of $350,084,000 (collateralized by domestic agency mortgage-backed securities valued at $357,000,000; 2.00% - 5.00%; 07/01/2028 - 05/01/2058) | 2.16% | 09/03/2019 | 350,084,000 | 350,000,000 | |
ING Financial Markets, LLC, joint agreement dated 08/30/2019, aggregate maturing value of $265,063,306 (collateralized by U.S. government sponsored agency obligations valued at $270,300,906; 0% - 2.63%; 09/09/2019 - 09/06/2024) | 2.15% | 09/03/2019 | 125,029,861 | 125,000,000 | |
ING Financial Markets, LLC, joint term agreement dated 08/12/2019, aggregate maturing value of $651,383,958 (collateralized by domestic agency mortgage-backed securities valued at $663,000,000; 2.00% - 7.00%; 07/01/2024 - 05/01/2058) | 2.19% | 09/16/2019 | 455,968,771 | 455,000,000 | |
ING Financial Markets, LLC, joint term agreement dated 08/26/2019, aggregate maturing value of $400,191,111 (collateralized by domestic agency mortgage-backed securities valued at $408,000,000; 3.00% - 6.00%; 12/01/2025 - 09/01/2057)(e) | 2.15% | 09/03/2019 | 265,126,611 | 265,000,000 | |
ING Financial Markets, LLC, joint term agreement dated 08/30/2019, aggregate maturing value of $300,125,417 (collateralized by domestic agency mortgage-backed securities valued at $306,000,001; 2.16% - 5.00%; 08/01/2024 - 05/01/2058)(e) | 2.15% | 09/06/2019 | 200,083,611 | 200,000,000 | |
ING Financial Markets, LLC, term agreement dated 08/30/2019, maturing value of $75,153,125 (collateralized by domestic agency mortgage-backed securities valued at $76,500,000; 3.00% - 5.00%; 01/01/2031 - 05/01/2058) | 2.10% | 10/04/2019 | 75,153,125 | 75,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 05/02/2019 (collateralized by a U.S. Treasury obligation and domestic agency mortgage-backed securities valued at $510,000,010; 0% - 7.00%; 01/01/2024 - 02/01/2056)(f) | 2.13% | - | - | 350,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 05/15/2019 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $295,800,000; 0% - 8.50%; 10/01/2020 - 02/01/2057)(f) | 2.17% | - | - | 240,000,000 |
22 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
J.P. Morgan Securities LLC, joint open agreement dated 07/18/2019 (collateralized by U.S. Treasury obligations valued at $357,000,214; 0% - 3.63%; 10/10/2019 - 11/15/2044)(f) | 2.11% | - | $ - | $ 150,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 07/18/2019 (collateralized by U.S. Treasury obligations valued at $583,440,120; 2.13% - 3.75%; 01/31/2023 - 02/15/2049)(f) | 2.15% | - | - | 385,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 05/22/2019 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000; 2.50% - 6.50%; 01/01/2024 - 08/20/2049)(f) | 2.13% | - | - | 250,000,000 | |
Metropolitan Life Insurance Co., joint term agreement dated 08/28/2019, aggregate maturing value of $450,199,671 (collateralized by U.S. Treasury obligations valued at $458,714,349; 0% - 2.63%; 10/01/2019 - 08/15/2047)(e) | 2.22% | 09/04/2019 | 185,080,221 | 185,000,362 | |
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/28/2019, aggregate maturing value of $1,333,325,304 (collateralized by U.S. Treasury obligations valued at $1,358,182,101; 2.00% - 2.38%; 04/30/2024 - 05/15/2029)(e) | 2.22% | 09/04/2019 | 455,821,678 | 455,625,000 | |
Natixis, agreement dated 08/30/2019, maturing value of $600,144,667 (collateralized by U.S. Treasury obligations, U.S. government sponsored agency obligations & domestic agency mortgage-backed securities valued at $612,000,000; 0% - 7.50%; 12/05/2019 - 09/15/2065) | 2.17% | 09/03/2019 | 600,144,667 | 600,000,000 | |
Natixis, joint term agreement dated 07/18/2019, aggregate maturing value of $501,858,333 (collateralized by U.S. Treasury obligations valued at $510,000,002; 0% - 3.38%; 09/19/2019 - 05/15/2049)(e) | 2.23% | 09/16/2019 | 210,780,500 | 210,000,000 | |
Prudential Insurance Co. of America, agreement dated 08/30/2019, maturing value of $585,326,095 (collateralized by U.S. Treasury obligations valued at $597,171,000; 0%; 02/15/2026 - 05/15/2045) | 2.17% | 09/03/2019 | 585,326,095 | 585,185,000 | |
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/30/2019, maturing value of $94,072,677 (collateralized by U.S. Treasury obligations valued at $95,916,500; 0%; 08/15/2033 - 05/15/2045) | 2.17% | 09/03/2019 | 94,072,677 | 94,050,000 | |
RBC Capital Markets LLC, agreement dated 08/30/2019, maturing value of $1,000,241,111 (collateralized by domestic agency mortgage-backed securites, a U.S. government sponsored agency obligation and a U.S. Treasury obligation valued at $1,020,000,052; 1.25% - 4.50%; 03/31/2021 - 07/25/2049) | 2.17% | 09/03/2019 | 1,000,241,111 | 1,000,000,000 | |
RBC Capital Markets LLC, joint term agreement dated 08/15/2019, aggregate maturing value of $1,202,555,000 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,224,000,043; 1.88% - 7.00%; 06/25/2021 - 11/16/2060)(e) | 2.19% | 09/19/2019 | 901,916,250 | 900,000,000 | |
RBC Capital Markets LLC, joint term agreement dated 08/30/2019, aggregate maturing value of $1,250,000,000 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and foreign corporate obligations valued at $1,275,000,210; 0% - 14.19%; 10/10/2019 - 02/20/2069)(a)(e) | 2.16% | 10/30/2019 | 920,000,000 | 920,000,000 | |
RBC Dominion Securities Inc., term agreement dated 08/02/2019, maturing value of $401,173,333 (collateralized by U.S. Treasury obligations valued at $408,000,097; 0% - 6.50%; 09/12/2019 - 02/15/2049)(e) | 2.20% | 09/19/2019 | 401,173,333 | 400,000,000 | |
Societe Generale, joint open agreement dated 06/25/2018 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $510,000,000; 0% - 5.94%; 09/06/2019 - 08/20/2064)(f) | 2.13% | - | - | 320,000,000 | |
Societe Generale, joint term agreement dated 08/28/2019, aggregate maturing value of $500,213,889 (collateralized by U.S. Treasury obligations valued at $510,000,072; 0.13% - 6.00%; 01/15/2020 - 02/15/2047)(e) | 2.20% | 09/04/2019 | 245,104,806 | 245,000,000 | |
Sumitomo Mitsui Banking Corp., joint agreement dated 08/30/2019, aggregate maturing value of $1,500,361,667 (collateralized by domestic agency mortgage-backed securities valued at $1,530,000,000; 3.00% - 3.50%; 08/20/2042 - 04/01/2049) | 2.17% | 09/03/2019 | 358,784,180 | 358,697,694 |
23 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
Wells Fargo Securities, LLC, agreement dated 08/30/2019, maturing value of $760,183,244 (collateralized by domestic agency mortgage-backed securities valued at $775,200,000; 3.00% - 3.50%; 04/01/2049 - 09/01/2049) | 2.17% | 09/03/2019 | $ 760,183,244 | $ 760,000,000 | |
Total Repurchase Agreements (Cost $17,183,453,561) | 17,183,453,561 | ||||
TOTAL INVESTMENTS IN SECURITIES(g)-101.43% (Cost $31,883,872,975) | 31,883,872,975 | ||||
OTHER ASSETS LESS LIABILITIES-(1.43)% | (448,222,322) | ||||
NET ASSETS-100.00% | $ 31,435,650,653 |
LIBOR | -London Interbank Offered Rate |
SOFR | -Secured Overnight Financing Rate |
USD | -U.S. Dollar |
VRD | -Variable Rate Demand |
(a) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2019. |
(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, 2019. |
(c) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(d) | Principal amount equals value at period end. See Note 1I. |
(e) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(f) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
(g) | Also represents cost for federal income tax purposes. |
24 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
U.S. Treasury Securities-108.93% | |||||
U.S. Treasury Bills-85.36%(a) | |||||
U.S. Treasury Bills | 1.98%-2.15% | 09/03/2019 | $ 81,956 | $ 81,946,444 | |
U.S. Treasury Bills | 2.31%-2.49% | 09/05/2019 | 101,800 | 101,773,184 | |
U.S. Treasury Bills | 2.02%-2.14% | 09/10/2019 | 55,760 | 55,730,847 | |
U.S. Treasury Bills | 2.49% | 09/12/2019 | 12,000 | 11,990,998 | |
U.S. Treasury Bills | 2.01%-2.13% | 09/17/2019 | 50,000 | 49,954,155 | |
U.S. Treasury Bills | 2.18%-2.48% | 09/19/2019 | 65,000 | 64,925,975 | |
U.S. Treasury Bills | 2.06%-2.15% | 09/24/2019 | 87,000 | 86,882,329 | |
U.S. Treasury Bills | 2.10% | 09/26/2019 | 32,000 | 31,953,667 | |
U.S. Treasury Bills | 2.11% | 10/01/2019 | 113,000 | 112,813,038 | |
U.S. Treasury Bills | 2.06% | 10/08/2019 | 50,000 | 49,894,653 | |
U.S. Treasury Bills | 2.42% | 10/10/2019 | 45,000 | 44,883,244 | |
U.S. Treasury Bills | 1.96% | 10/15/2019 | 37,000 | 36,911,817 | |
U.S. Treasury Bills | 2.42% | 10/17/2019 | 30,000 | 29,908,383 | |
U.S. Treasury Bills | 1.99% | 10/22/2019 | 40,000 | 39,887,517 | |
U.S. Treasury Bills | 1.99% | 10/29/2019 | 25,000 | 24,922,767 | |
U.S. Treasury Bills | 2.00% | 11/07/2019 | 40,000 | 39,851,855 | |
U.S. Treasury Bills | 1.97% | 11/14/2019 | 15,000 | 14,939,567 | |
U.S. Treasury Bills | 1.91% | 11/21/2019 | 30,000 | 29,871,750 | |
U.S. Treasury Bills | 1.96% | 11/29/2019 | 15,000 | 14,927,687 | |
U.S. Treasury Bills | 1.91% | 02/13/2020 | 10,000 | 9,913,375 | |
U.S. Treasury Bills | 1.87% | 02/20/2020 | 5,000 | 4,955,806 | |
U.S. Treasury Bills | 1.86% | 02/27/2020 | 5,000 | 4,954,256 | |
U.S. Treasury Bills | 1.77% | 08/13/2020 | 5,000 | 4,916,021 | |
948,709,335 | |||||
U.S. Treasury Notes-23.57%(b) | |||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%) | 1.99% | 10/31/2019 | 35,000 | 34,999,967 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate) | 1.94% | 01/31/2020 | 30,000 | 29,992,786 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%) | 1.97% | 04/30/2020 | 35,000 | 35,000,454 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%) | 1.98% | 07/31/2020 | 29,000 | 28,999,479 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%) | 1.98% | 10/31/2020 | 35,000 | 34,998,675 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%) | 2.05% | 01/31/2021 | 33,000 | 32,980,913 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%) | 2.08% | 04/30/2021 | 24,000 | 23,999,707 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%) | 2.16% | 07/31/2021 | 41,000 | 40,999,282 | |
261,971,263 | |||||
TOTAL INVESTMENTS IN SECURITIES-108.93% (Cost $1,210,680,598) | 1,210,680,598 | ||||
OTHER ASSETS LESS LIABILITIES-(8.93)% | (99,289,902) | ||||
NET ASSETS-100.00% | $ 1,111,390,696 |
25 | Short-Term Investments Trust |
Invesco Treasury Obligations Portfolio
(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, 2019. |
26 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Municipal Obligations-99.71% | ||||||
Alabama-3.61% | ||||||
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC-Swedbank AB)(a)(b)(c) | 1.46% | 07/01/2040 | $8,405 | $ 8,405,000 | ||
Arizona-4.14% | ||||||
Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, Ref. VRD RB (LOC-Bank Of America, N.A.)(b)(c) | 1.25% | 01/01/2046 | 5,280 | 5,280,000 | ||
Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD RB (CEP-FNMA)(b) | 1.28% | 06/15/2031 | 1,745 | 1,745,000 | ||
Sierra Vista (City of), AZ Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD RB (CEP-FNMA)(b) | 1.28% | 06/15/2031 | 2,595 | 2,595,000 | ||
9,620,000 | ||||||
Colorado-0.35% | ||||||
Boulder (County of), CO (Imagine!); Series 2006, VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.40% | 02/01/2031 | 823 | 823,000 | ||
Delaware-1.40% | ||||||
Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.28% | 05/01/2036 | 2,900 | 2,900,000 | ||
Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.29% | 05/01/2036 | 345 | 345,000 | ||
3,245,000 | ||||||
District of Columbia-1.84% | ||||||
District of Columbia (American University); Series 1998 A, VRD RB (LOC-TD Bank, N.A.)(b)(c) | 1.25% | 08/15/2038 | 245 | 245,000 | ||
Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD RB (LOC-Sumitomo Mitsui Banking Corp.)(a)(b)(c) | 1.25% | 10/01/2039 | 4,035 | 4,035,000 | ||
4,280,000 | ||||||
Florida-5.50% | ||||||
Halifax Hospital Medical Center; Series 2008, Ref. VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.30% | 06/01/2048 | 910 | 910,000 | ||
Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC-Northern Trust Co. (The))(b)(c) | 1.35% | 11/01/2036 | 1,580 | 1,580,000 | ||
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) | 1.32% | 07/01/2032 | 1,965 | 1,965,000 | ||
Pinellas (County of), FL Health Facilities Authority (Baycare Health System); Series 2009 A-2, VRD RB (LOC-Northern Trust Co. (The))(b)(c) | 1.28% | 11/01/2038 | 5,445 | 5,445,000 | ||
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2008 B, Ref. VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.25% | 07/01/2037 | 2,900 | 2,900,000 | ||
12,800,000 | ||||||
Georgia-7.53% | ||||||
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC-BMO Harris Bank N.A.)(b)(c) | 1.29% | 11/01/2030 | 2,500 | 2,500,000 | ||
Georgia (State of) Private College and University Authority; Series 2019, Commercial Paper Notes | 1.55% | 09/05/2019 | 3,400 | 3,400,000 | ||
Georgia (State of) Private Colleges & Universities Authority (Emory University); Series 2005 B-2, VRD RB(b) | 1.28% | 09/01/2035 | 3,690 | 3,690,000 | ||
Glynn-Brunswick Memorial Hospital Authority (Southeast Georgia Health System); Series 2008 B, VRD RAN (LOC-TD Bank, N.A.)(b)(c) | 1.27% | 08/01/2038 | 1,400 | 1,400,000 | ||
Monroe (County of), GA Development Authority (Oglethorpe Power Corp. Scherer); | ||||||
Series 2009 A, VRD PCR (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.30% | 01/01/2030 | 2,420 | 2,420,000 | ||
Series 2010 A, Ref. VRD PCR (LOC-Bank of Montreal)(b)(c) | 1.30% | 01/01/2036 | 3,700 | 3,700,000 |
27 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Georgia-(continued) | ||||||
Richmond (County of), GA Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000,VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.40% | 09/01/2020 | $ 400 | $ 400,000 | ||
17,510,000 | ||||||
Illinois-2.61% | ||||||
Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(b) | 1.26% | 12/01/2046 | 4,935 | 4,935,000 | ||
Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC-Northern Trust Co. (The))(b)(c) | 1.20% | 01/01/2037 | 875 | 875,000 | ||
Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC-U.S. Bank N.A.)(b)(c) | 1.29% | 10/01/2033 | 250 | 250,000 | ||
6,060,000 | ||||||
Indiana-5.90% | ||||||
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.35% | 08/01/2037 | 4,505 | 4,505,000 | ||
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC-Rabobank Nederland)(a)(b)(c) | 1.31% | 06/01/2035 | 6,135 | 6,135,000 | ||
Purdue University; Series 2011 A, VRD COP(b) | 1.22% | 07/01/2035 | 3,082 | 3,081,500 | ||
13,721,500 | ||||||
Louisiana-1.70% | ||||||
East Baton Rouge (Parish of), LA Industrial Development Board (ExxonMobil); Series 2010 A, VRD RB(b) | 1.26% | 09/05/2019 | 1,526 | 1,526,000 | ||
Louisiana (State of) Public Facilities Authority (CHRISTUS Health); Series 2009 B-3, Ref. VRD RB (LOC-Bank of New York Mellon (The))(b)(c) | 1.25% | 07/01/2047 | 1,490 | 1,490,000 | ||
St. James (Parish of), LA (Nustar Logistics, L.P.); Series 2010 B, VRD RB (LOC-MUFG Bank, Ltd.)(a)(b)(c) | 1.29% | 12/01/2040 | 930 | 930,000 | ||
3,946,000 | ||||||
Maryland-3.46% | ||||||
Maryland (State of) Health & Higher Educational Facilities Authority (Johns Hopkins Hospital); Series 2019 B, Commercial Paper Notes | 1.31% | 10/02/2019 | 3,000 | 3,000,000 | ||
Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC-TD Bank, N.A.)(b)(c) | 1.25% | 04/01/2035 | 300 | 300,000 | ||
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical); Series 2008E, VRD RB (LOC-Bank of Montreal)(b)(c) | 1.22% | 07/01/2041 | 2,600 | 2,600,000 | ||
Montgomery (County of), MD; Series 2009 B, Commercial Paper BAN | 1.36% | 10/10/2019 | 2,150 | 2,150,000 | ||
8,050,000 | ||||||
Massachusetts-1.09% | ||||||
Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC-TD Bank, N.A.)(b)(c) | 1.25% | 10/01/2038 | 1,425 | 1,425,000 | ||
Massachusetts (State of) Transportation Trust Fund; Series 2010 A-1, VRD RB (LOC-Citibank, N.A.)(b)(c) | 1.25% | 01/01/2037 | 1,100 | 1,100,000 | ||
2,525,000 | ||||||
Michigan-2.55% | ||||||
Kent (County of), MI Hospital Finance Authority (Spectrum Health System); Series 2008 C, Ref. VRD RB (LOC-Bank of New York Mellon (The))(b)(c) | 1.29% | 01/15/2026 | 385 | 385,000 | ||
Michigan State University Board of Trustees; Series 2000 A-1, VRD RB (CEP -Royal Bank of Canada)(b) | 1.28% | 08/15/2030 | 1,300 | 1,300,000 | ||
Oakland University Board of Trustees; Series 2008, Ref. VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.28% | 03/01/2031 | 4,240 | 4,240,000 | ||
5,925,000 | ||||||
Minnesota-7.98% | ||||||
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP-FNMA)(b) | 1.36% | 10/15/2033 | 1,175 | 1,175,000 |
28 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Minnesota-(continued) | ||||||
Minnesota (State of) Higher Education Facilities Authority (Concordia University, St. Paul); Series 2007 Six-Q, VRD RB (LOC-U.S. Bank N.A.)(b)(c) | 1.31% | 04/01/2037 | $6,825 | $ 6,825,000 | ||
Minnetonka (City of), MN (Minnetonka Hills Apartments); Series 2001, Ref. VRD RB (CEP-FNMA)(b) | 1.37% | 11/15/2031 | 1,860 | 1,860,000 | ||
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP-FHLMC)(b) | 1.28% | 11/01/2035 | 5,470 | 5,470,000 | ||
St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP -FHLMC)(b) | 1.28% | 10/01/2033 | 3,215 | 3,215,000 | ||
18,545,000 | ||||||
Mississippi-2.40% | ||||||
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); | ||||||
Series 2010 C, VRD IDR(b) | 1.29% | 12/01/2030 | 585 | 585,000 | ||
Series 2010 E, VRD IDR(b) | 1.29% | 12/01/2030 | 5,000 | 5,000,000 | ||
5,585,000 | ||||||
Missouri-1.37% | ||||||
Bridgeton (City of), MO IDA (Stolze Printing); Series 2010, VRD RB (LOC-FHLB of Chicago)(b)(c) | 1.28% | 11/01/2037 | 485 | 485,000 | ||
Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC-FHLB of Chicago)(b)(c) | 1.29% | 08/01/2038 | 610 | 610,000 | ||
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2000, VRD RB (LOC-Bank of America, N.A.)(b)(c) | 1.34% | 02/01/2031 | 1,799 | 1,799,000 | ||
Springfield (City of), MO Industrial Development Authority (Pebblecreek Apartments); Series 1994, Ref. VRD RB (LOC-FHLB of Des Moines)(b)(c) | 1.40% | 12/01/2019 | 295 | 295,000 | ||
3,189,000 | ||||||
New York-11.35% | ||||||
Metropolitan Transportation Authority; Subseries 2005 D-2, VRD RB (LOC -Landesbank Hessen-Thueringen Girozentrale)(a)(b)(c) | 1.18% | 11/01/2035 | 5,350 | 5,350,000 | ||
New York (City of), NY; | ||||||
Subseries 2015 F-5, VRD GO Bonds(b) | 1.25% | 06/01/2044 | 7,000 | 7,000,000 | ||
Subseries 2010 G-4, VRD GO Bonds (CEP-Barclays Bank PLC)(b) | 1.28% | 03/01/2039 | 2,935 | 2,935,000 | ||
New York (City of), NY Municipal Water Finance Authority; Subseries 2012 A-1, VRD RB(b) | 1.25% | 06/15/2044 | 3,310 | 3,310,000 | ||
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) | 1.27% | 05/01/2039 | 2,000 | 2,000,000 | ||
New York (State of) Housing Finance Agency (222 East 44th Street Housing); Series 2015 A, VRD RB (LOC -Bank of China Ltd.)(b)(c) | 1.31% | 05/01/2050 | 1,000 | 1,000,000 | ||
New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2015 A, VRD RB (LOC-Bank of China Ltd.)(a)(b)(c) | 1.33% | 11/01/2049 | 4,800 | 4,800,000 | ||
26,395,000 | ||||||
North Carolina-3.03% | ||||||
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1991 B, VRD RB(b) | 1.20% | 12/01/2021 | 2,550 | 2,550,000 | ||
Raleigh & Durham (Cities of), NC Airport Authority; Series 2008 C, Ref. VRD RB (LOC - TD Bank, N.A.)(b)(c) | 1.24% | 05/01/2036 | 4,500 | 4,500,000 | ||
7,050,000 | ||||||
Ohio-4.95% | ||||||
Franklin (County of), OH (OhioHealth Corp.); Series 2009 A, Ref. VRD RB(b) | 1.28% | 11/15/2041 | 7,890 | 7,890,000 | ||
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC-U.S. Bank N.A.)(b)(c) | 1.28% | 08/02/2038 | 415 | 415,000 | ||
Ohio (State of) Higher Educational Facility Commission (Cleveland Clinic Health System Obligated Group); Series 2013 B-2, VRD RB(b) | 1.28% | 01/01/2039 | 3,200 | 3,200,000 | ||
11,505,000 |
29 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Pennsylvania-3.90% | ||||||
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC -PNC Bank, N.A.)(b)(c) | 1.28% | 06/01/2037 | $2,845 | $ 2,845,000 | ||
Haverford Township School District; Series 2009, VRD GO Bonds (LOC-TD Bank, N.A.)(b)(c) | 1.27% | 03/01/2030 | 2,795 | 2,795,000 | ||
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.28% | 10/15/2025 | 866 | 866,000 | ||
Ridley School District; Series 2009, VRD GO Bonds (LOC-TD Bank N.A.)(b)(c) | 1.27% | 11/01/2029 | 250 | 250,000 | ||
Westmoreland (County of), PA Industrial Development Authority (Excela Health); Series 2005 A, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.28% | 07/01/2027 | 2,305 | 2,305,000 | ||
9,061,000 | ||||||
Texas-9.99% | ||||||
Gulf Coast Industrial Development Authority (ExxonMobil); Series 2012, VRD RB(b) | 1.25% | 11/01/2041 | 4,000 | 4,000,000 | ||
Harris (County of), TX; Series 2019 C, GO Commercial Paper Notes | 1.30% | 10/03/2019 | 1,350 | 1,350,000 | ||
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.31% | 02/15/2042 | 4,050 | 4,050,000 | ||
Houston (City of), TX; Series 2019 E-2, GO Commercial Paper Notes | 1.32% | 09/11/2019 | 2,500 | 2,500,000 | ||
Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC-Sumitomo Mitsui Banking Corp.)(a)(b)(c) | 1.27% | 05/15/2034 | 1,100 | 1,100,000 | ||
San Gabriel Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.32% | 04/01/2026 | 2,332 | 2,332,000 | ||
Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP-FHLMC)(b) | 1.28% | 05/01/2042 | 2,865 | 2,865,000 | ||
Texas A&M University System Board of Regents; Series 2019 B, Revenue Financing System Commercial Paper Notes | 1.28% | 12/04/2019 | 400 | 400,000 | ||
University of Texas System Board of Regents; Series 2008 B, VRD RB(b) | 1.20% | 08/01/2025 | 4,620 | 4,620,000 | ||
23,217,000 | ||||||
Utah-2.92% | ||||||
Murray (City of), UT (IHC Health Services, Inc.); Series 2003 B, VRD RB(b) | 1.25% | 05/15/2036 | 5,800 | 5,800,000 | ||
Weber (County of), UT (IHC Health Services, Inc.); Series 2000A, VRD RB(b) | 1.25% | 02/15/2031 | 1,000 | 1,000,000 | ||
6,800,000 | ||||||
Virginia-3.25% | ||||||
Norfolk (City of), VA; Series 2007, VRD GO Bonds(b) | 1.25% | 08/01/2037 | 2,900 | 2,900,000 | ||
University of Virginia System Board of Regents; | ||||||
Series 2019 A, Commercial Paper | 1.32% | 09/04/2019 | 3,250 | 3,250,000 | ||
Series 2019 A, Commercial Paper Notes | 1.32% | 09/10/2019 | 1,400 | 1,400,000 | ||
7,550,000 | ||||||
Washington-2.81% | ||||||
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB (LOC-FHLB of San Francisco)(b)(c) | 1.30% | 09/01/2049 | 2,050 | 2,050,000 | ||
Washington (State of) Housing Finance Commission (Redmond Ridge Apartments); Series 2017, VRD RB (LOC-FHLB of San Francisco)(b)(c) | 1.30% | 11/01/2047 | 4,485 | 4,485,000 | ||
6,535,000 | ||||||
West Virginia-2.33% | ||||||
Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC-Bank of America, N.A.)(b)(c) | 1.34% | 07/01/2039 | 945 | 945,000 | ||
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hosp, Inc.); Series 2008 B, Ref. VRD RB (LOC-Branch Banking & Trust Co.)(b)(c) | 1.30% | 01/01/2034 | 4,465 | 4,465,000 | ||
5,410,000 |
30 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
Wisconsin-1.75% | |||||
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC-FHLB of Chicago)(b)(c) | 1.28% | 10/01/2042 | $4,065 | $ 4,065,000 | |
TOTAL INVESTMENTS IN SECURITIES(d)(e)-99.71% (Cost $231,817,500) | 231,817,500 | ||||
OTHER ASSETS LESS LIABILITIES-0.29% | 679,773 | ||||
NET ASSETS-100.00% | $232,497,273 |
BAN | - Bond Anticipation Notes |
CEP | - Credit Enhancement Provider |
COP | - Certificates of Participation |
FHLB | - Federal Home Loan Bank |
FHLMC | - Federal Home Loan Mortgage Corp. |
FNMA | - Federal National Mortgage Association |
GO | - General Obligation |
IDR | - Industrial Development Revenue Bonds |
LOC | - Letter of Credit |
PCR | - Pollution Control Revenue Bonds |
RAN | - Revenue Anticipation Notes |
RB | - Revenue Bonds |
Ref. | - Refunding |
VRD | - Variable Rate Demand |
(a) | The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: other countries less than 5% each: 14.1%. |
(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, 2019. |
(c) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(d) | Also represents cost for federal income tax purposes. |
(e) | This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. |
Entities | Percentage |
JPMorgan Chase Bank, N.A. | 6.0% |
Federal Home Loan Bank | 5.2 |
31 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | Invesco Treasury Obligations Portfolio | Invesco Tax-Free Cash Reserve Portfolio | |||||||
Assets: | ||||||||||||
Investments in securities, at value | $1,652,413,405 | $369,546,518 | $8,872,728,931 | $14,700,419,414 | $1,210,680,598 | $231,817,500 | ||||||
Repurchase agreements, at value and cost | 809,909,978 | 286,317,243 | 12,480,317,695 | 17,183,453,561 | - | - | ||||||
Cash | 6,990 | - | - | - | 30,686 | - | ||||||
Receivable for: | ||||||||||||
Investments sold | - | - | - | - | - | 635,000 | ||||||
Interest | 2,000,788 | 246,253 | 17,612,267 | 36,396,253 | 480,845 | 291,790 | ||||||
Investment for trustee deferred compensation and retirement plans | 3,581,687 | 992,582 | 2,125,285 | 968,531 | 113,150 | 349,608 | ||||||
Other assets | 25,265 | 155,655 | 60,292 | 104,838 | 27,039 | 77,824 | ||||||
Total assets | 2,467,938,113 | 657,258,251 | 21,372,844,470 | 31,921,342,597 | 1,211,332,318 | 233,171,722 | ||||||
Liabilities: | ||||||||||||
Payable for: | ||||||||||||
Investments purchased | - | - | - | 429,087,979 | 97,805,805 | - | ||||||
Dividends | 4,543,433 | 1,150,957 | 36,791,120 | 52,409,868 | 1,865,273 | 197,452 | ||||||
Accrued fees to affiliates | 131,083 | 22,938 | 1,662,179 | 1,646,568 | 92,460 | 53,424 | ||||||
Accrued trustees’ and officers’ fees and benefits | 1,907 | 975 | 11,732 | 12,400 | 1,308 | 836 | ||||||
Accrued operating expenses | 56,706 | 43,639 | 321,350 | 1,388,876 | 50,894 | 42,046 | ||||||
Trustee deferred compensation and retirement plans | 3,944,239 | 1,083,120 | 2,418,500 | 1,146,253 | 125,882 | 380,691 | ||||||
Total liabilities | 8,677,368 | 2,301,629 | 41,204,881 | 485,691,944 | 99,941,622 | 674,449 | ||||||
Net assets applicable to shares outstanding | $2,459,260,745 | $654,956,622 | $21,331,639,589 | $31,435,650,653 | $1,111,390,696 | $232,497,273 | ||||||
Net assets consist of: | ||||||||||||
Shares of beneficial interest | $2,458,474,734 | $654,140,847 | $21,330,956,470 | $31,435,409,972 | $1,111,429,025 | $232,621,319 | ||||||
Distributable earnings | 786,011 | 815,775 | 683,119 | 240,681 | (38,329) | (124,046) | ||||||
$2,459,260,745 | $654,956,622 | $21,331,639,589 | $31,435,650,653 | $1,111,390,696 | $232,497,273 | |||||||
Net Assets: | ||||||||||||
Institutional Class | $2,444,252,763 | $652,150,754 | $18,717,318,208 | $30,003,318,534 | $1,045,046,413 | $161,038,615 | ||||||
Private Investment Class | $4,717,825 | $1,347,722 | $506,027,277 | $532,584,787 | $9,483,273 | $20,488,945 | ||||||
Personal Investment Class | $10,250 | $440,566 | $360,256,303 | $15,991,514 | $111,660 | $2,541,969 | ||||||
Cash Management Class | $9,287,988 | $600,129 | $396,685,434 | $365,002,796 | $1,894,340 | $27,298,191 | ||||||
Reserve Class | $302,530 | $273,325 | $289,624,723 | $297,787,452 | $54,711,045 | $20,002,077 | ||||||
Resource Class | $362,690 | $123,273 | $632,598,422 | $180,616,636 | $133,548 | $1,117,282 | ||||||
Corporate Class | $326,699 | $20,853 | $429,129,222 | $40,348,934 | $10,417 | $10,194 |
32 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | Invesco Treasury Obligations Portfolio | Invesco Tax-Free Cash Reserve Portfolio | |||||||
Shares outstanding, no par value, unlimited number of shares authorized: | ||||||||||||
Institutional Class | 2,443,213,124 | 652,105,073 | 18,716,061,403 | 30,002,980,665 | 1,045,028,778 | 161,020,903 | ||||||
Private Investment Class | 4,715,835 | 1,347,624 | 505,993,311 | 532,578,798 | 9,483,185 | 20,486,688 | ||||||
Personal Investment Class | 10,246 | 440,538 | 360,232,128 | 15,991,334 | 111,659 | 2,541,689 | ||||||
Cash Management Class | 9,284,041 | 600,083 | 396,658,801 | 364,998,685 | 1,894,310 | 27,295,183 | ||||||
Reserve Class | 302,403 | 273,305 | 289,605,295 | 297,784,116 | 54,710,204 | 19,999,874 | ||||||
Resource Class | 362,536 | 123,264 | 632,555,953 | 180,614,603 | 133,545 | 1,117,159 | ||||||
Corporate Class | 326,561 | 20,851 | 429,100,409 | 40,348,480 | 10,417 | 10,192 | ||||||
Net asset value, offering and redemption price per share for each class | $1.0004 | $1.0001 | $1.00 | $1.00 | $1.00 | $1.00 | ||||||
Cost of Investments | $2,461,708,828 | $655,819,481 | $21,353,046,626 | $31,883,872,975 | $1,210,680,598 | $231,817,500 |
33 | Short-Term Investments Trust |
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 | $58,997,404 | $13,072,442 | $531,474,749 | $562,361,092 | $28,433,379 | $3,323,454 | ||||||
Expenses: | ||||||||||||
Advisory fees | 3,476,401 | 802,502 | 33,770,118 | 23,847,615 | 1,595,144 | 422,000 | ||||||
Administrative services fees | 1,072,930 | 259,357 | 9,269,556 | 9,626,858 | 588,371 | 99,830 | ||||||
Custodian fees | 22,369 | 6,085 | 464,011 | 1,482,010 | 23,396 | 3,797 | ||||||
Distribution fees: | ||||||||||||
Private Investment Class | 15,623 | 4,042 | 1,551,110 | 1,379,647 | 14,747 | 67,529 | ||||||
Personal Investment Class | 59 | 2,852 | 1,115,198 | 69,547 | 1,332 | 2,164 | ||||||
Cash Management Class | 8,569 | 529 | 324,445 | 289,255 | 1,634 | 24,319 | ||||||
Reserve Class | 3,402 | 2,362 | 1,996,841 | 2,554,994 | 377,493 | 138,895 | ||||||
Resource Class | 1,896 | 203 | 1,037,401 | 360,071 | 245 | 7,642 | ||||||
Corporate Class | 314 | 6 | 114,183 | 24,373 | 3 | 4 | ||||||
Transfer agent fees | 208,584 | 48,150 | 2,026,207 | 2,146,285 | 109,813 | 18,990 | ||||||
Trustees’ and officers’ fees and benefits | 49,524 | 25,742 | 326,042 | 328,275 | 35,901 | 21,302 | ||||||
Registration and filing fees | 88,213 | 95,159 | 179,016 | 233,594 | 90,984 | 94,951 | ||||||
Reports to shareholders | 14,401 | 12,129 | 54,941 | 132,025 | 13,832 | 9,161 | ||||||
Professional services fees | 70,364 | 52,077 | 216,543 | 541,442 | 63,310 | 43,942 | ||||||
Other | 61,471 | 46,668 | 391,565 | 873,467 | 68,910 | 19,969 | ||||||
Total expenses | 5,094,120 | 1,357,863 | 52,837,177 | 43,889,458 | 2,985,115 | 974,495 | ||||||
Less: Fees waived | (892,555) | (384,860) | (6,173,902) | - | (393,405) | (311,056) | ||||||
Net expenses | 4,201,565 | 973,003 | 46,663,275 | 43,889,458 | 2,591,710 | 663,439 | ||||||
Net investment income | 54,795,839 | 12,099,439 | 484,811,474 | 518,471,634 | 25,841,669 | 2,660,015 | ||||||
Realized and unrealized gain (loss) from: | ||||||||||||
Net realized gain from investment securities | 29,559 | 723 | 204,798 | 224,974 | 17,726 | - | ||||||
Change in net unrealized appreciation (depreciation) of investment securities | (26,913) | (10,820) | - | - | - | - | ||||||
Net realized and unrealized gain (loss) | 2,646 | (10,097) | 204,798 | 224,974 | 17,726 | - | ||||||
Net increase in net assets resulting from operations | $54,798,485 | $12,089,342 | $485,016,272 | $518,696,608 | $25,859,395 | $2,660,015 |
34 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Operations: | ||||||||
Net investment income | $54,795,839 | $34,753,060 | $12,099,439 | $6,737,661 | ||||
Net realized gain | 29,559 | 16,174 | 723 | 1,558 | ||||
Change in net unrealized appreciation (depreciation) | (26,913) | 610,550 | (10,820) | 45,561 | ||||
Net increase in net assets resulting from operations | 54,798,485 | 35,379,784 | 12,089,342 | 6,784,780 | ||||
Distributions to shareholders from distributable earnings: | ||||||||
Institutional Class | (54,388,381) | (34,416,266) | (12,042,840) | (6,691,735) | ||||
Private Investment Class | (107,595) | (82,653) | (26,438) | (20,355) | ||||
Personal Investment Class | (199) | (116) | (8,858) | (5,967) | ||||
Cash Management Class | (248,909) | (120,608) | (14,390) | (13,942) | ||||
Reserve Class | (5,872) | (4,925) | (3,794) | (2,844) | ||||
Resource Class | (20,589) | (15,304) | (2,658) | (2,517) | ||||
Corporate Class | (24,294) | (113,188) | (461) | (301) | ||||
Total distributions from distributable earnings | (54,795,839) | (34,753,060) | (12,099,439) | (6,737,661) | ||||
Share transactions-net: | ||||||||
Institutional Class | 100,799,791 | 2,046,652,052 | 127,368,867 | 100,814,065 | ||||
Private Investment Class | (1,144,582) | (1,120,462) | (241,794) | (255,402) | ||||
Personal Investment Class | (984) | 10 | (175,590) | 5,508 | ||||
Cash Management Class | 3,104,748 | (1,557,953) | (178,908) | (369,075) | ||||
Reserve Class | (115,774) | (526,153) | 3,716 | (231,056) | ||||
Resource Class | (632,819) | (331,634) | (62,642) | 2,359 | ||||
Corporate Class | (1,599,196) | (7,555,486) | 457 | 285 | ||||
Net increase in net assets resulting from share transactions | 100,411,184 | 2,035,560,374 | 126,714,106 | 99,966,684 | ||||
Net increase in net assets | 100,413,830 | 2,036,187,098 | 126,704,009 | 100,013,803 | ||||
Net assets: | ||||||||
Beginning of year | 2,358,846,915 | 322,659,817 | 528,252,613 | 428,238,810 | ||||
End of year | $2,459,260,745 | $2,358,846,915 | $654,956,622 | $528,252,613 | ||||
35 | Short-Term Investments Trust |
Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Operations: | ||||||||
Net investment income | $484,811,474 | $343,381,843 | $518,471,634 | $358,626,619 | ||||
Net realized gain | 204,798 | 299,297 | 224,974 | 338,020 | ||||
Net increase in net assets resulting from operations | 485,016,272 | 343,681,140 | 518,696,608 | 358,964,639 | ||||
Distributions to shareholders from distributable earnings: | ||||||||
Institutional Class | (438,858,990) | (316,976,537) | (491,630,206) | (343,597,288) | ||||
Private Investment Class | (9,738,598) | (5,753,138) | (8,737,051) | (4,396,499) | ||||
Personal Investment Class | (3,312,891) | (1,091,648) | (207,870) | (87,553) | ||||
Cash Management Class | (8,499,805) | (5,455,079) | (7,669,515) | (3,514,488) | ||||
Reserve Class | (3,008,307) | (1,727,217) | (3,929,202) | (1,593,154) | ||||
Resource Class | (13,201,572) | (6,151,737) | (4,570,537) | (3,257,378) | ||||
Corporate Class | (8,191,311) | (6,226,487) | (1,727,253) | (2,180,259) | ||||
Total distributions from distributable earnings | (484,811,474) | (343,381,843) | (518,471,634) | (358,626,619) | ||||
Share transactions-net: | ||||||||
Institutional Class | (1,514,751,400) | (2,572,323,178) | 7,673,132,994 | (5,361,767,419) | ||||
Private Investment Class | (11,707,755) | (57,087,888) | 106,832,736 | (84,746,276) | ||||
Personal Investment Class | 242,362,528 | (22,360,529) | 7,670,768 | (12,808,614) | ||||
Cash Management Class | (50,068,678) | (32,654,595) | 31,650,960 | 164,319,452 | ||||
Reserve Class | 61,097,539 | (22,210,837) | 88,155,960 | 38,672,367 | ||||
Resource Class | 107,165,894 | 48,590,008 | (51,677,589) | (109,853,171) | ||||
Corporate Class | (38,240,138) | (140,464,356) | (105,927,589) | (178,162,120) | ||||
Net increase (decrease) in net assets resulting from share transactions | (1,204,142,010) | (2,798,511,375) | 7,749,838,240 | (5,544,345,781) | ||||
Net increase (decrease) in net assets | (1,203,937,212) | (2,798,212,078) | 7,750,063,214 | (5,544,007,761) | ||||
Net assets: | ||||||||
Beginning of year | 22,535,576,801 | 25,333,788,879 | 23,685,587,439 | 29,229,595,200 | ||||
End of year | $21,331,639,589 | $22,535,576,801 | $31,435,650,653 | $23,685,587,439 | ||||
36 | Short-Term Investments Trust |
Invesco Treasury Obligations Portfolio | Invesco Tax-Free Cash Reserve Portfolio | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Operations: | ||||||||
Net investment income | $25,841,669 | $17,884,636 | $2,660,015 | $1,799,189 | ||||
Net realized gain (loss) | 17,726 | 28,696 | - | (4,370) | ||||
Net increase in net assets resulting from operations | 25,859,395 | 17,913,332 | 2,660,015 | 1,794,819 | ||||
Distributions to shareholders from distributable earnings: | ||||||||
Institutional Class | (25,123,428) | (17,548,675) | (1,816,364) | (1,178,614) | ||||
Private Investment Class | (111,394) | (32,722) | (305,352) | (257,237) | ||||
Personal Investment Class | (3,844) | (1,848) | (2,466) | (2,800) | ||||
Cash Management Class | (41,719) | (30,650) | (395,402) | (244,208) | ||||
Reserve Class | (557,964) | (269,491) | (80,976) | (64,811) | ||||
Resource Class | (3,101) | (1,118) | (59,305) | (51,452) | ||||
Corporate Class | (219) | (132) | (150) | (67) | ||||
Total distributions from distributable earnings | (25,841,669) | (17,884,636) | (2,660,015) | (1,799,189) | ||||
Share transactions-net: | ||||||||
Institutional Class | (235,306,840) | (26,061,641) | 33,374,672 | 16,846,975 | ||||
Private Investment Class | 3,398,983 | 2,860,154 | (7,570,673) | 709,862 | ||||
Personal Investment Class | (283,153) | 346,971 | 2,531,656 | (1,995,739) | ||||
Cash Management Class | (1,270,980) | 1,547,656 | (4,585,853) | 4,269,240 | ||||
Reserve Class | 21,314,012 | (2,229,222) | 5,850,867 | 492,985 | ||||
Resource Class | 38,286 | 1,077 | (1,381,960) | (3,499,087) | ||||
Corporate Class | 216 | 124 | 135 | 10,056 | ||||
Net increase (decrease) in net assets resulting from share transactions | (212,109,476) | (23,534,881) | 28,218,844 | 16,834,292 | ||||
Net increase (decrease) in net assets | (212,091,750) | (23,506,185) | 28,218,844 | 16,829,922 | ||||
Net assets: | ||||||||
Beginning of year | 1,323,482,446 | 1,346,988,631 | 204,278,429 | 187,448,507 | ||||
End of year | $1,111,390,696 | $1,323,482,446 | $232,497,273 | $204,278,429 | ||||
37 | Short-Term Investments Trust |
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expense absorbed | Ratio of expenses to average net assets without fee waivers and/or expense absorbed | Ratio of net investment income to average net assets | |
Invesco Liquid Assets Portfolio | |||||||||||||
Year ended 08/31/19 | $1.0004 | $0.0237 | $0.0000 | $0.0237 | $(0.0237) | $- | $(0.0237) | $1.0004 | 2.39% | $2,444,253 | 0.18%(c) | 0.22%(c) | 2.37%(c) |
Year ended 08/31/18 | 1.0002 | 0.0173 | (0.0011) | 0.0162 | (0.0160) | - | (0.0160) | 1.0004 | 1.63 | 2,343,453 | 0.18 | 0.23 | 1.73 |
Year ended 08/31/17 | 1.00 | 0.0051 | 0.0036 | 0.0087 | (0.0080) | (0.0005) | (0.0085) | 1.0002 | 0.84 | 296,174 | 0.18 | 0.26 | 0.51 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.33 | 10,421,616 | 0.15 | 0.18 | 0.34 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.08 | 15,974,126 | 0.14 | 0.17 | 0.08 |
Invesco STIC Prime Portfolio | |||||||||||||
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(c) | 0.25(c) | 2.26(c) |
Year ended 08/31/18 | 1.0000 | 0.0155 | (0.0002) | 0.0153 | (0.0152) | - | (0.0152) | 1.0001 | 1.54 | 524,792 | 0.18 | 0.27 | 1.55 |
Year ended 08/31/17 | 1.00 | 0.0062 | 0.0007 | 0.0069 | (0.0069) | - | (0.0069) | 1.0000 | 0.70 | 423,931 | 0.18 | 0.27 | 0.62 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.26 | 1,607,867 | 0.14 | 0.20 | 0.26 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.04 | 1,764,662 | 0.07 | 0.19 | 0.10 |
Invesco Treasury Portfolio | |||||||||||||
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(c) | 0.21(c) | 2.18(c) |
Year ended 08/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | - | (0.01) | 1.00 | 1.37 | 20,231,906 | 0.18 | 0.20 | 1.37 |
Year ended 08/31/17 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | - | (0.01) | 1.00 | 0.52 | 22,803,973 | 0.18 | 0.20 | 0.52 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.16 | 19,868,465 | 0.14 | 0.18 | 0.17 |
Year ended 08/31/15 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.01 | 7,850,084 | 0.06 | 0.17 | 0.02 |
Invesco Government & Agency Portfolio | |||||||||||||
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(c) | 0.16(c) | 2.20(c) |
Year ended 08/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | - | (0.01) | 1.00 | 1.38 | 22,329,969 | 0.15 | 0.15 | 1.35 |
Year ended 08/31/17 | 1.00 | 0.01 | (0.00) | 0.01 | (0.01) | - | (0.01) | 1.00 | 0.56 | 27,691,416 | 0.15 | 0.15 | 0.58 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.19 | 10,716,760 | 0.14 | 0.15 | 0.19 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.02 | 4,219,860 | 0.08 | 0.13 | 0.02 |
Invesco Treasury Obligations Portfolio | |||||||||||||
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(c) | 0.21(c) | 2.15(c) |
Year ended 08/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | - | (0.01) | 1.00 | 1.35 | 1,280,336 | 0.18 | 0.21 | 1.34 |
Year ended 08/31/17 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.44 | 1,306,370 | 0.18 | 0.22 | 0.48 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.13 | 121,149 | 0.12 | 0.36 | 0.13 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.02 | 105,550 | 0.00 | 0.33 | 0.08 |
Invesco Tax-Free Cash Reserve Portfolio | |||||||||||||
Year ended 08/31/19 | 1.00 | 0.01 | - | 0.01 | (0.01) | - | (0.01) | 1.00 | 1.39 | 161,039 | 0.20(c) | 0.35(c) | 1.38(c) |
Year ended 08/31/18 | 1.00 | 0.01 | (0.00) | 0.01 | (0.01) | - | (0.01) | 1.00 | 1.01 | 127,662 | 0.20 | 0.38 | 1.01 |
Year ended 08/31/17 | 1.00 | 0.01 | (0.00) | 0.01 | (0.01) | - | (0.01) | 1.00 | 0.56 | 110,817 | 0.20 | 0.37 | 0.56 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.10 | 450,792 | 0.10 | 0.31 | 0.12 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.01 | 456,027 | 0.03 | 0.31 | 0.04 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America. |
(c) | Ratios are based on average daily net assets (000’s omitted) of $2,299,287, $532,055, $20,129,549, $22,413,555, $1,168,407 and $132,443 for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, respectively. |
38 | Short-Term Investments Trust |
A. | Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments. |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. |
39 | Short-Term Investments Trust |
C. | Country Determination -For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions - It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually. |
E. | Federal Income Taxes - The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative net assets. |
G. | Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Repurchase Agreements -The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income. |
J. | 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. |
40 | Short-Term Investments Trust |
K. | Distributions from Distributable Earnings – In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets. |
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% |
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% |
Institutional Class | Private Investment Class | Personal Investment Class | Cash Management Class | Reserve Class | Resource Class | Corporate Class | |
Invesco Liquid Assets Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.38% | 0.21% |
Invesco STIC Prime Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Treasury Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Government & Agency Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Treasury Obligations Portfolio | 0.18% | 0.43% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Tax-Free Cash Reserve Portfolio | 0.20% | 0.45% | 0.75% | 0.28% | 1.07% | 0.36% | 0.23% |
41 | Short-Term Investments Trust |
Expense Limitation | |
Invesco Liquid Assets Portfolio | $892,555 |
Invesco STIC Prime Portfolio | 384,860 |
Invesco Treasury Portfolio | 6,173,902 |
Invesco Government & Agency Portfolio | - |
Invesco Treasury Obligations Portfolio | 393,405 |
Invesco Tax-Free Cash Reserve Portfolio | 309,836 |
Private Investment Class | Personal Investment Class | Cash Management Class | Reserve Class | Resource Class | Corporate Class | |
Invesco Tax-Free Cash Reserve Portfolio | $- | $- | $- | $1,220 | $- | $- |
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% |
42 | Short-Term Investments Trust |
Securities Purchases | Securities Sales | Net Realized Gains | |
Invesco Liquid Assets Portfolio | $2,645,362 | $10,006,986 | $- |
Invesco STIC Prime Portfolio | 5,103,589 | 7,349,898 | - |
Invesco Tax-Free Cash Reserve Portfolio | 216,932,239 | 207,964,153 | - |
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2019 and 2018 | ||||
2019 | 2018 | |||
Ordinary Income | Ordinary Income-Tax- Exempt | Ordinary Income | ||
Invesco Liquid Assets Portfolio | $54,795,839 | $- | $34,753,060 | |
Invesco STIC Prime Portfolio | 12,099,439 | - | 6,737,661 | |
Invesco Treasury Portfolio | 484,811,474 | - | 343,381,843 | |
Invesco Government & Agency Portfolio | 518,471,634 | - | 358,626,619 | |
Invesco Treasury Obligations Portfolio | 25,841,669 | - | 17,884,636 | |
Invesco Tax-Free Cash Reserve Portfolio | - | 2,660,015 | 1,799,189 |
43 | Short-Term Investments Trust |
Tax Components of Net Assets at Period-End: | ||||||||
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Undistributed Tax-Exempt Income | Temporary Book/Tax Differences | Net Unrealized Appreciation (Depreciation)- Investments | Capital Loss Carryforwards | Shares of Beneficial Interest | Total Net Assets | |
Invesco Liquid Assets Portfolio | $3,649,902 | $- | $- | $(3,478,446) | $614,555 | $- | $2,458,474,734 | $2,459,260,745 |
Invesco STIC Prime Portfolio | 1,719,450 | - | - | (947,955) | 44,280 | - | 654,140,847 | 654,956,622 |
Invesco Treasury Portfolio | 2,630,106 | 198,121 | - | (2,145,108) | - | - | 21,330,956,470 | 21,331,639,589 |
Invesco Government & Agency Portfolio | 1,230,816 | 31,693 | - | (1,021,828) | - | - | 31,435,409,972 | 31,435,650,653 |
Invesco Treasury Obligations Portfolio | 97,434 | - | - | (109,978) | (6,916) | (18,869) | 1,111,429,025 | 1,111,390,696 |
Invesco Tax-Free Cash Reserve Portfolio | - | - | 227,773 | (332,727) | - | (19,092) | 232,621,319 | 232,497,273 |
Fund | Not Subject to Expiration | Total* |
Invesco Treasury Obligations Portfolio | $18,869 | $18,869 |
Invesco Tax-Free Cash Reserve Portfolio | 19,092 | 19,092 |
* | Capital loss carryforwards as of the date listed above is 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. |
At August 31, 2019 | ||||
Federal Tax Cost* | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |
Invesco Liquid Assets Portfolio | $2,461,708,828 | $663,077 | $(48,522) | $614,555 |
Invesco STIC Prime Portfolio | 655,819,481 | 44,280 | - | 44,280 |
Invesco Treasury Obligations Portfolio | 1,210,687,514 | - | (6,916) | (6,916) |
* | 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. |
44 | Short-Term Investments Trust |
Undistributed Net Investment Income | Undistributed Net Realized Gain (Loss) | Shares of Beneficial Interest | |
Invesco Liquid Assets Portfolio | $16,174 | $(16,174) | $- |
Invesco STIC Prime Portfolio | - | - | - |
Invesco Treasury Portfolio | 39,002 | (39,002) | - |
Invesco Government & Agency Portfolio | - | - | - |
Invesco Treasury Obligations Portfolio | - | - | - |
Invesco Tax-Free Cash Reserve Portfolio | - | 30,074 | (30,074) |
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 11,115,059,561 | $11,118,203,826 | 11,428,619,333 | $11,430,459,074 | |
Private Investment Class | 286,881 | 286,945 | 296,154 | 296,213 | |
Cash Management Class | 183,906,129 | 183,953,776 | 76,229,664 | 76,244,103 | |
Reserve Class | 8,652 | 8,654 | 29,385 | 29,391 | |
Resource Class | 5,100 | 5,102 | 185 | 185 | |
Corporate Class | 396,987 | 397,046 | 32,928,336 | 32,934,007 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 10,250,841 | 10,253,316 | 3,254,561 | 3,255,227 | |
Private Investment Class | 86,006 | 86,026 | 65,917 | 65,928 | |
Personal Investment Class | 15 | 15 | 10 | 10 | |
Cash Management Class | 175,461 | 175,508 | 78,582 | 78,596 | |
Reserve Class | 5,870 | 5,872 | 4,871 | 4,872 | |
Resource Class | 20,583 | 20,589 | 14,741 | 14,744 | |
Corporate Class | 24,289 | 24,294 | 108,271 | 108,285 | |
Reacquired: | |||||
Institutional Class | (11,024,583,994) | (11,027,657,351) | (9,385,489,530) | (9,387,062,249) | |
Private Investment Class | (1,517,171) | (1,517,553) | (1,482,383) | (1,482,603) | |
Personal Investment Class | (999) | (999) | - | - | |
Cash Management Class | (180,975,556) | (181,024,536) | (77,866,227) | (77,880,652) | |
Reserve Class | (130,254) | (130,300) | (560,376) | (560,416) | |
Resource Class | (658,263) | (658,510) | (346,497) | (346,563) | |
Corporate Class | (2,019,990) | (2,020,536) | (40,592,273) | (40,597,778) | |
Net increase in share activity | 100,340,148 | $100,411,184 | 2,035,292,724 | $2,035,560,374 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 8% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
In addition, 77% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
45 | Short-Term Investments Trust |
Invesco STIC Prime Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 1,752,564,099 | $1,752,564,558 | 1,391,467,414 | $1,391,466,950 | |
Private Investment Class | 106,492 | 106,492 | 841,532 | 841,537 | |
Cash Management Class | 32,538 | 32,538 | 408,572 | 408,575 | |
Reserve Class | 342 | 342 | 5 | 5 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 7,389,194 | 7,389,194 | 3,411,844 | 3,411,791 | |
Private Investment Class | 25,796 | 25,796 | 19,003 | 19,002 | |
Personal Investment Class | 199 | 199 | 5,534 | 5,535 | |
Cash Management Class | 9,022 | 9,022 | 9,091 | 9,090 | |
Reserve Class | 3,751 | 3,751 | 2,835 | 2,835 | |
Resource Class | 2,606 | 2,606 | 2,358 | 2,359 | |
Corporate Class | 457 | 457 | 286 | 285 | |
Reacquired: | |||||
Institutional Class | (1,632,583,978) | (1,632,584,885) | (1,294,068,817) | (1,294,064,676) | |
Private Investment Class | (374,081) | (374,082) | (1,115,941) | (1,115,941) | |
Personal Investment Class | (175,789) | (175,789) | (27) | (27) | |
Cash Management Class | (220,468) | (220,468) | (786,748) | (786,740) | |
Reserve Class | (377) | (377) | (233,896) | (233,896) | |
Resource Class | (65,248) | (65,248) | - | - | |
Net increase in share activity | 126,714,555 | $126,714,106 | 99,963,045 | $99,966,684 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 91% 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 |
Invesco Treasury Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 187,978,433,067 | $187,978,433,067 | 191,918,070,818 | $191,918,070,818 | |
Private Investment Class | 1,261,646,363 | 1,261,646,363 | 1,373,550,349 | 1,373,550,349 | |
Personal Investment Class | 1,630,224,829 | 1,630,224,829 | 1,029,056,714 | 1,029,056,714 | |
Cash Management Class | 2,148,188,357 | 2,148,188,357 | 3,628,925,469 | 3,628,925,469 | |
Reserve Class | 847,847,187 | 847,847,187 | 716,399,473 | 716,399,473 | |
Resource Class | 883,852,393 | 883,852,393 | 778,758,603 | 778,758,603 | |
Corporate Class | 7,123,495,519 | 7,123,495,519 | 6,094,873,392 | 6,094,873,392 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 115,324,756 | 115,324,756 | 71,641,952 | 71,641,952 | |
Private Investment Class | 3,080,285 | 3,080,285 | 1,001,889 | 1,001,889 | |
Personal Investment Class | 2,964,198 | 2,964,198 | 1,002,329 | 1,002,329 | |
Cash Management Class | 8,004,739 | 8,004,739 | 4,359,519 | 4,359,519 | |
Reserve Class | 2,800,991 | 2,800,991 | 1,547,178 | 1,547,178 | |
Resource Class | 2,341,092 | 2,341,092 | 1,262,800 | 1,262,800 | |
Corporate Class | 6,377,933 | 6,377,933 | 4,316,947 | 4,316,947 | |
Reacquired: | |||||
Institutional Class | (189,608,509,223) | (189,608,509,223) | (194,562,035,948) | (194,562,035,948) | |
Private Investment Class | (1,276,434,403) | (1,276,434,403) | (1,431,640,126) | (1,431,640,126) | |
Personal Investment Class | (1,390,826,499) | (1,390,826,499) | (1,052,419,572) | (1,052,419,572) | |
Cash Management Class | (2,206,261,774) | (2,206,261,774) | (3,665,939,583) | (3,665,939,583) | |
Reserve Class | (789,550,639) | (789,550,639) | (740,157,488) | (740,157,488) | |
Resource Class | (779,027,591) | (779,027,591) | (731,431,395) | (731,431,395) | |
Corporate Class | (7,168,113,590) | (7,168,113,590) | (6,239,654,695) | (6,239,654,695) | |
Net increase (decrease) in share activity | (1,204,142,010) | $(1,204,142,010) | (2,798,511,375) | $(2,798,511,375) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
In addition, 12% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
47 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 201,304,629,047 | $201,304,629,047 | 247,813,982,127 | $247,813,982,127 | |
Private Investment Class | 2,057,789,705 | 2,057,789,705 | 1,691,041,762 | 1,691,041,762 | |
Personal Investment Class | 33,910,046 | 33,910,046 | 22,767,729 | 22,767,729 | |
Cash Management Class | 970,595,900 | 970,595,900 | 1,160,198,493 | 1,160,198,493 | |
Reserve Class | 1,378,739,399 | 1,378,739,399 | 912,998,598 | 912,998,598 | |
Resource Class | 2,554,982,650 | 2,554,982,650 | 2,889,383,856 | 2,889,383,856 | |
Corporate Class | 573,841,827 | 573,841,827 | 1,680,502,506 | 1,680,502,506 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 126,914,764 | 126,914,764 | 72,936,103 | 72,936,103 | |
Private Investment Class | 4,227,798 | 4,227,798 | 1,388,818 | 1,388,818 | |
Personal Investment Class | 168,914 | 168,914 | 49,917 | 49,917 | |
Cash Management Class | 5,327,428 | 5,327,428 | 2,379,887 | 2,379,887 | |
Reserve Class | 3,618,437 | 3,618,437 | 1,398,425 | 1,398,425 | |
Resource Class | 3,149,980 | 3,149,980 | 2,270,177 | 2,270,177 | |
Corporate Class | 346,829 | 346,829 | 346,270 | 346,270 | |
Reacquired: | |||||
Institutional Class | (193,758,410,817) | (193,758,410,817) | (253,248,685,649) | (253,248,685,649) | |
Private Investment Class | (1,955,184,767) | (1,955,184,767) | (1,777,176,856) | (1,777,176,856) | |
Personal Investment Class | (26,408,192) | (26,408,192) | (35,626,260) | (35,626,260) | |
Cash Management Class | (944,272,368) | (944,272,368) | (998,258,928) | (998,258,928) | |
Reserve Class | (1,294,201,876) | (1,294,201,876) | (875,724,656) | (875,724,656) | |
Resource Class | (2,609,810,219) | (2,609,810,219) | (3,001,507,204) | (3,001,507,204) | |
Corporate Class | (680,116,245) | (680,116,245) | (1,859,010,896) | (1,859,010,896) | |
Net increase (decrease) in share activity | 7,749,838,240 | $7,749,838,240 | (5,544,345,781) | $(5,544,345,781) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 43% 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, 9% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
48 | Short-Term Investments Trust |
Invesco Treasury Obligations Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 902,898,047 | $902,898,047 | 1,111,333,157 | $1,111,333,157 | |
Private Investment Class | 17,567,905 | 17,567,905 | 6,402,656 | 6,402,656 | |
Personal Investment Class | 1,755,557 | 1,755,557 | 2,424,596 | 2,424,596 | |
Cash Management Class | 1,001,917 | 1,001,917 | 3,404,184 | 3,404,184 | |
Reserve Class | 120,013,835 | 120,013,835 | 165,401,910 | 165,401,910 | |
Resource Class | 2,115,950 | 2,115,950 | 1,077 | 1,077 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 2,012,405 | 2,012,405 | 871,181 | 871,181 | |
Private Investment Class | 107,684 | 107,684 | 25,972 | 25,972 | |
Personal Investment Class | 2,574 | 2,574 | 657 | 657 | |
Cash Management Class | 41,719 | 41,719 | 26,644 | 26,644 | |
Reserve Class | 513,925 | 513,925 | 236,440 | 236,440 | |
Resource Class | 1,002 | 1,002 | - | - | |
Corporate Class | 216 | 216 | 124 | 124 | |
Reacquired: | |||||
Institutional Class | (1,140,217,292) | (1,140,217,292) | (1,138,265,979) | (1,138,265,979) | |
Private Investment Class | (14,276,606) | (14,276,606) | (3,568,474) | (3,568,474) | |
Personal Investment Class | (2,041,284) | (2,041,284) | (2,078,282) | (2,078,282) | |
Cash Management Class | (2,314,616) | (2,314,616) | (1,883,172) | (1,883,172) | |
Reserve Class | (99,213,748) | (99,213,748) | (167,867,572) | (167,867,572) | |
Resource Class | (2,078,666) | (2,078,666) | - | - | |
Net increase (decrease) in share activity | (212,109,476) | $(212,109,476) | (23,534,881) | $(23,534,881) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 6% 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, 79% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
49 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 205,082,518 | $205,082,518 | 145,257,757 | $145,257,757 | |
Private Investment Class | 57,208,640 | 57,208,640 | 69,282,391 | 69,282,391 | |
Personal Investment Class | 5,818,771 | 5,818,771 | 10,389 | 10,389 | |
Cash Management Class | 49,844,196 | 49,844,196 | 18,777,674 | 18,777,674 | |
Reserve Class | 52,342,069 | 52,342,069 | 76,263,241 | 76,263,241 | |
Resource Class | 31,003,313 | 31,003,313 | 5,290,233 | 5,290,233 | |
Corporate Class | 110,000 | 110,000 | 10,000 | 10,000 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 919,230 | 919,230 | 530,228 | 530,228 | |
Private Investment Class | 281,127 | 281,127 | 222,751 | 222,751 | |
Personal Investment Class | 385 | 385 | 2,800 | 2,800 | |
Cash Management Class | 309,533 | 309,533 | 190,958 | 190,958 | |
Reserve Class | 79,513 | 79,513 | 59,800 | 59,800 | |
Resource Class | 51,611 | 51,611 | 48,820 | 48,820 | |
Corporate Class | 135 | 135 | 56 | 56 | |
Reacquired: | |||||
Institutional Class | (172,627,076) | (172,627,076) | (128,941,010) | (128,941,010) | |
Private Investment Class | (65,060,440) | (65,060,440) | (68,795,280) | (68,795,280) | |
Personal Investment Class | (3,287,500) | (3,287,500) | (2,008,928) | (2,008,928) | |
Cash Management Class | (54,739,582) | (54,739,582) | (14,699,392) | (14,699,392) | |
Reserve Class | (46,570,715) | (46,570,715) | (75,830,056) | (75,830,056) | |
Resource Class | (32,436,884) | (32,436,884) | (8,838,140) | (8,838,140) | |
Corporate Class | (110,000) | (110,000) | - | - | |
Net increase in share activity | 28,218,844 | $28,218,844 | 16,834,292 | $16,834,292 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 85% 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. |
50 | Short-Term Investments Trust |
51 | Short-Term Investments Trust |
Institutional Class | Beginning Account Value (03/01/19) | ACTUAL | HYPOTHETICAL (5% annual return before expenses) | Annualized Expense Ratio | ||
Ending Account Value (08/31/19)1 | Expenses Paid During Period2 | Ending Account Value (08/31/19) | Expenses Paid During Period2 | |||
Invesco Liquid Assets Portfolio | $1,000.00 | $1,012.20 | $0.91 | $1,024.30 | $0.92 | 0.18% |
Invesco STIC Prime Portfolio | 1,000.00 | 1,011.70 | 0.91 | 1,024.30 | 0.92 | 0.18 |
Invesco Treasury Portfolio | 1,000.00 | 1,011.30 | 0.91 | 1,024.30 | 0.92 | 0.18 |
Invesco Government & Agency Portfolio | 1,000.00 | 1,011.40 | 0.81 | 1,024.40 | 0.82 | 0.16 |
Invesco Treasury Obligations Portfolio | 1,000.00 | 1,011.10 | 0.91 | 1,024.30 | 0.92 | 0.18 |
Invesco Tax-Free Cash Reserve Portfolio | 1,000.00 | 1,007.00 | 1.01 | 1,024.20 | 1.02 | 0.20 |
1 | The actual ending account value is based on the actual total return of the Funds for the period March 1, 2019 through August 31, 2019, 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. |
52 | Short-Term Investments Trust |
Approval of Investment Advisory andSub-Advisory Contracts
(Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and InvescoTax-Free Cash Reserve Portfolio)
At meetings held on June 10, 2019, the Board of Trustees (the Board or the Trustees) ofShort-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 IntergroupSub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, with respect to Invesco Government & Agency Portfolio, InvescoTax-Free Cash Reserve Portfolio and Invesco Treasury Obligations Portfolio only, separateSub-Advisory Contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the AffiliatedSub-Advisers and thesub-advisory contracts) for another year, effective July 1, 2019. After evaluating the factors discussed below, among others, the Board approved the renewal of each Fund’s investment advisory agreement and thesub-advisory contracts and determined that the compensation payable by each Fund to Invesco Advisers and by Invesco Advisers to the AffiliatedSub-Advisers is fair and reasonable.
The Board’s Evaluation Process
The Board’s Investments Committee has established threeSub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). As part of a regularly scheduled basis ofin-person Board meetings, theSub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee andSub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement andsub-advisory contracts.
As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider. The
Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement andsub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.
The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to each Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of each Fund’s investment advisory agreement andsub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 10, 2019.
Factors and Conclusions and Summary of Independent Written Fee Evaluation
A. | Nature, Extent and Quality of Services Provided by Invesco Advisers and the AffiliatedSub-Advisers |
The Board reviewed the nature, extent and quality of the advisory services provided to each Fund by Invesco Advisers under each Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including each Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis and investment risk management. The Board also considerednon-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 also reviewed and considered the benefits to shareholders of investing in each fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial
and other resources to such business. The Board reviewed and considered information about the resources that Invesco Advisers intends to continue to commit to managing the Invesco family of funds following Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries. 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 AffiliatedSub-Advisers under thesub-advisory contracts and the credentials and experience of the officers and employees of the AffiliatedSub-Advisers who provide these services. The Board noted the AffiliatedSub-Advisers’ expertise with respect to certain asset classes and that the AffiliatedSub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the AffiliatedSub-Advisers can provide research and investment analysis on the markets and economies of various countries in which each Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that thesub-advisory contracts may benefit each Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the AffiliatedSub-Advisers in managing each Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the AffiliatedSub-Advisers are appropriate and satisfactory.
B. | Fund Investment Performance |
The Board 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 thesub-advisory contracts for each Fund, as no AffiliatedSub-Adviser currently manages assets of each Fund.
Invesco Liquid Assets Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the Lipper Institutional Money Market Funds 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 year period and the first quintile for the 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 the same as 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 Trustees
53 Short-Term Investments Trust
also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco STIC Prime Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the Lipper Institutional Money Market Funds 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 year period and the second quintile for the 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, three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco Treasury Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the Lipper Institutional U.S. Treasury Money Market Funds 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 reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco Government & Agency Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 the performance of funds in the Broadridge performance universe and against the Lipper Institutional U.S. Government Money Market Funds 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 reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco Treasury Obligations Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of
funds in the Broadridge performance universe and against the Lipper Institutional U.S. Treasury Money Market Funds 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 reasonably comparable to the performance of the Index for the one and three year periods and above the performance of the Index for the five year period. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
InvescoTax-Free Cash Reserve Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the LipperTax-Exempt Money Market Funds 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 year period and the second quintile for the 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 Index for the one, three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
C. | Advisory andSub-Advisory Fees and Fund Expenses |
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 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding 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 also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco STIC Prime 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the Affiliated
54 Short-Term Investments Trust
Sub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco Treasury 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management
of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco Government & Agency 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco Treasury Obligations 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
InvescoTax-Free Cash Reserve Portfolio
The Board compared the Fund’s contractual management fee rate to the contractual
55 Short-Term Investments Trust
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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
D. | Economies of Scale and Breakpoints |
Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and InvescoTax-Free Cash Reserve Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to each Fund. The Board considered Invesco’s reinvestment in its business, including investments in business infrastructure and cybersecurity. The Board noted that each Fund does not benefit from
economies of scale through contractual breakpoints, but does share directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.
Invesco Treasury Obligations Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board considered Invesco’s reinvestment in its business, including investments in business infrastructure and cybersecurity. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.
E. | Profitability and Financial Resources |
Invesco STIC Prime Portfolio and InvescoTax-Free Cash Reserve Portfolio
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. The Board considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the AffiliatedSub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement andsub-advisory contracts.
Invesco Liquid Assets Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio
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. The Board considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and each Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to each Fund to be
excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the AffiliatedSub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement andsub-advisory contracts.
F. | Collateral Benefits to Invesco Advisers and its Affiliates |
The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with each Fund, including the fees received for providing administrative, transfer agency and distribution services to each Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to each Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of each Fund.
56 Short-Term Investments Trust
Federal and State Income Tax | |||||
Long Term Capital Gain Distributions | Qualified Dividend Income* | Corporate Dividends Received Deduction* | U.S. Treasury Obligations* | Tax-Exempt Interest Dividend* | |
Invesco Liquid Assets Portfolio | $- | 0.00% | 0.00% | 0.00% | 0.00% |
Invesco STIC Prime Portfolio | - | 0.00% | 0.00% | 0.00% | 0.00% |
Invesco Treasury Portfolio | - | 0.00% | 0.00% | 54.04% | 0.00% |
Invesco Government & Agency Portfolio | - | 0.00% | 0.00% | 39.05% | 0.00% |
Invesco Treasury Obligations Portfolio | - | 0.00% | 0.00% | 100.00% | 0.00% |
Invesco Tax-Free Cash Reserve Portfolio | - | 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 | $- | 80.36% |
Invesco STIC Prime Portfolio | - | 0.00% |
Invesco Treasury Portfolio | - | 99.99% |
Invesco Government & Agency Portfolio | - | 100.00% |
Invesco Treasury Obligations Portfolio | - | 99.96% |
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. |
57 | 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, Texas77046-1173. 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 | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Interested Persons | ||||||||
Martin L. Flanagan1 — 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business
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) | 229 | None | ||||
Philip A. Taylor2 — 1954 Trustee | 2006 | Vice Chair, Invesco Ltd.; Trustee, The Invesco Funds
Formerly: Director, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company);Co-Chairman,Co-President andCo-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc. | 229 | None |
1 | Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser. |
2 | Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of Invesco Ltd., ultimate parent of the Adviser. |
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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Independent Trustees | ||||||||
Bruce L. Crockett — 1944 Trustee and Chair | 1993 | Chairman, Crockett Technologies Associates (technology consulting company)
Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council | 229 | Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company) | ||||
David C. Arch — 1945 Trustee | 2010 | Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization | 229 | Board member of the Illinois Manufacturers’ Association | ||||
Beth Ann Brown — 1968 Trustee | 2019 | Independent Consultant
Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 229 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non -profit); and Vice President and Director of Grahamtastic Connection(non-profit) | ||||
Jack M. Fields — 1952 Trustee | 1997 | Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance(non-profit)
Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch(non-profit); and member of the U.S. House of Representatives | 229 | None | ||||
Cynthia Hostetler — 1962 Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations
Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP | 229 | Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization) | ||||
Eli Jones — 1961 Trustee | 2016 | Professor and Dean, Mays Business School — Texas A&M University
Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank | 229 | Insperity, Inc. (formerly known as Administaff) (human resources provider) | ||||
Elizabeth Krentzman — 1959 Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management — Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management — Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds | 229 | Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member | ||||
Anthony J. LaCava, Jr. — 1956 Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 229 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
T-2 Short-Term Investments Trust
Trustees and Officers—(continued)
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/ or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Independent Trustees—(continued) | ||||||||
Prema Mathai-Davis — 1950 Trustee | 1998 | Retired
Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor) | 229 | None | ||||
Joel W. Motley — 1952 Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley(non-profit cultural organization)
Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 229 | Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting(non-profit journalism) | ||||
Teresa M. Ressel — 1962 Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations
Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury | 229 | Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier) | ||||
Ann Barnett Stern — 1957 Trustee | 2017 | President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution)
Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP | 229 | Federal Reserve Bank of Dallas | ||||
Raymond Stickel, Jr. — 1944 Trustee | 2005 | Retired
Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche | 229 | None | ||||
Robert C. Troccoli — 1949 Trustee | 2016 | Retired
Formerly: Adjunct Professor, University of Denver — Daniels College of Business; Senior Partner, KPMG LLP | 229 | None | ||||
Daniel S. Vandivort — 1954 Trustee | 2019 | Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management)
Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds | 229 | Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds | ||||
James D. Vaughn — 1945 Trustee | 2019 | Retired
Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds | 229 | Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement(non-profit) | ||||
Christopher L. Wilson — 1957 Trustee, Vice Chair and Chair Designate | 2017 | Retired
Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments | 229 | ISO New England, Inc.(non-profit organization managing regional electricity market) |
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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Other Officers | ||||||||
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer | 1999 | President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.
Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust | N/A | N/A | ||||
Russell C. Burk — 1958 Senior Vice President and Senior Officer | 2005 | Senior Vice President and Senior Officer, The Invesco Funds | N/A | N/A | ||||
Jeffrey H. Kupor — 1968 Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC
Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc. | N/A | N/A | ||||
Andrew R. Schlossberg — 1974 Senior Vice President | 2019 | Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.
Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |
T-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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Other Officers—(continued) | ||||||||
John M. Zerr — 1962 Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent)
Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A | ||||
Gregory G. McGreevey — 1962 Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation
Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A | ||||
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer | 2008 | Assistant Treasurer, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer — Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust
Formerly: Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital Management LLC; Assistant Vice President, The Invesco Funds | N/A | N/A |
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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Other Officers—(continued) | ||||||||
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc.
Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc. | N/A | N/A | ||||
Robert R. Leveille — 1969 Chief Compliance Officer | 2016 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds
Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds | N/A | N/A |
The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’ssub-advisers.
Office of the Fund 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 |
T-6 Short-Term Investments Trust
SEC file numbers: 811-02729 and 002-58287 | Invesco Distributors, Inc. | CM-STIT-AR-1 |
Annual Report to Shareholders | August 31, 2019 |
Table of Contents
Letters to Shareholders | 3 | |||
Fund Data | 5 | |||
Fund Objectives and Strategies | 6 | |||
Fund Composition by Maturity | 7 | |||
Schedules of Investments | 9 | |||
Financial Statements | 32 | |||
Financial Highlights | 38 | |||
Notes to Financial Statements | 39 | |||
Report of Independent Registered Public Accounting Firm | 51 | |||
Fund Expenses | 52 | |||
Approval of Investment Advisory and Sub-Advisory Contracts | 53 | |||
Tax Information | 57 | |||
Trustees and Officers | T-1 |
2
Andrew Schlossberg |
3 | Short-Term Investments Trust |
Bruce Crockett |
4 | Short-Term Investments Trust |
Corporate Class data as of 8/31/19 | ||||
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 - 49 days | 49 days | 84 days | $326.7 thousand |
Invesco STIC Prime1 | 4 - 22 days | 12 days | 12 days | 20.9 thousand |
Invesco Treasury2 | 11 - 44 days | 18 days | 114 days | 429.1 million |
Invesco Government & Agency2 | 6 - 47 days | 8 days | 115 days | 40.3 million |
Invesco Treasury Obligations2 | 25 - 56 days | 28 days | 111 days | 10.4 thousand |
Invesco Tax-Free Cash Reserve3 | 7 - 12 days | 7 days | 7 days | 10.2 thousand |
1 | You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
2 | You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
3 | You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
5 | Short-Term Investments Trust |
6 | Short-Term Investments Trust |
In days, as of 8/31/19 | ||||||
Invesco Liquid Assets Portfolio 1-6, 9-10, 12-14 | Invesco STIC Prime Portfolio 1-6, 9-10, 12-14 | Invesco Treasury Portfolio 2, 4-5, 7, 11-12, 14 | Invesco Government & Agency Portfolio 2, 4-5, 7, 11-12, 14 | Invesco Treasury Obligations Portfolio 2, 4-5, 7, 12, 14 | Invesco Tax-Free Cash Reserve Portfolio 2-5, 8-9,13-14 | |
1 - 7 | 41.3% | 69.6% | 54.1% | 52.1% | 7.6% | 95.3% |
8 - 30 | 2.9 | 18.8 | 8.7 | 6.4 | 27.1 | 1.7 |
31 - 60 | 10.8 | 11.6 | 5.7 | 4.0 | 30.5 | 2.8 |
61 - 90 | 5.3 | 0.0 | 1.2 | 2.3 | 10.8 | 0.2 |
91 - 180 | 19.7 | 0.0 | 9.1 | 13.4 | 5.4 | 0.0 |
181+ | 20.0 | 0.0 | 21.2 | 21.8 | 18.6 | 0.0 |
1 | Banking and financial services industry focus risk. From time to time, the Fund may invest more than 25% of its assets in unsecured bank instruments, including but not limited to certificates of deposit and time deposits, or securities that may have guarantees or credit or liquidity enhancements provided by banks, insurance companies or other financial institutions. To the extent the Fund focuses its investments in these instruments or securities, the Fund’s performance will depend on the overall condition of those industries and the individual banks and financial institutions in which the Fund invests (directly or indirectly), the supply of short-term financing, changes in government regulation, changes in interest rates, and economic downturns in the United States and abroad. |
2 | Debt securities risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund’s distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event. |
3 | Foreign securities and credit exposure risk. US 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. Furthermore, the Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. |
4 | Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective. |
5 | Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value. |
6 | Money market fund risk. 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 and you may lose money by investing in the Fund. 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 required minimums because of market conditions or other factors. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not rely on or expect that the sponsor will enter into support agreements or take other actions to provide financial support to the Fund at any time. The credit quality of the Fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s |
7 | Short-Term Investments Trust |
share price. The Fund’s share price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market volatility. |
7 | Money market fund risk. Although the Fund seeks to preserve the value of your investment at $1.00 per share, you may lose money by investing in the Fund. The share price of money market funds can fall below the $1.00 share price. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not rely on or expect that the sponsor will enter into support agreements or take other actions to provide financial support to the Fund or maintain the Fund’s $1.00 share price at any time. The credit quality of the Fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s share price. The Fund’s share price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market volatility. While the Board of Trustees may implement procedures to impose a fee upon the sale of your shares or temporarily suspend your ability to sell shares in the future if the Fund’s liquidity falls below required minimums because of market conditions or other factors, the Board has not elected to do so at this time. Should the Board elect to do so, such change would only become effective after shareholders were provided with specific advance notice of the change in the Fund’s policy and provided with the opportunity to redeem their shares in accordance with Rule 2a-7 before the policy change became effective. |
8 | Money market fund risk. Although the Fund seeks to preserve the value of your investment at $1.00 per share, you may lose money by investing in the Fund. The share price of money market funds can fall below the $1.00 share price. 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 required minimums because of market conditions or other factors. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not rely on or expect that the sponsor will enter into support agreements or take other actions to provide financial support to the Fund or maintain the Fund’s $1.00 share price at any time. The credit quality of the Fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s share price. The Fund’s share price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market volatility. |
9 | Municipal securities risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. |
10 | Repurchase agreement risk. The Fund is subject to the risk that the counterparty may default on its obligation to repurchase the underlying instruments collateralizing the repurchase agreement, which may cause the Fund to lose money. These risks are magnified to the extent that a repurchase agreement is secured by securities other than cash or US government securities. |
11 | Repurchase agreement risk. If the seller of a repurchase agreement defaults or otherwise does not fulfill its obligations, the Fund may incur delays and losses arising from selling the underlying securities, enforcing its rights, or declining collateral value. |
12 | US government obligations risk. Obligations of US government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the US government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the US government will provide financial support to its agencies and authorities if it is not obligated by law to do so. |
13 | Variable-rate demand notes risk. The absence of an active secondary market for certain variable and floating rate notes could make it difficult to dispose of these instruments, which could result in a loss. |
14 | Yield risk. The Fund’s yield will vary as the short-term securities in its portfolio mature or are sold and the proceeds are reinvested in other securities. When interest rates are very low, the Fund’s expenses could absorb all or a portion of the Fund’s income and yield. Additionally, inflation may outpace and diminish investment returns over time. |
8 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Commercial Paper-42.90%(a) | ||||||
Asset-Backed Securities - Consumer Receivables-0.61% | ||||||
Old Line Funding, LLC (CEP-Royal Bank of Canada)(b)(c) | 2.64% | 10/25/2019 | $ 15,000 | $ 14,955,876 | ||
Asset-Backed Securities - Fully Supported-6.50% | ||||||
Bennington Stark Capital Co., LLC (CEP-Societe Generale S.A.)(b)(c) | 2.35% | 10/02/2019 | 30,000 | 29,948,296 | ||
Kells Funding, LLC (CEP-FMS Wertmanagement)(c) | 2.61% | 10/07/2019 | 11,000 | 10,978,552 | ||
Kells Funding, LLC (CEP-FMS Wertmanagement)(c) | 2.23% | 01/07/2020 | 40,000 | 39,712,650 | ||
Kells Funding, LLC (CEP-FMS Wertmanagement)(c) | 2.06% | 03/03/2020 | 30,000 | 29,697,804 | ||
Ridgefield Funding Co., LLC (CEP-BNP Paribas S.A.)(b)(c) | 2.05% | 02/21/2020 | 50,000 | 49,493,531 | ||
159,830,833 | ||||||
Asset-Backed Securities - Fully Supported Bank-12.24% | ||||||
Anglesea Funding LLC (Multi- CEP’s) (1 wk. USD LIBOR + 0.10%) (Ireland)(b)(c)(d) | 2.24% | 09/06/2019 | 30,000 | 30,000,000 | ||
Cedar Springs Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.33% | 10/10/2019 | 29,166 | 29,099,708 | ||
Chesham Finance LLC (Multi-CEP’s)(b)(c) | 2.18% | 09/03/2019 | 25,000 | 25,000,000 | ||
Collateralized Commercial Paper Co., LLC (CEP-J.P. Morgan Securities LLC)(c) | 2.66% | 09/04/2019 | 10,000 | 9,999,410 | ||
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.18% | 09/03/2019 | 20,000 | 20,000,000 | ||
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.49% | 09/06/2019 | 11,500 | 11,497,918 | ||
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.36% | 10/10/2019 | 30,000 | 29,934,279 | ||
Halkin Finance LLC (Multi-CEP’s)(b)(c) | 2.18% | 09/03/2019 | 25,000 | 25,000,000 | ||
Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) | 2.25% | 09/03/2019 | 40,000 | 40,000,000 | ||
LMA Americas LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.64% | 10/18/2019 | 10,000 | 9,974,456 | ||
LMA Americas LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.41% | 01/06/2020 | 15,000 | 14,895,911 | ||
LMA Americas LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.19%-2.58% | 01/27/2020 | 56,000 | 55,542,939 | ||
300,944,621 | ||||||
Asset-Backed Securities - Multi-Purpose-0.74% | ||||||
Chariot Funding LLC(b)(c) | 2.59% | 09/03/2019 | 18,250 | 18,250,000 | ||
Consumer Finance-1.01% | ||||||
Toyota Motor Credit Corp. (1 mo. USD LIBOR + 0.15%)(c)(d) | 2.35% | 01/06/2020 | 25,000 | 25,002,028 | ||
Diversified Banks-10.55% | ||||||
Australia & New Zealand Banking Group, Ltd. (3 mo. USD LIBOR + 0.12%) (Australia)(b)(c)(d) | 2.59% | 09/06/2019 | 20,000 | 20,000,148 | ||
Banco del Estado de Chile (Chile)(b)(c) | 2.61% | 09/26/2019 | 15,000 | 14,979,851 | ||
Bank of Nova Scotia (1 mo. USD LIBOR + 0.14%) (Canada)(c)(d) | 2.29% | 01/24/2020 | 10,000 | 9,999,707 | ||
BPCE S.A. (France)(b)(c) | 2.69% | 12/16/2019 | 35,000 | 34,790,649 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.63% | 10/02/2019 | 25,000 | 24,957,034 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.32% | 11/19/2019 | 25,000 | 24,886,184 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.31% | 12/11/2019 | 10,000 | 9,942,704 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.02% | 02/14/2020 | 15,000 | 14,863,709 | ||
Natixis S.A. (France)(c) | 2.69% | 12/20/2019 | 10,000 | 9,937,015 | ||
Royal Bank of Canada (3 mo. USD LIBOR + 0.21%) (Canada)(b)(c)(d) | 2.54% | 01/03/2020 | 15,000 | 15,009,554 | ||
Royal Bank of Canada (3 mo. USD LIBOR + 0.05%) (Canada)(b)(c)(d) | 2.37% | 04/01/2020 | 25,000 | 25,002,054 | ||
Toronto-Dominion Bank (The) (1 mo. USD LIBOR + 0.12%) (Canada)(c)(d) | 2.27% | 11/25/2019 | 25,000 | 25,004,165 | ||
Westpac Banking Corp. (Federal Funds Rate + 0.26%) (Australia)(b)(c)(d) | 2.39% | 07/02/2020 | 30,000 | 30,075,000 | ||
259,447,774 |
9 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Diversified Capital Markets-1.42% | ||||||
UBS AG (3 mo. USD LIBOR + 0.17%) (Switzerland)(c)(d) | 2.69% | 09/03/2019 | $ 15,000 | $ 15,000,000 | ||
UBS AG (3 mo. USD LIBOR + 0.05%) (Switzerland)(b)(c)(d) | 2.35% | 01/17/2020 | 20,000 | 20,001,021 | ||
35,001,021 | ||||||
Integrated Oil & Gas-0.95% | ||||||
Shell International Finance B.V. (Netherlands)(b)(c) | 2.00% | 06/29/2020 | 23,750 | 23,371,484 | ||
Other Diversified Financial Services-2.62% | ||||||
ABN AMRO Funding USA LLC (Netherlands)(b)(c) | 2.13% | 02/28/2020 | 15,000 | 14,844,955 | ||
Erste Abwicklungsanstalt (Germany)(b)(c) | 2.04% | 02/13/2020 | 50,000 | 49,551,410 | ||
64,396,365 | ||||||
Regional Banks-1.82% | ||||||
ASB Finance Ltd. (3 mo. USD LIBOR + 0.22%) (New Zealand)(b)(c)(d) | 2.40% | 11/12/2019 | 15,000 | 15,004,916 | ||
Banque et Caisse d’Epargne de l’Etat (Luxembourg)(c) | 2.16% | 03/02/2020 | 30,000 | 29,694,789 | ||
44,699,705 | ||||||
Specialized Finance-4.44% | ||||||
CDP Financial, Inc. (Canada)(b)(c) | 2.38% | 06/01/2020 | 25,000 | 24,633,083 | ||
Crown Point Capital Co., LLC (CEP-Credit Suisse AG) (1 mo. USD LIBOR + 0.15%)(b)(c)(d) | 2.35% | 10/10/2019 | 40,000 | 40,000,000 | ||
Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) | 2.02% | 02/11/2020 | 15,000 | 14,866,001 | ||
Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) | 1.99% | 02/18/2020 | 30,000 | 29,723,290 | ||
109,222,374 | ||||||
Total Commercial Paper (Cost $1,054,589,858) | 1,055,122,081 | |||||
Certificates of Deposit-22.12% | ||||||
ABN AMRO Bank N.V. (Netherlands)(c) | 0.00% | 09/09/2019 | 50,000 | 49,970,323 | ||
Australia & New Zealand Banking Group, Ltd.(c) | 2.11% | 09/03/2019 | 70,000 | 70,000,000 | ||
Bank of Montreal (1 mo. USD LIBOR + 0.22%) (Canada)(c)(d) | 2.30% | 10/04/2019 | 25,000 | 25,002,808 | ||
Bank of Montreal (3 mo. USD LIBOR + 0.06%) (Canada)(c)(d) | 2.38% | 04/01/2020 | 45,000 | 45,006,262 | ||
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.10%) (Canada)(c)(d) | 2.44% | 10/10/2019 | 30,000 | 30,003,222 | ||
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.05%) (Canada)(c)(d) | 2.37% | 04/01/2020 | 20,000 | 20,003,924 | ||
Canadian Imperial Bank of Commerce (1 mo. USD LIBOR + 0.14%) (Canada)(c)(d) | 2.29% | 01/24/2020 | 25,000 | 25,000,255 | ||
Canadian Imperial Bank of Commerce (1 mo. USD LIBOR + 0.17%) (Canada)(c)(d) | 2.39% | 05/07/2020 | 10,000 | 9,996,710 | ||
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.26%) (Canada)(c)(d) | 2.39% | 07/01/2020 | 20,000 | 20,013,750 | ||
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.36%) (Canada)(c)(d) | 2.49% | 09/18/2020 | 20,000 | 20,003,066 | ||
Mitsubishi UFJ Trust & Banking Corp. (1 mo. USD LIBOR + 0.20%) (Japan)(c)(d) | 2.35% | 02/27/2020 | 63,000 | 62,983,084 | ||
MUFG Bank, Ltd. (Japan)(b)(c) | 2.35% | 09/08/2019 | 5,900 | 5,899,995 | ||
Natixis S.A. (3 mo. USD LIBOR + 0.07%) (France)(c)(d) | 2.28% | 11/07/2019 | 35,000 | 35,001,317 | ||
Sumitomo Mitsui Banking Corp. (1 mo. USD LIBOR + 0.12%) (Japan)(c)(d) | 2.27% | 10/24/2019 | 20,000 | 20,002,463 | ||
Sumitomo Mitsui Banking Corp. (1 mo. USD LIBOR + 0.14%) (Japan)(c)(d) | 2.37% | 11/06/2019 | 30,000 | 30,004,769 | ||
Toronto-Dominion Bank (The) (1 mo. USD LIBOR + 0.14%) (Canada)(c)(d) | 2.28% | 02/28/2020 | 35,000 | 34,991,835 | ||
Wells Fargo Bank, N.A. | ��2.00% | 02/12/2020 | 40,000 | 40,005,922 | ||
Total Certificates of Deposit (Cost $543,870,947) | 543,889,705 | |||||
U.S. Dollar Denominated Bonds & Notes-1.42% | ||||||
Automobile Manufacturers-0.41% | ||||||
Toyota Motor Credit Corp.(c) | 4.50% | 06/17/2020 | 9,900 | 10,090,381 |
10 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Diversified Banks-1.01% | ||||||
Westpac Banking Corp. (3 mo. USD LIBOR + 0.43%) (Australia)(c)(d) | 2.90% | 03/06/2020 | $ 10,460 | $ 10,479,320 | ||
Westpac Banking Corp. (Australia)(c) | 2.30% | 05/26/2020 | 14,444 | 14,471,919 | ||
24,951,239 | ||||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $34,978,052) | 35,041,620 | |||||
Variable Rate Demand Notes-0.75%(e) | ||||||
Credit Enhanced-0.75% | ||||||
Derry (Township of), PA Industrial & Commercial Development Authority (GIANT Center); Series 2001, VRD RB (LOC-PNC Bank, N.A.)(f) | 2.20% | 11/01/2030 | 4,765 | 4,765,000 | ||
Jets Stadium Development, LLC; Series 2014 A-4B, VRD Bonds (LOC-Sumitomo Mitsui Banking Corp.)(b)(c)(f) | 2.17% | 04/01/2047 | 9,400 | 9,399,999 | ||
Keep Memory Alive; Series 2013, VRD Bonds (LOC-PNC Bank, N.A.)(f) | 2.20% | 05/01/2037 | 2,700 | 2,700,000 | ||
S&L Capital, LLC (J&L Development of Holland, LLC); Series 2005 A, VRD Notes (LOC-FHLB of Indianapolis)(c)(f) | 2.20% | 07/01/2040 | 1,495 | 1,495,000 | ||
Total Variable Rate Demand Notes (Cost $18,359,993) | 18,359,999 | |||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-67.19% (Cost $1,651,798,850) | 1,652,413,405 | |||||
Repurchase Amount | ||||||
Repurchase Agreements-32.93%(g) | ||||||
BMO Capital Markets Corp., joint agreement dated 08/30/2019, aggregate maturing value of $195,047,667 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, U.S. government sponsored agency obligations, domestic and foreign corporate obligations and domestic commercial paper valued at $207,184,381; 0% - 10.00%; 09/11/2019 - 04/25/2066)(c) | 2.20% | 09/03/2019 | 38,009,289 | 38,000,000 | ||
BMO Capital Markets Corp., joint term agreement dated 08/30/2019, aggregate maturing value of $50,021,875 (collateralized by domestic agency mortgage-backed securities valued at $51,415,842; 0% - 13.73%; 06/25/2027 - 06/20/2069)(c)(h) | 2.25% | 09/06/2019 | 15,006,562 | 15,000,000 | ||
Citigroup Global Markets, Inc., joint open agreement dated 04/11/2019 (collateralized by domestic and foreign non-agency asset-backed securities and domestic mortgage-backed securities valued at $234,301,461; 0% - 8.29%; 12/01/2025 - 03/25/2061)(c)(i) | 2.62% | - | - | 66,500,000 | ||
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $250,060,000 (collateralized by domestic agency mortgage-backed securities valued at $255,000,001; 3.00% - 4.00%; 06/01/2048 - 08/01/2049)(c) | 2.16% | 09/03/2019 | 125,030,000 | 125,000,000 | ||
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $30,013,475 (collateralized by foreign corporate obligations, domestic non-agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $32,999,964; 0% - 6.00%; 09/08/2020 - 12/15/2044)(c)(h) | 2.31% | 09/05/2019 | 5,002,246 | 5,000,000 | ||
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $40,017,578 (collateralized by domestic non-agency asset-backed securities and a foreign corporate obligation valued at $43,999,986; 0% - 5.93%; 04/15/2026 - 05/16/2042)(c)(h) | 2.26% | 09/05/2019 | 30,013,183 | 30,000,000 | ||
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $65,028,185 (collateralized by domestic and foreign agency and non-agency asset-backed securities, domestic non-agency mortgage-backed securities and a foreign corporate obligation valued at $68,250,000; 0.47% - 5.93%; 12/28/2023 - 09/10/2050)(c)(h) | 2.23% | 09/05/2019 | 23,009,973 | 23,000,000 |
11 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
ING Financial Markets, LLC, joint agreement dated 08/30/2019, aggregate maturing value of $124,030,311 (collateralized by domestic and foreign corporate obligations valued at $130,200,007; 1.63% - 7.88%; 09/29/2019 - 08/15/2059)(c) | 2.20% | 09/03/2019 | $ 55,013,444 | $ 55,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2019 (collateralized by domestic and foreign corporate obligations valued at $45,360,002; 0% - 7.50%; 09/06/2019 - 08/01/2057)(i) | 2.75% | - | - | 25,000,000 | |
Mizuho Securities (USA) LLC, joint open agreement dated 03/21/2019 (collateralized by domestic and foreign equity securities valued at $26,250,062; 0% - 7.13%;)(c)(i) | 2.20% | - | - | 15,000,000 | |
Natixis, joint agreement dated 08/30/2019, aggregate maturing value of $750,179,167 (collateralized by U.S. Treasury obligations valued at $765,000,060; 0% - 3.38%; 12/05/2019 - 11/15/2048)(c) | 2.15% | 09/03/2019 | 125,029,861 | 125,000,000 | |
RBC Capital Markets LLC, joint agreement dated 08/30/2019, aggregate maturing value of $150,036,667 (collateralized by domestic agency mortgage-backed securities and domestic and foreign corporate obligations valued at $156,822,868; 0% - 10.00%; 09/13/2019 - 08/15/2076)(c) | 2.20% | 09/03/2019 | 35,008,556 | 35,000,000 | |
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign corporate obligations valued at $106,426,641; 2.90% - 9.25%; 11/19/2019 - 03/15/2050)(c)(i) | 2.28% | - | - | 25,000,000 | |
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign corporate obligations valued at $91,808,572; 2.88% - 10.63%; 10/14/2019 - 01/11/2048)(c)(i) | 2.21% | - | - | 55,000,000 | |
Sumitomo Mitsui Banking Corp., joint agreement dated 08/30/2019, aggregate maturing value of $1,500,361,667 (collateralized by domestic agency mortgage-backed securities valued at $1,530,000,000; 3.00% - 3.50%; 08/20/2042 - 04/01/2049)(c) | 2.17% | 09/03/2019 | 172,451,548 | 172,409,978 | |
Total Repurchase Agreements (Cost $809,909,978) | 809,909,978 | ||||
TOTAL INVESTMENTS IN SECURITIES(j)(k)-100.12% (Cost $2,461,708,828) | 2,462,323,383 | ||||
OTHER ASSETS LESS LIABILITIES-(0.12)% | (3,062,638) | ||||
NET ASSETS-100.00% | $2,459,260,745 |
CEP | -Credit Enhancement Provider |
FHLB | -Federal Home Loan Bank |
LIBOR | -London Interbank Offered Rate |
LOC | -Letter of Credit |
RB | -Revenue Bonds |
USD | -U.S. Dollar |
VRD | -Variable Rate Demand |
(a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2019 was $865,395,955, which represented 35.19% of the Fund’s Net Assets. |
(c) | The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 17.6%; France: 14.0%; Netherlands: 10.5%; Switzerland: 7.9%; Japan: 7.3%; Australia: 5.9%; Germany: 5.3% other countries less than 5% each: 6.5%. |
(d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2019. |
(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, 2019. |
(f) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(g) | Principal amount equals value at period end. See Note 1I. |
(h) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(i) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
(j) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
(k) | Also represents cost for federal income tax purposes. |
12 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Commercial Paper-40.06%(a) | ||||||
Asset-Backed Securities - Fully Supported-6.10% | ||||||
Atlantic Asset Securitization LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.18% | 10/11/2019 | $ 15,000 | $ 14,967,217 | ||
Bennington Stark Capital Co., LLC (CEP-Societe Generale S.A.)(b)(c) | 2.36% | 09/06/2019 | 15,000 | 14,997,284 | ||
Ridgefield Funding Co., LLC (CEP-BNP Paribas S.A.)(b)(c) | 2.29% | 09/04/2019 | 10,000 | 9,999,403 | ||
39,963,904 | ||||||
Asset-Backed Securities - Fully Supported Bank-14.50% | ||||||
Anglesea Funding LLC (Multi-CEP’s)(b)(c) | 2.27% | 09/03/2019 | 15,000 | 15,000,000 | ||
Cedar Springs Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.24% | 09/13/2019 | 15,000 | 14,990,652 | ||
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.28% | 09/12/2019 | 15,000 | 14,991,879 | ||
Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) | 2.25% | 09/03/2019 | 10,000 | 10,000,000 | ||
Mountcliff Funding LLC (Multi-CEP’s)(b)(c) | 2.20% | 10/18/2019 | 15,000 | 14,960,184 | ||
Regency Markets No. 1 LLC (CEP-HSBC Bank PLC) (Ireland)(b)(c) | 2.21% | 09/16/2019 | 10,000 | 9,992,202 | ||
Versailles Commercial Paper LLC (CEP-Natixis S.A.)(b)(c) | 2.36% | 09/06/2019 | 15,000 | 14,997,285 | ||
94,932,202 | ||||||
Asset-Backed Securities - Multi-Purpose-2.29% | ||||||
CAFCO LLC (CEP-Citibank, N.A.)(b)(c) | 2.29% | 09/27/2019 | 15,000 | 14,979,345 | ||
Diversified Banks-16.35% | ||||||
Banco Santander, S.A.(c) | 2.34% | 09/04/2019 | 15,000 | 14,999,111 | ||
China Construction Bank Corp. (China)(b)(c) | 2.46% | 09/13/2019 | 15,000 | 14,991,060 | ||
Industrial & Commercial Bank of China Ltd. (China)(b)(c) | 2.45% | 09/20/2019 | 15,000 | 14,984,201 | ||
Mitsubishi UFJ Trust & Banking Corp. (Japan)(b)(c) | 2.37% | 09/19/2019 | 3,000 | 2,997,189 | ||
National Bank of Canada (Canada)(b)(c) | 2.13% | 10/21/2019 | 15,000 | 14,957,210 | ||
Oversea-Chinese Banking Corp. Ltd. (Singapore)(b)(c) | 2.19% | 09/23/2019 | 15,000 | 14,982,071 | ||
Sumitomo Mitsui Trust Bank, Ltd. (Japan)(b)(c) | 2.18% | 09/06/2019 | 8,000 | 7,998,585 | ||
Sumitomo Mitsui Trust Bank, Ltd. (Japan)(b)(c) | 2.23% | 10/21/2019 | 6,220 | 6,202,563 | ||
Toronto-Dominion Bank (The) (Canada)(b)(c) | 2.21% | 09/25/2019 | 15,000 | 14,980,498 | ||
107,092,488 | ||||||
Specialized Finance-0.82% | ||||||
Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) | 2.31% | 09/09/2019 | 5,400 | 5,398,090 | ||
Total Commercial Paper (Cost $262,322,128) | 262,366,029 | |||||
Certificates of Deposit-10.23% | ||||||
Australia & New Zealand Banking Group, Ltd.(c) | 2.11% | 09/03/2019 | 30,000 | 30,000,000 | ||
Banco Del Estado De Chile(c) | 2.30% | 09/06/2019 | 15,000 | 15,000,237 | ||
Cooperatieve Rabobank U.A.(c) | 2.14% | 10/11/2019 | 15,000 | 15,000,081 | ||
Mitsubishi UFJ Trust & Banking Corp.(c) | 2.41% | 09/06/2019 | 7,000 | 7,000,171 | ||
Total Certificates of Deposit (Cost $67,000,110) | 67,000,489 | |||||
Variable Rate Demand Notes-6.13%(d) | ||||||
Credit Enhanced-6.13% | ||||||
Jets Stadium Development, LLC; Series 2014 A-4C, VRD Bonds (LOC-Sumitomo Mitsui Banking Corp.)(b)(c)(e) | 2.17% | 04/01/2047 | 7,900 | 7,900,000 | ||
Keep Memory Alive; Series 2013, VRD Bonds (LOC-PNC Bank, N.A.)(e) | 2.20% | 05/01/2037 | 3,380 | 3,380,000 | ||
Maumelle (City of), AR (Kimberly-Clark Corp.); Series 2015, VRD IDR(b)(c) | 2.08% | 08/01/2045 | 9,400 | 9,400,000 |
13 | Short-Term Investments Trust |
Invesco STIC Prime Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Credit Enhanced-(continued) | ||||||
New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2015 B-1, VRD RB (LOC-Bank of China Ltd.)(c)(e) | 2.23% | 11/01/2049 | $ 14,000 | $ 14,000,000 | ||
Ziegler Realty LLC; Series 2007, VRD Notes (LOC-Wells Fargo Bank, N.A.)(b)(c)(e) | 2.15% | 01/01/2033 | 5,500 | 5,500,000 | ||
Total Variable Rate Demand Notes (Cost $40,180,000) | 40,180,000 | |||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-56.42% (Cost $369,502,238) | 369,546,518 | |||||
Repurchase Amount | ||||||
Repurchase Agreements-43.72%(f) | ||||||
BMO Capital Markets Corp., joint agreement dated 08/30/2019, aggregate maturing value of $195,047,667 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, U.S. government sponsored agency obligations, domestic and foreign corporate obligations and domestic commercial paper valued at $207,184,381; 0% - 10.00%; 09/11/2019 - 04/25/2066)(c) | 2.20% | 09/03/2019 | 20,004,889 | 20,000,000 | ||
BMO Capital Markets Corp., joint term agreement dated 08/30/2019, aggregate maturing value of $50,021,875 (collateralized by domestic agency mortgage-backed securities valued at $51,415,842; 0% - 13.73%; 06/25/2027 - 06/20/2069)(c)(g) | 2.25% | 09/06/2019 | 8,003,500 | 8,000,000 | ||
Citigroup Global Markets, Inc., joint agreement dated 08/30/2019, aggregate maturing value of $400,096,000 (collateralized by U.S. Treasury obligations valued at $408,000,053; 0% - 0.13%; 04/15/2020 - 08/15/2042) | 2.16% | 09/03/2019 | 30,007,200 | 30,000,000 | ||
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $250,060,000 (collateralized by domestic agency mortgage-backed securities valued at $255,000,001; 3.00% - 4.00%; 06/01/2048 - 08/01/2049)(c) | 2.16% | 09/03/2019 | 30,007,200 | 30,000,000 | ||
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $65,028,185 (collateralized by domestic and foreign agency and non-agency asset-backed securities, domestic non-agency mortgage-backed securities and a foreign corporate obligation valued at $68,250,000; 0.47% - 5.93%; 12/28/2023 - 09/10/2050)(c)(g) | 2.23% | 09/05/2019 | 5,002,168 | 5,000,000 | ||
Credit Suisse Securities (USA) LLC, term agreement dated 08/30/2019, maturing value of $10,000,000 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic non-agency asset-backed securities and domestic and foreign corporate obligations valued at $10,499,736; 0% - 8.00%; 10/10/2019 - 07/15/2064)(c)(h) | 2.34% | 10/04/2019 | 10,000,000 | 10,000,000 | ||
ING Financial Markets, LLC, joint agreement dated 08/30/2019, aggregate maturing value of $124,030,311 (collateralized by domestic and foreign corporate obligations valued at $130,200,007; 1.63% - 7.88%; 09/29/2019 - 08/15/2059)(c) | 2.20% | 09/03/2019 | 25,006,111 | 25,000,000 | ||
J.P. Morgan Securities LLC, open agreement dated 09/08/2017 (collateralized by domestic and foreign equity securities valued at $15,780,373; 2.20%; 02/15/2040 - 12/12/2222)(i) | 2.30% | - | - | 15,000,000 | ||
Natixis, joint agreement dated 08/30/2019, aggregate maturing value of $750,179,167 (collateralized by U.S. Treasury obligations valued at $765,000,060; 0% - 3.38%; 12/05/2019 - 11/15/2048)(c) | 2.15% | 09/03/2019 | 60,014,334 | 60,000,000 | ||
RBC Capital Markets LLC, joint agreement dated 08/30/2019, aggregate maturing value of $150,036,667 (collateralized by domestic agency mortgage-backed securities and domestic and foreign corporate obligations valued at $156,822,868; 0% - 10.00%; 09/13/2019 - 08/15/2076)(c) | 2.20% | 09/03/2019 | 20,004,889 | 20,000,000 | ||
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign corporate obligations valued at $106,426,641; 2.90% - 9.25%; 11/19/2019 - 03/15/2050)(c)(i) | 2.28% | - | - | 5,000,000 | ||
Sumitomo Mitsui Banking Corp., joint agreement dated 08/30/2019, aggregate maturing value of $1,500,361,667 (collateralized by domestic agency mortgage-backed securities valued at $1,530,000,000; 3.00% - 3.50%; 08/20/2042 - 04/01/2049)(c) | 2.17% | 09/03/2019 | 58,331,304 | 58,317,243 | ||
Total Repurchase Agreements (Cost $286,317,243) | 286,317,243 | |||||
TOTAL INVESTMENTS IN SECURITIES(j)(k)-100.14% (Cost $655,819,481) | 655,863,761 | |||||
OTHER ASSETS LESS LIABILITIES-(0.14)% | (907,139) | |||||
NET ASSETS-100.00% | $654,956,622 |
14 | Short-Term Investments Trust |
Invesco STIC Prime Portfolio
CEP | -Credit Enhancement Provider |
IDR | -Industrial Development Revenue Bonds |
LOC | -Letter of Credit |
RB | -Revenue Bonds |
VRD | -Variable Rate Demand |
(a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2019 was $270,166,918, which represented 41.25% 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: 11.9%; Netherlands: 10.8%; France: 9.2%; Switzerland: 6.9%; China: 6.7%; other countries less than 5% each: 17.9%. |
(d) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2019. |
(e) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(f) | Principal amount equals value at period end. See Note 1I. |
(g) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(h) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2019. |
(i) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
(j) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
(k) | Also represents cost for federal income tax purposes. |
15 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
U.S. Treasury Securities-41.59% | ||||||
U.S. Treasury Bills-22.07%(a) | ||||||
U.S. Treasury Bills | 2.14% | 09/10/2019 | $ 500,000 | $ 499,741,875 | ||
U.S. Treasury Bills | 2.49% | 09/12/2019 | 350,000 | 349,737,451 | ||
U.S. Treasury Bills | 2.48% | 09/19/2019 | 500,000 | 499,387,500 | ||
U.S. Treasury Bills | 2.10% | 09/26/2019 | 500,000 | 499,276,041 | ||
U.S. Treasury Bills | 2.06% | 10/08/2019 | 750,000 | 748,419,791 | ||
U.S. Treasury Bills | 2.42% | 10/17/2019 | 475,000 | 473,548,924 | ||
U.S. Treasury Bills | 1.97% | 11/14/2019 | 250,000 | 248,992,778 | ||
U.S. Treasury Bills | 2.21% | 12/05/2019 | 250,000 | 248,558,837 | ||
U.S. Treasury Bills | 2.12% | 12/12/2019 | 300,000 | 298,216,276 | ||
U.S. Treasury Bills | 1.91% | 02/13/2020 | 250,000 | 247,834,375 | ||
U.S. Treasury Bills | 1.87% | 02/20/2020 | 250,000 | 247,790,278 | ||
U.S. Treasury Bills | 1.86% | 02/27/2020 | 250,000 | 247,712,778 | ||
U.S. Treasury Bills | 1.78% | 08/13/2020 | 100,000 | 98,313,194 | ||
4,707,530,098 | ||||||
U.S. Treasury Notes-19.52% | ||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b) | 1.97% | 04/30/2020 | 998,000 | 998,007,326 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b) | 1.98% | 07/31/2020 | 310,000 | 309,995,764 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)(b) | 1.98% | 10/31/2020 | 251,000 | 250,987,381 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)(b) | 2.05% | 01/31/2021 | 1,306,000 | 1,305,513,883 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b) | 2.08% | 04/30/2021 | 851,000 | 850,764,111 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)(b) | 2.16% | 07/31/2021 | 450,000 | 449,930,368 | ||
4,165,198,833 | ||||||
Total U.S. Treasury Securities (Cost $8,872,728,931) | 8,872,728,931 | |||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-41.59% (Cost $8,872,728,931) | 8,872,728,931 | |||||
Repurchase Amount | ||||||
Repurchase Agreements-58.51%(c) | ||||||
Bank of Nova Scotia, agreement dated 08/30/2019, maturing value of $500,119,445 (collateralized by U.S. Treasury obligations valued at $510,000,086; 0% - 8.50%; 09/12/2019 - 02/15/2049) | 2.15% | 09/03/2019 | 500,119,445 | 500,000,000 | ||
BNP Paribas Securities Corp., joint term agreement dated 07/23/2019, aggregate maturing value of $2,007,612,222 (collateralized by U.S. Treasury obligations valued at $2,040,000,018; 0% - 4.38%; 01/15/2020 - 02/15/2049)(d) | 2.21% | 09/23/2019 | 1,104,186,722 | 1,100,000,000 | ||
BNP Paribas Securities Corp., joint term agreement dated 08/26/2019, aggregate maturing value of $1,000,480,000 (collateralized by U.S. Treasury obligations valued at $1,020,000,010; 0% - 8.00%; 04/23/2020 - 11/15/2046)(d) | 2.16% | 09/03/2019 | 400,192,000 | 400,000,000 | ||
CIBC World Markets Corp., agreement dated 08/30/2019, maturing value of $150,035,833 (collateralized by U.S. Treasury obligations valued at $153,000,089; 0.88% - 3.00%; 02/28/2022 - 05/15/2045) | 2.15% | 09/03/2019 | 150,035,833 | 150,000,000 | ||
CIBC World Markets Corp., joint term agreement dated 08/07/2019, aggregate maturing value of $500,895,833 (collateralized by U.S. Treasury obligations valued at $510,000,083; 0.13% - 4.75%; 12/31/2020 - 11/15/2046)(d) | 2.15% | 09/06/2019 | 200,358,333 | 200,000,000 |
16 | Short-Term Investments Trust |
Invesco Treasury Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
Citigroup Global Markets, Inc., term agreement dated 08/29/2019, maturing value of $600,255,500 (collateralized by U.S. Treasury obligations valued at $612,000,082; 0% - 0.13%; 04/15/2020 - 02/15/2036)(d) | 2.19% | 09/05/2019 | $ 600,255,500 | $ 600,000,000 | |
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $1,000,237,778 (collateralized by U.S. Treasury obligations valued at $1,020,000,032; 2.00% - 2.63%; 12/15/2021 - 11/15/2026) | 2.14% | 09/03/2019 | 520,228,164 | 520,104,495 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/23/2019, aggregate maturing value of $802,897,556 (collateralized by U.S. Treasury obligations valued at $816,000,018; 0% - 2.50%; 08/13/2020 - 01/31/2021)(d) | 2.21% | 09/20/2019 | 401,448,778 | 400,000,000 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/06/2019, aggregate maturing value of $500,985,417 (collateralized by U.S. Treasury obligations valued at $510,000,057; 1.00% - 3.38%; 02/28/2021 - 02/15/2049)(d) | 2.15% | 09/09/2019 | 200,394,167 | 200,000,000 | |
Credit Agricole Corporate & Investment Bank, term agreement dated 07/22/2019, maturing value of $301,160,250 (collateralized by U.S. Treasury obligations valued at $306,000,125; 1.63% - 4.38%; 06/30/2021 - 05/15/2041)(d) | 2.21% | 09/23/2019 | 301,160,250 | 300,000,000 | |
DNB Bank ASA, agreement dated 08/30/2019, maturing value of $500,120,000 (collateralized by U.S. Treasury obligations valued at $510,000,097; 2.00% - 2.88%; 02/28/2021 - 08/15/2025) | 2.16% | 09/03/2019 | 500,120,000 | 500,000,000 | |
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/30/2019, maturing value of $150,035,000 (collateralized by a U.S. Treasury obligation valued at $153,000,034; 2.00%; 05/31/2024) | 2.10% | 09/03/2019 | 150,035,000 | 150,000,000 | |
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/30/2019, maturing value of $200,048,000 (collateralized by a U.S. Treasury obligation valued at $204,000,087; 2.63%; 12/31/2023) | 2.16% | 09/03/2019 | 200,048,000 | 200,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 07/18/2019 (collateralized by U.S. Treasury obligations valued at $357,000,214; 0% - 3.63%; 10/10/2019 - 11/15/2044)(e) | 2.11% | - | - | 130,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 05/15/2019 (collateralized by U.S. Treasury obligations valued at $408,000,000; 2.00% - 3.63%; 01/31/2023 - 02/15/2044)(e) | 2.15% | - | - | 400,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 05/22/2019 (collateralized by U.S. Treasury obligations valued at $510,000,052; 1.25% - 3.38%; 10/31/2021 - 11/15/2048)(e) | 2.11% | - | - | 500,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 07/29/2019 (collateralized by U.S. Treasury obligations valued at $510,000,016; 3.00% - 3.13%; 11/15/2028 - 02/15/2043)(e) | 2.15% | - | - | 500,000,000 | |
Metropolitan Life Insurance Co., joint term agreement dated 08/28/2019, aggregate maturing value of $450,199,671 (collateralized by U.S. Treasury obligations valued at $458,714,349; 0% - 2.63%; 10/01/2019 - 08/15/2047)(d) | 2.22% | 09/04/2019 | 185,081,809 | 185,001,950 | |
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/28/2019, aggregate maturing value of $1,333,325,304 (collateralized by U.S. Treasury obligations valued at $1,358,182,101; 2.00% - 2.38%; 04/30/2024 - 05/15/2029)(d) | 2.22% | 09/04/2019 | 472,328,801 | 472,125,000 | |
Natixis, joint agreement dated 08/30/2019, aggregate maturing value of $750,179,167 (collateralized by U.S. Treasury obligations valued at $765,000,060; 0% - 3.38%; 12/05/2019 - 11/15/2048) | 2.15% | 09/03/2019 | 565,134,972 | 565,000,000 | |
Natixis, joint term agreement dated 07/18/2019, aggregate maturing value of $501,858,333 (collateralized by U.S. Treasury obligations valued at $510,000,002; 0% - 3.38%; 09/19/2019 - 05/15/2049)(d) | 2.23% | 09/16/2019 | 200,743,333 | 200,000,000 | |
Prudential Insurance Co. of America, agreement dated 08/30/2019, maturing value of $405,934,102 (collateralized by U.S. Treasury obligations valued at $414,162,863; 0% - 2.75%; 11/15/2027 - 02/15/2045) | 2.17% | 09/03/2019 | 405,934,102 | 405,836,250 | |
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/30/2019, maturing value of $272,315,643 (collateralized by U.S. Treasury obligations valued at $278,228,000; 0%; 08/15/2033 - 08/15/2045) | 2.17% | 09/03/2019 | 272,315,643 | 272,250,000 |
17 | Short-Term Investments Trust |
Invesco Treasury Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
RBC Capital Markets LLC, term agreement dated 08/15/2019, maturing value of $250,529,861 (collateralized by U.S. Treasury obligations valued at $255,000,096; 2.88%; 05/31/2025 - 07/31/2025)(d) | 2.18% | 09/19/2019 | $ 250,529,861 | $ 250,000,000 | |
RBC Dominion Securities Inc., agreement dated 08/30/2019, maturing value of $1,000,238,889 (collateralized by U.S. Treasury obligations valued at $1,020,000,091; 0% - 4.25%; 09/12/2019 - 08/15/2048) | 2.15% | 09/03/2019 | 1,000,238,889 | 1,000,000,000 | |
Societe Generale, joint term agreement dated 08/28/2019, aggregate maturing value of $500,213,889 (collateralized by U.S. Treasury obligations valued at $510,000,072; 0.13% - 6.00%; 01/15/2020 - 02/15/2047)(d) | 2.20% | 09/04/2019 | 165,070,583 | 165,000,000 | |
Societe Generale, open agreement dated 06/25/2018 (collateralized by U.S. Treasury obligations valued at $1,020,000,037; 0% - 8.75%; 09/16/2019 - 02/15/2047)(e) | 2.12% | - | - | 1,000,000,000 | |
Sumitomo Mitsui Banking Corp., agreement dated 08/30/2019, maturing value of $250,059,722 (collateralized by U.S. Treasury obligation valued at $255,000,039; 1.63%; 02/15/2026) | 2.15% | 09/03/2019 | 250,059,722 | 250,000,000 | |
TD Securities (USA) LLC, agreement dated 08/30/2019, maturing value of $200,047,556 (collateralized by U.S. Treasury obligations valued at $204,000,014; 2.38% - 2.63%; 08/15/2024 - 02/15/2029) | 2.14% | 09/03/2019 | 200,047,556 | 200,000,000 | |
Wells Fargo Securities, LLC, agreement dated 08/30/2019, maturing value of $765,182,750 (collateralized by U.S. Treasury obligations valued at $780,300,004; 0.13% - 7.88%; 04/15/2020 - 07/15/2028) | 2.15% | 09/03/2019 | 765,182,750 | 765,000,000 | |
Total Repurchase Agreements (Cost $12,480,317,695) | 12,480,317,695 | ||||
TOTAL INVESTMENTS IN SECURITIES-100.10% (Cost $21,353,046,626) | 21,353,046,626 | ||||
OTHER ASSETS LESS LIABILITIES-(0.10)% | (21,407,037) | ||||
NET ASSETS-100.00% | $21,331,639,589 |
(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, 2019. |
(c) | Principal amount equals value at period end. See Note 1I. |
(d) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(e) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
18 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
U.S. Government Sponsored Agency Securities-27.29% | ||||||
Federal Farm Credit Bank (FFCB)-1.84% | ||||||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.10%)(a) | 2.04% | 09/25/2019 | $ 110,000 | $ 109,999,609 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.10%)(a) | 2.11% | 10/08/2019 | 75,000 | 74,997,138 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.12% | 11/19/2019 | 37,300 | 37,295,847 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.02% | 12/04/2019 | 125,000 | 124,999,160 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.07%)(a) | 2.12% | 12/16/2019 | 120,000 | 120,000,000 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.12% | 12/18/2019 | 25,000 | 24,999,287 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR + 0.05%)(a) | 2.20% | 01/27/2020 | 50,000 | 50,014,972 | ||
Federal Farm Credit Bank (SOFR + 0.10%)(a) | 2.31% | 05/07/2021 | 23,000 | 23,000,000 | ||
Federal Farm Credit Bank (SOFR + 0.08%)(a) | 2.29% | 06/10/2021 | 14,000 | 14,000,000 | ||
579,306,013 | ||||||
Federal Home Loan Bank (FHLB)-19.58% | ||||||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.12% | 09/18/2019 | 50,000 | 50,000,497 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 10/09/2019 | 119,000 | 119,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.11% | 10/22/2019 | 50,000 | 49,996,663 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.18% | 11/08/2019 | 250,000 | 250,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.12% | 11/25/2019 | 225,000 | 225,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.12% | 11/25/2019 | 175,000 | 175,000,000 | ||
Federal Home Loan Bank (SOFR + 0.02%)(a) | 2.23% | 11/27/2019 | 45,000 | 45,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.04% | 12/05/2019 | 150,000 | 150,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.05%)(a) | 2.18% | 12/06/2019 | 79,400 | 79,407,228 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.04%)(a) | 2.19% | 12/06/2019 | 250,000 | 249,993,709 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.18% | 12/09/2019 | 150,000 | 150,000,000 | ||
Federal Home Loan Bank (SOFR)(a) | 2.21% | 12/11/2019 | 398,000 | 398,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.17% | 12/16/2019 | 500,000 | 500,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.09%)(a) | 2.08% | 12/20/2019 | 125,000 | 125,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.02%)(a) | 2.15% | 12/20/2019 | 240,000 | 240,000,000 | ||
Federal Home Loan Bank (SOFR + 0.01%)(a) | 2.22% | 12/20/2019 | 170,000 | 170,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.09%)(a) | 2.06% | 12/27/2019 | 50,000 | 50,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.01%)(a) | 2.18% | 01/17/2020 | 145,000 | 145,000,000 | ||
Federal Home Loan Bank (SOFR + 0.02%)(a) | 2.23% | 02/21/2020 | 420,000 | 420,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 05/08/2020 | 120,000 | 120,000,000 | ||
Federal Home Loan Bank (SOFR + 0.02%)(a) | 2.23% | 05/22/2020 | 265,000 | 265,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 06/19/2020 | 60,000 | 60,000,000 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 07/17/2020 | 95,000 | 95,000,000 | ||
Federal Home Loan Bank (SOFR + 0.08%)(a) | 2.29% | 07/24/2020 | 26,000 | 26,000,000 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 08/21/2020 | 84,000 | 84,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 08/25/2020 | 46,000 | 46,000,000 | ||
Federal Home Loan Bank (SOFR + 0.05%)(a) | 2.26% | 09/28/2020 | 621,500 | 621,500,000 | ||
Federal Home Loan Bank (SOFR + 0.11%)(a) | 2.32% | 10/01/2020 | 40,000 | 40,000,000 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 11/06/2020 | 182,000 | 182,000,000 | ||
Federal Home Loan Bank (SOFR + 0.05%)(a) | 2.26% | 01/22/2021 | 109,000 | 109,000,000 | ||
Federal Home Loan Bank (SOFR + 0.05%)(a) | 2.26% | 01/28/2021 | 173,000 | 173,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 02/09/2021 | 224,000 | 224,000,000 | ||
Federal Home Loan Bank (SOFR + 0.07%)(a) | 2.28% | 02/26/2021 | 198,000 | 198,000,000 |
19 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Federal Home Loan Bank (FHLB)-(continued) | ||||||
Federal Home Loan Bank (SOFR + 0.08%)(a) | 2.29% | 07/23/2021 | $ 321,000 | $ 321,000,000 | ||
6,155,898,097 | ||||||
Federal Home Loan Mortgage Corp. (FHLMC)-2.83% | ||||||
Federal Home Loan Mortgage Corp. (SOFR)(a) | 2.21% | 02/12/2020 | 250,000 | 250,000,000 | ||
Federal Home Loan Mortgage Corp. (SOFR + 0.01%)(a) | 2.22% | 07/22/2020 | 119,000 | 119,000,000 | ||
Federal Home Loan Mortgage Corp. (SOFR + 0.04%)(a) | 2.25% | 12/14/2020 | 150,000 | 150,000,000 | ||
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) | 2.24% | 02/05/2021 | 315,000 | 315,000,000 | ||
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) | 2.24% | 02/19/2021 | 55,000 | 55,000,000 | ||
889,000,000 | ||||||
Federal National Mortgage Association (FNMA)-1.82% | ||||||
Federal National Mortgage Association (SOFR + 0.01%)(a) | 2.22% | 05/22/2020 | 215,000 | 215,000,000 | ||
Federal National Mortgage Association (SOFR + 0.06%)(a) | 2.27% | 07/30/2020 | 63,000 | 63,000,000 | ||
Federal National Mortgage Association (SOFR + 0.04%)(a) | 2.25% | 01/29/2021 | 292,000 | 292,000,000 | ||
570,000,000 | ||||||
Overseas Private Investment Corp. (OPIC)-1.22% | ||||||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 09/15/2020 | 116,000 | 116,000,000 | ||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 06/15/2025 | 24,000 | 24,000,000 | ||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 07/15/2025 | 31,333 | 31,333,334 | ||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 09/15/2025 | 5,000 | 5,000,000 | ||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 09/15/2026 | 5,000 | 5,000,000 | ||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 02/15/2028 | 18,889 | 18,888,889 | ||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 11/15/2028 | 84,091 | 84,090,910 | ||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.25% | 05/15/2030 | 9,282 | 9,282,000 | ||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 10/15/2030 | 8,000 | 8,000,000 | ||
Overseas Private Investment Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(b) | 2.22% | 07/09/2026 | 35,700 | 35,700,000 | ||
Overseas Private Investment Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 03/15/2030 | 45,000 | 45,000,000 | ||
382,295,133 | ||||||
Total U.S. Government Sponsored Agency Securities (Cost $8,576,499,243) | 8,576,499,243 | |||||
U.S. Treasury Securities-19.48% | ||||||
U.S. Treasury Bills-9.48%(c) | ||||||
U.S. Treasury Bills | 2.49% | 09/05/2019 | 450,000 | 449,877,039 | ||
U.S. Treasury Bills | 2.15% | 09/10/2019 | 395,000 | 394,788,675 | ||
U.S. Treasury Bills | 2.49% | 09/12/2019 | 150,000 | 149,887,479 | ||
U.S. Treasury Bills | 2.47%-2.48% | 09/19/2019 | 450,000 | 449,449,650 | ||
U.S. Treasury Bills | 2.06% | 09/24/2019 | 400,000 | 399,473,556 | ||
U.S. Treasury Bills | 2.06% | 10/01/2019 | 280,000 | 279,551,378 | ||
U.S. Treasury Bills | 2.06% | 10/08/2019 | 500,000 | 498,946,527 | ||
U.S. Treasury Bills | 1.99% | 10/29/2019 | 150,000 | 149,536,601 | ||
U.S. Treasury Bills | 1.87% | 02/20/2020 | 150,000 | 148,674,167 | ||
U.S. Treasury Bills | 1.78% | 08/13/2020 | 60,000 | 58,987,917 | ||
2,979,172,989 | ||||||
U.S. Treasury Notes-10.00%(a) | ||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate) | 1.94% | 01/31/2020 | 170,000 | 169,977,325 |
20 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
U.S. Treasury Notes(a)-(continued) | ||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%) | 1.97% | 04/30/2020 | $ 775,000 | $ 775,008,012 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%) | 1.98% | 07/31/2020 | 535,000 | 534,981,104 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%) | 1.98% | 10/31/2020 | 630,000 | 629,992,456 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%) | 2.05% | 01/31/2021 | 645,000 | 644,786,845 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%) | 2.08% | 04/30/2021 | 390,000 | 390,001,440 | ||
3,144,747,182 | ||||||
Total U.S. Treasury Securities (Cost $6,123,920,171) | 6,123,920,171 | |||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-46.77% (Cost $14,700,419,414) | 14,700,419,414 | |||||
Repurchase Amount | ||||||
Repurchase Agreements-54.66%(d) | ||||||
ABN AMRO Bank N.V., joint agreement dated 08/30/2019, aggregate maturing value of $200,047,778 (collateralized by U.S. Treasury obligations valued at $204,000,020; 2.00% - 6.63%; 09/30/2020 - 05/15/2044) | 2.15% | 09/03/2019 | 60,014,333 | 60,000,000 | ||
Bank of Nova Scotia, joint agreement dated 08/30/2019, aggregate maturing value of $725,174,806 (collateralized by domestic agency mortgage-backed securities valued at $739,500,000; 2.48% - 6.50%; 11/01/2020 - 07/20/2049) | 2.17% | 09/03/2019 | 465,112,117 | 465,000,000 | ||
BNP Paribas Securities Corp., joint term agreement dated 07/23/2019, aggregate maturing value of $2,007,612,222 (collateralized by U.S. Treasury obligations valued at $2,040,000,018; 0% - 4.38%; 01/15/2020 - 02/15/2049)(e) | 2.21% | 09/23/2019 | 903,425,500 | 900,000,000 | ||
BNP Paribas Securities Corp., joint term agreement dated 07/23/2019, aggregate maturing value of $752,867,500 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $765,000,000; 0% - 6.75%; 02/06/2020 - 08/20/2049)(e) | 2.22% | 09/23/2019 | 271,032,300 | 270,000,000 | ||
BNP Paribas Securities Corp., joint term agreement dated 08/26/2019, aggregate maturing value of $1,000,480,000 (collateralized by U.S. Treasury obligations valued at $1,020,000,010; 0% - 8.00%; 04/23/2020 - 11/15/2046)(e) | 2.16% | 09/03/2019 | 420,201,600 | 420,000,000 | ||
CIBC World Markets Corp., joint term agreement dated 07/16/2019, aggregate maturing value of $501,827,361 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 3.00% - 5.00%; 11/01/2026 - 08/01/2049)(e) | 2.23% | 09/13/2019 | 346,260,879 | 345,000,000 | ||
CIBC World Markets Corp., joint term agreement dated 08/07/2019, aggregate maturing value of $500,895,833 (collateralized by U.S. Treasury obligations valued at $510,000,083; 0.13% - 4.75%; 12/31/2020 - 11/15/2046)(e) | 2.15% | 09/06/2019 | 300,537,500 | 300,000,000 | ||
CIBC World Markets Corp., joint term agreement dated 08/15/2019, aggregate maturing value of $726,543,646 (collateralized by domestic agency mortgage-backed securities valued at $739,500,000; 3.00% - 4.50%; 09/01/2029 - 07/01/2049)(e) | 2.19% | 09/19/2019 | 501,064,583 | 500,000,000 | ||
CIBC World Markets Corp., term agreement dated 08/07/2019, maturing value of $500,904,167 (collateralized by domestic agency mortgage-backed securities valued at $510,000,001; 2.70% - 6.00%; 08/01/2023 - 11/15/2056)(e) | 2.17% | 09/06/2019 | 500,904,167 | 500,000,000 | ||
Citigroup Global Markets, Inc., joint agreement dated 08/30/2019, aggregate maturing value of $400,096,000 (collateralized by U.S. Treasury obligations valued at $408,000,053; 0% - 0.13%; 04/15/2020 - 08/15/2042) | 2.16% | 09/03/2019 | 370,088,800 | 370,000,000 |
21 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $1,000,237,778 (collateralized by U.S. Treasury obligations valued at $1,020,000,032; 2.00% - 2.63%; 12/15/2021 - 11/15/2026) | 2.14% | 09/03/2019 | $ 480,009,614 | $ 479,895,505 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/23/2019, aggregate maturing value of $802,897,556 (collateralized by U.S. Treasury obligations valued at $816,000,018; 0% - 2.50%; 08/13/2020 - 01/31/2021)(e) | 2.21% | 09/20/2019 | 316,140,912 | 315,000,000 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/06/2019, aggregate maturing value of $500,985,417 (collateralized by U.S. Treasury obligations valued at $510,000,057; 1.00% - 3.38%; 02/28/2021 - 02/15/2049)(e) | 2.15% | 09/09/2019 | 300,591,250 | 300,000,000 | |
Credit Agricole Corporate & Investment Bank, term agreement dated 07/22/2019, maturing value of $150,580,125 (collateralized by a U.S. Treasury obligation valued at $153,000,034; 2.88%; 11/30/2023)(e) | 2.21% | 09/23/2019 | 150,580,125 | 150,000,000 | |
DNB Bank ASA, agreement dated 08/30/2019, maturing value of $300,072,000 (collateralized by U.S. Treasury obligations valued at $306,000,052; 2.00% - 2.63%; 02/28/2021 - 08/15/2025) | 2.16% | 09/03/2019 | 300,072,000 | 300,000,000 | |
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/30/2019, maturing value of $1,000,240,000 (collateralized by U.S. Treasury obligations valued at $1,020,000,048; 2.38% - 2.63%; 12/31/2023 - 02/29/2024) | 2.16% | 09/03/2019 | 1,000,240,000 | 1,000,000,000 | |
Fixed Income Clearing Corp. - State Street Bank, agreement dated 08/30/2019, maturing value of $630,151,200 (collateralized by U.S. Treasury obligations valued at $642,602,285; 2.16%; 06/15/2022 - 07/15/2022) | 2.16% | 09/03/2019 | 630,151,200 | 630,000,000 | |
ING Financial Markets, LLC, agreement dated 08/30/2019, maturing value of $350,084,000 (collateralized by domestic agency mortgage-backed securities valued at $357,000,000; 2.00% - 5.00%; 07/01/2028 - 05/01/2058) | 2.16% | 09/03/2019 | 350,084,000 | 350,000,000 | |
ING Financial Markets, LLC, joint agreement dated 08/30/2019, aggregate maturing value of $265,063,306 (collateralized by U.S. government sponsored agency obligations valued at $270,300,906; 0% - 2.63%; 09/09/2019 - 09/06/2024) | 2.15% | 09/03/2019 | 125,029,861 | 125,000,000 | |
ING Financial Markets, LLC, joint term agreement dated 08/12/2019, aggregate maturing value of $651,383,958 (collateralized by domestic agency mortgage-backed securities valued at $663,000,000; 2.00% - 7.00%; 07/01/2024 - 05/01/2058) | 2.19% | 09/16/2019 | 455,968,771 | 455,000,000 | |
ING Financial Markets, LLC, joint term agreement dated 08/26/2019, aggregate maturing value of $400,191,111 (collateralized by domestic agency mortgage-backed securities valued at $408,000,000; 3.00% - 6.00%; 12/01/2025 - 09/01/2057)(e) | 2.15% | 09/03/2019 | 265,126,611 | 265,000,000 | |
ING Financial Markets, LLC, joint term agreement dated 08/30/2019, aggregate maturing value of $300,125,417 (collateralized by domestic agency mortgage-backed securities valued at $306,000,001; 2.16% - 5.00%; 08/01/2024 - 05/01/2058)(e) | 2.15% | 09/06/2019 | 200,083,611 | 200,000,000 | |
ING Financial Markets, LLC, term agreement dated 08/30/2019, maturing value of $75,153,125 (collateralized by domestic agency mortgage-backed securities valued at $76,500,000; 3.00% - 5.00%; 01/01/2031 - 05/01/2058) | 2.10% | 10/04/2019 | 75,153,125 | 75,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 05/02/2019 (collateralized by a U.S. Treasury obligation and domestic agency mortgage-backed securities valued at $510,000,010; 0% - 7.00%; 01/01/2024 - 02/01/2056)(f) | 2.13% | - | - | 350,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 05/15/2019 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $295,800,000; 0% - 8.50%; 10/01/2020 - 02/01/2057)(f) | 2.17% | - | - | 240,000,000 |
22 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
J.P. Morgan Securities LLC, joint open agreement dated 07/18/2019 (collateralized by U.S. Treasury obligations valued at $357,000,214; 0% - 3.63%; 10/10/2019 - 11/15/2044)(f) | 2.11% | - | $ - | $ 150,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 07/18/2019 (collateralized by U.S. Treasury obligations valued at $583,440,120; 2.13% - 3.75%; 01/31/2023 - 02/15/2049)(f) | 2.15% | - | - | 385,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 05/22/2019 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000; 2.50% - 6.50%; 01/01/2024 - 08/20/2049)(f) | 2.13% | - | - | 250,000,000 | |
Metropolitan Life Insurance Co., joint term agreement dated 08/28/2019, aggregate maturing value of $450,199,671 (collateralized by U.S. Treasury obligations valued at $458,714,349; 0% - 2.63%; 10/01/2019 - 08/15/2047)(e) | 2.22% | 09/04/2019 | 185,080,221 | 185,000,362 | |
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/28/2019, aggregate maturing value of $1,333,325,304 (collateralized by U.S. Treasury obligations valued at $1,358,182,101; 2.00% - 2.38%; 04/30/2024 - 05/15/2029)(e) | 2.22% | 09/04/2019 | 455,821,678 | 455,625,000 | |
Natixis, agreement dated 08/30/2019, maturing value of $600,144,667 (collateralized by U.S. Treasury obligations, U.S. government sponsored agency obligations & domestic agency mortgage-backed securities valued at $612,000,000; 0% - 7.50%; 12/05/2019 - 09/15/2065) | 2.17% | 09/03/2019 | 600,144,667 | 600,000,000 | |
Natixis, joint term agreement dated 07/18/2019, aggregate maturing value of $501,858,333 (collateralized by U.S. Treasury obligations valued at $510,000,002; 0% - 3.38%; 09/19/2019 - 05/15/2049)(e) | 2.23% | 09/16/2019 | 210,780,500 | 210,000,000 | |
Prudential Insurance Co. of America, agreement dated 08/30/2019, maturing value of $585,326,095 (collateralized by U.S. Treasury obligations valued at $597,171,000; 0%; 02/15/2026 - 05/15/2045) | 2.17% | 09/03/2019 | 585,326,095 | 585,185,000 | |
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/30/2019, maturing value of $94,072,677 (collateralized by U.S. Treasury obligations valued at $95,916,500; 0%; 08/15/2033 - 05/15/2045) | 2.17% | 09/03/2019 | 94,072,677 | 94,050,000 | |
RBC Capital Markets LLC, agreement dated 08/30/2019, maturing value of $1,000,241,111 (collateralized by domestic agency mortgage-backed securites, a U.S. government sponsored agency obligation and a U.S. Treasury obligation valued at $1,020,000,052; 1.25% - 4.50%; 03/31/2021 - 07/25/2049) | 2.17% | 09/03/2019 | 1,000,241,111 | 1,000,000,000 | |
RBC Capital Markets LLC, joint term agreement dated 08/15/2019, aggregate maturing value of $1,202,555,000 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,224,000,043; 1.88% - 7.00%; 06/25/2021 - 11/16/2060)(e) | 2.19% | 09/19/2019 | 901,916,250 | 900,000,000 | |
RBC Capital Markets LLC, joint term agreement dated 08/30/2019, aggregate maturing value of $1,250,000,000 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and foreign corporate obligations valued at $1,275,000,210; 0% - 14.19%; 10/10/2019 - 02/20/2069)(a)(e) | 2.16% | 10/30/2019 | 920,000,000 | 920,000,000 | |
RBC Dominion Securities Inc., term agreement dated 08/02/2019, maturing value of $401,173,333 (collateralized by U.S. Treasury obligations valued at $408,000,097; 0% - 6.50%; 09/12/2019 - 02/15/2049)(e) | 2.20% | 09/19/2019 | 401,173,333 | 400,000,000 | |
Societe Generale, joint open agreement dated 06/25/2018 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $510,000,000; 0% - 5.94%; 09/06/2019 - 08/20/2064)(f) | 2.13% | - | - | 320,000,000 | |
Societe Generale, joint term agreement dated 08/28/2019, aggregate maturing value of $500,213,889 (collateralized by U.S. Treasury obligations valued at $510,000,072; 0.13% - 6.00%; 01/15/2020 - 02/15/2047)(e) | 2.20% | 09/04/2019 | 245,104,806 | 245,000,000 | |
Sumitomo Mitsui Banking Corp., joint agreement dated 08/30/2019, aggregate maturing value of $1,500,361,667 (collateralized by domestic agency mortgage-backed securities valued at $1,530,000,000; 3.00% - 3.50%; 08/20/2042 - 04/01/2049) | 2.17% | 09/03/2019 | 358,784,180 | 358,697,694 |
23 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
Wells Fargo Securities, LLC, agreement dated 08/30/2019, maturing value of $760,183,244 (collateralized by domestic agency mortgage-backed securities valued at $775,200,000; 3.00% - 3.50%; 04/01/2049 - 09/01/2049) | 2.17% | 09/03/2019 | $ 760,183,244 | $ 760,000,000 | |
Total Repurchase Agreements (Cost $17,183,453,561) | 17,183,453,561 | ||||
TOTAL INVESTMENTS IN SECURITIES(g)-101.43% (Cost $31,883,872,975) | 31,883,872,975 | ||||
OTHER ASSETS LESS LIABILITIES-(1.43)% | (448,222,322) | ||||
NET ASSETS-100.00% | $31,435,650,653 |
LIBOR | -London Interbank Offered Rate |
SOFR | -Secured Overnight Financing Rate |
USD | -U.S. Dollar |
VRD | -Variable Rate Demand |
(a) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2019. |
(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, 2019. |
(c) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(d) | Principal amount equals value at period end. See Note 1I. |
(e) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(f) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
(g) | Also represents cost for federal income tax purposes. |
24 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
U.S. Treasury Securities-108.93% | ||||||
U.S. Treasury Bills-85.36%(a) | ||||||
U.S. Treasury Bills | 1.98%-2.15% | 09/03/2019 | $ 81,956 | $ 81,946,444 | ||
U.S. Treasury Bills | 2.31%-2.49% | 09/05/2019 | 101,800 | 101,773,184 | ||
U.S. Treasury Bills | 2.02%-2.14% | 09/10/2019 | 55,760 | 55,730,847 | ||
U.S. Treasury Bills | 2.49% | 09/12/2019 | 12,000 | 11,990,998 | ||
U.S. Treasury Bills | 2.01%-2.13% | 09/17/2019 | 50,000 | 49,954,155 | ||
U.S. Treasury Bills | 2.18%-2.48% | 09/19/2019 | 65,000 | 64,925,975 | ||
U.S. Treasury Bills | 2.06%-2.15% | 09/24/2019 | 87,000 | 86,882,329 | ||
U.S. Treasury Bills | 2.10% | 09/26/2019 | 32,000 | 31,953,667 | ||
U.S. Treasury Bills | 2.11% | 10/01/2019 | 113,000 | 112,813,038 | ||
U.S. Treasury Bills | 2.06% | 10/08/2019 | 50,000 | 49,894,653 | ||
U.S. Treasury Bills | 2.42% | 10/10/2019 | 45,000 | 44,883,244 | ||
U.S. Treasury Bills | 1.96% | 10/15/2019 | 37,000 | 36,911,817 | ||
U.S. Treasury Bills | 2.42% | 10/17/2019 | 30,000 | 29,908,383 | ||
U.S. Treasury Bills | 1.99% | 10/22/2019 | 40,000 | 39,887,517 | ||
U.S. Treasury Bills | 1.99% | 10/29/2019 | 25,000 | 24,922,767 | ||
U.S. Treasury Bills | 2.00% | 11/07/2019 | 40,000 | 39,851,855 | ||
U.S. Treasury Bills | 1.97% | 11/14/2019 | 15,000 | 14,939,567 | ||
U.S. Treasury Bills | 1.91% | 11/21/2019 | 30,000 | 29,871,750 | ||
U.S. Treasury Bills | 1.96% | 11/29/2019 | 15,000 | 14,927,687 | ||
U.S. Treasury Bills | 1.91% | 02/13/2020 | 10,000 | 9,913,375 | ||
U.S. Treasury Bills | 1.87% | 02/20/2020 | 5,000 | 4,955,806 | ||
U.S. Treasury Bills | 1.86% | 02/27/2020 | 5,000 | 4,954,256 | ||
U.S. Treasury Bills | 1.77% | 08/13/2020 | 5,000 | 4,916,021 | ||
948,709,335 | ||||||
U.S. Treasury Notes-23.57%(b) | ||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%) | 1.99% | 10/31/2019 | 35,000 | 34,999,967 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate) | 1.94% | 01/31/2020 | 30,000 | 29,992,786 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%) | 1.97% | 04/30/2020 | 35,000 | 35,000,454 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%) | 1.98% | 07/31/2020 | 29,000 | 28,999,479 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%) | 1.98% | 10/31/2020 | 35,000 | 34,998,675 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%) | 2.05% | 01/31/2021 | 33,000 | 32,980,913 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%) | 2.08% | 04/30/2021 | 24,000 | 23,999,707 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%) | 2.16% | 07/31/2021 | 41,000 | 40,999,282 | ||
261,971,263 | ||||||
TOTAL INVESTMENTS IN SECURITIES-108.93% (Cost $1,210,680,598) | 1,210,680,598 | |||||
OTHER ASSETS LESS LIABILITIES-(8.93)% | (99,289,902) | |||||
NET ASSETS-100.00% | $1,111,390,696 |
25 | Short-Term Investments Trust |
Invesco Treasury Obligations Portfolio
(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, 2019. |
26 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Municipal Obligations-99.71% | ||||||
Alabama-3.61% | ||||||
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC-Swedbank AB)(a)(b)(c) | 1.46% | 07/01/2040 | $8,405 | $ 8,405,000 | ||
Arizona-4.14% | ||||||
Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, Ref. VRD RB (LOC-Bank Of America, N.A.)(b)(c) | 1.25% | 01/01/2046 | 5,280 | 5,280,000 | ||
Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD RB (CEP-FNMA)(b) | 1.28% | 06/15/2031 | 1,745 | 1,745,000 | ||
Sierra Vista (City of), AZ Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD RB (CEP-FNMA)(b) | 1.28% | 06/15/2031 | 2,595 | 2,595,000 | ||
9,620,000 | ||||||
Colorado-0.35% | ||||||
Boulder (County of), CO (Imagine!); Series 2006, VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.40% | 02/01/2031 | 823 | 823,000 | ||
Delaware-1.40% | ||||||
Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.28% | 05/01/2036 | 2,900 | 2,900,000 | ||
Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.29% | 05/01/2036 | 345 | 345,000 | ||
3,245,000 | ||||||
District of Columbia-1.84% | ||||||
District of Columbia (American University); Series 1998 A, VRD RB (LOC-TD Bank, N.A.)(b)(c) | 1.25% | 08/15/2038 | 245 | 245,000 | ||
Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD RB (LOC-Sumitomo Mitsui Banking Corp.)(a)(b)(c) | 1.25% | 10/01/2039 | 4,035 | 4,035,000 | ||
4,280,000 | ||||||
Florida-5.50% | ||||||
Halifax Hospital Medical Center; Series 2008, Ref. VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.30% | 06/01/2048 | 910 | 910,000 | ||
Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC-Northern Trust Co. (The))(b)(c) | 1.35% | 11/01/2036 | 1,580 | 1,580,000 | ||
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) | 1.32% | 07/01/2032 | 1,965 | 1,965,000 | ||
Pinellas (County of), FL Health Facilities Authority (Baycare Health System); Series 2009 A-2, VRD RB (LOC-Northern Trust Co. (The))(b)(c) | 1.28% | 11/01/2038 | 5,445 | 5,445,000 | ||
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2008 B, Ref. VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.25% | 07/01/2037 | 2,900 | 2,900,000 | ||
12,800,000 | ||||||
Georgia-7.53% | ||||||
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC-BMO Harris Bank N.A.)(b)(c) | 1.29% | 11/01/2030 | 2,500 | 2,500,000 | ||
Georgia (State of) Private College and University Authority; Series 2019, Commercial Paper Notes | 1.55% | 09/05/2019 | 3,400 | 3,400,000 | ||
Georgia (State of) Private Colleges & Universities Authority (Emory University); Series 2005 B-2, VRD RB(b) | 1.28% | 09/01/2035 | 3,690 | 3,690,000 | ||
Glynn-Brunswick Memorial Hospital Authority (Southeast Georgia Health System); Series 2008 B, VRD RAN (LOC-TD Bank, N.A.)(b)(c) | 1.27% | 08/01/2038 | 1,400 | 1,400,000 | ||
Monroe (County of), GA Development Authority (Oglethorpe Power Corp. Scherer); | ||||||
Series 2009 A, VRD PCR (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.30% | 01/01/2030 | 2,420 | 2,420,000 | ||
Series 2010 A, Ref. VRD PCR (LOC-Bank of Montreal)(b)(c) | 1.30% | 01/01/2036 | 3,700 | 3,700,000 |
27 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Georgia-(continued) | ||||||
Richmond (County of), GA Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000,VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.40% | 09/01/2020 | $ 400 | $ 400,000 | ||
17,510,000 | ||||||
Illinois-2.61% | ||||||
Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(b) | 1.26% | 12/01/2046 | 4,935 | 4,935,000 | ||
Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC-Northern Trust Co. (The))(b)(c) | 1.20% | 01/01/2037 | 875 | 875,000 | ||
Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC-U.S. Bank N.A.)(b)(c) | 1.29% | 10/01/2033 | 250 | 250,000 | ||
6,060,000 | ||||||
Indiana-5.90% | ||||||
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.35% | 08/01/2037 | 4,505 | 4,505,000 | ||
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC-Rabobank Nederland)(a)(b)(c) | 1.31% | 06/01/2035 | 6,135 | 6,135,000 | ||
Purdue University; Series 2011 A, VRD COP(b) | 1.22% | 07/01/2035 | 3,082 | 3,081,500 | ||
13,721,500 | ||||||
Louisiana-1.70% | ||||||
East Baton Rouge (Parish of), LA Industrial Development Board (ExxonMobil); Series 2010 A, VRD RB(b) | 1.26% | 09/05/2019 | 1,526 | 1,526,000 | ||
Louisiana (State of) Public Facilities Authority (CHRISTUS Health); Series 2009 B-3, Ref. VRD RB (LOC-Bank of New York Mellon (The))(b)(c) | 1.25% | 07/01/2047 | 1,490 | 1,490,000 | ||
St. James (Parish of), LA (Nustar Logistics, L.P.); Series 2010 B, VRD RB (LOC-MUFG Bank, Ltd.)(a)(b)(c) | 1.29% | 12/01/2040 | 930 | 930,000 | ||
3,946,000 | ||||||
Maryland-3.46% | ||||||
Maryland (State of) Health & Higher Educational Facilities Authority (Johns Hopkins Hospital); Series 2019 B, Commercial Paper Notes | 1.31% | 10/02/2019 | 3,000 | 3,000,000 | ||
Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC-TD Bank, N.A.)(b)(c) | 1.25% | 04/01/2035 | 300 | 300,000 | ||
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical); Series 2008E, VRD RB (LOC-Bank of Montreal)(b)(c) | 1.22% | 07/01/2041 | 2,600 | 2,600,000 | ||
Montgomery (County of), MD; Series 2009 B, Commercial Paper BAN | 1.36% | 10/10/2019 | 2,150 | 2,150,000 | ||
8,050,000 | ||||||
Massachusetts-1.09% | ||||||
Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC-TD Bank, N.A.)(b)(c) | 1.25% | 10/01/2038 | 1,425 | 1,425,000 | ||
Massachusetts (State of) Transportation Trust Fund; Series 2010 A-1, VRD RB (LOC-Citibank, N.A.)(b)(c) | 1.25% | 01/01/2037 | 1,100 | 1,100,000 | ||
2,525,000 | ||||||
Michigan-2.55% | ||||||
Kent (County of), MI Hospital Finance Authority (Spectrum Health System); Series 2008 C, Ref. VRD RB (LOC-Bank of New York Mellon (The))(b)(c) | 1.29% | 01/15/2026 | 385 | 385,000 | ||
Michigan State University Board of Trustees; Series 2000 A-1, VRD RB (CEP -Royal Bank of Canada)(b) | 1.28% | 08/15/2030 | 1,300 | 1,300,000 | ||
Oakland University Board of Trustees; Series 2008, Ref. VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.28% | 03/01/2031 | 4,240 | 4,240,000 | ||
5,925,000 | ||||||
Minnesota-7.98% | ||||||
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP-FNMA)(b) | 1.36% | 10/15/2033 | 1,175 | 1,175,000 |
28 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Minnesota-(continued) | ||||||
Minnesota (State of) Higher Education Facilities Authority (Concordia University, St. Paul); Series 2007 Six-Q, VRD RB (LOC-U.S. Bank N.A.)(b)(c) | 1.31% | 04/01/2037 | $6,825 | $ 6,825,000 | ||
Minnetonka (City of), MN (Minnetonka Hills Apartments); Series 2001, Ref. VRD RB (CEP-FNMA)(b) | 1.37% | 11/15/2031 | 1,860 | 1,860,000 | ||
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP-FHLMC)(b) | 1.28% | 11/01/2035 | 5,470 | 5,470,000 | ||
St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP -FHLMC)(b) | 1.28% | 10/01/2033 | 3,215 | 3,215,000 | ||
18,545,000 | ||||||
Mississippi-2.40% | ||||||
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); | ||||||
Series 2010 C, VRD IDR(b) | 1.29% | 12/01/2030 | 585 | 585,000 | ||
Series 2010 E, VRD IDR(b) | 1.29% | 12/01/2030 | 5,000 | 5,000,000 | ||
5,585,000 | ||||||
Missouri-1.37% | ||||||
Bridgeton (City of), MO IDA (Stolze Printing); Series 2010, VRD RB (LOC-FHLB of Chicago)(b)(c) | 1.28% | 11/01/2037 | 485 | 485,000 | ||
Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC-FHLB of Chicago)(b)(c) | 1.29% | 08/01/2038 | 610 | 610,000 | ||
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2000, VRD RB (LOC-Bank of America, N.A.)(b)(c) | 1.34% | 02/01/2031 | 1,799 | 1,799,000 | ||
Springfield (City of), MO Industrial Development Authority (Pebblecreek Apartments); Series 1994, Ref. VRD RB (LOC-FHLB of Des Moines)(b)(c) | 1.40% | 12/01/2019 | 295 | 295,000 | ||
3,189,000 | ||||||
New York-11.35% | ||||||
Metropolitan Transportation Authority; Subseries 2005 D-2, VRD RB (LOC -Landesbank Hessen-Thueringen Girozentrale)(a)(b)(c) | 1.18% | 11/01/2035 | 5,350 | 5,350,000 | ||
New York (City of), NY; | ||||||
Subseries 2015 F-5, VRD GO Bonds(b) | 1.25% | 06/01/2044 | 7,000 | 7,000,000 | ||
Subseries 2010 G-4, VRD GO Bonds (CEP-Barclays Bank PLC)(b) | 1.28% | 03/01/2039 | 2,935 | 2,935,000 | ||
New York (City of), NY Municipal Water Finance Authority; Subseries 2012 A-1, VRD RB(b) | 1.25% | 06/15/2044 | 3,310 | 3,310,000 | ||
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) | 1.27% | 05/01/2039 | 2,000 | 2,000,000 | ||
New York (State of) Housing Finance Agency (222 East 44th Street Housing); Series 2015 A, VRD RB (LOC -Bank of China Ltd.)(b)(c) | 1.31% | 05/01/2050 | 1,000 | 1,000,000 | ||
New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2015 A, VRD RB (LOC-Bank of China Ltd.)(a)(b)(c) | 1.33% | 11/01/2049 | 4,800 | 4,800,000 | ||
26,395,000 | ||||||
North Carolina-3.03% | ||||||
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1991 B, VRD RB(b) | 1.20% | 12/01/2021 | 2,550 | 2,550,000 | ||
Raleigh & Durham (Cities of), NC Airport Authority; Series 2008 C, Ref. VRD RB (LOC - TD Bank, N.A.)(b)(c) | 1.24% | 05/01/2036 | 4,500 | 4,500,000 | ||
7,050,000 | ||||||
Ohio-4.95% | ||||||
Franklin (County of), OH (OhioHealth Corp.); Series 2009 A, Ref. VRD RB(b) | 1.28% | 11/15/2041 | 7,890 | 7,890,000 | ||
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC-U.S. Bank N.A.)(b)(c) | 1.28% | 08/02/2038 | 415 | 415,000 | ||
Ohio (State of) Higher Educational Facility Commission (Cleveland Clinic Health System Obligated Group); Series 2013 B-2, VRD RB(b) | 1.28% | 01/01/2039 | 3,200 | 3,200,000 | ||
11,505,000 |
29 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Pennsylvania-3.90% | ||||||
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC -PNC Bank, N.A.)(b)(c) | 1.28% | 06/01/2037 | $2,845 | $ 2,845,000 | ||
Haverford Township School District; Series 2009, VRD GO Bonds (LOC-TD Bank, N.A.)(b)(c) | 1.27% | 03/01/2030 | 2,795 | 2,795,000 | ||
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.28% | 10/15/2025 | 866 | 866,000 | ||
Ridley School District; Series 2009, VRD GO Bonds (LOC-TD Bank N.A.)(b)(c) | 1.27% | 11/01/2029 | 250 | 250,000 | ||
Westmoreland (County of), PA Industrial Development Authority (Excela Health); Series 2005 A, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.28% | 07/01/2027 | 2,305 | 2,305,000 | ||
9,061,000 | ||||||
Texas-9.99% | ||||||
Gulf Coast Industrial Development Authority (ExxonMobil); Series 2012, VRD RB(b) | 1.25% | 11/01/2041 | 4,000 | 4,000,000 | ||
Harris (County of), TX; Series 2019 C, GO Commercial Paper Notes | 1.30% | 10/03/2019 | 1,350 | 1,350,000 | ||
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.31% | 02/15/2042 | 4,050 | 4,050,000 | ||
Houston (City of), TX; Series 2019 E-2, GO Commercial Paper Notes | 1.32% | 09/11/2019 | 2,500 | 2,500,000 | ||
Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC-Sumitomo Mitsui Banking Corp.)(a)(b)(c) | 1.27% | 05/15/2034 | 1,100 | 1,100,000 | ||
San Gabriel Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.32% | 04/01/2026 | 2,332 | 2,332,000 | ||
Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP-FHLMC)(b) | 1.28% | 05/01/2042 | 2,865 | 2,865,000 | ||
Texas A&M University System Board of Regents; Series 2019 B, Revenue Financing System Commercial Paper Notes | 1.28% | 12/04/2019 | 400 | 400,000 | ||
University of Texas System Board of Regents; Series 2008 B, VRD RB(b) | 1.20% | 08/01/2025 | 4,620 | 4,620,000 | ||
23,217,000 | ||||||
Utah-2.92% | ||||||
Murray (City of), UT (IHC Health Services, Inc.); Series 2003 B, VRD RB(b) | 1.25% | 05/15/2036 | 5,800 | 5,800,000 | ||
Weber (County of), UT (IHC Health Services, Inc.); Series 2000A, VRD RB(b) | 1.25% | 02/15/2031 | 1,000 | 1,000,000 | ||
6,800,000 | ||||||
Virginia-3.25% | ||||||
Norfolk (City of), VA; Series 2007, VRD GO Bonds(b) | 1.25% | 08/01/2037 | 2,900 | 2,900,000 | ||
University of Virginia System Board of Regents; | ||||||
Series 2019 A, Commercial Paper | 1.32% | 09/04/2019 | 3,250 | 3,250,000 | ||
Series 2019 A, Commercial Paper Notes | 1.32% | 09/10/2019 | 1,400 | 1,400,000 | ||
7,550,000 | ||||||
Washington-2.81% | ||||||
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB (LOC-FHLB of San Francisco)(b)(c) | 1.30% | 09/01/2049 | 2,050 | 2,050,000 | ||
Washington (State of) Housing Finance Commission (Redmond Ridge Apartments); Series 2017, VRD RB (LOC-FHLB of San Francisco)(b)(c) | 1.30% | 11/01/2047 | 4,485 | 4,485,000 | ||
6,535,000 | ||||||
West Virginia-2.33% | ||||||
Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC-Bank of America, N.A.)(b)(c) | 1.34% | 07/01/2039 | 945 | 945,000 | ||
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hosp, Inc.); Series 2008 B, Ref. VRD RB (LOC-Branch Banking & Trust Co.)(b)(c) | 1.30% | 01/01/2034 | 4,465 | 4,465,000 | ||
5,410,000 |
30 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Wisconsin-1.75% | ||||||
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC-FHLB of Chicago)(b)(c) | 1.28% | 10/01/2042 | $4,065 | $ 4,065,000 | ||
TOTAL INVESTMENTS IN SECURITIES(d)(e)-99.71% (Cost $231,817,500) | 231,817,500 | |||||
OTHER ASSETS LESS LIABILITIES-0.29% | 679,773 | |||||
NET ASSETS-100.00% | $232,497,273 |
BAN | - Bond Anticipation Notes |
CEP | - Credit Enhancement Provider |
COP | - Certificates of Participation |
FHLB | - Federal Home Loan Bank |
FHLMC | - Federal Home Loan Mortgage Corp. |
FNMA | - Federal National Mortgage Association |
GO | - General Obligation |
IDR | - Industrial Development Revenue Bonds |
LOC | - Letter of Credit |
PCR | - Pollution Control Revenue Bonds |
RAN | - Revenue Anticipation Notes |
RB | - Revenue Bonds |
Ref. | - Refunding |
VRD | - Variable Rate Demand |
(a) | The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: other countries less than 5% each: 14.1%. |
(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, 2019. |
(c) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(d) | Also represents cost for federal income tax purposes. |
(e) | This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. |
Entities | Percentage |
JPMorgan Chase Bank, N.A. | 6.0% |
Federal Home Loan Bank | 5.2 |
31 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | Invesco Treasury Obligations Portfolio | Invesco Tax-Free Cash Reserve Portfolio | |||||||
Assets: | ||||||||||||
Investments in securities, at value | $1,652,413,405 | $369,546,518 | $8,872,728,931 | $14,700,419,414 | $1,210,680,598 | $231,817,500 | ||||||
Repurchase agreements, at value and cost | 809,909,978 | 286,317,243 | 12,480,317,695 | 17,183,453,561 | - | - | ||||||
Cash | 6,990 | - | - | - | 30,686 | - | ||||||
Receivable for: | ||||||||||||
Investments sold | - | - | - | - | - | 635,000 | ||||||
Interest | 2,000,788 | 246,253 | 17,612,267 | 36,396,253 | 480,845 | 291,790 | ||||||
Investment for trustee deferred compensation and retirement plans | 3,581,687 | 992,582 | 2,125,285 | 968,531 | 113,150 | 349,608 | ||||||
Other assets | 25,265 | 155,655 | 60,292 | 104,838 | 27,039 | 77,824 | ||||||
Total assets | 2,467,938,113 | 657,258,251 | 21,372,844,470 | 31,921,342,597 | 1,211,332,318 | 233,171,722 | ||||||
Liabilities: | ||||||||||||
Payable for: | ||||||||||||
Investments purchased | - | - | - | 429,087,979 | 97,805,805 | - | ||||||
Dividends | 4,543,433 | 1,150,957 | 36,791,120 | 52,409,868 | 1,865,273 | 197,452 | ||||||
Accrued fees to affiliates | 131,083 | 22,938 | 1,662,179 | 1,646,568 | 92,460 | 53,424 | ||||||
Accrued trustees’ and officers’ fees and benefits | 1,907 | 975 | 11,732 | 12,400 | 1,308 | 836 | ||||||
Accrued operating expenses | 56,706 | 43,639 | 321,350 | 1,388,876 | 50,894 | 42,046 | ||||||
Trustee deferred compensation and retirement plans | 3,944,239 | 1,083,120 | 2,418,500 | 1,146,253 | 125,882 | 380,691 | ||||||
Total liabilities | 8,677,368 | 2,301,629 | 41,204,881 | 485,691,944 | 99,941,622 | 674,449 | ||||||
Net assets applicable to shares outstanding | $2,459,260,745 | $654,956,622 | $21,331,639,589 | $31,435,650,653 | $1,111,390,696 | $232,497,273 | ||||||
Net assets consist of: | ||||||||||||
Shares of beneficial interest | $2,458,474,734 | $654,140,847 | $21,330,956,470 | $31,435,409,972 | $1,111,429,025 | $232,621,319 | ||||||
Distributable earnings | 786,011 | 815,775 | 683,119 | 240,681 | (38,329) | (124,046) | ||||||
$2,459,260,745 | $654,956,622 | $21,331,639,589 | $31,435,650,653 | $1,111,390,696 | $232,497,273 | |||||||
Net Assets: | ||||||||||||
Institutional Class | $2,444,252,763 | $652,150,754 | $18,717,318,208 | $30,003,318,534 | $1,045,046,413 | $161,038,615 | ||||||
Private Investment Class | $4,717,825 | $1,347,722 | $506,027,277 | $532,584,787 | $9,483,273 | $20,488,945 | ||||||
Personal Investment Class | $10,250 | $440,566 | $360,256,303 | $15,991,514 | $111,660 | $2,541,969 | ||||||
Cash Management Class | $9,287,988 | $600,129 | $396,685,434 | $365,002,796 | $1,894,340 | $27,298,191 | ||||||
Reserve Class | $302,530 | $273,325 | $289,624,723 | $297,787,452 | $54,711,045 | $20,002,077 | ||||||
Resource Class | $362,690 | $123,273 | $632,598,422 | $180,616,636 | $133,548 | $1,117,282 | ||||||
Corporate Class | $326,699 | $20,853 | $429,129,222 | $40,348,934 | $10,417 | $10,194 |
32 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | Invesco Treasury Obligations Portfolio | Invesco Tax-Free Cash Reserve Portfolio | |||||||
Shares outstanding, no par value, unlimited number of shares authorized: | ||||||||||||
Institutional Class | 2,443,213,124 | 652,105,073 | 18,716,061,403 | 30,002,980,665 | 1,045,028,778 | 161,020,903 | ||||||
Private Investment Class | 4,715,835 | 1,347,624 | 505,993,311 | 532,578,798 | 9,483,185 | 20,486,688 | ||||||
Personal Investment Class | 10,246 | 440,538 | 360,232,128 | 15,991,334 | 111,659 | 2,541,689 | ||||||
Cash Management Class | 9,284,041 | 600,083 | 396,658,801 | 364,998,685 | 1,894,310 | 27,295,183 | ||||||
Reserve Class | 302,403 | 273,305 | 289,605,295 | 297,784,116 | 54,710,204 | 19,999,874 | ||||||
Resource Class | 362,536 | 123,264 | 632,555,953 | 180,614,603 | 133,545 | 1,117,159 | ||||||
Corporate Class | 326,561 | 20,851 | 429,100,409 | 40,348,480 | 10,417 | 10,192 | ||||||
Net asset value, offering and redemption price per share for each class | $1.0004 | $1.0001 | $1.00 | $1.00 | $1.00 | $1.00 | ||||||
Cost of Investments | $2,461,708,828 | $655,819,481 | $21,353,046,626 | $31,883,872,975 | $1,210,680,598 | $231,817,500 |
33 | Short-Term Investments Trust |
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 | $58,997,404 | $13,072,442 | $531,474,749 | $562,361,092 | $28,433,379 | $3,323,454 | ||||||
Expenses: | ||||||||||||
Advisory fees | 3,476,401 | 802,502 | 33,770,118 | 23,847,615 | 1,595,144 | 422,000 | ||||||
Administrative services fees | 1,072,930 | 259,357 | 9,269,556 | 9,626,858 | 588,371 | 99,830 | ||||||
Custodian fees | 22,369 | 6,085 | 464,011 | 1,482,010 | 23,396 | 3,797 | ||||||
Distribution fees: | ||||||||||||
Private Investment Class | 15,623 | 4,042 | 1,551,110 | 1,379,647 | 14,747 | 67,529 | ||||||
Personal Investment Class | 59 | 2,852 | 1,115,198 | 69,547 | 1,332 | 2,164 | ||||||
Cash Management Class | 8,569 | 529 | 324,445 | 289,255 | 1,634 | 24,319 | ||||||
Reserve Class | 3,402 | 2,362 | 1,996,841 | 2,554,994 | 377,493 | 138,895 | ||||||
Resource Class | 1,896 | 203 | 1,037,401 | 360,071 | 245 | 7,642 | ||||||
Corporate Class | 314 | 6 | 114,183 | 24,373 | 3 | 4 | ||||||
Transfer agent fees | 208,584 | 48,150 | 2,026,207 | 2,146,285 | 109,813 | 18,990 | ||||||
Trustees’ and officers’ fees and benefits | 49,524 | 25,742 | 326,042 | 328,275 | 35,901 | 21,302 | ||||||
Registration and filing fees | 88,213 | 95,159 | 179,016 | 233,594 | 90,984 | 94,951 | ||||||
Reports to shareholders | 14,401 | 12,129 | 54,941 | 132,025 | 13,832 | 9,161 | ||||||
Professional services fees | 70,364 | 52,077 | 216,543 | 541,442 | 63,310 | 43,942 | ||||||
Other | 61,471 | 46,668 | 391,565 | 873,467 | 68,910 | 19,969 | ||||||
Total expenses | 5,094,120 | 1,357,863 | 52,837,177 | 43,889,458 | 2,985,115 | 974,495 | ||||||
Less: Fees waived | (892,555) | (384,860) | (6,173,902) | - | (393,405) | (311,056) | ||||||
Net expenses | 4,201,565 | 973,003 | 46,663,275 | 43,889,458 | 2,591,710 | 663,439 | ||||||
Net investment income | 54,795,839 | 12,099,439 | 484,811,474 | 518,471,634 | 25,841,669 | 2,660,015 | ||||||
Realized and unrealized gain (loss) from: | ||||||||||||
Net realized gain from investment securities | 29,559 | 723 | 204,798 | 224,974 | 17,726 | - | ||||||
Change in net unrealized appreciation (depreciation) of investment securities | (26,913) | (10,820) | - | - | - | - | ||||||
Net realized and unrealized gain (loss) | 2,646 | (10,097) | 204,798 | 224,974 | 17,726 | - | ||||||
Net increase in net assets resulting from operations | $54,798,485 | $12,089,342 | $485,016,272 | $518,696,608 | $25,859,395 | $2,660,015 |
34 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Operations: | ||||||||
Net investment income | $54,795,839 | $34,753,060 | $12,099,439 | $6,737,661 | ||||
Net realized gain | 29,559 | 16,174 | 723 | 1,558 | ||||
Change in net unrealized appreciation (depreciation) | (26,913) | 610,550 | (10,820) | 45,561 | ||||
Net increase in net assets resulting from operations | 54,798,485 | 35,379,784 | 12,089,342 | 6,784,780 | ||||
Distributions to shareholders from distributable earnings: | ||||||||
Institutional Class | (54,388,381) | (34,416,266) | (12,042,840) | (6,691,735) | ||||
Private Investment Class | (107,595) | (82,653) | (26,438) | (20,355) | ||||
Personal Investment Class | (199) | (116) | (8,858) | (5,967) | ||||
Cash Management Class | (248,909) | (120,608) | (14,390) | (13,942) | ||||
Reserve Class | (5,872) | (4,925) | (3,794) | (2,844) | ||||
Resource Class | (20,589) | (15,304) | (2,658) | (2,517) | ||||
Corporate Class | (24,294) | (113,188) | (461) | (301) | ||||
Total distributions from distributable earnings | (54,795,839) | (34,753,060) | (12,099,439) | (6,737,661) | ||||
Share transactions-net: | ||||||||
Institutional Class | 100,799,791 | 2,046,652,052 | 127,368,867 | 100,814,065 | ||||
Private Investment Class | (1,144,582) | (1,120,462) | (241,794) | (255,402) | ||||
Personal Investment Class | (984) | 10 | (175,590) | 5,508 | ||||
Cash Management Class | 3,104,748 | (1,557,953) | (178,908) | (369,075) | ||||
Reserve Class | (115,774) | (526,153) | 3,716 | (231,056) | ||||
Resource Class | (632,819) | (331,634) | (62,642) | 2,359 | ||||
Corporate Class | (1,599,196) | (7,555,486) | 457 | 285 | ||||
Net increase in net assets resulting from share transactions | 100,411,184 | 2,035,560,374 | 126,714,106 | 99,966,684 | ||||
Net increase in net assets | 100,413,830 | 2,036,187,098 | 126,704,009 | 100,013,803 | ||||
Net assets: | ||||||||
Beginning of year | 2,358,846,915 | 322,659,817 | 528,252,613 | 428,238,810 | ||||
End of year | $2,459,260,745 | $2,358,846,915 | $654,956,622 | $528,252,613 | ||||
35 | Short-Term Investments Trust |
Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Operations: | ||||||||
Net investment income | $484,811,474 | $343,381,843 | $518,471,634 | $358,626,619 | ||||
Net realized gain | 204,798 | 299,297 | 224,974 | 338,020 | ||||
Net increase in net assets resulting from operations | 485,016,272 | 343,681,140 | 518,696,608 | 358,964,639 | ||||
Distributions to shareholders from distributable earnings: | ||||||||
Institutional Class | (438,858,990) | (316,976,537) | (491,630,206) | (343,597,288) | ||||
Private Investment Class | (9,738,598) | (5,753,138) | (8,737,051) | (4,396,499) | ||||
Personal Investment Class | (3,312,891) | (1,091,648) | (207,870) | (87,553) | ||||
Cash Management Class | (8,499,805) | (5,455,079) | (7,669,515) | (3,514,488) | ||||
Reserve Class | (3,008,307) | (1,727,217) | (3,929,202) | (1,593,154) | ||||
Resource Class | (13,201,572) | (6,151,737) | (4,570,537) | (3,257,378) | ||||
Corporate Class | (8,191,311) | (6,226,487) | (1,727,253) | (2,180,259) | ||||
Total distributions from distributable earnings | (484,811,474) | (343,381,843) | (518,471,634) | (358,626,619) | ||||
Share transactions-net: | ||||||||
Institutional Class | (1,514,751,400) | (2,572,323,178) | 7,673,132,994 | (5,361,767,419) | ||||
Private Investment Class | (11,707,755) | (57,087,888) | 106,832,736 | (84,746,276) | ||||
Personal Investment Class | 242,362,528 | (22,360,529) | 7,670,768 | (12,808,614) | ||||
Cash Management Class | (50,068,678) | (32,654,595) | 31,650,960 | 164,319,452 | ||||
Reserve Class | 61,097,539 | (22,210,837) | 88,155,960 | 38,672,367 | ||||
Resource Class | 107,165,894 | 48,590,008 | (51,677,589) | (109,853,171) | ||||
Corporate Class | (38,240,138) | (140,464,356) | (105,927,589) | (178,162,120) | ||||
Net increase (decrease) in net assets resulting from share transactions | (1,204,142,010) | (2,798,511,375) | 7,749,838,240 | (5,544,345,781) | ||||
Net increase (decrease) in net assets | (1,203,937,212) | (2,798,212,078) | 7,750,063,214 | (5,544,007,761) | ||||
Net assets: | ||||||||
Beginning of year | 22,535,576,801 | 25,333,788,879 | 23,685,587,439 | 29,229,595,200 | ||||
End of year | $21,331,639,589 | $22,535,576,801 | $31,435,650,653 | $23,685,587,439 | ||||
36 | Short-Term Investments Trust |
Invesco Treasury Obligations Portfolio | Invesco Tax-Free Cash Reserve Portfolio | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Operations: | ||||||||
Net investment income | $25,841,669 | $17,884,636 | $2,660,015 | $1,799,189 | ||||
Net realized gain (loss) | 17,726 | 28,696 | - | (4,370) | ||||
Net increase in net assets resulting from operations | 25,859,395 | 17,913,332 | 2,660,015 | 1,794,819 | ||||
Distributions to shareholders from distributable earnings: | ||||||||
Institutional Class | (25,123,428) | (17,548,675) | (1,816,364) | (1,178,614) | ||||
Private Investment Class | (111,394) | (32,722) | (305,352) | (257,237) | ||||
Personal Investment Class | (3,844) | (1,848) | (2,466) | (2,800) | ||||
Cash Management Class | (41,719) | (30,650) | (395,402) | (244,208) | ||||
Reserve Class | (557,964) | (269,491) | (80,976) | (64,811) | ||||
Resource Class | (3,101) | (1,118) | (59,305) | (51,452) | ||||
Corporate Class | (219) | (132) | (150) | (67) | ||||
Total distributions from distributable earnings | (25,841,669) | (17,884,636) | (2,660,015) | (1,799,189) | ||||
Share transactions-net: | ||||||||
Institutional Class | (235,306,840) | (26,061,641) | 33,374,672 | 16,846,975 | ||||
Private Investment Class | 3,398,983 | 2,860,154 | (7,570,673) | 709,862 | ||||
Personal Investment Class | (283,153) | 346,971 | 2,531,656 | (1,995,739) | ||||
Cash Management Class | (1,270,980) | 1,547,656 | (4,585,853) | 4,269,240 | ||||
Reserve Class | 21,314,012 | (2,229,222) | 5,850,867 | 492,985 | ||||
Resource Class | 38,286 | 1,077 | (1,381,960) | (3,499,087) | ||||
Corporate Class | 216 | 124 | 135 | 10,056 | ||||
Net increase (decrease) in net assets resulting from share transactions | (212,109,476) | (23,534,881) | 28,218,844 | 16,834,292 | ||||
Net increase (decrease) in net assets | (212,091,750) | (23,506,185) | 28,218,844 | 16,829,922 | ||||
Net assets: | ||||||||
Beginning of year | 1,323,482,446 | 1,346,988,631 | 204,278,429 | 187,448,507 | ||||
End of year | $1,111,390,696 | $1,323,482,446 | $232,497,273 | $204,278,429 | ||||
37 | Short-Term Investments Trust |
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expense reimbursements | Ratio of expenses to average net assets without fee waivers and/or expense reimbursements | Ratio of net investment income to average net assets | |
Invesco Liquid Assets Portfolio | |||||||||||||
Year ended 08/31/19 | $1.0004 | $0.0234 | $(0.0000) | $0.0234 | $(0.0234) | $- | $(0.0234) | $1.0004 | 2.36% | $327 | 0.21%(c) | 0.25%(c) | 2.34%(c) |
Year ended 08/31/18 | 1.0002 | 0.0170 | (0.0011) | 0.0159 | (0.0157) | - | (0.0157) | 1.0004 | 1.60 | 1,926 | 0.21 | 0.26 | 1.70 |
Year ended 08/31/17 | 1.00 | 0.0048 | 0.0036 | 0.0084 | (0.0077) | (0.0005) | (0.0082) | 1.0002 | 0.81 | 9,483 | 0.21 | 0.29 | 0.48 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.30 | 169,660 | 0.18 | 0.21 | 0.31 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.05 | 1,054,301 | 0.17 | 0.20 | 0.05 |
Invesco STIC Prime Portfolio | |||||||||||||
Year ended 08/31/19 | 1.0001 | 0.0224 | 0.0000 | 0.0224 | (0.0224) | - | (0.0224) | 1.0001 | 2.26 | 21 | 0.21(c) | 0.28(c) | 2.23(c) |
Year ended 08/31/18 | 1.0000 | 0.0152 | (0.0002) | 0.0150 | (0.0149) | - | (0.0149) | 1.0001 | 1.51 | 20 | 0.21 | 0.30 | 1.52 |
Year ended 08/31/17 | 1.00 | 0.0059 | 0.0007 | 0.0066 | (0.0066) | - | (0.0066) | 1.0000 | 0.66 | 20 | 0.21 | 0.30 | 0.59 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.24 | 9 | 0.17 | 0.23 | 0.23 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.04 | 77,043 | 0.07 | 0.22 | 0.10 |
Invesco Treasury Portfolio | |||||||||||||
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(c) | 0.24(c) | 2.15(c) |
Year ended 08/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | - | (0.01) | 1.00 | 1.34 | 467,373 | 0.21 | 0.23 | 1.34 |
Year ended 08/31/17 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.49 | 607,827 | 0.21 | 0.23 | 0.49 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.14 | 1,173,253 | 0.17 | 0.21 | 0.14 |
Year ended 08/31/15 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.01 | 1,770,653 | 0.06 | 0.20 | 0.02 |
Invesco Government & Agency Portfolio | |||||||||||||
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(c) | 0.19(c) | 2.17(c) |
Year ended 08/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | - | (0.01) | 1.00 | 1.35 | 146,277 | 0.18 | 0.18 | 1.32 |
Year ended 08/31/17 | 1.00 | 0.01 | (0.00) | 0.01 | (0.01) | - | (0.01) | 1.00 | 0.53 | 324,437 | 0.18 | 0.18 | 0.55 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.17 | 316,444 | 0.16 | 0.18 | 0.17 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.02 | 631,189 | 0.08 | 0.16 | 0.02 |
Invesco Treasury Obligations Portfolio | |||||||||||||
Year ended 08/31/19 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) | - | (0.02) | 1.00 | 2.14 | 10 | 0.21(c) | 0.24(c) | 2.12(c) |
Year ended 08/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | - | (0.01) | 1.00 | 1.31 | 10 | 0.21 | 0.24 | 1.31 |
Year ended 08/31/17 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.41 | 10 | 0.21 | 0.25 | 0.45 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.11 | 2,948 | 0.14 | 0.39 | 0.11 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.02 | 28,019 | 0.00 | 0.36 | 0.08 |
Invesco Tax-Free Cash Reserve Portfolio | |||||||||||||
Year ended 08/31/19 | 1.00 | 0.01 | - | 0.01 | (0.01) | - | (0.01) | 1.00 | 1.35 | 10 | 0.23(c) | 0.38(c) | 1.35(c) |
Year ended 08/31/18 | 1.00 | 0.01 | (0.00) | 0.01 | (0.01) | - | (0.01) | 1.00 | 0.97 | 10 | 0.23 | 0.41 | 0.98 |
Year ended 08/31/17 | 1.00 | 0.01 | (0.00) | 0.01 | (0.01) | - | (0.01) | 1.00 | 0.54 | 0 | 0.23 | 0.40 | 0.53 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.08 | 32 | 0.10 | 0.34 | 0.12 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.01 | 26,479 | 0.03 | 0.34 | 0.04 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America. |
(c) | Ratios are based on average daily net assets (000’s omitted) of $1,045, $21, $380,609, $81,242, $10 and $11 for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, respectively. |
38 | Short-Term Investments Trust |
A. | Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments. |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. |
39 | Short-Term Investments Trust |
C. | Country Determination -For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions - It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually. |
E. | Federal Income Taxes - The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative net assets. |
G. | Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Repurchase Agreements -The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income. |
J. | 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. |
40 | Short-Term Investments Trust |
K. | Distributions from Distributable Earnings – In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets. |
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% |
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% |
Institutional Class | Private Investment Class | Personal Investment Class | Cash Management Class | Reserve Class | Resource Class | Corporate Class | |
Invesco Liquid Assets Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.38% | 0.21% |
Invesco STIC Prime Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Treasury Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Government & Agency Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Treasury Obligations Portfolio | 0.18% | 0.43% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Tax-Free Cash Reserve Portfolio | 0.20% | 0.45% | 0.75% | 0.28% | 1.07% | 0.36% | 0.23% |
41 | Short-Term Investments Trust |
Expense Limitation | |
Invesco Liquid Assets Portfolio | $892,555 |
Invesco STIC Prime Portfolio | 384,860 |
Invesco Treasury Portfolio | 6,173,902 |
Invesco Government & Agency Portfolio | - |
Invesco Treasury Obligations Portfolio | 393,405 |
Invesco Tax-Free Cash Reserve Portfolio | 309,836 |
Private Investment Class | Personal Investment Class | Cash Management Class | Reserve Class | Resource Class | Corporate Class | |
Invesco Tax-Free Cash Reserve Portfolio | $- | $- | $- | $1,220 | $- | $- |
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% |
42 | Short-Term Investments Trust |
Securities Purchases | Securities Sales | Net Realized Gains | |
Invesco Liquid Assets Portfolio | $2,645,362 | $10,006,986 | $- |
Invesco STIC Prime Portfolio | 5,103,589 | 7,349,898 | - |
Invesco Tax-Free Cash Reserve Portfolio | 216,932,239 | 207,964,153 | - |
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2019 and 2018 | ||||
2019 | 2018 | |||
Ordinary Income | Ordinary Income-Tax- Exempt | Ordinary Income | ||
Invesco Liquid Assets Portfolio | $54,795,839 | $- | $34,753,060 | |
Invesco STIC Prime Portfolio | 12,099,439 | - | 6,737,661 | |
Invesco Treasury Portfolio | 484,811,474 | - | 343,381,843 | |
Invesco Government & Agency Portfolio | 518,471,634 | - | 358,626,619 | |
Invesco Treasury Obligations Portfolio | 25,841,669 | - | 17,884,636 | |
Invesco Tax-Free Cash Reserve Portfolio | - | 2,660,015 | 1,799,189 |
43 | Short-Term Investments Trust |
Tax Components of Net Assets at Period-End: | ||||||||
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Undistributed Tax-Exempt Income | Temporary Book/Tax Differences | Net Unrealized Appreciation (Depreciation)- Investments | Capital Loss Carryforwards | Shares of Beneficial Interest | Total Net Assets | |
Invesco Liquid Assets Portfolio | $3,649,902 | $- | $- | $(3,478,446) | $614,555 | $- | $2,458,474,734 | $2,459,260,745 |
Invesco STIC Prime Portfolio | 1,719,450 | - | - | (947,955) | 44,280 | - | 654,140,847 | 654,956,622 |
Invesco Treasury Portfolio | 2,630,106 | 198,121 | - | (2,145,108) | - | - | 21,330,956,470 | 21,331,639,589 |
Invesco Government & Agency Portfolio | 1,230,816 | 31,693 | - | (1,021,828) | - | - | 31,435,409,972 | 31,435,650,653 |
Invesco Treasury Obligations Portfolio | 97,434 | - | - | (109,978) | (6,916) | (18,869) | 1,111,429,025 | 1,111,390,696 |
Invesco Tax-Free Cash Reserve Portfolio | - | - | 227,773 | (332,727) | - | (19,092) | 232,621,319 | 232,497,273 |
Fund | Not Subject to Expiration | Total* |
Invesco Treasury Obligations Portfolio | $18,869 | $18,869 |
Invesco Tax-Free Cash Reserve Portfolio | 19,092 | 19,092 |
* | Capital loss carryforwards as of the date listed above is 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. |
At August 31, 2019 | ||||
Federal Tax Cost* | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |
Invesco Liquid Assets Portfolio | $2,461,708,828 | $663,077 | $(48,522) | $614,555 |
Invesco STIC Prime Portfolio | 655,819,481 | 44,280 | - | 44,280 |
Invesco Treasury Obligations Portfolio | 1,210,687,514 | - | (6,916) | (6,916) |
* | 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. |
44 | Short-Term Investments Trust |
Undistributed Net Investment Income | Undistributed Net Realized Gain (Loss) | Shares of Beneficial Interest | |
Invesco Liquid Assets Portfolio | $16,174 | $(16,174) | $- |
Invesco STIC Prime Portfolio | - | - | - |
Invesco Treasury Portfolio | 39,002 | (39,002) | - |
Invesco Government & Agency Portfolio | - | - | - |
Invesco Treasury Obligations Portfolio | - | - | - |
Invesco Tax-Free Cash Reserve Portfolio | - | 30,074 | (30,074) |
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 11,115,059,561 | $11,118,203,826 | 11,428,619,333 | $11,430,459,074 | |
Private Investment Class | 286,881 | 286,945 | 296,154 | 296,213 | |
Cash Management Class | 183,906,129 | 183,953,776 | 76,229,664 | 76,244,103 | |
Reserve Class | 8,652 | 8,654 | 29,385 | 29,391 | |
Resource Class | 5,100 | 5,102 | 185 | 185 | |
Corporate Class | 396,987 | 397,046 | 32,928,336 | 32,934,007 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 10,250,841 | 10,253,316 | 3,254,561 | 3,255,227 | |
Private Investment Class | 86,006 | 86,026 | 65,917 | 65,928 | |
Personal Investment Class | 15 | 15 | 10 | 10 | |
Cash Management Class | 175,461 | 175,508 | 78,582 | 78,596 | |
Reserve Class | 5,870 | 5,872 | 4,871 | 4,872 | |
Resource Class | 20,583 | 20,589 | 14,741 | 14,744 | |
Corporate Class | 24,289 | 24,294 | 108,271 | 108,285 | |
Reacquired: | |||||
Institutional Class | (11,024,583,994) | (11,027,657,351) | (9,385,489,530) | (9,387,062,249) | |
Private Investment Class | (1,517,171) | (1,517,553) | (1,482,383) | (1,482,603) | |
Personal Investment Class | (999) | (999) | - | - | |
Cash Management Class | (180,975,556) | (181,024,536) | (77,866,227) | (77,880,652) | |
Reserve Class | (130,254) | (130,300) | (560,376) | (560,416) | |
Resource Class | (658,263) | (658,510) | (346,497) | (346,563) | |
Corporate Class | (2,019,990) | (2,020,536) | (40,592,273) | (40,597,778) | |
Net increase in share activity | 100,340,148 | $100,411,184 | 2,035,292,724 | $2,035,560,374 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 8% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
In addition, 77% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
45 | Short-Term Investments Trust |
Invesco STIC Prime Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 1,752,564,099 | $1,752,564,558 | 1,391,467,414 | $1,391,466,950 | |
Private Investment Class | 106,492 | 106,492 | 841,532 | 841,537 | |
Cash Management Class | 32,538 | 32,538 | 408,572 | 408,575 | |
Reserve Class | 342 | 342 | 5 | 5 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 7,389,194 | 7,389,194 | 3,411,844 | 3,411,791 | |
Private Investment Class | 25,796 | 25,796 | 19,003 | 19,002 | |
Personal Investment Class | 199 | 199 | 5,534 | 5,535 | |
Cash Management Class | 9,022 | 9,022 | 9,091 | 9,090 | |
Reserve Class | 3,751 | 3,751 | 2,835 | 2,835 | |
Resource Class | 2,606 | 2,606 | 2,358 | 2,359 | |
Corporate Class | 457 | 457 | 286 | 285 | |
Reacquired: | |||||
Institutional Class | (1,632,583,978) | (1,632,584,885) | (1,294,068,817) | (1,294,064,676) | |
Private Investment Class | (374,081) | (374,082) | (1,115,941) | (1,115,941) | |
Personal Investment Class | (175,789) | (175,789) | (27) | (27) | |
Cash Management Class | (220,468) | (220,468) | (786,748) | (786,740) | |
Reserve Class | (377) | (377) | (233,896) | (233,896) | |
Resource Class | (65,248) | (65,248) | - | - | |
Net increase in share activity | 126,714,555 | $126,714,106 | 99,963,045 | $99,966,684 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 91% 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 |
Invesco Treasury Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 187,978,433,067 | $187,978,433,067 | 191,918,070,818 | $191,918,070,818 | |
Private Investment Class | 1,261,646,363 | 1,261,646,363 | 1,373,550,349 | 1,373,550,349 | |
Personal Investment Class | 1,630,224,829 | 1,630,224,829 | 1,029,056,714 | 1,029,056,714 | |
Cash Management Class | 2,148,188,357 | 2,148,188,357 | 3,628,925,469 | 3,628,925,469 | |
Reserve Class | 847,847,187 | 847,847,187 | 716,399,473 | 716,399,473 | |
Resource Class | 883,852,393 | 883,852,393 | 778,758,603 | 778,758,603 | |
Corporate Class | 7,123,495,519 | 7,123,495,519 | 6,094,873,392 | 6,094,873,392 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 115,324,756 | 115,324,756 | 71,641,952 | 71,641,952 | |
Private Investment Class | 3,080,285 | 3,080,285 | 1,001,889 | 1,001,889 | |
Personal Investment Class | 2,964,198 | 2,964,198 | 1,002,329 | 1,002,329 | |
Cash Management Class | 8,004,739 | 8,004,739 | 4,359,519 | 4,359,519 | |
Reserve Class | 2,800,991 | 2,800,991 | 1,547,178 | 1,547,178 | |
Resource Class | 2,341,092 | 2,341,092 | 1,262,800 | 1,262,800 | |
Corporate Class | 6,377,933 | 6,377,933 | 4,316,947 | 4,316,947 | |
Reacquired: | |||||
Institutional Class | (189,608,509,223) | (189,608,509,223) | (194,562,035,948) | (194,562,035,948) | |
Private Investment Class | (1,276,434,403) | (1,276,434,403) | (1,431,640,126) | (1,431,640,126) | |
Personal Investment Class | (1,390,826,499) | (1,390,826,499) | (1,052,419,572) | (1,052,419,572) | |
Cash Management Class | (2,206,261,774) | (2,206,261,774) | (3,665,939,583) | (3,665,939,583) | |
Reserve Class | (789,550,639) | (789,550,639) | (740,157,488) | (740,157,488) | |
Resource Class | (779,027,591) | (779,027,591) | (731,431,395) | (731,431,395) | |
Corporate Class | (7,168,113,590) | (7,168,113,590) | (6,239,654,695) | (6,239,654,695) | |
Net increase (decrease) in share activity | (1,204,142,010) | $(1,204,142,010) | (2,798,511,375) | $(2,798,511,375) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
In addition, 12% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
47 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 201,304,629,047 | $201,304,629,047 | 247,813,982,127 | $247,813,982,127 | |
Private Investment Class | 2,057,789,705 | 2,057,789,705 | 1,691,041,762 | 1,691,041,762 | |
Personal Investment Class | 33,910,046 | 33,910,046 | 22,767,729 | 22,767,729 | |
Cash Management Class | 970,595,900 | 970,595,900 | 1,160,198,493 | 1,160,198,493 | |
Reserve Class | 1,378,739,399 | 1,378,739,399 | 912,998,598 | 912,998,598 | |
Resource Class | 2,554,982,650 | 2,554,982,650 | 2,889,383,856 | 2,889,383,856 | |
Corporate Class | 573,841,827 | 573,841,827 | 1,680,502,506 | 1,680,502,506 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 126,914,764 | 126,914,764 | 72,936,103 | 72,936,103 | |
Private Investment Class | 4,227,798 | 4,227,798 | 1,388,818 | 1,388,818 | |
Personal Investment Class | 168,914 | 168,914 | 49,917 | 49,917 | |
Cash Management Class | 5,327,428 | 5,327,428 | 2,379,887 | 2,379,887 | |
Reserve Class | 3,618,437 | 3,618,437 | 1,398,425 | 1,398,425 | |
Resource Class | 3,149,980 | 3,149,980 | 2,270,177 | 2,270,177 | |
Corporate Class | 346,829 | 346,829 | 346,270 | 346,270 | |
Reacquired: | |||||
Institutional Class | (193,758,410,817) | (193,758,410,817) | (253,248,685,649) | (253,248,685,649) | |
Private Investment Class | (1,955,184,767) | (1,955,184,767) | (1,777,176,856) | (1,777,176,856) | |
Personal Investment Class | (26,408,192) | (26,408,192) | (35,626,260) | (35,626,260) | |
Cash Management Class | (944,272,368) | (944,272,368) | (998,258,928) | (998,258,928) | |
Reserve Class | (1,294,201,876) | (1,294,201,876) | (875,724,656) | (875,724,656) | |
Resource Class | (2,609,810,219) | (2,609,810,219) | (3,001,507,204) | (3,001,507,204) | |
Corporate Class | (680,116,245) | (680,116,245) | (1,859,010,896) | (1,859,010,896) | |
Net increase (decrease) in share activity | 7,749,838,240 | $7,749,838,240 | (5,544,345,781) | $(5,544,345,781) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 43% 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, 9% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
48 | Short-Term Investments Trust |
Invesco Treasury Obligations Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 902,898,047 | $902,898,047 | 1,111,333,157 | $1,111,333,157 | |
Private Investment Class | 17,567,905 | 17,567,905 | 6,402,656 | 6,402,656 | |
Personal Investment Class | 1,755,557 | 1,755,557 | 2,424,596 | 2,424,596 | |
Cash Management Class | 1,001,917 | 1,001,917 | 3,404,184 | 3,404,184 | |
Reserve Class | 120,013,835 | 120,013,835 | 165,401,910 | 165,401,910 | |
Resource Class | 2,115,950 | 2,115,950 | 1,077 | 1,077 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 2,012,405 | 2,012,405 | 871,181 | 871,181 | |
Private Investment Class | 107,684 | 107,684 | 25,972 | 25,972 | |
Personal Investment Class | 2,574 | 2,574 | 657 | 657 | |
Cash Management Class | 41,719 | 41,719 | 26,644 | 26,644 | |
Reserve Class | 513,925 | 513,925 | 236,440 | 236,440 | |
Resource Class | 1,002 | 1,002 | - | - | |
Corporate Class | 216 | 216 | 124 | 124 | |
Reacquired: | |||||
Institutional Class | (1,140,217,292) | (1,140,217,292) | (1,138,265,979) | (1,138,265,979) | |
Private Investment Class | (14,276,606) | (14,276,606) | (3,568,474) | (3,568,474) | |
Personal Investment Class | (2,041,284) | (2,041,284) | (2,078,282) | (2,078,282) | |
Cash Management Class | (2,314,616) | (2,314,616) | (1,883,172) | (1,883,172) | |
Reserve Class | (99,213,748) | (99,213,748) | (167,867,572) | (167,867,572) | |
Resource Class | (2,078,666) | (2,078,666) | - | - | |
Net increase (decrease) in share activity | (212,109,476) | $(212,109,476) | (23,534,881) | $(23,534,881) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 6% 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, 79% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
49 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 205,082,518 | $205,082,518 | 145,257,757 | $145,257,757 | |
Private Investment Class | 57,208,640 | 57,208,640 | 69,282,391 | 69,282,391 | |
Personal Investment Class | 5,818,771 | 5,818,771 | 10,389 | 10,389 | |
Cash Management Class | 49,844,196 | 49,844,196 | 18,777,674 | 18,777,674 | |
Reserve Class | 52,342,069 | 52,342,069 | 76,263,241 | 76,263,241 | |
Resource Class | 31,003,313 | 31,003,313 | 5,290,233 | 5,290,233 | |
Corporate Class | 110,000 | 110,000 | 10,000 | 10,000 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 919,230 | 919,230 | 530,228 | 530,228 | |
Private Investment Class | 281,127 | 281,127 | 222,751 | 222,751 | |
Personal Investment Class | 385 | 385 | 2,800 | 2,800 | |
Cash Management Class | 309,533 | 309,533 | 190,958 | 190,958 | |
Reserve Class | 79,513 | 79,513 | 59,800 | 59,800 | |
Resource Class | 51,611 | 51,611 | 48,820 | 48,820 | |
Corporate Class | 135 | 135 | 56 | 56 | |
Reacquired: | |||||
Institutional Class | (172,627,076) | (172,627,076) | (128,941,010) | (128,941,010) | |
Private Investment Class | (65,060,440) | (65,060,440) | (68,795,280) | (68,795,280) | |
Personal Investment Class | (3,287,500) | (3,287,500) | (2,008,928) | (2,008,928) | |
Cash Management Class | (54,739,582) | (54,739,582) | (14,699,392) | (14,699,392) | |
Reserve Class | (46,570,715) | (46,570,715) | (75,830,056) | (75,830,056) | |
Resource Class | (32,436,884) | (32,436,884) | (8,838,140) | (8,838,140) | |
Corporate Class | (110,000) | (110,000) | - | - | |
Net increase in share activity | 28,218,844 | $28,218,844 | 16,834,292 | $16,834,292 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 85% 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. |
50 | Short-Term Investments Trust |
51 | Short-Term Investments Trust |
Corporate Class | Beginning Account Value (03/01/19) | ACTUAL | HYPOTHETICAL (5% annual return before expenses) | Annualized Expense Ratio | ||
Ending Account Value (08/31/19)1 | Expenses Paid During Period2 | Ending Account Value (08/31/19) | Expenses Paid During Period2 | |||
Invesco Liquid Assets Portfolio | $1,000.00 | $1,012.00 | $1.06 | $1,024.15 | $1.07 | 0.21% |
Invesco STIC Prime Portfolio | 1,000.00 | 1,011.50 | 1.06 | 1,024.15 | 1.07 | 0.21 |
Invesco Treasury Portfolio | 1,000.00 | 1,011.10 | 1.06 | 1,024.15 | 1.07 | 0.21 |
Invesco Government & Agency Portfolio | 1,000.00 | 1,011.30 | 0.96 | 1,024.25 | 0.97 | 0.19 |
Invesco Treasury Obligations Portfolio | 1,000.00 | 1,011.00 | 1.06 | 1,024.15 | 1.07 | 0.21 |
Invesco Tax-Free Cash Reserve Portfolio | 1,000.00 | 1,006.80 | 1.16 | 1,024.05 | 1.17 | 0.23 |
1 | The actual ending account value is based on the actual total return of the Funds for the period March 1, 2019 through August 31, 2019, 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. |
52 | Short-Term Investments Trust |
Approval of Investment Advisory andSub-Advisory Contracts
(Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and InvescoTax-Free Cash Reserve Portfolio)
At meetings held on June 10, 2019, the Board of Trustees (the Board or the Trustees) ofShort-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 IntergroupSub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, with respect to Invesco Government & Agency Portfolio, InvescoTax-Free Cash Reserve Portfolio and Invesco Treasury Obligations Portfolio only, separateSub-Advisory Contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the AffiliatedSub-Advisers and thesub-advisory contracts) for another year, effective July 1, 2019. After evaluating the factors discussed below, among others, the Board approved the renewal of each Fund’s investment advisory agreement and thesub-advisory contracts and determined that the compensation payable by each Fund to Invesco Advisers and by Invesco Advisers to the AffiliatedSub-Advisers is fair and reasonable.
The Board’s Evaluation Process
The Board’s Investments Committee has established threeSub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). As part of a regularly scheduled basis ofin-person Board meetings, theSub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee andSub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement andsub-advisory contracts.
As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider. The
Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement andsub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.
The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to each Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of each Fund’s investment advisory agreement andsub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 10, 2019.
Factors and Conclusions and Summary of Independent Written Fee Evaluation
A. | Nature, Extent and Quality of Services Provided by Invesco Advisers and the AffiliatedSub-Advisers |
The Board reviewed the nature, extent and quality of the advisory services provided to each Fund by Invesco Advisers under each Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including each Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis and investment risk management. The Board also considerednon-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 also reviewed and considered the benefits to shareholders of investing in each fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial
and other resources to such business. The Board reviewed and considered information about the resources that Invesco Advisers intends to continue to commit to managing the Invesco family of funds following Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries. 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 AffiliatedSub-Advisers under thesub-advisory contracts and the credentials and experience of the officers and employees of the AffiliatedSub-Advisers who provide these services. The Board noted the AffiliatedSub-Advisers’ expertise with respect to certain asset classes and that the AffiliatedSub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the AffiliatedSub-Advisers can provide research and investment analysis on the markets and economies of various countries in which each Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that thesub-advisory contracts may benefit each Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the AffiliatedSub-Advisers in managing each Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the AffiliatedSub-Advisers are appropriate and satisfactory.
B. | Fund Investment Performance |
The Board 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 thesub-advisory contracts for each Fund, as no AffiliatedSub-Adviser currently manages assets of each Fund.
Invesco Liquid Assets Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the Lipper Institutional Money Market Funds 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 year period and the first quintile for the 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 the same as 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 Trustees
53 Short-Term Investments Trust
also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco STIC Prime Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the Lipper Institutional Money Market Funds 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 year period and the second quintile for the 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, three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco Treasury Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the Lipper Institutional U.S. Treasury Money Market Funds 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 reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco Government & Agency Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 the performance of funds in the Broadridge performance universe and against the Lipper Institutional U.S. Government Money Market Funds 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 reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco Treasury Obligations Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of
funds in the Broadridge performance universe and against the Lipper Institutional U.S. Treasury Money Market Funds 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 reasonably comparable to the performance of the Index for the one and three year periods and above the performance of the Index for the five year period. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
InvescoTax-Free Cash Reserve Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the LipperTax-Exempt Money Market Funds 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 year period and the second quintile for the 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 Index for the one, three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
C. | Advisory andSub-Advisory Fees and Fund Expenses |
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 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding 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 also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco STIC Prime 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the Affiliated
54 Short-Term Investments Trust
Sub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco Treasury 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management
of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco Government & Agency 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco Treasury Obligations 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
InvescoTax-Free Cash Reserve Portfolio
The Board compared the Fund’s contractual management fee rate to the contractual
55 Short-Term Investments Trust
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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
D. | Economies of Scale and Breakpoints |
Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and InvescoTax-Free Cash Reserve Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to each Fund. The Board considered Invesco’s reinvestment in its business, including investments in business infrastructure and cybersecurity. The Board noted that each Fund does not benefit from
economies of scale through contractual breakpoints, but does share directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.
Invesco Treasury Obligations Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board considered Invesco’s reinvestment in its business, including investments in business infrastructure and cybersecurity. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.
E. | Profitability and Financial Resources |
Invesco STIC Prime Portfolio and InvescoTax-Free Cash Reserve Portfolio
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. The Board considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the AffiliatedSub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement andsub-advisory contracts.
Invesco Liquid Assets Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio
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. The Board considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and each Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to each Fund to be
excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the AffiliatedSub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement andsub-advisory contracts.
F. | Collateral Benefits to Invesco Advisers and its Affiliates |
The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with each Fund, including the fees received for providing administrative, transfer agency and distribution services to each Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to each Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of each Fund.
56 Short-Term Investments Trust
Federal and State Income Tax | |||||
Long Term Capital Gain Distributions | Qualified Dividend Income* | Corporate Dividends Received Deduction* | U.S. Treasury Obligations* | Tax-Exempt Interest Dividend* | |
Invesco Liquid Assets Portfolio | $- | 0.00% | 0.00% | 0.00% | 0.00% |
Invesco STIC Prime Portfolio | - | 0.00% | 0.00% | 0.00% | 0.00% |
Invesco Treasury Portfolio | - | 0.00% | 0.00% | 54.04% | 0.00% |
Invesco Government & Agency Portfolio | - | 0.00% | 0.00% | 39.05% | 0.00% |
Invesco Treasury Obligations Portfolio | - | 0.00% | 0.00% | 100.00% | 0.00% |
Invesco Tax-Free Cash Reserve Portfolio | - | 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 | $- | 80.36% |
Invesco STIC Prime Portfolio | - | 0.00% |
Invesco Treasury Portfolio | - | 99.99% |
Invesco Government & Agency Portfolio | - | 100.00% |
Invesco Treasury Obligations Portfolio | - | 99.96% |
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. |
57 | 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, Texas77046-1173. 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 | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Interested Persons | ||||||||
Martin L. Flanagan1 — 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business
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) | 229 | None | ||||
Philip A. Taylor2 — 1954 Trustee | 2006 | Vice Chair, Invesco Ltd.; Trustee, The Invesco Funds
Formerly: Director, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company);Co-Chairman,Co-President andCo-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc. | 229 | None |
1 | Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser. |
2 | Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of Invesco Ltd., ultimate parent of the Adviser. |
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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Independent Trustees | ||||||||
Bruce L. Crockett — 1944 Trustee and Chair | 1993 | Chairman, Crockett Technologies Associates (technology consulting company)
Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council | 229 | Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company) | ||||
David C. Arch — 1945 Trustee | 2010 | Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization | 229 | Board member of the Illinois Manufacturers’ Association | ||||
Beth Ann Brown — 1968 Trustee | 2019 | Independent Consultant
Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 229 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non -profit); and Vice President and Director of Grahamtastic Connection(non-profit) | ||||
Jack M. Fields — 1952 Trustee | 1997 | Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance(non-profit)
Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch(non-profit); and member of the U.S. House of Representatives | 229 | None | ||||
Cynthia Hostetler — 1962 Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations
Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP | 229 | Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization) | ||||
Eli Jones — 1961 Trustee | 2016 | Professor and Dean, Mays Business School — Texas A&M University
Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank | 229 | Insperity, Inc. (formerly known as Administaff) (human resources provider) | ||||
Elizabeth Krentzman — 1959 Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management — Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management — Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds | 229 | Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member | ||||
Anthony J. LaCava, Jr. — 1956 Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 229 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
T-2 Short-Term Investments Trust
Trustees and Officers—(continued)
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/ or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Independent Trustees—(continued) | ||||||||
Prema Mathai-Davis — 1950 Trustee | 1998 | Retired
Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor) | 229 | None | ||||
Joel W. Motley — 1952 Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley(non-profit cultural organization)
Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 229 | Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting(non-profit journalism) | ||||
Teresa M. Ressel — 1962 Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations
Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury | 229 | Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier) | ||||
Ann Barnett Stern — 1957 Trustee | 2017 | President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution)
Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP | 229 | Federal Reserve Bank of Dallas | ||||
Raymond Stickel, Jr. — 1944 Trustee | 2005 | Retired
Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche | 229 | None | ||||
Robert C. Troccoli — 1949 Trustee | 2016 | Retired
Formerly: Adjunct Professor, University of Denver — Daniels College of Business; Senior Partner, KPMG LLP | 229 | None | ||||
Daniel S. Vandivort — 1954 Trustee | 2019 | Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management)
Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds | 229 | Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds | ||||
James D. Vaughn — 1945 Trustee | 2019 | Retired
Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds | 229 | Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement(non-profit) | ||||
Christopher L. Wilson — 1957 Trustee, Vice Chair and Chair Designate | 2017 | Retired
Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments | 229 | ISO New England, Inc.(non-profit organization managing regional electricity market) |
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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Other Officers | ||||||||
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer | 1999 | President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.
Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust | N/A | N/A | ||||
Russell C. Burk — 1958 Senior Vice President and Senior Officer | 2005 | Senior Vice President and Senior Officer, The Invesco Funds | N/A | N/A | ||||
Jeffrey H. Kupor — 1968 Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC
Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc. | N/A | N/A | ||||
Andrew R. Schlossberg — 1974 Senior Vice President | 2019 | Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.
Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |
T-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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Other Officers—(continued) | ||||||||
John M. Zerr — 1962 Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent)
Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A | ||||
Gregory G. McGreevey — 1962 Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation
Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A | ||||
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer | 2008 | Assistant Treasurer, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer — Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust
Formerly: Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital Management LLC; Assistant Vice President, The Invesco Funds | N/A | N/A |
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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Other Officers—(continued) | ||||||||
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc.
Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc. | N/A | N/A | ||||
Robert R. Leveille — 1969 Chief Compliance Officer | 2016 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds
Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds | N/A | N/A |
The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’ssub-advisers.
Office of the Fund 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 |
T-6 Short-Term Investments Trust
SEC file numbers: 811-02729 and 002-58287 | Invesco Distributors, Inc. | CM-STIT-AR-2 |
Annual Report to Shareholders | August 31, 2019 |
Table of Contents
Letters to Shareholders | 3 | |||
Fund Data | 5 | |||
Fund Objectives and Strategies | 6 | |||
Fund Composition by Maturity | 7 | |||
Schedules of Investments | 9 | |||
Financial Statements | 32 | |||
Financial Highlights | 38 | |||
Notes to Financial Statements | 39 | |||
Report of Independent Registered Public Accounting Firm | 51 | |||
Fund Expenses | 52 | |||
Approval of Investment Advisory and Sub-Advisory Contracts | 53 | |||
Tax Information | 57 | |||
Trustees and Officers | T-1 |
2
Andrew Schlossberg |
3 | Short-Term Investments Trust |
Bruce Crockett |
4 | Short-Term Investments Trust |
Cash Management Class data as of 8/31/19 | ||||
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 - 49 days | 49 days | 84 days | $9.3 million |
Invesco STIC Prime1 | 4 - 22 days | 12 days | 12 days | 600.1 thousand |
Invesco Treasury2 | 11 - 44 days | 18 days | 114 days | 396.7 million |
Invesco Government & Agency2 | 6 - 47 days | 8 days | 115 days | 365.0 million |
Invesco Treasury Obligations2 | 25 - 56 days | 28 days | 111 days | 1.9 million |
Invesco Tax-Free Cash Reserve3 | 7 - 12 days | 7 days | 7 days | 27.3 million |
1 | You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
2 | You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
3 | You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
5 | Short-Term Investments Trust |
6 | Short-Term Investments Trust |
In days, as of 8/31/19 | ||||||
Invesco Liquid Assets Portfolio 1-6, 9-10, 12-14 | Invesco STIC Prime Portfolio 1-6, 9-10, 12-14 | Invesco Treasury Portfolio 2, 4-5, 7, 11-12, 14 | Invesco Government & Agency Portfolio 2, 4-5, 7, 11-12, 14 | Invesco Treasury Obligations Portfolio 2, 4-5, 7, 12, 14 | Invesco Tax-Free Cash Reserve Portfolio 2-5, 8-9,13-14 | |
1 - 7 | 41.3% | 69.6% | 54.1% | 52.1% | 7.6% | 95.3% |
8 - 30 | 2.9 | 18.8 | 8.7 | 6.4 | 27.1 | 1.7 |
31 - 60 | 10.8 | 11.6 | 5.7 | 4.0 | 30.5 | 2.8 |
61 - 90 | 5.3 | 0.0 | 1.2 | 2.3 | 10.8 | 0.2 |
91 - 180 | 19.7 | 0.0 | 9.1 | 13.4 | 5.4 | 0.0 |
181+ | 20.0 | 0.0 | 21.2 | 21.8 | 18.6 | 0.0 |
1 | Banking and financial services industry focus risk. From time to time, the Fund may invest more than 25% of its assets in unsecured bank instruments, including but not limited to certificates of deposit and time deposits, or securities that may have guarantees or credit or liquidity enhancements provided by banks, insurance companies or other financial institutions. To the extent the Fund focuses its investments in these instruments or securities, the Fund’s performance will depend on the overall condition of those industries and the individual banks and financial institutions in which the Fund invests (directly or indirectly), the supply of short-term financing, changes in government regulation, changes in interest rates, and economic downturns in the United States and abroad. |
2 | Debt securities risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund’s distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event. |
3 | Foreign securities and credit exposure risk. US 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. Furthermore, the Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. |
4 | Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective. |
5 | Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value. |
6 | Money market fund risk. 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 and you may lose money by investing in the Fund. 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 required minimums because of market conditions or other factors. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not rely on or expect that the sponsor will enter into support agreements or take other actions to provide financial support to the Fund at any time. The credit quality of the Fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s |
7 | Short-Term Investments Trust |
share price. The Fund’s share price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market volatility. |
7 | Money market fund risk. Although the Fund seeks to preserve the value of your investment at $1.00 per share, you may lose money by investing in the Fund. The share price of money market funds can fall below the $1.00 share price. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not rely on or expect that the sponsor will enter into support agreements or take other actions to provide financial support to the Fund or maintain the Fund’s $1.00 share price at any time. The credit quality of the Fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s share price. The Fund’s share price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market volatility. While the Board of Trustees may implement procedures to impose a fee upon the sale of your shares or temporarily suspend your ability to sell shares in the future if the Fund’s liquidity falls below required minimums because of market conditions or other factors, the Board has not elected to do so at this time. Should the Board elect to do so, such change would only become effective after shareholders were provided with specific advance notice of the change in the Fund’s policy and provided with the opportunity to redeem their shares in accordance with Rule 2a-7 before the policy change became effective. |
8 | Money market fund risk. Although the Fund seeks to preserve the value of your investment at $1.00 per share, you may lose money by investing in the Fund. The share price of money market funds can fall below the $1.00 share price. 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 required minimums because of market conditions or other factors. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not rely on or expect that the sponsor will enter into support agreements or take other actions to provide financial support to the Fund or maintain the Fund’s $1.00 share price at any time. The credit quality of the Fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s share price. The Fund’s share price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market volatility. |
9 | Municipal securities risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. |
10 | Repurchase agreement risk. The Fund is subject to the risk that the counterparty may default on its obligation to repurchase the underlying instruments collateralizing the repurchase agreement, which may cause the Fund to lose money. These risks are magnified to the extent that a repurchase agreement is secured by securities other than cash or US government securities. |
11 | Repurchase agreement risk. If the seller of a repurchase agreement defaults or otherwise does not fulfill its obligations, the Fund may incur delays and losses arising from selling the underlying securities, enforcing its rights, or declining collateral value. |
12 | US government obligations risk. Obligations of US government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the US government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the US government will provide financial support to its agencies and authorities if it is not obligated by law to do so. |
13 | Variable-rate demand notes risk. The absence of an active secondary market for certain variable and floating rate notes could make it difficult to dispose of these instruments, which could result in a loss. |
14 | Yield risk. The Fund’s yield will vary as the short-term securities in its portfolio mature or are sold and the proceeds are reinvested in other securities. When interest rates are very low, the Fund’s expenses could absorb all or a portion of the Fund’s income and yield. Additionally, inflation may outpace and diminish investment returns over time. |
8 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Commercial Paper-42.90%(a) | ||||||
Asset-Backed Securities - Consumer Receivables-0.61% | ||||||
Old Line Funding, LLC (CEP-Royal Bank of Canada)(b)(c) | 2.64% | 10/25/2019 | $ 15,000 | $ 14,955,876 | ||
Asset-Backed Securities - Fully Supported-6.50% | ||||||
Bennington Stark Capital Co., LLC (CEP-Societe Generale S.A.)(b)(c) | 2.35% | 10/02/2019 | 30,000 | 29,948,296 | ||
Kells Funding, LLC (CEP-FMS Wertmanagement)(c) | 2.61% | 10/07/2019 | 11,000 | 10,978,552 | ||
Kells Funding, LLC (CEP-FMS Wertmanagement)(c) | 2.23% | 01/07/2020 | 40,000 | 39,712,650 | ||
Kells Funding, LLC (CEP-FMS Wertmanagement)(c) | 2.06% | 03/03/2020 | 30,000 | 29,697,804 | ||
Ridgefield Funding Co., LLC (CEP-BNP Paribas S.A.)(b)(c) | 2.05% | 02/21/2020 | 50,000 | 49,493,531 | ||
159,830,833 | ||||||
Asset-Backed Securities - Fully Supported Bank-12.24% | ||||||
Anglesea Funding LLC (Multi- CEP’s) (1 wk. USD LIBOR + 0.10%) (Ireland)(b)(c)(d) | 2.24% | 09/06/2019 | 30,000 | 30,000,000 | ||
Cedar Springs Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.33% | 10/10/2019 | 29,166 | 29,099,708 | ||
Chesham Finance LLC (Multi-CEP’s)(b)(c) | 2.18% | 09/03/2019 | 25,000 | 25,000,000 | ||
Collateralized Commercial Paper Co., LLC (CEP-J.P. Morgan Securities LLC)(c) | 2.66% | 09/04/2019 | 10,000 | 9,999,410 | ||
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.18% | 09/03/2019 | 20,000 | 20,000,000 | ||
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.49% | 09/06/2019 | 11,500 | 11,497,918 | ||
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.36% | 10/10/2019 | 30,000 | 29,934,279 | ||
Halkin Finance LLC (Multi-CEP’s)(b)(c) | 2.18% | 09/03/2019 | 25,000 | 25,000,000 | ||
Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) | 2.25% | 09/03/2019 | 40,000 | 40,000,000 | ||
LMA Americas LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.64% | 10/18/2019 | 10,000 | 9,974,456 | ||
LMA Americas LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.41% | 01/06/2020 | 15,000 | 14,895,911 | ||
LMA Americas LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.19%-2.58% | 01/27/2020 | 56,000 | 55,542,939 | ||
300,944,621 | ||||||
Asset-Backed Securities - Multi-Purpose-0.74% | ||||||
Chariot Funding LLC(b)(c) | 2.59% | 09/03/2019 | 18,250 | 18,250,000 | ||
Consumer Finance-1.01% | ||||||
Toyota Motor Credit Corp. (1 mo. USD LIBOR + 0.15%)(c)(d) | 2.35% | 01/06/2020 | 25,000 | 25,002,028 | ||
Diversified Banks-10.55% | ||||||
Australia & New Zealand Banking Group, Ltd. (3 mo. USD LIBOR + 0.12%) (Australia)(b)(c)(d) | 2.59% | 09/06/2019 | 20,000 | 20,000,148 | ||
Banco del Estado de Chile (Chile)(b)(c) | 2.61% | 09/26/2019 | 15,000 | 14,979,851 | ||
Bank of Nova Scotia (1 mo. USD LIBOR + 0.14%) (Canada)(c)(d) | 2.29% | 01/24/2020 | 10,000 | 9,999,707 | ||
BPCE S.A. (France)(b)(c) | 2.69% | 12/16/2019 | 35,000 | 34,790,649 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.63% | 10/02/2019 | 25,000 | 24,957,034 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.32% | 11/19/2019 | 25,000 | 24,886,184 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.31% | 12/11/2019 | 10,000 | 9,942,704 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.02% | 02/14/2020 | 15,000 | 14,863,709 | ||
Natixis S.A. (France)(c) | 2.69% | 12/20/2019 | 10,000 | 9,937,015 | ||
Royal Bank of Canada (3 mo. USD LIBOR + 0.21%) (Canada)(b)(c)(d) | 2.54% | 01/03/2020 | 15,000 | 15,009,554 | ||
Royal Bank of Canada (3 mo. USD LIBOR + 0.05%) (Canada)(b)(c)(d) | 2.37% | 04/01/2020 | 25,000 | 25,002,054 | ||
Toronto-Dominion Bank (The) (1 mo. USD LIBOR + 0.12%) (Canada)(c)(d) | 2.27% | 11/25/2019 | 25,000 | 25,004,165 | ||
Westpac Banking Corp. (Federal Funds Rate + 0.26%) (Australia)(b)(c)(d) | 2.39% | 07/02/2020 | 30,000 | 30,075,000 | ||
259,447,774 |
9 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Diversified Capital Markets-1.42% | ||||||
UBS AG (3 mo. USD LIBOR + 0.17%) (Switzerland)(c)(d) | 2.69% | 09/03/2019 | $ 15,000 | $ 15,000,000 | ||
UBS AG (3 mo. USD LIBOR + 0.05%) (Switzerland)(b)(c)(d) | 2.35% | 01/17/2020 | 20,000 | 20,001,021 | ||
35,001,021 | ||||||
Integrated Oil & Gas-0.95% | ||||||
Shell International Finance B.V. (Netherlands)(b)(c) | 2.00% | 06/29/2020 | 23,750 | 23,371,484 | ||
Other Diversified Financial Services-2.62% | ||||||
ABN AMRO Funding USA LLC (Netherlands)(b)(c) | 2.13% | 02/28/2020 | 15,000 | 14,844,955 | ||
Erste Abwicklungsanstalt (Germany)(b)(c) | 2.04% | 02/13/2020 | 50,000 | 49,551,410 | ||
64,396,365 | ||||||
Regional Banks-1.82% | ||||||
ASB Finance Ltd. (3 mo. USD LIBOR + 0.22%) (New Zealand)(b)(c)(d) | 2.40% | 11/12/2019 | 15,000 | 15,004,916 | ||
Banque et Caisse d’Epargne de l’Etat (Luxembourg)(c) | 2.16% | 03/02/2020 | 30,000 | 29,694,789 | ||
44,699,705 | ||||||
Specialized Finance-4.44% | ||||||
CDP Financial, Inc. (Canada)(b)(c) | 2.38% | 06/01/2020 | 25,000 | 24,633,083 | ||
Crown Point Capital Co., LLC (CEP-Credit Suisse AG) (1 mo. USD LIBOR + 0.15%)(b)(c)(d) | 2.35% | 10/10/2019 | 40,000 | 40,000,000 | ||
Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) | 2.02% | 02/11/2020 | 15,000 | 14,866,001 | ||
Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) | 1.99% | 02/18/2020 | 30,000 | 29,723,290 | ||
109,222,374 | ||||||
Total Commercial Paper (Cost $1,054,589,858) | 1,055,122,081 | |||||
Certificates of Deposit-22.12% | ||||||
ABN AMRO Bank N.V. (Netherlands)(c) | 0.00% | 09/09/2019 | 50,000 | 49,970,323 | ||
Australia & New Zealand Banking Group, Ltd.(c) | 2.11% | 09/03/2019 | 70,000 | 70,000,000 | ||
Bank of Montreal (1 mo. USD LIBOR + 0.22%) (Canada)(c)(d) | 2.30% | 10/04/2019 | 25,000 | 25,002,808 | ||
Bank of Montreal (3 mo. USD LIBOR + 0.06%) (Canada)(c)(d) | 2.38% | 04/01/2020 | 45,000 | 45,006,262 | ||
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.10%) (Canada)(c)(d) | 2.44% | 10/10/2019 | 30,000 | 30,003,222 | ||
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.05%) (Canada)(c)(d) | 2.37% | 04/01/2020 | 20,000 | 20,003,924 | ||
Canadian Imperial Bank of Commerce (1 mo. USD LIBOR + 0.14%) (Canada)(c)(d) | 2.29% | 01/24/2020 | 25,000 | 25,000,255 | ||
Canadian Imperial Bank of Commerce (1 mo. USD LIBOR + 0.17%) (Canada)(c)(d) | 2.39% | 05/07/2020 | 10,000 | 9,996,710 | ||
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.26%) (Canada)(c)(d) | 2.39% | 07/01/2020 | 20,000 | 20,013,750 | ||
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.36%) (Canada)(c)(d) | 2.49% | 09/18/2020 | 20,000 | 20,003,066 | ||
Mitsubishi UFJ Trust & Banking Corp. (1 mo. USD LIBOR + 0.20%) (Japan)(c)(d) | 2.35% | 02/27/2020 | 63,000 | 62,983,084 | ||
MUFG Bank, Ltd. (Japan)(b)(c) | 2.35% | 09/08/2019 | 5,900 | 5,899,995 | ||
Natixis S.A. (3 mo. USD LIBOR + 0.07%) (France)(c)(d) | 2.28% | 11/07/2019 | 35,000 | 35,001,317 | ||
Sumitomo Mitsui Banking Corp. (1 mo. USD LIBOR + 0.12%) (Japan)(c)(d) | 2.27% | 10/24/2019 | 20,000 | 20,002,463 | ||
Sumitomo Mitsui Banking Corp. (1 mo. USD LIBOR + 0.14%) (Japan)(c)(d) | 2.37% | 11/06/2019 | 30,000 | 30,004,769 | ||
Toronto-Dominion Bank (The) (1 mo. USD LIBOR + 0.14%) (Canada)(c)(d) | 2.28% | 02/28/2020 | 35,000 | 34,991,835 | ||
Wells Fargo Bank, N.A. | 2.00% | 02/12/2020 | 40,000 | 40,005,922 | ||
Total Certificates of Deposit (Cost $543,870,947) | 543,889,705 | |||||
U.S. Dollar Denominated Bonds & Notes-1.42% | ||||||
Automobile Manufacturers-0.41% | ||||||
Toyota Motor Credit Corp.(c) | 4.50% | 06/17/2020 | 9,900 | 10,090,381 |
10 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Diversified Banks-1.01% | ||||||
Westpac Banking Corp. (3 mo. USD LIBOR + 0.43%) (Australia)(c)(d) | 2.90% | 03/06/2020 | $ 10,460 | $ 10,479,320 | ||
Westpac Banking Corp. (Australia)(c) | 2.30% | 05/26/2020 | 14,444 | 14,471,919 | ||
24,951,239 | ||||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $34,978,052) | 35,041,620 | |||||
Variable Rate Demand Notes-0.75%(e) | ||||||
Credit Enhanced-0.75% | ||||||
Derry (Township of), PA Industrial & Commercial Development Authority (GIANT Center); Series 2001, VRD RB (LOC-PNC Bank, N.A.)(f) | 2.20% | 11/01/2030 | 4,765 | 4,765,000 | ||
Jets Stadium Development, LLC; Series 2014 A-4B, VRD Bonds (LOC-Sumitomo Mitsui Banking Corp.)(b)(c)(f) | 2.17% | 04/01/2047 | 9,400 | 9,399,999 | ||
Keep Memory Alive; Series 2013, VRD Bonds (LOC-PNC Bank, N.A.)(f) | 2.20% | 05/01/2037 | 2,700 | 2,700,000 | ||
S&L Capital, LLC (J&L Development of Holland, LLC); Series 2005 A, VRD Notes (LOC-FHLB of Indianapolis)(c)(f) | 2.20% | 07/01/2040 | 1,495 | 1,495,000 | ||
Total Variable Rate Demand Notes (Cost $18,359,993) | 18,359,999 | |||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-67.19% (Cost $1,651,798,850) | 1,652,413,405 | |||||
Repurchase Amount | ||||||
Repurchase Agreements-32.93%(g) | ||||||
BMO Capital Markets Corp., joint agreement dated 08/30/2019, aggregate maturing value of $195,047,667 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, U.S. government sponsored agency obligations, domestic and foreign corporate obligations and domestic commercial paper valued at $207,184,381; 0% - 10.00%; 09/11/2019 - 04/25/2066)(c) | 2.20% | 09/03/2019 | 38,009,289 | 38,000,000 | ||
BMO Capital Markets Corp., joint term agreement dated 08/30/2019, aggregate maturing value of $50,021,875 (collateralized by domestic agency mortgage-backed securities valued at $51,415,842; 0% - 13.73%; 06/25/2027 - 06/20/2069)(c)(h) | 2.25% | 09/06/2019 | 15,006,562 | 15,000,000 | ||
Citigroup Global Markets, Inc., joint open agreement dated 04/11/2019 (collateralized by domestic and foreign non-agency asset-backed securities and domestic mortgage-backed securities valued at $234,301,461; 0% - 8.29%; 12/01/2025 - 03/25/2061)(c)(i) | 2.62% | - | - | 66,500,000 | ||
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $250,060,000 (collateralized by domestic agency mortgage-backed securities valued at $255,000,001; 3.00% - 4.00%; 06/01/2048 - 08/01/2049)(c) | 2.16% | 09/03/2019 | 125,030,000 | 125,000,000 | ||
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $30,013,475 (collateralized by foreign corporate obligations, domestic non-agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $32,999,964; 0% - 6.00%; 09/08/2020 - 12/15/2044)(c)(h) | 2.31% | 09/05/2019 | 5,002,246 | 5,000,000 | ||
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $40,017,578 (collateralized by domestic non-agency asset-backed securities and a foreign corporate obligation valued at $43,999,986; 0% - 5.93%; 04/15/2026 - 05/16/2042)(c)(h) | 2.26% | 09/05/2019 | 30,013,183 | 30,000,000 | ||
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $65,028,185 (collateralized by domestic and foreign agency and non-agency asset-backed securities, domestic non-agency mortgage-backed securities and a foreign corporate obligation valued at $68,250,000; 0.47% - 5.93%; 12/28/2023 - 09/10/2050)(c)(h) | 2.23% | 09/05/2019 | 23,009,973 | 23,000,000 |
11 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
ING Financial Markets, LLC, joint agreement dated 08/30/2019, aggregate maturing value of $124,030,311 (collateralized by domestic and foreign corporate obligations valued at $130,200,007; 1.63% - 7.88%; 09/29/2019 - 08/15/2059)(c) | 2.20% | 09/03/2019 | $ 55,013,444 | $ 55,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2019 (collateralized by domestic and foreign corporate obligations valued at $45,360,002; 0% - 7.50%; 09/06/2019 - 08/01/2057)(i) | 2.75% | - | - | 25,000,000 | |
Mizuho Securities (USA) LLC, joint open agreement dated 03/21/2019 (collateralized by domestic and foreign equity securities valued at $26,250,062; 0% - 7.13%;)(c)(i) | 2.20% | - | - | 15,000,000 | |
Natixis, joint agreement dated 08/30/2019, aggregate maturing value of $750,179,167 (collateralized by U.S. Treasury obligations valued at $765,000,060; 0% - 3.38%; 12/05/2019 - 11/15/2048)(c) | 2.15% | 09/03/2019 | 125,029,861 | 125,000,000 | |
RBC Capital Markets LLC, joint agreement dated 08/30/2019, aggregate maturing value of $150,036,667 (collateralized by domestic agency mortgage-backed securities and domestic and foreign corporate obligations valued at $156,822,868; 0% - 10.00%; 09/13/2019 - 08/15/2076)(c) | 2.20% | 09/03/2019 | 35,008,556 | 35,000,000 | |
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign corporate obligations valued at $106,426,641; 2.90% - 9.25%; 11/19/2019 - 03/15/2050)(c)(i) | 2.28% | - | - | 25,000,000 | |
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign corporate obligations valued at $91,808,572; 2.88% - 10.63%; 10/14/2019 - 01/11/2048)(c)(i) | 2.21% | - | - | 55,000,000 | |
Sumitomo Mitsui Banking Corp., joint agreement dated 08/30/2019, aggregate maturing value of $1,500,361,667 (collateralized by domestic agency mortgage-backed securities valued at $1,530,000,000; 3.00% - 3.50%; 08/20/2042 - 04/01/2049)(c) | 2.17% | 09/03/2019 | 172,451,548 | 172,409,978 | |
Total Repurchase Agreements (Cost $809,909,978) | 809,909,978 | ||||
TOTAL INVESTMENTS IN SECURITIES(j)(k)-100.12% (Cost $2,461,708,828) | 2,462,323,383 | ||||
OTHER ASSETS LESS LIABILITIES-(0.12)% | (3,062,638) | ||||
NET ASSETS-100.00% | $2,459,260,745 |
CEP | -Credit Enhancement Provider |
FHLB | -Federal Home Loan Bank |
LIBOR | -London Interbank Offered Rate |
LOC | -Letter of Credit |
RB | -Revenue Bonds |
USD | -U.S. Dollar |
VRD | -Variable Rate Demand |
(a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2019 was $865,395,955, which represented 35.19% of the Fund’s Net Assets. |
(c) | The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 17.6%; France: 14.0%; Netherlands: 10.5%; Switzerland: 7.9%; Japan: 7.3%; Australia: 5.9%; Germany: 5.3% other countries less than 5% each: 6.5%. |
(d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2019. |
(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, 2019. |
(f) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(g) | Principal amount equals value at period end. See Note 1I. |
(h) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(i) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
(j) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
(k) | Also represents cost for federal income tax purposes. |
12 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
Commercial Paper-40.06%(a) | |||||
Asset-Backed Securities - Fully Supported-6.10% | |||||
Atlantic Asset Securitization LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.18% | 10/11/2019 | $ 15,000 | $ 14,967,217 | |
Bennington Stark Capital Co., LLC (CEP-Societe Generale S.A.)(b)(c) | 2.36% | 09/06/2019 | 15,000 | 14,997,284 | |
Ridgefield Funding Co., LLC (CEP-BNP Paribas S.A.)(b)(c) | 2.29% | 09/04/2019 | 10,000 | 9,999,403 | |
39,963,904 | |||||
Asset-Backed Securities - Fully Supported Bank-14.50% | |||||
Anglesea Funding LLC (Multi-CEP’s)(b)(c) | 2.27% | 09/03/2019 | 15,000 | 15,000,000 | |
Cedar Springs Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.24% | 09/13/2019 | 15,000 | 14,990,652 | |
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.28% | 09/12/2019 | 15,000 | 14,991,879 | |
Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) | 2.25% | 09/03/2019 | 10,000 | 10,000,000 | |
Mountcliff Funding LLC (Multi-CEP’s)(b)(c) | 2.20% | 10/18/2019 | 15,000 | 14,960,184 | |
Regency Markets No. 1 LLC (CEP-HSBC Bank PLC) (Ireland)(b)(c) | 2.21% | 09/16/2019 | 10,000 | 9,992,202 | |
Versailles Commercial Paper LLC (CEP-Natixis S.A.)(b)(c) | 2.36% | 09/06/2019 | 15,000 | 14,997,285 | |
94,932,202 | |||||
Asset-Backed Securities - Multi-Purpose-2.29% | |||||
CAFCO LLC (CEP-Citibank, N.A.)(b)(c) | 2.29% | 09/27/2019 | 15,000 | 14,979,345 | |
Diversified Banks-16.35% | |||||
Banco Santander, S.A.(c) | 2.34% | 09/04/2019 | 15,000 | 14,999,111 | |
China Construction Bank Corp. (China)(b)(c) | 2.46% | 09/13/2019 | 15,000 | 14,991,060 | |
Industrial & Commercial Bank of China Ltd. (China)(b)(c) | 2.45% | 09/20/2019 | 15,000 | 14,984,201 | |
Mitsubishi UFJ Trust & Banking Corp. (Japan)(b)(c) | 2.37% | 09/19/2019 | 3,000 | 2,997,189 | |
National Bank of Canada (Canada)(b)(c) | 2.13% | 10/21/2019 | 15,000 | 14,957,210 | |
Oversea-Chinese Banking Corp. Ltd. (Singapore)(b)(c) | 2.19% | 09/23/2019 | 15,000 | 14,982,071 | |
Sumitomo Mitsui Trust Bank, Ltd. (Japan)(b)(c) | 2.18% | 09/06/2019 | 8,000 | 7,998,585 | |
Sumitomo Mitsui Trust Bank, Ltd. (Japan)(b)(c) | 2.23% | 10/21/2019 | 6,220 | 6,202,563 | |
Toronto-Dominion Bank (The) (Canada)(b)(c) | 2.21% | 09/25/2019 | 15,000 | 14,980,498 | |
107,092,488 | |||||
Specialized Finance-0.82% | |||||
Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) | 2.31% | 09/09/2019 | 5,400 | 5,398,090 | |
Total Commercial Paper (Cost $262,322,128) | 262,366,029 | ||||
Certificates of Deposit-10.23% | |||||
Australia & New Zealand Banking Group, Ltd.(c) | 2.11% | 09/03/2019 | 30,000 | 30,000,000 | |
Banco Del Estado De Chile(c) | 2.30% | 09/06/2019 | 15,000 | 15,000,237 | |
Cooperatieve Rabobank U.A.(c) | 2.14% | 10/11/2019 | 15,000 | 15,000,081 | |
Mitsubishi UFJ Trust & Banking Corp.(c) | 2.41% | 09/06/2019 | 7,000 | 7,000,171 | |
Total Certificates of Deposit (Cost $67,000,110) | 67,000,489 | ||||
Variable Rate Demand Notes-6.13%(d) | |||||
Credit Enhanced-6.13% | |||||
Jets Stadium Development, LLC; Series 2014 A-4C, VRD Bonds (LOC-Sumitomo Mitsui Banking Corp.)(b)(c)(e) | 2.17% | 04/01/2047 | 7,900 | 7,900,000 | |
Keep Memory Alive; Series 2013, VRD Bonds (LOC-PNC Bank, N.A.)(e) | 2.20% | 05/01/2037 | 3,380 | 3,380,000 | |
Maumelle (City of), AR (Kimberly-Clark Corp.); Series 2015, VRD IDR(b)(c) | 2.08% | 08/01/2045 | 9,400 | 9,400,000 |
13 | Short-Term Investments Trust |
Invesco STIC Prime Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
Credit Enhanced-(continued) | |||||
New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2015 B-1, VRD RB (LOC-Bank of China Ltd.)(c)(e) | 2.23% | 11/01/2049 | $ 14,000 | $ 14,000,000 | |
Ziegler Realty LLC; Series 2007, VRD Notes (LOC-Wells Fargo Bank, N.A.)(b)(c)(e) | 2.15% | 01/01/2033 | 5,500 | 5,500,000 | |
Total Variable Rate Demand Notes (Cost $40,180,000) | 40,180,000 | ||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-56.42% (Cost $369,502,238) | 369,546,518 | ||||
Repurchase Amount | |||||
Repurchase Agreements-43.72%(f) | |||||
BMO Capital Markets Corp., joint agreement dated 08/30/2019, aggregate maturing value of $195,047,667 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, U.S. government sponsored agency obligations, domestic and foreign corporate obligations and domestic commercial paper valued at $207,184,381; 0% - 10.00%; 09/11/2019 - 04/25/2066)(c) | 2.20% | 09/03/2019 | 20,004,889 | 20,000,000 | |
BMO Capital Markets Corp., joint term agreement dated 08/30/2019, aggregate maturing value of $50,021,875 (collateralized by domestic agency mortgage-backed securities valued at $51,415,842; 0% - 13.73%; 06/25/2027 - 06/20/2069)(c)(g) | 2.25% | 09/06/2019 | 8,003,500 | 8,000,000 | |
Citigroup Global Markets, Inc., joint agreement dated 08/30/2019, aggregate maturing value of $400,096,000 (collateralized by U.S. Treasury obligations valued at $408,000,053; 0% - 0.13%; 04/15/2020 - 08/15/2042) | 2.16% | 09/03/2019 | 30,007,200 | 30,000,000 | |
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $250,060,000 (collateralized by domestic agency mortgage-backed securities valued at $255,000,001; 3.00% - 4.00%; 06/01/2048 - 08/01/2049)(c) | 2.16% | 09/03/2019 | 30,007,200 | 30,000,000 | |
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $65,028,185 (collateralized by domestic and foreign agency and non-agency asset-backed securities, domestic non-agency mortgage-backed securities and a foreign corporate obligation valued at $68,250,000; 0.47% - 5.93%; 12/28/2023 - 09/10/2050)(c)(g) | 2.23% | 09/05/2019 | 5,002,168 | 5,000,000 | |
Credit Suisse Securities (USA) LLC, term agreement dated 08/30/2019, maturing value of $10,000,000 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic non-agency asset-backed securities and domestic and foreign corporate obligations valued at $10,499,736; 0% - 8.00%; 10/10/2019 - 07/15/2064)(c)(h) | 2.34% | 10/04/2019 | 10,000,000 | 10,000,000 | |
ING Financial Markets, LLC, joint agreement dated 08/30/2019, aggregate maturing value of $124,030,311 (collateralized by domestic and foreign corporate obligations valued at $130,200,007; 1.63% - 7.88%; 09/29/2019 - 08/15/2059)(c) | 2.20% | 09/03/2019 | 25,006,111 | 25,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 09/08/2017 (collateralized by domestic and foreign equity securities valued at $15,780,373; 2.20%; 02/15/2040 - 12/12/2222)(i) | 2.30% | - | - | 15,000,000 | |
Natixis, joint agreement dated 08/30/2019, aggregate maturing value of $750,179,167 (collateralized by U.S. Treasury obligations valued at $765,000,060; 0% - 3.38%; 12/05/2019 - 11/15/2048)(c) | 2.15% | 09/03/2019 | 60,014,334 | 60,000,000 | |
RBC Capital Markets LLC, joint agreement dated 08/30/2019, aggregate maturing value of $150,036,667 (collateralized by domestic agency mortgage-backed securities and domestic and foreign corporate obligations valued at $156,822,868; 0% - 10.00%; 09/13/2019 - 08/15/2076)(c) | 2.20% | 09/03/2019 | 20,004,889 | 20,000,000 | |
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign corporate obligations valued at $106,426,641; 2.90% - 9.25%; 11/19/2019 - 03/15/2050)(c)(i) | 2.28% | - | - | 5,000,000 | |
Sumitomo Mitsui Banking Corp., joint agreement dated 08/30/2019, aggregate maturing value of $1,500,361,667 (collateralized by domestic agency mortgage-backed securities valued at $1,530,000,000; 3.00% - 3.50%; 08/20/2042 - 04/01/2049)(c) | 2.17% | 09/03/2019 | 58,331,304 | 58,317,243 | |
Total Repurchase Agreements (Cost $286,317,243) | 286,317,243 | ||||
TOTAL INVESTMENTS IN SECURITIES(j)(k)-100.14% (Cost $655,819,481) | 655,863,761 | ||||
OTHER ASSETS LESS LIABILITIES-(0.14)% | (907,139) | ||||
NET ASSETS-100.00% | $ 654,956,622 |
14 | Short-Term Investments Trust |
Invesco STIC Prime Portfolio
CEP | -Credit Enhancement Provider |
IDR | -Industrial Development Revenue Bonds |
LOC | -Letter of Credit |
RB | -Revenue Bonds |
VRD | -Variable Rate Demand |
(a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2019 was $270,166,918, which represented 41.25% 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: 11.9%; Netherlands: 10.8%; France: 9.2%; Switzerland: 6.9%; China: 6.7%; other countries less than 5% each: 17.9%. |
(d) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2019. |
(e) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(f) | Principal amount equals value at period end. See Note 1I. |
(g) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(h) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2019. |
(i) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
(j) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
(k) | Also represents cost for federal income tax purposes. |
15 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
U.S. Treasury Securities-41.59% | ||||||
U.S. Treasury Bills-22.07%(a) | ||||||
U.S. Treasury Bills | 2.14% | 09/10/2019 | $ 500,000 | $ 499,741,875 | ||
U.S. Treasury Bills | 2.49% | 09/12/2019 | 350,000 | 349,737,451 | ||
U.S. Treasury Bills | 2.48% | 09/19/2019 | 500,000 | 499,387,500 | ||
U.S. Treasury Bills | 2.10% | 09/26/2019 | 500,000 | 499,276,041 | ||
U.S. Treasury Bills | 2.06% | 10/08/2019 | 750,000 | 748,419,791 | ||
U.S. Treasury Bills | 2.42% | 10/17/2019 | 475,000 | 473,548,924 | ||
U.S. Treasury Bills | 1.97% | 11/14/2019 | 250,000 | 248,992,778 | ||
U.S. Treasury Bills | 2.21% | 12/05/2019 | 250,000 | 248,558,837 | ||
U.S. Treasury Bills | 2.12% | 12/12/2019 | 300,000 | 298,216,276 | ||
U.S. Treasury Bills | 1.91% | 02/13/2020 | 250,000 | 247,834,375 | ||
U.S. Treasury Bills | 1.87% | 02/20/2020 | 250,000 | 247,790,278 | ||
U.S. Treasury Bills | 1.86% | 02/27/2020 | 250,000 | 247,712,778 | ||
U.S. Treasury Bills | 1.78% | 08/13/2020 | 100,000 | 98,313,194 | ||
4,707,530,098 | ||||||
U.S. Treasury Notes-19.52% | ||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b) | 1.97% | 04/30/2020 | 998,000 | 998,007,326 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b) | 1.98% | 07/31/2020 | 310,000 | 309,995,764 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)(b) | 1.98% | 10/31/2020 | 251,000 | 250,987,381 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)(b) | 2.05% | 01/31/2021 | 1,306,000 | 1,305,513,883 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b) | 2.08% | 04/30/2021 | 851,000 | 850,764,111 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)(b) | 2.16% | 07/31/2021 | 450,000 | 449,930,368 | ||
4,165,198,833 | ||||||
Total U.S. Treasury Securities (Cost $8,872,728,931) | 8,872,728,931 | |||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-41.59% (Cost $8,872,728,931) | 8,872,728,931 | |||||
Repurchase Amount | ||||||
Repurchase Agreements-58.51%(c) | ||||||
Bank of Nova Scotia, agreement dated 08/30/2019, maturing value of $500,119,445 (collateralized by U.S. Treasury obligations valued at $510,000,086; 0% - 8.50%; 09/12/2019 - 02/15/2049) | 2.15% | 09/03/2019 | 500,119,445 | 500,000,000 | ||
BNP Paribas Securities Corp., joint term agreement dated 07/23/2019, aggregate maturing value of $2,007,612,222 (collateralized by U.S. Treasury obligations valued at $2,040,000,018; 0% - 4.38%; 01/15/2020 - 02/15/2049)(d) | 2.21% | 09/23/2019 | 1,104,186,722 | 1,100,000,000 | ||
BNP Paribas Securities Corp., joint term agreement dated 08/26/2019, aggregate maturing value of $1,000,480,000 (collateralized by U.S. Treasury obligations valued at $1,020,000,010; 0% - 8.00%; 04/23/2020 - 11/15/2046)(d) | 2.16% | 09/03/2019 | 400,192,000 | 400,000,000 | ||
CIBC World Markets Corp., agreement dated 08/30/2019, maturing value of $150,035,833 (collateralized by U.S. Treasury obligations valued at $153,000,089; 0.88% - 3.00%; 02/28/2022 - 05/15/2045) | 2.15% | 09/03/2019 | 150,035,833 | 150,000,000 | ||
CIBC World Markets Corp., joint term agreement dated 08/07/2019, aggregate maturing value of $500,895,833 (collateralized by U.S. Treasury obligations valued at $510,000,083; 0.13% - 4.75%; 12/31/2020 - 11/15/2046)(d) | 2.15% | 09/06/2019 | 200,358,333 | 200,000,000 |
16 | Short-Term Investments Trust |
Invesco Treasury Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
Citigroup Global Markets, Inc., term agreement dated 08/29/2019, maturing value of $600,255,500 (collateralized by U.S. Treasury obligations valued at $612,000,082; 0% - 0.13%; 04/15/2020 - 02/15/2036)(d) | 2.19% | 09/05/2019 | $ 600,255,500 | $ 600,000,000 | |
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $1,000,237,778 (collateralized by U.S. Treasury obligations valued at $1,020,000,032; 2.00% - 2.63%; 12/15/2021 - 11/15/2026) | 2.14% | 09/03/2019 | 520,228,164 | 520,104,495 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/23/2019, aggregate maturing value of $802,897,556 (collateralized by U.S. Treasury obligations valued at $816,000,018; 0% - 2.50%; 08/13/2020 - 01/31/2021)(d) | 2.21% | 09/20/2019 | 401,448,778 | 400,000,000 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/06/2019, aggregate maturing value of $500,985,417 (collateralized by U.S. Treasury obligations valued at $510,000,057; 1.00% - 3.38%; 02/28/2021 - 02/15/2049)(d) | 2.15% | 09/09/2019 | 200,394,167 | 200,000,000 | |
Credit Agricole Corporate & Investment Bank, term agreement dated 07/22/2019, maturing value of $301,160,250 (collateralized by U.S. Treasury obligations valued at $306,000,125; 1.63% - 4.38%; 06/30/2021 - 05/15/2041)(d) | 2.21% | 09/23/2019 | 301,160,250 | 300,000,000 | |
DNB Bank ASA, agreement dated 08/30/2019, maturing value of $500,120,000 (collateralized by U.S. Treasury obligations valued at $510,000,097; 2.00% - 2.88%; 02/28/2021 - 08/15/2025) | 2.16% | 09/03/2019 | 500,120,000 | 500,000,000 | |
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/30/2019, maturing value of $150,035,000 (collateralized by a U.S. Treasury obligation valued at $153,000,034; 2.00%; 05/31/2024) | 2.10% | 09/03/2019 | 150,035,000 | 150,000,000 | |
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/30/2019, maturing value of $200,048,000 (collateralized by a U.S. Treasury obligation valued at $204,000,087; 2.63%; 12/31/2023) | 2.16% | 09/03/2019 | 200,048,000 | 200,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 07/18/2019 (collateralized by U.S. Treasury obligations valued at $357,000,214; 0% - 3.63%; 10/10/2019 - 11/15/2044)(e) | 2.11% | - | - | 130,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 05/15/2019 (collateralized by U.S. Treasury obligations valued at $408,000,000; 2.00% - 3.63%; 01/31/2023 - 02/15/2044)(e) | 2.15% | - | - | 400,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 05/22/2019 (collateralized by U.S. Treasury obligations valued at $510,000,052; 1.25% - 3.38%; 10/31/2021 - 11/15/2048)(e) | 2.11% | - | - | 500,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 07/29/2019 (collateralized by U.S. Treasury obligations valued at $510,000,016; 3.00% - 3.13%; 11/15/2028 - 02/15/2043)(e) | 2.15% | - | - | 500,000,000 | |
Metropolitan Life Insurance Co., joint term agreement dated 08/28/2019, aggregate maturing value of $450,199,671 (collateralized by U.S. Treasury obligations valued at $458,714,349; 0% - 2.63%; 10/01/2019 - 08/15/2047)(d) | 2.22% | 09/04/2019 | 185,081,809 | 185,001,950 | |
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/28/2019, aggregate maturing value of $1,333,325,304 (collateralized by U.S. Treasury obligations valued at $1,358,182,101; 2.00% - 2.38%; 04/30/2024 - 05/15/2029)(d) | 2.22% | 09/04/2019 | 472,328,801 | 472,125,000 | |
Natixis, joint agreement dated 08/30/2019, aggregate maturing value of $750,179,167 (collateralized by U.S. Treasury obligations valued at $765,000,060; 0% - 3.38%; 12/05/2019 - 11/15/2048) | 2.15% | 09/03/2019 | 565,134,972 | 565,000,000 | |
Natixis, joint term agreement dated 07/18/2019, aggregate maturing value of $501,858,333 (collateralized by U.S. Treasury obligations valued at $510,000,002; 0% - 3.38%; 09/19/2019 - 05/15/2049)(d) | 2.23% | 09/16/2019 | 200,743,333 | 200,000,000 | |
Prudential Insurance Co. of America, agreement dated 08/30/2019, maturing value of $405,934,102 (collateralized by U.S. Treasury obligations valued at $414,162,863; 0% - 2.75%; 11/15/2027 - 02/15/2045) | 2.17% | 09/03/2019 | 405,934,102 | 405,836,250 | |
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/30/2019, maturing value of $272,315,643 (collateralized by U.S. Treasury obligations valued at $278,228,000; 0%; 08/15/2033 - 08/15/2045) | 2.17% | 09/03/2019 | 272,315,643 | 272,250,000 |
17 | Short-Term Investments Trust |
Invesco Treasury Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
RBC Capital Markets LLC, term agreement dated 08/15/2019, maturing value of $250,529,861 (collateralized by U.S. Treasury obligations valued at $255,000,096; 2.88%; 05/31/2025 - 07/31/2025)(d) | 2.18% | 09/19/2019 | $ 250,529,861 | $ 250,000,000 | |
RBC Dominion Securities Inc., agreement dated 08/30/2019, maturing value of $1,000,238,889 (collateralized by U.S. Treasury obligations valued at $1,020,000,091; 0% - 4.25%; 09/12/2019 - 08/15/2048) | 2.15% | 09/03/2019 | 1,000,238,889 | 1,000,000,000 | |
Societe Generale, joint term agreement dated 08/28/2019, aggregate maturing value of $500,213,889 (collateralized by U.S. Treasury obligations valued at $510,000,072; 0.13% - 6.00%; 01/15/2020 - 02/15/2047)(d) | 2.20% | 09/04/2019 | 165,070,583 | 165,000,000 | |
Societe Generale, open agreement dated 06/25/2018 (collateralized by U.S. Treasury obligations valued at $1,020,000,037; 0% - 8.75%; 09/16/2019 - 02/15/2047)(e) | 2.12% | - | - | 1,000,000,000 | |
Sumitomo Mitsui Banking Corp., agreement dated 08/30/2019, maturing value of $250,059,722 (collateralized by U.S. Treasury obligation valued at $255,000,039; 1.63%; 02/15/2026) | 2.15% | 09/03/2019 | 250,059,722 | 250,000,000 | |
TD Securities (USA) LLC, agreement dated 08/30/2019, maturing value of $200,047,556 (collateralized by U.S. Treasury obligations valued at $204,000,014; 2.38% - 2.63%; 08/15/2024 - 02/15/2029) | 2.14% | 09/03/2019 | 200,047,556 | 200,000,000 | |
Wells Fargo Securities, LLC, agreement dated 08/30/2019, maturing value of $765,182,750 (collateralized by U.S. Treasury obligations valued at $780,300,004; 0.13% - 7.88%; 04/15/2020 - 07/15/2028) | 2.15% | 09/03/2019 | 765,182,750 | 765,000,000 | |
Total Repurchase Agreements (Cost $12,480,317,695) | 12,480,317,695 | ||||
TOTAL INVESTMENTS IN SECURITIES-100.10% (Cost $21,353,046,626) | 21,353,046,626 | ||||
OTHER ASSETS LESS LIABILITIES-(0.10)% | (21,407,037) | ||||
NET ASSETS-100.00% | $21,331,639,589 |
(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, 2019. |
(c) | Principal amount equals value at period end. See Note 1I. |
(d) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(e) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
18 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
U.S. Government Sponsored Agency Securities-27.29% | ||||||
Federal Farm Credit Bank (FFCB)-1.84% | ||||||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.10%)(a) | 2.04% | 09/25/2019 | $ 110,000 | $ 109,999,609 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.10%)(a) | 2.11% | 10/08/2019 | 75,000 | 74,997,138 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.12% | 11/19/2019 | 37,300 | 37,295,847 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.02% | 12/04/2019 | 125,000 | 124,999,160 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.07%)(a) | 2.12% | 12/16/2019 | 120,000 | 120,000,000 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.12% | 12/18/2019 | 25,000 | 24,999,287 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR + 0.05%)(a) | 2.20% | 01/27/2020 | 50,000 | 50,014,972 | ||
Federal Farm Credit Bank (SOFR + 0.10%)(a) | 2.31% | 05/07/2021 | 23,000 | 23,000,000 | ||
Federal Farm Credit Bank (SOFR + 0.08%)(a) | 2.29% | 06/10/2021 | 14,000 | 14,000,000 | ||
579,306,013 | ||||||
Federal Home Loan Bank (FHLB)-19.58% | ||||||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.12% | 09/18/2019 | 50,000 | 50,000,497 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 10/09/2019 | 119,000 | 119,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.11% | 10/22/2019 | 50,000 | 49,996,663 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.18% | 11/08/2019 | 250,000 | 250,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.12% | 11/25/2019 | 225,000 | 225,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.12% | 11/25/2019 | 175,000 | 175,000,000 | ||
Federal Home Loan Bank (SOFR + 0.02%)(a) | 2.23% | 11/27/2019 | 45,000 | 45,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.04% | 12/05/2019 | 150,000 | 150,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.05%)(a) | 2.18% | 12/06/2019 | 79,400 | 79,407,228 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.04%)(a) | 2.19% | 12/06/2019 | 250,000 | 249,993,709 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.18% | 12/09/2019 | 150,000 | 150,000,000 | ||
Federal Home Loan Bank (SOFR)(a) | 2.21% | 12/11/2019 | 398,000 | 398,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.17% | 12/16/2019 | 500,000 | 500,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.09%)(a) | 2.08% | 12/20/2019 | 125,000 | 125,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.02%)(a) | 2.15% | 12/20/2019 | 240,000 | 240,000,000 | ||
Federal Home Loan Bank (SOFR + 0.01%)(a) | 2.22% | 12/20/2019 | 170,000 | 170,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.09%)(a) | 2.06% | 12/27/2019 | 50,000 | 50,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.01%)(a) | 2.18% | 01/17/2020 | 145,000 | 145,000,000 | ||
Federal Home Loan Bank (SOFR + 0.02%)(a) | 2.23% | 02/21/2020 | 420,000 | 420,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 05/08/2020 | 120,000 | 120,000,000 | ||
Federal Home Loan Bank (SOFR + 0.02%)(a) | 2.23% | 05/22/2020 | 265,000 | 265,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 06/19/2020 | 60,000 | 60,000,000 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 07/17/2020 | 95,000 | 95,000,000 | ||
Federal Home Loan Bank (SOFR + 0.08%)(a) | 2.29% | 07/24/2020 | 26,000 | 26,000,000 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 08/21/2020 | 84,000 | 84,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 08/25/2020 | 46,000 | 46,000,000 | ||
Federal Home Loan Bank (SOFR + 0.05%)(a) | 2.26% | 09/28/2020 | 621,500 | 621,500,000 | ||
Federal Home Loan Bank (SOFR + 0.11%)(a) | 2.32% | 10/01/2020 | 40,000 | 40,000,000 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 11/06/2020 | 182,000 | 182,000,000 | ||
Federal Home Loan Bank (SOFR + 0.05%)(a) | 2.26% | 01/22/2021 | 109,000 | 109,000,000 | ||
Federal Home Loan Bank (SOFR + 0.05%)(a) | 2.26% | 01/28/2021 | 173,000 | 173,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 02/09/2021 | 224,000 | 224,000,000 | ||
Federal Home Loan Bank (SOFR + 0.07%)(a) | 2.28% | 02/26/2021 | 198,000 | 198,000,000 |
19 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
Federal Home Loan Bank (FHLB)-(continued) | |||||
Federal Home Loan Bank (SOFR + 0.08%)(a) | 2.29% | 07/23/2021 | $ 321,000 | $ 321,000,000 | |
6,155,898,097 | |||||
Federal Home Loan Mortgage Corp. (FHLMC)-2.83% | |||||
Federal Home Loan Mortgage Corp. (SOFR)(a) | 2.21% | 02/12/2020 | 250,000 | 250,000,000 | |
Federal Home Loan Mortgage Corp. (SOFR + 0.01%)(a) | 2.22% | 07/22/2020 | 119,000 | 119,000,000 | |
Federal Home Loan Mortgage Corp. (SOFR + 0.04%)(a) | 2.25% | 12/14/2020 | 150,000 | 150,000,000 | |
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) | 2.24% | 02/05/2021 | 315,000 | 315,000,000 | |
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) | 2.24% | 02/19/2021 | 55,000 | 55,000,000 | |
889,000,000 | |||||
Federal National Mortgage Association (FNMA)-1.82% | |||||
Federal National Mortgage Association (SOFR + 0.01%)(a) | 2.22% | 05/22/2020 | 215,000 | 215,000,000 | |
Federal National Mortgage Association (SOFR + 0.06%)(a) | 2.27% | 07/30/2020 | 63,000 | 63,000,000 | |
Federal National Mortgage Association (SOFR + 0.04%)(a) | 2.25% | 01/29/2021 | 292,000 | 292,000,000 | |
570,000,000 | |||||
Overseas Private Investment Corp. (OPIC)-1.22% | |||||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 09/15/2020 | 116,000 | 116,000,000 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 06/15/2025 | 24,000 | 24,000,000 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 07/15/2025 | 31,333 | 31,333,334 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 09/15/2025 | 5,000 | 5,000,000 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 09/15/2026 | 5,000 | 5,000,000 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 02/15/2028 | 18,889 | 18,888,889 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 11/15/2028 | 84,091 | 84,090,910 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.25% | 05/15/2030 | 9,282 | 9,282,000 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 10/15/2030 | 8,000 | 8,000,000 | |
Overseas Private Investment Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(b) | 2.22% | 07/09/2026 | 35,700 | 35,700,000 | |
Overseas Private Investment Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 03/15/2030 | 45,000 | 45,000,000 | |
382,295,133 | |||||
Total U.S. Government Sponsored Agency Securities (Cost $8,576,499,243) | 8,576,499,243 | ||||
U.S. Treasury Securities-19.48% | |||||
U.S. Treasury Bills-9.48%(c) | |||||
U.S. Treasury Bills | 2.49% | 09/05/2019 | 450,000 | 449,877,039 | |
U.S. Treasury Bills | 2.15% | 09/10/2019 | 395,000 | 394,788,675 | |
U.S. Treasury Bills | 2.49% | 09/12/2019 | 150,000 | 149,887,479 | |
U.S. Treasury Bills | 2.47%-2.48% | 09/19/2019 | 450,000 | 449,449,650 | |
U.S. Treasury Bills | 2.06% | 09/24/2019 | 400,000 | 399,473,556 | |
U.S. Treasury Bills | 2.06% | 10/01/2019 | 280,000 | 279,551,378 | |
U.S. Treasury Bills | 2.06% | 10/08/2019 | 500,000 | 498,946,527 | |
U.S. Treasury Bills | 1.99% | 10/29/2019 | 150,000 | 149,536,601 | |
U.S. Treasury Bills | 1.87% | 02/20/2020 | 150,000 | 148,674,167 | |
U.S. Treasury Bills | 1.78% | 08/13/2020 | 60,000 | 58,987,917 | |
2,979,172,989 | |||||
U.S. Treasury Notes-10.00%(a) | |||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate) | 1.94% | 01/31/2020 | 170,000 | 169,977,325 |
20 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
U.S. Treasury Notes(a)-(continued) | ||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%) | 1.97% | 04/30/2020 | $ 775,000 | $ 775,008,012 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%) | 1.98% | 07/31/2020 | 535,000 | 534,981,104 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%) | 1.98% | 10/31/2020 | 630,000 | 629,992,456 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%) | 2.05% | 01/31/2021 | 645,000 | 644,786,845 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%) | 2.08% | 04/30/2021 | 390,000 | 390,001,440 | ||
3,144,747,182 | ||||||
Total U.S. Treasury Securities (Cost $6,123,920,171) | 6,123,920,171 | |||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-46.77% (Cost $14,700,419,414) | 14,700,419,414 | |||||
Repurchase Amount | ||||||
Repurchase Agreements-54.66%(d) | ||||||
ABN AMRO Bank N.V., joint agreement dated 08/30/2019, aggregate maturing value of $200,047,778 (collateralized by U.S. Treasury obligations valued at $204,000,020; 2.00% - 6.63%; 09/30/2020 - 05/15/2044) | 2.15% | 09/03/2019 | 60,014,333 | 60,000,000 | ||
Bank of Nova Scotia, joint agreement dated 08/30/2019, aggregate maturing value of $725,174,806 (collateralized by domestic agency mortgage-backed securities valued at $739,500,000; 2.48% - 6.50%; 11/01/2020 - 07/20/2049) | 2.17% | 09/03/2019 | 465,112,117 | 465,000,000 | ||
BNP Paribas Securities Corp., joint term agreement dated 07/23/2019, aggregate maturing value of $2,007,612,222 (collateralized by U.S. Treasury obligations valued at $2,040,000,018; 0% - 4.38%; 01/15/2020 - 02/15/2049)(e) | 2.21% | 09/23/2019 | 903,425,500 | 900,000,000 | ||
BNP Paribas Securities Corp., joint term agreement dated 07/23/2019, aggregate maturing value of $752,867,500 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $765,000,000; 0% - 6.75%; 02/06/2020 - 08/20/2049)(e) | 2.22% | 09/23/2019 | 271,032,300 | 270,000,000 | ||
BNP Paribas Securities Corp., joint term agreement dated 08/26/2019, aggregate maturing value of $1,000,480,000 (collateralized by U.S. Treasury obligations valued at $1,020,000,010; 0% - 8.00%; 04/23/2020 - 11/15/2046)(e) | 2.16% | 09/03/2019 | 420,201,600 | 420,000,000 | ||
CIBC World Markets Corp., joint term agreement dated 07/16/2019, aggregate maturing value of $501,827,361 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 3.00% - 5.00%; 11/01/2026 - 08/01/2049)(e) | 2.23% | 09/13/2019 | 346,260,879 | 345,000,000 | ||
CIBC World Markets Corp., joint term agreement dated 08/07/2019, aggregate maturing value of $500,895,833 (collateralized by U.S. Treasury obligations valued at $510,000,083; 0.13% - 4.75%; 12/31/2020 - 11/15/2046)(e) | 2.15% | 09/06/2019 | 300,537,500 | 300,000,000 | ||
CIBC World Markets Corp., joint term agreement dated 08/15/2019, aggregate maturing value of $726,543,646 (collateralized by domestic agency mortgage-backed securities valued at $739,500,000; 3.00% - 4.50%; 09/01/2029 - 07/01/2049)(e) | 2.19% | 09/19/2019 | 501,064,583 | 500,000,000 | ||
CIBC World Markets Corp., term agreement dated 08/07/2019, maturing value of $500,904,167 (collateralized by domestic agency mortgage-backed securities valued at $510,000,001; 2.70% - 6.00%; 08/01/2023 - 11/15/2056)(e) | 2.17% | 09/06/2019 | 500,904,167 | 500,000,000 | ||
Citigroup Global Markets, Inc., joint agreement dated 08/30/2019, aggregate maturing value of $400,096,000 (collateralized by U.S. Treasury obligations valued at $408,000,053; 0% - 0.13%; 04/15/2020 - 08/15/2042) | 2.16% | 09/03/2019 | 370,088,800 | 370,000,000 |
21 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $1,000,237,778 (collateralized by U.S. Treasury obligations valued at $1,020,000,032; 2.00% - 2.63%; 12/15/2021 - 11/15/2026) | 2.14% | 09/03/2019 | $ 480,009,614 | $ 479,895,505 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/23/2019, aggregate maturing value of $802,897,556 (collateralized by U.S. Treasury obligations valued at $816,000,018; 0% - 2.50%; 08/13/2020 - 01/31/2021)(e) | 2.21% | 09/20/2019 | 316,140,912 | 315,000,000 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/06/2019, aggregate maturing value of $500,985,417 (collateralized by U.S. Treasury obligations valued at $510,000,057; 1.00% - 3.38%; 02/28/2021 - 02/15/2049)(e) | 2.15% | 09/09/2019 | 300,591,250 | 300,000,000 | |
Credit Agricole Corporate & Investment Bank, term agreement dated 07/22/2019, maturing value of $150,580,125 (collateralized by a U.S. Treasury obligation valued at $153,000,034; 2.88%; 11/30/2023)(e) | 2.21% | 09/23/2019 | 150,580,125 | 150,000,000 | |
DNB Bank ASA, agreement dated 08/30/2019, maturing value of $300,072,000 (collateralized by U.S. Treasury obligations valued at $306,000,052; 2.00% - 2.63%; 02/28/2021 - 08/15/2025) | 2.16% | 09/03/2019 | 300,072,000 | 300,000,000 | |
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/30/2019, maturing value of $1,000,240,000 (collateralized by U.S. Treasury obligations valued at $1,020,000,048; 2.38% - 2.63%; 12/31/2023 - 02/29/2024) | 2.16% | 09/03/2019 | 1,000,240,000 | 1,000,000,000 | |
Fixed Income Clearing Corp. - State Street Bank, agreement dated 08/30/2019, maturing value of $630,151,200 (collateralized by U.S. Treasury obligations valued at $642,602,285; 2.16%; 06/15/2022 - 07/15/2022) | 2.16% | 09/03/2019 | 630,151,200 | 630,000,000 | |
ING Financial Markets, LLC, agreement dated 08/30/2019, maturing value of $350,084,000 (collateralized by domestic agency mortgage-backed securities valued at $357,000,000; 2.00% - 5.00%; 07/01/2028 - 05/01/2058) | 2.16% | 09/03/2019 | 350,084,000 | 350,000,000 | |
ING Financial Markets, LLC, joint agreement dated 08/30/2019, aggregate maturing value of $265,063,306 (collateralized by U.S. government sponsored agency obligations valued at $270,300,906; 0% - 2.63%; 09/09/2019 - 09/06/2024) | 2.15% | 09/03/2019 | 125,029,861 | 125,000,000 | |
ING Financial Markets, LLC, joint term agreement dated 08/12/2019, aggregate maturing value of $651,383,958 (collateralized by domestic agency mortgage-backed securities valued at $663,000,000; 2.00% - 7.00%; 07/01/2024 - 05/01/2058) | 2.19% | 09/16/2019 | 455,968,771 | 455,000,000 | |
ING Financial Markets, LLC, joint term agreement dated 08/26/2019, aggregate maturing value of $400,191,111 (collateralized by domestic agency mortgage-backed securities valued at $408,000,000; 3.00% - 6.00%; 12/01/2025 - 09/01/2057)(e) | 2.15% | 09/03/2019 | 265,126,611 | 265,000,000 | |
ING Financial Markets, LLC, joint term agreement dated 08/30/2019, aggregate maturing value of $300,125,417 (collateralized by domestic agency mortgage-backed securities valued at $306,000,001; 2.16% - 5.00%; 08/01/2024 - 05/01/2058)(e) | 2.15% | 09/06/2019 | 200,083,611 | 200,000,000 | |
ING Financial Markets, LLC, term agreement dated 08/30/2019, maturing value of $75,153,125 (collateralized by domestic agency mortgage-backed securities valued at $76,500,000; 3.00% - 5.00%; 01/01/2031 - 05/01/2058) | 2.10% | 10/04/2019 | 75,153,125 | 75,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 05/02/2019 (collateralized by a U.S. Treasury obligation and domestic agency mortgage-backed securities valued at $510,000,010; 0% - 7.00%; 01/01/2024 - 02/01/2056)(f) | 2.13% | - | - | 350,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 05/15/2019 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $295,800,000; 0% - 8.50%; 10/01/2020 - 02/01/2057)(f) | 2.17% | - | - | 240,000,000 |
22 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
J.P. Morgan Securities LLC, joint open agreement dated 07/18/2019 (collateralized by U.S. Treasury obligations valued at $357,000,214; 0% - 3.63%; 10/10/2019 - 11/15/2044)(f) | 2.11% | - | $ - | $ 150,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 07/18/2019 (collateralized by U.S. Treasury obligations valued at $583,440,120; 2.13% - 3.75%; 01/31/2023 - 02/15/2049)(f) | 2.15% | - | - | 385,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 05/22/2019 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000; 2.50% - 6.50%; 01/01/2024 - 08/20/2049)(f) | 2.13% | - | - | 250,000,000 | |
Metropolitan Life Insurance Co., joint term agreement dated 08/28/2019, aggregate maturing value of $450,199,671 (collateralized by U.S. Treasury obligations valued at $458,714,349; 0% - 2.63%; 10/01/2019 - 08/15/2047)(e) | 2.22% | 09/04/2019 | 185,080,221 | 185,000,362 | |
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/28/2019, aggregate maturing value of $1,333,325,304 (collateralized by U.S. Treasury obligations valued at $1,358,182,101; 2.00% - 2.38%; 04/30/2024 - 05/15/2029)(e) | 2.22% | 09/04/2019 | 455,821,678 | 455,625,000 | |
Natixis, agreement dated 08/30/2019, maturing value of $600,144,667 (collateralized by U.S. Treasury obligations, U.S. government sponsored agency obligations & domestic agency mortgage-backed securities valued at $612,000,000; 0% - 7.50%; 12/05/2019 - 09/15/2065) | 2.17% | 09/03/2019 | 600,144,667 | 600,000,000 | |
Natixis, joint term agreement dated 07/18/2019, aggregate maturing value of $501,858,333 (collateralized by U.S. Treasury obligations valued at $510,000,002; 0% - 3.38%; 09/19/2019 - 05/15/2049)(e) | 2.23% | 09/16/2019 | 210,780,500 | 210,000,000 | |
Prudential Insurance Co. of America, agreement dated 08/30/2019, maturing value of $585,326,095 (collateralized by U.S. Treasury obligations valued at $597,171,000; 0%; 02/15/2026 - 05/15/2045) | 2.17% | 09/03/2019 | 585,326,095 | 585,185,000 | |
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/30/2019, maturing value of $94,072,677 (collateralized by U.S. Treasury obligations valued at $95,916,500; 0%; 08/15/2033 - 05/15/2045) | 2.17% | 09/03/2019 | 94,072,677 | 94,050,000 | |
RBC Capital Markets LLC, agreement dated 08/30/2019, maturing value of $1,000,241,111 (collateralized by domestic agency mortgage-backed securites, a U.S. government sponsored agency obligation and a U.S. Treasury obligation valued at $1,020,000,052; 1.25% - 4.50%; 03/31/2021 - 07/25/2049) | 2.17% | 09/03/2019 | 1,000,241,111 | 1,000,000,000 | |
RBC Capital Markets LLC, joint term agreement dated 08/15/2019, aggregate maturing value of $1,202,555,000 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,224,000,043; 1.88% - 7.00%; 06/25/2021 - 11/16/2060)(e) | 2.19% | 09/19/2019 | 901,916,250 | 900,000,000 | |
RBC Capital Markets LLC, joint term agreement dated 08/30/2019, aggregate maturing value of $1,250,000,000 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and foreign corporate obligations valued at $1,275,000,210; 0% - 14.19%; 10/10/2019 - 02/20/2069)(a)(e) | 2.16% | 10/30/2019 | 920,000,000 | 920,000,000 | |
RBC Dominion Securities Inc., term agreement dated 08/02/2019, maturing value of $401,173,333 (collateralized by U.S. Treasury obligations valued at $408,000,097; 0% - 6.50%; 09/12/2019 - 02/15/2049)(e) | 2.20% | 09/19/2019 | 401,173,333 | 400,000,000 | |
Societe Generale, joint open agreement dated 06/25/2018 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $510,000,000; 0% - 5.94%; 09/06/2019 - 08/20/2064)(f) | 2.13% | - | - | 320,000,000 | |
Societe Generale, joint term agreement dated 08/28/2019, aggregate maturing value of $500,213,889 (collateralized by U.S. Treasury obligations valued at $510,000,072; 0.13% - 6.00%; 01/15/2020 - 02/15/2047)(e) | 2.20% | 09/04/2019 | 245,104,806 | 245,000,000 | |
Sumitomo Mitsui Banking Corp., joint agreement dated 08/30/2019, aggregate maturing value of $1,500,361,667 (collateralized by domestic agency mortgage-backed securities valued at $1,530,000,000; 3.00% - 3.50%; 08/20/2042 - 04/01/2049) | 2.17% | 09/03/2019 | 358,784,180 | 358,697,694 |
23 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
Wells Fargo Securities, LLC, agreement dated 08/30/2019, maturing value of $760,183,244 (collateralized by domestic agency mortgage-backed securities valued at $775,200,000; 3.00% - 3.50%; 04/01/2049 - 09/01/2049) | 2.17% | 09/03/2019 | $ 760,183,244 | $ 760,000,000 | |
Total Repurchase Agreements (Cost $17,183,453,561) | 17,183,453,561 | ||||
TOTAL INVESTMENTS IN SECURITIES(g)-101.43% (Cost $31,883,872,975) | 31,883,872,975 | ||||
OTHER ASSETS LESS LIABILITIES-(1.43)% | (448,222,322) | ||||
NET ASSETS-100.00% | $ 31,435,650,653 |
LIBOR | -London Interbank Offered Rate |
SOFR | -Secured Overnight Financing Rate |
USD | -U.S. Dollar |
VRD | -Variable Rate Demand |
(a) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2019. |
(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, 2019. |
(c) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(d) | Principal amount equals value at period end. See Note 1I. |
(e) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(f) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
(g) | Also represents cost for federal income tax purposes. |
24 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
U.S. Treasury Securities-108.93% | ||||||
U.S. Treasury Bills-85.36%(a) | ||||||
U.S. Treasury Bills | 1.98%-2.15% | 09/03/2019 | $ 81,956 | $ 81,946,444 | ||
U.S. Treasury Bills | 2.31%-2.49% | 09/05/2019 | 101,800 | 101,773,184 | ||
U.S. Treasury Bills | 2.02%-2.14% | 09/10/2019 | 55,760 | 55,730,847 | ||
U.S. Treasury Bills | 2.49% | 09/12/2019 | 12,000 | 11,990,998 | ||
U.S. Treasury Bills | 2.01%-2.13% | 09/17/2019 | 50,000 | 49,954,155 | ||
U.S. Treasury Bills | 2.18%-2.48% | 09/19/2019 | 65,000 | 64,925,975 | ||
U.S. Treasury Bills | 2.06%-2.15% | 09/24/2019 | 87,000 | 86,882,329 | ||
U.S. Treasury Bills | 2.10% | 09/26/2019 | 32,000 | 31,953,667 | ||
U.S. Treasury Bills | 2.11% | 10/01/2019 | 113,000 | 112,813,038 | ||
U.S. Treasury Bills | 2.06% | 10/08/2019 | 50,000 | 49,894,653 | ||
U.S. Treasury Bills | 2.42% | 10/10/2019 | 45,000 | 44,883,244 | ||
U.S. Treasury Bills | 1.96% | 10/15/2019 | 37,000 | 36,911,817 | ||
U.S. Treasury Bills | 2.42% | 10/17/2019 | 30,000 | 29,908,383 | ||
U.S. Treasury Bills | 1.99% | 10/22/2019 | 40,000 | 39,887,517 | ||
U.S. Treasury Bills | 1.99% | 10/29/2019 | 25,000 | 24,922,767 | ||
U.S. Treasury Bills | 2.00% | 11/07/2019 | 40,000 | 39,851,855 | ||
U.S. Treasury Bills | 1.97% | 11/14/2019 | 15,000 | 14,939,567 | ||
U.S. Treasury Bills | 1.91% | 11/21/2019 | 30,000 | 29,871,750 | ||
U.S. Treasury Bills | 1.96% | 11/29/2019 | 15,000 | 14,927,687 | ||
U.S. Treasury Bills | 1.91% | 02/13/2020 | 10,000 | 9,913,375 | ||
U.S. Treasury Bills | 1.87% | 02/20/2020 | 5,000 | 4,955,806 | ||
U.S. Treasury Bills | 1.86% | 02/27/2020 | 5,000 | 4,954,256 | ||
U.S. Treasury Bills | 1.77% | 08/13/2020 | 5,000 | 4,916,021 | ||
948,709,335 | ||||||
U.S. Treasury Notes-23.57%(b) | ||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%) | 1.99% | 10/31/2019 | 35,000 | 34,999,967 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate) | 1.94% | 01/31/2020 | 30,000 | 29,992,786 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%) | 1.97% | 04/30/2020 | 35,000 | 35,000,454 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%) | 1.98% | 07/31/2020 | 29,000 | 28,999,479 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%) | 1.98% | 10/31/2020 | 35,000 | 34,998,675 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%) | 2.05% | 01/31/2021 | 33,000 | 32,980,913 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%) | 2.08% | 04/30/2021 | 24,000 | 23,999,707 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%) | 2.16% | 07/31/2021 | 41,000 | 40,999,282 | ||
261,971,263 | ||||||
TOTAL INVESTMENTS IN SECURITIES-108.93% (Cost $1,210,680,598) | 1,210,680,598 | |||||
OTHER ASSETS LESS LIABILITIES-(8.93)% | (99,289,902) | |||||
NET ASSETS-100.00% | $1,111,390,696 |
25 | Short-Term Investments Trust |
Invesco Treasury Obligations Portfolio
(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, 2019. |
26 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Municipal Obligations-99.71% | ||||||
Alabama-3.61% | ||||||
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC-Swedbank AB)(a)(b)(c) | 1.46% | 07/01/2040 | $8,405 | $ 8,405,000 | ||
Arizona-4.14% | ||||||
Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, Ref. VRD RB (LOC-Bank Of America, N.A.)(b)(c) | 1.25% | 01/01/2046 | 5,280 | 5,280,000 | ||
Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD RB (CEP-FNMA)(b) | 1.28% | 06/15/2031 | 1,745 | 1,745,000 | ||
Sierra Vista (City of), AZ Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD RB (CEP-FNMA)(b) | 1.28% | 06/15/2031 | 2,595 | 2,595,000 | ||
9,620,000 | ||||||
Colorado-0.35% | ||||||
Boulder (County of), CO (Imagine!); Series 2006, VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.40% | 02/01/2031 | 823 | 823,000 | ||
Delaware-1.40% | ||||||
Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.28% | 05/01/2036 | 2,900 | 2,900,000 | ||
Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.29% | 05/01/2036 | 345 | 345,000 | ||
3,245,000 | ||||||
District of Columbia-1.84% | ||||||
District of Columbia (American University); Series 1998 A, VRD RB (LOC-TD Bank, N.A.)(b)(c) | 1.25% | 08/15/2038 | 245 | 245,000 | ||
Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD RB (LOC-Sumitomo Mitsui Banking Corp.)(a)(b)(c) | 1.25% | 10/01/2039 | 4,035 | 4,035,000 | ||
4,280,000 | ||||||
Florida-5.50% | ||||||
Halifax Hospital Medical Center; Series 2008, Ref. VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.30% | 06/01/2048 | 910 | 910,000 | ||
Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC-Northern Trust Co. (The))(b)(c) | 1.35% | 11/01/2036 | 1,580 | 1,580,000 | ||
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) | 1.32% | 07/01/2032 | 1,965 | 1,965,000 | ||
Pinellas (County of), FL Health Facilities Authority (Baycare Health System); Series 2009 A-2, VRD RB (LOC-Northern Trust Co. (The))(b)(c) | 1.28% | 11/01/2038 | 5,445 | 5,445,000 | ||
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2008 B, Ref. VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.25% | 07/01/2037 | 2,900 | 2,900,000 | ||
12,800,000 | ||||||
Georgia-7.53% | ||||||
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC-BMO Harris Bank N.A.)(b)(c) | 1.29% | 11/01/2030 | 2,500 | 2,500,000 | ||
Georgia (State of) Private College and University Authority; Series 2019, Commercial Paper Notes | 1.55% | 09/05/2019 | 3,400 | 3,400,000 | ||
Georgia (State of) Private Colleges & Universities Authority (Emory University); Series 2005 B-2, VRD RB(b) | 1.28% | 09/01/2035 | 3,690 | 3,690,000 | ||
Glynn-Brunswick Memorial Hospital Authority (Southeast Georgia Health System); Series 2008 B, VRD RAN (LOC-TD Bank, N.A.)(b)(c) | 1.27% | 08/01/2038 | 1,400 | 1,400,000 | ||
Monroe (County of), GA Development Authority (Oglethorpe Power Corp. Scherer); | ||||||
Series 2009 A, VRD PCR (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.30% | 01/01/2030 | 2,420 | 2,420,000 | ||
Series 2010 A, Ref. VRD PCR (LOC-Bank of Montreal)(b)(c) | 1.30% | 01/01/2036 | 3,700 | 3,700,000 |
27 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Georgia-(continued) | ||||||
Richmond (County of), GA Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000,VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.40% | 09/01/2020 | $ 400 | $ 400,000 | ||
17,510,000 | ||||||
Illinois-2.61% | ||||||
Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(b) | 1.26% | 12/01/2046 | 4,935 | 4,935,000 | ||
Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC-Northern Trust Co. (The))(b)(c) | 1.20% | 01/01/2037 | 875 | 875,000 | ||
Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC-U.S. Bank N.A.)(b)(c) | 1.29% | 10/01/2033 | 250 | 250,000 | ||
6,060,000 | ||||||
Indiana-5.90% | ||||||
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.35% | 08/01/2037 | 4,505 | 4,505,000 | ||
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC-Rabobank Nederland)(a)(b)(c) | 1.31% | 06/01/2035 | 6,135 | 6,135,000 | ||
Purdue University; Series 2011 A, VRD COP(b) | 1.22% | 07/01/2035 | 3,082 | 3,081,500 | ||
13,721,500 | ||||||
Louisiana-1.70% | ||||||
East Baton Rouge (Parish of), LA Industrial Development Board (ExxonMobil); Series 2010 A, VRD RB(b) | 1.26% | 09/05/2019 | 1,526 | 1,526,000 | ||
Louisiana (State of) Public Facilities Authority (CHRISTUS Health); Series 2009 B-3, Ref. VRD RB (LOC-Bank of New York Mellon (The))(b)(c) | 1.25% | 07/01/2047 | 1,490 | 1,490,000 | ||
St. James (Parish of), LA (Nustar Logistics, L.P.); Series 2010 B, VRD RB (LOC-MUFG Bank, Ltd.)(a)(b)(c) | 1.29% | 12/01/2040 | 930 | 930,000 | ||
3,946,000 | ||||||
Maryland-3.46% | ||||||
Maryland (State of) Health & Higher Educational Facilities Authority (Johns Hopkins Hospital); Series 2019 B, Commercial Paper Notes | 1.31% | 10/02/2019 | 3,000 | 3,000,000 | ||
Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC-TD Bank, N.A.)(b)(c) | 1.25% | 04/01/2035 | 300 | 300,000 | ||
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical); Series 2008E, VRD RB (LOC-Bank of Montreal)(b)(c) | 1.22% | 07/01/2041 | 2,600 | 2,600,000 | ||
Montgomery (County of), MD; Series 2009 B, Commercial Paper BAN | 1.36% | 10/10/2019 | 2,150 | 2,150,000 | ||
8,050,000 | ||||||
Massachusetts-1.09% | ||||||
Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC-TD Bank, N.A.)(b)(c) | 1.25% | 10/01/2038 | 1,425 | 1,425,000 | ||
Massachusetts (State of) Transportation Trust Fund; Series 2010 A-1, VRD RB (LOC-Citibank, N.A.)(b)(c) | 1.25% | 01/01/2037 | 1,100 | 1,100,000 | ||
2,525,000 | ||||||
Michigan-2.55% | ||||||
Kent (County of), MI Hospital Finance Authority (Spectrum Health System); Series 2008 C, Ref. VRD RB (LOC-Bank of New York Mellon (The))(b)(c) | 1.29% | 01/15/2026 | 385 | 385,000 | ||
Michigan State University Board of Trustees; Series 2000 A-1, VRD RB (CEP -Royal Bank of Canada)(b) | 1.28% | 08/15/2030 | 1,300 | 1,300,000 | ||
Oakland University Board of Trustees; Series 2008, Ref. VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.28% | 03/01/2031 | 4,240 | 4,240,000 | ||
5,925,000 | ||||||
Minnesota-7.98% | ||||||
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP-FNMA)(b) | 1.36% | 10/15/2033 | 1,175 | 1,175,000 |
28 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Minnesota-(continued) | ||||||
Minnesota (State of) Higher Education Facilities Authority (Concordia University, St. Paul); Series 2007 Six-Q, VRD RB (LOC-U.S. Bank N.A.)(b)(c) | 1.31% | 04/01/2037 | $6,825 | $ 6,825,000 | ||
Minnetonka (City of), MN (Minnetonka Hills Apartments); Series 2001, Ref. VRD RB (CEP-FNMA)(b) | 1.37% | 11/15/2031 | 1,860 | 1,860,000 | ||
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP-FHLMC)(b) | 1.28% | 11/01/2035 | 5,470 | 5,470,000 | ||
St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP -FHLMC)(b) | 1.28% | 10/01/2033 | 3,215 | 3,215,000 | ||
18,545,000 | ||||||
Mississippi-2.40% | ||||||
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); | ||||||
Series 2010 C, VRD IDR(b) | 1.29% | 12/01/2030 | 585 | 585,000 | ||
Series 2010 E, VRD IDR(b) | 1.29% | 12/01/2030 | 5,000 | 5,000,000 | ||
5,585,000 | ||||||
Missouri-1.37% | ||||||
Bridgeton (City of), MO IDA (Stolze Printing); Series 2010, VRD RB (LOC-FHLB of Chicago)(b)(c) | 1.28% | 11/01/2037 | 485 | 485,000 | ||
Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC-FHLB of Chicago)(b)(c) | 1.29% | 08/01/2038 | 610 | 610,000 | ||
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2000, VRD RB (LOC-Bank of America, N.A.)(b)(c) | 1.34% | 02/01/2031 | 1,799 | 1,799,000 | ||
Springfield (City of), MO Industrial Development Authority (Pebblecreek Apartments); Series 1994, Ref. VRD RB (LOC-FHLB of Des Moines)(b)(c) | 1.40% | 12/01/2019 | 295 | 295,000 | ||
3,189,000 | ||||||
New York-11.35% | ||||||
Metropolitan Transportation Authority; Subseries 2005 D-2, VRD RB (LOC -Landesbank Hessen-Thueringen Girozentrale)(a)(b)(c) | 1.18% | 11/01/2035 | 5,350 | 5,350,000 | ||
New York (City of), NY; | ||||||
Subseries 2015 F-5, VRD GO Bonds(b) | 1.25% | 06/01/2044 | 7,000 | 7,000,000 | ||
Subseries 2010 G-4, VRD GO Bonds (CEP-Barclays Bank PLC)(b) | 1.28% | 03/01/2039 | 2,935 | 2,935,000 | ||
New York (City of), NY Municipal Water Finance Authority; Subseries 2012 A-1, VRD RB(b) | 1.25% | 06/15/2044 | 3,310 | 3,310,000 | ||
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) | 1.27% | 05/01/2039 | 2,000 | 2,000,000 | ||
New York (State of) Housing Finance Agency (222 East 44th Street Housing); Series 2015 A, VRD RB (LOC -Bank of China Ltd.)(b)(c) | 1.31% | 05/01/2050 | 1,000 | 1,000,000 | ||
New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2015 A, VRD RB (LOC-Bank of China Ltd.)(a)(b)(c) | 1.33% | 11/01/2049 | 4,800 | 4,800,000 | ||
26,395,000 | ||||||
North Carolina-3.03% | ||||||
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1991 B, VRD RB(b) | 1.20% | 12/01/2021 | 2,550 | 2,550,000 | ||
Raleigh & Durham (Cities of), NC Airport Authority; Series 2008 C, Ref. VRD RB (LOC - TD Bank, N.A.)(b)(c) | 1.24% | 05/01/2036 | 4,500 | 4,500,000 | ||
7,050,000 | ||||||
Ohio-4.95% | ||||||
Franklin (County of), OH (OhioHealth Corp.); Series 2009 A, Ref. VRD RB(b) | 1.28% | 11/15/2041 | 7,890 | 7,890,000 | ||
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC-U.S. Bank N.A.)(b)(c) | 1.28% | 08/02/2038 | 415 | 415,000 | ||
Ohio (State of) Higher Educational Facility Commission (Cleveland Clinic Health System Obligated Group); Series 2013 B-2, VRD RB(b) | 1.28% | 01/01/2039 | 3,200 | 3,200,000 | ||
11,505,000 |
29 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Pennsylvania-3.90% | ||||||
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC -PNC Bank, N.A.)(b)(c) | 1.28% | 06/01/2037 | $2,845 | $ 2,845,000 | ||
Haverford Township School District; Series 2009, VRD GO Bonds (LOC-TD Bank, N.A.)(b)(c) | 1.27% | 03/01/2030 | 2,795 | 2,795,000 | ||
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.28% | 10/15/2025 | 866 | 866,000 | ||
Ridley School District; Series 2009, VRD GO Bonds (LOC-TD Bank N.A.)(b)(c) | 1.27% | 11/01/2029 | 250 | 250,000 | ||
Westmoreland (County of), PA Industrial Development Authority (Excela Health); Series 2005 A, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.28% | 07/01/2027 | 2,305 | 2,305,000 | ||
9,061,000 | ||||||
Texas-9.99% | ||||||
Gulf Coast Industrial Development Authority (ExxonMobil); Series 2012, VRD RB(b) | 1.25% | 11/01/2041 | 4,000 | 4,000,000 | ||
Harris (County of), TX; Series 2019 C, GO Commercial Paper Notes | 1.30% | 10/03/2019 | 1,350 | 1,350,000 | ||
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.31% | 02/15/2042 | 4,050 | 4,050,000 | ||
Houston (City of), TX; Series 2019 E-2, GO Commercial Paper Notes | 1.32% | 09/11/2019 | 2,500 | 2,500,000 | ||
Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC-Sumitomo Mitsui Banking Corp.)(a)(b)(c) | 1.27% | 05/15/2034 | 1,100 | 1,100,000 | ||
San Gabriel Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.32% | 04/01/2026 | 2,332 | 2,332,000 | ||
Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP-FHLMC)(b) | 1.28% | 05/01/2042 | 2,865 | 2,865,000 | ||
Texas A&M University System Board of Regents; Series 2019 B, Revenue Financing System Commercial Paper Notes | 1.28% | 12/04/2019 | 400 | 400,000 | ||
University of Texas System Board of Regents; Series 2008 B, VRD RB(b) | 1.20% | 08/01/2025 | 4,620 | 4,620,000 | ||
23,217,000 | ||||||
Utah-2.92% | ||||||
Murray (City of), UT (IHC Health Services, Inc.); Series 2003 B, VRD RB(b) | 1.25% | 05/15/2036 | 5,800 | 5,800,000 | ||
Weber (County of), UT (IHC Health Services, Inc.); Series 2000A, VRD RB(b) | 1.25% | 02/15/2031 | 1,000 | 1,000,000 | ||
6,800,000 | ||||||
Virginia-3.25% | ||||||
Norfolk (City of), VA; Series 2007, VRD GO Bonds(b) | 1.25% | 08/01/2037 | 2,900 | 2,900,000 | ||
University of Virginia System Board of Regents; | ||||||
Series 2019 A, Commercial Paper | 1.32% | 09/04/2019 | 3,250 | 3,250,000 | ||
Series 2019 A, Commercial Paper Notes | 1.32% | 09/10/2019 | 1,400 | 1,400,000 | ||
7,550,000 | ||||||
Washington-2.81% | ||||||
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB (LOC-FHLB of San Francisco)(b)(c) | 1.30% | 09/01/2049 | 2,050 | 2,050,000 | ||
Washington (State of) Housing Finance Commission (Redmond Ridge Apartments); Series 2017, VRD RB (LOC-FHLB of San Francisco)(b)(c) | 1.30% | 11/01/2047 | 4,485 | 4,485,000 | ||
6,535,000 | ||||||
West Virginia-2.33% | ||||||
Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC-Bank of America, N.A.)(b)(c) | 1.34% | 07/01/2039 | 945 | 945,000 | ||
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hosp, Inc.); Series 2008 B, Ref. VRD RB (LOC-Branch Banking & Trust Co.)(b)(c) | 1.30% | 01/01/2034 | 4,465 | 4,465,000 | ||
5,410,000 |
30 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Wisconsin-1.75% | ||||||
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC-FHLB of Chicago)(b)(c) | 1.28% | 10/01/2042 | $4,065 | $ 4,065,000 | ||
TOTAL INVESTMENTS IN SECURITIES(d)(e)-99.71% (Cost $231,817,500) | 231,817,500 | |||||
OTHER ASSETS LESS LIABILITIES-0.29% | 679,773 | |||||
NET ASSETS-100.00% | $232,497,273 |
BAN | - Bond Anticipation Notes |
CEP | - Credit Enhancement Provider |
COP | - Certificates of Participation |
FHLB | - Federal Home Loan Bank |
FHLMC | - Federal Home Loan Mortgage Corp. |
FNMA | - Federal National Mortgage Association |
GO | - General Obligation |
IDR | - Industrial Development Revenue Bonds |
LOC | - Letter of Credit |
PCR | - Pollution Control Revenue Bonds |
RAN | - Revenue Anticipation Notes |
RB | - Revenue Bonds |
Ref. | - Refunding |
VRD | - Variable Rate Demand |
(a) | The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: other countries less than 5% each: 14.1%. |
(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, 2019. |
(c) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(d) | Also represents cost for federal income tax purposes. |
(e) | This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. |
Entities | Percentage |
JPMorgan Chase Bank, N.A. | 6.0% |
Federal Home Loan Bank | 5.2 |
31 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | Invesco Treasury Obligations Portfolio | Invesco Tax-Free Cash Reserve Portfolio | |||||||
Assets: | ||||||||||||
Investments in securities, at value | $1,652,413,405 | $369,546,518 | $8,872,728,931 | $14,700,419,414 | $1,210,680,598 | $231,817,500 | ||||||
Repurchase agreements, at value and cost | 809,909,978 | 286,317,243 | 12,480,317,695 | 17,183,453,561 | - | - | ||||||
Cash | 6,990 | - | - | - | 30,686 | - | ||||||
Receivable for: | ||||||||||||
Investments sold | - | - | - | - | - | 635,000 | ||||||
Interest | 2,000,788 | 246,253 | 17,612,267 | 36,396,253 | 480,845 | 291,790 | ||||||
Investment for trustee deferred compensation and retirement plans | 3,581,687 | 992,582 | 2,125,285 | 968,531 | 113,150 | 349,608 | ||||||
Other assets | 25,265 | 155,655 | 60,292 | 104,838 | 27,039 | 77,824 | ||||||
Total assets | 2,467,938,113 | 657,258,251 | 21,372,844,470 | 31,921,342,597 | 1,211,332,318 | 233,171,722 | ||||||
Liabilities: | ||||||||||||
Payable for: | ||||||||||||
Investments purchased | - | - | - | 429,087,979 | 97,805,805 | - | ||||||
Dividends | 4,543,433 | 1,150,957 | 36,791,120 | 52,409,868 | 1,865,273 | 197,452 | ||||||
Accrued fees to affiliates | 131,083 | 22,938 | 1,662,179 | 1,646,568 | 92,460 | 53,424 | ||||||
Accrued trustees’ and officers’ fees and benefits | 1,907 | 975 | 11,732 | 12,400 | 1,308 | 836 | ||||||
Accrued operating expenses | 56,706 | 43,639 | 321,350 | 1,388,876 | 50,894 | 42,046 | ||||||
Trustee deferred compensation and retirement plans | 3,944,239 | 1,083,120 | 2,418,500 | 1,146,253 | 125,882 | 380,691 | ||||||
Total liabilities | 8,677,368 | 2,301,629 | 41,204,881 | 485,691,944 | 99,941,622 | 674,449 | ||||||
Net assets applicable to shares outstanding | $2,459,260,745 | $654,956,622 | $21,331,639,589 | $31,435,650,653 | $1,111,390,696 | $232,497,273 | ||||||
Net assets consist of: | ||||||||||||
Shares of beneficial interest | $2,458,474,734 | $654,140,847 | $21,330,956,470 | $31,435,409,972 | $1,111,429,025 | $232,621,319 | ||||||
Distributable earnings | 786,011 | 815,775 | 683,119 | 240,681 | (38,329) | (124,046) | ||||||
$2,459,260,745 | $654,956,622 | $21,331,639,589 | $31,435,650,653 | $1,111,390,696 | $232,497,273 | |||||||
Net Assets: | ||||||||||||
Institutional Class | $2,444,252,763 | $652,150,754 | $18,717,318,208 | $30,003,318,534 | $1,045,046,413 | $161,038,615 | ||||||
Private Investment Class | $4,717,825 | $1,347,722 | $506,027,277 | $532,584,787 | $9,483,273 | $20,488,945 | ||||||
Personal Investment Class | $10,250 | $440,566 | $360,256,303 | $15,991,514 | $111,660 | $2,541,969 | ||||||
Cash Management Class | $9,287,988 | $600,129 | $396,685,434 | $365,002,796 | $1,894,340 | $27,298,191 | ||||||
Reserve Class | $302,530 | $273,325 | $289,624,723 | $297,787,452 | $54,711,045 | $20,002,077 | ||||||
Resource Class | $362,690 | $123,273 | $632,598,422 | $180,616,636 | $133,548 | $1,117,282 | ||||||
Corporate Class | $326,699 | $20,853 | $429,129,222 | $40,348,934 | $10,417 | $10,194 |
32 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | Invesco Treasury Obligations Portfolio | Invesco Tax-Free Cash Reserve Portfolio | |||||||
Shares outstanding, no par value, unlimited number of shares authorized: | ||||||||||||
Institutional Class | 2,443,213,124 | 652,105,073 | 18,716,061,403 | 30,002,980,665 | 1,045,028,778 | 161,020,903 | ||||||
Private Investment Class | 4,715,835 | 1,347,624 | 505,993,311 | 532,578,798 | 9,483,185 | 20,486,688 | ||||||
Personal Investment Class | 10,246 | 440,538 | 360,232,128 | 15,991,334 | 111,659 | 2,541,689 | ||||||
Cash Management Class | 9,284,041 | 600,083 | 396,658,801 | 364,998,685 | 1,894,310 | 27,295,183 | ||||||
Reserve Class | 302,403 | 273,305 | 289,605,295 | 297,784,116 | 54,710,204 | 19,999,874 | ||||||
Resource Class | 362,536 | 123,264 | 632,555,953 | 180,614,603 | 133,545 | 1,117,159 | ||||||
Corporate Class | 326,561 | 20,851 | 429,100,409 | 40,348,480 | 10,417 | 10,192 | ||||||
Net asset value, offering and redemption price per share for each class | $1.0004 | $1.0001 | $1.00 | $1.00 | $1.00 | $1.00 | ||||||
Cost of Investments | $2,461,708,828 | $655,819,481 | $21,353,046,626 | $31,883,872,975 | $1,210,680,598 | $231,817,500 |
33 | Short-Term Investments Trust |
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 | $58,997,404 | $13,072,442 | $531,474,749 | $562,361,092 | $28,433,379 | $3,323,454 | ||||||
Expenses: | ||||||||||||
Advisory fees | 3,476,401 | 802,502 | 33,770,118 | 23,847,615 | 1,595,144 | 422,000 | ||||||
Administrative services fees | 1,072,930 | 259,357 | 9,269,556 | 9,626,858 | 588,371 | 99,830 | ||||||
Custodian fees | 22,369 | 6,085 | 464,011 | 1,482,010 | 23,396 | 3,797 | ||||||
Distribution fees: | ||||||||||||
Private Investment Class | 15,623 | 4,042 | 1,551,110 | 1,379,647 | 14,747 | 67,529 | ||||||
Personal Investment Class | 59 | 2,852 | 1,115,198 | 69,547 | 1,332 | 2,164 | ||||||
Cash Management Class | 8,569 | 529 | 324,445 | 289,255 | 1,634 | 24,319 | ||||||
Reserve Class | 3,402 | 2,362 | 1,996,841 | 2,554,994 | 377,493 | 138,895 | ||||||
Resource Class | 1,896 | 203 | 1,037,401 | 360,071 | 245 | 7,642 | ||||||
Corporate Class | 314 | 6 | 114,183 | 24,373 | 3 | 4 | ||||||
Transfer agent fees | 208,584 | 48,150 | 2,026,207 | 2,146,285 | 109,813 | 18,990 | ||||||
Trustees’ and officers’ fees and benefits | 49,524 | 25,742 | 326,042 | 328,275 | 35,901 | 21,302 | ||||||
Registration and filing fees | 88,213 | 95,159 | 179,016 | 233,594 | 90,984 | 94,951 | ||||||
Reports to shareholders | 14,401 | 12,129 | 54,941 | 132,025 | 13,832 | 9,161 | ||||||
Professional services fees | 70,364 | 52,077 | 216,543 | 541,442 | 63,310 | 43,942 | ||||||
Other | 61,471 | 46,668 | 391,565 | 873,467 | 68,910 | 19,969 | ||||||
Total expenses | 5,094,120 | 1,357,863 | 52,837,177 | 43,889,458 | 2,985,115 | 974,495 | ||||||
Less: Fees waived | (892,555) | (384,860) | (6,173,902) | - | (393,405) | (311,056) | ||||||
Net expenses | 4,201,565 | 973,003 | 46,663,275 | 43,889,458 | 2,591,710 | 663,439 | ||||||
Net investment income | 54,795,839 | 12,099,439 | 484,811,474 | 518,471,634 | 25,841,669 | 2,660,015 | ||||||
Realized and unrealized gain (loss) from: | ||||||||||||
Net realized gain from investment securities | 29,559 | 723 | 204,798 | 224,974 | 17,726 | - | ||||||
Change in net unrealized appreciation (depreciation) of investment securities | (26,913) | (10,820) | - | - | - | - | ||||||
Net realized and unrealized gain (loss) | 2,646 | (10,097) | 204,798 | 224,974 | 17,726 | - | ||||||
Net increase in net assets resulting from operations | $54,798,485 | $12,089,342 | $485,016,272 | $518,696,608 | $25,859,395 | $2,660,015 |
34 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Operations: | ||||||||
Net investment income | $54,795,839 | $34,753,060 | $12,099,439 | $6,737,661 | ||||
Net realized gain | 29,559 | 16,174 | 723 | 1,558 | ||||
Change in net unrealized appreciation (depreciation) | (26,913) | 610,550 | (10,820) | 45,561 | ||||
Net increase in net assets resulting from operations | 54,798,485 | 35,379,784 | 12,089,342 | 6,784,780 | ||||
Distributions to shareholders from distributable earnings: | ||||||||
Institutional Class | (54,388,381) | (34,416,266) | (12,042,840) | (6,691,735) | ||||
Private Investment Class | (107,595) | (82,653) | (26,438) | (20,355) | ||||
Personal Investment Class | (199) | (116) | (8,858) | (5,967) | ||||
Cash Management Class | (248,909) | (120,608) | (14,390) | (13,942) | ||||
Reserve Class | (5,872) | (4,925) | (3,794) | (2,844) | ||||
Resource Class | (20,589) | (15,304) | (2,658) | (2,517) | ||||
Corporate Class | (24,294) | (113,188) | (461) | (301) | ||||
Total distributions from distributable earnings | (54,795,839) | (34,753,060) | (12,099,439) | (6,737,661) | ||||
Share transactions-net: | ||||||||
Institutional Class | 100,799,791 | 2,046,652,052 | 127,368,867 | 100,814,065 | ||||
Private Investment Class | (1,144,582) | (1,120,462) | (241,794) | (255,402) | ||||
Personal Investment Class | (984) | 10 | (175,590) | 5,508 | ||||
Cash Management Class | 3,104,748 | (1,557,953) | (178,908) | (369,075) | ||||
Reserve Class | (115,774) | (526,153) | 3,716 | (231,056) | ||||
Resource Class | (632,819) | (331,634) | (62,642) | 2,359 | ||||
Corporate Class | (1,599,196) | (7,555,486) | 457 | 285 | ||||
Net increase in net assets resulting from share transactions | 100,411,184 | 2,035,560,374 | 126,714,106 | 99,966,684 | ||||
Net increase in net assets | 100,413,830 | 2,036,187,098 | 126,704,009 | 100,013,803 | ||||
Net assets: | ||||||||
Beginning of year | 2,358,846,915 | 322,659,817 | 528,252,613 | 428,238,810 | ||||
End of year | $2,459,260,745 | $2,358,846,915 | $654,956,622 | $528,252,613 | ||||
35 | Short-Term Investments Trust |
Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Operations: | ||||||||
Net investment income | $484,811,474 | $343,381,843 | $518,471,634 | $358,626,619 | ||||
Net realized gain | 204,798 | 299,297 | 224,974 | 338,020 | ||||
Net increase in net assets resulting from operations | 485,016,272 | 343,681,140 | 518,696,608 | 358,964,639 | ||||
Distributions to shareholders from distributable earnings: | ||||||||
Institutional Class | (438,858,990) | (316,976,537) | (491,630,206) | (343,597,288) | ||||
Private Investment Class | (9,738,598) | (5,753,138) | (8,737,051) | (4,396,499) | ||||
Personal Investment Class | (3,312,891) | (1,091,648) | (207,870) | (87,553) | ||||
Cash Management Class | (8,499,805) | (5,455,079) | (7,669,515) | (3,514,488) | ||||
Reserve Class | (3,008,307) | (1,727,217) | (3,929,202) | (1,593,154) | ||||
Resource Class | (13,201,572) | (6,151,737) | (4,570,537) | (3,257,378) | ||||
Corporate Class | (8,191,311) | (6,226,487) | (1,727,253) | (2,180,259) | ||||
Total distributions from distributable earnings | (484,811,474) | (343,381,843) | (518,471,634) | (358,626,619) | ||||
Share transactions-net: | ||||||||
Institutional Class | (1,514,751,400) | (2,572,323,178) | 7,673,132,994 | (5,361,767,419) | ||||
Private Investment Class | (11,707,755) | (57,087,888) | 106,832,736 | (84,746,276) | ||||
Personal Investment Class | 242,362,528 | (22,360,529) | 7,670,768 | (12,808,614) | ||||
Cash Management Class | (50,068,678) | (32,654,595) | 31,650,960 | 164,319,452 | ||||
Reserve Class | 61,097,539 | (22,210,837) | 88,155,960 | 38,672,367 | ||||
Resource Class | 107,165,894 | 48,590,008 | (51,677,589) | (109,853,171) | ||||
Corporate Class | (38,240,138) | (140,464,356) | (105,927,589) | (178,162,120) | ||||
Net increase (decrease) in net assets resulting from share transactions | (1,204,142,010) | (2,798,511,375) | 7,749,838,240 | (5,544,345,781) | ||||
Net increase (decrease) in net assets | (1,203,937,212) | (2,798,212,078) | 7,750,063,214 | (5,544,007,761) | ||||
Net assets: | ||||||||
Beginning of year | 22,535,576,801 | 25,333,788,879 | 23,685,587,439 | 29,229,595,200 | ||||
End of year | $21,331,639,589 | $22,535,576,801 | $31,435,650,653 | $23,685,587,439 | ||||
36 | Short-Term Investments Trust |
Invesco Treasury Obligations Portfolio | Invesco Tax-Free Cash Reserve Portfolio | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Operations: | ||||||||
Net investment income | $25,841,669 | $17,884,636 | $2,660,015 | $1,799,189 | ||||
Net realized gain (loss) | 17,726 | 28,696 | - | (4,370) | ||||
Net increase in net assets resulting from operations | 25,859,395 | 17,913,332 | 2,660,015 | 1,794,819 | ||||
Distributions to shareholders from distributable earnings: | ||||||||
Institutional Class | (25,123,428) | (17,548,675) | (1,816,364) | (1,178,614) | ||||
Private Investment Class | (111,394) | (32,722) | (305,352) | (257,237) | ||||
Personal Investment Class | (3,844) | (1,848) | (2,466) | (2,800) | ||||
Cash Management Class | (41,719) | (30,650) | (395,402) | (244,208) | ||||
Reserve Class | (557,964) | (269,491) | (80,976) | (64,811) | ||||
Resource Class | (3,101) | (1,118) | (59,305) | (51,452) | ||||
Corporate Class | (219) | (132) | (150) | (67) | ||||
Total distributions from distributable earnings | (25,841,669) | (17,884,636) | (2,660,015) | (1,799,189) | ||||
Share transactions-net: | ||||||||
Institutional Class | (235,306,840) | (26,061,641) | 33,374,672 | 16,846,975 | ||||
Private Investment Class | 3,398,983 | 2,860,154 | (7,570,673) | 709,862 | ||||
Personal Investment Class | (283,153) | 346,971 | 2,531,656 | (1,995,739) | ||||
Cash Management Class | (1,270,980) | 1,547,656 | (4,585,853) | 4,269,240 | ||||
Reserve Class | 21,314,012 | (2,229,222) | 5,850,867 | 492,985 | ||||
Resource Class | 38,286 | 1,077 | (1,381,960) | (3,499,087) | ||||
Corporate Class | 216 | 124 | 135 | 10,056 | ||||
Net increase (decrease) in net assets resulting from share transactions | (212,109,476) | (23,534,881) | 28,218,844 | 16,834,292 | ||||
Net increase (decrease) in net assets | (212,091,750) | (23,506,185) | 28,218,844 | 16,829,922 | ||||
Net assets: | ||||||||
Beginning of year | 1,323,482,446 | 1,346,988,631 | 204,278,429 | 187,448,507 | ||||
End of year | $1,111,390,696 | $1,323,482,446 | $232,497,273 | $204,278,429 | ||||
37 | Short-Term Investments Trust |
The following schedule presents financial highlights for a share of the Funds outstanding throughout the periods indicated.
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expense reimbursements | Ratio of expenses to average net assets without fee waivers and/or expense reimbursements | Ratio of net investment income to average net assets | |
Invesco Liquid Assets Portfolio | |||||||||||||
Year ended 08/31/19 | $1.0004 | $0.0229 | $(0.0000) | $0.0229 | $(0.0229) | $- | $(0.0229) | $1.0004 | 2.31% | $9,288 | 0.26%(c) | 0.30%(c) | 2.29%(c) |
Year ended 08/31/18 | 1.0002 | 0.0165 | (0.0011) | 0.0154 | (0.0152) | - | (0.0152) | 1.0004 | 1.55 | 6,181 | 0.26 | 0.31 | 1.65 |
Year ended 08/31/17 | 1.00 | 0.0043 | 0.0036 | 0.0079 | (0.0072) | (0.0005) | (0.0077) | 1.0002 | 0.76 | 7,738 | 0.26 | 0.34 | 0.43 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.25 | 250,643 | 0.23 | 0.28 | 0.26 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.02 | 458,001 | 0.20 | 0.27 | 0.02 |
Invesco STIC Prime Portfolio | |||||||||||||
Year ended 08/31/19 | 1.0001 | 0.0218 | 0.0001 | 0.0219 | (0.0219) | - | (0.0219) | 1.0001 | 2.21 | 600 | 0.26(c) | 0.33(c) | 2.18(c) |
Year ended 08/31/18 | 1.0000 | 0.0147 | (0.0002) | 0.0145 | (0.0144) | - | (0.0144) | 1.0001 | 1.46 | 779 | 0.26 | 0.35 | 1.47 |
Year ended 08/31/17 | 1.00 | 0.0054 | 0.0007 | 0.0061 | (0.0061) | - | (0.0061) | 1.0000 | 0.62 | 1,148 | 0.26 | 0.35 | 0.54 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.20 | 167,872 | 0.19 | 0.30 | 0.21 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.04 | 483,595 | 0.07 | 0.29 | 0.10 |
Invesco Treasury Portfolio | |||||||||||||
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(c) | 0.29(c) | 2.10(c) |
Year ended 08/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | - | (0.01) | 1.00 | 1.29 | 446,756 | 0.26 | 0.28 | 1.29 |
Year ended 08/31/17 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.44 | 479,400 | 0.26 | 0.28 | 0.44 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.10 | 403,424 | 0.19 | 0.28 | 0.12 |
Year ended 08/31/15 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.01 | 5,304,331 | 0.06 | 0.27 | 0.02 |
Invesco Government & Agency Portfolio | |||||||||||||
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(c) | 0.24(c) | 2.12(c) |
Year ended 08/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | - | (0.01) | 1.00 | 1.30 | 333,349 | 0.23 | 0.23 | 1.27 |
Year ended 08/31/17 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.48 | 169,027 | 0.23 | 0.23 | 0.50 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.13 | 150,104 | 0.18 | 0.24 | 0.15 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.02 | 222,853 | 0.08 | 0.23 | 0.02 |
Invesco Treasury Obligations Portfolio | |||||||||||||
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(c) | 0.29(c) | 2.07(c) |
Year ended 08/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | - | (0.01) | 1.00 | 1.27 | 3,165 | 0.26 | 0.29 | 1.26 |
Year ended 08/31/17 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.38 | 1,618 | 0.24 | 0.30 | 0.42 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.09 | 31,390 | 0.16 | 0.46 | 0.09 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.02 | 45,026 | 0.00 | 0.43 | 0.08 |
Invesco Tax-Free Cash Reserve Portfolio | |||||||||||||
Year ended 08/31/19 | 1.00 | 0.01 | - | 0.01 | (0.01) | - | (0.01) | 1.00 | 1.31 | 27,298 | 0.28(c) | 0.43(c) | 1.30(c) |
Year ended 08/31/18 | 1.00 | 0.01 | (0.00) | 0.01 | (0.01) | - | (0.01) | 1.00 | 0.93 | 31,885 | 0.28 | 0.46 | 0.93 |
Year ended 08/31/17 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.49 | 27,616 | 0.28 | 0.45 | 0.48 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.07 | 30,671 | 0.13 | 0.41 | 0.09 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.01 | 51,018 | 0.03 | 0.41 | 0.04 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America. |
(c) | Ratios are based on average daily net assets (000’s omitted) of $10,711, $661, $405,556, $361,569, $2,043 and $30,399 for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, respectively. |
38 | Short-Term Investments Trust |
A. | Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments. |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. |
39 | Short-Term Investments Trust |
C. | Country Determination -For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions - It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually. |
E. | Federal Income Taxes - The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative net assets. |
G. | Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Repurchase Agreements -The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income. |
J. | 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. |
40 | Short-Term Investments Trust |
K. | Distributions from Distributable Earnings – In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets. |
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% |
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% |
Institutional Class | Private Investment Class | Personal Investment Class | Cash Management Class | Reserve Class | Resource Class | Corporate Class | |
Invesco Liquid Assets Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.38% | 0.21% |
Invesco STIC Prime Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Treasury Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Government & Agency Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Treasury Obligations Portfolio | 0.18% | 0.43% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Tax-Free Cash Reserve Portfolio | 0.20% | 0.45% | 0.75% | 0.28% | 1.07% | 0.36% | 0.23% |
41 | Short-Term Investments Trust |
Expense Limitation | |
Invesco Liquid Assets Portfolio | $892,555 |
Invesco STIC Prime Portfolio | 384,860 |
Invesco Treasury Portfolio | 6,173,902 |
Invesco Government & Agency Portfolio | - |
Invesco Treasury Obligations Portfolio | 393,405 |
Invesco Tax-Free Cash Reserve Portfolio | 309,836 |
Private Investment Class | Personal Investment Class | Cash Management Class | Reserve Class | Resource Class | Corporate Class | |
Invesco Tax-Free Cash Reserve Portfolio | $- | $- | $- | $1,220 | $- | $- |
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% |
42 | Short-Term Investments Trust |
Securities Purchases | Securities Sales | Net Realized Gains | |
Invesco Liquid Assets Portfolio | $2,645,362 | $10,006,986 | $- |
Invesco STIC Prime Portfolio | 5,103,589 | 7,349,898 | - |
Invesco Tax-Free Cash Reserve Portfolio | 216,932,239 | 207,964,153 | - |
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2019 and 2018 | ||||
2019 | 2018 | |||
Ordinary Income | Ordinary Income-Tax- Exempt | Ordinary Income | ||
Invesco Liquid Assets Portfolio | $54,795,839 | $- | $34,753,060 | |
Invesco STIC Prime Portfolio | 12,099,439 | - | 6,737,661 | |
Invesco Treasury Portfolio | 484,811,474 | - | 343,381,843 | |
Invesco Government & Agency Portfolio | 518,471,634 | - | 358,626,619 | |
Invesco Treasury Obligations Portfolio | 25,841,669 | - | 17,884,636 | |
Invesco Tax-Free Cash Reserve Portfolio | - | 2,660,015 | 1,799,189 |
43 | Short-Term Investments Trust |
Tax Components of Net Assets at Period-End: | ||||||||
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Undistributed Tax-Exempt Income | Temporary Book/Tax Differences | Net Unrealized Appreciation (Depreciation)- Investments | Capital Loss Carryforwards | Shares of Beneficial Interest | Total Net Assets | |
Invesco Liquid Assets Portfolio | $3,649,902 | $- | $- | $(3,478,446) | $614,555 | $- | $2,458,474,734 | $2,459,260,745 |
Invesco STIC Prime Portfolio | 1,719,450 | - | - | (947,955) | 44,280 | - | 654,140,847 | 654,956,622 |
Invesco Treasury Portfolio | 2,630,106 | 198,121 | - | (2,145,108) | - | - | 21,330,956,470 | 21,331,639,589 |
Invesco Government & Agency Portfolio | 1,230,816 | 31,693 | - | (1,021,828) | - | - | 31,435,409,972 | 31,435,650,653 |
Invesco Treasury Obligations Portfolio | 97,434 | - | - | (109,978) | (6,916) | (18,869) | 1,111,429,025 | 1,111,390,696 |
Invesco Tax-Free Cash Reserve Portfolio | - | - | 227,773 | (332,727) | - | (19,092) | 232,621,319 | 232,497,273 |
Fund | Not Subject to Expiration | Total* |
Invesco Treasury Obligations Portfolio | $18,869 | $18,869 | Invesco Tax-Free Cash Reserve Portfolio | 19,092 | 19,092 |
* | Capital loss carryforwards as of the date listed above is 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. |
At August 31, 2019 | ||||
Federal Tax Cost* | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |
Invesco Liquid Assets Portfolio | $2,461,708,828 | $663,077 | $(48,522) | $614,555 |
Invesco STIC Prime Portfolio | 655,819,481 | 44,280 | - | 44,280 |
Invesco Treasury Obligations Portfolio | 1,210,687,514 | - | (6,916) | (6,916) |
* | 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. |
44 | Short-Term Investments Trust |
Undistributed Net Investment Income | Undistributed Net Realized Gain (Loss) | Shares of Beneficial Interest | |
Invesco Liquid Assets Portfolio | $16,174 | $(16,174) | $- |
Invesco STIC Prime Portfolio | - | - | - |
Invesco Treasury Portfolio | 39,002 | (39,002) | - |
Invesco Government & Agency Portfolio | - | - | - |
Invesco Treasury Obligations Portfolio | - | - | - |
Invesco Tax-Free Cash Reserve Portfolio | - | 30,074 | (30,074) |
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 11,115,059,561 | $11,118,203,826 | 11,428,619,333 | $11,430,459,074 | |
Private Investment Class | 286,881 | 286,945 | 296,154 | 296,213 | |
Cash Management Class | 183,906,129 | 183,953,776 | 76,229,664 | 76,244,103 | |
Reserve Class | 8,652 | 8,654 | 29,385 | 29,391 | |
Resource Class | 5,100 | 5,102 | 185 | 185 | |
Corporate Class | 396,987 | 397,046 | 32,928,336 | 32,934,007 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 10,250,841 | 10,253,316 | 3,254,561 | 3,255,227 | |
Private Investment Class | 86,006 | 86,026 | 65,917 | 65,928 | |
Personal Investment Class | 15 | 15 | 10 | 10 | |
Cash Management Class | 175,461 | 175,508 | 78,582 | 78,596 | |
Reserve Class | 5,870 | 5,872 | 4,871 | 4,872 | |
Resource Class | 20,583 | 20,589 | 14,741 | 14,744 | |
Corporate Class | 24,289 | 24,294 | 108,271 | 108,285 | |
Reacquired: | |||||
Institutional Class | (11,024,583,994) | (11,027,657,351) | (9,385,489,530) | (9,387,062,249) | |
Private Investment Class | (1,517,171) | (1,517,553) | (1,482,383) | (1,482,603) | |
Personal Investment Class | (999) | (999) | - | - | |
Cash Management Class | (180,975,556) | (181,024,536) | (77,866,227) | (77,880,652) | |
Reserve Class | (130,254) | (130,300) | (560,376) | (560,416) | |
Resource Class | (658,263) | (658,510) | (346,497) | (346,563) | |
Corporate Class | (2,019,990) | (2,020,536) | (40,592,273) | (40,597,778) | |
Net increase in share activity | 100,340,148 | $100,411,184 | 2,035,292,724 | $2,035,560,374 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 8% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
In addition, 77% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
45 | Short-Term Investments Trust |
Invesco STIC Prime Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 1,752,564,099 | $1,752,564,558 | 1,391,467,414 | $1,391,466,950 | |
Private Investment Class | 106,492 | 106,492 | 841,532 | 841,537 | |
Cash Management Class | 32,538 | 32,538 | 408,572 | 408,575 | |
Reserve Class | 342 | 342 | 5 | 5 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 7,389,194 | 7,389,194 | 3,411,844 | 3,411,791 | |
Private Investment Class | 25,796 | 25,796 | 19,003 | 19,002 | |
Personal Investment Class | 199 | 199 | 5,534 | 5,535 | |
Cash Management Class | 9,022 | 9,022 | 9,091 | 9,090 | |
Reserve Class | 3,751 | 3,751 | 2,835 | 2,835 | |
Resource Class | 2,606 | 2,606 | 2,358 | 2,359 | |
Corporate Class | 457 | 457 | 286 | 285 | |
Reacquired: | |||||
Institutional Class | (1,632,583,978) | (1,632,584,885) | (1,294,068,817) | (1,294,064,676) | |
Private Investment Class | (374,081) | (374,082) | (1,115,941) | (1,115,941) | |
Personal Investment Class | (175,789) | (175,789) | (27) | (27) | |
Cash Management Class | (220,468) | (220,468) | (786,748) | (786,740) | |
Reserve Class | (377) | (377) | (233,896) | (233,896) | |
Resource Class | (65,248) | (65,248) | - | - | |
Net increase in share activity | 126,714,555 | $126,714,106 | 99,963,045 | $99,966,684 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 91% 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 |
Invesco Treasury Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 187,978,433,067 | $187,978,433,067 | 191,918,070,818 | $191,918,070,818 | |
Private Investment Class | 1,261,646,363 | 1,261,646,363 | 1,373,550,349 | 1,373,550,349 | |
Personal Investment Class | 1,630,224,829 | 1,630,224,829 | 1,029,056,714 | 1,029,056,714 | |
Cash Management Class | 2,148,188,357 | 2,148,188,357 | 3,628,925,469 | 3,628,925,469 | |
Reserve Class | 847,847,187 | 847,847,187 | 716,399,473 | 716,399,473 | |
Resource Class | 883,852,393 | 883,852,393 | 778,758,603 | 778,758,603 | |
Corporate Class | 7,123,495,519 | 7,123,495,519 | 6,094,873,392 | 6,094,873,392 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 115,324,756 | 115,324,756 | 71,641,952 | 71,641,952 | |
Private Investment Class | 3,080,285 | 3,080,285 | 1,001,889 | 1,001,889 | |
Personal Investment Class | 2,964,198 | 2,964,198 | 1,002,329 | 1,002,329 | |
Cash Management Class | 8,004,739 | 8,004,739 | 4,359,519 | 4,359,519 | |
Reserve Class | 2,800,991 | 2,800,991 | 1,547,178 | 1,547,178 | |
Resource Class | 2,341,092 | 2,341,092 | 1,262,800 | 1,262,800 | |
Corporate Class | 6,377,933 | 6,377,933 | 4,316,947 | 4,316,947 | |
Reacquired: | |||||
Institutional Class | (189,608,509,223) | (189,608,509,223) | (194,562,035,948) | (194,562,035,948) | |
Private Investment Class | (1,276,434,403) | (1,276,434,403) | (1,431,640,126) | (1,431,640,126) | |
Personal Investment Class | (1,390,826,499) | (1,390,826,499) | (1,052,419,572) | (1,052,419,572) | |
Cash Management Class | (2,206,261,774) | (2,206,261,774) | (3,665,939,583) | (3,665,939,583) | |
Reserve Class | (789,550,639) | (789,550,639) | (740,157,488) | (740,157,488) | |
Resource Class | (779,027,591) | (779,027,591) | (731,431,395) | (731,431,395) | |
Corporate Class | (7,168,113,590) | (7,168,113,590) | (6,239,654,695) | (6,239,654,695) | |
Net increase in share activity | (1,204,142,010) | $(1,204,142,010) | (2,798,511,375) | $(2,798,511,375) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
In addition, 12% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
47 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 201,304,629,047 | $201,304,629,047 | 247,813,982,127 | $247,813,982,127 | |
Private Investment Class | 2,057,789,705 | 2,057,789,705 | 1,691,041,762 | 1,691,041,762 | |
Personal Investment Class | 33,910,046 | 33,910,046 | 22,767,729 | 22,767,729 | |
Cash Management Class | 970,595,900 | 970,595,900 | 1,160,198,493 | 1,160,198,493 | |
Reserve Class | 1,378,739,399 | 1,378,739,399 | 912,998,598 | 912,998,598 | |
Resource Class | 2,554,982,650 | 2,554,982,650 | 2,889,383,856 | 2,889,383,856 | |
Corporate Class | 573,841,827 | 573,841,827 | 1,680,502,506 | 1,680,502,506 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 126,914,764 | 126,914,764 | 72,936,103 | 72,936,103 | |
Private Investment Class | 4,227,798 | 4,227,798 | 1,388,818 | 1,388,818 | |
Personal Investment Class | 168,914 | 168,914 | 49,917 | 49,917 | |
Cash Management Class | 5,327,428 | 5,327,428 | 2,379,887 | 2,379,887 | |
Reserve Class | 3,618,437 | 3,618,437 | 1,398,425 | 1,398,425 | |
Resource Class | 3,149,980 | 3,149,980 | 2,270,177 | 2,270,177 | |
Corporate Class | 346,829 | 346,829 | 346,270 | 346,270 | |
Reacquired: | |||||
Institutional Class | (193,758,410,817) | (193,758,410,817) | (253,248,685,649) | (253,248,685,649) | |
Private Investment Class | (1,955,184,767) | (1,955,184,767) | (1,777,176,856) | (1,777,176,856) | |
Personal Investment Class | (26,408,192) | (26,408,192) | (35,626,260) | (35,626,260) | |
Cash Management Class | (944,272,368) | (944,272,368) | (998,258,928) | (998,258,928) | |
Reserve Class | (1,294,201,876) | (1,294,201,876) | (875,724,656) | (875,724,656) | |
Resource Class | (2,609,810,219) | (2,609,810,219) | (3,001,507,204) | (3,001,507,204) | |
Corporate Class | (680,116,245) | (680,116,245) | (1,859,010,896) | (1,859,010,896) | |
Net increase in share activity | 7,749,838,240 | $7,749,838,240 | (5,544,345,781) | $(5,544,345,781) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 43% 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, 9% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
48 | Short-Term Investments Trust |
Invesco Treasury Obligations Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 902,898,047 | $902,898,047 | 1,111,333,157 | $1,111,333,157 | |
Private Investment Class | 17,567,905 | 17,567,905 | 6,402,656 | 6,402,656 | |
Personal Investment Class | 1,755,557 | 1,755,557 | 2,424,596 | 2,424,596 | |
Cash Management Class | 1,001,917 | 1,001,917 | 3,404,184 | 3,404,184 | |
Reserve Class | 120,013,835 | 120,013,835 | 165,401,910 | 165,401,910 | |
Resource Class | 2,115,950 | 2,115,950 | 1,077 | 1,077 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 2,012,405 | 2,012,405 | 871,181 | 871,181 | |
Private Investment Class | 107,684 | 107,684 | 25,972 | 25,972 | |
Personal Investment Class | 2,574 | 2,574 | 657 | 657 | |
Cash Management Class | 41,719 | 41,719 | 26,644 | 26,644 | |
Reserve Class | 513,925 | 513,925 | 236,440 | 236,440 | |
Resource Class | 1,002 | 1,002 | - | - | |
Corporate Class | 216 | 216 | 124 | 124 | |
Reacquired: | |||||
Institutional Class | (1,140,217,292) | (1,140,217,292) | (1,138,265,979) | (1,138,265,979) | |
Private Investment Class | (14,276,606) | (14,276,606) | (3,568,474) | (3,568,474) | |
Personal Investment Class | (2,041,284) | (2,041,284) | (2,078,282) | (2,078,282) | |
Cash Management Class | (2,314,616) | (2,314,616) | (1,883,172) | (1,883,172) | |
Reserve Class | (99,213,748) | (99,213,748) | (167,867,572) | (167,867,572) | |
Resource Class | (2,078,666) | (2,078,666) | - | - | |
Net increase in share activity | (212,109,476) | $(212,109,476) | (23,534,881) | $(23,534,881) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 6% 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, 79% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
49 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 205,082,518 | $205,082,518 | 145,257,757 | $145,257,757 | |
Private Investment Class | 57,208,640 | 57,208,640 | 69,282,391 | 69,282,391 | |
Personal Investment Class | 5,818,771 | 5,818,771 | 10,389 | 10,389 | |
Cash Management Class | 49,844,196 | 49,844,196 | 18,777,674 | 18,777,674 | |
Reserve Class | 52,342,069 | 52,342,069 | 76,263,241 | 76,263,241 | |
Resource Class | 31,003,313 | 31,003,313 | 5,290,233 | 5,290,233 | |
Corporate Class | 110,000 | 110,000 | 10,000 | 10,000 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 919,230 | 919,230 | 530,228 | 530,228 | |
Private Investment Class | 281,127 | 281,127 | 222,751 | 222,751 | |
Personal Investment Class | 385 | 385 | 2,800 | 2,800 | |
Cash Management Class | 309,533 | 309,533 | 190,958 | 190,958 | |
Reserve Class | 79,513 | 79,513 | 59,800 | 59,800 | |
Resource Class | 51,611 | 51,611 | 48,820 | 48,820 | |
Corporate Class | 135 | 135 | 56 | 56 | |
Reacquired: | |||||
Institutional Class | (172,627,076) | (172,627,076) | (128,941,010) | (128,941,010) | |
Private Investment Class | (65,060,440) | (65,060,440) | (68,795,280) | (68,795,280) | |
Personal Investment Class | (3,287,500) | (3,287,500) | (2,008,928) | (2,008,928) | |
Cash Management Class | (54,739,582) | (54,739,582) | (14,699,392) | (14,699,392) | |
Reserve Class | (46,570,715) | (46,570,715) | (75,830,056) | (75,830,056) | |
Resource Class | (32,436,884) | (32,436,884) | (8,838,140) | (8,838,140) | |
Corporate Class | (110,000) | (110,000) | - | - | |
Net increase in share activity | 28,218,844 | $28,218,844 | 16,834,292 | $16,834,292 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 85% 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. |
50 | Short-Term Investments Trust |
51 | Short-Term Investments Trust |
Cash Management Class | Beginning Account Value (03/01/19) | ACTUAL | HYPOTHETICAL (5% annual return before expenses) | Annualized Expense Ratio | ||
Ending Account Value (08/31/19)1 | Expenses Paid During Period2 | Ending Account Value (08/31/19) | Expenses Paid During Period2 | |||
Invesco Liquid Assets Portfolio | $1,000.00 | $1,011.80 | $1.32 | $1,023.89 | $1.33 | 0.26% |
Invesco STIC Prime Portfolio | 1,000.00 | 1,011.30 | 1.32 | 1,023.89 | 1.33 | 0.26 |
Invesco Treasury Portfolio | 1,000.00 | 1,010.80 | 1.32 | 1,023.89 | 1.33 | 0.26 |
Invesco Government & Agency Portfolio | 1,000.00 | 1,011.00 | 1.22 | 1,024.00 | 1.22 | 0.24 |
Invesco Treasury Obligations Portfolio | 1,000.00 | 1,010.70 | 1.32 | 1,023.89 | 1.33 | 0.26 |
Invesco Tax-Free Cash Reserve Portfolio | 1,000.00 | 1,006.60 | 1.42 | 1,023.79 | 1.43 | 0.28 |
1 | The actual ending account value is based on the actual total return of the Funds for the period March 1, 2019 through August 31, 2019, 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. |
52 | Short-Term Investments Trust |
Approval of Investment Advisory andSub-Advisory Contracts
(Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and InvescoTax-Free Cash Reserve Portfolio)
At meetings held on June 10, 2019, the Board of Trustees (the Board or the Trustees) ofShort-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 IntergroupSub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, with respect to Invesco Government & Agency Portfolio, InvescoTax-Free Cash Reserve Portfolio and Invesco Treasury Obligations Portfolio only, separateSub-Advisory Contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the AffiliatedSub-Advisers and thesub-advisory contracts) for another year, effective July 1, 2019. After evaluating the factors discussed below, among others, the Board approved the renewal of each Fund’s investment advisory agreement and thesub-advisory contracts and determined that the compensation payable by each Fund to Invesco Advisers and by Invesco Advisers to the AffiliatedSub-Advisers is fair and reasonable.
The Board’s Evaluation Process
The Board’s Investments Committee has established threeSub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). As part of a regularly scheduled basis ofin-person Board meetings, theSub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee andSub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement andsub-advisory contracts.
As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider. The
Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement andsub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.
The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to each Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of each Fund’s investment advisory agreement andsub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 10, 2019.
Factors and Conclusions and Summary of Independent Written Fee Evaluation
A. | Nature, Extent and Quality of Services Provided by Invesco Advisers and the AffiliatedSub-Advisers |
The Board reviewed the nature, extent and quality of the advisory services provided to each Fund by Invesco Advisers under each Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including each Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis and investment risk management. The Board also considerednon-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 also reviewed and considered the benefits to shareholders of investing in each fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial
and other resources to such business. The Board reviewed and considered information about the resources that Invesco Advisers intends to continue to commit to managing the Invesco family of funds following Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries. 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 AffiliatedSub-Advisers under thesub-advisory contracts and the credentials and experience of the officers and employees of the AffiliatedSub-Advisers who provide these services. The Board noted the AffiliatedSub-Advisers’ expertise with respect to certain asset classes and that the AffiliatedSub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the AffiliatedSub-Advisers can provide research and investment analysis on the markets and economies of various countries in which each Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that thesub-advisory contracts may benefit each Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the AffiliatedSub-Advisers in managing each Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the AffiliatedSub-Advisers are appropriate and satisfactory.
B. | Fund Investment Performance |
The Board 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 thesub-advisory contracts for each Fund, as no AffiliatedSub-Adviser currently manages assets of each Fund.
Invesco Liquid Assets Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the Lipper Institutional Money Market Funds 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 year period and the first quintile for the 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 the same as 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 Trustees
53 Short-Term Investments Trust
also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco STIC Prime Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the Lipper Institutional Money Market Funds 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 year period and the second quintile for the 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, three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco Treasury Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the Lipper Institutional U.S. Treasury Money Market Funds 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 reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco Government & Agency Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 the performance of funds in the Broadridge performance universe and against the Lipper Institutional U.S. Government Money Market Funds 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 reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco Treasury Obligations Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of
funds in the Broadridge performance universe and against the Lipper Institutional U.S. Treasury Money Market Funds 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 reasonably comparable to the performance of the Index for the one and three year periods and above the performance of the Index for the five year period. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
InvescoTax-Free Cash Reserve Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the LipperTax-Exempt Money Market Funds 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 year period and the second quintile for the 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 Index for the one, three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
C. | Advisory andSub-Advisory Fees and Fund Expenses |
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 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding 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 also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco STIC Prime 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the Affiliated
54 Short-Term Investments Trust
Sub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco Treasury 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management
of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco Government & Agency 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco Treasury Obligations 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
InvescoTax-Free Cash Reserve Portfolio
The Board compared the Fund’s contractual management fee rate to the contractual
55 Short-Term Investments Trust
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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
D. | Economies of Scale and Breakpoints |
Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and InvescoTax-Free Cash Reserve Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to each Fund. The Board considered Invesco’s reinvestment in its business, including investments in business infrastructure and cybersecurity. The Board noted that each Fund does not benefit from
economies of scale through contractual breakpoints, but does share directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.
Invesco Treasury Obligations Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board considered Invesco’s reinvestment in its business, including investments in business infrastructure and cybersecurity. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.
E. | Profitability and Financial Resources |
Invesco STIC Prime Portfolio and InvescoTax-Free Cash Reserve Portfolio
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. The Board considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the AffiliatedSub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement andsub-advisory contracts.
Invesco Liquid Assets Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio
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. The Board considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and each Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to each Fund to be
excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the AffiliatedSub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement andsub-advisory contracts.
F. | Collateral Benefits to Invesco Advisers and its Affiliates |
The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with each Fund, including the fees received for providing administrative, transfer agency and distribution services to each Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to each Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of each Fund.
56 Short-Term Investments Trust
Federal and State Income Tax | |||||
Long Term Capital Gain Distributions | Qualified Dividend Income* | Corporate Dividends Received Deduction* | U.S. Treasury Obligations* | Tax-Exempt Interest Dividend* | |
Invesco Liquid Assets Portfolio | $- | 0.00% | 0.00% | 0.00% | 0.00% |
Invesco STIC Prime Portfolio | - | 0.00% | 0.00% | 0.00% | 0.00% |
Invesco Treasury Portfolio | - | 0.00% | 0.00% | 54.04% | 0.00% |
Invesco Government & Agency Portfolio | - | 0.00% | 0.00% | 39.05% | 0.00% |
Invesco Treasury Obligations Portfolio | - | 0.00% | 0.00% | 100.00% | 0.00% |
Invesco Tax-Free Cash Reserve Portfolio | - | 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 | $- | 80.36% |
Invesco STIC Prime Portfolio | - | 0.00% |
Invesco Treasury Portfolio | - | 99.99% |
Invesco Government & Agency Portfolio | - | 100.00% |
Invesco Treasury Obligations Portfolio | - | 99.96% |
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. |
57 | 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, Texas77046-1173. 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 | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Interested Persons | ||||||||
Martin L. Flanagan1 — 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business
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) | 229 | None | ||||
Philip A. Taylor2 — 1954 Trustee | 2006 | Vice Chair, Invesco Ltd.; Trustee, The Invesco Funds
Formerly: Director, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company);Co-Chairman,Co-President andCo-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc. | 229 | None |
1 | Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser. |
2 | Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of Invesco Ltd., ultimate parent of the Adviser. |
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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Independent Trustees | ||||||||
Bruce L. Crockett — 1944 Trustee and Chair | 1993 | Chairman, Crockett Technologies Associates (technology consulting company)
Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council | 229 | Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company) | ||||
David C. Arch — 1945 Trustee | 2010 | Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization | 229 | Board member of the Illinois Manufacturers’ Association | ||||
Beth Ann Brown — 1968 Trustee | 2019 | Independent Consultant
Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 229 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non -profit); and Vice President and Director of Grahamtastic Connection(non-profit) | ||||
Jack M. Fields — 1952 Trustee | 1997 | Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance(non-profit)
Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch(non-profit); and member of the U.S. House of Representatives | 229 | None | ||||
Cynthia Hostetler — 1962 Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations
Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP | 229 | Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization) | ||||
Eli Jones — 1961 Trustee | 2016 | Professor and Dean, Mays Business School — Texas A&M University
Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank | 229 | Insperity, Inc. (formerly known as Administaff) (human resources provider) | ||||
Elizabeth Krentzman — 1959 Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management — Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management — Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds | 229 | Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member | ||||
Anthony J. LaCava, Jr. — 1956 Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 229 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
T-2 Short-Term Investments Trust
Trustees and Officers—(continued)
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/ or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Independent Trustees—(continued) | ||||||||
Prema Mathai-Davis — 1950 Trustee | 1998 | Retired
Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor) | 229 | None | ||||
Joel W. Motley — 1952 Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley(non-profit cultural organization)
Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 229 | Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting(non-profit journalism) | ||||
Teresa M. Ressel — 1962 Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations
Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury | 229 | Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier) | ||||
Ann Barnett Stern — 1957 Trustee | 2017 | President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution)
Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP | 229 | Federal Reserve Bank of Dallas | ||||
Raymond Stickel, Jr. — 1944 Trustee | 2005 | Retired
Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche | 229 | None | ||||
Robert C. Troccoli — 1949 Trustee | 2016 | Retired
Formerly: Adjunct Professor, University of Denver — Daniels College of Business; Senior Partner, KPMG LLP | 229 | None | ||||
Daniel S. Vandivort — 1954 Trustee | 2019 | Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management)
Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds | 229 | Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds | ||||
James D. Vaughn — 1945 Trustee | 2019 | Retired
Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds | 229 | Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement(non-profit) | ||||
Christopher L. Wilson — 1957 Trustee, Vice Chair and Chair Designate | 2017 | Retired
Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments | 229 | ISO New England, Inc.(non-profit organization managing regional electricity market) |
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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Other Officers | ||||||||
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer | 1999 | President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.
Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust | N/A | N/A | ||||
Russell C. Burk — 1958 Senior Vice President and Senior Officer | 2005 | Senior Vice President and Senior Officer, The Invesco Funds | N/A | N/A | ||||
Jeffrey H. Kupor — 1968 Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC
Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc. | N/A | N/A | ||||
Andrew R. Schlossberg — 1974 Senior Vice President | 2019 | Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.
Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |
T-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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Other Officers—(continued) | ||||||||
John M. Zerr — 1962 Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent)
Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A | ||||
Gregory G. McGreevey — 1962 Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation
Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A | ||||
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer | 2008 | Assistant Treasurer, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer — Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust
Formerly: Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital Management LLC; Assistant Vice President, The Invesco Funds | N/A | N/A |
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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Other Officers—(continued) | ||||||||
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc.
Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc. | N/A | N/A | ||||
Robert R. Leveille — 1969 Chief Compliance Officer | 2016 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds
Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds | N/A | N/A |
The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’ssub-advisers.
Office of the Fund 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 |
T-6 Short-Term Investments Trust
SEC file numbers: 811-02729 and 002-58287 | Invesco Distributors, Inc. | CM-STIT-AR-3 |
Annual Report to Shareholders | August 31, 2019 |
Table of Contents
Letters to Shareholders | 3 | |||
Fund Data | 5 | |||
Fund Objectives and Strategies | 6 | |||
Fund Composition by Maturity | 7 | |||
Schedules of Investments | 9 | |||
Financial Statements | 32 | |||
Financial Highlights | 38 | |||
Notes to Financial Statements | 39 | |||
Report of Independent Registered Public Accounting Firm | 51 | |||
Fund Expenses | 52 | |||
Approval of Investment Advisory andSub-Advisory Contracts | 53 | |||
Tax Information | 57 | |||
Trustees and Officers | T-1 |
2
Andrew Schlossberg |
3 | Short-Term Investments Trust |
Bruce Crockett |
4 | Short-Term Investments Trust |
Resource Class data as of 8/31/19 | ||||
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 - 49 days | 49 days | 84 days | $362.7 thousand |
Invesco STIC Prime1 | 4 - 22 days | 12 days | 12 days | 123.3 thousand |
Invesco Treasury2 | 11 - 44 days | 18 days | 114 days | 632.6 million |
Invesco Government & Agency2 | 6 - 47 days | 8 days | 115 days | 180.6 million |
Invesco Treasury Obligations2 | 25 - 56 days | 28 days | 111 days | 133.6 thousand |
Invesco Tax-Free Cash Reserve3 | 7 - 12 days | 7 days | 7 days | 1.1 million |
1 | You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
2 | You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
3 | You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
5 | Short-Term Investments Trust |
6 | Short-Term Investments Trust |
In days, as of 8/31/19 | ||||||
Invesco Liquid Assets Portfolio 1-6, 9-10, 12-14 | Invesco STIC Prime Portfolio 1-6, 9-10, 12-14 | Invesco Treasury Portfolio 2, 4-5, 7, 11-12, 14 | Invesco Government & Agency Portfolio 2, 4-5, 7, 11-12, 14 | Invesco Treasury Obligations Portfolio 2, 4-5, 7, 12, 14 | Invesco Tax-Free Cash Reserve Portfolio 2-5, 8-9,13-14 | |
1 - 7 | 41.3% | 69.6% | 54.1% | 52.1% | 7.6% | 95.3% |
8 - 30 | 2.9 | 18.8 | 8.7 | 6.4 | 27.1 | 1.7 |
31 - 60 | 10.8 | 11.6 | 5.7 | 4.0 | 30.5 | 2.8 |
61 - 90 | 5.3 | 0.0 | 1.2 | 2.3 | 10.8 | 0.2 |
91 - 180 | 19.7 | 0.0 | 9.1 | 13.4 | 5.4 | 0.0 |
181+ | 20.0 | 0.0 | 21.2 | 21.8 | 18.6 | 0.0 |
1 | Banking and financial services industry focus risk. From time to time, the Fund may invest more than 25% of its assets in unsecured bank instruments, including but not limited to certificates of deposit and time deposits, or securities that may have guarantees or credit or liquidity enhancements provided by banks, insurance companies or other financial institutions. To the extent the Fund focuses its investments in these instruments or securities, the Fund’s performance will depend on the overall condition of those industries and the individual banks and financial institutions in which the Fund invests (directly or indirectly), the supply of short-term financing, changes in government regulation, changes in interest rates, and economic downturns in the United States and abroad. |
2 | Debt securities risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund’s distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event. |
3 | Foreign securities and credit exposure risk. US 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. Furthermore, the Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. |
4 | Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective. |
5 | Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value. |
6 | Money market fund risk. 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 and you may lose money by investing in the Fund. 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 required minimums because of market conditions or other factors. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not rely on or expect that the sponsor will enter into support agreements or take other actions to provide financial support to the Fund at any time. The credit quality of the Fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s |
7 | Short-Term Investments Trust |
share price. The Fund’s share price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market volatility. |
7 | Money market fund risk. Although the Fund seeks to preserve the value of your investment at $1.00 per share, you may lose money by investing in the Fund. The share price of money market funds can fall below the $1.00 share price. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not rely on or expect that the sponsor will enter into support agreements or take other actions to provide financial support to the Fund or maintain the Fund’s $1.00 share price at any time. The credit quality of the Fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s share price. The Fund’s share price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market volatility. While the Board of Trustees may implement procedures to impose a fee upon the sale of your shares or temporarily suspend your ability to sell shares in the future if the Fund’s liquidity falls below required minimums because of market conditions or other factors, the Board has not elected to do so at this time. Should the Board elect to do so, such change would only become effective after shareholders were provided with specific advance notice of the change in the Fund’s policy and provided with the opportunity to redeem their shares in accordance with Rule 2a-7 before the policy change became effective. |
8 | Money market fund risk. Although the Fund seeks to preserve the value of your investment at $1.00 per share, you may lose money by investing in the Fund. The share price of money market funds can fall below the $1.00 share price. 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 required minimums because of market conditions or other factors. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not rely on or expect that the sponsor will enter into support agreements or take other actions to provide financial support to the Fund or maintain the Fund’s $1.00 share price at any time. The credit quality of the Fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s share price. The Fund’s share price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market volatility. |
9 | Municipal securities risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. |
10 | Repurchase agreement risk. The Fund is subject to the risk that the counterparty may default on its obligation to repurchase the underlying instruments collateralizing the repurchase agreement, which may cause the Fund to lose money. These risks are magnified to the extent that a repurchase agreement is secured by securities other than cash or US government securities. |
11 | Repurchase agreement risk. If the seller of a repurchase agreement defaults or otherwise does not fulfill its obligations, the Fund may incur delays and losses arising from selling the underlying securities, enforcing its rights, or declining collateral value. |
12 | US government obligations risk. Obligations of US government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the US government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the US government will provide financial support to its agencies and authorities if it is not obligated by law to do so. |
13 | Variable-rate demand notes risk. The absence of an active secondary market for certain variable and floating rate notes could make it difficult to dispose of these instruments, which could result in a loss. |
14 | Yield risk. The Fund’s yield will vary as the short-term securities in its portfolio mature or are sold and the proceeds are reinvested in other securities. When interest rates are very low, the Fund’s expenses could absorb all or a portion of the Fund’s income and yield. Additionally, inflation may outpace and diminish investment returns over time. |
8 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Commercial Paper-42.90%(a) | ||||||
Asset-Backed Securities - Consumer Receivables-0.61% | ||||||
Old Line Funding, LLC (CEP-Royal Bank of Canada)(b)(c) | 2.64% | 10/25/2019 | $ 15,000 | $ 14,955,876 | ||
Asset-Backed Securities - Fully Supported-6.50% | ||||||
Bennington Stark Capital Co., LLC (CEP-Societe Generale S.A.)(b)(c) | 2.35% | 10/02/2019 | 30,000 | 29,948,296 | ||
Kells Funding, LLC (CEP-FMS Wertmanagement)(c) | 2.61% | 10/07/2019 | 11,000 | 10,978,552 | ||
Kells Funding, LLC (CEP-FMS Wertmanagement)(c) | 2.23% | 01/07/2020 | 40,000 | 39,712,650 | ||
Kells Funding, LLC (CEP-FMS Wertmanagement)(c) | 2.06% | 03/03/2020 | 30,000 | 29,697,804 | ||
Ridgefield Funding Co., LLC (CEP-BNP Paribas S.A.)(b)(c) | 2.05% | 02/21/2020 | 50,000 | 49,493,531 | ||
159,830,833 | ||||||
Asset-Backed Securities - Fully Supported Bank-12.24% | ||||||
Anglesea Funding LLC (Multi- CEP’s) (1 wk. USD LIBOR + 0.10%) (Ireland)(b)(c)(d) | 2.24% | 09/06/2019 | 30,000 | 30,000,000 | ||
Cedar Springs Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.33% | 10/10/2019 | 29,166 | 29,099,708 | ||
Chesham Finance LLC (Multi-CEP’s)(b)(c) | 2.18% | 09/03/2019 | 25,000 | 25,000,000 | ||
Collateralized Commercial Paper Co., LLC (CEP-J.P. Morgan Securities LLC)(c) | 2.66% | 09/04/2019 | 10,000 | 9,999,410 | ||
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.18% | 09/03/2019 | 20,000 | 20,000,000 | ||
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.49% | 09/06/2019 | 11,500 | 11,497,918 | ||
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.36% | 10/10/2019 | 30,000 | 29,934,279 | ||
Halkin Finance LLC (Multi-CEP’s)(b)(c) | 2.18% | 09/03/2019 | 25,000 | 25,000,000 | ||
Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) | 2.25% | 09/03/2019 | 40,000 | 40,000,000 | ||
LMA Americas LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.64% | 10/18/2019 | 10,000 | 9,974,456 | ||
LMA Americas LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.41% | 01/06/2020 | 15,000 | 14,895,911 | ||
LMA Americas LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.19%-2.58% | 01/27/2020 | 56,000 | 55,542,939 | ||
300,944,621 | ||||||
Asset-Backed Securities - Multi-Purpose-0.74% | ||||||
Chariot Funding LLC(b)(c) | 2.59% | 09/03/2019 | 18,250 | 18,250,000 | ||
Consumer Finance-1.01% | ||||||
Toyota Motor Credit Corp. (1 mo. USD LIBOR + 0.15%)(c)(d) | 2.35% | 01/06/2020 | 25,000 | 25,002,028 | ||
Diversified Banks-10.55% | ||||||
Australia & New Zealand Banking Group, Ltd. (3 mo. USD LIBOR + 0.12%) (Australia)(b)(c)(d) | 2.59% | 09/06/2019 | 20,000 | 20,000,148 | ||
Banco del Estado de Chile (Chile)(b)(c) | 2.61% | 09/26/2019 | 15,000 | 14,979,851 | ||
Bank of Nova Scotia (1 mo. USD LIBOR + 0.14%) (Canada)(c)(d) | 2.29% | 01/24/2020 | 10,000 | 9,999,707 | ||
BPCE S.A. (France)(b)(c) | 2.69% | 12/16/2019 | 35,000 | 34,790,649 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.63% | 10/02/2019 | 25,000 | 24,957,034 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.32% | 11/19/2019 | 25,000 | 24,886,184 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.31% | 12/11/2019 | 10,000 | 9,942,704 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.02% | 02/14/2020 | 15,000 | 14,863,709 | ||
Natixis S.A. (France)(c) | 2.69% | 12/20/2019 | 10,000 | 9,937,015 | ||
Royal Bank of Canada (3 mo. USD LIBOR + 0.21%) (Canada)(b)(c)(d) | 2.54% | 01/03/2020 | 15,000 | 15,009,554 | ||
Royal Bank of Canada (3 mo. USD LIBOR + 0.05%) (Canada)(b)(c)(d) | 2.37% | 04/01/2020 | 25,000 | 25,002,054 | ||
Toronto-Dominion Bank (The) (1 mo. USD LIBOR + 0.12%) (Canada)(c)(d) | 2.27% | 11/25/2019 | 25,000 | 25,004,165 | ||
Westpac Banking Corp. (Federal Funds Rate + 0.26%) (Australia)(b)(c)(d) | 2.39% | 07/02/2020 | 30,000 | 30,075,000 | ||
259,447,774 |
9 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Diversified Capital Markets-1.42% | ||||||
UBS AG (3 mo. USD LIBOR + 0.17%) (Switzerland)(c)(d) | 2.69% | 09/03/2019 | $ 15,000 | $ 15,000,000 | ||
UBS AG (3 mo. USD LIBOR + 0.05%) (Switzerland)(b)(c)(d) | 2.35% | 01/17/2020 | 20,000 | 20,001,021 | ||
35,001,021 | ||||||
Integrated Oil & Gas-0.95% | ||||||
Shell International Finance B.V. (Netherlands)(b)(c) | 2.00% | 06/29/2020 | 23,750 | 23,371,484 | ||
Other Diversified Financial Services-2.62% | ||||||
ABN AMRO Funding USA LLC (Netherlands)(b)(c) | 2.13% | 02/28/2020 | 15,000 | 14,844,955 | ||
Erste Abwicklungsanstalt (Germany)(b)(c) | 2.04% | 02/13/2020 | 50,000 | 49,551,410 | ||
64,396,365 | ||||||
Regional Banks-1.82% | ||||||
ASB Finance Ltd. (3 mo. USD LIBOR + 0.22%) (New Zealand)(b)(c)(d) | 2.40% | 11/12/2019 | 15,000 | 15,004,916 | ||
Banque et Caisse d’Epargne de l’Etat (Luxembourg)(c) | 2.16% | 03/02/2020 | 30,000 | 29,694,789 | ||
44,699,705 | ||||||
Specialized Finance-4.44% | ||||||
CDP Financial, Inc. (Canada)(b)(c) | 2.38% | 06/01/2020 | 25,000 | 24,633,083 | ||
Crown Point Capital Co., LLC (CEP-Credit Suisse AG) (1 mo. USD LIBOR + 0.15%)(b)(c)(d) | 2.35% | 10/10/2019 | 40,000 | 40,000,000 | ||
Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) | 2.02% | 02/11/2020 | 15,000 | 14,866,001 | ||
Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) | 1.99% | 02/18/2020 | 30,000 | 29,723,290 | ||
109,222,374 | ||||||
Total Commercial Paper (Cost $1,054,589,858) | 1,055,122,081 | |||||
Certificates of Deposit-22.12% | ||||||
ABN AMRO Bank N.V. (Netherlands)(c) | 0.00% | 09/09/2019 | 50,000 | 49,970,323 | ||
Australia & New Zealand Banking Group, Ltd.(c) | 2.11% | 09/03/2019 | 70,000 | 70,000,000 | ||
Bank of Montreal (1 mo. USD LIBOR + 0.22%) (Canada)(c)(d) | 2.30% | 10/04/2019 | 25,000 | 25,002,808 | ||
Bank of Montreal (3 mo. USD LIBOR + 0.06%) (Canada)(c)(d) | 2.38% | 04/01/2020 | 45,000 | 45,006,262 | ||
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.10%) (Canada)(c)(d) | 2.44% | 10/10/2019 | 30,000 | 30,003,222 | ||
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.05%) (Canada)(c)(d) | 2.37% | 04/01/2020 | 20,000 | 20,003,924 | ||
Canadian Imperial Bank of Commerce (1 mo. USD LIBOR + 0.14%) (Canada)(c)(d) | 2.29% | 01/24/2020 | 25,000 | 25,000,255 | ||
Canadian Imperial Bank of Commerce (1 mo. USD LIBOR + 0.17%) (Canada)(c)(d) | 2.39% | 05/07/2020 | 10,000 | 9,996,710 | ||
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.26%) (Canada)(c)(d) | 2.39% | 07/01/2020 | 20,000 | 20,013,750 | ||
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.36%) (Canada)(c)(d) | 2.49% | 09/18/2020 | 20,000 | 20,003,066 | ||
Mitsubishi UFJ Trust & Banking Corp. (1 mo. USD LIBOR + 0.20%) (Japan)(c)(d) | 2.35% | 02/27/2020 | 63,000 | 62,983,084 | ||
MUFG Bank, Ltd. (Japan)(b)(c) | 2.35% | 09/08/2019 | 5,900 | 5,899,995 | ||
Natixis S.A. (3 mo. USD LIBOR + 0.07%) (France)(c)(d) | 2.28% | 11/07/2019 | 35,000 | 35,001,317 | ||
Sumitomo Mitsui Banking Corp. (1 mo. USD LIBOR + 0.12%) (Japan)(c)(d) | 2.27% | 10/24/2019 | 20,000 | 20,002,463 | ||
Sumitomo Mitsui Banking Corp. (1 mo. USD LIBOR + 0.14%) (Japan)(c)(d) | 2.37% | 11/06/2019 | 30,000 | 30,004,769 | ||
Toronto-Dominion Bank (The) (1 mo. USD LIBOR + 0.14%) (Canada)(c)(d) | 2.28% | 02/28/2020 | 35,000 | 34,991,835 | ||
Wells Fargo Bank, N.A. | 2.00% | 02/12/2020 | 40,000 | 40,005,922 | ||
Total Certificates of Deposit (Cost $543,870,947) | 543,889,705 | |||||
U.S. Dollar Denominated Bonds & Notes-1.42% | ||||||
Automobile Manufacturers-0.41% | ||||||
Toyota Motor Credit Corp.(c) | 4.50% | 06/17/2020 | 9,900 | 10,090,381 |
10 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Diversified Banks-1.01% | ||||||
Westpac Banking Corp. (3 mo. USD LIBOR + 0.43%) (Australia)(c)(d) | 2.90% | 03/06/2020 | $ 10,460 | $ 10,479,320 | ||
Westpac Banking Corp. (Australia)(c) | 2.30% | 05/26/2020 | 14,444 | 14,471,919 | ||
24,951,239 | ||||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $34,978,052) | 35,041,620 | |||||
Variable Rate Demand Notes-0.75%(e) | ||||||
Credit Enhanced-0.75% | ||||||
Derry (Township of), PA Industrial & Commercial Development Authority (GIANT Center); Series 2001, VRD RB (LOC-PNC Bank, N.A.)(f) | 2.20% | 11/01/2030 | 4,765 | 4,765,000 | ||
Jets Stadium Development, LLC; Series 2014 A-4B, VRD Bonds (LOC-Sumitomo Mitsui Banking Corp.)(b)(c)(f) | 2.17% | 04/01/2047 | 9,400 | 9,399,999 | ||
Keep Memory Alive; Series 2013, VRD Bonds (LOC-PNC Bank, N.A.)(f) | 2.20% | 05/01/2037 | 2,700 | 2,700,000 | ||
S&L Capital, LLC (J&L Development of Holland, LLC); Series 2005 A, VRD Notes (LOC-FHLB of Indianapolis)(c)(f) | 2.20% | 07/01/2040 | 1,495 | 1,495,000 | ||
Total Variable Rate Demand Notes (Cost $18,359,993) | 18,359,999 | |||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-67.19% (Cost $1,651,798,850) | 1,652,413,405 | |||||
Repurchase Amount | ||||||
Repurchase Agreements-32.93%(g) | ||||||
BMO Capital Markets Corp., joint agreement dated 08/30/2019, aggregate maturing value of $195,047,667 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, U.S. government sponsored agency obligations, domestic and foreign corporate obligations and domestic commercial paper valued at $207,184,381; 0% - 10.00%; 09/11/2019 - 04/25/2066)(c) | 2.20% | 09/03/2019 | 38,009,289 | 38,000,000 | ||
BMO Capital Markets Corp., joint term agreement dated 08/30/2019, aggregate maturing value of $50,021,875 (collateralized by domestic agency mortgage-backed securities valued at $51,415,842; 0% - 13.73%; 06/25/2027 - 06/20/2069)(c)(h) | 2.25% | 09/06/2019 | 15,006,562 | 15,000,000 | ||
Citigroup Global Markets, Inc., joint open agreement dated 04/11/2019 (collateralized by domestic and foreign non-agency asset-backed securities and domestic mortgage-backed securities valued at $234,301,461; 0% - 8.29%; 12/01/2025 - 03/25/2061)(c)(i) | 2.62% | - | - | 66,500,000 | ||
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $250,060,000 (collateralized by domestic agency mortgage-backed securities valued at $255,000,001; 3.00% - 4.00%; 06/01/2048 - 08/01/2049)(c) | 2.16% | 09/03/2019 | 125,030,000 | 125,000,000 | ||
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $30,013,475 (collateralized by foreign corporate obligations, domestic non-agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $32,999,964; 0% - 6.00%; 09/08/2020 - 12/15/2044)(c)(h) | 2.31% | 09/05/2019 | 5,002,246 | 5,000,000 | ||
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $40,017,578 (collateralized by domestic non-agency asset-backed securities and a foreign corporate obligation valued at $43,999,986; 0% - 5.93%; 04/15/2026 - 05/16/2042)(c)(h) | 2.26% | 09/05/2019 | 30,013,183 | 30,000,000 | ||
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $65,028,185 (collateralized by domestic and foreign agency and non-agency asset-backed securities, domestic non-agency mortgage-backed securities and a foreign corporate obligation valued at $68,250,000; 0.47% - 5.93%; 12/28/2023 - 09/10/2050)(c)(h) | 2.23% | 09/05/2019 | 23,009,973 | 23,000,000 |
11 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
ING Financial Markets, LLC, joint agreement dated 08/30/2019, aggregate maturing value of $124,030,311 (collateralized by domestic and foreign corporate obligations valued at $130,200,007; 1.63% - 7.88%; 09/29/2019 - 08/15/2059)(c) | 2.20% | 09/03/2019 | $ 55,013,444 | $ 55,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2019 (collateralized by domestic and foreign corporate obligations valued at $45,360,002; 0% - 7.50%; 09/06/2019 - 08/01/2057)(i) | 2.75% | - | - | 25,000,000 | |
Mizuho Securities (USA) LLC, joint open agreement dated 03/21/2019 (collateralized by domestic and foreign equity securities valued at $26,250,062; 0% - 7.13%;)(c)(i) | 2.20% | - | - | 15,000,000 | |
Natixis, joint agreement dated 08/30/2019, aggregate maturing value of $750,179,167 (collateralized by U.S. Treasury obligations valued at $765,000,060; 0% - 3.38%; 12/05/2019 - 11/15/2048)(c) | 2.15% | 09/03/2019 | 125,029,861 | 125,000,000 | |
RBC Capital Markets LLC, joint agreement dated 08/30/2019, aggregate maturing value of $150,036,667 (collateralized by domestic agency mortgage-backed securities and domestic and foreign corporate obligations valued at $156,822,868; 0% - 10.00%; 09/13/2019 - 08/15/2076)(c) | 2.20% | 09/03/2019 | 35,008,556 | 35,000,000 | |
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign corporate obligations valued at $106,426,641; 2.90% - 9.25%; 11/19/2019 - 03/15/2050)(c)(i) | 2.28% | - | - | 25,000,000 | |
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign corporate obligations valued at $91,808,572; 2.88% - 10.63%; 10/14/2019 - 01/11/2048)(c)(i) | 2.21% | - | - | 55,000,000 | |
Sumitomo Mitsui Banking Corp., joint agreement dated 08/30/2019, aggregate maturing value of $1,500,361,667 (collateralized by domestic agency mortgage-backed securities valued at $1,530,000,000; 3.00% - 3.50%; 08/20/2042 - 04/01/2049)(c) | 2.17% | 09/03/2019 | 172,451,548 | 172,409,978 | |
Total Repurchase Agreements (Cost $809,909,978) | 809,909,978 | ||||
TOTAL INVESTMENTS IN SECURITIES(j)(k)-100.12% (Cost $2,461,708,828) | 2,462,323,383 | ||||
OTHER ASSETS LESS LIABILITIES-(0.12)% | (3,062,638) | ||||
NET ASSETS-100.00% | $2,459,260,745 |
CEP | -Credit Enhancement Provider |
FHLB | -Federal Home Loan Bank |
LIBOR | -London Interbank Offered Rate |
LOC | -Letter of Credit |
RB | -Revenue Bonds |
USD | -U.S. Dollar |
VRD | -Variable Rate Demand |
(a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2019 was $865,395,955, which represented 35.19% of the Fund’s Net Assets. |
(c) | The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 17.6%; France: 14.0%; Netherlands: 10.5%; Switzerland: 7.9%; Japan: 7.3%; Australia: 5.9%; Germany: 5.3% other countries less than 5% each: 6.5%. |
(d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2019. |
(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, 2019. |
(f) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(g) | Principal amount equals value at period end. See Note 1I. |
(h) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(i) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
(j) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
(k) | Also represents cost for federal income tax purposes. |
12 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Commercial Paper-40.06%(a) | ||||||
Asset-Backed Securities - Fully Supported-6.10% | ||||||
Atlantic Asset Securitization LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.18% | 10/11/2019 | $ 15,000 | $ 14,967,217 | ||
Bennington Stark Capital Co., LLC (CEP-Societe Generale S.A.)(b)(c) | 2.36% | 09/06/2019 | 15,000 | 14,997,284 | ||
Ridgefield Funding Co., LLC (CEP-BNP Paribas S.A.)(b)(c) | 2.29% | 09/04/2019 | 10,000 | 9,999,403 | ||
39,963,904 | ||||||
Asset-Backed Securities - Fully Supported Bank-14.50% | ||||||
Anglesea Funding LLC (Multi-CEP’s)(b)(c) | 2.27% | 09/03/2019 | 15,000 | 15,000,000 | ||
Cedar Springs Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.24% | 09/13/2019 | 15,000 | 14,990,652 | ||
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.28% | 09/12/2019 | 15,000 | 14,991,879 | ||
Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) | 2.25% | 09/03/2019 | 10,000 | 10,000,000 | ||
Mountcliff Funding LLC (Multi-CEP’s)(b)(c) | 2.20% | 10/18/2019 | 15,000 | 14,960,184 | ||
Regency Markets No. 1 LLC (CEP-HSBC Bank PLC) (Ireland)(b)(c) | 2.21% | 09/16/2019 | 10,000 | 9,992,202 | ||
Versailles Commercial Paper LLC (CEP-Natixis S.A.)(b)(c) | 2.36% | 09/06/2019 | 15,000 | 14,997,285 | ||
94,932,202 | ||||||
Asset-Backed Securities - Multi-Purpose-2.29% | ||||||
CAFCO LLC (CEP-Citibank, N.A.)(b)(c) | 2.29% | 09/27/2019 | 15,000 | 14,979,345 | ||
Diversified Banks-16.35% | ||||||
Banco Santander, S.A.(c) | 2.34% | 09/04/2019 | 15,000 | 14,999,111 | ||
China Construction Bank Corp. (China)(b)(c) | 2.46% | 09/13/2019 | 15,000 | 14,991,060 | ||
Industrial & Commercial Bank of China Ltd. (China)(b)(c) | 2.45% | 09/20/2019 | 15,000 | 14,984,201 | ||
Mitsubishi UFJ Trust & Banking Corp. (Japan)(b)(c) | 2.37% | 09/19/2019 | 3,000 | 2,997,189 | ||
National Bank of Canada (Canada)(b)(c) | 2.13% | 10/21/2019 | 15,000 | 14,957,210 | ||
Oversea-Chinese Banking Corp. Ltd. (Singapore)(b)(c) | 2.19% | 09/23/2019 | 15,000 | 14,982,071 | ||
Sumitomo Mitsui Trust Bank, Ltd. (Japan)(b)(c) | 2.18% | 09/06/2019 | 8,000 | 7,998,585 | ||
Sumitomo Mitsui Trust Bank, Ltd. (Japan)(b)(c) | 2.23% | 10/21/2019 | 6,220 | 6,202,563 | ||
Toronto-Dominion Bank (The) (Canada)(b)(c) | 2.21% | 09/25/2019 | 15,000 | 14,980,498 | ||
107,092,488 | ||||||
Specialized Finance-0.82% | ||||||
Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) | 2.31% | 09/09/2019 | 5,400 | 5,398,090 | ||
Total Commercial Paper (Cost $262,322,128) | 262,366,029 | |||||
Certificates of Deposit-10.23% | ||||||
Australia & New Zealand Banking Group, Ltd.(c) | 2.11% | 09/03/2019 | 30,000 | 30,000,000 | ||
Banco Del Estado De Chile(c) | 2.30% | 09/06/2019 | 15,000 | 15,000,237 | ||
Cooperatieve Rabobank U.A.(c) | 2.14% | 10/11/2019 | 15,000 | 15,000,081 | ||
Mitsubishi UFJ Trust & Banking Corp.(c) | 2.41% | 09/06/2019 | 7,000 | 7,000,171 | ||
Total Certificates of Deposit (Cost $67,000,110) | 67,000,489 | |||||
Variable Rate Demand Notes-6.13%(d) | ||||||
Credit Enhanced-6.13% | ||||||
Jets Stadium Development, LLC; Series 2014 A-4C, VRD Bonds (LOC-Sumitomo Mitsui Banking Corp.)(b)(c)(e) | 2.17% | 04/01/2047 | 7,900 | 7,900,000 | ||
Keep Memory Alive; Series 2013, VRD Bonds (LOC-PNC Bank, N.A.)(e) | 2.20% | 05/01/2037 | 3,380 | 3,380,000 | ||
Maumelle (City of), AR (Kimberly-Clark Corp.); Series 2015, VRD IDR(b)(c) | 2.08% | 08/01/2045 | 9,400 | 9,400,000 |
13 | Short-Term Investments Trust |
Invesco STIC Prime Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Credit Enhanced-(continued) | ||||||
New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2015 B-1, VRD RB (LOC-Bank of China Ltd.)(c)(e) | 2.23% | 11/01/2049 | $ 14,000 | $ 14,000,000 | ||
Ziegler Realty LLC; Series 2007, VRD Notes (LOC-Wells Fargo Bank, N.A.)(b)(c)(e) | 2.15% | 01/01/2033 | 5,500 | 5,500,000 | ||
Total Variable Rate Demand Notes (Cost $40,180,000) | 40,180,000 | |||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-56.42% (Cost $369,502,238) | 369,546,518 | |||||
Repurchase Amount | ||||||
Repurchase Agreements-43.72%(f) | ||||||
BMO Capital Markets Corp., joint agreement dated 08/30/2019, aggregate maturing value of $195,047,667 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, U.S. government sponsored agency obligations, domestic and foreign corporate obligations and domestic commercial paper valued at $207,184,381; 0% - 10.00%; 09/11/2019 - 04/25/2066)(c) | 2.20% | 09/03/2019 | 20,004,889 | 20,000,000 | ||
BMO Capital Markets Corp., joint term agreement dated 08/30/2019, aggregate maturing value of $50,021,875 (collateralized by domestic agency mortgage-backed securities valued at $51,415,842; 0% - 13.73%; 06/25/2027 - 06/20/2069)(c)(g) | 2.25% | 09/06/2019 | 8,003,500 | 8,000,000 | ||
Citigroup Global Markets, Inc., joint agreement dated 08/30/2019, aggregate maturing value of $400,096,000 (collateralized by U.S. Treasury obligations valued at $408,000,053; 0% - 0.13%; 04/15/2020 - 08/15/2042) | 2.16% | 09/03/2019 | 30,007,200 | 30,000,000 | ||
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $250,060,000 (collateralized by domestic agency mortgage-backed securities valued at $255,000,001; 3.00% - 4.00%; 06/01/2048 - 08/01/2049)(c) | 2.16% | 09/03/2019 | 30,007,200 | 30,000,000 | ||
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $65,028,185 (collateralized by domestic and foreign agency and non-agency asset-backed securities, domestic non-agency mortgage-backed securities and a foreign corporate obligation valued at $68,250,000; 0.47% - 5.93%; 12/28/2023 - 09/10/2050)(c)(g) | 2.23% | 09/05/2019 | 5,002,168 | 5,000,000 | ||
Credit Suisse Securities (USA) LLC, term agreement dated 08/30/2019, maturing value of $10,000,000 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic non-agency asset-backed securities and domestic and foreign corporate obligations valued at $10,499,736; 0% - 8.00%; 10/10/2019 - 07/15/2064)(c)(h) | 2.34% | 10/04/2019 | 10,000,000 | 10,000,000 | ||
ING Financial Markets, LLC, joint agreement dated 08/30/2019, aggregate maturing value of $124,030,311 (collateralized by domestic and foreign corporate obligations valued at $130,200,007; 1.63% - 7.88%; 09/29/2019 - 08/15/2059)(c) | 2.20% | 09/03/2019 | 25,006,111 | 25,000,000 | ||
J.P. Morgan Securities LLC, open agreement dated 09/08/2017 (collateralized by domestic and foreign equity securities valued at $15,780,373; 2.20%; 02/15/2040 - 12/12/2222)(i) | 2.30% | - | - | 15,000,000 | ||
Natixis, joint agreement dated 08/30/2019, aggregate maturing value of $750,179,167 (collateralized by U.S. Treasury obligations valued at $765,000,060; 0% - 3.38%; 12/05/2019 - 11/15/2048)(c) | 2.15% | 09/03/2019 | 60,014,334 | 60,000,000 | ||
RBC Capital Markets LLC, joint agreement dated 08/30/2019, aggregate maturing value of $150,036,667 (collateralized by domestic agency mortgage-backed securities and domestic and foreign corporate obligations valued at $156,822,868; 0% - 10.00%; 09/13/2019 - 08/15/2076)(c) | 2.20% | 09/03/2019 | 20,004,889 | 20,000,000 | ||
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign corporate obligations valued at $106,426,641; 2.90% - 9.25%; 11/19/2019 - 03/15/2050)(c)(i) | 2.28% | - | - | 5,000,000 | ||
Sumitomo Mitsui Banking Corp., joint agreement dated 08/30/2019, aggregate maturing value of $1,500,361,667 (collateralized by domestic agency mortgage-backed securities valued at $1,530,000,000; 3.00% - 3.50%; 08/20/2042 - 04/01/2049)(c) | 2.17% | 09/03/2019 | 58,331,304 | 58,317,243 | ||
Total Repurchase Agreements (Cost $286,317,243) | 286,317,243 | |||||
TOTAL INVESTMENTS IN SECURITIES(j)(k)-100.14% (Cost $655,819,481) | 655,863,761 | |||||
OTHER ASSETS LESS LIABILITIES-(0.14)% | (907,139) | |||||
NET ASSETS-100.00% | $654,956,622 |
14 | Short-Term Investments Trust |
Invesco STIC Prime Portfolio
CEP | -Credit Enhancement Provider |
IDR | -Industrial Development Revenue Bonds |
LOC | -Letter of Credit |
RB | -Revenue Bonds |
VRD | -Variable Rate Demand |
(a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2019 was $270,166,918, which represented 41.25% 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: 11.9%; Netherlands: 10.8%; France: 9.2%; Switzerland: 6.9%; China: 6.7%; other countries less than 5% each: 17.9%. |
(d) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2019. |
(e) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(f) | Principal amount equals value at period end. See Note 1I. |
(g) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(h) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2019. |
(i) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
(j) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
(k) | Also represents cost for federal income tax purposes. |
15 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
U.S. Treasury Securities-41.59% | ||||||
U.S. Treasury Bills-22.07%(a) | ||||||
U.S. Treasury Bills | 2.14% | 09/10/2019 | $ 500,000 | $ 499,741,875 | ||
U.S. Treasury Bills | 2.49% | 09/12/2019 | 350,000 | 349,737,451 | ||
U.S. Treasury Bills | 2.48% | 09/19/2019 | 500,000 | 499,387,500 | ||
U.S. Treasury Bills | 2.10% | 09/26/2019 | 500,000 | 499,276,041 | ||
U.S. Treasury Bills | 2.06% | 10/08/2019 | 750,000 | 748,419,791 | ||
U.S. Treasury Bills | 2.42% | 10/17/2019 | 475,000 | 473,548,924 | ||
U.S. Treasury Bills | 1.97% | 11/14/2019 | 250,000 | 248,992,778 | ||
U.S. Treasury Bills | 2.21% | 12/05/2019 | 250,000 | 248,558,837 | ||
U.S. Treasury Bills | 2.12% | 12/12/2019 | 300,000 | 298,216,276 | ||
U.S. Treasury Bills | 1.91% | 02/13/2020 | 250,000 | 247,834,375 | ||
U.S. Treasury Bills | 1.87% | 02/20/2020 | 250,000 | 247,790,278 | ||
U.S. Treasury Bills | 1.86% | 02/27/2020 | 250,000 | 247,712,778 | ||
U.S. Treasury Bills | 1.78% | 08/13/2020 | 100,000 | 98,313,194 | ||
4,707,530,098 | ||||||
U.S. Treasury Notes-19.52% | ||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b) | 1.97% | 04/30/2020 | 998,000 | 998,007,326 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b) | 1.98% | 07/31/2020 | 310,000 | 309,995,764 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)(b) | 1.98% | 10/31/2020 | 251,000 | 250,987,381 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)(b) | 2.05% | 01/31/2021 | 1,306,000 | 1,305,513,883 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b) | 2.08% | 04/30/2021 | 851,000 | 850,764,111 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)(b) | 2.16% | 07/31/2021 | 450,000 | 449,930,368 | ||
4,165,198,833 | ||||||
Total U.S. Treasury Securities (Cost $8,872,728,931) | 8,872,728,931 | |||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-41.59% (Cost $8,872,728,931) | 8,872,728,931 | |||||
Repurchase Amount | ||||||
Repurchase Agreements-58.51%(c) | ||||||
Bank of Nova Scotia, agreement dated 08/30/2019, maturing value of $500,119,445 (collateralized by U.S. Treasury obligations valued at $510,000,086; 0% - 8.50%; 09/12/2019 - 02/15/2049) | 2.15% | 09/03/2019 | 500,119,445 | 500,000,000 | ||
BNP Paribas Securities Corp., joint term agreement dated 07/23/2019, aggregate maturing value of $2,007,612,222 (collateralized by U.S. Treasury obligations valued at $2,040,000,018; 0% - 4.38%; 01/15/2020 - 02/15/2049)(d) | 2.21% | 09/23/2019 | 1,104,186,722 | 1,100,000,000 | ||
BNP Paribas Securities Corp., joint term agreement dated 08/26/2019, aggregate maturing value of $1,000,480,000 (collateralized by U.S. Treasury obligations valued at $1,020,000,010; 0% - 8.00%; 04/23/2020 - 11/15/2046)(d) | 2.16% | 09/03/2019 | 400,192,000 | 400,000,000 | ||
CIBC World Markets Corp., agreement dated 08/30/2019, maturing value of $150,035,833 (collateralized by U.S. Treasury obligations valued at $153,000,089; 0.88% - 3.00%; 02/28/2022 - 05/15/2045) | 2.15% | 09/03/2019 | 150,035,833 | 150,000,000 | ||
CIBC World Markets Corp., joint term agreement dated 08/07/2019, aggregate maturing value of $500,895,833 (collateralized by U.S. Treasury obligations valued at $510,000,083; 0.13% - 4.75%; 12/31/2020 - 11/15/2046)(d) | 2.15% | 09/06/2019 | 200,358,333 | 200,000,000 |
16 | Short-Term Investments Trust |
Invesco Treasury Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
Citigroup Global Markets, Inc., term agreement dated 08/29/2019, maturing value of $600,255,500 (collateralized by U.S. Treasury obligations valued at $612,000,082; 0% - 0.13%; 04/15/2020 - 02/15/2036)(d) | 2.19% | 09/05/2019 | $ 600,255,500 | $ 600,000,000 | |
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $1,000,237,778 (collateralized by U.S. Treasury obligations valued at $1,020,000,032; 2.00% - 2.63%; 12/15/2021 - 11/15/2026) | 2.14% | 09/03/2019 | 520,228,164 | 520,104,495 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/23/2019, aggregate maturing value of $802,897,556 (collateralized by U.S. Treasury obligations valued at $816,000,018; 0% - 2.50%; 08/13/2020 - 01/31/2021)(d) | 2.21% | 09/20/2019 | 401,448,778 | 400,000,000 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/06/2019, aggregate maturing value of $500,985,417 (collateralized by U.S. Treasury obligations valued at $510,000,057; 1.00% - 3.38%; 02/28/2021 - 02/15/2049)(d) | 2.15% | 09/09/2019 | 200,394,167 | 200,000,000 | |
Credit Agricole Corporate & Investment Bank, term agreement dated 07/22/2019, maturing value of $301,160,250 (collateralized by U.S. Treasury obligations valued at $306,000,125; 1.63% - 4.38%; 06/30/2021 - 05/15/2041)(d) | 2.21% | 09/23/2019 | 301,160,250 | 300,000,000 | |
DNB Bank ASA, agreement dated 08/30/2019, maturing value of $500,120,000 (collateralized by U.S. Treasury obligations valued at $510,000,097; 2.00% - 2.88%; 02/28/2021 - 08/15/2025) | 2.16% | 09/03/2019 | 500,120,000 | 500,000,000 | |
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/30/2019, maturing value of $150,035,000 (collateralized by a U.S. Treasury obligation valued at $153,000,034; 2.00%; 05/31/2024) | 2.10% | 09/03/2019 | 150,035,000 | 150,000,000 | |
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/30/2019, maturing value of $200,048,000 (collateralized by a U.S. Treasury obligation valued at $204,000,087; 2.63%; 12/31/2023) | 2.16% | 09/03/2019 | 200,048,000 | 200,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 07/18/2019 (collateralized by U.S. Treasury obligations valued at $357,000,214; 0% - 3.63%; 10/10/2019 - 11/15/2044)(e) | 2.11% | - | - | 130,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 05/15/2019 (collateralized by U.S. Treasury obligations valued at $408,000,000; 2.00% - 3.63%; 01/31/2023 - 02/15/2044)(e) | 2.15% | - | - | 400,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 05/22/2019 (collateralized by U.S. Treasury obligations valued at $510,000,052; 1.25% - 3.38%; 10/31/2021 - 11/15/2048)(e) | 2.11% | - | - | 500,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 07/29/2019 (collateralized by U.S. Treasury obligations valued at $510,000,016; 3.00% - 3.13%; 11/15/2028 - 02/15/2043)(e) | 2.15% | - | - | 500,000,000 | |
Metropolitan Life Insurance Co., joint term agreement dated 08/28/2019, aggregate maturing value of $450,199,671 (collateralized by U.S. Treasury obligations valued at $458,714,349; 0% - 2.63%; 10/01/2019 - 08/15/2047)(d) | 2.22% | 09/04/2019 | 185,081,809 | 185,001,950 | |
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/28/2019, aggregate maturing value of $1,333,325,304 (collateralized by U.S. Treasury obligations valued at $1,358,182,101; 2.00% - 2.38%; 04/30/2024 - 05/15/2029)(d) | 2.22% | 09/04/2019 | 472,328,801 | 472,125,000 | |
Natixis, joint agreement dated 08/30/2019, aggregate maturing value of $750,179,167 (collateralized by U.S. Treasury obligations valued at $765,000,060; 0% - 3.38%; 12/05/2019 - 11/15/2048) | 2.15% | 09/03/2019 | 565,134,972 | 565,000,000 | |
Natixis, joint term agreement dated 07/18/2019, aggregate maturing value of $501,858,333 (collateralized by U.S. Treasury obligations valued at $510,000,002; 0% - 3.38%; 09/19/2019 - 05/15/2049)(d) | 2.23% | 09/16/2019 | 200,743,333 | 200,000,000 | |
Prudential Insurance Co. of America, agreement dated 08/30/2019, maturing value of $405,934,102 (collateralized by U.S. Treasury obligations valued at $414,162,863; 0% - 2.75%; 11/15/2027 - 02/15/2045) | 2.17% | 09/03/2019 | 405,934,102 | 405,836,250 | |
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/30/2019, maturing value of $272,315,643 (collateralized by U.S. Treasury obligations valued at $278,228,000; 0%; 08/15/2033 - 08/15/2045) | 2.17% | 09/03/2019 | 272,315,643 | 272,250,000 |
17 | Short-Term Investments Trust |
Invesco Treasury Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
RBC Capital Markets LLC, term agreement dated 08/15/2019, maturing value of $250,529,861 (collateralized by U.S. Treasury obligations valued at $255,000,096; 2.88%; 05/31/2025 - 07/31/2025)(d) | 2.18% | 09/19/2019 | $ 250,529,861 | $ 250,000,000 | |
RBC Dominion Securities Inc., agreement dated 08/30/2019, maturing value of $1,000,238,889 (collateralized by U.S. Treasury obligations valued at $1,020,000,091; 0% - 4.25%; 09/12/2019 - 08/15/2048) | 2.15% | 09/03/2019 | 1,000,238,889 | 1,000,000,000 | |
Societe Generale, joint term agreement dated 08/28/2019, aggregate maturing value of $500,213,889 (collateralized by U.S. Treasury obligations valued at $510,000,072; 0.13% - 6.00%; 01/15/2020 - 02/15/2047)(d) | 2.20% | 09/04/2019 | 165,070,583 | 165,000,000 | |
Societe Generale, open agreement dated 06/25/2018 (collateralized by U.S. Treasury obligations valued at $1,020,000,037; 0% - 8.75%; 09/16/2019 - 02/15/2047)(e) | 2.12% | - | - | 1,000,000,000 | |
Sumitomo Mitsui Banking Corp., agreement dated 08/30/2019, maturing value of $250,059,722 (collateralized by U.S. Treasury obligation valued at $255,000,039; 1.63%; 02/15/2026) | 2.15% | 09/03/2019 | 250,059,722 | 250,000,000 | |
TD Securities (USA) LLC, agreement dated 08/30/2019, maturing value of $200,047,556 (collateralized by U.S. Treasury obligations valued at $204,000,014; 2.38% - 2.63%; 08/15/2024 - 02/15/2029) | 2.14% | 09/03/2019 | 200,047,556 | 200,000,000 | |
Wells Fargo Securities, LLC, agreement dated 08/30/2019, maturing value of $765,182,750 (collateralized by U.S. Treasury obligations valued at $780,300,004; 0.13% - 7.88%; 04/15/2020 - 07/15/2028) | 2.15% | 09/03/2019 | 765,182,750 | 765,000,000 | |
Total Repurchase Agreements (Cost $12,480,317,695) | 12,480,317,695 | ||||
TOTAL INVESTMENTS IN SECURITIES-100.10% (Cost $21,353,046,626) | 21,353,046,626 | ||||
OTHER ASSETS LESS LIABILITIES-(0.10)% | (21,407,037) | ||||
NET ASSETS-100.00% | $21,331,639,589 |
(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, 2019. |
(c) | Principal amount equals value at period end. See Note 1I. |
(d) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(e) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
18 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
U.S. Government Sponsored Agency Securities-27.29% | ||||||
Federal Farm Credit Bank (FFCB)-1.84% | ||||||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.10%)(a) | 2.04% | 09/25/2019 | $ 110,000 | $ 109,999,609 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.10%)(a) | 2.11% | 10/08/2019 | 75,000 | 74,997,138 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.12% | 11/19/2019 | 37,300 | 37,295,847 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.02% | 12/04/2019 | 125,000 | 124,999,160 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.07%)(a) | 2.12% | 12/16/2019 | 120,000 | 120,000,000 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.12% | 12/18/2019 | 25,000 | 24,999,287 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR + 0.05%)(a) | 2.20% | 01/27/2020 | 50,000 | 50,014,972 | ||
Federal Farm Credit Bank (SOFR + 0.10%)(a) | 2.31% | 05/07/2021 | 23,000 | 23,000,000 | ||
Federal Farm Credit Bank (SOFR + 0.08%)(a) | 2.29% | 06/10/2021 | 14,000 | 14,000,000 | ||
579,306,013 | ||||||
Federal Home Loan Bank (FHLB)-19.58% | ||||||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.12% | 09/18/2019 | 50,000 | 50,000,497 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 10/09/2019 | 119,000 | 119,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.11% | 10/22/2019 | 50,000 | 49,996,663 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.18% | 11/08/2019 | 250,000 | 250,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.12% | 11/25/2019 | 225,000 | 225,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.12% | 11/25/2019 | 175,000 | 175,000,000 | ||
Federal Home Loan Bank (SOFR + 0.02%)(a) | 2.23% | 11/27/2019 | 45,000 | 45,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.04% | 12/05/2019 | 150,000 | 150,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.05%)(a) | 2.18% | 12/06/2019 | 79,400 | 79,407,228 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.04%)(a) | 2.19% | 12/06/2019 | 250,000 | 249,993,709 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.18% | 12/09/2019 | 150,000 | 150,000,000 | ||
Federal Home Loan Bank (SOFR)(a) | 2.21% | 12/11/2019 | 398,000 | 398,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.17% | 12/16/2019 | 500,000 | 500,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.09%)(a) | 2.08% | 12/20/2019 | 125,000 | 125,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.02%)(a) | 2.15% | 12/20/2019 | 240,000 | 240,000,000 | ||
Federal Home Loan Bank (SOFR + 0.01%)(a) | 2.22% | 12/20/2019 | 170,000 | 170,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.09%)(a) | 2.06% | 12/27/2019 | 50,000 | 50,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.01%)(a) | 2.18% | 01/17/2020 | 145,000 | 145,000,000 | ||
Federal Home Loan Bank (SOFR + 0.02%)(a) | 2.23% | 02/21/2020 | 420,000 | 420,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 05/08/2020 | 120,000 | 120,000,000 | ||
Federal Home Loan Bank (SOFR + 0.02%)(a) | 2.23% | 05/22/2020 | 265,000 | 265,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 06/19/2020 | 60,000 | 60,000,000 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 07/17/2020 | 95,000 | 95,000,000 | ||
Federal Home Loan Bank (SOFR + 0.08%)(a) | 2.29% | 07/24/2020 | 26,000 | 26,000,000 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 08/21/2020 | 84,000 | 84,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 08/25/2020 | 46,000 | 46,000,000 | ||
Federal Home Loan Bank (SOFR + 0.05%)(a) | 2.26% | 09/28/2020 | 621,500 | 621,500,000 | ||
Federal Home Loan Bank (SOFR + 0.11%)(a) | 2.32% | 10/01/2020 | 40,000 | 40,000,000 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 11/06/2020 | 182,000 | 182,000,000 | ||
Federal Home Loan Bank (SOFR + 0.05%)(a) | 2.26% | 01/22/2021 | 109,000 | 109,000,000 | ||
Federal Home Loan Bank (SOFR + 0.05%)(a) | 2.26% | 01/28/2021 | 173,000 | 173,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 02/09/2021 | 224,000 | 224,000,000 | ||
Federal Home Loan Bank (SOFR + 0.07%)(a) | 2.28% | 02/26/2021 | 198,000 | 198,000,000 |
19 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Federal Home Loan Bank (FHLB)-(continued) | ||||||
Federal Home Loan Bank (SOFR + 0.08%)(a) | 2.29% | 07/23/2021 | $ 321,000 | $ 321,000,000 | ||
6,155,898,097 | ||||||
Federal Home Loan Mortgage Corp. (FHLMC)-2.83% | ||||||
Federal Home Loan Mortgage Corp. (SOFR)(a) | 2.21% | 02/12/2020 | 250,000 | 250,000,000 | ||
Federal Home Loan Mortgage Corp. (SOFR + 0.01%)(a) | 2.22% | 07/22/2020 | 119,000 | 119,000,000 | ||
Federal Home Loan Mortgage Corp. (SOFR + 0.04%)(a) | 2.25% | 12/14/2020 | 150,000 | 150,000,000 | ||
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) | 2.24% | 02/05/2021 | 315,000 | 315,000,000 | ||
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) | 2.24% | 02/19/2021 | 55,000 | 55,000,000 | ||
889,000,000 | ||||||
Federal National Mortgage Association (FNMA)-1.82% | ||||||
Federal National Mortgage Association (SOFR + 0.01%)(a) | 2.22% | 05/22/2020 | 215,000 | 215,000,000 | ||
Federal National Mortgage Association (SOFR + 0.06%)(a) | 2.27% | 07/30/2020 | 63,000 | 63,000,000 | ||
Federal National Mortgage Association (SOFR + 0.04%)(a) | 2.25% | 01/29/2021 | 292,000 | 292,000,000 | ||
570,000,000 | ||||||
Overseas Private Investment Corp. (OPIC)-1.22% | ||||||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 09/15/2020 | 116,000 | 116,000,000 | ||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 06/15/2025 | 24,000 | 24,000,000 | ||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 07/15/2025 | 31,333 | 31,333,334 | ||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 09/15/2025 | 5,000 | 5,000,000 | ||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 09/15/2026 | 5,000 | 5,000,000 | ||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 02/15/2028 | 18,889 | 18,888,889 | ||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 11/15/2028 | 84,091 | 84,090,910 | ||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.25% | 05/15/2030 | 9,282 | 9,282,000 | ||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 10/15/2030 | 8,000 | 8,000,000 | ||
Overseas Private Investment Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(b) | 2.22% | 07/09/2026 | 35,700 | 35,700,000 | ||
Overseas Private Investment Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 03/15/2030 | 45,000 | 45,000,000 | ||
382,295,133 | ||||||
Total U.S. Government Sponsored Agency Securities (Cost $8,576,499,243) | 8,576,499,243 | |||||
U.S. Treasury Securities-19.48% | ||||||
U.S. Treasury Bills-9.48%(c) | ||||||
U.S. Treasury Bills | 2.49% | 09/05/2019 | 450,000 | 449,877,039 | ||
U.S. Treasury Bills | 2.15% | 09/10/2019 | 395,000 | 394,788,675 | ||
U.S. Treasury Bills | 2.49% | 09/12/2019 | 150,000 | 149,887,479 | ||
U.S. Treasury Bills | 2.47%-2.48% | 09/19/2019 | 450,000 | 449,449,650 | ||
U.S. Treasury Bills | 2.06% | 09/24/2019 | 400,000 | 399,473,556 | ||
U.S. Treasury Bills | 2.06% | 10/01/2019 | 280,000 | 279,551,378 | ||
U.S. Treasury Bills | 2.06% | 10/08/2019 | 500,000 | 498,946,527 | ||
U.S. Treasury Bills | 1.99% | 10/29/2019 | 150,000 | 149,536,601 | ||
U.S. Treasury Bills | 1.87% | 02/20/2020 | 150,000 | 148,674,167 | ||
U.S. Treasury Bills | 1.78% | 08/13/2020 | 60,000 | 58,987,917 | ||
2,979,172,989 | ||||||
U.S. Treasury Notes-10.00%(a) | ||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate) | 1.94% | 01/31/2020 | 170,000 | 169,977,325 |
20 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
U.S. Treasury Notes(a)-(continued) | ||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%) | 1.97% | 04/30/2020 | $ 775,000 | $ 775,008,012 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%) | 1.98% | 07/31/2020 | 535,000 | 534,981,104 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%) | 1.98% | 10/31/2020 | 630,000 | 629,992,456 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%) | 2.05% | 01/31/2021 | 645,000 | 644,786,845 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%) | 2.08% | 04/30/2021 | 390,000 | 390,001,440 | ||
3,144,747,182 | ||||||
Total U.S. Treasury Securities (Cost $6,123,920,171) | 6,123,920,171 | |||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-46.77% (Cost $14,700,419,414) | 14,700,419,414 | |||||
Repurchase Amount | ||||||
Repurchase Agreements-54.66%(d) | ||||||
ABN AMRO Bank N.V., joint agreement dated 08/30/2019, aggregate maturing value of $200,047,778 (collateralized by U.S. Treasury obligations valued at $204,000,020; 2.00% - 6.63%; 09/30/2020 - 05/15/2044) | 2.15% | 09/03/2019 | 60,014,333 | 60,000,000 | ||
Bank of Nova Scotia, joint agreement dated 08/30/2019, aggregate maturing value of $725,174,806 (collateralized by domestic agency mortgage-backed securities valued at $739,500,000; 2.48% - 6.50%; 11/01/2020 - 07/20/2049) | 2.17% | 09/03/2019 | 465,112,117 | 465,000,000 | ||
BNP Paribas Securities Corp., joint term agreement dated 07/23/2019, aggregate maturing value of $2,007,612,222 (collateralized by U.S. Treasury obligations valued at $2,040,000,018; 0% - 4.38%; 01/15/2020 - 02/15/2049)(e) | 2.21% | 09/23/2019 | 903,425,500 | 900,000,000 | ||
BNP Paribas Securities Corp., joint term agreement dated 07/23/2019, aggregate maturing value of $752,867,500 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $765,000,000; 0% - 6.75%; 02/06/2020 - 08/20/2049)(e) | 2.22% | 09/23/2019 | 271,032,300 | 270,000,000 | ||
BNP Paribas Securities Corp., joint term agreement dated 08/26/2019, aggregate maturing value of $1,000,480,000 (collateralized by U.S. Treasury obligations valued at $1,020,000,010; 0% - 8.00%; 04/23/2020 - 11/15/2046)(e) | 2.16% | 09/03/2019 | 420,201,600 | 420,000,000 | ||
CIBC World Markets Corp., joint term agreement dated 07/16/2019, aggregate maturing value of $501,827,361 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 3.00% - 5.00%; 11/01/2026 - 08/01/2049)(e) | 2.23% | 09/13/2019 | 346,260,879 | 345,000,000 | ||
CIBC World Markets Corp., joint term agreement dated 08/07/2019, aggregate maturing value of $500,895,833 (collateralized by U.S. Treasury obligations valued at $510,000,083; 0.13% - 4.75%; 12/31/2020 - 11/15/2046)(e) | 2.15% | 09/06/2019 | 300,537,500 | 300,000,000 | ||
CIBC World Markets Corp., joint term agreement dated 08/15/2019, aggregate maturing value of $726,543,646 (collateralized by domestic agency mortgage-backed securities valued at $739,500,000; 3.00% - 4.50%; 09/01/2029 - 07/01/2049)(e) | 2.19% | 09/19/2019 | 501,064,583 | 500,000,000 | ||
CIBC World Markets Corp., term agreement dated 08/07/2019, maturing value of $500,904,167 (collateralized by domestic agency mortgage-backed securities valued at $510,000,001; 2.70% - 6.00%; 08/01/2023 - 11/15/2056)(e) | 2.17% | 09/06/2019 | 500,904,167 | 500,000,000 | ||
Citigroup Global Markets, Inc., joint agreement dated 08/30/2019, aggregate maturing value of $400,096,000 (collateralized by U.S. Treasury obligations valued at $408,000,053; 0% - 0.13%; 04/15/2020 - 08/15/2042) | 2.16% | 09/03/2019 | 370,088,800 | 370,000,000 |
21 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $1,000,237,778 (collateralized by U.S. Treasury obligations valued at $1,020,000,032; 2.00% - 2.63%; 12/15/2021 - 11/15/2026) | 2.14% | 09/03/2019 | $ 480,009,614 | $ 479,895,505 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/23/2019, aggregate maturing value of $802,897,556 (collateralized by U.S. Treasury obligations valued at $816,000,018; 0% - 2.50%; 08/13/2020 - 01/31/2021)(e) | 2.21% | 09/20/2019 | 316,140,912 | 315,000,000 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/06/2019, aggregate maturing value of $500,985,417 (collateralized by U.S. Treasury obligations valued at $510,000,057; 1.00% - 3.38%; 02/28/2021 - 02/15/2049)(e) | 2.15% | 09/09/2019 | 300,591,250 | 300,000,000 | |
Credit Agricole Corporate & Investment Bank, term agreement dated 07/22/2019, maturing value of $150,580,125 (collateralized by a U.S. Treasury obligation valued at $153,000,034; 2.88%; 11/30/2023)(e) | 2.21% | 09/23/2019 | 150,580,125 | 150,000,000 | |
DNB Bank ASA, agreement dated 08/30/2019, maturing value of $300,072,000 (collateralized by U.S. Treasury obligations valued at $306,000,052; 2.00% - 2.63%; 02/28/2021 - 08/15/2025) | 2.16% | 09/03/2019 | 300,072,000 | 300,000,000 | |
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/30/2019, maturing value of $1,000,240,000 (collateralized by U.S. Treasury obligations valued at $1,020,000,048; 2.38% - 2.63%; 12/31/2023 - 02/29/2024) | 2.16% | 09/03/2019 | 1,000,240,000 | 1,000,000,000 | |
Fixed Income Clearing Corp. - State Street Bank, agreement dated 08/30/2019, maturing value of $630,151,200 (collateralized by U.S. Treasury obligations valued at $642,602,285; 2.16%; 06/15/2022 - 07/15/2022) | 2.16% | 09/03/2019 | 630,151,200 | 630,000,000 | |
ING Financial Markets, LLC, agreement dated 08/30/2019, maturing value of $350,084,000 (collateralized by domestic agency mortgage-backed securities valued at $357,000,000; 2.00% - 5.00%; 07/01/2028 - 05/01/2058) | 2.16% | 09/03/2019 | 350,084,000 | 350,000,000 | |
ING Financial Markets, LLC, joint agreement dated 08/30/2019, aggregate maturing value of $265,063,306 (collateralized by U.S. government sponsored agency obligations valued at $270,300,906; 0% - 2.63%; 09/09/2019 - 09/06/2024) | 2.15% | 09/03/2019 | 125,029,861 | 125,000,000 | |
ING Financial Markets, LLC, joint term agreement dated 08/12/2019, aggregate maturing value of $651,383,958 (collateralized by domestic agency mortgage-backed securities valued at $663,000,000; 2.00% - 7.00%; 07/01/2024 - 05/01/2058) | 2.19% | 09/16/2019 | 455,968,771 | 455,000,000 | |
ING Financial Markets, LLC, joint term agreement dated 08/26/2019, aggregate maturing value of $400,191,111 (collateralized by domestic agency mortgage-backed securities valued at $408,000,000; 3.00% - 6.00%; 12/01/2025 - 09/01/2057)(e) | 2.15% | 09/03/2019 | 265,126,611 | 265,000,000 | |
ING Financial Markets, LLC, joint term agreement dated 08/30/2019, aggregate maturing value of $300,125,417 (collateralized by domestic agency mortgage-backed securities valued at $306,000,001; 2.16% - 5.00%; 08/01/2024 - 05/01/2058)(e) | 2.15% | 09/06/2019 | 200,083,611 | 200,000,000 | |
ING Financial Markets, LLC, term agreement dated 08/30/2019, maturing value of $75,153,125 (collateralized by domestic agency mortgage-backed securities valued at $76,500,000; 3.00% - 5.00%; 01/01/2031 - 05/01/2058) | 2.10% | 10/04/2019 | 75,153,125 | 75,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 05/02/2019 (collateralized by a U.S. Treasury obligation and domestic agency mortgage-backed securities valued at $510,000,010; 0% - 7.00%; 01/01/2024 - 02/01/2056)(f) | 2.13% | - | - | 350,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 05/15/2019 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $295,800,000; 0% - 8.50%; 10/01/2020 - 02/01/2057)(f) | 2.17% | - | - | 240,000,000 |
22 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
J.P. Morgan Securities LLC, joint open agreement dated 07/18/2019 (collateralized by U.S. Treasury obligations valued at $357,000,214; 0% - 3.63%; 10/10/2019 - 11/15/2044)(f) | 2.11% | - | $ - | $ 150,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 07/18/2019 (collateralized by U.S. Treasury obligations valued at $583,440,120; 2.13% - 3.75%; 01/31/2023 - 02/15/2049)(f) | 2.15% | - | - | 385,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 05/22/2019 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000; 2.50% - 6.50%; 01/01/2024 - 08/20/2049)(f) | 2.13% | - | - | 250,000,000 | |
Metropolitan Life Insurance Co., joint term agreement dated 08/28/2019, aggregate maturing value of $450,199,671 (collateralized by U.S. Treasury obligations valued at $458,714,349; 0% - 2.63%; 10/01/2019 - 08/15/2047)(e) | 2.22% | 09/04/2019 | 185,080,221 | 185,000,362 | |
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/28/2019, aggregate maturing value of $1,333,325,304 (collateralized by U.S. Treasury obligations valued at $1,358,182,101; 2.00% - 2.38%; 04/30/2024 - 05/15/2029)(e) | 2.22% | 09/04/2019 | 455,821,678 | 455,625,000 | |
Natixis, agreement dated 08/30/2019, maturing value of $600,144,667 (collateralized by U.S. Treasury obligations, U.S. government sponsored agency obligations & domestic agency mortgage-backed securities valued at $612,000,000; 0% - 7.50%; 12/05/2019 - 09/15/2065) | 2.17% | 09/03/2019 | 600,144,667 | 600,000,000 | |
Natixis, joint term agreement dated 07/18/2019, aggregate maturing value of $501,858,333 (collateralized by U.S. Treasury obligations valued at $510,000,002; 0% - 3.38%; 09/19/2019 - 05/15/2049)(e) | 2.23% | 09/16/2019 | 210,780,500 | 210,000,000 | |
Prudential Insurance Co. of America, agreement dated 08/30/2019, maturing value of $585,326,095 (collateralized by U.S. Treasury obligations valued at $597,171,000; 0%; 02/15/2026 - 05/15/2045) | 2.17% | 09/03/2019 | 585,326,095 | 585,185,000 | |
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/30/2019, maturing value of $94,072,677 (collateralized by U.S. Treasury obligations valued at $95,916,500; 0%; 08/15/2033 - 05/15/2045) | 2.17% | 09/03/2019 | 94,072,677 | 94,050,000 | |
RBC Capital Markets LLC, agreement dated 08/30/2019, maturing value of $1,000,241,111 (collateralized by domestic agency mortgage-backed securites, a U.S. government sponsored agency obligation and a U.S. Treasury obligation valued at $1,020,000,052; 1.25% - 4.50%; 03/31/2021 - 07/25/2049) | 2.17% | 09/03/2019 | 1,000,241,111 | 1,000,000,000 | |
RBC Capital Markets LLC, joint term agreement dated 08/15/2019, aggregate maturing value of $1,202,555,000 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,224,000,043; 1.88% - 7.00%; 06/25/2021 - 11/16/2060)(e) | 2.19% | 09/19/2019 | 901,916,250 | 900,000,000 | |
RBC Capital Markets LLC, joint term agreement dated 08/30/2019, aggregate maturing value of $1,250,000,000 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and foreign corporate obligations valued at $1,275,000,210; 0% - 14.19%; 10/10/2019 - 02/20/2069)(a)(e) | 2.16% | 10/30/2019 | 920,000,000 | 920,000,000 | |
RBC Dominion Securities Inc., term agreement dated 08/02/2019, maturing value of $401,173,333 (collateralized by U.S. Treasury obligations valued at $408,000,097; 0% - 6.50%; 09/12/2019 - 02/15/2049)(e) | 2.20% | 09/19/2019 | 401,173,333 | 400,000,000 | |
Societe Generale, joint open agreement dated 06/25/2018 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $510,000,000; 0% - 5.94%; 09/06/2019 - 08/20/2064)(f) | 2.13% | - | - | 320,000,000 | |
Societe Generale, joint term agreement dated 08/28/2019, aggregate maturing value of $500,213,889 (collateralized by U.S. Treasury obligations valued at $510,000,072; 0.13% - 6.00%; 01/15/2020 - 02/15/2047)(e) | 2.20% | 09/04/2019 | 245,104,806 | 245,000,000 | |
Sumitomo Mitsui Banking Corp., joint agreement dated 08/30/2019, aggregate maturing value of $1,500,361,667 (collateralized by domestic agency mortgage-backed securities valued at $1,530,000,000; 3.00% - 3.50%; 08/20/2042 - 04/01/2049) | 2.17% | 09/03/2019 | 358,784,180 | 358,697,694 |
23 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
Wells Fargo Securities, LLC, agreement dated 08/30/2019, maturing value of $760,183,244 (collateralized by domestic agency mortgage-backed securities valued at $775,200,000; 3.00% - 3.50%; 04/01/2049 - 09/01/2049) | 2.17% | 09/03/2019 | $ 760,183,244 | $ 760,000,000 | |
Total Repurchase Agreements (Cost $17,183,453,561) | 17,183,453,561 | ||||
TOTAL INVESTMENTS IN SECURITIES(g)-101.43% (Cost $31,883,872,975) | 31,883,872,975 | ||||
OTHER ASSETS LESS LIABILITIES-(1.43)% | (448,222,322) | ||||
NET ASSETS-100.00% | $31,435,650,653 |
LIBOR | -London Interbank Offered Rate |
SOFR | -Secured Overnight Financing Rate |
USD | -U.S. Dollar |
VRD | -Variable Rate Demand |
(a) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2019. |
(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, 2019. |
(c) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(d) | Principal amount equals value at period end. See Note 1I. |
(e) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(f) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
(g) | Also represents cost for federal income tax purposes. |
24 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
U.S. Treasury Securities-108.93% | ||||||
U.S. Treasury Bills-85.36%(a) | ||||||
U.S. Treasury Bills | 1.98%-2.15% | 09/03/2019 | $ 81,956 | $ 81,946,444 | ||
U.S. Treasury Bills | 2.31%-2.49% | 09/05/2019 | 101,800 | 101,773,184 | ||
U.S. Treasury Bills | 2.02%-2.14% | 09/10/2019 | 55,760 | 55,730,847 | ||
U.S. Treasury Bills | 2.49% | 09/12/2019 | 12,000 | 11,990,998 | ||
U.S. Treasury Bills | 2.01%-2.13% | 09/17/2019 | 50,000 | 49,954,155 | ||
U.S. Treasury Bills | 2.18%-2.48% | 09/19/2019 | 65,000 | 64,925,975 | ||
U.S. Treasury Bills | 2.06%-2.15% | 09/24/2019 | 87,000 | 86,882,329 | ||
U.S. Treasury Bills | 2.10% | 09/26/2019 | 32,000 | 31,953,667 | ||
U.S. Treasury Bills | 2.11% | 10/01/2019 | 113,000 | 112,813,038 | ||
U.S. Treasury Bills | 2.06% | 10/08/2019 | 50,000 | 49,894,653 | ||
U.S. Treasury Bills | 2.42% | 10/10/2019 | 45,000 | 44,883,244 | ||
U.S. Treasury Bills | 1.96% | 10/15/2019 | 37,000 | 36,911,817 | ||
U.S. Treasury Bills | 2.42% | 10/17/2019 | 30,000 | 29,908,383 | ||
U.S. Treasury Bills | 1.99% | 10/22/2019 | 40,000 | 39,887,517 | ||
U.S. Treasury Bills | 1.99% | 10/29/2019 | 25,000 | 24,922,767 | ||
U.S. Treasury Bills | 2.00% | 11/07/2019 | 40,000 | 39,851,855 | ||
U.S. Treasury Bills | 1.97% | 11/14/2019 | 15,000 | 14,939,567 | ||
U.S. Treasury Bills | 1.91% | 11/21/2019 | 30,000 | 29,871,750 | ||
U.S. Treasury Bills | 1.96% | 11/29/2019 | 15,000 | 14,927,687 | ||
U.S. Treasury Bills | 1.91% | 02/13/2020 | 10,000 | 9,913,375 | ||
U.S. Treasury Bills | 1.87% | 02/20/2020 | 5,000 | 4,955,806 | ||
U.S. Treasury Bills | 1.86% | 02/27/2020 | 5,000 | 4,954,256 | ||
U.S. Treasury Bills | 1.77% | 08/13/2020 | 5,000 | 4,916,021 | ||
948,709,335 | ||||||
U.S. Treasury Notes-23.57%(b) | ||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%) | 1.99% | 10/31/2019 | 35,000 | 34,999,967 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate) | 1.94% | 01/31/2020 | 30,000 | 29,992,786 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%) | 1.97% | 04/30/2020 | 35,000 | 35,000,454 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%) | 1.98% | 07/31/2020 | 29,000 | 28,999,479 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%) | 1.98% | 10/31/2020 | 35,000 | 34,998,675 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%) | 2.05% | 01/31/2021 | 33,000 | 32,980,913 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%) | 2.08% | 04/30/2021 | 24,000 | 23,999,707 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%) | 2.16% | 07/31/2021 | 41,000 | 40,999,282 | ||
261,971,263 | ||||||
TOTAL INVESTMENTS IN SECURITIES-108.93% (Cost $1,210,680,598) | 1,210,680,598 | |||||
OTHER ASSETS LESS LIABILITIES-(8.93)% | (99,289,902) | |||||
NET ASSETS-100.00% | $1,111,390,696 |
25 | Short-Term Investments Trust |
Invesco Treasury Obligations Portfolio
(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, 2019. |
26 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Municipal Obligations-99.71% | ||||||
Alabama-3.61% | ||||||
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC-Swedbank AB)(a)(b)(c) | 1.46% | 07/01/2040 | $8,405 | $ 8,405,000 | ||
Arizona-4.14% | ||||||
Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, Ref. VRD RB (LOC-Bank Of America, N.A.)(b)(c) | 1.25% | 01/01/2046 | 5,280 | 5,280,000 | ||
Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD RB (CEP-FNMA)(b) | 1.28% | 06/15/2031 | 1,745 | 1,745,000 | ||
Sierra Vista (City of), AZ Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD RB (CEP-FNMA)(b) | 1.28% | 06/15/2031 | 2,595 | 2,595,000 | ||
9,620,000 | ||||||
Colorado-0.35% | ||||||
Boulder (County of), CO (Imagine!); Series 2006, VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.40% | 02/01/2031 | 823 | 823,000 | ||
Delaware-1.40% | ||||||
Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.28% | 05/01/2036 | 2,900 | 2,900,000 | ||
Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.29% | 05/01/2036 | 345 | 345,000 | ||
3,245,000 | ||||||
District of Columbia-1.84% | ||||||
District of Columbia (American University); Series 1998 A, VRD RB (LOC-TD Bank, N.A.)(b)(c) | 1.25% | 08/15/2038 | 245 | 245,000 | ||
Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD RB (LOC-Sumitomo Mitsui Banking Corp.)(a)(b)(c) | 1.25% | 10/01/2039 | 4,035 | 4,035,000 | ||
4,280,000 | ||||||
Florida-5.50% | ||||||
Halifax Hospital Medical Center; Series 2008, Ref. VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.30% | 06/01/2048 | 910 | 910,000 | ||
Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC-Northern Trust Co. (The))(b)(c) | 1.35% | 11/01/2036 | 1,580 | 1,580,000 | ||
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) | 1.32% | 07/01/2032 | 1,965 | 1,965,000 | ||
Pinellas (County of), FL Health Facilities Authority (Baycare Health System); Series 2009 A-2, VRD RB (LOC-Northern Trust Co. (The))(b)(c) | 1.28% | 11/01/2038 | 5,445 | 5,445,000 | ||
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2008 B, Ref. VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.25% | 07/01/2037 | 2,900 | 2,900,000 | ||
12,800,000 | ||||||
Georgia-7.53% | ||||||
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC-BMO Harris Bank N.A.)(b)(c) | 1.29% | 11/01/2030 | 2,500 | 2,500,000 | ||
Georgia (State of) Private College and University Authority; Series 2019, Commercial Paper Notes | 1.55% | 09/05/2019 | 3,400 | 3,400,000 | ||
Georgia (State of) Private Colleges & Universities Authority (Emory University); Series 2005 B-2, VRD RB(b) | 1.28% | 09/01/2035 | 3,690 | 3,690,000 | ||
Glynn-Brunswick Memorial Hospital Authority (Southeast Georgia Health System); Series 2008 B, VRD RAN (LOC-TD Bank, N.A.)(b)(c) | 1.27% | 08/01/2038 | 1,400 | 1,400,000 | ||
Monroe (County of), GA Development Authority (Oglethorpe Power Corp. Scherer); | ||||||
Series 2009 A, VRD PCR (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.30% | 01/01/2030 | 2,420 | 2,420,000 | ||
Series 2010 A, Ref. VRD PCR (LOC-Bank of Montreal)(b)(c) | 1.30% | 01/01/2036 | 3,700 | 3,700,000 |
27 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Georgia-(continued) | ||||||
Richmond (County of), GA Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000,VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.40% | 09/01/2020 | $ 400 | $ 400,000 | ||
17,510,000 | ||||||
Illinois-2.61% | ||||||
Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(b) | 1.26% | 12/01/2046 | 4,935 | 4,935,000 | ||
Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC-Northern Trust Co. (The))(b)(c) | 1.20% | 01/01/2037 | 875 | 875,000 | ||
Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC-U.S. Bank N.A.)(b)(c) | 1.29% | 10/01/2033 | 250 | 250,000 | ||
6,060,000 | ||||||
Indiana-5.90% | ||||||
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.35% | 08/01/2037 | 4,505 | 4,505,000 | ||
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC-Rabobank Nederland)(a)(b)(c) | 1.31% | 06/01/2035 | 6,135 | 6,135,000 | ||
Purdue University; Series 2011 A, VRD COP(b) | 1.22% | 07/01/2035 | 3,082 | 3,081,500 | ||
13,721,500 | ||||||
Louisiana-1.70% | ||||||
East Baton Rouge (Parish of), LA Industrial Development Board (ExxonMobil); Series 2010 A, VRD RB(b) | 1.26% | 09/05/2019 | 1,526 | 1,526,000 | ||
Louisiana (State of) Public Facilities Authority (CHRISTUS Health); Series 2009 B-3, Ref. VRD RB (LOC-Bank of New York Mellon (The))(b)(c) | 1.25% | 07/01/2047 | 1,490 | 1,490,000 | ||
St. James (Parish of), LA (Nustar Logistics, L.P.); Series 2010 B, VRD RB (LOC-MUFG Bank, Ltd.)(a)(b)(c) | 1.29% | 12/01/2040 | 930 | 930,000 | ||
3,946,000 | ||||||
Maryland-3.46% | ||||||
Maryland (State of) Health & Higher Educational Facilities Authority (Johns Hopkins Hospital); Series 2019 B, Commercial Paper Notes | 1.31% | 10/02/2019 | 3,000 | 3,000,000 | ||
Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC-TD Bank, N.A.)(b)(c) | 1.25% | 04/01/2035 | 300 | 300,000 | ||
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical); Series 2008E, VRD RB (LOC-Bank of Montreal)(b)(c) | 1.22% | 07/01/2041 | 2,600 | 2,600,000 | ||
Montgomery (County of), MD; Series 2009 B, Commercial Paper BAN | 1.36% | 10/10/2019 | 2,150 | 2,150,000 | ||
8,050,000 | ||||||
Massachusetts-1.09% | ||||||
Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC-TD Bank, N.A.)(b)(c) | 1.25% | 10/01/2038 | 1,425 | 1,425,000 | ||
Massachusetts (State of) Transportation Trust Fund; Series 2010 A-1, VRD RB (LOC-Citibank, N.A.)(b)(c) | 1.25% | 01/01/2037 | 1,100 | 1,100,000 | ||
2,525,000 | ||||||
Michigan-2.55% | ||||||
Kent (County of), MI Hospital Finance Authority (Spectrum Health System); Series 2008 C, Ref. VRD RB (LOC-Bank of New York Mellon (The))(b)(c) | 1.29% | 01/15/2026 | 385 | 385,000 | ||
Michigan State University Board of Trustees; Series 2000 A-1, VRD RB (CEP -Royal Bank of Canada)(b) | 1.28% | 08/15/2030 | 1,300 | 1,300,000 | ||
Oakland University Board of Trustees; Series 2008, Ref. VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.28% | 03/01/2031 | 4,240 | 4,240,000 | ||
5,925,000 | ||||||
Minnesota-7.98% | ||||||
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP-FNMA)(b) | 1.36% | 10/15/2033 | 1,175 | 1,175,000 |
28 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Minnesota-(continued) | ||||||
Minnesota (State of) Higher Education Facilities Authority (Concordia University, St. Paul); Series 2007 Six-Q, VRD RB (LOC-U.S. Bank N.A.)(b)(c) | 1.31% | 04/01/2037 | $6,825 | $ 6,825,000 | ||
Minnetonka (City of), MN (Minnetonka Hills Apartments); Series 2001, Ref. VRD RB (CEP-FNMA)(b) | 1.37% | 11/15/2031 | 1,860 | 1,860,000 | ||
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP-FHLMC)(b) | 1.28% | 11/01/2035 | 5,470 | 5,470,000 | ||
St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP -FHLMC)(b) | 1.28% | 10/01/2033 | 3,215 | 3,215,000 | ||
18,545,000 | ||||||
Mississippi-2.40% | ||||||
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); | ||||||
Series 2010 C, VRD IDR(b) | 1.29% | 12/01/2030 | 585 | 585,000 | ||
Series 2010 E, VRD IDR(b) | 1.29% | 12/01/2030 | 5,000 | 5,000,000 | ||
5,585,000 | ||||||
Missouri-1.37% | ||||||
Bridgeton (City of), MO IDA (Stolze Printing); Series 2010, VRD RB (LOC-FHLB of Chicago)(b)(c) | 1.28% | 11/01/2037 | 485 | 485,000 | ||
Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC-FHLB of Chicago)(b)(c) | 1.29% | 08/01/2038 | 610 | 610,000 | ||
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2000, VRD RB (LOC-Bank of America, N.A.)(b)(c) | 1.34% | 02/01/2031 | 1,799 | 1,799,000 | ||
Springfield (City of), MO Industrial Development Authority (Pebblecreek Apartments); Series 1994, Ref. VRD RB (LOC-FHLB of Des Moines)(b)(c) | 1.40% | 12/01/2019 | 295 | 295,000 | ||
3,189,000 | ||||||
New York-11.35% | ||||||
Metropolitan Transportation Authority; Subseries 2005 D-2, VRD RB (LOC -Landesbank Hessen-Thueringen Girozentrale)(a)(b)(c) | 1.18% | 11/01/2035 | 5,350 | 5,350,000 | ||
New York (City of), NY; | ||||||
Subseries 2015 F-5, VRD GO Bonds(b) | 1.25% | 06/01/2044 | 7,000 | 7,000,000 | ||
Subseries 2010 G-4, VRD GO Bonds (CEP-Barclays Bank PLC)(b) | 1.28% | 03/01/2039 | 2,935 | 2,935,000 | ||
New York (City of), NY Municipal Water Finance Authority; Subseries 2012 A-1, VRD RB(b) | 1.25% | 06/15/2044 | 3,310 | 3,310,000 | ||
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) | 1.27% | 05/01/2039 | 2,000 | 2,000,000 | ||
New York (State of) Housing Finance Agency (222 East 44th Street Housing); Series 2015 A, VRD RB (LOC -Bank of China Ltd.)(b)(c) | 1.31% | 05/01/2050 | 1,000 | 1,000,000 | ||
New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2015 A, VRD RB (LOC-Bank of China Ltd.)(a)(b)(c) | 1.33% | 11/01/2049 | 4,800 | 4,800,000 | ||
26,395,000 | ||||||
North Carolina-3.03% | ||||||
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1991 B, VRD RB(b) | 1.20% | 12/01/2021 | 2,550 | 2,550,000 | ||
Raleigh & Durham (Cities of), NC Airport Authority; Series 2008 C, Ref. VRD RB (LOC - TD Bank, N.A.)(b)(c) | 1.24% | 05/01/2036 | 4,500 | 4,500,000 | ||
7,050,000 | ||||||
Ohio-4.95% | ||||||
Franklin (County of), OH (OhioHealth Corp.); Series 2009 A, Ref. VRD RB(b) | 1.28% | 11/15/2041 | 7,890 | 7,890,000 | ||
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC-U.S. Bank N.A.)(b)(c) | 1.28% | 08/02/2038 | 415 | 415,000 | ||
Ohio (State of) Higher Educational Facility Commission (Cleveland Clinic Health System Obligated Group); Series 2013 B-2, VRD RB(b) | 1.28% | 01/01/2039 | 3,200 | 3,200,000 | ||
11,505,000 |
29 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Pennsylvania-3.90% | ||||||
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC -PNC Bank, N.A.)(b)(c) | 1.28% | 06/01/2037 | $2,845 | $ 2,845,000 | ||
Haverford Township School District; Series 2009, VRD GO Bonds (LOC-TD Bank, N.A.)(b)(c) | 1.27% | 03/01/2030 | 2,795 | 2,795,000 | ||
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.28% | 10/15/2025 | 866 | 866,000 | ||
Ridley School District; Series 2009, VRD GO Bonds (LOC-TD Bank N.A.)(b)(c) | 1.27% | 11/01/2029 | 250 | 250,000 | ||
Westmoreland (County of), PA Industrial Development Authority (Excela Health); Series 2005 A, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.28% | 07/01/2027 | 2,305 | 2,305,000 | ||
9,061,000 | ||||||
Texas-9.99% | ||||||
Gulf Coast Industrial Development Authority (ExxonMobil); Series 2012, VRD RB(b) | 1.25% | 11/01/2041 | 4,000 | 4,000,000 | ||
Harris (County of), TX; Series 2019 C, GO Commercial Paper Notes | 1.30% | 10/03/2019 | 1,350 | 1,350,000 | ||
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.31% | 02/15/2042 | 4,050 | 4,050,000 | ||
Houston (City of), TX; Series 2019 E-2, GO Commercial Paper Notes | 1.32% | 09/11/2019 | 2,500 | 2,500,000 | ||
Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC-Sumitomo Mitsui Banking Corp.)(a)(b)(c) | 1.27% | 05/15/2034 | 1,100 | 1,100,000 | ||
San Gabriel Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.32% | 04/01/2026 | 2,332 | 2,332,000 | ||
Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP-FHLMC)(b) | 1.28% | 05/01/2042 | 2,865 | 2,865,000 | ||
Texas A&M University System Board of Regents; Series 2019 B, Revenue Financing System Commercial Paper Notes | 1.28% | 12/04/2019 | 400 | 400,000 | ||
University of Texas System Board of Regents; Series 2008 B, VRD RB(b) | 1.20% | 08/01/2025 | 4,620 | 4,620,000 | ||
23,217,000 | ||||||
Utah-2.92% | ||||||
Murray (City of), UT (IHC Health Services, Inc.); Series 2003 B, VRD RB(b) | 1.25% | 05/15/2036 | 5,800 | 5,800,000 | ||
Weber (County of), UT (IHC Health Services, Inc.); Series 2000A, VRD RB(b) | 1.25% | 02/15/2031 | 1,000 | 1,000,000 | ||
6,800,000 | ||||||
Virginia-3.25% | ||||||
Norfolk (City of), VA; Series 2007, VRD GO Bonds(b) | 1.25% | 08/01/2037 | 2,900 | 2,900,000 | ||
University of Virginia System Board of Regents; | ||||||
Series 2019 A, Commercial Paper | 1.32% | 09/04/2019 | 3,250 | 3,250,000 | ||
Series 2019 A, Commercial Paper Notes | 1.32% | 09/10/2019 | 1,400 | 1,400,000 | ||
7,550,000 | ||||||
Washington-2.81% | ||||||
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB (LOC-FHLB of San Francisco)(b)(c) | 1.30% | 09/01/2049 | 2,050 | 2,050,000 | ||
Washington (State of) Housing Finance Commission (Redmond Ridge Apartments); Series 2017, VRD RB (LOC-FHLB of San Francisco)(b)(c) | 1.30% | 11/01/2047 | 4,485 | 4,485,000 | ||
6,535,000 | ||||||
West Virginia-2.33% | ||||||
Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC-Bank of America, N.A.)(b)(c) | 1.34% | 07/01/2039 | 945 | 945,000 | ||
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hosp, Inc.); Series 2008 B, Ref. VRD RB (LOC-Branch Banking & Trust Co.)(b)(c) | 1.30% | 01/01/2034 | 4,465 | 4,465,000 | ||
5,410,000 |
30 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Wisconsin-1.75% | ||||||
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC-FHLB of Chicago)(b)(c) | 1.28% | 10/01/2042 | $4,065 | $ 4,065,000 | ||
TOTAL INVESTMENTS IN SECURITIES(d)(e)-99.71% (Cost $231,817,500) | 231,817,500 | |||||
OTHER ASSETS LESS LIABILITIES-0.29% | 679,773 | |||||
NET ASSETS-100.00% | $232,497,273 |
BAN | - Bond Anticipation Notes |
CEP | - Credit Enhancement Provider |
COP | - Certificates of Participation |
FHLB | - Federal Home Loan Bank |
FHLMC | - Federal Home Loan Mortgage Corp. |
FNMA | - Federal National Mortgage Association |
GO | - General Obligation |
IDR | - Industrial Development Revenue Bonds |
LOC | - Letter of Credit |
PCR | - Pollution Control Revenue Bonds |
RAN | - Revenue Anticipation Notes |
RB | - Revenue Bonds |
Ref. | - Refunding |
VRD | - Variable Rate Demand |
(a) | The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: other countries less than 5% each: 14.1%. |
(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, 2019. |
(c) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(d) | Also represents cost for federal income tax purposes. |
(e) | This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. |
Entities | Percentage |
JPMorgan Chase Bank, N.A. | 6.0% |
Federal Home Loan Bank | 5.2 |
31 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | Invesco Treasury Obligations Portfolio | Invesco Tax-Free Cash Reserve Portfolio | |||||||
Assets: | ||||||||||||
Investments in securities, at value | $1,652,413,405 | $369,546,518 | $8,872,728,931 | $14,700,419,414 | $1,210,680,598 | $231,817,500 | ||||||
Repurchase agreements, at value and cost | 809,909,978 | 286,317,243 | 12,480,317,695 | 17,183,453,561 | - | - | ||||||
Cash | 6,990 | - | - | - | 30,686 | - | ||||||
Receivable for: | ||||||||||||
Investments sold | - | - | - | - | - | 635,000 | ||||||
Interest | 2,000,788 | 246,253 | 17,612,267 | 36,396,253 | 480,845 | 291,790 | ||||||
Investment for trustee deferred compensation and retirement plans | 3,581,687 | 992,582 | 2,125,285 | 968,531 | 113,150 | 349,608 | ||||||
Other assets | 25,265 | 155,655 | 60,292 | 104,838 | 27,039 | 77,824 | ||||||
Total assets | 2,467,938,113 | 657,258,251 | 21,372,844,470 | 31,921,342,597 | 1,211,332,318 | 233,171,722 | ||||||
Liabilities: | ||||||||||||
Payable for: | ||||||||||||
Investments purchased | - | - | - | 429,087,979 | 97,805,805 | - | ||||||
Dividends | 4,543,433 | 1,150,957 | 36,791,120 | 52,409,868 | 1,865,273 | 197,452 | ||||||
Accrued fees to affiliates | 131,083 | 22,938 | 1,662,179 | 1,646,568 | 92,460 | 53,424 | ||||||
Accrued trustees’ and officers’ fees and benefits | 1,907 | 975 | 11,732 | 12,400 | 1,308 | 836 | ||||||
Accrued operating expenses | 56,706 | 43,639 | 321,350 | 1,388,876 | 50,894 | 42,046 | ||||||
Trustee deferred compensation and retirement plans | 3,944,239 | 1,083,120 | 2,418,500 | 1,146,253 | 125,882 | 380,691 | ||||||
Total liabilities | 8,677,368 | 2,301,629 | 41,204,881 | 485,691,944 | 99,941,622 | 674,449 | ||||||
Net assets applicable to shares outstanding | $2,459,260,745 | $654,956,622 | $21,331,639,589 | $31,435,650,653 | $1,111,390,696 | $232,497,273 | ||||||
Net assets consist of: | ||||||||||||
Shares of beneficial interest | $2,458,474,734 | $654,140,847 | $21,330,956,470 | $31,435,409,972 | $1,111,429,025 | $232,621,319 | ||||||
Distributable earnings | 786,011 | 815,775 | 683,119 | 240,681 | (38,329) | (124,046) | ||||||
$2,459,260,745 | $654,956,622 | $21,331,639,589 | $31,435,650,653 | $1,111,390,696 | $232,497,273 | |||||||
Net Assets: | ||||||||||||
Institutional Class | $2,444,252,763 | $652,150,754 | $18,717,318,208 | $30,003,318,534 | $1,045,046,413 | $161,038,615 | ||||||
Private Investment Class | $4,717,825 | $1,347,722 | $506,027,277 | $532,584,787 | $9,483,273 | $20,488,945 | ||||||
Personal Investment Class | $10,250 | $440,566 | $360,256,303 | $15,991,514 | $111,660 | $2,541,969 | ||||||
Cash Management Class | $9,287,988 | $600,129 | $396,685,434 | $365,002,796 | $1,894,340 | $27,298,191 | ||||||
Reserve Class | $302,530 | $273,325 | $289,624,723 | $297,787,452 | $54,711,045 | $20,002,077 | ||||||
Resource Class | $362,690 | $123,273 | $632,598,422 | $180,616,636 | $133,548 | $1,117,282 | ||||||
Corporate Class | $326,699 | $20,853 | $429,129,222 | $40,348,934 | $10,417 | $10,194 |
32 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | Invesco Treasury Obligations Portfolio | Invesco Tax-Free Cash Reserve Portfolio | |||||||
Shares outstanding, no par value, unlimited number of shares authorized: | ||||||||||||
Institutional Class | 2,443,213,124 | 652,105,073 | 18,716,061,403 | 30,002,980,665 | 1,045,028,778 | 161,020,903 | ||||||
Private Investment Class | 4,715,835 | 1,347,624 | 505,993,311 | 532,578,798 | 9,483,185 | 20,486,688 | ||||||
Personal Investment Class | 10,246 | 440,538 | 360,232,128 | 15,991,334 | 111,659 | 2,541,689 | ||||||
Cash Management Class | 9,284,041 | 600,083 | 396,658,801 | 364,998,685 | 1,894,310 | 27,295,183 | ||||||
Reserve Class | 302,403 | 273,305 | 289,605,295 | 297,784,116 | 54,710,204 | 19,999,874 | ||||||
Resource Class | 362,536 | 123,264 | 632,555,953 | 180,614,603 | 133,545 | 1,117,159 | ||||||
Corporate Class | 326,561 | 20,851 | 429,100,409 | 40,348,480 | 10,417 | 10,192 | ||||||
Net asset value, offering and redemption price per share for each class | $1.0004 | $1.0001 | $1.00 | $1.00 | $1.00 | $1.00 | ||||||
Cost of Investments | $2,461,708,828 | $655,819,481 | $21,353,046,626 | $31,883,872,975 | $1,210,680,598 | $231,817,500 |
33 | Short-Term Investments Trust |
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 | $58,997,404 | $13,072,442 | $531,474,749 | $562,361,092 | $28,433,379 | $3,323,454 | ||||||
Expenses: | ||||||||||||
Advisory fees | 3,476,401 | 802,502 | 33,770,118 | 23,847,615 | 1,595,144 | 422,000 | ||||||
Administrative services fees | 1,072,930 | 259,357 | 9,269,556 | 9,626,858 | 588,371 | 99,830 | ||||||
Custodian fees | 22,369 | 6,085 | 464,011 | 1,482,010 | 23,396 | 3,797 | ||||||
Distribution fees: | ||||||||||||
Private Investment Class | 15,623 | 4,042 | 1,551,110 | 1,379,647 | 14,747 | 67,529 | ||||||
Personal Investment Class | 59 | 2,852 | 1,115,198 | 69,547 | 1,332 | 2,164 | ||||||
Cash Management Class | 8,569 | 529 | 324,445 | 289,255 | 1,634 | 24,319 | ||||||
Reserve Class | 3,402 | 2,362 | 1,996,841 | 2,554,994 | 377,493 | 138,895 | ||||||
Resource Class | 1,896 | 203 | 1,037,401 | 360,071 | 245 | 7,642 | ||||||
Corporate Class | 314 | 6 | 114,183 | 24,373 | 3 | 4 | ||||||
Transfer agent fees | 208,584 | 48,150 | 2,026,207 | 2,146,285 | 109,813 | 18,990 | ||||||
Trustees’ and officers’ fees and benefits | 49,524 | 25,742 | 326,042 | 328,275 | 35,901 | 21,302 | ||||||
Registration and filing fees | 88,213 | 95,159 | 179,016 | 233,594 | 90,984 | 94,951 | ||||||
Reports to shareholders | 14,401 | 12,129 | 54,941 | 132,025 | 13,832 | 9,161 | ||||||
Professional services fees | 70,364 | 52,077 | 216,543 | 541,442 | 63,310 | 43,942 | ||||||
Other | 61,471 | 46,668 | 391,565 | 873,467 | 68,910 | 19,969 | ||||||
Total expenses | 5,094,120 | 1,357,863 | 52,837,177 | 43,889,458 | 2,985,115 | 974,495 | ||||||
Less: Fees waived | (892,555) | (384,860) | (6,173,902) | - | (393,405) | (311,056) | ||||||
Net expenses | 4,201,565 | 973,003 | 46,663,275 | 43,889,458 | 2,591,710 | 663,439 | ||||||
Net investment income | 54,795,839 | 12,099,439 | 484,811,474 | 518,471,634 | 25,841,669 | 2,660,015 | ||||||
Realized and unrealized gain (loss) from: | ||||||||||||
Net realized gain from investment securities | 29,559 | 723 | 204,798 | 224,974 | 17,726 | - | ||||||
Change in net unrealized appreciation (depreciation) of investment securities | (26,913) | (10,820) | - | - | - | - | ||||||
Net realized and unrealized gain (loss) | 2,646 | (10,097) | 204,798 | 224,974 | 17,726 | - | ||||||
Net increase in net assets resulting from operations | $54,798,485 | $12,089,342 | $485,016,272 | $518,696,608 | $25,859,395 | $2,660,015 |
34 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Operations: | ||||||||
Net investment income | $54,795,839 | $34,753,060 | $12,099,439 | $6,737,661 | ||||
Net realized gain | 29,559 | 16,174 | 723 | 1,558 | ||||
Change in net unrealized appreciation (depreciation) | (26,913) | 610,550 | (10,820) | 45,561 | ||||
Net increase in net assets resulting from operations | 54,798,485 | 35,379,784 | 12,089,342 | 6,784,780 | ||||
Distributions to shareholders from distributable earnings: | ||||||||
Institutional Class | (54,388,381) | (34,416,266) | (12,042,840) | (6,691,735) | ||||
Private Investment Class | (107,595) | (82,653) | (26,438) | (20,355) | ||||
Personal Investment Class | (199) | (116) | (8,858) | (5,967) | ||||
Cash Management Class | (248,909) | (120,608) | (14,390) | (13,942) | ||||
Reserve Class | (5,872) | (4,925) | (3,794) | (2,844) | ||||
Resource Class | (20,589) | (15,304) | (2,658) | (2,517) | ||||
Corporate Class | (24,294) | (113,188) | (461) | (301) | ||||
Total distributions from distributable earnings | (54,795,839) | (34,753,060) | (12,099,439) | (6,737,661) | ||||
Share transactions-net: | ||||||||
Institutional Class | 100,799,791 | 2,046,652,052 | 127,368,867 | 100,814,065 | ||||
Private Investment Class | (1,144,582) | (1,120,462) | (241,794) | (255,402) | ||||
Personal Investment Class | (984) | 10 | (175,590) | 5,508 | ||||
Cash Management Class | 3,104,748 | (1,557,953) | (178,908) | (369,075) | ||||
Reserve Class | (115,774) | (526,153) | 3,716 | (231,056) | ||||
Resource Class | (632,819) | (331,634) | (62,642) | 2,359 | ||||
Corporate Class | (1,599,196) | (7,555,486) | 457 | 285 | ||||
Net increase in net assets resulting from share transactions | 100,411,184 | 2,035,560,374 | 126,714,106 | 99,966,684 | ||||
Net increase in net assets | 100,413,830 | 2,036,187,098 | 126,704,009 | 100,013,803 | ||||
Net assets: | ||||||||
Beginning of year | 2,358,846,915 | 322,659,817 | 528,252,613 | 428,238,810 | ||||
End of year | $2,459,260,745 | $2,358,846,915 | $654,956,622 | $528,252,613 | ||||
35 | Short-Term Investments Trust |
Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Operations: | ||||||||
Net investment income | $484,811,474 | $343,381,843 | $518,471,634 | $358,626,619 | ||||
Net realized gain | 204,798 | 299,297 | 224,974 | 338,020 | ||||
Net increase in net assets resulting from operations | 485,016,272 | 343,681,140 | 518,696,608 | 358,964,639 | ||||
Distributions to shareholders from distributable earnings: | ||||||||
Institutional Class | (438,858,990) | (316,976,537) | (491,630,206) | (343,597,288) | ||||
Private Investment Class | (9,738,598) | (5,753,138) | (8,737,051) | (4,396,499) | ||||
Personal Investment Class | (3,312,891) | (1,091,648) | (207,870) | (87,553) | ||||
Cash Management Class | (8,499,805) | (5,455,079) | (7,669,515) | (3,514,488) | ||||
Reserve Class | (3,008,307) | (1,727,217) | (3,929,202) | (1,593,154) | ||||
Resource Class | (13,201,572) | (6,151,737) | (4,570,537) | (3,257,378) | ||||
Corporate Class | (8,191,311) | (6,226,487) | (1,727,253) | (2,180,259) | ||||
Total distributions from distributable earnings | (484,811,474) | (343,381,843) | (518,471,634) | (358,626,619) | ||||
Share transactions-net: | ||||||||
Institutional Class | (1,514,751,400) | (2,572,323,178) | 7,673,132,994 | (5,361,767,419) | ||||
Private Investment Class | (11,707,755) | (57,087,888) | 106,832,736 | (84,746,276) | ||||
Personal Investment Class | 242,362,528 | (22,360,529) | 7,670,768 | (12,808,614) | ||||
Cash Management Class | (50,068,678) | (32,654,595) | 31,650,960 | 164,319,452 | ||||
Reserve Class | 61,097,539 | (22,210,837) | 88,155,960 | 38,672,367 | ||||
Resource Class | 107,165,894 | 48,590,008 | (51,677,589) | (109,853,171) | ||||
Corporate Class | (38,240,138) | (140,464,356) | (105,927,589) | (178,162,120) | ||||
Net increase (decrease) in net assets resulting from share transactions | (1,204,142,010) | (2,798,511,375) | 7,749,838,240 | (5,544,345,781) | ||||
Net increase (decrease) in net assets | (1,203,937,212) | (2,798,212,078) | 7,750,063,214 | (5,544,007,761) | ||||
Net assets: | ||||||||
Beginning of year | 22,535,576,801 | 25,333,788,879 | 23,685,587,439 | 29,229,595,200 | ||||
End of year | $21,331,639,589 | $22,535,576,801 | $31,435,650,653 | $23,685,587,439 | ||||
36 | Short-Term Investments Trust |
Invesco Treasury Obligations Portfolio | Invesco Tax-Free Cash Reserve Portfolio | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Operations: | ||||||||
Net investment income | $25,841,669 | $17,884,636 | $2,660,015 | $1,799,189 | ||||
Net realized gain (loss) | 17,726 | 28,696 | - | (4,370) | ||||
Net increase in net assets resulting from operations | 25,859,395 | 17,913,332 | 2,660,015 | 1,794,819 | ||||
Distributions to shareholders from distributable earnings: | ||||||||
Institutional Class | (25,123,428) | (17,548,675) | (1,816,364) | (1,178,614) | ||||
Private Investment Class | (111,394) | (32,722) | (305,352) | (257,237) | ||||
Personal Investment Class | (3,844) | (1,848) | (2,466) | (2,800) | ||||
Cash Management Class | (41,719) | (30,650) | (395,402) | (244,208) | ||||
Reserve Class | (557,964) | (269,491) | (80,976) | (64,811) | ||||
Resource Class | (3,101) | (1,118) | (59,305) | (51,452) | ||||
Corporate Class | (219) | (132) | (150) | (67) | ||||
Total distributions from distributable earnings | (25,841,669) | (17,884,636) | (2,660,015) | (1,799,189) | ||||
Share transactions-net: | ||||||||
Institutional Class | (235,306,840) | (26,061,641) | 33,374,672 | 16,846,975 | ||||
Private Investment Class | 3,398,983 | 2,860,154 | (7,570,673) | 709,862 | ||||
Personal Investment Class | (283,153) | 346,971 | 2,531,656 | (1,995,739) | ||||
Cash Management Class | (1,270,980) | 1,547,656 | (4,585,853) | 4,269,240 | ||||
Reserve Class | 21,314,012 | (2,229,222) | 5,850,867 | 492,985 | ||||
Resource Class | 38,286 | 1,077 | (1,381,960) | (3,499,087) | ||||
Corporate Class | 216 | 124 | 135 | 10,056 | ||||
Net increase (decrease) in net assets resulting from share transactions | (212,109,476) | (23,534,881) | 28,218,844 | 16,834,292 | ||||
Net increase (decrease) in net assets | (212,091,750) | (23,506,185) | 28,218,844 | 16,829,922 | ||||
Net assets: | ||||||||
Beginning of year | 1,323,482,446 | 1,346,988,631 | 204,278,429 | 187,448,507 | ||||
End of year | $1,111,390,696 | $1,323,482,446 | $232,497,273 | $204,278,429 | ||||
37 | Short-Term Investments Trust |
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expense reimbursements | Ratio of expenses to average net assets without fee waivers and/or expense reimbursements | Ratio of net investment income to average net assets | |
Invesco Liquid Assets Portfolio | |||||||||||||
Year ended 08/31/19 | $1.0004 | $0.0217 | $0.0000 | $0.0217 | $(0.0217) | $- | $(0.0217) | $1.0004 | 2.19% | $363 | 0.38%(c) | 0.42%(c) | 2.17%(c) |
Year ended 08/31/18 | 1.0002 | 0.0153 | (0.0011) | 0.0142 | (0.0140) | - | (0.0140) | 1.0004 | 1.43 | 996 | 0.38 | 0.43 | 1.53 |
Year ended 08/31/17 | 1.00 | 0.0031 | 0.0036 | 0.0067 | (0.0060) | (0.0005) | (0.0065) | 1.0002 | 0.64 | 1,327 | 0.38 | 0.46 | 0.31 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.15 | 7,248 | 0.32 | 0.38 | 0.17 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.01 | 72,686 | 0.21 | 0.37 | 0.01 |
Invesco STIC Prime Portfolio | |||||||||||||
Year ended 08/31/19 | 1.0001 | 0.0210 | 0.0001 | 0.0211 | (0.0211) | - | (0.0211) | 1.0001 | 2.13 | 123 | 0.34(c) | 0.41(c) | 2.10(c) |
Year ended 08/31/18 | 1.0000 | 0.0139 | (0.0002) | 0.0137 | (0.0136) | - | (0.0136) | 1.0001 | 1.38 | 186 | 0.34 | 0.43 | 1.39 |
Year ended 08/31/17 | 1.00 | 0.0046 | 0.0008 | 0.0054 | (0.0054) | - | (0.0054) | 1.0000 | 0.54 | 184 | 0.34 | 0.43 | 0.46 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.16 | 16,866 | 0.25 | 0.40 | 0.15 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.04 | 19,710 | 0.07 | 0.39 | 0.10 |
Invesco Treasury Portfolio | |||||||||||||
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(c) | 0.37(c) | 2.02(c) |
Year ended 08/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | - | (0.01) | 1.00 | 1.21 | 525,418 | 0.34 | 0.36 | 1.21 |
Year ended 08/31/17 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.36 | 476,818 | 0.33 | 0.36 | 0.37 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.07 | 482,931 | 0.24 | 0.37 | 0.07 |
Year ended 08/31/15 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.01 | 324,480 | 0.06 | 0.37 | 0.02 |
Invesco Government & Agency Portfolio | |||||||||||||
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(c) | 0.32(c) | 2.04(c) |
Year ended 08/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | - | (0.01) | 1.00 | 1.22 | 232,293 | 0.31 | 0.31 | 1.19 |
Year ended 08/31/17 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.40 | 342,143 | 0.31 | 0.31 | 0.42 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.10 | 95,689 | 0.23 | 0.34 | 0.10 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.02 | 97,907 | 0.08 | 0.33 | 0.02 |
Invesco Treasury Obligations Portfolio | |||||||||||||
Year ended 08/31/19 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) | - | (0.02) | 1.00 | 2.01 | 134 | 0.34(c) | 0.37(c) | 1.99(c) |
Year ended 08/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | - | (0.01) | 1.00 | 1.19 | 95 | 0.34 | 0.37 | 1.18 |
Year ended 08/31/17 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.32 | 94 | 0.30 | 0.38 | 0.36 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.09 | 194 | 0.16 | 0.56 | 0.09 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.02 | 2,372 | 0.00 | 0.53 | 0.08 |
Invesco Tax-Free Cash Reserve Portfolio | |||||||||||||
Year ended 08/31/19 | 1.00 | 0.01 | - | 0.01 | (0.01) | - | (0.01) | 1.00 | 1.22 | 1,117 | 0.36(c) | 0.51(c) | 1.22(c) |
Year ended 08/31/18 | 1.00 | 0.01 | (0.00) | 0.01 | (0.01) | - | (0.01) | 1.00 | 0.85 | 2,499 | 0.36 | 0.54 | 0.85 |
Year ended 08/31/17 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.42 | 5,999 | 0.35 | 0.53 | 0.41 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.05 | 2,411 | 0.14 | 0.51 | 0.08 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.01 | 4,526 | 0.03 | 0.51 | 0.04 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America. |
(c) | Ratios are based on average daily net assets (000’s omitted) of $948, $127, $648,376, $225,044, $153 and $4,776 for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, respectively. |
38 | Short-Term Investments Trust |
A. | Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments. |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. |
39 | Short-Term Investments Trust |
C. | Country Determination -For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions - It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually. |
E. | Federal Income Taxes - The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative net assets. |
G. | Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Repurchase Agreements -The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income. |
J. | 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. |
40 | Short-Term Investments Trust |
K. | Distributions from Distributable Earnings – In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets. |
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% |
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% |
Institutional Class | Private Investment Class | Personal Investment Class | Cash Management Class | Reserve Class | Resource Class | Corporate Class | |
Invesco Liquid Assets Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.38% | 0.21% |
Invesco STIC Prime Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Treasury Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Government & Agency Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Treasury Obligations Portfolio | 0.18% | 0.43% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Tax-Free Cash Reserve Portfolio | 0.20% | 0.45% | 0.75% | 0.28% | 1.07% | 0.36% | 0.23% |
41 | Short-Term Investments Trust |
Expense Limitation | |
Invesco Liquid Assets Portfolio | $892,555 |
Invesco STIC Prime Portfolio | 384,860 |
Invesco Treasury Portfolio | 6,173,902 |
Invesco Government & Agency Portfolio | - |
Invesco Treasury Obligations Portfolio | 393,405 |
Invesco Tax-Free Cash Reserve Portfolio | 309,836 |
Private Investment Class | Personal Investment Class | Cash Management Class | Reserve Class | Resource Class | Corporate Class | |
Invesco Tax-Free Cash Reserve Portfolio | $- | $- | $- | $1,220 | $- | $- |
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% |
42 | Short-Term Investments Trust |
Securities Purchases | Securities Sales | Net Realized Gains | |
Invesco Liquid Assets Portfolio | $2,645,362 | $10,006,986 | $- |
Invesco STIC Prime Portfolio | 5,103,589 | 7,349,898 | - |
Invesco Tax-Free Cash Reserve Portfolio | 216,932,239 | 207,964,153 | - |
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2019 and 2018 | ||||
2019 | 2018 | |||
Ordinary Income | Ordinary Income-Tax- Exempt | Ordinary Income | ||
Invesco Liquid Assets Portfolio | $54,795,839 | $- | $34,753,060 | |
Invesco STIC Prime Portfolio | 12,099,439 | - | 6,737,661 | |
Invesco Treasury Portfolio | 484,811,474 | - | 343,381,843 | |
Invesco Government & Agency Portfolio | 518,471,634 | - | 358,626,619 | |
Invesco Treasury Obligations Portfolio | 25,841,669 | - | 17,884,636 | |
Invesco Tax-Free Cash Reserve Portfolio | - | 2,660,015 | 1,799,189 |
43 | Short-Term Investments Trust |
Tax Components of Net Assets at Period-End: | ||||||||
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Undistributed Tax-Exempt Income | Temporary Book/Tax Differences | Net Unrealized Appreciation (Depreciation)- Investments | Capital Loss Carryforwards | Shares of Beneficial Interest | Total Net Assets | |
Invesco Liquid Assets Portfolio | $3,649,902 | $- | $- | $(3,478,446) | $614,555 | $- | $2,458,474,734 | $2,459,260,745 |
Invesco STIC Prime Portfolio | 1,719,450 | - | - | (947,955) | 44,280 | - | 654,140,847 | 654,956,622 |
Invesco Treasury Portfolio | 2,630,106 | 198,121 | - | (2,145,108) | - | - | 21,330,956,470 | 21,331,639,589 |
Invesco Government & Agency Portfolio | 1,230,816 | 31,693 | - | (1,021,828) | - | - | 31,435,409,972 | 31,435,650,653 |
Invesco Treasury Obligations Portfolio | 97,434 | - | - | (109,978) | (6,916) | (18,869) | 1,111,429,025 | 1,111,390,696 |
Invesco Tax-Free Cash Reserve Portfolio | - | - | 227,773 | (332,727) | - | (19,092) | 232,621,319 | 232,497,273 |
Fund | Not Subject to Expiration | Total* |
Invesco Treasury Obligations Portfolio | $18,869 | $18,869 |
Invesco Tax-Free Cash Reserve Portfolio | 19,092 | 19,092 |
* | Capital loss carryforwards as of the date listed above is 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. |
At August 31, 2019 | ||||
Federal Tax Cost* | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |
Invesco Liquid Assets Portfolio | $2,461,708,828 | $663,077 | $(48,522) | $614,555 |
Invesco STIC Prime Portfolio | 655,819,481 | 44,280 | - | 44,280 |
Invesco Treasury Obligations Portfolio | 1,210,687,514 | - | (6,916) | (6,916) |
* | 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. |
44 | Short-Term Investments Trust |
Undistributed Net Investment Income | Undistributed Net Realized Gain (Loss) | Shares of Beneficial Interest | |
Invesco Liquid Assets Portfolio | $16,174 | $(16,174) | $- |
Invesco STIC Prime Portfolio | - | - | - |
Invesco Treasury Portfolio | 39,002 | (39,002) | - |
Invesco Government & Agency Portfolio | - | - | - |
Invesco Treasury Obligations Portfolio | - | - | - |
Invesco Tax-Free Cash Reserve Portfolio | - | 30,074 | (30,074) |
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 11,115,059,561 | $11,118,203,826 | 11,428,619,333 | $11,430,459,074 | |
Private Investment Class | 286,881 | 286,945 | 296,154 | 296,213 | |
Cash Management Class | 183,906,129 | 183,953,776 | 76,229,664 | 76,244,103 | |
Reserve Class | 8,652 | 8,654 | 29,385 | 29,391 | |
Resource Class | 5,100 | 5,102 | 185 | 185 | |
Corporate Class | 396,987 | 397,046 | 32,928,336 | 32,934,007 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 10,250,841 | 10,253,316 | 3,254,561 | 3,255,227 | |
Private Investment Class | 86,006 | 86,026 | 65,917 | 65,928 | |
Personal Investment Class | 15 | 15 | 10 | 10 | |
Cash Management Class | 175,461 | 175,508 | 78,582 | 78,596 | |
Reserve Class | 5,870 | 5,872 | 4,871 | 4,872 | |
Resource Class | 20,583 | 20,589 | 14,741 | 14,744 | |
Corporate Class | 24,289 | 24,294 | 108,271 | 108,285 | |
Reacquired: | |||||
Institutional Class | (11,024,583,994) | (11,027,657,351) | (9,385,489,530) | (9,387,062,249) | |
Private Investment Class | (1,517,171) | (1,517,553) | (1,482,383) | (1,482,603) | |
Personal Investment Class | (999) | (999) | - | - | |
Cash Management Class | (180,975,556) | (181,024,536) | (77,866,227) | (77,880,652) | |
Reserve Class | (130,254) | (130,300) | (560,376) | (560,416) | |
Resource Class | (658,263) | (658,510) | (346,497) | (346,563) | |
Corporate Class | (2,019,990) | (2,020,536) | (40,592,273) | (40,597,778) | |
Net increase in share activity | 100,340,148 | $100,411,184 | 2,035,292,724 | $2,035,560,374 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 8% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
In addition, 77% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
45 | Short-Term Investments Trust |
Invesco STIC Prime Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 1,752,564,099 | $1,752,564,558 | 1,391,467,414 | $1,391,466,950 | |
Private Investment Class | 106,492 | 106,492 | 841,532 | 841,537 | |
Cash Management Class | 32,538 | 32,538 | 408,572 | 408,575 | |
Reserve Class | 342 | 342 | 5 | 5 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 7,389,194 | 7,389,194 | 3,411,844 | 3,411,791 | |
Private Investment Class | 25,796 | 25,796 | 19,003 | 19,002 | |
Personal Investment Class | 199 | 199 | 5,534 | 5,535 | |
Cash Management Class | 9,022 | 9,022 | 9,091 | 9,090 | |
Reserve Class | 3,751 | 3,751 | 2,835 | 2,835 | |
Resource Class | 2,606 | 2,606 | 2,358 | 2,359 | |
Corporate Class | 457 | 457 | 286 | 285 | |
Reacquired: | |||||
Institutional Class | (1,632,583,978) | (1,632,584,885) | (1,294,068,817) | (1,294,064,676) | |
Private Investment Class | (374,081) | (374,082) | (1,115,941) | (1,115,941) | |
Personal Investment Class | (175,789) | (175,789) | (27) | (27) | |
Cash Management Class | (220,468) | (220,468) | (786,748) | (786,740) | |
Reserve Class | (377) | (377) | (233,896) | (233,896) | |
Resource Class | (65,248) | (65,248) | - | - | |
Net increase in share activity | 126,714,555 | $126,714,106 | 99,963,045 | $99,966,684 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 91% 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 |
Invesco Treasury Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 187,978,433,067 | $187,978,433,067 | 191,918,070,818 | $191,918,070,818 | |
Private Investment Class | 1,261,646,363 | 1,261,646,363 | 1,373,550,349 | 1,373,550,349 | |
Personal Investment Class | 1,630,224,829 | 1,630,224,829 | 1,029,056,714 | 1,029,056,714 | |
Cash Management Class | 2,148,188,357 | 2,148,188,357 | 3,628,925,469 | 3,628,925,469 | |
Reserve Class | 847,847,187 | 847,847,187 | 716,399,473 | 716,399,473 | |
Resource Class | 883,852,393 | 883,852,393 | 778,758,603 | 778,758,603 | |
Corporate Class | 7,123,495,519 | 7,123,495,519 | 6,094,873,392 | 6,094,873,392 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 115,324,756 | 115,324,756 | 71,641,952 | 71,641,952 | |
Private Investment Class | 3,080,285 | 3,080,285 | 1,001,889 | 1,001,889 | |
Personal Investment Class | 2,964,198 | 2,964,198 | 1,002,329 | 1,002,329 | |
Cash Management Class | 8,004,739 | 8,004,739 | 4,359,519 | 4,359,519 | |
Reserve Class | 2,800,991 | 2,800,991 | 1,547,178 | 1,547,178 | |
Resource Class | 2,341,092 | 2,341,092 | 1,262,800 | 1,262,800 | |
Corporate Class | 6,377,933 | 6,377,933 | 4,316,947 | 4,316,947 | |
Reacquired: | |||||
Institutional Class | (189,608,509,223) | (189,608,509,223) | (194,562,035,948) | (194,562,035,948) | |
Private Investment Class | (1,276,434,403) | (1,276,434,403) | (1,431,640,126) | (1,431,640,126) | |
Personal Investment Class | (1,390,826,499) | (1,390,826,499) | (1,052,419,572) | (1,052,419,572) | |
Cash Management Class | (2,206,261,774) | (2,206,261,774) | (3,665,939,583) | (3,665,939,583) | |
Reserve Class | (789,550,639) | (789,550,639) | (740,157,488) | (740,157,488) | |
Resource Class | (779,027,591) | (779,027,591) | (731,431,395) | (731,431,395) | |
Corporate Class | (7,168,113,590) | (7,168,113,590) | (6,239,654,695) | (6,239,654,695) | |
Net increase (decrease) in share activity | (1,204,142,010) | $(1,204,142,010) | (2,798,511,375) | $(2,798,511,375) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
In addition, 12% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
47 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 201,304,629,047 | $201,304,629,047 | 247,813,982,127 | $247,813,982,127 | |
Private Investment Class | 2,057,789,705 | 2,057,789,705 | 1,691,041,762 | 1,691,041,762 | |
Personal Investment Class | 33,910,046 | 33,910,046 | 22,767,729 | 22,767,729 | |
Cash Management Class | 970,595,900 | 970,595,900 | 1,160,198,493 | 1,160,198,493 | |
Reserve Class | 1,378,739,399 | 1,378,739,399 | 912,998,598 | 912,998,598 | |
Resource Class | 2,554,982,650 | 2,554,982,650 | 2,889,383,856 | 2,889,383,856 | |
Corporate Class | 573,841,827 | 573,841,827 | 1,680,502,506 | 1,680,502,506 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 126,914,764 | 126,914,764 | 72,936,103 | 72,936,103 | |
Private Investment Class | 4,227,798 | 4,227,798 | 1,388,818 | 1,388,818 | |
Personal Investment Class | 168,914 | 168,914 | 49,917 | 49,917 | |
Cash Management Class | 5,327,428 | 5,327,428 | 2,379,887 | 2,379,887 | |
Reserve Class | 3,618,437 | 3,618,437 | 1,398,425 | 1,398,425 | |
Resource Class | 3,149,980 | 3,149,980 | 2,270,177 | 2,270,177 | |
Corporate Class | 346,829 | 346,829 | 346,270 | 346,270 | |
Reacquired: | |||||
Institutional Class | (193,758,410,817) | (193,758,410,817) | (253,248,685,649) | (253,248,685,649) | |
Private Investment Class | (1,955,184,767) | (1,955,184,767) | (1,777,176,856) | (1,777,176,856) | |
Personal Investment Class | (26,408,192) | (26,408,192) | (35,626,260) | (35,626,260) | |
Cash Management Class | (944,272,368) | (944,272,368) | (998,258,928) | (998,258,928) | |
Reserve Class | (1,294,201,876) | (1,294,201,876) | (875,724,656) | (875,724,656) | |
Resource Class | (2,609,810,219) | (2,609,810,219) | (3,001,507,204) | (3,001,507,204) | |
Corporate Class | (680,116,245) | (680,116,245) | (1,859,010,896) | (1,859,010,896) | |
Net increase (decrease) in share activity | 7,749,838,240 | $7,749,838,240 | (5,544,345,781) | $(5,544,345,781) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 43% 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, 9% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
48 | Short-Term Investments Trust |
Invesco Treasury Obligations Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 902,898,047 | $902,898,047 | 1,111,333,157 | $1,111,333,157 | |
Private Investment Class | 17,567,905 | 17,567,905 | 6,402,656 | 6,402,656 | |
Personal Investment Class | 1,755,557 | 1,755,557 | 2,424,596 | 2,424,596 | |
Cash Management Class | 1,001,917 | 1,001,917 | 3,404,184 | 3,404,184 | |
Reserve Class | 120,013,835 | 120,013,835 | 165,401,910 | 165,401,910 | |
Resource Class | 2,115,950 | 2,115,950 | 1,077 | 1,077 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 2,012,405 | 2,012,405 | 871,181 | 871,181 | |
Private Investment Class | 107,684 | 107,684 | 25,972 | 25,972 | |
Personal Investment Class | 2,574 | 2,574 | 657 | 657 | |
Cash Management Class | 41,719 | 41,719 | 26,644 | 26,644 | |
Reserve Class | 513,925 | 513,925 | 236,440 | 236,440 | |
Resource Class | 1,002 | 1,002 | - | - | |
Corporate Class | 216 | 216 | 124 | 124 | |
Reacquired: | |||||
Institutional Class | (1,140,217,292) | (1,140,217,292) | (1,138,265,979) | (1,138,265,979) | |
Private Investment Class | (14,276,606) | (14,276,606) | (3,568,474) | (3,568,474) | |
Personal Investment Class | (2,041,284) | (2,041,284) | (2,078,282) | (2,078,282) | |
Cash Management Class | (2,314,616) | (2,314,616) | (1,883,172) | (1,883,172) | |
Reserve Class | (99,213,748) | (99,213,748) | (167,867,572) | (167,867,572) | |
Resource Class | (2,078,666) | (2,078,666) | - | - | |
Net increase (decrease) in share activity | (212,109,476) | $(212,109,476) | (23,534,881) | $(23,534,881) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 6% 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, 79% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
49 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 205,082,518 | $205,082,518 | 145,257,757 | $145,257,757 | |
Private Investment Class | 57,208,640 | 57,208,640 | 69,282,391 | 69,282,391 | |
Personal Investment Class | 5,818,771 | 5,818,771 | 10,389 | 10,389 | |
Cash Management Class | 49,844,196 | 49,844,196 | 18,777,674 | 18,777,674 | |
Reserve Class | 52,342,069 | 52,342,069 | 76,263,241 | 76,263,241 | |
Resource Class | 31,003,313 | 31,003,313 | 5,290,233 | 5,290,233 | |
Corporate Class | 110,000 | 110,000 | 10,000 | 10,000 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 919,230 | 919,230 | 530,228 | 530,228 | |
Private Investment Class | 281,127 | 281,127 | 222,751 | 222,751 | |
Personal Investment Class | 385 | 385 | 2,800 | 2,800 | |
Cash Management Class | 309,533 | 309,533 | 190,958 | 190,958 | |
Reserve Class | 79,513 | 79,513 | 59,800 | 59,800 | |
Resource Class | 51,611 | 51,611 | 48,820 | 48,820 | |
Corporate Class | 135 | 135 | 56 | 56 | |
Reacquired: | |||||
Institutional Class | (172,627,076) | (172,627,076) | (128,941,010) | (128,941,010) | |
Private Investment Class | (65,060,440) | (65,060,440) | (68,795,280) | (68,795,280) | |
Personal Investment Class | (3,287,500) | (3,287,500) | (2,008,928) | (2,008,928) | |
Cash Management Class | (54,739,582) | (54,739,582) | (14,699,392) | (14,699,392) | |
Reserve Class | (46,570,715) | (46,570,715) | (75,830,056) | (75,830,056) | |
Resource Class | (32,436,884) | (32,436,884) | (8,838,140) | (8,838,140) | |
Corporate Class | (110,000) | (110,000) | - | - | |
Net increase in share activity | 28,218,844 | $28,218,844 | 16,834,292 | $16,834,292 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 85% 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. |
50 | Short-Term Investments Trust |
51 | Short-Term Investments Trust |
Resource Class | Beginning Account Value (03/01/19) | ACTUAL | HYPOTHETICAL (5% annual return before expenses) | Annualized Expense Ratio | ||
Ending Account Value (08/31/19)1 | Expenses Paid During Period2 | Ending Account Value (08/31/19) | Expenses Paid During Period2 | |||
Invesco Liquid Assets Portfolio | $1,000.00 | $1,011.20 | $1.93 | $1,023.29 | $1.94 | 0.38% |
Invesco STIC Prime Portfolio | 1,000.00 | 1,010.80 | 1.72 | 1,023.49 | 1.73 | 0.34 |
Invesco Treasury Portfolio | 1,000.00 | 1,010.40 | 1.72 | 1,023.49 | 1.73 | 0.34 |
Invesco Government & Agency Portfolio | 1,000.00 | 1,010.60 | 1.62 | 1,023.59 | 1.63 | 0.32 |
Invesco Treasury Obligations Portfolio | 1,000.00 | 1,010.30 | 1.72 | 1,023.49 | 1.73 | 0.34 |
Invesco Tax-Free Cash Reserve Portfolio | 1,000.00 | 1,006.20 | 1.82 | 1,023.39 | 1.84 | 0.36 |
1 | The actual ending account value is based on the actual total return of the Funds for the period March 1, 2019 through August 31, 2019, 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. |
52 | Short-Term Investments Trust |
Approval of Investment Advisory andSub-Advisory Contracts
(Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and InvescoTax-Free Cash Reserve Portfolio)
At meetings held on June 10, 2019, the Board of Trustees (the Board or the Trustees) ofShort-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 IntergroupSub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, with respect to Invesco Government & Agency Portfolio, InvescoTax-Free Cash Reserve Portfolio and Invesco Treasury Obligations Portfolio only, separateSub-Advisory Contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the AffiliatedSub-Advisers and thesub-advisory contracts) for another year, effective July 1, 2019. After evaluating the factors discussed below, among others, the Board approved the renewal of each Fund’s investment advisory agreement and thesub-advisory contracts and determined that the compensation payable by each Fund to Invesco Advisers and by Invesco Advisers to the AffiliatedSub-Advisers is fair and reasonable.
The Board’s Evaluation Process
The Board’s Investments Committee has established threeSub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). As part of a regularly scheduled basis ofin-person Board meetings, theSub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee andSub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement andsub-advisory contracts.
As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider. The
Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement andsub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.
The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to each Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of each Fund’s investment advisory agreement andsub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 10, 2019.
Factors and Conclusions and Summary of Independent Written Fee Evaluation
A. | Nature, Extent and Quality of Services Provided by Invesco Advisers and the AffiliatedSub-Advisers |
The Board reviewed the nature, extent and quality of the advisory services provided to each Fund by Invesco Advisers under each Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including each Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis and investment risk management. The Board also considerednon-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 also reviewed and considered the benefits to shareholders of investing in each fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial
and other resources to such business. The Board reviewed and considered information about the resources that Invesco Advisers intends to continue to commit to managing the Invesco family of funds following Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries. 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 AffiliatedSub-Advisers under thesub-advisory contracts and the credentials and experience of the officers and employees of the AffiliatedSub-Advisers who provide these services. The Board noted the AffiliatedSub-Advisers’ expertise with respect to certain asset classes and that the AffiliatedSub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the AffiliatedSub-Advisers can provide research and investment analysis on the markets and economies of various countries in which each Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that thesub-advisory contracts may benefit each Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the AffiliatedSub-Advisers in managing each Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the AffiliatedSub-Advisers are appropriate and satisfactory.
B. | Fund Investment Performance |
The Board 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 thesub-advisory contracts for each Fund, as no AffiliatedSub-Adviser currently manages assets of each Fund.
Invesco Liquid Assets Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the Lipper Institutional Money Market Funds 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 year period and the first quintile for the 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 the same as 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 Trustees
53 Short-Term Investments Trust
also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco STIC Prime Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the Lipper Institutional Money Market Funds 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 year period and the second quintile for the 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, three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco Treasury Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the Lipper Institutional U.S. Treasury Money Market Funds 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 reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco Government & Agency Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 the performance of funds in the Broadridge performance universe and against the Lipper Institutional U.S. Government Money Market Funds 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 reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco Treasury Obligations Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of
funds in the Broadridge performance universe and against the Lipper Institutional U.S. Treasury Money Market Funds 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 reasonably comparable to the performance of the Index for the one and three year periods and above the performance of the Index for the five year period. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
InvescoTax-Free Cash Reserve Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the LipperTax-Exempt Money Market Funds 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 year period and the second quintile for the 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 Index for the one, three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
C. | Advisory andSub-Advisory Fees and Fund Expenses |
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 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding 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 also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco STIC Prime 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the Affiliated
54 Short-Term Investments Trust
Sub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco Treasury 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management
of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco Government & Agency 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco Treasury Obligations 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
InvescoTax-Free Cash Reserve Portfolio
The Board compared the Fund’s contractual management fee rate to the contractual
55 Short-Term Investments Trust
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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
D. | Economies of Scale and Breakpoints |
Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and InvescoTax-Free Cash Reserve Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to each Fund. The Board considered Invesco’s reinvestment in its business, including investments in business infrastructure and cybersecurity. The Board noted that each Fund does not benefit from
economies of scale through contractual breakpoints, but does share directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.
Invesco Treasury Obligations Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board considered Invesco’s reinvestment in its business, including investments in business infrastructure and cybersecurity. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.
E. | Profitability and Financial Resources |
Invesco STIC Prime Portfolio and InvescoTax-Free Cash Reserve Portfolio
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. The Board considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the AffiliatedSub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement andsub-advisory contracts.
Invesco Liquid Assets Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio
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. The Board considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and each Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to each Fund to be
excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the AffiliatedSub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement andsub-advisory contracts.
F. | Collateral Benefits to Invesco Advisers and its Affiliates |
The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with each Fund, including the fees received for providing administrative, transfer agency and distribution services to each Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to each Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of each Fund.
56 Short-Term Investments Trust
Federal and State Income Tax | |||||
Long Term Capital Gain Distributions | Qualified Dividend Income* | Corporate Dividends Received Deduction* | U.S. Treasury Obligations* | Tax-Exempt Interest Dividend* | |
Invesco Liquid Assets Portfolio | $- | 0.00% | 0.00% | 0.00% | 0.00% |
Invesco STIC Prime Portfolio | - | 0.00% | 0.00% | 0.00% | 0.00% |
Invesco Treasury Portfolio | - | 0.00% | 0.00% | 54.04% | 0.00% |
Invesco Government & Agency Portfolio | - | 0.00% | 0.00% | 39.05% | 0.00% |
Invesco Treasury Obligations Portfolio | - | 0.00% | 0.00% | 100.00% | 0.00% |
Invesco Tax-Free Cash Reserve Portfolio | - | 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 | $- | 80.36% |
Invesco STIC Prime Portfolio | - | 0.00% |
Invesco Treasury Portfolio | - | 99.99% |
Invesco Government & Agency Portfolio | - | 100.00% |
Invesco Treasury Obligations Portfolio | - | 99.96% |
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. |
57 | 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, Texas77046-1173. 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 | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Interested Persons | ||||||||
Martin L. Flanagan1 — 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business
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) | 229 | None | ||||
Philip A. Taylor2 — 1954 Trustee | 2006 | Vice Chair, Invesco Ltd.; Trustee, The Invesco Funds
Formerly: Director, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company);Co-Chairman,Co-President andCo-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc. | 229 | None |
1 | Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser. |
2 | Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of Invesco Ltd., ultimate parent of the Adviser. |
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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Independent Trustees | ||||||||
Bruce L. Crockett — 1944 Trustee and Chair | 1993 | Chairman, Crockett Technologies Associates (technology consulting company)
Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council | 229 | Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company) | ||||
David C. Arch — 1945 Trustee | 2010 | Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization | 229 | Board member of the Illinois Manufacturers’ Association | ||||
Beth Ann Brown — 1968 Trustee | 2019 | Independent Consultant
Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 229 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non -profit); and Vice President and Director of Grahamtastic Connection(non-profit) | ||||
Jack M. Fields — 1952 Trustee | 1997 | Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance(non-profit)
Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch(non-profit); and member of the U.S. House of Representatives | 229 | None | ||||
Cynthia Hostetler — 1962 Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations
Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP | 229 | Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization) | ||||
Eli Jones — 1961 Trustee | 2016 | Professor and Dean, Mays Business School — Texas A&M University
Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank | 229 | Insperity, Inc. (formerly known as Administaff) (human resources provider) | ||||
Elizabeth Krentzman — 1959 Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management — Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management — Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds | 229 | Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member | ||||
Anthony J. LaCava, Jr. — 1956 Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 229 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
T-2 Short-Term Investments Trust
Trustees and Officers—(continued)
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/ or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Independent Trustees—(continued) | ||||||||
Prema Mathai-Davis — 1950 Trustee | 1998 | Retired
Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor) | 229 | None | ||||
Joel W. Motley — 1952 Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley(non-profit cultural organization)
Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 229 | Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting(non-profit journalism) | ||||
Teresa M. Ressel — 1962 Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations
Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury | 229 | Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier) | ||||
Ann Barnett Stern — 1957 Trustee | 2017 | President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution)
Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP | 229 | Federal Reserve Bank of Dallas | ||||
Raymond Stickel, Jr. — 1944 Trustee | 2005 | Retired
Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche | 229 | None | ||||
Robert C. Troccoli — 1949 Trustee | 2016 | Retired
Formerly: Adjunct Professor, University of Denver — Daniels College of Business; Senior Partner, KPMG LLP | 229 | None | ||||
Daniel S. Vandivort — 1954 Trustee | 2019 | Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management)
Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds | 229 | Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds | ||||
James D. Vaughn — 1945 Trustee | 2019 | Retired
Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds | 229 | Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement(non-profit) | ||||
Christopher L. Wilson — 1957 Trustee, Vice Chair and Chair Designate | 2017 | Retired
Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments | 229 | ISO New England, Inc.(non-profit organization managing regional electricity market) |
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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Other Officers | ||||||||
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer | 1999 | President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.
Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust | N/A | N/A | ||||
Russell C. Burk — 1958 Senior Vice President and Senior Officer | 2005 | Senior Vice President and Senior Officer, The Invesco Funds | N/A | N/A | ||||
Jeffrey H. Kupor — 1968 Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC
Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc. | N/A | N/A | ||||
Andrew R. Schlossberg — 1974 Senior Vice President | 2019 | Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.
Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |
T-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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Other Officers—(continued) | ||||||||
John M. Zerr — 1962 Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent)
Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A | ||||
Gregory G. McGreevey — 1962 Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation
Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A | ||||
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer | 2008 | Assistant Treasurer, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer — Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust
Formerly: Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital Management LLC; Assistant Vice President, The Invesco Funds | N/A | N/A |
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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Other Officers—(continued) | ||||||||
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc.
Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc. | N/A | N/A | ||||
Robert R. Leveille — 1969 Chief Compliance Officer | 2016 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds
Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds | N/A | N/A |
The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’ssub-advisers.
Office of the Fund 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 |
T-6 Short-Term Investments Trust
SEC file numbers: 811-02729 and 002-58287 | Invesco Distributors, Inc. | CM-STIT-AR-4 |
Annual Report to Shareholders | August 31, 2019 |
Table of Contents
Letters to Shareholders | 3 | |||
Fund Data | 5 | |||
Fund Objectives and Strategies | 6 | |||
Fund Composition by Maturity | 7 | |||
Schedules of Investments | 9 | |||
Financial Statements | 32 | |||
Financial Highlights | 38 | |||
Notes to Financial Statements | 39 | |||
Report of Independent Registered Public Accounting Firm | 51 | |||
Fund Expenses | 52 | |||
Approval of Investment Advisory and Sub-Advisory Contracts | 53 | |||
Tax Information | 57 | |||
Trustees and Officers | T-1 |
2
Andrew Schlossberg |
3 | Short-Term Investments Trust |
Bruce Crockett |
4 | Short-Term Investments Trust |
Private Investment Class data as of 8/31/19 | ||||
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 - 49 days | 49 days | 84 days | $4.7 million |
Invesco STIC Prime1 | 4 - 22 days | 12 days | 12 days | 1.3 million |
Invesco Treasury2 | 11 - 44 days | 18 days | 114 days | 506.0 million |
Invesco Government & Agency2 | 6 - 47 days | 8 days | 115 days | 532.6 million |
Invesco Treasury Obligations2 | 25 - 56 days | 28 days | 111 days | 9.5 million |
Invesco Tax-Free Cash Reserve3 | 7 - 12 days | 7 days | 7 days | 20.5 million |
1 | You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
2 | You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
3 | You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
5 | Short-Term Investments Trust |
6 | Short-Term Investments Trust |
In days, as of 8/31/19 | ||||||
Invesco Liquid Assets Portfolio 1-6, 9-10, 12-14 | Invesco STIC Prime Portfolio 1-6, 9-10, 12-14 | Invesco Treasury Portfolio 2, 4-5, 7, 11-12, 14 | Invesco Government & Agency Portfolio 2, 4-5, 7, 11-12, 14 | Invesco Treasury Obligations Portfolio 2, 4-5, 7, 12, 14 | Invesco Tax-Free Cash Reserve Portfolio 2-5, 8-9,13-14 | |
1 - 7 | 41.3% | 69.6% | 54.1% | 52.1% | 7.6% | 95.3% |
8 - 30 | 2.9 | 18.8 | 8.7 | 6.4 | 27.1 | 1.7 |
31 - 60 | 10.8 | 11.6 | 5.7 | 4.0 | 30.5 | 2.8 |
61 - 90 | 5.3 | 0.0 | 1.2 | 2.3 | 10.8 | 0.2 |
91 - 180 | 19.7 | 0.0 | 9.1 | 13.4 | 5.4 | 0.0 |
181+ | 20.0 | 0.0 | 21.2 | 21.8 | 18.6 | 0.0 |
1 | Banking and financial services industry focus risk. From time to time, the Fund may invest more than 25% of its assets in unsecured bank instruments, including but not limited to certificates of deposit and time deposits, or securities that may have guarantees or credit or liquidity enhancements provided by banks, insurance companies or other financial institutions. To the extent the Fund focuses its investments in these instruments or securities, the Fund’s performance will depend on the overall condition of those industries and the individual banks and financial institutions in which the Fund invests (directly or indirectly), the supply of short-term financing, changes in government regulation, changes in interest rates, and economic downturns in the United States and abroad. |
2 | Debt securities risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund’s distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event. |
3 | Foreign securities and credit exposure risk. US 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. Furthermore, the Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. |
4 | Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective. |
5 | Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value. |
6 | Money market fund risk. 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 and you may lose money by investing in the Fund. 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 required minimums because of market conditions or other factors. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not rely on or expect that the sponsor will enter into support agreements or take other actions to provide financial support to the Fund at any time. The credit quality of the Fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s |
7 | Short-Term Investments Trust |
share price. The Fund’s share price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market volatility. |
7 | Money market fund risk. Although the Fund seeks to preserve the value of your investment at $1.00 per share, you may lose money by investing in the Fund. The share price of money market funds can fall below the $1.00 share price. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not rely on or expect that the sponsor will enter into support agreements or take other actions to provide financial support to the Fund or maintain the Fund’s $1.00 share price at any time. The credit quality of the Fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s share price. The Fund’s share price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market volatility. While the Board of Trustees may implement procedures to impose a fee upon the sale of your shares or temporarily suspend your ability to sell shares in the future if the Fund’s liquidity falls below required minimums because of market conditions or other factors, the Board has not elected to do so at this time. Should the Board elect to do so, such change would only become effective after shareholders were provided with specific advance notice of the change in the Fund’s policy and provided with the opportunity to redeem their shares in accordance with Rule 2a-7 before the policy change became effective. |
8 | Money market fund risk. Although the Fund seeks to preserve the value of your investment at $1.00 per share, you may lose money by investing in the Fund. The share price of money market funds can fall below the $1.00 share price. 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 required minimums because of market conditions or other factors. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not rely on or expect that the sponsor will enter into support agreements or take other actions to provide financial support to the Fund or maintain the Fund’s $1.00 share price at any time. The credit quality of the Fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s share price. The Fund’s share price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market volatility. |
9 | Municipal securities risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. |
10 | Repurchase agreement risk. The Fund is subject to the risk that the counterparty may default on its obligation to repurchase the underlying instruments collateralizing the repurchase agreement, which may cause the Fund to lose money. These risks are magnified to the extent that a repurchase agreement is secured by securities other than cash or US government securities. |
11 | Repurchase agreement risk. If the seller of a repurchase agreement defaults or otherwise does not fulfill its obligations, the Fund may incur delays and losses arising from selling the underlying securities, enforcing its rights, or declining collateral value. |
12 | US government obligations risk. Obligations of US government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the US government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the US government will provide financial support to its agencies and authorities if it is not obligated by law to do so. |
13 | Variable-rate demand notes risk. The absence of an active secondary market for certain variable and floating rate notes could make it difficult to dispose of these instruments, which could result in a loss. |
14 | Yield risk. The Fund’s yield will vary as the short-term securities in its portfolio mature or are sold and the proceeds are reinvested in other securities. When interest rates are very low, the Fund’s expenses could absorb all or a portion of the Fund’s income and yield. Additionally, inflation may outpace and diminish investment returns over time. |
8 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Commercial Paper-42.90%(a) | ||||||
Asset-Backed Securities - Consumer Receivables-0.61% | ||||||
Old Line Funding, LLC (CEP-Royal Bank of Canada)(b)(c) | 2.64% | 10/25/2019 | $ 15,000 | $ 14,955,876 | ||
Asset-Backed Securities - Fully Supported-6.50% | ||||||
Bennington Stark Capital Co., LLC (CEP-Societe Generale S.A.)(b)(c) | 2.35% | 10/02/2019 | 30,000 | 29,948,296 | ||
Kells Funding, LLC (CEP-FMS Wertmanagement)(c) | 2.61% | 10/07/2019 | 11,000 | 10,978,552 | ||
Kells Funding, LLC (CEP-FMS Wertmanagement)(c) | 2.23% | 01/07/2020 | 40,000 | 39,712,650 | ||
Kells Funding, LLC (CEP-FMS Wertmanagement)(c) | 2.06% | 03/03/2020 | 30,000 | 29,697,804 | ||
Ridgefield Funding Co., LLC (CEP-BNP Paribas S.A.)(b)(c) | 2.05% | 02/21/2020 | 50,000 | 49,493,531 | ||
159,830,833 | ||||||
Asset-Backed Securities - Fully Supported Bank-12.24% | ||||||
Anglesea Funding LLC (Multi- CEP’s) (1 wk. USD LIBOR + 0.10%) (Ireland)(b)(c)(d) | 2.24% | 09/06/2019 | 30,000 | 30,000,000 | ||
Cedar Springs Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.33% | 10/10/2019 | 29,166 | 29,099,708 | ||
Chesham Finance LLC (Multi-CEP’s)(b)(c) | 2.18% | 09/03/2019 | 25,000 | 25,000,000 | ||
Collateralized Commercial Paper Co., LLC (CEP-J.P. Morgan Securities LLC)(c) | 2.66% | 09/04/2019 | 10,000 | 9,999,410 | ||
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.18% | 09/03/2019 | 20,000 | 20,000,000 | ||
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.49% | 09/06/2019 | 11,500 | 11,497,918 | ||
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.36% | 10/10/2019 | 30,000 | 29,934,279 | ||
Halkin Finance LLC (Multi-CEP’s)(b)(c) | 2.18% | 09/03/2019 | 25,000 | 25,000,000 | ||
Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) | 2.25% | 09/03/2019 | 40,000 | 40,000,000 | ||
LMA Americas LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.64% | 10/18/2019 | 10,000 | 9,974,456 | ||
LMA Americas LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.41% | 01/06/2020 | 15,000 | 14,895,911 | ||
LMA Americas LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.19%-2.58% | 01/27/2020 | 56,000 | 55,542,939 | ||
300,944,621 | ||||||
Asset-Backed Securities - Multi-Purpose-0.74% | ||||||
Chariot Funding LLC(b)(c) | 2.59% | 09/03/2019 | 18,250 | 18,250,000 | ||
Consumer Finance-1.01% | ||||||
Toyota Motor Credit Corp. (1 mo. USD LIBOR + 0.15%)(c)(d) | 2.35% | 01/06/2020 | 25,000 | 25,002,028 | ||
Diversified Banks-10.55% | ||||||
Australia & New Zealand Banking Group, Ltd. (3 mo. USD LIBOR + 0.12%) (Australia)(b)(c)(d) | 2.59% | 09/06/2019 | 20,000 | 20,000,148 | ||
Banco del Estado de Chile (Chile)(b)(c) | 2.61% | 09/26/2019 | 15,000 | 14,979,851 | ||
Bank of Nova Scotia (1 mo. USD LIBOR + 0.14%) (Canada)(c)(d) | 2.29% | 01/24/2020 | 10,000 | 9,999,707 | ||
BPCE S.A. (France)(b)(c) | 2.69% | 12/16/2019 | 35,000 | 34,790,649 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.63% | 10/02/2019 | 25,000 | 24,957,034 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.32% | 11/19/2019 | 25,000 | 24,886,184 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.31% | 12/11/2019 | 10,000 | 9,942,704 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.02% | 02/14/2020 | 15,000 | 14,863,709 | ||
Natixis S.A. (France)(c) | 2.69% | 12/20/2019 | 10,000 | 9,937,015 | ||
Royal Bank of Canada (3 mo. USD LIBOR + 0.21%) (Canada)(b)(c)(d) | 2.54% | 01/03/2020 | 15,000 | 15,009,554 | ||
Royal Bank of Canada (3 mo. USD LIBOR + 0.05%) (Canada)(b)(c)(d) | 2.37% | 04/01/2020 | 25,000 | 25,002,054 | ||
Toronto-Dominion Bank (The) (1 mo. USD LIBOR + 0.12%) (Canada)(c)(d) | 2.27% | 11/25/2019 | 25,000 | 25,004,165 | ||
Westpac Banking Corp. (Federal Funds Rate + 0.26%) (Australia)(b)(c)(d) | 2.39% | 07/02/2020 | 30,000 | 30,075,000 | ||
259,447,774 |
9 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Diversified Capital Markets-1.42% | ||||||
UBS AG (3 mo. USD LIBOR + 0.17%) (Switzerland)(c)(d) | 2.69% | 09/03/2019 | $ 15,000 | $ 15,000,000 | ||
UBS AG (3 mo. USD LIBOR + 0.05%) (Switzerland)(b)(c)(d) | 2.35% | 01/17/2020 | 20,000 | 20,001,021 | ||
35,001,021 | ||||||
Integrated Oil & Gas-0.95% | ||||||
Shell International Finance B.V. (Netherlands)(b)(c) | 2.00% | 06/29/2020 | 23,750 | 23,371,484 | ||
Other Diversified Financial Services-2.62% | ||||||
ABN AMRO Funding USA LLC (Netherlands)(b)(c) | 2.13% | 02/28/2020 | 15,000 | 14,844,955 | ||
Erste Abwicklungsanstalt (Germany)(b)(c) | 2.04% | 02/13/2020 | 50,000 | 49,551,410 | ||
64,396,365 | ||||||
Regional Banks-1.82% | ||||||
ASB Finance Ltd. (3 mo. USD LIBOR + 0.22%) (New Zealand)(b)(c)(d) | 2.40% | 11/12/2019 | 15,000 | 15,004,916 | ||
Banque et Caisse d’Epargne de l’Etat (Luxembourg)(c) | 2.16% | 03/02/2020 | 30,000 | 29,694,789 | ||
44,699,705 | ||||||
Specialized Finance-4.44% | ||||||
CDP Financial, Inc. (Canada)(b)(c) | 2.38% | 06/01/2020 | 25,000 | 24,633,083 | ||
Crown Point Capital Co., LLC (CEP-Credit Suisse AG) (1 mo. USD LIBOR + 0.15%)(b)(c)(d) | 2.35% | 10/10/2019 | 40,000 | 40,000,000 | ||
Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) | 2.02% | 02/11/2020 | 15,000 | 14,866,001 | ||
Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) | 1.99% | 02/18/2020 | 30,000 | 29,723,290 | ||
109,222,374 | ||||||
Total Commercial Paper (Cost $1,054,589,858) | 1,055,122,081 | |||||
Certificates of Deposit-22.12% | ||||||
ABN AMRO Bank N.V. (Netherlands)(c) | 0.00% | 09/09/2019 | 50,000 | 49,970,323 | ||
Australia & New Zealand Banking Group, Ltd.(c) | 2.11% | 09/03/2019 | 70,000 | 70,000,000 | ||
Bank of Montreal (1 mo. USD LIBOR + 0.22%) (Canada)(c)(d) | 2.30% | 10/04/2019 | 25,000 | 25,002,808 | ||
Bank of Montreal (3 mo. USD LIBOR + 0.06%) (Canada)(c)(d) | 2.38% | 04/01/2020 | 45,000 | 45,006,262 | ||
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.10%) (Canada)(c)(d) | 2.44% | 10/10/2019 | 30,000 | 30,003,222 | ||
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.05%) (Canada)(c)(d) | 2.37% | 04/01/2020 | 20,000 | 20,003,924 | ||
Canadian Imperial Bank of Commerce (1 mo. USD LIBOR + 0.14%) (Canada)(c)(d) | 2.29% | 01/24/2020 | 25,000 | 25,000,255 | ||
Canadian Imperial Bank of Commerce (1 mo. USD LIBOR + 0.17%) (Canada)(c)(d) | 2.39% | 05/07/2020 | 10,000 | 9,996,710 | ||
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.26%) (Canada)(c)(d) | 2.39% | 07/01/2020 | 20,000 | 20,013,750 | ||
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.36%) (Canada)(c)(d) | 2.49% | 09/18/2020 | 20,000 | 20,003,066 | ||
Mitsubishi UFJ Trust & Banking Corp. (1 mo. USD LIBOR + 0.20%) (Japan)(c)(d) | 2.35% | 02/27/2020 | 63,000 | 62,983,084 | ||
MUFG Bank, Ltd. (Japan)(b)(c) | 2.35% | 09/08/2019 | 5,900 | 5,899,995 | ||
Natixis S.A. (3 mo. USD LIBOR + 0.07%) (France)(c)(d) | 2.28% | 11/07/2019 | 35,000 | 35,001,317 | ||
Sumitomo Mitsui Banking Corp. (1 mo. USD LIBOR + 0.12%) (Japan)(c)(d) | 2.27% | 10/24/2019 | 20,000 | 20,002,463 | ||
Sumitomo Mitsui Banking Corp. (1 mo. USD LIBOR + 0.14%) (Japan)(c)(d) | 2.37% | 11/06/2019 | 30,000 | 30,004,769 | ||
Toronto-Dominion Bank (The) (1 mo. USD LIBOR + 0.14%) (Canada)(c)(d) | 2.28% | 02/28/2020 | 35,000 | 34,991,835 | ||
Wells Fargo Bank, N.A. | 2.00% | 02/12/2020 | 40,000 | 40,005,922 | ||
Total Certificates of Deposit (Cost $543,870,947) | 543,889,705 | |||||
U.S. Dollar Denominated Bonds & Notes-1.42% | ||||||
Automobile Manufacturers-0.41% | ||||||
Toyota Motor Credit Corp.(c) | 4.50% | 06/17/2020 | 9,900 | 10,090,381 |
10 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Diversified Banks-1.01% | ||||||
Westpac Banking Corp. (3 mo. USD LIBOR + 0.43%) (Australia)(c)(d) | 2.90% | 03/06/2020 | $ 10,460 | $ 10,479,320 | ||
Westpac Banking Corp. (Australia)(c) | 2.30% | 05/26/2020 | 14,444 | 14,471,919 | ||
24,951,239 | ||||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $34,978,052) | 35,041,620 | |||||
Variable Rate Demand Notes-0.75%(e) | ||||||
Credit Enhanced-0.75% | ||||||
Derry (Township of), PA Industrial & Commercial Development Authority (GIANT Center); Series 2001, VRD RB (LOC-PNC Bank, N.A.)(f) | 2.20% | 11/01/2030 | 4,765 | 4,765,000 | ||
Jets Stadium Development, LLC; Series 2014 A-4B, VRD Bonds (LOC-Sumitomo Mitsui Banking Corp.)(b)(c)(f) | 2.17% | 04/01/2047 | 9,400 | 9,399,999 | ||
Keep Memory Alive; Series 2013, VRD Bonds (LOC-PNC Bank, N.A.)(f) | 2.20% | 05/01/2037 | 2,700 | 2,700,000 | ||
S&L Capital, LLC (J&L Development of Holland, LLC); Series 2005 A, VRD Notes (LOC-FHLB of Indianapolis)(c)(f) | 2.20% | 07/01/2040 | 1,495 | 1,495,000 | ||
Total Variable Rate Demand Notes (Cost $18,359,993) | 18,359,999 | |||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-67.19% (Cost $1,651,798,850) | 1,652,413,405 | |||||
Repurchase Amount | ||||||
Repurchase Agreements-32.93%(g) | ||||||
BMO Capital Markets Corp., joint agreement dated 08/30/2019, aggregate maturing value of $195,047,667 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, U.S. government sponsored agency obligations, domestic and foreign corporate obligations and domestic commercial paper valued at $207,184,381; 0% - 10.00%; 09/11/2019 - 04/25/2066)(c) | 2.20% | 09/03/2019 | 38,009,289 | 38,000,000 | ||
BMO Capital Markets Corp., joint term agreement dated 08/30/2019, aggregate maturing value of $50,021,875 (collateralized by domestic agency mortgage-backed securities valued at $51,415,842; 0% - 13.73%; 06/25/2027 - 06/20/2069)(c)(h) | 2.25% | 09/06/2019 | 15,006,562 | 15,000,000 | ||
Citigroup Global Markets, Inc., joint open agreement dated 04/11/2019 (collateralized by domestic and foreign non-agency asset-backed securities and domestic mortgage-backed securities valued at $234,301,461; 0% - 8.29%; 12/01/2025 - 03/25/2061)(c)(i) | 2.62% | - | - | 66,500,000 | ||
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $250,060,000 (collateralized by domestic agency mortgage-backed securities valued at $255,000,001; 3.00% - 4.00%; 06/01/2048 - 08/01/2049)(c) | 2.16% | 09/03/2019 | 125,030,000 | 125,000,000 | ||
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $30,013,475 (collateralized by foreign corporate obligations, domestic non-agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $32,999,964; 0% - 6.00%; 09/08/2020 - 12/15/2044)(c)(h) | 2.31% | 09/05/2019 | 5,002,246 | 5,000,000 | ||
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $40,017,578 (collateralized by domestic non-agency asset-backed securities and a foreign corporate obligation valued at $43,999,986; 0% - 5.93%; 04/15/2026 - 05/16/2042)(c)(h) | 2.26% | 09/05/2019 | 30,013,183 | 30,000,000 | ||
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $65,028,185 (collateralized by domestic and foreign agency and non-agency asset-backed securities, domestic non-agency mortgage-backed securities and a foreign corporate obligation valued at $68,250,000; 0.47% - 5.93%; 12/28/2023 - 09/10/2050)(c)(h) | 2.23% | 09/05/2019 | 23,009,973 | 23,000,000 |
11 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
ING Financial Markets, LLC, joint agreement dated 08/30/2019, aggregate maturing value of $124,030,311 (collateralized by domestic and foreign corporate obligations valued at $130,200,007; 1.63% - 7.88%; 09/29/2019 - 08/15/2059)(c) | 2.20% | 09/03/2019 | $ 55,013,444 | $ 55,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2019 (collateralized by domestic and foreign corporate obligations valued at $45,360,002; 0% - 7.50%; 09/06/2019 - 08/01/2057)(i) | 2.75% | - | - | 25,000,000 | |
Mizuho Securities (USA) LLC, joint open agreement dated 03/21/2019 (collateralized by domestic and foreign equity securities valued at $26,250,062; 0% - 7.13%;)(c)(i) | 2.20% | - | - | 15,000,000 | |
Natixis, joint agreement dated 08/30/2019, aggregate maturing value of $750,179,167 (collateralized by U.S. Treasury obligations valued at $765,000,060; 0% - 3.38%; 12/05/2019 - 11/15/2048)(c) | 2.15% | 09/03/2019 | 125,029,861 | 125,000,000 | |
RBC Capital Markets LLC, joint agreement dated 08/30/2019, aggregate maturing value of $150,036,667 (collateralized by domestic agency mortgage-backed securities and domestic and foreign corporate obligations valued at $156,822,868; 0% - 10.00%; 09/13/2019 - 08/15/2076)(c) | 2.20% | 09/03/2019 | 35,008,556 | 35,000,000 | |
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign corporate obligations valued at $106,426,641; 2.90% - 9.25%; 11/19/2019 - 03/15/2050)(c)(i) | 2.28% | - | - | 25,000,000 | |
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign corporate obligations valued at $91,808,572; 2.88% - 10.63%; 10/14/2019 - 01/11/2048)(c)(i) | 2.21% | - | - | 55,000,000 | |
Sumitomo Mitsui Banking Corp., joint agreement dated 08/30/2019, aggregate maturing value of $1,500,361,667 (collateralized by domestic agency mortgage-backed securities valued at $1,530,000,000; 3.00% - 3.50%; 08/20/2042 - 04/01/2049)(c) | 2.17% | 09/03/2019 | 172,451,548 | 172,409,978 | |
Total Repurchase Agreements (Cost $809,909,978) | 809,909,978 | ||||
TOTAL INVESTMENTS IN SECURITIES(j)(k)-100.12% (Cost $2,461,708,828) | 2,462,323,383 | ||||
OTHER ASSETS LESS LIABILITIES-(0.12)% | (3,062,638) | ||||
NET ASSETS-100.00% | $2,459,260,745 |
CEP | -Credit Enhancement Provider |
FHLB | -Federal Home Loan Bank |
LIBOR | -London Interbank Offered Rate |
LOC | -Letter of Credit |
RB | -Revenue Bonds |
USD | -U.S. Dollar |
VRD | -Variable Rate Demand |
(a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2019 was $865,395,955, which represented 35.19% of the Fund’s Net Assets. |
(c) | The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 17.6%; France: 14.0%; Netherlands: 10.5%; Switzerland: 7.9%; Japan: 7.3%; Australia: 5.9%; Germany: 5.3% other countries less than 5% each: 6.5%. |
(d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2019. |
(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, 2019. |
(f) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(g) | Principal amount equals value at period end. See Note 1I. |
(h) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(i) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
(j) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
(k) | Also represents cost for federal income tax purposes. |
12 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Commercial Paper-40.06%(a) | ||||||
Asset-Backed Securities - Fully Supported-6.10% | ||||||
Atlantic Asset Securitization LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.18% | 10/11/2019 | $ 15,000 | $ 14,967,217 | ||
Bennington Stark Capital Co., LLC (CEP-Societe Generale S.A.)(b)(c) | 2.36% | 09/06/2019 | 15,000 | 14,997,284 | ||
Ridgefield Funding Co., LLC (CEP-BNP Paribas S.A.)(b)(c) | 2.29% | 09/04/2019 | 10,000 | 9,999,403 | ||
39,963,904 | ||||||
Asset-Backed Securities - Fully Supported Bank-14.50% | ||||||
Anglesea Funding LLC (Multi-CEP’s)(b)(c) | 2.27% | 09/03/2019 | 15,000 | 15,000,000 | ||
Cedar Springs Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.24% | 09/13/2019 | 15,000 | 14,990,652 | ||
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.28% | 09/12/2019 | 15,000 | 14,991,879 | ||
Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) | 2.25% | 09/03/2019 | 10,000 | 10,000,000 | ||
Mountcliff Funding LLC (Multi-CEP’s)(b)(c) | 2.20% | 10/18/2019 | 15,000 | 14,960,184 | ||
Regency Markets No. 1 LLC (CEP-HSBC Bank PLC) (Ireland)(b)(c) | 2.21% | 09/16/2019 | 10,000 | 9,992,202 | ||
Versailles Commercial Paper LLC (CEP-Natixis S.A.)(b)(c) | 2.36% | 09/06/2019 | 15,000 | 14,997,285 | ||
94,932,202 | ||||||
Asset-Backed Securities - Multi-Purpose-2.29% | ||||||
CAFCO LLC (CEP-Citibank, N.A.)(b)(c) | 2.29% | 09/27/2019 | 15,000 | 14,979,345 | ||
Diversified Banks-16.35% | ||||||
Banco Santander, S.A.(c) | 2.34% | 09/04/2019 | 15,000 | 14,999,111 | ||
China Construction Bank Corp. (China)(b)(c) | 2.46% | 09/13/2019 | 15,000 | 14,991,060 | ||
Industrial & Commercial Bank of China Ltd. (China)(b)(c) | 2.45% | 09/20/2019 | 15,000 | 14,984,201 | ||
Mitsubishi UFJ Trust & Banking Corp. (Japan)(b)(c) | 2.37% | 09/19/2019 | 3,000 | 2,997,189 | ||
National Bank of Canada (Canada)(b)(c) | 2.13% | 10/21/2019 | 15,000 | 14,957,210 | ||
Oversea-Chinese Banking Corp. Ltd. (Singapore)(b)(c) | 2.19% | 09/23/2019 | 15,000 | 14,982,071 | ||
Sumitomo Mitsui Trust Bank, Ltd. (Japan)(b)(c) | 2.18% | 09/06/2019 | 8,000 | 7,998,585 | ||
Sumitomo Mitsui Trust Bank, Ltd. (Japan)(b)(c) | 2.23% | 10/21/2019 | 6,220 | 6,202,563 | ||
Toronto-Dominion Bank (The) (Canada)(b)(c) | 2.21% | 09/25/2019 | 15,000 | 14,980,498 | ||
107,092,488 | ||||||
Specialized Finance-0.82% | ||||||
Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) | 2.31% | 09/09/2019 | 5,400 | 5,398,090 | ||
Total Commercial Paper (Cost $262,322,128) | 262,366,029 | |||||
Certificates of Deposit-10.23% | ||||||
Australia & New Zealand Banking Group, Ltd.(c) | 2.11% | 09/03/2019 | 30,000 | 30,000,000 | ||
Banco Del Estado De Chile(c) | 2.30% | 09/06/2019 | 15,000 | 15,000,237 | ||
Cooperatieve Rabobank U.A.(c) | 2.14% | 10/11/2019 | 15,000 | 15,000,081 | ||
Mitsubishi UFJ Trust & Banking Corp.(c) | 2.41% | 09/06/2019 | 7,000 | 7,000,171 | ||
Total Certificates of Deposit (Cost $67,000,110) | 67,000,489 | |||||
Variable Rate Demand Notes-6.13%(d) | ||||||
Credit Enhanced-6.13% | ||||||
Jets Stadium Development, LLC; Series 2014 A-4C, VRD Bonds (LOC-Sumitomo Mitsui Banking Corp.)(b)(c)(e) | 2.17% | 04/01/2047 | 7,900 | 7,900,000 | ||
Keep Memory Alive; Series 2013, VRD Bonds (LOC-PNC Bank, N.A.)(e) | 2.20% | 05/01/2037 | 3,380 | 3,380,000 | ||
Maumelle (City of), AR (Kimberly-Clark Corp.); Series 2015, VRD IDR(b)(c) | 2.08% | 08/01/2045 | 9,400 | 9,400,000 |
13 | Short-Term Investments Trust |
Invesco STIC Prime Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Credit Enhanced-(continued) | ||||||
New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2015 B-1, VRD RB (LOC-Bank of China Ltd.)(c)(e) | 2.23% | 11/01/2049 | $ 14,000 | $ 14,000,000 | ||
Ziegler Realty LLC; Series 2007, VRD Notes (LOC-Wells Fargo Bank, N.A.)(b)(c)(e) | 2.15% | 01/01/2033 | 5,500 | 5,500,000 | ||
Total Variable Rate Demand Notes (Cost $40,180,000) | 40,180,000 | |||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-56.42% (Cost $369,502,238) | 369,546,518 | |||||
Repurchase Amount | ||||||
Repurchase Agreements-43.72%(f) | ||||||
BMO Capital Markets Corp., joint agreement dated 08/30/2019, aggregate maturing value of $195,047,667 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, U.S. government sponsored agency obligations, domestic and foreign corporate obligations and domestic commercial paper valued at $207,184,381; 0% - 10.00%; 09/11/2019 - 04/25/2066)(c) | 2.20% | 09/03/2019 | 20,004,889 | 20,000,000 | ||
BMO Capital Markets Corp., joint term agreement dated 08/30/2019, aggregate maturing value of $50,021,875 (collateralized by domestic agency mortgage-backed securities valued at $51,415,842; 0% - 13.73%; 06/25/2027 - 06/20/2069)(c)(g) | 2.25% | 09/06/2019 | 8,003,500 | 8,000,000 | ||
Citigroup Global Markets, Inc., joint agreement dated 08/30/2019, aggregate maturing value of $400,096,000 (collateralized by U.S. Treasury obligations valued at $408,000,053; 0% - 0.13%; 04/15/2020 - 08/15/2042) | 2.16% | 09/03/2019 | 30,007,200 | 30,000,000 | ||
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $250,060,000 (collateralized by domestic agency mortgage-backed securities valued at $255,000,001; 3.00% - 4.00%; 06/01/2048 - 08/01/2049)(c) | 2.16% | 09/03/2019 | 30,007,200 | 30,000,000 | ||
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $65,028,185 (collateralized by domestic and foreign agency and non-agency asset-backed securities, domestic non-agency mortgage-backed securities and a foreign corporate obligation valued at $68,250,000; 0.47% - 5.93%; 12/28/2023 - 09/10/2050)(c)(g) | 2.23% | 09/05/2019 | 5,002,168 | 5,000,000 | ||
Credit Suisse Securities (USA) LLC, term agreement dated 08/30/2019, maturing value of $10,000,000 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic non-agency asset-backed securities and domestic and foreign corporate obligations valued at $10,499,736; 0% - 8.00%; 10/10/2019 - 07/15/2064)(c)(h) | 2.34% | 10/04/2019 | 10,000,000 | 10,000,000 | ||
ING Financial Markets, LLC, joint agreement dated 08/30/2019, aggregate maturing value of $124,030,311 (collateralized by domestic and foreign corporate obligations valued at $130,200,007; 1.63% - 7.88%; 09/29/2019 - 08/15/2059)(c) | 2.20% | 09/03/2019 | 25,006,111 | 25,000,000 | ||
J.P. Morgan Securities LLC, open agreement dated 09/08/2017 (collateralized by domestic and foreign equity securities valued at $15,780,373; 2.20%; 02/15/2040 - 12/12/2222)(i) | 2.30% | - | - | 15,000,000 | ||
Natixis, joint agreement dated 08/30/2019, aggregate maturing value of $750,179,167 (collateralized by U.S. Treasury obligations valued at $765,000,060; 0% - 3.38%; 12/05/2019 - 11/15/2048)(c) | 2.15% | 09/03/2019 | 60,014,334 | 60,000,000 | ||
RBC Capital Markets LLC, joint agreement dated 08/30/2019, aggregate maturing value of $150,036,667 (collateralized by domestic agency mortgage-backed securities and domestic and foreign corporate obligations valued at $156,822,868; 0% - 10.00%; 09/13/2019 - 08/15/2076)(c) | 2.20% | 09/03/2019 | 20,004,889 | 20,000,000 | ||
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign corporate obligations valued at $106,426,641; 2.90% - 9.25%; 11/19/2019 - 03/15/2050)(c)(i) | 2.28% | - | - | 5,000,000 | ||
Sumitomo Mitsui Banking Corp., joint agreement dated 08/30/2019, aggregate maturing value of $1,500,361,667 (collateralized by domestic agency mortgage-backed securities valued at $1,530,000,000; 3.00% - 3.50%; 08/20/2042 - 04/01/2049)(c) | 2.17% | 09/03/2019 | 58,331,304 | 58,317,243 | ||
Total Repurchase Agreements (Cost $286,317,243) | 286,317,243 | |||||
TOTAL INVESTMENTS IN SECURITIES(j)(k)-100.14% (Cost $655,819,481) | 655,863,761 | |||||
OTHER ASSETS LESS LIABILITIES-(0.14)% | (907,139) | |||||
NET ASSETS-100.00% | $654,956,622 |
14 | Short-Term Investments Trust |
Invesco STIC Prime Portfolio
CEP | -Credit Enhancement Provider |
IDR | -Industrial Development Revenue Bonds |
LOC | -Letter of Credit |
RB | -Revenue Bonds |
VRD | -Variable Rate Demand |
(a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2019 was $270,166,918, which represented 41.25% 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: 11.9%; Netherlands: 10.8%; France: 9.2%; Switzerland: 6.9%; China: 6.7%; other countries less than 5% each: 17.9%. |
(d) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2019. |
(e) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(f) | Principal amount equals value at period end. See Note 1I. |
(g) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(h) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2019. |
(i) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
(j) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
(k) | Also represents cost for federal income tax purposes. |
15 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
U.S. Treasury Securities-41.59% | ||||||
U.S. Treasury Bills-22.07%(a) | ||||||
U.S. Treasury Bills | 2.14% | 09/10/2019 | $ 500,000 | $ 499,741,875 | ||
U.S. Treasury Bills | 2.49% | 09/12/2019 | 350,000 | 349,737,451 | ||
U.S. Treasury Bills | 2.48% | 09/19/2019 | 500,000 | 499,387,500 | ||
U.S. Treasury Bills | 2.10% | 09/26/2019 | 500,000 | 499,276,041 | ||
U.S. Treasury Bills | 2.06% | 10/08/2019 | 750,000 | 748,419,791 | ||
U.S. Treasury Bills | 2.42% | 10/17/2019 | 475,000 | 473,548,924 | ||
U.S. Treasury Bills | 1.97% | 11/14/2019 | 250,000 | 248,992,778 | ||
U.S. Treasury Bills | 2.21% | 12/05/2019 | 250,000 | 248,558,837 | ||
U.S. Treasury Bills | 2.12% | 12/12/2019 | 300,000 | 298,216,276 | ||
U.S. Treasury Bills | 1.91% | 02/13/2020 | 250,000 | 247,834,375 | ||
U.S. Treasury Bills | 1.87% | 02/20/2020 | 250,000 | 247,790,278 | ||
U.S. Treasury Bills | 1.86% | 02/27/2020 | 250,000 | 247,712,778 | ||
U.S. Treasury Bills | 1.78% | 08/13/2020 | 100,000 | 98,313,194 | ||
4,707,530,098 | ||||||
U.S. Treasury Notes-19.52% | ||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b) | 1.97% | 04/30/2020 | 998,000 | 998,007,326 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b) | 1.98% | 07/31/2020 | 310,000 | 309,995,764 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)(b) | 1.98% | 10/31/2020 | 251,000 | 250,987,381 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)(b) | 2.05% | 01/31/2021 | 1,306,000 | 1,305,513,883 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b) | 2.08% | 04/30/2021 | 851,000 | 850,764,111 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)(b) | 2.16% | 07/31/2021 | 450,000 | 449,930,368 | ||
4,165,198,833 | ||||||
Total U.S. Treasury Securities (Cost $8,872,728,931) | 8,872,728,931 | |||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-41.59% (Cost $8,872,728,931) | 8,872,728,931 | |||||
Repurchase Amount | ||||||
Repurchase Agreements-58.51%(c) | ||||||
Bank of Nova Scotia, agreement dated 08/30/2019, maturing value of $500,119,445 (collateralized by U.S. Treasury obligations valued at $510,000,086; 0% - 8.50%; 09/12/2019 - 02/15/2049) | 2.15% | 09/03/2019 | 500,119,445 | 500,000,000 | ||
BNP Paribas Securities Corp., joint term agreement dated 07/23/2019, aggregate maturing value of $2,007,612,222 (collateralized by U.S. Treasury obligations valued at $2,040,000,018; 0% - 4.38%; 01/15/2020 - 02/15/2049)(d) | 2.21% | 09/23/2019 | 1,104,186,722 | 1,100,000,000 | ||
BNP Paribas Securities Corp., joint term agreement dated 08/26/2019, aggregate maturing value of $1,000,480,000 (collateralized by U.S. Treasury obligations valued at $1,020,000,010; 0% - 8.00%; 04/23/2020 - 11/15/2046)(d) | 2.16% | 09/03/2019 | 400,192,000 | 400,000,000 | ||
CIBC World Markets Corp., agreement dated 08/30/2019, maturing value of $150,035,833 (collateralized by U.S. Treasury obligations valued at $153,000,089; 0.88% - 3.00%; 02/28/2022 - 05/15/2045) | 2.15% | 09/03/2019 | 150,035,833 | 150,000,000 | ||
CIBC World Markets Corp., joint term agreement dated 08/07/2019, aggregate maturing value of $500,895,833 (collateralized by U.S. Treasury obligations valued at $510,000,083; 0.13% - 4.75%; 12/31/2020 - 11/15/2046)(d) | 2.15% | 09/06/2019 | 200,358,333 | 200,000,000 |
16 | Short-Term Investments Trust |
Invesco Treasury Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
Citigroup Global Markets, Inc., term agreement dated 08/29/2019, maturing value of $600,255,500 (collateralized by U.S. Treasury obligations valued at $612,000,082; 0% - 0.13%; 04/15/2020 - 02/15/2036)(d) | 2.19% | 09/05/2019 | $ 600,255,500 | $ 600,000,000 | |
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $1,000,237,778 (collateralized by U.S. Treasury obligations valued at $1,020,000,032; 2.00% - 2.63%; 12/15/2021 - 11/15/2026) | 2.14% | 09/03/2019 | 520,228,164 | 520,104,495 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/23/2019, aggregate maturing value of $802,897,556 (collateralized by U.S. Treasury obligations valued at $816,000,018; 0% - 2.50%; 08/13/2020 - 01/31/2021)(d) | 2.21% | 09/20/2019 | 401,448,778 | 400,000,000 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/06/2019, aggregate maturing value of $500,985,417 (collateralized by U.S. Treasury obligations valued at $510,000,057; 1.00% - 3.38%; 02/28/2021 - 02/15/2049)(d) | 2.15% | 09/09/2019 | 200,394,167 | 200,000,000 | |
Credit Agricole Corporate & Investment Bank, term agreement dated 07/22/2019, maturing value of $301,160,250 (collateralized by U.S. Treasury obligations valued at $306,000,125; 1.63% - 4.38%; 06/30/2021 - 05/15/2041)(d) | 2.21% | 09/23/2019 | 301,160,250 | 300,000,000 | |
DNB Bank ASA, agreement dated 08/30/2019, maturing value of $500,120,000 (collateralized by U.S. Treasury obligations valued at $510,000,097; 2.00% - 2.88%; 02/28/2021 - 08/15/2025) | 2.16% | 09/03/2019 | 500,120,000 | 500,000,000 | |
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/30/2019, maturing value of $150,035,000 (collateralized by a U.S. Treasury obligation valued at $153,000,034; 2.00%; 05/31/2024) | 2.10% | 09/03/2019 | 150,035,000 | 150,000,000 | |
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/30/2019, maturing value of $200,048,000 (collateralized by a U.S. Treasury obligation valued at $204,000,087; 2.63%; 12/31/2023) | 2.16% | 09/03/2019 | 200,048,000 | 200,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 07/18/2019 (collateralized by U.S. Treasury obligations valued at $357,000,214; 0% - 3.63%; 10/10/2019 - 11/15/2044)(e) | 2.11% | - | - | 130,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 05/15/2019 (collateralized by U.S. Treasury obligations valued at $408,000,000; 2.00% - 3.63%; 01/31/2023 - 02/15/2044)(e) | 2.15% | - | - | 400,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 05/22/2019 (collateralized by U.S. Treasury obligations valued at $510,000,052; 1.25% - 3.38%; 10/31/2021 - 11/15/2048)(e) | 2.11% | - | - | 500,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 07/29/2019 (collateralized by U.S. Treasury obligations valued at $510,000,016; 3.00% - 3.13%; 11/15/2028 - 02/15/2043)(e) | 2.15% | - | - | 500,000,000 | |
Metropolitan Life Insurance Co., joint term agreement dated 08/28/2019, aggregate maturing value of $450,199,671 (collateralized by U.S. Treasury obligations valued at $458,714,349; 0% - 2.63%; 10/01/2019 - 08/15/2047)(d) | 2.22% | 09/04/2019 | 185,081,809 | 185,001,950 | |
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/28/2019, aggregate maturing value of $1,333,325,304 (collateralized by U.S. Treasury obligations valued at $1,358,182,101; 2.00% - 2.38%; 04/30/2024 - 05/15/2029)(d) | 2.22% | 09/04/2019 | 472,328,801 | 472,125,000 | |
Natixis, joint agreement dated 08/30/2019, aggregate maturing value of $750,179,167 (collateralized by U.S. Treasury obligations valued at $765,000,060; 0% - 3.38%; 12/05/2019 - 11/15/2048) | 2.15% | 09/03/2019 | 565,134,972 | 565,000,000 | |
Natixis, joint term agreement dated 07/18/2019, aggregate maturing value of $501,858,333 (collateralized by U.S. Treasury obligations valued at $510,000,002; 0% - 3.38%; 09/19/2019 - 05/15/2049)(d) | 2.23% | 09/16/2019 | 200,743,333 | 200,000,000 | |
Prudential Insurance Co. of America, agreement dated 08/30/2019, maturing value of $405,934,102 (collateralized by U.S. Treasury obligations valued at $414,162,863; 0% - 2.75%; 11/15/2027 - 02/15/2045) | 2.17% | 09/03/2019 | 405,934,102 | 405,836,250 | |
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/30/2019, maturing value of $272,315,643 (collateralized by U.S. Treasury obligations valued at $278,228,000; 0%; 08/15/2033 - 08/15/2045) | 2.17% | 09/03/2019 | 272,315,643 | 272,250,000 |
17 | Short-Term Investments Trust |
Invesco Treasury Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
RBC Capital Markets LLC, term agreement dated 08/15/2019, maturing value of $250,529,861 (collateralized by U.S. Treasury obligations valued at $255,000,096; 2.88%; 05/31/2025 - 07/31/2025)(d) | 2.18% | 09/19/2019 | $ 250,529,861 | $ 250,000,000 | |
RBC Dominion Securities Inc., agreement dated 08/30/2019, maturing value of $1,000,238,889 (collateralized by U.S. Treasury obligations valued at $1,020,000,091; 0% - 4.25%; 09/12/2019 - 08/15/2048) | 2.15% | 09/03/2019 | 1,000,238,889 | 1,000,000,000 | |
Societe Generale, joint term agreement dated 08/28/2019, aggregate maturing value of $500,213,889 (collateralized by U.S. Treasury obligations valued at $510,000,072; 0.13% - 6.00%; 01/15/2020 - 02/15/2047)(d) | 2.20% | 09/04/2019 | 165,070,583 | 165,000,000 | |
Societe Generale, open agreement dated 06/25/2018 (collateralized by U.S. Treasury obligations valued at $1,020,000,037; 0% - 8.75%; 09/16/2019 - 02/15/2047)(e) | 2.12% | - | - | 1,000,000,000 | |
Sumitomo Mitsui Banking Corp., agreement dated 08/30/2019, maturing value of $250,059,722 (collateralized by U.S. Treasury obligation valued at $255,000,039; 1.63%; 02/15/2026) | 2.15% | 09/03/2019 | 250,059,722 | 250,000,000 | |
TD Securities (USA) LLC, agreement dated 08/30/2019, maturing value of $200,047,556 (collateralized by U.S. Treasury obligations valued at $204,000,014; 2.38% - 2.63%; 08/15/2024 - 02/15/2029) | 2.14% | 09/03/2019 | 200,047,556 | 200,000,000 | |
Wells Fargo Securities, LLC, agreement dated 08/30/2019, maturing value of $765,182,750 (collateralized by U.S. Treasury obligations valued at $780,300,004; 0.13% - 7.88%; 04/15/2020 - 07/15/2028) | 2.15% | 09/03/2019 | 765,182,750 | 765,000,000 | |
Total Repurchase Agreements (Cost $12,480,317,695) | 12,480,317,695 | ||||
TOTAL INVESTMENTS IN SECURITIES-100.10% (Cost $21,353,046,626) | 21,353,046,626 | ||||
OTHER ASSETS LESS LIABILITIES-(0.10)% | (21,407,037) | ||||
NET ASSETS-100.00% | $21,331,639,589 |
(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, 2019. |
(c) | Principal amount equals value at period end. See Note 1I. |
(d) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(e) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
18 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
U.S. Government Sponsored Agency Securities-27.29% | ||||||
Federal Farm Credit Bank (FFCB)-1.84% | ||||||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.10%)(a) | 2.04% | 09/25/2019 | $ 110,000 | $ 109,999,609 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.10%)(a) | 2.11% | 10/08/2019 | 75,000 | 74,997,138 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.12% | 11/19/2019 | 37,300 | 37,295,847 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.02% | 12/04/2019 | 125,000 | 124,999,160 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.07%)(a) | 2.12% | 12/16/2019 | 120,000 | 120,000,000 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.12% | 12/18/2019 | 25,000 | 24,999,287 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR + 0.05%)(a) | 2.20% | 01/27/2020 | 50,000 | 50,014,972 | ||
Federal Farm Credit Bank (SOFR + 0.10%)(a) | 2.31% | 05/07/2021 | 23,000 | 23,000,000 | ||
Federal Farm Credit Bank (SOFR + 0.08%)(a) | 2.29% | 06/10/2021 | 14,000 | 14,000,000 | ||
579,306,013 | ||||||
Federal Home Loan Bank (FHLB)-19.58% | ||||||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.12% | 09/18/2019 | 50,000 | 50,000,497 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 10/09/2019 | 119,000 | 119,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.11% | 10/22/2019 | 50,000 | 49,996,663 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.18% | 11/08/2019 | 250,000 | 250,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.12% | 11/25/2019 | 225,000 | 225,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.12% | 11/25/2019 | 175,000 | 175,000,000 | ||
Federal Home Loan Bank (SOFR + 0.02%)(a) | 2.23% | 11/27/2019 | 45,000 | 45,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.04% | 12/05/2019 | 150,000 | 150,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.05%)(a) | 2.18% | 12/06/2019 | 79,400 | 79,407,228 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.04%)(a) | 2.19% | 12/06/2019 | 250,000 | 249,993,709 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.18% | 12/09/2019 | 150,000 | 150,000,000 | ||
Federal Home Loan Bank (SOFR)(a) | 2.21% | 12/11/2019 | 398,000 | 398,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.17% | 12/16/2019 | 500,000 | 500,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.09%)(a) | 2.08% | 12/20/2019 | 125,000 | 125,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.02%)(a) | 2.15% | 12/20/2019 | 240,000 | 240,000,000 | ||
Federal Home Loan Bank (SOFR + 0.01%)(a) | 2.22% | 12/20/2019 | 170,000 | 170,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.09%)(a) | 2.06% | 12/27/2019 | 50,000 | 50,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.01%)(a) | 2.18% | 01/17/2020 | 145,000 | 145,000,000 | ||
Federal Home Loan Bank (SOFR + 0.02%)(a) | 2.23% | 02/21/2020 | 420,000 | 420,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 05/08/2020 | 120,000 | 120,000,000 | ||
Federal Home Loan Bank (SOFR + 0.02%)(a) | 2.23% | 05/22/2020 | 265,000 | 265,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 06/19/2020 | 60,000 | 60,000,000 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 07/17/2020 | 95,000 | 95,000,000 | ||
Federal Home Loan Bank (SOFR + 0.08%)(a) | 2.29% | 07/24/2020 | 26,000 | 26,000,000 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 08/21/2020 | 84,000 | 84,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 08/25/2020 | 46,000 | 46,000,000 | ||
Federal Home Loan Bank (SOFR + 0.05%)(a) | 2.26% | 09/28/2020 | 621,500 | 621,500,000 | ||
Federal Home Loan Bank (SOFR + 0.11%)(a) | 2.32% | 10/01/2020 | 40,000 | 40,000,000 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 11/06/2020 | 182,000 | 182,000,000 | ||
Federal Home Loan Bank (SOFR + 0.05%)(a) | 2.26% | 01/22/2021 | 109,000 | 109,000,000 | ||
Federal Home Loan Bank (SOFR + 0.05%)(a) | 2.26% | 01/28/2021 | 173,000 | 173,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 02/09/2021 | 224,000 | 224,000,000 | ||
Federal Home Loan Bank (SOFR + 0.07%)(a) | 2.28% | 02/26/2021 | 198,000 | 198,000,000 |
19 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Federal Home Loan Bank (FHLB)-(continued) | ||||||
Federal Home Loan Bank (SOFR + 0.08%)(a) | 2.29% | 07/23/2021 | $ 321,000 | $ 321,000,000 | ||
6,155,898,097 | ||||||
Federal Home Loan Mortgage Corp. (FHLMC)-2.83% | ||||||
Federal Home Loan Mortgage Corp. (SOFR)(a) | 2.21% | 02/12/2020 | 250,000 | 250,000,000 | ||
Federal Home Loan Mortgage Corp. (SOFR + 0.01%)(a) | 2.22% | 07/22/2020 | 119,000 | 119,000,000 | ||
Federal Home Loan Mortgage Corp. (SOFR + 0.04%)(a) | 2.25% | 12/14/2020 | 150,000 | 150,000,000 | ||
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) | 2.24% | 02/05/2021 | 315,000 | 315,000,000 | ||
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) | 2.24% | 02/19/2021 | 55,000 | 55,000,000 | ||
889,000,000 | ||||||
Federal National Mortgage Association (FNMA)-1.82% | ||||||
Federal National Mortgage Association (SOFR + 0.01%)(a) | 2.22% | 05/22/2020 | 215,000 | 215,000,000 | ||
Federal National Mortgage Association (SOFR + 0.06%)(a) | 2.27% | 07/30/2020 | 63,000 | 63,000,000 | ||
Federal National Mortgage Association (SOFR + 0.04%)(a) | 2.25% | 01/29/2021 | 292,000 | 292,000,000 | ||
570,000,000 | ||||||
Overseas Private Investment Corp. (OPIC)-1.22% | ||||||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 09/15/2020 | 116,000 | 116,000,000 | ||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 06/15/2025 | 24,000 | 24,000,000 | ||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 07/15/2025 | 31,333 | 31,333,334 | ||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 09/15/2025 | 5,000 | 5,000,000 | ||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 09/15/2026 | 5,000 | 5,000,000 | ||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 02/15/2028 | 18,889 | 18,888,889 | ||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 11/15/2028 | 84,091 | 84,090,910 | ||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.25% | 05/15/2030 | 9,282 | 9,282,000 | ||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 10/15/2030 | 8,000 | 8,000,000 | ||
Overseas Private Investment Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(b) | 2.22% | 07/09/2026 | 35,700 | 35,700,000 | ||
Overseas Private Investment Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 03/15/2030 | 45,000 | 45,000,000 | ||
382,295,133 | ||||||
Total U.S. Government Sponsored Agency Securities (Cost $8,576,499,243) | 8,576,499,243 | |||||
U.S. Treasury Securities-19.48% | ||||||
U.S. Treasury Bills-9.48%(c) | ||||||
U.S. Treasury Bills | 2.49% | 09/05/2019 | 450,000 | 449,877,039 | ||
U.S. Treasury Bills | 2.15% | 09/10/2019 | 395,000 | 394,788,675 | ||
U.S. Treasury Bills | 2.49% | 09/12/2019 | 150,000 | 149,887,479 | ||
U.S. Treasury Bills | 2.47%-2.48% | 09/19/2019 | 450,000 | 449,449,650 | ||
U.S. Treasury Bills | 2.06% | 09/24/2019 | 400,000 | 399,473,556 | ||
U.S. Treasury Bills | 2.06% | 10/01/2019 | 280,000 | 279,551,378 | ||
U.S. Treasury Bills | 2.06% | 10/08/2019 | 500,000 | 498,946,527 | ||
U.S. Treasury Bills | 1.99% | 10/29/2019 | 150,000 | 149,536,601 | ||
U.S. Treasury Bills | 1.87% | 02/20/2020 | 150,000 | 148,674,167 | ||
U.S. Treasury Bills | 1.78% | 08/13/2020 | 60,000 | 58,987,917 | ||
2,979,172,989 | ||||||
U.S. Treasury Notes-10.00%(a) | ||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate) | 1.94% | 01/31/2020 | 170,000 | 169,977,325 |
20 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
U.S. Treasury Notes(a)-(continued) | ||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%) | 1.97% | 04/30/2020 | $ 775,000 | $ 775,008,012 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%) | 1.98% | 07/31/2020 | 535,000 | 534,981,104 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%) | 1.98% | 10/31/2020 | 630,000 | 629,992,456 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%) | 2.05% | 01/31/2021 | 645,000 | 644,786,845 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%) | 2.08% | 04/30/2021 | 390,000 | 390,001,440 | ||
3,144,747,182 | ||||||
Total U.S. Treasury Securities (Cost $6,123,920,171) | 6,123,920,171 | |||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-46.77% (Cost $14,700,419,414) | 14,700,419,414 | |||||
Repurchase Amount | ||||||
Repurchase Agreements-54.66%(d) | ||||||
ABN AMRO Bank N.V., joint agreement dated 08/30/2019, aggregate maturing value of $200,047,778 (collateralized by U.S. Treasury obligations valued at $204,000,020; 2.00% - 6.63%; 09/30/2020 - 05/15/2044) | 2.15% | 09/03/2019 | 60,014,333 | 60,000,000 | ||
Bank of Nova Scotia, joint agreement dated 08/30/2019, aggregate maturing value of $725,174,806 (collateralized by domestic agency mortgage-backed securities valued at $739,500,000; 2.48% - 6.50%; 11/01/2020 - 07/20/2049) | 2.17% | 09/03/2019 | 465,112,117 | 465,000,000 | ||
BNP Paribas Securities Corp., joint term agreement dated 07/23/2019, aggregate maturing value of $2,007,612,222 (collateralized by U.S. Treasury obligations valued at $2,040,000,018; 0% - 4.38%; 01/15/2020 - 02/15/2049)(e) | 2.21% | 09/23/2019 | 903,425,500 | 900,000,000 | ||
BNP Paribas Securities Corp., joint term agreement dated 07/23/2019, aggregate maturing value of $752,867,500 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $765,000,000; 0% - 6.75%; 02/06/2020 - 08/20/2049)(e) | 2.22% | 09/23/2019 | 271,032,300 | 270,000,000 | ||
BNP Paribas Securities Corp., joint term agreement dated 08/26/2019, aggregate maturing value of $1,000,480,000 (collateralized by U.S. Treasury obligations valued at $1,020,000,010; 0% - 8.00%; 04/23/2020 - 11/15/2046)(e) | 2.16% | 09/03/2019 | 420,201,600 | 420,000,000 | ||
CIBC World Markets Corp., joint term agreement dated 07/16/2019, aggregate maturing value of $501,827,361 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 3.00% - 5.00%; 11/01/2026 - 08/01/2049)(e) | 2.23% | 09/13/2019 | 346,260,879 | 345,000,000 | ||
CIBC World Markets Corp., joint term agreement dated 08/07/2019, aggregate maturing value of $500,895,833 (collateralized by U.S. Treasury obligations valued at $510,000,083; 0.13% - 4.75%; 12/31/2020 - 11/15/2046)(e) | 2.15% | 09/06/2019 | 300,537,500 | 300,000,000 | ||
CIBC World Markets Corp., joint term agreement dated 08/15/2019, aggregate maturing value of $726,543,646 (collateralized by domestic agency mortgage-backed securities valued at $739,500,000; 3.00% - 4.50%; 09/01/2029 - 07/01/2049)(e) | 2.19% | 09/19/2019 | 501,064,583 | 500,000,000 | ||
CIBC World Markets Corp., term agreement dated 08/07/2019, maturing value of $500,904,167 (collateralized by domestic agency mortgage-backed securities valued at $510,000,001; 2.70% - 6.00%; 08/01/2023 - 11/15/2056)(e) | 2.17% | 09/06/2019 | 500,904,167 | 500,000,000 | ||
Citigroup Global Markets, Inc., joint agreement dated 08/30/2019, aggregate maturing value of $400,096,000 (collateralized by U.S. Treasury obligations valued at $408,000,053; 0% - 0.13%; 04/15/2020 - 08/15/2042) | 2.16% | 09/03/2019 | 370,088,800 | 370,000,000 |
21 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $1,000,237,778 (collateralized by U.S. Treasury obligations valued at $1,020,000,032; 2.00% - 2.63%; 12/15/2021 - 11/15/2026) | 2.14% | 09/03/2019 | $ 480,009,614 | $ 479,895,505 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/23/2019, aggregate maturing value of $802,897,556 (collateralized by U.S. Treasury obligations valued at $816,000,018; 0% - 2.50%; 08/13/2020 - 01/31/2021)(e) | 2.21% | 09/20/2019 | 316,140,912 | 315,000,000 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/06/2019, aggregate maturing value of $500,985,417 (collateralized by U.S. Treasury obligations valued at $510,000,057; 1.00% - 3.38%; 02/28/2021 - 02/15/2049)(e) | 2.15% | 09/09/2019 | 300,591,250 | 300,000,000 | |
Credit Agricole Corporate & Investment Bank, term agreement dated 07/22/2019, maturing value of $150,580,125 (collateralized by a U.S. Treasury obligation valued at $153,000,034; 2.88%; 11/30/2023)(e) | 2.21% | 09/23/2019 | 150,580,125 | 150,000,000 | |
DNB Bank ASA, agreement dated 08/30/2019, maturing value of $300,072,000 (collateralized by U.S. Treasury obligations valued at $306,000,052; 2.00% - 2.63%; 02/28/2021 - 08/15/2025) | 2.16% | 09/03/2019 | 300,072,000 | 300,000,000 | |
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/30/2019, maturing value of $1,000,240,000 (collateralized by U.S. Treasury obligations valued at $1,020,000,048; 2.38% - 2.63%; 12/31/2023 - 02/29/2024) | 2.16% | 09/03/2019 | 1,000,240,000 | 1,000,000,000 | |
Fixed Income Clearing Corp. - State Street Bank, agreement dated 08/30/2019, maturing value of $630,151,200 (collateralized by U.S. Treasury obligations valued at $642,602,285; 2.16%; 06/15/2022 - 07/15/2022) | 2.16% | 09/03/2019 | 630,151,200 | 630,000,000 | |
ING Financial Markets, LLC, agreement dated 08/30/2019, maturing value of $350,084,000 (collateralized by domestic agency mortgage-backed securities valued at $357,000,000; 2.00% - 5.00%; 07/01/2028 - 05/01/2058) | 2.16% | 09/03/2019 | 350,084,000 | 350,000,000 | |
ING Financial Markets, LLC, joint agreement dated 08/30/2019, aggregate maturing value of $265,063,306 (collateralized by U.S. government sponsored agency obligations valued at $270,300,906; 0% - 2.63%; 09/09/2019 - 09/06/2024) | 2.15% | 09/03/2019 | 125,029,861 | 125,000,000 | |
ING Financial Markets, LLC, joint term agreement dated 08/12/2019, aggregate maturing value of $651,383,958 (collateralized by domestic agency mortgage-backed securities valued at $663,000,000; 2.00% - 7.00%; 07/01/2024 - 05/01/2058) | 2.19% | 09/16/2019 | 455,968,771 | 455,000,000 | |
ING Financial Markets, LLC, joint term agreement dated 08/26/2019, aggregate maturing value of $400,191,111 (collateralized by domestic agency mortgage-backed securities valued at $408,000,000; 3.00% - 6.00%; 12/01/2025 - 09/01/2057)(e) | 2.15% | 09/03/2019 | 265,126,611 | 265,000,000 | |
ING Financial Markets, LLC, joint term agreement dated 08/30/2019, aggregate maturing value of $300,125,417 (collateralized by domestic agency mortgage-backed securities valued at $306,000,001; 2.16% - 5.00%; 08/01/2024 - 05/01/2058)(e) | 2.15% | 09/06/2019 | 200,083,611 | 200,000,000 | |
ING Financial Markets, LLC, term agreement dated 08/30/2019, maturing value of $75,153,125 (collateralized by domestic agency mortgage-backed securities valued at $76,500,000; 3.00% - 5.00%; 01/01/2031 - 05/01/2058) | 2.10% | 10/04/2019 | 75,153,125 | 75,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 05/02/2019 (collateralized by a U.S. Treasury obligation and domestic agency mortgage-backed securities valued at $510,000,010; 0% - 7.00%; 01/01/2024 - 02/01/2056)(f) | 2.13% | - | - | 350,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 05/15/2019 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $295,800,000; 0% - 8.50%; 10/01/2020 - 02/01/2057)(f) | 2.17% | - | - | 240,000,000 |
22 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
J.P. Morgan Securities LLC, joint open agreement dated 07/18/2019 (collateralized by U.S. Treasury obligations valued at $357,000,214; 0% - 3.63%; 10/10/2019 - 11/15/2044)(f) | 2.11% | - | $ - | $ 150,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 07/18/2019 (collateralized by U.S. Treasury obligations valued at $583,440,120; 2.13% - 3.75%; 01/31/2023 - 02/15/2049)(f) | 2.15% | - | - | 385,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 05/22/2019 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000; 2.50% - 6.50%; 01/01/2024 - 08/20/2049)(f) | 2.13% | - | - | 250,000,000 | |
Metropolitan Life Insurance Co., joint term agreement dated 08/28/2019, aggregate maturing value of $450,199,671 (collateralized by U.S. Treasury obligations valued at $458,714,349; 0% - 2.63%; 10/01/2019 - 08/15/2047)(e) | 2.22% | 09/04/2019 | 185,080,221 | 185,000,362 | |
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/28/2019, aggregate maturing value of $1,333,325,304 (collateralized by U.S. Treasury obligations valued at $1,358,182,101; 2.00% - 2.38%; 04/30/2024 - 05/15/2029)(e) | 2.22% | 09/04/2019 | 455,821,678 | 455,625,000 | |
Natixis, agreement dated 08/30/2019, maturing value of $600,144,667 (collateralized by U.S. Treasury obligations, U.S. government sponsored agency obligations & domestic agency mortgage-backed securities valued at $612,000,000; 0% - 7.50%; 12/05/2019 - 09/15/2065) | 2.17% | 09/03/2019 | 600,144,667 | 600,000,000 | |
Natixis, joint term agreement dated 07/18/2019, aggregate maturing value of $501,858,333 (collateralized by U.S. Treasury obligations valued at $510,000,002; 0% - 3.38%; 09/19/2019 - 05/15/2049)(e) | 2.23% | 09/16/2019 | 210,780,500 | 210,000,000 | |
Prudential Insurance Co. of America, agreement dated 08/30/2019, maturing value of $585,326,095 (collateralized by U.S. Treasury obligations valued at $597,171,000; 0%; 02/15/2026 - 05/15/2045) | 2.17% | 09/03/2019 | 585,326,095 | 585,185,000 | |
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/30/2019, maturing value of $94,072,677 (collateralized by U.S. Treasury obligations valued at $95,916,500; 0%; 08/15/2033 - 05/15/2045) | 2.17% | 09/03/2019 | 94,072,677 | 94,050,000 | |
RBC Capital Markets LLC, agreement dated 08/30/2019, maturing value of $1,000,241,111 (collateralized by domestic agency mortgage-backed securites, a U.S. government sponsored agency obligation and a U.S. Treasury obligation valued at $1,020,000,052; 1.25% - 4.50%; 03/31/2021 - 07/25/2049) | 2.17% | 09/03/2019 | 1,000,241,111 | 1,000,000,000 | |
RBC Capital Markets LLC, joint term agreement dated 08/15/2019, aggregate maturing value of $1,202,555,000 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,224,000,043; 1.88% - 7.00%; 06/25/2021 - 11/16/2060)(e) | 2.19% | 09/19/2019 | 901,916,250 | 900,000,000 | |
RBC Capital Markets LLC, joint term agreement dated 08/30/2019, aggregate maturing value of $1,250,000,000 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and foreign corporate obligations valued at $1,275,000,210; 0% - 14.19%; 10/10/2019 - 02/20/2069)(a)(e) | 2.16% | 10/30/2019 | 920,000,000 | 920,000,000 | |
RBC Dominion Securities Inc., term agreement dated 08/02/2019, maturing value of $401,173,333 (collateralized by U.S. Treasury obligations valued at $408,000,097; 0% - 6.50%; 09/12/2019 - 02/15/2049)(e) | 2.20% | 09/19/2019 | 401,173,333 | 400,000,000 | |
Societe Generale, joint open agreement dated 06/25/2018 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $510,000,000; 0% - 5.94%; 09/06/2019 - 08/20/2064)(f) | 2.13% | - | - | 320,000,000 | |
Societe Generale, joint term agreement dated 08/28/2019, aggregate maturing value of $500,213,889 (collateralized by U.S. Treasury obligations valued at $510,000,072; 0.13% - 6.00%; 01/15/2020 - 02/15/2047)(e) | 2.20% | 09/04/2019 | 245,104,806 | 245,000,000 | |
Sumitomo Mitsui Banking Corp., joint agreement dated 08/30/2019, aggregate maturing value of $1,500,361,667 (collateralized by domestic agency mortgage-backed securities valued at $1,530,000,000; 3.00% - 3.50%; 08/20/2042 - 04/01/2049) | 2.17% | 09/03/2019 | 358,784,180 | 358,697,694 |
23 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
Wells Fargo Securities, LLC, agreement dated 08/30/2019, maturing value of $760,183,244 (collateralized by domestic agency mortgage-backed securities valued at $775,200,000; 3.00% - 3.50%; 04/01/2049 - 09/01/2049) | 2.17% | 09/03/2019 | $ 760,183,244 | $ 760,000,000 | |
Total Repurchase Agreements (Cost $17,183,453,561) | 17,183,453,561 | ||||
TOTAL INVESTMENTS IN SECURITIES(g)-101.43% (Cost $31,883,872,975) | 31,883,872,975 | ||||
OTHER ASSETS LESS LIABILITIES-(1.43)% | (448,222,322) | ||||
NET ASSETS-100.00% | $31,435,650,653 |
LIBOR | -London Interbank Offered Rate |
SOFR | -Secured Overnight Financing Rate |
USD | -U.S. Dollar |
VRD | -Variable Rate Demand |
(a) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2019. |
(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, 2019. |
(c) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(d) | Principal amount equals value at period end. See Note 1I. |
(e) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(f) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
(g) | Also represents cost for federal income tax purposes. |
24 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
U.S. Treasury Securities-108.93% | ||||||
U.S. Treasury Bills-85.36%(a) | ||||||
U.S. Treasury Bills | 1.98%-2.15% | 09/03/2019 | $ 81,956 | $ 81,946,444 | ||
U.S. Treasury Bills | 2.31%-2.49% | 09/05/2019 | 101,800 | 101,773,184 | ||
U.S. Treasury Bills | 2.02%-2.14% | 09/10/2019 | 55,760 | 55,730,847 | ||
U.S. Treasury Bills | 2.49% | 09/12/2019 | 12,000 | 11,990,998 | ||
U.S. Treasury Bills | 2.01%-2.13% | 09/17/2019 | 50,000 | 49,954,155 | ||
U.S. Treasury Bills | 2.18%-2.48% | 09/19/2019 | 65,000 | 64,925,975 | ||
U.S. Treasury Bills | 2.06%-2.15% | 09/24/2019 | 87,000 | 86,882,329 | ||
U.S. Treasury Bills | 2.10% | 09/26/2019 | 32,000 | 31,953,667 | ||
U.S. Treasury Bills | 2.11% | 10/01/2019 | 113,000 | 112,813,038 | ||
U.S. Treasury Bills | 2.06% | 10/08/2019 | 50,000 | 49,894,653 | ||
U.S. Treasury Bills | 2.42% | 10/10/2019 | 45,000 | 44,883,244 | ||
U.S. Treasury Bills | 1.96% | 10/15/2019 | 37,000 | 36,911,817 | ||
U.S. Treasury Bills | 2.42% | 10/17/2019 | 30,000 | 29,908,383 | ||
U.S. Treasury Bills | 1.99% | 10/22/2019 | 40,000 | 39,887,517 | ||
U.S. Treasury Bills | 1.99% | 10/29/2019 | 25,000 | 24,922,767 | ||
U.S. Treasury Bills | 2.00% | 11/07/2019 | 40,000 | 39,851,855 | ||
U.S. Treasury Bills | 1.97% | 11/14/2019 | 15,000 | 14,939,567 | ||
U.S. Treasury Bills | 1.91% | 11/21/2019 | 30,000 | 29,871,750 | ||
U.S. Treasury Bills | 1.96% | 11/29/2019 | 15,000 | 14,927,687 | ||
U.S. Treasury Bills | 1.91% | 02/13/2020 | 10,000 | 9,913,375 | ||
U.S. Treasury Bills | 1.87% | 02/20/2020 | 5,000 | 4,955,806 | ||
U.S. Treasury Bills | 1.86% | 02/27/2020 | 5,000 | 4,954,256 | ||
U.S. Treasury Bills | 1.77% | 08/13/2020 | 5,000 | 4,916,021 | ||
948,709,335 | ||||||
U.S. Treasury Notes-23.57%(b) | ||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%) | 1.99% | 10/31/2019 | 35,000 | 34,999,967 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate) | 1.94% | 01/31/2020 | 30,000 | 29,992,786 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%) | 1.97% | 04/30/2020 | 35,000 | 35,000,454 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%) | 1.98% | 07/31/2020 | 29,000 | 28,999,479 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%) | 1.98% | 10/31/2020 | 35,000 | 34,998,675 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%) | 2.05% | 01/31/2021 | 33,000 | 32,980,913 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%) | 2.08% | 04/30/2021 | 24,000 | 23,999,707 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%) | 2.16% | 07/31/2021 | 41,000 | 40,999,282 | ||
261,971,263 | ||||||
TOTAL INVESTMENTS IN SECURITIES-108.93% (Cost $1,210,680,598) | 1,210,680,598 | |||||
OTHER ASSETS LESS LIABILITIES-(8.93)% | (99,289,902) | |||||
NET ASSETS-100.00% | $1,111,390,696 |
25 | Short-Term Investments Trust |
Invesco Treasury Obligations Portfolio
(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, 2019. |
26 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Municipal Obligations-99.71% | ||||||
Alabama-3.61% | ||||||
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC-Swedbank AB)(a)(b)(c) | 1.46% | 07/01/2040 | $8,405 | $ 8,405,000 | ||
Arizona-4.14% | ||||||
Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, Ref. VRD RB (LOC-Bank Of America, N.A.)(b)(c) | 1.25% | 01/01/2046 | 5,280 | 5,280,000 | ||
Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD RB (CEP-FNMA)(b) | 1.28% | 06/15/2031 | 1,745 | 1,745,000 | ||
Sierra Vista (City of), AZ Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD RB (CEP-FNMA)(b) | 1.28% | 06/15/2031 | 2,595 | 2,595,000 | ||
9,620,000 | ||||||
Colorado-0.35% | ||||||
Boulder (County of), CO (Imagine!); Series 2006, VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.40% | 02/01/2031 | 823 | 823,000 | ||
Delaware-1.40% | ||||||
Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.28% | 05/01/2036 | 2,900 | 2,900,000 | ||
Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.29% | 05/01/2036 | 345 | 345,000 | ||
3,245,000 | ||||||
District of Columbia-1.84% | ||||||
District of Columbia (American University); Series 1998 A, VRD RB (LOC-TD Bank, N.A.)(b)(c) | 1.25% | 08/15/2038 | 245 | 245,000 | ||
Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD RB (LOC-Sumitomo Mitsui Banking Corp.)(a)(b)(c) | 1.25% | 10/01/2039 | 4,035 | 4,035,000 | ||
4,280,000 | ||||||
Florida-5.50% | ||||||
Halifax Hospital Medical Center; Series 2008, Ref. VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.30% | 06/01/2048 | 910 | 910,000 | ||
Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC-Northern Trust Co. (The))(b)(c) | 1.35% | 11/01/2036 | 1,580 | 1,580,000 | ||
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) | 1.32% | 07/01/2032 | 1,965 | 1,965,000 | ||
Pinellas (County of), FL Health Facilities Authority (Baycare Health System); Series 2009 A-2, VRD RB (LOC-Northern Trust Co. (The))(b)(c) | 1.28% | 11/01/2038 | 5,445 | 5,445,000 | ||
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2008 B, Ref. VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.25% | 07/01/2037 | 2,900 | 2,900,000 | ||
12,800,000 | ||||||
Georgia-7.53% | ||||||
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC-BMO Harris Bank N.A.)(b)(c) | 1.29% | 11/01/2030 | 2,500 | 2,500,000 | ||
Georgia (State of) Private College and University Authority; Series 2019, Commercial Paper Notes | 1.55% | 09/05/2019 | 3,400 | 3,400,000 | ||
Georgia (State of) Private Colleges & Universities Authority (Emory University); Series 2005 B-2, VRD RB(b) | 1.28% | 09/01/2035 | 3,690 | 3,690,000 | ||
Glynn-Brunswick Memorial Hospital Authority (Southeast Georgia Health System); Series 2008 B, VRD RAN (LOC-TD Bank, N.A.)(b)(c) | 1.27% | 08/01/2038 | 1,400 | 1,400,000 | ||
Monroe (County of), GA Development Authority (Oglethorpe Power Corp. Scherer); | ||||||
Series 2009 A, VRD PCR (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.30% | 01/01/2030 | 2,420 | 2,420,000 | ||
Series 2010 A, Ref. VRD PCR (LOC-Bank of Montreal)(b)(c) | 1.30% | 01/01/2036 | 3,700 | 3,700,000 |
27 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Georgia-(continued) | ||||||
Richmond (County of), GA Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000,VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.40% | 09/01/2020 | $ 400 | $ 400,000 | ||
17,510,000 | ||||||
Illinois-2.61% | ||||||
Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(b) | 1.26% | 12/01/2046 | 4,935 | 4,935,000 | ||
Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC-Northern Trust Co. (The))(b)(c) | 1.20% | 01/01/2037 | 875 | 875,000 | ||
Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC-U.S. Bank N.A.)(b)(c) | 1.29% | 10/01/2033 | 250 | 250,000 | ||
6,060,000 | ||||||
Indiana-5.90% | ||||||
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.35% | 08/01/2037 | 4,505 | 4,505,000 | ||
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC-Rabobank Nederland)(a)(b)(c) | 1.31% | 06/01/2035 | 6,135 | 6,135,000 | ||
Purdue University; Series 2011 A, VRD COP(b) | 1.22% | 07/01/2035 | 3,082 | 3,081,500 | ||
13,721,500 | ||||||
Louisiana-1.70% | ||||||
East Baton Rouge (Parish of), LA Industrial Development Board (ExxonMobil); Series 2010 A, VRD RB(b) | 1.26% | 09/05/2019 | 1,526 | 1,526,000 | ||
Louisiana (State of) Public Facilities Authority (CHRISTUS Health); Series 2009 B-3, Ref. VRD RB (LOC-Bank of New York Mellon (The))(b)(c) | 1.25% | 07/01/2047 | 1,490 | 1,490,000 | ||
St. James (Parish of), LA (Nustar Logistics, L.P.); Series 2010 B, VRD RB (LOC-MUFG Bank, Ltd.)(a)(b)(c) | 1.29% | 12/01/2040 | 930 | 930,000 | ||
3,946,000 | ||||||
Maryland-3.46% | ||||||
Maryland (State of) Health & Higher Educational Facilities Authority (Johns Hopkins Hospital); Series 2019 B, Commercial Paper Notes | 1.31% | 10/02/2019 | 3,000 | 3,000,000 | ||
Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC-TD Bank, N.A.)(b)(c) | 1.25% | 04/01/2035 | 300 | 300,000 | ||
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical); Series 2008E, VRD RB (LOC-Bank of Montreal)(b)(c) | 1.22% | 07/01/2041 | 2,600 | 2,600,000 | ||
Montgomery (County of), MD; Series 2009 B, Commercial Paper BAN | 1.36% | 10/10/2019 | 2,150 | 2,150,000 | ||
8,050,000 | ||||||
Massachusetts-1.09% | ||||||
Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC-TD Bank, N.A.)(b)(c) | 1.25% | 10/01/2038 | 1,425 | 1,425,000 | ||
Massachusetts (State of) Transportation Trust Fund; Series 2010 A-1, VRD RB (LOC-Citibank, N.A.)(b)(c) | 1.25% | 01/01/2037 | 1,100 | 1,100,000 | ||
2,525,000 | ||||||
Michigan-2.55% | ||||||
Kent (County of), MI Hospital Finance Authority (Spectrum Health System); Series 2008 C, Ref. VRD RB (LOC-Bank of New York Mellon (The))(b)(c) | 1.29% | 01/15/2026 | 385 | 385,000 | ||
Michigan State University Board of Trustees; Series 2000 A-1, VRD RB (CEP -Royal Bank of Canada)(b) | 1.28% | 08/15/2030 | 1,300 | 1,300,000 | ||
Oakland University Board of Trustees; Series 2008, Ref. VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.28% | 03/01/2031 | 4,240 | 4,240,000 | ||
5,925,000 | ||||||
Minnesota-7.98% | ||||||
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP-FNMA)(b) | 1.36% | 10/15/2033 | 1,175 | 1,175,000 |
28 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Minnesota-(continued) | ||||||
Minnesota (State of) Higher Education Facilities Authority (Concordia University, St. Paul); Series 2007 Six-Q, VRD RB (LOC-U.S. Bank N.A.)(b)(c) | 1.31% | 04/01/2037 | $6,825 | $ 6,825,000 | ||
Minnetonka (City of), MN (Minnetonka Hills Apartments); Series 2001, Ref. VRD RB (CEP-FNMA)(b) | 1.37% | 11/15/2031 | 1,860 | 1,860,000 | ||
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP-FHLMC)(b) | 1.28% | 11/01/2035 | 5,470 | 5,470,000 | ||
St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP -FHLMC)(b) | 1.28% | 10/01/2033 | 3,215 | 3,215,000 | ||
18,545,000 | ||||||
Mississippi-2.40% | ||||||
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); | ||||||
Series 2010 C, VRD IDR(b) | 1.29% | 12/01/2030 | 585 | 585,000 | ||
Series 2010 E, VRD IDR(b) | 1.29% | 12/01/2030 | 5,000 | 5,000,000 | ||
5,585,000 | ||||||
Missouri-1.37% | ||||||
Bridgeton (City of), MO IDA (Stolze Printing); Series 2010, VRD RB (LOC-FHLB of Chicago)(b)(c) | 1.28% | 11/01/2037 | 485 | 485,000 | ||
Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC-FHLB of Chicago)(b)(c) | 1.29% | 08/01/2038 | 610 | 610,000 | ||
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2000, VRD RB (LOC-Bank of America, N.A.)(b)(c) | 1.34% | 02/01/2031 | 1,799 | 1,799,000 | ||
Springfield (City of), MO Industrial Development Authority (Pebblecreek Apartments); Series 1994, Ref. VRD RB (LOC-FHLB of Des Moines)(b)(c) | 1.40% | 12/01/2019 | 295 | 295,000 | ||
3,189,000 | ||||||
New York-11.35% | ||||||
Metropolitan Transportation Authority; Subseries 2005 D-2, VRD RB (LOC -Landesbank Hessen-Thueringen Girozentrale)(a)(b)(c) | 1.18% | 11/01/2035 | 5,350 | 5,350,000 | ||
New York (City of), NY; | ||||||
Subseries 2015 F-5, VRD GO Bonds(b) | 1.25% | 06/01/2044 | 7,000 | 7,000,000 | ||
Subseries 2010 G-4, VRD GO Bonds (CEP-Barclays Bank PLC)(b) | 1.28% | 03/01/2039 | 2,935 | 2,935,000 | ||
New York (City of), NY Municipal Water Finance Authority; Subseries 2012 A-1, VRD RB(b) | 1.25% | 06/15/2044 | 3,310 | 3,310,000 | ||
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) | 1.27% | 05/01/2039 | 2,000 | 2,000,000 | ||
New York (State of) Housing Finance Agency (222 East 44th Street Housing); Series 2015 A, VRD RB (LOC -Bank of China Ltd.)(b)(c) | 1.31% | 05/01/2050 | 1,000 | 1,000,000 | ||
New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2015 A, VRD RB (LOC-Bank of China Ltd.)(a)(b)(c) | 1.33% | 11/01/2049 | 4,800 | 4,800,000 | ||
26,395,000 | ||||||
North Carolina-3.03% | ||||||
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1991 B, VRD RB(b) | 1.20% | 12/01/2021 | 2,550 | 2,550,000 | ||
Raleigh & Durham (Cities of), NC Airport Authority; Series 2008 C, Ref. VRD RB (LOC - TD Bank, N.A.)(b)(c) | 1.24% | 05/01/2036 | 4,500 | 4,500,000 | ||
7,050,000 | ||||||
Ohio-4.95% | ||||||
Franklin (County of), OH (OhioHealth Corp.); Series 2009 A, Ref. VRD RB(b) | 1.28% | 11/15/2041 | 7,890 | 7,890,000 | ||
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC-U.S. Bank N.A.)(b)(c) | 1.28% | 08/02/2038 | 415 | 415,000 | ||
Ohio (State of) Higher Educational Facility Commission (Cleveland Clinic Health System Obligated Group); Series 2013 B-2, VRD RB(b) | 1.28% | 01/01/2039 | 3,200 | 3,200,000 | ||
11,505,000 |
29 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Pennsylvania-3.90% | ||||||
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC -PNC Bank, N.A.)(b)(c) | 1.28% | 06/01/2037 | $2,845 | $ 2,845,000 | ||
Haverford Township School District; Series 2009, VRD GO Bonds (LOC-TD Bank, N.A.)(b)(c) | 1.27% | 03/01/2030 | 2,795 | 2,795,000 | ||
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.28% | 10/15/2025 | 866 | 866,000 | ||
Ridley School District; Series 2009, VRD GO Bonds (LOC-TD Bank N.A.)(b)(c) | 1.27% | 11/01/2029 | 250 | 250,000 | ||
Westmoreland (County of), PA Industrial Development Authority (Excela Health); Series 2005 A, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.28% | 07/01/2027 | 2,305 | 2,305,000 | ||
9,061,000 | ||||||
Texas-9.99% | ||||||
Gulf Coast Industrial Development Authority (ExxonMobil); Series 2012, VRD RB(b) | 1.25% | 11/01/2041 | 4,000 | 4,000,000 | ||
Harris (County of), TX; Series 2019 C, GO Commercial Paper Notes | 1.30% | 10/03/2019 | 1,350 | 1,350,000 | ||
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.31% | 02/15/2042 | 4,050 | 4,050,000 | ||
Houston (City of), TX; Series 2019 E-2, GO Commercial Paper Notes | 1.32% | 09/11/2019 | 2,500 | 2,500,000 | ||
Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC-Sumitomo Mitsui Banking Corp.)(a)(b)(c) | 1.27% | 05/15/2034 | 1,100 | 1,100,000 | ||
San Gabriel Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.32% | 04/01/2026 | 2,332 | 2,332,000 | ||
Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP-FHLMC)(b) | 1.28% | 05/01/2042 | 2,865 | 2,865,000 | ||
Texas A&M University System Board of Regents; Series 2019 B, Revenue Financing System Commercial Paper Notes | 1.28% | 12/04/2019 | 400 | 400,000 | ||
University of Texas System Board of Regents; Series 2008 B, VRD RB(b) | 1.20% | 08/01/2025 | 4,620 | 4,620,000 | ||
23,217,000 | ||||||
Utah-2.92% | ||||||
Murray (City of), UT (IHC Health Services, Inc.); Series 2003 B, VRD RB(b) | 1.25% | 05/15/2036 | 5,800 | 5,800,000 | ||
Weber (County of), UT (IHC Health Services, Inc.); Series 2000A, VRD RB(b) | 1.25% | 02/15/2031 | 1,000 | 1,000,000 | ||
6,800,000 | ||||||
Virginia-3.25% | ||||||
Norfolk (City of), VA; Series 2007, VRD GO Bonds(b) | 1.25% | 08/01/2037 | 2,900 | 2,900,000 | ||
University of Virginia System Board of Regents; | ||||||
Series 2019 A, Commercial Paper | 1.32% | 09/04/2019 | 3,250 | 3,250,000 | ||
Series 2019 A, Commercial Paper Notes | 1.32% | 09/10/2019 | 1,400 | 1,400,000 | ||
7,550,000 | ||||||
Washington-2.81% | ||||||
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB (LOC-FHLB of San Francisco)(b)(c) | 1.30% | 09/01/2049 | 2,050 | 2,050,000 | ||
Washington (State of) Housing Finance Commission (Redmond Ridge Apartments); Series 2017, VRD RB (LOC-FHLB of San Francisco)(b)(c) | 1.30% | 11/01/2047 | 4,485 | 4,485,000 | ||
6,535,000 | ||||||
West Virginia-2.33% | ||||||
Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC-Bank of America, N.A.)(b)(c) | 1.34% | 07/01/2039 | 945 | 945,000 | ||
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hosp, Inc.); Series 2008 B, Ref. VRD RB (LOC-Branch Banking & Trust Co.)(b)(c) | 1.30% | 01/01/2034 | 4,465 | 4,465,000 | ||
5,410,000 |
30 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Wisconsin-1.75% | ||||||
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC-FHLB of Chicago)(b)(c) | 1.28% | 10/01/2042 | $4,065 | $ 4,065,000 | ||
TOTAL INVESTMENTS IN SECURITIES(d)(e)-99.71% (Cost $231,817,500) | 231,817,500 | |||||
OTHER ASSETS LESS LIABILITIES-0.29% | 679,773 | |||||
NET ASSETS-100.00% | $232,497,273 |
BAN | - Bond Anticipation Notes |
CEP | - Credit Enhancement Provider |
COP | - Certificates of Participation |
FHLB | - Federal Home Loan Bank |
FHLMC | - Federal Home Loan Mortgage Corp. |
FNMA | - Federal National Mortgage Association |
GO | - General Obligation |
IDR | - Industrial Development Revenue Bonds |
LOC | - Letter of Credit |
PCR | - Pollution Control Revenue Bonds |
RAN | - Revenue Anticipation Notes |
RB | - Revenue Bonds |
Ref. | - Refunding |
VRD | - Variable Rate Demand |
(a) | The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: other countries less than 5% each: 14.1%. |
(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, 2019. |
(c) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(d) | Also represents cost for federal income tax purposes. |
(e) | This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. |
Entities | Percentage |
JPMorgan Chase Bank, N.A. | 6.0% |
Federal Home Loan Bank | 5.2 |
31 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | Invesco Treasury Obligations Portfolio | Invesco Tax-Free Cash Reserve Portfolio | |||||||
Assets: | ||||||||||||
Investments in securities, at value | $1,652,413,405 | $369,546,518 | $8,872,728,931 | $14,700,419,414 | $1,210,680,598 | $231,817,500 | ||||||
Repurchase agreements, at value and cost | 809,909,978 | 286,317,243 | 12,480,317,695 | 17,183,453,561 | - | - | ||||||
Cash | 6,990 | - | - | - | 30,686 | - | ||||||
Receivable for: | ||||||||||||
Investments sold | - | - | - | - | - | 635,000 | ||||||
Interest | 2,000,788 | 246,253 | 17,612,267 | 36,396,253 | 480,845 | 291,790 | ||||||
Investment for trustee deferred compensation and retirement plans | 3,581,687 | 992,582 | 2,125,285 | 968,531 | 113,150 | 349,608 | ||||||
Other assets | 25,265 | 155,655 | 60,292 | 104,838 | 27,039 | 77,824 | ||||||
Total assets | 2,467,938,113 | 657,258,251 | 21,372,844,470 | 31,921,342,597 | 1,211,332,318 | 233,171,722 | ||||||
Liabilities: | ||||||||||||
Payable for: | ||||||||||||
Investments purchased | - | - | - | 429,087,979 | 97,805,805 | - | ||||||
Dividends | 4,543,433 | 1,150,957 | 36,791,120 | 52,409,868 | 1,865,273 | 197,452 | ||||||
Accrued fees to affiliates | 131,083 | 22,938 | 1,662,179 | 1,646,568 | 92,460 | 53,424 | ||||||
Accrued trustees’ and officers’ fees and benefits | 1,907 | 975 | 11,732 | 12,400 | 1,308 | 836 | ||||||
Accrued operating expenses | 56,706 | 43,639 | 321,350 | 1,388,876 | 50,894 | 42,046 | ||||||
Trustee deferred compensation and retirement plans | 3,944,239 | 1,083,120 | 2,418,500 | 1,146,253 | 125,882 | 380,691 | ||||||
Total liabilities | 8,677,368 | 2,301,629 | 41,204,881 | 485,691,944 | 99,941,622 | 674,449 | ||||||
Net assets applicable to shares outstanding | $2,459,260,745 | $654,956,622 | $21,331,639,589 | $31,435,650,653 | $1,111,390,696 | $232,497,273 | ||||||
Net assets consist of: | ||||||||||||
Shares of beneficial interest | $2,458,474,734 | $654,140,847 | $21,330,956,470 | $31,435,409,972 | $1,111,429,025 | $232,621,319 | ||||||
Distributable earnings | 786,011 | 815,775 | 683,119 | 240,681 | (38,329) | (124,046) | ||||||
$2,459,260,745 | $654,956,622 | $21,331,639,589 | $31,435,650,653 | $1,111,390,696 | $232,497,273 | |||||||
Net Assets: | ||||||||||||
Institutional Class | $2,444,252,763 | $652,150,754 | $18,717,318,208 | $30,003,318,534 | $1,045,046,413 | $161,038,615 | ||||||
Private Investment Class | $4,717,825 | $1,347,722 | $506,027,277 | $532,584,787 | $9,483,273 | $20,488,945 | ||||||
Personal Investment Class | $10,250 | $440,566 | $360,256,303 | $15,991,514 | $111,660 | $2,541,969 | ||||||
Cash Management Class | $9,287,988 | $600,129 | $396,685,434 | $365,002,796 | $1,894,340 | $27,298,191 | ||||||
Reserve Class | $302,530 | $273,325 | $289,624,723 | $297,787,452 | $54,711,045 | $20,002,077 | ||||||
Resource Class | $362,690 | $123,273 | $632,598,422 | $180,616,636 | $133,548 | $1,117,282 | ||||||
Corporate Class | $326,699 | $20,853 | $429,129,222 | $40,348,934 | $10,417 | $10,194 |
32 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | Invesco Treasury Obligations Portfolio | Invesco Tax-Free Cash Reserve Portfolio | |||||||
Shares outstanding, no par value, unlimited number of shares authorized: | ||||||||||||
Institutional Class | 2,443,213,124 | 652,105,073 | 18,716,061,403 | 30,002,980,665 | 1,045,028,778 | 161,020,903 | ||||||
Private Investment Class | 4,715,835 | 1,347,624 | 505,993,311 | 532,578,798 | 9,483,185 | 20,486,688 | ||||||
Personal Investment Class | 10,246 | 440,538 | 360,232,128 | 15,991,334 | 111,659 | 2,541,689 | ||||||
Cash Management Class | 9,284,041 | 600,083 | 396,658,801 | 364,998,685 | 1,894,310 | 27,295,183 | ||||||
Reserve Class | 302,403 | 273,305 | 289,605,295 | 297,784,116 | 54,710,204 | 19,999,874 | ||||||
Resource Class | 362,536 | 123,264 | 632,555,953 | 180,614,603 | 133,545 | 1,117,159 | ||||||
Corporate Class | 326,561 | 20,851 | 429,100,409 | 40,348,480 | 10,417 | 10,192 | ||||||
Net asset value, offering and redemption price per share for each class | $1.0004 | $1.0001 | $1.00 | $1.00 | $1.00 | $1.00 | ||||||
Cost of Investments | $2,461,708,828 | $655,819,481 | $21,353,046,626 | $31,883,872,975 | $1,210,680,598 | $231,817,500 |
33 | Short-Term Investments Trust |
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 | $58,997,404 | $13,072,442 | $531,474,749 | $562,361,092 | $28,433,379 | $3,323,454 | ||||||
Expenses: | ||||||||||||
Advisory fees | 3,476,401 | 802,502 | 33,770,118 | 23,847,615 | 1,595,144 | 422,000 | ||||||
Administrative services fees | 1,072,930 | 259,357 | 9,269,556 | 9,626,858 | 588,371 | 99,830 | ||||||
Custodian fees | 22,369 | 6,085 | 464,011 | 1,482,010 | 23,396 | 3,797 | ||||||
Distribution fees: | ||||||||||||
Private Investment Class | 15,623 | 4,042 | 1,551,110 | 1,379,647 | 14,747 | 67,529 | ||||||
Personal Investment Class | 59 | 2,852 | 1,115,198 | 69,547 | 1,332 | 2,164 | ||||||
Cash Management Class | 8,569 | 529 | 324,445 | 289,255 | 1,634 | 24,319 | ||||||
Reserve Class | 3,402 | 2,362 | 1,996,841 | 2,554,994 | 377,493 | 138,895 | ||||||
Resource Class | 1,896 | 203 | 1,037,401 | 360,071 | 245 | 7,642 | ||||||
Corporate Class | 314 | 6 | 114,183 | 24,373 | 3 | 4 | ||||||
Transfer agent fees | 208,584 | 48,150 | 2,026,207 | 2,146,285 | 109,813 | 18,990 | ||||||
Trustees’ and officers’ fees and benefits | 49,524 | 25,742 | 326,042 | 328,275 | 35,901 | 21,302 | ||||||
Registration and filing fees | 88,213 | 95,159 | 179,016 | 233,594 | 90,984 | 94,951 | ||||||
Reports to shareholders | 14,401 | 12,129 | 54,941 | 132,025 | 13,832 | 9,161 | ||||||
Professional services fees | 70,364 | 52,077 | 216,543 | 541,442 | 63,310 | 43,942 | ||||||
Other | 61,471 | 46,668 | 391,565 | 873,467 | 68,910 | 19,969 | ||||||
Total expenses | 5,094,120 | 1,357,863 | 52,837,177 | 43,889,458 | 2,985,115 | 974,495 | ||||||
Less: Fees waived | (892,555) | (384,860) | (6,173,902) | - | (393,405) | (311,056) | ||||||
Net expenses | 4,201,565 | 973,003 | 46,663,275 | 43,889,458 | 2,591,710 | 663,439 | ||||||
Net investment income | 54,795,839 | 12,099,439 | 484,811,474 | 518,471,634 | 25,841,669 | 2,660,015 | ||||||
Realized and unrealized gain (loss) from: | ||||||||||||
Net realized gain from investment securities | 29,559 | 723 | 204,798 | 224,974 | 17,726 | - | ||||||
Change in net unrealized appreciation (depreciation) of investment securities | (26,913) | (10,820) | - | - | - | - | ||||||
Net realized and unrealized gain (loss) | 2,646 | (10,097) | 204,798 | 224,974 | 17,726 | - | ||||||
Net increase in net assets resulting from operations | $54,798,485 | $12,089,342 | $485,016,272 | $518,696,608 | $25,859,395 | $2,660,015 |
34 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Operations: | ||||||||
Net investment income | $54,795,839 | $34,753,060 | $12,099,439 | $6,737,661 | ||||
Net realized gain | 29,559 | 16,174 | 723 | 1,558 | ||||
Change in net unrealized appreciation (depreciation) | (26,913) | 610,550 | (10,820) | 45,561 | ||||
Net increase in net assets resulting from operations | 54,798,485 | 35,379,784 | 12,089,342 | 6,784,780 | ||||
Distributions to shareholders from distributable earnings: | ||||||||
Institutional Class | (54,388,381) | (34,416,266) | (12,042,840) | (6,691,735) | ||||
Private Investment Class | (107,595) | (82,653) | (26,438) | (20,355) | ||||
Personal Investment Class | (199) | (116) | (8,858) | (5,967) | ||||
Cash Management Class | (248,909) | (120,608) | (14,390) | (13,942) | ||||
Reserve Class | (5,872) | (4,925) | (3,794) | (2,844) | ||||
Resource Class | (20,589) | (15,304) | (2,658) | (2,517) | ||||
Corporate Class | (24,294) | (113,188) | (461) | (301) | ||||
Total distributions from distributable earnings | (54,795,839) | (34,753,060) | (12,099,439) | (6,737,661) | ||||
Share transactions-net: | ||||||||
Institutional Class | 100,799,791 | 2,046,652,052 | 127,368,867 | 100,814,065 | ||||
Private Investment Class | (1,144,582) | (1,120,462) | (241,794) | (255,402) | ||||
Personal Investment Class | (984) | 10 | (175,590) | 5,508 | ||||
Cash Management Class | 3,104,748 | (1,557,953) | (178,908) | (369,075) | ||||
Reserve Class | (115,774) | (526,153) | 3,716 | (231,056) | ||||
Resource Class | (632,819) | (331,634) | (62,642) | 2,359 | ||||
Corporate Class | (1,599,196) | (7,555,486) | 457 | 285 | ||||
Net increase in net assets resulting from share transactions | 100,411,184 | 2,035,560,374 | 126,714,106 | 99,966,684 | ||||
Net increase in net assets | 100,413,830 | 2,036,187,098 | 126,704,009 | 100,013,803 | ||||
Net assets: | ||||||||
Beginning of year | 2,358,846,915 | 322,659,817 | 528,252,613 | 428,238,810 | ||||
End of year | $2,459,260,745 | $2,358,846,915 | $654,956,622 | $528,252,613 | ||||
35 | Short-Term Investments Trust |
Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Operations: | ||||||||
Net investment income | $484,811,474 | $343,381,843 | $518,471,634 | $358,626,619 | ||||
Net realized gain | 204,798 | 299,297 | 224,974 | 338,020 | ||||
Net increase in net assets resulting from operations | 485,016,272 | 343,681,140 | 518,696,608 | 358,964,639 | ||||
Distributions to shareholders from distributable earnings: | ||||||||
Institutional Class | (438,858,990) | (316,976,537) | (491,630,206) | (343,597,288) | ||||
Private Investment Class | (9,738,598) | (5,753,138) | (8,737,051) | (4,396,499) | ||||
Personal Investment Class | (3,312,891) | (1,091,648) | (207,870) | (87,553) | ||||
Cash Management Class | (8,499,805) | (5,455,079) | (7,669,515) | (3,514,488) | ||||
Reserve Class | (3,008,307) | (1,727,217) | (3,929,202) | (1,593,154) | ||||
Resource Class | (13,201,572) | (6,151,737) | (4,570,537) | (3,257,378) | ||||
Corporate Class | (8,191,311) | (6,226,487) | (1,727,253) | (2,180,259) | ||||
Total distributions from distributable earnings | (484,811,474) | (343,381,843) | (518,471,634) | (358,626,619) | ||||
Share transactions-net: | ||||||||
Institutional Class | (1,514,751,400) | (2,572,323,178) | 7,673,132,994 | (5,361,767,419) | ||||
Private Investment Class | (11,707,755) | (57,087,888) | 106,832,736 | (84,746,276) | ||||
Personal Investment Class | 242,362,528 | (22,360,529) | 7,670,768 | (12,808,614) | ||||
Cash Management Class | (50,068,678) | (32,654,595) | 31,650,960 | 164,319,452 | ||||
Reserve Class | 61,097,539 | (22,210,837) | 88,155,960 | 38,672,367 | ||||
Resource Class | 107,165,894 | 48,590,008 | (51,677,589) | (109,853,171) | ||||
Corporate Class | (38,240,138) | (140,464,356) | (105,927,589) | (178,162,120) | ||||
Net increase (decrease) in net assets resulting from share transactions | (1,204,142,010) | (2,798,511,375) | 7,749,838,240 | (5,544,345,781) | ||||
Net increase (decrease) in net assets | (1,203,937,212) | (2,798,212,078) | 7,750,063,214 | (5,544,007,761) | ||||
Net assets: | ||||||||
Beginning of year | 22,535,576,801 | 25,333,788,879 | 23,685,587,439 | 29,229,595,200 | ||||
End of year | $21,331,639,589 | $22,535,576,801 | $31,435,650,653 | $23,685,587,439 | ||||
36 | Short-Term Investments Trust |
Invesco Treasury Obligations Portfolio | Invesco Tax-Free Cash Reserve Portfolio | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Operations: | ||||||||
Net investment income | $25,841,669 | $17,884,636 | $2,660,015 | $1,799,189 | ||||
Net realized gain (loss) | 17,726 | 28,696 | - | (4,370) | ||||
Net increase in net assets resulting from operations | 25,859,395 | 17,913,332 | 2,660,015 | 1,794,819 | ||||
Distributions to shareholders from distributable earnings: | ||||||||
Institutional Class | (25,123,428) | (17,548,675) | (1,816,364) | (1,178,614) | ||||
Private Investment Class | (111,394) | (32,722) | (305,352) | (257,237) | ||||
Personal Investment Class | (3,844) | (1,848) | (2,466) | (2,800) | ||||
Cash Management Class | (41,719) | (30,650) | (395,402) | (244,208) | ||||
Reserve Class | (557,964) | (269,491) | (80,976) | (64,811) | ||||
Resource Class | (3,101) | (1,118) | (59,305) | (51,452) | ||||
Corporate Class | (219) | (132) | (150) | (67) | ||||
Total distributions from distributable earnings | (25,841,669) | (17,884,636) | (2,660,015) | (1,799,189) | ||||
Share transactions-net: | ||||||||
Institutional Class | (235,306,840) | (26,061,641) | 33,374,672 | 16,846,975 | ||||
Private Investment Class | 3,398,983 | 2,860,154 | (7,570,673) | 709,862 | ||||
Personal Investment Class | (283,153) | 346,971 | 2,531,656 | (1,995,739) | ||||
Cash Management Class | (1,270,980) | 1,547,656 | (4,585,853) | 4,269,240 | ||||
Reserve Class | 21,314,012 | (2,229,222) | 5,850,867 | 492,985 | ||||
Resource Class | 38,286 | 1,077 | (1,381,960) | (3,499,087) | ||||
Corporate Class | 216 | 124 | 135 | 10,056 | ||||
Net increase (decrease) in net assets resulting from share transactions | (212,109,476) | (23,534,881) | 28,218,844 | 16,834,292 | ||||
Net increase (decrease) in net assets | (212,091,750) | (23,506,185) | 28,218,844 | 16,829,922 | ||||
Net assets: | ||||||||
Beginning of year | 1,323,482,446 | 1,346,988,631 | 204,278,429 | 187,448,507 | ||||
End of year | $1,111,390,696 | $1,323,482,446 | $232,497,273 | $204,278,429 | ||||
37 | Short-Term Investments Trust |
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expense reimbursements | Ratio of expenses to average net assets without fee waivers and/or expense reimbursements | Ratio of net investment income to average net assets | |
Invesco Liquid Assets Portfolio | |||||||||||||
Year ended 08/31/19 | $1.0004 | $0.0207 | $(0.0000) | $0.0207 | $(0.0207) | $- | $(0.0207) | $1.0004 | 2.09% | $4,718 | 0.48%(c) | 0.52%(c) | 2.07%(c) |
Year ended 08/31/18 | 1.0002 | 0.0143 | (0.0011) | 0.0132 | (0.0130) | - | (0.0130) | 1.0004 | 1.33 | 5,863 | 0.48 | 0.53 | 1.43 |
Year ended 08/31/17 | 1.00 | 0.0022 | 0.0035 | 0.0057 | (0.0050) | (0.0005) | (0.0055) | 1.0002 | 0.54 | 6,982 | 0.47 | 0.56 | 0.22 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.08 | 241,327 | 0.40 | 0.64 | 0.09 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.01 | 283,476 | 0.21 | 0.67 | 0.01 |
Invesco STIC Prime Portfolio | |||||||||||||
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(c) | 0.55(c) | 1.96(c) |
Year ended 08/31/18 | 1.0000 | 0.0125 | (0.0002) | 0.0123 | (0.0122) | - | (0.0122) | 1.0001 | 1.24 | 1,590 | 0.48 | 0.57 | 1.25 |
Year ended 08/31/17 | 1.00 | 0.0041 | 0.0002 | 0.0043 | (0.0043) | - | (0.0043) | 1.0000 | 0.43 | 1,845 | 0.39 | 0.57 | 0.41 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.15 | 141,061 | 0.25 | 0.68 | 0.15 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.04 | 162,216 | 0.07 | 0.69 | 0.10 |
Invesco Treasury Portfolio | |||||||||||||
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(c) | 0.51(c) | 1.88(c) |
Year ended 08/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | - | (0.01) | 1.00 | 1.07 | 517,728 | 0.48 | 0.50 | 1.07 |
Year ended 08/31/17 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.26 | 574,808 | 0.43 | 0.50 | 0.27 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.07 | 560,027 | 0.23 | 0.64 | 0.08 |
Year ended 08/31/15 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.01 | 461,131 | 0.06 | 0.67 | 0.02 |
Invesco Government & Agency Portfolio | |||||||||||||
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(c) | 0.46(c) | 1.90(c) |
Year ended 08/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | - | (0.01) | 1.00 | 1.08 | 425,748 | 0.45 | 0.45 | 1.05 |
Year ended 08/31/17 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.30 | 510,489 | 0.41 | 0.45 | 0.32 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.09 | 340,874 | 0.23 | 0.62 | 0.10 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.02 | 422,564 | 0.08 | 0.63 | 0.02 |
Invesco Treasury Obligations Portfolio | |||||||||||||
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(c) | 0.46(c) | 1.90(c) |
Year ended 08/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | - | (0.01) | 1.00 | 1.10 | 6,084 | 0.43 | 0.46 | 1.09 |
Year ended 08/31/17 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.26 | 3,224 | 0.34 | 0.47 | 0.32 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.09 | 6,162 | 0.16 | 0.82 | 0.09 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.02 | 5,984 | 0.00 | 0.83 | 0.08 |
Invesco Tax-Free Cash Reserve Portfolio | |||||||||||||
Year ended 08/31/19 | 1.00 | 0.01 | - | 0.01 | (0.01) | - | (0.01) | 1.00 | 1.13 | 20,489 | 0.45(c) | 0.60(c) | 1.13(c) |
Year ended 08/31/18 | 1.00 | 0.01 | (0.00) | 0.01 | (0.01) | - | (0.01) | 1.00 | 0.75 | 28,061 | 0.45 | 0.63 | 0.76 |
Year ended 08/31/17 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.36 | 27,352 | 0.41 | 0.62 | 0.35 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.05 | 24,468 | 0.14 | 0.77 | 0.08 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.01 | 30,469 | 0.03 | 0.81 | 0.04 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America. |
(c) | Ratios are based on average daily net assets (000’s omitted) of $5,208, $1,347, $517,037, $459,882, $5,899 and $27,012 for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, respectively. |
38 | Short-Term Investments Trust |
A. | Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments. |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. |
39 | Short-Term Investments Trust |
C. | Country Determination -For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions - It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually. |
E. | Federal Income Taxes - The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative net assets. |
G. | Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Repurchase Agreements -The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income. |
J. | 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. |
40 | Short-Term Investments Trust |
K. | Distributions from Distributable Earnings – In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets. |
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% |
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% |
Institutional Class | Private Investment Class | Personal Investment Class | Cash Management Class | Reserve Class | Resource Class | Corporate Class | |
Invesco Liquid Assets Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.38% | 0.21% |
Invesco STIC Prime Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Treasury Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Government & Agency Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Treasury Obligations Portfolio | 0.18% | 0.43% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Tax-Free Cash Reserve Portfolio | 0.20% | 0.45% | 0.75% | 0.28% | 1.07% | 0.36% | 0.23% |
41 | Short-Term Investments Trust |
Expense Limitation | |
Invesco Liquid Assets Portfolio | $892,555 |
Invesco STIC Prime Portfolio | 384,860 |
Invesco Treasury Portfolio | 6,173,902 |
Invesco Government & Agency Portfolio | - |
Invesco Treasury Obligations Portfolio | 393,405 |
Invesco Tax-Free Cash Reserve Portfolio | 309,836 |
Private Investment Class | Personal Investment Class | Cash Management Class | Reserve Class | Resource Class | Corporate Class | |
Invesco Tax-Free Cash Reserve Portfolio | $- | $- | $- | $1,220 | $- | $- |
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% |
42 | Short-Term Investments Trust |
Securities Purchases | Securities Sales | Net Realized Gains | |
Invesco Liquid Assets Portfolio | $2,645,362 | $10,006,986 | $- |
Invesco STIC Prime Portfolio | 5,103,589 | 7,349,898 | - |
Invesco Tax-Free Cash Reserve Portfolio | 216,932,239 | 207,964,153 | - |
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2019 and 2018 | ||||
2019 | 2018 | |||
Ordinary Income | Ordinary Income-Tax- Exempt | Ordinary Income | ||
Invesco Liquid Assets Portfolio | $54,795,839 | $- | $34,753,060 | |
Invesco STIC Prime Portfolio | 12,099,439 | - | 6,737,661 | |
Invesco Treasury Portfolio | 484,811,474 | - | 343,381,843 | |
Invesco Government & Agency Portfolio | 518,471,634 | - | 358,626,619 | |
Invesco Treasury Obligations Portfolio | 25,841,669 | - | 17,884,636 | |
Invesco Tax-Free Cash Reserve Portfolio | - | 2,660,015 | 1,799,189 |
43 | Short-Term Investments Trust |
Tax Components of Net Assets at Period-End: | ||||||||
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Undistributed Tax-Exempt Income | Temporary Book/Tax Differences | Net Unrealized Appreciation (Depreciation)- Investments | Capital Loss Carryforwards | Shares of Beneficial Interest | Total Net Assets | |
Invesco Liquid Assets Portfolio | $3,649,902 | $- | $- | $(3,478,446) | $614,555 | $- | $2,458,474,734 | $2,459,260,745 |
Invesco STIC Prime Portfolio | 1,719,450 | - | - | (947,955) | 44,280 | - | 654,140,847 | 654,956,622 |
Invesco Treasury Portfolio | 2,630,106 | 198,121 | - | (2,145,108) | - | - | 21,330,956,470 | 21,331,639,589 |
Invesco Government & Agency Portfolio | 1,230,816 | 31,693 | - | (1,021,828) | - | - | 31,435,409,972 | 31,435,650,653 |
Invesco Treasury Obligations Portfolio | 97,434 | - | - | (109,978) | (6,916) | (18,869) | 1,111,429,025 | 1,111,390,696 |
Invesco Tax-Free Cash Reserve Portfolio | - | - | 227,773 | (332,727) | - | (19,092) | 232,621,319 | 232,497,273 |
Fund | Not Subject to Expiration | Total* |
Invesco Treasury Obligations Portfolio | $18,869 | $18,869 |
Invesco Tax-Free Cash Reserve Portfolio | 19,092 | 19,092 |
* | Capital loss carryforwards as of the date listed above is 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. |
At August 31, 2019 | ||||
Federal Tax Cost* | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |
Invesco Liquid Assets Portfolio | $2,461,708,828 | $663,077 | $(48,522) | $614,555 |
Invesco STIC Prime Portfolio | 655,819,481 | 44,280 | - | 44,280 |
Invesco Treasury Obligations Portfolio | 1,210,687,514 | - | (6,916) | (6,916) |
* | 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. |
44 | Short-Term Investments Trust |
Undistributed Net Investment Income | Undistributed Net Realized Gain (Loss) | Shares of Beneficial Interest | |
Invesco Liquid Assets Portfolio | $16,174 | $(16,174) | $- |
Invesco STIC Prime Portfolio | - | - | - |
Invesco Treasury Portfolio | 39,002 | (39,002) | - |
Invesco Government & Agency Portfolio | - | - | - |
Invesco Treasury Obligations Portfolio | - | - | - |
Invesco Tax-Free Cash Reserve Portfolio | - | 30,074 | (30,074) |
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 11,115,059,561 | $11,118,203,826 | 11,428,619,333 | $11,430,459,074 | |
Private Investment Class | 286,881 | 286,945 | 296,154 | 296,213 | |
Cash Management Class | 183,906,129 | 183,953,776 | 76,229,664 | 76,244,103 | |
Reserve Class | 8,652 | 8,654 | 29,385 | 29,391 | |
Resource Class | 5,100 | 5,102 | 185 | 185 | |
Corporate Class | 396,987 | 397,046 | 32,928,336 | 32,934,007 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 10,250,841 | 10,253,316 | 3,254,561 | 3,255,227 | |
Private Investment Class | 86,006 | 86,026 | 65,917 | 65,928 | |
Personal Investment Class | 15 | 15 | 10 | 10 | |
Cash Management Class | 175,461 | 175,508 | 78,582 | 78,596 | |
Reserve Class | 5,870 | 5,872 | 4,871 | 4,872 | |
Resource Class | 20,583 | 20,589 | 14,741 | 14,744 | |
Corporate Class | 24,289 | 24,294 | 108,271 | 108,285 | |
Reacquired: | |||||
Institutional Class | (11,024,583,994) | (11,027,657,351) | (9,385,489,530) | (9,387,062,249) | |
Private Investment Class | (1,517,171) | (1,517,553) | (1,482,383) | (1,482,603) | |
Personal Investment Class | (999) | (999) | - | - | |
Cash Management Class | (180,975,556) | (181,024,536) | (77,866,227) | (77,880,652) | |
Reserve Class | (130,254) | (130,300) | (560,376) | (560,416) | |
Resource Class | (658,263) | (658,510) | (346,497) | (346,563) | |
Corporate Class | (2,019,990) | (2,020,536) | (40,592,273) | (40,597,778) | |
Net increase in share activity | 100,340,148 | $100,411,184 | 2,035,292,724 | $2,035,560,374 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 8% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
In addition, 77% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
45 | Short-Term Investments Trust |
Invesco STIC Prime Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 1,752,564,099 | $1,752,564,558 | 1,391,467,414 | $1,391,466,950 | |
Private Investment Class | 106,492 | 106,492 | 841,532 | 841,537 | |
Cash Management Class | 32,538 | 32,538 | 408,572 | 408,575 | |
Reserve Class | 342 | 342 | 5 | 5 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 7,389,194 | 7,389,194 | 3,411,844 | 3,411,791 | |
Private Investment Class | 25,796 | 25,796 | 19,003 | 19,002 | |
Personal Investment Class | 199 | 199 | 5,534 | 5,535 | |
Cash Management Class | 9,022 | 9,022 | 9,091 | 9,090 | |
Reserve Class | 3,751 | 3,751 | 2,835 | 2,835 | |
Resource Class | 2,606 | 2,606 | 2,358 | 2,359 | |
Corporate Class | 457 | 457 | 286 | 285 | |
Reacquired: | |||||
Institutional Class | (1,632,583,978) | (1,632,584,885) | (1,294,068,817) | (1,294,064,676) | |
Private Investment Class | (374,081) | (374,082) | (1,115,941) | (1,115,941) | |
Personal Investment Class | (175,789) | (175,789) | (27) | (27) | |
Cash Management Class | (220,468) | (220,468) | (786,748) | (786,740) | |
Reserve Class | (377) | (377) | (233,896) | (233,896) | |
Resource Class | (65,248) | (65,248) | - | - | |
Net increase in share activity | 126,714,555 | $126,714,106 | 99,963,045 | $99,966,684 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 91% 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 |
Invesco Treasury Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 187,978,433,067 | $187,978,433,067 | 191,918,070,818 | $191,918,070,818 | |
Private Investment Class | 1,261,646,363 | 1,261,646,363 | 1,373,550,349 | 1,373,550,349 | |
Personal Investment Class | 1,630,224,829 | 1,630,224,829 | 1,029,056,714 | 1,029,056,714 | |
Cash Management Class | 2,148,188,357 | 2,148,188,357 | 3,628,925,469 | 3,628,925,469 | |
Reserve Class | 847,847,187 | 847,847,187 | 716,399,473 | 716,399,473 | |
Resource Class | 883,852,393 | 883,852,393 | 778,758,603 | 778,758,603 | |
Corporate Class | 7,123,495,519 | 7,123,495,519 | 6,094,873,392 | 6,094,873,392 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 115,324,756 | 115,324,756 | 71,641,952 | 71,641,952 | |
Private Investment Class | 3,080,285 | 3,080,285 | 1,001,889 | 1,001,889 | |
Personal Investment Class | 2,964,198 | 2,964,198 | 1,002,329 | 1,002,329 | |
Cash Management Class | 8,004,739 | 8,004,739 | 4,359,519 | 4,359,519 | |
Reserve Class | 2,800,991 | 2,800,991 | 1,547,178 | 1,547,178 | |
Resource Class | 2,341,092 | 2,341,092 | 1,262,800 | 1,262,800 | |
Corporate Class | 6,377,933 | 6,377,933 | 4,316,947 | 4,316,947 | |
Reacquired: | |||||
Institutional Class | (189,608,509,223) | (189,608,509,223) | (194,562,035,948) | (194,562,035,948) | |
Private Investment Class | (1,276,434,403) | (1,276,434,403) | (1,431,640,126) | (1,431,640,126) | |
Personal Investment Class | (1,390,826,499) | (1,390,826,499) | (1,052,419,572) | (1,052,419,572) | |
Cash Management Class | (2,206,261,774) | (2,206,261,774) | (3,665,939,583) | (3,665,939,583) | |
Reserve Class | (789,550,639) | (789,550,639) | (740,157,488) | (740,157,488) | |
Resource Class | (779,027,591) | (779,027,591) | (731,431,395) | (731,431,395) | |
Corporate Class | (7,168,113,590) | (7,168,113,590) | (6,239,654,695) | (6,239,654,695) | |
Net increase (decrease) in share activity | (1,204,142,010) | $(1,204,142,010) | (2,798,511,375) | $(2,798,511,375) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
In addition, 12% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
47 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 201,304,629,047 | $201,304,629,047 | 247,813,982,127 | $247,813,982,127 | |
Private Investment Class | 2,057,789,705 | 2,057,789,705 | 1,691,041,762 | 1,691,041,762 | |
Personal Investment Class | 33,910,046 | 33,910,046 | 22,767,729 | 22,767,729 | |
Cash Management Class | 970,595,900 | 970,595,900 | 1,160,198,493 | 1,160,198,493 | |
Reserve Class | 1,378,739,399 | 1,378,739,399 | 912,998,598 | 912,998,598 | |
Resource Class | 2,554,982,650 | 2,554,982,650 | 2,889,383,856 | 2,889,383,856 | |
Corporate Class | 573,841,827 | 573,841,827 | 1,680,502,506 | 1,680,502,506 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 126,914,764 | 126,914,764 | 72,936,103 | 72,936,103 | |
Private Investment Class | 4,227,798 | 4,227,798 | 1,388,818 | 1,388,818 | |
Personal Investment Class | 168,914 | 168,914 | 49,917 | 49,917 | |
Cash Management Class | 5,327,428 | 5,327,428 | 2,379,887 | 2,379,887 | |
Reserve Class | 3,618,437 | 3,618,437 | 1,398,425 | 1,398,425 | |
Resource Class | 3,149,980 | 3,149,980 | 2,270,177 | 2,270,177 | |
Corporate Class | 346,829 | 346,829 | 346,270 | 346,270 | |
Reacquired: | |||||
Institutional Class | (193,758,410,817) | (193,758,410,817) | (253,248,685,649) | (253,248,685,649) | |
Private Investment Class | (1,955,184,767) | (1,955,184,767) | (1,777,176,856) | (1,777,176,856) | |
Personal Investment Class | (26,408,192) | (26,408,192) | (35,626,260) | (35,626,260) | |
Cash Management Class | (944,272,368) | (944,272,368) | (998,258,928) | (998,258,928) | |
Reserve Class | (1,294,201,876) | (1,294,201,876) | (875,724,656) | (875,724,656) | |
Resource Class | (2,609,810,219) | (2,609,810,219) | (3,001,507,204) | (3,001,507,204) | |
Corporate Class | (680,116,245) | (680,116,245) | (1,859,010,896) | (1,859,010,896) | |
Net increase (decrease) in share activity | 7,749,838,240 | $7,749,838,240 | (5,544,345,781) | $(5,544,345,781) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 43% 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, 9% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
48 | Short-Term Investments Trust |
Invesco Treasury Obligations Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 902,898,047 | $902,898,047 | 1,111,333,157 | $1,111,333,157 | |
Private Investment Class | 17,567,905 | 17,567,905 | 6,402,656 | 6,402,656 | |
Personal Investment Class | 1,755,557 | 1,755,557 | 2,424,596 | 2,424,596 | |
Cash Management Class | 1,001,917 | 1,001,917 | 3,404,184 | 3,404,184 | |
Reserve Class | 120,013,835 | 120,013,835 | 165,401,910 | 165,401,910 | |
Resource Class | 2,115,950 | 2,115,950 | 1,077 | 1,077 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 2,012,405 | 2,012,405 | 871,181 | 871,181 | |
Private Investment Class | 107,684 | 107,684 | 25,972 | 25,972 | |
Personal Investment Class | 2,574 | 2,574 | 657 | 657 | |
Cash Management Class | 41,719 | 41,719 | 26,644 | 26,644 | |
Reserve Class | 513,925 | 513,925 | 236,440 | 236,440 | |
Resource Class | 1,002 | 1,002 | - | - | |
Corporate Class | 216 | 216 | 124 | 124 | |
Reacquired: | |||||
Institutional Class | (1,140,217,292) | (1,140,217,292) | (1,138,265,979) | (1,138,265,979) | |
Private Investment Class | (14,276,606) | (14,276,606) | (3,568,474) | (3,568,474) | |
Personal Investment Class | (2,041,284) | (2,041,284) | (2,078,282) | (2,078,282) | |
Cash Management Class | (2,314,616) | (2,314,616) | (1,883,172) | (1,883,172) | |
Reserve Class | (99,213,748) | (99,213,748) | (167,867,572) | (167,867,572) | |
Resource Class | (2,078,666) | (2,078,666) | - | - | |
Net increase (decrease) in share activity | (212,109,476) | $(212,109,476) | (23,534,881) | $(23,534,881) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 6% 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, 79% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
49 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 205,082,518 | $205,082,518 | 145,257,757 | $145,257,757 | |
Private Investment Class | 57,208,640 | 57,208,640 | 69,282,391 | 69,282,391 | |
Personal Investment Class | 5,818,771 | 5,818,771 | 10,389 | 10,389 | |
Cash Management Class | 49,844,196 | 49,844,196 | 18,777,674 | 18,777,674 | |
Reserve Class | 52,342,069 | 52,342,069 | 76,263,241 | 76,263,241 | |
Resource Class | 31,003,313 | 31,003,313 | 5,290,233 | 5,290,233 | |
Corporate Class | 110,000 | 110,000 | 10,000 | 10,000 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 919,230 | 919,230 | 530,228 | 530,228 | |
Private Investment Class | 281,127 | 281,127 | 222,751 | 222,751 | |
Personal Investment Class | 385 | 385 | 2,800 | 2,800 | |
Cash Management Class | 309,533 | 309,533 | 190,958 | 190,958 | |
Reserve Class | 79,513 | 79,513 | 59,800 | 59,800 | |
Resource Class | 51,611 | 51,611 | 48,820 | 48,820 | |
Corporate Class | 135 | 135 | 56 | 56 | |
Reacquired: | |||||
Institutional Class | (172,627,076) | (172,627,076) | (128,941,010) | (128,941,010) | |
Private Investment Class | (65,060,440) | (65,060,440) | (68,795,280) | (68,795,280) | |
Personal Investment Class | (3,287,500) | (3,287,500) | (2,008,928) | (2,008,928) | |
Cash Management Class | (54,739,582) | (54,739,582) | (14,699,392) | (14,699,392) | |
Reserve Class | (46,570,715) | (46,570,715) | (75,830,056) | (75,830,056) | |
Resource Class | (32,436,884) | (32,436,884) | (8,838,140) | (8,838,140) | |
Corporate Class | (110,000) | (110,000) | - | - | |
Net increase in share activity | 28,218,844 | $28,218,844 | 16,834,292 | $16,834,292 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 85% 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. |
50 | Short-Term Investments Trust |
51 | Short-Term Investments Trust |
Private Investment Class | Beginning Account Value (03/01/19) | ACTUAL | HYPOTHETICAL (5% annual return before expenses) | Annualized Expense Ratio | ||
Ending Account Value (08/31/19)1 | Expenses Paid During Period2 | Ending Account Value (08/31/19) | Expenses Paid During Period2 | |||
Invesco Liquid Assets Portfolio | $1,000.00 | $1,010.70 | $2.43 | $1,022.79 | $2.45 | 0.48% |
Invesco STIC Prime Portfolio | 1,000.00 | 1,010.10 | 2.43 | 1,022.79 | 2.45 | 0.48 |
Invesco Treasury Portfolio | 1,000.00 | 1,009.70 | 2.43 | 1,022.79 | 2.45 | 0.48 |
Invesco Government & Agency Portfolio | 1,000.00 | 1,009.90 | 2.33 | 1,022.89 | 2.35 | 0.46 |
Invesco Treasury Obligations Portfolio | 1,000.00 | 1,009.90 | 2.18 | 1,023.04 | 2.19 | 0.43 |
Invesco Tax-Free Cash Reserve Portfolio | 1,000.00 | 1,005.70 | 2.27 | 1,022.94 | 2.29 | 0.45 |
1 | The actual ending account value is based on the actual total return of the Funds for the period March 1, 2019 through August 31, 2019, 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. |
52 | Short-Term Investments Trust |
Approval of Investment Advisory andSub-Advisory Contracts
(Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and InvescoTax-Free Cash Reserve Portfolio)
At meetings held on June 10, 2019, the Board of Trustees (the Board or the Trustees) ofShort-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 IntergroupSub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, with respect to Invesco Government & Agency Portfolio, InvescoTax-Free Cash Reserve Portfolio and Invesco Treasury Obligations Portfolio only, separateSub-Advisory Contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the AffiliatedSub-Advisers and thesub-advisory contracts) for another year, effective July 1, 2019. After evaluating the factors discussed below, among others, the Board approved the renewal of each Fund’s investment advisory agreement and thesub-advisory contracts and determined that the compensation payable by each Fund to Invesco Advisers and by Invesco Advisers to the AffiliatedSub-Advisers is fair and reasonable.
The Board’s Evaluation Process
The Board’s Investments Committee has established threeSub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). As part of a regularly scheduled basis ofin-person Board meetings, theSub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee andSub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement andsub-advisory contracts.
As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider. The
Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement andsub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.
The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to each Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of each Fund’s investment advisory agreement andsub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 10, 2019.
Factors and Conclusions and Summary of Independent Written Fee Evaluation
A. | Nature, Extent and Quality of Services Provided by Invesco Advisers and the AffiliatedSub-Advisers |
The Board reviewed the nature, extent and quality of the advisory services provided to each Fund by Invesco Advisers under each Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including each Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis and investment risk management. The Board also considerednon-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 also reviewed and considered the benefits to shareholders of investing in each fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial
and other resources to such business. The Board reviewed and considered information about the resources that Invesco Advisers intends to continue to commit to managing the Invesco family of funds following Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries. 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 AffiliatedSub-Advisers under thesub-advisory contracts and the credentials and experience of the officers and employees of the AffiliatedSub-Advisers who provide these services. The Board noted the AffiliatedSub-Advisers’ expertise with respect to certain asset classes and that the AffiliatedSub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the AffiliatedSub-Advisers can provide research and investment analysis on the markets and economies of various countries in which each Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that thesub-advisory contracts may benefit each Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the AffiliatedSub-Advisers in managing each Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the AffiliatedSub-Advisers are appropriate and satisfactory.
B. | Fund Investment Performance |
The Board 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 thesub-advisory contracts for each Fund, as no AffiliatedSub-Adviser currently manages assets of each Fund.
Invesco Liquid Assets Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the Lipper Institutional Money Market Funds 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 year period and the first quintile for the 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 the same as 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 Trustees
53 Short-Term Investments Trust
also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco STIC Prime Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the Lipper Institutional Money Market Funds 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 year period and the second quintile for the 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, three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco Treasury Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the Lipper Institutional U.S. Treasury Money Market Funds 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 reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco Government & Agency Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 the performance of funds in the Broadridge performance universe and against the Lipper Institutional U.S. Government Money Market Funds 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 reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco Treasury Obligations Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of
funds in the Broadridge performance universe and against the Lipper Institutional U.S. Treasury Money Market Funds 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 reasonably comparable to the performance of the Index for the one and three year periods and above the performance of the Index for the five year period. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
InvescoTax-Free Cash Reserve Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the LipperTax-Exempt Money Market Funds 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 year period and the second quintile for the 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 Index for the one, three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
C. | Advisory andSub-Advisory Fees and Fund Expenses |
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 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding 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 also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco STIC Prime 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the Affiliated
54 Short-Term Investments Trust
Sub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco Treasury 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management
of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco Government & Agency 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco Treasury Obligations 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
InvescoTax-Free Cash Reserve Portfolio
The Board compared the Fund’s contractual management fee rate to the contractual
55 Short-Term Investments Trust
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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
D. | Economies of Scale and Breakpoints |
Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and InvescoTax-Free Cash Reserve Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to each Fund. The Board considered Invesco’s reinvestment in its business, including investments in business infrastructure and cybersecurity. The Board noted that each Fund does not benefit from
economies of scale through contractual breakpoints, but does share directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.
Invesco Treasury Obligations Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board considered Invesco’s reinvestment in its business, including investments in business infrastructure and cybersecurity. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.
E. | Profitability and Financial Resources |
Invesco STIC Prime Portfolio and InvescoTax-Free Cash Reserve Portfolio
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. The Board considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the AffiliatedSub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement andsub-advisory contracts.
Invesco Liquid Assets Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio
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. The Board considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and each Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to each Fund to be
excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the AffiliatedSub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement andsub-advisory contracts.
F. | Collateral Benefits to Invesco Advisers and its Affiliates |
The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with each Fund, including the fees received for providing administrative, transfer agency and distribution services to each Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to each Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of each Fund.
56 Short-Term Investments Trust
Federal and State Income Tax | |||||
Long Term Capital Gain Distributions | Qualified Dividend Income* | Corporate Dividends Received Deduction* | U.S. Treasury Obligations* | Tax-Exempt Interest Dividend* | |
Invesco Liquid Assets Portfolio | $- | 0.00% | 0.00% | 0.00% | 0.00% |
Invesco STIC Prime Portfolio | - | 0.00% | 0.00% | 0.00% | 0.00% |
Invesco Treasury Portfolio | - | 0.00% | 0.00% | 54.04% | 0.00% |
Invesco Government & Agency Portfolio | - | 0.00% | 0.00% | 39.05% | 0.00% |
Invesco Treasury Obligations Portfolio | - | 0.00% | 0.00% | 100.00% | 0.00% |
Invesco Tax-Free Cash Reserve Portfolio | - | 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 | $- | 80.36% |
Invesco STIC Prime Portfolio | - | 0.00% |
Invesco Treasury Portfolio | - | 99.99% |
Invesco Government & Agency Portfolio | - | 100.00% |
Invesco Treasury Obligations Portfolio | - | 99.96% |
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. |
57 | 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, Texas77046-1173. 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 | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Interested Persons | ||||||||
Martin L. Flanagan1 — 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business
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) | 229 | None | ||||
Philip A. Taylor2 — 1954 Trustee | 2006 | Vice Chair, Invesco Ltd.; Trustee, The Invesco Funds
Formerly: Director, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company);Co-Chairman,Co-President andCo-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc. | 229 | None |
1 | Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser. |
2 | Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of Invesco Ltd., ultimate parent of the Adviser. |
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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Independent Trustees | ||||||||
Bruce L. Crockett — 1944 Trustee and Chair | 1993 | Chairman, Crockett Technologies Associates (technology consulting company)
Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council | 229 | Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company) | ||||
David C. Arch — 1945 Trustee | 2010 | Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization | 229 | Board member of the Illinois Manufacturers’ Association | ||||
Beth Ann Brown — 1968 Trustee | 2019 | Independent Consultant
Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 229 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non -profit); and Vice President and Director of Grahamtastic Connection(non-profit) | ||||
Jack M. Fields — 1952 Trustee | 1997 | Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance(non-profit)
Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch(non-profit); and member of the U.S. House of Representatives | 229 | None | ||||
Cynthia Hostetler — 1962 Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations
Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP | 229 | Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization) | ||||
Eli Jones — 1961 Trustee | 2016 | Professor and Dean, Mays Business School — Texas A&M University
Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank | 229 | Insperity, Inc. (formerly known as Administaff) (human resources provider) | ||||
Elizabeth Krentzman — 1959 Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management — Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management — Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds | 229 | Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member | ||||
Anthony J. LaCava, Jr. — 1956 Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 229 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
T-2 Short-Term Investments Trust
Trustees and Officers—(continued)
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/ or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Independent Trustees—(continued) | ||||||||
Prema Mathai-Davis — 1950 Trustee | 1998 | Retired
Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor) | 229 | None | ||||
Joel W. Motley — 1952 Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley(non-profit cultural organization)
Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 229 | Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting(non-profit journalism) | ||||
Teresa M. Ressel — 1962 Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations
Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury | 229 | Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier) | ||||
Ann Barnett Stern — 1957 Trustee | 2017 | President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution)
Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP | 229 | Federal Reserve Bank of Dallas | ||||
Raymond Stickel, Jr. — 1944 Trustee | 2005 | Retired
Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche | 229 | None | ||||
Robert C. Troccoli — 1949 Trustee | 2016 | Retired
Formerly: Adjunct Professor, University of Denver — Daniels College of Business; Senior Partner, KPMG LLP | 229 | None | ||||
Daniel S. Vandivort — 1954 Trustee | 2019 | Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management)
Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds | 229 | Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds | ||||
James D. Vaughn — 1945 Trustee | 2019 | Retired
Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds | 229 | Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement(non-profit) | ||||
Christopher L. Wilson — 1957 Trustee, Vice Chair and Chair Designate | 2017 | Retired
Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments | 229 | ISO New England, Inc.(non-profit organization managing regional electricity market) |
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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Other Officers | ||||||||
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer | 1999 | President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.
Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust | N/A | N/A | ||||
Russell C. Burk — 1958 Senior Vice President and Senior Officer | 2005 | Senior Vice President and Senior Officer, The Invesco Funds | N/A | N/A | ||||
Jeffrey H. Kupor — 1968 Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC
Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc. | N/A | N/A | ||||
Andrew R. Schlossberg — 1974 Senior Vice President | 2019 | Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.
Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |
T-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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Other Officers—(continued) | ||||||||
John M. Zerr — 1962 Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent)
Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A | ||||
Gregory G. McGreevey — 1962 Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation
Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A | ||||
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer | 2008 | Assistant Treasurer, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer — Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust
Formerly: Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital Management LLC; Assistant Vice President, The Invesco Funds | N/A | N/A |
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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Other Officers—(continued) | ||||||||
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc.
Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc. | N/A | N/A | ||||
Robert R. Leveille — 1969 Chief Compliance Officer | 2016 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds
Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds | N/A | N/A |
The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’ssub-advisers.
Office of the Fund 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 |
T-6 Short-Term Investments Trust
SEC file numbers: 811-02729 and 002-58287 | Invesco Distributors, Inc. | CM-STIT-AR-5 |
Annual Report to Shareholders | August 31, 2019 |
Table of Contents
Letters to Shareholders | 3 | |||
Fund Data | 5 | |||
Fund Objectives and Strategies | 6 | |||
Fund Composition by Maturity | 7 | |||
Schedules of Investments | 9 | |||
Financial Statements | 32 | |||
Financial Highlights | 38 | |||
Notes to Financial Statements | 39 | |||
Report of Independent Registered Public Accounting Firm | 51 | |||
Fund Expenses | 52 | |||
Approval of Investment Advisory andSub-Advisory Contracts | 53 | |||
Tax Information | 57 | |||
Trustees and Officers | T-1 |
2
Andrew Schlossberg |
3 | Short-Term Investments Trust |
Bruce Crockett |
4 | Short-Term Investments Trust |
Personal Investment Class data as of 8/31/19 | ||||
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 - 49 days | 49 days | 84 days | $10.3 thousand |
Invesco STIC Prime1 | 4 - 22 days | 12 days | 12 days | 440.6 thousand |
Invesco Treasury2 | 11 - 44 days | 18 days | 114 days | 360.3 million |
Invesco Government & Agency2 | 6 - 47 days | 8 days | 115 days | 16.0 million |
Invesco Treasury Obligations2 | 25 - 56 days | 28 days | 111 days | 111.7 thousand |
Invesco Tax-Free Cash Reserve3 | 7 - 12 days | 7 days | 7 days | 2.5 million |
1 | You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
2 | You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
3 | You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
5 | Short-Term Investments Trust |
6 | Short-Term Investments Trust |
In days, as of 8/31/19 | ||||||
Invesco Liquid Assets Portfolio 1-6, 9-10, 12-14 | Invesco STIC Prime Portfolio 1-6, 9-10, 12-14 | Invesco Treasury Portfolio 2, 4-5, 7, 11-12, 14 | Invesco Government & Agency Portfolio 2, 4-5, 7, 11-12, 14 | Invesco Treasury Obligations Portfolio 2, 4-5, 7, 12, 14 | Invesco Tax-Free Cash Reserve Portfolio 2-5, 8-9,13-14 | |
1 - 7 | 41.3% | 69.6% | 54.1% | 52.1% | 7.6% | 95.3% |
8 - 30 | 2.9 | 18.8 | 8.7 | 6.4 | 27.1 | 1.7 |
31 - 60 | 10.8 | 11.6 | 5.7 | 4.0 | 30.5 | 2.8 |
61 - 90 | 5.3 | 0.0 | 1.2 | 2.3 | 10.8 | 0.2 |
91 - 180 | 19.7 | 0.0 | 9.1 | 13.4 | 5.4 | 0.0 |
181+ | 20.0 | 0.0 | 21.2 | 21.8 | 18.6 | 0.0 |
1 | Banking and financial services industry focus risk. From time to time, the Fund may invest more than 25% of its assets in unsecured bank instruments, including but not limited to certificates of deposit and time deposits, or securities that may have guarantees or credit or liquidity enhancements provided by banks, insurance companies or other financial institutions. To the extent the Fund focuses its investments in these instruments or securities, the Fund’s performance will depend on the overall condition of those industries and the individual banks and financial institutions in which the Fund invests (directly or indirectly), the supply of short-term financing, changes in government regulation, changes in interest rates, and economic downturns in the United States and abroad. |
2 | Debt securities risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund’s distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event. |
3 | Foreign securities and credit exposure risk. US 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. Furthermore, the Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. |
4 | Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective. |
5 | Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value. |
6 | Money market fund risk. 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 and you may lose money by investing in the Fund. 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 required minimums because of market conditions or other factors. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not rely on or expect that the sponsor will enter into support agreements or take other actions to provide financial support to the Fund at any time. The credit quality of the Fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s |
7 | Short-Term Investments Trust |
share price. The Fund’s share price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market volatility. |
7 | Money market fund risk. Although the Fund seeks to preserve the value of your investment at $1.00 per share, you may lose money by investing in the Fund. The share price of money market funds can fall below the $1.00 share price. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not rely on or expect that the sponsor will enter into support agreements or take other actions to provide financial support to the Fund or maintain the Fund’s $1.00 share price at any time. The credit quality of the Fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s share price. The Fund’s share price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market volatility. While the Board of Trustees may implement procedures to impose a fee upon the sale of your shares or temporarily suspend your ability to sell shares in the future if the Fund’s liquidity falls below required minimums because of market conditions or other factors, the Board has not elected to do so at this time. Should the Board elect to do so, such change would only become effective after shareholders were provided with specific advance notice of the change in the Fund’s policy and provided with the opportunity to redeem their shares in accordance with Rule 2a-7 before the policy change became effective. |
8 | Money market fund risk. Although the Fund seeks to preserve the value of your investment at $1.00 per share, you may lose money by investing in the Fund. The share price of money market funds can fall below the $1.00 share price. 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 required minimums because of market conditions or other factors. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not rely on or expect that the sponsor will enter into support agreements or take other actions to provide financial support to the Fund or maintain the Fund’s $1.00 share price at any time. The credit quality of the Fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s share price. The Fund’s share price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market volatility. |
9 | Municipal securities risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. |
10 | Repurchase agreement risk. The Fund is subject to the risk that the counterparty may default on its obligation to repurchase the underlying instruments collateralizing the repurchase agreement, which may cause the Fund to lose money. These risks are magnified to the extent that a repurchase agreement is secured by securities other than cash or US government securities. |
11 | Repurchase agreement risk. If the seller of a repurchase agreement defaults or otherwise does not fulfill its obligations, the Fund may incur delays and losses arising from selling the underlying securities, enforcing its rights, or declining collateral value. |
12 | US government obligations risk. Obligations of US government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the US government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the US government will provide financial support to its agencies and authorities if it is not obligated by law to do so. |
13 | Variable-rate demand notes risk. The absence of an active secondary market for certain variable and floating rate notes could make it difficult to dispose of these instruments, which could result in a loss. |
14 | Yield risk. The Fund’s yield will vary as the short-term securities in its portfolio mature or are sold and the proceeds are reinvested in other securities. When interest rates are very low, the Fund’s expenses could absorb all or a portion of the Fund’s income and yield. Additionally, inflation may outpace and diminish investment returns over time. |
8 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Commercial Paper-42.90%(a) | ||||||
Asset-Backed Securities - Consumer Receivables-0.61% | ||||||
Old Line Funding, LLC (CEP-Royal Bank of Canada)(b)(c) | 2.64% | 10/25/2019 | $ 15,000 | $ 14,955,876 | ||
Asset-Backed Securities - Fully Supported-6.50% | ||||||
Bennington Stark Capital Co., LLC (CEP-Societe Generale S.A.)(b)(c) | 2.35% | 10/02/2019 | 30,000 | 29,948,296 | ||
Kells Funding, LLC (CEP-FMS Wertmanagement)(c) | 2.61% | 10/07/2019 | 11,000 | 10,978,552 | ||
Kells Funding, LLC (CEP-FMS Wertmanagement)(c) | 2.23% | 01/07/2020 | 40,000 | 39,712,650 | ||
Kells Funding, LLC (CEP-FMS Wertmanagement)(c) | 2.06% | 03/03/2020 | 30,000 | 29,697,804 | ||
Ridgefield Funding Co., LLC (CEP-BNP Paribas S.A.)(b)(c) | 2.05% | 02/21/2020 | 50,000 | 49,493,531 | ||
159,830,833 | ||||||
Asset-Backed Securities - Fully Supported Bank-12.24% | ||||||
Anglesea Funding LLC (Multi- CEP’s) (1 wk. USD LIBOR + 0.10%) (Ireland)(b)(c)(d) | 2.24% | 09/06/2019 | 30,000 | 30,000,000 | ||
Cedar Springs Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.33% | 10/10/2019 | 29,166 | 29,099,708 | ||
Chesham Finance LLC (Multi-CEP’s)(b)(c) | 2.18% | 09/03/2019 | 25,000 | 25,000,000 | ||
Collateralized Commercial Paper Co., LLC (CEP-J.P. Morgan Securities LLC)(c) | 2.66% | 09/04/2019 | 10,000 | 9,999,410 | ||
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.18% | 09/03/2019 | 20,000 | 20,000,000 | ||
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.49% | 09/06/2019 | 11,500 | 11,497,918 | ||
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.36% | 10/10/2019 | 30,000 | 29,934,279 | ||
Halkin Finance LLC (Multi-CEP’s)(b)(c) | 2.18% | 09/03/2019 | 25,000 | 25,000,000 | ||
Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) | 2.25% | 09/03/2019 | 40,000 | 40,000,000 | ||
LMA Americas LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.64% | 10/18/2019 | 10,000 | 9,974,456 | ||
LMA Americas LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.41% | 01/06/2020 | 15,000 | 14,895,911 | ||
LMA Americas LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.19%-2.58% | 01/27/2020 | 56,000 | 55,542,939 | ||
300,944,621 | ||||||
Asset-Backed Securities - Multi-Purpose-0.74% | ||||||
Chariot Funding LLC(b)(c) | 2.59% | 09/03/2019 | 18,250 | 18,250,000 | ||
Consumer Finance-1.01% | ||||||
Toyota Motor Credit Corp. (1 mo. USD LIBOR + 0.15%)(c)(d) | 2.35% | 01/06/2020 | 25,000 | 25,002,028 | ||
Diversified Banks-10.55% | ||||||
Australia & New Zealand Banking Group, Ltd. (3 mo. USD LIBOR + 0.12%) (Australia)(b)(c)(d) | 2.59% | 09/06/2019 | 20,000 | 20,000,148 | ||
Banco del Estado de Chile (Chile)(b)(c) | 2.61% | 09/26/2019 | 15,000 | 14,979,851 | ||
Bank of Nova Scotia (1 mo. USD LIBOR + 0.14%) (Canada)(c)(d) | 2.29% | 01/24/2020 | 10,000 | 9,999,707 | ||
BPCE S.A. (France)(b)(c) | 2.69% | 12/16/2019 | 35,000 | 34,790,649 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.63% | 10/02/2019 | 25,000 | 24,957,034 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.32% | 11/19/2019 | 25,000 | 24,886,184 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.31% | 12/11/2019 | 10,000 | 9,942,704 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.02% | 02/14/2020 | 15,000 | 14,863,709 | ||
Natixis S.A. (France)(c) | 2.69% | 12/20/2019 | 10,000 | 9,937,015 | ||
Royal Bank of Canada (3 mo. USD LIBOR + 0.21%) (Canada)(b)(c)(d) | 2.54% | 01/03/2020 | 15,000 | 15,009,554 | ||
Royal Bank of Canada (3 mo. USD LIBOR + 0.05%) (Canada)(b)(c)(d) | 2.37% | 04/01/2020 | 25,000 | 25,002,054 | ||
Toronto-Dominion Bank (The) (1 mo. USD LIBOR + 0.12%) (Canada)(c)(d) | 2.27% | 11/25/2019 | 25,000 | 25,004,165 | ||
Westpac Banking Corp. (Federal Funds Rate + 0.26%) (Australia)(b)(c)(d) | 2.39% | 07/02/2020 | 30,000 | 30,075,000 | ||
259,447,774 |
9 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Diversified Capital Markets-1.42% | ||||||
UBS AG (3 mo. USD LIBOR + 0.17%) (Switzerland)(c)(d) | 2.69% | 09/03/2019 | $ 15,000 | $ 15,000,000 | ||
UBS AG (3 mo. USD LIBOR + 0.05%) (Switzerland)(b)(c)(d) | 2.35% | 01/17/2020 | 20,000 | 20,001,021 | ||
35,001,021 | ||||||
Integrated Oil & Gas-0.95% | ||||||
Shell International Finance B.V. (Netherlands)(b)(c) | 2.00% | 06/29/2020 | 23,750 | 23,371,484 | ||
Other Diversified Financial Services-2.62% | ||||||
ABN AMRO Funding USA LLC (Netherlands)(b)(c) | 2.13% | 02/28/2020 | 15,000 | 14,844,955 | ||
Erste Abwicklungsanstalt (Germany)(b)(c) | 2.04% | 02/13/2020 | 50,000 | 49,551,410 | ||
64,396,365 | ||||||
Regional Banks-1.82% | ||||||
ASB Finance Ltd. (3 mo. USD LIBOR + 0.22%) (New Zealand)(b)(c)(d) | 2.40% | 11/12/2019 | 15,000 | 15,004,916 | ||
Banque et Caisse d’Epargne de l’Etat (Luxembourg)(c) | 2.16% | 03/02/2020 | 30,000 | 29,694,789 | ||
44,699,705 | ||||||
Specialized Finance-4.44% | ||||||
CDP Financial, Inc. (Canada)(b)(c) | 2.38% | 06/01/2020 | 25,000 | 24,633,083 | ||
Crown Point Capital Co., LLC (CEP-Credit Suisse AG) (1 mo. USD LIBOR + 0.15%)(b)(c)(d) | 2.35% | 10/10/2019 | 40,000 | 40,000,000 | ||
Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) | 2.02% | 02/11/2020 | 15,000 | 14,866,001 | ||
Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) | 1.99% | 02/18/2020 | 30,000 | 29,723,290 | ||
109,222,374 | ||||||
Total Commercial Paper (Cost $1,054,589,858) | 1,055,122,081 | |||||
Certificates of Deposit-22.12% | ||||||
ABN AMRO Bank N.V. (Netherlands)(c) | 0.00% | 09/09/2019 | 50,000 | 49,970,323 | ||
Australia & New Zealand Banking Group, Ltd.(c) | 2.11% | 09/03/2019 | 70,000 | 70,000,000 | ||
Bank of Montreal (1 mo. USD LIBOR + 0.22%) (Canada)(c)(d) | 2.30% | 10/04/2019 | 25,000 | 25,002,808 | ||
Bank of Montreal (3 mo. USD LIBOR + 0.06%) (Canada)(c)(d) | 2.38% | 04/01/2020 | 45,000 | 45,006,262 | ||
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.10%) (Canada)(c)(d) | 2.44% | 10/10/2019 | 30,000 | 30,003,222 | ||
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.05%) (Canada)(c)(d) | 2.37% | 04/01/2020 | 20,000 | 20,003,924 | ||
Canadian Imperial Bank of Commerce (1 mo. USD LIBOR + 0.14%) (Canada)(c)(d) | 2.29% | 01/24/2020 | 25,000 | 25,000,255 | ||
Canadian Imperial Bank of Commerce (1 mo. USD LIBOR + 0.17%) (Canada)(c)(d) | 2.39% | 05/07/2020 | 10,000 | 9,996,710 | ||
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.26%) (Canada)(c)(d) | 2.39% | 07/01/2020 | 20,000 | 20,013,750 | ||
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.36%) (Canada)(c)(d) | 2.49% | 09/18/2020 | 20,000 | 20,003,066 | ||
Mitsubishi UFJ Trust & Banking Corp. (1 mo. USD LIBOR + 0.20%) (Japan)(c)(d) | 2.35% | 02/27/2020 | 63,000 | 62,983,084 | ||
MUFG Bank, Ltd. (Japan)(b)(c) | 2.35% | 09/08/2019 | 5,900 | 5,899,995 | ||
Natixis S.A. (3 mo. USD LIBOR + 0.07%) (France)(c)(d) | 2.28% | 11/07/2019 | 35,000 | 35,001,317 | ||
Sumitomo Mitsui Banking Corp. (1 mo. USD LIBOR + 0.12%) (Japan)(c)(d) | 2.27% | 10/24/2019 | 20,000 | 20,002,463 | ||
Sumitomo Mitsui Banking Corp. (1 mo. USD LIBOR + 0.14%) (Japan)(c)(d) | 2.37% | 11/06/2019 | 30,000 | 30,004,769 | ||
Toronto-Dominion Bank (The) (1 mo. USD LIBOR + 0.14%) (Canada)(c)(d) | 2.28% | 02/28/2020 | 35,000 | 34,991,835 | ||
Wells Fargo Bank, N.A. | 2.00% | 02/12/2020 | 40,000 | 40,005,922 | ||
Total Certificates of Deposit (Cost $543,870,947) | 543,889,705 | |||||
U.S. Dollar Denominated Bonds & Notes-1.42% | ||||||
Automobile Manufacturers-0.41% | ||||||
Toyota Motor Credit Corp.(c) | 4.50% | 06/17/2020 | 9,900 | 10,090,381 |
10 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Diversified Banks-1.01% | ||||||
Westpac Banking Corp. (3 mo. USD LIBOR + 0.43%) (Australia)(c)(d) | 2.90% | 03/06/2020 | $ 10,460 | $ 10,479,320 | ||
Westpac Banking Corp. (Australia)(c) | 2.30% | 05/26/2020 | 14,444 | 14,471,919 | ||
24,951,239 | ||||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $34,978,052) | 35,041,620 | |||||
Variable Rate Demand Notes-0.75%(e) | ||||||
Credit Enhanced-0.75% | ||||||
Derry (Township of), PA Industrial & Commercial Development Authority (GIANT Center); Series 2001, VRD RB (LOC-PNC Bank, N.A.)(f) | 2.20% | 11/01/2030 | 4,765 | 4,765,000 | ||
Jets Stadium Development, LLC; Series 2014 A-4B, VRD Bonds (LOC-Sumitomo Mitsui Banking Corp.)(b)(c)(f) | 2.17% | 04/01/2047 | 9,400 | 9,399,999 | ||
Keep Memory Alive; Series 2013, VRD Bonds (LOC-PNC Bank, N.A.)(f) | 2.20% | 05/01/2037 | 2,700 | 2,700,000 | ||
S&L Capital, LLC (J&L Development of Holland, LLC); Series 2005 A, VRD Notes (LOC-FHLB of Indianapolis)(c)(f) | 2.20% | 07/01/2040 | 1,495 | 1,495,000 | ||
Total Variable Rate Demand Notes (Cost $18,359,993) | 18,359,999 | |||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-67.19% (Cost $1,651,798,850) | 1,652,413,405 | |||||
Repurchase Amount | ||||||
Repurchase Agreements-32.93%(g) | ||||||
BMO Capital Markets Corp., joint agreement dated 08/30/2019, aggregate maturing value of $195,047,667 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, U.S. government sponsored agency obligations, domestic and foreign corporate obligations and domestic commercial paper valued at $207,184,381; 0% - 10.00%; 09/11/2019 - 04/25/2066)(c) | 2.20% | 09/03/2019 | 38,009,289 | 38,000,000 | ||
BMO Capital Markets Corp., joint term agreement dated 08/30/2019, aggregate maturing value of $50,021,875 (collateralized by domestic agency mortgage-backed securities valued at $51,415,842; 0% - 13.73%; 06/25/2027 - 06/20/2069)(c)(h) | 2.25% | 09/06/2019 | 15,006,562 | 15,000,000 | ||
Citigroup Global Markets, Inc., joint open agreement dated 04/11/2019 (collateralized by domestic and foreign non-agency asset-backed securities and domestic mortgage-backed securities valued at $234,301,461; 0% - 8.29%; 12/01/2025 - 03/25/2061)(c)(i) | 2.62% | - | - | 66,500,000 | ||
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $250,060,000 (collateralized by domestic agency mortgage-backed securities valued at $255,000,001; 3.00% - 4.00%; 06/01/2048 - 08/01/2049)(c) | 2.16% | 09/03/2019 | 125,030,000 | 125,000,000 | ||
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $30,013,475 (collateralized by foreign corporate obligations, domestic non-agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $32,999,964; 0% - 6.00%; 09/08/2020 - 12/15/2044)(c)(h) | 2.31% | 09/05/2019 | 5,002,246 | 5,000,000 | ||
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $40,017,578 (collateralized by domestic non-agency asset-backed securities and a foreign corporate obligation valued at $43,999,986; 0% - 5.93%; 04/15/2026 - 05/16/2042)(c)(h) | 2.26% | 09/05/2019 | 30,013,183 | 30,000,000 | ||
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $65,028,185 (collateralized by domestic and foreign agency and non-agency asset-backed securities, domestic non-agency mortgage-backed securities and a foreign corporate obligation valued at $68,250,000; 0.47% - 5.93%; 12/28/2023 - 09/10/2050)(c)(h) | 2.23% | 09/05/2019 | 23,009,973 | 23,000,000 |
11 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
ING Financial Markets, LLC, joint agreement dated 08/30/2019, aggregate maturing value of $124,030,311 (collateralized by domestic and foreign corporate obligations valued at $130,200,007; 1.63% - 7.88%; 09/29/2019 - 08/15/2059)(c) | 2.20% | 09/03/2019 | $ 55,013,444 | $ 55,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2019 (collateralized by domestic and foreign corporate obligations valued at $45,360,002; 0% - 7.50%; 09/06/2019 - 08/01/2057)(i) | 2.75% | - | - | 25,000,000 | |
Mizuho Securities (USA) LLC, joint open agreement dated 03/21/2019 (collateralized by domestic and foreign equity securities valued at $26,250,062; 0% - 7.13%;)(c)(i) | 2.20% | - | - | 15,000,000 | |
Natixis, joint agreement dated 08/30/2019, aggregate maturing value of $750,179,167 (collateralized by U.S. Treasury obligations valued at $765,000,060; 0% - 3.38%; 12/05/2019 - 11/15/2048)(c) | 2.15% | 09/03/2019 | 125,029,861 | 125,000,000 | |
RBC Capital Markets LLC, joint agreement dated 08/30/2019, aggregate maturing value of $150,036,667 (collateralized by domestic agency mortgage-backed securities and domestic and foreign corporate obligations valued at $156,822,868; 0% - 10.00%; 09/13/2019 - 08/15/2076)(c) | 2.20% | 09/03/2019 | 35,008,556 | 35,000,000 | |
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign corporate obligations valued at $106,426,641; 2.90% - 9.25%; 11/19/2019 - 03/15/2050)(c)(i) | 2.28% | - | - | 25,000,000 | |
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign corporate obligations valued at $91,808,572; 2.88% - 10.63%; 10/14/2019 - 01/11/2048)(c)(i) | 2.21% | - | - | 55,000,000 | |
Sumitomo Mitsui Banking Corp., joint agreement dated 08/30/2019, aggregate maturing value of $1,500,361,667 (collateralized by domestic agency mortgage-backed securities valued at $1,530,000,000; 3.00% - 3.50%; 08/20/2042 - 04/01/2049)(c) | 2.17% | 09/03/2019 | 172,451,548 | 172,409,978 | |
Total Repurchase Agreements (Cost $809,909,978) | 809,909,978 | ||||
TOTAL INVESTMENTS IN SECURITIES(j)(k)-100.12% (Cost $2,461,708,828) | 2,462,323,383 | ||||
OTHER ASSETS LESS LIABILITIES-(0.12)% | (3,062,638) | ||||
NET ASSETS-100.00% | $2,459,260,745 |
CEP | -Credit Enhancement Provider |
FHLB | -Federal Home Loan Bank |
LIBOR | -London Interbank Offered Rate |
LOC | -Letter of Credit |
RB | -Revenue Bonds |
USD | -U.S. Dollar |
VRD | -Variable Rate Demand |
(a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2019 was $865,395,955, which represented 35.19% of the Fund’s Net Assets. |
(c) | The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 17.6%; France: 14.0%; Netherlands: 10.5%; Switzerland: 7.9%; Japan: 7.3%; Australia: 5.9%; Germany: 5.3% other countries less than 5% each: 6.5%. |
(d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2019. |
(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, 2019. |
(f) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(g) | Principal amount equals value at period end. See Note 1I. |
(h) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(i) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
(j) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
(k) | Also represents cost for federal income tax purposes. |
12 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
Commercial Paper-40.06%(a) | |||||
Asset-Backed Securities - Fully Supported-6.10% | |||||
Atlantic Asset Securitization LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.18% | 10/11/2019 | $ 15,000 | $ 14,967,217 | |
Bennington Stark Capital Co., LLC (CEP-Societe Generale S.A.)(b)(c) | 2.36% | 09/06/2019 | 15,000 | 14,997,284 | |
Ridgefield Funding Co., LLC (CEP-BNP Paribas S.A.)(b)(c) | 2.29% | 09/04/2019 | 10,000 | 9,999,403 | |
39,963,904 | |||||
Asset-Backed Securities - Fully Supported Bank-14.50% | |||||
Anglesea Funding LLC (Multi-CEP’s)(b)(c) | 2.27% | 09/03/2019 | 15,000 | 15,000,000 | |
Cedar Springs Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.24% | 09/13/2019 | 15,000 | 14,990,652 | |
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.28% | 09/12/2019 | 15,000 | 14,991,879 | |
Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) | 2.25% | 09/03/2019 | 10,000 | 10,000,000 | |
Mountcliff Funding LLC (Multi-CEP’s)(b)(c) | 2.20% | 10/18/2019 | 15,000 | 14,960,184 | |
Regency Markets No. 1 LLC (CEP-HSBC Bank PLC) (Ireland)(b)(c) | 2.21% | 09/16/2019 | 10,000 | 9,992,202 | |
Versailles Commercial Paper LLC (CEP-Natixis S.A.)(b)(c) | 2.36% | 09/06/2019 | 15,000 | 14,997,285 | |
94,932,202 | |||||
Asset-Backed Securities - Multi-Purpose-2.29% | |||||
CAFCO LLC (CEP-Citibank, N.A.)(b)(c) | 2.29% | 09/27/2019 | 15,000 | 14,979,345 | |
Diversified Banks-16.35% | |||||
Banco Santander, S.A.(c) | 2.34% | 09/04/2019 | 15,000 | 14,999,111 | |
China Construction Bank Corp. (China)(b)(c) | 2.46% | 09/13/2019 | 15,000 | 14,991,060 | |
Industrial & Commercial Bank of China Ltd. (China)(b)(c) | 2.45% | 09/20/2019 | 15,000 | 14,984,201 | |
Mitsubishi UFJ Trust & Banking Corp. (Japan)(b)(c) | 2.37% | 09/19/2019 | 3,000 | 2,997,189 | |
National Bank of Canada (Canada)(b)(c) | 2.13% | 10/21/2019 | 15,000 | 14,957,210 | |
Oversea-Chinese Banking Corp. Ltd. (Singapore)(b)(c) | 2.19% | 09/23/2019 | 15,000 | 14,982,071 | |
Sumitomo Mitsui Trust Bank, Ltd. (Japan)(b)(c) | 2.18% | 09/06/2019 | 8,000 | 7,998,585 | |
Sumitomo Mitsui Trust Bank, Ltd. (Japan)(b)(c) | 2.23% | 10/21/2019 | 6,220 | 6,202,563 | |
Toronto-Dominion Bank (The) (Canada)(b)(c) | 2.21% | 09/25/2019 | 15,000 | 14,980,498 | |
107,092,488 | |||||
Specialized Finance-0.82% | |||||
Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) | 2.31% | 09/09/2019 | 5,400 | 5,398,090 | |
Total Commercial Paper (Cost $262,322,128) | 262,366,029 | ||||
Certificates of Deposit-10.23% | |||||
Australia & New Zealand Banking Group, Ltd.(c) | 2.11% | 09/03/2019 | 30,000 | 30,000,000 | |
Banco Del Estado De Chile(c) | 2.30% | 09/06/2019 | 15,000 | 15,000,237 | |
Cooperatieve Rabobank U.A.(c) | 2.14% | 10/11/2019 | 15,000 | 15,000,081 | |
Mitsubishi UFJ Trust & Banking Corp.(c) | 2.41% | 09/06/2019 | 7,000 | 7,000,171 | |
Total Certificates of Deposit (Cost $67,000,110) | 67,000,489 | ||||
Variable Rate Demand Notes-6.13%(d) | |||||
Credit Enhanced-6.13% | |||||
Jets Stadium Development, LLC; Series 2014 A-4C, VRD Bonds (LOC-Sumitomo Mitsui Banking Corp.)(b)(c)(e) | 2.17% | 04/01/2047 | 7,900 | 7,900,000 | |
Keep Memory Alive; Series 2013, VRD Bonds (LOC-PNC Bank, N.A.)(e) | 2.20% | 05/01/2037 | 3,380 | 3,380,000 | |
Maumelle (City of), AR (Kimberly-Clark Corp.); Series 2015, VRD IDR(b)(c) | 2.08% | 08/01/2045 | 9,400 | 9,400,000 |
13 | Short-Term Investments Trust |
Invesco STIC Prime Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
Credit Enhanced-(continued) | |||||
New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2015 B-1, VRD RB (LOC-Bank of China Ltd.)(c)(e) | 2.23% | 11/01/2049 | $ 14,000 | $ 14,000,000 | |
Ziegler Realty LLC; Series 2007, VRD Notes (LOC-Wells Fargo Bank, N.A.)(b)(c)(e) | 2.15% | 01/01/2033 | 5,500 | 5,500,000 | |
Total Variable Rate Demand Notes (Cost $40,180,000) | 40,180,000 | ||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-56.42% (Cost $369,502,238) | 369,546,518 | ||||
Repurchase Amount | |||||
Repurchase Agreements-43.72%(f) | |||||
BMO Capital Markets Corp., joint agreement dated 08/30/2019, aggregate maturing value of $195,047,667 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, U.S. government sponsored agency obligations, domestic and foreign corporate obligations and domestic commercial paper valued at $207,184,381; 0% - 10.00%; 09/11/2019 - 04/25/2066)(c) | 2.20% | 09/03/2019 | 20,004,889 | 20,000,000 | |
BMO Capital Markets Corp., joint term agreement dated 08/30/2019, aggregate maturing value of $50,021,875 (collateralized by domestic agency mortgage-backed securities valued at $51,415,842; 0% - 13.73%; 06/25/2027 - 06/20/2069)(c)(g) | 2.25% | 09/06/2019 | 8,003,500 | 8,000,000 | |
Citigroup Global Markets, Inc., joint agreement dated 08/30/2019, aggregate maturing value of $400,096,000 (collateralized by U.S. Treasury obligations valued at $408,000,053; 0% - 0.13%; 04/15/2020 - 08/15/2042) | 2.16% | 09/03/2019 | 30,007,200 | 30,000,000 | |
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $250,060,000 (collateralized by domestic agency mortgage-backed securities valued at $255,000,001; 3.00% - 4.00%; 06/01/2048 - 08/01/2049)(c) | 2.16% | 09/03/2019 | 30,007,200 | 30,000,000 | |
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $65,028,185 (collateralized by domestic and foreign agency and non-agency asset-backed securities, domestic non-agency mortgage-backed securities and a foreign corporate obligation valued at $68,250,000; 0.47% - 5.93%; 12/28/2023 - 09/10/2050)(c)(g) | 2.23% | 09/05/2019 | 5,002,168 | 5,000,000 | |
Credit Suisse Securities (USA) LLC, term agreement dated 08/30/2019, maturing value of $10,000,000 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic non-agency asset-backed securities and domestic and foreign corporate obligations valued at $10,499,736; 0% - 8.00%; 10/10/2019 - 07/15/2064)(c)(h) | 2.34% | 10/04/2019 | 10,000,000 | 10,000,000 | |
ING Financial Markets, LLC, joint agreement dated 08/30/2019, aggregate maturing value of $124,030,311 (collateralized by domestic and foreign corporate obligations valued at $130,200,007; 1.63% - 7.88%; 09/29/2019 - 08/15/2059)(c) | 2.20% | 09/03/2019 | 25,006,111 | 25,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 09/08/2017 (collateralized by domestic and foreign equity securities valued at $15,780,373; 2.20%; 02/15/2040 - 12/12/2222)(i) | 2.30% | - | - | 15,000,000 | |
Natixis, joint agreement dated 08/30/2019, aggregate maturing value of $750,179,167 (collateralized by U.S. Treasury obligations valued at $765,000,060; 0% - 3.38%; 12/05/2019 - 11/15/2048)(c) | 2.15% | 09/03/2019 | 60,014,334 | 60,000,000 | |
RBC Capital Markets LLC, joint agreement dated 08/30/2019, aggregate maturing value of $150,036,667 (collateralized by domestic agency mortgage-backed securities and domestic and foreign corporate obligations valued at $156,822,868; 0% - 10.00%; 09/13/2019 - 08/15/2076)(c) | 2.20% | 09/03/2019 | 20,004,889 | 20,000,000 | |
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign corporate obligations valued at $106,426,641; 2.90% - 9.25%; 11/19/2019 - 03/15/2050)(c)(i) | 2.28% | - | - | 5,000,000 | |
Sumitomo Mitsui Banking Corp., joint agreement dated 08/30/2019, aggregate maturing value of $1,500,361,667 (collateralized by domestic agency mortgage-backed securities valued at $1,530,000,000; 3.00% - 3.50%; 08/20/2042 - 04/01/2049)(c) | 2.17% | 09/03/2019 | 58,331,304 | 58,317,243 | |
Total Repurchase Agreements (Cost $286,317,243) | 286,317,243 | ||||
TOTAL INVESTMENTS IN SECURITIES(j)(k)-100.14% (Cost $655,819,481) | 655,863,761 | ||||
OTHER ASSETS LESS LIABILITIES-(0.14)% | (907,139) | ||||
NET ASSETS-100.00% | $ 654,956,622 |
14 | Short-Term Investments Trust |
Invesco STIC Prime Portfolio
CEP | -Credit Enhancement Provider |
IDR | -Industrial Development Revenue Bonds |
LOC | -Letter of Credit |
RB | -Revenue Bonds |
VRD | -Variable Rate Demand |
(a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2019 was $270,166,918, which represented 41.25% 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: 11.9%; Netherlands: 10.8%; France: 9.2%; Switzerland: 6.9%; China: 6.7%; other countries less than 5% each: 17.9%. |
(d) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2019. |
(e) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(f) | Principal amount equals value at period end. See Note 1I. |
(g) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(h) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2019. |
(i) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
(j) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
(k) | Also represents cost for federal income tax purposes. |
15 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
U.S. Treasury Securities-41.59% | |||||
U.S. Treasury Bills-22.07%(a) | |||||
U.S. Treasury Bills | 2.14% | 09/10/2019 | $ 500,000 | $ 499,741,875 | |
U.S. Treasury Bills | 2.49% | 09/12/2019 | 350,000 | 349,737,451 | |
U.S. Treasury Bills | 2.48% | 09/19/2019 | 500,000 | 499,387,500 | |
U.S. Treasury Bills | 2.10% | 09/26/2019 | 500,000 | 499,276,041 | |
U.S. Treasury Bills | 2.06% | 10/08/2019 | 750,000 | 748,419,791 | |
U.S. Treasury Bills | 2.42% | 10/17/2019 | 475,000 | 473,548,924 | |
U.S. Treasury Bills | 1.97% | 11/14/2019 | 250,000 | 248,992,778 | |
U.S. Treasury Bills | 2.21% | 12/05/2019 | 250,000 | 248,558,837 | |
U.S. Treasury Bills | 2.12% | 12/12/2019 | 300,000 | 298,216,276 | |
U.S. Treasury Bills | 1.91% | 02/13/2020 | 250,000 | 247,834,375 | |
U.S. Treasury Bills | 1.87% | 02/20/2020 | 250,000 | 247,790,278 | |
U.S. Treasury Bills | 1.86% | 02/27/2020 | 250,000 | 247,712,778 | |
U.S. Treasury Bills | 1.78% | 08/13/2020 | 100,000 | 98,313,194 | |
4,707,530,098 | |||||
U.S. Treasury Notes-19.52% | |||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b) | 1.97% | 04/30/2020 | 998,000 | 998,007,326 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b) | 1.98% | 07/31/2020 | 310,000 | 309,995,764 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)(b) | 1.98% | 10/31/2020 | 251,000 | 250,987,381 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)(b) | 2.05% | 01/31/2021 | 1,306,000 | 1,305,513,883 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b) | 2.08% | 04/30/2021 | 851,000 | 850,764,111 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)(b) | 2.16% | 07/31/2021 | 450,000 | 449,930,368 | |
4,165,198,833 | |||||
Total U.S. Treasury Securities (Cost $8,872,728,931) | 8,872,728,931 | ||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-41.59% (Cost $8,872,728,931) | 8,872,728,931 | ||||
Repurchase Amount | |||||
Repurchase Agreements-58.51%(c) | |||||
Bank of Nova Scotia, agreement dated 08/30/2019, maturing value of $500,119,445 (collateralized by U.S. Treasury obligations valued at $510,000,086; 0% - 8.50%; 09/12/2019 - 02/15/2049) | 2.15% | 09/03/2019 | 500,119,445 | 500,000,000 | |
BNP Paribas Securities Corp., joint term agreement dated 07/23/2019, aggregate maturing value of $2,007,612,222 (collateralized by U.S. Treasury obligations valued at $2,040,000,018; 0% - 4.38%; 01/15/2020 - 02/15/2049)(d) | 2.21% | 09/23/2019 | 1,104,186,722 | 1,100,000,000 | |
BNP Paribas Securities Corp., joint term agreement dated 08/26/2019, aggregate maturing value of $1,000,480,000 (collateralized by U.S. Treasury obligations valued at $1,020,000,010; 0% - 8.00%; 04/23/2020 - 11/15/2046)(d) | 2.16% | 09/03/2019 | 400,192,000 | 400,000,000 | |
CIBC World Markets Corp., agreement dated 08/30/2019, maturing value of $150,035,833 (collateralized by U.S. Treasury obligations valued at $153,000,089; 0.88% - 3.00%; 02/28/2022 - 05/15/2045) | 2.15% | 09/03/2019 | 150,035,833 | 150,000,000 | |
CIBC World Markets Corp., joint term agreement dated 08/07/2019, aggregate maturing value of $500,895,833 (collateralized by U.S. Treasury obligations valued at $510,000,083; 0.13% - 4.75%; 12/31/2020 - 11/15/2046)(d) | 2.15% | 09/06/2019 | 200,358,333 | 200,000,000 |
16 | Short-Term Investments Trust |
Invesco Treasury Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
Citigroup Global Markets, Inc., term agreement dated 08/29/2019, maturing value of $600,255,500 (collateralized by U.S. Treasury obligations valued at $612,000,082; 0% - 0.13%; 04/15/2020 - 02/15/2036)(d) | 2.19% | 09/05/2019 | $ 600,255,500 | $ 600,000,000 | |
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $1,000,237,778 (collateralized by U.S. Treasury obligations valued at $1,020,000,032; 2.00% - 2.63%; 12/15/2021 - 11/15/2026) | 2.14% | 09/03/2019 | 520,228,164 | 520,104,495 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/23/2019, aggregate maturing value of $802,897,556 (collateralized by U.S. Treasury obligations valued at $816,000,018; 0% - 2.50%; 08/13/2020 - 01/31/2021)(d) | 2.21% | 09/20/2019 | 401,448,778 | 400,000,000 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/06/2019, aggregate maturing value of $500,985,417 (collateralized by U.S. Treasury obligations valued at $510,000,057; 1.00% - 3.38%; 02/28/2021 - 02/15/2049)(d) | 2.15% | 09/09/2019 | 200,394,167 | 200,000,000 | |
Credit Agricole Corporate & Investment Bank, term agreement dated 07/22/2019, maturing value of $301,160,250 (collateralized by U.S. Treasury obligations valued at $306,000,125; 1.63% - 4.38%; 06/30/2021 - 05/15/2041)(d) | 2.21% | 09/23/2019 | 301,160,250 | 300,000,000 | |
DNB Bank ASA, agreement dated 08/30/2019, maturing value of $500,120,000 (collateralized by U.S. Treasury obligations valued at $510,000,097; 2.00% - 2.88%; 02/28/2021 - 08/15/2025) | 2.16% | 09/03/2019 | 500,120,000 | 500,000,000 | |
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/30/2019, maturing value of $150,035,000 (collateralized by a U.S. Treasury obligation valued at $153,000,034; 2.00%; 05/31/2024) | 2.10% | 09/03/2019 | 150,035,000 | 150,000,000 | |
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/30/2019, maturing value of $200,048,000 (collateralized by a U.S. Treasury obligation valued at $204,000,087; 2.63%; 12/31/2023) | 2.16% | 09/03/2019 | 200,048,000 | 200,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 07/18/2019 (collateralized by U.S. Treasury obligations valued at $357,000,214; 0% - 3.63%; 10/10/2019 - 11/15/2044)(e) | 2.11% | - | - | 130,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 05/15/2019 (collateralized by U.S. Treasury obligations valued at $408,000,000; 2.00% - 3.63%; 01/31/2023 - 02/15/2044)(e) | 2.15% | - | - | 400,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 05/22/2019 (collateralized by U.S. Treasury obligations valued at $510,000,052; 1.25% - 3.38%; 10/31/2021 - 11/15/2048)(e) | 2.11% | - | - | 500,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 07/29/2019 (collateralized by U.S. Treasury obligations valued at $510,000,016; 3.00% - 3.13%; 11/15/2028 - 02/15/2043)(e) | 2.15% | - | - | 500,000,000 | |
Metropolitan Life Insurance Co., joint term agreement dated 08/28/2019, aggregate maturing value of $450,199,671 (collateralized by U.S. Treasury obligations valued at $458,714,349; 0% - 2.63%; 10/01/2019 - 08/15/2047)(d) | 2.22% | 09/04/2019 | 185,081,809 | 185,001,950 | |
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/28/2019, aggregate maturing value of $1,333,325,304 (collateralized by U.S. Treasury obligations valued at $1,358,182,101; 2.00% - 2.38%; 04/30/2024 - 05/15/2029)(d) | 2.22% | 09/04/2019 | 472,328,801 | 472,125,000 | |
Natixis, joint agreement dated 08/30/2019, aggregate maturing value of $750,179,167 (collateralized by U.S. Treasury obligations valued at $765,000,060; 0% - 3.38%; 12/05/2019 - 11/15/2048) | 2.15% | 09/03/2019 | 565,134,972 | 565,000,000 | |
Natixis, joint term agreement dated 07/18/2019, aggregate maturing value of $501,858,333 (collateralized by U.S. Treasury obligations valued at $510,000,002; 0% - 3.38%; 09/19/2019 - 05/15/2049)(d) | 2.23% | 09/16/2019 | 200,743,333 | 200,000,000 | |
Prudential Insurance Co. of America, agreement dated 08/30/2019, maturing value of $405,934,102 (collateralized by U.S. Treasury obligations valued at $414,162,863; 0% - 2.75%; 11/15/2027 - 02/15/2045) | 2.17% | 09/03/2019 | 405,934,102 | 405,836,250 | |
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/30/2019, maturing value of $272,315,643 (collateralized by U.S. Treasury obligations valued at $278,228,000; 0%; 08/15/2033 - 08/15/2045) | 2.17% | 09/03/2019 | 272,315,643 | 272,250,000 |
17 | Short-Term Investments Trust |
Invesco Treasury Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
RBC Capital Markets LLC, term agreement dated 08/15/2019, maturing value of $250,529,861 (collateralized by U.S. Treasury obligations valued at $255,000,096; 2.88%; 05/31/2025 - 07/31/2025)(d) | 2.18% | 09/19/2019 | $ 250,529,861 | $ 250,000,000 | |
RBC Dominion Securities Inc., agreement dated 08/30/2019, maturing value of $1,000,238,889 (collateralized by U.S. Treasury obligations valued at $1,020,000,091; 0% - 4.25%; 09/12/2019 - 08/15/2048) | 2.15% | 09/03/2019 | 1,000,238,889 | 1,000,000,000 | |
Societe Generale, joint term agreement dated 08/28/2019, aggregate maturing value of $500,213,889 (collateralized by U.S. Treasury obligations valued at $510,000,072; 0.13% - 6.00%; 01/15/2020 - 02/15/2047)(d) | 2.20% | 09/04/2019 | 165,070,583 | 165,000,000 | |
Societe Generale, open agreement dated 06/25/2018 (collateralized by U.S. Treasury obligations valued at $1,020,000,037; 0% - 8.75%; 09/16/2019 - 02/15/2047)(e) | 2.12% | - | - | 1,000,000,000 | |
Sumitomo Mitsui Banking Corp., agreement dated 08/30/2019, maturing value of $250,059,722 (collateralized by U.S. Treasury obligation valued at $255,000,039; 1.63%; 02/15/2026) | 2.15% | 09/03/2019 | 250,059,722 | 250,000,000 | |
TD Securities (USA) LLC, agreement dated 08/30/2019, maturing value of $200,047,556 (collateralized by U.S. Treasury obligations valued at $204,000,014; 2.38% - 2.63%; 08/15/2024 - 02/15/2029) | 2.14% | 09/03/2019 | 200,047,556 | 200,000,000 | |
Wells Fargo Securities, LLC, agreement dated 08/30/2019, maturing value of $765,182,750 (collateralized by U.S. Treasury obligations valued at $780,300,004; 0.13% - 7.88%; 04/15/2020 - 07/15/2028) | 2.15% | 09/03/2019 | 765,182,750 | 765,000,000 | |
Total Repurchase Agreements (Cost $12,480,317,695) | 12,480,317,695 | ||||
TOTAL INVESTMENTS IN SECURITIES-100.10% (Cost $21,353,046,626) | 21,353,046,626 | ||||
OTHER ASSETS LESS LIABILITIES-(0.10)% | (21,407,037) | ||||
NET ASSETS-100.00% | $ 21,331,639,589 |
(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, 2019. |
(c) | Principal amount equals value at period end. See Note 1I. |
(d) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(e) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
18 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
U.S. Government Sponsored Agency Securities-27.29% | ||||||
Federal Farm Credit Bank (FFCB)-1.84% | ||||||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.10%)(a) | 2.04% | 09/25/2019 | $ 110,000 | $ 109,999,609 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.10%)(a) | 2.11% | 10/08/2019 | 75,000 | 74,997,138 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.12% | 11/19/2019 | 37,300 | 37,295,847 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.02% | 12/04/2019 | 125,000 | 124,999,160 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.07%)(a) | 2.12% | 12/16/2019 | 120,000 | 120,000,000 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.12% | 12/18/2019 | 25,000 | 24,999,287 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR + 0.05%)(a) | 2.20% | 01/27/2020 | 50,000 | 50,014,972 | ||
Federal Farm Credit Bank (SOFR + 0.10%)(a) | 2.31% | 05/07/2021 | 23,000 | 23,000,000 | ||
Federal Farm Credit Bank (SOFR + 0.08%)(a) | 2.29% | 06/10/2021 | 14,000 | 14,000,000 | ||
579,306,013 | ||||||
Federal Home Loan Bank (FHLB)-19.58% | ||||||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.12% | 09/18/2019 | 50,000 | 50,000,497 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 10/09/2019 | 119,000 | 119,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.11% | 10/22/2019 | 50,000 | 49,996,663 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.18% | 11/08/2019 | 250,000 | 250,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.12% | 11/25/2019 | 225,000 | 225,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.12% | 11/25/2019 | 175,000 | 175,000,000 | ||
Federal Home Loan Bank (SOFR + 0.02%)(a) | 2.23% | 11/27/2019 | 45,000 | 45,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.04% | 12/05/2019 | 150,000 | 150,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.05%)(a) | 2.18% | 12/06/2019 | 79,400 | 79,407,228 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.04%)(a) | 2.19% | 12/06/2019 | 250,000 | 249,993,709 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.18% | 12/09/2019 | 150,000 | 150,000,000 | ||
Federal Home Loan Bank (SOFR)(a) | 2.21% | 12/11/2019 | 398,000 | 398,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.17% | 12/16/2019 | 500,000 | 500,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.09%)(a) | 2.08% | 12/20/2019 | 125,000 | 125,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.02%)(a) | 2.15% | 12/20/2019 | 240,000 | 240,000,000 | ||
Federal Home Loan Bank (SOFR + 0.01%)(a) | 2.22% | 12/20/2019 | 170,000 | 170,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.09%)(a) | 2.06% | 12/27/2019 | 50,000 | 50,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.01%)(a) | 2.18% | 01/17/2020 | 145,000 | 145,000,000 | ||
Federal Home Loan Bank (SOFR + 0.02%)(a) | 2.23% | 02/21/2020 | 420,000 | 420,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 05/08/2020 | 120,000 | 120,000,000 | ||
Federal Home Loan Bank (SOFR + 0.02%)(a) | 2.23% | 05/22/2020 | 265,000 | 265,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 06/19/2020 | 60,000 | 60,000,000 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 07/17/2020 | 95,000 | 95,000,000 | ||
Federal Home Loan Bank (SOFR + 0.08%)(a) | 2.29% | 07/24/2020 | 26,000 | 26,000,000 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 08/21/2020 | 84,000 | 84,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 08/25/2020 | 46,000 | 46,000,000 | ||
Federal Home Loan Bank (SOFR + 0.05%)(a) | 2.26% | 09/28/2020 | 621,500 | 621,500,000 | ||
Federal Home Loan Bank (SOFR + 0.11%)(a) | 2.32% | 10/01/2020 | 40,000 | 40,000,000 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 11/06/2020 | 182,000 | 182,000,000 | ||
Federal Home Loan Bank (SOFR + 0.05%)(a) | 2.26% | 01/22/2021 | 109,000 | 109,000,000 | ||
Federal Home Loan Bank (SOFR + 0.05%)(a) | 2.26% | 01/28/2021 | 173,000 | 173,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 02/09/2021 | 224,000 | 224,000,000 | ||
Federal Home Loan Bank (SOFR + 0.07%)(a) | 2.28% | 02/26/2021 | 198,000 | 198,000,000 |
19 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
Federal Home Loan Bank (FHLB)-(continued) | |||||
Federal Home Loan Bank (SOFR + 0.08%)(a) | 2.29% | 07/23/2021 | $ 321,000 | $ 321,000,000 | |
6,155,898,097 | |||||
Federal Home Loan Mortgage Corp. (FHLMC)-2.83% | |||||
Federal Home Loan Mortgage Corp. (SOFR)(a) | 2.21% | 02/12/2020 | 250,000 | 250,000,000 | |
Federal Home Loan Mortgage Corp. (SOFR + 0.01%)(a) | 2.22% | 07/22/2020 | 119,000 | 119,000,000 | |
Federal Home Loan Mortgage Corp. (SOFR + 0.04%)(a) | 2.25% | 12/14/2020 | 150,000 | 150,000,000 | |
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) | 2.24% | 02/05/2021 | 315,000 | 315,000,000 | |
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) | 2.24% | 02/19/2021 | 55,000 | 55,000,000 | |
889,000,000 | |||||
Federal National Mortgage Association (FNMA)-1.82% | |||||
Federal National Mortgage Association (SOFR + 0.01%)(a) | 2.22% | 05/22/2020 | 215,000 | 215,000,000 | |
Federal National Mortgage Association (SOFR + 0.06%)(a) | 2.27% | 07/30/2020 | 63,000 | 63,000,000 | |
Federal National Mortgage Association (SOFR + 0.04%)(a) | 2.25% | 01/29/2021 | 292,000 | 292,000,000 | |
570,000,000 | |||||
Overseas Private Investment Corp. (OPIC)-1.22% | |||||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 09/15/2020 | 116,000 | 116,000,000 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 06/15/2025 | 24,000 | 24,000,000 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 07/15/2025 | 31,333 | 31,333,334 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 09/15/2025 | 5,000 | 5,000,000 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 09/15/2026 | 5,000 | 5,000,000 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 02/15/2028 | 18,889 | 18,888,889 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 11/15/2028 | 84,091 | 84,090,910 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.25% | 05/15/2030 | 9,282 | 9,282,000 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 10/15/2030 | 8,000 | 8,000,000 | |
Overseas Private Investment Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(b) | 2.22% | 07/09/2026 | 35,700 | 35,700,000 | |
Overseas Private Investment Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 03/15/2030 | 45,000 | 45,000,000 | |
382,295,133 | |||||
Total U.S. Government Sponsored Agency Securities (Cost $8,576,499,243) | 8,576,499,243 | ||||
U.S. Treasury Securities-19.48% | |||||
U.S. Treasury Bills-9.48%(c) | |||||
U.S. Treasury Bills | 2.49% | 09/05/2019 | 450,000 | 449,877,039 | |
U.S. Treasury Bills | 2.15% | 09/10/2019 | 395,000 | 394,788,675 | |
U.S. Treasury Bills | 2.49% | 09/12/2019 | 150,000 | 149,887,479 | |
U.S. Treasury Bills | 2.47%-2.48% | 09/19/2019 | 450,000 | 449,449,650 | |
U.S. Treasury Bills | 2.06% | 09/24/2019 | 400,000 | 399,473,556 | |
U.S. Treasury Bills | 2.06% | 10/01/2019 | 280,000 | 279,551,378 | |
U.S. Treasury Bills | 2.06% | 10/08/2019 | 500,000 | 498,946,527 | |
U.S. Treasury Bills | 1.99% | 10/29/2019 | 150,000 | 149,536,601 | |
U.S. Treasury Bills | 1.87% | 02/20/2020 | 150,000 | 148,674,167 | |
U.S. Treasury Bills | 1.78% | 08/13/2020 | 60,000 | 58,987,917 | |
2,979,172,989 | |||||
U.S. Treasury Notes-10.00%(a) | |||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate) | 1.94% | 01/31/2020 | 170,000 | 169,977,325 |
20 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
U.S. Treasury Notes(a)-(continued) | |||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%) | 1.97% | 04/30/2020 | $ 775,000 | $ 775,008,012 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%) | 1.98% | 07/31/2020 | 535,000 | 534,981,104 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%) | 1.98% | 10/31/2020 | 630,000 | 629,992,456 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%) | 2.05% | 01/31/2021 | 645,000 | 644,786,845 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%) | 2.08% | 04/30/2021 | 390,000 | 390,001,440 | |
3,144,747,182 | |||||
Total U.S. Treasury Securities (Cost $6,123,920,171) | 6,123,920,171 | ||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-46.77% (Cost $14,700,419,414) | 14,700,419,414 | ||||
Repurchase Amount | |||||
Repurchase Agreements-54.66%(d) | |||||
ABN AMRO Bank N.V., joint agreement dated 08/30/2019, aggregate maturing value of $200,047,778 (collateralized by U.S. Treasury obligations valued at $204,000,020; 2.00% - 6.63%; 09/30/2020 - 05/15/2044) | 2.15% | 09/03/2019 | 60,014,333 | 60,000,000 | |
Bank of Nova Scotia, joint agreement dated 08/30/2019, aggregate maturing value of $725,174,806 (collateralized by domestic agency mortgage-backed securities valued at $739,500,000; 2.48% - 6.50%; 11/01/2020 - 07/20/2049) | 2.17% | 09/03/2019 | 465,112,117 | 465,000,000 | |
BNP Paribas Securities Corp., joint term agreement dated 07/23/2019, aggregate maturing value of $2,007,612,222 (collateralized by U.S. Treasury obligations valued at $2,040,000,018; 0% - 4.38%; 01/15/2020 - 02/15/2049)(e) | 2.21% | 09/23/2019 | 903,425,500 | 900,000,000 | |
BNP Paribas Securities Corp., joint term agreement dated 07/23/2019, aggregate maturing value of $752,867,500 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $765,000,000; 0% - 6.75%; 02/06/2020 - 08/20/2049)(e) | 2.22% | 09/23/2019 | 271,032,300 | 270,000,000 | |
BNP Paribas Securities Corp., joint term agreement dated 08/26/2019, aggregate maturing value of $1,000,480,000 (collateralized by U.S. Treasury obligations valued at $1,020,000,010; 0% - 8.00%; 04/23/2020 - 11/15/2046)(e) | 2.16% | 09/03/2019 | 420,201,600 | 420,000,000 | |
CIBC World Markets Corp., joint term agreement dated 07/16/2019, aggregate maturing value of $501,827,361 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 3.00% - 5.00%; 11/01/2026 - 08/01/2049)(e) | 2.23% | 09/13/2019 | 346,260,879 | 345,000,000 | |
CIBC World Markets Corp., joint term agreement dated 08/07/2019, aggregate maturing value of $500,895,833 (collateralized by U.S. Treasury obligations valued at $510,000,083; 0.13% - 4.75%; 12/31/2020 - 11/15/2046)(e) | 2.15% | 09/06/2019 | 300,537,500 | 300,000,000 | |
CIBC World Markets Corp., joint term agreement dated 08/15/2019, aggregate maturing value of $726,543,646 (collateralized by domestic agency mortgage-backed securities valued at $739,500,000; 3.00% - 4.50%; 09/01/2029 - 07/01/2049)(e) | 2.19% | 09/19/2019 | 501,064,583 | 500,000,000 | |
CIBC World Markets Corp., term agreement dated 08/07/2019, maturing value of $500,904,167 (collateralized by domestic agency mortgage-backed securities valued at $510,000,001; 2.70% - 6.00%; 08/01/2023 - 11/15/2056)(e) | 2.17% | 09/06/2019 | 500,904,167 | 500,000,000 | |
Citigroup Global Markets, Inc., joint agreement dated 08/30/2019, aggregate maturing value of $400,096,000 (collateralized by U.S. Treasury obligations valued at $408,000,053; 0% - 0.13%; 04/15/2020 - 08/15/2042) | 2.16% | 09/03/2019 | 370,088,800 | 370,000,000 |
21 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $1,000,237,778 (collateralized by U.S. Treasury obligations valued at $1,020,000,032; 2.00% - 2.63%; 12/15/2021 - 11/15/2026) | 2.14% | 09/03/2019 | $ 480,009,614 | $ 479,895,505 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/23/2019, aggregate maturing value of $802,897,556 (collateralized by U.S. Treasury obligations valued at $816,000,018; 0% - 2.50%; 08/13/2020 - 01/31/2021)(e) | 2.21% | 09/20/2019 | 316,140,912 | 315,000,000 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/06/2019, aggregate maturing value of $500,985,417 (collateralized by U.S. Treasury obligations valued at $510,000,057; 1.00% - 3.38%; 02/28/2021 - 02/15/2049)(e) | 2.15% | 09/09/2019 | 300,591,250 | 300,000,000 | |
Credit Agricole Corporate & Investment Bank, term agreement dated 07/22/2019, maturing value of $150,580,125 (collateralized by a U.S. Treasury obligation valued at $153,000,034; 2.88%; 11/30/2023)(e) | 2.21% | 09/23/2019 | 150,580,125 | 150,000,000 | |
DNB Bank ASA, agreement dated 08/30/2019, maturing value of $300,072,000 (collateralized by U.S. Treasury obligations valued at $306,000,052; 2.00% - 2.63%; 02/28/2021 - 08/15/2025) | 2.16% | 09/03/2019 | 300,072,000 | 300,000,000 | |
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/30/2019, maturing value of $1,000,240,000 (collateralized by U.S. Treasury obligations valued at $1,020,000,048; 2.38% - 2.63%; 12/31/2023 - 02/29/2024) | 2.16% | 09/03/2019 | 1,000,240,000 | 1,000,000,000 | |
Fixed Income Clearing Corp. - State Street Bank, agreement dated 08/30/2019, maturing value of $630,151,200 (collateralized by U.S. Treasury obligations valued at $642,602,285; 2.16%; 06/15/2022 - 07/15/2022) | 2.16% | 09/03/2019 | 630,151,200 | 630,000,000 | |
ING Financial Markets, LLC, agreement dated 08/30/2019, maturing value of $350,084,000 (collateralized by domestic agency mortgage-backed securities valued at $357,000,000; 2.00% - 5.00%; 07/01/2028 - 05/01/2058) | 2.16% | 09/03/2019 | 350,084,000 | 350,000,000 | |
ING Financial Markets, LLC, joint agreement dated 08/30/2019, aggregate maturing value of $265,063,306 (collateralized by U.S. government sponsored agency obligations valued at $270,300,906; 0% - 2.63%; 09/09/2019 - 09/06/2024) | 2.15% | 09/03/2019 | 125,029,861 | 125,000,000 | |
ING Financial Markets, LLC, joint term agreement dated 08/12/2019, aggregate maturing value of $651,383,958 (collateralized by domestic agency mortgage-backed securities valued at $663,000,000; 2.00% - 7.00%; 07/01/2024 - 05/01/2058) | 2.19% | 09/16/2019 | 455,968,771 | 455,000,000 | |
ING Financial Markets, LLC, joint term agreement dated 08/26/2019, aggregate maturing value of $400,191,111 (collateralized by domestic agency mortgage-backed securities valued at $408,000,000; 3.00% - 6.00%; 12/01/2025 - 09/01/2057)(e) | 2.15% | 09/03/2019 | 265,126,611 | 265,000,000 | |
ING Financial Markets, LLC, joint term agreement dated 08/30/2019, aggregate maturing value of $300,125,417 (collateralized by domestic agency mortgage-backed securities valued at $306,000,001; 2.16% - 5.00%; 08/01/2024 - 05/01/2058)(e) | 2.15% | 09/06/2019 | 200,083,611 | 200,000,000 | |
ING Financial Markets, LLC, term agreement dated 08/30/2019, maturing value of $75,153,125 (collateralized by domestic agency mortgage-backed securities valued at $76,500,000; 3.00% - 5.00%; 01/01/2031 - 05/01/2058) | 2.10% | 10/04/2019 | 75,153,125 | 75,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 05/02/2019 (collateralized by a U.S. Treasury obligation and domestic agency mortgage-backed securities valued at $510,000,010; 0% - 7.00%; 01/01/2024 - 02/01/2056)(f) | 2.13% | - | - | 350,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 05/15/2019 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $295,800,000; 0% - 8.50%; 10/01/2020 - 02/01/2057)(f) | 2.17% | - | - | 240,000,000 |
22 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
J.P. Morgan Securities LLC, joint open agreement dated 07/18/2019 (collateralized by U.S. Treasury obligations valued at $357,000,214; 0% - 3.63%; 10/10/2019 - 11/15/2044)(f) | 2.11% | - | $ - | $ 150,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 07/18/2019 (collateralized by U.S. Treasury obligations valued at $583,440,120; 2.13% - 3.75%; 01/31/2023 - 02/15/2049)(f) | 2.15% | - | - | 385,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 05/22/2019 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000; 2.50% - 6.50%; 01/01/2024 - 08/20/2049)(f) | 2.13% | - | - | 250,000,000 | |
Metropolitan Life Insurance Co., joint term agreement dated 08/28/2019, aggregate maturing value of $450,199,671 (collateralized by U.S. Treasury obligations valued at $458,714,349; 0% - 2.63%; 10/01/2019 - 08/15/2047)(e) | 2.22% | 09/04/2019 | 185,080,221 | 185,000,362 | |
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/28/2019, aggregate maturing value of $1,333,325,304 (collateralized by U.S. Treasury obligations valued at $1,358,182,101; 2.00% - 2.38%; 04/30/2024 - 05/15/2029)(e) | 2.22% | 09/04/2019 | 455,821,678 | 455,625,000 | |
Natixis, agreement dated 08/30/2019, maturing value of $600,144,667 (collateralized by U.S. Treasury obligations, U.S. government sponsored agency obligations & domestic agency mortgage-backed securities valued at $612,000,000; 0% - 7.50%; 12/05/2019 - 09/15/2065) | 2.17% | 09/03/2019 | 600,144,667 | 600,000,000 | |
Natixis, joint term agreement dated 07/18/2019, aggregate maturing value of $501,858,333 (collateralized by U.S. Treasury obligations valued at $510,000,002; 0% - 3.38%; 09/19/2019 - 05/15/2049)(e) | 2.23% | 09/16/2019 | 210,780,500 | 210,000,000 | |
Prudential Insurance Co. of America, agreement dated 08/30/2019, maturing value of $585,326,095 (collateralized by U.S. Treasury obligations valued at $597,171,000; 0%; 02/15/2026 - 05/15/2045) | 2.17% | 09/03/2019 | 585,326,095 | 585,185,000 | |
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/30/2019, maturing value of $94,072,677 (collateralized by U.S. Treasury obligations valued at $95,916,500; 0%; 08/15/2033 - 05/15/2045) | 2.17% | 09/03/2019 | 94,072,677 | 94,050,000 | |
RBC Capital Markets LLC, agreement dated 08/30/2019, maturing value of $1,000,241,111 (collateralized by domestic agency mortgage-backed securites, a U.S. government sponsored agency obligation and a U.S. Treasury obligation valued at $1,020,000,052; 1.25% - 4.50%; 03/31/2021 - 07/25/2049) | 2.17% | 09/03/2019 | 1,000,241,111 | 1,000,000,000 | |
RBC Capital Markets LLC, joint term agreement dated 08/15/2019, aggregate maturing value of $1,202,555,000 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,224,000,043; 1.88% - 7.00%; 06/25/2021 - 11/16/2060)(e) | 2.19% | 09/19/2019 | 901,916,250 | 900,000,000 | |
RBC Capital Markets LLC, joint term agreement dated 08/30/2019, aggregate maturing value of $1,250,000,000 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and foreign corporate obligations valued at $1,275,000,210; 0% - 14.19%; 10/10/2019 - 02/20/2069)(a)(e) | 2.16% | 10/30/2019 | 920,000,000 | 920,000,000 | |
RBC Dominion Securities Inc., term agreement dated 08/02/2019, maturing value of $401,173,333 (collateralized by U.S. Treasury obligations valued at $408,000,097; 0% - 6.50%; 09/12/2019 - 02/15/2049)(e) | 2.20% | 09/19/2019 | 401,173,333 | 400,000,000 | |
Societe Generale, joint open agreement dated 06/25/2018 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $510,000,000; 0% - 5.94%; 09/06/2019 - 08/20/2064)(f) | 2.13% | - | - | 320,000,000 | |
Societe Generale, joint term agreement dated 08/28/2019, aggregate maturing value of $500,213,889 (collateralized by U.S. Treasury obligations valued at $510,000,072; 0.13% - 6.00%; 01/15/2020 - 02/15/2047)(e) | 2.20% | 09/04/2019 | 245,104,806 | 245,000,000 | |
Sumitomo Mitsui Banking Corp., joint agreement dated 08/30/2019, aggregate maturing value of $1,500,361,667 (collateralized by domestic agency mortgage-backed securities valued at $1,530,000,000; 3.00% - 3.50%; 08/20/2042 - 04/01/2049) | 2.17% | 09/03/2019 | 358,784,180 | 358,697,694 |
23 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
Wells Fargo Securities, LLC, agreement dated 08/30/2019, maturing value of $760,183,244 (collateralized by domestic agency mortgage-backed securities valued at $775,200,000; 3.00% - 3.50%; 04/01/2049 - 09/01/2049) | 2.17% | 09/03/2019 | $ 760,183,244 | $ 760,000,000 | |
Total Repurchase Agreements (Cost $17,183,453,561) | 17,183,453,561 | ||||
TOTAL INVESTMENTS IN SECURITIES(g)-101.43% (Cost $31,883,872,975) | 31,883,872,975 | ||||
OTHER ASSETS LESS LIABILITIES-(1.43)% | (448,222,322) | ||||
NET ASSETS-100.00% | $ 31,435,650,653 |
LIBOR | -London Interbank Offered Rate |
SOFR | -Secured Overnight Financing Rate |
USD | -U.S. Dollar |
VRD | -Variable Rate Demand |
(a) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2019. |
(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, 2019. |
(c) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(d) | Principal amount equals value at period end. See Note 1I. |
(e) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(f) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
(g) | Also represents cost for federal income tax purposes. |
24 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
U.S. Treasury Securities-108.93% | |||||
U.S. Treasury Bills-85.36%(a) | |||||
U.S. Treasury Bills | 1.98%-2.15% | 09/03/2019 | $ 81,956 | $ 81,946,444 | |
U.S. Treasury Bills | 2.31%-2.49% | 09/05/2019 | 101,800 | 101,773,184 | |
U.S. Treasury Bills | 2.02%-2.14% | 09/10/2019 | 55,760 | 55,730,847 | |
U.S. Treasury Bills | 2.49% | 09/12/2019 | 12,000 | 11,990,998 | |
U.S. Treasury Bills | 2.01%-2.13% | 09/17/2019 | 50,000 | 49,954,155 | |
U.S. Treasury Bills | 2.18%-2.48% | 09/19/2019 | 65,000 | 64,925,975 | |
U.S. Treasury Bills | 2.06%-2.15% | 09/24/2019 | 87,000 | 86,882,329 | |
U.S. Treasury Bills | 2.10% | 09/26/2019 | 32,000 | 31,953,667 | |
U.S. Treasury Bills | 2.11% | 10/01/2019 | 113,000 | 112,813,038 | |
U.S. Treasury Bills | 2.06% | 10/08/2019 | 50,000 | 49,894,653 | |
U.S. Treasury Bills | 2.42% | 10/10/2019 | 45,000 | 44,883,244 | |
U.S. Treasury Bills | 1.96% | 10/15/2019 | 37,000 | 36,911,817 | |
U.S. Treasury Bills | 2.42% | 10/17/2019 | 30,000 | 29,908,383 | |
U.S. Treasury Bills | 1.99% | 10/22/2019 | 40,000 | 39,887,517 | |
U.S. Treasury Bills | 1.99% | 10/29/2019 | 25,000 | 24,922,767 | |
U.S. Treasury Bills | 2.00% | 11/07/2019 | 40,000 | 39,851,855 | |
U.S. Treasury Bills | 1.97% | 11/14/2019 | 15,000 | 14,939,567 | |
U.S. Treasury Bills | 1.91% | 11/21/2019 | 30,000 | 29,871,750 | |
U.S. Treasury Bills | 1.96% | 11/29/2019 | 15,000 | 14,927,687 | |
U.S. Treasury Bills | 1.91% | 02/13/2020 | 10,000 | 9,913,375 | |
U.S. Treasury Bills | 1.87% | 02/20/2020 | 5,000 | 4,955,806 | |
U.S. Treasury Bills | 1.86% | 02/27/2020 | 5,000 | 4,954,256 | |
U.S. Treasury Bills | 1.77% | 08/13/2020 | 5,000 | 4,916,021 | |
948,709,335 | |||||
U.S. Treasury Notes-23.57%(b) | |||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%) | 1.99% | 10/31/2019 | 35,000 | 34,999,967 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate) | 1.94% | 01/31/2020 | 30,000 | 29,992,786 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%) | 1.97% | 04/30/2020 | 35,000 | 35,000,454 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%) | 1.98% | 07/31/2020 | 29,000 | 28,999,479 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%) | 1.98% | 10/31/2020 | 35,000 | 34,998,675 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%) | 2.05% | 01/31/2021 | 33,000 | 32,980,913 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%) | 2.08% | 04/30/2021 | 24,000 | 23,999,707 | |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%) | 2.16% | 07/31/2021 | 41,000 | 40,999,282 | |
261,971,263 | |||||
TOTAL INVESTMENTS IN SECURITIES-108.93% (Cost $1,210,680,598) | 1,210,680,598 | ||||
OTHER ASSETS LESS LIABILITIES-(8.93)% | (99,289,902) | ||||
NET ASSETS-100.00% | $ 1,111,390,696 |
25 | Short-Term Investments Trust |
Invesco Treasury Obligations Portfolio
(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, 2019. |
26 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Municipal Obligations-99.71% | ||||||
Alabama-3.61% | ||||||
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC-Swedbank AB)(a)(b)(c) | 1.46% | 07/01/2040 | $8,405 | $ 8,405,000 | ||
Arizona-4.14% | ||||||
Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, Ref. VRD RB (LOC-Bank Of America, N.A.)(b)(c) | 1.25% | 01/01/2046 | 5,280 | 5,280,000 | ||
Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD RB (CEP-FNMA)(b) | 1.28% | 06/15/2031 | 1,745 | 1,745,000 | ||
Sierra Vista (City of), AZ Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD RB (CEP-FNMA)(b) | 1.28% | 06/15/2031 | 2,595 | 2,595,000 | ||
9,620,000 | ||||||
Colorado-0.35% | ||||||
Boulder (County of), CO (Imagine!); Series 2006, VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.40% | 02/01/2031 | 823 | 823,000 | ||
Delaware-1.40% | ||||||
Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.28% | 05/01/2036 | 2,900 | 2,900,000 | ||
Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.29% | 05/01/2036 | 345 | 345,000 | ||
3,245,000 | ||||||
District of Columbia-1.84% | ||||||
District of Columbia (American University); Series 1998 A, VRD RB (LOC-TD Bank, N.A.)(b)(c) | 1.25% | 08/15/2038 | 245 | 245,000 | ||
Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD RB (LOC-Sumitomo Mitsui Banking Corp.)(a)(b)(c) | 1.25% | 10/01/2039 | 4,035 | 4,035,000 | ||
4,280,000 | ||||||
Florida-5.50% | ||||||
Halifax Hospital Medical Center; Series 2008, Ref. VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.30% | 06/01/2048 | 910 | 910,000 | ||
Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC-Northern Trust Co. (The))(b)(c) | 1.35% | 11/01/2036 | 1,580 | 1,580,000 | ||
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) | 1.32% | 07/01/2032 | 1,965 | 1,965,000 | ||
Pinellas (County of), FL Health Facilities Authority (Baycare Health System); Series 2009 A-2, VRD RB (LOC-Northern Trust Co. (The))(b)(c) | 1.28% | 11/01/2038 | 5,445 | 5,445,000 | ||
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2008 B, Ref. VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.25% | 07/01/2037 | 2,900 | 2,900,000 | ||
12,800,000 | ||||||
Georgia-7.53% | ||||||
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC-BMO Harris Bank N.A.)(b)(c) | 1.29% | 11/01/2030 | 2,500 | 2,500,000 | ||
Georgia (State of) Private College and University Authority; Series 2019, Commercial Paper Notes | 1.55% | 09/05/2019 | 3,400 | 3,400,000 | ||
Georgia (State of) Private Colleges & Universities Authority (Emory University); Series 2005 B-2, VRD RB(b) | 1.28% | 09/01/2035 | 3,690 | 3,690,000 | ||
Glynn-Brunswick Memorial Hospital Authority (Southeast Georgia Health System); Series 2008 B, VRD RAN (LOC-TD Bank, N.A.)(b)(c) | 1.27% | 08/01/2038 | 1,400 | 1,400,000 | ||
Monroe (County of), GA Development Authority (Oglethorpe Power Corp. Scherer); | ||||||
Series 2009 A, VRD PCR (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.30% | 01/01/2030 | 2,420 | 2,420,000 | ||
Series 2010 A, Ref. VRD PCR (LOC-Bank of Montreal)(b)(c) | 1.30% | 01/01/2036 | 3,700 | 3,700,000 |
27 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Georgia-(continued) | ||||||
Richmond (County of), GA Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000,VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.40% | 09/01/2020 | $ 400 | $ 400,000 | ||
17,510,000 | ||||||
Illinois-2.61% | ||||||
Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(b) | 1.26% | 12/01/2046 | 4,935 | 4,935,000 | ||
Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC-Northern Trust Co. (The))(b)(c) | 1.20% | 01/01/2037 | 875 | 875,000 | ||
Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC-U.S. Bank N.A.)(b)(c) | 1.29% | 10/01/2033 | 250 | 250,000 | ||
6,060,000 | ||||||
Indiana-5.90% | ||||||
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.35% | 08/01/2037 | 4,505 | 4,505,000 | ||
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC-Rabobank Nederland)(a)(b)(c) | 1.31% | 06/01/2035 | 6,135 | 6,135,000 | ||
Purdue University; Series 2011 A, VRD COP(b) | 1.22% | 07/01/2035 | 3,082 | 3,081,500 | ||
13,721,500 | ||||||
Louisiana-1.70% | ||||||
East Baton Rouge (Parish of), LA Industrial Development Board (ExxonMobil); Series 2010 A, VRD RB(b) | 1.26% | 09/05/2019 | 1,526 | 1,526,000 | ||
Louisiana (State of) Public Facilities Authority (CHRISTUS Health); Series 2009 B-3, Ref. VRD RB (LOC-Bank of New York Mellon (The))(b)(c) | 1.25% | 07/01/2047 | 1,490 | 1,490,000 | ||
St. James (Parish of), LA (Nustar Logistics, L.P.); Series 2010 B, VRD RB (LOC-MUFG Bank, Ltd.)(a)(b)(c) | 1.29% | 12/01/2040 | 930 | 930,000 | ||
3,946,000 | ||||||
Maryland-3.46% | ||||||
Maryland (State of) Health & Higher Educational Facilities Authority (Johns Hopkins Hospital); Series 2019 B, Commercial Paper Notes | 1.31% | 10/02/2019 | 3,000 | 3,000,000 | ||
Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC-TD Bank, N.A.)(b)(c) | 1.25% | 04/01/2035 | 300 | 300,000 | ||
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical); Series 2008E, VRD RB (LOC-Bank of Montreal)(b)(c) | 1.22% | 07/01/2041 | 2,600 | 2,600,000 | ||
Montgomery (County of), MD; Series 2009 B, Commercial Paper BAN | 1.36% | 10/10/2019 | 2,150 | 2,150,000 | ||
8,050,000 | ||||||
Massachusetts-1.09% | ||||||
Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC-TD Bank, N.A.)(b)(c) | 1.25% | 10/01/2038 | 1,425 | 1,425,000 | ||
Massachusetts (State of) Transportation Trust Fund; Series 2010 A-1, VRD RB (LOC-Citibank, N.A.)(b)(c) | 1.25% | 01/01/2037 | 1,100 | 1,100,000 | ||
2,525,000 | ||||||
Michigan-2.55% | ||||||
Kent (County of), MI Hospital Finance Authority (Spectrum Health System); Series 2008 C, Ref. VRD RB (LOC-Bank of New York Mellon (The))(b)(c) | 1.29% | 01/15/2026 | 385 | 385,000 | ||
Michigan State University Board of Trustees; Series 2000 A-1, VRD RB (CEP -Royal Bank of Canada)(b) | 1.28% | 08/15/2030 | 1,300 | 1,300,000 | ||
Oakland University Board of Trustees; Series 2008, Ref. VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.28% | 03/01/2031 | 4,240 | 4,240,000 | ||
5,925,000 | ||||||
Minnesota-7.98% | ||||||
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP-FNMA)(b) | 1.36% | 10/15/2033 | 1,175 | 1,175,000 |
28 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Minnesota-(continued) | ||||||
Minnesota (State of) Higher Education Facilities Authority (Concordia University, St. Paul); Series 2007 Six-Q, VRD RB (LOC-U.S. Bank N.A.)(b)(c) | 1.31% | 04/01/2037 | $6,825 | $ 6,825,000 | ||
Minnetonka (City of), MN (Minnetonka Hills Apartments); Series 2001, Ref. VRD RB (CEP-FNMA)(b) | 1.37% | 11/15/2031 | 1,860 | 1,860,000 | ||
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP-FHLMC)(b) | 1.28% | 11/01/2035 | 5,470 | 5,470,000 | ||
St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP -FHLMC)(b) | 1.28% | 10/01/2033 | 3,215 | 3,215,000 | ||
18,545,000 | ||||||
Mississippi-2.40% | ||||||
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); | ||||||
Series 2010 C, VRD IDR(b) | 1.29% | 12/01/2030 | 585 | 585,000 | ||
Series 2010 E, VRD IDR(b) | 1.29% | 12/01/2030 | 5,000 | 5,000,000 | ||
5,585,000 | ||||||
Missouri-1.37% | ||||||
Bridgeton (City of), MO IDA (Stolze Printing); Series 2010, VRD RB (LOC-FHLB of Chicago)(b)(c) | 1.28% | 11/01/2037 | 485 | 485,000 | ||
Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC-FHLB of Chicago)(b)(c) | 1.29% | 08/01/2038 | 610 | 610,000 | ||
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2000, VRD RB (LOC-Bank of America, N.A.)(b)(c) | 1.34% | 02/01/2031 | 1,799 | 1,799,000 | ||
Springfield (City of), MO Industrial Development Authority (Pebblecreek Apartments); Series 1994, Ref. VRD RB (LOC-FHLB of Des Moines)(b)(c) | 1.40% | 12/01/2019 | 295 | 295,000 | ||
3,189,000 | ||||||
New York-11.35% | ||||||
Metropolitan Transportation Authority; Subseries 2005 D-2, VRD RB (LOC -Landesbank Hessen-Thueringen Girozentrale)(a)(b)(c) | 1.18% | 11/01/2035 | 5,350 | 5,350,000 | ||
New York (City of), NY; | ||||||
Subseries 2015 F-5, VRD GO Bonds(b) | 1.25% | 06/01/2044 | 7,000 | 7,000,000 | ||
Subseries 2010 G-4, VRD GO Bonds (CEP-Barclays Bank PLC)(b) | 1.28% | 03/01/2039 | 2,935 | 2,935,000 | ||
New York (City of), NY Municipal Water Finance Authority; Subseries 2012 A-1, VRD RB(b) | 1.25% | 06/15/2044 | 3,310 | 3,310,000 | ||
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) | 1.27% | 05/01/2039 | 2,000 | 2,000,000 | ||
New York (State of) Housing Finance Agency (222 East 44th Street Housing); Series 2015 A, VRD RB (LOC -Bank of China Ltd.)(b)(c) | 1.31% | 05/01/2050 | 1,000 | 1,000,000 | ||
New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2015 A, VRD RB (LOC-Bank of China Ltd.)(a)(b)(c) | 1.33% | 11/01/2049 | 4,800 | 4,800,000 | ||
26,395,000 | ||||||
North Carolina-3.03% | ||||||
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1991 B, VRD RB(b) | 1.20% | 12/01/2021 | 2,550 | 2,550,000 | ||
Raleigh & Durham (Cities of), NC Airport Authority; Series 2008 C, Ref. VRD RB (LOC - TD Bank, N.A.)(b)(c) | 1.24% | 05/01/2036 | 4,500 | 4,500,000 | ||
7,050,000 | ||||||
Ohio-4.95% | ||||||
Franklin (County of), OH (OhioHealth Corp.); Series 2009 A, Ref. VRD RB(b) | 1.28% | 11/15/2041 | 7,890 | 7,890,000 | ||
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC-U.S. Bank N.A.)(b)(c) | 1.28% | 08/02/2038 | 415 | 415,000 | ||
Ohio (State of) Higher Educational Facility Commission (Cleveland Clinic Health System Obligated Group); Series 2013 B-2, VRD RB(b) | 1.28% | 01/01/2039 | 3,200 | 3,200,000 | ||
11,505,000 |
29 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Pennsylvania-3.90% | ||||||
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC -PNC Bank, N.A.)(b)(c) | 1.28% | 06/01/2037 | $2,845 | $ 2,845,000 | ||
Haverford Township School District; Series 2009, VRD GO Bonds (LOC-TD Bank, N.A.)(b)(c) | 1.27% | 03/01/2030 | 2,795 | 2,795,000 | ||
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.28% | 10/15/2025 | 866 | 866,000 | ||
Ridley School District; Series 2009, VRD GO Bonds (LOC-TD Bank N.A.)(b)(c) | 1.27% | 11/01/2029 | 250 | 250,000 | ||
Westmoreland (County of), PA Industrial Development Authority (Excela Health); Series 2005 A, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.28% | 07/01/2027 | 2,305 | 2,305,000 | ||
9,061,000 | ||||||
Texas-9.99% | ||||||
Gulf Coast Industrial Development Authority (ExxonMobil); Series 2012, VRD RB(b) | 1.25% | 11/01/2041 | 4,000 | 4,000,000 | ||
Harris (County of), TX; Series 2019 C, GO Commercial Paper Notes | 1.30% | 10/03/2019 | 1,350 | 1,350,000 | ||
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.31% | 02/15/2042 | 4,050 | 4,050,000 | ||
Houston (City of), TX; Series 2019 E-2, GO Commercial Paper Notes | 1.32% | 09/11/2019 | 2,500 | 2,500,000 | ||
Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC-Sumitomo Mitsui Banking Corp.)(a)(b)(c) | 1.27% | 05/15/2034 | 1,100 | 1,100,000 | ||
San Gabriel Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.32% | 04/01/2026 | 2,332 | 2,332,000 | ||
Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP-FHLMC)(b) | 1.28% | 05/01/2042 | 2,865 | 2,865,000 | ||
Texas A&M University System Board of Regents; Series 2019 B, Revenue Financing System Commercial Paper Notes | 1.28% | 12/04/2019 | 400 | 400,000 | ||
University of Texas System Board of Regents; Series 2008 B, VRD RB(b) | 1.20% | 08/01/2025 | 4,620 | 4,620,000 | ||
23,217,000 | ||||||
Utah-2.92% | ||||||
Murray (City of), UT (IHC Health Services, Inc.); Series 2003 B, VRD RB(b) | 1.25% | 05/15/2036 | 5,800 | 5,800,000 | ||
Weber (County of), UT (IHC Health Services, Inc.); Series 2000A, VRD RB(b) | 1.25% | 02/15/2031 | 1,000 | 1,000,000 | ||
6,800,000 | ||||||
Virginia-3.25% | ||||||
Norfolk (City of), VA; Series 2007, VRD GO Bonds(b) | 1.25% | 08/01/2037 | 2,900 | 2,900,000 | ||
University of Virginia System Board of Regents; | ||||||
Series 2019 A, Commercial Paper | 1.32% | 09/04/2019 | 3,250 | 3,250,000 | ||
Series 2019 A, Commercial Paper Notes | 1.32% | 09/10/2019 | 1,400 | 1,400,000 | ||
7,550,000 | ||||||
Washington-2.81% | ||||||
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB (LOC-FHLB of San Francisco)(b)(c) | 1.30% | 09/01/2049 | 2,050 | 2,050,000 | ||
Washington (State of) Housing Finance Commission (Redmond Ridge Apartments); Series 2017, VRD RB (LOC-FHLB of San Francisco)(b)(c) | 1.30% | 11/01/2047 | 4,485 | 4,485,000 | ||
6,535,000 | ||||||
West Virginia-2.33% | ||||||
Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC-Bank of America, N.A.)(b)(c) | 1.34% | 07/01/2039 | 945 | 945,000 | ||
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hosp, Inc.); Series 2008 B, Ref. VRD RB (LOC-Branch Banking & Trust Co.)(b)(c) | 1.30% | 01/01/2034 | 4,465 | 4,465,000 | ||
5,410,000 |
30 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
Wisconsin-1.75% | |||||
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC-FHLB of Chicago)(b)(c) | 1.28% | 10/01/2042 | $4,065 | $ 4,065,000 | |
TOTAL INVESTMENTS IN SECURITIES(d)(e)-99.71% (Cost $231,817,500) | 231,817,500 | ||||
OTHER ASSETS LESS LIABILITIES-0.29% | 679,773 | ||||
NET ASSETS-100.00% | $232,497,273 |
BAN | - Bond Anticipation Notes |
CEP | - Credit Enhancement Provider |
COP | - Certificates of Participation |
FHLB | - Federal Home Loan Bank |
FHLMC | - Federal Home Loan Mortgage Corp. |
FNMA | - Federal National Mortgage Association |
GO | - General Obligation |
IDR | - Industrial Development Revenue Bonds |
LOC | - Letter of Credit |
PCR | - Pollution Control Revenue Bonds |
RAN | - Revenue Anticipation Notes |
RB | - Revenue Bonds |
Ref. | - Refunding |
VRD | - Variable Rate Demand |
(a) | The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: other countries less than 5% each: 14.1%. |
(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, 2019. |
(c) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(d) | Also represents cost for federal income tax purposes. |
(e) | This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. |
Entities | Percentage |
JPMorgan Chase Bank, N.A. | 6.0% |
Federal Home Loan Bank | 5.2 |
31 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | Invesco Treasury Obligations Portfolio | Invesco Tax-Free Cash Reserve Portfolio | |||||||
Assets: | ||||||||||||
Investments in securities, at value | $1,652,413,405 | $369,546,518 | $8,872,728,931 | $14,700,419,414 | $1,210,680,598 | $231,817,500 | ||||||
Repurchase agreements, at value and cost | 809,909,978 | 286,317,243 | 12,480,317,695 | 17,183,453,561 | - | - | ||||||
Cash | 6,990 | - | - | - | 30,686 | - | ||||||
Receivable for: | ||||||||||||
Investments sold | - | - | - | - | - | 635,000 | ||||||
Interest | 2,000,788 | 246,253 | 17,612,267 | 36,396,253 | 480,845 | 291,790 | ||||||
Investment for trustee deferred compensation and retirement plans | 3,581,687 | 992,582 | 2,125,285 | 968,531 | 113,150 | 349,608 | ||||||
Other assets | 25,265 | 155,655 | 60,292 | 104,838 | 27,039 | 77,824 | ||||||
Total assets | 2,467,938,113 | 657,258,251 | 21,372,844,470 | 31,921,342,597 | 1,211,332,318 | 233,171,722 | ||||||
Liabilities: | ||||||||||||
Payable for: | ||||||||||||
Investments purchased | - | - | - | 429,087,979 | 97,805,805 | - | ||||||
Dividends | 4,543,433 | 1,150,957 | 36,791,120 | 52,409,868 | 1,865,273 | 197,452 | ||||||
Accrued fees to affiliates | 131,083 | 22,938 | 1,662,179 | 1,646,568 | 92,460 | 53,424 | ||||||
Accrued trustees’ and officers’ fees and benefits | 1,907 | 975 | 11,732 | 12,400 | 1,308 | 836 | ||||||
Accrued operating expenses | 56,706 | 43,639 | 321,350 | 1,388,876 | 50,894 | 42,046 | ||||||
Trustee deferred compensation and retirement plans | 3,944,239 | 1,083,120 | 2,418,500 | 1,146,253 | 125,882 | 380,691 | ||||||
Total liabilities | 8,677,368 | 2,301,629 | 41,204,881 | 485,691,944 | 99,941,622 | 674,449 | ||||||
Net assets applicable to shares outstanding | $2,459,260,745 | $654,956,622 | $21,331,639,589 | $31,435,650,653 | $1,111,390,696 | $232,497,273 | ||||||
Net assets consist of: | ||||||||||||
Shares of beneficial interest | $2,458,474,734 | $654,140,847 | $21,330,956,470 | $31,435,409,972 | $1,111,429,025 | $232,621,319 | ||||||
Distributable earnings | 786,011 | 815,775 | 683,119 | 240,681 | (38,329) | (124,046) | ||||||
$2,459,260,745 | $654,956,622 | $21,331,639,589 | $31,435,650,653 | $1,111,390,696 | $232,497,273 | |||||||
Net Assets: | ||||||||||||
Institutional Class | $2,444,252,763 | $652,150,754 | $18,717,318,208 | $30,003,318,534 | $1,045,046,413 | $161,038,615 | ||||||
Private Investment Class | $4,717,825 | $1,347,722 | $506,027,277 | $532,584,787 | $9,483,273 | $20,488,945 | ||||||
Personal Investment Class | $10,250 | $440,566 | $360,256,303 | $15,991,514 | $111,660 | $2,541,969 | ||||||
Cash Management Class | $9,287,988 | $600,129 | $396,685,434 | $365,002,796 | $1,894,340 | $27,298,191 | ||||||
Reserve Class | $302,530 | $273,325 | $289,624,723 | $297,787,452 | $54,711,045 | $20,002,077 | ||||||
Resource Class | $362,690 | $123,273 | $632,598,422 | $180,616,636 | $133,548 | $1,117,282 | ||||||
Corporate Class | $326,699 | $20,853 | $429,129,222 | $40,348,934 | $10,417 | $10,194 |
32 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | Invesco Treasury Obligations Portfolio | Invesco Tax-Free Cash Reserve Portfolio | |||||||
Shares outstanding, no par value, unlimited number of shares authorized: | ||||||||||||
Institutional Class | 2,443,213,124 | 652,105,073 | 18,716,061,403 | 30,002,980,665 | 1,045,028,778 | 161,020,903 | ||||||
Private Investment Class | 4,715,835 | 1,347,624 | 505,993,311 | 532,578,798 | 9,483,185 | 20,486,688 | ||||||
Personal Investment Class | 10,246 | 440,538 | 360,232,128 | 15,991,334 | 111,659 | 2,541,689 | ||||||
Cash Management Class | 9,284,041 | 600,083 | 396,658,801 | 364,998,685 | 1,894,310 | 27,295,183 | ||||||
Reserve Class | 302,403 | 273,305 | 289,605,295 | 297,784,116 | 54,710,204 | 19,999,874 | ||||||
Resource Class | 362,536 | 123,264 | 632,555,953 | 180,614,603 | 133,545 | 1,117,159 | ||||||
Corporate Class | 326,561 | 20,851 | 429,100,409 | 40,348,480 | 10,417 | 10,192 | ||||||
Net asset value, offering and redemption price per share for each class | $1.0004 | $1.0001 | $1.00 | $1.00 | $1.00 | $1.00 | ||||||
Cost of Investments | $2,461,708,828 | $655,819,481 | $21,353,046,626 | $31,883,872,975 | $1,210,680,598 | $231,817,500 |
33 | Short-Term Investments Trust |
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 | $58,997,404 | $13,072,442 | $531,474,749 | $562,361,092 | $28,433,379 | $3,323,454 | ||||||
Expenses: | ||||||||||||
Advisory fees | 3,476,401 | 802,502 | 33,770,118 | 23,847,615 | 1,595,144 | 422,000 | ||||||
Administrative services fees | 1,072,930 | 259,357 | 9,269,556 | 9,626,858 | 588,371 | 99,830 | ||||||
Custodian fees | 22,369 | 6,085 | 464,011 | 1,482,010 | 23,396 | 3,797 | ||||||
Distribution fees: | ||||||||||||
Private Investment Class | 15,623 | 4,042 | 1,551,110 | 1,379,647 | 14,747 | 67,529 | ||||||
Personal Investment Class | 59 | 2,852 | 1,115,198 | 69,547 | 1,332 | 2,164 | ||||||
Cash Management Class | 8,569 | 529 | 324,445 | 289,255 | 1,634 | 24,319 | ||||||
Reserve Class | 3,402 | 2,362 | 1,996,841 | 2,554,994 | 377,493 | 138,895 | ||||||
Resource Class | 1,896 | 203 | 1,037,401 | 360,071 | 245 | 7,642 | ||||||
Corporate Class | 314 | 6 | 114,183 | 24,373 | 3 | 4 | ||||||
Transfer agent fees | 208,584 | 48,150 | 2,026,207 | 2,146,285 | 109,813 | 18,990 | ||||||
Trustees’ and officers’ fees and benefits | 49,524 | 25,742 | 326,042 | 328,275 | 35,901 | 21,302 | ||||||
Registration and filing fees | 88,213 | 95,159 | 179,016 | 233,594 | 90,984 | 94,951 | ||||||
Reports to shareholders | 14,401 | 12,129 | 54,941 | 132,025 | 13,832 | 9,161 | ||||||
Professional services fees | 70,364 | 52,077 | 216,543 | 541,442 | 63,310 | 43,942 | ||||||
Other | 61,471 | 46,668 | 391,565 | 873,467 | 68,910 | 19,969 | ||||||
Total expenses | 5,094,120 | 1,357,863 | 52,837,177 | 43,889,458 | 2,985,115 | 974,495 | ||||||
Less: Fees waived | (892,555) | (384,860) | (6,173,902) | - | (393,405) | (311,056) | ||||||
Net expenses | 4,201,565 | 973,003 | 46,663,275 | 43,889,458 | 2,591,710 | 663,439 | ||||||
Net investment income | 54,795,839 | 12,099,439 | 484,811,474 | 518,471,634 | 25,841,669 | 2,660,015 | ||||||
Realized and unrealized gain (loss) from: | �� | |||||||||||
Net realized gain from investment securities | 29,559 | 723 | 204,798 | 224,974 | 17,726 | - | ||||||
Change in net unrealized appreciation (depreciation) of investment securities | (26,913) | (10,820) | - | - | - | - | ||||||
Net realized and unrealized gain (loss) | 2,646 | (10,097) | 204,798 | 224,974 | 17,726 | - | ||||||
Net increase in net assets resulting from operations | $54,798,485 | $12,089,342 | $485,016,272 | $518,696,608 | $25,859,395 | $2,660,015 |
34 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Operations: | ||||||||
Net investment income | $54,795,839 | $34,753,060 | $12,099,439 | $6,737,661 | ||||
Net realized gain | 29,559 | 16,174 | 723 | 1,558 | ||||
Change in net unrealized appreciation (depreciation) | (26,913) | 610,550 | (10,820) | 45,561 | ||||
Net increase in net assets resulting from operations | 54,798,485 | 35,379,784 | 12,089,342 | 6,784,780 | ||||
Distributions to shareholders from distributable earnings: | ||||||||
Institutional Class | (54,388,381) | (34,416,266) | (12,042,840) | (6,691,735) | ||||
Private Investment Class | (107,595) | (82,653) | (26,438) | (20,355) | ||||
Personal Investment Class | (199) | (116) | (8,858) | (5,967) | ||||
Cash Management Class | (248,909) | (120,608) | (14,390) | (13,942) | ||||
Reserve Class | (5,872) | (4,925) | (3,794) | (2,844) | ||||
Resource Class | (20,589) | (15,304) | (2,658) | (2,517) | ||||
Corporate Class | (24,294) | (113,188) | (461) | (301) | ||||
Total distributions from distributable earnings | (54,795,839) | (34,753,060) | (12,099,439) | (6,737,661) | ||||
Share transactions-net: | ||||||||
Institutional Class | 100,799,791 | 2,046,652,052 | 127,368,867 | 100,814,065 | ||||
Private Investment Class | (1,144,582) | (1,120,462) | (241,794) | (255,402) | ||||
Personal Investment Class | (984) | 10 | (175,590) | 5,508 | ||||
Cash Management Class | 3,104,748 | (1,557,953) | (178,908) | (369,075) | ||||
Reserve Class | (115,774) | (526,153) | 3,716 | (231,056) | ||||
Resource Class | (632,819) | (331,634) | (62,642) | 2,359 | ||||
Corporate Class | (1,599,196) | (7,555,486) | 457 | 285 | ||||
Net increase in net assets resulting from share transactions | 100,411,184 | 2,035,560,374 | 126,714,106 | 99,966,684 | ||||
Net increase in net assets | 100,413,830 | 2,036,187,098 | 126,704,009 | 100,013,803 | ||||
Net assets: | ||||||||
Beginning of year | 2,358,846,915 | 322,659,817 | 528,252,613 | 428,238,810 | ||||
End of year | $2,459,260,745 | $2,358,846,915 | $654,956,622 | $528,252,613 | ||||
35 | Short-Term Investments Trust |
Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Operations: | ||||||||
Net investment income | $484,811,474 | $343,381,843 | $518,471,634 | $358,626,619 | ||||
Net realized gain | 204,798 | 299,297 | 224,974 | 338,020 | ||||
Net increase in net assets resulting from operations | 485,016,272 | 343,681,140 | 518,696,608 | 358,964,639 | ||||
Distributions to shareholders from distributable earnings: | ||||||||
Institutional Class | (438,858,990) | (316,976,537) | (491,630,206) | (343,597,288) | ||||
Private Investment Class | (9,738,598) | (5,753,138) | (8,737,051) | (4,396,499) | ||||
Personal Investment Class | (3,312,891) | (1,091,648) | (207,870) | (87,553) | ||||
Cash Management Class | (8,499,805) | (5,455,079) | (7,669,515) | (3,514,488) | ||||
Reserve Class | (3,008,307) | (1,727,217) | (3,929,202) | (1,593,154) | ||||
Resource Class | (13,201,572) | (6,151,737) | (4,570,537) | (3,257,378) | ||||
Corporate Class | (8,191,311) | (6,226,487) | (1,727,253) | (2,180,259) | ||||
Total distributions from distributable earnings | (484,811,474) | (343,381,843) | (518,471,634) | (358,626,619) | ||||
Share transactions-net: | ||||||||
Institutional Class | (1,514,751,400) | (2,572,323,178) | 7,673,132,994 | (5,361,767,419) | ||||
Private Investment Class | (11,707,755) | (57,087,888) | 106,832,736 | (84,746,276) | ||||
Personal Investment Class | 242,362,528 | (22,360,529) | 7,670,768 | (12,808,614) | ||||
Cash Management Class | (50,068,678) | (32,654,595) | 31,650,960 | 164,319,452 | ||||
Reserve Class | 61,097,539 | (22,210,837) | 88,155,960 | 38,672,367 | ||||
Resource Class | 107,165,894 | 48,590,008 | (51,677,589) | (109,853,171) | ||||
Corporate Class | (38,240,138) | (140,464,356) | (105,927,589) | (178,162,120) | ||||
Net increase (decrease) in net assets resulting from share transactions | (1,204,142,010) | (2,798,511,375) | 7,749,838,240 | (5,544,345,781) | ||||
Net increase (decrease) in net assets | (1,203,937,212) | (2,798,212,078) | 7,750,063,214 | (5,544,007,761) | ||||
Net assets: | ||||||||
Beginning of year | 22,535,576,801 | 25,333,788,879 | 23,685,587,439 | 29,229,595,200 | ||||
End of year | $21,331,639,589 | $22,535,576,801 | $31,435,650,653 | $23,685,587,439 | ||||
36 | Short-Term Investments Trust |
Invesco Treasury Obligations Portfolio | Invesco Tax-Free Cash Reserve Portfolio | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Operations: | ||||||||
Net investment income | $25,841,669 | $17,884,636 | $2,660,015 | $1,799,189 | ||||
Net realized gain (loss) | 17,726 | 28,696 | - | (4,370) | ||||
Net increase in net assets resulting from operations | 25,859,395 | 17,913,332 | 2,660,015 | 1,794,819 | ||||
Distributions to shareholders from distributable earnings: | ||||||||
Institutional Class | (25,123,428) | (17,548,675) | (1,816,364) | (1,178,614) | ||||
Private Investment Class | (111,394) | (32,722) | (305,352) | (257,237) | ||||
Personal Investment Class | (3,844) | (1,848) | (2,466) | (2,800) | ||||
Cash Management Class | (41,719) | (30,650) | (395,402) | (244,208) | ||||
Reserve Class | (557,964) | (269,491) | (80,976) | (64,811) | ||||
Resource Class | (3,101) | (1,118) | (59,305) | (51,452) | ||||
Corporate Class | (219) | (132) | (150) | (67) | ||||
Total distributions from distributable earnings | (25,841,669) | (17,884,636) | (2,660,015) | (1,799,189) | ||||
Share transactions-net: | ||||||||
Institutional Class | (235,306,840) | (26,061,641) | 33,374,672 | 16,846,975 | ||||
Private Investment Class | 3,398,983 | 2,860,154 | (7,570,673) | 709,862 | ||||
Personal Investment Class | (283,153) | 346,971 | 2,531,656 | (1,995,739) | ||||
Cash Management Class | (1,270,980) | 1,547,656 | (4,585,853) | 4,269,240 | ||||
Reserve Class | 21,314,012 | (2,229,222) | 5,850,867 | 492,985 | ||||
Resource Class | 38,286 | 1,077 | (1,381,960) | (3,499,087) | ||||
Corporate Class | 216 | 124 | 135 | 10,056 | ||||
Net increase (decrease) in net assets resulting from share transactions | (212,109,476) | (23,534,881) | 28,218,844 | 16,834,292 | ||||
Net increase (decrease) in net assets | (212,091,750) | (23,506,185) | 28,218,844 | 16,829,922 | ||||
Net assets: | ||||||||
Beginning of year | 1,323,482,446 | 1,346,988,631 | 204,278,429 | 187,448,507 | ||||
End of year | $1,111,390,696 | $1,323,482,446 | $232,497,273 | $204,278,429 | ||||
37 | Short-Term Investments Trust |
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expense reimbursements | Ratio of expenses to average net assets without fee waivers and/or expense reimbursements | Ratio of net investment income to average net assets | |
Invesco Liquid Assets Portfolio | |||||||||||||
Year ended 08/31/19 | $1.0004 | $0.0182 | $0.0000 | $0.0182 | $(0.0182) | $- | $(0.0182) | $1.0004 | 1.83% | $10 | 0.73%(c) | 0.77%(c) | 1.82%(c) |
Year ended 08/31/18 | 1.0002 | 0.0118 | (0.0011) | 0.0107 | (0.0105) | - | (0.0105) | 1.0004 | 1.07 | 11 | 0.73 | 0.78 | 1.18 |
Year ended 08/31/17 | 1.00 | 0.0019 | 0.0019 | 0.0038 | (0.0031) | (0.0005) | (0.0036) | 1.0002 | 0.35 | 11 | 0.50 | 0.81 | 0.19 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.07 | 29,249 | 0.40 | 0.90 | 0.09 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.01 | 115,410 | 0.21 | 0.92 | 0.01 |
Invesco STIC Prime Portfolio | |||||||||||||
Year ended 08/31/19 | 1.0001 | 0.0171 | 0.0001 | 0.0172 | (0.0172) | - | (0.0172) | 1.0001 | 1.73 | 441 | 0.73(c) | 0.80(c) | 1.71(c) |
Year ended 08/31/18 | 1.0000 | 0.0100 | (0.0002) | 0.0098 | (0.0097) | - | (0.0097) | 1.0001 | 0.99 | 616 | 0.73 | 0.82 | 1.00 |
Year ended 08/31/17 | 1.00 | 0.0042 | (0.0010) | 0.0032 | (0.0032) | - | (0.0032) | 1.0000 | 0.32 | 611 | 0.38 | 0.82 | 0.42 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.15 | 117,475 | 0.26 | 0.92 | 0.14 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.04 | 117,573 | 0.07 | 0.94 | 0.10 |
Invesco Treasury Portfolio | |||||||||||||
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(c) | 0.76(c) | 1.63(c) |
Year ended 08/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | - | (0.01) | 1.00 | 0.83 | 117,875 | 0.71 | 0.75 | 0.84 |
Year ended 08/31/17 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.20 | 140,236 | 0.50 | 0.75 | 0.20 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.07 | 122,822 | 0.22 | 0.90 | 0.09 |
Year ended 08/31/15 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.01 | 162,054 | 0.06 | 0.92 | 0.02 |
Invesco Government & Agency Portfolio | |||||||||||||
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(c) | 0.71(c) | 1.65(c) |
Year ended 08/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | - | (0.01) | 1.00 | 0.84 | 8,321 | 0.68 | 0.70 | 0.82 |
Year ended 08/31/17 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.23 | 21,129 | 0.49 | 0.70 | 0.24 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.09 | 7,507 | 0.21 | 0.87 | 0.12 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.02 | 37,168 | 0.08 | 0.88 | 0.02 |
Invesco Treasury Obligations Portfolio | |||||||||||||
Year ended 08/31/19 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) | - | (0.02) | 1.00 | 1.62 | 112 | 0.73(c) | 0.76(c) | 1.60(c) |
Year ended 08/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | - | (0.01) | 1.00 | 0.82 | 395 | 0.71 | 0.76 | 0.81 |
Year ended 08/31/17 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.21 | 48 | 0.25 | 0.77 | 0.41 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.09 | 2,608 | 0.17 | 1.08 | 0.08 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.02 | 1,955 | 0.00 | 1.08 | 0.08 |
Invesco Tax-Free Cash Reserve Portfolio | |||||||||||||
Year ended 08/31/19 | 1.00 | 0.01 | - | 0.01 | (0.01) | - | (0.01) | 1.00 | 0.83 | 2,542 | 0.75(c) | 0.90(c) | 0.83(c) |
Year ended 08/31/18 | 1.00 | 0.01 | (0.00) | 0.01 | (0.01) | - | (0.01) | 1.00 | 0.54 | 10 | 0.60 | 0.93 | 0.61 |
Year ended 08/31/17 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.33 | 2,006 | 0.44 | 0.92 | 0.32 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.05 | 2,397 | 0.15 | 1.03 | 0.07 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.01 | 3,624 | 0.03 | 1.06 | 0.04 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America. |
(c) | Ratios are based on average daily net assets (000’s omitted) of $11, $519, $202,763, $12,645, $242 and $393 for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, respectively. |
38 | Short-Term Investments Trust |
A. | Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments. |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. |
39 | Short-Term Investments Trust |
C. | Country Determination -For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions - It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually. |
E. | Federal Income Taxes - The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative net assets. |
G. | Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Repurchase Agreements -The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income. |
J. | 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. |
40 | Short-Term Investments Trust |
K. | Distributions from Distributable Earnings – In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets. |
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% |
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% |
Institutional Class | Private Investment Class | Personal Investment Class | Cash Management Class | Reserve Class | Resource Class | Corporate Class | |
Invesco Liquid Assets Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.38% | 0.21% |
Invesco STIC Prime Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Treasury Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Government & Agency Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Treasury Obligations Portfolio | 0.18% | 0.43% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Tax-Free Cash Reserve Portfolio | 0.20% | 0.45% | 0.75% | 0.28% | 1.07% | 0.36% | 0.23% |
41 | Short-Term Investments Trust |
Expense Limitation | |
Invesco Liquid Assets Portfolio | $892,555 |
Invesco STIC Prime Portfolio | 384,860 |
Invesco Treasury Portfolio | 6,173,902 |
Invesco Government & Agency Portfolio | - |
Invesco Treasury Obligations Portfolio | 393,405 |
Invesco Tax-Free Cash Reserve Portfolio | 309,836 |
Private Investment Class | Personal Investment Class | Cash Management Class | Reserve Class | Resource Class | Corporate Class | |
Invesco Tax-Free Cash Reserve Portfolio | $- | $- | $- | $1,220 | $- | $- |
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% |
42 | Short-Term Investments Trust |
Securities Purchases | Securities Sales | Net Realized Gains | |
Invesco Liquid Assets Portfolio | $2,645,362 | $10,006,986 | $- |
Invesco STIC Prime Portfolio | 5,103,589 | 7,349,898 | - |
Invesco Tax-Free Cash Reserve Portfolio | 216,932,239 | 207,964,153 | - |
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2019 and 2018 | ||||
2019 | 2018 | |||
Ordinary Income | Ordinary Income-Tax- Exempt | Ordinary Income | ||
Invesco Liquid Assets Portfolio | $54,795,839 | $- | $34,753,060 | |
Invesco STIC Prime Portfolio | 12,099,439 | - | 6,737,661 | |
Invesco Treasury Portfolio | 484,811,474 | - | 343,381,843 | |
Invesco Government & Agency Portfolio | 518,471,634 | - | 358,626,619 | |
Invesco Treasury Obligations Portfolio | 25,841,669 | - | 17,884,636 | |
Invesco Tax-Free Cash Reserve Portfolio | - | 2,660,015 | 1,799,189 |
43 | Short-Term Investments Trust |
Tax Components of Net Assets at Period-End: | ||||||||
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Undistributed Tax-Exempt Income | Temporary Book/Tax Differences | Net Unrealized Appreciation (Depreciation)- Investments | Capital Loss Carryforwards | Shares of Beneficial Interest | Total Net Assets | |
Invesco Liquid Assets Portfolio | $3,649,902 | $- | $- | $(3,478,446) | $614,555 | $- | $2,458,474,734 | $2,459,260,745 |
Invesco STIC Prime Portfolio | 1,719,450 | - | - | (947,955) | 44,280 | - | 654,140,847 | 654,956,622 |
Invesco Treasury Portfolio | 2,630,106 | 198,121 | - | (2,145,108) | - | - | 21,330,956,470 | 21,331,639,589 |
Invesco Government & Agency Portfolio | 1,230,816 | 31,693 | - | (1,021,828) | - | - | 31,435,409,972 | 31,435,650,653 |
Invesco Treasury Obligations Portfolio | 97,434 | - | - | (109,978) | (6,916) | (18,869) | 1,111,429,025 | 1,111,390,696 |
Invesco Tax-Free Cash Reserve Portfolio | - | - | 227,773 | (332,727) | - | (19,092) | 232,621,319 | 232,497,273 |
Fund | Not Subject to Expiration | Total* |
Invesco Treasury Obligations Portfolio | $18,869 | $18,869 |
Invesco Tax-Free Cash Reserve Portfolio | 19,092 | 19,092 |
* | Capital loss carryforwards as of the date listed above is 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. |
At August 31, 2019 | ||||
Federal Tax Cost* | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |
Invesco Liquid Assets Portfolio | $2,461,708,828 | $663,077 | $(48,522) | $614,555 |
Invesco STIC Prime Portfolio | 655,819,481 | 44,280 | - | 44,280 |
Invesco Treasury Obligations Portfolio | 1,210,687,514 | - | (6,916) | (6,916) |
* | 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. |
44 | Short-Term Investments Trust |
Undistributed Net Investment Income | Undistributed Net Realized Gain (Loss) | Shares of Beneficial Interest | |
Invesco Liquid Assets Portfolio | $16,174 | $(16,174) | $- |
Invesco STIC Prime Portfolio | - | - | - |
Invesco Treasury Portfolio | 39,002 | (39,002) | - |
Invesco Government & Agency Portfolio | - | - | - |
Invesco Treasury Obligations Portfolio | - | - | - |
Invesco Tax-Free Cash Reserve Portfolio | - | 30,074 | (30,074) |
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 11,115,059,561 | $11,118,203,826 | 11,428,619,333 | $11,430,459,074 | |
Private Investment Class | 286,881 | 286,945 | 296,154 | 296,213 | |
Cash Management Class | 183,906,129 | 183,953,776 | 76,229,664 | 76,244,103 | |
Reserve Class | 8,652 | 8,654 | 29,385 | 29,391 | |
Resource Class | 5,100 | 5,102 | 185 | 185 | |
Corporate Class | 396,987 | 397,046 | 32,928,336 | 32,934,007 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 10,250,841 | 10,253,316 | 3,254,561 | 3,255,227 | |
Private Investment Class | 86,006 | 86,026 | 65,917 | 65,928 | |
Personal Investment Class | 15 | 15 | 10 | 10 | |
Cash Management Class | 175,461 | 175,508 | 78,582 | 78,596 | |
Reserve Class | 5,870 | 5,872 | 4,871 | 4,872 | |
Resource Class | 20,583 | 20,589 | 14,741 | 14,744 | |
Corporate Class | 24,289 | 24,294 | 108,271 | 108,285 | |
Reacquired: | |||||
Institutional Class | (11,024,583,994) | (11,027,657,351) | (9,385,489,530) | (9,387,062,249) | |
Private Investment Class | (1,517,171) | (1,517,553) | (1,482,383) | (1,482,603) | |
Personal Investment Class | (999) | (999) | - | - | |
Cash Management Class | (180,975,556) | (181,024,536) | (77,866,227) | (77,880,652) | |
Reserve Class | (130,254) | (130,300) | (560,376) | (560,416) | |
Resource Class | (658,263) | (658,510) | (346,497) | (346,563) | |
Corporate Class | (2,019,990) | (2,020,536) | (40,592,273) | (40,597,778) | |
Net increase in share activity | 100,340,148 | $100,411,184 | 2,035,292,724 | $2,035,560,374 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 8% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
In addition, 77% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
45 | Short-Term Investments Trust |
Invesco STIC Prime Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 1,752,564,099 | $1,752,564,558 | 1,391,467,414 | $1,391,466,950 | |
Private Investment Class | 106,492 | 106,492 | 841,532 | 841,537 | |
Cash Management Class | 32,538 | 32,538 | 408,572 | 408,575 | |
Reserve Class | 342 | 342 | 5 | 5 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 7,389,194 | 7,389,194 | 3,411,844 | 3,411,791 | |
Private Investment Class | 25,796 | 25,796 | 19,003 | 19,002 | |
Personal Investment Class | 199 | 199 | 5,534 | 5,535 | |
Cash Management Class | 9,022 | 9,022 | 9,091 | 9,090 | |
Reserve Class | 3,751 | 3,751 | 2,835 | 2,835 | |
Resource Class | 2,606 | 2,606 | 2,358 | 2,359 | |
Corporate Class | 457 | 457 | 286 | 285 | |
Reacquired: | |||||
Institutional Class | (1,632,583,978) | (1,632,584,885) | (1,294,068,817) | (1,294,064,676) | |
Private Investment Class | (374,081) | (374,082) | (1,115,941) | (1,115,941) | |
Personal Investment Class | (175,789) | (175,789) | (27) | (27) | |
Cash Management Class | (220,468) | (220,468) | (786,748) | (786,740) | |
Reserve Class | (377) | (377) | (233,896) | (233,896) | |
Resource Class | (65,248) | (65,248) | - | - | |
Net increase in share activity | 126,714,555 | $126,714,106 | 99,963,045 | $99,966,684 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 91% 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 |
Invesco Treasury Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 187,978,433,067 | $187,978,433,067 | 191,918,070,818 | $191,918,070,818 | |
Private Investment Class | 1,261,646,363 | 1,261,646,363 | 1,373,550,349 | 1,373,550,349 | |
Personal Investment Class | 1,630,224,829 | 1,630,224,829 | 1,029,056,714 | 1,029,056,714 | |
Cash Management Class | 2,148,188,357 | 2,148,188,357 | 3,628,925,469 | 3,628,925,469 | |
Reserve Class | 847,847,187 | 847,847,187 | 716,399,473 | 716,399,473 | |
Resource Class | 883,852,393 | 883,852,393 | 778,758,603 | 778,758,603 | |
Corporate Class | 7,123,495,519 | 7,123,495,519 | 6,094,873,392 | 6,094,873,392 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 115,324,756 | 115,324,756 | 71,641,952 | 71,641,952 | |
Private Investment Class | 3,080,285 | 3,080,285 | 1,001,889 | 1,001,889 | |
Personal Investment Class | 2,964,198 | 2,964,198 | 1,002,329 | 1,002,329 | |
Cash Management Class | 8,004,739 | 8,004,739 | 4,359,519 | 4,359,519 | |
Reserve Class | 2,800,991 | 2,800,991 | 1,547,178 | 1,547,178 | |
Resource Class | 2,341,092 | 2,341,092 | 1,262,800 | 1,262,800 | |
Corporate Class | 6,377,933 | 6,377,933 | 4,316,947 | 4,316,947 | |
Reacquired: | |||||
Institutional Class | (189,608,509,223) | (189,608,509,223) | (194,562,035,948) | (194,562,035,948) | |
Private Investment Class | (1,276,434,403) | (1,276,434,403) | (1,431,640,126) | (1,431,640,126) | |
Personal Investment Class | (1,390,826,499) | (1,390,826,499) | (1,052,419,572) | (1,052,419,572) | |
Cash Management Class | (2,206,261,774) | (2,206,261,774) | (3,665,939,583) | (3,665,939,583) | |
Reserve Class | (789,550,639) | (789,550,639) | (740,157,488) | (740,157,488) | |
Resource Class | (779,027,591) | (779,027,591) | (731,431,395) | (731,431,395) | |
Corporate Class | (7,168,113,590) | (7,168,113,590) | (6,239,654,695) | (6,239,654,695) | |
Net increase (decrease) in share activity | (1,204,142,010) | $(1,204,142,010) | (2,798,511,375) | $(2,798,511,375) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
In addition, 12% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
47 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 201,304,629,047 | $201,304,629,047 | 247,813,982,127 | $247,813,982,127 | |
Private Investment Class | 2,057,789,705 | 2,057,789,705 | 1,691,041,762 | 1,691,041,762 | |
Personal Investment Class | 33,910,046 | 33,910,046 | 22,767,729 | 22,767,729 | |
Cash Management Class | 970,595,900 | 970,595,900 | 1,160,198,493 | 1,160,198,493 | |
Reserve Class | 1,378,739,399 | 1,378,739,399 | 912,998,598 | 912,998,598 | |
Resource Class | 2,554,982,650 | 2,554,982,650 | 2,889,383,856 | 2,889,383,856 | |
Corporate Class | 573,841,827 | 573,841,827 | 1,680,502,506 | 1,680,502,506 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 126,914,764 | 126,914,764 | 72,936,103 | 72,936,103 | |
Private Investment Class | 4,227,798 | 4,227,798 | 1,388,818 | 1,388,818 | |
Personal Investment Class | 168,914 | 168,914 | 49,917 | 49,917 | |
Cash Management Class | 5,327,428 | 5,327,428 | 2,379,887 | 2,379,887 | |
Reserve Class | 3,618,437 | 3,618,437 | 1,398,425 | 1,398,425 | |
Resource Class | 3,149,980 | 3,149,980 | 2,270,177 | 2,270,177 | |
Corporate Class | 346,829 | 346,829 | 346,270 | 346,270 | |
Reacquired: | |||||
Institutional Class | (193,758,410,817) | (193,758,410,817) | (253,248,685,649) | (253,248,685,649) | |
Private Investment Class | (1,955,184,767) | (1,955,184,767) | (1,777,176,856) | (1,777,176,856) | |
Personal Investment Class | (26,408,192) | (26,408,192) | (35,626,260) | (35,626,260) | |
Cash Management Class | (944,272,368) | (944,272,368) | (998,258,928) | (998,258,928) | |
Reserve Class | (1,294,201,876) | (1,294,201,876) | (875,724,656) | (875,724,656) | |
Resource Class | (2,609,810,219) | (2,609,810,219) | (3,001,507,204) | (3,001,507,204) | |
Corporate Class | (680,116,245) | (680,116,245) | (1,859,010,896) | (1,859,010,896) | |
Net increase (decrease) in share activity | 7,749,838,240 | $7,749,838,240 | (5,544,345,781) | $(5,544,345,781) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 43% 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, 9% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
48 | Short-Term Investments Trust |
Invesco Treasury Obligations Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 902,898,047 | $902,898,047 | 1,111,333,157 | $1,111,333,157 | |
Private Investment Class | 17,567,905 | 17,567,905 | 6,402,656 | 6,402,656 | |
Personal Investment Class | 1,755,557 | 1,755,557 | 2,424,596 | 2,424,596 | |
Cash Management Class | 1,001,917 | 1,001,917 | 3,404,184 | 3,404,184 | |
Reserve Class | 120,013,835 | 120,013,835 | 165,401,910 | 165,401,910 | |
Resource Class | 2,115,950 | 2,115,950 | 1,077 | 1,077 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 2,012,405 | 2,012,405 | 871,181 | 871,181 | |
Private Investment Class | 107,684 | 107,684 | 25,972 | 25,972 | |
Personal Investment Class | 2,574 | 2,574 | 657 | 657 | |
Cash Management Class | 41,719 | 41,719 | 26,644 | 26,644 | |
Reserve Class | 513,925 | 513,925 | 236,440 | 236,440 | |
Resource Class | 1,002 | 1,002 | - | - | |
Corporate Class | 216 | 216 | 124 | 124 | |
Reacquired: | |||||
Institutional Class | (1,140,217,292) | (1,140,217,292) | (1,138,265,979) | (1,138,265,979) | |
Private Investment Class | (14,276,606) | (14,276,606) | (3,568,474) | (3,568,474) | |
Personal Investment Class | (2,041,284) | (2,041,284) | (2,078,282) | (2,078,282) | |
Cash Management Class | (2,314,616) | (2,314,616) | (1,883,172) | (1,883,172) | |
Reserve Class | (99,213,748) | (99,213,748) | (167,867,572) | (167,867,572) | |
Resource Class | (2,078,666) | (2,078,666) | - | - | |
Net increase (decrease) in share activity | (212,109,476) | $(212,109,476) | (23,534,881) | $(23,534,881) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 6% 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, 79% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
49 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 205,082,518 | $205,082,518 | 145,257,757 | $145,257,757 | |
Private Investment Class | 57,208,640 | 57,208,640 | 69,282,391 | 69,282,391 | |
Personal Investment Class | 5,818,771 | 5,818,771 | 10,389 | 10,389 | |
Cash Management Class | 49,844,196 | 49,844,196 | 18,777,674 | 18,777,674 | |
Reserve Class | 52,342,069 | 52,342,069 | 76,263,241 | 76,263,241 | |
Resource Class | 31,003,313 | 31,003,313 | 5,290,233 | 5,290,233 | |
Corporate Class | 110,000 | 110,000 | 10,000 | 10,000 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 919,230 | 919,230 | 530,228 | 530,228 | |
Private Investment Class | 281,127 | 281,127 | 222,751 | 222,751 | |
Personal Investment Class | 385 | 385 | 2,800 | 2,800 | |
Cash Management Class | 309,533 | 309,533 | 190,958 | 190,958 | |
Reserve Class | 79,513 | 79,513 | 59,800 | 59,800 | |
Resource Class | 51,611 | 51,611 | 48,820 | 48,820 | |
Corporate Class | 135 | 135 | 56 | 56 | |
Reacquired: | |||||
Institutional Class | (172,627,076) | (172,627,076) | (128,941,010) | (128,941,010) | |
Private Investment Class | (65,060,440) | (65,060,440) | (68,795,280) | (68,795,280) | |
Personal Investment Class | (3,287,500) | (3,287,500) | (2,008,928) | (2,008,928) | |
Cash Management Class | (54,739,582) | (54,739,582) | (14,699,392) | (14,699,392) | |
Reserve Class | (46,570,715) | (46,570,715) | (75,830,056) | (75,830,056) | |
Resource Class | (32,436,884) | (32,436,884) | (8,838,140) | (8,838,140) | |
Corporate Class | (110,000) | (110,000) | - | - | |
Net increase in share activity | 28,218,844 | $28,218,844 | 16,834,292 | $16,834,292 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 85% 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. |
50 | Short-Term Investments Trust |
51 | Short-Term Investments Trust |
Personal Investment Class | Beginning Account Value (03/01/19) | ACTUAL | HYPOTHETICAL (5% annual return before expenses) | Annualized Expense Ratio | ||
Ending Account Value (08/31/19)1 | Expenses Paid During Period2 | Ending Account Value (08/31/19) | Expenses Paid During Period2 | |||
Invesco Liquid Assets Portfolio | $1,000.00 | $1,009.40 | $3.70 | $1,021.53 | $3.72 | 0.73% |
Invesco STIC Prime Portfolio | 1,000.00 | 1,008.90 | 3.70 | 1,021.53 | 3.72 | 0.73 |
Invesco Treasury Portfolio | 1,000.00 | 1,008.50 | 3.70 | 1,021.53 | 3.72 | 0.73 |
Invesco Government & Agency Portfolio | 1,000.00 | 1,008.60 | 3.59 | 1,021.63 | 3.62 | 0.71 |
Invesco Treasury Obligations Portfolio | 1,000.00 | 1,008.30 | 3.70 | 1,021.53 | 3.72 | 0.73 |
Invesco Tax-Free Cash Reserve Portfolio | 1,000.00 | 1,004.20 | 3.79 | 1,021.42 | 3.82 | 0.75 |
1 | The actual ending account value is based on the actual total return of the Funds for the period March 1, 2019 through August 31, 2019, 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. |
52 | Short-Term Investments Trust |
Approval of Investment Advisory andSub-Advisory Contracts
(Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and InvescoTax-Free Cash Reserve Portfolio)
At meetings held on June 10, 2019, the Board of Trustees (the Board or the Trustees) ofShort-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 IntergroupSub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, with respect to Invesco Government & Agency Portfolio, InvescoTax-Free Cash Reserve Portfolio and Invesco Treasury Obligations Portfolio only, separateSub-Advisory Contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the AffiliatedSub-Advisers and thesub-advisory contracts) for another year, effective July 1, 2019. After evaluating the factors discussed below, among others, the Board approved the renewal of each Fund’s investment advisory agreement and thesub-advisory contracts and determined that the compensation payable by each Fund to Invesco Advisers and by Invesco Advisers to the AffiliatedSub-Advisers is fair and reasonable.
The Board’s Evaluation Process
The Board’s Investments Committee has established threeSub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). As part of a regularly scheduled basis ofin-person Board meetings, theSub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee andSub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement andsub-advisory contracts.
As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider. The
Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement andsub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.
The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to each Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of each Fund’s investment advisory agreement andsub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 10, 2019.
Factors and Conclusions and Summary of Independent Written Fee Evaluation
A. | Nature, Extent and Quality of Services Provided by Invesco Advisers and the AffiliatedSub-Advisers |
The Board reviewed the nature, extent and quality of the advisory services provided to each Fund by Invesco Advisers under each Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including each Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis and investment risk management. The Board also considerednon-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 also reviewed and considered the benefits to shareholders of investing in each fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial
and other resources to such business. The Board reviewed and considered information about the resources that Invesco Advisers intends to continue to commit to managing the Invesco family of funds following Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries. 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 AffiliatedSub-Advisers under thesub-advisory contracts and the credentials and experience of the officers and employees of the AffiliatedSub-Advisers who provide these services. The Board noted the AffiliatedSub-Advisers’ expertise with respect to certain asset classes and that the AffiliatedSub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the AffiliatedSub-Advisers can provide research and investment analysis on the markets and economies of various countries in which each Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that thesub-advisory contracts may benefit each Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the AffiliatedSub-Advisers in managing each Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the AffiliatedSub-Advisers are appropriate and satisfactory.
B. | Fund Investment Performance |
The Board 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 thesub-advisory contracts for each Fund, as no AffiliatedSub-Adviser currently manages assets of each Fund.
Invesco Liquid Assets Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the Lipper Institutional Money Market Funds 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 year period and the first quintile for the 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 the same as 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 Trustees
53 Short-Term Investments Trust
also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco STIC Prime Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the Lipper Institutional Money Market Funds 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 year period and the second quintile for the 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, three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco Treasury Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the Lipper Institutional U.S. Treasury Money Market Funds 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 reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco Government & Agency Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 the performance of funds in the Broadridge performance universe and against the Lipper Institutional U.S. Government Money Market Funds 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 reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco Treasury Obligations Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of
funds in the Broadridge performance universe and against the Lipper Institutional U.S. Treasury Money Market Funds 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 reasonably comparable to the performance of the Index for the one and three year periods and above the performance of the Index for the five year period. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
InvescoTax-Free Cash Reserve Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the LipperTax-Exempt Money Market Funds 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 year period and the second quintile for the 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 Index for the one, three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
C. | Advisory andSub-Advisory Fees and Fund Expenses |
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 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding 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 also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco STIC Prime 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the Affiliated
54 Short-Term Investments Trust
Sub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco Treasury 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management
of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco Government & Agency 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco Treasury Obligations 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
InvescoTax-Free Cash Reserve Portfolio
The Board compared the Fund’s contractual management fee rate to the contractual
55 Short-Term Investments Trust
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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
D. | Economies of Scale and Breakpoints |
Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and InvescoTax-Free Cash Reserve Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to each Fund. The Board considered Invesco’s reinvestment in its business, including investments in business infrastructure and cybersecurity. The Board noted that each Fund does not benefit from
economies of scale through contractual breakpoints, but does share directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.
Invesco Treasury Obligations Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board considered Invesco’s reinvestment in its business, including investments in business infrastructure and cybersecurity. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.
E. | Profitability and Financial Resources |
Invesco STIC Prime Portfolio and InvescoTax-Free Cash Reserve Portfolio
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. The Board considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the AffiliatedSub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement andsub-advisory contracts.
Invesco Liquid Assets Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio
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. The Board considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and each Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to each Fund to be
excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the AffiliatedSub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement andsub-advisory contracts.
F. | Collateral Benefits to Invesco Advisers and its Affiliates |
The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with each Fund, including the fees received for providing administrative, transfer agency and distribution services to each Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to each Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of each Fund.
56 Short-Term Investments Trust
Federal and State Income Tax | |||||
Long Term Capital Gain Distributions | Qualified Dividend Income* | Corporate Dividends Received Deduction* | U.S. Treasury Obligations* | Tax-Exempt Interest Dividend* | |
Invesco Liquid Assets Portfolio | $- | 0.00% | 0.00% | 0.00% | 0.00% |
Invesco STIC Prime Portfolio | - | 0.00% | 0.00% | 0.00% | 0.00% |
Invesco Treasury Portfolio | - | 0.00% | 0.00% | 54.04% | 0.00% |
Invesco Government & Agency Portfolio | - | 0.00% | 0.00% | 39.05% | 0.00% |
Invesco Treasury Obligations Portfolio | - | 0.00% | 0.00% | 100.00% | 0.00% |
Invesco Tax-Free Cash Reserve Portfolio | - | 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 | $- | 80.36% |
Invesco STIC Prime Portfolio | - | 0.00% |
Invesco Treasury Portfolio | - | 99.99% |
Invesco Government & Agency Portfolio | - | 100.00% |
Invesco Treasury Obligations Portfolio | - | 99.96% |
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. |
57 | 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, Texas77046-1173. 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 | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Interested Persons | ||||||||
Martin L. Flanagan1 — 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business
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) | 229 | None | ||||
Philip A. Taylor2 — 1954 Trustee | 2006 | Vice Chair, Invesco Ltd.; Trustee, The Invesco Funds
Formerly: Director, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company);Co-Chairman,Co-President andCo-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc. | 229 | None |
1 | Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser. |
2 | Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of Invesco Ltd., ultimate parent of the Adviser. |
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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Independent Trustees | ||||||||
Bruce L. Crockett — 1944 Trustee and Chair | 1993 | Chairman, Crockett Technologies Associates (technology consulting company)
Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council | 229 | Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company) | ||||
David C. Arch — 1945 Trustee | 2010 | Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization | 229 | Board member of the Illinois Manufacturers’ Association | ||||
Beth Ann Brown — 1968 Trustee | 2019 | Independent Consultant
Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 229 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non -profit); and Vice President and Director of Grahamtastic Connection(non-profit) | ||||
Jack M. Fields — 1952 Trustee | 1997 | Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance(non-profit)
Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch(non-profit); and member of the U.S. House of Representatives | 229 | None | ||||
Cynthia Hostetler — 1962 Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations
Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP | 229 | Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization) | ||||
Eli Jones — 1961 Trustee | 2016 | Professor and Dean, Mays Business School — Texas A&M University
Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank | 229 | Insperity, Inc. (formerly known as Administaff) (human resources provider) | ||||
Elizabeth Krentzman — 1959 Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management — Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management — Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds | 229 | Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member | ||||
Anthony J. LaCava, Jr. — 1956 Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 229 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
T-2 Short-Term Investments Trust
Trustees and Officers—(continued)
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/ or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Independent Trustees—(continued) | ||||||||
Prema Mathai-Davis — 1950 Trustee | 1998 | Retired
Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor) | 229 | None | ||||
Joel W. Motley — 1952 Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley(non-profit cultural organization)
Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 229 | Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting(non-profit journalism) | ||||
Teresa M. Ressel — 1962 Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations
Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury | 229 | Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier) | ||||
Ann Barnett Stern — 1957 Trustee | 2017 | President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution)
Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP | 229 | Federal Reserve Bank of Dallas | ||||
Raymond Stickel, Jr. — 1944 Trustee | 2005 | Retired
Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche | 229 | None | ||||
Robert C. Troccoli — 1949 Trustee | 2016 | Retired
Formerly: Adjunct Professor, University of Denver — Daniels College of Business; Senior Partner, KPMG LLP | 229 | None | ||||
Daniel S. Vandivort — 1954 Trustee | 2019 | Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management)
Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds | 229 | Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds | ||||
James D. Vaughn — 1945 Trustee | 2019 | Retired
Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds | 229 | Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement(non-profit) | ||||
Christopher L. Wilson — 1957 Trustee, Vice Chair and Chair Designate | 2017 | Retired
Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments | 229 | ISO New England, Inc.(non-profit organization managing regional electricity market) |
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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Other Officers | ||||||||
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer | 1999 | President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.
Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust | N/A | N/A | ||||
Russell C. Burk — 1958 Senior Vice President and Senior Officer | 2005 | Senior Vice President and Senior Officer, The Invesco Funds | N/A | N/A | ||||
Jeffrey H. Kupor — 1968 Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC
Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc. | N/A | N/A | ||||
Andrew R. Schlossberg — 1974 Senior Vice President | 2019 | Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.
Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |
T-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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Other Officers—(continued) | ||||||||
John M. Zerr — 1962 Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent)
Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A | ||||
Gregory G. McGreevey — 1962 Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation
Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A | ||||
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer | 2008 | Assistant Treasurer, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer — Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust
Formerly: Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital Management LLC; Assistant Vice President, The Invesco Funds | N/A | N/A |
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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Other Officers—(continued) | ||||||||
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc.
Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc. | N/A | N/A | ||||
Robert R. Leveille — 1969 Chief Compliance Officer | 2016 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds
Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds | N/A | N/A |
The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’ssub-advisers.
Office of the Fund 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 |
T-6 Short-Term Investments Trust
SEC file numbers: 811-02729 and 002-58287 | Invesco Distributors, Inc. | CM-STIT-AR-6 |
Annual Report to Shareholders | August 31, 2019 |
Table of Contents
Letters to Shareholders | 3 | |||
Fund Data | 5 | |||
Fund Objectives and Strategies | 6 | |||
Fund Composition by Maturity | 7 | |||
Schedules of Investments | 9 | |||
Financial Statements | 32 | |||
Financial Highlights | 38 | |||
Notes to Financial Statements | 39 | |||
Report of Independent Registered Public Accounting Firm | 51 | |||
Fund Expenses | 52 | |||
Approval of Investment Advisory and Sub-Advisory Contracts | 53 | |||
Tax Information | 57 | |||
Trustees and Officers | T-1 |
2
Andrew Schlossberg |
3 | Short-Term Investments Trust |
Bruce Crockett |
4 | Short-Term Investments Trust |
Reserve Class data as of 8/31/19 | ||||
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 - 49 days | 49 days | 84 days | $302.5 thousand |
Invesco STIC Prime1 | 4 - 22 days | 12 days | 12 days | 273.3 thousand |
Invesco Treasury2 | 11 - 44 days | 18 days | 114 days | 289.6 million |
Invesco Government & Agency2 | 6 - 47 days | 8 days | 115 days | 297.8 million |
Invesco Treasury Obligations2 | 25 - 56 days | 28 days | 111 days | 54.7 million |
Invesco Tax-Free Cash Reserve3 | 7 - 12 days | 7 days | 7 days | 20.0 million |
1 | You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
2 | You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
3 | You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
5 | Short-Term Investments Trust |
6 | Short-Term Investments Trust |
In days, as of 8/31/19 | ||||||
Invesco Liquid Assets Portfolio 1-6, 9-10, 12-14 | Invesco STIC Prime Portfolio 1-6, 9-10, 12-14 | Invesco Treasury Portfolio 2, 4-5, 7, 11-12, 14 | Invesco Government & Agency Portfolio 2, 4-5, 7, 11-12, 14 | Invesco Treasury Obligations Portfolio 2, 4-5, 7, 12, 14 | Invesco Tax-Free Cash Reserve Portfolio 2-5, 8-9,13-14 | |
1 - 7 | 41.3% | 69.6% | 54.1% | 52.1% | 7.6% | 95.3% |
8 - 30 | 2.9 | 18.8 | 8.7 | 6.4 | 27.1 | 1.7 |
31 - 60 | 10.8 | 11.6 | 5.7 | 4.0 | 30.5 | 2.8 |
61 - 90 | 5.3 | 0.0 | 1.2 | 2.3 | 10.8 | 0.2 |
91 - 180 | 19.7 | 0.0 | 9.1 | 13.4 | 5.4 | 0.0 |
181+ | 20.0 | 0.0 | 21.2 | 21.8 | 18.6 | 0.0 |
1 | Banking and financial services industry focus risk. From time to time, the Fund may invest more than 25% of its assets in unsecured bank instruments, including but not limited to certificates of deposit and time deposits, or securities that may have guarantees or credit or liquidity enhancements provided by banks, insurance companies or other financial institutions. To the extent the Fund focuses its investments in these instruments or securities, the Fund’s performance will depend on the overall condition of those industries and the individual banks and financial institutions in which the Fund invests (directly or indirectly), the supply of short-term financing, changes in government regulation, changes in interest rates, and economic downturns in the United States and abroad. |
2 | Debt securities risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund’s distributable income because interest payments on floating rate debt instruments held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event. |
3 | Foreign securities and credit exposure risk. US 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. Furthermore, the Fund’s foreign investments may be adversely affected by political and social instability, changes in economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund could lose its entire investments in a certain market) and the possible adoption of foreign governmental restrictions such as exchange controls. |
4 | Management risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets, interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective. |
5 | Market risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may affect a single issuer, industry or section of the economy, or it may affect the market as a whole. Individual stock prices tend to go up and down more dramatically than those of certain other types of investments, such as bonds. During a general downturn in the financial markets, multiple asset classes may decline in value. When markets perform well, there can be no assurance that specific investments held by the Fund will rise in value. |
6 | Money market fund risk. 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 and you may lose money by investing in the Fund. 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 required minimums because of market conditions or other factors. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not rely on or expect that the sponsor will enter into support agreements or take other actions to provide financial support to the Fund at any time. The credit quality of the Fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s |
7 | Short-Term Investments Trust |
share price. The Fund’s share price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market volatility. |
7 | Money market fund risk. Although the Fund seeks to preserve the value of your investment at $1.00 per share, you may lose money by investing in the Fund. The share price of money market funds can fall below the $1.00 share price. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not rely on or expect that the sponsor will enter into support agreements or take other actions to provide financial support to the Fund or maintain the Fund’s $1.00 share price at any time. The credit quality of the Fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s share price. The Fund’s share price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market volatility. While the Board of Trustees may implement procedures to impose a fee upon the sale of your shares or temporarily suspend your ability to sell shares in the future if the Fund’s liquidity falls below required minimums because of market conditions or other factors, the Board has not elected to do so at this time. Should the Board elect to do so, such change would only become effective after shareholders were provided with specific advance notice of the change in the Fund’s policy and provided with the opportunity to redeem their shares in accordance with Rule 2a-7 before the policy change became effective. |
8 | Money market fund risk. Although the Fund seeks to preserve the value of your investment at $1.00 per share, you may lose money by investing in the Fund. The share price of money market funds can fall below the $1.00 share price. 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 required minimums because of market conditions or other factors. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not rely on or expect that the sponsor will enter into support agreements or take other actions to provide financial support to the Fund or maintain the Fund’s $1.00 share price at any time. The credit quality of the Fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s share price. The Fund’s share price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market volatility. |
9 | Municipal securities risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions may affect the municipal security’s value, interest payments, repayment of principal and the Fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on municipal securities or otherwise adversely affect the current federal or state tax status of municipal securities. |
10 | Repurchase agreement risk. The Fund is subject to the risk that the counterparty may default on its obligation to repurchase the underlying instruments collateralizing the repurchase agreement, which may cause the Fund to lose money. These risks are magnified to the extent that a repurchase agreement is secured by securities other than cash or US government securities. |
11 | Repurchase agreement risk. If the seller of a repurchase agreement defaults or otherwise does not fulfill its obligations, the Fund may incur delays and losses arising from selling the underlying securities, enforcing its rights, or declining collateral value. |
12 | US government obligations risk. Obligations of US government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the US government, which could affect the Fund’s ability to recover should they default. No assurance can be given that the US government will provide financial support to its agencies and authorities if it is not obligated by law to do so. |
13 | Variable-rate demand notes risk. The absence of an active secondary market for certain variable and floating rate notes could make it difficult to dispose of these instruments, which could result in a loss. |
14 | Yield risk. The Fund’s yield will vary as the short-term securities in its portfolio mature or are sold and the proceeds are reinvested in other securities. When interest rates are very low, the Fund’s expenses could absorb all or a portion of the Fund’s income and yield. Additionally, inflation may outpace and diminish investment returns over time. |
8 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Commercial Paper-42.90%(a) | ||||||
Asset-Backed Securities - Consumer Receivables-0.61% | ||||||
Old Line Funding, LLC (CEP-Royal Bank of Canada)(b)(c) | 2.64% | 10/25/2019 | $ 15,000 | $ 14,955,876 | ||
Asset-Backed Securities - Fully Supported-6.50% | ||||||
Bennington Stark Capital Co., LLC (CEP-Societe Generale S.A.)(b)(c) | 2.35% | 10/02/2019 | 30,000 | 29,948,296 | ||
Kells Funding, LLC (CEP-FMS Wertmanagement)(c) | 2.61% | 10/07/2019 | 11,000 | 10,978,552 | ||
Kells Funding, LLC (CEP-FMS Wertmanagement)(c) | 2.23% | 01/07/2020 | 40,000 | 39,712,650 | ||
Kells Funding, LLC (CEP-FMS Wertmanagement)(c) | 2.06% | 03/03/2020 | 30,000 | 29,697,804 | ||
Ridgefield Funding Co., LLC (CEP-BNP Paribas S.A.)(b)(c) | 2.05% | 02/21/2020 | 50,000 | 49,493,531 | ||
159,830,833 | ||||||
Asset-Backed Securities - Fully Supported Bank-12.24% | ||||||
Anglesea Funding LLC (Multi- CEP’s) (1 wk. USD LIBOR + 0.10%) (Ireland)(b)(c)(d) | 2.24% | 09/06/2019 | 30,000 | 30,000,000 | ||
Cedar Springs Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.33% | 10/10/2019 | 29,166 | 29,099,708 | ||
Chesham Finance LLC (Multi-CEP’s)(b)(c) | 2.18% | 09/03/2019 | 25,000 | 25,000,000 | ||
Collateralized Commercial Paper Co., LLC (CEP-J.P. Morgan Securities LLC)(c) | 2.66% | 09/04/2019 | 10,000 | 9,999,410 | ||
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.18% | 09/03/2019 | 20,000 | 20,000,000 | ||
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.49% | 09/06/2019 | 11,500 | 11,497,918 | ||
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.36% | 10/10/2019 | 30,000 | 29,934,279 | ||
Halkin Finance LLC (Multi-CEP’s)(b)(c) | 2.18% | 09/03/2019 | 25,000 | 25,000,000 | ||
Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) | 2.25% | 09/03/2019 | 40,000 | 40,000,000 | ||
LMA Americas LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.64% | 10/18/2019 | 10,000 | 9,974,456 | ||
LMA Americas LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.41% | 01/06/2020 | 15,000 | 14,895,911 | ||
LMA Americas LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.19%-2.58% | 01/27/2020 | 56,000 | 55,542,939 | ||
300,944,621 | ||||||
Asset-Backed Securities - Multi-Purpose-0.74% | ||||||
Chariot Funding LLC(b)(c) | 2.59% | 09/03/2019 | 18,250 | 18,250,000 | ||
Consumer Finance-1.01% | ||||||
Toyota Motor Credit Corp. (1 mo. USD LIBOR + 0.15%)(c)(d) | 2.35% | 01/06/2020 | 25,000 | 25,002,028 | ||
Diversified Banks-10.55% | ||||||
Australia & New Zealand Banking Group, Ltd. (3 mo. USD LIBOR + 0.12%) (Australia)(b)(c)(d) | 2.59% | 09/06/2019 | 20,000 | 20,000,148 | ||
Banco del Estado de Chile (Chile)(b)(c) | 2.61% | 09/26/2019 | 15,000 | 14,979,851 | ||
Bank of Nova Scotia (1 mo. USD LIBOR + 0.14%) (Canada)(c)(d) | 2.29% | 01/24/2020 | 10,000 | 9,999,707 | ||
BPCE S.A. (France)(b)(c) | 2.69% | 12/16/2019 | 35,000 | 34,790,649 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.63% | 10/02/2019 | 25,000 | 24,957,034 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.32% | 11/19/2019 | 25,000 | 24,886,184 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.31% | 12/11/2019 | 10,000 | 9,942,704 | ||
DBS Bank Ltd. (Singapore)(b)(c) | 2.02% | 02/14/2020 | 15,000 | 14,863,709 | ||
Natixis S.A. (France)(c) | 2.69% | 12/20/2019 | 10,000 | 9,937,015 | ||
Royal Bank of Canada (3 mo. USD LIBOR + 0.21%) (Canada)(b)(c)(d) | 2.54% | 01/03/2020 | 15,000 | 15,009,554 | ||
Royal Bank of Canada (3 mo. USD LIBOR + 0.05%) (Canada)(b)(c)(d) | 2.37% | 04/01/2020 | 25,000 | 25,002,054 | ||
Toronto-Dominion Bank (The) (1 mo. USD LIBOR + 0.12%) (Canada)(c)(d) | 2.27% | 11/25/2019 | 25,000 | 25,004,165 | ||
Westpac Banking Corp. (Federal Funds Rate + 0.26%) (Australia)(b)(c)(d) | 2.39% | 07/02/2020 | 30,000 | 30,075,000 | ||
259,447,774 |
9 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
Diversified Capital Markets-1.42% | |||||
UBS AG (3 mo. USD LIBOR + 0.17%) (Switzerland)(c)(d) | 2.69% | 09/03/2019 | $ 15,000 | $ 15,000,000 | |
UBS AG (3 mo. USD LIBOR + 0.05%) (Switzerland)(b)(c)(d) | 2.35% | 01/17/2020 | 20,000 | 20,001,021 | |
35,001,021 | |||||
Integrated Oil & Gas-0.95% | |||||
Shell International Finance B.V. (Netherlands)(b)(c) | 2.00% | 06/29/2020 | 23,750 | 23,371,484 | |
Other Diversified Financial Services-2.62% | |||||
ABN AMRO Funding USA LLC (Netherlands)(b)(c) | 2.13% | 02/28/2020 | 15,000 | 14,844,955 | |
Erste Abwicklungsanstalt (Germany)(b)(c) | 2.04% | 02/13/2020 | 50,000 | 49,551,410 | |
64,396,365 | |||||
Regional Banks-1.82% | |||||
ASB Finance Ltd. (3 mo. USD LIBOR + 0.22%) (New Zealand)(b)(c)(d) | 2.40% | 11/12/2019 | 15,000 | 15,004,916 | |
Banque et Caisse d’Epargne de l’Etat (Luxembourg)(c) | 2.16% | 03/02/2020 | 30,000 | 29,694,789 | |
44,699,705 | |||||
Specialized Finance-4.44% | |||||
CDP Financial, Inc. (Canada)(b)(c) | 2.38% | 06/01/2020 | 25,000 | 24,633,083 | |
Crown Point Capital Co., LLC (CEP-Credit Suisse AG) (1 mo. USD LIBOR + 0.15%)(b)(c)(d) | 2.35% | 10/10/2019 | 40,000 | 40,000,000 | |
Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) | 2.02% | 02/11/2020 | 15,000 | 14,866,001 | |
Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) | 1.99% | 02/18/2020 | 30,000 | 29,723,290 | |
109,222,374 | |||||
Total Commercial Paper (Cost $1,054,589,858) | 1,055,122,081 | ||||
Certificates of Deposit-22.12% | |||||
ABN AMRO Bank N.V. (Netherlands)(c) | 0.00% | 09/09/2019 | 50,000 | 49,970,323 | |
Australia & New Zealand Banking Group, Ltd.(c) | 2.11% | 09/03/2019 | 70,000 | 70,000,000 | |
Bank of Montreal (1 mo. USD LIBOR + 0.22%) (Canada)(c)(d) | 2.30% | 10/04/2019 | 25,000 | 25,002,808 | |
Bank of Montreal (3 mo. USD LIBOR + 0.06%) (Canada)(c)(d) | 2.38% | 04/01/2020 | 45,000 | 45,006,262 | |
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.10%) (Canada)(c)(d) | 2.44% | 10/10/2019 | 30,000 | 30,003,222 | |
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.05%) (Canada)(c)(d) | 2.37% | 04/01/2020 | 20,000 | 20,003,924 | |
Canadian Imperial Bank of Commerce (1 mo. USD LIBOR + 0.14%) (Canada)(c)(d) | 2.29% | 01/24/2020 | 25,000 | 25,000,255 | |
Canadian Imperial Bank of Commerce (1 mo. USD LIBOR + 0.17%) (Canada)(c)(d) | 2.39% | 05/07/2020 | 10,000 | 9,996,710 | |
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.26%) (Canada)(c)(d) | 2.39% | 07/01/2020 | 20,000 | 20,013,750 | |
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.36%) (Canada)(c)(d) | 2.49% | 09/18/2020 | 20,000 | 20,003,066 | |
Mitsubishi UFJ Trust & Banking Corp. (1 mo. USD LIBOR + 0.20%) (Japan)(c)(d) | 2.35% | 02/27/2020 | 63,000 | 62,983,084 | |
MUFG Bank, Ltd. (Japan)(b)(c) | 2.35% | 09/08/2019 | 5,900 | 5,899,995 | |
Natixis S.A. (3 mo. USD LIBOR + 0.07%) (France)(c)(d) | 2.28% | 11/07/2019 | 35,000 | 35,001,317 | |
Sumitomo Mitsui Banking Corp. (1 mo. USD LIBOR + 0.12%) (Japan)(c)(d) | 2.27% | 10/24/2019 | 20,000 | 20,002,463 | |
Sumitomo Mitsui Banking Corp. (1 mo. USD LIBOR + 0.14%) (Japan)(c)(d) | 2.37% | 11/06/2019 | 30,000 | 30,004,769 | |
Toronto-Dominion Bank (The) (1 mo. USD LIBOR + 0.14%) (Canada)(c)(d) | 2.28% | 02/28/2020 | 35,000 | 34,991,835 | |
Wells Fargo Bank, N.A. | 2.00% | 02/12/2020 | 40,000 | 40,005,922 | |
Total Certificates of Deposit (Cost $543,870,947) | 543,889,705 | ||||
U.S. Dollar Denominated Bonds & Notes-1.42% | |||||
Automobile Manufacturers-0.41% | |||||
Toyota Motor Credit Corp.(c) | 4.50% | 06/17/2020 | 9,900 | 10,090,381 |
10 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
Diversified Banks-1.01% | |||||
Westpac Banking Corp. (3 mo. USD LIBOR + 0.43%) (Australia)(c)(d) | 2.90% | 03/06/2020 | $ 10,460 | $ 10,479,320 | |
Westpac Banking Corp. (Australia)(c) | 2.30% | 05/26/2020 | 14,444 | 14,471,919 | |
24,951,239 | |||||
Total U.S. Dollar Denominated Bonds & Notes (Cost $34,978,052) | 35,041,620 | ||||
Variable Rate Demand Notes-0.75%(e) | |||||
Credit Enhanced-0.75% | |||||
Derry (Township of), PA Industrial & Commercial Development Authority (GIANT Center); Series 2001, VRD RB (LOC-PNC Bank, N.A.)(f) | 2.20% | 11/01/2030 | 4,765 | 4,765,000 | |
Jets Stadium Development, LLC; Series 2014 A-4B, VRD Bonds (LOC-Sumitomo Mitsui Banking Corp.)(b)(c)(f) | 2.17% | 04/01/2047 | 9,400 | 9,399,999 | |
Keep Memory Alive; Series 2013, VRD Bonds (LOC-PNC Bank, N.A.)(f) | 2.20% | 05/01/2037 | 2,700 | 2,700,000 | |
S&L Capital, LLC (J&L Development of Holland, LLC); Series 2005 A, VRD Notes (LOC-FHLB of Indianapolis)(c)(f) | 2.20% | 07/01/2040 | 1,495 | 1,495,000 | |
Total Variable Rate Demand Notes (Cost $18,359,993) | 18,359,999 | ||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-67.19% (Cost $1,651,798,850) | 1,652,413,405 | ||||
Repurchase Amount | |||||
Repurchase Agreements-32.93%(g) | |||||
BMO Capital Markets Corp., joint agreement dated 08/30/2019, aggregate maturing value of $195,047,667 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, U.S. government sponsored agency obligations, domestic and foreign corporate obligations and domestic commercial paper valued at $207,184,381; 0% - 10.00%; 09/11/2019 - 04/25/2066)(c) | 2.20% | 09/03/2019 | 38,009,289 | 38,000,000 | |
BMO Capital Markets Corp., joint term agreement dated 08/30/2019, aggregate maturing value of $50,021,875 (collateralized by domestic agency mortgage-backed securities valued at $51,415,842; 0% - 13.73%; 06/25/2027 - 06/20/2069)(c)(h) | 2.25% | 09/06/2019 | 15,006,562 | 15,000,000 | |
Citigroup Global Markets, Inc., joint open agreement dated 04/11/2019 (collateralized by domestic and foreign non-agency asset-backed securities and domestic mortgage-backed securities valued at $234,301,461; 0% - 8.29%; 12/01/2025 - 03/25/2061)(c)(i) | 2.62% | - | - | 66,500,000 | |
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $250,060,000 (collateralized by domestic agency mortgage-backed securities valued at $255,000,001; 3.00% - 4.00%; 06/01/2048 - 08/01/2049)(c) | 2.16% | 09/03/2019 | 125,030,000 | 125,000,000 | |
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $30,013,475 (collateralized by foreign corporate obligations, domestic non-agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $32,999,964; 0% - 6.00%; 09/08/2020 - 12/15/2044)(c)(h) | 2.31% | 09/05/2019 | 5,002,246 | 5,000,000 | |
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $40,017,578 (collateralized by domestic non-agency asset-backed securities and a foreign corporate obligation valued at $43,999,986; 0% - 5.93%; 04/15/2026 - 05/16/2042)(c)(h) | 2.26% | 09/05/2019 | 30,013,183 | 30,000,000 | |
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $65,028,185 (collateralized by domestic and foreign agency and non-agency asset-backed securities, domestic non-agency mortgage-backed securities and a foreign corporate obligation valued at $68,250,000; 0.47% - 5.93%; 12/28/2023 - 09/10/2050)(c)(h) | 2.23% | 09/05/2019 | 23,009,973 | 23,000,000 |
11 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
ING Financial Markets, LLC, joint agreement dated 08/30/2019, aggregate maturing value of $124,030,311 (collateralized by domestic and foreign corporate obligations valued at $130,200,007; 1.63% - 7.88%; 09/29/2019 - 08/15/2059)(c) | 2.20% | 09/03/2019 | $ 55,013,444 | $ 55,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2019 (collateralized by domestic and foreign corporate obligations valued at $45,360,002; 0% - 7.50%; 09/06/2019 - 08/01/2057)(i) | 2.75% | - | - | 25,000,000 | |
Mizuho Securities (USA) LLC, joint open agreement dated 03/21/2019 (collateralized by domestic and foreign equity securities valued at $26,250,062; 0% - 7.13%;)(c)(i) | 2.20% | - | - | 15,000,000 | |
Natixis, joint agreement dated 08/30/2019, aggregate maturing value of $750,179,167 (collateralized by U.S. Treasury obligations valued at $765,000,060; 0% - 3.38%; 12/05/2019 - 11/15/2048)(c) | 2.15% | 09/03/2019 | 125,029,861 | 125,000,000 | |
RBC Capital Markets LLC, joint agreement dated 08/30/2019, aggregate maturing value of $150,036,667 (collateralized by domestic agency mortgage-backed securities and domestic and foreign corporate obligations valued at $156,822,868; 0% - 10.00%; 09/13/2019 - 08/15/2076)(c) | 2.20% | 09/03/2019 | 35,008,556 | 35,000,000 | |
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign corporate obligations valued at $106,426,641; 2.90% - 9.25%; 11/19/2019 - 03/15/2050)(c)(i) | 2.28% | - | - | 25,000,000 | |
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign corporate obligations valued at $91,808,572; 2.88% - 10.63%; 10/14/2019 - 01/11/2048)(c)(i) | 2.21% | - | - | 55,000,000 | |
Sumitomo Mitsui Banking Corp., joint agreement dated 08/30/2019, aggregate maturing value of $1,500,361,667 (collateralized by domestic agency mortgage-backed securities valued at $1,530,000,000; 3.00% - 3.50%; 08/20/2042 - 04/01/2049)(c) | 2.17% | 09/03/2019 | 172,451,548 | 172,409,978 | |
Total Repurchase Agreements (Cost $809,909,978) | 809,909,978 | ||||
TOTAL INVESTMENTS IN SECURITIES(j)(k)-100.12% (Cost $2,461,708,828) | 2,462,323,383 | ||||
OTHER ASSETS LESS LIABILITIES-(0.12)% | (3,062,638) | ||||
NET ASSETS-100.00% | $2,459,260,745 |
CEP | -Credit Enhancement Provider |
FHLB | -Federal Home Loan Bank |
LIBOR | -London Interbank Offered Rate |
LOC | -Letter of Credit |
RB | -Revenue Bonds |
USD | -U.S. Dollar |
VRD | -Variable Rate Demand |
(a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2019 was $865,395,955, which represented 35.19% of the Fund’s Net Assets. |
(c) | The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 17.6%; France: 14.0%; Netherlands: 10.5%; Switzerland: 7.9%; Japan: 7.3%; Australia: 5.9%; Germany: 5.3% other countries less than 5% each: 6.5%. |
(d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2019. |
(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, 2019. |
(f) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(g) | Principal amount equals value at period end. See Note 1I. |
(h) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(i) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
(j) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
(k) | Also represents cost for federal income tax purposes. |
12 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Commercial Paper-40.06%(a) | ||||||
Asset-Backed Securities - Fully Supported-6.10% | ||||||
Atlantic Asset Securitization LLC (CEP-Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 2.18% | 10/11/2019 | $ 15,000 | $ 14,967,217 | ||
Bennington Stark Capital Co., LLC (CEP-Societe Generale S.A.)(b)(c) | 2.36% | 09/06/2019 | 15,000 | 14,997,284 | ||
Ridgefield Funding Co., LLC (CEP-BNP Paribas S.A.)(b)(c) | 2.29% | 09/04/2019 | 10,000 | 9,999,403 | ||
39,963,904 | ||||||
Asset-Backed Securities - Fully Supported Bank-14.50% | ||||||
Anglesea Funding LLC (Multi-CEP’s)(b)(c) | 2.27% | 09/03/2019 | 15,000 | 15,000,000 | ||
Cedar Springs Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.24% | 09/13/2019 | 15,000 | 14,990,652 | ||
Concord Minutemen Capital Co., LLC (Multi-CEP’s)(b)(c) | 2.28% | 09/12/2019 | 15,000 | 14,991,879 | ||
Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) | 2.25% | 09/03/2019 | 10,000 | 10,000,000 | ||
Mountcliff Funding LLC (Multi-CEP’s)(b)(c) | 2.20% | 10/18/2019 | 15,000 | 14,960,184 | ||
Regency Markets No. 1 LLC (CEP-HSBC Bank PLC) (Ireland)(b)(c) | 2.21% | 09/16/2019 | 10,000 | 9,992,202 | ||
Versailles Commercial Paper LLC (CEP-Natixis S.A.)(b)(c) | 2.36% | 09/06/2019 | 15,000 | 14,997,285 | ||
94,932,202 | ||||||
Asset-Backed Securities - Multi-Purpose-2.29% | ||||||
CAFCO LLC (CEP-Citibank, N.A.)(b)(c) | 2.29% | 09/27/2019 | 15,000 | 14,979,345 | ||
Diversified Banks-16.35% | ||||||
Banco Santander, S.A.(c) | 2.34% | 09/04/2019 | 15,000 | 14,999,111 | ||
China Construction Bank Corp. (China)(b)(c) | 2.46% | 09/13/2019 | 15,000 | 14,991,060 | ||
Industrial & Commercial Bank of China Ltd. (China)(b)(c) | 2.45% | 09/20/2019 | 15,000 | 14,984,201 | ||
Mitsubishi UFJ Trust & Banking Corp. (Japan)(b)(c) | 2.37% | 09/19/2019 | 3,000 | 2,997,189 | ||
National Bank of Canada (Canada)(b)(c) | 2.13% | 10/21/2019 | 15,000 | 14,957,210 | ||
Oversea-Chinese Banking Corp. Ltd. (Singapore)(b)(c) | 2.19% | 09/23/2019 | 15,000 | 14,982,071 | ||
Sumitomo Mitsui Trust Bank, Ltd. (Japan)(b)(c) | 2.18% | 09/06/2019 | 8,000 | 7,998,585 | ||
Sumitomo Mitsui Trust Bank, Ltd. (Japan)(b)(c) | 2.23% | 10/21/2019 | 6,220 | 6,202,563 | ||
Toronto-Dominion Bank (The) (Canada)(b)(c) | 2.21% | 09/25/2019 | 15,000 | 14,980,498 | ||
107,092,488 | ||||||
Specialized Finance-0.82% | ||||||
Nederlandse Waterschapsbank N.V. (Netherlands)(b)(c) | 2.31% | 09/09/2019 | 5,400 | 5,398,090 | ||
Total Commercial Paper (Cost $262,322,128) | 262,366,029 | |||||
Certificates of Deposit-10.23% | ||||||
Australia & New Zealand Banking Group, Ltd.(c) | 2.11% | 09/03/2019 | 30,000 | 30,000,000 | ||
Banco Del Estado De Chile(c) | 2.30% | 09/06/2019 | 15,000 | 15,000,237 | ||
Cooperatieve Rabobank U.A.(c) | 2.14% | 10/11/2019 | 15,000 | 15,000,081 | ||
Mitsubishi UFJ Trust & Banking Corp.(c) | 2.41% | 09/06/2019 | 7,000 | 7,000,171 | ||
Total Certificates of Deposit (Cost $67,000,110) | 67,000,489 | |||||
Variable Rate Demand Notes-6.13%(d) | ||||||
Credit Enhanced-6.13% | ||||||
Jets Stadium Development, LLC; Series 2014 A-4C, VRD Bonds (LOC-Sumitomo Mitsui Banking Corp.)(b)(c)(e) | 2.17% | 04/01/2047 | 7,900 | 7,900,000 | ||
Keep Memory Alive; Series 2013, VRD Bonds (LOC-PNC Bank, N.A.)(e) | 2.20% | 05/01/2037 | 3,380 | 3,380,000 | ||
Maumelle (City of), AR (Kimberly-Clark Corp.); Series 2015, VRD IDR(b)(c) | 2.08% | 08/01/2045 | 9,400 | 9,400,000 |
13 | Short-Term Investments Trust |
Invesco STIC Prime Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Credit Enhanced-(continued) | ||||||
New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2015 B-1, VRD RB (LOC-Bank of China Ltd.)(c)(e) | 2.23% | 11/01/2049 | $ 14,000 | $ 14,000,000 | ||
Ziegler Realty LLC; Series 2007, VRD Notes (LOC-Wells Fargo Bank, N.A.)(b)(c)(e) | 2.15% | 01/01/2033 | 5,500 | 5,500,000 | ||
Total Variable Rate Demand Notes (Cost $40,180,000) | 40,180,000 | |||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-56.42% (Cost $369,502,238) | 369,546,518 | |||||
Repurchase Amount | ||||||
Repurchase Agreements-43.72%(f) | ||||||
BMO Capital Markets Corp., joint agreement dated 08/30/2019, aggregate maturing value of $195,047,667 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, U.S. government sponsored agency obligations, domestic and foreign corporate obligations and domestic commercial paper valued at $207,184,381; 0% - 10.00%; 09/11/2019 - 04/25/2066)(c) | 2.20% | 09/03/2019 | 20,004,889 | 20,000,000 | ||
BMO Capital Markets Corp., joint term agreement dated 08/30/2019, aggregate maturing value of $50,021,875 (collateralized by domestic agency mortgage-backed securities valued at $51,415,842; 0% - 13.73%; 06/25/2027 - 06/20/2069)(c)(g) | 2.25% | 09/06/2019 | 8,003,500 | 8,000,000 | ||
Citigroup Global Markets, Inc., joint agreement dated 08/30/2019, aggregate maturing value of $400,096,000 (collateralized by U.S. Treasury obligations valued at $408,000,053; 0% - 0.13%; 04/15/2020 - 08/15/2042) | 2.16% | 09/03/2019 | 30,007,200 | 30,000,000 | ||
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $250,060,000 (collateralized by domestic agency mortgage-backed securities valued at $255,000,001; 3.00% - 4.00%; 06/01/2048 - 08/01/2049)(c) | 2.16% | 09/03/2019 | 30,007,200 | 30,000,000 | ||
Credit Suisse Securities (USA) LLC, joint term agreement dated 08/29/2019, aggregate maturing value of $65,028,185 (collateralized by domestic and foreign agency and non-agency asset-backed securities, domestic non-agency mortgage-backed securities and a foreign corporate obligation valued at $68,250,000; 0.47% - 5.93%; 12/28/2023 - 09/10/2050)(c)(g) | 2.23% | 09/05/2019 | 5,002,168 | 5,000,000 | ||
Credit Suisse Securities (USA) LLC, term agreement dated 08/30/2019, maturing value of $10,000,000 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic non-agency asset-backed securities and domestic and foreign corporate obligations valued at $10,499,736; 0% - 8.00%; 10/10/2019 - 07/15/2064)(c)(h) | 2.34% | 10/04/2019 | 10,000,000 | 10,000,000 | ||
ING Financial Markets, LLC, joint agreement dated 08/30/2019, aggregate maturing value of $124,030,311 (collateralized by domestic and foreign corporate obligations valued at $130,200,007; 1.63% - 7.88%; 09/29/2019 - 08/15/2059)(c) | 2.20% | 09/03/2019 | 25,006,111 | 25,000,000 | ||
J.P. Morgan Securities LLC, open agreement dated 09/08/2017 (collateralized by domestic and foreign equity securities valued at $15,780,373; 2.20%; 02/15/2040 - 12/12/2222)(i) | 2.30% | - | - | 15,000,000 | ||
Natixis, joint agreement dated 08/30/2019, aggregate maturing value of $750,179,167 (collateralized by U.S. Treasury obligations valued at $765,000,060; 0% - 3.38%; 12/05/2019 - 11/15/2048)(c) | 2.15% | 09/03/2019 | 60,014,334 | 60,000,000 | ||
RBC Capital Markets LLC, joint agreement dated 08/30/2019, aggregate maturing value of $150,036,667 (collateralized by domestic agency mortgage-backed securities and domestic and foreign corporate obligations valued at $156,822,868; 0% - 10.00%; 09/13/2019 - 08/15/2076)(c) | 2.20% | 09/03/2019 | 20,004,889 | 20,000,000 | ||
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign corporate obligations valued at $106,426,641; 2.90% - 9.25%; 11/19/2019 - 03/15/2050)(c)(i) | 2.28% | - | - | 5,000,000 | ||
Sumitomo Mitsui Banking Corp., joint agreement dated 08/30/2019, aggregate maturing value of $1,500,361,667 (collateralized by domestic agency mortgage-backed securities valued at $1,530,000,000; 3.00% - 3.50%; 08/20/2042 - 04/01/2049)(c) | 2.17% | 09/03/2019 | 58,331,304 | 58,317,243 | ||
Total Repurchase Agreements (Cost $286,317,243) | 286,317,243 | |||||
TOTAL INVESTMENTS IN SECURITIES(j)(k)-100.14% (Cost $655,819,481) | 655,863,761 | |||||
OTHER ASSETS LESS LIABILITIES-(0.14)% | (907,139) | |||||
NET ASSETS-100.00% | $654,956,622 |
14 | Short-Term Investments Trust |
Invesco STIC Prime Portfolio
CEP | -Credit Enhancement Provider |
IDR | -Industrial Development Revenue Bonds |
LOC | -Letter of Credit |
RB | -Revenue Bonds |
VRD | -Variable Rate Demand |
(a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at August 31, 2019 was $270,166,918, which represented 41.25% 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: 11.9%; Netherlands: 10.8%; France: 9.2%; Switzerland: 6.9%; China: 6.7%; other countries less than 5% each: 17.9%. |
(d) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on August 31, 2019. |
(e) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(f) | Principal amount equals value at period end. See Note 1I. |
(g) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(h) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2019. |
(i) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
(j) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each. |
(k) | Also represents cost for federal income tax purposes. |
15 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
U.S. Treasury Securities-41.59% | ||||||
U.S. Treasury Bills-22.07%(a) | ||||||
U.S. Treasury Bills | 2.14% | 09/10/2019 | $ 500,000 | $ 499,741,875 | ||
U.S. Treasury Bills | 2.49% | 09/12/2019 | 350,000 | 349,737,451 | ||
U.S. Treasury Bills | 2.48% | 09/19/2019 | 500,000 | 499,387,500 | ||
U.S. Treasury Bills | 2.10% | 09/26/2019 | 500,000 | 499,276,041 | ||
U.S. Treasury Bills | 2.06% | 10/08/2019 | 750,000 | 748,419,791 | ||
U.S. Treasury Bills | 2.42% | 10/17/2019 | 475,000 | 473,548,924 | ||
U.S. Treasury Bills | 1.97% | 11/14/2019 | 250,000 | 248,992,778 | ||
U.S. Treasury Bills | 2.21% | 12/05/2019 | 250,000 | 248,558,837 | ||
U.S. Treasury Bills | 2.12% | 12/12/2019 | 300,000 | 298,216,276 | ||
U.S. Treasury Bills | 1.91% | 02/13/2020 | 250,000 | 247,834,375 | ||
U.S. Treasury Bills | 1.87% | 02/20/2020 | 250,000 | 247,790,278 | ||
U.S. Treasury Bills | 1.86% | 02/27/2020 | 250,000 | 247,712,778 | ||
U.S. Treasury Bills | 1.78% | 08/13/2020 | 100,000 | 98,313,194 | ||
4,707,530,098 | ||||||
U.S. Treasury Notes-19.52% | ||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b) | 1.97% | 04/30/2020 | 998,000 | 998,007,326 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b) | 1.98% | 07/31/2020 | 310,000 | 309,995,764 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)(b) | 1.98% | 10/31/2020 | 251,000 | 250,987,381 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%)(b) | 2.05% | 01/31/2021 | 1,306,000 | 1,305,513,883 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b) | 2.08% | 04/30/2021 | 851,000 | 850,764,111 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%)(b) | 2.16% | 07/31/2021 | 450,000 | 449,930,368 | ||
4,165,198,833 | ||||||
Total U.S. Treasury Securities (Cost $8,872,728,931) | 8,872,728,931 | |||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-41.59% (Cost $8,872,728,931) | 8,872,728,931 | |||||
Repurchase Amount | ||||||
Repurchase Agreements-58.51%(c) | ||||||
Bank of Nova Scotia, agreement dated 08/30/2019, maturing value of $500,119,445 (collateralized by U.S. Treasury obligations valued at $510,000,086; 0% - 8.50%; 09/12/2019 - 02/15/2049) | 2.15% | 09/03/2019 | 500,119,445 | 500,000,000 | ||
BNP Paribas Securities Corp., joint term agreement dated 07/23/2019, aggregate maturing value of $2,007,612,222 (collateralized by U.S. Treasury obligations valued at $2,040,000,018; 0% - 4.38%; 01/15/2020 - 02/15/2049)(d) | 2.21% | 09/23/2019 | 1,104,186,722 | 1,100,000,000 | ||
BNP Paribas Securities Corp., joint term agreement dated 08/26/2019, aggregate maturing value of $1,000,480,000 (collateralized by U.S. Treasury obligations valued at $1,020,000,010; 0% - 8.00%; 04/23/2020 - 11/15/2046)(d) | 2.16% | 09/03/2019 | 400,192,000 | 400,000,000 | ||
CIBC World Markets Corp., agreement dated 08/30/2019, maturing value of $150,035,833 (collateralized by U.S. Treasury obligations valued at $153,000,089; 0.88% - 3.00%; 02/28/2022 - 05/15/2045) | 2.15% | 09/03/2019 | 150,035,833 | 150,000,000 | ||
CIBC World Markets Corp., joint term agreement dated 08/07/2019, aggregate maturing value of $500,895,833 (collateralized by U.S. Treasury obligations valued at $510,000,083; 0.13% - 4.75%; 12/31/2020 - 11/15/2046)(d) | 2.15% | 09/06/2019 | 200,358,333 | 200,000,000 |
16 | Short-Term Investments Trust |
Invesco Treasury Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
Citigroup Global Markets, Inc., term agreement dated 08/29/2019, maturing value of $600,255,500 (collateralized by U.S. Treasury obligations valued at $612,000,082; 0% - 0.13%; 04/15/2020 - 02/15/2036)(d) | 2.19% | 09/05/2019 | $ 600,255,500 | $ 600,000,000 | |
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $1,000,237,778 (collateralized by U.S. Treasury obligations valued at $1,020,000,032; 2.00% - 2.63%; 12/15/2021 - 11/15/2026) | 2.14% | 09/03/2019 | 520,228,164 | 520,104,495 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/23/2019, aggregate maturing value of $802,897,556 (collateralized by U.S. Treasury obligations valued at $816,000,018; 0% - 2.50%; 08/13/2020 - 01/31/2021)(d) | 2.21% | 09/20/2019 | 401,448,778 | 400,000,000 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/06/2019, aggregate maturing value of $500,985,417 (collateralized by U.S. Treasury obligations valued at $510,000,057; 1.00% - 3.38%; 02/28/2021 - 02/15/2049)(d) | 2.15% | 09/09/2019 | 200,394,167 | 200,000,000 | |
Credit Agricole Corporate & Investment Bank, term agreement dated 07/22/2019, maturing value of $301,160,250 (collateralized by U.S. Treasury obligations valued at $306,000,125; 1.63% - 4.38%; 06/30/2021 - 05/15/2041)(d) | 2.21% | 09/23/2019 | 301,160,250 | 300,000,000 | |
DNB Bank ASA, agreement dated 08/30/2019, maturing value of $500,120,000 (collateralized by U.S. Treasury obligations valued at $510,000,097; 2.00% - 2.88%; 02/28/2021 - 08/15/2025) | 2.16% | 09/03/2019 | 500,120,000 | 500,000,000 | |
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/30/2019, maturing value of $150,035,000 (collateralized by a U.S. Treasury obligation valued at $153,000,034; 2.00%; 05/31/2024) | 2.10% | 09/03/2019 | 150,035,000 | 150,000,000 | |
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/30/2019, maturing value of $200,048,000 (collateralized by a U.S. Treasury obligation valued at $204,000,087; 2.63%; 12/31/2023) | 2.16% | 09/03/2019 | 200,048,000 | 200,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 07/18/2019 (collateralized by U.S. Treasury obligations valued at $357,000,214; 0% - 3.63%; 10/10/2019 - 11/15/2044)(e) | 2.11% | - | - | 130,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 05/15/2019 (collateralized by U.S. Treasury obligations valued at $408,000,000; 2.00% - 3.63%; 01/31/2023 - 02/15/2044)(e) | 2.15% | - | - | 400,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 05/22/2019 (collateralized by U.S. Treasury obligations valued at $510,000,052; 1.25% - 3.38%; 10/31/2021 - 11/15/2048)(e) | 2.11% | - | - | 500,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 07/29/2019 (collateralized by U.S. Treasury obligations valued at $510,000,016; 3.00% - 3.13%; 11/15/2028 - 02/15/2043)(e) | 2.15% | - | - | 500,000,000 | |
Metropolitan Life Insurance Co., joint term agreement dated 08/28/2019, aggregate maturing value of $450,199,671 (collateralized by U.S. Treasury obligations valued at $458,714,349; 0% - 2.63%; 10/01/2019 - 08/15/2047)(d) | 2.22% | 09/04/2019 | 185,081,809 | 185,001,950 | |
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/28/2019, aggregate maturing value of $1,333,325,304 (collateralized by U.S. Treasury obligations valued at $1,358,182,101; 2.00% - 2.38%; 04/30/2024 - 05/15/2029)(d) | 2.22% | 09/04/2019 | 472,328,801 | 472,125,000 | |
Natixis, joint agreement dated 08/30/2019, aggregate maturing value of $750,179,167 (collateralized by U.S. Treasury obligations valued at $765,000,060; 0% - 3.38%; 12/05/2019 - 11/15/2048) | 2.15% | 09/03/2019 | 565,134,972 | 565,000,000 | |
Natixis, joint term agreement dated 07/18/2019, aggregate maturing value of $501,858,333 (collateralized by U.S. Treasury obligations valued at $510,000,002; 0% - 3.38%; 09/19/2019 - 05/15/2049)(d) | 2.23% | 09/16/2019 | 200,743,333 | 200,000,000 | |
Prudential Insurance Co. of America, agreement dated 08/30/2019, maturing value of $405,934,102 (collateralized by U.S. Treasury obligations valued at $414,162,863; 0% - 2.75%; 11/15/2027 - 02/15/2045) | 2.17% | 09/03/2019 | 405,934,102 | 405,836,250 | |
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/30/2019, maturing value of $272,315,643 (collateralized by U.S. Treasury obligations valued at $278,228,000; 0%; 08/15/2033 - 08/15/2045) | 2.17% | 09/03/2019 | 272,315,643 | 272,250,000 |
17 | Short-Term Investments Trust |
Invesco Treasury Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
RBC Capital Markets LLC, term agreement dated 08/15/2019, maturing value of $250,529,861 (collateralized by U.S. Treasury obligations valued at $255,000,096; 2.88%; 05/31/2025 - 07/31/2025)(d) | 2.18% | 09/19/2019 | $ 250,529,861 | $ 250,000,000 | |
RBC Dominion Securities Inc., agreement dated 08/30/2019, maturing value of $1,000,238,889 (collateralized by U.S. Treasury obligations valued at $1,020,000,091; 0% - 4.25%; 09/12/2019 - 08/15/2048) | 2.15% | 09/03/2019 | 1,000,238,889 | 1,000,000,000 | |
Societe Generale, joint term agreement dated 08/28/2019, aggregate maturing value of $500,213,889 (collateralized by U.S. Treasury obligations valued at $510,000,072; 0.13% - 6.00%; 01/15/2020 - 02/15/2047)(d) | 2.20% | 09/04/2019 | 165,070,583 | 165,000,000 | |
Societe Generale, open agreement dated 06/25/2018 (collateralized by U.S. Treasury obligations valued at $1,020,000,037; 0% - 8.75%; 09/16/2019 - 02/15/2047)(e) | 2.12% | - | - | 1,000,000,000 | |
Sumitomo Mitsui Banking Corp., agreement dated 08/30/2019, maturing value of $250,059,722 (collateralized by U.S. Treasury obligation valued at $255,000,039; 1.63%; 02/15/2026) | 2.15% | 09/03/2019 | 250,059,722 | 250,000,000 | |
TD Securities (USA) LLC, agreement dated 08/30/2019, maturing value of $200,047,556 (collateralized by U.S. Treasury obligations valued at $204,000,014; 2.38% - 2.63%; 08/15/2024 - 02/15/2029) | 2.14% | 09/03/2019 | 200,047,556 | 200,000,000 | |
Wells Fargo Securities, LLC, agreement dated 08/30/2019, maturing value of $765,182,750 (collateralized by U.S. Treasury obligations valued at $780,300,004; 0.13% - 7.88%; 04/15/2020 - 07/15/2028) | 2.15% | 09/03/2019 | 765,182,750 | 765,000,000 | |
Total Repurchase Agreements (Cost $12,480,317,695) | 12,480,317,695 | ||||
TOTAL INVESTMENTS IN SECURITIES-100.10% (Cost $21,353,046,626) | 21,353,046,626 | ||||
OTHER ASSETS LESS LIABILITIES-(0.10)% | (21,407,037) | ||||
NET ASSETS-100.00% | $21,331,639,589 |
(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, 2019. |
(c) | Principal amount equals value at period end. See Note 1I. |
(d) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(e) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
18 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
U.S. Government Sponsored Agency Securities-27.29% | ||||||
Federal Farm Credit Bank (FFCB)-1.84% | ||||||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.10%)(a) | 2.04% | 09/25/2019 | $ 110,000 | $ 109,999,609 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.10%)(a) | 2.11% | 10/08/2019 | 75,000 | 74,997,138 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.12% | 11/19/2019 | 37,300 | 37,295,847 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.02% | 12/04/2019 | 125,000 | 124,999,160 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.07%)(a) | 2.12% | 12/16/2019 | 120,000 | 120,000,000 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.12% | 12/18/2019 | 25,000 | 24,999,287 | ||
Federal Farm Credit Bank (1 mo. USD LIBOR + 0.05%)(a) | 2.20% | 01/27/2020 | 50,000 | 50,014,972 | ||
Federal Farm Credit Bank (SOFR + 0.10%)(a) | 2.31% | 05/07/2021 | 23,000 | 23,000,000 | ||
Federal Farm Credit Bank (SOFR + 0.08%)(a) | 2.29% | 06/10/2021 | 14,000 | 14,000,000 | ||
579,306,013 | ||||||
Federal Home Loan Bank (FHLB)-19.58% | ||||||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.12% | 09/18/2019 | 50,000 | 50,000,497 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 10/09/2019 | 119,000 | 119,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.06%)(a) | 2.11% | 10/22/2019 | 50,000 | 49,996,663 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.18% | 11/08/2019 | 250,000 | 250,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.12% | 11/25/2019 | 225,000 | 225,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.12% | 11/25/2019 | 175,000 | 175,000,000 | ||
Federal Home Loan Bank (SOFR + 0.02%)(a) | 2.23% | 11/27/2019 | 45,000 | 45,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.04% | 12/05/2019 | 150,000 | 150,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.05%)(a) | 2.18% | 12/06/2019 | 79,400 | 79,407,228 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.04%)(a) | 2.19% | 12/06/2019 | 250,000 | 249,993,709 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.18% | 12/09/2019 | 150,000 | 150,000,000 | ||
Federal Home Loan Bank (SOFR)(a) | 2.21% | 12/11/2019 | 398,000 | 398,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.03%)(a) | 2.17% | 12/16/2019 | 500,000 | 500,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.09%)(a) | 2.08% | 12/20/2019 | 125,000 | 125,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.02%)(a) | 2.15% | 12/20/2019 | 240,000 | 240,000,000 | ||
Federal Home Loan Bank (SOFR + 0.01%)(a) | 2.22% | 12/20/2019 | 170,000 | 170,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.09%)(a) | 2.06% | 12/27/2019 | 50,000 | 50,000,000 | ||
Federal Home Loan Bank (1 mo. USD LIBOR - 0.01%)(a) | 2.18% | 01/17/2020 | 145,000 | 145,000,000 | ||
Federal Home Loan Bank (SOFR + 0.02%)(a) | 2.23% | 02/21/2020 | 420,000 | 420,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 05/08/2020 | 120,000 | 120,000,000 | ||
Federal Home Loan Bank (SOFR + 0.02%)(a) | 2.23% | 05/22/2020 | 265,000 | 265,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 06/19/2020 | 60,000 | 60,000,000 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 07/17/2020 | 95,000 | 95,000,000 | ||
Federal Home Loan Bank (SOFR + 0.08%)(a) | 2.29% | 07/24/2020 | 26,000 | 26,000,000 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 08/21/2020 | 84,000 | 84,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 08/25/2020 | 46,000 | 46,000,000 | ||
Federal Home Loan Bank (SOFR + 0.05%)(a) | 2.26% | 09/28/2020 | 621,500 | 621,500,000 | ||
Federal Home Loan Bank (SOFR + 0.11%)(a) | 2.32% | 10/01/2020 | 40,000 | 40,000,000 | ||
Federal Home Loan Bank (SOFR + 0.03%)(a) | 2.24% | 11/06/2020 | 182,000 | 182,000,000 | ||
Federal Home Loan Bank (SOFR + 0.05%)(a) | 2.26% | 01/22/2021 | 109,000 | 109,000,000 | ||
Federal Home Loan Bank (SOFR + 0.05%)(a) | 2.26% | 01/28/2021 | 173,000 | 173,000,000 | ||
Federal Home Loan Bank (SOFR + 0.04%)(a) | 2.25% | 02/09/2021 | 224,000 | 224,000,000 | ||
Federal Home Loan Bank (SOFR + 0.07%)(a) | 2.28% | 02/26/2021 | 198,000 | 198,000,000 |
19 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
Federal Home Loan Bank (FHLB)-(continued) | |||||
Federal Home Loan Bank (SOFR + 0.08%)(a) | 2.29% | 07/23/2021 | $ 321,000 | $ 321,000,000 | |
6,155,898,097 | |||||
Federal Home Loan Mortgage Corp. (FHLMC)-2.83% | |||||
Federal Home Loan Mortgage Corp. (SOFR)(a) | 2.21% | 02/12/2020 | 250,000 | 250,000,000 | |
Federal Home Loan Mortgage Corp. (SOFR + 0.01%)(a) | 2.22% | 07/22/2020 | 119,000 | 119,000,000 | |
Federal Home Loan Mortgage Corp. (SOFR + 0.04%)(a) | 2.25% | 12/14/2020 | 150,000 | 150,000,000 | |
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) | 2.24% | 02/05/2021 | 315,000 | 315,000,000 | |
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) | 2.24% | 02/19/2021 | 55,000 | 55,000,000 | |
889,000,000 | |||||
Federal National Mortgage Association (FNMA)-1.82% | |||||
Federal National Mortgage Association (SOFR + 0.01%)(a) | 2.22% | 05/22/2020 | 215,000 | 215,000,000 | |
Federal National Mortgage Association (SOFR + 0.06%)(a) | 2.27% | 07/30/2020 | 63,000 | 63,000,000 | |
Federal National Mortgage Association (SOFR + 0.04%)(a) | 2.25% | 01/29/2021 | 292,000 | 292,000,000 | |
570,000,000 | |||||
Overseas Private Investment Corp. (OPIC)-1.22% | |||||
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 09/15/2020 | 116,000 | 116,000,000 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 06/15/2025 | 24,000 | 24,000,000 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 07/15/2025 | 31,333 | 31,333,334 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 09/15/2025 | 5,000 | 5,000,000 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 09/15/2026 | 5,000 | 5,000,000 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 02/15/2028 | 18,889 | 18,888,889 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 11/15/2028 | 84,091 | 84,090,910 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.25% | 05/15/2030 | 9,282 | 9,282,000 | |
Overseas Private Investment Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 10/15/2030 | 8,000 | 8,000,000 | |
Overseas Private Investment Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(b) | 2.22% | 07/09/2026 | 35,700 | 35,700,000 | |
Overseas Private Investment Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(b) | 2.19% | 03/15/2030 | 45,000 | 45,000,000 | |
382,295,133 | |||||
Total U.S. Government Sponsored Agency Securities (Cost $8,576,499,243) | 8,576,499,243 | ||||
U.S. Treasury Securities-19.48% | |||||
U.S. Treasury Bills-9.48%(c) | |||||
U.S. Treasury Bills | 2.49% | 09/05/2019 | 450,000 | 449,877,039 | |
U.S. Treasury Bills | 2.15% | 09/10/2019 | 395,000 | 394,788,675 | |
U.S. Treasury Bills | 2.49% | 09/12/2019 | 150,000 | 149,887,479 | |
U.S. Treasury Bills | 2.47%-2.48% | 09/19/2019 | 450,000 | 449,449,650 | |
U.S. Treasury Bills | 2.06% | 09/24/2019 | 400,000 | 399,473,556 | |
U.S. Treasury Bills | 2.06% | 10/01/2019 | 280,000 | 279,551,378 | |
U.S. Treasury Bills | 2.06% | 10/08/2019 | 500,000 | 498,946,527 | |
U.S. Treasury Bills | 1.99% | 10/29/2019 | 150,000 | 149,536,601 | |
U.S. Treasury Bills | 1.87% | 02/20/2020 | 150,000 | 148,674,167 | |
U.S. Treasury Bills | 1.78% | 08/13/2020 | 60,000 | 58,987,917 | |
2,979,172,989 | |||||
U.S. Treasury Notes-10.00%(a) | |||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate) | 1.94% | 01/31/2020 | 170,000 | 169,977,325 |
20 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
U.S. Treasury Notes(a)-(continued) | ||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%) | 1.97% | 04/30/2020 | $ 775,000 | $ 775,008,012 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%) | 1.98% | 07/31/2020 | 535,000 | 534,981,104 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%) | 1.98% | 10/31/2020 | 630,000 | 629,992,456 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%) | 2.05% | 01/31/2021 | 645,000 | 644,786,845 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%) | 2.08% | 04/30/2021 | 390,000 | 390,001,440 | ||
3,144,747,182 | ||||||
Total U.S. Treasury Securities (Cost $6,123,920,171) | 6,123,920,171 | |||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-46.77% (Cost $14,700,419,414) | 14,700,419,414 | |||||
Repurchase Amount | ||||||
Repurchase Agreements-54.66%(d) | ||||||
ABN AMRO Bank N.V., joint agreement dated 08/30/2019, aggregate maturing value of $200,047,778 (collateralized by U.S. Treasury obligations valued at $204,000,020; 2.00% - 6.63%; 09/30/2020 - 05/15/2044) | 2.15% | 09/03/2019 | 60,014,333 | 60,000,000 | ||
Bank of Nova Scotia, joint agreement dated 08/30/2019, aggregate maturing value of $725,174,806 (collateralized by domestic agency mortgage-backed securities valued at $739,500,000; 2.48% - 6.50%; 11/01/2020 - 07/20/2049) | 2.17% | 09/03/2019 | 465,112,117 | 465,000,000 | ||
BNP Paribas Securities Corp., joint term agreement dated 07/23/2019, aggregate maturing value of $2,007,612,222 (collateralized by U.S. Treasury obligations valued at $2,040,000,018; 0% - 4.38%; 01/15/2020 - 02/15/2049)(e) | 2.21% | 09/23/2019 | 903,425,500 | 900,000,000 | ||
BNP Paribas Securities Corp., joint term agreement dated 07/23/2019, aggregate maturing value of $752,867,500 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $765,000,000; 0% - 6.75%; 02/06/2020 - 08/20/2049)(e) | 2.22% | 09/23/2019 | 271,032,300 | 270,000,000 | ||
BNP Paribas Securities Corp., joint term agreement dated 08/26/2019, aggregate maturing value of $1,000,480,000 (collateralized by U.S. Treasury obligations valued at $1,020,000,010; 0% - 8.00%; 04/23/2020 - 11/15/2046)(e) | 2.16% | 09/03/2019 | 420,201,600 | 420,000,000 | ||
CIBC World Markets Corp., joint term agreement dated 07/16/2019, aggregate maturing value of $501,827,361 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 3.00% - 5.00%; 11/01/2026 - 08/01/2049)(e) | 2.23% | 09/13/2019 | 346,260,879 | 345,000,000 | ||
CIBC World Markets Corp., joint term agreement dated 08/07/2019, aggregate maturing value of $500,895,833 (collateralized by U.S. Treasury obligations valued at $510,000,083; 0.13% - 4.75%; 12/31/2020 - 11/15/2046)(e) | 2.15% | 09/06/2019 | 300,537,500 | 300,000,000 | ||
CIBC World Markets Corp., joint term agreement dated 08/15/2019, aggregate maturing value of $726,543,646 (collateralized by domestic agency mortgage-backed securities valued at $739,500,000; 3.00% - 4.50%; 09/01/2029 - 07/01/2049)(e) | 2.19% | 09/19/2019 | 501,064,583 | 500,000,000 | ||
CIBC World Markets Corp., term agreement dated 08/07/2019, maturing value of $500,904,167 (collateralized by domestic agency mortgage-backed securities valued at $510,000,001; 2.70% - 6.00%; 08/01/2023 - 11/15/2056)(e) | 2.17% | 09/06/2019 | 500,904,167 | 500,000,000 | ||
Citigroup Global Markets, Inc., joint agreement dated 08/30/2019, aggregate maturing value of $400,096,000 (collateralized by U.S. Treasury obligations valued at $408,000,053; 0% - 0.13%; 04/15/2020 - 08/15/2042) | 2.16% | 09/03/2019 | 370,088,800 | 370,000,000 |
21 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
Credit Agricole Corporate & Investment Bank, joint agreement dated 08/30/2019, aggregate maturing value of $1,000,237,778 (collateralized by U.S. Treasury obligations valued at $1,020,000,032; 2.00% - 2.63%; 12/15/2021 - 11/15/2026) | 2.14% | 09/03/2019 | $ 480,009,614 | $ 479,895,505 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 07/23/2019, aggregate maturing value of $802,897,556 (collateralized by U.S. Treasury obligations valued at $816,000,018; 0% - 2.50%; 08/13/2020 - 01/31/2021)(e) | 2.21% | 09/20/2019 | 316,140,912 | 315,000,000 | |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 08/06/2019, aggregate maturing value of $500,985,417 (collateralized by U.S. Treasury obligations valued at $510,000,057; 1.00% - 3.38%; 02/28/2021 - 02/15/2049)(e) | 2.15% | 09/09/2019 | 300,591,250 | 300,000,000 | |
Credit Agricole Corporate & Investment Bank, term agreement dated 07/22/2019, maturing value of $150,580,125 (collateralized by a U.S. Treasury obligation valued at $153,000,034; 2.88%; 11/30/2023)(e) | 2.21% | 09/23/2019 | 150,580,125 | 150,000,000 | |
DNB Bank ASA, agreement dated 08/30/2019, maturing value of $300,072,000 (collateralized by U.S. Treasury obligations valued at $306,000,052; 2.00% - 2.63%; 02/28/2021 - 08/15/2025) | 2.16% | 09/03/2019 | 300,072,000 | 300,000,000 | |
Fixed Income Clearing Corp. - Bank of New York Mellon (The), agreement dated 08/30/2019, maturing value of $1,000,240,000 (collateralized by U.S. Treasury obligations valued at $1,020,000,048; 2.38% - 2.63%; 12/31/2023 - 02/29/2024) | 2.16% | 09/03/2019 | 1,000,240,000 | 1,000,000,000 | |
Fixed Income Clearing Corp. - State Street Bank, agreement dated 08/30/2019, maturing value of $630,151,200 (collateralized by U.S. Treasury obligations valued at $642,602,285; 2.16%; 06/15/2022 - 07/15/2022) | 2.16% | 09/03/2019 | 630,151,200 | 630,000,000 | |
ING Financial Markets, LLC, agreement dated 08/30/2019, maturing value of $350,084,000 (collateralized by domestic agency mortgage-backed securities valued at $357,000,000; 2.00% - 5.00%; 07/01/2028 - 05/01/2058) | 2.16% | 09/03/2019 | 350,084,000 | 350,000,000 | |
ING Financial Markets, LLC, joint agreement dated 08/30/2019, aggregate maturing value of $265,063,306 (collateralized by U.S. government sponsored agency obligations valued at $270,300,906; 0% - 2.63%; 09/09/2019 - 09/06/2024) | 2.15% | 09/03/2019 | 125,029,861 | 125,000,000 | |
ING Financial Markets, LLC, joint term agreement dated 08/12/2019, aggregate maturing value of $651,383,958 (collateralized by domestic agency mortgage-backed securities valued at $663,000,000; 2.00% - 7.00%; 07/01/2024 - 05/01/2058) | 2.19% | 09/16/2019 | 455,968,771 | 455,000,000 | |
ING Financial Markets, LLC, joint term agreement dated 08/26/2019, aggregate maturing value of $400,191,111 (collateralized by domestic agency mortgage-backed securities valued at $408,000,000; 3.00% - 6.00%; 12/01/2025 - 09/01/2057)(e) | 2.15% | 09/03/2019 | 265,126,611 | 265,000,000 | |
ING Financial Markets, LLC, joint term agreement dated 08/30/2019, aggregate maturing value of $300,125,417 (collateralized by domestic agency mortgage-backed securities valued at $306,000,001; 2.16% - 5.00%; 08/01/2024 - 05/01/2058)(e) | 2.15% | 09/06/2019 | 200,083,611 | 200,000,000 | |
ING Financial Markets, LLC, term agreement dated 08/30/2019, maturing value of $75,153,125 (collateralized by domestic agency mortgage-backed securities valued at $76,500,000; 3.00% - 5.00%; 01/01/2031 - 05/01/2058) | 2.10% | 10/04/2019 | 75,153,125 | 75,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 05/02/2019 (collateralized by a U.S. Treasury obligation and domestic agency mortgage-backed securities valued at $510,000,010; 0% - 7.00%; 01/01/2024 - 02/01/2056)(f) | 2.13% | - | - | 350,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 05/15/2019 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $295,800,000; 0% - 8.50%; 10/01/2020 - 02/01/2057)(f) | 2.17% | - | - | 240,000,000 |
22 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
J.P. Morgan Securities LLC, joint open agreement dated 07/18/2019 (collateralized by U.S. Treasury obligations valued at $357,000,214; 0% - 3.63%; 10/10/2019 - 11/15/2044)(f) | 2.11% | - | $ - | $ 150,000,000 | |
J.P. Morgan Securities LLC, joint open agreement dated 07/18/2019 (collateralized by U.S. Treasury obligations valued at $583,440,120; 2.13% - 3.75%; 01/31/2023 - 02/15/2049)(f) | 2.15% | - | - | 385,000,000 | |
J.P. Morgan Securities LLC, open agreement dated 05/22/2019 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000; 2.50% - 6.50%; 01/01/2024 - 08/20/2049)(f) | 2.13% | - | - | 250,000,000 | |
Metropolitan Life Insurance Co., joint term agreement dated 08/28/2019, aggregate maturing value of $450,199,671 (collateralized by U.S. Treasury obligations valued at $458,714,349; 0% - 2.63%; 10/01/2019 - 08/15/2047)(e) | 2.22% | 09/04/2019 | 185,080,221 | 185,000,362 | |
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 08/28/2019, aggregate maturing value of $1,333,325,304 (collateralized by U.S. Treasury obligations valued at $1,358,182,101; 2.00% - 2.38%; 04/30/2024 - 05/15/2029)(e) | 2.22% | 09/04/2019 | 455,821,678 | 455,625,000 | |
Natixis, agreement dated 08/30/2019, maturing value of $600,144,667 (collateralized by U.S. Treasury obligations, U.S. government sponsored agency obligations & domestic agency mortgage-backed securities valued at $612,000,000; 0% - 7.50%; 12/05/2019 - 09/15/2065) | 2.17% | 09/03/2019 | 600,144,667 | 600,000,000 | |
Natixis, joint term agreement dated 07/18/2019, aggregate maturing value of $501,858,333 (collateralized by U.S. Treasury obligations valued at $510,000,002; 0% - 3.38%; 09/19/2019 - 05/15/2049)(e) | 2.23% | 09/16/2019 | 210,780,500 | 210,000,000 | |
Prudential Insurance Co. of America, agreement dated 08/30/2019, maturing value of $585,326,095 (collateralized by U.S. Treasury obligations valued at $597,171,000; 0%; 02/15/2026 - 05/15/2045) | 2.17% | 09/03/2019 | 585,326,095 | 585,185,000 | |
Prudential Legacy Insurance Company of New Jersey, agreement dated 08/30/2019, maturing value of $94,072,677 (collateralized by U.S. Treasury obligations valued at $95,916,500; 0%; 08/15/2033 - 05/15/2045) | 2.17% | 09/03/2019 | 94,072,677 | 94,050,000 | |
RBC Capital Markets LLC, agreement dated 08/30/2019, maturing value of $1,000,241,111 (collateralized by domestic agency mortgage-backed securites, a U.S. government sponsored agency obligation and a U.S. Treasury obligation valued at $1,020,000,052; 1.25% - 4.50%; 03/31/2021 - 07/25/2049) | 2.17% | 09/03/2019 | 1,000,241,111 | 1,000,000,000 | |
RBC Capital Markets LLC, joint term agreement dated 08/15/2019, aggregate maturing value of $1,202,555,000 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,224,000,043; 1.88% - 7.00%; 06/25/2021 - 11/16/2060)(e) | 2.19% | 09/19/2019 | 901,916,250 | 900,000,000 | |
RBC Capital Markets LLC, joint term agreement dated 08/30/2019, aggregate maturing value of $1,250,000,000 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities, U.S. government sponsored agency obligations and foreign corporate obligations valued at $1,275,000,210; 0% - 14.19%; 10/10/2019 - 02/20/2069)(a)(e) | 2.16% | 10/30/2019 | 920,000,000 | 920,000,000 | |
RBC Dominion Securities Inc., term agreement dated 08/02/2019, maturing value of $401,173,333 (collateralized by U.S. Treasury obligations valued at $408,000,097; 0% - 6.50%; 09/12/2019 - 02/15/2049)(e) | 2.20% | 09/19/2019 | 401,173,333 | 400,000,000 | |
Societe Generale, joint open agreement dated 06/25/2018 (collateralized by U.S. Treasury obligations, domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $510,000,000; 0% - 5.94%; 09/06/2019 - 08/20/2064)(f) | 2.13% | - | - | 320,000,000 | |
Societe Generale, joint term agreement dated 08/28/2019, aggregate maturing value of $500,213,889 (collateralized by U.S. Treasury obligations valued at $510,000,072; 0.13% - 6.00%; 01/15/2020 - 02/15/2047)(e) | 2.20% | 09/04/2019 | 245,104,806 | 245,000,000 | |
Sumitomo Mitsui Banking Corp., joint agreement dated 08/30/2019, aggregate maturing value of $1,500,361,667 (collateralized by domestic agency mortgage-backed securities valued at $1,530,000,000; 3.00% - 3.50%; 08/20/2042 - 04/01/2049) | 2.17% | 09/03/2019 | 358,784,180 | 358,697,694 |
23 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Interest Rate | Maturity Date | Repurchase Amount | Value | ||
Wells Fargo Securities, LLC, agreement dated 08/30/2019, maturing value of $760,183,244 (collateralized by domestic agency mortgage-backed securities valued at $775,200,000; 3.00% - 3.50%; 04/01/2049 - 09/01/2049) | 2.17% | 09/03/2019 | $ 760,183,244 | $ 760,000,000 | |
Total Repurchase Agreements (Cost $17,183,453,561) | 17,183,453,561 | ||||
TOTAL INVESTMENTS IN SECURITIES(g)-101.43% (Cost $31,883,872,975) | 31,883,872,975 | ||||
OTHER ASSETS LESS LIABILITIES-(1.43)% | (448,222,322) | ||||
NET ASSETS-100.00% | $31,435,650,653 |
LIBOR | -London Interbank Offered Rate |
SOFR | -Secured Overnight Financing Rate |
USD | -U.S. Dollar |
VRD | -Variable Rate Demand |
(a) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on August 31, 2019. |
(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, 2019. |
(c) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(d) | Principal amount equals value at period end. See Note 1I. |
(e) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(f) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
(g) | Also represents cost for federal income tax purposes. |
24 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
U.S. Treasury Securities-108.93% | ||||||
U.S. Treasury Bills-85.36%(a) | ||||||
U.S. Treasury Bills | 1.98%-2.15% | 09/03/2019 | $ 81,956 | $ 81,946,444 | ||
U.S. Treasury Bills | 2.31%-2.49% | 09/05/2019 | 101,800 | 101,773,184 | ||
U.S. Treasury Bills | 2.02%-2.14% | 09/10/2019 | 55,760 | 55,730,847 | ||
U.S. Treasury Bills | 2.49% | 09/12/2019 | 12,000 | 11,990,998 | ||
U.S. Treasury Bills | 2.01%-2.13% | 09/17/2019 | 50,000 | 49,954,155 | ||
U.S. Treasury Bills | 2.18%-2.48% | 09/19/2019 | 65,000 | 64,925,975 | ||
U.S. Treasury Bills | 2.06%-2.15% | 09/24/2019 | 87,000 | 86,882,329 | ||
U.S. Treasury Bills | 2.10% | 09/26/2019 | 32,000 | 31,953,667 | ||
U.S. Treasury Bills | 2.11% | 10/01/2019 | 113,000 | 112,813,038 | ||
U.S. Treasury Bills | 2.06% | 10/08/2019 | 50,000 | 49,894,653 | ||
U.S. Treasury Bills | 2.42% | 10/10/2019 | 45,000 | 44,883,244 | ||
U.S. Treasury Bills | 1.96% | 10/15/2019 | 37,000 | 36,911,817 | ||
U.S. Treasury Bills | 2.42% | 10/17/2019 | 30,000 | 29,908,383 | ||
U.S. Treasury Bills | 1.99% | 10/22/2019 | 40,000 | 39,887,517 | ||
U.S. Treasury Bills | 1.99% | 10/29/2019 | 25,000 | 24,922,767 | ||
U.S. Treasury Bills | 2.00% | 11/07/2019 | 40,000 | 39,851,855 | ||
U.S. Treasury Bills | 1.97% | 11/14/2019 | 15,000 | 14,939,567 | ||
U.S. Treasury Bills | 1.91% | 11/21/2019 | 30,000 | 29,871,750 | ||
U.S. Treasury Bills | 1.96% | 11/29/2019 | 15,000 | 14,927,687 | ||
U.S. Treasury Bills | 1.91% | 02/13/2020 | 10,000 | 9,913,375 | ||
U.S. Treasury Bills | 1.87% | 02/20/2020 | 5,000 | 4,955,806 | ||
U.S. Treasury Bills | 1.86% | 02/27/2020 | 5,000 | 4,954,256 | ||
U.S. Treasury Bills | 1.77% | 08/13/2020 | 5,000 | 4,916,021 | ||
948,709,335 | ||||||
U.S. Treasury Notes-23.57%(b) | ||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%) | 1.99% | 10/31/2019 | 35,000 | 34,999,967 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate) | 1.94% | 01/31/2020 | 30,000 | 29,992,786 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%) | 1.97% | 04/30/2020 | 35,000 | 35,000,454 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%) | 1.98% | 07/31/2020 | 29,000 | 28,999,479 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%) | 1.98% | 10/31/2020 | 35,000 | 34,998,675 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.12%) | 2.05% | 01/31/2021 | 33,000 | 32,980,913 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%) | 2.08% | 04/30/2021 | 24,000 | 23,999,707 | ||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.22%) | 2.16% | 07/31/2021 | 41,000 | 40,999,282 | ||
261,971,263 | ||||||
TOTAL INVESTMENTS IN SECURITIES-108.93% (Cost $1,210,680,598) | 1,210,680,598 | |||||
OTHER ASSETS LESS LIABILITIES-(8.93)% | (99,289,902) | |||||
NET ASSETS-100.00% | $1,111,390,696 |
25 | Short-Term Investments Trust |
Invesco Treasury Obligations Portfolio
(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, 2019. |
26 | Short-Term Investments Trust |
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||
Municipal Obligations-99.71% | ||||||
Alabama-3.61% | ||||||
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC-Swedbank AB)(a)(b)(c) | 1.46% | 07/01/2040 | $8,405 | $ 8,405,000 | ||
Arizona-4.14% | ||||||
Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, Ref. VRD RB (LOC-Bank Of America, N.A.)(b)(c) | 1.25% | 01/01/2046 | 5,280 | 5,280,000 | ||
Casa Grande (City of), AZ Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD RB (CEP-FNMA)(b) | 1.28% | 06/15/2031 | 1,745 | 1,745,000 | ||
Sierra Vista (City of), AZ Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD RB (CEP-FNMA)(b) | 1.28% | 06/15/2031 | 2,595 | 2,595,000 | ||
9,620,000 | ||||||
Colorado-0.35% | ||||||
Boulder (County of), CO (Imagine!); Series 2006, VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.40% | 02/01/2031 | 823 | 823,000 | ||
Delaware-1.40% | ||||||
Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.28% | 05/01/2036 | 2,900 | 2,900,000 | ||
Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.29% | 05/01/2036 | 345 | 345,000 | ||
3,245,000 | ||||||
District of Columbia-1.84% | ||||||
District of Columbia (American University); Series 1998 A, VRD RB (LOC-TD Bank, N.A.)(b)(c) | 1.25% | 08/15/2038 | 245 | 245,000 | ||
Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD RB (LOC-Sumitomo Mitsui Banking Corp.)(a)(b)(c) | 1.25% | 10/01/2039 | 4,035 | 4,035,000 | ||
4,280,000 | ||||||
Florida-5.50% | ||||||
Halifax Hospital Medical Center; Series 2008, Ref. VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.30% | 06/01/2048 | 910 | 910,000 | ||
Palm Beach (County of), FL (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC-Northern Trust Co. (The))(b)(c) | 1.35% | 11/01/2036 | 1,580 | 1,580,000 | ||
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) | 1.32% | 07/01/2032 | 1,965 | 1,965,000 | ||
Pinellas (County of), FL Health Facilities Authority (Baycare Health System); Series 2009 A-2, VRD RB (LOC-Northern Trust Co. (The))(b)(c) | 1.28% | 11/01/2038 | 5,445 | 5,445,000 | ||
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2008 B, Ref. VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.25% | 07/01/2037 | 2,900 | 2,900,000 | ||
12,800,000 | ||||||
Georgia-7.53% | ||||||
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC-BMO Harris Bank N.A.)(b)(c) | 1.29% | 11/01/2030 | 2,500 | 2,500,000 | ||
Georgia (State of) Private College and University Authority; Series 2019, Commercial Paper Notes | 1.55% | 09/05/2019 | 3,400 | 3,400,000 | ||
Georgia (State of) Private Colleges & Universities Authority (Emory University); Series 2005 B-2, VRD RB(b) | 1.28% | 09/01/2035 | 3,690 | 3,690,000 | ||
Glynn-Brunswick Memorial Hospital Authority (Southeast Georgia Health System); Series 2008 B, VRD RAN (LOC-TD Bank, N.A.)(b)(c) | 1.27% | 08/01/2038 | 1,400 | 1,400,000 | ||
Monroe (County of), GA Development Authority (Oglethorpe Power Corp. Scherer); | ||||||
Series 2009 A, VRD PCR (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.30% | 01/01/2030 | 2,420 | 2,420,000 | ||
Series 2010 A, Ref. VRD PCR (LOC-Bank of Montreal)(b)(c) | 1.30% | 01/01/2036 | 3,700 | 3,700,000 |
27 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
Georgia-(continued) | |||||
Richmond (County of), GA Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000,VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.40% | 09/01/2020 | $ 400 | $ 400,000 | |
17,510,000 | |||||
Illinois-2.61% | |||||
Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(b) | 1.26% | 12/01/2046 | 4,935 | 4,935,000 | |
Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC-Northern Trust Co. (The))(b)(c) | 1.20% | 01/01/2037 | 875 | 875,000 | |
Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC-U.S. Bank N.A.)(b)(c) | 1.29% | 10/01/2033 | 250 | 250,000 | |
6,060,000 | |||||
Indiana-5.90% | |||||
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC-Wells Fargo Bank, N.A.)(b)(c) | 1.35% | 08/01/2037 | 4,505 | 4,505,000 | |
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC-Rabobank Nederland)(a)(b)(c) | 1.31% | 06/01/2035 | 6,135 | 6,135,000 | |
Purdue University; Series 2011 A, VRD COP(b) | 1.22% | 07/01/2035 | 3,082 | 3,081,500 | |
13,721,500 | |||||
Louisiana-1.70% | |||||
East Baton Rouge (Parish of), LA Industrial Development Board (ExxonMobil); Series 2010 A, VRD RB(b) | 1.26% | 09/05/2019 | 1,526 | 1,526,000 | |
Louisiana (State of) Public Facilities Authority (CHRISTUS Health); Series 2009 B-3, Ref. VRD RB (LOC-Bank of New York Mellon (The))(b)(c) | 1.25% | 07/01/2047 | 1,490 | 1,490,000 | |
St. James (Parish of), LA (Nustar Logistics, L.P.); Series 2010 B, VRD RB (LOC-MUFG Bank, Ltd.)(a)(b)(c) | 1.29% | 12/01/2040 | 930 | 930,000 | |
3,946,000 | |||||
Maryland-3.46% | |||||
Maryland (State of) Health & Higher Educational Facilities Authority (Johns Hopkins Hospital); Series 2019 B, Commercial Paper Notes | 1.31% | 10/02/2019 | 3,000 | 3,000,000 | |
Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC-TD Bank, N.A.)(b)(c) | 1.25% | 04/01/2035 | 300 | 300,000 | |
Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical); Series 2008E, VRD RB (LOC-Bank of Montreal)(b)(c) | 1.22% | 07/01/2041 | 2,600 | 2,600,000 | |
Montgomery (County of), MD; Series 2009 B, Commercial Paper BAN | 1.36% | 10/10/2019 | 2,150 | 2,150,000 | |
8,050,000 | |||||
Massachusetts-1.09% | |||||
Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC-TD Bank, N.A.)(b)(c) | 1.25% | 10/01/2038 | 1,425 | 1,425,000 | |
Massachusetts (State of) Transportation Trust Fund; Series 2010 A-1, VRD RB (LOC-Citibank, N.A.)(b)(c) | 1.25% | 01/01/2037 | 1,100 | 1,100,000 | |
2,525,000 | |||||
Michigan-2.55% | |||||
Kent (County of), MI Hospital Finance Authority (Spectrum Health System); Series 2008 C, Ref. VRD RB (LOC-Bank of New York Mellon (The))(b)(c) | 1.29% | 01/15/2026 | 385 | 385,000 | |
Michigan State University Board of Trustees; Series 2000 A-1, VRD RB (CEP -Royal Bank of Canada)(b) | 1.28% | 08/15/2030 | 1,300 | 1,300,000 | |
Oakland University Board of Trustees; Series 2008, Ref. VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.28% | 03/01/2031 | 4,240 | 4,240,000 | |
5,925,000 | |||||
Minnesota-7.98% | |||||
Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP-FNMA)(b) | 1.36% | 10/15/2033 | 1,175 | 1,175,000 |
28 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
Minnesota-(continued) | |||||
Minnesota (State of) Higher Education Facilities Authority (Concordia University, St. Paul); Series 2007 Six-Q, VRD RB (LOC-U.S. Bank N.A.)(b)(c) | 1.31% | 04/01/2037 | $6,825 | $ 6,825,000 | |
Minnetonka (City of), MN (Minnetonka Hills Apartments); Series 2001, Ref. VRD RB (CEP-FNMA)(b) | 1.37% | 11/15/2031 | 1,860 | 1,860,000 | |
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP-FHLMC)(b) | 1.28% | 11/01/2035 | 5,470 | 5,470,000 | |
St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD RB (CEP -FHLMC)(b) | 1.28% | 10/01/2033 | 3,215 | 3,215,000 | |
18,545,000 | |||||
Mississippi-2.40% | |||||
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); | |||||
Series 2010 C, VRD IDR(b) | 1.29% | 12/01/2030 | 585 | 585,000 | |
Series 2010 E, VRD IDR(b) | 1.29% | 12/01/2030 | 5,000 | 5,000,000 | |
5,585,000 | |||||
Missouri-1.37% | |||||
Bridgeton (City of), MO IDA (Stolze Printing); Series 2010, VRD RB (LOC-FHLB of Chicago)(b)(c) | 1.28% | 11/01/2037 | 485 | 485,000 | |
Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC-FHLB of Chicago)(b)(c) | 1.29% | 08/01/2038 | 610 | 610,000 | |
Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2000, VRD RB (LOC-Bank of America, N.A.)(b)(c) | 1.34% | 02/01/2031 | 1,799 | 1,799,000 | |
Springfield (City of), MO Industrial Development Authority (Pebblecreek Apartments); Series 1994, Ref. VRD RB (LOC-FHLB of Des Moines)(b)(c) | 1.40% | 12/01/2019 | 295 | 295,000 | |
3,189,000 | |||||
New York-11.35% | |||||
Metropolitan Transportation Authority; Subseries 2005 D-2, VRD RB (LOC -Landesbank Hessen-Thueringen Girozentrale)(a)(b)(c) | 1.18% | 11/01/2035 | 5,350 | 5,350,000 | |
New York (City of), NY; | |||||
Subseries 2015 F-5, VRD GO Bonds(b) | 1.25% | 06/01/2044 | 7,000 | 7,000,000 | |
Subseries 2010 G-4, VRD GO Bonds (CEP-Barclays Bank PLC)(b) | 1.28% | 03/01/2039 | 2,935 | 2,935,000 | |
New York (City of), NY Municipal Water Finance Authority; Subseries 2012 A-1, VRD RB(b) | 1.25% | 06/15/2044 | 3,310 | 3,310,000 | |
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) | 1.27% | 05/01/2039 | 2,000 | 2,000,000 | |
New York (State of) Housing Finance Agency (222 East 44th Street Housing); Series 2015 A, VRD RB (LOC -Bank of China Ltd.)(b)(c) | 1.31% | 05/01/2050 | 1,000 | 1,000,000 | |
New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2015 A, VRD RB (LOC-Bank of China Ltd.)(a)(b)(c) | 1.33% | 11/01/2049 | 4,800 | 4,800,000 | |
26,395,000 | |||||
North Carolina-3.03% | |||||
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1991 B, VRD RB(b) | 1.20% | 12/01/2021 | 2,550 | 2,550,000 | |
Raleigh & Durham (Cities of), NC Airport Authority; Series 2008 C, Ref. VRD RB (LOC - TD Bank, N.A.)(b)(c) | 1.24% | 05/01/2036 | 4,500 | 4,500,000 | |
7,050,000 | |||||
Ohio-4.95% | |||||
Franklin (County of), OH (OhioHealth Corp.); Series 2009 A, Ref. VRD RB(b) | 1.28% | 11/15/2041 | 7,890 | 7,890,000 | |
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC-U.S. Bank N.A.)(b)(c) | 1.28% | 08/02/2038 | 415 | 415,000 | |
Ohio (State of) Higher Educational Facility Commission (Cleveland Clinic Health System Obligated Group); Series 2013 B-2, VRD RB(b) | 1.28% | 01/01/2039 | 3,200 | 3,200,000 | |
11,505,000 |
29 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
Pennsylvania-3.90% | |||||
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC -PNC Bank, N.A.)(b)(c) | 1.28% | 06/01/2037 | $2,845 | $ 2,845,000 | |
Haverford Township School District; Series 2009, VRD GO Bonds (LOC-TD Bank, N.A.)(b)(c) | 1.27% | 03/01/2030 | 2,795 | 2,795,000 | |
Lebanon (County of), PA Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.28% | 10/15/2025 | 866 | 866,000 | |
Ridley School District; Series 2009, VRD GO Bonds (LOC-TD Bank N.A.)(b)(c) | 1.27% | 11/01/2029 | 250 | 250,000 | |
Westmoreland (County of), PA Industrial Development Authority (Excela Health); Series 2005 A, VRD RB (LOC-PNC Bank, N.A.)(b)(c) | 1.28% | 07/01/2027 | 2,305 | 2,305,000 | |
9,061,000 | |||||
Texas-9.99% | |||||
Gulf Coast Industrial Development Authority (ExxonMobil); Series 2012, VRD RB(b) | 1.25% | 11/01/2041 | 4,000 | 4,000,000 | |
Harris (County of), TX; Series 2019 C, GO Commercial Paper Notes | 1.30% | 10/03/2019 | 1,350 | 1,350,000 | |
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.31% | 02/15/2042 | 4,050 | 4,050,000 | |
Houston (City of), TX; Series 2019 E-2, GO Commercial Paper Notes | 1.32% | 09/11/2019 | 2,500 | 2,500,000 | |
Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC-Sumitomo Mitsui Banking Corp.)(a)(b)(c) | 1.27% | 05/15/2034 | 1,100 | 1,100,000 | |
San Gabriel Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC-JPMorgan Chase Bank, N.A.)(b)(c) | 1.32% | 04/01/2026 | 2,332 | 2,332,000 | |
Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP-FHLMC)(b) | 1.28% | 05/01/2042 | 2,865 | 2,865,000 | |
Texas A&M University System Board of Regents; Series 2019 B, Revenue Financing System Commercial Paper Notes | 1.28% | 12/04/2019 | 400 | 400,000 | |
University of Texas System Board of Regents; Series 2008 B, VRD RB(b) | 1.20% | 08/01/2025 | 4,620 | 4,620,000 | |
23,217,000 | |||||
Utah-2.92% | |||||
Murray (City of), UT (IHC Health Services, Inc.); Series 2003 B, VRD RB(b) | 1.25% | 05/15/2036 | 5,800 | 5,800,000 | |
Weber (County of), UT (IHC Health Services, Inc.); Series 2000A, VRD RB(b) | 1.25% | 02/15/2031 | 1,000 | 1,000,000 | |
6,800,000 | |||||
Virginia-3.25% | |||||
Norfolk (City of), VA; Series 2007, VRD GO Bonds(b) | 1.25% | 08/01/2037 | 2,900 | 2,900,000 | |
University of Virginia System Board of Regents; | |||||
Series 2019 A, Commercial Paper | 1.32% | 09/04/2019 | 3,250 | 3,250,000 | |
Series 2019 A, Commercial Paper Notes | 1.32% | 09/10/2019 | 1,400 | 1,400,000 | |
7,550,000 | |||||
Washington-2.81% | |||||
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB (LOC-FHLB of San Francisco)(b)(c) | 1.30% | 09/01/2049 | 2,050 | 2,050,000 | |
Washington (State of) Housing Finance Commission (Redmond Ridge Apartments); Series 2017, VRD RB (LOC-FHLB of San Francisco)(b)(c) | 1.30% | 11/01/2047 | 4,485 | 4,485,000 | |
6,535,000 | |||||
West Virginia-2.33% | |||||
Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC-Bank of America, N.A.)(b)(c) | 1.34% | 07/01/2039 | 945 | 945,000 | |
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hosp, Inc.); Series 2008 B, Ref. VRD RB (LOC-Branch Banking & Trust Co.)(b)(c) | 1.30% | 01/01/2034 | 4,465 | 4,465,000 | |
5,410,000 |
30 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | ||
Wisconsin-1.75% | |||||
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC-FHLB of Chicago)(b)(c) | 1.28% | 10/01/2042 | $4,065 | $ 4,065,000 | |
TOTAL INVESTMENTS IN SECURITIES(d)(e)-99.71% (Cost $231,817,500) | 231,817,500 | ||||
OTHER ASSETS LESS LIABILITIES-0.29% | 679,773 | ||||
NET ASSETS-100.00% | $232,497,273 |
BAN | - Bond Anticipation Notes |
CEP | - Credit Enhancement Provider |
COP | - Certificates of Participation |
FHLB | - Federal Home Loan Bank |
FHLMC | - Federal Home Loan Mortgage Corp. |
FNMA | - Federal National Mortgage Association |
GO | - General Obligation |
IDR | - Industrial Development Revenue Bonds |
LOC | - Letter of Credit |
PCR | - Pollution Control Revenue Bonds |
RAN | - Revenue Anticipation Notes |
RB | - Revenue Bonds |
Ref. | - Refunding |
VRD | - Variable Rate Demand |
(a) | The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: other countries less than 5% each: 14.1%. |
(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, 2019. |
(c) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(d) | Also represents cost for federal income tax purposes. |
(e) | This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. |
Entities | Percentage |
JPMorgan Chase Bank, N.A. | 6.0% |
Federal Home Loan Bank | 5.2 |
31 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | Invesco Treasury Obligations Portfolio | Invesco Tax-Free Cash Reserve Portfolio | |||||||
Assets: | ||||||||||||
Investments in securities, at value | $1,652,413,405 | $369,546,518 | $8,872,728,931 | $14,700,419,414 | $1,210,680,598 | $231,817,500 | ||||||
Repurchase agreements, at value and cost | 809,909,978 | 286,317,243 | 12,480,317,695 | 17,183,453,561 | - | - | ||||||
Cash | 6,990 | - | - | - | 30,686 | - | ||||||
Receivable for: | ||||||||||||
Investments sold | - | - | - | - | - | 635,000 | ||||||
Interest | 2,000,788 | 246,253 | 17,612,267 | 36,396,253 | 480,845 | 291,790 | ||||||
Investment for trustee deferred compensation and retirement plans | 3,581,687 | 992,582 | 2,125,285 | 968,531 | 113,150 | 349,608 | ||||||
Other assets | 25,265 | 155,655 | 60,292 | 104,838 | 27,039 | 77,824 | ||||||
Total assets | 2,467,938,113 | 657,258,251 | 21,372,844,470 | 31,921,342,597 | 1,211,332,318 | 233,171,722 | ||||||
Liabilities: | ||||||||||||
Payable for: | ||||||||||||
Investments purchased | - | - | - | 429,087,979 | 97,805,805 | - | ||||||
Dividends | 4,543,433 | 1,150,957 | 36,791,120 | 52,409,868 | 1,865,273 | 197,452 | ||||||
Accrued fees to affiliates | 131,083 | 22,938 | 1,662,179 | 1,646,568 | 92,460 | 53,424 | ||||||
Accrued trustees’ and officers’ fees and benefits | 1,907 | 975 | 11,732 | 12,400 | 1,308 | 836 | ||||||
Accrued operating expenses | 56,706 | 43,639 | 321,350 | 1,388,876 | 50,894 | 42,046 | ||||||
Trustee deferred compensation and retirement plans | 3,944,239 | 1,083,120 | 2,418,500 | 1,146,253 | 125,882 | 380,691 | ||||||
Total liabilities | 8,677,368 | 2,301,629 | 41,204,881 | 485,691,944 | 99,941,622 | 674,449 | ||||||
Net assets applicable to shares outstanding | $2,459,260,745 | $654,956,622 | $21,331,639,589 | $31,435,650,653 | $1,111,390,696 | $232,497,273 | ||||||
Net assets consist of: | ||||||||||||
Shares of beneficial interest | $2,458,474,734 | $654,140,847 | $21,330,956,470 | $31,435,409,972 | $1,111,429,025 | $232,621,319 | ||||||
Distributable earnings | 786,011 | 815,775 | 683,119 | 240,681 | (38,329) | (124,046) | ||||||
$2,459,260,745 | $654,956,622 | $21,331,639,589 | $31,435,650,653 | $1,111,390,696 | $232,497,273 | |||||||
Net Assets: | ||||||||||||
Institutional Class | $2,444,252,763 | $652,150,754 | $18,717,318,208 | $30,003,318,534 | $1,045,046,413 | $161,038,615 | ||||||
Private Investment Class | $4,717,825 | $1,347,722 | $506,027,277 | $532,584,787 | $9,483,273 | $20,488,945 | ||||||
Personal Investment Class | $10,250 | $440,566 | $360,256,303 | $15,991,514 | $111,660 | $2,541,969 | ||||||
Cash Management Class | $9,287,988 | $600,129 | $396,685,434 | $365,002,796 | $1,894,340 | $27,298,191 | ||||||
Reserve Class | $302,530 | $273,325 | $289,624,723 | $297,787,452 | $54,711,045 | $20,002,077 | ||||||
Resource Class | $362,690 | $123,273 | $632,598,422 | $180,616,636 | $133,548 | $1,117,282 | ||||||
Corporate Class | $326,699 | $20,853 | $429,129,222 | $40,348,934 | $10,417 | $10,194 |
32 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | Invesco Treasury Obligations Portfolio | Invesco Tax-Free Cash Reserve Portfolio | |||||||
Shares outstanding, no par value, unlimited number of shares authorized: | ||||||||||||
Institutional Class | 2,443,213,124 | 652,105,073 | 18,716,061,403 | 30,002,980,665 | 1,045,028,778 | 161,020,903 | ||||||
Private Investment Class | 4,715,835 | 1,347,624 | 505,993,311 | 532,578,798 | 9,483,185 | 20,486,688 | ||||||
Personal Investment Class | 10,246 | 440,538 | 360,232,128 | 15,991,334 | 111,659 | 2,541,689 | ||||||
Cash Management Class | 9,284,041 | 600,083 | 396,658,801 | 364,998,685 | 1,894,310 | 27,295,183 | ||||||
Reserve Class | 302,403 | 273,305 | 289,605,295 | 297,784,116 | 54,710,204 | 19,999,874 | ||||||
Resource Class | 362,536 | 123,264 | 632,555,953 | 180,614,603 | 133,545 | 1,117,159 | ||||||
Corporate Class | 326,561 | 20,851 | 429,100,409 | 40,348,480 | 10,417 | 10,192 | ||||||
Net asset value, offering and redemption price per share for each class | $1.0004 | $1.0001 | $1.00 | $1.00 | $1.00 | $1.00 | ||||||
Cost of Investments | $2,461,708,828 | $655,819,481 | $21,353,046,626 | $31,883,872,975 | $1,210,680,598 | $231,817,500 |
33 | Short-Term Investments Trust |
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 | $58,997,404 | $13,072,442 | $531,474,749 | $562,361,092 | $28,433,379 | $3,323,454 | ||||||
Expenses: | ||||||||||||
Advisory fees | 3,476,401 | 802,502 | 33,770,118 | 23,847,615 | 1,595,144 | 422,000 | ||||||
Administrative services fees | 1,072,930 | 259,357 | 9,269,556 | 9,626,858 | 588,371 | 99,830 | ||||||
Custodian fees | 22,369 | 6,085 | 464,011 | 1,482,010 | 23,396 | 3,797 | ||||||
Distribution fees: | ||||||||||||
Private Investment Class | 15,623 | 4,042 | 1,551,110 | 1,379,647 | 14,747 | 67,529 | ||||||
Personal Investment Class | 59 | 2,852 | 1,115,198 | 69,547 | 1,332 | 2,164 | ||||||
Cash Management Class | 8,569 | 529 | 324,445 | 289,255 | 1,634 | 24,319 | ||||||
Reserve Class | 3,402 | 2,362 | 1,996,841 | 2,554,994 | 377,493 | 138,895 | ||||||
Resource Class | 1,896 | 203 | 1,037,401 | 360,071 | 245 | 7,642 | ||||||
Corporate Class | 314 | 6 | 114,183 | 24,373 | 3 | 4 | ||||||
Transfer agent fees | 208,584 | 48,150 | 2,026,207 | 2,146,285 | 109,813 | 18,990 | ||||||
Trustees’ and officers’ fees and benefits | 49,524 | 25,742 | 326,042 | 328,275 | 35,901 | 21,302 | ||||||
Registration and filing fees | 88,213 | 95,159 | 179,016 | 233,594 | 90,984 | 94,951 | ||||||
Reports to shareholders | 14,401 | 12,129 | 54,941 | 132,025 | 13,832 | 9,161 | ||||||
Professional services fees | 70,364 | 52,077 | 216,543 | 541,442 | 63,310 | 43,942 | ||||||
Other | 61,471 | 46,668 | 391,565 | 873,467 | 68,910 | 19,969 | ||||||
Total expenses | 5,094,120 | 1,357,863 | 52,837,177 | 43,889,458 | 2,985,115 | 974,495 | ||||||
Less: Fees waived | (892,555) | (384,860) | (6,173,902) | - | (393,405) | (311,056) | ||||||
Net expenses | 4,201,565 | 973,003 | 46,663,275 | 43,889,458 | 2,591,710 | 663,439 | ||||||
Net investment income | 54,795,839 | 12,099,439 | 484,811,474 | 518,471,634 | 25,841,669 | 2,660,015 | ||||||
Realized and unrealized gain (loss) from: | ||||||||||||
Net realized gain from investment securities | 29,559 | 723 | 204,798 | 224,974 | 17,726 | - | ||||||
Change in net unrealized appreciation (depreciation) of investment securities | (26,913) | (10,820) | - | - | - | - | ||||||
Net realized and unrealized gain (loss) | 2,646 | (10,097) | 204,798 | 224,974 | 17,726 | - | ||||||
Net increase in net assets resulting from operations | $54,798,485 | $12,089,342 | $485,016,272 | $518,696,608 | $25,859,395 | $2,660,015 |
34 | Short-Term Investments Trust |
Invesco Liquid Assets Portfolio | Invesco STIC Prime Portfolio | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Operations: | ||||||||
Net investment income | $54,795,839 | $34,753,060 | $12,099,439 | $6,737,661 | ||||
Net realized gain | 29,559 | 16,174 | 723 | 1,558 | ||||
Change in net unrealized appreciation (depreciation) | (26,913) | 610,550 | (10,820) | 45,561 | ||||
Net increase in net assets resulting from operations | 54,798,485 | 35,379,784 | 12,089,342 | 6,784,780 | ||||
Distributions to shareholders from distributable earnings: | ||||||||
Institutional Class | (54,388,381) | (34,416,266) | (12,042,840) | (6,691,735) | ||||
Private Investment Class | (107,595) | (82,653) | (26,438) | (20,355) | ||||
Personal Investment Class | (199) | (116) | (8,858) | (5,967) | ||||
Cash Management Class | (248,909) | (120,608) | (14,390) | (13,942) | ||||
Reserve Class | (5,872) | (4,925) | (3,794) | (2,844) | ||||
Resource Class | (20,589) | (15,304) | (2,658) | (2,517) | ||||
Corporate Class | (24,294) | (113,188) | (461) | (301) | ||||
Total distributions from distributable earnings | (54,795,839) | (34,753,060) | (12,099,439) | (6,737,661) | ||||
Share transactions-net: | ||||||||
Institutional Class | 100,799,791 | 2,046,652,052 | 127,368,867 | 100,814,065 | ||||
Private Investment Class | (1,144,582) | (1,120,462) | (241,794) | (255,402) | ||||
Personal Investment Class | (984) | 10 | (175,590) | 5,508 | ||||
Cash Management Class | 3,104,748 | (1,557,953) | (178,908) | (369,075) | ||||
Reserve Class | (115,774) | (526,153) | 3,716 | (231,056) | ||||
Resource Class | (632,819) | (331,634) | (62,642) | 2,359 | ||||
Corporate Class | (1,599,196) | (7,555,486) | 457 | 285 | ||||
Net increase in net assets resulting from share transactions | 100,411,184 | 2,035,560,374 | 126,714,106 | 99,966,684 | ||||
Net increase in net assets | 100,413,830 | 2,036,187,098 | 126,704,009 | 100,013,803 | ||||
Net assets: | ||||||||
Beginning of year | 2,358,846,915 | 322,659,817 | 528,252,613 | 428,238,810 | ||||
End of year | $2,459,260,745 | $2,358,846,915 | $654,956,622 | $528,252,613 | ||||
35 | Short-Term Investments Trust |
Invesco Treasury Portfolio | Invesco Government & Agency Portfolio | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Operations: | ||||||||
Net investment income | $484,811,474 | $343,381,843 | $518,471,634 | $358,626,619 | ||||
Net realized gain | 204,798 | 299,297 | 224,974 | 338,020 | ||||
Net increase in net assets resulting from operations | 485,016,272 | 343,681,140 | 518,696,608 | 358,964,639 | ||||
Distributions to shareholders from distributable earnings: | ||||||||
Institutional Class | (438,858,990) | (316,976,537) | (491,630,206) | (343,597,288) | ||||
Private Investment Class | (9,738,598) | (5,753,138) | (8,737,051) | (4,396,499) | ||||
Personal Investment Class | (3,312,891) | (1,091,648) | (207,870) | (87,553) | ||||
Cash Management Class | (8,499,805) | (5,455,079) | (7,669,515) | (3,514,488) | ||||
Reserve Class | (3,008,307) | (1,727,217) | (3,929,202) | (1,593,154) | ||||
Resource Class | (13,201,572) | (6,151,737) | (4,570,537) | (3,257,378) | ||||
Corporate Class | (8,191,311) | (6,226,487) | (1,727,253) | (2,180,259) | ||||
Total distributions from distributable earnings | (484,811,474) | (343,381,843) | (518,471,634) | (358,626,619) | ||||
Share transactions-net: | ||||||||
Institutional Class | (1,514,751,400) | (2,572,323,178) | 7,673,132,994 | (5,361,767,419) | ||||
Private Investment Class | (11,707,755) | (57,087,888) | 106,832,736 | (84,746,276) | ||||
Personal Investment Class | 242,362,528 | (22,360,529) | 7,670,768 | (12,808,614) | ||||
Cash Management Class | (50,068,678) | (32,654,595) | 31,650,960 | 164,319,452 | ||||
Reserve Class | 61,097,539 | (22,210,837) | 88,155,960 | 38,672,367 | ||||
Resource Class | 107,165,894 | 48,590,008 | (51,677,589) | (109,853,171) | ||||
Corporate Class | (38,240,138) | (140,464,356) | (105,927,589) | (178,162,120) | ||||
Net increase (decrease) in net assets resulting from share transactions | (1,204,142,010) | (2,798,511,375) | 7,749,838,240 | (5,544,345,781) | ||||
Net increase (decrease) in net assets | (1,203,937,212) | (2,798,212,078) | 7,750,063,214 | (5,544,007,761) | ||||
Net assets: | ||||||||
Beginning of year | 22,535,576,801 | 25,333,788,879 | 23,685,587,439 | 29,229,595,200 | ||||
End of year | $21,331,639,589 | $22,535,576,801 | $31,435,650,653 | $23,685,587,439 | ||||
36 | Short-Term Investments Trust |
Invesco Treasury Obligations Portfolio | Invesco Tax-Free Cash Reserve Portfolio | |||||||
2019 | 2018 | 2019 | 2018 | |||||
Operations: | ||||||||
Net investment income | $25,841,669 | $17,884,636 | $2,660,015 | $1,799,189 | ||||
Net realized gain (loss) | 17,726 | 28,696 | - | (4,370) | ||||
Net increase in net assets resulting from operations | 25,859,395 | 17,913,332 | 2,660,015 | 1,794,819 | ||||
Distributions to shareholders from distributable earnings: | ||||||||
Institutional Class | (25,123,428) | (17,548,675) | (1,816,364) | (1,178,614) | ||||
Private Investment Class | (111,394) | (32,722) | (305,352) | (257,237) | ||||
Personal Investment Class | (3,844) | (1,848) | (2,466) | (2,800) | ||||
Cash Management Class | (41,719) | (30,650) | (395,402) | (244,208) | ||||
Reserve Class | (557,964) | (269,491) | (80,976) | (64,811) | ||||
Resource Class | (3,101) | (1,118) | (59,305) | (51,452) | ||||
Corporate Class | (219) | (132) | (150) | (67) | ||||
Total distributions from distributable earnings | (25,841,669) | (17,884,636) | (2,660,015) | (1,799,189) | ||||
Share transactions-net: | ||||||||
Institutional Class | (235,306,840) | (26,061,641) | 33,374,672 | 16,846,975 | ||||
Private Investment Class | 3,398,983 | 2,860,154 | (7,570,673) | 709,862 | ||||
Personal Investment Class | (283,153) | 346,971 | 2,531,656 | (1,995,739) | ||||
Cash Management Class | (1,270,980) | 1,547,656 | (4,585,853) | 4,269,240 | ||||
Reserve Class | 21,314,012 | (2,229,222) | 5,850,867 | 492,985 | ||||
Resource Class | 38,286 | 1,077 | (1,381,960) | (3,499,087) | ||||
Corporate Class | 216 | 124 | 135 | 10,056 | ||||
Net increase (decrease) in net assets resulting from share transactions | (212,109,476) | (23,534,881) | 28,218,844 | 16,834,292 | ||||
Net increase (decrease) in net assets | (212,091,750) | (23,506,185) | 28,218,844 | 16,829,922 | ||||
Net assets: | ||||||||
Beginning of year | 1,323,482,446 | 1,346,988,631 | 204,278,429 | 187,448,507 | ||||
End of year | $1,111,390,696 | $1,323,482,446 | $232,497,273 | $204,278,429 | ||||
37 | Short-Term Investments Trust |
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) on securities (both realized and unrealized) | Total from investment operations | Dividends from net investment income | Distributions from net realized gains | Total distributions | Net asset value, end of period | Total return(b) | Net assets, end of period (000’s omitted) | Ratio of expenses to average net assets with fee waivers and/or expense reimbursements | Ratio of expenses to average net assets without fee waivers and/or expense reimbursements | Ratio of net investment income to average net assets | |
Invesco Liquid Assets Portfolio | |||||||||||||
Year ended 08/31/19 | $1.0004 | $0.0150 | $0.0000 | $0.0150 | $(0.0150) | $- | $(0.0150) | $1.0004 | 1.51% | $303 | 1.05%(c) | 1.09%(c) | 1.50%(c) |
Year ended 08/31/18 | 1.0002 | 0.0092 | (0.0012) | 0.0080 | (0.0078) | - | (0.0078) | 1.0004 | 0.80 | 418 | 0.99 | 1.10 | 0.92 |
Year ended 08/31/17 | 1.00 | 0.0016 | 0.0015 | 0.0031 | (0.0024) | (0.0005) | (0.0029) | 1.0002 | 0.30 | 944 | 0.53 | 1.13 | 0.16 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.07 | 100,187 | 0.41 | 1.16 | 0.08 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.01 | 156,216 | 0.21 | 1.17 | 0.01 |
Invesco STIC Prime Portfolio | |||||||||||||
Year ended 08/31/19 | 1.0001 | 0.0139 | 0.0001 | 0.0140 | (0.0140) | - | (0.0140) | 1.0001 | 1.41 | 273 | 1.05(c) | 1.12(c) | 1.39(c) |
Year ended 08/31/18 | 1.0000 | 0.0083 | (0.0005) | 0.0078 | (0.0077) | - | (0.0077) | 1.0001 | 0.78 | 270 | 0.90 | 1.14 | 0.83 |
Year ended 08/31/17 | 1.00 | 0.0040 | (0.0008) | 0.0032 | (0.0032) | - | (0.0032) | 1.0000 | 0.32 | 501 | 0.40 | 1.14 | 0.40 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.15 | 21,474 | 0.25 | 1.19 | 0.15 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.04 | 50,400 | 0.07 | 1.19 | 0.10 |
Invesco Treasury Portfolio | |||||||||||||
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(c) | 1.08(c) | 1.31(c) |
Year ended 08/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | - | (0.01) | 1.00 | 0.64 | 228,520 | 0.88 | 1.07 | 0.67 |
Year ended 08/31/17 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.20 | 250,728 | 0.50 | 1.07 | 0.20 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.07 | 159,126 | 0.27 | 1.14 | 0.04 |
Year ended 08/31/15 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.01 | 35,604 | 0.06 | 1.17 | 0.02 |
Invesco Government & Agency Portfolio | |||||||||||||
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(c) | 1.03(c) | 1.33(c) |
Year ended 08/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | - | (0.01) | 1.00 | 0.66 | 209,629 | 0.86 | 1.02 | 0.64 |
Year ended 08/31/17 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.23 | 170,955 | 0.45 | 1.02 | 0.28 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.09 | 315,886 | 0.23 | 1.12 | 0.10 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.02 | 307,529 | 0.08 | 1.13 | 0.02 |
Invesco Treasury Obligations Portfolio | |||||||||||||
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(c) | 1.08(c) | 1.28(c) |
Year ended 08/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | - | (0.01) | 1.00 | 0.65 | 33,396 | 0.88 | 1.08 | 0.64 |
Year ended 08/31/17 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.21 | 35,625 | 0.40 | 1.09 | 0.26 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.09 | 36,641 | 0.18 | 1.34 | 0.07 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.02 | 5,876 | 0.00 | 1.33 | 0.08 |
Invesco Tax-Free Cash Reserve Portfolio | |||||||||||||
Year ended 08/31/19 | 1.00 | 0.01 | - | 0.01 | (0.01) | - | (0.01) | 1.00 | 0.52 | 20,002 | 1.07(c) | 1.22(c) | 0.51(c) |
Year ended 08/31/18 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.42 | 14,151 | 0.77 | 1.25 | 0.44 |
Year ended 08/31/17 | 1.00 | 0.00 | (0.00) | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.33 | 13,658 | 0.43 | 1.24 | 0.33 |
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.05 | 21,535 | 0.15 | 1.29 | 0.07 |
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | - | (0.00) | 1.00 | 0.01 | 21,775 | 0.03 | 1.31 | 0.04 |
(a) | Calculated using average shares outstanding. |
(b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America. |
(c) | Ratios are based on average daily net assets (000’s omitted) of $391, $271, $229,522, $293,677, $43,390 and $15,965 for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, respectively. |
38 | Short-Term Investments Trust |
A. | Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments. |
B. | Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. |
39 | Short-Term Investments Trust |
C. | Country Determination -For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
D. | Distributions - It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually. |
E. | Federal Income Taxes - The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements. |
F. | Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative net assets. |
G. | Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print. |
H. | Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote. |
I. | Repurchase Agreements -The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income. |
J. | 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. |
40 | Short-Term Investments Trust |
K. | Distributions from Distributable Earnings – In accordance with the Securities and Exchange Commission’s issuance of Disclosure Update and Simplification, the Funds have presented the total, rather than the components, of distributions to shareholders, except for tax return of capital distributions, if any, in the Statements of Changes in Net Assets. |
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% |
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% |
Institutional Class | Private Investment Class | Personal Investment Class | Cash Management Class | Reserve Class | Resource Class | Corporate Class | |
Invesco Liquid Assets Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.38% | 0.21% |
Invesco STIC Prime Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Treasury Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Government & Agency Portfolio | 0.18% | 0.48% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Treasury Obligations Portfolio | 0.18% | 0.43% | 0.73% | 0.26% | 1.05% | 0.34% | 0.21% |
Invesco Tax-Free Cash Reserve Portfolio | 0.20% | 0.45% | 0.75% | 0.28% | 1.07% | 0.36% | 0.23% |
41 | Short-Term Investments Trust |
Expense Limitation | |
Invesco Liquid Assets Portfolio | $892,555 |
Invesco STIC Prime Portfolio | 384,860 |
Invesco Treasury Portfolio | 6,173,902 |
Invesco Government & Agency Portfolio | - |
Invesco Treasury Obligations Portfolio | 393,405 |
Invesco Tax-Free Cash Reserve Portfolio | 309,836 |
Private Investment Class | Personal Investment Class | Cash Management Class | Reserve Class | Resource Class | Corporate Class | |
Invesco Tax-Free Cash Reserve Portfolio | $- | $- | $- | $1,220 | $- | $- |
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% |
42 | Short-Term Investments Trust |
Securities Purchases | Securities Sales | Net Realized Gains | |
Invesco Liquid Assets Portfolio | $2,645,362 | $10,006,986 | $- |
Invesco STIC Prime Portfolio | 5,103,589 | 7,349,898 | - |
Invesco Tax-Free Cash Reserve Portfolio | 216,932,239 | 207,964,153 | - |
Tax Character of Distributions to Shareholders Paid During the Fiscal Years Ended August 31, 2019 and 2018 | ||||
2019 | 2018 | |||
Ordinary Income | Ordinary Income-Tax- Exempt | Ordinary Income | ||
Invesco Liquid Assets Portfolio | $54,795,839 | $- | $34,753,060 | |
Invesco STIC Prime Portfolio | 12,099,439 | - | 6,737,661 | |
Invesco Treasury Portfolio | 484,811,474 | - | 343,381,843 | |
Invesco Government & Agency Portfolio | 518,471,634 | - | 358,626,619 | |
Invesco Treasury Obligations Portfolio | 25,841,669 | - | 17,884,636 | |
Invesco Tax-Free Cash Reserve Portfolio | - | 2,660,015 | 1,799,189 |
43 | Short-Term Investments Trust |
Tax Components of Net Assets at Period-End: | ||||||||
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Undistributed Tax-Exempt Income | Temporary Book/Tax Differences | Net Unrealized Appreciation (Depreciation)- Investments | Capital Loss Carryforwards | Shares of Beneficial Interest | Total Net Assets | |
Invesco Liquid Assets Portfolio | $3,649,902 | $- | $- | $(3,478,446) | $614,555 | $- | $2,458,474,734 | $2,459,260,745 |
Invesco STIC Prime Portfolio | 1,719,450 | - | - | (947,955) | 44,280 | - | 654,140,847 | 654,956,622 |
Invesco Treasury Portfolio | 2,630,106 | 198,121 | - | (2,145,108) | - | - | 21,330,956,470 | 21,331,639,589 |
Invesco Government & Agency Portfolio | 1,230,816 | 31,693 | - | (1,021,828) | - | - | 31,435,409,972 | 31,435,650,653 |
Invesco Treasury Obligations Portfolio | 97,434 | - | - | (109,978) | (6,916) | (18,869) | 1,111,429,025 | 1,111,390,696 |
Invesco Tax-Free Cash Reserve Portfolio | - | - | 227,773 | (332,727) | - | (19,092) | 232,621,319 | 232,497,273 |
Fund | Not Subject to Expiration | Total* |
Invesco Treasury Obligations Portfolio | $18,869 | $18,869 |
Invesco Tax-Free Cash Reserve Portfolio | 19,092 | 19,092 |
* | Capital loss carryforwards as of the date listed above is 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. |
At August 31, 2019 | ||||
Federal Tax Cost* | Unrealized Appreciation | Unrealized (Depreciation) | Net Unrealized Appreciation (Depreciation) | |
Invesco Liquid Assets Portfolio | $2,461,708,828 | $663,077 | $(48,522) | $614,555 |
Invesco STIC Prime Portfolio | 655,819,481 | 44,280 | - | 44,280 |
Invesco Treasury Obligations Portfolio | 1,210,687,514 | - | (6,916) | (6,916) |
* | 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. |
44 | Short-Term Investments Trust |
Undistributed Net Investment Income | Undistributed Net Realized Gain (Loss) | Shares of Beneficial Interest | |
Invesco Liquid Assets Portfolio | $16,174 | $(16,174) | $- |
Invesco STIC Prime Portfolio | - | - | - |
Invesco Treasury Portfolio | 39,002 | (39,002) | - |
Invesco Government & Agency Portfolio | - | - | - |
Invesco Treasury Obligations Portfolio | - | - | - |
Invesco Tax-Free Cash Reserve Portfolio | - | 30,074 | (30,074) |
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 11,115,059,561 | $11,118,203,826 | 11,428,619,333 | $11,430,459,074 | |
Private Investment Class | 286,881 | 286,945 | 296,154 | 296,213 | |
Cash Management Class | 183,906,129 | 183,953,776 | 76,229,664 | 76,244,103 | |
Reserve Class | 8,652 | 8,654 | 29,385 | 29,391 | |
Resource Class | 5,100 | 5,102 | 185 | 185 | |
Corporate Class | 396,987 | 397,046 | 32,928,336 | 32,934,007 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 10,250,841 | 10,253,316 | 3,254,561 | 3,255,227 | |
Private Investment Class | 86,006 | 86,026 | 65,917 | 65,928 | |
Personal Investment Class | 15 | 15 | 10 | 10 | |
Cash Management Class | 175,461 | 175,508 | 78,582 | 78,596 | |
Reserve Class | 5,870 | 5,872 | 4,871 | 4,872 | |
Resource Class | 20,583 | 20,589 | 14,741 | 14,744 | |
Corporate Class | 24,289 | 24,294 | 108,271 | 108,285 | |
Reacquired: | |||||
Institutional Class | (11,024,583,994) | (11,027,657,351) | (9,385,489,530) | (9,387,062,249) | |
Private Investment Class | (1,517,171) | (1,517,553) | (1,482,383) | (1,482,603) | |
Personal Investment Class | (999) | (999) | - | - | |
Cash Management Class | (180,975,556) | (181,024,536) | (77,866,227) | (77,880,652) | |
Reserve Class | (130,254) | (130,300) | (560,376) | (560,416) | |
Resource Class | (658,263) | (658,510) | (346,497) | (346,563) | |
Corporate Class | (2,019,990) | (2,020,536) | (40,592,273) | (40,597,778) | |
Net increase in share activity | 100,340,148 | $100,411,184 | 2,035,292,724 | $2,035,560,374 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 8% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
In addition, 77% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
45 | Short-Term Investments Trust |
Invesco STIC Prime Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 1,752,564,099 | $1,752,564,558 | 1,391,467,414 | $1,391,466,950 | |
Private Investment Class | 106,492 | 106,492 | 841,532 | 841,537 | |
Cash Management Class | 32,538 | 32,538 | 408,572 | 408,575 | |
Reserve Class | 342 | 342 | 5 | 5 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 7,389,194 | 7,389,194 | 3,411,844 | 3,411,791 | |
Private Investment Class | 25,796 | 25,796 | 19,003 | 19,002 | |
Personal Investment Class | 199 | 199 | 5,534 | 5,535 | |
Cash Management Class | 9,022 | 9,022 | 9,091 | 9,090 | |
Reserve Class | 3,751 | 3,751 | 2,835 | 2,835 | |
Resource Class | 2,606 | 2,606 | 2,358 | 2,359 | |
Corporate Class | 457 | 457 | 286 | 285 | |
Reacquired: | |||||
Institutional Class | (1,632,583,978) | (1,632,584,885) | (1,294,068,817) | (1,294,064,676) | |
Private Investment Class | (374,081) | (374,082) | (1,115,941) | (1,115,941) | |
Personal Investment Class | (175,789) | (175,789) | (27) | (27) | |
Cash Management Class | (220,468) | (220,468) | (786,748) | (786,740) | |
Reserve Class | (377) | (377) | (233,896) | (233,896) | |
Resource Class | (65,248) | (65,248) | - | - | |
Net increase in share activity | 126,714,555 | $126,714,106 | 99,963,045 | $99,966,684 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 91% 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 |
Invesco Treasury Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 187,978,433,067 | $187,978,433,067 | 191,918,070,818 | $191,918,070,818 | |
Private Investment Class | 1,261,646,363 | 1,261,646,363 | 1,373,550,349 | 1,373,550,349 | |
Personal Investment Class | 1,630,224,829 | 1,630,224,829 | 1,029,056,714 | 1,029,056,714 | |
Cash Management Class | 2,148,188,357 | 2,148,188,357 | 3,628,925,469 | 3,628,925,469 | |
Reserve Class | 847,847,187 | 847,847,187 | 716,399,473 | 716,399,473 | |
Resource Class | 883,852,393 | 883,852,393 | 778,758,603 | 778,758,603 | |
Corporate Class | 7,123,495,519 | 7,123,495,519 | 6,094,873,392 | 6,094,873,392 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 115,324,756 | 115,324,756 | 71,641,952 | 71,641,952 | |
Private Investment Class | 3,080,285 | 3,080,285 | 1,001,889 | 1,001,889 | |
Personal Investment Class | 2,964,198 | 2,964,198 | 1,002,329 | 1,002,329 | |
Cash Management Class | 8,004,739 | 8,004,739 | 4,359,519 | 4,359,519 | |
Reserve Class | 2,800,991 | 2,800,991 | 1,547,178 | 1,547,178 | |
Resource Class | 2,341,092 | 2,341,092 | 1,262,800 | 1,262,800 | |
Corporate Class | 6,377,933 | 6,377,933 | 4,316,947 | 4,316,947 | |
Reacquired: | |||||
Institutional Class | (189,608,509,223) | (189,608,509,223) | (194,562,035,948) | (194,562,035,948) | |
Private Investment Class | (1,276,434,403) | (1,276,434,403) | (1,431,640,126) | (1,431,640,126) | |
Personal Investment Class | (1,390,826,499) | (1,390,826,499) | (1,052,419,572) | (1,052,419,572) | |
Cash Management Class | (2,206,261,774) | (2,206,261,774) | (3,665,939,583) | (3,665,939,583) | |
Reserve Class | (789,550,639) | (789,550,639) | (740,157,488) | (740,157,488) | |
Resource Class | (779,027,591) | (779,027,591) | (731,431,395) | (731,431,395) | |
Corporate Class | (7,168,113,590) | (7,168,113,590) | (6,239,654,695) | (6,239,654,695) | |
Net increase (decrease) in share activity | (1,204,142,010) | $(1,204,142,010) | (2,798,511,375) | $(2,798,511,375) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
In addition, 12% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
47 | Short-Term Investments Trust |
Invesco Government & Agency Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 201,304,629,047 | $201,304,629,047 | 247,813,982,127 | $247,813,982,127 | |
Private Investment Class | 2,057,789,705 | 2,057,789,705 | 1,691,041,762 | 1,691,041,762 | |
Personal Investment Class | 33,910,046 | 33,910,046 | 22,767,729 | 22,767,729 | |
Cash Management Class | 970,595,900 | 970,595,900 | 1,160,198,493 | 1,160,198,493 | |
Reserve Class | 1,378,739,399 | 1,378,739,399 | 912,998,598 | 912,998,598 | |
Resource Class | 2,554,982,650 | 2,554,982,650 | 2,889,383,856 | 2,889,383,856 | |
Corporate Class | 573,841,827 | 573,841,827 | 1,680,502,506 | 1,680,502,506 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 126,914,764 | 126,914,764 | 72,936,103 | 72,936,103 | |
Private Investment Class | 4,227,798 | 4,227,798 | 1,388,818 | 1,388,818 | |
Personal Investment Class | 168,914 | 168,914 | 49,917 | 49,917 | |
Cash Management Class | 5,327,428 | 5,327,428 | 2,379,887 | 2,379,887 | |
Reserve Class | 3,618,437 | 3,618,437 | 1,398,425 | 1,398,425 | |
Resource Class | 3,149,980 | 3,149,980 | 2,270,177 | 2,270,177 | |
Corporate Class | 346,829 | 346,829 | 346,270 | 346,270 | |
Reacquired: | |||||
Institutional Class | (193,758,410,817) | (193,758,410,817) | (253,248,685,649) | (253,248,685,649) | |
Private Investment Class | (1,955,184,767) | (1,955,184,767) | (1,777,176,856) | (1,777,176,856) | |
Personal Investment Class | (26,408,192) | (26,408,192) | (35,626,260) | (35,626,260) | |
Cash Management Class | (944,272,368) | (944,272,368) | (998,258,928) | (998,258,928) | |
Reserve Class | (1,294,201,876) | (1,294,201,876) | (875,724,656) | (875,724,656) | |
Resource Class | (2,609,810,219) | (2,609,810,219) | (3,001,507,204) | (3,001,507,204) | |
Corporate Class | (680,116,245) | (680,116,245) | (1,859,010,896) | (1,859,010,896) | |
Net increase (decrease) in share activity | 7,749,838,240 | $7,749,838,240 | (5,544,345,781) | $(5,544,345,781) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 43% 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, 9% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
48 | Short-Term Investments Trust |
Invesco Treasury Obligations Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 902,898,047 | $902,898,047 | 1,111,333,157 | $1,111,333,157 | |
Private Investment Class | 17,567,905 | 17,567,905 | 6,402,656 | 6,402,656 | |
Personal Investment Class | 1,755,557 | 1,755,557 | 2,424,596 | 2,424,596 | |
Cash Management Class | 1,001,917 | 1,001,917 | 3,404,184 | 3,404,184 | |
Reserve Class | 120,013,835 | 120,013,835 | 165,401,910 | 165,401,910 | |
Resource Class | 2,115,950 | 2,115,950 | 1,077 | 1,077 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 2,012,405 | 2,012,405 | 871,181 | 871,181 | |
Private Investment Class | 107,684 | 107,684 | 25,972 | 25,972 | |
Personal Investment Class | 2,574 | 2,574 | 657 | 657 | |
Cash Management Class | 41,719 | 41,719 | 26,644 | 26,644 | |
Reserve Class | 513,925 | 513,925 | 236,440 | 236,440 | |
Resource Class | 1,002 | 1,002 | - | - | |
Corporate Class | 216 | 216 | 124 | 124 | |
Reacquired: | |||||
Institutional Class | (1,140,217,292) | (1,140,217,292) | (1,138,265,979) | (1,138,265,979) | |
Private Investment Class | (14,276,606) | (14,276,606) | (3,568,474) | (3,568,474) | |
Personal Investment Class | (2,041,284) | (2,041,284) | (2,078,282) | (2,078,282) | |
Cash Management Class | (2,314,616) | (2,314,616) | (1,883,172) | (1,883,172) | |
Reserve Class | (99,213,748) | (99,213,748) | (167,867,572) | (167,867,572) | |
Resource Class | (2,078,666) | (2,078,666) | - | - | |
Net increase (decrease) in share activity | (212,109,476) | $(212,109,476) | (23,534,881) | $(23,534,881) |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 6% 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, 79% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser. |
49 | Short-Term Investments Trust |
Invesco Tax-Free Cash Reserve Portfolio
Summary of Share Activity | |||||
Years ended August 31, | |||||
2019(a) | 2018 | ||||
Shares | Amount | Shares | Amount | ||
Sold: | |||||
Institutional Class | 205,082,518 | $205,082,518 | 145,257,757 | $145,257,757 | |
Private Investment Class | 57,208,640 | 57,208,640 | 69,282,391 | 69,282,391 | |
Personal Investment Class | 5,818,771 | 5,818,771 | 10,389 | 10,389 | |
Cash Management Class | 49,844,196 | 49,844,196 | 18,777,674 | 18,777,674 | |
Reserve Class | 52,342,069 | 52,342,069 | 76,263,241 | 76,263,241 | |
Resource Class | 31,003,313 | 31,003,313 | 5,290,233 | 5,290,233 | |
Corporate Class | 110,000 | 110,000 | 10,000 | 10,000 | |
Issued as reinvestment of dividends: | |||||
Institutional Class | 919,230 | 919,230 | 530,228 | 530,228 | |
Private Investment Class | 281,127 | 281,127 | 222,751 | 222,751 | |
Personal Investment Class | 385 | 385 | 2,800 | 2,800 | |
Cash Management Class | 309,533 | 309,533 | 190,958 | 190,958 | |
Reserve Class | 79,513 | 79,513 | 59,800 | 59,800 | |
Resource Class | 51,611 | 51,611 | 48,820 | 48,820 | |
Corporate Class | 135 | 135 | 56 | 56 | |
Reacquired: | |||||
Institutional Class | (172,627,076) | (172,627,076) | (128,941,010) | (128,941,010) | |
Private Investment Class | (65,060,440) | (65,060,440) | (68,795,280) | (68,795,280) | |
Personal Investment Class | (3,287,500) | (3,287,500) | (2,008,928) | (2,008,928) | |
Cash Management Class | (54,739,582) | (54,739,582) | (14,699,392) | (14,699,392) | |
Reserve Class | (46,570,715) | (46,570,715) | (75,830,056) | (75,830,056) | |
Resource Class | (32,436,884) | (32,436,884) | (8,838,140) | (8,838,140) | |
Corporate Class | (110,000) | (110,000) | - | - | |
Net increase in share activity | 28,218,844 | $28,218,844 | 16,834,292 | $16,834,292 |
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 85% 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. |
50 | Short-Term Investments Trust |
51 | Short-Term Investments Trust |
Reserve Class | Beginning Account Value (03/01/19) | ACTUAL | HYPOTHETICAL (5% annual return before expenses) | Annualized Expense Ratio | ||
Ending Account Value (08/31/19)1 | Expenses Paid During Period2 | Ending Account Value (08/31/19) | Expenses Paid During Period2 | |||
Invesco Liquid Assets Portfolio | $1,000.00 | $1,007.80 | $5.31 | $1,019.91 | $5.35 | 1.05% |
Invesco STIC Prime Portfolio | 1,000.00 | 1,007.20 | 5.31 | 1,019.91 | 5.35 | 1.05 |
Invesco Treasury Portfolio | 1,000.00 | 1,006.80 | 5.31 | 1,019.91 | 5.35 | 1.05 |
Invesco Government & Agency Portfolio | 1,000.00 | 1,007.00 | 5.21 | 1,020.01 | 5.24 | 1.03 |
Invesco Treasury Obligations Portfolio | 1,000.00 | 1,006.70 | 5.31 | 1,019.91 | 5.35 | 1.05 |
Invesco Tax-Free Cash Reserve Portfolio | 1,000.00 | 1,002.60 | 5.40 | 1,019.81 | 5.45 | 1.07 |
1 | The actual ending account value is based on the actual total return of the Funds for the period March 1, 2019 through August 31, 2019, 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. |
52 | Short-Term Investments Trust |
Approval of Investment Advisory andSub-Advisory Contracts
(Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and InvescoTax-Free Cash Reserve Portfolio)
At meetings held on June 10, 2019, the Board of Trustees (the Board or the Trustees) ofShort-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 IntergroupSub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, with respect to Invesco Government & Agency Portfolio, InvescoTax-Free Cash Reserve Portfolio and Invesco Treasury Obligations Portfolio only, separateSub-Advisory Contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the AffiliatedSub-Advisers and thesub-advisory contracts) for another year, effective July 1, 2019. After evaluating the factors discussed below, among others, the Board approved the renewal of each Fund’s investment advisory agreement and thesub-advisory contracts and determined that the compensation payable by each Fund to Invesco Advisers and by Invesco Advisers to the AffiliatedSub-Advisers is fair and reasonable.
The Board’s Evaluation Process
The Board’s Investments Committee has established threeSub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). As part of a regularly scheduled basis ofin-person Board meetings, theSub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee andSub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement andsub-advisory contracts.
As part of the contract renewal process, the Board reviews and considers information provided in response to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider. The
Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement andsub-advisory contracts in separate sessions with the Senior Officer and with independent legal counsel.
The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to each Fund’s investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of each Fund’s investment advisory agreement andsub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 10, 2019.
Factors and Conclusions and Summary of Independent Written Fee Evaluation
A. | Nature, Extent and Quality of Services Provided by Invesco Advisers and the AffiliatedSub-Advisers |
The Board reviewed the nature, extent and quality of the advisory services provided to each Fund by Invesco Advisers under each Fund’s investment advisory agreement, and the credentials and experience of the officers and employees of Invesco Advisers who provide these services, including each Fund’s portfolio manager(s). The Board’s review included consideration of Invesco Advisers’ investment process oversight and structure, credit analysis and investment risk management. The Board also considerednon-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 also reviewed and considered the benefits to shareholders of investing in each fund that is part of the Invesco family of funds under the umbrella of Invesco Ltd., Invesco Advisers’ parent company, and noted Invesco Ltd.’s depth and experience in conducting an investment management business, as well as its commitment of financial
and other resources to such business. The Board reviewed and considered information about the resources that Invesco Advisers intends to continue to commit to managing the Invesco family of funds following Invesco Ltd.’s acquisition of OppenheimerFunds, Inc. and its subsidiaries. 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 AffiliatedSub-Advisers under thesub-advisory contracts and the credentials and experience of the officers and employees of the AffiliatedSub-Advisers who provide these services. The Board noted the AffiliatedSub-Advisers’ expertise with respect to certain asset classes and that the AffiliatedSub-Advisers have offices and personnel that are located in financial centers around the world. As a result, the Board noted that the AffiliatedSub-Advisers can provide research and investment analysis on the markets and economies of various countries in which each Fund may invest, make recommendations regarding securities and assist with security trades. The Board concluded that thesub-advisory contracts may benefit each Fund and its shareholders by permitting Invesco Advisers to use the resources and talents of the AffiliatedSub-Advisers in managing each Fund. The Board concluded that the nature, extent and quality of the services that may be provided by the AffiliatedSub-Advisers are appropriate and satisfactory.
B. | Fund Investment Performance |
The Board 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 thesub-advisory contracts for each Fund, as no AffiliatedSub-Adviser currently manages assets of each Fund.
Invesco Liquid Assets Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the Lipper Institutional Money Market Funds 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 year period and the first quintile for the 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 the same as 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 Trustees
53 Short-Term Investments Trust
also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco STIC Prime Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the Lipper Institutional Money Market Funds 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 year period and the second quintile for the 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, three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco Treasury Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the Lipper Institutional U.S. Treasury Money Market Funds 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 reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco Government & Agency Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 the performance of funds in the Broadridge performance universe and against the Lipper Institutional U.S. Government Money Market Funds 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 reasonably comparable to the performance of the Index for the one year period and above the performance of the Index for the three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
Invesco Treasury Obligations Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of
funds in the Broadridge performance universe and against the Lipper Institutional U.S. Treasury Money Market Funds 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 reasonably comparable to the performance of the Index for the one and three year periods and above the performance of the Index for the five year period. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
InvescoTax-Free Cash Reserve Portfolio
The Board compared the Fund’s investment performance over multiple time periods ending December 31, 2018 to the performance of funds in the Broadridge performance universe and against the LipperTax-Exempt Money Market Funds 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 year period and the second quintile for the 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 Index for the one, three and five year periods. The Trustees also reviewed more recent Fund performance and this review did not change their conclusions.
C. | Advisory andSub-Advisory Fees and Fund Expenses |
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 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding 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 also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco STIC Prime 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the Affiliated
54 Short-Term Investments Trust
Sub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco Treasury 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management
of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco Government & Agency 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
Invesco Treasury Obligations 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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
InvescoTax-Free Cash Reserve Portfolio
The Board compared the Fund’s contractual management fee rate to the contractual
55 Short-Term Investments Trust
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 certainnon-portfolio management administrative services fees, but that Broadridge does not provide information on a fund by fund basis as to what is included. The Board also reviewed the methodology used by Broadridge in providing expense group information, which includes using each fund’s contractual management fee schedule (including any applicable breakpoints) as reported in the most recent prospectus or statement of additional information for each fund in the expense group. The Board also considered comparative information regarding the Fund’s total expense ratio and its various components.
The Board noted that Invesco Advisers has contractually agreed to waive fees and/or limit expenses of the Fund for the term disclosed in the Fund’s registration statement in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund.
The Board also considered the fees charged by Invesco Advisers and the AffiliatedSub-Advisers to other similarly managed client accounts. The Board noted that Invesco Advisers or the AffiliatedSub-Advisers may charge lower fees to large institutional clients. Invesco Advisers reviewed with the Board differences in the scope of services it provides to the Invesco Funds relative to certain other types of client accounts, including management of cash flows as a result of redemptions and purchases, necessary infrastructure such as officers, office space, technology, legal and distribution, oversight of service providers, costs and business risks associated with launching new funds and sponsoring and maintaining the product line, preparation of annual registration statement updates and financial information and compliance with federal and state laws and regulations.
The Board also considered the services that may be provided by the AffiliatedSub-Advisers pursuant to thesub-advisory contracts, as well as the fees payable by Invesco Advisers to the AffiliatedSub-Advisers pursuant to thesub-advisory contracts.
D. | Economies of Scale and Breakpoints |
Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and InvescoTax-Free Cash Reserve Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to each Fund. The Board considered Invesco’s reinvestment in its business, including investments in business infrastructure and cybersecurity. The Board noted that each Fund does not benefit from
economies of scale through contractual breakpoints, but does share directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that each Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.
Invesco Treasury Obligations Portfolio
The Board considered the extent to which there may be economies of scale in the provision of advisory services to the Fund. The Board considered Invesco’s reinvestment in its business, including investments in business infrastructure and cybersecurity. The Board also considered that the Fund benefits from economies of scale through contractual breakpoints in the Fund’s advisory fee schedule, which generally operate to reduce the Fund’s expense ratio as it grows in size. The Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of the Invesco Funds. The Board noted that the Fund may also benefit from economies of scale through initial fee setting, fee waivers and expense reimbursements.
E. | Profitability and Financial Resources |
Invesco STIC Prime Portfolio and InvescoTax-Free Cash Reserve Portfolio
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. The Board considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the AffiliatedSub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement andsub-advisory contracts.
Invesco Liquid Assets Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio
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. The Board considered the methodology used for calculating profitability and noted the periodic review of such methodology by an independent consultant. The Board noted that Invesco Advisers continues to operate at a net profit from services Invesco Advisers and its affiliates provide to the Invesco Funds and each Fund. The Board did not deem the level of profits realized by Invesco Advisers and its affiliates from providing services to each Fund to be
excessive given the nature, extent and quality of the services provided. The Board received information from Invesco Advisers demonstrating that Invesco Advisers and the AffiliatedSub-Advisers are financially sound and have the resources necessary to perform their obligations under the investment advisory agreement andsub-advisory contracts.
F. | Collateral Benefits to Invesco Advisers and its Affiliates |
The Board considered various other benefits received by Invesco Advisers and its affiliates from the relationship with each Fund, including the fees received for providing administrative, transfer agency and distribution services to each Fund. The Board considered comparative information regarding fees charged for these services, including information provided by Broadridge and other independent sources. The Board considered the performance of Invesco Advisers and its affiliates in providing these services and the organizational structure employed to provide these services. The Board also considered that these services are provided to each Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board; and that the services are required for the operation of each Fund.
56 Short-Term Investments Trust
Federal and State Income Tax | |||||
Long Term Capital Gain Distributions | Qualified Dividend Income* | Corporate Dividends Received Deduction* | U.S. Treasury Obligations* | Tax-Exempt Interest Dividend* | |
Invesco Liquid Assets Portfolio | $- | 0.00% | 0.00% | 0.00% | 0.00% |
Invesco STIC Prime Portfolio | - | 0.00% | 0.00% | 0.00% | 0.00% |
Invesco Treasury Portfolio | - | 0.00% | 0.00% | 54.04% | 0.00% |
Invesco Government & Agency Portfolio | - | 0.00% | 0.00% | 39.05% | 0.00% |
Invesco Treasury Obligations Portfolio | - | 0.00% | 0.00% | 100.00% | 0.00% |
Invesco Tax-Free Cash Reserve Portfolio | - | 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 | $- | 80.36% |
Invesco STIC Prime Portfolio | - | 0.00% |
Invesco Treasury Portfolio | - | 99.99% |
Invesco Government & Agency Portfolio | - | 100.00% |
Invesco Treasury Obligations Portfolio | - | 99.96% |
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. |
57 | 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, Texas77046-1173. 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 | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Interested Persons | ||||||||
Martin L. Flanagan1 — 1960 Trustee and Vice Chair | 2007 | Executive Director, Chief Executive Officer and President, Invesco Ltd. (ultimate parent of Invesco and a global investment management firm); Trustee and Vice Chair, The Invesco Funds; Vice Chair, Investment Company Institute; and Member of Executive Board, SMU Cox School of Business
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) | 229 | None | ||||
Philip A. Taylor2 — 1954 Trustee | 2006 | Vice Chair, Invesco Ltd.; Trustee, The Invesco Funds
Formerly: Director, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Head of the Americas and Senior Managing Director, Invesco Ltd.; Director, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.) (financial services holding company);Co-Chairman,Co-President andCo-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chief Executive Officer and President, Van Kampen Exchange Corp; President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc. (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.) (registered broker dealer); Manager, Invesco Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco AIM Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc. | 229 | None |
1 | Mr. Flanagan is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of the Adviser to the Trust, and an officer and a director of Invesco Ltd., ultimate parent of the Adviser. |
2 | Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Trust because he is an officer of Invesco Ltd., ultimate parent of the Adviser. |
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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Independent Trustees | ||||||||
Bruce L. Crockett — 1944 Trustee and Chair | 1993 | Chairman, Crockett Technologies Associates (technology consulting company)
Formerly: Director, Captaris (unified messaging provider); Director, President and Chief Executive Officer, COMSAT Corporation; Chairman, Board of Governors of INTELSAT (international communications company); ACE Limited (insurance company); Independent Directors Council and Investment Company Institute: Member of the Audit Committee, Investment Company Institute; Member of the Executive Committee and Chair of the Governance Committee, Independent Directors Council | 229 | Director and Chairman of the Audit Committee, ALPS (Attorneys Liability Protection Society) (insurance company); Director and Member of the Audit Committee and Compensation Committee, Ferroglobe PLC (metallurgical company) | ||||
David C. Arch — 1945 Trustee | 2010 | Chairman of Blistex Inc. (consumer health care products manufacturer); Member, World Presidents’ Organization | 229 | Board member of the Illinois Manufacturers’ Association | ||||
Beth Ann Brown — 1968 Trustee | 2019 | Independent Consultant
Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts, Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds | 229 | Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, Acton Shapleigh Youth Conservation Corps (non -profit); and Vice President and Director of Grahamtastic Connection(non-profit) | ||||
Jack M. Fields — 1952 Trustee | 1997 | Chief Executive Officer, Twenty First Century Group, Inc. (government affairs company); and Chairman, Discovery Learning Alliance(non-profit)
Formerly: Owner and Chief Executive Officer, Dos Angeles Ranch L.P. (cattle, hunting, corporate entertainment); Director, Insperity, Inc. (formerly known as Administaff) (human resources provider); Chief Executive Officer, Texana Timber LP (sustainable forestry company); Director of Cross Timbers Quail Research Ranch(non-profit); and member of the U.S. House of Representatives | 229 | None | ||||
Cynthia Hostetler — 1962 Trustee | 2017 | Non-Executive Director and Trustee of a number of public and private business corporations
Formerly: Director, Aberdeen Investment Funds (4 portfolios); Head of Investment Funds and Private Equity, Overseas Private Investment Corporation; President, First Manhattan Bancorporation, Inc.; Attorney, Simpson Thacher & Bartlett LLP | 229 | Vulcan Materials Company (construction materials company); Trilinc Global Impact Fund; Genesee & Wyoming, Inc. (railroads); Artio Global Investment LLC (mutual fund complex); Edgen Group, Inc. (specialized energy and infrastructure products distributor); Investment Company Institute (professional organization); Independent Directors Council (professional organization) | ||||
Eli Jones — 1961 Trustee | 2016 | Professor and Dean, Mays Business School — Texas A&M University
Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University; Director, Arvest Bank | 229 | Insperity, Inc. (formerly known as Administaff) (human resources provider) | ||||
Elizabeth Krentzman — 1959 Trustee | 2019 | Formerly: Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management — Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission and various positions with the Division of Investment Management — Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds | 229 | Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member | ||||
Anthony J. LaCava, Jr. — 1956 Trustee | 2019 | Formerly: Director and Member of the Audit Committee, Blue Hills Bank (publicly traded financial institution) and Managing Partner, KPMG LLP | 229 | Blue Hills Bank; Chairman, Bentley University; Member, Business School Advisory Council; and Nominating Committee, KPMG LLP |
T-2 Short-Term Investments Trust
Trustees and Officers—(continued)
Name, Year of Birth and Position(s) Held with the Trust | Trustee and/ or Officer Since | Principal Occupation(s) During Past 5 Years | Number of Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Independent Trustees—(continued) | ||||||||
Prema Mathai-Davis — 1950 Trustee | 1998 | Retired
Co-Owner & Partner of Quantalytics Research, LLC, (a FinTech Investment Research Platform for the Self-Directed Investor) | 229 | None | ||||
Joel W. Motley — 1952 Trustee | 2019 | Director of Office of Finance, Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley(non-profit cultural organization)
Formerly: Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor) | 229 | Director of Greenwall Foundation (bioethics research foundation); Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting(non-profit journalism) | ||||
Teresa M. Ressel — 1962 Trustee | 2017 | Non-executive director and trustee of a number of public and private business corporations
Formerly: Chief Financial Officer, Olayan America, The Olayan Group (international investor/commercial/industrial); Chief Executive Officer, UBS Securities LLC; Group Chief Operating Officer, Americas, UBS AG; Assistant Secretary for Management & Budget and CFO, US Department of the Treasury | 229 | Atlantic Power Corporation (power generation company); ON Semiconductor Corp. (semiconductor supplier) | ||||
Ann Barnett Stern — 1957 Trustee | 2017 | President and Chief Executive Officer, Houston Endowment Inc. (private philanthropic institution)
Formerly: Executive Vice President and General Counsel, Texas Children’s Hospital; Attorney, Beck, Redden and Secrest, LLP; Business Law Instructor, University of St. Thomas; Attorney, Andrews & Kurth LLP | 229 | Federal Reserve Bank of Dallas | ||||
Raymond Stickel, Jr. — 1944 Trustee | 2005 | Retired
Formerly: Director, Mainstay VP Series Funds, Inc. (25 portfolios); Partner, Deloitte & Touche | 229 | None | ||||
Robert C. Troccoli — 1949 Trustee | 2016 | Retired
Formerly: Adjunct Professor, University of Denver — Daniels College of Business; Senior Partner, KPMG LLP | 229 | None | ||||
Daniel S. Vandivort — 1954 Trustee | 2019 | Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management)
Formerly: Trustee and Governance Chair, of certain Oppenheimer Funds | 229 | Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds | ||||
James D. Vaughn — 1945 Trustee | 2019 | Retired
Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network (economic development corporation); and Trustee of certain Oppenheimer Funds | 229 | Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement(non-profit) | ||||
Christopher L. Wilson — 1957 Trustee, Vice Chair and Chair Designate | 2017 | Retired
Formerly: Director, TD Asset Management USA Inc. (mutual fund complex) (22 portfolios); Managing Partner, CT2, LLC (investing and consulting firm); President/Chief Executive Officer, Columbia Funds, Bank of America Corporation; President/Chief Executive Officer, CDC IXIS Asset Management Services, Inc.; Principal & Director of Operations, Scudder Funds, Scudder, Stevens & Clark, Inc.; Assistant Vice President, Fidelity Investments | 229 | ISO New England, Inc.(non-profit organization managing regional electricity market) |
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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Other Officers | ||||||||
Sheri Morris — 1964 President, Principal Executive Officer and Treasurer | 1999 | President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; and Vice President, OppenheimerFunds, Inc.
Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco AIM Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco AIM Capital Management, Inc. and Invesco AIM Private Asset Management, Inc.; and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust and Invesco Actively Managed Exchange-Traded Fund Trust | N/A | N/A | ||||
Russell C. Burk — 1958 Senior Vice President and Senior Officer | 2005 | Senior Vice President and Senior Officer, The Invesco Funds | N/A | N/A | ||||
Jeffrey H. Kupor — 1968 Senior Vice President, Chief Legal Officer and Secretary | 2018 | Head of Legal of the Americas, Invesco Ltd.; Senior Vice President and Secretary, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Vice President and Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.) and Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Secretary, W.L. Ross & Co., LLC
Formerly: Secretary and Vice President, Jemstep, Inc.; Head of Legal, Worldwide Institutional, Invesco Ltd.; Secretary and General Counsel, INVESCO Private Capital Investments, Inc.; Senior Vice President, Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Assistant Secretary, INVESCO Asset Management (Bermuda) Ltd.; Secretary and General Counsel, Invesco Private Capital, Inc.; Assistant Secretary and General Counsel, INVESCO Realty, Inc.; Secretary and General Counsel, Invesco Senior Secured Management, Inc.; and Secretary, Sovereign G./P. Holdings Inc. | N/A | N/A | ||||
Andrew R. Schlossberg — 1974 Senior Vice President | 2019 | Head of the Americas and Senior Managing Director, Invesco Ltd.; Director and Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) (registered transfer agent); Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, President and Chairman, Invesco Insurance Agency, Inc.
Formerly: Director, Invesco UK Limited; Director and Chief Executive, Invesco Asset Management Limited and Invesco Fund Managers Limited; Assistant Vice President, The Invesco Funds; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director and Chief Executive, Invesco Administration Services Limited and Invesco Global Investment Funds Limited; Director, Invesco Distributors, Inc.; Head of EMEA, Invesco Ltd.; President, Invesco Actively Managed Exchange-Traded Commodity Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II and Invesco India Exchange-Traded Fund Trust; Managing Director and Principal Executive Officer, Invesco Capital Management LLC | N/A | N/A |
T-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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Other Officers—(continued) | ||||||||
John M. Zerr — 1962 Senior Vice President | 2006 | Chief Operating Officer of the Americas; Senior Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Senior Vice President, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director and Vice President, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.) Senior Vice President, The Invesco Funds; Managing Director, Invesco Capital Management LLC; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Senior Vice President, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Manager, Invesco Indexing LLC; Manager, Invesco Specialized Products, LLC; Director and Senior Vice President, Invesco Insurance Agency, Inc.; Member, Invesco Canada Funds Advisory Board; Director, President and Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company); and Director, Chairman, President and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent)
Formerly: Director and Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary and General Counsel, Invesco Management Group, Inc. (formerly known as Invesco AIM Management Group, Inc.); Secretary, Invesco Investment Services, Inc. (formerly known as Invesco AIM Investment Services, Inc.); Chief Legal Officer and Secretary, The Invesco Funds; Secretary and General Counsel, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Secretary and General Counsel, Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.); Chief Legal Officer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Secretary, Invesco Indexing LLC; Director, Secretary, General Counsel and Senior Vice President, Van Kampen Exchange Corp.; Director, Vice President and Secretary, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.); Director and Vice President, INVESCO Funds Group, Inc.; Director and Vice President, Van Kampen Advisors Inc.; Director, Vice President, Secretary and General Counsel, Van Kampen Investor Services Inc.; Director and Secretary, Invesco Distributors, Inc. (formerly known as Invesco AIM Distributors, Inc.); Director, Senior Vice President, General Counsel and Secretary, Invesco AIM Advisers, Inc. and Van Kampen Investments Inc.; Director, Vice President and Secretary, Fund Management Company; Director, Senior Vice President, Secretary, General Counsel and Vice President, Invesco AIM Capital Management, Inc.; Chief Operating Officer and General Counsel, Liberty Ridge Capital, Inc. (an investment adviser) | N/A | N/A | ||||
Gregory G. McGreevey — 1962 Senior Vice President | 2012 | Senior Managing Director, Invesco Ltd.; Director, Chairman, President, and Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Invesco Mortgage Capital, Inc. and Invesco Senior Secured Management, Inc.; and Senior Vice President, The Invesco Funds; and President, SNW Asset Management Corporation
Formerly: Senior Vice President, Invesco Management Group, Inc. and Invesco Advisers, Inc.; Assistant Vice President, The Invesco Funds | N/A | N/A | ||||
Kelli Gallegos — 1970 Vice President, Principal Financial Officer and Assistant Treasurer | 2008 | Assistant Treasurer, Invesco Specialized Products, LLC; Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Principal Financial and Accounting Officer — Pooled Investments, Invesco Capital Management LLC; Vice President and Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust
Formerly: Assistant Treasurer, Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Assistant Treasurer, Invesco Capital Management LLC; Assistant Vice President, The Invesco Funds | N/A | N/A |
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 Complex | Other Directorship(s) Held by Trustee During Past 5 Years | ||||
Other Officers—(continued) | ||||||||
Crissie M. Wisdom — 1969 Anti-Money Laundering Compliance Officer | 2013 | Anti-Money Laundering Compliance Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser), Invesco Capital Markets, Inc. (formerly known as Van Kampen Funds Inc.), Invesco Distributors, Inc., Invesco Investment Services, Inc., The Invesco Funds, and Invesco Exchange-Traded Fund Trust, Invesco Exchange-Traded Fund Trust II, Invesco India Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Fund Trust, Invesco Actively Managed Exchange-Traded Commodity Fund Trust and Invesco Exchange-Traded Self-Indexed Fund Trust; Anti-Money Laundering Compliance Officer and Bank Secrecy Act Officer, INVESCO National Trust Company and Invesco Trust Company; and Fraud Prevention Manager and Controls and Risk Analysis Manager for Invesco Investment Services, Inc.
Formerly: Anti-Money Laundering Compliance Officer, Van Kampen Exchange Corp. and Invesco Management Group, Inc. | N/A | N/A | ||||
Robert R. Leveille — 1969 Chief Compliance Officer | 2016 | Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds
Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds | N/A | N/A |
The Statement of Additional Information of the Trust includes additional information about the Fund’s Trustees and is available upon request, without charge, by calling 1.800.959.4246. Please refer to the Fund’s Statement of Additional Information for information on the Fund’ssub-advisers.
Office of the Fund 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 |
T-6 Short-Term Investments Trust
SEC file numbers: 811-02729 and 002-58287 | Invesco Distributors, Inc. | CM-STIT-AR-7 |
ITEM 2. CODE OF ETHICS.
There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
The Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its Audit Committee. The Audit Committee financial experts are David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Elizabeth Krentzman, Anthony J. LaCava, Jr., Teresa M. Ressel, Raymond Stickel, Jr. Robert C. Troccoli and James Vaughn. David C. Arch, Bruce L. Crockett, Cynthia Hostetler, Elizabeth Krentzman, Anthony J. LaCava, Jr., Teresa M. Ressel, Raymond Stickel, Jr. Robert C. Troccoli and James Vaughn are “independent” within the meaning of that term as used in FormN-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
During the reporting period, PricewaterhouseCoopers LLC (“PwC”) advised the Audit Committee of the following matters for consideration under the SEC’s auditor independence rules. PwC advised the Audit Committee that a PwC Director, a PwC Manager and a PwC Senior Associate each held financial interests in investment companies within the Invesco Fund Complex that were inconsistent with the requirements of Rule2-01(c)(1) of RegulationS-X. PwC noted, among other things, that during the time of its audit, the engagement team was not aware of the investments, (or with respect to the PwC Senior Associate was not aware until after the investments were confirmed as SEC exceptions), the individuals were not in the chain of command of the audit or the audit partners of Invesco or the affiliate of the Registrant, the services each individual provided were not relied upon by the audit engagement team with respect to the audit of the Registrant or its affiliates (or with respect to the PwC Senior Associate, the services were performed by an individual who did not have decision-making responsibility for matters that materially affected the audit and were reviewed by team members at least two levels higher than the PwC Senior Associate), and the investments were not material to the net worth of each individual or their respective immediate family members which they considered in reaching their conclusion. PwC advised the Audit Committee that it believes its objectivity and impartiality had not been adversely affected by these matters as they related to the audit of the Registrant.
(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 follows:
Fees Billed for Services Rendered to the Registrant for fiscal year end 2019 | Fees Billed for Services Rendered to the Registrant for fiscal year end 2018 | |||||||||
Audit Fees | $ | 161,482 | $ | 119,850 | ||||||
Audit-Related Fees | $ | 0 | $ | 0 | ||||||
Tax Fees(1) | $ | 98,730 | $ | 27,275 | ||||||
All Other Fees | $ | 0 | $ | 0 | ||||||
|
|
|
| |||||||
Total Fees | $ | 260,212 | $ | 147,125 | ||||||
(g) PwC billed the Registrant aggregatenon-audit fees of $98,730 for the fiscal year ended 2019, and $27,275 for the fiscal year ended 2018, fornon-audit services rendered to the Registrant.
|
|
(1) | Tax Fees for the fiscal year end August 31, 2019 includes fees billed for preparation of U.S. Tax Returns and Taxable Income calculations, including excise andyear-to-date estimates for variousbook-to-tax differences. Tax Fees for fiscal year end August 31, 2018 includes fees billed for reviewing tax returns and/or services related to tax compliance. |
Fees Billed by PwC Related to Invesco and Invesco Affiliates
PwC billed Invesco Advisers, Inc. (“Invesco”), 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 forpre-approvednon-audit services rendered to Invesco and Invesco Affiliates for the last two fiscal years as follows:
Fees Billed forNon-Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2019 That Were Required to bePre-Approved by the Registrant’s Audit Committee | Fees Billed forNon-Audit Services Rendered to Invesco and Invesco Affiliates for fiscal year end 2018 That Were Required to bePre-Approved by the Registrant’s Audit Committee | |||||||||
Audit-Related Fees(1) | $ | 690,000 | $ | 662,000 | ||||||
Tax Fees | $ | 0 | $ | 0 | ||||||
All Other Fees | $ | 0 | $ | 0 | ||||||
|
|
|
| |||||||
Total Fees | $ | 690,000 | $ | 662,000 |
(1) | Audit-Related Fees for the year end 2019 include fees billed related to reviewing controls at a service organization. Audit-Related Fees for the year end 2018 include fees billed related to reviewing controls at a service organization. |
(e)(2) There were no amounts that werepre-approved by the Audit Committee pursuant to the de minimis exception under Rule2-01 of RegulationS-X.
(f) Not applicable.
(g) Including the fees for services not required to bepre-approved by the registrant’s audit committee, PwC billed Invesco and Invesco Affiliates aggregatenon-audit fees of $3,901,000 for the fiscal year ended August 31, 2019, and $2,873,000 for the fiscal year ended August 31, 2018, fornon-audit services rendered to Invesco and Invesco Affiliates.
PwC provided audit services to the Investment Company complex of approximately $34 million.
(h) The Audit Committee also has considered whether the provision ofnon-audit services that were rendered to Invesco and Invesco Affiliates that were not required to bepre-approved pursuant to SEC regulations, if any, is compatible with maintaining PwC’s independence.
(e)(1)
PRE-APPROVAL OF AUDIT ANDNON-AUDIT SERVICES
POLICIES AND PROCEDURES
As adopted by the Audit Committees
of the Invesco Funds (the “Funds”)
Last Amended March 29, 2017
I. | Statement of Principles |
The Audit Committees (the “Audit Committee”) of the Boards of Trustees of the Funds (the “Board”) have adopted these policies and procedures (the “Procedures”) with respect to thepre-approval of audit andnon-audit services to be provided by the Funds’ independent auditor (the “Auditor”) to the Funds, and to the Funds’ investment adviser(s) and any entity controlling, controlled by, or under common control with the investment adviser(s) that provides ongoing services to the Funds (collectively, “Service Affiliates”).
Under Section 202 of the Sarbanes-Oxley Act of 2002, all audit andnon-audit services provided to the Funds by the Auditor must be preapproved by the Audit Committee. Rule2-01 of RegulationS-X requires that the Audit Committee alsopre-approve a Service Affiliate’s engagement of the Auditor fornon-audit services if the engagement relates directly to the operations and financial reporting of the Funds (a “Service Affiliate’s Covered Engagement”).
These Procedures set forth the procedures and the conditions pursuant to which the Audit Committee maypre-approve audit andnon-audit services for the Funds and a Service Affiliate’s Covered Engagement pursuant to rules and regulations of the Securities and Exchange Commission (“SEC”) and other organizations and regulatory bodies applicable to the Funds (“Applicable Rules”).1 They address both generalpre-approvals without consideration of specificcase-by-case services (“general pre-approvals”) and pre-approvals on acase-by-case basis (“specific pre-approvals”). Any services requiringpre-approval that are not within the scope of generalpre-approvals hereunder are subject to specificpre-approval. These Procedures also address the delegation by the Audit Committee ofpre-approval authority to the Audit Committee Chair or Vice Chair.
II. | Pre-Approval of Fund Audit Services |
The annual Fund audit services engagement, including terms and fees, is subject to specificpre-approval by the Audit Committee. Audit services include the annual financial statement audit and other procedures required to be performed by an independent auditor to be able to form an opinion on the Funds’ financial statements. The Audit Committee will receive, review and consider sufficient information concerning a proposed Fund audit engagement to make a reasonable evaluation of the Auditor’s qualifications and
1 Applicable Rules include, for example, New York Stock Exchange (“NYSE”) rules applicable toclosed-end funds managed by Invesco and listed on NYSE.
independence. The Audit Committee will oversee the Fund audit services engagement as necessary, including approving any changes in terms, audit scope, conditions and fees.
In addition to approving the Fund audit services engagement at least annually and specifically approving any changes, the Audit Committee may generally or specificallypre-approve engagements for other audit services, which are those services that only an independent auditor reasonably can provide. Other audit services may include services associated with SEC registration statements, periodic reports and other documents filed with the SEC.
III. | General and SpecificPre-Approval ofNon-Audit Fund Services |
The Audit Committee will consider, at least annually, the list of GeneralPre-ApprovedNon-Audit Services which list may be terminated or modified at any time by the Audit Committee. To inform the Audit Committee’s review and approval of GeneralPre-ApprovedNon-Audit Services, the Funds’ Treasurer (or his or her designee) and Auditor shall provide such information regarding independence or other matters as the Audit Committee may request.
Any services or fee ranges that are not within the scope of GeneralPre-ApprovedNon-Audit Services have not received generalpre-approval and require specificpre-approval. Each request for specificpre-approval by the Audit Committee for services to be provided by the Auditor to the Funds must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee) and must include detailed information about the services to be provided, the fees or fee ranges to be charged, and other relevant information sufficient to allow the Audit Committee to consider whether topre-approve such engagement, including evaluating whether the provision of such services will impair the independence of the Auditor and is otherwise consistent with Applicable Rules.
IV. | Non-Audit Service Types |
The Audit Committee may provide either general or specificpre-approval of audit-related, tax or other services, each as described in more detail below.
a. | Audit-Related Services |
“Audit-related services” are assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements or that are traditionally performed by an independent auditor. Audit-related services include, among others, accounting consultations related to accounting, financial reporting or disclosure matters not classified as “Audit services”; assistance with understanding and implementing new accounting and financial reporting guidance from rulemaking authorities; services related to mergers, acquisitions or dispositions; compliance with ratings agency requirements and interfund lending activities; and assistance with internal control reporting requirements.
b. | Tax Services |
“Tax services” include, but are not limited to, the review and signing of the Funds’ federal tax returns, the review of required distributions by the Funds and consultations regarding tax matters such as the tax treatment of new investments or the impact of new
regulations. The Audit Committee will not approve proposed services of the Auditor which the Audit Committee believes are to be provided in connection with a service or transaction initially recommended by the Auditor, the sole business purpose of which may be tax avoidance and the tax treatment of which may not be supported in the Internal Revenue Code and related regulations. The Audit Committee will consult with the Funds’ Treasurer (or his or her designee) and may consult with outside counsel or advisers as necessary to ensure the consistency of tax services rendered by the Auditor with the foregoing policy. The Auditor shall not represent any Fund or any Service Affiliate before a tax court, district court or federal court of claims.
Each request to provide tax services under either the general or specificpre-approval of the Audit Committee will include a description from the Auditor in writing of (i) the scope of the service, the fee structure for the engagement, and any side letter or other amendment to the engagement letter, or any other agreement (whether oral, written, or otherwise) between the Auditor and the Funds, relating to the service; and (ii) any compensation arrangement or other agreement, such as a referral agreement, a referral fee orfee-sharing arrangement, between the Auditor (or an affiliate of the Auditor) and any person (other than the Funds or Service Affiliates receiving the services) with respect to the promoting, marketing, or recommending of a transaction covered by the service. The Auditor will also discuss with the Audit Committee the potential effects of the services on the independence of the Auditor, and document the substance of its discussion with the Audit Committee.
c. | Other Services |
The Audit Committee maypre-approve other non-audit services so long as the Audit Committee believes that the service will not impair the independence of the Auditor.Appendix I includes a list of services that the Auditor is prohibited from performing by the SEC rules.Appendix I also includes a list of services that would impair the Auditor’s independence unless the Audit Committee reasonably concludes that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements.
V. | Pre-Approval of Service Affiliate’s Covered Engagements |
Rule2-01 of RegulationS-X requires that the Audit Committeepre-approve a Service Affiliate’s engagement of the Auditor fornon-audit services if the engagement relates directly to the operations and financial reporting of the Funds, defined above as a “Service Affiliate’s Covered Engagement”.
The Audit Committee may provide either general or specificpre-approval of any Service Affiliate’s Covered Engagement, including for audit-related, tax or other services, as described above, if the Audit Committee believes that the provision of the services to a Service Affiliate will not impair the independence of the Auditor with respect to the Funds. Any Service Affiliate’s Covered Engagements that are not within the scope of GeneralPre-ApprovedNon-Audit Services have not received generalpre-approval and require specificpre-approval.
Each request for specificpre-approval by the Audit Committee of a Service Affiliate’s Covered Engagement must be submitted to the Audit Committee by the Funds’ Treasurer (or his or her designee)and must include detailed information about the services to be
provided, the fees or fee ranges to be charged, a description of the current status of thepre-approval process involving other audit committees in the Invesco investment company complex (as defined in Rule2-201 of RegulationS-X) with respect to the proposed engagement, and other relevant information sufficient to allow the Audit Committee to consider whether the provision of such services will impair the independence of the Auditor from the Funds. Additionally, the Funds’ Treasurer (or his or her designee) and the Auditor will provide the Audit Committee with a statement that the proposed engagement requirespre-approval by the Audit Committee, the proposed engagement, in their view, will not impair the independence of the Auditor and is consistent with Applicable Rules, and the description of the proposed engagement provided to the Audit Committee is consistent with that presented to or approved by the Invesco audit committee.
Information about all Service Affiliate engagements of the Auditor fornon-audit services, whether or not subject topre-approval by the Audit Committee, shall be provided to the Audit Committee at least quarterly, to allow the Audit Committee to consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds. The Funds’ Treasurer and Auditor shall provide the Audit Committee with sufficiently detailed information about the scope of services provided and the fees for such services, to ensure that the Audit Committee can adequately consider whether the provision of such services is compatible with maintaining the Auditor’s independence from the Funds.
VI. | Pre-Approved Fee Levels or Established Amounts |
Pre-approved fee levels or ranges for audit andnon-audit services to be provided by the Auditor to the Funds, and for a Service Affiliate’s Covered Engagement, under generalpre-approval or specificpre-approval will be set periodically by the Audit Committee. Any proposed fees exceeding 110% of the maximumpre-approved fee levels or ranges for such services or engagements will be promptly presented to the Audit Committee and will require specificpre-approval by the Audit Committee before payment of any additional fees is made.
VII. | Delegation |
The Audit Committee hereby delegates, subject to the dollar limitations set forth below, specific authority to its Chair, or in his or her absence, Vice Chair, topre-approve audit andnon-audit services proposed to be provided by the Auditor to the Funds and/or a Service Affiliate’s Covered Engagement, between Audit Committee meetings. Such delegation does not preclude the Chair or Vice Chair from declining, on a case by case basis, to exercise his or her delegated authority and instead convening the Audit Committee to consider andpre-approve any proposed services or engagements.
Notwithstanding the foregoing, the Audit Committee mustpre-approve: (a) anynon-audit services to be provided to the Funds for which the fees are estimated to exceed $500,000; (b) any Service Affiliate’s Covered Engagement for which the fees are estimated to exceed $500,000; or (c) any cost increase to any previously approved service or engagement that exceeds the greater of $250,000 or 50% of the previously approved fees up to a maximum increase of $500,000.
VIII. | Compliance with Procedures |
Notwithstanding anything herein to the contrary, failure topre-approve any services or engagements that are not required to bepre-approved pursuant to the de minimis exception provided for in Rule2-01(c)(7)(i)(C) of RegulationS-X shall not constitute a violation of these Procedures. The Audit Committee has designated the Funds’ Treasurer to ensure services and engagements arepre-approved in compliance with these Procedures. The Funds’ Treasurer will immediately report to the Chair of the Audit Committee, or the Vice Chair in his or her absence, any breach of these Procedures that comes to the attention of the Funds’ Treasurer or any services or engagements that are not required to bepre-approved pursuant to the de minimis exception provided for in Rule2-01(c)(7)(i)(C) of RegulationS-X.
On at least an annual basis, the Auditor will provide the Audit Committee with a summary of allnon-audit services provided to any entity in the investment company complex (as defined in section2-01(f)(14) of RegulationS-X, including the Funds and Service Affiliates) that were notpre-approved, including the nature of services provided and the associated fees.
IX. | Amendments to Procedures |
All material amendments to these Procedures must be approved in advance by the Audit Committee.Non-material amendments to these Procedures may be made by the Legal and Compliance Departments and will be reported to the Audit Committee at the next regularly scheduled meeting of the Audit Committee.
Appendix I
Non-Audit Services That May Impair the Auditor’s Independence
The Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the followingnon-audit services:
• | Management functions; |
• | Human resources; |
• | Broker-dealer, investment adviser, or investment banking services; |
• | Legal services; |
• | Expert services unrelated to the audit; |
• | Any service or product provided for a contingent fee or a commission; |
• | Services related to marketing, planning, or opining in favor of the tax treatment of confidential transactions or aggressive tax position transactions, a significant purpose of which is tax avoidance; |
• | Tax services for persons in financial reporting oversight roles at the Fund; and |
• | Any other service that the Public Company Oversight Board determines by regulation is impermissible. |
An Auditor is not independent if, at any point during the audit and professional engagement, the Auditor provides the followingnon-audit services unless it is reasonable
to conclude that the results of the services will not be subject to audit procedures during an audit of the Funds’ financial statements:
• | Bookkeeping or other services related to the accounting records or financial statements of the audit client; |
• | Financial information systems design and implementation; |
• | Appraisal or valuation services, fairness opinions, orcontribution-in-kind reports; |
• | Actuarial services; and |
• | Internal audit outsourcing services. |
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
ITEM 6. | SCHEDULE OF INVESTMENTS. |
Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 8. | PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BYCLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
None.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | As of October 16, 2019, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of October 16, 2019, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on FormN-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that |
material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. |
(b) | There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule30a-3(d) under the Act) that occurred during the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
ITEM 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 13. | EXHIBITS. |
13(a) (1) | Code of Ethics. |
13(a) (2) | Certifications of principal executive officer and principal financial officer as required by Rule30a-2(a) under the Investment Company Act of 1940. |
13(a) (3) | Not applicable. |
13(a) (4) | Not applicable. |
13(b) | Certifications of principal executive officer and principal financial officer as required by Rule30a-2(b) under the Investment Company Act of 1940. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: Short-Term Investments Trust
By: | /s/ Sheri Morris | |
Sheri Morris | ||
Principal Executive Officer | ||
Date: | November 7, 2019 |
Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: | /s/ Sheri Morris | |
Sheri Morris | ||
Principal Executive Officer | ||
Date: | November 7, 2019 | |
By: | /s/ Kelli Gallegos | |
Kelli Gallegos | ||
Principal Financial Officer | ||
Date: | November 7, 2019 |