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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number   

             811-02729

Short-Term Investments Trust

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 1000    Houston, Texas 77046

(Address of principal executive offices)(Zip code)

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

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:      (713) 626-1919          
Date of fiscal year end:     8/31                   
Date of reporting period:      2/28/17             

 

Item 1. Report to Stockholders.

  

 

LOGO   

Semiannual Report to Shareholders

 

   

February 28, 2017

 

  

 

Institutional Class

   Short-Term Investments Trust (STIT)
   Liquid Assets Portfolio
   STIC Prime Portfolio
   Treasury Portfolio
   Government & Agency Portfolio
   Treasury Obligations Portfolio
   Tax-Free Cash Reserve Portfolio

 

LOGO

 

  

 

  

 

2

     

 

Fund Data

  

 

3

     

 

Letters to Shareholders

  

 

4

     

 

Schedule of Investments

  

 

24

     

 

Financial Statements

  

 

29

     

 

Notes to Financial Statements

  

 

41

     

 

Financial Highlights

  

 

42

     

 

Fund Expenses

  

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including fees and expenses. Investors should read it carefully before investing.

 

Unless otherwise stated, information presented in this report is as of February 28, 2017, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.

 

  

 

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

 

Fund Data

 

 

 

Institutional Class data as of 2/28/17

 

  FUND     

WEIGHTED

AVERAGE

MATURITY

    

WEIGHTED

AVERAGE

LIFE

   

TOTAL

NET

ASSETS

       Range
During
Reporting
Period		       

At

Reporting

Period

End

    

At

Reporting

Period

End

     

Liquid Assets1

       3 - 32 days          21 days     39 days    $291.5 million      

STIC Prime1

       3 - 19 days          11 days     11 days    321.0 million    

Treasury2

       37 - 54 days          44 days     104 days    17.3 billion   

Government & Agency2

       32 - 50 days          37 days     111 days    22.2 billion   

Treasury Obligations2

       15 - 58 days          49 days     100 days    1.3 billion 

Tax-Free Cash Reserve3

       10 - 19 days          11 days     15 days    96.0 million  

 

Weighted average maturity (WAM) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes.

    Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.

 

1 You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
2 You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
3 You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

 

2   Short-Term Investments Trust

 

 

Letters to Shareholders

 

LOGO

     Bruce Crockett

     

Dear Fellow Shareholders:

As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

 

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

 

 

 

LOGO

       Philip Taylor

     

Dear Shareholders:

Money market investors cheered when the US Federal Reserve (the Fed) unanimously raised its federal funds target rate in December 2016 – just the second increase since 2006. The Fed raised this key rate from a range of 0.25% to 0.50% to a range of 0.50% to 0.75%.1

    The Fed’s decision was based on evidence of a strengthening US economy – specifically, a stronger labor market and inflation moving closer to the Fed’s target levels. Fed-watchers suggested that a strengthening US economy, as well as the proposed spending, tax and regulatory policies of the Trump administration, could cause the Fed to accelerate future interest rate hikes. Raising rates sooner rather than later would provide the Fed with greater dexterity to respond to higher-than-projected economic growth in the future.

    At the close of the reporting period, most major global economies continued to maintain interest rates at, near or below zero in an effort to fuel inflation and spur economic growth. Many major central banks, including the European Central Bank, the Bank of England and the Bank of Japan, all cut rates during 2016.

    During the reporting period, the US money market fund industry fully implemented reform measures in October that had been announced by the US Securities and Exchange Commission in 2014. Invesco is pleased to report that we successfully implemented required money market reform policies on October 12, 2016.

    For Invesco’s money market fund professionals, safety is of paramount importance in the investment process. Their conservative investment philosophy has always focused on providing principal preservation, liquidity, and return – in that order – to our money market fund investors. Thank you for investing with us.

Sincerely,

 

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

 

1 Source: US Federal Reserve

 

3   Short-Term Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Liquid Assets Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Commercial Paper–36.86%(a)

 

        
Asset-Backed Securities — Fully Supported–6.53%          

Bennington Stark Capital Co., LLC (CEP–Societe Generale S.A.)(b)(c)

     0.90 %      03/06/2017      $ 6,000      $ 5,999,289  

Bennington Stark Capital Co., LLC (CEP–Societe Generale S.A.)(b)(c)

     1.15 %      04/07/2017        5,000        4,995,661  

Kells Funding LLC (CEP–FMS Wertmanagement)(c)

     1.00 %      05/26/2017        5,000        4,987,917  

Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)

     1.43 %      07/05/2017        5,000        4,979,186  
         20,962,053  
Asset-Backed Securities — Fully Supported Bank–16.52%          

Anglesea Funding LLC (Multi–CEP’s)(b)(c)

     0.93 %      04/10/2017        5,000        4,995,239  

Anglesea Funding LLC (Multi–CEP’s)(b)(c)

     1.10 %      04/03/2017        5,000        4,996,203  

Cancara Asset Securitisation LLC (CEP–Lloyds Bank PLC)(c)

     1.10 %      04/07/2017        5,000        4,995,662  

Cedar Springs Capital Co. LLC (CEP–UBS AG)(b)(c)

     0.82 %      03/01/2017        4,578        4,577,886  

Ebury Finance LLC (Multi–CEP’s)(b)(c)

     0.70 %      03/01/2017        7,500        7,499,856  

Institutional Secured Funding Ltd. (Multi–CEP’s)(b)(c)

     0.90 %      03/06/2017        5,000        4,999,407  

Manhattan Asset Funding Co., LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c)

     0.94 %      03/03/2017        5,000        4,999,709  

Matchpoint Finance PLC (CEP–BNP Paribas S.A.)(b)(c)

     0.95 %      03/09/2017        7,000        6,998,597  

Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c)

     0.80 %      03/14/2017        5,000        4,998,559  

Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c)

     0.80 %      03/28/2017        4,000        3,997,548  
         53,058,666  
Asset-Backed Securities — Multi-Purpose–1.55%          

Versailles Commercial Paper LLC(b)

     1.08 %      05/16/2017        5,000        4,986,846  
Diversified Banks–9.49%          

Bank of Nova Scotia(b)(c)

     1.08 %      04/13/2017        3,000        2,997,261  

BPCE S.A.(b)(c)

     1.21 %      05/09/2017        6,000        5,990,224  

Erste Abwicklungsanstalt(b)(c)(d)

     1.13 %      03/21/2017        5,000        5,001,255  

Mizuho Bank, Ltd.(c)

     1.08 %      04/13/2017        5,000        4,995,465  

National Bank of Abu Dhabi PJSC(b)(c)

     0.76 %      03/07/2017        7,500        7,499,074  

NRW Bank(b)(c)

     1.05 %      04/18/2017        4,000        3,995,949  
         30,479,228  
Other Diversified Financial Services–0.93%          

ABN AMRO Funding USA LLC(b)(c)

     1.07 %      06/07/2017        3,000        2,990,480  
Regional Banks–1.09%          

ASB Finance Ltd.(b)(c)

     1.00 %      06/01/2017        3,500        3,491,881  
Specialized Finance–0.75%          

CDP Financial Inc.(c)

     0.96 %      04/05/2017        2,400        2,398,404  

Total Commercial Paper (Cost $118,350,414)

                               118,367,558  

Variable Rate Demand Notes–24.06%(e)

          
Credit Enhanced–24.06%          

Aledo Independent School District; Series 2006 A, VRD School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program)

     0.67 %      08/01/2035        2,212        2,212,000  

Capital Markets Access Co. LC (SEUP Real Estate LLC); Series 2008, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f)

     0.75 %      07/01/2038        4,445        4,445,000  

Columbus (City of), Ohio Regional Airport Authority (FlightSafety International Inc.); Series 2015 A, VRD RB (CEP–Berkshire Hathaway Inc.)

     0.68 %      04/01/2035        10,000        10,000,000  

 

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

 

4                         Short-Term  Investments Trust

Liquid Assets Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Credit Enhanced–(continued)          

EagleBend Affordable Housing Corp.; Series 2006 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(f)

     0.66 %      07/01/2021      $ 881      $ 881,000  

Illinois (State of) Finance Authority (James Jordan Boys & Girls Club & Family Life Center); Series 1995, VRD RB (LOC–Bank of America, N.A.)(f)

     0.74 %      08/01/2030        4,700        4,700,000  

Indiana (State of) Finance Authority (Ispat Inland Inc.); Series 2005, Ref. VRD Environmental Improvement RB (LOC–Rabobank Nederland)(c)(f)

     0.70 %      06/01/2035        3,590        3,590,000  

Jets Stadium Development, LLC; Series 2014 A-4B, VRD Bonds (LOC–Sumitomo Mitsui Banking Corp.)(b)(c)(f)

     0.74 %      04/01/2047        9,600        9,599,999  

Maricopa (County of), Arizona Industrial Development Authority (Gran Victoria Housing LLC); Series 2000 A, VRD MFH RB (CEP–FNMA)

     0.66 %      04/15/2030        140        140,000  

Massachusetts (State of) Development Finance Agency (Milton Academy); Series 2009 B, VRD Taxable RB (LOC–TD Bank, N.A.)(f)

     0.77 %      03/01/2039        10,055        10,055,000  

Memphis (City of), Tennessee Health, Educational and Housing Facility Board (Ashland Lakes Apartments); Series 2006 A, VRD MFH RB (LOC–U.S. Bank, N.A.)(f)

     0.71 %      08/01/2041        9,000        9,000,000  

Minnetonka (City of), Minnesota (Minnetonka Hills Apartments); Series 2001, Ref. VRD MFH RB (CEP–FNMA)

     0.73 %      11/15/2031        2,285        2,285,000  

New York (State of) Housing Finance Agency (605 West 42nd Street Housing);

          

Series 2014 A, VRD RB (LOC–Bank of China Ltd.)(f)

     0.76 %      05/01/2048        7,100        7,100,000  

Series 2014 B, VRD RB (LOC–Bank of China Ltd.)(f)

     1.10 %      05/01/2048        1,200        1,200,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2014 B, VRD RB (LOC–Bank of China Ltd.)(f)

     1.19 %      11/01/2049        4,000        4,000,000  

Pinellas (County of), Florida Health Facilities Authority (Baycare Health System); Series 2009 A-2, VRD Health System RB (LOC–Northern Trust Co. (The))(f)

     0.65 %      11/01/2038        5,945        5,945,000  

S&L Capital, LLC (J&L Development of Holland, LLC); Series 2005 A, VRD Taxable Notes (LOC–FHLB of Indianapolis)(f)

     0.90 %      07/01/2040        1,820        1,820,000  

University of Southern Indiana; Series 1999 G, VRD Student Fee RB (LOC–JPMorgan Chase Bank, N.A.)(f)

     0.66 %      10/01/2019        310        310,000  

Total Variable Rate Demand Notes (Cost $77,282,999)

                               77,282,999  

Certificates of Deposit–13.96%

          

Canadian Imperial Bank of Commerce(c)(d)

     1.23 %      07/21/2017        4,000        4,002,975  

DZ Bank AG Deutsche Zentral-Genossenschaftsbank(c)(d)

     1.46 %      10/25/2017        8,000        8,018,158  

Mitsubishi UFJ Trust & Banking Corp.(c)

     1.10 %      04/13/2017        5,000        5,001,933  

Nordea Bank AB(c)

     0.56 %      03/01/2017        11,811        11,811,488  

Norinchukin Bank (The)(b)(c)

     1.03 %      05/16/2017        7,000        7,001,291  

Wells Fargo Bank, N.A.(d)

     1.32 %      01/19/2018        5,000        5,005,580  

Westpac Banking Corp.(c)(d)

     1.28 %      01/05/2018        4,000        4,003,424  

Total Certificates of Deposit (Cost $44,811,632)

                               44,844,849  

Notes–3.74%

          

Bank of Nova Scotia, Sr. Unsec. Global Floating Rate Notes(c)(d)

     1.32 %      04/11/2017        7,000        7,003,437  

Bank of Tokyo-Mitsubishi UFJ, Ltd. (The), Sr. Unsec. Notes(b)(c)

     1.20 %      03/10/2017        5,000        5,000,621  

Total Notes (Cost $12,003,989)

                               12,004,058  

TOTAL INVESTMENTS (excluding Repurchase Agreements)–78.62% (Cost $252,449,034)

                               252,499,464  
                 Repurchase
Amount		         

Repurchase Agreements–21.49%(g)

          

BMO Capital Markets Corp., agreement dated 02/28/2017, maturing value of $5,000,106 (collateralized by domestic and foreign corporate obligations valued at $5,250,000; 0%-5.50%, 03/13/2017-09/15/2040)(c)

     0.76 %      03/01/2017        5,000,106        5,000,000  

Citigroup Global Markets Inc., open agreement dated 01/25/2017 (collateralized by foreign corporate obligations valued at $4,590,001; 0%-5.63%, 08/09/2017-02/21/2047)(h)

     1.55 %      —        —        4,500,000  

Credit Suisse Securities (USA) LLC, term agreement dated 02/22/2017, maturing value of $16,002,427 (collateralized by a domestic agency mortgage-backed security valued at $16,800,886; 0.80%, 05/25/2047)(c)(i)

     0.78 %      03/01/2017        16,002,427        16,000,000  

 

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

 

5                         Short-Term  Investments Trust

Liquid Assets Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

ING Financial Markets, LLC, agreement dated 02/28/2017, maturing value of $16,000,396 (collateralized by a domestic corporate obligation and a foreign corporate obligation valued at $17,011,891; 4.88%-6.50%, 04/30/2020-12/15/2043)(c)

     0.89 %      03/01/2017      $ 16,000,396      $ 16,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/02/2017, maturing value of $7,500,000 (collateralized by a domestic corporate obligation valued at $7,875,001; 0%, 03/01/2017)

     1.58 %      05/03/2017        7,500,000        7,500,000  

RBC Capital Markets LLC, term agreement dated 02/22/2017, maturing value of $15,000,000 (collateralized by municipal obligations valued at $15,750,000; 0%-5.25%, 05/01/2022-05/15/2115)(c)(i)

     0.99 %      04/21/2017        15,000,000        15,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2017, maturing value of $5,000,106 (collateralized by foreign corporate obligations valued at $5,100,000; 1.13%-2.75%, 04/12/2019-01/19/2027)

     0.76 %      03/01/2017        5,000,106        5,000,000  

Total Repurchase Agreements (Cost $69,000,000)

                               69,000,000  

TOTAL INVESTMENTS(j)(k)–100.11% (Cost $321,449,034)

                               321,499,464  

OTHER ASSETS LESS LIABILITIES–(0.11)%

                               (345,134 ) 

NET ASSETS–100.00%

                             $ 321,154,330  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

FHLB  

– Federal Home Loan Bank

FNMA  

– Federal National Mortgage Association

GO  

– General Obligation

LOC  

– Letter of Credit

MFH  

– Multi-Family Housing

RB  

– Revenue Bonds

Ref.  

– Refunding

Sr.  

– Senior

Unsec.  

– Unsecured

VRD  

– Variable Rate Demand

 

 

Notes to Schedule of Investments:

 

(a)  Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2017 was $122,592,021, which represented 38.17% 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: Netherlands: 11.7%; Japan: 11.4%; Canada: 11.3%; France: 9.0%; Germany: 6.9%; Switzerland: 6.4%; other countries less than 5% each: 15.0%.
(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(e)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(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)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(i)  The Fund may demand prepayment of the term repurchase agreement upon one to seven business days notice depending on the timing of the demand.
(j)  Also represents cost for federal income tax purposes.
(k)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     56.5 % 

8-30

     8.1  

31-60

     14.4  

61-90

     9.5  

91-180

     6.2  

181+

     5.3  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

6                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

STIC Prime Portfolio                           
     Interest
Rate		      Maturity
Date		      Principal
Amount
(000)		     
Value		  

Commercial Paper–45.49%(a)

 

         
Asset-Backed Securities — Fully Supported–12.60%           

Bennington Stark Capital Co., LLC (CEP–Societe Generale S.A.)(b)(c)

     0.90 %       03/06/2017      $ 18,000      $ 17,997,867  

Kells Funding LLC (CEP–FMS Wertmanagement)(c)

     0.90 %       03/17/2017        8,000        7,997,273  

Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)

     0.90 %       03/01/2017        15,000        14,999,712  
         40,994,852  
Asset-Backed Securities — Fully Supported Bank–17.44%           

Albion Capital LLC (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(b) (c)

     0.90 %       04/20/2017        6,000        5,993,880  

Anglesea Funding LLC (Multi–CEP’s)(b)(c)

     0.98 %       03/03/2017        15,000        14,999,169  

Institutional Secured Funding Ltd. (Multi–CEP’s)(b)(c)

     0.90 %       03/06/2017        10,000        9,998,815  

Manhattan Asset Funding Co., LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c)

     0.94 %       03/03/2017        15,000        14,999,126  

Regency Markets No. 1 LLC (CEP–HSBC Bank PLC) (b)(c)

     0.80 %       03/14/2017        5,000        4,998,559  

Working Capital Management Co., L.P. (CEP–Mizuho Corporate Bank, Ltd.)(b)(c)

     0.82 %       03/23/2017        5,760        5,757,159  
         56,746,708  
Asset-Backed Securities — Multi-Purpose–8.10%           

Chariot Funding LLC(b)

     0.82 %       03/06/2017        4,000        3,999,526  

CRC Funding LLC(b)

     0.87 %       03/01/2017        5,357        5,356,897  

Nieuw Amsterdam Receivables Corp.(b)(c)

     0.84 %       03/09/2017        10,000        9,998,258  

Versailles Commercial Paper LLC(b)

     0.90 %       04/24/2017        7,000        6,987,937  
         26,342,618  
Diversified Banks–7.35%           

DBS Bank Ltd.(b)(c)

     0.86 %       04/10/2017        10,000        9,991,994  

J.P. Morgan Securities LLC

     0.86 %       03/03/2017        3,925        3,924,784  

NRW Bank(b)(c)

     0.81 %       04/03/2017        10,000        9,993,039  
         23,909,817  

Total Commercial Paper (Cost $147,992,975)

 

      147,993,995  

Variable Rate Demand Notes–19.75%(d)

           
Credit Enhanced–19.75%           

A Mining Group, LLC; Series 2006, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(e)

     0.85 %       06/01/2029        4,235        4,235,000  

Appleton (City of), Wisconsin (Great Northern Corp.); Series 2002 A, VRD IDR
(LOC–Wells Fargo Bank, N.A.)(e)

     0.81 %       09/01/2019        4,500        4,500,000  

Boulder (County of), Colorado (Imagine!); Series 2006, VRD RB (LOC–Wells Fargo Bank, N.A.)(e)

     0.72 %       02/01/2031        326        326,000  

Capital Area Housing Finance Corp. (Cypress Creek at River Bend Apartments); Series 2006, VRD MFH RB (LOC–Citibank N.A.)(e)

     0.72 %       10/01/2039        8,290        8,290,000  

Columbus (City of), Ohio Regional Airport Authority (FlightSafety International Inc.); Series 2015 A, VRD RB (CEP–Berkshire Hathaway Inc.)

     0.68 %       04/01/2035        3,930        3,930,000  

Fulton (County of), Georgia Development Authority (Friends of High Meadows, Inc.); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(e)

     0.72 %       01/01/2020        127        127,000  

Jets Stadium Development, LLC; Series 2007 A-4, VRD Project RB (LOC–Sumitomo Mitsui Banking Corp.)(b)(c)(e)

     0.74 %       04/01/2047        5,000        5,000,000  

Keep Memory Alive; Series 2013, VRD Taxable Bonds (LOC–PNC Bank, N.A.)(e)

     0.73 %       05/01/2037        19,980        19,980,000  

M3 Realty, LLC; Series 2007, VRD RN (LOC–General Electric Capital Corp.)(b)(e)

     0.81 %       01/01/2033        5,400        5,400,000  

 

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

 

7                         Short-Term  Investments Trust

STIC Prime Portfolio                           
     Interest
Rate		      Maturity
Date		      Principal
Amount
(000)		     
Value		  
Credit Enhanced–(continued)           

Mobile (County of), Alabama Industrial Development Authority (SSAB Alabama Inc.); Series 2010 A, VRD Recovery Zone Facility RB (LOC–Swedbank AB)(c)(e)

     0.69 %       07/01/2040      $ 5,666      $ 5,666,000  

New York (State of) Housing Finance Agency (605 West 42nd Street Housing); Series 2014 A, VRD RB (LOC–Bank of China Ltd.)(e)

     0.76 %       05/01/2048        6,800        6,800,000  

Total Variable Rate Demand Notes (Cost $64,254,000)

 

      64,254,000  

Certificates of Deposit–12.22%

           

Abbey National Treasury Services PLC(c)

     0.67 %       03/03/2017        10,000        9,999,962  

DZ Bank AG Duetsche Zentral-Genossenschaftsbank(c)

     1.03 %       04/13/2017        2,000        2,000,395  

Mitsubishi UFJ Trust and Banking Corp.(c)

     1.25 %       03/15/2017        8,200        8,201,848  

Nordea Bank AB(c)

     0.56 %       03/01/2017        4,032        4,032,448  

Norinchukin Bank (The)(c)

     1.22 %       03/27/2017        4,000        4,001,473  

Toronto-Dominion Bank (The)(c)

     0.93 %       03/02/2017        5,000        5,000,088  

Toronto-Dominion Bank (The)(c)

     1.08 %       03/17/2017        6,500        6,501,331  

Total Certificates of Deposit (Cost $39,735,790)

 

      39,737,545  

U.S. Government Sponsored Agency Securities–7.76%

           
Overseas Private Investment Corp. (OPIC)–7.76%(d)           

Unsec. Gtd. VRD COP

     0.67 %       09/15/2022        10,000        10,006,250  

Unsec. Gtd. VRD COP

     0.67 %       09/20/2022        4,000        4,002,500  

Unsec. Gtd. VRD COP

     0.68 %       05/15/2030        11,232        11,239,020  

Total U.S. Government Sponsored Agency Securities (Cost $25,232,000)

 

      25,247,770  

TOTAL INVESTMENTS (excluding Repurchase Agreements)–85.22% (Cost $277,214,765)

 

      277,233,310  
                  Repurchase
Amount		         

Repurchase Agreements–14.75%(f)

 

   

Credit Suisse Securities (USA) LLC, term agreement dated 02/22/2017, maturing value of $19,002,882 (collateralized by a domestic agency mortgage-backed security valued at $19,951,479; 0.80%, 05/25/2047)(g)

     0.78 %       03/01/2017        19,002,882        19,000,000  

ING Financial Markets, LLC, agreement dated 02/28/2017, maturing value of $10,000,247 (collateralized by a domestic agency mortgage-backed security and a domestic corporate obligation valued at $10,363,095; 0.88%-4.88%, 10/26/2017-12/15/2043)

     0.89 %       03/01/2017        10,000,247        10,000,000  

RBC Capital Markets LLC, term agreement dated 02/22/2017, maturing value of $19,000,000 (collateralized by municipal obligations valued at $19,950,001; 0.66%-8.22%, 10/01/2021-05/15/2115)(g)

     0.99 %       04/21/2017        19,000,000        19,000,000  

Total Repurchase Agreements (Cost $48,000,000)

                                48,000,000  

TOTAL INVESTMENTS(h)(i)–99.97% (Cost $325,214,765)

 

      325,233,310  

OTHER ASSETS LESS LIABILITIES–0.03%

 

      110,723  

NET ASSETS–100.00%

 

    $ 325,344,033  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

COP  

– Certificates of Participation

Gtd.  

– Guaranteed

IDR  

– Industrial Development Revenue Bonds

LOC  

– Letter of Credit

MFH  

– Multi-Family Housing

RB  

– Revenue Bonds

RN  

– Revenue Notes

Unsec.  

– Unsecured

VRD  

– Variable Rate Demand

 

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

 

8                         Short-Term  Investments Trust

STIC Prime Portfolio

Notes to Schedule of Investments:

 

(a)  Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  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 February 28, 2017 was $146,471,938, which represented 45.02% 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: Netherlands: 13.8%; Japan: 13.5%; France: 10.1%; Canada: 9.4%; Germany: 6.2%; Switzerland: 5.8%; other countries less than 5% each: 10.7%.
(d)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(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)  Also represents cost for federal income tax purposes.
(i)  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  

Sumitomo Mitisui Banking Corp.

      6.2 % 

PNC Bank, N.A.

      6.1  

Societe Generale S.A.

      5.5  

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     71.2 % 

8-30

     18.0  

31-60

     10.8  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

9                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Treasury Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–48.14%

          
U.S. Treasury Bills–26.97%(a)          

U.S. Treasury Bills

     0.50 %      04/13/2017      $ 300,000      $ 299,822,625  

U.S. Treasury Bills

     0.59 %      04/27/2017        124,000        123,887,010  

U.S. Treasury Bills

     0.62 %      05/18/2017        400,000        399,475,456  

U.S. Treasury Bills

     0.61 %      05/25/2017        300,000        299,578,541  

U.S. Treasury Bills

     0.63 %      05/25/2017        400,000        399,416,452  

U.S. Treasury Bills

     0.64 %      06/08/2017        116,510        116,313,640  

U.S. Treasury Bills

     0.66 %      06/15/2017        400,000        399,239,966  

U.S. Treasury Bills

     0.64 %      06/22/2017        400,000        399,208,372  

U.S. Treasury Bills

     0.65 %      06/22/2017        500,000        498,991,633  

U.S. Treasury Bills

     0.66 %      06/29/2017        100,000        99,785,000  

U.S. Treasury Bills

     0.67 %      06/29/2017        34,720        34,643,616  

U.S. Treasury Bills

     0.65 %      07/06/2017        298,000        297,331,604  

U.S. Treasury Bills

     0.66 %      07/06/2017        147,000        146,664,736  

U.S. Treasury Bills

     0.61 %      07/13/2017        295,000        294,340,068  

U.S. Treasury Bills

     0.62 %      07/13/2017        50,000        49,887,403  

U.S. Treasury Bills

     0.61 %      07/20/2017        115,000        114,729,750  

U.S. Treasury Bills

     0.63 %      08/03/2017        250,000        249,332,101  

U.S. Treasury Bills

     0.65 %      08/10/2017        300,000        299,142,751  

U.S. Treasury Bills

     0.65 %      08/17/2017        550,000        548,355,067  

U.S. Treasury Bills

     0.68 %      08/31/2017        300,000        298,983,834  
                                5,369,129,625  
U.S. Treasury Notes–21.17%          

U.S. Treasury Floating Rate Notes(b)

     0.68 %      10/31/2017        706,250        706,137,691  

U.S. Treasury Floating Rate Notes(b)

     0.79 %      01/31/2018        300,000        300,104,296  

U.S. Treasury Floating Rate Notes(b)

     0.71 %      04/30/2018        664,000        664,063,866  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      07/31/2018        429,240        429,238,590  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      10/31/2018        695,000        694,867,073  

U.S. Treasury Notes

     0.50 %      04/30/2017        176,000        175,995,050  

U.S. Treasury Notes

     0.88 %      04/30/2017        150,000        150,088,871  

U.S. Treasury Notes

     2.75 %      05/31/2017        200,000        201,090,104  

U.S. Treasury Notes

     0.63 %      06/30/2017        200,000        199,977,705  

U.S. Treasury Notes

     2.50 %      06/30/2017        200,000        201,251,101  

U.S. Treasury Notes

     0.63 %      09/30/2017        200,000        199,848,721  

U.S. Treasury Notes

     1.88 %      09/30/2017        291,110        292,998,928  
                                4,215,661,996  

Total U.S. Treasury Securities (Cost $9,584,791,621)

                               9,584,791,621  

TOTAL INVESTMENTS (excluding Repurchase Agreements)–48.14% (Cost $9,584,791,621)

                               9,584,791,621  
                 Repurchase
Amount		         

Repurchase Agreements–53.35%(c)

          

ABN AMRO Bank N.V., agreement dated 02/28/2017, maturing value of $600,008,833 (collateralized by U.S. Treasury obligations valued at $612,000,178; 0.50%-3.13%, 03/31/2017-05/15/2026)

     0.53 %      03/01/2017        600,008,833        600,000,000  

 

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

 

10                         Short-Term  Investments Trust

Treasury Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

ABN AMRO Bank N.V., term agreement dated 01/10/2017, maturing value of $250,229,444 (collateralized by U.S. Treasury obligations valued at $255,000,408; 0.13%-2.63%, 08/31/2018-05/15/2026)

     0.56 %      03/10/2017      $ 250,229,444      $ 250,000,000  

Bank of Montreal, joint term agreement dated 02/10/2017, aggregate maturing value of $300,265,500 (collateralized by U.S. Treasury obligations valued at $306,000,037; 0.75%-4.25%, 01/31/2018-05/15/2044)(d)

     0.54 %      04/10/2017        150,132,750        150,000,000  

Bank of Montreal, joint term agreement dated 02/23/2017, aggregate maturing value of $635,834,496 (collateralized by U.S. Treasury obligations valued at $647,700,025; 0.63%-3.63%, 07/31/2017-08/15/2043)(d)

     0.57 %      05/17/2017        115,151,129        115,000,000  

Bank of Montreal, term agreement dated 01/30/2017, maturing value of $500,688,750 (collateralized by U.S. Treasury obligations valued at $510,000,002; 0.75%-3.63%, 03/31/2017-08/15/2044)(d)

     0.57 %      04/27/2017        500,688,750        500,000,000  

Bank of Montreal, term agreement dated 02/10/2017, maturing value of $150,077,292 (collateralized by U.S. Treasury obligations valued at $153,000,054; 1.38%-3.50%, 03/31/2017-11/15/2046)(d)

     0.53 %      03/17/2017        150,077,292        150,000,000  

Bank of Montreal, term agreement dated 02/22/2017, maturing value of $200,233,333 (collateralized by U.S. Treasury obligations valued at $204,000,055; 1.25%-3.63%, 08/31/2017-04/15/2028)(d)

     0.56 %      05/08/2017        200,233,333        200,000,000  

BNP Paribas Securities Corp., agreement dated 02/28/2017, maturing value of $600,009,167 (collateralized by U.S. Treasury obligations valued at $600,019,151; 0.13%, 04/15/2017)

     0.55 %      03/01/2017        600,009,167        600,000,000  

CIBC World Markets Corp., joint agreement dated 02/28/2017, aggregate maturing value of $1,350,019,500 (collateralized by U.S. Treasury obligations valued at $1,383,331,253; 0.13%-8.75%, 03/15/2017-02/15/2047)

     0.52 %      03/01/2017        579,534,169        579,525,798  

Citigroup Global Markets Inc., term agreement dated 02/23/2017, maturing value of $500,049,583 (collateralized by U.S. Treasury obligations valued at $510,000,000;
0%-7.63%, 03/31/2018-08/15/2036)(d)

     0.51 %      03/02/2017        500,049,583        500,000,000  

Citigroup Global Markets Inc., agreement dated 02/28/2017, maturing value of $400,005,778 (collateralized by U.S. Treasury obligations valued at $408,000,001; 0.63%-7.63%, 05/31/2017-02/15/2025)

     0.52 %      03/01/2017        400,005,778        400,000,000  

Credit Agricole Corp. & Investment Bank, agreement dated 02/28/2017, maturing value of $200,002,889 (collateralized by a U.S. Treasury obligation valued at $204,000,005; 3.00%, 11/15/2044)

     0.52 %      03/01/2017        200,002,889        200,000,000  

Credit Agricole Corp. & Investment Bank, term agreement dated 01/03/2017, maturing value of $200,186,833 (collateralized by U.S. Treasury obligations valued at $204,000,089; 0.63%-1.25%, 03/31/2021-01/15/2024)(d)

     0.57 %      03/03/2017        200,186,833        200,000,000  

Credit Agricole Corp. & Investment Bank, term agreement dated 02/24/2017, maturing value of $250,025,278 (collateralized by U.S. Treasury obligations valued at $255,000,014; 1.50%-2.75%, 02/15/2019-02/15/2023)(d)

     0.52 %      03/03/2017        250,025,278        250,000,000  

Federal Reserve Bank of New York, agreement dated 02/28/2017, maturing value of $400,005,556 (collateralized by a U.S. Treasury obligation valued at $400,005,625; 3.00%, 05/15/2042)

     0.50 %      03/01/2017        400,005,556        400,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/23/2017, maturing value of $450,044,625 (collateralized by U.S. Treasury obligations valued at $458,149,703; 3.75%, 11/15/2043)(d)

     0.51 %      03/02/2017        450,044,625        450,000,000  

Metropolitan Life Insurance Co., term agreement dated 02/28/2017, maturing value of $350,038,556 (collateralized by U.S. Treasury obligations valued at $359,686,324;
0%-1.13%, 09/30/2021-11/15/2040)(d)

     0.55 %      03/07/2017        350,038,556        350,001,125  

Prudential Insurance Co. of America, agreement dated 02/28/2017, maturing value of $287,754,066 (collateralized by U.S. Treasury obligations valued at $293,991,621;
0%-2.50%; 11/15/2027-02/15/2045)

     0.54 %      03/01/2017        287,754,066        287,749,750  

Prudential Legacy Insurance Co. of America, agreement dated 02/28/2017, maturing value of $190,377,856 (collateralized by U.S. Treasury obligations valued at $194,102,100;
0%; 02/15/2022-08/15/2033)

     0.54 %      03/01/2017        190,377,856        190,375,000  

RBC Capital Markets LLC, term agreement dated 01/17/2017, maturing value of $500,443,056 (collateralized by U.S. Treasury obligations valued at $510,000,026;
1.00%-7.13%, 08/15/2018-11/15/2025)(d)

     0.55 %      03/16/2017        500,443,056        500,000,000  

RBC Capital Markets LLC, term agreement dated 02/16/2017, maturing value of $1,000,458,333 (collateralized by U.S. Treasury obligations valued at $1,016,577,459;
0%-9.00%, 03/30/2017-05/15/2046)(d)

     0.55 %      05/17/2017        1,000,458,333        1,000,000,000  

 

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

 

11                         Short-Term  Investments Trust

Treasury Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Societe Generale, joint term agreement dated 02/09/2017, aggregate maturing value of $500,240,000 (collateralized by U.S. Treasury obligations valued at $510,000,043;
0%-8.75%, 04/30/2017-05/15/2043)(d)

     0.54 %      03/13/2017      $ 435,208,800      $ 435,000,000  

Sumitomo Mitsui Banking Corp., agreement dated 02/28/2017, maturing value of $1,000,014,722 (collateralized by U.S. Treasury obligations valued at $1,020,004,676; 1.13%-1.63%, 01/31/2021-05/31/2023)

     0.53 %      03/01/2017        1,000,014,722        1,000,000,000  

TD Securities (USA) LLC, agreement dated 02/28/2017, maturing value of $300,004,333 (collateralized by U.S. Treasury obligations valued at $306,000,076; 0.50%-4.25%, 04/30/2017-02/15/2042)

     0.52 %      03/01/2017        300,004,333        300,000,000  

Wells Fargo Bank, N.A., term agreement dated 11/16/2016, maturing value of $250,879,861 (collateralized by U.S. Treasury obligations valued at $255,000,189; 2.38%-2.63%, 07/15/2017-01/15/2025)

     0.70 %      05/16/2017        250,879,861        250,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2017, maturing value of $565,008,161 (collateralized by U.S. Treasury obligations valued at $576,300,061; 1.13%-3.63%, 02/28/2019-02/15/2045)

     0.52 %      03/01/2017        565,008,161        565,000,000  

Wells Fargo Securities, LLC, term agreement dated 01/17/2017, maturing value of $200,273,889 (collateralized by U.S. Treasury obligations valued at $204,000,038;
3.00%-3.38%, 11/15/2041-02/15/2047)

     0.58 %      04/12/2017        200,273,889        200,000,000  

Total Repurchase Agreements (Cost $10,622,651,673)

                       10,622,651,673  

TOTAL INVESTMENTS(e)–101.49% (Cost $20,207,443,294)

                       20,207,443,294  

OTHER ASSETS LESS LIABILITIES–(1.49)%

 

               (296,145,850 ) 

NET ASSETS–100.00%

 

             $ 19,911,297,444  

Notes to Schedule of Investments:

 

(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(c)  Principal amount equals value at period end. See Note 1I.
(d)  The Fund may demand prepayment of the term repurchase agreement upon one to seven business days notice depending on the timing of the demand.
(e)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     48.7 % 

8-30

     1.2  

31-60

     3.1  

61-90

     8.4  

91-180

     20.9  

181+

     17.7  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

12                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Government Sponsored Agency Securities–32.26%

          
Federal Farm Credit Bank (FFCB)–2.78%          

Disc. Notes(a)

     0.57 %      03/20/2017      $ 19,000      $ 18,994,284  

Disc. Notes(a)

     0.56 %      04/04/2017        50,000        49,973,556  

Disc. Notes(a)

     0.57 %      04/18/2017        25,000        24,981,000  

Unsec. Bonds(b)

     0.78 %      05/30/2017        45,000        44,998,717  

Unsec. Bonds(b)

     0.81 %      06/20/2017        39,325        39,314,841  

Unsec. Bonds(b)

     0.81 %      07/06/2017        70,000        69,993,789  

Unsec. Bonds(b)

     0.80 %      07/14/2017        14,000        14,001,030  

Unsec. Bonds(b)

     0.92 %      07/21/2017        45,000        44,999,973  

Unsec. Bonds(b)

     0.81 %      07/25/2017        35,600        35,606,864  

Unsec. Bonds(b)

     0.76 %      08/21/2017        22,000        21,994,177  

Unsec. Bonds(b)

     0.82 %      08/29/2017        4,625        4,625,006  

Unsec. Bonds(b)

     0.82 %      11/13/2017        8,000        7,994,599  

Unsec. Bonds(b)

     0.79 %      12/27/2017        30,000        29,967,696  

Unsec. Bonds(b)

     0.80 %      01/17/2018        10,000        9,995,120  

Unsec. Bonds(b)

     0.68 %      01/22/2018        100,000        100,000,000  

Unsec. Bonds(b)

     0.85 %      02/09/2018        25,000        25,000,000  

Unsec. Bonds(b)

     0.81 %      02/26/2018        50,000        49,985,324  

Unsec. Bonds(b)

     0.90 %      03/02/2018        40,000        40,065,673  

Unsec. Bonds(b)

     0.89 %      03/21/2018        20,000        20,009,681  

Unsec. Bonds(b)

     1.04 %      05/09/2018        9,500        9,520,924  
         662,022,254  
Federal Home Loan Bank (FHLB)–26.30%          

Unsec. Bonds

     0.88 %      03/10/2017        13,155        13,156,137  

Unsec. Bonds

     0.55 %      03/21/2017        52,630        52,630,977  

Unsec. Bonds

     0.60 %      05/19/2017        62,000        62,000,000  

Unsec. Bonds

     0.60 %      05/23/2017        73,000        72,999,112  

Unsec. Bonds(b)

     0.77 %      08/18/2017        73,500        73,482,728  

Unsec. Bonds(b)

     0.96 %      10/30/2017        199,700        199,689,898  

Unsec. Bonds(b)

     0.83 %      11/15/2017        40,000        40,000,000  

Unsec. Bonds(b)

     0.83 %      11/17/2017        25,000        25,000,000  

Unsec. Bonds(b)

     0.85 %      02/16/2018        45,000        45,000,000  

Unsec. Bonds(b)

     0.78 %      03/06/2018        225,000        225,000,000  

Unsec. Bonds(b)

     0.78 %      03/09/2018        100,000        100,000,000  

Unsec. Bonds(b)

     0.79 %      03/14/2018        300,000        300,000,000  

Unsec. Bonds(b)

     0.79 %      03/15/2018        75,000        75,000,000  

Unsec. Bonds(b)

     0.79 %      03/16/2018        350,000        350,000,000  

Unsec. Bonds(b)

     0.77 %      03/19/2018        275,000        275,000,000  

Unsec. Bonds(b)

     0.81 %      03/19/2018        145,000        145,000,000  

Unsec. Bonds(b)

     0.76 %      04/12/2018        220,000        220,000,000  

Unsec. Bonds(b)

     0.76 %      04/13/2018        225,000        224,999,315  

Unsec. Bonds(b)

     0.77 %      04/20/2018        86,000        85,992,390  

Unsec. Bonds(b)

     0.77 %      04/23/2018        140,000        139,991,832  

Unsec. Bonds(b)

     0.69 %      05/08/2018        230,000        230,002,219  

Unsec. Bonds(b)

     0.67 %      07/26/2018        100,000        100,000,000  

 

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

 

13                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Federal Home Loan Bank (FHLB)–(continued)          

Unsec. Bonds(b)

     0.68 %      08/01/2018      $ 200,000      $ 200,000,000  

Unsec. Disc. Notes(a)

     0.46 %      03/29/2017        245,700        245,612,972  

Unsec. Disc. Notes(a)

     0.60 %      05/05/2017        62,665        62,597,113  

Unsec. Disc. Notes(a)

     0.63 %      05/24/2017        50,000        49,926,208  

Unsec. Disc. Notes(a)

     0.64 %      05/24/2017        145,613        145,397,250  

Unsec. Disc. Notes(a)

     0.64 %      05/26/2017        133,000        132,796,975  

Unsec. Disc. Notes(a)

     0.63 %      05/31/2017        200,000        199,682,010  

Unsec. Disc. Notes(a)

     0.64 %      07/05/2017        300,000        299,327,999  

Unsec. Disc. Notes(a)

     0.61 %      07/12/2017        400,000        399,098,554  

Unsec. Disc. Notes(a)

     0.67 %      08/09/2017        86,324        86,067,270  

Unsec. Disc. Notes(a)

     0.67 %      08/16/2017        48,000        47,849,920  

Unsec. Disc. Notes(a)

     0.67 %      08/18/2017        30,000        29,905,083  

Unsec. Disc. Notes(a)

     0.69 %      08/23/2017        37,852        37,725,038  

Unsec. Disc. Notes(a)

     0.69 %      08/25/2017        50,000        49,831,850  

Unsec. Global Bonds(b)

     0.80 %      04/21/2017        10,000        9,999,371  

Unsec. Global Bonds

     1.00 %      06/21/2017        30,380        30,415,400  

Unsec. Global Bonds(b)

     0.78 %      08/15/2017        50,000        50,000,000  

Unsec. Global Bonds(b)

     0.83 %      09/06/2017        25,000        25,000,147  

Unsec. Global Bonds(b)

     0.94 %      11/15/2017        60,000        59,986,869  

Unsec. Global Bonds(b)

     0.85 %      12/07/2017        22,000        21,998,481  

Unsec. Global Bonds(b)

     0.97 %      01/08/2018        80,000        80,000,000  

Unsec. Global Bonds(b)

     0.69 %      01/23/2018        237,000        237,000,000  

Unsec. Global Bonds(b)

     0.70 %      01/23/2018        93,000        93,008,412  

Unsec. Global Bonds(b)

     0.89 %      02/26/2018        185,000        185,000,000  

Unsec. Global Bonds(b)

     0.79 %      04/06/2018        136,000        136,000,000  

Unsec. Global Bonds(b)

     0.69 %      05/09/2018        100,000        100,000,000  

Unsec. Global Bonds(b)

     0.72 %      07/12/2018        200,000        200,098,223  
                                6,269,269,753  
Federal Home Loan Mortgage Corp. (FHLMC)–0.69%          

Unsec. Global Notes(b)

     0.79 %      04/20/2017        30,000        29,999,371  

Unsec. Global Notes(b)

     0.82 %      04/27/2017        14,000        13,998,795  

Unsec. Global Notes(b)

     0.91 %      07/21/2017        20,000        19,999,200  

Unsec. Global Notes(b)

     0.98 %      01/08/2018        100,000        100,000,000  
                                163,997,366  
Federal National Mortgage Association (FNMA)–1.26%          

Unsec. Global Notes

     1.13 %      04/27/2017        42,863        42,901,342  

Unsec. Global Notes

     5.00 %      05/11/2017        60,000        60,513,120  

Unsec. Global Notes(b)

     0.79 %      09/08/2017        35,000        34,982,216  

Unsec. Global Notes(b)

     0.79 %      10/05/2017        112,815        112,785,166  

Unsec. Notes(b)

     0.78 %      08/16/2017        50,000        49,995,354  
                                301,177,198  
Overseas Private Investment Corp. (OPIC)–1.23%          

Sec. Gtd. VRD COP Bonds(c)

     0.69 %      11/15/2028        100,000        100,000,000  

Sr. Unsec. Gtd. VRD COP Bonds(c)

     0.69 %      02/15/2028        20,000        20,000,000  

Unsec. Gtd. VRD COP Bonds(c)

     0.69 %      09/15/2020        81,000        81,000,000  

Unsec. Gtd. VRD COP Bonds(c)

     0.69 %      07/15/2025        44,389        44,388,890  

Unsec. Gtd. VRD COP Notes(c)

     0.67 %      07/09/2026        48,450        48,450,000  
         293,838,890  

Total U.S. Government Sponsored Agency Securities (Cost $7,690,305,461)

              7,690,305,461  

 

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

 

14                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–16.97%

          
U.S. Treasury Bills–16.76%(a)          

U.S. Treasury Bills

     0.58 %      04/27/2017      $ 150,000      $ 149,864,625  

U.S. Treasury Bills

     0.62 %      05/18/2017        200,000        199,737,184  

U.S. Treasury Bills

     0.61 %      05/25/2017        300,000        299,577,833  

U.S. Treasury Bills

     0.63 %      05/25/2017        350,000        349,491,299  

U.S. Treasury Bills

     0.62 %      06/01/2017        700,000        698,908,777  

U.S. Treasury Bills

     0.65 %      06/15/2017        300,000        299,438,642  

U.S. Treasury Bills

     0.66 %      06/15/2017        200,000        199,619,945  

U.S. Treasury Bills

     0.64 %      06/22/2017        200,000        199,604,186  

U.S. Treasury Bills

     0.66 %      06/29/2017        100,000        99,784,917  

U.S. Treasury Bills

     0.65 %      07/06/2017        370,000        369,170,064  

U.S. Treasury Bills

     0.66 %      07/06/2017        130,000        129,703,508  

U.S. Treasury Bills

     0.61 %      07/13/2017        200,000        199,552,588  

U.S. Treasury Bills

     0.62 %      07/13/2017        50,000        49,887,403  

U.S. Treasury Bills

     0.65 %      08/10/2017        300,000        299,141,400  

U.S. Treasury Bills

     0.65 %      08/17/2017        300,000        299,104,300  

U.S. Treasury Bills

     0.68 %      08/24/2017        155,000        154,492,289  
                                3,997,078,960  
U.S. Treasury Notes–0.21%          

U.S. Treasury Floating Rate Notes(b)

     0.68 %      10/31/2017        50,000        49,990,890  

Total U.S. Treasury Securities (Cost $4,047,069,850)

                               4,047,069,850  

TOTAL INVESTMENTS (excluding Repurchase Agreements) –49.23% (Cost $11,737,375,311)

 

                       11,737,375,311  
                 Repurchase
Amount		         

Repurchase Agreements–50.77%(d)

          

Bank of Montreal, agreement dated 02/28/2017, maturing value of $300,004,417 (collateralized by domestic agency mortgage-backed securities valued at $306,000,000; 2.00%-5.50%; 09/01/2025-01/20/2047)

     0.53 %      03/01/2017        300,004,417        300,000,000  

Bank of Montreal, joint term agreement dated 02/10/2017, aggregate maturing value of $300,265,500 (collateralized by U.S. Treasury obligations valued at $306,000,037; 0.75%-4.25%, 01/31/2018-05/15/2044)(e)

     0.54 %      04/10/2017        100,088,500        100,000,000  

Bank of Montreal, joint term agreement dated 02/23/2017, aggregate maturing value of $635,834,496 (collateralized by U.S. Treasury obligations valued at $647,700,025; 0.63%-3.63%, 07/31/2017-08/15/2043)(e)

     0.57 %      05/17/2017        390,512,525        390,000,000  

Bank of Nova Scotia (The), agreement dated 02/28/2017, maturing value of $1,000,014,444 (collateralized by U.S. Treasury obligations valued at $1,020,000,038; 0.13%-3.63%; 10/31/2018-05/15/2046)

     0.52 %      03/01/2017        1,000,014,444        1,000,000,000  

Bank of Nova Scotia (The), agreement dated 02/28/2017, maturing value of $200,002,944 (collateralized by domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at $204,000,053; 2.55%-4.00%; 11/15/2023-09/01/2046)

     0.53 %      03/01/2017        200,002,944        200,000,000  

BNP Paribas Securities Corp., agreement dated 02/28/2017, maturing value of $885,013,521 (collateralized by a U.S. Treasury obligation valued at $900,781,027; 0.13%; 07/15/2022)

     0.55 %      03/01/2017        885,013,521        885,000,000  

CIBC World Markets Corp., joint agreement dated 02/28/2017, aggregate maturing value of $1,350,019,500 (collateralized by U.S. Treasury obligations valued at $1,383,331,253; 0.13%-8.75%, 03/15/2017-02/15/2047)

     0.52 %      03/01/2017        329,615,714        329,610,953  

Citigroup Global Markets Inc., agreement dated 02/28/2017, maturing value of $250,003,681 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $255,000,090; 0%-7.63%; 03/06/2017-09/15/2065)

     0.53 %      03/01/2017        250,003,681        250,000,000  

 

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

 

15                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Credit Agricole Corp. & Investment Bank, joint agreement dated 02/28/2017, aggregate maturing value of $700,010,306 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $714,000,000; 0%-4.00%, 04/24/2017-02/01/2047)

     0.53 %      03/01/2017      $ 400,005,889      $ 400,000,000  

Federal Reserve Bank of New York, agreement dated 02/28/2017, maturing value of $600,008,333 (collateralized by a U.S. Treasury obligation valued at $600,008,387; 3.00%; 05/15/2042)

     0.50 %      03/01/2017        600,008,333        600,000,000  

ING Financial Markets, LLC, term agreement dated 01/20/2017, maturing value of $45,062,525 (collateralized by domestic agency mortgage-backed securities valued at $45,901,215; 3.50%; 04/01/2042-01/01/2043)

     0.61 %      04/12/2017        45,062,525        45,000,000  

ING Financial Markets, LLC, term agreement dated 01/31/2017 maturing value of $250,424,375 (collateralized by domestic agency mortgage-backed securities valued at $255,003,653; 3.00%-6.00%; 03/01/2026-07/01/2046)

     0.63 %      05/08/2017        250,424,375        250,000,000  

ING Financial Markets, LLC, term agreement dated 02/28/2017, maturing value of $270,000,000 (collateralized by domestic agency mortgage-backed securities valued at $275,400,805; 2.03%-4.00%; 03/01/2026-11/01/2046)(b)

     0.71 %      06/05/2017        270,000,000        270,000,000  

ING Financial Markets, LLC, term agreement dated 02/28/2017, maturing value of $220,000,000 (collateralized by domestic agency mortgage-backed securities valued at $224,400,000; 3.00%-5.50%; 10/01/2025-08/01/2048)(b)

     0.80 %      08/28/2017        220,000,000        220,000,000  

J.P. Morgan Securities Inc., agreement dated 02/28/2017, maturing value of $250,003,611 (collateralized by a U.S. Treasury obligation valued at $255,001,384; 0.13%; 04/15/2021)

     0.52 %      03/01/2017        250,003,611        250,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., agreement dated 02/28/2017, maturing value of $100,001,472 (collateralized by domestic agency mortgage-backed securities valued at $102,000,001; 2.50%-3.00%; 10/20/2045-09/20/2046)

     0.53 %      03/01/2017        100,001,472        100,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/23/2017, maturing value of $325,032,229 (collateralized by a U.S. Treasury obligation valued at $330,679,999; 3.63%; 08/15/2043)(e)

     0.51 %      03/02/2017        325,032,229        325,000,000  

Metropolitan Life Insurance Co., term agreement dated 02/28/2017, maturing value of $400,043,803 (collateralized by U.S. Treasury obligations valued at $408,333,658; 0%-0.75%; 02/28/2018-05/15/2044)(e)

     0.55 %      03/07/2017        400,043,803        400,001,025  

Prudential Insurance Co. of America, agreement dated 02/28/2017, maturing value of $157,058,606 (collateralized by U.S. Treasury obligations valued at $160,609,750; 0%; 11/15/2026-08/15/2039)

     0.54 %      03/01/2017        157,058,606        157,056,250  

Prudential Legacy Insurance Co. of America, agreement dated 02/28/2017, maturing value of $170,002,550 (collateralized by U.S. Treasury obligations valued at $173,400,150; 0.00%; 11/15/2028-08/15/2033)

     0.54 %      03/01/2017        170,002,550        170,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/15/2017, aggregate maturing value of $600,885,000 (collateralized by domestic agency mortgage-backed securities valued at $612,000,000; 0.87%-8.50%, 05/01/2017-02/20/2047)(e)

     0.59 %      05/16/2017        455,671,125        455,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/17/2017, aggregate maturing value of $500,221,667 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.50%-4.00%, 02/20/2030-03/01/2047)(b)(e)

     0.57 %      05/18/2017        395,175,117        395,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/21/2017, aggregate maturing value of $500,245,417 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.00%-7.50%, 04/01/2024-12/20/2064)(e)

     0.57 %      05/22/2017        410,201,242        410,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/28/2017, aggregate maturing value of $1,000,000,000 (collateralized by domestic agency mortgage-backed securities valued at $1,020,000,002; 0%-7.00%, 12/25/2017-02/01/2047)(b)(e)

     0.66 %      05/01/2017        590,000,000        590,000,000  

RBC Capital Markets LLC, term agreement dated 01/20/2017, maturing value of $345,402,500 (collateralized by domestic agency mortgage-backed securities valued at $351,900,000; 1.80%-8.50%; 03/01/2019-02/20/2047)(e)

     0.56 %      04/05/2017        345,402,500        345,000,000  

Societe Generale, joint agreement dated 02/28/2017, aggregate maturing value of $1,000,015,000 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $1,020,000,071; 0%-8.00%, 08/31/2017-11/20/2045)

     0.54 %      03/01/2017        650,009,750        650,000,000  

 

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

 

16                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Societe Generale, joint term agreement dated 02/28/2017, aggregate maturing value of $600,061,833 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $612,000,076; 0%-6.50%, 04/27/2017-06/20/2046)(e)

     0.53 %      03/07/2017      $ 450,046,375      $ 450,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2017, aggregate maturing value of $2,000,030,000 (collateralized by domestic agency mortgage-backed securities valued at $2,040,000,646; 3.00%-3.50%, 10/20/2042-04/20/2046)

     0.54 %      03/01/2017        1,440,021,600        1,440,000,000  

Wells Fargo Bank, N.A., term agreement dated 09/08/2016, maturing value of $135,411,750 (collateralized by U.S. Treasury obligations valued at $137,700,000; 0%; 08/15/2021-08/15/2030)

     0.60 %      03/10/2017        135,411,750        135,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2017, maturing value of $550,008,250 (collateralized by domestic agency mortgage-backed securities valued at $561,000,001; 1.78%-6.50%; 03/01/2018-03/01/2047)

     0.54 %      03/01/2017        550,008,250        550,000,000  

Wells Fargo Securities, LLC, term agreement dated 12/05/2016, maturing value of $44,062,382 (collateralized by domestic agency mortgage-backed securities valued at $44,880,000; 0%-2.11%; 06/25/2021-01/25/2046)

     0.58 %      03/03/2017        44,062,382        44,000,000  

Total Repurchase Agreements (Cost $12,105,668,228)

                               12,105,668,228  

TOTAL INVESTMENTS(f)–100.00% (Cost $23,843,043,539)

              23,843,043,539  

OTHER ASSETS LESS LIABILITIES–0.00%

 

      (915,233 ) 

NET ASSETS–100.00%

 

    $ 23,842,128,306  

Investment Abbreviations:

 

COP  

– Certificates of Participation

Disc.  

– Discounted

Gtd.  

– Guaranteed

Sec.  

– Secured

Sr.  

– Senior

Unsec.  

– Unsecured

VRD  

– Variable Rate Demand

Notes to Schedule of Investments:

 

(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(c)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(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)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     48.1 % 

8-30

     2.0  

31-60

     1.5  

61-90

     7.1  

91-180

     20.6  

181+

     20.7  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

17                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Treasury Obligations Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–116.11%

 

U.S. Treasury Bills–104.69%(a)  

U.S. Treasury Bills

     0.41 %      03/02/2017      $ 105,400      $ 105,398,827  

U.S. Treasury Bills

     0.42 %      03/02/2017        65,000        64,999,251  

U.S. Treasury Bills

     0.49 %      03/02/2017        100,000        99,998,667  

U.S. Treasury Bills

     0.50 %      03/02/2017        97,500        97,498,673  

U.S. Treasury Bills

     0.46 %      03/09/2017        200,000        199,982,461  

U.S. Treasury Bills

     0.48 %      03/09/2017        8,300        8,299,123  

U.S. Treasury Bills

     0.54 %      03/09/2017        9,000        8,998,940  

U.S. Treasury Bills

     0.50 %      03/15/2017        50,000        49,990,356  

U.S. Treasury Bills

     0.50 %      03/16/2017        1,400        1,399,714  

U.S. Treasury Bills

     0.52 %      03/16/2017        75,000        74,984,062  

U.S. Treasury Bills

     0.45 %      03/23/2017        50,000        49,986,403  

U.S. Treasury Bills

     0.56 %      03/30/2017        40,000        39,982,117  

U.S. Treasury Bills

     0.50 %      04/13/2017        11,000        10,993,496  

U.S. Treasury Bills

     0.51 %      04/20/2017        7,800        7,794,583  

U.S. Treasury Bills

     0.52 %      04/20/2017        21,000        20,985,096  

U.S. Treasury Bills

     0.52 %      05/04/2017        50,000        49,954,178  

U.S. Treasury Bills

     0.60 %      05/04/2017        15,000        14,984,333  

U.S. Treasury Bills

     0.53 %      05/11/2017        2,300        2,297,614  

U.S. Treasury Bills

     0.54 %      05/18/2017        30,000        29,965,225  

U.S. Treasury Bills

     0.60 %      05/18/2017        20,000        19,974,412  

U.S. Treasury Bills

     0.62 %      05/18/2017        15,000        14,980,289  

U.S. Treasury Bills

     0.63 %      05/25/2017        15,000        14,978,219  

U.S. Treasury Bills

     0.64 %      05/25/2017        500        499,262  

U.S. Treasury Bills

     0.60 %      06/01/2017        10,000        9,984,897  

U.S. Treasury Bills

     0.56 %      06/08/2017        6,200        6,190,622  

U.S. Treasury Bills

     0.62 %      06/08/2017        5,100        5,091,480  

U.S. Treasury Bills

     0.63 %      06/08/2017        17,000        16,971,052  

U.S. Treasury Bills

     0.64 %      06/08/2017        10,000        9,982,785  

U.S. Treasury Bills

     0.63 %      06/15/2017        13,000        12,976,229  

U.S. Treasury Bills

     0.65 %      06/15/2017        2,900        2,894,578  

U.S. Treasury Bills

     0.66 %      06/15/2017        30,000        29,942,937  

U.S. Treasury Bills

     0.64 %      06/22/2017        5,500        5,489,115  

U.S. Treasury Bills

     0.65 %      06/22/2017        85,000        84,828,578  

U.S. Treasury Bills

     0.66 %      06/29/2017        50,000        49,892,333  

U.S. Treasury Bills

     0.62 %      07/06/2017        47,000        46,898,693  

U.S. Treasury Bills

     0.65 %      07/06/2017        2,000        1,995,516  

U.S. Treasury Bills

     0.66 %      07/06/2017        3,000        2,993,158  

U.S. Treasury Bills

     0.60 %      07/13/2017        500        498,904  

U.S. Treasury Bills

     0.62 %      07/13/2017        15,000        14,966,221  

U.S. Treasury Bills

     0.61 %      07/20/2017        35,000        34,917,750  

U.S. Treasury Bills

     0.61 %      07/27/2017        7,900        7,880,432  

U.S. Treasury Bills

     0.63 %      08/03/2017        20,000        19,946,568  

U.S. Treasury Bills

     0.65 %      08/17/2017        19,700        19,641,050  

U.S. Treasury Bills

     0.66 %      08/17/2017        2,900        2,891,205  

 

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

 

18                         Short-Term  Investments Trust

Treasury Obligations Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
U.S. Treasury Bills–(continued)          

U.S. Treasury Bills

     0.65 %      08/24/2017      $ 800      $ 797,489  

U.S. Treasury Bills

     0.66 %      08/24/2017        35,000        34,889,377  

U.S. Treasury Bills

     0.68 %      08/31/2017        20,000        19,932,256  
                                1,431,418,526  
U.S. Treasury Notes–11.42%  

U.S. Treasury Floating Rate Notes(b)

     0.71 %      04/30/2018        55,000        55,051,631  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      07/31/2018        53,000        53,016,862  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      10/31/2018        35,000        35,001,664  

U.S. Treasury Floating Rate Notes(b)

     0.66 %      01/31/2019        13,000        12,997,488  
                                156,067,645  

TOTAL INVESTMENTS(c)–116.11% (Cost $1,587,486,171)

 

      1,587,486,171  

OTHER ASSETS LESS LIABILITIES–(16.11)%

 

      (220,233,692 ) 

NET ASSETS–100.00%

 

    $ 1,367,252,479  

Notes to Schedule of Investments:

 

(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(c)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     10.8 % 

8-30

     31.7  

31-60

     2.9  

61-90

     10.8  

91-180

     30.9  

181+

     12.9  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

19                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Municipal Obligations–96.14%

 

Alabama–3.08%  

Mobile (County of) Industrial Development Authority (SSAB Alabama Inc.); Series 2010 A, VRD Recovery Zone Facility RB (LOC–Swedbank AB)(a)(b)(c)

     0.69 %      07/01/2040      $ 5,440      $ 5,440,000  
Arizona–2.72%          

Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, VRD RB (LOC–Bank of America, N.A.)(a)(b)

     0.65 %      01/01/2046        240        240,000  

Casa Grande (City of) Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.64 %      06/15/2031        2,685        2,685,000  

Maricopa (County of) Industrial Development Authority (Gran Victoria Housing LLC); Series 2000 A, VRD MFH RB (CEP–FNMA)(a)

     0.66 %      04/15/2030        1,375        1,375,000  

Sierra Vista (City of) Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.64 %      06/15/2031        520        520,000  
         4,820,000  
California–6.59%          

California (State of); Series 2004 A9, Ref. VRD Unlimited Tax GO Bonds (LOC–State Street Bank & Trust Co.)(a)(b)

     0.60 %      05/01/2034        4,385        4,385,000  

Orange (County of) Water District; Series 2003 A, Ref. VRD COP (LOC–Citibank, N.A.)(a)(b)

     0.62 %      08/01/2042        2,700        2,700,000  

Southern California Metropolitan Water District; Series 2009 A-2, Ref. Floating Rate RB(d)(e)

     0.80 %      07/10/2017        4,580        4,580,000  
         11,665,000  
Colorado–7.29%          

Boulder (County of) (Imagine!); Series 2006, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      02/01/2031        1,063        1,063,000  

Colorado (State of) Educational & Cultural Facilities Authority (Denver Seminary); Series 2004, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      07/01/2034        1,800        1,800,000  

Colorado (State of) Educational Loan Program; Series 2017 B, TRAN

     4.00 %      06/29/2017        4,000        4,041,428  

Colorado Springs (City of) (Cook Communications Ministries); Series 2002, VRD IDR (LOC–Bank of America, N.A.)(a)(b)

     0.78 %      03/01/2017        5,335        5,335,000  

EagleBend Affordable Housing Corp.; Series 2006 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.66 %      07/01/2021        654        654,000  
         12,893,428  
Delaware–1.75%          

Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC–PNC Bank, N.A.)(a)(b)

     0.66 %      09/01/2036        3,090        3,090,000  
District of Columbia–2.38%          

District of Columbia Series 1998 A, VRD Pooled Loan Program RB (LOC–Bank of America,
N.A.)(a)(b)(f)

     0.81 %      01/01/2029        1,587        1,587,000  

District of Columbia (American University); Series 2006 B, VRD Multimodal RB (LOC–Royal Bank of Canada)(a)(b)

     0.64 %      10/01/2036        2,625        2,625,000  
         4,212,000  
Florida–1.75%          

Palm Beach (County of) (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC–Northern Trust Co.)(a)(b)

     0.71 %      11/01/2036        1,725        1,725,000  

Pinellas (County of) Health Facilities Authority (Baycare Health System); Series 2009 A-2, VRD Health System RB (LOC–Northern Trust Co.(The))(a)(b)

     0.65 %      11/01/2038        1,370        1,370,000  
         3,095,000  
Georgia–4.03%          

Fulton (County of) Development Authority (Friends of High Meadows, Inc.); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      01/01/2020        750        750,000  

Georgia (State of); Series 2015 C, Ref. Unlimited Tax GO Bonds

     5.00 %      07/01/2017        1,325        1,343,623  

Private Colleges & Universities Authority (Emory University); Series 2005 B-2, VRD RB(a)

     0.60 %      09/01/2035        3,630        3,630,000  

 

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

 

20                         Short-Term  Investments Trust

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Georgia–(continued)          

Richmond (County of) Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      09/01/2020      $ 1,400      $ 1,400,000  
         7,123,623  
Illinois–4.70%          

Illinois (State of) Finance Authority (Elmhurst College); Series 2007, VRD RB (LOC–BMO Harris, N.A.)(a)(b)

     0.65 %      02/01/2042        2,000        2,000,000  

Illinois (State of) Finance Authority (Foundation for Safety & Health); Series 1992, VRD Safety Education RB (LOC–BMO Harris, N.A.)(a)(b)(f)

     0.78 %      10/01/2017        200        200,000  

Illinois (State of) Finance Authority (Institute of Gas Technology); Series 1999, VRD IDR (LOC–BMO Harris, N.A.)(a)(b)

     0.70 %      09/01/2024        400        400,000  

Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(a)

     0.62 %      12/01/2046        5,435        5,435,000  

Illinois (State of) Finance Authority (Radiological Society of North America, Inc.); Series 1997, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)(f)

     0.80 %      06/01/2017        270        270,000  
         8,305,000  
Indiana–9.47%          

Fort Wayne (City of) (University of St. Francis); Series 2008, VRD Economic Development RB
(LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.66 %      08/01/2028        2,135        2,135,000  

Huntington (City of) (Huntington University, Inc.); Series 2007, Ref. VRD Economic Development & Improvement RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      08/01/2037        1,928        1,928,000  

Indiana (State of) Finance Authority (Ispat Inland Inc.); Series 2005, Ref. VRD Environmental Improvement RB (LOC–Rabobank Nederland)(a)(b)(c)

     0.70 %      06/01/2035        3,553        3,553,000  

Indiana (State of) Finance Authority (Ohio Valley Electric Corp.); Series 2012 C, VRD Midwestern Disaster Relief RB (LOC–Bank of Nova Scotia)(a)(b)(c)

     0.64 %      06/01/2040        3,915        3,915,000  

Purdue University; Series 2011 A, VRD COP

     0.63 %      07/01/2035        4,682        4,681,500  

University of Southern Indiana; Series 1999 G, VRD Student Fee RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.66 %      10/01/2019        530        530,000  
         16,742,500  
Massachusetts–0.95%          

Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b)

     0.64 %      10/01/2038        1,685        1,685,000  
Michigan–0.72%          

Huron Valley School District; Series 2015, Ref. Unlimited Tax GO Bond

     5.00 %      05/01/2017        800        805,583  

Oakland University Board of Trustees; Series 2008, Ref. VRD General RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.64 %      03/01/2031        474        474,000  
         1,279,583  
Minnesota–2.01%          

Burnsville (City of) (Bridgeway Apartments L.P.); Series 2003, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.72 %      10/15/2033        1,175        1,175,000  

Minnesota (State of) Midwest Consortium of Municipal Utilities (Minnesota Municipal Utilities Association Financing Program); Series 2005 A, VRD RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.67 %      01/01/2025        270        270,000  

Minnetonka (City of) (Minnesota Hills Apartments); Series 2001, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.73 %      11/15/2031        468        468,000  

Oak Park Heights (City of) (Boutswell Landing); Series 2005, Ref. VRD MFH RB (CEP–FHLMC)(a)

     0.64 %      11/01/2035        1,500        1,500,000  

St. Paul (City of) Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD MFH RB (CEP–FHLMC)(a)

     0.64 %      10/01/2033        150        150,000  
         3,563,000  
Mississippi–0.07%          

Mississippi (State of) Business Finance Corp. (Chevron U.S.A. Inc.); Series 2007 A, VRD Gulf Opportunity Zone IDR(a)

     0.57 %      12/01/2030        121        121,000  
Missouri–1.22%          

Bridgeton (City of) Industrial Development Authority (Stolze Printing); Series 2010, VRD RB
(LOC–FHLB of Chicago)(a)(b)

     0.65 %      11/01/2037        1,195        1,195,000  

Springfield (City of) Industrial Development Authority (Pebblecreek Apartments); Series 1994, Ref. VRD MFH RB (LOC–FHLB of Des Moines)(a)(b)

     0.72 %      12/01/2019        960        960,000  
         2,155,000  

 

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

 

21                         Short-Term  Investments Trust

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
New Hampshire–0.85%          

New Hampshire (State of) Health & Education Facilities Authority (Riverbend Community Mental Health, Inc.); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b)

     0.64 %      07/01/2038      $ 1,505      $ 1,505,000  
New York–2.85%          

New York (State of) Dormitory Authority; Series 2009 B, VRD Samaritan Medical Center RB
(LOC–HSBC Bank USA N.A.)(a)(b)(c)

     0.65 %      11/01/2036        5,050        5,050,000  
North Carolina–3.55%          

Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems); Series 2007 C, Ref. VRD RB (a)

     0.64 %      01/15/2037        4,140        4,140,000  

North Carolina (State of) Capital Facilities Finance Agency (Roman Catholic Diocese of Charlotte); Series 2000, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.65 %      06/01/2017        300        300,000  

Raleigh-Durham Airport Authority; Series 2008 C, Ref. VRD RB (LOC–Royal Bank of Canada)(a)(b)(c)

     0.63 %      05/01/2036        1,845        1,845,000  
         6,285,000  
Ohio–3.52%          

Montgomery (County of) (The Dayton Art Institute); Series 1996, VRD Economic Development RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.64 %      05/01/2026        6,221        6,221,000  
Pennsylvania–5.08%          

Haverford Township School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank,
N.A.)(a)(b)

     0.64 %      03/01/2030        2,795        2,795,000  

Lebanon (County of) Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC–PNC Bank, N.A.)(a)(b)

     0.66 %      10/15/2025        3,405        3,405,000  

Luzerne (County of) Convention Center Authority; Series 1998 A, VRD Hotel Room Rental Tax RB (LOC–PNC Bank, N.A.)(a)(b)

     0.65 %      09/01/2028        761        761,000  

Ridley School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank, N.A.)(a)(b)

     0.64 %      11/01/2029        1,325        1,325,000  

Westmoreland (County of) Industrial Development Authority (Excela Health); Series 2005 A, VRD Health System RB (LOC–PNC Bank, N.A.)(a)(b)

     0.65 %      07/01/2027        705        705,000  
         8,991,000  
South Carolina–3.26%          

South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Health System, Inc.); Series 2008 D, Ref. VRD RB (LOC–Bank of New York Mellon (The))(a)(b)

     0.65 %      11/01/2025        5,765        5,765,000  
Texas–16.83%          

Aledo Independent School District; Series 2006 A, VRD School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program)(a)

     0.67 %      08/01/2035        8,638        8,638,000  

Houston (City of); Series G-2, GO Commercial Paper Notes

     0.75 %      03/14/2017        3,600        3,600,000  

North Texas Tollway Authority; Series 2009 D, Ref. VRD First Tier System RB (LOC–Royal Bank of Canada)(a)(b)(c)

     0.64 %      01/01/2049        5,485        5,485,000  

Port Arthur (Port of) Navigation District (Texaco Inc.); Series 1994, Ref. VRD PCR(a)

     0.57 %      10/01/2024        2,285        2,285,000  

San Gabriel (City of) Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.66 %      04/01/2026        415        415,000  

Tarrant County Cultural Education Facilities Finance Corp. (Baylor Health Care System); Series 2011 C, VRD Hospital RB (LOC–Northern Trust Co.)(a)(b)

     0.64 %      11/15/2050        3,500        3,500,000  

University of Texas System Board of Regents; Series 2008 B, VRD Financing System RB(a)

     0.60 %      08/01/2025        5,850        5,850,000  
         29,773,000  
Utah–5.18%          

Emery (County of) (Pacificorp); Series 1994, Ref. VRD PCR (LOC–Canadian Imperial Bank of Commerce)(a)(b)(c)

     0.62 %      11/01/2024        5,250        5,250,000  

Sanpete (County of) (Wasatch Academy); Series 2003, VRD School Facility RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.72 %      08/01/2028        260        260,000  

Utah Housing Corp. (Timbergate Apartments); Series 2009 A, VRD MFH RB (CEP–FHLMC)(a)

     0.69 %      04/01/2042        2,900        2,900,000  

Utah (State of); Series 2010 A, Unlimited Tax GO Bonds

     4.00 %      07/01/2017        750        757,948  
         9,167,948  

 

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

 

22                         Short-Term  Investments Trust

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Virginia–0.06%          

Suffolk (City of) Redevelopment & Housing Authority (Oak Springs Apartments, LLC); Series 1999, Ref. VRD MFH RB (CEP–FHLMC)(a)

     0.69 %      12/01/2019      $ 100      $ 100,000  
West Virginia–1.64%          

West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008, Ref. VRD Improvement RB (LOC–Branch Banking & Trust Co.)(a)(b)

     0.68 %      01/01/2034        2,900        2,900,000  
Wisconsin–2.44%          

Lima (Town of) (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD Development RB (LOC–FHLB of Chicago)(a)(b)

     0.68 %      10/01/2042        4,315        4,315,000  
Wyoming–2.15%          

Sublette (County of) (Exxonmobile); Series 2014, Ref. VRD PCR(a)

     0.56 %      10/01/2044        3,800        3,800,000  

TOTAL INVESTMENTS(g)(h)–96.14% (Cost $170,063,082)

              170,063,082  

OTHER ASSETS LESS LIABILITIES–3.86%

 

      6,820,128  

NET ASSETS–100.00%

 

    $ 176,883,210  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

COP  

– Certificates of Participation

FHLB  

– Federal Home Loan Bank

FHLMC  

– Federal Home Loan Mortgage Corp.

FNMA  

– Federal National Mortgage Association

GO  

– General Obligation

IDR  

– Industrial Development Revenue Bonds

LOC  

– Letter of Credit

MFH  

– Multi-Family Housing

PCR  

– Pollution Control Revenue Bonds

RB  

– Revenue Bonds

Ref.  

– Refunding

TRAN  

– Tax and Revenue Anticipation Notes

VRD  

– Variable Rate Demand

 

 

Notes to Schedule of Investments:

 

(a)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(b)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(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: 9.3%; other countries less than 5% each: 7.9%.
(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(e)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(f)  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 February 28, 2017 was $2,057,000, which represented 1.16% of the Fund’s Net Assets.
(g)  Also represents cost for federal income tax purposes.
(h)  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  

Royal Bank of Canada

      5.9 % 

Texas Permanent School Fund Guarantee Program

      5.1  

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     91.1 % 

8-30

     2.1  

31-60

     —  

61-90

     0.5  

91-180

     6.3  

181+

     —  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

23                         Short-Term  Investments Trust

Statement of Assets and Liabilities

February 28, 2017

(Unaudited)

 

            Liquid Assets
Portfolio		           STIC Prime
Portfolio		            Treasury
Portfolio		           Government &
Agency
Portfolio		            Treasury
Obligations
Portfolio		           Tax-Free
Cash Reserve
Portfolio		  

Assets:

                           

Investments, at value

      $ 252,499,464       $ 277,233,310        $ 9,584,791,621       $ 11,737,375,311        $ 1,587,486,171       $ 170,063,082  

Repurchase agreements, at value

        69,000,000         48,000,000          10,622,651,673         12,105,668,228          —         —  

Total investments, at value

        321,499,464         325,233,310          20,207,443,294         23,843,043,539          1,587,486,171         170,063,082  

Cash

        9,477         —          —         493,323          16,793         79,585  

Receivable for:

                           

Investments sold

        45,917         140,000          12,811         —          —         6,720,156  

Interest

        125,896         180,573          9,770,994         8,055,096          88,712         145,384  

Fund expenses absorbed

        111,831         —          90,869         184,789          20,650         15,576  

Investment for trustee deferred compensation and retirement plans

        3,518,905         988,248          2,134,474         970,228          125,369         358,339  

Other assets

        148,820         184,007          149,652         255,053          41,505         50,244  

Total assets

        325,460,310         326,726,138          20,219,602,094         23,853,002,028          1,587,779,200         177,432,366  

Liabilities:

                           

Payable for:

                           

Investments purchased

        —         —          298,983,834         793,323          219,914,718         —  

Dividends

        176,268         196,906          6,112,066         8,448,521          376,402         56,862  

Accrued fees to affiliates

        5,015         9,073          520,963         347,905          64,421         47,854  

Accrued trustees’ and officer’s fees and benefits

        4,935         6,391          34,479         35,534          4,351         2,715  

Accrued operating expenses

        61,917         47,177          153,252         96,168          26,492         37,400  

Trustee deferred compensation and retirement plans

        4,057,845         1,122,558          2,500,056         1,152,271          140,337         404,325  

Total liabilities

        4,305,980         1,382,105          308,304,650         10,873,722          220,526,721         549,156  

Net assets applicable to shares outstanding

      $ 321,154,330       $ 325,344,033        $ 19,911,297,444       $ 23,842,128,306        $ 1,367,252,479       $ 176,883,210  

Net assets consist of:

                           

Shares of beneficial interest

      $ 320,827,662       $ 324,450,566        $ 19,910,557,388       $ 23,841,988,693        $ 1,367,292,153       $ 177,041,699  

Undistributed net investment income

        2,544,735         873,178          (21,274 )        90,340          (12,543 )        (104,955 ) 

Undistributed net realized gain (loss)

        (2,268,497 )        1,744          761,330         49,273          (27,131 )        (53,534 ) 

Net unrealized appreciation

        50,430         18,545          —         —          —         —  
       $ 321,154,330       $ 325,344,033        $ 19,911,297,444       $ 23,842,128,306        $ 1,367,252,479       $ 176,883,210  

Cost of Investments

      $ 321,449,034       $ 325,214,765        $ 20,207,443,294       $ 23,843,043,539        $ 1,587,486,171       $ 170,063,082  

 

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

 

24                         Short-Term  Investments Trust

Statement of Assets and Liabilities—(continued)

February 28, 2017

(Unaudited)

 

            Liquid Assets
Portfolio		            STIC Prime
Portfolio		            Treasury
Portfolio		            Government &
Agency
Portfolio		            Treasury
Obligations
Portfolio		            Tax-Free
Cash Reserve
Portfolio		  

Net Assets:

 

     

Institutional Class

      $ 291,536,502        $ 321,019,635        $ 17,308,731,411        $ 22,167,128,421        $ 1,286,771,052        $ 96,027,354  

Private Investment Class

      $ 10,805,664        $ 2,158,009        $ 542,127,622        $ 436,121,219        $ 1,249,420        $   19,581,713  

Personal Investment Class

      $ 304,886        $ 622,147        $ 151,008,015        $ 17,085,976        $ 44,598        $ 2,002,739  

Cash Management Class

      $ 6,803,640        $ 835,104        $ 377,094,659        $ 140,697,992        $ 1,617,467        $ 35,696,164  

Reserve Class

      $ 1,100,138        $ 506,124        $ 156,617,799        $ 393,479,757        $ 77,366,115        $ 21,512,633  

Resource Class

      $ 1,341,518        $ 182,985        $ 457,602,638        $ 367,929,940        $ 193,778        $ 2,030,468  

Corporate Class

      $ 9,261,982        $ 20,029        $ 918,115,300        $ 319,685,001        $ 10,049        $ 32,139  

Shares outstanding, no par value,
unlimited number of shares authorized:

 

Institutional Class

        291,438,043          321,005,127          17,307,443,026          22,166,894,620          1,286,754,820          96,011,386  

Private Investment Class

        10,802,233          2,157,926          542,086,489          436,116,465          1,249,403          19,578,319  

Personal Investment Class

        304,790          622,123          150,997,069          17,085,787          44,598          2,002,396  

Cash Management Class

        6,801,481          835,072          377,065,789          140,696,524          1,617,447          35,690,030  

Reserve Class

        1,099,785          506,105          156,606,115          393,475,474          77,365,135          21,508,869  

Resource Class

        1,341,089          182,978          457,567,852          367,925,494          193,777          2,030,120  

Corporate Class

        9,259,043          20,028          918,041,878          319,681,038          10,049          32,134  

Net asset value, offering and redemption price per share for each class

      $ 1.0003        $ 1.0000        $ 1.00        $ 1.00        $ 1.00        $ 1.00  

 

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

 

25                         Short-Term  Investments Trust

Statement of Operations

For the six months ended February 28, 2017

(Unaudited)

 

            Liquid Assets
Portfolio		           STIC Prime
Portfolio		           Treasury
Portfolio		           Government &
Agency
Portfolio		           Treasury
Obligations
Portfolio		            Tax-Free
Cash Reserve
Portfolio		  

Investment income:

                          

Interest

      $ 5,233,498       $ 2,112,472       $ 53,049,102       $ 57,411,604       $ 2,175,606        $ 740,579  

Expenses:

                          

Advisory fees

        1,283,192         511,222         16,684,585         11,165,171         692,482          210,844  

Administrative services fees

        457,109         195,509         3,908,636         3,922,534         283,334          56,421  

Custodian fees

        —         5,094         97,559         57,771         4,595          2,640  

Distribution fees:

                          

Private Investment Class

        88,783         17,888         797,297         706,643         3,165          25,374  

Personal Investment Class

        9,054         70,200         346,589         42,127         3,359          5,818  

Cash Management Class

        24,902         14,165         149,838         56,294         969          14,119  

Reserve Class

        45,447         20,175         714,218         1,777,320         294,526          99,953  

Resource Class

        1,681         4,320         355,407         279,348         154          1,782  

Corporate Class

        6,649         2         140,104         55,904         84          5  

Transfer agent fees

        76,991         30,673         1,001,075         698,507         46,331          9,488  

Trustees’ and officers’ fees and benefits

        48,872         20,169         217,416         174,023         15,554          18,545  

Registration and filing fees

        52,301         52,182         69,735         111,529         41,583          43,779  

Reports to shareholders

        19,801         8,000         36,969         50,240         6,752          5,397  

Professional services fees

        14,613         26,226         99,506         73,680         22,076          18,744  

Other

        (2,442 )        48,687         154,674         63,026         22,545          23,673  

Total expenses

        2,126,953         1,024,512         24,773,608         19,234,117         1,437,509          536,582  

Less: Fees waived

        (445,643 )        (352,394 )        (3,265,311 )        (1,551,785 )        (486,914 )         (264,600 ) 

Net expenses

        1,681,310         672,118         21,508,297         17,682,332         950,595          271,982  

Net investment income

        3,552,188         1,440,354         31,540,805         39,729,272         1,225,011          468,597  

Realized and unrealized gain (loss) from:

                          

Net realized gain (loss) from Investment securities

        284,268         367         600,401         (69,374 )        (23,974 )         (14,721 ) 

Change in net unrealized appreciation of investment securities

        50,430         18,545         —         —         —          —  

Net increase in net assets resulting from operations

      $ 3,886,886       $ 1,459,266       $ 32,141,206       $ 39,659,898       $ 1,201,037        $ 453,876  

 

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

 

26                         Short-Term  Investments Trust

Statement of Changes in Net Assets

For the six months ended February 28, 2017 and the year ended August 31, 2016

(Unaudited)

 

            Liquid Assets Portfolio           STIC Prime Portfolio  
         February 28,
2017		     August 31,
2016		           February 28,
2017		     August 31,
2016		  

Operations:

             

Net investment income

      $ 3,552,188     $ 65,311,251       $ 1,440,354     $ 6,158,242  

Net realized gain

        284,268       647,321         367       1,377  

Change in net unrealized appreciation

        50,430       —         18,545       —  

Net increase in net assets resulting from operations

        3,886,886       65,958,572         1,459,266       6,159,619  

Distributions to shareholders from net investment income:

             

Institutional Class

        (3,288,088 )      (59,772,506 )        (1,337,512 )      (4,848,718 ) 

Private Investment Class

        (55,173 )      (183,013 )        (12,201 )      (213,182 ) 

Personal Investment Class

        (1,569 )      (40,091 )        (25,104 )      (164,965 ) 

Cash Management Class

        (101,776 )      (660,627 )        (54,629 )      (649,934 ) 

Reserve Class

        (4,884 )      (87,134 )        (4,572 )      (53,243 ) 

Resource Class

        (2,751 )      (15,089 )        (6,300 )      (32,359 ) 

Corporate Class

        (97,947 )      (4,552,791 )        (36 )      (195,841 ) 

Total distributions from net investment income

        (3,552,188 )      (65,311,251 )        (1,440,354 )      (6,158,242 ) 

Distributions to shareholders from net realized gains:

             

Institutional Class

        (2,877,921 )      —         —       —  

Private Investment Class

        (90,311 )      —         —       —  

Personal Investment Class

        (5,195 )      —         —       —  

Cash Management Class

        (133,371 )      —         —       —  

Reserve Class

        (25,060 )      —         —       —  

Resource Class

        (1,214 )      —         —       —  

Corporate Class

        (67,014 )      —         —       —  

Total distributions from net realized gains

        (3,200,086 )      —         —       —  

Share transactions–net:

             

Institutional Class

        (10,127,382,108 )      (5,553,230,110 )        (1,286,867,086 )      (156,797,441 ) 

Private Investment Class

        (230,479,086 )      (42,171,998 )        (138,902,976 )      (21,155,334 ) 

Personal Investment Class

        (28,937,259 )      (86,151,515 )        (116,851,999 )      (98,600 ) 

Cash Management Class

        (243,762,324 )      (207,380,539 )        (167,035,675 )      (315,722,141 ) 

Reserve Class

        (99,062,340 )      (56,031,914 )        (20,968,200 )      (28,926,016 ) 

Resource Class

        (5,905,110 )      (65,429,204 )        (16,684,274 )      (2,843,872 ) 

Corporate Class

        (160,381,733 )      (884,537,893 )        11,369       (77,034,376 ) 

Net increase (decrease) in net assets resulting from share transactions

        (10,895,909,960 )      (6,894,933,173 )        (1,747,298,841 )      (602,577,780 ) 

Net increase (decrease) in net assets

        (10,898,775,348 )      (6,894,285,852 )        (1,747,279,929 )      (602,576,403 ) 

Net assets:

             

Beginning of period

        11,219,929,678       18,114,215,530         2,072,623,962       2,675,200,365  

End of period*

      $ 321,154,330     $ 11,219,929,678       $ 325,344,033     $ 2,072,623,962  

* Includes accumulated undistributed net investment income

      $ 2,544,735     $ 2,544,735       $ 873,178     $ 873,178  

 

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

 

27                         Short-Term  Investments Trust

Statement of Changes in Net Assets—(continued)

For the six months ended February 28, 2017 and the year ended August 31, 2016

(Unaudited)

 

            Treasury Portfolio           Government & Agency Portfolio  
         February 28,
2017		     August 31,
2016		           February 28,
2017		     August 31,
2016		  

Operations:

             

Net investment income

      $ 31,540,805     $ 20,948,253       $ 39,729,272     $ 10,802,684  

Net realized gain (loss)

        600,401       223,426         (69,374 )      118,647  

Net increase in net assets resulting from operations

        32,141,206       21,171,679         39,659,898       10,921,331  

Distributions to shareholders from net investment income:

             

Institutional Class

        (29,158,879 )      (15,100,629 )        (37,855,075 )      (8,855,873 ) 

Private Investment Class

        (266,446 )      (334,722 )        (346,586 )      (403,391 ) 

Personal Investment Class

        (61,765 )      (86,109 )        (10,608 )      (10,692 ) 

Cash Management Class

        (406,253 )      (3,039,766 )        (200,947 )      (218,373 ) 

Reserve Class

        (80,430 )      (62,197 )        (282,369 )      (263,352 ) 

Resource Class

        (347,015 )      (274,847 )        (374,666 )      (73,436 ) 

Corporate Class

        (1,220,017 )      (2,049,983 )        (659,021 )      (977,567 ) 

Total distributions from net investment income

        (31,540,805 )      (20,948,253 )        (39,729,272 )      (10,802,684 ) 

Share transactions–net:

             

Institutional Class

        (2,560,248,364 )      12,017,922,118         11,450,425,188       6,496,754,225  

Private Investment Class

        (17,917,744 )      98,893,095         95,251,977       (81,684,720 ) 

Personal Investment Class

        28,180,755       (39,231,210 )        9,578,678       (29,659,491 ) 

Cash Management Class

        (26,341,411 )      (4,900,693,362 )        (9,404,853 )      (72,740,853 ) 

Reserve Class

        (2,513,453 )      123,516,873         77,597,921       8,359,709  

Resource Class

        (25,343,593 )      158,444,863         272,238,974       (2,217,786 ) 

Corporate Class

        (255,166,002 )      (597,367,186 )        3,245,168       (314,733,978 ) 

Net increase (decrease) in net assets resulting from share transactions

        (2,859,349,812 )      6,861,485,191         11,898,933,053       6,004,077,106  

Net increase (decrease) in net assets

        (2,858,749,411 )      6,861,708,617         11,898,863,679       6,004,195,753  

Net assets:

             

Beginning of period

        22,770,046,855       15,908,338,238         11,943,264,627       5,939,068,874  

End of period*

      $ 19,911,297,444     $ 22,770,046,855       $ 23,842,128,306     $ 11,943,264,627  

* Includes accumulated undistributed net investment income

      $ (21,274 )    $ (21,274 )      $ 90,340     $ 90,340  

 

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

 

28                         Short-Term  Investments Trust

Statement of Changes in Net Assets—(continued)

For the six months ended February 28, 2017 and the year ended August 31,2016

(Unaudited)

 

            Treasury Obligations Portfolio           Tax-Free Cash Reserve Portfolio  
         February 28,
2017		     August 31,
2016		           February 28,
2017		     August 31,
2016		  

Operations:

             

Net investment income

      $ 1,225,011     $ 188,034       $ 468,597     $ 702,207  

Net realized gain (loss)

        (23,974 )      15,288         (14,721 )      5,988  

Net increase in net assets resulting from operations

        1,201,037       203,322         453,876       708,195  

Distributions to shareholders from net investment income:

             

Institutional Class

        (1,182,978 )      (78,969 )        (316,194 )      (628,540 ) 

Private Investment Class

        (1,453 )      (5,685 )        (33,839 )      (18,929 ) 

Personal Investment Class

        (689 )      (2,859 )        (3,250 )      (1,951 ) 

Cash Management Class

        (2,026 )      (43,887 )        (74,728 )      (33,087 ) 

Reserve Class

        (37,370 )      (51,534 )        (36,391 )      (16,951 ) 

Resource Class

        (134 )      (2,214 )        (4,119 )      (1,923 ) 

Corporate Class

        (361 )      (2,886 )        (76 )      (826 ) 

Total distributions from net investment income

        (1,225,011 )      (188,034 )        (468,597 )      (702,207 ) 

Share transactions–net:

             

Institutional Class

        1,165,631,320       15,581,368         (354,742,419 )      (5,243,578 ) 

Private Investment Class

        (4,911,643 )      177,746         (4,887,524 )      (6,001,459 ) 

Personal Investment Class

        (2,562,800 )      652,387         (394,314 )      (1,226,815 ) 

Cash Management Class

        (29,769,295 )      (13,633,574 )        5,021,679       (20,346,066 ) 

Reserve Class

        40,731,958       30,758,077         (24,426 )      (239,848 ) 

Resource Class

        118       (2,177,935 )        (380,453 )      (2,115,602 ) 

Corporate Class

        (2,933,772 )      (25,066,209 )        70       (26,445,210 ) 

Net increase (decrease) in net assets resulting from share transactions

        1,166,185,886       6,291,860         (355,407,387 )      (61,618,578 ) 

Net increase (decrease) in net assets

        1,166,161,912       6,307,148         (355,422,108 )      (61,612,590 ) 

Net assets:

             

Beginning of period

        201,090,567       194,783,419         532,305,318       593,917,908  

End of period *

      $ 1,367,252,479     $ 201,090,567       $ 176,883,210     $ 532,305,318  

* Includes accumulated undistributed net investment income

      $ (12,543 )    $ (12,543 )      $ (104,955 )    $ (104,955 ) 

Notes to Financial Statements

February 28, 2017

(Unaudited)

NOTE 1—Significant Accounting Policies

Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers six separate portfolios, (each constituting a “Fund”). The Funds covered in this report are Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio (formerly Government TaxAdvantage Portfolio) and Tax-Free Cash Reserve Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.

The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio and Treasury Obligations Portfolio; and to provide tax-exempt income consistent with the preservation of capital and liquidity for Tax-Free Cash Reserve Portfolio.

Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.

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

On October 12, 2016, pursuant to new rules and regulations effective October 14, 2016, Liquid Assets Portfolio and STIC Prime Portfolio, both institutional money market funds, began to price and transact in their shares at a floating net asset value (“NAV”) reflecting the current market-based

 

29                         Short-Term  Investments Trust

values of their portfolio securities, except as otherwise generally permitted for securities with remaining maturities of 60 days or less, which will be valued at amortized cost. These rules and regulations also require Liquid Assets Portfolio and STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).

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

Treasury Portfolio, Government & Agency Portfolio, and Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, continue to seek to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation.

“Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/or repurchase agreements collateralized fully by cash or Government Securities. “Retail money market funds” are required to adopt policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons.

Liquid Assets Portfolio, STIC Prime Portfolio, and Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Treasury Portfolio, Government & Agency Portfolio, and Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.

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

A. Security Valuations — Liquid Asset Portfolio’s and 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. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio, and Tax-Free Cash Reserve Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

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

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any), adjusted for amortization of premiums and accretion of discounts on investments, is recorded on the accrual basis from settlement date. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

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

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

The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.

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.

 

30                         Short-Term  Investments Trust

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, Tax-Free Cash Reserve Portfolio intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative net assets.
G. Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
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 Fund 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 Fund may not be able to recover its investment in such issuer from the U.S. Government.

The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.

The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, each Fund pays an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:

 

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

Liquid Assets Portfolio

     0.15%          0.15%          0.15%  

STIC Prime Portfolio

     0.15%          0.15%          0.15%  

Treasury Portfolio

     0.15%          0.15%          0.15%  

Government & Agency Portfolio

     0.10%          0.10%          0.10%  

Treasury Obligations Portfolio

     0.20%          0.15%          0.10%  

Tax-Free Cash Reserve Portfolio

     0.20%          0.20%          0.20%  

 

31                         Short-Term  Investments Trust

For the six months ended February 28, 2017, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:

 

Liquid Assets Portfolio

     0.15%  

STIC Prime Portfolio

     0.15%  

Treasury Portfolio

     0.15%  

Government & Agency Portfolio

     0.10%  

Treasury Obligations Portfolio

     0.14%  

Tax-Free Cash Reserve Portfolio

     0.20%  

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, may pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

The Adviser has contractually agreed, through at least December 31, 2017, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):

 

     Institutional
Class		      Private
Investment
Class		      Personal
Investment
Class		      Cash
Management
Class		      Reserve
Class		      Resource
Class		      Corporate
Class		  

Liquid Assets Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.38 %       0.21 % 

STIC Prime Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Treasury Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Government & Agency Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Treasury Obligations Portfolio

     0.18 %       0.43 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Tax-Free Cash Reserve Portfolio

     0.20 %       0.45 %       0.75 %       0.28 %       1.07 %       0.36 %       0.23 % 

The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.

In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) extraordinary or non-routine items, including litigation expenses, and (4) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limit without approval of the Board of Trustees.

Further, Invesco and/or IDI voluntarily waived fees and/or reimbursed expenses in order to increase the yields of each Fund. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors.

For the six months ended February 28, 2017, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:

 

     Expense
Limitation		        Yield
Waivers		  

Liquid Assets Portfolio

   $ 410,566        $ —  

STIC Prime Portfolio

     284,295          —  

Treasury Portfolio

     2,201,591          —  

Government & Agency Portfolio

     —          —  

Treasury Obligations Portfolio

     229,513          —  

Tax-Free Cash Reserve Portfolio

     170,645          —  

Voluntary fee waivers for the six months ended February 28, 2017 are shown below:

 

    

Private
Investment

Class

       

Personal
Investment

Class

       

Cash
Management

Class

       

Reserve

Class

       

Resource

Class

       

Corporate

Class

  

Liquid Assets Portfolio

   $ 2,312        $ 3,843          N/A        $ 28,922          N/A          N/A  

STIC Prime Portfolio

     6,443          45,963          N/A          15,651        $ 42          N/A  

Treasury Portfolio

     268,452          219,024          N/A          545,861          30,383          N/A  

Government & Agency Portfolio

     205,332          24,194          N/A          1,315,893          6,366          N/A  

Treasury Obligations Portfolio

     2,307          3,077        $ 514          251,408          76        $ 19  

Tax-Free Cash Reserve Portfolio

     8,731          3,754          1,247          79,875          348          N/A  

The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the six months ended February 28, 2017, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees.

 

32                         Short-Term  Investments Trust

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 28, 2017, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.

Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.

 

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

Liquid Assets Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.20 %       0.03 % 

STIC Prime Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Treasury Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Government & Agency Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Treasury Obligations Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Tax-Free Cash Reserve Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.

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

NOTE 3—Additional Valuation Information

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

  Level 1 — Prices are determined using quoted prices in an active market for identical assets.
  Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
  Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect each Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of February 28, 2017, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4—Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. For the six months ended February 28, 2017, each Fund engaged in transactions with affiliates as listed below:

 

     Securities Purchases        Securities Sales        Net Realized Gains  

Liquid Assets Portfolio

   $ 498,250,427        $ 509,600,329        $ —  

STIC Prime Portfolio

     187,984,805          202,226,502          —  

Tax-Free Cash Reserve Portfolio

     234,700,564          455,097,214          —  

 

33                         Short-Term  Investments Trust

NOTE 5—Trustees’ and Officers’ Fees and Benefits

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

NOTE 6—Cash Balances

The Funds are permitted to temporarily overdraft or leave balances in their accounts with The Bank of New York Mellon (BNY Mellon), the custodian bank. Such balances, if any at period-end, are shown in the Statements of Assets and Liabilities under the payable caption Amount due custodian. To compensate BNY Mellon or the Funds for such activity, the Funds may either (1) pay to or receive from BNY Mellon compensation at a rate agreed upon by BNY Mellon and Invesco, not to exceed the contractually agreed upon rate; or (2) leave funds or overdraft funds as a compensating balance in the account so BNY Mellon or the Funds can be compensated for use of funds.

NOTE 7—Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to each Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at each Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds below had a capital loss carryforward as of August 31, 2016 which expires as follows:

 

    Short-Term        Long-Term        Total*  
Fund   2018        2019        Not Subject to
Expiration		        Not Subject to
Expiration		       

Treasury Obligations Portfolio

   $ —        $ —        $ 3,159        $ —        $ 3,159  

Tax-Free Cash Reserve Portfolio

     8,740          30,074          —          —          38,814  

 

* Capital loss carryforward 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.

NOTE 8—Investment Securities

The aggregate amount of investment securities purchased and sold by each Fund and aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:

 

    At February 28, 2017  
     Federal Tax Cost*      Unrealized
Appreciation		      Unrealized
(Depreciation)		      Net Unrealized
Appreciation
(Depreciation)		  

Treasury Portfolio

   $ 20,207,749,634      $ —      $ (306,340 )     $ (306,340 ) 

 

* 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.

 

34                         Short-Term  Investments Trust

NOTE 9—Share Information

Liquid Assets Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)(b)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     8,636,572,068      $ 8,636,696,253        206,922,537,697      $ 206,922,537,697  

Private Investment Class

     73,675,853        73,675,862        1,086,367,896        1,086,367,896  

Personal Investment Class

     8,178,437        8,178,627        147,332,561        147,332,561  

Cash Management Class

     315,185,594        315,189,645        3,527,556,735        3,527,556,735  

Reserve Class

     3,679,215        3,679,395        312,834,642        312,834,642  

Resource Class

     131,512        131,513        54,658,208        54,658,208  

Corporate Class

     229,992,915        230,006,196        12,789,032,744        12,789,032,744  

Issued as reinvestment of dividends:

           

Institutional Class

     3,612,258        3,612,403        16,030,218        16,030,218  

Private Investment Class

     23,725        23,727        51,160        51,160  

Personal Investment Class

     4,941        4,941        33,213        33,213  

Cash Management Class

     66,920        66,923        325,885        325,885  

Reserve Class

     34,020        34,020        78,372        78,372  

Resource Class

     4,320        4,320        14,018        14,018  

Corporate Class

     105,181        105,188        699,998        699,998  

Reacquired:

           

Institutional Class

     (18,767,392,641 )       (18,767,690,764 )       (212,491,798,025 )       (212,491,798,025 ) 

Private Investment Class

     (304,159,753 )       (304,178,675 )       (1,128,591,054 )       (1,128,591,054 ) 

Personal Investment Class

     (37,119,877 )       (37,120,827 )       (233,517,289 )       (233,517,289 ) 

Cash Management Class

     (559,012,820 )       (559,018,892 )       (3,735,263,159 )       (3,735,263,159 ) 

Reserve Class

     (102,775,450 )       (102,775,755 )       (368,944,928 )       (368,944,928 ) 

Resource Class

     (6,040,857 )       (6,040,943 )       (120,101,430 )       (120,101,430 ) 

Corporate Class

     (390,456,216 )       (390,493,117 )       (13,674,270,635 )       (13,674,270,635 ) 

Net increase (decrease) in share activity

     (10,895,690,655 )     $ (10,895,909,960 )       (6,894,933,173 )     $ (6,894,933,173 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 72% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.
(b)  Effective October 12, 2016, Liquid Assets Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

35                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

STIC Prime Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)(b)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     655,894,743      $ 655,926,204        4,966,861,188      $ 4,966,861,188  

Private Investment Class

     32,471,499        32,471,503        1,446,777,172        1,446,777,172  

Personal Investment Class

     118,187,308        118,187,309        677,491,586        677,491,586  

Cash Management Class

     130,898,214        130,898,218        2,194,654,168        2,194,654,168  

Reserve Class

     12,102,644        12,102,696        400,019,801        400,019,801  

Resource Class

     54,161,912        54,161,918        96,121,190        96,121,190  

Corporate Class

     19,999        20,000        518,160,731        518,160,731  

Issued as reinvestment of dividends:

           

Institutional Class

     561,735        561,770        1,393,044        1,393,044  

Private Investment Class

     7,432        7,432        78,349        78,349  

Personal Investment Class

     15,098        15,098        70,680        70,680  

Cash Management Class

     77,613        77,613        217,106        217,106  

Reserve Class

     6,557        6,557        50,303        50,303  

Resource Class

     8,241        8,241        25,322        25,322  

Corporate Class

     3,548        3,548        148,537        148,537  

Reacquired:

           

Institutional Class

     (1,943,307,435 )       (1,943,355,060 )       (5,125,051,673 )       (5,125,051,673 ) 

Private Investment Class

     (171,380,975 )       (171,381,911 )       (1,468,010,855 )       (1,468,010,855 ) 

Personal Investment Class

     (235,054,362 )       (235,054,406 )       (677,660,866 )       (677,660,866 ) 

Cash Management Class

     (298,011,468 )       (298,011,506 )       (2,510,593,415 )       (2,510,593,415 ) 

Reserve Class

     (33,077,282 )       (33,077,453 )       (428,996,120 )       (428,996,120 ) 

Resource Class

     (70,853,530 )       (70,854,433 )       (98,990,384 )       (98,990,384 ) 

Corporate Class

     (12,179 )       (12,179 )       (595,343,644 )       (595,343,644 ) 

Net increase (decrease) in share activity

     (1,747,280,688 )     $ (1,747,298,841 )       (602,577,780 )     $ (602,577,780 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 96% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.
(b)  Effective October 12, 2016, STIC Prime Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

36                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Treasury Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     49,873,953,809      $ 49,873,953,809        37,473,899,000      $ 37,473,899,000  

Private Investment Class

     721,092,411        721,092,411        1,884,005,414        1,884,005,414  

Personal Investment Class

     485,120,727        485,120,727        980,594,144        980,594,144  

Cash Management Class

     1,054,669,980        1,054,669,980        14,484,295,170        14,484,295,170  

Reserve Class

     133,540,692        133,540,692        316,250,840        316,250,840  

Resource Class

     237,666,579        237,666,579        575,238,582        575,238,582  

Corporate Class

     4,935,948,006        4,935,948,006        20,782,139,048        20,782,139,048  

Issued as reinvestment of dividends:

           

Institutional Class

     4,721,818        4,721,818        5,368,737        5,368,737  

Private Investment Class

     51,815        51,815        43,130        43,130  

Personal Investment Class

     56,509        56,509        76,479        76,479  

Cash Management Class

     299,878        299,878        266,775        266,775  

Reserve Class

     77,366        77,366        50,478        50,478  

Resource Class

     86,698        86,698        52,190        52,190  

Corporate Class

     1,035,739        1,035,739        1,013,151        1,013,151  

Reacquired:

           

Institutional Class

     (52,438,923,991 )       (52,438,923,991 )       (25,461,345,619 )       (25,461,345,619 ) 

Private Investment Class

     (739,061,970 )       (739,061,970 )       (1,785,155,449 )       (1,785,155,449 ) 

Personal Investment Class

     (456,996,481 )       (456,996,481 )       (1,019,901,833 )       (1,019,901,833 ) 

Cash Management Class

     (1,081,311,269 )       (1,081,311,269 )       (19,385,255,307 )       (19,385,255,307 ) 

Reserve Class

     (136,131,511 )       (136,131,511 )       (192,784,445 )       (192,784,445 ) 

Resource Class

     (263,096,870 )       (263,096,870 )       (416,845,909 )       (416,845,909 ) 

Corporate Class

     (5,192,149,747 )       (5,192,149,747 )       (21,380,519,385 )       (21,380,519,385 ) 

Net increase (decrease) in share activity

     (2,859,349,812 )     $ (2,859,349,812 )       6,861,485,191      $ 6,861,485,191  

 

(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. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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, 24% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

37                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Government & Agency Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     93,762,456,439      $ 93,762,456,439        54,569,434,166      $ 54,569,434,166  

Private Investment Class

     710,764,705        710,764,705        1,458,232,071        1,458,232,071  

Personal Investment Class

     38,924,434        38,924,434        71,882,635        71,882,635  

Cash Management Class

     422,434,849        422,434,849        2,062,748,073        2,062,748,073  

Reserve Class

     594,159,166        594,159,166        713,745,281        713,745,281  

Resource Class

     1,525,352,649        1,525,352,649        678,959,358        678,959,358  

Corporate Class

     2,236,255,213        2,236,255,213        3,670,809,701        3,670,809,701  

Issued as reinvestment of dividends:

           

Institutional Class

     4,862,405        4,862,405        1,972,829        1,972,829  

Private Investment Class

     98,906        98,906        116,496        116,496  

Personal Investment Class

     3,711        3,711        —        —  

Cash Management Class

     112,181        112,181        59,978        59,978  

Reserve Class

     192,197        192,197        149,381        149,381  

Resource Class

     176,761        176,761        16,833        16,833  

Corporate Class

     405,059        405,059        458,600        458,600  

Reacquired:

           

Institutional Class

     (82,316,893,656 )       (82,316,893,656 )       (48,074,652,770 )       (48,074,652,770 ) 

Private Investment Class

     (615,611,634 )       (615,611,634 )       (1,540,033,287 )       (1,540,033,287 ) 

Personal Investment Class

     (29,349,467 )       (29,349,467 )       (101,542,126 )       (101,542,126 ) 

Cash Management Class

     (431,951,883 )       (431,951,883 )       (2,135,548,904 )       (2,135,548,904 ) 

Reserve Class

     (516,753,442 )       (516,753,442 )       (705,534,953 )       (705,534,953 ) 

Resource Class

     (1,253,290,436 )       (1,253,290,436 )       (681,193,977 )       (681,193,977 ) 

Corporate Class

     (2,233,415,104 )       (2,233,415,104 )       (3,986,002,279 )       (3,986,002,279 ) 

Net increase in share activity

     11,898,933,053      $ 11,898,933,053        6,004,077,106      $ 6,004,077,106  

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 16% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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, 29% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

38                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Treasury Obligations Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     1,562,141,539      $ 1,562,141,539        475,968,821      $ 475,968,821  

Private Investment Class

     1,583,283        1,583,283        9,868,856        9,868,856  

Personal Investment Class

     1,567,680        1,567,680        11,195,355        11,195,355  

Cash Management Class

     —        —        37,314,802        37,314,802  

Reserve Class

     102,470,204        102,470,204        142,035,205        142,035,205  

Resource Class

     118        118        196        196  

Corporate Class

     659,929        659,929        14,372,709        14,372,709  

Issued as reinvestment of dividends:

           

Institutional Class

     20,345        20,345        43,479        43,479  

Private Investment Class

     1,337        1,337        2,495        2,495  

Cash Management Class

     3,678        3,678        42,181        42,181  

Reserve Class

     30,715        30,715        48,377        48,377  

Resource Class

     —        —        2,027        2,027  

Corporate Class

     272        272        3,097        3,097  

Reacquired:

           

Institutional Class

     (396,530,564 )       (396,530,564 )       (460,430,932 )       (460,430,932 ) 

Private Investment Class

     (6,496,263 )       (6,496,263 )       (9,693,605 )       (9,693,605 ) 

Personal Investment Class

     (4,130,480 )       (4,130,480 )       (10,542,968 )       (10,542,968 ) 

Cash Management Class

     (29,772,973 )       (29,772,973 )       (50,990,557 )       (50,990,557 ) 

Reserve Class

     (61,768,961 )       (61,768,961 )       (111,325,505 )       (111,325,505 ) 

Resource Class

     —        —        (2,180,158 )       (2,180,158 ) 

Corporate Class

     (3,593,973 )       (3,593,973 )       (39,442,015 )       (39,442,015 ) 

Net increase in share activity

     1,166,185,886      $ 1,166,185,886        6,291,860      $ 6,291,860  

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 10% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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, 87% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

39                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Tax-Free Cash Reserve Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     147,610,254      $ 147,610,254        1,024,153,591      $ 1,024,153,591  

Private Investment Class

     16,047,764        16,047,764        41,102,729        41,102,729  

Personal Investment Class

     2,004,667        2,004,667        2,880,498        2,880,498  

Cash Management Class

     34,034,380        34,034,380        51,239,007        51,239,007  

Reserve Class

     31,658,070        31,658,070        53,662,145        53,662,145  

Resource Class

     34,216        34,216        80,556        80,556  

Corporate Class

     32,101        32,101        1,175,406        1,175,406  

Issued as reinvestment of dividends:

           

Institutional Class

     92,655        92,655        70,780        70,780  

Private Investment Class

     27,549        27,549        15,014        15,014  

Personal Investment Class

     2,395        2,395        11        11  

Cash Management Class

     57,862        57,862        13,782        13,782  

Reserve Class

     31,962        31,962        14,449        14,449  

Resource Class

     3,816        3,816        1,634        1,634  

Corporate Class

     73        73        1,040        1,040  

Reacquired:

           

Institutional Class

     (502,445,328 )       (502,445,328 )       (1,029,467,949 )       (1,029,467,949 ) 

Private Investment Class

     (20,962,837 )       (20,962,837 )       (47,119,202 )       (47,119,202 ) 

Personal Investment Class

     (2,401,376 )       (2,401,376 )       (4,107,324 )       (4,107,324 ) 

Cash Management Class

     (29,070,563 )       (29,070,563 )       (71,598,855 )       (71,598,855 ) 

Reserve Class

     (31,714,458 )       (31,714,458 )       (53,916,442 )       (53,916,442 ) 

Resource Class

     (418,485 )       (418,485 )       (2,197,792 )       (2,197,792 ) 

Corporate Class

     (32,104 )       (32,104 )       (27,621,656 )       (27,621,656 ) 

Net increase (decrease) in share activity

     (355,407,387 )     $ (355,407,387 )       (61,618,578 )     $ (61,618,578 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 87% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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.

 

40                         Short-Term  Investments Trust

NOTE 10—Financial Highlights

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

Institutional Class

 

     Net asset
value,
beginning
of period		     Net
investment
income(a)		     Net gains
(losses)
on securities
(both
realized and
unrealized)		     Total from
investment
operations		     Dividends
from net
investment
income		     Distributions
from net
realized
gains		     Total
distributions		     Net asset
value, end
of period		     Total
return(b)		     Net assets,
end of period
(000’s omitted)		     Ratio of
expenses
to average
net assets
with fee waivers
and/or expenses
absorbed		     Ratio of
expenses
to average net
assets without
fee waivers
and/or expenses
absorbed		     Ratio of net
investment
income
to average
net assets		  

Liquid Assets Portfolio

 

Six months ended 02/28/17

   $ 1.00     $ 0.0021     $ 0.0015     $ 0.0036     $ (0.0028 )    $ (0.0005 )    $ (0.0033 )    $ 1.0003       0.33 %    $ 291,537       0.18 %(c)      0.23 %(c)      0.43 %(c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.07       18,614,857       0.14       0.17       0.07  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.12       18,681,986       0.14       0.17       0.12  

Year ended 08/31/12

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.15       16,051,708       0.14       0.18       0.15  

STIC Prime Portfolio

 

Six months ended 02/28/17

     1.00       0.0022       0.0002       0.0024       (0.0024 )      —       (0.0024 )      1.0000       0.24       321,020       0.18 (c)      0.26 (c)      0.44 (c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.08       1,913,414       0.06       0.19       0.08  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.07       2,012,517       0.10       0.19       0.09  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.09       2,337,469       0.12       0.20       0.08  

Treasury Portfolio

 

Six months ended 02/28/17

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.15       17,308,731       0.18 (c)      0.20 (c)      0.30 (c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.01       7,480,210       0.04       0.17       0.02  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.02       7,421,436       0.09       0.18       0.02  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.03       7,014,482       0.08       0.18       0.02  

Government & Agency Portfolio

 

Six months ended 02/28/17

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.18       22,167,128       0.15 (c)      0.15 (c)      0.36 (c) 

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  

Year ended 08/31/14

     1.00       0.00       —       0.00       (0.00 )      —       (0.00 )      1.00       0.02       3,328,391       0.06       0.13       0.02  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.03       4,439,499       0.11       0.14       0.02  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.02       3,772,429       0.10       0.13       0.03  

Treasury Obligations Portfolio

 

Six months ended 02/28/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.11       1,286,771       0.17 (c)      0.22 (c)      0.26 (c) 

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  

Year ended 08/31/14

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.04       127,700       0.02       0.29       0.03  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.03       744,577       0.06       0.20       0.03  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.03       431,857       0.07       0.22       0.02  

Tax-Free Cash Reserve Portfolio

 

Six months ended 02/28/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.25       96,027       0.21 (c)      0.37 (c)      0.49 (c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.05       524,034       0.04       0.30       0.04  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.06       516,166       0.10       0.30       0.06  

Year ended 08/31/12

     1.00       0.00       —       0.00       (0.00 )      —       (0.00 )      1.00       0.06       495,297       0.13       0.30       0.06  

 

(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 annualized and based on average daily net assets (000’s omitted) of $1,542,401, $603,673, $19,834,503, $20,743,230, $946,191 and $128,952 for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio and Tax-Free Cash Reserve Portfolio, respectively.

 

41                         Short-Term  Investments Trust

Calculating your ongoing Fund expenses

Example

As a shareholder in the Institutional Class, you incur ongoing costs, such as management fees. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2016 through February 28, 2017.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

 

Institutional Class    Beginning
Account Value
(09/01/16)		      ACTUAL      HYPOTHETICAL
(5% annual return before
expenses)		      Annualized
Expense
Ratio		  
      Ending
Account Value
(02/28/17)1		      Expenses
Paid During
Period2		     

Ending

Account Value
(02/28/17)

      Expenses
Paid During
Period2		     

Liquid Assets Portfolio

    $ 1,000.00      $ 1,003.30      $ 0.89      $ 1,023.90      $ 0.90        0.18 % 

STIC Prime Portfolio

      1,000.00        1,002.40        0.89        1,023.90        0.90        0.18  

Treasury Portfolio

      1,000.00        1,001.50        0.89        1,023.90        0.90        0.18  

Government & Agency Portfolio

      1,000.00        1,001.80        0.74        1,024.05        0.75        0.15  

Treasury Obligations Portfolio

      1,000.00        1,001.10        0.84        1,023.95        0.85        0.17  

Tax-Free Cash Reserve Portfolio

      1,000.00        1,002.50        1.04        1,023.75        1.05        0.21  

 

1  The actual ending account value is based on the actual total return of the Funds for the period September 1, 2016, through February 28, 2017, 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 181/365 to reflect the most recent fiscal half year.

 

42                         Short-Term  Investments Trust

 

 

 

Invesco mailing information

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

 

 

Important notice regarding delivery of security holder documents

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

 

 

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-Q filings on the SEC website, sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

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

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

    LOGO

 

SEC file numbers: 811-02729 and 002-58287    Invesco Distributors, Inc.    CM-STIT-SAR-1        04182017    1017

  

 

LOGO   

Semiannual Report to Shareholders

 

   

February 28, 2017

 

  

 

Corporate Class

   Short-Term Investments Trust (STIT)
   Liquid Assets Portfolio
   STIC Prime Portfolio
   Treasury Portfolio
   Government & Agency Portfolio
   Treasury Obligations Portfolio
   Tax-Free Cash Reserve Portfolio

 

LOGO

 

  

 

  

 

2

     

 

Fund Data

  

 

3

     

 

Letters to Shareholders

  

 

4

     

 

Schedule of Investments

  

 

24

     

 

Financial Statements

  

 

29

     

 

Notes to Financial Statements

  

 

41

     

 

Financial Highlights

  

 

42

     

 

Fund Expenses

  

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including fees and expenses. Investors should read it carefully before investing.

 

Unless otherwise stated, information presented in this report is as of February 28, 2017, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.

 

  

 

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

 

Fund Data

 

 

 

Corporate Class data as of 2/28/17

 

  FUND     

WEIGHTED

AVERAGE

MATURITY

    

WEIGHTED

AVERAGE

LIFE

   

TOTAL

NET

ASSETS

       Range
During
Reporting
Period		       

At

Reporting

Period

End

    

At

Reporting

Period

End

     

Liquid Assets1

       3 - 32 days          21 days     39 days    $9.3 million    

STIC Prime1

       3 - 19 days          11 days     11 days    20.0 thousand 

Treasury2

       37 - 54 days          44 days     104 days    918.1 million     

Government & Agency2

       32 - 50 days          37 days     111 days    319.7 million     

Treasury Obligations2

       15 - 58 days          49 days     100 days    10.0 thousand 

Tax-Free Cash Reserve3

       10 - 19 days          11 days     15 days    32.1 thousand 

 

Weighted average maturity (WAM) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes.

    Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.

 

1 You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
2 You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
3 You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

 

2   Short-Term Investments Trust

 

 

Letters to Shareholders

 

LOGO

     Bruce Crockett

     

Dear Fellow Shareholders:

As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

 

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

 

 

 

LOGO

       Philip Taylor

     

Dear Shareholders:

Money market investors cheered when the US Federal Reserve (the Fed) unanimously raised its federal funds target rate in December 2016 – just the second increase since 2006. The Fed raised this key rate from a range of 0.25% to 0.50% to a range of 0.50% to 0.75%.1

    The Fed’s decision was based on evidence of a strengthening US economy – specifically, a stronger labor market and inflation moving closer to the Fed’s target levels. Fed-watchers suggested that a strengthening US economy, as well as the proposed spending, tax and regulatory policies of the Trump administration, could cause the Fed to accelerate future interest rate hikes. Raising rates sooner rather than later would provide the Fed with greater dexterity to respond to higher-than-projected economic growth in the future.

    At the close of the reporting period, most major global economies continued to maintain interest rates at, near or below zero in an effort to fuel inflation and spur economic growth. Many major central banks, including the European Central Bank, the Bank of England and the Bank of Japan, all cut rates during 2016.

    During the reporting period, the US money market fund industry fully implemented reform measures in October that had been announced by the US Securities and Exchange Commission in 2014. Invesco is pleased to report that we successfully implemented required money market reform policies on October 12, 2016.

    For Invesco’s money market fund professionals, safety is of paramount importance in the investment process. Their conservative investment philosophy has always focused on providing principal preservation, liquidity, and return – in that order – to our money market fund investors. Thank you for investing with us.

Sincerely,

 

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

 

1  Source: US Federal Reserve

 

3   Short-Term Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Liquid Assets Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Commercial Paper–36.86%(a)

 

        
Asset-Backed Securities — Fully Supported–6.53%          

Bennington Stark Capital Co., LLC (CEP–Societe Generale S.A.)(b)(c)

     0.90 %      03/06/2017      $ 6,000      $ 5,999,289  

Bennington Stark Capital Co., LLC (CEP–Societe Generale S.A.)(b)(c)

     1.15 %      04/07/2017        5,000        4,995,661  

Kells Funding LLC (CEP–FMS Wertmanagement)(c)

     1.00 %      05/26/2017        5,000        4,987,917  

Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)

     1.43 %      07/05/2017        5,000        4,979,186  
         20,962,053  
Asset-Backed Securities — Fully Supported Bank–16.52%          

Anglesea Funding LLC (Multi–CEP’s)(b)(c)

     0.93 %      04/10/2017        5,000        4,995,239  

Anglesea Funding LLC (Multi–CEP’s)(b)(c)

     1.10 %      04/03/2017        5,000        4,996,203  

Cancara Asset Securitisation LLC (CEP–Lloyds Bank PLC)(c)

     1.10 %      04/07/2017        5,000        4,995,662  

Cedar Springs Capital Co. LLC (CEP–UBS AG)(b)(c)

     0.82 %      03/01/2017        4,578        4,577,886  

Ebury Finance LLC (Multi–CEP’s)(b)(c)

     0.70 %      03/01/2017        7,500        7,499,856  

Institutional Secured Funding Ltd. (Multi–CEP’s)(b)(c)

     0.90 %      03/06/2017        5,000        4,999,407  

Manhattan Asset Funding Co., LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c)

     0.94 %      03/03/2017        5,000        4,999,709  

Matchpoint Finance PLC (CEP–BNP Paribas S.A.)(b)(c)

     0.95 %      03/09/2017        7,000        6,998,597  

Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c)

     0.80 %      03/14/2017        5,000        4,998,559  

Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c)

     0.80 %      03/28/2017        4,000        3,997,548  
         53,058,666  
Asset-Backed Securities — Multi-Purpose–1.55%          

Versailles Commercial Paper LLC(b)

     1.08 %      05/16/2017        5,000        4,986,846  
Diversified Banks–9.49%          

Bank of Nova Scotia(b)(c)

     1.08 %      04/13/2017        3,000        2,997,261  

BPCE S.A.(b)(c)

     1.21 %      05/09/2017        6,000        5,990,224  

Erste Abwicklungsanstalt(b)(c)(d)

     1.13 %      03/21/2017        5,000        5,001,255  

Mizuho Bank, Ltd.(c)

     1.08 %      04/13/2017        5,000        4,995,465  

National Bank of Abu Dhabi PJSC(b)(c)

     0.76 %      03/07/2017        7,500        7,499,074  

NRW Bank(b)(c)

     1.05 %      04/18/2017        4,000        3,995,949  
         30,479,228  
Other Diversified Financial Services–0.93%          

ABN AMRO Funding USA LLC(b)(c)

     1.07 %      06/07/2017        3,000        2,990,480  
Regional Banks–1.09%          

ASB Finance Ltd.(b)(c)

     1.00 %      06/01/2017        3,500        3,491,881  
Specialized Finance–0.75%          

CDP Financial Inc.(c)

     0.96 %      04/05/2017        2,400        2,398,404  

Total Commercial Paper (Cost $118,350,414)

                               118,367,558  

Variable Rate Demand Notes–24.06%(e)

          
Credit Enhanced–24.06%          

Aledo Independent School District; Series 2006 A, VRD School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program)

     0.67 %      08/01/2035        2,212        2,212,000  

Capital Markets Access Co. LC (SEUP Real Estate LLC); Series 2008, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f)

     0.75 %      07/01/2038        4,445        4,445,000  

Columbus (City of), Ohio Regional Airport Authority (FlightSafety International Inc.); Series 2015 A, VRD RB (CEP–Berkshire Hathaway Inc.)

     0.68 %      04/01/2035        10,000        10,000,000  

 

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

 

4                         Short-Term  Investments Trust

Liquid Assets Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Credit Enhanced–(continued)          

EagleBend Affordable Housing Corp.; Series 2006 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(f)

     0.66 %      07/01/2021      $ 881      $ 881,000  

Illinois (State of) Finance Authority (James Jordan Boys & Girls Club & Family Life Center); Series 1995, VRD RB (LOC–Bank of America, N.A.)(f)

     0.74 %      08/01/2030        4,700        4,700,000  

Indiana (State of) Finance Authority (Ispat Inland Inc.); Series 2005, Ref. VRD Environmental Improvement RB (LOC–Rabobank Nederland)(c)(f)

     0.70 %      06/01/2035        3,590        3,590,000  

Jets Stadium Development, LLC; Series 2014 A-4B, VRD Bonds (LOC–Sumitomo Mitsui Banking Corp.)(b)(c)(f)

     0.74 %      04/01/2047        9,600        9,599,999  

Maricopa (County of), Arizona Industrial Development Authority (Gran Victoria Housing LLC); Series 2000 A, VRD MFH RB (CEP–FNMA)

     0.66 %      04/15/2030        140        140,000  

Massachusetts (State of) Development Finance Agency (Milton Academy); Series 2009 B, VRD Taxable RB (LOC–TD Bank, N.A.)(f)

     0.77 %      03/01/2039        10,055        10,055,000  

Memphis (City of), Tennessee Health, Educational and Housing Facility Board (Ashland Lakes Apartments); Series 2006 A, VRD MFH RB (LOC–U.S. Bank, N.A.)(f)

     0.71 %      08/01/2041        9,000        9,000,000  

Minnetonka (City of), Minnesota (Minnetonka Hills Apartments); Series 2001, Ref. VRD MFH RB (CEP–FNMA)

     0.73 %      11/15/2031        2,285        2,285,000  

New York (State of) Housing Finance Agency (605 West 42nd Street Housing);

          

Series 2014 A, VRD RB (LOC–Bank of China Ltd.)(f)

     0.76 %      05/01/2048        7,100        7,100,000  

Series 2014 B, VRD RB (LOC–Bank of China Ltd.)(f)

     1.10 %      05/01/2048        1,200        1,200,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2014 B, VRD RB (LOC–Bank of China Ltd.)(f)

     1.19 %      11/01/2049        4,000        4,000,000  

Pinellas (County of), Florida Health Facilities Authority (Baycare Health System); Series 2009 A-2, VRD Health System RB (LOC–Northern Trust Co. (The))(f)

     0.65 %      11/01/2038        5,945        5,945,000  

S&L Capital, LLC (J&L Development of Holland, LLC); Series 2005 A, VRD Taxable Notes (LOC–FHLB of Indianapolis)(f)

     0.90 %      07/01/2040        1,820        1,820,000  

University of Southern Indiana; Series 1999 G, VRD Student Fee RB (LOC–JPMorgan Chase Bank, N.A.)(f)

     0.66 %      10/01/2019        310        310,000  

Total Variable Rate Demand Notes (Cost $77,282,999)

                               77,282,999  

Certificates of Deposit–13.96%

          

Canadian Imperial Bank of Commerce(c)(d)

     1.23 %      07/21/2017        4,000        4,002,975  

DZ Bank AG Deutsche Zentral-Genossenschaftsbank(c)(d)

     1.46 %      10/25/2017        8,000        8,018,158  

Mitsubishi UFJ Trust & Banking Corp.(c)

     1.10 %      04/13/2017        5,000        5,001,933  

Nordea Bank AB(c)

     0.56 %      03/01/2017        11,811        11,811,488  

Norinchukin Bank (The)(b)(c)

     1.03 %      05/16/2017        7,000        7,001,291  

Wells Fargo Bank, N.A.(d)

     1.32 %      01/19/2018        5,000        5,005,580  

Westpac Banking Corp.(c)(d)

     1.28 %      01/05/2018        4,000        4,003,424  

Total Certificates of Deposit (Cost $44,811,632)

                               44,844,849  

Notes–3.74%

          

Bank of Nova Scotia, Sr. Unsec. Global Floating Rate Notes(c)(d)

     1.32 %      04/11/2017        7,000        7,003,437  

Bank of Tokyo-Mitsubishi UFJ, Ltd. (The), Sr. Unsec. Notes(b)(c)

     1.20 %      03/10/2017        5,000        5,000,621  

Total Notes (Cost $12,003,989)

                               12,004,058  

TOTAL INVESTMENTS (excluding Repurchase Agreements)–78.62% (Cost $252,449,034)

                               252,499,464  
                 Repurchase
Amount		         

Repurchase Agreements–21.49%(g)

          

BMO Capital Markets Corp., agreement dated 02/28/2017, maturing value of $5,000,106 (collateralized by domestic and foreign corporate obligations valued at $5,250,000; 0%-5.50%, 03/13/2017-09/15/2040)(c)

     0.76 %      03/01/2017        5,000,106        5,000,000  

Citigroup Global Markets Inc., open agreement dated 01/25/2017 (collateralized by foreign corporate obligations valued at $4,590,001; 0%-5.63%, 08/09/2017-02/21/2047)(h)

     1.55 %      —        —        4,500,000  

Credit Suisse Securities (USA) LLC, term agreement dated 02/22/2017, maturing value of $16,002,427 (collateralized by a domestic agency mortgage-backed security valued at $16,800,886; 0.80%, 05/25/2047)(c)(i)

     0.78 %      03/01/2017        16,002,427        16,000,000  

 

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

 

5                         Short-Term  Investments Trust

Liquid Assets Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

ING Financial Markets, LLC, agreement dated 02/28/2017, maturing value of $16,000,396 (collateralized by a domestic corporate obligation and a foreign corporate obligation valued at $17,011,891; 4.88%-6.50%, 04/30/2020-12/15/2043)(c)

     0.89 %      03/01/2017      $ 16,000,396      $ 16,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/02/2017, maturing value of $7,500,000 (collateralized by a domestic corporate obligation valued at $7,875,001; 0%, 03/01/2017)

     1.58 %      05/03/2017        7,500,000        7,500,000  

RBC Capital Markets LLC, term agreement dated 02/22/2017, maturing value of $15,000,000 (collateralized by municipal obligations valued at $15,750,000; 0%-5.25%, 05/01/2022-05/15/2115)(c)(i)

     0.99 %      04/21/2017        15,000,000        15,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2017, maturing value of $5,000,106 (collateralized by foreign corporate obligations valued at $5,100,000; 1.13%-2.75%, 04/12/2019-01/19/2027)

     0.76 %      03/01/2017        5,000,106        5,000,000  

Total Repurchase Agreements (Cost $69,000,000)

                               69,000,000  

TOTAL INVESTMENTS(j)(k)–100.11% (Cost $321,449,034)

                               321,499,464  

OTHER ASSETS LESS LIABILITIES–(0.11)%

                               (345,134 ) 

NET ASSETS–100.00%

                             $ 321,154,330  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

FHLB  

– Federal Home Loan Bank

FNMA  

– Federal National Mortgage Association

GO  

– General Obligation

LOC  

– Letter of Credit

MFH  

– Multi-Family Housing

RB  

– Revenue Bonds

Ref.  

– Refunding

Sr.  

– Senior

Unsec.  

– Unsecured

VRD  

– Variable Rate Demand

 

 

Notes to Schedule of Investments:

 

(a)  Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2017 was $122,592,021, which represented 38.17% 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: Netherlands: 11.7%; Japan: 11.4%; Canada: 11.3%; France: 9.0%; Germany: 6.9%; Switzerland: 6.4%; other countries less than 5% each: 15.0%.
(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(e)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(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)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(i)  The Fund may demand prepayment of the term repurchase agreement upon one to seven business days notice depending on the timing of the demand.
(j)  Also represents cost for federal income tax purposes.
(k)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     56.5 % 

8-30

     8.1  

31-60

     14.4  

61-90

     9.5  

91-180

     6.2  

181+

     5.3  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

6                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

STIC Prime Portfolio                           
     Interest
Rate		      Maturity
Date		      Principal
Amount
(000)		     
Value		  

Commercial Paper–45.49%(a)

 

         
Asset-Backed Securities — Fully Supported–12.60%           

Bennington Stark Capital Co., LLC (CEP–Societe Generale S.A.)(b)(c)

     0.90 %       03/06/2017      $ 18,000      $ 17,997,867  

Kells Funding LLC (CEP–FMS Wertmanagement)(c)

     0.90 %       03/17/2017        8,000        7,997,273  

Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)

     0.90 %       03/01/2017        15,000        14,999,712  
         40,994,852  
Asset-Backed Securities — Fully Supported Bank–17.44%           

Albion Capital LLC (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(b) (c)

     0.90 %       04/20/2017        6,000        5,993,880  

Anglesea Funding LLC (Multi–CEP’s)(b)(c)

     0.98 %       03/03/2017        15,000        14,999,169  

Institutional Secured Funding Ltd. (Multi–CEP’s)(b)(c)

     0.90 %       03/06/2017        10,000        9,998,815  

Manhattan Asset Funding Co., LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c)

     0.94 %       03/03/2017        15,000        14,999,126  

Regency Markets No. 1 LLC (CEP–HSBC Bank PLC) (b)(c)

     0.80 %       03/14/2017        5,000        4,998,559  

Working Capital Management Co., L.P. (CEP–Mizuho Corporate Bank, Ltd.)(b)(c)

     0.82 %       03/23/2017        5,760        5,757,159  
         56,746,708  
Asset-Backed Securities — Multi-Purpose–8.10%           

Chariot Funding LLC(b)

     0.82 %       03/06/2017        4,000        3,999,526  

CRC Funding LLC(b)

     0.87 %       03/01/2017        5,357        5,356,897  

Nieuw Amsterdam Receivables Corp.(b)(c)

     0.84 %       03/09/2017        10,000        9,998,258  

Versailles Commercial Paper LLC(b)

     0.90 %       04/24/2017        7,000        6,987,937  
         26,342,618  
Diversified Banks–7.35%           

DBS Bank Ltd.(b)(c)

     0.86 %       04/10/2017        10,000        9,991,994  

J.P. Morgan Securities LLC

     0.86 %       03/03/2017        3,925        3,924,784  

NRW Bank(b)(c)

     0.81 %       04/03/2017        10,000        9,993,039  
         23,909,817  

Total Commercial Paper (Cost $147,992,975)

 

      147,993,995  

Variable Rate Demand Notes–19.75%(d)

           
Credit Enhanced–19.75%           

A Mining Group, LLC; Series 2006, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(e)

     0.85 %       06/01/2029        4,235        4,235,000  

Appleton (City of), Wisconsin (Great Northern Corp.); Series 2002 A, VRD IDR
(LOC–Wells Fargo Bank, N.A.)(e)

     0.81 %       09/01/2019        4,500        4,500,000  

Boulder (County of), Colorado (Imagine!); Series 2006, VRD RB (LOC–Wells Fargo Bank, N.A.)(e)

     0.72 %       02/01/2031        326        326,000  

Capital Area Housing Finance Corp. (Cypress Creek at River Bend Apartments); Series 2006, VRD MFH RB (LOC–Citibank N.A.)(e)

     0.72 %       10/01/2039        8,290        8,290,000  

Columbus (City of), Ohio Regional Airport Authority (FlightSafety International Inc.); Series 2015 A, VRD RB (CEP–Berkshire Hathaway Inc.)

     0.68 %       04/01/2035        3,930        3,930,000  

Fulton (County of), Georgia Development Authority (Friends of High Meadows, Inc.); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(e)

     0.72 %       01/01/2020        127        127,000  

Jets Stadium Development, LLC; Series 2007 A-4, VRD Project RB (LOC–Sumitomo Mitsui Banking Corp.)(b)(c)(e)

     0.74 %       04/01/2047        5,000        5,000,000  

Keep Memory Alive; Series 2013, VRD Taxable Bonds (LOC–PNC Bank, N.A.)(e)

     0.73 %       05/01/2037        19,980        19,980,000  

M3 Realty, LLC; Series 2007, VRD RN (LOC–General Electric Capital Corp.)(b)(e)

     0.81 %       01/01/2033        5,400        5,400,000  

 

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

 

7                         Short-Term  Investments Trust

STIC Prime Portfolio                           
     Interest
Rate		      Maturity
Date		      Principal
Amount
(000)		     
Value		  
Credit Enhanced–(continued)           

Mobile (County of), Alabama Industrial Development Authority (SSAB Alabama Inc.); Series 2010 A, VRD Recovery Zone Facility RB (LOC–Swedbank AB)(c)(e)

     0.69 %       07/01/2040      $ 5,666      $ 5,666,000  

New York (State of) Housing Finance Agency (605 West 42nd Street Housing); Series 2014 A, VRD RB (LOC–Bank of China Ltd.)(e)

     0.76 %       05/01/2048        6,800        6,800,000  

Total Variable Rate Demand Notes (Cost $64,254,000)

 

      64,254,000  

Certificates of Deposit–12.22%

           

Abbey National Treasury Services PLC(c)

     0.67 %       03/03/2017        10,000        9,999,962  

DZ Bank AG Duetsche Zentral-Genossenschaftsbank(c)

     1.03 %       04/13/2017        2,000        2,000,395  

Mitsubishi UFJ Trust and Banking Corp.(c)

     1.25 %       03/15/2017        8,200        8,201,848  

Nordea Bank AB(c)

     0.56 %       03/01/2017        4,032        4,032,448  

Norinchukin Bank (The)(c)

     1.22 %       03/27/2017        4,000        4,001,473  

Toronto-Dominion Bank (The)(c)

     0.93 %       03/02/2017        5,000        5,000,088  

Toronto-Dominion Bank (The)(c)

     1.08 %       03/17/2017        6,500        6,501,331  

Total Certificates of Deposit (Cost $39,735,790)

 

      39,737,545  

U.S. Government Sponsored Agency Securities–7.76%

           
Overseas Private Investment Corp. (OPIC)–7.76%(d)           

Unsec. Gtd. VRD COP

     0.67 %       09/15/2022        10,000        10,006,250  

Unsec. Gtd. VRD COP

     0.67 %       09/20/2022        4,000        4,002,500  

Unsec. Gtd. VRD COP

     0.68 %       05/15/2030        11,232        11,239,020  

Total U.S. Government Sponsored Agency Securities (Cost $25,232,000)

 

      25,247,770  

TOTAL INVESTMENTS (excluding Repurchase Agreements)–85.22% (Cost $277,214,765)

 

      277,233,310  
                  Repurchase
Amount		         

Repurchase Agreements–14.75%(f)

 

   

Credit Suisse Securities (USA) LLC, term agreement dated 02/22/2017, maturing value of $19,002,882 (collateralized by a domestic agency mortgage-backed security valued at $19,951,479; 0.80%, 05/25/2047)(g)

     0.78 %       03/01/2017        19,002,882        19,000,000  

ING Financial Markets, LLC, agreement dated 02/28/2017, maturing value of $10,000,247 (collateralized by a domestic agency mortgage-backed security and a domestic corporate obligation valued at $10,363,095; 0.88%-4.88%, 10/26/2017-12/15/2043)

     0.89 %       03/01/2017        10,000,247        10,000,000  

RBC Capital Markets LLC, term agreement dated 02/22/2017, maturing value of $19,000,000 (collateralized by municipal obligations valued at $19,950,001; 0.66%-8.22%, 10/01/2021-05/15/2115)(g)

     0.99 %       04/21/2017        19,000,000        19,000,000  

Total Repurchase Agreements (Cost $48,000,000)

                                48,000,000  

TOTAL INVESTMENTS(h)(i)–99.97% (Cost $325,214,765)

 

      325,233,310  

OTHER ASSETS LESS LIABILITIES–0.03%

 

      110,723  

NET ASSETS–100.00%

 

    $ 325,344,033  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

COP  

– Certificates of Participation

Gtd.  

– Guaranteed

IDR  

– Industrial Development Revenue Bonds

LOC  

– Letter of Credit

MFH  

– Multi-Family Housing

RB  

– Revenue Bonds

RN  

– Revenue Notes

Unsec.  

– Unsecured

VRD  

– Variable Rate Demand

 

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

 

8                         Short-Term  Investments Trust

STIC Prime Portfolio

Notes to Schedule of Investments:

 

(a)  Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  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 February 28, 2017 was $146,471,938, which represented 45.02% 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: Netherlands: 13.8%; Japan: 13.5%; France: 10.1%; Canada: 9.4%; Germany: 6.2%; Switzerland: 5.8%; other countries less than 5% each: 10.7%.
(d)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(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)  Also represents cost for federal income tax purposes.
(i)  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  

Sumitomo Mitisui Banking Corp.

      6.2 % 

PNC Bank, N.A.

      6.1  

Societe Generale S.A.

      5.5  

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     71.2 % 

8-30

     18.0  

31-60

     10.8  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

9                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Treasury Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–48.14%

          
U.S. Treasury Bills–26.97%(a)          

U.S. Treasury Bills

     0.50 %      04/13/2017      $ 300,000      $ 299,822,625  

U.S. Treasury Bills

     0.59 %      04/27/2017        124,000        123,887,010  

U.S. Treasury Bills

     0.62 %      05/18/2017        400,000        399,475,456  

U.S. Treasury Bills

     0.61 %      05/25/2017        300,000        299,578,541  

U.S. Treasury Bills

     0.63 %      05/25/2017        400,000        399,416,452  

U.S. Treasury Bills

     0.64 %      06/08/2017        116,510        116,313,640  

U.S. Treasury Bills

     0.66 %      06/15/2017        400,000        399,239,966  

U.S. Treasury Bills

     0.64 %      06/22/2017        400,000        399,208,372  

U.S. Treasury Bills

     0.65 %      06/22/2017        500,000        498,991,633  

U.S. Treasury Bills

     0.66 %      06/29/2017        100,000        99,785,000  

U.S. Treasury Bills

     0.67 %      06/29/2017        34,720        34,643,616  

U.S. Treasury Bills

     0.65 %      07/06/2017        298,000        297,331,604  

U.S. Treasury Bills

     0.66 %      07/06/2017        147,000        146,664,736  

U.S. Treasury Bills

     0.61 %      07/13/2017        295,000        294,340,068  

U.S. Treasury Bills

     0.62 %      07/13/2017        50,000        49,887,403  

U.S. Treasury Bills

     0.61 %      07/20/2017        115,000        114,729,750  

U.S. Treasury Bills

     0.63 %      08/03/2017        250,000        249,332,101  

U.S. Treasury Bills

     0.65 %      08/10/2017        300,000        299,142,751  

U.S. Treasury Bills

     0.65 %      08/17/2017        550,000        548,355,067  

U.S. Treasury Bills

     0.68 %      08/31/2017        300,000        298,983,834  
                                5,369,129,625  
U.S. Treasury Notes–21.17%          

U.S. Treasury Floating Rate Notes(b)

     0.68 %      10/31/2017        706,250        706,137,691  

U.S. Treasury Floating Rate Notes(b)

     0.79 %      01/31/2018        300,000        300,104,296  

U.S. Treasury Floating Rate Notes(b)

     0.71 %      04/30/2018        664,000        664,063,866  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      07/31/2018        429,240        429,238,590  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      10/31/2018        695,000        694,867,073  

U.S. Treasury Notes

     0.50 %      04/30/2017        176,000        175,995,050  

U.S. Treasury Notes

     0.88 %      04/30/2017        150,000        150,088,871  

U.S. Treasury Notes

     2.75 %      05/31/2017        200,000        201,090,104  

U.S. Treasury Notes

     0.63 %      06/30/2017        200,000        199,977,705  

U.S. Treasury Notes

     2.50 %      06/30/2017        200,000        201,251,101  

U.S. Treasury Notes

     0.63 %      09/30/2017        200,000        199,848,721  

U.S. Treasury Notes

     1.88 %      09/30/2017        291,110        292,998,928  
                                4,215,661,996  

Total U.S. Treasury Securities (Cost $9,584,791,621)

                               9,584,791,621  

TOTAL INVESTMENTS (excluding Repurchase Agreements)–48.14% (Cost $9,584,791,621)

                               9,584,791,621  
                 Repurchase
Amount		         

Repurchase Agreements–53.35%(c)

          

ABN AMRO Bank N.V., agreement dated 02/28/2017, maturing value of $600,008,833 (collateralized by U.S. Treasury obligations valued at $612,000,178; 0.50%-3.13%, 03/31/2017-05/15/2026)

     0.53 %      03/01/2017        600,008,833        600,000,000  

 

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

 

10                         Short-Term  Investments Trust

Treasury Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

ABN AMRO Bank N.V., term agreement dated 01/10/2017, maturing value of $250,229,444 (collateralized by U.S. Treasury obligations valued at $255,000,408; 0.13%-2.63%, 08/31/2018-05/15/2026)

     0.56 %      03/10/2017      $ 250,229,444      $ 250,000,000  

Bank of Montreal, joint term agreement dated 02/10/2017, aggregate maturing value of $300,265,500 (collateralized by U.S. Treasury obligations valued at $306,000,037; 0.75%-4.25%, 01/31/2018-05/15/2044)(d)

     0.54 %      04/10/2017        150,132,750        150,000,000  

Bank of Montreal, joint term agreement dated 02/23/2017, aggregate maturing value of $635,834,496 (collateralized by U.S. Treasury obligations valued at $647,700,025; 0.63%-3.63%, 07/31/2017-08/15/2043)(d)

     0.57 %      05/17/2017        115,151,129        115,000,000  

Bank of Montreal, term agreement dated 01/30/2017, maturing value of $500,688,750 (collateralized by U.S. Treasury obligations valued at $510,000,002; 0.75%-3.63%, 03/31/2017-08/15/2044)(d)

     0.57 %      04/27/2017        500,688,750        500,000,000  

Bank of Montreal, term agreement dated 02/10/2017, maturing value of $150,077,292 (collateralized by U.S. Treasury obligations valued at $153,000,054; 1.38%-3.50%, 03/31/2017-11/15/2046)(d)

     0.53 %      03/17/2017        150,077,292        150,000,000  

Bank of Montreal, term agreement dated 02/22/2017, maturing value of $200,233,333 (collateralized by U.S. Treasury obligations valued at $204,000,055; 1.25%-3.63%, 08/31/2017-04/15/2028)(d)

     0.56 %      05/08/2017        200,233,333        200,000,000  

BNP Paribas Securities Corp., agreement dated 02/28/2017, maturing value of $600,009,167 (collateralized by U.S. Treasury obligations valued at $600,019,151; 0.13%, 04/15/2017)

     0.55 %      03/01/2017        600,009,167        600,000,000  

CIBC World Markets Corp., joint agreement dated 02/28/2017, aggregate maturing value of $1,350,019,500 (collateralized by U.S. Treasury obligations valued at $1,383,331,253; 0.13%-8.75%, 03/15/2017-02/15/2047)

     0.52 %      03/01/2017        579,534,169        579,525,798  

Citigroup Global Markets Inc., term agreement dated 02/23/2017, maturing value of $500,049,583 (collateralized by U.S. Treasury obligations valued at $510,000,000;
0%-7.63%, 03/31/2018-08/15/2036)(d)

     0.51 %      03/02/2017        500,049,583        500,000,000  

Citigroup Global Markets Inc., agreement dated 02/28/2017, maturing value of $400,005,778 (collateralized by U.S. Treasury obligations valued at $408,000,001; 0.63%-7.63%, 05/31/2017-02/15/2025)

     0.52 %      03/01/2017        400,005,778        400,000,000  

Credit Agricole Corp. & Investment Bank, agreement dated 02/28/2017, maturing value of $200,002,889 (collateralized by a U.S. Treasury obligation valued at $204,000,005; 3.00%, 11/15/2044)

     0.52 %      03/01/2017        200,002,889        200,000,000  

Credit Agricole Corp. & Investment Bank, term agreement dated 01/03/2017, maturing value of $200,186,833 (collateralized by U.S. Treasury obligations valued at $204,000,089; 0.63%-1.25%, 03/31/2021-01/15/2024)(d)

     0.57 %      03/03/2017        200,186,833        200,000,000  

Credit Agricole Corp. & Investment Bank, term agreement dated 02/24/2017, maturing value of $250,025,278 (collateralized by U.S. Treasury obligations valued at $255,000,014; 1.50%-2.75%, 02/15/2019-02/15/2023)(d)

     0.52 %      03/03/2017        250,025,278        250,000,000  

Federal Reserve Bank of New York, agreement dated 02/28/2017, maturing value of $400,005,556 (collateralized by a U.S. Treasury obligation valued at $400,005,625; 3.00%, 05/15/2042)

     0.50 %      03/01/2017        400,005,556        400,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/23/2017, maturing value of $450,044,625 (collateralized by U.S. Treasury obligations valued at $458,149,703; 3.75%, 11/15/2043)(d)

     0.51 %      03/02/2017        450,044,625        450,000,000  

Metropolitan Life Insurance Co., term agreement dated 02/28/2017, maturing value of $350,038,556 (collateralized by U.S. Treasury obligations valued at $359,686,324;
0%-1.13%, 09/30/2021-11/15/2040)(d)

     0.55 %      03/07/2017        350,038,556        350,001,125  

Prudential Insurance Co. of America, agreement dated 02/28/2017, maturing value of $287,754,066 (collateralized by U.S. Treasury obligations valued at $293,991,621;
0%-2.50%; 11/15/2027-02/15/2045)

     0.54 %      03/01/2017        287,754,066        287,749,750  

Prudential Legacy Insurance Co. of America, agreement dated 02/28/2017, maturing value of $190,377,856 (collateralized by U.S. Treasury obligations valued at $194,102,100;
0%; 02/15/2022-08/15/2033)

     0.54 %      03/01/2017        190,377,856        190,375,000  

RBC Capital Markets LLC, term agreement dated 01/17/2017, maturing value of $500,443,056 (collateralized by U.S. Treasury obligations valued at $510,000,026;
1.00%-7.13%, 08/15/2018-11/15/2025)(d)

     0.55 %      03/16/2017        500,443,056        500,000,000  

RBC Capital Markets LLC, term agreement dated 02/16/2017, maturing value of $1,000,458,333 (collateralized by U.S. Treasury obligations valued at $1,016,577,459;
0%-9.00%, 03/30/2017-05/15/2046)(d)

     0.55 %      05/17/2017        1,000,458,333        1,000,000,000  

 

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

 

11                         Short-Term  Investments Trust

Treasury Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Societe Generale, joint term agreement dated 02/09/2017, aggregate maturing value of $500,240,000 (collateralized by U.S. Treasury obligations valued at $510,000,043;
0%-8.75%, 04/30/2017-05/15/2043)(d)

     0.54 %      03/13/2017      $ 435,208,800      $ 435,000,000  

Sumitomo Mitsui Banking Corp., agreement dated 02/28/2017, maturing value of $1,000,014,722 (collateralized by U.S. Treasury obligations valued at $1,020,004,676; 1.13%-1.63%, 01/31/2021-05/31/2023)

     0.53 %      03/01/2017        1,000,014,722        1,000,000,000  

TD Securities (USA) LLC, agreement dated 02/28/2017, maturing value of $300,004,333 (collateralized by U.S. Treasury obligations valued at $306,000,076; 0.50%-4.25%, 04/30/2017-02/15/2042)

     0.52 %      03/01/2017        300,004,333        300,000,000  

Wells Fargo Bank, N.A., term agreement dated 11/16/2016, maturing value of $250,879,861 (collateralized by U.S. Treasury obligations valued at $255,000,189; 2.38%-2.63%, 07/15/2017-01/15/2025)

     0.70 %      05/16/2017        250,879,861        250,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2017, maturing value of $565,008,161 (collateralized by U.S. Treasury obligations valued at $576,300,061; 1.13%-3.63%, 02/28/2019-02/15/2045)

     0.52 %      03/01/2017        565,008,161        565,000,000  

Wells Fargo Securities, LLC, term agreement dated 01/17/2017, maturing value of $200,273,889 (collateralized by U.S. Treasury obligations valued at $204,000,038;
3.00%-3.38%, 11/15/2041-02/15/2047)

     0.58 %      04/12/2017        200,273,889        200,000,000  

Total Repurchase Agreements (Cost $10,622,651,673)

                       10,622,651,673  

TOTAL INVESTMENTS(e)–101.49% (Cost $20,207,443,294)

                       20,207,443,294  

OTHER ASSETS LESS LIABILITIES–(1.49)%

 

               (296,145,850 ) 

NET ASSETS–100.00%

 

             $ 19,911,297,444  

Notes to Schedule of Investments:

 

(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(c)  Principal amount equals value at period end. See Note 1I.
(d)  The Fund may demand prepayment of the term repurchase agreement upon one to seven business days notice depending on the timing of the demand.
(e)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     48.7 % 

8-30

     1.2  

31-60

     3.1  

61-90

     8.4  

91-180

     20.9  

181+

     17.7  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

12                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Government Sponsored Agency Securities–32.26%

          
Federal Farm Credit Bank (FFCB)–2.78%          

Disc. Notes(a)

     0.57 %      03/20/2017      $ 19,000      $ 18,994,284  

Disc. Notes(a)

     0.56 %      04/04/2017        50,000        49,973,556  

Disc. Notes(a)

     0.57 %      04/18/2017        25,000        24,981,000  

Unsec. Bonds(b)

     0.78 %      05/30/2017        45,000        44,998,717  

Unsec. Bonds(b)

     0.81 %      06/20/2017        39,325        39,314,841  

Unsec. Bonds(b)

     0.81 %      07/06/2017        70,000        69,993,789  

Unsec. Bonds(b)

     0.80 %      07/14/2017        14,000        14,001,030  

Unsec. Bonds(b)

     0.92 %      07/21/2017        45,000        44,999,973  

Unsec. Bonds(b)

     0.81 %      07/25/2017        35,600        35,606,864  

Unsec. Bonds(b)

     0.76 %      08/21/2017        22,000        21,994,177  

Unsec. Bonds(b)

     0.82 %      08/29/2017        4,625        4,625,006  

Unsec. Bonds(b)

     0.82 %      11/13/2017        8,000        7,994,599  

Unsec. Bonds(b)

     0.79 %      12/27/2017        30,000        29,967,696  

Unsec. Bonds(b)

     0.80 %      01/17/2018        10,000        9,995,120  

Unsec. Bonds(b)

     0.68 %      01/22/2018        100,000        100,000,000  

Unsec. Bonds(b)

     0.85 %      02/09/2018        25,000        25,000,000  

Unsec. Bonds(b)

     0.81 %      02/26/2018        50,000        49,985,324  

Unsec. Bonds(b)

     0.90 %      03/02/2018        40,000        40,065,673  

Unsec. Bonds(b)

     0.89 %      03/21/2018        20,000        20,009,681  

Unsec. Bonds(b)

     1.04 %      05/09/2018        9,500        9,520,924  
         662,022,254  
Federal Home Loan Bank (FHLB)–26.30%          

Unsec. Bonds

     0.88 %      03/10/2017        13,155        13,156,137  

Unsec. Bonds

     0.55 %      03/21/2017        52,630        52,630,977  

Unsec. Bonds

     0.60 %      05/19/2017        62,000        62,000,000  

Unsec. Bonds

     0.60 %      05/23/2017        73,000        72,999,112  

Unsec. Bonds(b)

     0.77 %      08/18/2017        73,500        73,482,728  

Unsec. Bonds(b)

     0.96 %      10/30/2017        199,700        199,689,898  

Unsec. Bonds(b)

     0.83 %      11/15/2017        40,000        40,000,000  

Unsec. Bonds(b)

     0.83 %      11/17/2017        25,000        25,000,000  

Unsec. Bonds(b)

     0.85 %      02/16/2018        45,000        45,000,000  

Unsec. Bonds(b)

     0.78 %      03/06/2018        225,000        225,000,000  

Unsec. Bonds(b)

     0.78 %      03/09/2018        100,000        100,000,000  

Unsec. Bonds(b)

     0.79 %      03/14/2018        300,000        300,000,000  

Unsec. Bonds(b)

     0.79 %      03/15/2018        75,000        75,000,000  

Unsec. Bonds(b)

     0.79 %      03/16/2018        350,000        350,000,000  

Unsec. Bonds(b)

     0.77 %      03/19/2018        275,000        275,000,000  

Unsec. Bonds(b)

     0.81 %      03/19/2018        145,000        145,000,000  

Unsec. Bonds(b)

     0.76 %      04/12/2018        220,000        220,000,000  

Unsec. Bonds(b)

     0.76 %      04/13/2018        225,000        224,999,315  

Unsec. Bonds(b)

     0.77 %      04/20/2018        86,000        85,992,390  

Unsec. Bonds(b)

     0.77 %      04/23/2018        140,000        139,991,832  

Unsec. Bonds(b)

     0.69 %      05/08/2018        230,000        230,002,219  

Unsec. Bonds(b)

     0.67 %      07/26/2018        100,000        100,000,000  

 

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

 

13                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Federal Home Loan Bank (FHLB)–(continued)          

Unsec. Bonds(b)

     0.68 %      08/01/2018      $ 200,000      $ 200,000,000  

Unsec. Disc. Notes(a)

     0.46 %      03/29/2017        245,700        245,612,972  

Unsec. Disc. Notes(a)

     0.60 %      05/05/2017        62,665        62,597,113  

Unsec. Disc. Notes(a)

     0.63 %      05/24/2017        50,000        49,926,208  

Unsec. Disc. Notes(a)

     0.64 %      05/24/2017        145,613        145,397,250  

Unsec. Disc. Notes(a)

     0.64 %      05/26/2017        133,000        132,796,975  

Unsec. Disc. Notes(a)

     0.63 %      05/31/2017        200,000        199,682,010  

Unsec. Disc. Notes(a)

     0.64 %      07/05/2017        300,000        299,327,999  

Unsec. Disc. Notes(a)

     0.61 %      07/12/2017        400,000        399,098,554  

Unsec. Disc. Notes(a)

     0.67 %      08/09/2017        86,324        86,067,270  

Unsec. Disc. Notes(a)

     0.67 %      08/16/2017        48,000        47,849,920  

Unsec. Disc. Notes(a)

     0.67 %      08/18/2017        30,000        29,905,083  

Unsec. Disc. Notes(a)

     0.69 %      08/23/2017        37,852        37,725,038  

Unsec. Disc. Notes(a)

     0.69 %      08/25/2017        50,000        49,831,850  

Unsec. Global Bonds(b)

     0.80 %      04/21/2017        10,000        9,999,371  

Unsec. Global Bonds

     1.00 %      06/21/2017        30,380        30,415,400  

Unsec. Global Bonds(b)

     0.78 %      08/15/2017        50,000        50,000,000  

Unsec. Global Bonds(b)

     0.83 %      09/06/2017        25,000        25,000,147  

Unsec. Global Bonds(b)

     0.94 %      11/15/2017        60,000        59,986,869  

Unsec. Global Bonds(b)

     0.85 %      12/07/2017        22,000        21,998,481  

Unsec. Global Bonds(b)

     0.97 %      01/08/2018        80,000        80,000,000  

Unsec. Global Bonds(b)

     0.69 %      01/23/2018        237,000        237,000,000  

Unsec. Global Bonds(b)

     0.70 %      01/23/2018        93,000        93,008,412  

Unsec. Global Bonds(b)

     0.89 %      02/26/2018        185,000        185,000,000  

Unsec. Global Bonds(b)

     0.79 %      04/06/2018        136,000        136,000,000  

Unsec. Global Bonds(b)

     0.69 %      05/09/2018        100,000        100,000,000  

Unsec. Global Bonds(b)

     0.72 %      07/12/2018        200,000        200,098,223  
                                6,269,269,753  
Federal Home Loan Mortgage Corp. (FHLMC)–0.69%          

Unsec. Global Notes(b)

     0.79 %      04/20/2017        30,000        29,999,371  

Unsec. Global Notes(b)

     0.82 %      04/27/2017        14,000        13,998,795  

Unsec. Global Notes(b)

     0.91 %      07/21/2017        20,000        19,999,200  

Unsec. Global Notes(b)

     0.98 %      01/08/2018        100,000        100,000,000  
                                163,997,366  
Federal National Mortgage Association (FNMA)–1.26%          

Unsec. Global Notes

     1.13 %      04/27/2017        42,863        42,901,342  

Unsec. Global Notes

     5.00 %      05/11/2017        60,000        60,513,120  

Unsec. Global Notes(b)

     0.79 %      09/08/2017        35,000        34,982,216  

Unsec. Global Notes(b)

     0.79 %      10/05/2017        112,815        112,785,166  

Unsec. Notes(b)

     0.78 %      08/16/2017        50,000        49,995,354  
                                301,177,198  
Overseas Private Investment Corp. (OPIC)–1.23%          

Sec. Gtd. VRD COP Bonds(c)

     0.69 %      11/15/2028        100,000        100,000,000  

Sr. Unsec. Gtd. VRD COP Bonds(c)

     0.69 %      02/15/2028        20,000        20,000,000  

Unsec. Gtd. VRD COP Bonds(c)

     0.69 %      09/15/2020        81,000        81,000,000  

Unsec. Gtd. VRD COP Bonds(c)

     0.69 %      07/15/2025        44,389        44,388,890  

Unsec. Gtd. VRD COP Notes(c)

     0.67 %      07/09/2026        48,450        48,450,000  
         293,838,890  

Total U.S. Government Sponsored Agency Securities (Cost $7,690,305,461)

              7,690,305,461  

 

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

 

14                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–16.97%

          
U.S. Treasury Bills–16.76%(a)          

U.S. Treasury Bills

     0.58 %      04/27/2017      $ 150,000      $ 149,864,625  

U.S. Treasury Bills

     0.62 %      05/18/2017        200,000        199,737,184  

U.S. Treasury Bills

     0.61 %      05/25/2017        300,000        299,577,833  

U.S. Treasury Bills

     0.63 %      05/25/2017        350,000        349,491,299  

U.S. Treasury Bills

     0.62 %      06/01/2017        700,000        698,908,777  

U.S. Treasury Bills

     0.65 %      06/15/2017        300,000        299,438,642  

U.S. Treasury Bills

     0.66 %      06/15/2017        200,000        199,619,945  

U.S. Treasury Bills

     0.64 %      06/22/2017        200,000        199,604,186  

U.S. Treasury Bills

     0.66 %      06/29/2017        100,000        99,784,917  

U.S. Treasury Bills

     0.65 %      07/06/2017        370,000        369,170,064  

U.S. Treasury Bills

     0.66 %      07/06/2017        130,000        129,703,508  

U.S. Treasury Bills

     0.61 %      07/13/2017        200,000        199,552,588  

U.S. Treasury Bills

     0.62 %      07/13/2017        50,000        49,887,403  

U.S. Treasury Bills

     0.65 %      08/10/2017        300,000        299,141,400  

U.S. Treasury Bills

     0.65 %      08/17/2017        300,000        299,104,300  

U.S. Treasury Bills

     0.68 %      08/24/2017        155,000        154,492,289  
                                3,997,078,960  
U.S. Treasury Notes–0.21%          

U.S. Treasury Floating Rate Notes(b)

     0.68 %      10/31/2017        50,000        49,990,890  

Total U.S. Treasury Securities (Cost $4,047,069,850)

                               4,047,069,850  

TOTAL INVESTMENTS (excluding Repurchase Agreements) –49.23% (Cost $11,737,375,311)

 

                       11,737,375,311  
                 Repurchase
Amount		         

Repurchase Agreements–50.77%(d)

          

Bank of Montreal, agreement dated 02/28/2017, maturing value of $300,004,417 (collateralized by domestic agency mortgage-backed securities valued at $306,000,000; 2.00%-5.50%; 09/01/2025-01/20/2047)

     0.53 %      03/01/2017        300,004,417        300,000,000  

Bank of Montreal, joint term agreement dated 02/10/2017, aggregate maturing value of $300,265,500 (collateralized by U.S. Treasury obligations valued at $306,000,037; 0.75%-4.25%, 01/31/2018-05/15/2044)(e)

     0.54 %      04/10/2017        100,088,500        100,000,000  

Bank of Montreal, joint term agreement dated 02/23/2017, aggregate maturing value of $635,834,496 (collateralized by U.S. Treasury obligations valued at $647,700,025; 0.63%-3.63%, 07/31/2017-08/15/2043)(e)

     0.57 %      05/17/2017        390,512,525        390,000,000  

Bank of Nova Scotia (The), agreement dated 02/28/2017, maturing value of $1,000,014,444 (collateralized by U.S. Treasury obligations valued at $1,020,000,038; 0.13%-3.63%; 10/31/2018-05/15/2046)

     0.52 %      03/01/2017        1,000,014,444        1,000,000,000  

Bank of Nova Scotia (The), agreement dated 02/28/2017, maturing value of $200,002,944 (collateralized by domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at $204,000,053; 2.55%-4.00%; 11/15/2023-09/01/2046)

     0.53 %      03/01/2017        200,002,944        200,000,000  

BNP Paribas Securities Corp., agreement dated 02/28/2017, maturing value of $885,013,521 (collateralized by a U.S. Treasury obligation valued at $900,781,027; 0.13%; 07/15/2022)

     0.55 %      03/01/2017        885,013,521        885,000,000  

CIBC World Markets Corp., joint agreement dated 02/28/2017, aggregate maturing value of $1,350,019,500 (collateralized by U.S. Treasury obligations valued at $1,383,331,253; 0.13%-8.75%, 03/15/2017-02/15/2047)

     0.52 %      03/01/2017        329,615,714        329,610,953  

Citigroup Global Markets Inc., agreement dated 02/28/2017, maturing value of $250,003,681 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $255,000,090; 0%-7.63%; 03/06/2017-09/15/2065)

     0.53 %      03/01/2017        250,003,681        250,000,000  

 

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

 

15                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Credit Agricole Corp. & Investment Bank, joint agreement dated 02/28/2017, aggregate maturing value of $700,010,306 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $714,000,000; 0%-4.00%, 04/24/2017-02/01/2047)

     0.53 %      03/01/2017      $ 400,005,889      $ 400,000,000  

Federal Reserve Bank of New York, agreement dated 02/28/2017, maturing value of $600,008,333 (collateralized by a U.S. Treasury obligation valued at $600,008,387; 3.00%; 05/15/2042)

     0.50 %      03/01/2017        600,008,333        600,000,000  

ING Financial Markets, LLC, term agreement dated 01/20/2017, maturing value of $45,062,525 (collateralized by domestic agency mortgage-backed securities valued at $45,901,215; 3.50%; 04/01/2042-01/01/2043)

     0.61 %      04/12/2017        45,062,525        45,000,000  

ING Financial Markets, LLC, term agreement dated 01/31/2017 maturing value of $250,424,375 (collateralized by domestic agency mortgage-backed securities valued at $255,003,653; 3.00%-6.00%; 03/01/2026-07/01/2046)

     0.63 %      05/08/2017        250,424,375        250,000,000  

ING Financial Markets, LLC, term agreement dated 02/28/2017, maturing value of $270,000,000 (collateralized by domestic agency mortgage-backed securities valued at $275,400,805; 2.03%-4.00%; 03/01/2026-11/01/2046)(b)

     0.71 %      06/05/2017        270,000,000        270,000,000  

ING Financial Markets, LLC, term agreement dated 02/28/2017, maturing value of $220,000,000 (collateralized by domestic agency mortgage-backed securities valued at $224,400,000; 3.00%-5.50%; 10/01/2025-08/01/2048)(b)

     0.80 %      08/28/2017        220,000,000        220,000,000  

J.P. Morgan Securities Inc., agreement dated 02/28/2017, maturing value of $250,003,611 (collateralized by a U.S. Treasury obligation valued at $255,001,384; 0.13%; 04/15/2021)

     0.52 %      03/01/2017        250,003,611        250,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., agreement dated 02/28/2017, maturing value of $100,001,472 (collateralized by domestic agency mortgage-backed securities valued at $102,000,001; 2.50%-3.00%; 10/20/2045-09/20/2046)

     0.53 %      03/01/2017        100,001,472        100,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/23/2017, maturing value of $325,032,229 (collateralized by a U.S. Treasury obligation valued at $330,679,999; 3.63%; 08/15/2043)(e)

     0.51 %      03/02/2017        325,032,229        325,000,000  

Metropolitan Life Insurance Co., term agreement dated 02/28/2017, maturing value of $400,043,803 (collateralized by U.S. Treasury obligations valued at $408,333,658; 0%-0.75%; 02/28/2018-05/15/2044)(e)

     0.55 %      03/07/2017        400,043,803        400,001,025  

Prudential Insurance Co. of America, agreement dated 02/28/2017, maturing value of $157,058,606 (collateralized by U.S. Treasury obligations valued at $160,609,750; 0%; 11/15/2026-08/15/2039)

     0.54 %      03/01/2017        157,058,606        157,056,250  

Prudential Legacy Insurance Co. of America, agreement dated 02/28/2017, maturing value of $170,002,550 (collateralized by U.S. Treasury obligations valued at $173,400,150; 0.00%; 11/15/2028-08/15/2033)

     0.54 %      03/01/2017        170,002,550        170,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/15/2017, aggregate maturing value of $600,885,000 (collateralized by domestic agency mortgage-backed securities valued at $612,000,000; 0.87%-8.50%, 05/01/2017-02/20/2047)(e)

     0.59 %      05/16/2017        455,671,125        455,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/17/2017, aggregate maturing value of $500,221,667 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.50%-4.00%, 02/20/2030-03/01/2047)(b)(e)

     0.57 %      05/18/2017        395,175,117        395,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/21/2017, aggregate maturing value of $500,245,417 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.00%-7.50%, 04/01/2024-12/20/2064)(e)

     0.57 %      05/22/2017        410,201,242        410,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/28/2017, aggregate maturing value of $1,000,000,000 (collateralized by domestic agency mortgage-backed securities valued at $1,020,000,002; 0%-7.00%, 12/25/2017-02/01/2047)(b)(e)

     0.66 %      05/01/2017        590,000,000        590,000,000  

RBC Capital Markets LLC, term agreement dated 01/20/2017, maturing value of $345,402,500 (collateralized by domestic agency mortgage-backed securities valued at $351,900,000; 1.80%-8.50%; 03/01/2019-02/20/2047)(e)

     0.56 %      04/05/2017        345,402,500        345,000,000  

Societe Generale, joint agreement dated 02/28/2017, aggregate maturing value of $1,000,015,000 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $1,020,000,071; 0%-8.00%, 08/31/2017-11/20/2045)

     0.54 %      03/01/2017        650,009,750        650,000,000  

 

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

 

16                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Societe Generale, joint term agreement dated 02/28/2017, aggregate maturing value of $600,061,833 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $612,000,076; 0%-6.50%, 04/27/2017-06/20/2046)(e)

     0.53 %      03/07/2017      $ 450,046,375      $ 450,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2017, aggregate maturing value of $2,000,030,000 (collateralized by domestic agency mortgage-backed securities valued at $2,040,000,646; 3.00%-3.50%, 10/20/2042-04/20/2046)

     0.54 %      03/01/2017        1,440,021,600        1,440,000,000  

Wells Fargo Bank, N.A., term agreement dated 09/08/2016, maturing value of $135,411,750 (collateralized by U.S. Treasury obligations valued at $137,700,000; 0%; 08/15/2021-08/15/2030)

     0.60 %      03/10/2017        135,411,750        135,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2017, maturing value of $550,008,250 (collateralized by domestic agency mortgage-backed securities valued at $561,000,001; 1.78%-6.50%; 03/01/2018-03/01/2047)

     0.54 %      03/01/2017        550,008,250        550,000,000  

Wells Fargo Securities, LLC, term agreement dated 12/05/2016, maturing value of $44,062,382 (collateralized by domestic agency mortgage-backed securities valued at $44,880,000; 0%-2.11%; 06/25/2021-01/25/2046)

     0.58 %      03/03/2017        44,062,382        44,000,000  

Total Repurchase Agreements (Cost $12,105,668,228)

                               12,105,668,228  

TOTAL INVESTMENTS(f)–100.00% (Cost $23,843,043,539)

              23,843,043,539  

OTHER ASSETS LESS LIABILITIES–0.00%

 

      (915,233 ) 

NET ASSETS–100.00%

 

    $ 23,842,128,306  

Investment Abbreviations:

 

COP  

– Certificates of Participation

Disc.  

– Discounted

Gtd.  

– Guaranteed

Sec.  

– Secured

Sr.  

– Senior

Unsec.  

– Unsecured

VRD  

– Variable Rate Demand

Notes to Schedule of Investments:

 

(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(c)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(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)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     48.1 % 

8-30

     2.0  

31-60

     1.5  

61-90

     7.1  

91-180

     20.6  

181+

     20.7  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

17                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Treasury Obligations Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–116.11%

 

U.S. Treasury Bills–104.69%(a)  

U.S. Treasury Bills

     0.41 %      03/02/2017      $ 105,400      $ 105,398,827  

U.S. Treasury Bills

     0.42 %      03/02/2017        65,000        64,999,251  

U.S. Treasury Bills

     0.49 %      03/02/2017        100,000        99,998,667  

U.S. Treasury Bills

     0.50 %      03/02/2017        97,500        97,498,673  

U.S. Treasury Bills

     0.46 %      03/09/2017        200,000        199,982,461  

U.S. Treasury Bills

     0.48 %      03/09/2017        8,300        8,299,123  

U.S. Treasury Bills

     0.54 %      03/09/2017        9,000        8,998,940  

U.S. Treasury Bills

     0.50 %      03/15/2017        50,000        49,990,356  

U.S. Treasury Bills

     0.50 %      03/16/2017        1,400        1,399,714  

U.S. Treasury Bills

     0.52 %      03/16/2017        75,000        74,984,062  

U.S. Treasury Bills

     0.45 %      03/23/2017        50,000        49,986,403  

U.S. Treasury Bills

     0.56 %      03/30/2017        40,000        39,982,117  

U.S. Treasury Bills

     0.50 %      04/13/2017        11,000        10,993,496  

U.S. Treasury Bills

     0.51 %      04/20/2017        7,800        7,794,583  

U.S. Treasury Bills

     0.52 %      04/20/2017        21,000        20,985,096  

U.S. Treasury Bills

     0.52 %      05/04/2017        50,000        49,954,178  

U.S. Treasury Bills

     0.60 %      05/04/2017        15,000        14,984,333  

U.S. Treasury Bills

     0.53 %      05/11/2017        2,300        2,297,614  

U.S. Treasury Bills

     0.54 %      05/18/2017        30,000        29,965,225  

U.S. Treasury Bills

     0.60 %      05/18/2017        20,000        19,974,412  

U.S. Treasury Bills

     0.62 %      05/18/2017        15,000        14,980,289  

U.S. Treasury Bills

     0.63 %      05/25/2017        15,000        14,978,219  

U.S. Treasury Bills

     0.64 %      05/25/2017        500        499,262  

U.S. Treasury Bills

     0.60 %      06/01/2017        10,000        9,984,897  

U.S. Treasury Bills

     0.56 %      06/08/2017        6,200        6,190,622  

U.S. Treasury Bills

     0.62 %      06/08/2017        5,100        5,091,480  

U.S. Treasury Bills

     0.63 %      06/08/2017        17,000        16,971,052  

U.S. Treasury Bills

     0.64 %      06/08/2017        10,000        9,982,785  

U.S. Treasury Bills

     0.63 %      06/15/2017        13,000        12,976,229  

U.S. Treasury Bills

     0.65 %      06/15/2017        2,900        2,894,578  

U.S. Treasury Bills

     0.66 %      06/15/2017        30,000        29,942,937  

U.S. Treasury Bills

     0.64 %      06/22/2017        5,500        5,489,115  

U.S. Treasury Bills

     0.65 %      06/22/2017        85,000        84,828,578  

U.S. Treasury Bills

     0.66 %      06/29/2017        50,000        49,892,333  

U.S. Treasury Bills

     0.62 %      07/06/2017        47,000        46,898,693  

U.S. Treasury Bills

     0.65 %      07/06/2017        2,000        1,995,516  

U.S. Treasury Bills

     0.66 %      07/06/2017        3,000        2,993,158  

U.S. Treasury Bills

     0.60 %      07/13/2017        500        498,904  

U.S. Treasury Bills

     0.62 %      07/13/2017        15,000        14,966,221  

U.S. Treasury Bills

     0.61 %      07/20/2017        35,000        34,917,750  

U.S. Treasury Bills

     0.61 %      07/27/2017        7,900        7,880,432  

U.S. Treasury Bills

     0.63 %      08/03/2017        20,000        19,946,568  

U.S. Treasury Bills

     0.65 %      08/17/2017        19,700        19,641,050  

U.S. Treasury Bills

     0.66 %      08/17/2017        2,900        2,891,205  

 

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

 

18                         Short-Term  Investments Trust

Treasury Obligations Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
U.S. Treasury Bills–(continued)          

U.S. Treasury Bills

     0.65 %      08/24/2017      $ 800      $ 797,489  

U.S. Treasury Bills

     0.66 %      08/24/2017        35,000        34,889,377  

U.S. Treasury Bills

     0.68 %      08/31/2017        20,000        19,932,256  
                                1,431,418,526  
U.S. Treasury Notes–11.42%  

U.S. Treasury Floating Rate Notes(b)

     0.71 %      04/30/2018        55,000        55,051,631  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      07/31/2018        53,000        53,016,862  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      10/31/2018        35,000        35,001,664  

U.S. Treasury Floating Rate Notes(b)

     0.66 %      01/31/2019        13,000        12,997,488  
                                156,067,645  

TOTAL INVESTMENTS(c)–116.11% (Cost $1,587,486,171)

 

      1,587,486,171  

OTHER ASSETS LESS LIABILITIES–(16.11)%

 

      (220,233,692 ) 

NET ASSETS–100.00%

 

    $ 1,367,252,479  

Notes to Schedule of Investments:

 

(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(c)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     10.8 % 

8-30

     31.7  

31-60

     2.9  

61-90

     10.8  

91-180

     30.9  

181+

     12.9  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

19                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Municipal Obligations–96.14%

 

Alabama–3.08%  

Mobile (County of) Industrial Development Authority (SSAB Alabama Inc.); Series 2010 A, VRD Recovery Zone Facility RB (LOC–Swedbank AB)(a)(b)(c)

     0.69 %      07/01/2040      $ 5,440      $ 5,440,000  
Arizona–2.72%          

Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, VRD RB (LOC–Bank of America, N.A.)(a)(b)

     0.65 %      01/01/2046        240        240,000  

Casa Grande (City of) Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.64 %      06/15/2031        2,685        2,685,000  

Maricopa (County of) Industrial Development Authority (Gran Victoria Housing LLC); Series 2000 A, VRD MFH RB (CEP–FNMA)(a)

     0.66 %      04/15/2030        1,375        1,375,000  

Sierra Vista (City of) Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.64 %      06/15/2031        520        520,000  
         4,820,000  
California–6.59%          

California (State of); Series 2004 A9, Ref. VRD Unlimited Tax GO Bonds (LOC–State Street Bank & Trust Co.)(a)(b)

     0.60 %      05/01/2034        4,385        4,385,000  

Orange (County of) Water District; Series 2003 A, Ref. VRD COP (LOC–Citibank, N.A.)(a)(b)

     0.62 %      08/01/2042        2,700        2,700,000  

Southern California Metropolitan Water District; Series 2009 A-2, Ref. Floating Rate RB(d)(e)

     0.80 %      07/10/2017        4,580        4,580,000  
         11,665,000  
Colorado–7.29%          

Boulder (County of) (Imagine!); Series 2006, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      02/01/2031        1,063        1,063,000  

Colorado (State of) Educational & Cultural Facilities Authority (Denver Seminary); Series 2004, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      07/01/2034        1,800        1,800,000  

Colorado (State of) Educational Loan Program; Series 2017 B, TRAN

     4.00 %      06/29/2017        4,000        4,041,428  

Colorado Springs (City of) (Cook Communications Ministries); Series 2002, VRD IDR (LOC–Bank of America, N.A.)(a)(b)

     0.78 %      03/01/2017        5,335        5,335,000  

EagleBend Affordable Housing Corp.; Series 2006 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.66 %      07/01/2021        654        654,000  
         12,893,428  
Delaware–1.75%          

Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC–PNC Bank, N.A.)(a)(b)

     0.66 %      09/01/2036        3,090        3,090,000  
District of Columbia–2.38%          

District of Columbia Series 1998 A, VRD Pooled Loan Program RB (LOC–Bank of America,
N.A.)(a)(b)(f)

     0.81 %      01/01/2029        1,587        1,587,000  

District of Columbia (American University); Series 2006 B, VRD Multimodal RB (LOC–Royal Bank of Canada)(a)(b)

     0.64 %      10/01/2036        2,625        2,625,000  
         4,212,000  
Florida–1.75%          

Palm Beach (County of) (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC–Northern Trust Co.)(a)(b)

     0.71 %      11/01/2036        1,725        1,725,000  

Pinellas (County of) Health Facilities Authority (Baycare Health System); Series 2009 A-2, VRD Health System RB (LOC–Northern Trust Co.(The))(a)(b)

     0.65 %      11/01/2038        1,370        1,370,000  
         3,095,000  
Georgia–4.03%          

Fulton (County of) Development Authority (Friends of High Meadows, Inc.); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      01/01/2020        750        750,000  

Georgia (State of); Series 2015 C, Ref. Unlimited Tax GO Bonds

     5.00 %      07/01/2017        1,325        1,343,623  

Private Colleges & Universities Authority (Emory University); Series 2005 B-2, VRD RB(a)

     0.60 %      09/01/2035        3,630        3,630,000  

 

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

 

20                         Short-Term  Investments Trust

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Georgia–(continued)          

Richmond (County of) Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      09/01/2020      $ 1,400      $ 1,400,000  
         7,123,623  
Illinois–4.70%          

Illinois (State of) Finance Authority (Elmhurst College); Series 2007, VRD RB (LOC–BMO Harris, N.A.)(a)(b)

     0.65 %      02/01/2042        2,000        2,000,000  

Illinois (State of) Finance Authority (Foundation for Safety & Health); Series 1992, VRD Safety Education RB (LOC–BMO Harris, N.A.)(a)(b)(f)

     0.78 %      10/01/2017        200        200,000  

Illinois (State of) Finance Authority (Institute of Gas Technology); Series 1999, VRD IDR (LOC–BMO Harris, N.A.)(a)(b)

     0.70 %      09/01/2024        400        400,000  

Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(a)

     0.62 %      12/01/2046        5,435        5,435,000  

Illinois (State of) Finance Authority (Radiological Society of North America, Inc.); Series 1997, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)(f)

     0.80 %      06/01/2017        270        270,000  
         8,305,000  
Indiana–9.47%          

Fort Wayne (City of) (University of St. Francis); Series 2008, VRD Economic Development RB
(LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.66 %      08/01/2028        2,135        2,135,000  

Huntington (City of) (Huntington University, Inc.); Series 2007, Ref. VRD Economic Development & Improvement RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      08/01/2037        1,928        1,928,000  

Indiana (State of) Finance Authority (Ispat Inland Inc.); Series 2005, Ref. VRD Environmental Improvement RB (LOC–Rabobank Nederland)(a)(b)(c)

     0.70 %      06/01/2035        3,553        3,553,000  

Indiana (State of) Finance Authority (Ohio Valley Electric Corp.); Series 2012 C, VRD Midwestern Disaster Relief RB (LOC–Bank of Nova Scotia)(a)(b)(c)

     0.64 %      06/01/2040        3,915        3,915,000  

Purdue University; Series 2011 A, VRD COP

     0.63 %      07/01/2035        4,682        4,681,500  

University of Southern Indiana; Series 1999 G, VRD Student Fee RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.66 %      10/01/2019        530        530,000  
         16,742,500  
Massachusetts–0.95%          

Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b)

     0.64 %      10/01/2038        1,685        1,685,000  
Michigan–0.72%          

Huron Valley School District; Series 2015, Ref. Unlimited Tax GO Bond

     5.00 %      05/01/2017        800        805,583  

Oakland University Board of Trustees; Series 2008, Ref. VRD General RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.64 %      03/01/2031        474        474,000  
         1,279,583  
Minnesota–2.01%          

Burnsville (City of) (Bridgeway Apartments L.P.); Series 2003, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.72 %      10/15/2033        1,175        1,175,000  

Minnesota (State of) Midwest Consortium of Municipal Utilities (Minnesota Municipal Utilities Association Financing Program); Series 2005 A, VRD RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.67 %      01/01/2025        270        270,000  

Minnetonka (City of) (Minnesota Hills Apartments); Series 2001, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.73 %      11/15/2031        468        468,000  

Oak Park Heights (City of) (Boutswell Landing); Series 2005, Ref. VRD MFH RB (CEP–FHLMC)(a)

     0.64 %      11/01/2035        1,500        1,500,000  

St. Paul (City of) Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD MFH RB (CEP–FHLMC)(a)

     0.64 %      10/01/2033        150        150,000  
         3,563,000  
Mississippi–0.07%          

Mississippi (State of) Business Finance Corp. (Chevron U.S.A. Inc.); Series 2007 A, VRD Gulf Opportunity Zone IDR(a)

     0.57 %      12/01/2030        121        121,000  
Missouri–1.22%          

Bridgeton (City of) Industrial Development Authority (Stolze Printing); Series 2010, VRD RB
(LOC–FHLB of Chicago)(a)(b)

     0.65 %      11/01/2037        1,195        1,195,000  

Springfield (City of) Industrial Development Authority (Pebblecreek Apartments); Series 1994, Ref. VRD MFH RB (LOC–FHLB of Des Moines)(a)(b)

     0.72 %      12/01/2019        960        960,000  
         2,155,000  

 

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

 

21                         Short-Term  Investments Trust

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
New Hampshire–0.85%          

New Hampshire (State of) Health & Education Facilities Authority (Riverbend Community Mental Health, Inc.); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b)

     0.64 %      07/01/2038      $ 1,505      $ 1,505,000  
New York–2.85%          

New York (State of) Dormitory Authority; Series 2009 B, VRD Samaritan Medical Center RB
(LOC–HSBC Bank USA N.A.)(a)(b)(c)

     0.65 %      11/01/2036        5,050        5,050,000  
North Carolina–3.55%          

Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems); Series 2007 C, Ref. VRD RB (a)

     0.64 %      01/15/2037        4,140        4,140,000  

North Carolina (State of) Capital Facilities Finance Agency (Roman Catholic Diocese of Charlotte); Series 2000, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.65 %      06/01/2017        300        300,000  

Raleigh-Durham Airport Authority; Series 2008 C, Ref. VRD RB (LOC–Royal Bank of Canada)(a)(b)(c)

     0.63 %      05/01/2036        1,845        1,845,000  
         6,285,000  
Ohio–3.52%          

Montgomery (County of) (The Dayton Art Institute); Series 1996, VRD Economic Development RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.64 %      05/01/2026        6,221        6,221,000  
Pennsylvania–5.08%          

Haverford Township School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank,
N.A.)(a)(b)

     0.64 %      03/01/2030        2,795        2,795,000  

Lebanon (County of) Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC–PNC Bank, N.A.)(a)(b)

     0.66 %      10/15/2025        3,405        3,405,000  

Luzerne (County of) Convention Center Authority; Series 1998 A, VRD Hotel Room Rental Tax RB (LOC–PNC Bank, N.A.)(a)(b)

     0.65 %      09/01/2028        761        761,000  

Ridley School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank, N.A.)(a)(b)

     0.64 %      11/01/2029        1,325        1,325,000  

Westmoreland (County of) Industrial Development Authority (Excela Health); Series 2005 A, VRD Health System RB (LOC–PNC Bank, N.A.)(a)(b)

     0.65 %      07/01/2027        705        705,000  
         8,991,000  
South Carolina–3.26%          

South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Health System, Inc.); Series 2008 D, Ref. VRD RB (LOC–Bank of New York Mellon (The))(a)(b)

     0.65 %      11/01/2025        5,765        5,765,000  
Texas–16.83%          

Aledo Independent School District; Series 2006 A, VRD School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program)(a)

     0.67 %      08/01/2035        8,638        8,638,000  

Houston (City of); Series G-2, GO Commercial Paper Notes

     0.75 %      03/14/2017        3,600        3,600,000  

North Texas Tollway Authority; Series 2009 D, Ref. VRD First Tier System RB (LOC–Royal Bank of Canada)(a)(b)(c)

     0.64 %      01/01/2049        5,485        5,485,000  

Port Arthur (Port of) Navigation District (Texaco Inc.); Series 1994, Ref. VRD PCR(a)

     0.57 %      10/01/2024        2,285        2,285,000  

San Gabriel (City of) Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.66 %      04/01/2026        415        415,000  

Tarrant County Cultural Education Facilities Finance Corp. (Baylor Health Care System); Series 2011 C, VRD Hospital RB (LOC–Northern Trust Co.)(a)(b)

     0.64 %      11/15/2050        3,500        3,500,000  

University of Texas System Board of Regents; Series 2008 B, VRD Financing System RB(a)

     0.60 %      08/01/2025        5,850        5,850,000  
         29,773,000  
Utah–5.18%          

Emery (County of) (Pacificorp); Series 1994, Ref. VRD PCR (LOC–Canadian Imperial Bank of Commerce)(a)(b)(c)

     0.62 %      11/01/2024        5,250        5,250,000  

Sanpete (County of) (Wasatch Academy); Series 2003, VRD School Facility RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.72 %      08/01/2028        260        260,000  

Utah Housing Corp. (Timbergate Apartments); Series 2009 A, VRD MFH RB (CEP–FHLMC)(a)

     0.69 %      04/01/2042        2,900        2,900,000  

Utah (State of); Series 2010 A, Unlimited Tax GO Bonds

     4.00 %      07/01/2017        750        757,948  
         9,167,948  

 

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

 

22                         Short-Term  Investments Trust

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Virginia–0.06%          

Suffolk (City of) Redevelopment & Housing Authority (Oak Springs Apartments, LLC); Series 1999, Ref. VRD MFH RB (CEP–FHLMC)(a)

     0.69 %      12/01/2019      $ 100      $ 100,000  
West Virginia–1.64%          

West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008, Ref. VRD Improvement RB (LOC–Branch Banking & Trust Co.)(a)(b)

     0.68 %      01/01/2034        2,900        2,900,000  
Wisconsin–2.44%          

Lima (Town of) (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD Development RB (LOC–FHLB of Chicago)(a)(b)

     0.68 %      10/01/2042        4,315        4,315,000  
Wyoming–2.15%          

Sublette (County of) (Exxonmobile); Series 2014, Ref. VRD PCR(a)

     0.56 %      10/01/2044        3,800        3,800,000  

TOTAL INVESTMENTS(g)(h)–96.14% (Cost $170,063,082)

              170,063,082  

OTHER ASSETS LESS LIABILITIES–3.86%

 

      6,820,128  

NET ASSETS–100.00%

 

    $ 176,883,210  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

COP  

– Certificates of Participation

FHLB  

– Federal Home Loan Bank

FHLMC  

– Federal Home Loan Mortgage Corp.

FNMA  

– Federal National Mortgage Association

GO  

– General Obligation

IDR  

– Industrial Development Revenue Bonds

LOC  

– Letter of Credit

MFH  

– Multi-Family Housing

PCR  

– Pollution Control Revenue Bonds

RB  

– Revenue Bonds

Ref.  

– Refunding

TRAN  

– Tax and Revenue Anticipation Notes

VRD  

– Variable Rate Demand

 

 

Notes to Schedule of Investments:

 

(a)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(b)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(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: 9.3%; other countries less than 5% each: 7.9%.
(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(e)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(f)  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 February 28, 2017 was $2,057,000, which represented 1.16% of the Fund’s Net Assets.
(g)  Also represents cost for federal income tax purposes.
(h)  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  

Royal Bank of Canada

      5.9 % 

Texas Permanent School Fund Guarantee Program

      5.1  

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     91.1 % 

8-30

     2.1  

31-60

     —  

61-90

     0.5  

91-180

     6.3  

181+

     —  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

23                         Short-Term  Investments Trust

Statement of Assets and Liabilities

February 28, 2017

(Unaudited)

 

            Liquid Assets
Portfolio		           STIC Prime
Portfolio		            Treasury
Portfolio		           Government &
Agency
Portfolio		            Treasury
Obligations
Portfolio		           Tax-Free
Cash Reserve
Portfolio		  

Assets:

                           

Investments, at value

      $ 252,499,464       $ 277,233,310        $ 9,584,791,621       $ 11,737,375,311        $ 1,587,486,171       $ 170,063,082  

Repurchase agreements, at value

        69,000,000         48,000,000          10,622,651,673         12,105,668,228          —         —  

Total investments, at value

        321,499,464         325,233,310          20,207,443,294         23,843,043,539          1,587,486,171         170,063,082  

Cash

        9,477         —          —         493,323          16,793         79,585  

Receivable for:

                           

Investments sold

        45,917         140,000          12,811         —          —         6,720,156  

Interest

        125,896         180,573          9,770,994         8,055,096          88,712         145,384  

Fund expenses absorbed

        111,831         —          90,869         184,789          20,650         15,576  

Investment for trustee deferred compensation and retirement plans

        3,518,905         988,248          2,134,474         970,228          125,369         358,339  

Other assets

        148,820         184,007          149,652         255,053          41,505         50,244  

Total assets

        325,460,310         326,726,138          20,219,602,094         23,853,002,028          1,587,779,200         177,432,366  

Liabilities:

                           

Payable for:

                           

Investments purchased

        —         —          298,983,834         793,323          219,914,718         —  

Dividends

        176,268         196,906          6,112,066         8,448,521          376,402         56,862  

Accrued fees to affiliates

        5,015         9,073          520,963         347,905          64,421         47,854  

Accrued trustees’ and officer’s fees and benefits

        4,935         6,391          34,479         35,534          4,351         2,715  

Accrued operating expenses

        61,917         47,177          153,252         96,168          26,492         37,400  

Trustee deferred compensation and retirement plans

        4,057,845         1,122,558          2,500,056         1,152,271          140,337         404,325  

Total liabilities

        4,305,980         1,382,105          308,304,650         10,873,722          220,526,721         549,156  

Net assets applicable to shares outstanding

      $ 321,154,330       $ 325,344,033        $ 19,911,297,444       $ 23,842,128,306        $ 1,367,252,479       $ 176,883,210  

Net assets consist of:

                           

Shares of beneficial interest

      $ 320,827,662       $ 324,450,566        $ 19,910,557,388       $ 23,841,988,693        $ 1,367,292,153       $ 177,041,699  

Undistributed net investment income

        2,544,735         873,178          (21,274 )        90,340          (12,543 )        (104,955 ) 

Undistributed net realized gain (loss)

        (2,268,497 )        1,744          761,330         49,273          (27,131 )        (53,534 ) 

Net unrealized appreciation

        50,430         18,545          —         —          —         —  
       $ 321,154,330       $ 325,344,033        $ 19,911,297,444       $ 23,842,128,306        $ 1,367,252,479       $ 176,883,210  

Cost of Investments

      $ 321,449,034       $ 325,214,765        $ 20,207,443,294       $ 23,843,043,539        $ 1,587,486,171       $ 170,063,082  

 

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

 

24                         Short-Term  Investments Trust

Statement of Assets and Liabilities—(continued)

February 28, 2017

(Unaudited)

 

            Liquid Assets
Portfolio		            STIC Prime
Portfolio		            Treasury
Portfolio		            Government &
Agency
Portfolio		            Treasury
Obligations
Portfolio		            Tax-Free
Cash Reserve
Portfolio		  

Net Assets:

 

     

Institutional Class

      $ 291,536,502        $ 321,019,635        $ 17,308,731,411        $ 22,167,128,421        $ 1,286,771,052        $ 96,027,354  

Private Investment Class

      $ 10,805,664        $ 2,158,009        $ 542,127,622        $ 436,121,219        $ 1,249,420        $   19,581,713  

Personal Investment Class

      $ 304,886        $ 622,147        $ 151,008,015        $ 17,085,976        $ 44,598        $ 2,002,739  

Cash Management Class

      $ 6,803,640        $ 835,104        $ 377,094,659        $ 140,697,992        $ 1,617,467        $ 35,696,164  

Reserve Class

      $ 1,100,138        $ 506,124        $ 156,617,799        $ 393,479,757        $ 77,366,115        $ 21,512,633  

Resource Class

      $ 1,341,518        $ 182,985        $ 457,602,638        $ 367,929,940        $ 193,778        $ 2,030,468  

Corporate Class

      $ 9,261,982        $ 20,029        $ 918,115,300        $ 319,685,001        $ 10,049        $ 32,139  

Shares outstanding, no par value,
unlimited number of shares authorized:

 

Institutional Class

        291,438,043          321,005,127          17,307,443,026          22,166,894,620          1,286,754,820          96,011,386  

Private Investment Class

        10,802,233          2,157,926          542,086,489          436,116,465          1,249,403          19,578,319  

Personal Investment Class

        304,790          622,123          150,997,069          17,085,787          44,598          2,002,396  

Cash Management Class

        6,801,481          835,072          377,065,789          140,696,524          1,617,447          35,690,030  

Reserve Class

        1,099,785          506,105          156,606,115          393,475,474          77,365,135          21,508,869  

Resource Class

        1,341,089          182,978          457,567,852          367,925,494          193,777          2,030,120  

Corporate Class

        9,259,043          20,028          918,041,878          319,681,038          10,049          32,134  

Net asset value, offering and redemption price per share for each class

      $ 1.0003        $ 1.0000        $ 1.00        $ 1.00        $ 1.00        $ 1.00  

 

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

 

25                         Short-Term  Investments Trust

Statement of Operations

For the six months ended February 28, 2017

(Unaudited)

 

            Liquid Assets
Portfolio		           STIC Prime
Portfolio		           Treasury
Portfolio		           Government &
Agency
Portfolio		           Treasury
Obligations
Portfolio		            Tax-Free
Cash Reserve
Portfolio		  

Investment income:

                          

Interest

      $ 5,233,498       $ 2,112,472       $ 53,049,102       $ 57,411,604       $ 2,175,606        $ 740,579  

Expenses:

                          

Advisory fees

        1,283,192         511,222         16,684,585         11,165,171         692,482          210,844  

Administrative services fees

        457,109         195,509         3,908,636         3,922,534         283,334          56,421  

Custodian fees

        —         5,094         97,559         57,771         4,595          2,640  

Distribution fees:

                          

Private Investment Class

        88,783         17,888         797,297         706,643         3,165          25,374  

Personal Investment Class

        9,054         70,200         346,589         42,127         3,359          5,818  

Cash Management Class

        24,902         14,165         149,838         56,294         969          14,119  

Reserve Class

        45,447         20,175         714,218         1,777,320         294,526          99,953  

Resource Class

        1,681         4,320         355,407         279,348         154          1,782  

Corporate Class

        6,649         2         140,104         55,904         84          5  

Transfer agent fees

        76,991         30,673         1,001,075         698,507         46,331          9,488  

Trustees’ and officers’ fees and benefits

        48,872         20,169         217,416         174,023         15,554          18,545  

Registration and filing fees

        52,301         52,182         69,735         111,529         41,583          43,779  

Reports to shareholders

        19,801         8,000         36,969         50,240         6,752          5,397  

Professional services fees

        14,613         26,226         99,506         73,680         22,076          18,744  

Other

        (2,442 )        48,687         154,674         63,026         22,545          23,673  

Total expenses

        2,126,953         1,024,512         24,773,608         19,234,117         1,437,509          536,582  

Less: Fees waived

        (445,643 )        (352,394 )        (3,265,311 )        (1,551,785 )        (486,914 )         (264,600 ) 

Net expenses

        1,681,310         672,118         21,508,297         17,682,332         950,595          271,982  

Net investment income

        3,552,188         1,440,354         31,540,805         39,729,272         1,225,011          468,597  

Realized and unrealized gain (loss) from:

                          

Net realized gain (loss) from Investment securities

        284,268         367         600,401         (69,374 )        (23,974 )         (14,721 ) 

Change in net unrealized appreciation of investment securities

        50,430         18,545         —         —         —          —  

Net increase in net assets resulting from operations

      $ 3,886,886       $ 1,459,266       $ 32,141,206       $ 39,659,898       $ 1,201,037        $ 453,876  

 

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

 

26                         Short-Term  Investments Trust

Statement of Changes in Net Assets

For the six months ended February 28, 2017 and the year ended August 31, 2016

(Unaudited)

 

            Liquid Assets Portfolio           STIC Prime Portfolio  
         February 28,
2017		     August 31,
2016		           February 28,
2017		     August 31,
2016		  

Operations:

             

Net investment income

      $ 3,552,188     $ 65,311,251       $ 1,440,354     $ 6,158,242  

Net realized gain

        284,268       647,321         367       1,377  

Change in net unrealized appreciation

        50,430       —         18,545       —  

Net increase in net assets resulting from operations

        3,886,886       65,958,572         1,459,266       6,159,619  

Distributions to shareholders from net investment income:

             

Institutional Class

        (3,288,088 )      (59,772,506 )        (1,337,512 )      (4,848,718 ) 

Private Investment Class

        (55,173 )      (183,013 )        (12,201 )      (213,182 ) 

Personal Investment Class

        (1,569 )      (40,091 )        (25,104 )      (164,965 ) 

Cash Management Class

        (101,776 )      (660,627 )        (54,629 )      (649,934 ) 

Reserve Class

        (4,884 )      (87,134 )        (4,572 )      (53,243 ) 

Resource Class

        (2,751 )      (15,089 )        (6,300 )      (32,359 ) 

Corporate Class

        (97,947 )      (4,552,791 )        (36 )      (195,841 ) 

Total distributions from net investment income

        (3,552,188 )      (65,311,251 )        (1,440,354 )      (6,158,242 ) 

Distributions to shareholders from net realized gains:

             

Institutional Class

        (2,877,921 )      —         —       —  

Private Investment Class

        (90,311 )      —         —       —  

Personal Investment Class

        (5,195 )      —         —       —  

Cash Management Class

        (133,371 )      —         —       —  

Reserve Class

        (25,060 )      —         —       —  

Resource Class

        (1,214 )      —         —       —  

Corporate Class

        (67,014 )      —         —       —  

Total distributions from net realized gains

        (3,200,086 )      —         —       —  

Share transactions–net:

             

Institutional Class

        (10,127,382,108 )      (5,553,230,110 )        (1,286,867,086 )      (156,797,441 ) 

Private Investment Class

        (230,479,086 )      (42,171,998 )        (138,902,976 )      (21,155,334 ) 

Personal Investment Class

        (28,937,259 )      (86,151,515 )        (116,851,999 )      (98,600 ) 

Cash Management Class

        (243,762,324 )      (207,380,539 )        (167,035,675 )      (315,722,141 ) 

Reserve Class

        (99,062,340 )      (56,031,914 )        (20,968,200 )      (28,926,016 ) 

Resource Class

        (5,905,110 )      (65,429,204 )        (16,684,274 )      (2,843,872 ) 

Corporate Class

        (160,381,733 )      (884,537,893 )        11,369       (77,034,376 ) 

Net increase (decrease) in net assets resulting from share transactions

        (10,895,909,960 )      (6,894,933,173 )        (1,747,298,841 )      (602,577,780 ) 

Net increase (decrease) in net assets

        (10,898,775,348 )      (6,894,285,852 )        (1,747,279,929 )      (602,576,403 ) 

Net assets:

             

Beginning of period

        11,219,929,678       18,114,215,530         2,072,623,962       2,675,200,365  

End of period*

      $ 321,154,330     $ 11,219,929,678       $ 325,344,033     $ 2,072,623,962  

* Includes accumulated undistributed net investment income

      $ 2,544,735     $ 2,544,735       $ 873,178     $ 873,178  

 

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

 

27                         Short-Term  Investments Trust

Statement of Changes in Net Assets—(continued)

For the six months ended February 28, 2017 and the year ended August 31, 2016

(Unaudited)

 

            Treasury Portfolio           Government & Agency Portfolio  
         February 28,
2017		     August 31,
2016		           February 28,
2017		     August 31,
2016		  

Operations:

             

Net investment income

      $ 31,540,805     $ 20,948,253       $ 39,729,272     $ 10,802,684  

Net realized gain (loss)

        600,401       223,426         (69,374 )      118,647  

Net increase in net assets resulting from operations

        32,141,206       21,171,679         39,659,898       10,921,331  

Distributions to shareholders from net investment income:

             

Institutional Class

        (29,158,879 )      (15,100,629 )        (37,855,075 )      (8,855,873 ) 

Private Investment Class

        (266,446 )      (334,722 )        (346,586 )      (403,391 ) 

Personal Investment Class

        (61,765 )      (86,109 )        (10,608 )      (10,692 ) 

Cash Management Class

        (406,253 )      (3,039,766 )        (200,947 )      (218,373 ) 

Reserve Class

        (80,430 )      (62,197 )        (282,369 )      (263,352 ) 

Resource Class

        (347,015 )      (274,847 )        (374,666 )      (73,436 ) 

Corporate Class

        (1,220,017 )      (2,049,983 )        (659,021 )      (977,567 ) 

Total distributions from net investment income

        (31,540,805 )      (20,948,253 )        (39,729,272 )      (10,802,684 ) 

Share transactions–net:

             

Institutional Class

        (2,560,248,364 )      12,017,922,118         11,450,425,188       6,496,754,225  

Private Investment Class

        (17,917,744 )      98,893,095         95,251,977       (81,684,720 ) 

Personal Investment Class

        28,180,755       (39,231,210 )        9,578,678       (29,659,491 ) 

Cash Management Class

        (26,341,411 )      (4,900,693,362 )        (9,404,853 )      (72,740,853 ) 

Reserve Class

        (2,513,453 )      123,516,873         77,597,921       8,359,709  

Resource Class

        (25,343,593 )      158,444,863         272,238,974       (2,217,786 ) 

Corporate Class

        (255,166,002 )      (597,367,186 )        3,245,168       (314,733,978 ) 

Net increase (decrease) in net assets resulting from share transactions

        (2,859,349,812 )      6,861,485,191         11,898,933,053       6,004,077,106  

Net increase (decrease) in net assets

        (2,858,749,411 )      6,861,708,617         11,898,863,679       6,004,195,753  

Net assets:

             

Beginning of period

        22,770,046,855       15,908,338,238         11,943,264,627       5,939,068,874  

End of period*

      $ 19,911,297,444     $ 22,770,046,855       $ 23,842,128,306     $ 11,943,264,627  

* Includes accumulated undistributed net investment income

      $ (21,274 )    $ (21,274 )      $ 90,340     $ 90,340  

 

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

 

28                         Short-Term  Investments Trust

Statement of Changes in Net Assets—(continued)

For the six months ended February 28, 2017 and the year ended August 31,2016

(Unaudited)

 

            Treasury Obligations Portfolio           Tax-Free Cash Reserve Portfolio  
         February 28,
2017		     August 31,
2016		           February 28,
2017		     August 31,
2016		  

Operations:

             

Net investment income

      $ 1,225,011     $ 188,034       $ 468,597     $ 702,207  

Net realized gain (loss)

        (23,974 )      15,288         (14,721 )      5,988  

Net increase in net assets resulting from operations

        1,201,037       203,322         453,876       708,195  

Distributions to shareholders from net investment income:

             

Institutional Class

        (1,182,978 )      (78,969 )        (316,194 )      (628,540 ) 

Private Investment Class

        (1,453 )      (5,685 )        (33,839 )      (18,929 ) 

Personal Investment Class

        (689 )      (2,859 )        (3,250 )      (1,951 ) 

Cash Management Class

        (2,026 )      (43,887 )        (74,728 )      (33,087 ) 

Reserve Class

        (37,370 )      (51,534 )        (36,391 )      (16,951 ) 

Resource Class

        (134 )      (2,214 )        (4,119 )      (1,923 ) 

Corporate Class

        (361 )      (2,886 )        (76 )      (826 ) 

Total distributions from net investment income

        (1,225,011 )      (188,034 )        (468,597 )      (702,207 ) 

Share transactions–net:

             

Institutional Class

        1,165,631,320       15,581,368         (354,742,419 )      (5,243,578 ) 

Private Investment Class

        (4,911,643 )      177,746         (4,887,524 )      (6,001,459 ) 

Personal Investment Class

        (2,562,800 )      652,387         (394,314 )      (1,226,815 ) 

Cash Management Class

        (29,769,295 )      (13,633,574 )        5,021,679       (20,346,066 ) 

Reserve Class

        40,731,958       30,758,077         (24,426 )      (239,848 ) 

Resource Class

        118       (2,177,935 )        (380,453 )      (2,115,602 ) 

Corporate Class

        (2,933,772 )      (25,066,209 )        70       (26,445,210 ) 

Net increase (decrease) in net assets resulting from share transactions

        1,166,185,886       6,291,860         (355,407,387 )      (61,618,578 ) 

Net increase (decrease) in net assets

        1,166,161,912       6,307,148         (355,422,108 )      (61,612,590 ) 

Net assets:

             

Beginning of period

        201,090,567       194,783,419         532,305,318       593,917,908  

End of period *

      $ 1,367,252,479     $ 201,090,567       $ 176,883,210     $ 532,305,318  

* Includes accumulated undistributed net investment income

      $ (12,543 )    $ (12,543 )      $ (104,955 )    $ (104,955 ) 

Notes to Financial Statements

February 28, 2017

(Unaudited)

NOTE 1—Significant Accounting Policies

Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers six separate portfolios, (each constituting a “Fund”). The Funds covered in this report are Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio (formerly Government TaxAdvantage Portfolio) and Tax-Free Cash Reserve Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.

The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio and Treasury Obligations Portfolio; and to provide tax-exempt income consistent with the preservation of capital and liquidity for Tax-Free Cash Reserve Portfolio.

Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.

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

On October 12, 2016, pursuant to new rules and regulations effective October 14, 2016, Liquid Assets Portfolio and STIC Prime Portfolio, both institutional money market funds, began to price and transact in their shares at a floating net asset value (“NAV”) reflecting the current market-based

 

29                         Short-Term  Investments Trust

values of their portfolio securities, except as otherwise generally permitted for securities with remaining maturities of 60 days or less, which will be valued at amortized cost. These rules and regulations also require Liquid Assets Portfolio and STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).

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

Treasury Portfolio, Government & Agency Portfolio, and Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, continue to seek to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation.

“Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/or repurchase agreements collateralized fully by cash or Government Securities. “Retail money market funds” are required to adopt policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons.

Liquid Assets Portfolio, STIC Prime Portfolio, and Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Treasury Portfolio, Government & Agency Portfolio, and Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.

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

A. Security Valuations — Liquid Asset Portfolio’s and 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. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio, and Tax-Free Cash Reserve Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

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

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any), adjusted for amortization of premiums and accretion of discounts on investments, is recorded on the accrual basis from settlement date. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

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

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

The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.

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.

 

30                         Short-Term  Investments Trust

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, Tax-Free Cash Reserve Portfolio intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative net assets.
G. Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
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 Fund 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 Fund may not be able to recover its investment in such issuer from the U.S. Government.

The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.

The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, each Fund pays an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:

 

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

Liquid Assets Portfolio

     0.15%          0.15%          0.15%  

STIC Prime Portfolio

     0.15%          0.15%          0.15%  

Treasury Portfolio

     0.15%          0.15%          0.15%  

Government & Agency Portfolio

     0.10%          0.10%          0.10%  

Treasury Obligations Portfolio

     0.20%          0.15%          0.10%  

Tax-Free Cash Reserve Portfolio

     0.20%          0.20%          0.20%  

 

31                         Short-Term  Investments Trust

For the six months ended February 28, 2017, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:

 

Liquid Assets Portfolio

     0.15%  

STIC Prime Portfolio

     0.15%  

Treasury Portfolio

     0.15%  

Government & Agency Portfolio

     0.10%  

Treasury Obligations Portfolio

     0.14%  

Tax-Free Cash Reserve Portfolio

     0.20%  

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, may pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

The Adviser has contractually agreed, through at least December 31, 2017, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):

 

     Institutional
Class		      Private
Investment
Class		      Personal
Investment
Class		      Cash
Management
Class		      Reserve
Class		      Resource
Class		      Corporate
Class		  

Liquid Assets Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.38 %       0.21 % 

STIC Prime Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Treasury Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Government & Agency Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Treasury Obligations Portfolio

     0.18 %       0.43 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Tax-Free Cash Reserve Portfolio

     0.20 %       0.45 %       0.75 %       0.28 %       1.07 %       0.36 %       0.23 % 

The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.

In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) extraordinary or non-routine items, including litigation expenses, and (4) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limit without approval of the Board of Trustees.

Further, Invesco and/or IDI voluntarily waived fees and/or reimbursed expenses in order to increase the yields of each Fund. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors.

For the six months ended February 28, 2017, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:

 

     Expense
Limitation		        Yield
Waivers		  

Liquid Assets Portfolio

   $ 410,566        $ —  

STIC Prime Portfolio

     284,295          —  

Treasury Portfolio

     2,201,591          —  

Government & Agency Portfolio

     —          —  

Treasury Obligations Portfolio

     229,513          —  

Tax-Free Cash Reserve Portfolio

     170,645          —  

Voluntary fee waivers for the six months ended February 28, 2017 are shown below:

 

    

Private
Investment

Class

       

Personal
Investment

Class

       

Cash
Management

Class

       

Reserve

Class

       

Resource

Class

       

Corporate

Class

  

Liquid Assets Portfolio

   $ 2,312        $ 3,843          N/A        $ 28,922          N/A          N/A  

STIC Prime Portfolio

     6,443          45,963          N/A          15,651        $ 42          N/A  

Treasury Portfolio

     268,452          219,024          N/A          545,861          30,383          N/A  

Government & Agency Portfolio

     205,332          24,194          N/A          1,315,893          6,366          N/A  

Treasury Obligations Portfolio

     2,307          3,077        $ 514          251,408          76        $ 19  

Tax-Free Cash Reserve Portfolio

     8,731          3,754          1,247          79,875          348          N/A  

The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the six months ended February 28, 2017, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees.

 

32                         Short-Term  Investments Trust

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 28, 2017, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.

Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.

 

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

Liquid Assets Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.20 %       0.03 % 

STIC Prime Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Treasury Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Government & Agency Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Treasury Obligations Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Tax-Free Cash Reserve Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.

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

NOTE 3—Additional Valuation Information

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

  Level 1 — Prices are determined using quoted prices in an active market for identical assets.
  Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
  Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect each Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of February 28, 2017, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4—Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. For the six months ended February 28, 2017, each Fund engaged in transactions with affiliates as listed below:

 

     Securities Purchases        Securities Sales        Net Realized Gains  

Liquid Assets Portfolio

   $ 498,250,427        $ 509,600,329        $ —  

STIC Prime Portfolio

     187,984,805          202,226,502          —  

Tax-Free Cash Reserve Portfolio

     234,700,564          455,097,214          —  

 

33                         Short-Term  Investments Trust

NOTE 5—Trustees’ and Officers’ Fees and Benefits

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

NOTE 6—Cash Balances

The Funds are permitted to temporarily overdraft or leave balances in their accounts with The Bank of New York Mellon (BNY Mellon), the custodian bank. Such balances, if any at period-end, are shown in the Statements of Assets and Liabilities under the payable caption Amount due custodian. To compensate BNY Mellon or the Funds for such activity, the Funds may either (1) pay to or receive from BNY Mellon compensation at a rate agreed upon by BNY Mellon and Invesco, not to exceed the contractually agreed upon rate; or (2) leave funds or overdraft funds as a compensating balance in the account so BNY Mellon or the Funds can be compensated for use of funds.

NOTE 7—Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to each Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at each Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds below had a capital loss carryforward as of August 31, 2016 which expires as follows:

 

    Short-Term        Long-Term        Total*  
Fund   2018        2019        Not Subject to
Expiration		        Not Subject to
Expiration		       

Treasury Obligations Portfolio

   $ —        $ —        $ 3,159        $ —        $ 3,159  

Tax-Free Cash Reserve Portfolio

     8,740          30,074          —          —          38,814  

 

* Capital loss carryforward 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.

NOTE 8—Investment Securities

The aggregate amount of investment securities purchased and sold by each Fund and aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:

 

    At February 28, 2017  
     Federal Tax Cost*      Unrealized
Appreciation		      Unrealized
(Depreciation)		      Net Unrealized
Appreciation
(Depreciation)		  

Treasury Portfolio

   $ 20,207,749,634      $ —      $ (306,340 )     $ (306,340 ) 

 

* 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.

 

34                         Short-Term  Investments Trust

NOTE 9—Share Information

Liquid Assets Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)(b)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     8,636,572,068      $ 8,636,696,253        206,922,537,697      $ 206,922,537,697  

Private Investment Class

     73,675,853        73,675,862        1,086,367,896        1,086,367,896  

Personal Investment Class

     8,178,437        8,178,627        147,332,561        147,332,561  

Cash Management Class

     315,185,594        315,189,645        3,527,556,735        3,527,556,735  

Reserve Class

     3,679,215        3,679,395        312,834,642        312,834,642  

Resource Class

     131,512        131,513        54,658,208        54,658,208  

Corporate Class

     229,992,915        230,006,196        12,789,032,744        12,789,032,744  

Issued as reinvestment of dividends:

           

Institutional Class

     3,612,258        3,612,403        16,030,218        16,030,218  

Private Investment Class

     23,725        23,727        51,160        51,160  

Personal Investment Class

     4,941        4,941        33,213        33,213  

Cash Management Class

     66,920        66,923        325,885        325,885  

Reserve Class

     34,020        34,020        78,372        78,372  

Resource Class

     4,320        4,320        14,018        14,018  

Corporate Class

     105,181        105,188        699,998        699,998  

Reacquired:

           

Institutional Class

     (18,767,392,641 )       (18,767,690,764 )       (212,491,798,025 )       (212,491,798,025 ) 

Private Investment Class

     (304,159,753 )       (304,178,675 )       (1,128,591,054 )       (1,128,591,054 ) 

Personal Investment Class

     (37,119,877 )       (37,120,827 )       (233,517,289 )       (233,517,289 ) 

Cash Management Class

     (559,012,820 )       (559,018,892 )       (3,735,263,159 )       (3,735,263,159 ) 

Reserve Class

     (102,775,450 )       (102,775,755 )       (368,944,928 )       (368,944,928 ) 

Resource Class

     (6,040,857 )       (6,040,943 )       (120,101,430 )       (120,101,430 ) 

Corporate Class

     (390,456,216 )       (390,493,117 )       (13,674,270,635 )       (13,674,270,635 ) 

Net increase (decrease) in share activity

     (10,895,690,655 )     $ (10,895,909,960 )       (6,894,933,173 )     $ (6,894,933,173 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 72% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.
(b)  Effective October 12, 2016, Liquid Assets Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

35                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

STIC Prime Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)(b)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     655,894,743      $ 655,926,204        4,966,861,188      $ 4,966,861,188  

Private Investment Class

     32,471,499        32,471,503        1,446,777,172        1,446,777,172  

Personal Investment Class

     118,187,308        118,187,309        677,491,586        677,491,586  

Cash Management Class

     130,898,214        130,898,218        2,194,654,168        2,194,654,168  

Reserve Class

     12,102,644        12,102,696        400,019,801        400,019,801  

Resource Class

     54,161,912        54,161,918        96,121,190        96,121,190  

Corporate Class

     19,999        20,000        518,160,731        518,160,731  

Issued as reinvestment of dividends:

           

Institutional Class

     561,735        561,770        1,393,044        1,393,044  

Private Investment Class

     7,432        7,432        78,349        78,349  

Personal Investment Class

     15,098        15,098        70,680        70,680  

Cash Management Class

     77,613        77,613        217,106        217,106  

Reserve Class

     6,557        6,557        50,303        50,303  

Resource Class

     8,241        8,241        25,322        25,322  

Corporate Class

     3,548        3,548        148,537        148,537  

Reacquired:

           

Institutional Class

     (1,943,307,435 )       (1,943,355,060 )       (5,125,051,673 )       (5,125,051,673 ) 

Private Investment Class

     (171,380,975 )       (171,381,911 )       (1,468,010,855 )       (1,468,010,855 ) 

Personal Investment Class

     (235,054,362 )       (235,054,406 )       (677,660,866 )       (677,660,866 ) 

Cash Management Class

     (298,011,468 )       (298,011,506 )       (2,510,593,415 )       (2,510,593,415 ) 

Reserve Class

     (33,077,282 )       (33,077,453 )       (428,996,120 )       (428,996,120 ) 

Resource Class

     (70,853,530 )       (70,854,433 )       (98,990,384 )       (98,990,384 ) 

Corporate Class

     (12,179 )       (12,179 )       (595,343,644 )       (595,343,644 ) 

Net increase (decrease) in share activity

     (1,747,280,688 )     $ (1,747,298,841 )       (602,577,780 )     $ (602,577,780 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 96% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.
(b)  Effective October 12, 2016, STIC Prime Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

36                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Treasury Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     49,873,953,809      $ 49,873,953,809        37,473,899,000      $ 37,473,899,000  

Private Investment Class

     721,092,411        721,092,411        1,884,005,414        1,884,005,414  

Personal Investment Class

     485,120,727        485,120,727        980,594,144        980,594,144  

Cash Management Class

     1,054,669,980        1,054,669,980        14,484,295,170        14,484,295,170  

Reserve Class

     133,540,692        133,540,692        316,250,840        316,250,840  

Resource Class

     237,666,579        237,666,579        575,238,582        575,238,582  

Corporate Class

     4,935,948,006        4,935,948,006        20,782,139,048        20,782,139,048  

Issued as reinvestment of dividends:

           

Institutional Class

     4,721,818        4,721,818        5,368,737        5,368,737  

Private Investment Class

     51,815        51,815        43,130        43,130  

Personal Investment Class

     56,509        56,509        76,479        76,479  

Cash Management Class

     299,878        299,878        266,775        266,775  

Reserve Class

     77,366        77,366        50,478        50,478  

Resource Class

     86,698        86,698        52,190        52,190  

Corporate Class

     1,035,739        1,035,739        1,013,151        1,013,151  

Reacquired:

           

Institutional Class

     (52,438,923,991 )       (52,438,923,991 )       (25,461,345,619 )       (25,461,345,619 ) 

Private Investment Class

     (739,061,970 )       (739,061,970 )       (1,785,155,449 )       (1,785,155,449 ) 

Personal Investment Class

     (456,996,481 )       (456,996,481 )       (1,019,901,833 )       (1,019,901,833 ) 

Cash Management Class

     (1,081,311,269 )       (1,081,311,269 )       (19,385,255,307 )       (19,385,255,307 ) 

Reserve Class

     (136,131,511 )       (136,131,511 )       (192,784,445 )       (192,784,445 ) 

Resource Class

     (263,096,870 )       (263,096,870 )       (416,845,909 )       (416,845,909 ) 

Corporate Class

     (5,192,149,747 )       (5,192,149,747 )       (21,380,519,385 )       (21,380,519,385 ) 

Net increase (decrease) in share activity

     (2,859,349,812 )     $ (2,859,349,812 )       6,861,485,191      $ 6,861,485,191  

 

(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. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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, 24% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

37                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Government & Agency Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     93,762,456,439      $ 93,762,456,439        54,569,434,166      $ 54,569,434,166  

Private Investment Class

     710,764,705        710,764,705        1,458,232,071        1,458,232,071  

Personal Investment Class

     38,924,434        38,924,434        71,882,635        71,882,635  

Cash Management Class

     422,434,849        422,434,849        2,062,748,073        2,062,748,073  

Reserve Class

     594,159,166        594,159,166        713,745,281        713,745,281  

Resource Class

     1,525,352,649        1,525,352,649        678,959,358        678,959,358  

Corporate Class

     2,236,255,213        2,236,255,213        3,670,809,701        3,670,809,701  

Issued as reinvestment of dividends:

           

Institutional Class

     4,862,405        4,862,405        1,972,829        1,972,829  

Private Investment Class

     98,906        98,906        116,496        116,496  

Personal Investment Class

     3,711        3,711        —        —  

Cash Management Class

     112,181        112,181        59,978        59,978  

Reserve Class

     192,197        192,197        149,381        149,381  

Resource Class

     176,761        176,761        16,833        16,833  

Corporate Class

     405,059        405,059        458,600        458,600  

Reacquired:

           

Institutional Class

     (82,316,893,656 )       (82,316,893,656 )       (48,074,652,770 )       (48,074,652,770 ) 

Private Investment Class

     (615,611,634 )       (615,611,634 )       (1,540,033,287 )       (1,540,033,287 ) 

Personal Investment Class

     (29,349,467 )       (29,349,467 )       (101,542,126 )       (101,542,126 ) 

Cash Management Class

     (431,951,883 )       (431,951,883 )       (2,135,548,904 )       (2,135,548,904 ) 

Reserve Class

     (516,753,442 )       (516,753,442 )       (705,534,953 )       (705,534,953 ) 

Resource Class

     (1,253,290,436 )       (1,253,290,436 )       (681,193,977 )       (681,193,977 ) 

Corporate Class

     (2,233,415,104 )       (2,233,415,104 )       (3,986,002,279 )       (3,986,002,279 ) 

Net increase in share activity

     11,898,933,053      $ 11,898,933,053        6,004,077,106      $ 6,004,077,106  

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 16% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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, 29% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

38                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Treasury Obligations Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     1,562,141,539      $ 1,562,141,539        475,968,821      $ 475,968,821  

Private Investment Class

     1,583,283        1,583,283        9,868,856        9,868,856  

Personal Investment Class

     1,567,680        1,567,680        11,195,355        11,195,355  

Cash Management Class

     —        —        37,314,802        37,314,802  

Reserve Class

     102,470,204        102,470,204        142,035,205        142,035,205  

Resource Class

     118        118        196        196  

Corporate Class

     659,929        659,929        14,372,709        14,372,709  

Issued as reinvestment of dividends:

           

Institutional Class

     20,345        20,345        43,479        43,479  

Private Investment Class

     1,337        1,337        2,495        2,495  

Cash Management Class

     3,678        3,678        42,181        42,181  

Reserve Class

     30,715        30,715        48,377        48,377  

Resource Class

     —        —        2,027        2,027  

Corporate Class

     272        272        3,097        3,097  

Reacquired:

           

Institutional Class

     (396,530,564 )       (396,530,564 )       (460,430,932 )       (460,430,932 ) 

Private Investment Class

     (6,496,263 )       (6,496,263 )       (9,693,605 )       (9,693,605 ) 

Personal Investment Class

     (4,130,480 )       (4,130,480 )       (10,542,968 )       (10,542,968 ) 

Cash Management Class

     (29,772,973 )       (29,772,973 )       (50,990,557 )       (50,990,557 ) 

Reserve Class

     (61,768,961 )       (61,768,961 )       (111,325,505 )       (111,325,505 ) 

Resource Class

     —        —        (2,180,158 )       (2,180,158 ) 

Corporate Class

     (3,593,973 )       (3,593,973 )       (39,442,015 )       (39,442,015 ) 

Net increase in share activity

     1,166,185,886      $ 1,166,185,886        6,291,860      $ 6,291,860  

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 10% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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, 87% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

39                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Tax-Free Cash Reserve Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     147,610,254      $ 147,610,254        1,024,153,591      $ 1,024,153,591  

Private Investment Class

     16,047,764        16,047,764        41,102,729        41,102,729  

Personal Investment Class

     2,004,667        2,004,667        2,880,498        2,880,498  

Cash Management Class

     34,034,380        34,034,380        51,239,007        51,239,007  

Reserve Class

     31,658,070        31,658,070        53,662,145        53,662,145  

Resource Class

     34,216        34,216        80,556        80,556  

Corporate Class

     32,101        32,101        1,175,406        1,175,406  

Issued as reinvestment of dividends:

           

Institutional Class

     92,655        92,655        70,780        70,780  

Private Investment Class

     27,549        27,549        15,014        15,014  

Personal Investment Class

     2,395        2,395        11        11  

Cash Management Class

     57,862        57,862        13,782        13,782  

Reserve Class

     31,962        31,962        14,449        14,449  

Resource Class

     3,816        3,816        1,634        1,634  

Corporate Class

     73        73        1,040        1,040  

Reacquired:

           

Institutional Class

     (502,445,328 )       (502,445,328 )       (1,029,467,949 )       (1,029,467,949 ) 

Private Investment Class

     (20,962,837 )       (20,962,837 )       (47,119,202 )       (47,119,202 ) 

Personal Investment Class

     (2,401,376 )       (2,401,376 )       (4,107,324 )       (4,107,324 ) 

Cash Management Class

     (29,070,563 )       (29,070,563 )       (71,598,855 )       (71,598,855 ) 

Reserve Class

     (31,714,458 )       (31,714,458 )       (53,916,442 )       (53,916,442 ) 

Resource Class

     (418,485 )       (418,485 )       (2,197,792 )       (2,197,792 ) 

Corporate Class

     (32,104 )       (32,104 )       (27,621,656 )       (27,621,656 ) 

Net increase (decrease) in share activity

     (355,407,387 )     $ (355,407,387 )       (61,618,578 )     $ (61,618,578 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 87% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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.

 

40                         Short-Term  Investments Trust

NOTE 10—Financial Highlights

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

Corporate Class

 

     Net asset
value,
beginning
of period		     Net
investment
income (a)		     Net gains
(losses)
on securities
(both
realized and
unrealized)		     Total from
investment
operations		     Dividends
from net
investment
income		     Distributions
from net
realized
gains		     Total
distributions		     Net asset
value, end
of period		     Total
return(b)		     Net assets,
end of period
(000’s omitted)		     Ratio of
expenses
to average
net assets
with fee waivers
and/or expense
reimbursements		     Ratio of
expenses
to average net
assets without
fee waivers
and/or expense
reimbursements		     Ratio of net
investment
income
to average
net assets		  

Liquid Assets Portfolio

 

Six months ended 02/28/17

   $ 1.00     $ 0.0020     $ 0.0014     $ 0.0034     $ (0.0026 )    $ (0.0005 )    $ (0.0031 )    $ 1.0003       0.32 %    $ 9,262       0.21 %(c)      0.26 %(c)      0.40 %(c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.04       670,700       0.17       0.20       0.04  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.09       1,496,576       0.17       0.20       0.09  

Year ended 08/31/12

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.12       1,937,039       0.17       0.21       0.12  

STIC Prime Portfolio

 

                

Six months ended 02/28/17

     1.00       0.0020       0.0002       0.0022       (0.0022 )      —       (0.0022 )      1.0000       0.22       20       0.21 (c)      0.29 (c)      0.41 (c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.08       59,554       0.06       0.22       0.08  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.06       68,522       0.11       0.22       0.08  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.08       96,655       0.14       0.23       0.06  

Treasury Portfolio

 

Six months ended 02/28/17

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.13       918,115       0.21 (c)      0.23 (c)      0.27 (c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.01       1,423,728       0.04       0.20       0.02  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.02       2,837,170       0.09       0.21       0.02  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.03       2,002,611       0.08       0.21       0.02  

Government & Agency Portfolio

 

Six months ended 02/28/17

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.17       319,685       0.18 (c)      0.18 (c)      0.33 (c) 

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  

Year ended 08/31/14

     1.00       0.00       —       0.00       (0.00 )      —       (0.00 )      1.00       0.02       659,821       0.06       0.16       0.02  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.03       835,545       0.11       0.17       0.02  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.02       505,026       0.10       0.16       0.03  

Treasury Obligations Portfolio

 

Six months ended 02/28/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.10       10       0.20 (c)      0.25 (c)      0.23 (c) 

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  

Year ended 08/31/14

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.04       50,514       0.02       0.32       0.03  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.03       10       0.06       0.23       0.03  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.03       10       0.07       0.25       0.02  

Tax-Free Cash Reserve Portfolio

 

Six months ended 02/28/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.23       32       0.24 (c)      0.40 (c)      0.46 (c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.05       31,522       0.04       0.33       0.04  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.06       31,450       0.10       0.33       0.06  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.06       27,320       0.13       0.33       0.06  

 

(a)  Calculated using average shares outstanding.
(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and is not annualized for periods less than one year.
(c)  Ratios are annualized and based on average daily net assets (000’s omitted) of $44,698, $16, $941,768, $375,779, $563 and $33 for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio and Tax-Free Cash Reserve Portfolio, respectively.

 

41                         Short-Term  Investments Trust

Calculating your ongoing Fund expenses

Example

As a shareholder in the Corporate Class, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2016 through February 28, 2017.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 

Corporate Class    Beginning
Account Value
(09/01/16)		      ACTUAL      HYPOTHETICAL
(5% annual return before
expenses)		      Annualized
Expense
Ratio		  
      Ending
Account Value
(02/28/17)1		      Expenses
Paid During
Period2		     

Ending

Account Value
(02/28/17)

      Expenses
Paid During
Period2		     

Liquid Assets Portfolio

    $ 1,000.00      $ 1,003.20      $ 1.04      $ 1,023.75      $ 1.05        0.21 % 

STIC Prime Portfolio

      1,000.00        1,002.20        1.04        1,023.75        1.05        0.21  

Treasury Portfolio

      1,000.00        1,001.30        1.04        1,023.75        1.05        0.21  

Government & Agency Portfolio

      1,000.00        1,001.70        0.89        1,023.90        0.90        0.18  

Treasury Obligations Portfolio

      1,000.00        1,001.00        0.99        1,023.80        1.00        0.20  

Tax-Free Cash Reserve Portfolio

      1,000.00        1,002.30        1.19        1,023.60        1.20        0.24  

 

1  The actual ending account value is based on the actual total return of the Funds for the period September 1, 2016, through February 28, 2017, 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 181/365 to reflect the most recent fiscal half year.

 

42                         Short-Term  Investments Trust

 

 

 

Invesco mailing information

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

 

 

Important notice regarding delivery of security holder documents

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

 

 

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-Q filings on the SEC website, sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov.

The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

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

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

    LOGO

 

SEC file numbers: 811-02729 and 002-58287    Invesco Distributors, Inc.    CM-STIT-SAR-2        04182017    1018

  

 

LOGO   

Semiannual Report to Shareholders

 

   

February 28, 2017

 

  

 

Cash Management Class

   Short-Term Investments Trust (STIT)
   Liquid Assets Portfolio
   STIC Prime Portfolio
   Treasury Portfolio
   Government & Agency Portfolio
   Treasury Obligations Portfolio
   Tax-Free Cash Reserve Portfolio

 

LOGO

 

  

 

  

 

2

     

 

Fund Data

  

 

3

     

 

Letters to Shareholders

  

 

4

     

 

Schedule of Investments

  

 

24

     

 

Financial Statements

  

 

29

     

 

Notes to Financial Statements

  

 

41

     

 

Financial Highlights

  

 

42

     

 

Fund Expenses

  

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including fees and expenses. Investors should read it carefully before investing.

 

Unless otherwise stated, information presented in this report is as of February 28, 2017, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.

 

  

 

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

 

Fund Data

 

 

 

Cash Management Class data as of 2/28/17

 

  FUND     

WEIGHTED

AVERAGE

MATURITY

    

WEIGHTED

AVERAGE

LIFE

   

TOTAL

NET

ASSETS

       Range
During
Reporting
Period		       

At

Reporting

Period

End

    

At

Reporting

Period

End

     

Liquid Assets1

       3 - 32 days          21 days     39 days    $6.8 million    

STIC Prime1

       3 - 19 days          11 days     11 days    835.1 thousand 

Treasury2

       37 - 54 days          44 days     104 days    377.1 million      

Government & Agency2

       32 - 50 days          37 days     111 days    140.7 million      

Treasury Obligations2

       15 - 58 days          49 days     100 days    1.6 million  

Tax-Free Cash Reserve3

       10 - 19 days          11 days     15 days    35.7 million    

 

Weighted average maturity (WAM) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes.

    Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.

 

1 You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
2 You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
3 You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

 

2   Short-Term Investments Trust

 

 

Letters to Shareholders

 

LOGO

     Bruce Crockett

     

Dear Fellow Shareholders:

As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

 

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

 

 

 

LOGO

       Philip Taylor

     

Dear Shareholders:

Money market investors cheered when the US Federal Reserve (the Fed) unanimously raised its federal funds target rate in December 2016 – just the second increase since 2006. The Fed raised this key rate from a range of 0.25% to 0.50% to a range of 0.50% to 0.75%.1

    The Fed’s decision was based on evidence of a strengthening US economy – specifically, a stronger labor market and inflation moving closer to the Fed’s target levels. Fed-watchers suggested that a strengthening US economy, as well as the proposed spending, tax and regulatory policies of the Trump administration, could cause the Fed to accelerate future interest rate hikes. Raising rates sooner rather than later would provide the Fed with greater dexterity to respond to higher-than-projected economic growth in the future.

    At the close of the reporting period, most major global economies continued to maintain interest rates at, near or below zero in an effort to fuel inflation and spur economic growth. Many major central banks, including the European Central Bank, the Bank of England and the Bank of Japan, all cut rates during 2016.

    During the reporting period, the US money market fund industry fully implemented reform measures in October that had been announced by the US Securities and Exchange Commission in 2014. Invesco is pleased to report that we successfully implemented required money market reform policies on October 12, 2016.

    For Invesco’s money market fund professionals, safety is of paramount importance in the investment process. Their conservative investment philosophy has always focused on providing principal preservation, liquidity, and return – in that order – to our money market fund investors. Thank you for investing with us.

Sincerely,

 

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

 

1 Source: US Federal Reserve

 

3   Short-Term Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Liquid Assets Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Commercial Paper–36.86%(a)

 

        
Asset-Backed Securities — Fully Supported–6.53%          

Bennington Stark Capital Co., LLC (CEP–Societe Generale S.A.)(b)(c)

     0.90 %      03/06/2017      $ 6,000      $ 5,999,289  

Bennington Stark Capital Co., LLC (CEP–Societe Generale S.A.)(b)(c)

     1.15 %      04/07/2017        5,000        4,995,661  

Kells Funding LLC (CEP–FMS Wertmanagement)(c)

     1.00 %      05/26/2017        5,000        4,987,917  

Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)

     1.43 %      07/05/2017        5,000        4,979,186  
         20,962,053  
Asset-Backed Securities — Fully Supported Bank–16.52%          

Anglesea Funding LLC (Multi–CEP’s)(b)(c)

     0.93 %      04/10/2017        5,000        4,995,239  

Anglesea Funding LLC (Multi–CEP’s)(b)(c)

     1.10 %      04/03/2017        5,000        4,996,203  

Cancara Asset Securitisation LLC (CEP–Lloyds Bank PLC)(c)

     1.10 %      04/07/2017        5,000        4,995,662  

Cedar Springs Capital Co. LLC (CEP–UBS AG)(b)(c)

     0.82 %      03/01/2017        4,578        4,577,886  

Ebury Finance LLC (Multi–CEP’s)(b)(c)

     0.70 %      03/01/2017        7,500        7,499,856  

Institutional Secured Funding Ltd. (Multi–CEP’s)(b)(c)

     0.90 %      03/06/2017        5,000        4,999,407  

Manhattan Asset Funding Co., LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c)

     0.94 %      03/03/2017        5,000        4,999,709  

Matchpoint Finance PLC (CEP–BNP Paribas S.A.)(b)(c)

     0.95 %      03/09/2017        7,000        6,998,597  

Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c)

     0.80 %      03/14/2017        5,000        4,998,559  

Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c)

     0.80 %      03/28/2017        4,000        3,997,548  
         53,058,666  
Asset-Backed Securities — Multi-Purpose–1.55%          

Versailles Commercial Paper LLC(b)

     1.08 %      05/16/2017        5,000        4,986,846  
Diversified Banks–9.49%          

Bank of Nova Scotia(b)(c)

     1.08 %      04/13/2017        3,000        2,997,261  

BPCE S.A.(b)(c)

     1.21 %      05/09/2017        6,000        5,990,224  

Erste Abwicklungsanstalt(b)(c)(d)

     1.13 %      03/21/2017        5,000        5,001,255  

Mizuho Bank, Ltd.(c)

     1.08 %      04/13/2017        5,000        4,995,465  

National Bank of Abu Dhabi PJSC(b)(c)

     0.76 %      03/07/2017        7,500        7,499,074  

NRW Bank(b)(c)

     1.05 %      04/18/2017        4,000        3,995,949  
         30,479,228  
Other Diversified Financial Services–0.93%          

ABN AMRO Funding USA LLC(b)(c)

     1.07 %      06/07/2017        3,000        2,990,480  
Regional Banks–1.09%          

ASB Finance Ltd.(b)(c)

     1.00 %      06/01/2017        3,500        3,491,881  
Specialized Finance–0.75%          

CDP Financial Inc.(c)

     0.96 %      04/05/2017        2,400        2,398,404  

Total Commercial Paper (Cost $118,350,414)

                               118,367,558  

Variable Rate Demand Notes–24.06%(e)

          
Credit Enhanced–24.06%          

Aledo Independent School District; Series 2006 A, VRD School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program)

     0.67 %      08/01/2035        2,212        2,212,000  

Capital Markets Access Co. LC (SEUP Real Estate LLC); Series 2008, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f)

     0.75 %      07/01/2038        4,445        4,445,000  

Columbus (City of), Ohio Regional Airport Authority (FlightSafety International Inc.); Series 2015 A, VRD RB (CEP–Berkshire Hathaway Inc.)

     0.68 %      04/01/2035        10,000        10,000,000  

 

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

 

4                         Short-Term  Investments Trust

Liquid Assets Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Credit Enhanced–(continued)          

EagleBend Affordable Housing Corp.; Series 2006 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(f)

     0.66 %      07/01/2021      $ 881      $ 881,000  

Illinois (State of) Finance Authority (James Jordan Boys & Girls Club & Family Life Center); Series 1995, VRD RB (LOC–Bank of America, N.A.)(f)

     0.74 %      08/01/2030        4,700        4,700,000  

Indiana (State of) Finance Authority (Ispat Inland Inc.); Series 2005, Ref. VRD Environmental Improvement RB (LOC–Rabobank Nederland)(c)(f)

     0.70 %      06/01/2035        3,590        3,590,000  

Jets Stadium Development, LLC; Series 2014 A-4B, VRD Bonds (LOC–Sumitomo Mitsui Banking Corp.)(b)(c)(f)

     0.74 %      04/01/2047        9,600        9,599,999  

Maricopa (County of), Arizona Industrial Development Authority (Gran Victoria Housing LLC); Series 2000 A, VRD MFH RB (CEP–FNMA)

     0.66 %      04/15/2030        140        140,000  

Massachusetts (State of) Development Finance Agency (Milton Academy); Series 2009 B, VRD Taxable RB (LOC–TD Bank, N.A.)(f)

     0.77 %      03/01/2039        10,055        10,055,000  

Memphis (City of), Tennessee Health, Educational and Housing Facility Board (Ashland Lakes Apartments); Series 2006 A, VRD MFH RB (LOC–U.S. Bank, N.A.)(f)

     0.71 %      08/01/2041        9,000        9,000,000  

Minnetonka (City of), Minnesota (Minnetonka Hills Apartments); Series 2001, Ref. VRD MFH RB (CEP–FNMA)

     0.73 %      11/15/2031        2,285        2,285,000  

New York (State of) Housing Finance Agency (605 West 42nd Street Housing);

          

Series 2014 A, VRD RB (LOC–Bank of China Ltd.)(f)

     0.76 %      05/01/2048        7,100        7,100,000  

Series 2014 B, VRD RB (LOC–Bank of China Ltd.)(f)

     1.10 %      05/01/2048        1,200        1,200,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2014 B, VRD RB (LOC–Bank of China Ltd.)(f)

     1.19 %      11/01/2049        4,000        4,000,000  

Pinellas (County of), Florida Health Facilities Authority (Baycare Health System); Series 2009 A-2, VRD Health System RB (LOC–Northern Trust Co. (The))(f)

     0.65 %      11/01/2038        5,945        5,945,000  

S&L Capital, LLC (J&L Development of Holland, LLC); Series 2005 A, VRD Taxable Notes (LOC–FHLB of Indianapolis)(f)

     0.90 %      07/01/2040        1,820        1,820,000  

University of Southern Indiana; Series 1999 G, VRD Student Fee RB (LOC–JPMorgan Chase Bank, N.A.)(f)

     0.66 %      10/01/2019        310        310,000  

Total Variable Rate Demand Notes (Cost $77,282,999)

                               77,282,999  

Certificates of Deposit–13.96%

          

Canadian Imperial Bank of Commerce(c)(d)

     1.23 %      07/21/2017        4,000        4,002,975  

DZ Bank AG Deutsche Zentral-Genossenschaftsbank(c)(d)

     1.46 %      10/25/2017        8,000        8,018,158  

Mitsubishi UFJ Trust & Banking Corp.(c)

     1.10 %      04/13/2017        5,000        5,001,933  

Nordea Bank AB(c)

     0.56 %      03/01/2017        11,811        11,811,488  

Norinchukin Bank (The)(b)(c)

     1.03 %      05/16/2017        7,000        7,001,291  

Wells Fargo Bank, N.A.(d)

     1.32 %      01/19/2018        5,000        5,005,580  

Westpac Banking Corp.(c)(d)

     1.28 %      01/05/2018        4,000        4,003,424  

Total Certificates of Deposit (Cost $44,811,632)

                               44,844,849  

Notes–3.74%

          

Bank of Nova Scotia, Sr. Unsec. Global Floating Rate Notes(c)(d)

     1.32 %      04/11/2017        7,000        7,003,437  

Bank of Tokyo-Mitsubishi UFJ, Ltd. (The), Sr. Unsec. Notes(b)(c)

     1.20 %      03/10/2017        5,000        5,000,621  

Total Notes (Cost $12,003,989)

                               12,004,058  

TOTAL INVESTMENTS (excluding Repurchase Agreements)–78.62% (Cost $252,449,034)

                               252,499,464  
                 Repurchase
Amount		         

Repurchase Agreements–21.49%(g)

          

BMO Capital Markets Corp., agreement dated 02/28/2017, maturing value of $5,000,106 (collateralized by domestic and foreign corporate obligations valued at $5,250,000; 0%-5.50%, 03/13/2017-09/15/2040)(c)

     0.76 %      03/01/2017        5,000,106        5,000,000  

Citigroup Global Markets Inc., open agreement dated 01/25/2017 (collateralized by foreign corporate obligations valued at $4,590,001; 0%-5.63%, 08/09/2017-02/21/2047)(h)

     1.55 %      —        —        4,500,000  

Credit Suisse Securities (USA) LLC, term agreement dated 02/22/2017, maturing value of $16,002,427 (collateralized by a domestic agency mortgage-backed security valued at $16,800,886; 0.80%, 05/25/2047)(c)(i)

     0.78 %      03/01/2017        16,002,427        16,000,000  

 

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

 

5                         Short-Term  Investments Trust

Liquid Assets Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

ING Financial Markets, LLC, agreement dated 02/28/2017, maturing value of $16,000,396 (collateralized by a domestic corporate obligation and a foreign corporate obligation valued at $17,011,891; 4.88%-6.50%, 04/30/2020-12/15/2043)(c)

     0.89 %      03/01/2017      $ 16,000,396      $ 16,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/02/2017, maturing value of $7,500,000 (collateralized by a domestic corporate obligation valued at $7,875,001; 0%, 03/01/2017)

     1.58 %      05/03/2017        7,500,000        7,500,000  

RBC Capital Markets LLC, term agreement dated 02/22/2017, maturing value of $15,000,000 (collateralized by municipal obligations valued at $15,750,000; 0%-5.25%, 05/01/2022-05/15/2115)(c)(i)

     0.99 %      04/21/2017        15,000,000        15,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2017, maturing value of $5,000,106 (collateralized by foreign corporate obligations valued at $5,100,000; 1.13%-2.75%, 04/12/2019-01/19/2027)

     0.76 %      03/01/2017        5,000,106        5,000,000  

Total Repurchase Agreements (Cost $69,000,000)

                               69,000,000  

TOTAL INVESTMENTS(j)(k)–100.11% (Cost $321,449,034)

                               321,499,464  

OTHER ASSETS LESS LIABILITIES–(0.11)%

                               (345,134 ) 

NET ASSETS–100.00%

                             $ 321,154,330  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

FHLB  

– Federal Home Loan Bank

FNMA  

– Federal National Mortgage Association

GO  

– General Obligation

LOC  

– Letter of Credit

MFH  

– Multi-Family Housing

RB  

– Revenue Bonds

Ref.  

– Refunding

Sr.  

– Senior

Unsec.  

– Unsecured

VRD  

– Variable Rate Demand

 

 

Notes to Schedule of Investments:

 

(a)  Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2017 was $122,592,021, which represented 38.17% 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: Netherlands: 11.7%; Japan: 11.4%; Canada: 11.3%; France: 9.0%; Germany: 6.9%; Switzerland: 6.4%; other countries less than 5% each: 15.0%.
(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(e)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(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)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(i)  The Fund may demand prepayment of the term repurchase agreement upon one to seven business days notice depending on the timing of the demand.
(j)  Also represents cost for federal income tax purposes.
(k)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     56.5 % 

8-30

     8.1  

31-60

     14.4  

61-90

     9.5  

91-180

     6.2  

181+

     5.3  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

6                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

STIC Prime Portfolio                           
     Interest
Rate		      Maturity
Date		      Principal
Amount
(000)		     
Value		  

Commercial Paper–45.49%(a)

 

         
Asset-Backed Securities — Fully Supported–12.60%           

Bennington Stark Capital Co., LLC (CEP–Societe Generale S.A.)(b)(c)

     0.90 %       03/06/2017      $ 18,000      $ 17,997,867  

Kells Funding LLC (CEP–FMS Wertmanagement)(c)

     0.90 %       03/17/2017        8,000        7,997,273  

Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)

     0.90 %       03/01/2017        15,000        14,999,712  
         40,994,852  
Asset-Backed Securities — Fully Supported Bank–17.44%           

Albion Capital LLC (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(b) (c)

     0.90 %       04/20/2017        6,000        5,993,880  

Anglesea Funding LLC (Multi–CEP’s)(b)(c)

     0.98 %       03/03/2017        15,000        14,999,169  

Institutional Secured Funding Ltd. (Multi–CEP’s)(b)(c)

     0.90 %       03/06/2017        10,000        9,998,815  

Manhattan Asset Funding Co., LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c)

     0.94 %       03/03/2017        15,000        14,999,126  

Regency Markets No. 1 LLC (CEP–HSBC Bank PLC) (b)(c)

     0.80 %       03/14/2017        5,000        4,998,559  

Working Capital Management Co., L.P. (CEP–Mizuho Corporate Bank, Ltd.)(b)(c)

     0.82 %       03/23/2017        5,760        5,757,159  
         56,746,708  
Asset-Backed Securities — Multi-Purpose–8.10%           

Chariot Funding LLC(b)

     0.82 %       03/06/2017        4,000        3,999,526  

CRC Funding LLC(b)

     0.87 %       03/01/2017        5,357        5,356,897  

Nieuw Amsterdam Receivables Corp.(b)(c)

     0.84 %       03/09/2017        10,000        9,998,258  

Versailles Commercial Paper LLC(b)

     0.90 %       04/24/2017        7,000        6,987,937  
         26,342,618  
Diversified Banks–7.35%           

DBS Bank Ltd.(b)(c)

     0.86 %       04/10/2017        10,000        9,991,994  

J.P. Morgan Securities LLC

     0.86 %       03/03/2017        3,925        3,924,784  

NRW Bank(b)(c)

     0.81 %       04/03/2017        10,000        9,993,039  
         23,909,817  

Total Commercial Paper (Cost $147,992,975)

 

      147,993,995  

Variable Rate Demand Notes–19.75%(d)

           
Credit Enhanced–19.75%           

A Mining Group, LLC; Series 2006, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(e)

     0.85 %       06/01/2029        4,235        4,235,000  

Appleton (City of), Wisconsin (Great Northern Corp.); Series 2002 A, VRD IDR
(LOC–Wells Fargo Bank, N.A.)(e)

     0.81 %       09/01/2019        4,500        4,500,000  

Boulder (County of), Colorado (Imagine!); Series 2006, VRD RB (LOC–Wells Fargo Bank, N.A.)(e)

     0.72 %       02/01/2031        326        326,000  

Capital Area Housing Finance Corp. (Cypress Creek at River Bend Apartments); Series 2006, VRD MFH RB (LOC–Citibank N.A.)(e)

     0.72 %       10/01/2039        8,290        8,290,000  

Columbus (City of), Ohio Regional Airport Authority (FlightSafety International Inc.); Series 2015 A, VRD RB (CEP–Berkshire Hathaway Inc.)

     0.68 %       04/01/2035        3,930        3,930,000  

Fulton (County of), Georgia Development Authority (Friends of High Meadows, Inc.); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(e)

     0.72 %       01/01/2020        127        127,000  

Jets Stadium Development, LLC; Series 2007 A-4, VRD Project RB (LOC–Sumitomo Mitsui Banking Corp.)(b)(c)(e)

     0.74 %       04/01/2047        5,000        5,000,000  

Keep Memory Alive; Series 2013, VRD Taxable Bonds (LOC–PNC Bank, N.A.)(e)

     0.73 %       05/01/2037        19,980        19,980,000  

M3 Realty, LLC; Series 2007, VRD RN (LOC–General Electric Capital Corp.)(b)(e)

     0.81 %       01/01/2033        5,400        5,400,000  

 

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

 

7                         Short-Term  Investments Trust

STIC Prime Portfolio                           
     Interest
Rate		      Maturity
Date		      Principal
Amount
(000)		     
Value		  
Credit Enhanced–(continued)           

Mobile (County of), Alabama Industrial Development Authority (SSAB Alabama Inc.); Series 2010 A, VRD Recovery Zone Facility RB (LOC–Swedbank AB)(c)(e)

     0.69 %       07/01/2040      $ 5,666      $ 5,666,000  

New York (State of) Housing Finance Agency (605 West 42nd Street Housing); Series 2014 A, VRD RB (LOC–Bank of China Ltd.)(e)

     0.76 %       05/01/2048        6,800        6,800,000  

Total Variable Rate Demand Notes (Cost $64,254,000)

 

      64,254,000  

Certificates of Deposit–12.22%

           

Abbey National Treasury Services PLC(c)

     0.67 %       03/03/2017        10,000        9,999,962  

DZ Bank AG Duetsche Zentral-Genossenschaftsbank(c)

     1.03 %       04/13/2017        2,000        2,000,395  

Mitsubishi UFJ Trust and Banking Corp.(c)

     1.25 %       03/15/2017        8,200        8,201,848  

Nordea Bank AB(c)

     0.56 %       03/01/2017        4,032        4,032,448  

Norinchukin Bank (The)(c)

     1.22 %       03/27/2017        4,000        4,001,473  

Toronto-Dominion Bank (The)(c)

     0.93 %       03/02/2017        5,000        5,000,088  

Toronto-Dominion Bank (The)(c)

     1.08 %       03/17/2017        6,500        6,501,331  

Total Certificates of Deposit (Cost $39,735,790)

 

      39,737,545  

U.S. Government Sponsored Agency Securities–7.76%

           
Overseas Private Investment Corp. (OPIC)–7.76%(d)           

Unsec. Gtd. VRD COP

     0.67 %       09/15/2022        10,000        10,006,250  

Unsec. Gtd. VRD COP

     0.67 %       09/20/2022        4,000        4,002,500  

Unsec. Gtd. VRD COP

     0.68 %       05/15/2030        11,232        11,239,020  

Total U.S. Government Sponsored Agency Securities (Cost $25,232,000)

 

      25,247,770  

TOTAL INVESTMENTS (excluding Repurchase Agreements)–85.22% (Cost $277,214,765)

 

      277,233,310  
                  Repurchase
Amount		         

Repurchase Agreements–14.75%(f)

 

   

Credit Suisse Securities (USA) LLC, term agreement dated 02/22/2017, maturing value of $19,002,882 (collateralized by a domestic agency mortgage-backed security valued at $19,951,479; 0.80%, 05/25/2047)(g)

     0.78 %       03/01/2017        19,002,882        19,000,000  

ING Financial Markets, LLC, agreement dated 02/28/2017, maturing value of $10,000,247 (collateralized by a domestic agency mortgage-backed security and a domestic corporate obligation valued at $10,363,095; 0.88%-4.88%, 10/26/2017-12/15/2043)

     0.89 %       03/01/2017        10,000,247        10,000,000  

RBC Capital Markets LLC, term agreement dated 02/22/2017, maturing value of $19,000,000 (collateralized by municipal obligations valued at $19,950,001; 0.66%-8.22%, 10/01/2021-05/15/2115)(g)

     0.99 %       04/21/2017        19,000,000        19,000,000  

Total Repurchase Agreements (Cost $48,000,000)

                                48,000,000  

TOTAL INVESTMENTS(h)(i)–99.97% (Cost $325,214,765)

 

      325,233,310  

OTHER ASSETS LESS LIABILITIES–0.03%

 

      110,723  

NET ASSETS–100.00%

 

    $ 325,344,033  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

COP  

– Certificates of Participation

Gtd.  

– Guaranteed

IDR  

– Industrial Development Revenue Bonds

LOC  

– Letter of Credit

MFH  

– Multi-Family Housing

RB  

– Revenue Bonds

RN  

– Revenue Notes

Unsec.  

– Unsecured

VRD  

– Variable Rate Demand

 

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

 

8                         Short-Term  Investments Trust

STIC Prime Portfolio

Notes to Schedule of Investments:

 

(a)  Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  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 February 28, 2017 was $146,471,938, which represented 45.02% 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: Netherlands: 13.8%; Japan: 13.5%; France: 10.1%; Canada: 9.4%; Germany: 6.2%; Switzerland: 5.8%; other countries less than 5% each: 10.7%.
(d)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(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)  Also represents cost for federal income tax purposes.
(i)  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  

Sumitomo Mitisui Banking Corp.

      6.2 % 

PNC Bank, N.A.

      6.1  

Societe Generale S.A.

      5.5  

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     71.2 % 

8-30

     18.0  

31-60

     10.8  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

9                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Treasury Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–48.14%

          
U.S. Treasury Bills–26.97%(a)          

U.S. Treasury Bills

     0.50 %      04/13/2017      $ 300,000      $ 299,822,625  

U.S. Treasury Bills

     0.59 %      04/27/2017        124,000        123,887,010  

U.S. Treasury Bills

     0.62 %      05/18/2017        400,000        399,475,456  

U.S. Treasury Bills

     0.61 %      05/25/2017        300,000        299,578,541  

U.S. Treasury Bills

     0.63 %      05/25/2017        400,000        399,416,452  

U.S. Treasury Bills

     0.64 %      06/08/2017        116,510        116,313,640  

U.S. Treasury Bills

     0.66 %      06/15/2017        400,000        399,239,966  

U.S. Treasury Bills

     0.64 %      06/22/2017        400,000        399,208,372  

U.S. Treasury Bills

     0.65 %      06/22/2017        500,000        498,991,633  

U.S. Treasury Bills

     0.66 %      06/29/2017        100,000        99,785,000  

U.S. Treasury Bills

     0.67 %      06/29/2017        34,720        34,643,616  

U.S. Treasury Bills

     0.65 %      07/06/2017        298,000        297,331,604  

U.S. Treasury Bills

     0.66 %      07/06/2017        147,000        146,664,736  

U.S. Treasury Bills

     0.61 %      07/13/2017        295,000        294,340,068  

U.S. Treasury Bills

     0.62 %      07/13/2017        50,000        49,887,403  

U.S. Treasury Bills

     0.61 %      07/20/2017        115,000        114,729,750  

U.S. Treasury Bills

     0.63 %      08/03/2017        250,000        249,332,101  

U.S. Treasury Bills

     0.65 %      08/10/2017        300,000        299,142,751  

U.S. Treasury Bills

     0.65 %      08/17/2017        550,000        548,355,067  

U.S. Treasury Bills

     0.68 %      08/31/2017        300,000        298,983,834  
                                5,369,129,625  
U.S. Treasury Notes–21.17%          

U.S. Treasury Floating Rate Notes(b)

     0.68 %      10/31/2017        706,250        706,137,691  

U.S. Treasury Floating Rate Notes(b)

     0.79 %      01/31/2018        300,000        300,104,296  

U.S. Treasury Floating Rate Notes(b)

     0.71 %      04/30/2018        664,000        664,063,866  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      07/31/2018        429,240        429,238,590  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      10/31/2018        695,000        694,867,073  

U.S. Treasury Notes

     0.50 %      04/30/2017        176,000        175,995,050  

U.S. Treasury Notes

     0.88 %      04/30/2017        150,000        150,088,871  

U.S. Treasury Notes

     2.75 %      05/31/2017        200,000        201,090,104  

U.S. Treasury Notes

     0.63 %      06/30/2017        200,000        199,977,705  

U.S. Treasury Notes

     2.50 %      06/30/2017        200,000        201,251,101  

U.S. Treasury Notes

     0.63 %      09/30/2017        200,000        199,848,721  

U.S. Treasury Notes

     1.88 %      09/30/2017        291,110        292,998,928  
                                4,215,661,996  

Total U.S. Treasury Securities (Cost $9,584,791,621)

                               9,584,791,621  

TOTAL INVESTMENTS (excluding Repurchase Agreements)–48.14% (Cost $9,584,791,621)

                               9,584,791,621  
                 Repurchase
Amount		         

Repurchase Agreements–53.35%(c)

          

ABN AMRO Bank N.V., agreement dated 02/28/2017, maturing value of $600,008,833 (collateralized by U.S. Treasury obligations valued at $612,000,178; 0.50%-3.13%, 03/31/2017-05/15/2026)

     0.53 %      03/01/2017        600,008,833        600,000,000  

 

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

 

10                         Short-Term  Investments Trust

Treasury Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

ABN AMRO Bank N.V., term agreement dated 01/10/2017, maturing value of $250,229,444 (collateralized by U.S. Treasury obligations valued at $255,000,408; 0.13%-2.63%, 08/31/2018-05/15/2026)

     0.56 %      03/10/2017      $ 250,229,444      $ 250,000,000  

Bank of Montreal, joint term agreement dated 02/10/2017, aggregate maturing value of $300,265,500 (collateralized by U.S. Treasury obligations valued at $306,000,037; 0.75%-4.25%, 01/31/2018-05/15/2044)(d)

     0.54 %      04/10/2017        150,132,750        150,000,000  

Bank of Montreal, joint term agreement dated 02/23/2017, aggregate maturing value of $635,834,496 (collateralized by U.S. Treasury obligations valued at $647,700,025; 0.63%-3.63%, 07/31/2017-08/15/2043)(d)

     0.57 %      05/17/2017        115,151,129        115,000,000  

Bank of Montreal, term agreement dated 01/30/2017, maturing value of $500,688,750 (collateralized by U.S. Treasury obligations valued at $510,000,002; 0.75%-3.63%, 03/31/2017-08/15/2044)(d)

     0.57 %      04/27/2017        500,688,750        500,000,000  

Bank of Montreal, term agreement dated 02/10/2017, maturing value of $150,077,292 (collateralized by U.S. Treasury obligations valued at $153,000,054; 1.38%-3.50%, 03/31/2017-11/15/2046)(d)

     0.53 %      03/17/2017        150,077,292        150,000,000  

Bank of Montreal, term agreement dated 02/22/2017, maturing value of $200,233,333 (collateralized by U.S. Treasury obligations valued at $204,000,055; 1.25%-3.63%, 08/31/2017-04/15/2028)(d)

     0.56 %      05/08/2017        200,233,333        200,000,000  

BNP Paribas Securities Corp., agreement dated 02/28/2017, maturing value of $600,009,167 (collateralized by U.S. Treasury obligations valued at $600,019,151; 0.13%, 04/15/2017)

     0.55 %      03/01/2017        600,009,167        600,000,000  

CIBC World Markets Corp., joint agreement dated 02/28/2017, aggregate maturing value of $1,350,019,500 (collateralized by U.S. Treasury obligations valued at $1,383,331,253; 0.13%-8.75%, 03/15/2017-02/15/2047)

     0.52 %      03/01/2017        579,534,169        579,525,798  

Citigroup Global Markets Inc., term agreement dated 02/23/2017, maturing value of $500,049,583 (collateralized by U.S. Treasury obligations valued at $510,000,000;
0%-7.63%, 03/31/2018-08/15/2036)(d)

     0.51 %      03/02/2017        500,049,583        500,000,000  

Citigroup Global Markets Inc., agreement dated 02/28/2017, maturing value of $400,005,778 (collateralized by U.S. Treasury obligations valued at $408,000,001; 0.63%-7.63%, 05/31/2017-02/15/2025)

     0.52 %      03/01/2017        400,005,778        400,000,000  

Credit Agricole Corp. & Investment Bank, agreement dated 02/28/2017, maturing value of $200,002,889 (collateralized by a U.S. Treasury obligation valued at $204,000,005; 3.00%, 11/15/2044)

     0.52 %      03/01/2017        200,002,889        200,000,000  

Credit Agricole Corp. & Investment Bank, term agreement dated 01/03/2017, maturing value of $200,186,833 (collateralized by U.S. Treasury obligations valued at $204,000,089; 0.63%-1.25%, 03/31/2021-01/15/2024)(d)

     0.57 %      03/03/2017        200,186,833        200,000,000  

Credit Agricole Corp. & Investment Bank, term agreement dated 02/24/2017, maturing value of $250,025,278 (collateralized by U.S. Treasury obligations valued at $255,000,014; 1.50%-2.75%, 02/15/2019-02/15/2023)(d)

     0.52 %      03/03/2017        250,025,278        250,000,000  

Federal Reserve Bank of New York, agreement dated 02/28/2017, maturing value of $400,005,556 (collateralized by a U.S. Treasury obligation valued at $400,005,625; 3.00%, 05/15/2042)

     0.50 %      03/01/2017        400,005,556        400,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/23/2017, maturing value of $450,044,625 (collateralized by U.S. Treasury obligations valued at $458,149,703; 3.75%, 11/15/2043)(d)

     0.51 %      03/02/2017        450,044,625        450,000,000  

Metropolitan Life Insurance Co., term agreement dated 02/28/2017, maturing value of $350,038,556 (collateralized by U.S. Treasury obligations valued at $359,686,324;
0%-1.13%, 09/30/2021-11/15/2040)(d)

     0.55 %      03/07/2017        350,038,556        350,001,125  

Prudential Insurance Co. of America, agreement dated 02/28/2017, maturing value of $287,754,066 (collateralized by U.S. Treasury obligations valued at $293,991,621;
0%-2.50%; 11/15/2027-02/15/2045)

     0.54 %      03/01/2017        287,754,066        287,749,750  

Prudential Legacy Insurance Co. of America, agreement dated 02/28/2017, maturing value of $190,377,856 (collateralized by U.S. Treasury obligations valued at $194,102,100;
0%; 02/15/2022-08/15/2033)

     0.54 %      03/01/2017        190,377,856        190,375,000  

RBC Capital Markets LLC, term agreement dated 01/17/2017, maturing value of $500,443,056 (collateralized by U.S. Treasury obligations valued at $510,000,026;
1.00%-7.13%, 08/15/2018-11/15/2025)(d)

     0.55 %      03/16/2017        500,443,056        500,000,000  

RBC Capital Markets LLC, term agreement dated 02/16/2017, maturing value of $1,000,458,333 (collateralized by U.S. Treasury obligations valued at $1,016,577,459;
0%-9.00%, 03/30/2017-05/15/2046)(d)

     0.55 %      05/17/2017        1,000,458,333        1,000,000,000  

 

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

 

11                         Short-Term  Investments Trust

Treasury Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Societe Generale, joint term agreement dated 02/09/2017, aggregate maturing value of $500,240,000 (collateralized by U.S. Treasury obligations valued at $510,000,043;
0%-8.75%, 04/30/2017-05/15/2043)(d)

     0.54 %      03/13/2017      $ 435,208,800      $ 435,000,000  

Sumitomo Mitsui Banking Corp., agreement dated 02/28/2017, maturing value of $1,000,014,722 (collateralized by U.S. Treasury obligations valued at $1,020,004,676; 1.13%-1.63%, 01/31/2021-05/31/2023)

     0.53 %      03/01/2017        1,000,014,722        1,000,000,000  

TD Securities (USA) LLC, agreement dated 02/28/2017, maturing value of $300,004,333 (collateralized by U.S. Treasury obligations valued at $306,000,076; 0.50%-4.25%, 04/30/2017-02/15/2042)

     0.52 %      03/01/2017        300,004,333        300,000,000  

Wells Fargo Bank, N.A., term agreement dated 11/16/2016, maturing value of $250,879,861 (collateralized by U.S. Treasury obligations valued at $255,000,189; 2.38%-2.63%, 07/15/2017-01/15/2025)

     0.70 %      05/16/2017        250,879,861        250,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2017, maturing value of $565,008,161 (collateralized by U.S. Treasury obligations valued at $576,300,061; 1.13%-3.63%, 02/28/2019-02/15/2045)

     0.52 %      03/01/2017        565,008,161        565,000,000  

Wells Fargo Securities, LLC, term agreement dated 01/17/2017, maturing value of $200,273,889 (collateralized by U.S. Treasury obligations valued at $204,000,038;
3.00%-3.38%, 11/15/2041-02/15/2047)

     0.58 %      04/12/2017        200,273,889        200,000,000  

Total Repurchase Agreements (Cost $10,622,651,673)

                       10,622,651,673  

TOTAL INVESTMENTS(e)–101.49% (Cost $20,207,443,294)

                       20,207,443,294  

OTHER ASSETS LESS LIABILITIES–(1.49)%

 

               (296,145,850 ) 

NET ASSETS–100.00%

 

             $ 19,911,297,444  

Notes to Schedule of Investments:

 

(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(c)  Principal amount equals value at period end. See Note 1I.
(d)  The Fund may demand prepayment of the term repurchase agreement upon one to seven business days notice depending on the timing of the demand.
(e)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     48.7 % 

8-30

     1.2  

31-60

     3.1  

61-90

     8.4  

91-180

     20.9  

181+

     17.7  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

12                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Government Sponsored Agency Securities–32.26%

          
Federal Farm Credit Bank (FFCB)–2.78%          

Disc. Notes(a)

     0.57 %      03/20/2017      $ 19,000      $ 18,994,284  

Disc. Notes(a)

     0.56 %      04/04/2017        50,000        49,973,556  

Disc. Notes(a)

     0.57 %      04/18/2017        25,000        24,981,000  

Unsec. Bonds(b)

     0.78 %      05/30/2017        45,000        44,998,717  

Unsec. Bonds(b)

     0.81 %      06/20/2017        39,325        39,314,841  

Unsec. Bonds(b)

     0.81 %      07/06/2017        70,000        69,993,789  

Unsec. Bonds(b)

     0.80 %      07/14/2017        14,000        14,001,030  

Unsec. Bonds(b)

     0.92 %      07/21/2017        45,000        44,999,973  

Unsec. Bonds(b)

     0.81 %      07/25/2017        35,600        35,606,864  

Unsec. Bonds(b)

     0.76 %      08/21/2017        22,000        21,994,177  

Unsec. Bonds(b)

     0.82 %      08/29/2017        4,625        4,625,006  

Unsec. Bonds(b)

     0.82 %      11/13/2017        8,000        7,994,599  

Unsec. Bonds(b)

     0.79 %      12/27/2017        30,000        29,967,696  

Unsec. Bonds(b)

     0.80 %      01/17/2018        10,000        9,995,120  

Unsec. Bonds(b)

     0.68 %      01/22/2018        100,000        100,000,000  

Unsec. Bonds(b)

     0.85 %      02/09/2018        25,000        25,000,000  

Unsec. Bonds(b)

     0.81 %      02/26/2018        50,000        49,985,324  

Unsec. Bonds(b)

     0.90 %      03/02/2018        40,000        40,065,673  

Unsec. Bonds(b)

     0.89 %      03/21/2018        20,000        20,009,681  

Unsec. Bonds(b)

     1.04 %      05/09/2018        9,500        9,520,924  
         662,022,254  
Federal Home Loan Bank (FHLB)–26.30%          

Unsec. Bonds

     0.88 %      03/10/2017        13,155        13,156,137  

Unsec. Bonds

     0.55 %      03/21/2017        52,630        52,630,977  

Unsec. Bonds

     0.60 %      05/19/2017        62,000        62,000,000  

Unsec. Bonds

     0.60 %      05/23/2017        73,000        72,999,112  

Unsec. Bonds(b)

     0.77 %      08/18/2017        73,500        73,482,728  

Unsec. Bonds(b)

     0.96 %      10/30/2017        199,700        199,689,898  

Unsec. Bonds(b)

     0.83 %      11/15/2017        40,000        40,000,000  

Unsec. Bonds(b)

     0.83 %      11/17/2017        25,000        25,000,000  

Unsec. Bonds(b)

     0.85 %      02/16/2018        45,000        45,000,000  

Unsec. Bonds(b)

     0.78 %      03/06/2018        225,000        225,000,000  

Unsec. Bonds(b)

     0.78 %      03/09/2018        100,000        100,000,000  

Unsec. Bonds(b)

     0.79 %      03/14/2018        300,000        300,000,000  

Unsec. Bonds(b)

     0.79 %      03/15/2018        75,000        75,000,000  

Unsec. Bonds(b)

     0.79 %      03/16/2018        350,000        350,000,000  

Unsec. Bonds(b)

     0.77 %      03/19/2018        275,000        275,000,000  

Unsec. Bonds(b)

     0.81 %      03/19/2018        145,000        145,000,000  

Unsec. Bonds(b)

     0.76 %      04/12/2018        220,000        220,000,000  

Unsec. Bonds(b)

     0.76 %      04/13/2018        225,000        224,999,315  

Unsec. Bonds(b)

     0.77 %      04/20/2018        86,000        85,992,390  

Unsec. Bonds(b)

     0.77 %      04/23/2018        140,000        139,991,832  

Unsec. Bonds(b)

     0.69 %      05/08/2018        230,000        230,002,219  

Unsec. Bonds(b)

     0.67 %      07/26/2018        100,000        100,000,000  

 

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

 

13                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Federal Home Loan Bank (FHLB)–(continued)          

Unsec. Bonds(b)

     0.68 %      08/01/2018      $ 200,000      $ 200,000,000  

Unsec. Disc. Notes(a)

     0.46 %      03/29/2017        245,700        245,612,972  

Unsec. Disc. Notes(a)

     0.60 %      05/05/2017        62,665        62,597,113  

Unsec. Disc. Notes(a)

     0.63 %      05/24/2017        50,000        49,926,208  

Unsec. Disc. Notes(a)

     0.64 %      05/24/2017        145,613        145,397,250  

Unsec. Disc. Notes(a)

     0.64 %      05/26/2017        133,000        132,796,975  

Unsec. Disc. Notes(a)

     0.63 %      05/31/2017        200,000        199,682,010  

Unsec. Disc. Notes(a)

     0.64 %      07/05/2017        300,000        299,327,999  

Unsec. Disc. Notes(a)

     0.61 %      07/12/2017        400,000        399,098,554  

Unsec. Disc. Notes(a)

     0.67 %      08/09/2017        86,324        86,067,270  

Unsec. Disc. Notes(a)

     0.67 %      08/16/2017        48,000        47,849,920  

Unsec. Disc. Notes(a)

     0.67 %      08/18/2017        30,000        29,905,083  

Unsec. Disc. Notes(a)

     0.69 %      08/23/2017        37,852        37,725,038  

Unsec. Disc. Notes(a)

     0.69 %      08/25/2017        50,000        49,831,850  

Unsec. Global Bonds(b)

     0.80 %      04/21/2017        10,000        9,999,371  

Unsec. Global Bonds

     1.00 %      06/21/2017        30,380        30,415,400  

Unsec. Global Bonds(b)

     0.78 %      08/15/2017        50,000        50,000,000  

Unsec. Global Bonds(b)

     0.83 %      09/06/2017        25,000        25,000,147  

Unsec. Global Bonds(b)

     0.94 %      11/15/2017        60,000        59,986,869  

Unsec. Global Bonds(b)

     0.85 %      12/07/2017        22,000        21,998,481  

Unsec. Global Bonds(b)

     0.97 %      01/08/2018        80,000        80,000,000  

Unsec. Global Bonds(b)

     0.69 %      01/23/2018        237,000        237,000,000  

Unsec. Global Bonds(b)

     0.70 %      01/23/2018        93,000        93,008,412  

Unsec. Global Bonds(b)

     0.89 %      02/26/2018        185,000        185,000,000  

Unsec. Global Bonds(b)

     0.79 %      04/06/2018        136,000        136,000,000  

Unsec. Global Bonds(b)

     0.69 %      05/09/2018        100,000        100,000,000  

Unsec. Global Bonds(b)

     0.72 %      07/12/2018        200,000        200,098,223  
                                6,269,269,753  
Federal Home Loan Mortgage Corp. (FHLMC)–0.69%          

Unsec. Global Notes(b)

     0.79 %      04/20/2017        30,000        29,999,371  

Unsec. Global Notes(b)

     0.82 %      04/27/2017        14,000        13,998,795  

Unsec. Global Notes(b)

     0.91 %      07/21/2017        20,000        19,999,200  

Unsec. Global Notes(b)

     0.98 %      01/08/2018        100,000        100,000,000  
                                163,997,366  
Federal National Mortgage Association (FNMA)–1.26%          

Unsec. Global Notes

     1.13 %      04/27/2017        42,863        42,901,342  

Unsec. Global Notes

     5.00 %      05/11/2017        60,000        60,513,120  

Unsec. Global Notes(b)

     0.79 %      09/08/2017        35,000        34,982,216  

Unsec. Global Notes(b)

     0.79 %      10/05/2017        112,815        112,785,166  

Unsec. Notes(b)

     0.78 %      08/16/2017        50,000        49,995,354  
                                301,177,198  
Overseas Private Investment Corp. (OPIC)–1.23%          

Sec. Gtd. VRD COP Bonds(c)

     0.69 %      11/15/2028        100,000        100,000,000  

Sr. Unsec. Gtd. VRD COP Bonds(c)

     0.69 %      02/15/2028        20,000        20,000,000  

Unsec. Gtd. VRD COP Bonds(c)

     0.69 %      09/15/2020        81,000        81,000,000  

Unsec. Gtd. VRD COP Bonds(c)

     0.69 %      07/15/2025        44,389        44,388,890  

Unsec. Gtd. VRD COP Notes(c)

     0.67 %      07/09/2026        48,450        48,450,000  
         293,838,890  

Total U.S. Government Sponsored Agency Securities (Cost $7,690,305,461)

              7,690,305,461  

 

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

 

14                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–16.97%

          
U.S. Treasury Bills–16.76%(a)          

U.S. Treasury Bills

     0.58 %      04/27/2017      $ 150,000      $ 149,864,625  

U.S. Treasury Bills

     0.62 %      05/18/2017        200,000        199,737,184  

U.S. Treasury Bills

     0.61 %      05/25/2017        300,000        299,577,833  

U.S. Treasury Bills

     0.63 %      05/25/2017        350,000        349,491,299  

U.S. Treasury Bills

     0.62 %      06/01/2017        700,000        698,908,777  

U.S. Treasury Bills

     0.65 %      06/15/2017        300,000        299,438,642  

U.S. Treasury Bills

     0.66 %      06/15/2017        200,000        199,619,945  

U.S. Treasury Bills

     0.64 %      06/22/2017        200,000        199,604,186  

U.S. Treasury Bills

     0.66 %      06/29/2017        100,000        99,784,917  

U.S. Treasury Bills

     0.65 %      07/06/2017        370,000        369,170,064  

U.S. Treasury Bills

     0.66 %      07/06/2017        130,000        129,703,508  

U.S. Treasury Bills

     0.61 %      07/13/2017        200,000        199,552,588  

U.S. Treasury Bills

     0.62 %      07/13/2017        50,000        49,887,403  

U.S. Treasury Bills

     0.65 %      08/10/2017        300,000        299,141,400  

U.S. Treasury Bills

     0.65 %      08/17/2017        300,000        299,104,300  

U.S. Treasury Bills

     0.68 %      08/24/2017        155,000        154,492,289  
                                3,997,078,960  
U.S. Treasury Notes–0.21%          

U.S. Treasury Floating Rate Notes(b)

     0.68 %      10/31/2017        50,000        49,990,890  

Total U.S. Treasury Securities (Cost $4,047,069,850)

                               4,047,069,850  

TOTAL INVESTMENTS (excluding Repurchase Agreements) –49.23% (Cost $11,737,375,311)

 

                       11,737,375,311  
                 Repurchase
Amount		         

Repurchase Agreements–50.77%(d)

          

Bank of Montreal, agreement dated 02/28/2017, maturing value of $300,004,417 (collateralized by domestic agency mortgage-backed securities valued at $306,000,000; 2.00%-5.50%; 09/01/2025-01/20/2047)

     0.53 %      03/01/2017        300,004,417        300,000,000  

Bank of Montreal, joint term agreement dated 02/10/2017, aggregate maturing value of $300,265,500 (collateralized by U.S. Treasury obligations valued at $306,000,037; 0.75%-4.25%, 01/31/2018-05/15/2044)(e)

     0.54 %      04/10/2017        100,088,500        100,000,000  

Bank of Montreal, joint term agreement dated 02/23/2017, aggregate maturing value of $635,834,496 (collateralized by U.S. Treasury obligations valued at $647,700,025; 0.63%-3.63%, 07/31/2017-08/15/2043)(e)

     0.57 %      05/17/2017        390,512,525        390,000,000  

Bank of Nova Scotia (The), agreement dated 02/28/2017, maturing value of $1,000,014,444 (collateralized by U.S. Treasury obligations valued at $1,020,000,038; 0.13%-3.63%; 10/31/2018-05/15/2046)

     0.52 %      03/01/2017        1,000,014,444        1,000,000,000  

Bank of Nova Scotia (The), agreement dated 02/28/2017, maturing value of $200,002,944 (collateralized by domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at $204,000,053; 2.55%-4.00%; 11/15/2023-09/01/2046)

     0.53 %      03/01/2017        200,002,944        200,000,000  

BNP Paribas Securities Corp., agreement dated 02/28/2017, maturing value of $885,013,521 (collateralized by a U.S. Treasury obligation valued at $900,781,027; 0.13%; 07/15/2022)

     0.55 %      03/01/2017        885,013,521        885,000,000  

CIBC World Markets Corp., joint agreement dated 02/28/2017, aggregate maturing value of $1,350,019,500 (collateralized by U.S. Treasury obligations valued at $1,383,331,253; 0.13%-8.75%, 03/15/2017-02/15/2047)

     0.52 %      03/01/2017        329,615,714        329,610,953  

Citigroup Global Markets Inc., agreement dated 02/28/2017, maturing value of $250,003,681 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $255,000,090; 0%-7.63%; 03/06/2017-09/15/2065)

     0.53 %      03/01/2017        250,003,681        250,000,000  

 

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

 

15                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Credit Agricole Corp. & Investment Bank, joint agreement dated 02/28/2017, aggregate maturing value of $700,010,306 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $714,000,000; 0%-4.00%, 04/24/2017-02/01/2047)

     0.53 %      03/01/2017      $ 400,005,889      $ 400,000,000  

Federal Reserve Bank of New York, agreement dated 02/28/2017, maturing value of $600,008,333 (collateralized by a U.S. Treasury obligation valued at $600,008,387; 3.00%; 05/15/2042)

     0.50 %      03/01/2017        600,008,333        600,000,000  

ING Financial Markets, LLC, term agreement dated 01/20/2017, maturing value of $45,062,525 (collateralized by domestic agency mortgage-backed securities valued at $45,901,215; 3.50%; 04/01/2042-01/01/2043)

     0.61 %      04/12/2017        45,062,525        45,000,000  

ING Financial Markets, LLC, term agreement dated 01/31/2017 maturing value of $250,424,375 (collateralized by domestic agency mortgage-backed securities valued at $255,003,653; 3.00%-6.00%; 03/01/2026-07/01/2046)

     0.63 %      05/08/2017        250,424,375        250,000,000  

ING Financial Markets, LLC, term agreement dated 02/28/2017, maturing value of $270,000,000 (collateralized by domestic agency mortgage-backed securities valued at $275,400,805; 2.03%-4.00%; 03/01/2026-11/01/2046)(b)

     0.71 %      06/05/2017        270,000,000        270,000,000  

ING Financial Markets, LLC, term agreement dated 02/28/2017, maturing value of $220,000,000 (collateralized by domestic agency mortgage-backed securities valued at $224,400,000; 3.00%-5.50%; 10/01/2025-08/01/2048)(b)

     0.80 %      08/28/2017        220,000,000        220,000,000  

J.P. Morgan Securities Inc., agreement dated 02/28/2017, maturing value of $250,003,611 (collateralized by a U.S. Treasury obligation valued at $255,001,384; 0.13%; 04/15/2021)

     0.52 %      03/01/2017        250,003,611        250,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., agreement dated 02/28/2017, maturing value of $100,001,472 (collateralized by domestic agency mortgage-backed securities valued at $102,000,001; 2.50%-3.00%; 10/20/2045-09/20/2046)

     0.53 %      03/01/2017        100,001,472        100,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/23/2017, maturing value of $325,032,229 (collateralized by a U.S. Treasury obligation valued at $330,679,999; 3.63%; 08/15/2043)(e)

     0.51 %      03/02/2017        325,032,229        325,000,000  

Metropolitan Life Insurance Co., term agreement dated 02/28/2017, maturing value of $400,043,803 (collateralized by U.S. Treasury obligations valued at $408,333,658; 0%-0.75%; 02/28/2018-05/15/2044)(e)

     0.55 %      03/07/2017        400,043,803        400,001,025  

Prudential Insurance Co. of America, agreement dated 02/28/2017, maturing value of $157,058,606 (collateralized by U.S. Treasury obligations valued at $160,609,750; 0%; 11/15/2026-08/15/2039)

     0.54 %      03/01/2017        157,058,606        157,056,250  

Prudential Legacy Insurance Co. of America, agreement dated 02/28/2017, maturing value of $170,002,550 (collateralized by U.S. Treasury obligations valued at $173,400,150; 0.00%; 11/15/2028-08/15/2033)

     0.54 %      03/01/2017        170,002,550        170,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/15/2017, aggregate maturing value of $600,885,000 (collateralized by domestic agency mortgage-backed securities valued at $612,000,000; 0.87%-8.50%, 05/01/2017-02/20/2047)(e)

     0.59 %      05/16/2017        455,671,125        455,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/17/2017, aggregate maturing value of $500,221,667 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.50%-4.00%, 02/20/2030-03/01/2047)(b)(e)

     0.57 %      05/18/2017        395,175,117        395,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/21/2017, aggregate maturing value of $500,245,417 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.00%-7.50%, 04/01/2024-12/20/2064)(e)

     0.57 %      05/22/2017        410,201,242        410,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/28/2017, aggregate maturing value of $1,000,000,000 (collateralized by domestic agency mortgage-backed securities valued at $1,020,000,002; 0%-7.00%, 12/25/2017-02/01/2047)(b)(e)

     0.66 %      05/01/2017        590,000,000        590,000,000  

RBC Capital Markets LLC, term agreement dated 01/20/2017, maturing value of $345,402,500 (collateralized by domestic agency mortgage-backed securities valued at $351,900,000; 1.80%-8.50%; 03/01/2019-02/20/2047)(e)

     0.56 %      04/05/2017        345,402,500        345,000,000  

Societe Generale, joint agreement dated 02/28/2017, aggregate maturing value of $1,000,015,000 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $1,020,000,071; 0%-8.00%, 08/31/2017-11/20/2045)

     0.54 %      03/01/2017        650,009,750        650,000,000  

 

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

 

16                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Societe Generale, joint term agreement dated 02/28/2017, aggregate maturing value of $600,061,833 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $612,000,076; 0%-6.50%, 04/27/2017-06/20/2046)(e)

     0.53 %      03/07/2017      $ 450,046,375      $ 450,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2017, aggregate maturing value of $2,000,030,000 (collateralized by domestic agency mortgage-backed securities valued at $2,040,000,646; 3.00%-3.50%, 10/20/2042-04/20/2046)

     0.54 %      03/01/2017        1,440,021,600        1,440,000,000  

Wells Fargo Bank, N.A., term agreement dated 09/08/2016, maturing value of $135,411,750 (collateralized by U.S. Treasury obligations valued at $137,700,000; 0%; 08/15/2021-08/15/2030)

     0.60 %      03/10/2017        135,411,750        135,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2017, maturing value of $550,008,250 (collateralized by domestic agency mortgage-backed securities valued at $561,000,001; 1.78%-6.50%; 03/01/2018-03/01/2047)

     0.54 %      03/01/2017        550,008,250        550,000,000  

Wells Fargo Securities, LLC, term agreement dated 12/05/2016, maturing value of $44,062,382 (collateralized by domestic agency mortgage-backed securities valued at $44,880,000; 0%-2.11%; 06/25/2021-01/25/2046)

     0.58 %      03/03/2017        44,062,382        44,000,000  

Total Repurchase Agreements (Cost $12,105,668,228)

                               12,105,668,228  

TOTAL INVESTMENTS(f)–100.00% (Cost $23,843,043,539)

              23,843,043,539  

OTHER ASSETS LESS LIABILITIES–0.00%

 

      (915,233 ) 

NET ASSETS–100.00%

 

    $ 23,842,128,306  

Investment Abbreviations:

 

COP  

– Certificates of Participation

Disc.  

– Discounted

Gtd.  

– Guaranteed

Sec.  

– Secured

Sr.  

– Senior

Unsec.  

– Unsecured

VRD  

– Variable Rate Demand

Notes to Schedule of Investments:

 

(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(c)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(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)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     48.1 % 

8-30

     2.0  

31-60

     1.5  

61-90

     7.1  

91-180

     20.6  

181+

     20.7  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

17                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Treasury Obligations Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–116.11%

 

U.S. Treasury Bills–104.69%(a)  

U.S. Treasury Bills

     0.41 %      03/02/2017      $ 105,400      $ 105,398,827  

U.S. Treasury Bills

     0.42 %      03/02/2017        65,000        64,999,251  

U.S. Treasury Bills

     0.49 %      03/02/2017        100,000        99,998,667  

U.S. Treasury Bills

     0.50 %      03/02/2017        97,500        97,498,673  

U.S. Treasury Bills

     0.46 %      03/09/2017        200,000        199,982,461  

U.S. Treasury Bills

     0.48 %      03/09/2017        8,300        8,299,123  

U.S. Treasury Bills

     0.54 %      03/09/2017        9,000        8,998,940  

U.S. Treasury Bills

     0.50 %      03/15/2017        50,000        49,990,356  

U.S. Treasury Bills

     0.50 %      03/16/2017        1,400        1,399,714  

U.S. Treasury Bills

     0.52 %      03/16/2017        75,000        74,984,062  

U.S. Treasury Bills

     0.45 %      03/23/2017        50,000        49,986,403  

U.S. Treasury Bills

     0.56 %      03/30/2017        40,000        39,982,117  

U.S. Treasury Bills

     0.50 %      04/13/2017        11,000        10,993,496  

U.S. Treasury Bills

     0.51 %      04/20/2017        7,800        7,794,583  

U.S. Treasury Bills

     0.52 %      04/20/2017        21,000        20,985,096  

U.S. Treasury Bills

     0.52 %      05/04/2017        50,000        49,954,178  

U.S. Treasury Bills

     0.60 %      05/04/2017        15,000        14,984,333  

U.S. Treasury Bills

     0.53 %      05/11/2017        2,300        2,297,614  

U.S. Treasury Bills

     0.54 %      05/18/2017        30,000        29,965,225  

U.S. Treasury Bills

     0.60 %      05/18/2017        20,000        19,974,412  

U.S. Treasury Bills

     0.62 %      05/18/2017        15,000        14,980,289  

U.S. Treasury Bills

     0.63 %      05/25/2017        15,000        14,978,219  

U.S. Treasury Bills

     0.64 %      05/25/2017        500        499,262  

U.S. Treasury Bills

     0.60 %      06/01/2017        10,000        9,984,897  

U.S. Treasury Bills

     0.56 %      06/08/2017        6,200        6,190,622  

U.S. Treasury Bills

     0.62 %      06/08/2017        5,100        5,091,480  

U.S. Treasury Bills

     0.63 %      06/08/2017        17,000        16,971,052  

U.S. Treasury Bills

     0.64 %      06/08/2017        10,000        9,982,785  

U.S. Treasury Bills

     0.63 %      06/15/2017        13,000        12,976,229  

U.S. Treasury Bills

     0.65 %      06/15/2017        2,900        2,894,578  

U.S. Treasury Bills

     0.66 %      06/15/2017        30,000        29,942,937  

U.S. Treasury Bills

     0.64 %      06/22/2017        5,500        5,489,115  

U.S. Treasury Bills

     0.65 %      06/22/2017        85,000        84,828,578  

U.S. Treasury Bills

     0.66 %      06/29/2017        50,000        49,892,333  

U.S. Treasury Bills

     0.62 %      07/06/2017        47,000        46,898,693  

U.S. Treasury Bills

     0.65 %      07/06/2017        2,000        1,995,516  

U.S. Treasury Bills

     0.66 %      07/06/2017        3,000        2,993,158  

U.S. Treasury Bills

     0.60 %      07/13/2017        500        498,904  

U.S. Treasury Bills

     0.62 %      07/13/2017        15,000        14,966,221  

U.S. Treasury Bills

     0.61 %      07/20/2017        35,000        34,917,750  

U.S. Treasury Bills

     0.61 %      07/27/2017        7,900        7,880,432  

U.S. Treasury Bills

     0.63 %      08/03/2017        20,000        19,946,568  

U.S. Treasury Bills

     0.65 %      08/17/2017        19,700        19,641,050  

U.S. Treasury Bills

     0.66 %      08/17/2017        2,900        2,891,205  

 

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

 

18                         Short-Term  Investments Trust

Treasury Obligations Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
U.S. Treasury Bills–(continued)          

U.S. Treasury Bills

     0.65 %      08/24/2017      $ 800      $ 797,489  

U.S. Treasury Bills

     0.66 %      08/24/2017        35,000        34,889,377  

U.S. Treasury Bills

     0.68 %      08/31/2017        20,000        19,932,256  
                                1,431,418,526  
U.S. Treasury Notes–11.42%  

U.S. Treasury Floating Rate Notes(b)

     0.71 %      04/30/2018        55,000        55,051,631  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      07/31/2018        53,000        53,016,862  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      10/31/2018        35,000        35,001,664  

U.S. Treasury Floating Rate Notes(b)

     0.66 %      01/31/2019        13,000        12,997,488  
                                156,067,645  

TOTAL INVESTMENTS(c)–116.11% (Cost $1,587,486,171)

 

      1,587,486,171  

OTHER ASSETS LESS LIABILITIES–(16.11)%

 

      (220,233,692 ) 

NET ASSETS–100.00%

 

    $ 1,367,252,479  

Notes to Schedule of Investments:

 

(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(c)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     10.8 % 

8-30

     31.7  

31-60

     2.9  

61-90

     10.8  

91-180

     30.9  

181+

     12.9  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

19                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Municipal Obligations–96.14%

 

Alabama–3.08%  

Mobile (County of) Industrial Development Authority (SSAB Alabama Inc.); Series 2010 A, VRD Recovery Zone Facility RB (LOC–Swedbank AB)(a)(b)(c)

     0.69 %      07/01/2040      $ 5,440      $ 5,440,000  
Arizona–2.72%          

Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, VRD RB (LOC–Bank of America, N.A.)(a)(b)

     0.65 %      01/01/2046        240        240,000  

Casa Grande (City of) Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.64 %      06/15/2031        2,685        2,685,000  

Maricopa (County of) Industrial Development Authority (Gran Victoria Housing LLC); Series 2000 A, VRD MFH RB (CEP–FNMA)(a)

     0.66 %      04/15/2030        1,375        1,375,000  

Sierra Vista (City of) Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.64 %      06/15/2031        520        520,000  
         4,820,000  
California–6.59%          

California (State of); Series 2004 A9, Ref. VRD Unlimited Tax GO Bonds (LOC–State Street Bank & Trust Co.)(a)(b)

     0.60 %      05/01/2034        4,385        4,385,000  

Orange (County of) Water District; Series 2003 A, Ref. VRD COP (LOC–Citibank, N.A.)(a)(b)

     0.62 %      08/01/2042        2,700        2,700,000  

Southern California Metropolitan Water District; Series 2009 A-2, Ref. Floating Rate RB(d)(e)

     0.80 %      07/10/2017        4,580        4,580,000  
         11,665,000  
Colorado–7.29%          

Boulder (County of) (Imagine!); Series 2006, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      02/01/2031        1,063        1,063,000  

Colorado (State of) Educational & Cultural Facilities Authority (Denver Seminary); Series 2004, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      07/01/2034        1,800        1,800,000  

Colorado (State of) Educational Loan Program; Series 2017 B, TRAN

     4.00 %      06/29/2017        4,000        4,041,428  

Colorado Springs (City of) (Cook Communications Ministries); Series 2002, VRD IDR (LOC–Bank of America, N.A.)(a)(b)

     0.78 %      03/01/2017        5,335        5,335,000  

EagleBend Affordable Housing Corp.; Series 2006 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.66 %      07/01/2021        654        654,000  
         12,893,428  
Delaware–1.75%          

Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC–PNC Bank, N.A.)(a)(b)

     0.66 %      09/01/2036        3,090        3,090,000  
District of Columbia–2.38%          

District of Columbia Series 1998 A, VRD Pooled Loan Program RB (LOC–Bank of America,
N.A.)(a)(b)(f)

     0.81 %      01/01/2029        1,587        1,587,000  

District of Columbia (American University); Series 2006 B, VRD Multimodal RB (LOC–Royal Bank of Canada)(a)(b)

     0.64 %      10/01/2036        2,625        2,625,000  
         4,212,000  
Florida–1.75%          

Palm Beach (County of) (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC–Northern Trust Co.)(a)(b)

     0.71 %      11/01/2036        1,725        1,725,000  

Pinellas (County of) Health Facilities Authority (Baycare Health System); Series 2009 A-2, VRD Health System RB (LOC–Northern Trust Co.(The))(a)(b)

     0.65 %      11/01/2038        1,370        1,370,000  
         3,095,000  
Georgia–4.03%          

Fulton (County of) Development Authority (Friends of High Meadows, Inc.); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      01/01/2020        750        750,000  

Georgia (State of); Series 2015 C, Ref. Unlimited Tax GO Bonds

     5.00 %      07/01/2017        1,325        1,343,623  

Private Colleges & Universities Authority (Emory University); Series 2005 B-2, VRD RB(a)

     0.60 %      09/01/2035        3,630        3,630,000  

 

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

 

20                         Short-Term  Investments Trust

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Georgia–(continued)          

Richmond (County of) Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      09/01/2020      $ 1,400      $ 1,400,000  
         7,123,623  
Illinois–4.70%          

Illinois (State of) Finance Authority (Elmhurst College); Series 2007, VRD RB (LOC–BMO Harris, N.A.)(a)(b)

     0.65 %      02/01/2042        2,000        2,000,000  

Illinois (State of) Finance Authority (Foundation for Safety & Health); Series 1992, VRD Safety Education RB (LOC–BMO Harris, N.A.)(a)(b)(f)

     0.78 %      10/01/2017        200        200,000  

Illinois (State of) Finance Authority (Institute of Gas Technology); Series 1999, VRD IDR (LOC–BMO Harris, N.A.)(a)(b)

     0.70 %      09/01/2024        400        400,000  

Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(a)

     0.62 %      12/01/2046        5,435        5,435,000  

Illinois (State of) Finance Authority (Radiological Society of North America, Inc.); Series 1997, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)(f)

     0.80 %      06/01/2017        270        270,000  
         8,305,000  
Indiana–9.47%          

Fort Wayne (City of) (University of St. Francis); Series 2008, VRD Economic Development RB
(LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.66 %      08/01/2028        2,135        2,135,000  

Huntington (City of) (Huntington University, Inc.); Series 2007, Ref. VRD Economic Development & Improvement RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      08/01/2037        1,928        1,928,000  

Indiana (State of) Finance Authority (Ispat Inland Inc.); Series 2005, Ref. VRD Environmental Improvement RB (LOC–Rabobank Nederland)(a)(b)(c)

     0.70 %      06/01/2035        3,553        3,553,000  

Indiana (State of) Finance Authority (Ohio Valley Electric Corp.); Series 2012 C, VRD Midwestern Disaster Relief RB (LOC–Bank of Nova Scotia)(a)(b)(c)

     0.64 %      06/01/2040        3,915        3,915,000  

Purdue University; Series 2011 A, VRD COP

     0.63 %      07/01/2035        4,682        4,681,500  

University of Southern Indiana; Series 1999 G, VRD Student Fee RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.66 %      10/01/2019        530        530,000  
         16,742,500  
Massachusetts–0.95%          

Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b)

     0.64 %      10/01/2038        1,685        1,685,000  
Michigan–0.72%          

Huron Valley School District; Series 2015, Ref. Unlimited Tax GO Bond

     5.00 %      05/01/2017        800        805,583  

Oakland University Board of Trustees; Series 2008, Ref. VRD General RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.64 %      03/01/2031        474        474,000  
         1,279,583  
Minnesota–2.01%          

Burnsville (City of) (Bridgeway Apartments L.P.); Series 2003, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.72 %      10/15/2033        1,175        1,175,000  

Minnesota (State of) Midwest Consortium of Municipal Utilities (Minnesota Municipal Utilities Association Financing Program); Series 2005 A, VRD RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.67 %      01/01/2025        270        270,000  

Minnetonka (City of) (Minnesota Hills Apartments); Series 2001, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.73 %      11/15/2031        468        468,000  

Oak Park Heights (City of) (Boutswell Landing); Series 2005, Ref. VRD MFH RB (CEP–FHLMC)(a)

     0.64 %      11/01/2035        1,500        1,500,000  

St. Paul (City of) Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD MFH RB (CEP–FHLMC)(a)

     0.64 %      10/01/2033        150        150,000  
         3,563,000  
Mississippi–0.07%          

Mississippi (State of) Business Finance Corp. (Chevron U.S.A. Inc.); Series 2007 A, VRD Gulf Opportunity Zone IDR(a)

     0.57 %      12/01/2030        121        121,000  
Missouri–1.22%          

Bridgeton (City of) Industrial Development Authority (Stolze Printing); Series 2010, VRD RB
(LOC–FHLB of Chicago)(a)(b)

     0.65 %      11/01/2037        1,195        1,195,000  

Springfield (City of) Industrial Development Authority (Pebblecreek Apartments); Series 1994, Ref. VRD MFH RB (LOC–FHLB of Des Moines)(a)(b)

     0.72 %      12/01/2019        960        960,000  
         2,155,000  

 

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

 

21                         Short-Term  Investments Trust

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
New Hampshire–0.85%          

New Hampshire (State of) Health & Education Facilities Authority (Riverbend Community Mental Health, Inc.); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b)

     0.64 %      07/01/2038      $ 1,505      $ 1,505,000  
New York–2.85%          

New York (State of) Dormitory Authority; Series 2009 B, VRD Samaritan Medical Center RB
(LOC–HSBC Bank USA N.A.)(a)(b)(c)

     0.65 %      11/01/2036        5,050        5,050,000  
North Carolina–3.55%          

Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems); Series 2007 C, Ref. VRD RB (a)

     0.64 %      01/15/2037        4,140        4,140,000  

North Carolina (State of) Capital Facilities Finance Agency (Roman Catholic Diocese of Charlotte); Series 2000, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.65 %      06/01/2017        300        300,000  

Raleigh-Durham Airport Authority; Series 2008 C, Ref. VRD RB (LOC–Royal Bank of Canada)(a)(b)(c)

     0.63 %      05/01/2036        1,845        1,845,000  
         6,285,000  
Ohio–3.52%          

Montgomery (County of) (The Dayton Art Institute); Series 1996, VRD Economic Development RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.64 %      05/01/2026        6,221        6,221,000  
Pennsylvania–5.08%          

Haverford Township School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank,
N.A.)(a)(b)

     0.64 %      03/01/2030        2,795        2,795,000  

Lebanon (County of) Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC–PNC Bank, N.A.)(a)(b)

     0.66 %      10/15/2025        3,405        3,405,000  

Luzerne (County of) Convention Center Authority; Series 1998 A, VRD Hotel Room Rental Tax RB (LOC–PNC Bank, N.A.)(a)(b)

     0.65 %      09/01/2028        761        761,000  

Ridley School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank, N.A.)(a)(b)

     0.64 %      11/01/2029        1,325        1,325,000  

Westmoreland (County of) Industrial Development Authority (Excela Health); Series 2005 A, VRD Health System RB (LOC–PNC Bank, N.A.)(a)(b)

     0.65 %      07/01/2027        705        705,000  
         8,991,000  
South Carolina–3.26%          

South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Health System, Inc.); Series 2008 D, Ref. VRD RB (LOC–Bank of New York Mellon (The))(a)(b)

     0.65 %      11/01/2025        5,765        5,765,000  
Texas–16.83%          

Aledo Independent School District; Series 2006 A, VRD School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program)(a)

     0.67 %      08/01/2035        8,638        8,638,000  

Houston (City of); Series G-2, GO Commercial Paper Notes

     0.75 %      03/14/2017        3,600        3,600,000  

North Texas Tollway Authority; Series 2009 D, Ref. VRD First Tier System RB (LOC–Royal Bank of Canada)(a)(b)(c)

     0.64 %      01/01/2049        5,485        5,485,000  

Port Arthur (Port of) Navigation District (Texaco Inc.); Series 1994, Ref. VRD PCR(a)

     0.57 %      10/01/2024        2,285        2,285,000  

San Gabriel (City of) Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.66 %      04/01/2026        415        415,000  

Tarrant County Cultural Education Facilities Finance Corp. (Baylor Health Care System); Series 2011 C, VRD Hospital RB (LOC–Northern Trust Co.)(a)(b)

     0.64 %      11/15/2050        3,500        3,500,000  

University of Texas System Board of Regents; Series 2008 B, VRD Financing System RB(a)

     0.60 %      08/01/2025        5,850        5,850,000  
         29,773,000  
Utah–5.18%          

Emery (County of) (Pacificorp); Series 1994, Ref. VRD PCR (LOC–Canadian Imperial Bank of Commerce)(a)(b)(c)

     0.62 %      11/01/2024        5,250        5,250,000  

Sanpete (County of) (Wasatch Academy); Series 2003, VRD School Facility RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.72 %      08/01/2028        260        260,000  

Utah Housing Corp. (Timbergate Apartments); Series 2009 A, VRD MFH RB (CEP–FHLMC)(a)

     0.69 %      04/01/2042        2,900        2,900,000  

Utah (State of); Series 2010 A, Unlimited Tax GO Bonds

     4.00 %      07/01/2017        750        757,948  
         9,167,948  

 

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

 

22                         Short-Term  Investments Trust

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Virginia–0.06%          

Suffolk (City of) Redevelopment & Housing Authority (Oak Springs Apartments, LLC); Series 1999, Ref. VRD MFH RB (CEP–FHLMC)(a)

     0.69 %      12/01/2019      $ 100      $ 100,000  
West Virginia–1.64%          

West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008, Ref. VRD Improvement RB (LOC–Branch Banking & Trust Co.)(a)(b)

     0.68 %      01/01/2034        2,900        2,900,000  
Wisconsin–2.44%          

Lima (Town of) (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD Development RB (LOC–FHLB of Chicago)(a)(b)

     0.68 %      10/01/2042        4,315        4,315,000  
Wyoming–2.15%          

Sublette (County of) (Exxonmobile); Series 2014, Ref. VRD PCR(a)

     0.56 %      10/01/2044        3,800        3,800,000  

TOTAL INVESTMENTS(g)(h)–96.14% (Cost $170,063,082)

              170,063,082  

OTHER ASSETS LESS LIABILITIES–3.86%

 

      6,820,128  

NET ASSETS–100.00%

 

    $ 176,883,210  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

COP  

– Certificates of Participation

FHLB  

– Federal Home Loan Bank

FHLMC  

– Federal Home Loan Mortgage Corp.

FNMA  

– Federal National Mortgage Association

GO  

– General Obligation

IDR  

– Industrial Development Revenue Bonds

LOC  

– Letter of Credit

MFH  

– Multi-Family Housing

PCR  

– Pollution Control Revenue Bonds

RB  

– Revenue Bonds

Ref.  

– Refunding

TRAN  

– Tax and Revenue Anticipation Notes

VRD  

– Variable Rate Demand

 

 

Notes to Schedule of Investments:

 

(a)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(b)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(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: 9.3%; other countries less than 5% each: 7.9%.
(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(e)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(f)  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 February 28, 2017 was $2,057,000, which represented 1.16% of the Fund’s Net Assets.
(g)  Also represents cost for federal income tax purposes.
(h)  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  

Royal Bank of Canada

      5.9 % 

Texas Permanent School Fund Guarantee Program

      5.1  

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     91.1 % 

8-30

     2.1  

31-60

     —  

61-90

     0.5  

91-180

     6.3  

181+

     —  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

23                         Short-Term  Investments Trust

Statement of Assets and Liabilities

February 28, 2017

(Unaudited)

 

            Liquid Assets
Portfolio		           STIC Prime
Portfolio		            Treasury
Portfolio		           Government &
Agency
Portfolio		            Treasury
Obligations
Portfolio		           Tax-Free
Cash Reserve
Portfolio		  

Assets:

                           

Investments, at value

      $ 252,499,464       $ 277,233,310        $ 9,584,791,621       $ 11,737,375,311        $ 1,587,486,171       $ 170,063,082  

Repurchase agreements, at value

        69,000,000         48,000,000          10,622,651,673         12,105,668,228          —         —  

Total investments, at value

        321,499,464         325,233,310          20,207,443,294         23,843,043,539          1,587,486,171         170,063,082  

Cash

        9,477         —          —         493,323          16,793         79,585  

Receivable for:

                           

Investments sold

        45,917         140,000          12,811         —          —         6,720,156  

Interest

        125,896         180,573          9,770,994         8,055,096          88,712         145,384  

Fund expenses absorbed

        111,831         —          90,869         184,789          20,650         15,576  

Investment for trustee deferred compensation and retirement plans

        3,518,905         988,248          2,134,474         970,228          125,369         358,339  

Other assets

        148,820         184,007          149,652         255,053          41,505         50,244  

Total assets

        325,460,310         326,726,138          20,219,602,094         23,853,002,028          1,587,779,200         177,432,366  

Liabilities:

                           

Payable for:

                           

Investments purchased

        —         —          298,983,834         793,323          219,914,718         —  

Dividends

        176,268         196,906          6,112,066         8,448,521          376,402         56,862  

Accrued fees to affiliates

        5,015         9,073          520,963         347,905          64,421         47,854  

Accrued trustees’ and officer’s fees and benefits

        4,935         6,391          34,479         35,534          4,351         2,715  

Accrued operating expenses

        61,917         47,177          153,252         96,168          26,492         37,400  

Trustee deferred compensation and retirement plans

        4,057,845         1,122,558          2,500,056         1,152,271          140,337         404,325  

Total liabilities

        4,305,980         1,382,105          308,304,650         10,873,722          220,526,721         549,156  

Net assets applicable to shares outstanding

      $ 321,154,330       $ 325,344,033        $ 19,911,297,444       $ 23,842,128,306        $ 1,367,252,479       $ 176,883,210  

Net assets consist of:

                           

Shares of beneficial interest

      $ 320,827,662       $ 324,450,566        $ 19,910,557,388       $ 23,841,988,693        $ 1,367,292,153       $ 177,041,699  

Undistributed net investment income

        2,544,735         873,178          (21,274 )        90,340          (12,543 )        (104,955 ) 

Undistributed net realized gain (loss)

        (2,268,497 )        1,744          761,330         49,273          (27,131 )        (53,534 ) 

Net unrealized appreciation

        50,430         18,545          —         —          —         —  
       $ 321,154,330       $ 325,344,033        $ 19,911,297,444       $ 23,842,128,306        $ 1,367,252,479       $ 176,883,210  

Cost of Investments

      $ 321,449,034       $ 325,214,765        $ 20,207,443,294       $ 23,843,043,539        $ 1,587,486,171       $ 170,063,082  

 

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

 

24                         Short-Term  Investments Trust

Statement of Assets and Liabilities—(continued)

February 28, 2017

(Unaudited)

 

            Liquid Assets
Portfolio		            STIC Prime
Portfolio		            Treasury
Portfolio		            Government &
Agency
Portfolio		            Treasury
Obligations
Portfolio		            Tax-Free
Cash Reserve
Portfolio		  

Net Assets:

 

     

Institutional Class

      $ 291,536,502        $ 321,019,635        $ 17,308,731,411        $ 22,167,128,421        $ 1,286,771,052        $ 96,027,354  

Private Investment Class

      $ 10,805,664        $ 2,158,009        $ 542,127,622        $ 436,121,219        $ 1,249,420        $   19,581,713  

Personal Investment Class

      $ 304,886        $ 622,147        $ 151,008,015        $ 17,085,976        $ 44,598        $ 2,002,739  

Cash Management Class

      $ 6,803,640        $ 835,104        $ 377,094,659        $ 140,697,992        $ 1,617,467        $ 35,696,164  

Reserve Class

      $ 1,100,138        $ 506,124        $ 156,617,799        $ 393,479,757        $ 77,366,115        $ 21,512,633  

Resource Class

      $ 1,341,518        $ 182,985        $ 457,602,638        $ 367,929,940        $ 193,778        $ 2,030,468  

Corporate Class

      $ 9,261,982        $ 20,029        $ 918,115,300        $ 319,685,001        $ 10,049        $ 32,139  

Shares outstanding, no par value,
unlimited number of shares authorized:

 

Institutional Class

        291,438,043          321,005,127          17,307,443,026          22,166,894,620          1,286,754,820          96,011,386  

Private Investment Class

        10,802,233          2,157,926          542,086,489          436,116,465          1,249,403          19,578,319  

Personal Investment Class

        304,790          622,123          150,997,069          17,085,787          44,598          2,002,396  

Cash Management Class

        6,801,481          835,072          377,065,789          140,696,524          1,617,447          35,690,030  

Reserve Class

        1,099,785          506,105          156,606,115          393,475,474          77,365,135          21,508,869  

Resource Class

        1,341,089          182,978          457,567,852          367,925,494          193,777          2,030,120  

Corporate Class

        9,259,043          20,028          918,041,878          319,681,038          10,049          32,134  

Net asset value, offering and redemption price per share for each class

      $ 1.0003        $ 1.0000        $ 1.00        $ 1.00        $ 1.00        $ 1.00  

 

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

 

25                         Short-Term  Investments Trust

Statement of Operations

For the six months ended February 28, 2017

(Unaudited)

 

            Liquid Assets
Portfolio		           STIC Prime
Portfolio		           Treasury
Portfolio		           Government &
Agency
Portfolio		           Treasury
Obligations
Portfolio		            Tax-Free
Cash Reserve
Portfolio		  

Investment income:

                          

Interest

      $ 5,233,498       $ 2,112,472       $ 53,049,102       $ 57,411,604       $ 2,175,606        $ 740,579  

Expenses:

                          

Advisory fees

        1,283,192         511,222         16,684,585         11,165,171         692,482          210,844  

Administrative services fees

        457,109         195,509         3,908,636         3,922,534         283,334          56,421  

Custodian fees

        —         5,094         97,559         57,771         4,595          2,640  

Distribution fees:

                          

Private Investment Class

        88,783         17,888         797,297         706,643         3,165          25,374  

Personal Investment Class

        9,054         70,200         346,589         42,127         3,359          5,818  

Cash Management Class

        24,902         14,165         149,838         56,294         969          14,119  

Reserve Class

        45,447         20,175         714,218         1,777,320         294,526          99,953  

Resource Class

        1,681         4,320         355,407         279,348         154          1,782  

Corporate Class

        6,649         2         140,104         55,904         84          5  

Transfer agent fees

        76,991         30,673         1,001,075         698,507         46,331          9,488  

Trustees’ and officers’ fees and benefits

        48,872         20,169         217,416         174,023         15,554          18,545  

Registration and filing fees

        52,301         52,182         69,735         111,529         41,583          43,779  

Reports to shareholders

        19,801         8,000         36,969         50,240         6,752          5,397  

Professional services fees

        14,613         26,226         99,506         73,680         22,076          18,744  

Other

        (2,442 )        48,687         154,674         63,026         22,545          23,673  

Total expenses

        2,126,953         1,024,512         24,773,608         19,234,117         1,437,509          536,582  

Less: Fees waived

        (445,643 )        (352,394 )        (3,265,311 )        (1,551,785 )        (486,914 )         (264,600 ) 

Net expenses

        1,681,310         672,118         21,508,297         17,682,332         950,595          271,982  

Net investment income

        3,552,188         1,440,354         31,540,805         39,729,272         1,225,011          468,597  

Realized and unrealized gain (loss) from:

                          

Net realized gain (loss) from Investment securities

        284,268         367         600,401         (69,374 )        (23,974 )         (14,721 ) 

Change in net unrealized appreciation of investment securities

        50,430         18,545         —         —         —          —  

Net increase in net assets resulting from operations

      $ 3,886,886       $ 1,459,266       $ 32,141,206       $ 39,659,898       $ 1,201,037        $ 453,876  

 

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

 

26                         Short-Term  Investments Trust

Statement of Changes in Net Assets

For the six months ended February 28, 2017 and the year ended August 31, 2016

(Unaudited)

 

            Liquid Assets Portfolio           STIC Prime Portfolio  
         February 28,
2017		     August 31,
2016		           February 28,
2017		     August 31,
2016		  

Operations:

             

Net investment income

      $ 3,552,188     $ 65,311,251       $ 1,440,354     $ 6,158,242  

Net realized gain

        284,268       647,321         367       1,377  

Change in net unrealized appreciation

        50,430       —         18,545       —  

Net increase in net assets resulting from operations

        3,886,886       65,958,572         1,459,266       6,159,619  

Distributions to shareholders from net investment income:

             

Institutional Class

        (3,288,088 )      (59,772,506 )        (1,337,512 )      (4,848,718 ) 

Private Investment Class

        (55,173 )      (183,013 )        (12,201 )      (213,182 ) 

Personal Investment Class

        (1,569 )      (40,091 )        (25,104 )      (164,965 ) 

Cash Management Class

        (101,776 )      (660,627 )        (54,629 )      (649,934 ) 

Reserve Class

        (4,884 )      (87,134 )        (4,572 )      (53,243 ) 

Resource Class

        (2,751 )      (15,089 )        (6,300 )      (32,359 ) 

Corporate Class

        (97,947 )      (4,552,791 )        (36 )      (195,841 ) 

Total distributions from net investment income

        (3,552,188 )      (65,311,251 )        (1,440,354 )      (6,158,242 ) 

Distributions to shareholders from net realized gains:

             

Institutional Class

        (2,877,921 )      —         —       —  

Private Investment Class

        (90,311 )      —         —       —  

Personal Investment Class

        (5,195 )      —         —       —  

Cash Management Class

        (133,371 )      —         —       —  

Reserve Class

        (25,060 )      —         —       —  

Resource Class

        (1,214 )      —         —       —  

Corporate Class

        (67,014 )      —         —       —  

Total distributions from net realized gains

        (3,200,086 )      —         —       —  

Share transactions–net:

             

Institutional Class

        (10,127,382,108 )      (5,553,230,110 )        (1,286,867,086 )      (156,797,441 ) 

Private Investment Class

        (230,479,086 )      (42,171,998 )        (138,902,976 )      (21,155,334 ) 

Personal Investment Class

        (28,937,259 )      (86,151,515 )        (116,851,999 )      (98,600 ) 

Cash Management Class

        (243,762,324 )      (207,380,539 )        (167,035,675 )      (315,722,141 ) 

Reserve Class

        (99,062,340 )      (56,031,914 )        (20,968,200 )      (28,926,016 ) 

Resource Class

        (5,905,110 )      (65,429,204 )        (16,684,274 )      (2,843,872 ) 

Corporate Class

        (160,381,733 )      (884,537,893 )        11,369       (77,034,376 ) 

Net increase (decrease) in net assets resulting from share transactions

        (10,895,909,960 )      (6,894,933,173 )        (1,747,298,841 )      (602,577,780 ) 

Net increase (decrease) in net assets

        (10,898,775,348 )      (6,894,285,852 )        (1,747,279,929 )      (602,576,403 ) 

Net assets:

             

Beginning of period

        11,219,929,678       18,114,215,530         2,072,623,962       2,675,200,365  

End of period*

      $ 321,154,330     $ 11,219,929,678       $ 325,344,033     $ 2,072,623,962  

* Includes accumulated undistributed net investment income

      $ 2,544,735     $ 2,544,735       $ 873,178     $ 873,178  

 

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

 

27                         Short-Term  Investments Trust

Statement of Changes in Net Assets—(continued)

For the six months ended February 28, 2017 and the year ended August 31, 2016

(Unaudited)

 

            Treasury Portfolio           Government & Agency Portfolio  
         February 28,
2017		     August 31,
2016		           February 28,
2017		     August 31,
2016		  

Operations:

             

Net investment income

      $ 31,540,805     $ 20,948,253       $ 39,729,272     $ 10,802,684  

Net realized gain (loss)

        600,401       223,426         (69,374 )      118,647  

Net increase in net assets resulting from operations

        32,141,206       21,171,679         39,659,898       10,921,331  

Distributions to shareholders from net investment income:

             

Institutional Class

        (29,158,879 )      (15,100,629 )        (37,855,075 )      (8,855,873 ) 

Private Investment Class

        (266,446 )      (334,722 )        (346,586 )      (403,391 ) 

Personal Investment Class

        (61,765 )      (86,109 )        (10,608 )      (10,692 ) 

Cash Management Class

        (406,253 )      (3,039,766 )        (200,947 )      (218,373 ) 

Reserve Class

        (80,430 )      (62,197 )        (282,369 )      (263,352 ) 

Resource Class

        (347,015 )      (274,847 )        (374,666 )      (73,436 ) 

Corporate Class

        (1,220,017 )      (2,049,983 )        (659,021 )      (977,567 ) 

Total distributions from net investment income

        (31,540,805 )      (20,948,253 )        (39,729,272 )      (10,802,684 ) 

Share transactions–net:

             

Institutional Class

        (2,560,248,364 )      12,017,922,118         11,450,425,188       6,496,754,225  

Private Investment Class

        (17,917,744 )      98,893,095         95,251,977       (81,684,720 ) 

Personal Investment Class

        28,180,755       (39,231,210 )        9,578,678       (29,659,491 ) 

Cash Management Class

        (26,341,411 )      (4,900,693,362 )        (9,404,853 )      (72,740,853 ) 

Reserve Class

        (2,513,453 )      123,516,873         77,597,921       8,359,709  

Resource Class

        (25,343,593 )      158,444,863         272,238,974       (2,217,786 ) 

Corporate Class

        (255,166,002 )      (597,367,186 )        3,245,168       (314,733,978 ) 

Net increase (decrease) in net assets resulting from share transactions

        (2,859,349,812 )      6,861,485,191         11,898,933,053       6,004,077,106  

Net increase (decrease) in net assets

        (2,858,749,411 )      6,861,708,617         11,898,863,679       6,004,195,753  

Net assets:

             

Beginning of period

        22,770,046,855       15,908,338,238         11,943,264,627       5,939,068,874  

End of period*

      $ 19,911,297,444     $ 22,770,046,855       $ 23,842,128,306     $ 11,943,264,627  

* Includes accumulated undistributed net investment income

      $ (21,274 )    $ (21,274 )      $ 90,340     $ 90,340  

 

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

 

28                         Short-Term  Investments Trust

Statement of Changes in Net Assets—(continued)

For the six months ended February 28, 2017 and the year ended August 31,2016

(Unaudited)

 

            Treasury Obligations Portfolio           Tax-Free Cash Reserve Portfolio  
         February 28,
2017		     August 31,
2016		           February 28,
2017		     August 31,
2016		  

Operations:

             

Net investment income

      $ 1,225,011     $ 188,034       $ 468,597     $ 702,207  

Net realized gain (loss)

        (23,974 )      15,288         (14,721 )      5,988  

Net increase in net assets resulting from operations

        1,201,037       203,322         453,876       708,195  

Distributions to shareholders from net investment income:

             

Institutional Class

        (1,182,978 )      (78,969 )        (316,194 )      (628,540 ) 

Private Investment Class

        (1,453 )      (5,685 )        (33,839 )      (18,929 ) 

Personal Investment Class

        (689 )      (2,859 )        (3,250 )      (1,951 ) 

Cash Management Class

        (2,026 )      (43,887 )        (74,728 )      (33,087 ) 

Reserve Class

        (37,370 )      (51,534 )        (36,391 )      (16,951 ) 

Resource Class

        (134 )      (2,214 )        (4,119 )      (1,923 ) 

Corporate Class

        (361 )      (2,886 )        (76 )      (826 ) 

Total distributions from net investment income

        (1,225,011 )      (188,034 )        (468,597 )      (702,207 ) 

Share transactions–net:

             

Institutional Class

        1,165,631,320       15,581,368         (354,742,419 )      (5,243,578 ) 

Private Investment Class

        (4,911,643 )      177,746         (4,887,524 )      (6,001,459 ) 

Personal Investment Class

        (2,562,800 )      652,387         (394,314 )      (1,226,815 ) 

Cash Management Class

        (29,769,295 )      (13,633,574 )        5,021,679       (20,346,066 ) 

Reserve Class

        40,731,958       30,758,077         (24,426 )      (239,848 ) 

Resource Class

        118       (2,177,935 )        (380,453 )      (2,115,602 ) 

Corporate Class

        (2,933,772 )      (25,066,209 )        70       (26,445,210 ) 

Net increase (decrease) in net assets resulting from share transactions

        1,166,185,886       6,291,860         (355,407,387 )      (61,618,578 ) 

Net increase (decrease) in net assets

        1,166,161,912       6,307,148         (355,422,108 )      (61,612,590 ) 

Net assets:

             

Beginning of period

        201,090,567       194,783,419         532,305,318       593,917,908  

End of period *

      $ 1,367,252,479     $ 201,090,567       $ 176,883,210     $ 532,305,318  

* Includes accumulated undistributed net investment income

      $ (12,543 )    $ (12,543 )      $ (104,955 )    $ (104,955 ) 

Notes to Financial Statements

February 28, 2017

(Unaudited)

NOTE 1—Significant Accounting Policies

Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers six separate portfolios, (each constituting a “Fund”). The Funds covered in this report are Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio (formerly Government TaxAdvantage Portfolio) and Tax-Free Cash Reserve Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.

The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio and Treasury Obligations Portfolio; and to provide tax-exempt income consistent with the preservation of capital and liquidity for Tax-Free Cash Reserve Portfolio.

Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.

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

On October 12, 2016, pursuant to new rules and regulations effective October 14, 2016, Liquid Assets Portfolio and STIC Prime Portfolio, both institutional money market funds, began to price and transact in their shares at a floating net asset value (“NAV”) reflecting the current market-based

 

29                         Short-Term  Investments Trust

values of their portfolio securities, except as otherwise generally permitted for securities with remaining maturities of 60 days or less, which will be valued at amortized cost. These rules and regulations also require Liquid Assets Portfolio and STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).

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

Treasury Portfolio, Government & Agency Portfolio, and Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, continue to seek to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation.

“Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/or repurchase agreements collateralized fully by cash or Government Securities. “Retail money market funds” are required to adopt policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons.

Liquid Assets Portfolio, STIC Prime Portfolio, and Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Treasury Portfolio, Government & Agency Portfolio, and Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.

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

A. Security Valuations — Liquid Asset Portfolio’s and 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. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio, and Tax-Free Cash Reserve Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

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

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any), adjusted for amortization of premiums and accretion of discounts on investments, is recorded on the accrual basis from settlement date. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

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

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

The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.

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.

 

30                         Short-Term  Investments Trust

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, Tax-Free Cash Reserve Portfolio intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative net assets.
G. Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
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 Fund 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 Fund may not be able to recover its investment in such issuer from the U.S. Government.

The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.

The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, each Fund pays an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:

 

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

Liquid Assets Portfolio

     0.15%          0.15%          0.15%  

STIC Prime Portfolio

     0.15%          0.15%          0.15%  

Treasury Portfolio

     0.15%          0.15%          0.15%  

Government & Agency Portfolio

     0.10%          0.10%          0.10%  

Treasury Obligations Portfolio

     0.20%          0.15%          0.10%  

Tax-Free Cash Reserve Portfolio

     0.20%          0.20%          0.20%  

 

31                         Short-Term  Investments Trust

For the six months ended February 28, 2017, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:

 

Liquid Assets Portfolio

     0.15%  

STIC Prime Portfolio

     0.15%  

Treasury Portfolio

     0.15%  

Government & Agency Portfolio

     0.10%  

Treasury Obligations Portfolio

     0.14%  

Tax-Free Cash Reserve Portfolio

     0.20%  

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, may pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

The Adviser has contractually agreed, through at least December 31, 2017, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):

 

     Institutional
Class		      Private
Investment
Class		      Personal
Investment
Class		      Cash
Management
Class		      Reserve
Class		      Resource
Class		      Corporate
Class		  

Liquid Assets Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.38 %       0.21 % 

STIC Prime Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Treasury Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Government & Agency Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Treasury Obligations Portfolio

     0.18 %       0.43 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Tax-Free Cash Reserve Portfolio

     0.20 %       0.45 %       0.75 %       0.28 %       1.07 %       0.36 %       0.23 % 

The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.

In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) extraordinary or non-routine items, including litigation expenses, and (4) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limit without approval of the Board of Trustees.

Further, Invesco and/or IDI voluntarily waived fees and/or reimbursed expenses in order to increase the yields of each Fund. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors.

For the six months ended February 28, 2017, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:

 

     Expense
Limitation		        Yield
Waivers		  

Liquid Assets Portfolio

   $ 410,566        $ —  

STIC Prime Portfolio

     284,295          —  

Treasury Portfolio

     2,201,591          —  

Government & Agency Portfolio

     —          —  

Treasury Obligations Portfolio

     229,513          —  

Tax-Free Cash Reserve Portfolio

     170,645          —  

Voluntary fee waivers for the six months ended February 28, 2017 are shown below:

 

    

Private
Investment

Class

       

Personal
Investment

Class

       

Cash
Management

Class

       

Reserve

Class

       

Resource

Class

       

Corporate

Class

  

Liquid Assets Portfolio

   $ 2,312        $ 3,843          N/A        $ 28,922          N/A          N/A  

STIC Prime Portfolio

     6,443          45,963          N/A          15,651        $ 42          N/A  

Treasury Portfolio

     268,452          219,024          N/A          545,861          30,383          N/A  

Government & Agency Portfolio

     205,332          24,194          N/A          1,315,893          6,366          N/A  

Treasury Obligations Portfolio

     2,307          3,077        $ 514          251,408          76        $ 19  

Tax-Free Cash Reserve Portfolio

     8,731          3,754          1,247          79,875          348          N/A  

The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the six months ended February 28, 2017, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees.

 

32                         Short-Term  Investments Trust

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 28, 2017, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.

Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.

 

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

Liquid Assets Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.20 %       0.03 % 

STIC Prime Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Treasury Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Government & Agency Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Treasury Obligations Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Tax-Free Cash Reserve Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.

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

NOTE 3—Additional Valuation Information

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

  Level 1 — Prices are determined using quoted prices in an active market for identical assets.
  Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
  Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect each Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of February 28, 2017, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4—Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. For the six months ended February 28, 2017, each Fund engaged in transactions with affiliates as listed below:

 

     Securities Purchases        Securities Sales        Net Realized Gains  

Liquid Assets Portfolio

   $ 498,250,427        $ 509,600,329        $ —  

STIC Prime Portfolio

     187,984,805          202,226,502          —  

Tax-Free Cash Reserve Portfolio

     234,700,564          455,097,214          —  

 

33                         Short-Term  Investments Trust

NOTE 5—Trustees’ and Officers’ Fees and Benefits

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

NOTE 6—Cash Balances

The Funds are permitted to temporarily overdraft or leave balances in their accounts with The Bank of New York Mellon (BNY Mellon), the custodian bank. Such balances, if any at period-end, are shown in the Statements of Assets and Liabilities under the payable caption Amount due custodian. To compensate BNY Mellon or the Funds for such activity, the Funds may either (1) pay to or receive from BNY Mellon compensation at a rate agreed upon by BNY Mellon and Invesco, not to exceed the contractually agreed upon rate; or (2) leave funds or overdraft funds as a compensating balance in the account so BNY Mellon or the Funds can be compensated for use of funds.

NOTE 7—Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to each Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at each Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds below had a capital loss carryforward as of August 31, 2016 which expires as follows:

 

    Short-Term        Long-Term        Total*  
Fund   2018        2019        Not Subject to
Expiration		        Not Subject to
Expiration		       

Treasury Obligations Portfolio

   $ —        $ —        $ 3,159        $ —        $ 3,159  

Tax-Free Cash Reserve Portfolio

     8,740          30,074          —          —          38,814  

 

* Capital loss carryforward 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.

NOTE 8—Investment Securities

The aggregate amount of investment securities purchased and sold by each Fund and aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:

 

    At February 28, 2017  
     Federal Tax Cost*      Unrealized
Appreciation		      Unrealized
(Depreciation)		      Net Unrealized
Appreciation
(Depreciation)		  

Treasury Portfolio

   $ 20,207,749,634      $ —      $ (306,340 )     $ (306,340 ) 

 

* 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.

 

34                         Short-Term  Investments Trust

NOTE 9—Share Information

Liquid Assets Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)(b)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     8,636,572,068      $ 8,636,696,253        206,922,537,697      $ 206,922,537,697  

Private Investment Class

     73,675,853        73,675,862        1,086,367,896        1,086,367,896  

Personal Investment Class

     8,178,437        8,178,627        147,332,561        147,332,561  

Cash Management Class

     315,185,594        315,189,645        3,527,556,735        3,527,556,735  

Reserve Class

     3,679,215        3,679,395        312,834,642        312,834,642  

Resource Class

     131,512        131,513        54,658,208        54,658,208  

Corporate Class

     229,992,915        230,006,196        12,789,032,744        12,789,032,744  

Issued as reinvestment of dividends:

           

Institutional Class

     3,612,258        3,612,403        16,030,218        16,030,218  

Private Investment Class

     23,725        23,727        51,160        51,160  

Personal Investment Class

     4,941        4,941        33,213        33,213  

Cash Management Class

     66,920        66,923        325,885        325,885  

Reserve Class

     34,020        34,020        78,372        78,372  

Resource Class

     4,320        4,320        14,018        14,018  

Corporate Class

     105,181        105,188        699,998        699,998  

Reacquired:

           

Institutional Class

     (18,767,392,641 )       (18,767,690,764 )       (212,491,798,025 )       (212,491,798,025 ) 

Private Investment Class

     (304,159,753 )       (304,178,675 )       (1,128,591,054 )       (1,128,591,054 ) 

Personal Investment Class

     (37,119,877 )       (37,120,827 )       (233,517,289 )       (233,517,289 ) 

Cash Management Class

     (559,012,820 )       (559,018,892 )       (3,735,263,159 )       (3,735,263,159 ) 

Reserve Class

     (102,775,450 )       (102,775,755 )       (368,944,928 )       (368,944,928 ) 

Resource Class

     (6,040,857 )       (6,040,943 )       (120,101,430 )       (120,101,430 ) 

Corporate Class

     (390,456,216 )       (390,493,117 )       (13,674,270,635 )       (13,674,270,635 ) 

Net increase (decrease) in share activity

     (10,895,690,655 )     $ (10,895,909,960 )       (6,894,933,173 )     $ (6,894,933,173 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 72% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.
(b)  Effective October 12, 2016, Liquid Assets Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

35                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

STIC Prime Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)(b)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     655,894,743      $ 655,926,204        4,966,861,188      $ 4,966,861,188  

Private Investment Class

     32,471,499        32,471,503        1,446,777,172        1,446,777,172  

Personal Investment Class

     118,187,308        118,187,309        677,491,586        677,491,586  

Cash Management Class

     130,898,214        130,898,218        2,194,654,168        2,194,654,168  

Reserve Class

     12,102,644        12,102,696        400,019,801        400,019,801  

Resource Class

     54,161,912        54,161,918        96,121,190        96,121,190  

Corporate Class

     19,999        20,000        518,160,731        518,160,731  

Issued as reinvestment of dividends:

           

Institutional Class

     561,735        561,770        1,393,044        1,393,044  

Private Investment Class

     7,432        7,432        78,349        78,349  

Personal Investment Class

     15,098        15,098        70,680        70,680  

Cash Management Class

     77,613        77,613        217,106        217,106  

Reserve Class

     6,557        6,557        50,303        50,303  

Resource Class

     8,241        8,241        25,322        25,322  

Corporate Class

     3,548        3,548        148,537        148,537  

Reacquired:

           

Institutional Class

     (1,943,307,435 )       (1,943,355,060 )       (5,125,051,673 )       (5,125,051,673 ) 

Private Investment Class

     (171,380,975 )       (171,381,911 )       (1,468,010,855 )       (1,468,010,855 ) 

Personal Investment Class

     (235,054,362 )       (235,054,406 )       (677,660,866 )       (677,660,866 ) 

Cash Management Class

     (298,011,468 )       (298,011,506 )       (2,510,593,415 )       (2,510,593,415 ) 

Reserve Class

     (33,077,282 )       (33,077,453 )       (428,996,120 )       (428,996,120 ) 

Resource Class

     (70,853,530 )       (70,854,433 )       (98,990,384 )       (98,990,384 ) 

Corporate Class

     (12,179 )       (12,179 )       (595,343,644 )       (595,343,644 ) 

Net increase (decrease) in share activity

     (1,747,280,688 )     $ (1,747,298,841 )       (602,577,780 )     $ (602,577,780 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 96% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.
(b)  Effective October 12, 2016, STIC Prime Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

36                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Treasury Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     49,873,953,809      $ 49,873,953,809        37,473,899,000      $ 37,473,899,000  

Private Investment Class

     721,092,411        721,092,411        1,884,005,414        1,884,005,414  

Personal Investment Class

     485,120,727        485,120,727        980,594,144        980,594,144  

Cash Management Class

     1,054,669,980        1,054,669,980        14,484,295,170        14,484,295,170  

Reserve Class

     133,540,692        133,540,692        316,250,840        316,250,840  

Resource Class

     237,666,579        237,666,579        575,238,582        575,238,582  

Corporate Class

     4,935,948,006        4,935,948,006        20,782,139,048        20,782,139,048  

Issued as reinvestment of dividends:

           

Institutional Class

     4,721,818        4,721,818        5,368,737        5,368,737  

Private Investment Class

     51,815        51,815        43,130        43,130  

Personal Investment Class

     56,509        56,509        76,479        76,479  

Cash Management Class

     299,878        299,878        266,775        266,775  

Reserve Class

     77,366        77,366        50,478        50,478  

Resource Class

     86,698        86,698        52,190        52,190  

Corporate Class

     1,035,739        1,035,739        1,013,151        1,013,151  

Reacquired:

           

Institutional Class

     (52,438,923,991 )       (52,438,923,991 )       (25,461,345,619 )       (25,461,345,619 ) 

Private Investment Class

     (739,061,970 )       (739,061,970 )       (1,785,155,449 )       (1,785,155,449 ) 

Personal Investment Class

     (456,996,481 )       (456,996,481 )       (1,019,901,833 )       (1,019,901,833 ) 

Cash Management Class

     (1,081,311,269 )       (1,081,311,269 )       (19,385,255,307 )       (19,385,255,307 ) 

Reserve Class

     (136,131,511 )       (136,131,511 )       (192,784,445 )       (192,784,445 ) 

Resource Class

     (263,096,870 )       (263,096,870 )       (416,845,909 )       (416,845,909 ) 

Corporate Class

     (5,192,149,747 )       (5,192,149,747 )       (21,380,519,385 )       (21,380,519,385 ) 

Net increase (decrease) in share activity

     (2,859,349,812 )     $ (2,859,349,812 )       6,861,485,191      $ 6,861,485,191  

 

(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. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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, 24% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

37                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Government & Agency Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     93,762,456,439      $ 93,762,456,439        54,569,434,166      $ 54,569,434,166  

Private Investment Class

     710,764,705        710,764,705        1,458,232,071        1,458,232,071  

Personal Investment Class

     38,924,434        38,924,434        71,882,635        71,882,635  

Cash Management Class

     422,434,849        422,434,849        2,062,748,073        2,062,748,073  

Reserve Class

     594,159,166        594,159,166        713,745,281        713,745,281  

Resource Class

     1,525,352,649        1,525,352,649        678,959,358        678,959,358  

Corporate Class

     2,236,255,213        2,236,255,213        3,670,809,701        3,670,809,701  

Issued as reinvestment of dividends:

           

Institutional Class

     4,862,405        4,862,405        1,972,829        1,972,829  

Private Investment Class

     98,906        98,906        116,496        116,496  

Personal Investment Class

     3,711        3,711        —        —  

Cash Management Class

     112,181        112,181        59,978        59,978  

Reserve Class

     192,197        192,197        149,381        149,381  

Resource Class

     176,761        176,761        16,833        16,833  

Corporate Class

     405,059        405,059        458,600        458,600  

Reacquired:

           

Institutional Class

     (82,316,893,656 )       (82,316,893,656 )       (48,074,652,770 )       (48,074,652,770 ) 

Private Investment Class

     (615,611,634 )       (615,611,634 )       (1,540,033,287 )       (1,540,033,287 ) 

Personal Investment Class

     (29,349,467 )       (29,349,467 )       (101,542,126 )       (101,542,126 ) 

Cash Management Class

     (431,951,883 )       (431,951,883 )       (2,135,548,904 )       (2,135,548,904 ) 

Reserve Class

     (516,753,442 )       (516,753,442 )       (705,534,953 )       (705,534,953 ) 

Resource Class

     (1,253,290,436 )       (1,253,290,436 )       (681,193,977 )       (681,193,977 ) 

Corporate Class

     (2,233,415,104 )       (2,233,415,104 )       (3,986,002,279 )       (3,986,002,279 ) 

Net increase in share activity

     11,898,933,053      $ 11,898,933,053        6,004,077,106      $ 6,004,077,106  

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 16% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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, 29% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

38                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Treasury Obligations Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     1,562,141,539      $ 1,562,141,539        475,968,821      $ 475,968,821  

Private Investment Class

     1,583,283        1,583,283        9,868,856        9,868,856  

Personal Investment Class

     1,567,680        1,567,680        11,195,355        11,195,355  

Cash Management Class

     —        —        37,314,802        37,314,802  

Reserve Class

     102,470,204        102,470,204        142,035,205        142,035,205  

Resource Class

     118        118        196        196  

Corporate Class

     659,929        659,929        14,372,709        14,372,709  

Issued as reinvestment of dividends:

           

Institutional Class

     20,345        20,345        43,479        43,479  

Private Investment Class

     1,337        1,337        2,495        2,495  

Cash Management Class

     3,678        3,678        42,181        42,181  

Reserve Class

     30,715        30,715        48,377        48,377  

Resource Class

     —        —        2,027        2,027  

Corporate Class

     272        272        3,097        3,097  

Reacquired:

           

Institutional Class

     (396,530,564 )       (396,530,564 )       (460,430,932 )       (460,430,932 ) 

Private Investment Class

     (6,496,263 )       (6,496,263 )       (9,693,605 )       (9,693,605 ) 

Personal Investment Class

     (4,130,480 )       (4,130,480 )       (10,542,968 )       (10,542,968 ) 

Cash Management Class

     (29,772,973 )       (29,772,973 )       (50,990,557 )       (50,990,557 ) 

Reserve Class

     (61,768,961 )       (61,768,961 )       (111,325,505 )       (111,325,505 ) 

Resource Class

     —        —        (2,180,158 )       (2,180,158 ) 

Corporate Class

     (3,593,973 )       (3,593,973 )       (39,442,015 )       (39,442,015 ) 

Net increase in share activity

     1,166,185,886      $ 1,166,185,886        6,291,860      $ 6,291,860  

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 10% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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, 87% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

39                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Tax-Free Cash Reserve Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     147,610,254      $ 147,610,254        1,024,153,591      $ 1,024,153,591  

Private Investment Class

     16,047,764        16,047,764        41,102,729        41,102,729  

Personal Investment Class

     2,004,667        2,004,667        2,880,498        2,880,498  

Cash Management Class

     34,034,380        34,034,380        51,239,007        51,239,007  

Reserve Class

     31,658,070        31,658,070        53,662,145        53,662,145  

Resource Class

     34,216        34,216        80,556        80,556  

Corporate Class

     32,101        32,101        1,175,406        1,175,406  

Issued as reinvestment of dividends:

           

Institutional Class

     92,655        92,655        70,780        70,780  

Private Investment Class

     27,549        27,549        15,014        15,014  

Personal Investment Class

     2,395        2,395        11        11  

Cash Management Class

     57,862        57,862        13,782        13,782  

Reserve Class

     31,962        31,962        14,449        14,449  

Resource Class

     3,816        3,816        1,634        1,634  

Corporate Class

     73        73        1,040        1,040  

Reacquired:

           

Institutional Class

     (502,445,328 )       (502,445,328 )       (1,029,467,949 )       (1,029,467,949 ) 

Private Investment Class

     (20,962,837 )       (20,962,837 )       (47,119,202 )       (47,119,202 ) 

Personal Investment Class

     (2,401,376 )       (2,401,376 )       (4,107,324 )       (4,107,324 ) 

Cash Management Class

     (29,070,563 )       (29,070,563 )       (71,598,855 )       (71,598,855 ) 

Reserve Class

     (31,714,458 )       (31,714,458 )       (53,916,442 )       (53,916,442 ) 

Resource Class

     (418,485 )       (418,485 )       (2,197,792 )       (2,197,792 ) 

Corporate Class

     (32,104 )       (32,104 )       (27,621,656 )       (27,621,656 ) 

Net increase (decrease) in share activity

     (355,407,387 )     $ (355,407,387 )       (61,618,578 )     $ (61,618,578 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 87% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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.

 

40                         Short-Term  Investments Trust

NOTE 10—Financial Highlights

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

Cash Management Class

 

     Net asset
value,
beginning
of period		     Net
investment
income (a)		     Net gains
(losses)
on securities
(both
realized and
unrealized)		     Total from
investment
operations		     Dividends
from net
investment
income		     Distributions
from net
realized
gains		     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		  

Liquid Assets Portfolio

 

Six months ended 02/28/17

   $ 1.00     $ 0.0017     $ 0.0015     $ 0.0032     $ (0.0024 )    $ (0.0005 )    $ (0.0029 )    $ 1.0003       0.29 %    $ 6,804       0.26 %(c)      0.31 %(c)      0.35 %(c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.02       684,446       0.19       0.27       0.02  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.05       744,301       0.21       0.27       0.05  

Year ended 08/31/12

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.07       785,901       0.22       0.28       0.07  

STIC Prime Portfolio

 

                

Six months ended 02/28/17

     1.00       0.0018       0.0002       0.0020       (0.0020 )      —       (0.0020 )      1.0000       0.20       835       0.26 (c)      0.34 (c)      0.36 (c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.08       453,771       0.06       0.29       0.08  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.06       451,190       0.11       0.29       0.08  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.07       358,387       0.15       0.30       0.05  

Treasury Portfolio

 

Six months ended 02/28/17

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.11       377,095       0.26 (c)      0.28 (c)      0.22 (c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.01       7,597,812       0.04       0.27       0.02  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.02       6,226,819       0.09       0.28       0.02  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.03       4,929,501       0.08       0.28       0.02  

Government & Agency Portfolio

 

Six months ended 02/28/17

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.14       140,698       0.23 (c)      0.23 (c)      0.28 (c) 

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  

Year ended 08/31/14

     1.00       0.00       —       0.00       (0.00 )      —       (0.00 )      1.00       0.02       469,858       0.06       0.23       0.02  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.03       635,001       0.11       0.24       0.02  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.02       673,598       0.10       0.23       0.03  

Treasury Obligations Portfolio

 

Six months ended 02/28/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.08       1,617       0.21 (c)      0.30 (c)      0.22 (c) 

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  

Year ended 08/31/14

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.04       48,104       0.02       0.39       0.03  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.03       31,553       0.06       0.30       0.03  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.03       33,449       0.07       0.32       0.02  

Tax-Free Cash Reserve Portfolio

 

Six months ended 02/28/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.21       35,696       0.28 (c)      0.45 (c)      0.42 (c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.05       60,722       0.04       0.40       0.04  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.06       107,926       0.10       0.40       0.06  

Year ended 08/31/12

     1.00       0.00       —       0.00       (0.00 )      —       (0.00 )      1.00       0.06       76,483       0.13       0.40       0.06  

 

(a) Calculated using average shares outstanding.
(b)  Includes adjustments in accordance with accounting principles generally accepted in the United States of America and is not annualized for periods less than one year.
(c)  Ratios are annualized and based on average daily net assets (000’s omitted) of $62,770, $35,706, $377,700, $141,901, $2,441 and $35,591 for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio and Tax-Free Cash Reserve Portfolio, respectively.

 

41                         Short-Term  Investments Trust

Calculating your ongoing Fund expenses

Example

As a shareholder in the Cash Management Class, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2016 through February 28, 2017.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 

Cash Management Class    Beginning
Account Value
(09/01/16)		      ACTUAL      HYPOTHETICAL
(5% annual return before
expenses)		      Annualized
Expense
Ratio		  
      Ending
Account Value
(02/28/17)1		      Expenses
Paid During
Period2		     

Ending

Account Value
(02/28/17)

      Expenses
Paid During
Period2		     

Liquid Assets Portfolio

    $ 1,000.00      $ 1,002.90      $ 1.29      $ 1,023.51      $ 1.30        0.26 % 

STIC Prime Portfolio

      1,000.00        1,002.00        1.29        1,023.51        1.30        0.26  

Treasury Portfolio

      1,000.00        1,001.10        1.29        1,023.51        1.30        0.26  

Government & Agency Portfolio

      1,000.00        1,001.40        1.14        1,023.65        1.15        0.23  

Treasury Obligations Portfolio

      1,000.00        1,000.80        1.04        1,023.75        1.05        0.21  

Tax-Free Cash Reserve Portfolio

      1,000.00        1,002.10        1.39        1,023.41        1.40        0.28  

 

1  The actual ending account value is based on the actual total return of the Funds for the period September 1, 2016, through February 28, 2017, 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 181/365 to reflect the most recent fiscal half year.

 

42                         Short-Term  Investments Trust

 

 

 

Invesco mailing information

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

 

 

Important notice regarding delivery of security holder documents

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

 

 

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-Q filings on the SEC website, sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

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

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

    LOGO

 

SEC file numbers: 811-02729 and 002-58287    Invesco Distributors, Inc.    CM-STIT-SAR-3        04182017    1018

  

 

LOGO

  

Semiannual Report to Shareholders

 

   

February 28, 2017

 

  

 

Resource Class

Short-Term Investments Trust (STIT)

Liquid Assets Portfolio

STIC Prime Portfolio

Treasury Portfolio

Government & Agency Portfolio

Treasury Obligations Portfolio

Tax-Free Cash Reserve Portfolio

  

 

 

LOGO

 

  

 

  

 

2

     

 

Fund Data

  

 

3

     

 

Letters to Shareholders

  

 

4

     

 

Schedule of Investments

  

 

24

     

 

Financial Statements

  

29

 

     

 

Notes to Financial Statements

  

41

 

     

 

Financial Highlights

  

42

 

     

 

Fund Expenses

  

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including fees and expenses. Investors should read it carefully before investing.

 

Unless otherwise stated, information presented in this report is as of February 28, 2017, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.

 

  

 

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

 

Fund Data

 

 

 

Resource Class data as of 2/28/17

 

 

  FUND     

WEIGHTED

AVERAGE

MATURITY

    

WEIGHTED

AVERAGE

LIFE

   

TOTAL

NET

ASSETS

  
       Range
During
Reporting
Period		       

At

Reporting

Period

End

    

At

Reporting

Period

End

       

Liquid Assets1

        3 - 32 days          21 days     39 days      $1.3 million        

STIC Prime1

        3 - 19 days          11 days     11 days      183.0 thousand   

Treasury2

        37 - 54 days          44 days     104 days      457.6 million        

Government & Agency2

        32 - 50 days          37 days     111 days      367.9 million        

Treasury Obligations2

        15 - 58 days          49 days     100 days      193.8 thousand   

Tax-Free Cash Reserve3

        10 -19 days          11 days     15 days      2.0 million        

 

Weighted average maturity (WAM) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes.

 

    Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.

 

 

1 You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide fInancial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
2 You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
3 You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

 

 

2   Short-Term Investments Trust

 

Letters to Shareholders

 

LOGO

     Bruce Crockett

     

Dear Fellow Shareholders:

As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the

annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

 

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

 

 

 

LOGO

       Philip Taylor

     

Dear Shareholders:

Money market investors cheered when the US Federal Reserve (the Fed) unanimously raised its federal funds target rate in December 2016 – just the second increase since 2006. The Fed raised this key rate from a range of 0.25% to 0.50% to a range of 0.50% to 0.75%.1

    The Fed’s decision was based on evidence of a strengthening US economy – specifically, a stronger labor market and inflation moving closer to the Fed’s target levels. Fed-watchers suggested that a strengthening US economy, as well as the proposed spending, tax and regulatory policies of the Trump administration, could cause the Fed to accelerate future interest rate hikes. Raising rates sooner rather than later would provide the Fed with greater dexterity to respond to higher-than-projected economic growth in the future.

    At the close of the reporting period, most major global economies continued to maintain

interest rates at, near or below zero in an effort to fuel inflation and spur economic growth. Many major central banks, including the European Central Bank, the Bank of England and the Bank of Japan, all cut rates during 2016.

    During the reporting period, the US money market fund industry fully implemented reform measures in October that had been announced by the US Securities and Exchange Commission in 2014. Invesco is pleased to report that we successfully implemented required money market reform policies on October 12, 2016.

    For Invesco’s money market fund professionals, safety is of paramount importance in the investment process. Their conservative investment philosophy has always focused on providing principal preservation, liquidity, and return – in that order – to our money market fund investors. Thank you for investing with us.

Sincerely,

 

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

 

1   Source: US Federal Reserve

 

3   Short-Term Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Liquid Assets Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Commercial Paper–36.86%(a)

 

        
Asset-Backed Securities — Fully Supported–6.53%          

Bennington Stark Capital Co., LLC (CEP–Societe Generale S.A.)(b)(c)

     0.90 %      03/06/2017      $ 6,000      $ 5,999,289  

Bennington Stark Capital Co., LLC (CEP–Societe Generale S.A.)(b)(c)

     1.15 %      04/07/2017        5,000        4,995,661  

Kells Funding LLC (CEP–FMS Wertmanagement)(c)

     1.00 %      05/26/2017        5,000        4,987,917  

Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)

     1.43 %      07/05/2017        5,000        4,979,186  
         20,962,053  
Asset-Backed Securities — Fully Supported Bank–16.52%          

Anglesea Funding LLC (Multi–CEP’s)(b)(c)

     0.93 %      04/10/2017        5,000        4,995,239  

Anglesea Funding LLC (Multi–CEP’s)(b)(c)

     1.10 %      04/03/2017        5,000        4,996,203  

Cancara Asset Securitisation LLC (CEP–Lloyds Bank PLC)(c)

     1.10 %      04/07/2017        5,000        4,995,662  

Cedar Springs Capital Co. LLC (CEP–UBS AG)(b)(c)

     0.82 %      03/01/2017        4,578        4,577,886  

Ebury Finance LLC (Multi–CEP’s)(b)(c)

     0.70 %      03/01/2017        7,500        7,499,856  

Institutional Secured Funding Ltd. (Multi–CEP’s)(b)(c)

     0.90 %      03/06/2017        5,000        4,999,407  

Manhattan Asset Funding Co., LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c)

     0.94 %      03/03/2017        5,000        4,999,709  

Matchpoint Finance PLC (CEP–BNP Paribas S.A.)(b)(c)

     0.95 %      03/09/2017        7,000        6,998,597  

Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c)

     0.80 %      03/14/2017        5,000        4,998,559  

Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c)

     0.80 %      03/28/2017        4,000        3,997,548  
         53,058,666  
Asset-Backed Securities — Multi-Purpose–1.55%          

Versailles Commercial Paper LLC(b)

     1.08 %      05/16/2017        5,000        4,986,846  
Diversified Banks–9.49%          

Bank of Nova Scotia(b)(c)

     1.08 %      04/13/2017        3,000        2,997,261  

BPCE S.A.(b)(c)

     1.21 %      05/09/2017        6,000        5,990,224  

Erste Abwicklungsanstalt(b)(c)(d)

     1.13 %      03/21/2017        5,000        5,001,255  

Mizuho Bank, Ltd.(c)

     1.08 %      04/13/2017        5,000        4,995,465  

National Bank of Abu Dhabi PJSC(b)(c)

     0.76 %      03/07/2017        7,500        7,499,074  

NRW Bank(b)(c)

     1.05 %      04/18/2017        4,000        3,995,949  
         30,479,228  
Other Diversified Financial Services–0.93%          

ABN AMRO Funding USA LLC(b)(c)

     1.07 %      06/07/2017        3,000        2,990,480  
Regional Banks–1.09%          

ASB Finance Ltd.(b)(c)

     1.00 %      06/01/2017        3,500        3,491,881  
Specialized Finance–0.75%          

CDP Financial Inc.(c)

     0.96 %      04/05/2017        2,400        2,398,404  

Total Commercial Paper (Cost $118,350,414)

                               118,367,558  

Variable Rate Demand Notes–24.06%(e)

          
Credit Enhanced–24.06%          

Aledo Independent School District; Series 2006 A, VRD School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program)

     0.67 %      08/01/2035        2,212        2,212,000  

Capital Markets Access Co. LC (SEUP Real Estate LLC); Series 2008, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f)

     0.75 %      07/01/2038        4,445        4,445,000  

Columbus (City of), Ohio Regional Airport Authority (FlightSafety International Inc.); Series 2015 A, VRD RB (CEP–Berkshire Hathaway Inc.)

     0.68 %      04/01/2035        10,000        10,000,000  

 

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

 

4                         Short-Term  Investments Trust

Liquid Assets Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Credit Enhanced–(continued)          

EagleBend Affordable Housing Corp.; Series 2006 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(f)

     0.66 %      07/01/2021      $ 881      $ 881,000  

Illinois (State of) Finance Authority (James Jordan Boys & Girls Club & Family Life Center); Series 1995, VRD RB (LOC–Bank of America, N.A.)(f)

     0.74 %      08/01/2030        4,700        4,700,000  

Indiana (State of) Finance Authority (Ispat Inland Inc.); Series 2005, Ref. VRD Environmental Improvement RB (LOC–Rabobank Nederland)(c)(f)

     0.70 %      06/01/2035        3,590        3,590,000  

Jets Stadium Development, LLC; Series 2014 A-4B, VRD Bonds (LOC–Sumitomo Mitsui Banking Corp.)(b)(c)(f)

     0.74 %      04/01/2047        9,600        9,599,999  

Maricopa (County of), Arizona Industrial Development Authority (Gran Victoria Housing LLC); Series 2000 A, VRD MFH RB (CEP–FNMA)

     0.66 %      04/15/2030        140        140,000  

Massachusetts (State of) Development Finance Agency (Milton Academy); Series 2009 B, VRD Taxable RB (LOC–TD Bank, N.A.)(f)

     0.77 %      03/01/2039        10,055        10,055,000  

Memphis (City of), Tennessee Health, Educational and Housing Facility Board (Ashland Lakes Apartments); Series 2006 A, VRD MFH RB (LOC–U.S. Bank, N.A.)(f)

     0.71 %      08/01/2041        9,000        9,000,000  

Minnetonka (City of), Minnesota (Minnetonka Hills Apartments); Series 2001, Ref. VRD MFH RB (CEP–FNMA)

     0.73 %      11/15/2031        2,285        2,285,000  

New York (State of) Housing Finance Agency (605 West 42nd Street Housing);

          

Series 2014 A, VRD RB (LOC–Bank of China Ltd.)(f)

     0.76 %      05/01/2048        7,100        7,100,000  

Series 2014 B, VRD RB (LOC–Bank of China Ltd.)(f)

     1.10 %      05/01/2048        1,200        1,200,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2014 B, VRD RB (LOC–Bank of China Ltd.)(f)

     1.19 %      11/01/2049        4,000        4,000,000  

Pinellas (County of), Florida Health Facilities Authority (Baycare Health System); Series 2009 A-2, VRD Health System RB (LOC–Northern Trust Co. (The))(f)

     0.65 %      11/01/2038        5,945        5,945,000  

S&L Capital, LLC (J&L Development of Holland, LLC); Series 2005 A, VRD Taxable Notes (LOC–FHLB of Indianapolis)(f)

     0.90 %      07/01/2040        1,820        1,820,000  

University of Southern Indiana; Series 1999 G, VRD Student Fee RB (LOC–JPMorgan Chase Bank, N.A.)(f)

     0.66 %      10/01/2019        310        310,000  

Total Variable Rate Demand Notes (Cost $77,282,999)

                               77,282,999  

Certificates of Deposit–13.96%

          

Canadian Imperial Bank of Commerce(c)(d)

     1.23 %      07/21/2017        4,000        4,002,975  

DZ Bank AG Deutsche Zentral-Genossenschaftsbank(c)(d)

     1.46 %      10/25/2017        8,000        8,018,158  

Mitsubishi UFJ Trust & Banking Corp.(c)

     1.10 %      04/13/2017        5,000        5,001,933  

Nordea Bank AB(c)

     0.56 %      03/01/2017        11,811        11,811,488  

Norinchukin Bank (The)(b)(c)

     1.03 %      05/16/2017        7,000        7,001,291  

Wells Fargo Bank, N.A.(d)

     1.32 %      01/19/2018        5,000        5,005,580  

Westpac Banking Corp.(c)(d)

     1.28 %      01/05/2018        4,000        4,003,424  

Total Certificates of Deposit (Cost $44,811,632)

                               44,844,849  

Notes–3.74%

          

Bank of Nova Scotia, Sr. Unsec. Global Floating Rate Notes(c)(d)

     1.32 %      04/11/2017        7,000        7,003,437  

Bank of Tokyo-Mitsubishi UFJ, Ltd. (The), Sr. Unsec. Notes(b)(c)

     1.20 %      03/10/2017        5,000        5,000,621  

Total Notes (Cost $12,003,989)

                               12,004,058  

TOTAL INVESTMENTS (excluding Repurchase Agreements)–78.62% (Cost $252,449,034)

                               252,499,464  
                 Repurchase
Amount		         

Repurchase Agreements–21.49%(g)

          

BMO Capital Markets Corp., agreement dated 02/28/2017, maturing value of $5,000,106 (collateralized by domestic and foreign corporate obligations valued at $5,250,000; 0%-5.50%, 03/13/2017-09/15/2040)(c)

     0.76 %      03/01/2017        5,000,106        5,000,000  

Citigroup Global Markets Inc., open agreement dated 01/25/2017 (collateralized by foreign corporate obligations valued at $4,590,001; 0%-5.63%, 08/09/2017-02/21/2047)(h)

     1.55 %      —        —        4,500,000  

Credit Suisse Securities (USA) LLC, term agreement dated 02/22/2017, maturing value of $16,002,427 (collateralized by a domestic agency mortgage-backed security valued at $16,800,886; 0.80%, 05/25/2047)(c)(i)

     0.78 %      03/01/2017        16,002,427        16,000,000  

 

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

 

5                         Short-Term  Investments Trust

Liquid Assets Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

ING Financial Markets, LLC, agreement dated 02/28/2017, maturing value of $16,000,396 (collateralized by a domestic corporate obligation and a foreign corporate obligation valued at $17,011,891; 4.88%-6.50%, 04/30/2020-12/15/2043)(c)

     0.89 %      03/01/2017      $ 16,000,396      $ 16,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/02/2017, maturing value of $7,500,000 (collateralized by a domestic corporate obligation valued at $7,875,001; 0%, 03/01/2017)

     1.58 %      05/03/2017        7,500,000        7,500,000  

RBC Capital Markets LLC, term agreement dated 02/22/2017, maturing value of $15,000,000 (collateralized by municipal obligations valued at $15,750,000; 0%-5.25%, 05/01/2022-05/15/2115)(c)(i)

     0.99 %      04/21/2017        15,000,000        15,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2017, maturing value of $5,000,106 (collateralized by foreign corporate obligations valued at $5,100,000; 1.13%-2.75%, 04/12/2019-01/19/2027)

     0.76 %      03/01/2017        5,000,106        5,000,000  

Total Repurchase Agreements (Cost $69,000,000)

                               69,000,000  

TOTAL INVESTMENTS(j)(k)–100.11% (Cost $321,449,034)

                               321,499,464  

OTHER ASSETS LESS LIABILITIES–(0.11)%

                               (345,134 ) 

NET ASSETS–100.00%

                             $ 321,154,330  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

FHLB  

– Federal Home Loan Bank

FNMA  

– Federal National Mortgage Association

GO  

– General Obligation

LOC  

– Letter of Credit

MFH  

– Multi-Family Housing

RB  

– Revenue Bonds

Ref.  

– Refunding

Sr.  

– Senior

Unsec.  

– Unsecured

VRD  

– Variable Rate Demand

 

 

Notes to Schedule of Investments:

 

(a)  Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2017 was $122,592,021, which represented 38.17% 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: Netherlands: 11.7%; Japan: 11.4%; Canada: 11.3%; France: 9.0%; Germany: 6.9%; Switzerland: 6.4%; other countries less than 5% each: 15.0%.
(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(e)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(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)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(i)  The Fund may demand prepayment of the term repurchase agreement upon one to seven business days notice depending on the timing of the demand.
(j)  Also represents cost for federal income tax purposes.
(k)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     56.5 % 

8-30

     8.1  

31-60

     14.4  

61-90

     9.5  

91-180

     6.2  

181+

     5.3  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

6                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

STIC Prime Portfolio                           
     Interest
Rate		      Maturity
Date		      Principal
Amount
(000)		     
Value		  

Commercial Paper–45.49%(a)

 

         
Asset-Backed Securities — Fully Supported–12.60%           

Bennington Stark Capital Co., LLC (CEP–Societe Generale S.A.)(b)(c)

     0.90 %       03/06/2017      $ 18,000      $ 17,997,867  

Kells Funding LLC (CEP–FMS Wertmanagement)(c)

     0.90 %       03/17/2017        8,000        7,997,273  

Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)

     0.90 %       03/01/2017        15,000        14,999,712  
         40,994,852  
Asset-Backed Securities — Fully Supported Bank–17.44%           

Albion Capital LLC (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(b) (c)

     0.90 %       04/20/2017        6,000        5,993,880  

Anglesea Funding LLC (Multi–CEP’s)(b)(c)

     0.98 %       03/03/2017        15,000        14,999,169  

Institutional Secured Funding Ltd. (Multi–CEP’s)(b)(c)

     0.90 %       03/06/2017        10,000        9,998,815  

Manhattan Asset Funding Co., LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c)

     0.94 %       03/03/2017        15,000        14,999,126  

Regency Markets No. 1 LLC (CEP–HSBC Bank PLC) (b)(c)

     0.80 %       03/14/2017        5,000        4,998,559  

Working Capital Management Co., L.P. (CEP–Mizuho Corporate Bank, Ltd.)(b)(c)

     0.82 %       03/23/2017        5,760        5,757,159  
         56,746,708  
Asset-Backed Securities — Multi-Purpose–8.10%           

Chariot Funding LLC(b)

     0.82 %       03/06/2017        4,000        3,999,526  

CRC Funding LLC(b)

     0.87 %       03/01/2017        5,357        5,356,897  

Nieuw Amsterdam Receivables Corp.(b)(c)

     0.84 %       03/09/2017        10,000        9,998,258  

Versailles Commercial Paper LLC(b)

     0.90 %       04/24/2017        7,000        6,987,937  
         26,342,618  
Diversified Banks–7.35%           

DBS Bank Ltd.(b)(c)

     0.86 %       04/10/2017        10,000        9,991,994  

J.P. Morgan Securities LLC

     0.86 %       03/03/2017        3,925        3,924,784  

NRW Bank(b)(c)

     0.81 %       04/03/2017        10,000        9,993,039  
         23,909,817  

Total Commercial Paper (Cost $147,992,975)

 

      147,993,995  

Variable Rate Demand Notes–19.75%(d)

           
Credit Enhanced–19.75%           

A Mining Group, LLC; Series 2006, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(e)

     0.85 %       06/01/2029        4,235        4,235,000  

Appleton (City of), Wisconsin (Great Northern Corp.); Series 2002 A, VRD IDR
(LOC–Wells Fargo Bank, N.A.)(e)

     0.81 %       09/01/2019        4,500        4,500,000  

Boulder (County of), Colorado (Imagine!); Series 2006, VRD RB (LOC–Wells Fargo Bank, N.A.)(e)

     0.72 %       02/01/2031        326        326,000  

Capital Area Housing Finance Corp. (Cypress Creek at River Bend Apartments); Series 2006, VRD MFH RB (LOC–Citibank N.A.)(e)

     0.72 %       10/01/2039        8,290        8,290,000  

Columbus (City of), Ohio Regional Airport Authority (FlightSafety International Inc.); Series 2015 A, VRD RB (CEP–Berkshire Hathaway Inc.)

     0.68 %       04/01/2035        3,930        3,930,000  

Fulton (County of), Georgia Development Authority (Friends of High Meadows, Inc.); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(e)

     0.72 %       01/01/2020        127        127,000  

Jets Stadium Development, LLC; Series 2007 A-4, VRD Project RB (LOC–Sumitomo Mitsui Banking Corp.)(b)(c)(e)

     0.74 %       04/01/2047        5,000        5,000,000  

Keep Memory Alive; Series 2013, VRD Taxable Bonds (LOC–PNC Bank, N.A.)(e)

     0.73 %       05/01/2037        19,980        19,980,000  

M3 Realty, LLC; Series 2007, VRD RN (LOC–General Electric Capital Corp.)(b)(e)

     0.81 %       01/01/2033        5,400        5,400,000  

 

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

 

7                         Short-Term  Investments Trust

STIC Prime Portfolio                           
     Interest
Rate		      Maturity
Date		      Principal
Amount
(000)		     
Value		  
Credit Enhanced–(continued)           

Mobile (County of), Alabama Industrial Development Authority (SSAB Alabama Inc.); Series 2010 A, VRD Recovery Zone Facility RB (LOC–Swedbank AB)(c)(e)

     0.69 %       07/01/2040      $ 5,666      $ 5,666,000  

New York (State of) Housing Finance Agency (605 West 42nd Street Housing); Series 2014 A, VRD RB (LOC–Bank of China Ltd.)(e)

     0.76 %       05/01/2048        6,800        6,800,000  

Total Variable Rate Demand Notes (Cost $64,254,000)

 

      64,254,000  

Certificates of Deposit–12.22%

           

Abbey National Treasury Services PLC(c)

     0.67 %       03/03/2017        10,000        9,999,962  

DZ Bank AG Duetsche Zentral-Genossenschaftsbank(c)

     1.03 %       04/13/2017        2,000        2,000,395  

Mitsubishi UFJ Trust and Banking Corp.(c)

     1.25 %       03/15/2017        8,200        8,201,848  

Nordea Bank AB(c)

     0.56 %       03/01/2017        4,032        4,032,448  

Norinchukin Bank (The)(c)

     1.22 %       03/27/2017        4,000        4,001,473  

Toronto-Dominion Bank (The)(c)

     0.93 %       03/02/2017        5,000        5,000,088  

Toronto-Dominion Bank (The)(c)

     1.08 %       03/17/2017        6,500        6,501,331  

Total Certificates of Deposit (Cost $39,735,790)

 

      39,737,545  

U.S. Government Sponsored Agency Securities–7.76%

           
Overseas Private Investment Corp. (OPIC)–7.76%(d)           

Unsec. Gtd. VRD COP

     0.67 %       09/15/2022        10,000        10,006,250  

Unsec. Gtd. VRD COP

     0.67 %       09/20/2022        4,000        4,002,500  

Unsec. Gtd. VRD COP

     0.68 %       05/15/2030        11,232        11,239,020  

Total U.S. Government Sponsored Agency Securities (Cost $25,232,000)

 

      25,247,770  

TOTAL INVESTMENTS (excluding Repurchase Agreements)–85.22% (Cost $277,214,765)

 

      277,233,310  
                  Repurchase
Amount		         

Repurchase Agreements–14.75%(f)

 

   

Credit Suisse Securities (USA) LLC, term agreement dated 02/22/2017, maturing value of $19,002,882 (collateralized by a domestic agency mortgage-backed security valued at $19,951,479; 0.80%, 05/25/2047)(g)

     0.78 %       03/01/2017        19,002,882        19,000,000  

ING Financial Markets, LLC, agreement dated 02/28/2017, maturing value of $10,000,247 (collateralized by a domestic agency mortgage-backed security and a domestic corporate obligation valued at $10,363,095; 0.88%-4.88%, 10/26/2017-12/15/2043)

     0.89 %       03/01/2017        10,000,247        10,000,000  

RBC Capital Markets LLC, term agreement dated 02/22/2017, maturing value of $19,000,000 (collateralized by municipal obligations valued at $19,950,001; 0.66%-8.22%, 10/01/2021-05/15/2115)(g)

     0.99 %       04/21/2017        19,000,000        19,000,000  

Total Repurchase Agreements (Cost $48,000,000)

                                48,000,000  

TOTAL INVESTMENTS(h)(i)–99.97% (Cost $325,214,765)

 

      325,233,310  

OTHER ASSETS LESS LIABILITIES–0.03%

 

      110,723  

NET ASSETS–100.00%

 

    $ 325,344,033  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

COP  

– Certificates of Participation

Gtd.  

– Guaranteed

IDR  

– Industrial Development Revenue Bonds

LOC  

– Letter of Credit

MFH  

– Multi-Family Housing

RB  

– Revenue Bonds

RN  

– Revenue Notes

Unsec.  

– Unsecured

VRD  

– Variable Rate Demand

 

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

 

8                         Short-Term  Investments Trust

STIC Prime Portfolio

Notes to Schedule of Investments:

 

(a)  Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  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 February 28, 2017 was $146,471,938, which represented 45.02% 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: Netherlands: 13.8%; Japan: 13.5%; France: 10.1%; Canada: 9.4%; Germany: 6.2%; Switzerland: 5.8%; other countries less than 5% each: 10.7%.
(d)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(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)  Also represents cost for federal income tax purposes.
(i)  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  

Sumitomo Mitisui Banking Corp.

      6.2 % 

PNC Bank, N.A.

      6.1  

Societe Generale S.A.

      5.5  

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     71.2 % 

8-30

     18.0  

31-60

     10.8  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

9                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Treasury Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–48.14%

          
U.S. Treasury Bills–26.97%(a)          

U.S. Treasury Bills

     0.50 %      04/13/2017      $ 300,000      $ 299,822,625  

U.S. Treasury Bills

     0.59 %      04/27/2017        124,000        123,887,010  

U.S. Treasury Bills

     0.62 %      05/18/2017        400,000        399,475,456  

U.S. Treasury Bills

     0.61 %      05/25/2017        300,000        299,578,541  

U.S. Treasury Bills

     0.63 %      05/25/2017        400,000        399,416,452  

U.S. Treasury Bills

     0.64 %      06/08/2017        116,510        116,313,640  

U.S. Treasury Bills

     0.66 %      06/15/2017        400,000        399,239,966  

U.S. Treasury Bills

     0.64 %      06/22/2017        400,000        399,208,372  

U.S. Treasury Bills

     0.65 %      06/22/2017        500,000        498,991,633  

U.S. Treasury Bills

     0.66 %      06/29/2017        100,000        99,785,000  

U.S. Treasury Bills

     0.67 %      06/29/2017        34,720        34,643,616  

U.S. Treasury Bills

     0.65 %      07/06/2017        298,000        297,331,604  

U.S. Treasury Bills

     0.66 %      07/06/2017        147,000        146,664,736  

U.S. Treasury Bills

     0.61 %      07/13/2017        295,000        294,340,068  

U.S. Treasury Bills

     0.62 %      07/13/2017        50,000        49,887,403  

U.S. Treasury Bills

     0.61 %      07/20/2017        115,000        114,729,750  

U.S. Treasury Bills

     0.63 %      08/03/2017        250,000        249,332,101  

U.S. Treasury Bills

     0.65 %      08/10/2017        300,000        299,142,751  

U.S. Treasury Bills

     0.65 %      08/17/2017        550,000        548,355,067  

U.S. Treasury Bills

     0.68 %      08/31/2017        300,000        298,983,834  
                                5,369,129,625  
U.S. Treasury Notes–21.17%          

U.S. Treasury Floating Rate Notes(b)

     0.68 %      10/31/2017        706,250        706,137,691  

U.S. Treasury Floating Rate Notes(b)

     0.79 %      01/31/2018        300,000        300,104,296  

U.S. Treasury Floating Rate Notes(b)

     0.71 %      04/30/2018        664,000        664,063,866  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      07/31/2018        429,240        429,238,590  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      10/31/2018        695,000        694,867,073  

U.S. Treasury Notes

     0.50 %      04/30/2017        176,000        175,995,050  

U.S. Treasury Notes

     0.88 %      04/30/2017        150,000        150,088,871  

U.S. Treasury Notes

     2.75 %      05/31/2017        200,000        201,090,104  

U.S. Treasury Notes

     0.63 %      06/30/2017        200,000        199,977,705  

U.S. Treasury Notes

     2.50 %      06/30/2017        200,000        201,251,101  

U.S. Treasury Notes

     0.63 %      09/30/2017        200,000        199,848,721  

U.S. Treasury Notes

     1.88 %      09/30/2017        291,110        292,998,928  
                                4,215,661,996  

Total U.S. Treasury Securities (Cost $9,584,791,621)

                               9,584,791,621  

TOTAL INVESTMENTS (excluding Repurchase Agreements)–48.14% (Cost $9,584,791,621)

                               9,584,791,621  
                 Repurchase
Amount		         

Repurchase Agreements–53.35%(c)

          

ABN AMRO Bank N.V., agreement dated 02/28/2017, maturing value of $600,008,833 (collateralized by U.S. Treasury obligations valued at $612,000,178; 0.50%-3.13%, 03/31/2017-05/15/2026)

     0.53 %      03/01/2017        600,008,833        600,000,000  

 

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

 

10                         Short-Term  Investments Trust

Treasury Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

ABN AMRO Bank N.V., term agreement dated 01/10/2017, maturing value of $250,229,444 (collateralized by U.S. Treasury obligations valued at $255,000,408; 0.13%-2.63%, 08/31/2018-05/15/2026)

     0.56 %      03/10/2017      $ 250,229,444      $ 250,000,000  

Bank of Montreal, joint term agreement dated 02/10/2017, aggregate maturing value of $300,265,500 (collateralized by U.S. Treasury obligations valued at $306,000,037; 0.75%-4.25%, 01/31/2018-05/15/2044)(d)

     0.54 %      04/10/2017        150,132,750        150,000,000  

Bank of Montreal, joint term agreement dated 02/23/2017, aggregate maturing value of $635,834,496 (collateralized by U.S. Treasury obligations valued at $647,700,025; 0.63%-3.63%, 07/31/2017-08/15/2043)(d)

     0.57 %      05/17/2017        115,151,129        115,000,000  

Bank of Montreal, term agreement dated 01/30/2017, maturing value of $500,688,750 (collateralized by U.S. Treasury obligations valued at $510,000,002; 0.75%-3.63%, 03/31/2017-08/15/2044)(d)

     0.57 %      04/27/2017        500,688,750        500,000,000  

Bank of Montreal, term agreement dated 02/10/2017, maturing value of $150,077,292 (collateralized by U.S. Treasury obligations valued at $153,000,054; 1.38%-3.50%, 03/31/2017-11/15/2046)(d)

     0.53 %      03/17/2017        150,077,292        150,000,000  

Bank of Montreal, term agreement dated 02/22/2017, maturing value of $200,233,333 (collateralized by U.S. Treasury obligations valued at $204,000,055; 1.25%-3.63%, 08/31/2017-04/15/2028)(d)

     0.56 %      05/08/2017        200,233,333        200,000,000  

BNP Paribas Securities Corp., agreement dated 02/28/2017, maturing value of $600,009,167 (collateralized by U.S. Treasury obligations valued at $600,019,151; 0.13%, 04/15/2017)

     0.55 %      03/01/2017        600,009,167        600,000,000  

CIBC World Markets Corp., joint agreement dated 02/28/2017, aggregate maturing value of $1,350,019,500 (collateralized by U.S. Treasury obligations valued at $1,383,331,253; 0.13%-8.75%, 03/15/2017-02/15/2047)

     0.52 %      03/01/2017        579,534,169        579,525,798  

Citigroup Global Markets Inc., term agreement dated 02/23/2017, maturing value of $500,049,583 (collateralized by U.S. Treasury obligations valued at $510,000,000;
0%-7.63%, 03/31/2018-08/15/2036)(d)

     0.51 %      03/02/2017        500,049,583        500,000,000  

Citigroup Global Markets Inc., agreement dated 02/28/2017, maturing value of $400,005,778 (collateralized by U.S. Treasury obligations valued at $408,000,001; 0.63%-7.63%, 05/31/2017-02/15/2025)

     0.52 %      03/01/2017        400,005,778        400,000,000  

Credit Agricole Corp. & Investment Bank, agreement dated 02/28/2017, maturing value of $200,002,889 (collateralized by a U.S. Treasury obligation valued at $204,000,005; 3.00%, 11/15/2044)

     0.52 %      03/01/2017        200,002,889        200,000,000  

Credit Agricole Corp. & Investment Bank, term agreement dated 01/03/2017, maturing value of $200,186,833 (collateralized by U.S. Treasury obligations valued at $204,000,089; 0.63%-1.25%, 03/31/2021-01/15/2024)(d)

     0.57 %      03/03/2017        200,186,833        200,000,000  

Credit Agricole Corp. & Investment Bank, term agreement dated 02/24/2017, maturing value of $250,025,278 (collateralized by U.S. Treasury obligations valued at $255,000,014; 1.50%-2.75%, 02/15/2019-02/15/2023)(d)

     0.52 %      03/03/2017        250,025,278        250,000,000  

Federal Reserve Bank of New York, agreement dated 02/28/2017, maturing value of $400,005,556 (collateralized by a U.S. Treasury obligation valued at $400,005,625; 3.00%, 05/15/2042)

     0.50 %      03/01/2017        400,005,556        400,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/23/2017, maturing value of $450,044,625 (collateralized by U.S. Treasury obligations valued at $458,149,703; 3.75%, 11/15/2043)(d)

     0.51 %      03/02/2017        450,044,625        450,000,000  

Metropolitan Life Insurance Co., term agreement dated 02/28/2017, maturing value of $350,038,556 (collateralized by U.S. Treasury obligations valued at $359,686,324;
0%-1.13%, 09/30/2021-11/15/2040)(d)

     0.55 %      03/07/2017        350,038,556        350,001,125  

Prudential Insurance Co. of America, agreement dated 02/28/2017, maturing value of $287,754,066 (collateralized by U.S. Treasury obligations valued at $293,991,621;
0%-2.50%; 11/15/2027-02/15/2045)

     0.54 %      03/01/2017        287,754,066        287,749,750  

Prudential Legacy Insurance Co. of America, agreement dated 02/28/2017, maturing value of $190,377,856 (collateralized by U.S. Treasury obligations valued at $194,102,100;
0%; 02/15/2022-08/15/2033)

     0.54 %      03/01/2017        190,377,856        190,375,000  

RBC Capital Markets LLC, term agreement dated 01/17/2017, maturing value of $500,443,056 (collateralized by U.S. Treasury obligations valued at $510,000,026;
1.00%-7.13%, 08/15/2018-11/15/2025)(d)

     0.55 %      03/16/2017        500,443,056        500,000,000  

RBC Capital Markets LLC, term agreement dated 02/16/2017, maturing value of $1,000,458,333 (collateralized by U.S. Treasury obligations valued at $1,016,577,459;
0%-9.00%, 03/30/2017-05/15/2046)(d)

     0.55 %      05/17/2017        1,000,458,333        1,000,000,000  

 

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

 

11                         Short-Term  Investments Trust

Treasury Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Societe Generale, joint term agreement dated 02/09/2017, aggregate maturing value of $500,240,000 (collateralized by U.S. Treasury obligations valued at $510,000,043;
0%-8.75%, 04/30/2017-05/15/2043)(d)

     0.54 %      03/13/2017      $ 435,208,800      $ 435,000,000  

Sumitomo Mitsui Banking Corp., agreement dated 02/28/2017, maturing value of $1,000,014,722 (collateralized by U.S. Treasury obligations valued at $1,020,004,676; 1.13%-1.63%, 01/31/2021-05/31/2023)

     0.53 %      03/01/2017        1,000,014,722        1,000,000,000  

TD Securities (USA) LLC, agreement dated 02/28/2017, maturing value of $300,004,333 (collateralized by U.S. Treasury obligations valued at $306,000,076; 0.50%-4.25%, 04/30/2017-02/15/2042)

     0.52 %      03/01/2017        300,004,333        300,000,000  

Wells Fargo Bank, N.A., term agreement dated 11/16/2016, maturing value of $250,879,861 (collateralized by U.S. Treasury obligations valued at $255,000,189; 2.38%-2.63%, 07/15/2017-01/15/2025)

     0.70 %      05/16/2017        250,879,861        250,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2017, maturing value of $565,008,161 (collateralized by U.S. Treasury obligations valued at $576,300,061; 1.13%-3.63%, 02/28/2019-02/15/2045)

     0.52 %      03/01/2017        565,008,161        565,000,000  

Wells Fargo Securities, LLC, term agreement dated 01/17/2017, maturing value of $200,273,889 (collateralized by U.S. Treasury obligations valued at $204,000,038;
3.00%-3.38%, 11/15/2041-02/15/2047)

     0.58 %      04/12/2017        200,273,889        200,000,000  

Total Repurchase Agreements (Cost $10,622,651,673)

                       10,622,651,673  

TOTAL INVESTMENTS(e)–101.49% (Cost $20,207,443,294)

                       20,207,443,294  

OTHER ASSETS LESS LIABILITIES–(1.49)%

 

               (296,145,850 ) 

NET ASSETS–100.00%

 

             $ 19,911,297,444  

Notes to Schedule of Investments:

 

(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(c)  Principal amount equals value at period end. See Note 1I.
(d)  The Fund may demand prepayment of the term repurchase agreement upon one to seven business days notice depending on the timing of the demand.
(e)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     48.7 % 

8-30

     1.2  

31-60

     3.1  

61-90

     8.4  

91-180

     20.9  

181+

     17.7  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

12                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Government Sponsored Agency Securities–32.26%

          
Federal Farm Credit Bank (FFCB)–2.78%          

Disc. Notes(a)

     0.57 %      03/20/2017      $ 19,000      $ 18,994,284  

Disc. Notes(a)

     0.56 %      04/04/2017        50,000        49,973,556  

Disc. Notes(a)

     0.57 %      04/18/2017        25,000        24,981,000  

Unsec. Bonds(b)

     0.78 %      05/30/2017        45,000        44,998,717  

Unsec. Bonds(b)

     0.81 %      06/20/2017        39,325        39,314,841  

Unsec. Bonds(b)

     0.81 %      07/06/2017        70,000        69,993,789  

Unsec. Bonds(b)

     0.80 %      07/14/2017        14,000        14,001,030  

Unsec. Bonds(b)

     0.92 %      07/21/2017        45,000        44,999,973  

Unsec. Bonds(b)

     0.81 %      07/25/2017        35,600        35,606,864  

Unsec. Bonds(b)

     0.76 %      08/21/2017        22,000        21,994,177  

Unsec. Bonds(b)

     0.82 %      08/29/2017        4,625        4,625,006  

Unsec. Bonds(b)

     0.82 %      11/13/2017        8,000        7,994,599  

Unsec. Bonds(b)

     0.79 %      12/27/2017        30,000        29,967,696  

Unsec. Bonds(b)

     0.80 %      01/17/2018        10,000        9,995,120  

Unsec. Bonds(b)

     0.68 %      01/22/2018        100,000        100,000,000  

Unsec. Bonds(b)

     0.85 %      02/09/2018        25,000        25,000,000  

Unsec. Bonds(b)

     0.81 %      02/26/2018        50,000        49,985,324  

Unsec. Bonds(b)

     0.90 %      03/02/2018        40,000        40,065,673  

Unsec. Bonds(b)

     0.89 %      03/21/2018        20,000        20,009,681  

Unsec. Bonds(b)

     1.04 %      05/09/2018        9,500        9,520,924  
         662,022,254  
Federal Home Loan Bank (FHLB)–26.30%          

Unsec. Bonds

     0.88 %      03/10/2017        13,155        13,156,137  

Unsec. Bonds

     0.55 %      03/21/2017        52,630        52,630,977  

Unsec. Bonds

     0.60 %      05/19/2017        62,000        62,000,000  

Unsec. Bonds

     0.60 %      05/23/2017        73,000        72,999,112  

Unsec. Bonds(b)

     0.77 %      08/18/2017        73,500        73,482,728  

Unsec. Bonds(b)

     0.96 %      10/30/2017        199,700        199,689,898  

Unsec. Bonds(b)

     0.83 %      11/15/2017        40,000        40,000,000  

Unsec. Bonds(b)

     0.83 %      11/17/2017        25,000        25,000,000  

Unsec. Bonds(b)

     0.85 %      02/16/2018        45,000        45,000,000  

Unsec. Bonds(b)

     0.78 %      03/06/2018        225,000        225,000,000  

Unsec. Bonds(b)

     0.78 %      03/09/2018        100,000        100,000,000  

Unsec. Bonds(b)

     0.79 %      03/14/2018        300,000        300,000,000  

Unsec. Bonds(b)

     0.79 %      03/15/2018        75,000        75,000,000  

Unsec. Bonds(b)

     0.79 %      03/16/2018        350,000        350,000,000  

Unsec. Bonds(b)

     0.77 %      03/19/2018        275,000        275,000,000  

Unsec. Bonds(b)

     0.81 %      03/19/2018        145,000        145,000,000  

Unsec. Bonds(b)

     0.76 %      04/12/2018        220,000        220,000,000  

Unsec. Bonds(b)

     0.76 %      04/13/2018        225,000        224,999,315  

Unsec. Bonds(b)

     0.77 %      04/20/2018        86,000        85,992,390  

Unsec. Bonds(b)

     0.77 %      04/23/2018        140,000        139,991,832  

Unsec. Bonds(b)

     0.69 %      05/08/2018        230,000        230,002,219  

Unsec. Bonds(b)

     0.67 %      07/26/2018        100,000        100,000,000  

 

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

 

13                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Federal Home Loan Bank (FHLB)–(continued)          

Unsec. Bonds(b)

     0.68 %      08/01/2018      $ 200,000      $ 200,000,000  

Unsec. Disc. Notes(a)

     0.46 %      03/29/2017        245,700        245,612,972  

Unsec. Disc. Notes(a)

     0.60 %      05/05/2017        62,665        62,597,113  

Unsec. Disc. Notes(a)

     0.63 %      05/24/2017        50,000        49,926,208  

Unsec. Disc. Notes(a)

     0.64 %      05/24/2017        145,613        145,397,250  

Unsec. Disc. Notes(a)

     0.64 %      05/26/2017        133,000        132,796,975  

Unsec. Disc. Notes(a)

     0.63 %      05/31/2017        200,000        199,682,010  

Unsec. Disc. Notes(a)

     0.64 %      07/05/2017        300,000        299,327,999  

Unsec. Disc. Notes(a)

     0.61 %      07/12/2017        400,000        399,098,554  

Unsec. Disc. Notes(a)

     0.67 %      08/09/2017        86,324        86,067,270  

Unsec. Disc. Notes(a)

     0.67 %      08/16/2017        48,000        47,849,920  

Unsec. Disc. Notes(a)

     0.67 %      08/18/2017        30,000        29,905,083  

Unsec. Disc. Notes(a)

     0.69 %      08/23/2017        37,852        37,725,038  

Unsec. Disc. Notes(a)

     0.69 %      08/25/2017        50,000        49,831,850  

Unsec. Global Bonds(b)

     0.80 %      04/21/2017        10,000        9,999,371  

Unsec. Global Bonds

     1.00 %      06/21/2017        30,380        30,415,400  

Unsec. Global Bonds(b)

     0.78 %      08/15/2017        50,000        50,000,000  

Unsec. Global Bonds(b)

     0.83 %      09/06/2017        25,000        25,000,147  

Unsec. Global Bonds(b)

     0.94 %      11/15/2017        60,000        59,986,869  

Unsec. Global Bonds(b)

     0.85 %      12/07/2017        22,000        21,998,481  

Unsec. Global Bonds(b)

     0.97 %      01/08/2018        80,000        80,000,000  

Unsec. Global Bonds(b)

     0.69 %      01/23/2018        237,000        237,000,000  

Unsec. Global Bonds(b)

     0.70 %      01/23/2018        93,000        93,008,412  

Unsec. Global Bonds(b)

     0.89 %      02/26/2018        185,000        185,000,000  

Unsec. Global Bonds(b)

     0.79 %      04/06/2018        136,000        136,000,000  

Unsec. Global Bonds(b)

     0.69 %      05/09/2018        100,000        100,000,000  

Unsec. Global Bonds(b)

     0.72 %      07/12/2018        200,000        200,098,223  
                                6,269,269,753  
Federal Home Loan Mortgage Corp. (FHLMC)–0.69%          

Unsec. Global Notes(b)

     0.79 %      04/20/2017        30,000        29,999,371  

Unsec. Global Notes(b)

     0.82 %      04/27/2017        14,000        13,998,795  

Unsec. Global Notes(b)

     0.91 %      07/21/2017        20,000        19,999,200  

Unsec. Global Notes(b)

     0.98 %      01/08/2018        100,000        100,000,000  
                                163,997,366  
Federal National Mortgage Association (FNMA)–1.26%          

Unsec. Global Notes

     1.13 %      04/27/2017        42,863        42,901,342  

Unsec. Global Notes

     5.00 %      05/11/2017        60,000        60,513,120  

Unsec. Global Notes(b)

     0.79 %      09/08/2017        35,000        34,982,216  

Unsec. Global Notes(b)

     0.79 %      10/05/2017        112,815        112,785,166  

Unsec. Notes(b)

     0.78 %      08/16/2017        50,000        49,995,354  
                                301,177,198  
Overseas Private Investment Corp. (OPIC)–1.23%          

Sec. Gtd. VRD COP Bonds(c)

     0.69 %      11/15/2028        100,000        100,000,000  

Sr. Unsec. Gtd. VRD COP Bonds(c)

     0.69 %      02/15/2028        20,000        20,000,000  

Unsec. Gtd. VRD COP Bonds(c)

     0.69 %      09/15/2020        81,000        81,000,000  

Unsec. Gtd. VRD COP Bonds(c)

     0.69 %      07/15/2025        44,389        44,388,890  

Unsec. Gtd. VRD COP Notes(c)

     0.67 %      07/09/2026        48,450        48,450,000  
         293,838,890  

Total U.S. Government Sponsored Agency Securities (Cost $7,690,305,461)

              7,690,305,461  

 

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

 

14                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–16.97%

          
U.S. Treasury Bills–16.76%(a)          

U.S. Treasury Bills

     0.58 %      04/27/2017      $ 150,000      $ 149,864,625  

U.S. Treasury Bills

     0.62 %      05/18/2017        200,000        199,737,184  

U.S. Treasury Bills

     0.61 %      05/25/2017        300,000        299,577,833  

U.S. Treasury Bills

     0.63 %      05/25/2017        350,000        349,491,299  

U.S. Treasury Bills

     0.62 %      06/01/2017        700,000        698,908,777  

U.S. Treasury Bills

     0.65 %      06/15/2017        300,000        299,438,642  

U.S. Treasury Bills

     0.66 %      06/15/2017        200,000        199,619,945  

U.S. Treasury Bills

     0.64 %      06/22/2017        200,000        199,604,186  

U.S. Treasury Bills

     0.66 %      06/29/2017        100,000        99,784,917  

U.S. Treasury Bills

     0.65 %      07/06/2017        370,000        369,170,064  

U.S. Treasury Bills

     0.66 %      07/06/2017        130,000        129,703,508  

U.S. Treasury Bills

     0.61 %      07/13/2017        200,000        199,552,588  

U.S. Treasury Bills

     0.62 %      07/13/2017        50,000        49,887,403  

U.S. Treasury Bills

     0.65 %      08/10/2017        300,000        299,141,400  

U.S. Treasury Bills

     0.65 %      08/17/2017        300,000        299,104,300  

U.S. Treasury Bills

     0.68 %      08/24/2017        155,000        154,492,289  
                                3,997,078,960  
U.S. Treasury Notes–0.21%          

U.S. Treasury Floating Rate Notes(b)

     0.68 %      10/31/2017        50,000        49,990,890  

Total U.S. Treasury Securities (Cost $4,047,069,850)

                               4,047,069,850  

TOTAL INVESTMENTS (excluding Repurchase Agreements) –49.23% (Cost $11,737,375,311)

 

                       11,737,375,311  
                 Repurchase
Amount		         

Repurchase Agreements–50.77%(d)

          

Bank of Montreal, agreement dated 02/28/2017, maturing value of $300,004,417 (collateralized by domestic agency mortgage-backed securities valued at $306,000,000; 2.00%-5.50%; 09/01/2025-01/20/2047)

     0.53 %      03/01/2017        300,004,417        300,000,000  

Bank of Montreal, joint term agreement dated 02/10/2017, aggregate maturing value of $300,265,500 (collateralized by U.S. Treasury obligations valued at $306,000,037; 0.75%-4.25%, 01/31/2018-05/15/2044)(e)

     0.54 %      04/10/2017        100,088,500        100,000,000  

Bank of Montreal, joint term agreement dated 02/23/2017, aggregate maturing value of $635,834,496 (collateralized by U.S. Treasury obligations valued at $647,700,025; 0.63%-3.63%, 07/31/2017-08/15/2043)(e)

     0.57 %      05/17/2017        390,512,525        390,000,000  

Bank of Nova Scotia (The), agreement dated 02/28/2017, maturing value of $1,000,014,444 (collateralized by U.S. Treasury obligations valued at $1,020,000,038; 0.13%-3.63%; 10/31/2018-05/15/2046)

     0.52 %      03/01/2017        1,000,014,444        1,000,000,000  

Bank of Nova Scotia (The), agreement dated 02/28/2017, maturing value of $200,002,944 (collateralized by domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at $204,000,053; 2.55%-4.00%; 11/15/2023-09/01/2046)

     0.53 %      03/01/2017        200,002,944        200,000,000  

BNP Paribas Securities Corp., agreement dated 02/28/2017, maturing value of $885,013,521 (collateralized by a U.S. Treasury obligation valued at $900,781,027; 0.13%; 07/15/2022)

     0.55 %      03/01/2017        885,013,521        885,000,000  

CIBC World Markets Corp., joint agreement dated 02/28/2017, aggregate maturing value of $1,350,019,500 (collateralized by U.S. Treasury obligations valued at $1,383,331,253; 0.13%-8.75%, 03/15/2017-02/15/2047)

     0.52 %      03/01/2017        329,615,714        329,610,953  

Citigroup Global Markets Inc., agreement dated 02/28/2017, maturing value of $250,003,681 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $255,000,090; 0%-7.63%; 03/06/2017-09/15/2065)

     0.53 %      03/01/2017        250,003,681        250,000,000  

 

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

 

15                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Credit Agricole Corp. & Investment Bank, joint agreement dated 02/28/2017, aggregate maturing value of $700,010,306 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $714,000,000; 0%-4.00%, 04/24/2017-02/01/2047)

     0.53 %      03/01/2017      $ 400,005,889      $ 400,000,000  

Federal Reserve Bank of New York, agreement dated 02/28/2017, maturing value of $600,008,333 (collateralized by a U.S. Treasury obligation valued at $600,008,387; 3.00%; 05/15/2042)

     0.50 %      03/01/2017        600,008,333        600,000,000  

ING Financial Markets, LLC, term agreement dated 01/20/2017, maturing value of $45,062,525 (collateralized by domestic agency mortgage-backed securities valued at $45,901,215; 3.50%; 04/01/2042-01/01/2043)

     0.61 %      04/12/2017        45,062,525        45,000,000  

ING Financial Markets, LLC, term agreement dated 01/31/2017 maturing value of $250,424,375 (collateralized by domestic agency mortgage-backed securities valued at $255,003,653; 3.00%-6.00%; 03/01/2026-07/01/2046)

     0.63 %      05/08/2017        250,424,375        250,000,000  

ING Financial Markets, LLC, term agreement dated 02/28/2017, maturing value of $270,000,000 (collateralized by domestic agency mortgage-backed securities valued at $275,400,805; 2.03%-4.00%; 03/01/2026-11/01/2046)(b)

     0.71 %      06/05/2017        270,000,000        270,000,000  

ING Financial Markets, LLC, term agreement dated 02/28/2017, maturing value of $220,000,000 (collateralized by domestic agency mortgage-backed securities valued at $224,400,000; 3.00%-5.50%; 10/01/2025-08/01/2048)(b)

     0.80 %      08/28/2017        220,000,000        220,000,000  

J.P. Morgan Securities Inc., agreement dated 02/28/2017, maturing value of $250,003,611 (collateralized by a U.S. Treasury obligation valued at $255,001,384; 0.13%; 04/15/2021)

     0.52 %      03/01/2017        250,003,611        250,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., agreement dated 02/28/2017, maturing value of $100,001,472 (collateralized by domestic agency mortgage-backed securities valued at $102,000,001; 2.50%-3.00%; 10/20/2045-09/20/2046)

     0.53 %      03/01/2017        100,001,472        100,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/23/2017, maturing value of $325,032,229 (collateralized by a U.S. Treasury obligation valued at $330,679,999; 3.63%; 08/15/2043)(e)

     0.51 %      03/02/2017        325,032,229        325,000,000  

Metropolitan Life Insurance Co., term agreement dated 02/28/2017, maturing value of $400,043,803 (collateralized by U.S. Treasury obligations valued at $408,333,658; 0%-0.75%; 02/28/2018-05/15/2044)(e)

     0.55 %      03/07/2017        400,043,803        400,001,025  

Prudential Insurance Co. of America, agreement dated 02/28/2017, maturing value of $157,058,606 (collateralized by U.S. Treasury obligations valued at $160,609,750; 0%; 11/15/2026-08/15/2039)

     0.54 %      03/01/2017        157,058,606        157,056,250  

Prudential Legacy Insurance Co. of America, agreement dated 02/28/2017, maturing value of $170,002,550 (collateralized by U.S. Treasury obligations valued at $173,400,150; 0.00%; 11/15/2028-08/15/2033)

     0.54 %      03/01/2017        170,002,550        170,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/15/2017, aggregate maturing value of $600,885,000 (collateralized by domestic agency mortgage-backed securities valued at $612,000,000; 0.87%-8.50%, 05/01/2017-02/20/2047)(e)

     0.59 %      05/16/2017        455,671,125        455,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/17/2017, aggregate maturing value of $500,221,667 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.50%-4.00%, 02/20/2030-03/01/2047)(b)(e)

     0.57 %      05/18/2017        395,175,117        395,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/21/2017, aggregate maturing value of $500,245,417 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.00%-7.50%, 04/01/2024-12/20/2064)(e)

     0.57 %      05/22/2017        410,201,242        410,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/28/2017, aggregate maturing value of $1,000,000,000 (collateralized by domestic agency mortgage-backed securities valued at $1,020,000,002; 0%-7.00%, 12/25/2017-02/01/2047)(b)(e)

     0.66 %      05/01/2017        590,000,000        590,000,000  

RBC Capital Markets LLC, term agreement dated 01/20/2017, maturing value of $345,402,500 (collateralized by domestic agency mortgage-backed securities valued at $351,900,000; 1.80%-8.50%; 03/01/2019-02/20/2047)(e)

     0.56 %      04/05/2017        345,402,500        345,000,000  

Societe Generale, joint agreement dated 02/28/2017, aggregate maturing value of $1,000,015,000 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $1,020,000,071; 0%-8.00%, 08/31/2017-11/20/2045)

     0.54 %      03/01/2017        650,009,750        650,000,000  

 

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

 

16                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Societe Generale, joint term agreement dated 02/28/2017, aggregate maturing value of $600,061,833 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $612,000,076; 0%-6.50%, 04/27/2017-06/20/2046)(e)

     0.53 %      03/07/2017      $ 450,046,375      $ 450,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2017, aggregate maturing value of $2,000,030,000 (collateralized by domestic agency mortgage-backed securities valued at $2,040,000,646; 3.00%-3.50%, 10/20/2042-04/20/2046)

     0.54 %      03/01/2017        1,440,021,600        1,440,000,000  

Wells Fargo Bank, N.A., term agreement dated 09/08/2016, maturing value of $135,411,750 (collateralized by U.S. Treasury obligations valued at $137,700,000; 0%; 08/15/2021-08/15/2030)

     0.60 %      03/10/2017        135,411,750        135,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2017, maturing value of $550,008,250 (collateralized by domestic agency mortgage-backed securities valued at $561,000,001; 1.78%-6.50%; 03/01/2018-03/01/2047)

     0.54 %      03/01/2017        550,008,250        550,000,000  

Wells Fargo Securities, LLC, term agreement dated 12/05/2016, maturing value of $44,062,382 (collateralized by domestic agency mortgage-backed securities valued at $44,880,000; 0%-2.11%; 06/25/2021-01/25/2046)

     0.58 %      03/03/2017        44,062,382        44,000,000  

Total Repurchase Agreements (Cost $12,105,668,228)

                               12,105,668,228  

TOTAL INVESTMENTS(f)–100.00% (Cost $23,843,043,539)

              23,843,043,539  

OTHER ASSETS LESS LIABILITIES–0.00%

 

      (915,233 ) 

NET ASSETS–100.00%

 

    $ 23,842,128,306  

Investment Abbreviations:

 

COP  

– Certificates of Participation

Disc.  

– Discounted

Gtd.  

– Guaranteed

Sec.  

– Secured

Sr.  

– Senior

Unsec.  

– Unsecured

VRD  

– Variable Rate Demand

Notes to Schedule of Investments:

 

(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(c)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(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)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     48.1 % 

8-30

     2.0  

31-60

     1.5  

61-90

     7.1  

91-180

     20.6  

181+

     20.7  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

17                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Treasury Obligations Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–116.11%

 

U.S. Treasury Bills–104.69%(a)  

U.S. Treasury Bills

     0.41 %      03/02/2017      $ 105,400      $ 105,398,827  

U.S. Treasury Bills

     0.42 %      03/02/2017        65,000        64,999,251  

U.S. Treasury Bills

     0.49 %      03/02/2017        100,000        99,998,667  

U.S. Treasury Bills

     0.50 %      03/02/2017        97,500        97,498,673  

U.S. Treasury Bills

     0.46 %      03/09/2017        200,000        199,982,461  

U.S. Treasury Bills

     0.48 %      03/09/2017        8,300        8,299,123  

U.S. Treasury Bills

     0.54 %      03/09/2017        9,000        8,998,940  

U.S. Treasury Bills

     0.50 %      03/15/2017        50,000        49,990,356  

U.S. Treasury Bills

     0.50 %      03/16/2017        1,400        1,399,714  

U.S. Treasury Bills

     0.52 %      03/16/2017        75,000        74,984,062  

U.S. Treasury Bills

     0.45 %      03/23/2017        50,000        49,986,403  

U.S. Treasury Bills

     0.56 %      03/30/2017        40,000        39,982,117  

U.S. Treasury Bills

     0.50 %      04/13/2017        11,000        10,993,496  

U.S. Treasury Bills

     0.51 %      04/20/2017        7,800        7,794,583  

U.S. Treasury Bills

     0.52 %      04/20/2017        21,000        20,985,096  

U.S. Treasury Bills

     0.52 %      05/04/2017        50,000        49,954,178  

U.S. Treasury Bills

     0.60 %      05/04/2017        15,000        14,984,333  

U.S. Treasury Bills

     0.53 %      05/11/2017        2,300        2,297,614  

U.S. Treasury Bills

     0.54 %      05/18/2017        30,000        29,965,225  

U.S. Treasury Bills

     0.60 %      05/18/2017        20,000        19,974,412  

U.S. Treasury Bills

     0.62 %      05/18/2017        15,000        14,980,289  

U.S. Treasury Bills

     0.63 %      05/25/2017        15,000        14,978,219  

U.S. Treasury Bills

     0.64 %      05/25/2017        500        499,262  

U.S. Treasury Bills

     0.60 %      06/01/2017        10,000        9,984,897  

U.S. Treasury Bills

     0.56 %      06/08/2017        6,200        6,190,622  

U.S. Treasury Bills

     0.62 %      06/08/2017        5,100        5,091,480  

U.S. Treasury Bills

     0.63 %      06/08/2017        17,000        16,971,052  

U.S. Treasury Bills

     0.64 %      06/08/2017        10,000        9,982,785  

U.S. Treasury Bills

     0.63 %      06/15/2017        13,000        12,976,229  

U.S. Treasury Bills

     0.65 %      06/15/2017        2,900        2,894,578  

U.S. Treasury Bills

     0.66 %      06/15/2017        30,000        29,942,937  

U.S. Treasury Bills

     0.64 %      06/22/2017        5,500        5,489,115  

U.S. Treasury Bills

     0.65 %      06/22/2017        85,000        84,828,578  

U.S. Treasury Bills

     0.66 %      06/29/2017        50,000        49,892,333  

U.S. Treasury Bills

     0.62 %      07/06/2017        47,000        46,898,693  

U.S. Treasury Bills

     0.65 %      07/06/2017        2,000        1,995,516  

U.S. Treasury Bills

     0.66 %      07/06/2017        3,000        2,993,158  

U.S. Treasury Bills

     0.60 %      07/13/2017        500        498,904  

U.S. Treasury Bills

     0.62 %      07/13/2017        15,000        14,966,221  

U.S. Treasury Bills

     0.61 %      07/20/2017        35,000        34,917,750  

U.S. Treasury Bills

     0.61 %      07/27/2017        7,900        7,880,432  

U.S. Treasury Bills

     0.63 %      08/03/2017        20,000        19,946,568  

U.S. Treasury Bills

     0.65 %      08/17/2017        19,700        19,641,050  

U.S. Treasury Bills

     0.66 %      08/17/2017        2,900        2,891,205  

 

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

 

18                         Short-Term  Investments Trust

Treasury Obligations Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
U.S. Treasury Bills–(continued)          

U.S. Treasury Bills

     0.65 %      08/24/2017      $ 800      $ 797,489  

U.S. Treasury Bills

     0.66 %      08/24/2017        35,000        34,889,377  

U.S. Treasury Bills

     0.68 %      08/31/2017        20,000        19,932,256  
                                1,431,418,526  
U.S. Treasury Notes–11.42%  

U.S. Treasury Floating Rate Notes(b)

     0.71 %      04/30/2018        55,000        55,051,631  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      07/31/2018        53,000        53,016,862  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      10/31/2018        35,000        35,001,664  

U.S. Treasury Floating Rate Notes(b)

     0.66 %      01/31/2019        13,000        12,997,488  
                                156,067,645  

TOTAL INVESTMENTS(c)–116.11% (Cost $1,587,486,171)

 

      1,587,486,171  

OTHER ASSETS LESS LIABILITIES–(16.11)%

 

      (220,233,692 ) 

NET ASSETS–100.00%

 

    $ 1,367,252,479  

Notes to Schedule of Investments:

 

(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(c)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     10.8 % 

8-30

     31.7  

31-60

     2.9  

61-90

     10.8  

91-180

     30.9  

181+

     12.9  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

19                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Municipal Obligations–96.14%

 

Alabama–3.08%  

Mobile (County of) Industrial Development Authority (SSAB Alabama Inc.); Series 2010 A, VRD Recovery Zone Facility RB (LOC–Swedbank AB)(a)(b)(c)

     0.69 %      07/01/2040      $ 5,440      $ 5,440,000  
Arizona–2.72%          

Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, VRD RB (LOC–Bank of America, N.A.)(a)(b)

     0.65 %      01/01/2046        240        240,000  

Casa Grande (City of) Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.64 %      06/15/2031        2,685        2,685,000  

Maricopa (County of) Industrial Development Authority (Gran Victoria Housing LLC); Series 2000 A, VRD MFH RB (CEP–FNMA)(a)

     0.66 %      04/15/2030        1,375        1,375,000  

Sierra Vista (City of) Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.64 %      06/15/2031        520        520,000  
         4,820,000  
California–6.59%          

California (State of); Series 2004 A9, Ref. VRD Unlimited Tax GO Bonds (LOC–State Street Bank & Trust Co.)(a)(b)

     0.60 %      05/01/2034        4,385        4,385,000  

Orange (County of) Water District; Series 2003 A, Ref. VRD COP (LOC–Citibank, N.A.)(a)(b)

     0.62 %      08/01/2042        2,700        2,700,000  

Southern California Metropolitan Water District; Series 2009 A-2, Ref. Floating Rate RB(d)(e)

     0.80 %      07/10/2017        4,580        4,580,000  
         11,665,000  
Colorado–7.29%          

Boulder (County of) (Imagine!); Series 2006, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      02/01/2031        1,063        1,063,000  

Colorado (State of) Educational & Cultural Facilities Authority (Denver Seminary); Series 2004, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      07/01/2034        1,800        1,800,000  

Colorado (State of) Educational Loan Program; Series 2017 B, TRAN

     4.00 %      06/29/2017        4,000        4,041,428  

Colorado Springs (City of) (Cook Communications Ministries); Series 2002, VRD IDR (LOC–Bank of America, N.A.)(a)(b)

     0.78 %      03/01/2017        5,335        5,335,000  

EagleBend Affordable Housing Corp.; Series 2006 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.66 %      07/01/2021        654        654,000  
         12,893,428  
Delaware–1.75%          

Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC–PNC Bank, N.A.)(a)(b)

     0.66 %      09/01/2036        3,090        3,090,000  
District of Columbia–2.38%          

District of Columbia Series 1998 A, VRD Pooled Loan Program RB (LOC–Bank of America,
N.A.)(a)(b)(f)

     0.81 %      01/01/2029        1,587        1,587,000  

District of Columbia (American University); Series 2006 B, VRD Multimodal RB (LOC–Royal Bank of Canada)(a)(b)

     0.64 %      10/01/2036        2,625        2,625,000  
         4,212,000  
Florida–1.75%          

Palm Beach (County of) (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC–Northern Trust Co.)(a)(b)

     0.71 %      11/01/2036        1,725        1,725,000  

Pinellas (County of) Health Facilities Authority (Baycare Health System); Series 2009 A-2, VRD Health System RB (LOC–Northern Trust Co.(The))(a)(b)

     0.65 %      11/01/2038        1,370        1,370,000  
         3,095,000  
Georgia–4.03%          

Fulton (County of) Development Authority (Friends of High Meadows, Inc.); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      01/01/2020        750        750,000  

Georgia (State of); Series 2015 C, Ref. Unlimited Tax GO Bonds

     5.00 %      07/01/2017        1,325        1,343,623  

Private Colleges & Universities Authority (Emory University); Series 2005 B-2, VRD RB(a)

     0.60 %      09/01/2035        3,630        3,630,000  

 

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

 

20                         Short-Term  Investments Trust

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Georgia–(continued)          

Richmond (County of) Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      09/01/2020      $ 1,400      $ 1,400,000  
         7,123,623  
Illinois–4.70%          

Illinois (State of) Finance Authority (Elmhurst College); Series 2007, VRD RB (LOC–BMO Harris, N.A.)(a)(b)

     0.65 %      02/01/2042        2,000        2,000,000  

Illinois (State of) Finance Authority (Foundation for Safety & Health); Series 1992, VRD Safety Education RB (LOC–BMO Harris, N.A.)(a)(b)(f)

     0.78 %      10/01/2017        200        200,000  

Illinois (State of) Finance Authority (Institute of Gas Technology); Series 1999, VRD IDR (LOC–BMO Harris, N.A.)(a)(b)

     0.70 %      09/01/2024        400        400,000  

Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(a)

     0.62 %      12/01/2046        5,435        5,435,000  

Illinois (State of) Finance Authority (Radiological Society of North America, Inc.); Series 1997, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)(f)

     0.80 %      06/01/2017        270        270,000  
         8,305,000  
Indiana–9.47%          

Fort Wayne (City of) (University of St. Francis); Series 2008, VRD Economic Development RB
(LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.66 %      08/01/2028        2,135        2,135,000  

Huntington (City of) (Huntington University, Inc.); Series 2007, Ref. VRD Economic Development & Improvement RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      08/01/2037        1,928        1,928,000  

Indiana (State of) Finance Authority (Ispat Inland Inc.); Series 2005, Ref. VRD Environmental Improvement RB (LOC–Rabobank Nederland)(a)(b)(c)

     0.70 %      06/01/2035        3,553        3,553,000  

Indiana (State of) Finance Authority (Ohio Valley Electric Corp.); Series 2012 C, VRD Midwestern Disaster Relief RB (LOC–Bank of Nova Scotia)(a)(b)(c)

     0.64 %      06/01/2040        3,915        3,915,000  

Purdue University; Series 2011 A, VRD COP

     0.63 %      07/01/2035        4,682        4,681,500  

University of Southern Indiana; Series 1999 G, VRD Student Fee RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.66 %      10/01/2019        530        530,000  
         16,742,500  
Massachusetts–0.95%          

Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b)

     0.64 %      10/01/2038        1,685        1,685,000  
Michigan–0.72%          

Huron Valley School District; Series 2015, Ref. Unlimited Tax GO Bond

     5.00 %      05/01/2017        800        805,583  

Oakland University Board of Trustees; Series 2008, Ref. VRD General RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.64 %      03/01/2031        474        474,000  
         1,279,583  
Minnesota–2.01%          

Burnsville (City of) (Bridgeway Apartments L.P.); Series 2003, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.72 %      10/15/2033        1,175        1,175,000  

Minnesota (State of) Midwest Consortium of Municipal Utilities (Minnesota Municipal Utilities Association Financing Program); Series 2005 A, VRD RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.67 %      01/01/2025        270        270,000  

Minnetonka (City of) (Minnesota Hills Apartments); Series 2001, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.73 %      11/15/2031        468        468,000  

Oak Park Heights (City of) (Boutswell Landing); Series 2005, Ref. VRD MFH RB (CEP–FHLMC)(a)

     0.64 %      11/01/2035        1,500        1,500,000  

St. Paul (City of) Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD MFH RB (CEP–FHLMC)(a)

     0.64 %      10/01/2033        150        150,000  
         3,563,000  
Mississippi–0.07%          

Mississippi (State of) Business Finance Corp. (Chevron U.S.A. Inc.); Series 2007 A, VRD Gulf Opportunity Zone IDR(a)

     0.57 %      12/01/2030        121        121,000  
Missouri–1.22%          

Bridgeton (City of) Industrial Development Authority (Stolze Printing); Series 2010, VRD RB
(LOC–FHLB of Chicago)(a)(b)

     0.65 %      11/01/2037        1,195        1,195,000  

Springfield (City of) Industrial Development Authority (Pebblecreek Apartments); Series 1994, Ref. VRD MFH RB (LOC–FHLB of Des Moines)(a)(b)

     0.72 %      12/01/2019        960        960,000  
         2,155,000  

 

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

 

21                         Short-Term  Investments Trust

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
New Hampshire–0.85%          

New Hampshire (State of) Health & Education Facilities Authority (Riverbend Community Mental Health, Inc.); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b)

     0.64 %      07/01/2038      $ 1,505      $ 1,505,000  
New York–2.85%          

New York (State of) Dormitory Authority; Series 2009 B, VRD Samaritan Medical Center RB
(LOC–HSBC Bank USA N.A.)(a)(b)(c)

     0.65 %      11/01/2036        5,050        5,050,000  
North Carolina–3.55%          

Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems); Series 2007 C, Ref. VRD RB (a)

     0.64 %      01/15/2037        4,140        4,140,000  

North Carolina (State of) Capital Facilities Finance Agency (Roman Catholic Diocese of Charlotte); Series 2000, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.65 %      06/01/2017        300        300,000  

Raleigh-Durham Airport Authority; Series 2008 C, Ref. VRD RB (LOC–Royal Bank of Canada)(a)(b)(c)

     0.63 %      05/01/2036        1,845        1,845,000  
         6,285,000  
Ohio–3.52%          

Montgomery (County of) (The Dayton Art Institute); Series 1996, VRD Economic Development RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.64 %      05/01/2026        6,221        6,221,000  
Pennsylvania–5.08%          

Haverford Township School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank,
N.A.)(a)(b)

     0.64 %      03/01/2030        2,795        2,795,000  

Lebanon (County of) Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC–PNC Bank, N.A.)(a)(b)

     0.66 %      10/15/2025        3,405        3,405,000  

Luzerne (County of) Convention Center Authority; Series 1998 A, VRD Hotel Room Rental Tax RB (LOC–PNC Bank, N.A.)(a)(b)

     0.65 %      09/01/2028        761        761,000  

Ridley School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank, N.A.)(a)(b)

     0.64 %      11/01/2029        1,325        1,325,000  

Westmoreland (County of) Industrial Development Authority (Excela Health); Series 2005 A, VRD Health System RB (LOC–PNC Bank, N.A.)(a)(b)

     0.65 %      07/01/2027        705        705,000  
         8,991,000  
South Carolina–3.26%          

South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Health System, Inc.); Series 2008 D, Ref. VRD RB (LOC–Bank of New York Mellon (The))(a)(b)

     0.65 %      11/01/2025        5,765        5,765,000  
Texas–16.83%          

Aledo Independent School District; Series 2006 A, VRD School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program)(a)

     0.67 %      08/01/2035        8,638        8,638,000  

Houston (City of); Series G-2, GO Commercial Paper Notes

     0.75 %      03/14/2017        3,600        3,600,000  

North Texas Tollway Authority; Series 2009 D, Ref. VRD First Tier System RB (LOC–Royal Bank of Canada)(a)(b)(c)

     0.64 %      01/01/2049        5,485        5,485,000  

Port Arthur (Port of) Navigation District (Texaco Inc.); Series 1994, Ref. VRD PCR(a)

     0.57 %      10/01/2024        2,285        2,285,000  

San Gabriel (City of) Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.66 %      04/01/2026        415        415,000  

Tarrant County Cultural Education Facilities Finance Corp. (Baylor Health Care System); Series 2011 C, VRD Hospital RB (LOC–Northern Trust Co.)(a)(b)

     0.64 %      11/15/2050        3,500        3,500,000  

University of Texas System Board of Regents; Series 2008 B, VRD Financing System RB(a)

     0.60 %      08/01/2025        5,850        5,850,000  
         29,773,000  
Utah–5.18%          

Emery (County of) (Pacificorp); Series 1994, Ref. VRD PCR (LOC–Canadian Imperial Bank of Commerce)(a)(b)(c)

     0.62 %      11/01/2024        5,250        5,250,000  

Sanpete (County of) (Wasatch Academy); Series 2003, VRD School Facility RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.72 %      08/01/2028        260        260,000  

Utah Housing Corp. (Timbergate Apartments); Series 2009 A, VRD MFH RB (CEP–FHLMC)(a)

     0.69 %      04/01/2042        2,900        2,900,000  

Utah (State of); Series 2010 A, Unlimited Tax GO Bonds

     4.00 %      07/01/2017        750        757,948  
         9,167,948  

 

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

 

22                         Short-Term  Investments Trust

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Virginia–0.06%          

Suffolk (City of) Redevelopment & Housing Authority (Oak Springs Apartments, LLC); Series 1999, Ref. VRD MFH RB (CEP–FHLMC)(a)

     0.69 %      12/01/2019      $ 100      $ 100,000  
West Virginia–1.64%          

West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008, Ref. VRD Improvement RB (LOC–Branch Banking & Trust Co.)(a)(b)

     0.68 %      01/01/2034        2,900        2,900,000  
Wisconsin–2.44%          

Lima (Town of) (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD Development RB (LOC–FHLB of Chicago)(a)(b)

     0.68 %      10/01/2042        4,315        4,315,000  
Wyoming–2.15%          

Sublette (County of) (Exxonmobile); Series 2014, Ref. VRD PCR(a)

     0.56 %      10/01/2044        3,800        3,800,000  

TOTAL INVESTMENTS(g)(h)–96.14% (Cost $170,063,082)

              170,063,082  

OTHER ASSETS LESS LIABILITIES–3.86%

 

      6,820,128  

NET ASSETS–100.00%

 

    $ 176,883,210  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

COP  

– Certificates of Participation

FHLB  

– Federal Home Loan Bank

FHLMC  

– Federal Home Loan Mortgage Corp.

FNMA  

– Federal National Mortgage Association

GO  

– General Obligation

IDR  

– Industrial Development Revenue Bonds

LOC  

– Letter of Credit

MFH  

– Multi-Family Housing

PCR  

– Pollution Control Revenue Bonds

RB  

– Revenue Bonds

Ref.  

– Refunding

TRAN  

– Tax and Revenue Anticipation Notes

VRD  

– Variable Rate Demand

 

 

Notes to Schedule of Investments:

 

(a)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(b)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(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: 9.3%; other countries less than 5% each: 7.9%.
(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(e)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(f)  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 February 28, 2017 was $2,057,000, which represented 1.16% of the Fund’s Net Assets.
(g)  Also represents cost for federal income tax purposes.
(h)  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  

Royal Bank of Canada

      5.9 % 

Texas Permanent School Fund Guarantee Program

      5.1  

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     91.1 % 

8-30

     2.1  

31-60

     —  

61-90

     0.5  

91-180

     6.3  

181+

     —  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

23                         Short-Term  Investments Trust

Statement of Assets and Liabilities

February 28, 2017

(Unaudited)

 

            Liquid Assets
Portfolio		           STIC Prime
Portfolio		            Treasury
Portfolio		           Government &
Agency
Portfolio		            Treasury
Obligations
Portfolio		           Tax-Free
Cash Reserve
Portfolio		  

Assets:

                           

Investments, at value

      $ 252,499,464       $ 277,233,310        $ 9,584,791,621       $ 11,737,375,311        $ 1,587,486,171       $ 170,063,082  

Repurchase agreements, at value

        69,000,000         48,000,000          10,622,651,673         12,105,668,228          —         —  

Total investments, at value

        321,499,464         325,233,310          20,207,443,294         23,843,043,539          1,587,486,171         170,063,082  

Cash

        9,477         —          —         493,323          16,793         79,585  

Receivable for:

                           

Investments sold

        45,917         140,000          12,811         —          —         6,720,156  

Interest

        125,896         180,573          9,770,994         8,055,096          88,712         145,384  

Fund expenses absorbed

        111,831         —          90,869         184,789          20,650         15,576  

Investment for trustee deferred compensation and retirement plans

        3,518,905         988,248          2,134,474         970,228          125,369         358,339  

Other assets

        148,820         184,007          149,652         255,053          41,505         50,244  

Total assets

        325,460,310         326,726,138          20,219,602,094         23,853,002,028          1,587,779,200         177,432,366  

Liabilities:

                           

Payable for:

                           

Investments purchased

        —         —          298,983,834         793,323          219,914,718         —  

Dividends

        176,268         196,906          6,112,066         8,448,521          376,402         56,862  

Accrued fees to affiliates

        5,015         9,073          520,963         347,905          64,421         47,854  

Accrued trustees’ and officer’s fees and benefits

        4,935         6,391          34,479         35,534          4,351         2,715  

Accrued operating expenses

        61,917         47,177          153,252         96,168          26,492         37,400  

Trustee deferred compensation and retirement plans

        4,057,845         1,122,558          2,500,056         1,152,271          140,337         404,325  

Total liabilities

        4,305,980         1,382,105          308,304,650         10,873,722          220,526,721         549,156  

Net assets applicable to shares outstanding

      $ 321,154,330       $ 325,344,033        $ 19,911,297,444       $ 23,842,128,306        $ 1,367,252,479       $ 176,883,210  

Net assets consist of:

                           

Shares of beneficial interest

      $ 320,827,662       $ 324,450,566        $ 19,910,557,388       $ 23,841,988,693        $ 1,367,292,153       $ 177,041,699  

Undistributed net investment income

        2,544,735         873,178          (21,274 )        90,340          (12,543 )        (104,955 ) 

Undistributed net realized gain (loss)

        (2,268,497 )        1,744          761,330         49,273          (27,131 )        (53,534 ) 

Net unrealized appreciation

        50,430         18,545          —         —          —         —  
       $ 321,154,330       $ 325,344,033        $ 19,911,297,444       $ 23,842,128,306        $ 1,367,252,479       $ 176,883,210  

Cost of Investments

      $ 321,449,034       $ 325,214,765        $ 20,207,443,294       $ 23,843,043,539        $ 1,587,486,171       $ 170,063,082  

 

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

 

24                         Short-Term  Investments Trust

Statement of Assets and Liabilities—(continued)

February 28, 2017

(Unaudited)

 

            Liquid Assets
Portfolio		            STIC Prime
Portfolio		            Treasury
Portfolio		            Government &
Agency
Portfolio		            Treasury
Obligations
Portfolio		            Tax-Free
Cash Reserve
Portfolio		  

Net Assets:

 

     

Institutional Class

      $ 291,536,502        $ 321,019,635        $ 17,308,731,411        $ 22,167,128,421        $ 1,286,771,052        $ 96,027,354  

Private Investment Class

      $ 10,805,664        $ 2,158,009        $ 542,127,622        $ 436,121,219        $ 1,249,420        $   19,581,713  

Personal Investment Class

      $ 304,886        $ 622,147        $ 151,008,015        $ 17,085,976        $ 44,598        $ 2,002,739  

Cash Management Class

      $ 6,803,640        $ 835,104        $ 377,094,659        $ 140,697,992        $ 1,617,467        $ 35,696,164  

Reserve Class

      $ 1,100,138        $ 506,124        $ 156,617,799        $ 393,479,757        $ 77,366,115        $ 21,512,633  

Resource Class

      $ 1,341,518        $ 182,985        $ 457,602,638        $ 367,929,940        $ 193,778        $ 2,030,468  

Corporate Class

      $ 9,261,982        $ 20,029        $ 918,115,300        $ 319,685,001        $ 10,049        $ 32,139  

Shares outstanding, no par value,
unlimited number of shares authorized:

 

Institutional Class

        291,438,043          321,005,127          17,307,443,026          22,166,894,620          1,286,754,820          96,011,386  

Private Investment Class

        10,802,233          2,157,926          542,086,489          436,116,465          1,249,403          19,578,319  

Personal Investment Class

        304,790          622,123          150,997,069          17,085,787          44,598          2,002,396  

Cash Management Class

        6,801,481          835,072          377,065,789          140,696,524          1,617,447          35,690,030  

Reserve Class

        1,099,785          506,105          156,606,115          393,475,474          77,365,135          21,508,869  

Resource Class

        1,341,089          182,978          457,567,852          367,925,494          193,777          2,030,120  

Corporate Class

        9,259,043          20,028          918,041,878          319,681,038          10,049          32,134  

Net asset value, offering and redemption price per share for each class

      $ 1.0003        $ 1.0000        $ 1.00        $ 1.00        $ 1.00        $ 1.00  

 

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

 

25                         Short-Term  Investments Trust

Statement of Operations

For the six months ended February 28, 2017

(Unaudited)

 

            Liquid Assets
Portfolio		           STIC Prime
Portfolio		           Treasury
Portfolio		           Government &
Agency
Portfolio		           Treasury
Obligations
Portfolio		            Tax-Free
Cash Reserve
Portfolio		  

Investment income:

                          

Interest

      $ 5,233,498       $ 2,112,472       $ 53,049,102       $ 57,411,604       $ 2,175,606        $ 740,579  

Expenses:

                          

Advisory fees

        1,283,192         511,222         16,684,585         11,165,171         692,482          210,844  

Administrative services fees

        457,109         195,509         3,908,636         3,922,534         283,334          56,421  

Custodian fees

        —         5,094         97,559         57,771         4,595          2,640  

Distribution fees:

                          

Private Investment Class

        88,783         17,888         797,297         706,643         3,165          25,374  

Personal Investment Class

        9,054         70,200         346,589         42,127         3,359          5,818  

Cash Management Class

        24,902         14,165         149,838         56,294         969          14,119  

Reserve Class

        45,447         20,175         714,218         1,777,320         294,526          99,953  

Resource Class

        1,681         4,320         355,407         279,348         154          1,782  

Corporate Class

        6,649         2         140,104         55,904         84          5  

Transfer agent fees

        76,991         30,673         1,001,075         698,507         46,331          9,488  

Trustees’ and officers’ fees and benefits

        48,872         20,169         217,416         174,023         15,554          18,545  

Registration and filing fees

        52,301         52,182         69,735         111,529         41,583          43,779  

Reports to shareholders

        19,801         8,000         36,969         50,240         6,752          5,397  

Professional services fees

        14,613         26,226         99,506         73,680         22,076          18,744  

Other

        (2,442 )        48,687         154,674         63,026         22,545          23,673  

Total expenses

        2,126,953         1,024,512         24,773,608         19,234,117         1,437,509          536,582  

Less: Fees waived

        (445,643 )        (352,394 )        (3,265,311 )        (1,551,785 )        (486,914 )         (264,600 ) 

Net expenses

        1,681,310         672,118         21,508,297         17,682,332         950,595          271,982  

Net investment income

        3,552,188         1,440,354         31,540,805         39,729,272         1,225,011          468,597  

Realized and unrealized gain (loss) from:

                          

Net realized gain (loss) from Investment securities

        284,268         367         600,401         (69,374 )        (23,974 )         (14,721 ) 

Change in net unrealized appreciation of investment securities

        50,430         18,545         —         —         —          —  

Net increase in net assets resulting from operations

      $ 3,886,886       $ 1,459,266       $ 32,141,206       $ 39,659,898       $ 1,201,037        $ 453,876  

 

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

 

26                         Short-Term  Investments Trust

Statement of Changes in Net Assets

For the six months ended February 28, 2017 and the year ended August 31, 2016

(Unaudited)

 

            Liquid Assets Portfolio           STIC Prime Portfolio  
         February 28,
2017		     August 31,
2016		           February 28,
2017		     August 31,
2016		  

Operations:

             

Net investment income

      $ 3,552,188     $ 65,311,251       $ 1,440,354     $ 6,158,242  

Net realized gain

        284,268       647,321         367       1,377  

Change in net unrealized appreciation

        50,430       —         18,545       —  

Net increase in net assets resulting from operations

        3,886,886       65,958,572         1,459,266       6,159,619  

Distributions to shareholders from net investment income:

             

Institutional Class

        (3,288,088 )      (59,772,506 )        (1,337,512 )      (4,848,718 ) 

Private Investment Class

        (55,173 )      (183,013 )        (12,201 )      (213,182 ) 

Personal Investment Class

        (1,569 )      (40,091 )        (25,104 )      (164,965 ) 

Cash Management Class

        (101,776 )      (660,627 )        (54,629 )      (649,934 ) 

Reserve Class

        (4,884 )      (87,134 )        (4,572 )      (53,243 ) 

Resource Class

        (2,751 )      (15,089 )        (6,300 )      (32,359 ) 

Corporate Class

        (97,947 )      (4,552,791 )        (36 )      (195,841 ) 

Total distributions from net investment income

        (3,552,188 )      (65,311,251 )        (1,440,354 )      (6,158,242 ) 

Distributions to shareholders from net realized gains:

             

Institutional Class

        (2,877,921 )      —         —       —  

Private Investment Class

        (90,311 )      —         —       —  

Personal Investment Class

        (5,195 )      —         —       —  

Cash Management Class

        (133,371 )      —         —       —  

Reserve Class

        (25,060 )      —         —       —  

Resource Class

        (1,214 )      —         —       —  

Corporate Class

        (67,014 )      —         —       —  

Total distributions from net realized gains

        (3,200,086 )      —         —       —  

Share transactions–net:

             

Institutional Class

        (10,127,382,108 )      (5,553,230,110 )        (1,286,867,086 )      (156,797,441 ) 

Private Investment Class

        (230,479,086 )      (42,171,998 )        (138,902,976 )      (21,155,334 ) 

Personal Investment Class

        (28,937,259 )      (86,151,515 )        (116,851,999 )      (98,600 ) 

Cash Management Class

        (243,762,324 )      (207,380,539 )        (167,035,675 )      (315,722,141 ) 

Reserve Class

        (99,062,340 )      (56,031,914 )        (20,968,200 )      (28,926,016 ) 

Resource Class

        (5,905,110 )      (65,429,204 )        (16,684,274 )      (2,843,872 ) 

Corporate Class

        (160,381,733 )      (884,537,893 )        11,369       (77,034,376 ) 

Net increase (decrease) in net assets resulting from share transactions

        (10,895,909,960 )      (6,894,933,173 )        (1,747,298,841 )      (602,577,780 ) 

Net increase (decrease) in net assets

        (10,898,775,348 )      (6,894,285,852 )        (1,747,279,929 )      (602,576,403 ) 

Net assets:

             

Beginning of period

        11,219,929,678       18,114,215,530         2,072,623,962       2,675,200,365  

End of period*

      $ 321,154,330     $ 11,219,929,678       $ 325,344,033     $ 2,072,623,962  

* Includes accumulated undistributed net investment income

      $ 2,544,735     $ 2,544,735       $ 873,178     $ 873,178  

 

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

 

27                         Short-Term  Investments Trust

Statement of Changes in Net Assets—(continued)

For the six months ended February 28, 2017 and the year ended August 31, 2016

(Unaudited)

 

            Treasury Portfolio           Government & Agency Portfolio  
         February 28,
2017		     August 31,
2016		           February 28,
2017		     August 31,
2016		  

Operations:

             

Net investment income

      $ 31,540,805     $ 20,948,253       $ 39,729,272     $ 10,802,684  

Net realized gain (loss)

        600,401       223,426         (69,374 )      118,647  

Net increase in net assets resulting from operations

        32,141,206       21,171,679         39,659,898       10,921,331  

Distributions to shareholders from net investment income:

             

Institutional Class

        (29,158,879 )      (15,100,629 )        (37,855,075 )      (8,855,873 ) 

Private Investment Class

        (266,446 )      (334,722 )        (346,586 )      (403,391 ) 

Personal Investment Class

        (61,765 )      (86,109 )        (10,608 )      (10,692 ) 

Cash Management Class

        (406,253 )      (3,039,766 )        (200,947 )      (218,373 ) 

Reserve Class

        (80,430 )      (62,197 )        (282,369 )      (263,352 ) 

Resource Class

        (347,015 )      (274,847 )        (374,666 )      (73,436 ) 

Corporate Class

        (1,220,017 )      (2,049,983 )        (659,021 )      (977,567 ) 

Total distributions from net investment income

        (31,540,805 )      (20,948,253 )        (39,729,272 )      (10,802,684 ) 

Share transactions–net:

             

Institutional Class

        (2,560,248,364 )      12,017,922,118         11,450,425,188       6,496,754,225  

Private Investment Class

        (17,917,744 )      98,893,095         95,251,977       (81,684,720 ) 

Personal Investment Class

        28,180,755       (39,231,210 )        9,578,678       (29,659,491 ) 

Cash Management Class

        (26,341,411 )      (4,900,693,362 )        (9,404,853 )      (72,740,853 ) 

Reserve Class

        (2,513,453 )      123,516,873         77,597,921       8,359,709  

Resource Class

        (25,343,593 )      158,444,863         272,238,974       (2,217,786 ) 

Corporate Class

        (255,166,002 )      (597,367,186 )        3,245,168       (314,733,978 ) 

Net increase (decrease) in net assets resulting from share transactions

        (2,859,349,812 )      6,861,485,191         11,898,933,053       6,004,077,106  

Net increase (decrease) in net assets

        (2,858,749,411 )      6,861,708,617         11,898,863,679       6,004,195,753  

Net assets:

             

Beginning of period

        22,770,046,855       15,908,338,238         11,943,264,627       5,939,068,874  

End of period*

      $ 19,911,297,444     $ 22,770,046,855       $ 23,842,128,306     $ 11,943,264,627  

* Includes accumulated undistributed net investment income

      $ (21,274 )    $ (21,274 )      $ 90,340     $ 90,340  

 

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

 

28                         Short-Term  Investments Trust

Statement of Changes in Net Assets—(continued)

For the six months ended February 28, 2017 and the year ended August 31,2016

(Unaudited)

 

            Treasury Obligations Portfolio           Tax-Free Cash Reserve Portfolio  
         February 28,
2017		     August 31,
2016		           February 28,
2017		     August 31,
2016		  

Operations:

             

Net investment income

      $ 1,225,011     $ 188,034       $ 468,597     $ 702,207  

Net realized gain (loss)

        (23,974 )      15,288         (14,721 )      5,988  

Net increase in net assets resulting from operations

        1,201,037       203,322         453,876       708,195  

Distributions to shareholders from net investment income:

             

Institutional Class

        (1,182,978 )      (78,969 )        (316,194 )      (628,540 ) 

Private Investment Class

        (1,453 )      (5,685 )        (33,839 )      (18,929 ) 

Personal Investment Class

        (689 )      (2,859 )        (3,250 )      (1,951 ) 

Cash Management Class

        (2,026 )      (43,887 )        (74,728 )      (33,087 ) 

Reserve Class

        (37,370 )      (51,534 )        (36,391 )      (16,951 ) 

Resource Class

        (134 )      (2,214 )        (4,119 )      (1,923 ) 

Corporate Class

        (361 )      (2,886 )        (76 )      (826 ) 

Total distributions from net investment income

        (1,225,011 )      (188,034 )        (468,597 )      (702,207 ) 

Share transactions–net:

             

Institutional Class

        1,165,631,320       15,581,368         (354,742,419 )      (5,243,578 ) 

Private Investment Class

        (4,911,643 )      177,746         (4,887,524 )      (6,001,459 ) 

Personal Investment Class

        (2,562,800 )      652,387         (394,314 )      (1,226,815 ) 

Cash Management Class

        (29,769,295 )      (13,633,574 )        5,021,679       (20,346,066 ) 

Reserve Class

        40,731,958       30,758,077         (24,426 )      (239,848 ) 

Resource Class

        118       (2,177,935 )        (380,453 )      (2,115,602 ) 

Corporate Class

        (2,933,772 )      (25,066,209 )        70       (26,445,210 ) 

Net increase (decrease) in net assets resulting from share transactions

        1,166,185,886       6,291,860         (355,407,387 )      (61,618,578 ) 

Net increase (decrease) in net assets

        1,166,161,912       6,307,148         (355,422,108 )      (61,612,590 ) 

Net assets:

             

Beginning of period

        201,090,567       194,783,419         532,305,318       593,917,908  

End of period *

      $ 1,367,252,479     $ 201,090,567       $ 176,883,210     $ 532,305,318  

* Includes accumulated undistributed net investment income

      $ (12,543 )    $ (12,543 )      $ (104,955 )    $ (104,955 ) 

Notes to Financial Statements

February 28, 2017

(Unaudited)

NOTE 1—Significant Accounting Policies

Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers six separate portfolios, (each constituting a “Fund”). The Funds covered in this report are Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio (formerly Government TaxAdvantage Portfolio) and Tax-Free Cash Reserve Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.

The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio and Treasury Obligations Portfolio; and to provide tax-exempt income consistent with the preservation of capital and liquidity for Tax-Free Cash Reserve Portfolio.

Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.

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

On October 12, 2016, pursuant to new rules and regulations effective October 14, 2016, Liquid Assets Portfolio and STIC Prime Portfolio, both institutional money market funds, began to price and transact in their shares at a floating net asset value (“NAV”) reflecting the current market-based

 

29                         Short-Term  Investments Trust

values of their portfolio securities, except as otherwise generally permitted for securities with remaining maturities of 60 days or less, which will be valued at amortized cost. These rules and regulations also require Liquid Assets Portfolio and STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).

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

Treasury Portfolio, Government & Agency Portfolio, and Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, continue to seek to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation.

“Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/or repurchase agreements collateralized fully by cash or Government Securities. “Retail money market funds” are required to adopt policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons.

Liquid Assets Portfolio, STIC Prime Portfolio, and Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Treasury Portfolio, Government & Agency Portfolio, and Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.

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

A. Security Valuations — Liquid Asset Portfolio’s and 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. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio, and Tax-Free Cash Reserve Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

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

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any), adjusted for amortization of premiums and accretion of discounts on investments, is recorded on the accrual basis from settlement date. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

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

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

The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.

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.

 

30                         Short-Term  Investments Trust

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, Tax-Free Cash Reserve Portfolio intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative net assets.
G. Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
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 Fund 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 Fund may not be able to recover its investment in such issuer from the U.S. Government.

The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.

The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, each Fund pays an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:

 

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

Liquid Assets Portfolio

     0.15%          0.15%          0.15%  

STIC Prime Portfolio

     0.15%          0.15%          0.15%  

Treasury Portfolio

     0.15%          0.15%          0.15%  

Government & Agency Portfolio

     0.10%          0.10%          0.10%  

Treasury Obligations Portfolio

     0.20%          0.15%          0.10%  

Tax-Free Cash Reserve Portfolio

     0.20%          0.20%          0.20%  

 

31                         Short-Term  Investments Trust

For the six months ended February 28, 2017, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:

 

Liquid Assets Portfolio

     0.15%  

STIC Prime Portfolio

     0.15%  

Treasury Portfolio

     0.15%  

Government & Agency Portfolio

     0.10%  

Treasury Obligations Portfolio

     0.14%  

Tax-Free Cash Reserve Portfolio

     0.20%  

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, may pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

The Adviser has contractually agreed, through at least December 31, 2017, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):

 

     Institutional
Class		      Private
Investment
Class		      Personal
Investment
Class		      Cash
Management
Class		      Reserve
Class		      Resource
Class		      Corporate
Class		  

Liquid Assets Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.38 %       0.21 % 

STIC Prime Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Treasury Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Government & Agency Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Treasury Obligations Portfolio

     0.18 %       0.43 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Tax-Free Cash Reserve Portfolio

     0.20 %       0.45 %       0.75 %       0.28 %       1.07 %       0.36 %       0.23 % 

The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.

In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) extraordinary or non-routine items, including litigation expenses, and (4) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limit without approval of the Board of Trustees.

Further, Invesco and/or IDI voluntarily waived fees and/or reimbursed expenses in order to increase the yields of each Fund. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors.

For the six months ended February 28, 2017, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:

 

     Expense
Limitation		        Yield
Waivers		  

Liquid Assets Portfolio

   $ 410,566        $ —  

STIC Prime Portfolio

     284,295          —  

Treasury Portfolio

     2,201,591          —  

Government & Agency Portfolio

     —          —  

Treasury Obligations Portfolio

     229,513          —  

Tax-Free Cash Reserve Portfolio

     170,645          —  

Voluntary fee waivers for the six months ended February 28, 2017 are shown below:

 

    

Private
Investment

Class

       

Personal
Investment

Class

       

Cash
Management

Class

       

Reserve

Class

       

Resource

Class

       

Corporate

Class

  

Liquid Assets Portfolio

   $ 2,312        $ 3,843          N/A        $ 28,922          N/A          N/A  

STIC Prime Portfolio

     6,443          45,963          N/A          15,651        $ 42          N/A  

Treasury Portfolio

     268,452          219,024          N/A          545,861          30,383          N/A  

Government & Agency Portfolio

     205,332          24,194          N/A          1,315,893          6,366          N/A  

Treasury Obligations Portfolio

     2,307          3,077        $ 514          251,408          76        $ 19  

Tax-Free Cash Reserve Portfolio

     8,731          3,754          1,247          79,875          348          N/A  

The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the six months ended February 28, 2017, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees.

 

32                         Short-Term  Investments Trust

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 28, 2017, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.

Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.

 

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

Liquid Assets Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.20 %       0.03 % 

STIC Prime Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Treasury Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Government & Agency Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Treasury Obligations Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Tax-Free Cash Reserve Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.

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

NOTE 3—Additional Valuation Information

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

  Level 1 — Prices are determined using quoted prices in an active market for identical assets.
  Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
  Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect each Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of February 28, 2017, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4—Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. For the six months ended February 28, 2017, each Fund engaged in transactions with affiliates as listed below:

 

     Securities Purchases        Securities Sales        Net Realized Gains  

Liquid Assets Portfolio

   $ 498,250,427        $ 509,600,329        $ —  

STIC Prime Portfolio

     187,984,805          202,226,502          —  

Tax-Free Cash Reserve Portfolio

     234,700,564          455,097,214          —  

 

33                         Short-Term  Investments Trust

NOTE 5—Trustees’ and Officers’ Fees and Benefits

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

NOTE 6—Cash Balances

The Funds are permitted to temporarily overdraft or leave balances in their accounts with The Bank of New York Mellon (BNY Mellon), the custodian bank. Such balances, if any at period-end, are shown in the Statements of Assets and Liabilities under the payable caption Amount due custodian. To compensate BNY Mellon or the Funds for such activity, the Funds may either (1) pay to or receive from BNY Mellon compensation at a rate agreed upon by BNY Mellon and Invesco, not to exceed the contractually agreed upon rate; or (2) leave funds or overdraft funds as a compensating balance in the account so BNY Mellon or the Funds can be compensated for use of funds.

NOTE 7—Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to each Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at each Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds below had a capital loss carryforward as of August 31, 2016 which expires as follows:

 

    Short-Term        Long-Term        Total*  
Fund   2018        2019        Not Subject to
Expiration		        Not Subject to
Expiration		       

Treasury Obligations Portfolio

   $ —        $ —        $ 3,159        $ —        $ 3,159  

Tax-Free Cash Reserve Portfolio

     8,740          30,074          —          —          38,814  

 

* Capital loss carryforward 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.

NOTE 8—Investment Securities

The aggregate amount of investment securities purchased and sold by each Fund and aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:

 

    At February 28, 2017  
     Federal Tax Cost*      Unrealized
Appreciation		      Unrealized
(Depreciation)		      Net Unrealized
Appreciation
(Depreciation)		  

Treasury Portfolio

   $ 20,207,749,634      $ —      $ (306,340 )     $ (306,340 ) 

 

* 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.

 

34                         Short-Term  Investments Trust

NOTE 9—Share Information

Liquid Assets Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)(b)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     8,636,572,068      $ 8,636,696,253        206,922,537,697      $ 206,922,537,697  

Private Investment Class

     73,675,853        73,675,862        1,086,367,896        1,086,367,896  

Personal Investment Class

     8,178,437        8,178,627        147,332,561        147,332,561  

Cash Management Class

     315,185,594        315,189,645        3,527,556,735        3,527,556,735  

Reserve Class

     3,679,215        3,679,395        312,834,642        312,834,642  

Resource Class

     131,512        131,513        54,658,208        54,658,208  

Corporate Class

     229,992,915        230,006,196        12,789,032,744        12,789,032,744  

Issued as reinvestment of dividends:

           

Institutional Class

     3,612,258        3,612,403        16,030,218        16,030,218  

Private Investment Class

     23,725        23,727        51,160        51,160  

Personal Investment Class

     4,941        4,941        33,213        33,213  

Cash Management Class

     66,920        66,923        325,885        325,885  

Reserve Class

     34,020        34,020        78,372        78,372  

Resource Class

     4,320        4,320        14,018        14,018  

Corporate Class

     105,181        105,188        699,998        699,998  

Reacquired:

           

Institutional Class

     (18,767,392,641 )       (18,767,690,764 )       (212,491,798,025 )       (212,491,798,025 ) 

Private Investment Class

     (304,159,753 )       (304,178,675 )       (1,128,591,054 )       (1,128,591,054 ) 

Personal Investment Class

     (37,119,877 )       (37,120,827 )       (233,517,289 )       (233,517,289 ) 

Cash Management Class

     (559,012,820 )       (559,018,892 )       (3,735,263,159 )       (3,735,263,159 ) 

Reserve Class

     (102,775,450 )       (102,775,755 )       (368,944,928 )       (368,944,928 ) 

Resource Class

     (6,040,857 )       (6,040,943 )       (120,101,430 )       (120,101,430 ) 

Corporate Class

     (390,456,216 )       (390,493,117 )       (13,674,270,635 )       (13,674,270,635 ) 

Net increase (decrease) in share activity

     (10,895,690,655 )     $ (10,895,909,960 )       (6,894,933,173 )     $ (6,894,933,173 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 72% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.
(b)  Effective October 12, 2016, Liquid Assets Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

35                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

STIC Prime Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)(b)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     655,894,743      $ 655,926,204        4,966,861,188      $ 4,966,861,188  

Private Investment Class

     32,471,499        32,471,503        1,446,777,172        1,446,777,172  

Personal Investment Class

     118,187,308        118,187,309        677,491,586        677,491,586  

Cash Management Class

     130,898,214        130,898,218        2,194,654,168        2,194,654,168  

Reserve Class

     12,102,644        12,102,696        400,019,801        400,019,801  

Resource Class

     54,161,912        54,161,918        96,121,190        96,121,190  

Corporate Class

     19,999        20,000        518,160,731        518,160,731  

Issued as reinvestment of dividends:

           

Institutional Class

     561,735        561,770        1,393,044        1,393,044  

Private Investment Class

     7,432        7,432        78,349        78,349  

Personal Investment Class

     15,098        15,098        70,680        70,680  

Cash Management Class

     77,613        77,613        217,106        217,106  

Reserve Class

     6,557        6,557        50,303        50,303  

Resource Class

     8,241        8,241        25,322        25,322  

Corporate Class

     3,548        3,548        148,537        148,537  

Reacquired:

           

Institutional Class

     (1,943,307,435 )       (1,943,355,060 )       (5,125,051,673 )       (5,125,051,673 ) 

Private Investment Class

     (171,380,975 )       (171,381,911 )       (1,468,010,855 )       (1,468,010,855 ) 

Personal Investment Class

     (235,054,362 )       (235,054,406 )       (677,660,866 )       (677,660,866 ) 

Cash Management Class

     (298,011,468 )       (298,011,506 )       (2,510,593,415 )       (2,510,593,415 ) 

Reserve Class

     (33,077,282 )       (33,077,453 )       (428,996,120 )       (428,996,120 ) 

Resource Class

     (70,853,530 )       (70,854,433 )       (98,990,384 )       (98,990,384 ) 

Corporate Class

     (12,179 )       (12,179 )       (595,343,644 )       (595,343,644 ) 

Net increase (decrease) in share activity

     (1,747,280,688 )     $ (1,747,298,841 )       (602,577,780 )     $ (602,577,780 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 96% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.
(b)  Effective October 12, 2016, STIC Prime Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

36                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Treasury Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     49,873,953,809      $ 49,873,953,809        37,473,899,000      $ 37,473,899,000  

Private Investment Class

     721,092,411        721,092,411        1,884,005,414        1,884,005,414  

Personal Investment Class

     485,120,727        485,120,727        980,594,144        980,594,144  

Cash Management Class

     1,054,669,980        1,054,669,980        14,484,295,170        14,484,295,170  

Reserve Class

     133,540,692        133,540,692        316,250,840        316,250,840  

Resource Class

     237,666,579        237,666,579        575,238,582        575,238,582  

Corporate Class

     4,935,948,006        4,935,948,006        20,782,139,048        20,782,139,048  

Issued as reinvestment of dividends:

           

Institutional Class

     4,721,818        4,721,818        5,368,737        5,368,737  

Private Investment Class

     51,815        51,815        43,130        43,130  

Personal Investment Class

     56,509        56,509        76,479        76,479  

Cash Management Class

     299,878        299,878        266,775        266,775  

Reserve Class

     77,366        77,366        50,478        50,478  

Resource Class

     86,698        86,698        52,190        52,190  

Corporate Class

     1,035,739        1,035,739        1,013,151        1,013,151  

Reacquired:

           

Institutional Class

     (52,438,923,991 )       (52,438,923,991 )       (25,461,345,619 )       (25,461,345,619 ) 

Private Investment Class

     (739,061,970 )       (739,061,970 )       (1,785,155,449 )       (1,785,155,449 ) 

Personal Investment Class

     (456,996,481 )       (456,996,481 )       (1,019,901,833 )       (1,019,901,833 ) 

Cash Management Class

     (1,081,311,269 )       (1,081,311,269 )       (19,385,255,307 )       (19,385,255,307 ) 

Reserve Class

     (136,131,511 )       (136,131,511 )       (192,784,445 )       (192,784,445 ) 

Resource Class

     (263,096,870 )       (263,096,870 )       (416,845,909 )       (416,845,909 ) 

Corporate Class

     (5,192,149,747 )       (5,192,149,747 )       (21,380,519,385 )       (21,380,519,385 ) 

Net increase (decrease) in share activity

     (2,859,349,812 )     $ (2,859,349,812 )       6,861,485,191      $ 6,861,485,191  

 

(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. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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, 24% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

37                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Government & Agency Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     93,762,456,439      $ 93,762,456,439        54,569,434,166      $ 54,569,434,166  

Private Investment Class

     710,764,705        710,764,705        1,458,232,071        1,458,232,071  

Personal Investment Class

     38,924,434        38,924,434        71,882,635        71,882,635  

Cash Management Class

     422,434,849        422,434,849        2,062,748,073        2,062,748,073  

Reserve Class

     594,159,166        594,159,166        713,745,281        713,745,281  

Resource Class

     1,525,352,649        1,525,352,649        678,959,358        678,959,358  

Corporate Class

     2,236,255,213        2,236,255,213        3,670,809,701        3,670,809,701  

Issued as reinvestment of dividends:

           

Institutional Class

     4,862,405        4,862,405        1,972,829        1,972,829  

Private Investment Class

     98,906        98,906        116,496        116,496  

Personal Investment Class

     3,711        3,711        —        —  

Cash Management Class

     112,181        112,181        59,978        59,978  

Reserve Class

     192,197        192,197        149,381        149,381  

Resource Class

     176,761        176,761        16,833        16,833  

Corporate Class

     405,059        405,059        458,600        458,600  

Reacquired:

           

Institutional Class

     (82,316,893,656 )       (82,316,893,656 )       (48,074,652,770 )       (48,074,652,770 ) 

Private Investment Class

     (615,611,634 )       (615,611,634 )       (1,540,033,287 )       (1,540,033,287 ) 

Personal Investment Class

     (29,349,467 )       (29,349,467 )       (101,542,126 )       (101,542,126 ) 

Cash Management Class

     (431,951,883 )       (431,951,883 )       (2,135,548,904 )       (2,135,548,904 ) 

Reserve Class

     (516,753,442 )       (516,753,442 )       (705,534,953 )       (705,534,953 ) 

Resource Class

     (1,253,290,436 )       (1,253,290,436 )       (681,193,977 )       (681,193,977 ) 

Corporate Class

     (2,233,415,104 )       (2,233,415,104 )       (3,986,002,279 )       (3,986,002,279 ) 

Net increase in share activity

     11,898,933,053      $ 11,898,933,053        6,004,077,106      $ 6,004,077,106  

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 16% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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, 29% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

38                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Treasury Obligations Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     1,562,141,539      $ 1,562,141,539        475,968,821      $ 475,968,821  

Private Investment Class

     1,583,283        1,583,283        9,868,856        9,868,856  

Personal Investment Class

     1,567,680        1,567,680        11,195,355        11,195,355  

Cash Management Class

     —        —        37,314,802        37,314,802  

Reserve Class

     102,470,204        102,470,204        142,035,205        142,035,205  

Resource Class

     118        118        196        196  

Corporate Class

     659,929        659,929        14,372,709        14,372,709  

Issued as reinvestment of dividends:

           

Institutional Class

     20,345        20,345        43,479        43,479  

Private Investment Class

     1,337        1,337        2,495        2,495  

Cash Management Class

     3,678        3,678        42,181        42,181  

Reserve Class

     30,715        30,715        48,377        48,377  

Resource Class

     —        —        2,027        2,027  

Corporate Class

     272        272        3,097        3,097  

Reacquired:

           

Institutional Class

     (396,530,564 )       (396,530,564 )       (460,430,932 )       (460,430,932 ) 

Private Investment Class

     (6,496,263 )       (6,496,263 )       (9,693,605 )       (9,693,605 ) 

Personal Investment Class

     (4,130,480 )       (4,130,480 )       (10,542,968 )       (10,542,968 ) 

Cash Management Class

     (29,772,973 )       (29,772,973 )       (50,990,557 )       (50,990,557 ) 

Reserve Class

     (61,768,961 )       (61,768,961 )       (111,325,505 )       (111,325,505 ) 

Resource Class

     —        —        (2,180,158 )       (2,180,158 ) 

Corporate Class

     (3,593,973 )       (3,593,973 )       (39,442,015 )       (39,442,015 ) 

Net increase in share activity

     1,166,185,886      $ 1,166,185,886        6,291,860      $ 6,291,860  

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 10% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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, 87% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

39                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Tax-Free Cash Reserve Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     147,610,254      $ 147,610,254        1,024,153,591      $ 1,024,153,591  

Private Investment Class

     16,047,764        16,047,764        41,102,729        41,102,729  

Personal Investment Class

     2,004,667        2,004,667        2,880,498        2,880,498  

Cash Management Class

     34,034,380        34,034,380        51,239,007        51,239,007  

Reserve Class

     31,658,070        31,658,070        53,662,145        53,662,145  

Resource Class

     34,216        34,216        80,556        80,556  

Corporate Class

     32,101        32,101        1,175,406        1,175,406  

Issued as reinvestment of dividends:

           

Institutional Class

     92,655        92,655        70,780        70,780  

Private Investment Class

     27,549        27,549        15,014        15,014  

Personal Investment Class

     2,395        2,395        11        11  

Cash Management Class

     57,862        57,862        13,782        13,782  

Reserve Class

     31,962        31,962        14,449        14,449  

Resource Class

     3,816        3,816        1,634        1,634  

Corporate Class

     73        73        1,040        1,040  

Reacquired:

           

Institutional Class

     (502,445,328 )       (502,445,328 )       (1,029,467,949 )       (1,029,467,949 ) 

Private Investment Class

     (20,962,837 )       (20,962,837 )       (47,119,202 )       (47,119,202 ) 

Personal Investment Class

     (2,401,376 )       (2,401,376 )       (4,107,324 )       (4,107,324 ) 

Cash Management Class

     (29,070,563 )       (29,070,563 )       (71,598,855 )       (71,598,855 ) 

Reserve Class

     (31,714,458 )       (31,714,458 )       (53,916,442 )       (53,916,442 ) 

Resource Class

     (418,485 )       (418,485 )       (2,197,792 )       (2,197,792 ) 

Corporate Class

     (32,104 )       (32,104 )       (27,621,656 )       (27,621,656 ) 

Net increase (decrease) in share activity

     (355,407,387 )     $ (355,407,387 )       (61,618,578 )     $ (61,618,578 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 87% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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.

 

40                         Short-Term  Investments Trust

NOTE 10—Financial Highlights

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

Resource Class

 

     Net asset
value,
beginning
of period		     Net
investment
income (a)		     Net gains
(losses)
on securities
(both
realized and
unrealized)		     Total from
investment
operations		     Dividends
from net
investment
income		     Distributions
from net
realized
gains		     Total
distributions		     Net asset
value, end
of period		     Total
return(b)		     Net assets,
end of period
(000’s omitted)		     Ratio of
expenses
to average
net assets
with fee waivers
and/or expense
reimbursements		     Ratio of
expenses
to average net
assets without
fee waivers
and/or expense
reimbursements		     Ratio of net
investment
income
to average
net assets		  

Liquid Assets Portfolio

 

Six months ended 02/28/17

   $ 1.00     $ 0.0011     $ 0.0015     $ 0.0026     $ (0.0018 )    $ (0.0005 )    $ (0.0023 )    $ 1.0003       0.23 %    $ 1,342       0.38 %(c)      0.43 %(c)      0.23 %(c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.02       135,553       0.19       0.37       0.02  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.02       68,809       0.25       0.37       0.01  

Year ended 08/31/12

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.02       141,085       0.27       0.38       0.02  

STIC Prime Portfolio

 

                

Six months ended 02/28/17

     1.00       0.0014       0.0002       0.0016       (0.0016 )      —       (0.0016 )      1.0000       0.16       183       0.34 (c)      0.42 (c)      0.28 (c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.08       32,039       0.06       0.39       0.08  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.06       27,011       0.12       0.39       0.07  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.07       54,461       0.15       0.40       0.05  

Treasury Portfolio

 

Six months ended 02/28/17

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.08       457,603       0.33 (c)      0.36 (c)      0.15 (c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.01       373,928       0.04       0.37       0.02  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.02       328,396       0.09       0.38       0.02  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.03       276,388       0.08       0.38       0.02  

Government & Agency Portfolio

 

Six months ended 02/28/17

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.10       367,930       0.31 (c)      0.31 (c)      0.20 (c) 

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  

Year ended 08/31/14

     1.00       0.00       —       0.00       (0.00 )      —       (0.00 )      1.00       0.02       104,579       0.06       0.33       0.02  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.03       144,337       0.11       0.34       0.02  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.02       150,944       0.10       0.33       0.03  

Treasury Obligations Portfolio

 

Six months ended 02/28/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.07       194       0.26 (c)      0.38 (c)      0.17 (c) 

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  

Year ended 08/31/14

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.04       3,708       0.02       0.49       0.03  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.03       5,191       0.06       0.40       0.03  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.03       11,920       0.07       0.42       0.02  

Tax-Free Cash Reserve Portfolio

 

Six months ended 02/28/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.18       2,030       0.34 (c)      0.53 (c)      0.36 (c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.05       5,516       0.04       0.50       0.04  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.06       8,295       0.10       0.50       0.06  

Year ended 08/31/12

     1.00       0.00       —       0.00       (0.00 )      —       (0.00 )      1.00       0.06       28,357       0.13       0.50       0.06  

 

(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 annualized and based on average daily net assets (000’s omitted) of $1,695, $5,444, $447,940, $352,079, $194 and $2,246 for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio and Tax-Free Cash Reserve Portfolio, respectively.

 

41                         Short-Term  Investments Trust

Calculating your ongoing Fund expenses

Example

As a shareholder in the Resource Class, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2016 through February 28, 2017.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 

Resource Class    Beginning
Account Value
(09/01/16)		      ACTUAL      HYPOTHETICAL
(5% annual return before
expenses)		      Annualized
Expense
Ratio		  
      Ending
Account Value
(02/28/17)1		      Expenses
Paid During
Period2		     

Ending

Account Value
(02/28/17)

      Expenses
Paid During
Period2		     

Liquid Assets Portfolio

    $ 1,000.00      $ 1,002.30      $ 1.89      $ 1,022.91      $ 1.91        0.38 % 

STIC Prime Portfolio

      1,000.00        1,001.60        1.69        1,023.11        1.71        0.34  

Treasury Portfolio

      1,000.00        1,000.80        1.64        1,023.16        1.66        0.33  

Government & Agency Portfolio

      1,000.00        1,001.00        1.54        1,023.26        1.56        0.31  

Treasury Obligations Portfolio

      1,000.00        1,000.70        1.29        1,023.51        1.30        0.26  

Tax-Free Cash Reserve Portfolio

      1,000.00        1,001.80        1.69        1,023.11        1.71        0.34  

 

1  The actual ending account value is based on the actual total return of the Funds for the period September 1, 2016, through February 28, 2017, 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 181/365 to reflect the most recent fiscal half year.

 

42                         Short-Term  Investments Trust

 

 

 

Invesco mailing information

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

 

 

Important notice regarding delivery of security holder documents

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

 

 

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-Q filings on the SEC website, sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

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

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

    LOGO

 

SEC file numbers: 811-02729 and 002-58287    Invesco Distributors, Inc.    CM-STIT-SAR-4        04182017    1018

  

 

LOGO   

Semiannual Report to Shareholders

 

   

February 28, 2017

 

  

 

Private Investment Class

   Short-Term Investments Trust (STIT)
   Liquid Assets Portfolio
   STIC Prime Portfolio
   Treasury Portfolio
   Government & Agency Portfolio
   Treasury Obligations Portfolio
   Tax-Free Cash Reserve Portfolio

 

LOGO

 

  

 

  

 

2

     

 

Fund Data

  

 

3

     

 

Letters to Shareholders

  

 

4

     

 

Schedule of Investments

  

 

24

     

 

Financial Statements

  

 

29

     

 

Notes to Financial Statements

  

 

41

     

 

Financial Highlights

  

 

42

     

 

Fund Expenses

  

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including fees and expenses. Investors should read it carefully before investing.

 

Unless otherwise stated, information presented in this report is as of February 28, 2017, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.

 

  

 

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

 

Fund Data

 

 

 

  Private Investment Class data as of 2/28/17

 

 

  FUND     

WEIGHTED

AVERAGE

MATURITY

    

WEIGHTED

AVERAGE

LIFE

   

TOTAL

NET

ASSETS

  
       Range
During
Reporting
Period		       

At

Reporting

Period

End

    

At

Reporting

Period

End

       

Liquid Assets1

       3 - 32 days          21 days     39 days      $10.8 million  

STIC Prime1

       3 - 19 days          11 days     11 days      2.2 million  

Treasury2

       37 - 54 days          44 days     104 days      542.1 million  

Government & Agency2

       32 - 50 days          37 days     111 days      436.1 million  

Treasury Obligations2

       15 - 58 days          49 days     100 days      1.2 million  

Tax-Free Cash Reserve3

       10 - 19 days          11 days     15 days      19.6 million  

 

Weighted average maturity (WAM) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes.

 

    Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.

 

 

1 You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
2 You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
3 You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

 

2   Short-Term Investments Trust

 

Letters to Shareholders

 

LOGO

     Bruce Crockett

     

Dear Fellow Shareholders:

As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

 

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

 

 

 

LOGO

       Philip Taylor

     

Dear Shareholders:

Money market investors cheered when the US Federal Reserve (the Fed) unanimously raised its federal funds target rate in December 2016 – just the second increase since 2006. The Fed raised this key rate from a range of 0.25% to 0.50% to a range of 0.50% to 0.75%.1

    The Fed’s decision was based on evidence of a strengthening US economy – specifically, a stronger labor market and inflation moving closer to the Fed’s target levels. Fed-watchers suggested that a strengthening US economy, as well as the proposed spending, tax and regulatory policies of the Trump administration, could cause the Fed to accelerate future interest rate hikes. Raising rates sooner rather than later would provide the Fed with greater dexterity to respond to higher-than-projected economic growth in the future.

    At the close of the reporting period, most major global economies continued to maintain interest rates at, near or below zero in an effort to fuel inflation and spur economic growth. Many major central banks, including the European Central Bank, the Bank of England and the Bank of Japan, all cut rates during 2016.

    During the reporting period, the US money market fund industry fully implemented reform measures in October that had been announced by the US Securities and Exchange Commission in 2014. Invesco is pleased to report that we successfully implemented required money market reform policies on October 12, 2016.

    For Invesco’s money market fund professionals, safety is of paramount importance in the investment process. Their conservative investment philosophy has always focused on providing principal preservation, liquidity, and return – in that order – to our money market fund investors. Thank you for investing with us.

Sincerely,

 

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

 

1  Source: US Federal Reserve

 

3   Short-Term Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Liquid Assets Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Commercial Paper–36.86%(a)

 

        
Asset-Backed Securities — Fully Supported–6.53%          

Bennington Stark Capital Co., LLC (CEP–Societe Generale S.A.)(b)(c)

     0.90 %      03/06/2017      $ 6,000      $ 5,999,289  

Bennington Stark Capital Co., LLC (CEP–Societe Generale S.A.)(b)(c)

     1.15 %      04/07/2017        5,000        4,995,661  

Kells Funding LLC (CEP–FMS Wertmanagement)(c)

     1.00 %      05/26/2017        5,000        4,987,917  

Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)

     1.43 %      07/05/2017        5,000        4,979,186  
         20,962,053  
Asset-Backed Securities — Fully Supported Bank–16.52%          

Anglesea Funding LLC (Multi–CEP’s)(b)(c)

     0.93 %      04/10/2017        5,000        4,995,239  

Anglesea Funding LLC (Multi–CEP’s)(b)(c)

     1.10 %      04/03/2017        5,000        4,996,203  

Cancara Asset Securitisation LLC (CEP–Lloyds Bank PLC)(c)

     1.10 %      04/07/2017        5,000        4,995,662  

Cedar Springs Capital Co. LLC (CEP–UBS AG)(b)(c)

     0.82 %      03/01/2017        4,578        4,577,886  

Ebury Finance LLC (Multi–CEP’s)(b)(c)

     0.70 %      03/01/2017        7,500        7,499,856  

Institutional Secured Funding Ltd. (Multi–CEP’s)(b)(c)

     0.90 %      03/06/2017        5,000        4,999,407  

Manhattan Asset Funding Co., LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c)

     0.94 %      03/03/2017        5,000        4,999,709  

Matchpoint Finance PLC (CEP–BNP Paribas S.A.)(b)(c)

     0.95 %      03/09/2017        7,000        6,998,597  

Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c)

     0.80 %      03/14/2017        5,000        4,998,559  

Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c)

     0.80 %      03/28/2017        4,000        3,997,548  
         53,058,666  
Asset-Backed Securities — Multi-Purpose–1.55%          

Versailles Commercial Paper LLC(b)

     1.08 %      05/16/2017        5,000        4,986,846  
Diversified Banks–9.49%          

Bank of Nova Scotia(b)(c)

     1.08 %      04/13/2017        3,000        2,997,261  

BPCE S.A.(b)(c)

     1.21 %      05/09/2017        6,000        5,990,224  

Erste Abwicklungsanstalt(b)(c)(d)

     1.13 %      03/21/2017        5,000        5,001,255  

Mizuho Bank, Ltd.(c)

     1.08 %      04/13/2017        5,000        4,995,465  

National Bank of Abu Dhabi PJSC(b)(c)

     0.76 %      03/07/2017        7,500        7,499,074  

NRW Bank(b)(c)

     1.05 %      04/18/2017        4,000        3,995,949  
         30,479,228  
Other Diversified Financial Services–0.93%          

ABN AMRO Funding USA LLC(b)(c)

     1.07 %      06/07/2017        3,000        2,990,480  
Regional Banks–1.09%          

ASB Finance Ltd.(b)(c)

     1.00 %      06/01/2017        3,500        3,491,881  
Specialized Finance–0.75%          

CDP Financial Inc.(c)

     0.96 %      04/05/2017        2,400        2,398,404  

Total Commercial Paper (Cost $118,350,414)

                               118,367,558  

Variable Rate Demand Notes–24.06%(e)

          
Credit Enhanced–24.06%          

Aledo Independent School District; Series 2006 A, VRD School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program)

     0.67 %      08/01/2035        2,212        2,212,000  

Capital Markets Access Co. LC (SEUP Real Estate LLC); Series 2008, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f)

     0.75 %      07/01/2038        4,445        4,445,000  

Columbus (City of), Ohio Regional Airport Authority (FlightSafety International Inc.); Series 2015 A, VRD RB (CEP–Berkshire Hathaway Inc.)

     0.68 %      04/01/2035        10,000        10,000,000  

 

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

 

4                         Short-Term  Investments Trust

Liquid Assets Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Credit Enhanced–(continued)          

EagleBend Affordable Housing Corp.; Series 2006 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(f)

     0.66 %      07/01/2021      $ 881      $ 881,000  

Illinois (State of) Finance Authority (James Jordan Boys & Girls Club & Family Life Center); Series 1995, VRD RB (LOC–Bank of America, N.A.)(f)

     0.74 %      08/01/2030        4,700        4,700,000  

Indiana (State of) Finance Authority (Ispat Inland Inc.); Series 2005, Ref. VRD Environmental Improvement RB (LOC–Rabobank Nederland)(c)(f)

     0.70 %      06/01/2035        3,590        3,590,000  

Jets Stadium Development, LLC; Series 2014 A-4B, VRD Bonds (LOC–Sumitomo Mitsui Banking Corp.)(b)(c)(f)

     0.74 %      04/01/2047        9,600        9,599,999  

Maricopa (County of), Arizona Industrial Development Authority (Gran Victoria Housing LLC); Series 2000 A, VRD MFH RB (CEP–FNMA)

     0.66 %      04/15/2030        140        140,000  

Massachusetts (State of) Development Finance Agency (Milton Academy); Series 2009 B, VRD Taxable RB (LOC–TD Bank, N.A.)(f)

     0.77 %      03/01/2039        10,055        10,055,000  

Memphis (City of), Tennessee Health, Educational and Housing Facility Board (Ashland Lakes Apartments); Series 2006 A, VRD MFH RB (LOC–U.S. Bank, N.A.)(f)

     0.71 %      08/01/2041        9,000        9,000,000  

Minnetonka (City of), Minnesota (Minnetonka Hills Apartments); Series 2001, Ref. VRD MFH RB (CEP–FNMA)

     0.73 %      11/15/2031        2,285        2,285,000  

New York (State of) Housing Finance Agency (605 West 42nd Street Housing);

          

Series 2014 A, VRD RB (LOC–Bank of China Ltd.)(f)

     0.76 %      05/01/2048        7,100        7,100,000  

Series 2014 B, VRD RB (LOC–Bank of China Ltd.)(f)

     1.10 %      05/01/2048        1,200        1,200,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2014 B, VRD RB (LOC–Bank of China Ltd.)(f)

     1.19 %      11/01/2049        4,000        4,000,000  

Pinellas (County of), Florida Health Facilities Authority (Baycare Health System); Series 2009 A-2, VRD Health System RB (LOC–Northern Trust Co. (The))(f)

     0.65 %      11/01/2038        5,945        5,945,000  

S&L Capital, LLC (J&L Development of Holland, LLC); Series 2005 A, VRD Taxable Notes (LOC–FHLB of Indianapolis)(f)

     0.90 %      07/01/2040        1,820        1,820,000  

University of Southern Indiana; Series 1999 G, VRD Student Fee RB (LOC–JPMorgan Chase Bank, N.A.)(f)

     0.66 %      10/01/2019        310        310,000  

Total Variable Rate Demand Notes (Cost $77,282,999)

                               77,282,999  

Certificates of Deposit–13.96%

          

Canadian Imperial Bank of Commerce(c)(d)

     1.23 %      07/21/2017        4,000        4,002,975  

DZ Bank AG Deutsche Zentral-Genossenschaftsbank(c)(d)

     1.46 %      10/25/2017        8,000        8,018,158  

Mitsubishi UFJ Trust & Banking Corp.(c)

     1.10 %      04/13/2017        5,000        5,001,933  

Nordea Bank AB(c)

     0.56 %      03/01/2017        11,811        11,811,488  

Norinchukin Bank (The)(b)(c)

     1.03 %      05/16/2017        7,000        7,001,291  

Wells Fargo Bank, N.A.(d)

     1.32 %      01/19/2018        5,000        5,005,580  

Westpac Banking Corp.(c)(d)

     1.28 %      01/05/2018        4,000        4,003,424  

Total Certificates of Deposit (Cost $44,811,632)

                               44,844,849  

Notes–3.74%

          

Bank of Nova Scotia, Sr. Unsec. Global Floating Rate Notes(c)(d)

     1.32 %      04/11/2017        7,000        7,003,437  

Bank of Tokyo-Mitsubishi UFJ, Ltd. (The), Sr. Unsec. Notes(b)(c)

     1.20 %      03/10/2017        5,000        5,000,621  

Total Notes (Cost $12,003,989)

                               12,004,058  

TOTAL INVESTMENTS (excluding Repurchase Agreements)–78.62% (Cost $252,449,034)

                               252,499,464  
                 Repurchase
Amount		         

Repurchase Agreements–21.49%(g)

          

BMO Capital Markets Corp., agreement dated 02/28/2017, maturing value of $5,000,106 (collateralized by domestic and foreign corporate obligations valued at $5,250,000; 0%-5.50%, 03/13/2017-09/15/2040)(c)

     0.76 %      03/01/2017        5,000,106        5,000,000  

Citigroup Global Markets Inc., open agreement dated 01/25/2017 (collateralized by foreign corporate obligations valued at $4,590,001; 0%-5.63%, 08/09/2017-02/21/2047)(h)

     1.55 %      —        —        4,500,000  

Credit Suisse Securities (USA) LLC, term agreement dated 02/22/2017, maturing value of $16,002,427 (collateralized by a domestic agency mortgage-backed security valued at $16,800,886; 0.80%, 05/25/2047)(c)(i)

     0.78 %      03/01/2017        16,002,427        16,000,000  

 

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

 

5                         Short-Term  Investments Trust

Liquid Assets Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

ING Financial Markets, LLC, agreement dated 02/28/2017, maturing value of $16,000,396 (collateralized by a domestic corporate obligation and a foreign corporate obligation valued at $17,011,891; 4.88%-6.50%, 04/30/2020-12/15/2043)(c)

     0.89 %      03/01/2017      $ 16,000,396      $ 16,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/02/2017, maturing value of $7,500,000 (collateralized by a domestic corporate obligation valued at $7,875,001; 0%, 03/01/2017)

     1.58 %      05/03/2017        7,500,000        7,500,000  

RBC Capital Markets LLC, term agreement dated 02/22/2017, maturing value of $15,000,000 (collateralized by municipal obligations valued at $15,750,000; 0%-5.25%, 05/01/2022-05/15/2115)(c)(i)

     0.99 %      04/21/2017        15,000,000        15,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2017, maturing value of $5,000,106 (collateralized by foreign corporate obligations valued at $5,100,000; 1.13%-2.75%, 04/12/2019-01/19/2027)

     0.76 %      03/01/2017        5,000,106        5,000,000  

Total Repurchase Agreements (Cost $69,000,000)

                               69,000,000  

TOTAL INVESTMENTS(j)(k)–100.11% (Cost $321,449,034)

                               321,499,464  

OTHER ASSETS LESS LIABILITIES–(0.11)%

                               (345,134 ) 

NET ASSETS–100.00%

                             $ 321,154,330  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

FHLB  

– Federal Home Loan Bank

FNMA  

– Federal National Mortgage Association

GO  

– General Obligation

LOC  

– Letter of Credit

MFH  

– Multi-Family Housing

RB  

– Revenue Bonds

Ref.  

– Refunding

Sr.  

– Senior

Unsec.  

– Unsecured

VRD  

– Variable Rate Demand

 

 

Notes to Schedule of Investments:

 

(a)  Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2017 was $122,592,021, which represented 38.17% 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: Netherlands: 11.7%; Japan: 11.4%; Canada: 11.3%; France: 9.0%; Germany: 6.9%; Switzerland: 6.4%; other countries less than 5% each: 15.0%.
(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(e)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(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)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(i)  The Fund may demand prepayment of the term repurchase agreement upon one to seven business days notice depending on the timing of the demand.
(j)  Also represents cost for federal income tax purposes.
(k)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     56.5 % 

8-30

     8.1  

31-60

     14.4  

61-90

     9.5  

91-180

     6.2  

181+

     5.3  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

6                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

STIC Prime Portfolio                           
     Interest
Rate		      Maturity
Date		      Principal
Amount
(000)		     
Value		  

Commercial Paper–45.49%(a)

 

         
Asset-Backed Securities — Fully Supported–12.60%           

Bennington Stark Capital Co., LLC (CEP–Societe Generale S.A.)(b)(c)

     0.90 %       03/06/2017      $ 18,000      $ 17,997,867  

Kells Funding LLC (CEP–FMS Wertmanagement)(c)

     0.90 %       03/17/2017        8,000        7,997,273  

Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)

     0.90 %       03/01/2017        15,000        14,999,712  
         40,994,852  
Asset-Backed Securities — Fully Supported Bank–17.44%           

Albion Capital LLC (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(b) (c)

     0.90 %       04/20/2017        6,000        5,993,880  

Anglesea Funding LLC (Multi–CEP’s)(b)(c)

     0.98 %       03/03/2017        15,000        14,999,169  

Institutional Secured Funding Ltd. (Multi–CEP’s)(b)(c)

     0.90 %       03/06/2017        10,000        9,998,815  

Manhattan Asset Funding Co., LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c)

     0.94 %       03/03/2017        15,000        14,999,126  

Regency Markets No. 1 LLC (CEP–HSBC Bank PLC) (b)(c)

     0.80 %       03/14/2017        5,000        4,998,559  

Working Capital Management Co., L.P. (CEP–Mizuho Corporate Bank, Ltd.)(b)(c)

     0.82 %       03/23/2017        5,760        5,757,159  
         56,746,708  
Asset-Backed Securities — Multi-Purpose–8.10%           

Chariot Funding LLC(b)

     0.82 %       03/06/2017        4,000        3,999,526  

CRC Funding LLC(b)

     0.87 %       03/01/2017        5,357        5,356,897  

Nieuw Amsterdam Receivables Corp.(b)(c)

     0.84 %       03/09/2017        10,000        9,998,258  

Versailles Commercial Paper LLC(b)

     0.90 %       04/24/2017        7,000        6,987,937  
         26,342,618  
Diversified Banks–7.35%           

DBS Bank Ltd.(b)(c)

     0.86 %       04/10/2017        10,000        9,991,994  

J.P. Morgan Securities LLC

     0.86 %       03/03/2017        3,925        3,924,784  

NRW Bank(b)(c)

     0.81 %       04/03/2017        10,000        9,993,039  
         23,909,817  

Total Commercial Paper (Cost $147,992,975)

 

      147,993,995  

Variable Rate Demand Notes–19.75%(d)

           
Credit Enhanced–19.75%           

A Mining Group, LLC; Series 2006, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(e)

     0.85 %       06/01/2029        4,235        4,235,000  

Appleton (City of), Wisconsin (Great Northern Corp.); Series 2002 A, VRD IDR
(LOC–Wells Fargo Bank, N.A.)(e)

     0.81 %       09/01/2019        4,500        4,500,000  

Boulder (County of), Colorado (Imagine!); Series 2006, VRD RB (LOC–Wells Fargo Bank, N.A.)(e)

     0.72 %       02/01/2031        326        326,000  

Capital Area Housing Finance Corp. (Cypress Creek at River Bend Apartments); Series 2006, VRD MFH RB (LOC–Citibank N.A.)(e)

     0.72 %       10/01/2039        8,290        8,290,000  

Columbus (City of), Ohio Regional Airport Authority (FlightSafety International Inc.); Series 2015 A, VRD RB (CEP–Berkshire Hathaway Inc.)

     0.68 %       04/01/2035        3,930        3,930,000  

Fulton (County of), Georgia Development Authority (Friends of High Meadows, Inc.); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(e)

     0.72 %       01/01/2020        127        127,000  

Jets Stadium Development, LLC; Series 2007 A-4, VRD Project RB (LOC–Sumitomo Mitsui Banking Corp.)(b)(c)(e)

     0.74 %       04/01/2047        5,000        5,000,000  

Keep Memory Alive; Series 2013, VRD Taxable Bonds (LOC–PNC Bank, N.A.)(e)

     0.73 %       05/01/2037        19,980        19,980,000  

M3 Realty, LLC; Series 2007, VRD RN (LOC–General Electric Capital Corp.)(b)(e)

     0.81 %       01/01/2033        5,400        5,400,000  

 

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

 

7                         Short-Term  Investments Trust

STIC Prime Portfolio                           
     Interest
Rate		      Maturity
Date		      Principal
Amount
(000)		     
Value		  
Credit Enhanced–(continued)           

Mobile (County of), Alabama Industrial Development Authority (SSAB Alabama Inc.); Series 2010 A, VRD Recovery Zone Facility RB (LOC–Swedbank AB)(c)(e)

     0.69 %       07/01/2040      $ 5,666      $ 5,666,000  

New York (State of) Housing Finance Agency (605 West 42nd Street Housing); Series 2014 A, VRD RB (LOC–Bank of China Ltd.)(e)

     0.76 %       05/01/2048        6,800        6,800,000  

Total Variable Rate Demand Notes (Cost $64,254,000)

 

      64,254,000  

Certificates of Deposit–12.22%

           

Abbey National Treasury Services PLC(c)

     0.67 %       03/03/2017        10,000        9,999,962  

DZ Bank AG Duetsche Zentral-Genossenschaftsbank(c)

     1.03 %       04/13/2017        2,000        2,000,395  

Mitsubishi UFJ Trust and Banking Corp.(c)

     1.25 %       03/15/2017        8,200        8,201,848  

Nordea Bank AB(c)

     0.56 %       03/01/2017        4,032        4,032,448  

Norinchukin Bank (The)(c)

     1.22 %       03/27/2017        4,000        4,001,473  

Toronto-Dominion Bank (The)(c)

     0.93 %       03/02/2017        5,000        5,000,088  

Toronto-Dominion Bank (The)(c)

     1.08 %       03/17/2017        6,500        6,501,331  

Total Certificates of Deposit (Cost $39,735,790)

 

      39,737,545  

U.S. Government Sponsored Agency Securities–7.76%

           
Overseas Private Investment Corp. (OPIC)–7.76%(d)           

Unsec. Gtd. VRD COP

     0.67 %       09/15/2022        10,000        10,006,250  

Unsec. Gtd. VRD COP

     0.67 %       09/20/2022        4,000        4,002,500  

Unsec. Gtd. VRD COP

     0.68 %       05/15/2030        11,232        11,239,020  

Total U.S. Government Sponsored Agency Securities (Cost $25,232,000)

 

      25,247,770  

TOTAL INVESTMENTS (excluding Repurchase Agreements)–85.22% (Cost $277,214,765)

 

      277,233,310  
                  Repurchase
Amount		         

Repurchase Agreements–14.75%(f)

 

   

Credit Suisse Securities (USA) LLC, term agreement dated 02/22/2017, maturing value of $19,002,882 (collateralized by a domestic agency mortgage-backed security valued at $19,951,479; 0.80%, 05/25/2047)(g)

     0.78 %       03/01/2017        19,002,882        19,000,000  

ING Financial Markets, LLC, agreement dated 02/28/2017, maturing value of $10,000,247 (collateralized by a domestic agency mortgage-backed security and a domestic corporate obligation valued at $10,363,095; 0.88%-4.88%, 10/26/2017-12/15/2043)

     0.89 %       03/01/2017        10,000,247        10,000,000  

RBC Capital Markets LLC, term agreement dated 02/22/2017, maturing value of $19,000,000 (collateralized by municipal obligations valued at $19,950,001; 0.66%-8.22%, 10/01/2021-05/15/2115)(g)

     0.99 %       04/21/2017        19,000,000        19,000,000  

Total Repurchase Agreements (Cost $48,000,000)

                                48,000,000  

TOTAL INVESTMENTS(h)(i)–99.97% (Cost $325,214,765)

 

      325,233,310  

OTHER ASSETS LESS LIABILITIES–0.03%

 

      110,723  

NET ASSETS–100.00%

 

    $ 325,344,033  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

COP  

– Certificates of Participation

Gtd.  

– Guaranteed

IDR  

– Industrial Development Revenue Bonds

LOC  

– Letter of Credit

MFH  

– Multi-Family Housing

RB  

– Revenue Bonds

RN  

– Revenue Notes

Unsec.  

– Unsecured

VRD  

– Variable Rate Demand

 

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

 

8                         Short-Term  Investments Trust

STIC Prime Portfolio

Notes to Schedule of Investments:

 

(a)  Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  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 February 28, 2017 was $146,471,938, which represented 45.02% 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: Netherlands: 13.8%; Japan: 13.5%; France: 10.1%; Canada: 9.4%; Germany: 6.2%; Switzerland: 5.8%; other countries less than 5% each: 10.7%.
(d)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(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)  Also represents cost for federal income tax purposes.
(i)  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  

Sumitomo Mitisui Banking Corp.

      6.2 % 

PNC Bank, N.A.

      6.1  

Societe Generale S.A.

      5.5  

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     71.2 % 

8-30

     18.0  

31-60

     10.8  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

9                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Treasury Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–48.14%

          
U.S. Treasury Bills–26.97%(a)          

U.S. Treasury Bills

     0.50 %      04/13/2017      $ 300,000      $ 299,822,625  

U.S. Treasury Bills

     0.59 %      04/27/2017        124,000        123,887,010  

U.S. Treasury Bills

     0.62 %      05/18/2017        400,000        399,475,456  

U.S. Treasury Bills

     0.61 %      05/25/2017        300,000        299,578,541  

U.S. Treasury Bills

     0.63 %      05/25/2017        400,000        399,416,452  

U.S. Treasury Bills

     0.64 %      06/08/2017        116,510        116,313,640  

U.S. Treasury Bills

     0.66 %      06/15/2017        400,000        399,239,966  

U.S. Treasury Bills

     0.64 %      06/22/2017        400,000        399,208,372  

U.S. Treasury Bills

     0.65 %      06/22/2017        500,000        498,991,633  

U.S. Treasury Bills

     0.66 %      06/29/2017        100,000        99,785,000  

U.S. Treasury Bills

     0.67 %      06/29/2017        34,720        34,643,616  

U.S. Treasury Bills

     0.65 %      07/06/2017        298,000        297,331,604  

U.S. Treasury Bills

     0.66 %      07/06/2017        147,000        146,664,736  

U.S. Treasury Bills

     0.61 %      07/13/2017        295,000        294,340,068  

U.S. Treasury Bills

     0.62 %      07/13/2017        50,000        49,887,403  

U.S. Treasury Bills

     0.61 %      07/20/2017        115,000        114,729,750  

U.S. Treasury Bills

     0.63 %      08/03/2017        250,000        249,332,101  

U.S. Treasury Bills

     0.65 %      08/10/2017        300,000        299,142,751  

U.S. Treasury Bills

     0.65 %      08/17/2017        550,000        548,355,067  

U.S. Treasury Bills

     0.68 %      08/31/2017        300,000        298,983,834  
                                5,369,129,625  
U.S. Treasury Notes–21.17%          

U.S. Treasury Floating Rate Notes(b)

     0.68 %      10/31/2017        706,250        706,137,691  

U.S. Treasury Floating Rate Notes(b)

     0.79 %      01/31/2018        300,000        300,104,296  

U.S. Treasury Floating Rate Notes(b)

     0.71 %      04/30/2018        664,000        664,063,866  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      07/31/2018        429,240        429,238,590  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      10/31/2018        695,000        694,867,073  

U.S. Treasury Notes

     0.50 %      04/30/2017        176,000        175,995,050  

U.S. Treasury Notes

     0.88 %      04/30/2017        150,000        150,088,871  

U.S. Treasury Notes

     2.75 %      05/31/2017        200,000        201,090,104  

U.S. Treasury Notes

     0.63 %      06/30/2017        200,000        199,977,705  

U.S. Treasury Notes

     2.50 %      06/30/2017        200,000        201,251,101  

U.S. Treasury Notes

     0.63 %      09/30/2017        200,000        199,848,721  

U.S. Treasury Notes

     1.88 %      09/30/2017        291,110        292,998,928  
                                4,215,661,996  

Total U.S. Treasury Securities (Cost $9,584,791,621)

                               9,584,791,621  

TOTAL INVESTMENTS (excluding Repurchase Agreements)–48.14% (Cost $9,584,791,621)

                               9,584,791,621  
                 Repurchase
Amount		         

Repurchase Agreements–53.35%(c)

          

ABN AMRO Bank N.V., agreement dated 02/28/2017, maturing value of $600,008,833 (collateralized by U.S. Treasury obligations valued at $612,000,178; 0.50%-3.13%, 03/31/2017-05/15/2026)

     0.53 %      03/01/2017        600,008,833        600,000,000  

 

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

 

10                         Short-Term  Investments Trust

Treasury Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

ABN AMRO Bank N.V., term agreement dated 01/10/2017, maturing value of $250,229,444 (collateralized by U.S. Treasury obligations valued at $255,000,408; 0.13%-2.63%, 08/31/2018-05/15/2026)

     0.56 %      03/10/2017      $ 250,229,444      $ 250,000,000  

Bank of Montreal, joint term agreement dated 02/10/2017, aggregate maturing value of $300,265,500 (collateralized by U.S. Treasury obligations valued at $306,000,037; 0.75%-4.25%, 01/31/2018-05/15/2044)(d)

     0.54 %      04/10/2017        150,132,750        150,000,000  

Bank of Montreal, joint term agreement dated 02/23/2017, aggregate maturing value of $635,834,496 (collateralized by U.S. Treasury obligations valued at $647,700,025; 0.63%-3.63%, 07/31/2017-08/15/2043)(d)

     0.57 %      05/17/2017        115,151,129        115,000,000  

Bank of Montreal, term agreement dated 01/30/2017, maturing value of $500,688,750 (collateralized by U.S. Treasury obligations valued at $510,000,002; 0.75%-3.63%, 03/31/2017-08/15/2044)(d)

     0.57 %      04/27/2017        500,688,750        500,000,000  

Bank of Montreal, term agreement dated 02/10/2017, maturing value of $150,077,292 (collateralized by U.S. Treasury obligations valued at $153,000,054; 1.38%-3.50%, 03/31/2017-11/15/2046)(d)

     0.53 %      03/17/2017        150,077,292        150,000,000  

Bank of Montreal, term agreement dated 02/22/2017, maturing value of $200,233,333 (collateralized by U.S. Treasury obligations valued at $204,000,055; 1.25%-3.63%, 08/31/2017-04/15/2028)(d)

     0.56 %      05/08/2017        200,233,333        200,000,000  

BNP Paribas Securities Corp., agreement dated 02/28/2017, maturing value of $600,009,167 (collateralized by U.S. Treasury obligations valued at $600,019,151; 0.13%, 04/15/2017)

     0.55 %      03/01/2017        600,009,167        600,000,000  

CIBC World Markets Corp., joint agreement dated 02/28/2017, aggregate maturing value of $1,350,019,500 (collateralized by U.S. Treasury obligations valued at $1,383,331,253; 0.13%-8.75%, 03/15/2017-02/15/2047)

     0.52 %      03/01/2017        579,534,169        579,525,798  

Citigroup Global Markets Inc., term agreement dated 02/23/2017, maturing value of $500,049,583 (collateralized by U.S. Treasury obligations valued at $510,000,000;
0%-7.63%, 03/31/2018-08/15/2036)(d)

     0.51 %      03/02/2017        500,049,583        500,000,000  

Citigroup Global Markets Inc., agreement dated 02/28/2017, maturing value of $400,005,778 (collateralized by U.S. Treasury obligations valued at $408,000,001; 0.63%-7.63%, 05/31/2017-02/15/2025)

     0.52 %      03/01/2017        400,005,778        400,000,000  

Credit Agricole Corp. & Investment Bank, agreement dated 02/28/2017, maturing value of $200,002,889 (collateralized by a U.S. Treasury obligation valued at $204,000,005; 3.00%, 11/15/2044)

     0.52 %      03/01/2017        200,002,889        200,000,000  

Credit Agricole Corp. & Investment Bank, term agreement dated 01/03/2017, maturing value of $200,186,833 (collateralized by U.S. Treasury obligations valued at $204,000,089; 0.63%-1.25%, 03/31/2021-01/15/2024)(d)

     0.57 %      03/03/2017        200,186,833        200,000,000  

Credit Agricole Corp. & Investment Bank, term agreement dated 02/24/2017, maturing value of $250,025,278 (collateralized by U.S. Treasury obligations valued at $255,000,014; 1.50%-2.75%, 02/15/2019-02/15/2023)(d)

     0.52 %      03/03/2017        250,025,278        250,000,000  

Federal Reserve Bank of New York, agreement dated 02/28/2017, maturing value of $400,005,556 (collateralized by a U.S. Treasury obligation valued at $400,005,625; 3.00%, 05/15/2042)

     0.50 %      03/01/2017        400,005,556        400,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/23/2017, maturing value of $450,044,625 (collateralized by U.S. Treasury obligations valued at $458,149,703; 3.75%, 11/15/2043)(d)

     0.51 %      03/02/2017        450,044,625        450,000,000  

Metropolitan Life Insurance Co., term agreement dated 02/28/2017, maturing value of $350,038,556 (collateralized by U.S. Treasury obligations valued at $359,686,324;
0%-1.13%, 09/30/2021-11/15/2040)(d)

     0.55 %      03/07/2017        350,038,556        350,001,125  

Prudential Insurance Co. of America, agreement dated 02/28/2017, maturing value of $287,754,066 (collateralized by U.S. Treasury obligations valued at $293,991,621;
0%-2.50%; 11/15/2027-02/15/2045)

     0.54 %      03/01/2017        287,754,066        287,749,750  

Prudential Legacy Insurance Co. of America, agreement dated 02/28/2017, maturing value of $190,377,856 (collateralized by U.S. Treasury obligations valued at $194,102,100;
0%; 02/15/2022-08/15/2033)

     0.54 %      03/01/2017        190,377,856        190,375,000  

RBC Capital Markets LLC, term agreement dated 01/17/2017, maturing value of $500,443,056 (collateralized by U.S. Treasury obligations valued at $510,000,026;
1.00%-7.13%, 08/15/2018-11/15/2025)(d)

     0.55 %      03/16/2017        500,443,056        500,000,000  

RBC Capital Markets LLC, term agreement dated 02/16/2017, maturing value of $1,000,458,333 (collateralized by U.S. Treasury obligations valued at $1,016,577,459;
0%-9.00%, 03/30/2017-05/15/2046)(d)

     0.55 %      05/17/2017        1,000,458,333        1,000,000,000  

 

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

 

11                         Short-Term  Investments Trust

Treasury Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Societe Generale, joint term agreement dated 02/09/2017, aggregate maturing value of $500,240,000 (collateralized by U.S. Treasury obligations valued at $510,000,043;
0%-8.75%, 04/30/2017-05/15/2043)(d)

     0.54 %      03/13/2017      $ 435,208,800      $ 435,000,000  

Sumitomo Mitsui Banking Corp., agreement dated 02/28/2017, maturing value of $1,000,014,722 (collateralized by U.S. Treasury obligations valued at $1,020,004,676; 1.13%-1.63%, 01/31/2021-05/31/2023)

     0.53 %      03/01/2017        1,000,014,722        1,000,000,000  

TD Securities (USA) LLC, agreement dated 02/28/2017, maturing value of $300,004,333 (collateralized by U.S. Treasury obligations valued at $306,000,076; 0.50%-4.25%, 04/30/2017-02/15/2042)

     0.52 %      03/01/2017        300,004,333        300,000,000  

Wells Fargo Bank, N.A., term agreement dated 11/16/2016, maturing value of $250,879,861 (collateralized by U.S. Treasury obligations valued at $255,000,189; 2.38%-2.63%, 07/15/2017-01/15/2025)

     0.70 %      05/16/2017        250,879,861        250,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2017, maturing value of $565,008,161 (collateralized by U.S. Treasury obligations valued at $576,300,061; 1.13%-3.63%, 02/28/2019-02/15/2045)

     0.52 %      03/01/2017        565,008,161        565,000,000  

Wells Fargo Securities, LLC, term agreement dated 01/17/2017, maturing value of $200,273,889 (collateralized by U.S. Treasury obligations valued at $204,000,038;
3.00%-3.38%, 11/15/2041-02/15/2047)

     0.58 %      04/12/2017        200,273,889        200,000,000  

Total Repurchase Agreements (Cost $10,622,651,673)

                       10,622,651,673  

TOTAL INVESTMENTS(e)–101.49% (Cost $20,207,443,294)

                       20,207,443,294  

OTHER ASSETS LESS LIABILITIES–(1.49)%

 

               (296,145,850 ) 

NET ASSETS–100.00%

 

             $ 19,911,297,444  

Notes to Schedule of Investments:

 

(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(c)  Principal amount equals value at period end. See Note 1I.
(d)  The Fund may demand prepayment of the term repurchase agreement upon one to seven business days notice depending on the timing of the demand.
(e)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     48.7 % 

8-30

     1.2  

31-60

     3.1  

61-90

     8.4  

91-180

     20.9  

181+

     17.7  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

12                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Government Sponsored Agency Securities–32.26%

          
Federal Farm Credit Bank (FFCB)–2.78%          

Disc. Notes(a)

     0.57 %      03/20/2017      $ 19,000      $ 18,994,284  

Disc. Notes(a)

     0.56 %      04/04/2017        50,000        49,973,556  

Disc. Notes(a)

     0.57 %      04/18/2017        25,000        24,981,000  

Unsec. Bonds(b)

     0.78 %      05/30/2017        45,000        44,998,717  

Unsec. Bonds(b)

     0.81 %      06/20/2017        39,325        39,314,841  

Unsec. Bonds(b)

     0.81 %      07/06/2017        70,000        69,993,789  

Unsec. Bonds(b)

     0.80 %      07/14/2017        14,000        14,001,030  

Unsec. Bonds(b)

     0.92 %      07/21/2017        45,000        44,999,973  

Unsec. Bonds(b)

     0.81 %      07/25/2017        35,600        35,606,864  

Unsec. Bonds(b)

     0.76 %      08/21/2017        22,000        21,994,177  

Unsec. Bonds(b)

     0.82 %      08/29/2017        4,625        4,625,006  

Unsec. Bonds(b)

     0.82 %      11/13/2017        8,000        7,994,599  

Unsec. Bonds(b)

     0.79 %      12/27/2017        30,000        29,967,696  

Unsec. Bonds(b)

     0.80 %      01/17/2018        10,000        9,995,120  

Unsec. Bonds(b)

     0.68 %      01/22/2018        100,000        100,000,000  

Unsec. Bonds(b)

     0.85 %      02/09/2018        25,000        25,000,000  

Unsec. Bonds(b)

     0.81 %      02/26/2018        50,000        49,985,324  

Unsec. Bonds(b)

     0.90 %      03/02/2018        40,000        40,065,673  

Unsec. Bonds(b)

     0.89 %      03/21/2018        20,000        20,009,681  

Unsec. Bonds(b)

     1.04 %      05/09/2018        9,500        9,520,924  
         662,022,254  
Federal Home Loan Bank (FHLB)–26.30%          

Unsec. Bonds

     0.88 %      03/10/2017        13,155        13,156,137  

Unsec. Bonds

     0.55 %      03/21/2017        52,630        52,630,977  

Unsec. Bonds

     0.60 %      05/19/2017        62,000        62,000,000  

Unsec. Bonds

     0.60 %      05/23/2017        73,000        72,999,112  

Unsec. Bonds(b)

     0.77 %      08/18/2017        73,500        73,482,728  

Unsec. Bonds(b)

     0.96 %      10/30/2017        199,700        199,689,898  

Unsec. Bonds(b)

     0.83 %      11/15/2017        40,000        40,000,000  

Unsec. Bonds(b)

     0.83 %      11/17/2017        25,000        25,000,000  

Unsec. Bonds(b)

     0.85 %      02/16/2018        45,000        45,000,000  

Unsec. Bonds(b)

     0.78 %      03/06/2018        225,000        225,000,000  

Unsec. Bonds(b)

     0.78 %      03/09/2018        100,000        100,000,000  

Unsec. Bonds(b)

     0.79 %      03/14/2018        300,000        300,000,000  

Unsec. Bonds(b)

     0.79 %      03/15/2018        75,000        75,000,000  

Unsec. Bonds(b)

     0.79 %      03/16/2018        350,000        350,000,000  

Unsec. Bonds(b)

     0.77 %      03/19/2018        275,000        275,000,000  

Unsec. Bonds(b)

     0.81 %      03/19/2018        145,000        145,000,000  

Unsec. Bonds(b)

     0.76 %      04/12/2018        220,000        220,000,000  

Unsec. Bonds(b)

     0.76 %      04/13/2018        225,000        224,999,315  

Unsec. Bonds(b)

     0.77 %      04/20/2018        86,000        85,992,390  

Unsec. Bonds(b)

     0.77 %      04/23/2018        140,000        139,991,832  

Unsec. Bonds(b)

     0.69 %      05/08/2018        230,000        230,002,219  

Unsec. Bonds(b)

     0.67 %      07/26/2018        100,000        100,000,000  

 

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

 

13                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Federal Home Loan Bank (FHLB)–(continued)          

Unsec. Bonds(b)

     0.68 %      08/01/2018      $ 200,000      $ 200,000,000  

Unsec. Disc. Notes(a)

     0.46 %      03/29/2017        245,700        245,612,972  

Unsec. Disc. Notes(a)

     0.60 %      05/05/2017        62,665        62,597,113  

Unsec. Disc. Notes(a)

     0.63 %      05/24/2017        50,000        49,926,208  

Unsec. Disc. Notes(a)

     0.64 %      05/24/2017        145,613        145,397,250  

Unsec. Disc. Notes(a)

     0.64 %      05/26/2017        133,000        132,796,975  

Unsec. Disc. Notes(a)

     0.63 %      05/31/2017        200,000        199,682,010  

Unsec. Disc. Notes(a)

     0.64 %      07/05/2017        300,000        299,327,999  

Unsec. Disc. Notes(a)

     0.61 %      07/12/2017        400,000        399,098,554  

Unsec. Disc. Notes(a)

     0.67 %      08/09/2017        86,324        86,067,270  

Unsec. Disc. Notes(a)

     0.67 %      08/16/2017        48,000        47,849,920  

Unsec. Disc. Notes(a)

     0.67 %      08/18/2017        30,000        29,905,083  

Unsec. Disc. Notes(a)

     0.69 %      08/23/2017        37,852        37,725,038  

Unsec. Disc. Notes(a)

     0.69 %      08/25/2017        50,000        49,831,850  

Unsec. Global Bonds(b)

     0.80 %      04/21/2017        10,000        9,999,371  

Unsec. Global Bonds

     1.00 %      06/21/2017        30,380        30,415,400  

Unsec. Global Bonds(b)

     0.78 %      08/15/2017        50,000        50,000,000  

Unsec. Global Bonds(b)

     0.83 %      09/06/2017        25,000        25,000,147  

Unsec. Global Bonds(b)

     0.94 %      11/15/2017        60,000        59,986,869  

Unsec. Global Bonds(b)

     0.85 %      12/07/2017        22,000        21,998,481  

Unsec. Global Bonds(b)

     0.97 %      01/08/2018        80,000        80,000,000  

Unsec. Global Bonds(b)

     0.69 %      01/23/2018        237,000        237,000,000  

Unsec. Global Bonds(b)

     0.70 %      01/23/2018        93,000        93,008,412  

Unsec. Global Bonds(b)

     0.89 %      02/26/2018        185,000        185,000,000  

Unsec. Global Bonds(b)

     0.79 %      04/06/2018        136,000        136,000,000  

Unsec. Global Bonds(b)

     0.69 %      05/09/2018        100,000        100,000,000  

Unsec. Global Bonds(b)

     0.72 %      07/12/2018        200,000        200,098,223  
                                6,269,269,753  
Federal Home Loan Mortgage Corp. (FHLMC)–0.69%          

Unsec. Global Notes(b)

     0.79 %      04/20/2017        30,000        29,999,371  

Unsec. Global Notes(b)

     0.82 %      04/27/2017        14,000        13,998,795  

Unsec. Global Notes(b)

     0.91 %      07/21/2017        20,000        19,999,200  

Unsec. Global Notes(b)

     0.98 %      01/08/2018        100,000        100,000,000  
                                163,997,366  
Federal National Mortgage Association (FNMA)–1.26%          

Unsec. Global Notes

     1.13 %      04/27/2017        42,863        42,901,342  

Unsec. Global Notes

     5.00 %      05/11/2017        60,000        60,513,120  

Unsec. Global Notes(b)

     0.79 %      09/08/2017        35,000        34,982,216  

Unsec. Global Notes(b)

     0.79 %      10/05/2017        112,815        112,785,166  

Unsec. Notes(b)

     0.78 %      08/16/2017        50,000        49,995,354  
                                301,177,198  
Overseas Private Investment Corp. (OPIC)–1.23%          

Sec. Gtd. VRD COP Bonds(c)

     0.69 %      11/15/2028        100,000        100,000,000  

Sr. Unsec. Gtd. VRD COP Bonds(c)

     0.69 %      02/15/2028        20,000        20,000,000  

Unsec. Gtd. VRD COP Bonds(c)

     0.69 %      09/15/2020        81,000        81,000,000  

Unsec. Gtd. VRD COP Bonds(c)

     0.69 %      07/15/2025        44,389        44,388,890  

Unsec. Gtd. VRD COP Notes(c)

     0.67 %      07/09/2026        48,450        48,450,000  
         293,838,890  

Total U.S. Government Sponsored Agency Securities (Cost $7,690,305,461)

              7,690,305,461  

 

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

 

14                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–16.97%

          
U.S. Treasury Bills–16.76%(a)          

U.S. Treasury Bills

     0.58 %      04/27/2017      $ 150,000      $ 149,864,625  

U.S. Treasury Bills

     0.62 %      05/18/2017        200,000        199,737,184  

U.S. Treasury Bills

     0.61 %      05/25/2017        300,000        299,577,833  

U.S. Treasury Bills

     0.63 %      05/25/2017        350,000        349,491,299  

U.S. Treasury Bills

     0.62 %      06/01/2017        700,000        698,908,777  

U.S. Treasury Bills

     0.65 %      06/15/2017        300,000        299,438,642  

U.S. Treasury Bills

     0.66 %      06/15/2017        200,000        199,619,945  

U.S. Treasury Bills

     0.64 %      06/22/2017        200,000        199,604,186  

U.S. Treasury Bills

     0.66 %      06/29/2017        100,000        99,784,917  

U.S. Treasury Bills

     0.65 %      07/06/2017        370,000        369,170,064  

U.S. Treasury Bills

     0.66 %      07/06/2017        130,000        129,703,508  

U.S. Treasury Bills

     0.61 %      07/13/2017        200,000        199,552,588  

U.S. Treasury Bills

     0.62 %      07/13/2017        50,000        49,887,403  

U.S. Treasury Bills

     0.65 %      08/10/2017        300,000        299,141,400  

U.S. Treasury Bills

     0.65 %      08/17/2017        300,000        299,104,300  

U.S. Treasury Bills

     0.68 %      08/24/2017        155,000        154,492,289  
                                3,997,078,960  
U.S. Treasury Notes–0.21%          

U.S. Treasury Floating Rate Notes(b)

     0.68 %      10/31/2017        50,000        49,990,890  

Total U.S. Treasury Securities (Cost $4,047,069,850)

                               4,047,069,850  

TOTAL INVESTMENTS (excluding Repurchase Agreements) –49.23% (Cost $11,737,375,311)

 

                       11,737,375,311  
                 Repurchase
Amount		         

Repurchase Agreements–50.77%(d)

          

Bank of Montreal, agreement dated 02/28/2017, maturing value of $300,004,417 (collateralized by domestic agency mortgage-backed securities valued at $306,000,000; 2.00%-5.50%; 09/01/2025-01/20/2047)

     0.53 %      03/01/2017        300,004,417        300,000,000  

Bank of Montreal, joint term agreement dated 02/10/2017, aggregate maturing value of $300,265,500 (collateralized by U.S. Treasury obligations valued at $306,000,037; 0.75%-4.25%, 01/31/2018-05/15/2044)(e)

     0.54 %      04/10/2017        100,088,500        100,000,000  

Bank of Montreal, joint term agreement dated 02/23/2017, aggregate maturing value of $635,834,496 (collateralized by U.S. Treasury obligations valued at $647,700,025; 0.63%-3.63%, 07/31/2017-08/15/2043)(e)

     0.57 %      05/17/2017        390,512,525        390,000,000  

Bank of Nova Scotia (The), agreement dated 02/28/2017, maturing value of $1,000,014,444 (collateralized by U.S. Treasury obligations valued at $1,020,000,038; 0.13%-3.63%; 10/31/2018-05/15/2046)

     0.52 %      03/01/2017        1,000,014,444        1,000,000,000  

Bank of Nova Scotia (The), agreement dated 02/28/2017, maturing value of $200,002,944 (collateralized by domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at $204,000,053; 2.55%-4.00%; 11/15/2023-09/01/2046)

     0.53 %      03/01/2017        200,002,944        200,000,000  

BNP Paribas Securities Corp., agreement dated 02/28/2017, maturing value of $885,013,521 (collateralized by a U.S. Treasury obligation valued at $900,781,027; 0.13%; 07/15/2022)

     0.55 %      03/01/2017        885,013,521        885,000,000  

CIBC World Markets Corp., joint agreement dated 02/28/2017, aggregate maturing value of $1,350,019,500 (collateralized by U.S. Treasury obligations valued at $1,383,331,253; 0.13%-8.75%, 03/15/2017-02/15/2047)

     0.52 %      03/01/2017        329,615,714        329,610,953  

Citigroup Global Markets Inc., agreement dated 02/28/2017, maturing value of $250,003,681 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $255,000,090; 0%-7.63%; 03/06/2017-09/15/2065)

     0.53 %      03/01/2017        250,003,681        250,000,000  

 

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

 

15                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Credit Agricole Corp. & Investment Bank, joint agreement dated 02/28/2017, aggregate maturing value of $700,010,306 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $714,000,000; 0%-4.00%, 04/24/2017-02/01/2047)

     0.53 %      03/01/2017      $ 400,005,889      $ 400,000,000  

Federal Reserve Bank of New York, agreement dated 02/28/2017, maturing value of $600,008,333 (collateralized by a U.S. Treasury obligation valued at $600,008,387; 3.00%; 05/15/2042)

     0.50 %      03/01/2017        600,008,333        600,000,000  

ING Financial Markets, LLC, term agreement dated 01/20/2017, maturing value of $45,062,525 (collateralized by domestic agency mortgage-backed securities valued at $45,901,215; 3.50%; 04/01/2042-01/01/2043)

     0.61 %      04/12/2017        45,062,525        45,000,000  

ING Financial Markets, LLC, term agreement dated 01/31/2017 maturing value of $250,424,375 (collateralized by domestic agency mortgage-backed securities valued at $255,003,653; 3.00%-6.00%; 03/01/2026-07/01/2046)

     0.63 %      05/08/2017        250,424,375        250,000,000  

ING Financial Markets, LLC, term agreement dated 02/28/2017, maturing value of $270,000,000 (collateralized by domestic agency mortgage-backed securities valued at $275,400,805; 2.03%-4.00%; 03/01/2026-11/01/2046)(b)

     0.71 %      06/05/2017        270,000,000        270,000,000  

ING Financial Markets, LLC, term agreement dated 02/28/2017, maturing value of $220,000,000 (collateralized by domestic agency mortgage-backed securities valued at $224,400,000; 3.00%-5.50%; 10/01/2025-08/01/2048)(b)

     0.80 %      08/28/2017        220,000,000        220,000,000  

J.P. Morgan Securities Inc., agreement dated 02/28/2017, maturing value of $250,003,611 (collateralized by a U.S. Treasury obligation valued at $255,001,384; 0.13%; 04/15/2021)

     0.52 %      03/01/2017        250,003,611        250,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., agreement dated 02/28/2017, maturing value of $100,001,472 (collateralized by domestic agency mortgage-backed securities valued at $102,000,001; 2.50%-3.00%; 10/20/2045-09/20/2046)

     0.53 %      03/01/2017        100,001,472        100,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/23/2017, maturing value of $325,032,229 (collateralized by a U.S. Treasury obligation valued at $330,679,999; 3.63%; 08/15/2043)(e)

     0.51 %      03/02/2017        325,032,229        325,000,000  

Metropolitan Life Insurance Co., term agreement dated 02/28/2017, maturing value of $400,043,803 (collateralized by U.S. Treasury obligations valued at $408,333,658; 0%-0.75%; 02/28/2018-05/15/2044)(e)

     0.55 %      03/07/2017        400,043,803        400,001,025  

Prudential Insurance Co. of America, agreement dated 02/28/2017, maturing value of $157,058,606 (collateralized by U.S. Treasury obligations valued at $160,609,750; 0%; 11/15/2026-08/15/2039)

     0.54 %      03/01/2017        157,058,606        157,056,250  

Prudential Legacy Insurance Co. of America, agreement dated 02/28/2017, maturing value of $170,002,550 (collateralized by U.S. Treasury obligations valued at $173,400,150; 0.00%; 11/15/2028-08/15/2033)

     0.54 %      03/01/2017        170,002,550        170,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/15/2017, aggregate maturing value of $600,885,000 (collateralized by domestic agency mortgage-backed securities valued at $612,000,000; 0.87%-8.50%, 05/01/2017-02/20/2047)(e)

     0.59 %      05/16/2017        455,671,125        455,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/17/2017, aggregate maturing value of $500,221,667 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.50%-4.00%, 02/20/2030-03/01/2047)(b)(e)

     0.57 %      05/18/2017        395,175,117        395,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/21/2017, aggregate maturing value of $500,245,417 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.00%-7.50%, 04/01/2024-12/20/2064)(e)

     0.57 %      05/22/2017        410,201,242        410,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/28/2017, aggregate maturing value of $1,000,000,000 (collateralized by domestic agency mortgage-backed securities valued at $1,020,000,002; 0%-7.00%, 12/25/2017-02/01/2047)(b)(e)

     0.66 %      05/01/2017        590,000,000        590,000,000  

RBC Capital Markets LLC, term agreement dated 01/20/2017, maturing value of $345,402,500 (collateralized by domestic agency mortgage-backed securities valued at $351,900,000; 1.80%-8.50%; 03/01/2019-02/20/2047)(e)

     0.56 %      04/05/2017        345,402,500        345,000,000  

Societe Generale, joint agreement dated 02/28/2017, aggregate maturing value of $1,000,015,000 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $1,020,000,071; 0%-8.00%, 08/31/2017-11/20/2045)

     0.54 %      03/01/2017        650,009,750        650,000,000  

 

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

 

16                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Societe Generale, joint term agreement dated 02/28/2017, aggregate maturing value of $600,061,833 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $612,000,076; 0%-6.50%, 04/27/2017-06/20/2046)(e)

     0.53 %      03/07/2017      $ 450,046,375      $ 450,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2017, aggregate maturing value of $2,000,030,000 (collateralized by domestic agency mortgage-backed securities valued at $2,040,000,646; 3.00%-3.50%, 10/20/2042-04/20/2046)

     0.54 %      03/01/2017        1,440,021,600        1,440,000,000  

Wells Fargo Bank, N.A., term agreement dated 09/08/2016, maturing value of $135,411,750 (collateralized by U.S. Treasury obligations valued at $137,700,000; 0%; 08/15/2021-08/15/2030)

     0.60 %      03/10/2017        135,411,750        135,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2017, maturing value of $550,008,250 (collateralized by domestic agency mortgage-backed securities valued at $561,000,001; 1.78%-6.50%; 03/01/2018-03/01/2047)

     0.54 %      03/01/2017        550,008,250        550,000,000  

Wells Fargo Securities, LLC, term agreement dated 12/05/2016, maturing value of $44,062,382 (collateralized by domestic agency mortgage-backed securities valued at $44,880,000; 0%-2.11%; 06/25/2021-01/25/2046)

     0.58 %      03/03/2017        44,062,382        44,000,000  

Total Repurchase Agreements (Cost $12,105,668,228)

                               12,105,668,228  

TOTAL INVESTMENTS(f)–100.00% (Cost $23,843,043,539)

              23,843,043,539  

OTHER ASSETS LESS LIABILITIES–0.00%

 

      (915,233 ) 

NET ASSETS–100.00%

 

    $ 23,842,128,306  

Investment Abbreviations:

 

COP  

– Certificates of Participation

Disc.  

– Discounted

Gtd.  

– Guaranteed

Sec.  

– Secured

Sr.  

– Senior

Unsec.  

– Unsecured

VRD  

– Variable Rate Demand

Notes to Schedule of Investments:

 

(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(c)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(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)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     48.1 % 

8-30

     2.0  

31-60

     1.5  

61-90

     7.1  

91-180

     20.6  

181+

     20.7  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

17                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Treasury Obligations Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–116.11%

 

U.S. Treasury Bills–104.69%(a)  

U.S. Treasury Bills

     0.41 %      03/02/2017      $ 105,400      $ 105,398,827  

U.S. Treasury Bills

     0.42 %      03/02/2017        65,000        64,999,251  

U.S. Treasury Bills

     0.49 %      03/02/2017        100,000        99,998,667  

U.S. Treasury Bills

     0.50 %      03/02/2017        97,500        97,498,673  

U.S. Treasury Bills

     0.46 %      03/09/2017        200,000        199,982,461  

U.S. Treasury Bills

     0.48 %      03/09/2017        8,300        8,299,123  

U.S. Treasury Bills

     0.54 %      03/09/2017        9,000        8,998,940  

U.S. Treasury Bills

     0.50 %      03/15/2017        50,000        49,990,356  

U.S. Treasury Bills

     0.50 %      03/16/2017        1,400        1,399,714  

U.S. Treasury Bills

     0.52 %      03/16/2017        75,000        74,984,062  

U.S. Treasury Bills

     0.45 %      03/23/2017        50,000        49,986,403  

U.S. Treasury Bills

     0.56 %      03/30/2017        40,000        39,982,117  

U.S. Treasury Bills

     0.50 %      04/13/2017        11,000        10,993,496  

U.S. Treasury Bills

     0.51 %      04/20/2017        7,800        7,794,583  

U.S. Treasury Bills

     0.52 %      04/20/2017        21,000        20,985,096  

U.S. Treasury Bills

     0.52 %      05/04/2017        50,000        49,954,178  

U.S. Treasury Bills

     0.60 %      05/04/2017        15,000        14,984,333  

U.S. Treasury Bills

     0.53 %      05/11/2017        2,300        2,297,614  

U.S. Treasury Bills

     0.54 %      05/18/2017        30,000        29,965,225  

U.S. Treasury Bills

     0.60 %      05/18/2017        20,000        19,974,412  

U.S. Treasury Bills

     0.62 %      05/18/2017        15,000        14,980,289  

U.S. Treasury Bills

     0.63 %      05/25/2017        15,000        14,978,219  

U.S. Treasury Bills

     0.64 %      05/25/2017        500        499,262  

U.S. Treasury Bills

     0.60 %      06/01/2017        10,000        9,984,897  

U.S. Treasury Bills

     0.56 %      06/08/2017        6,200        6,190,622  

U.S. Treasury Bills

     0.62 %      06/08/2017        5,100        5,091,480  

U.S. Treasury Bills

     0.63 %      06/08/2017        17,000        16,971,052  

U.S. Treasury Bills

     0.64 %      06/08/2017        10,000        9,982,785  

U.S. Treasury Bills

     0.63 %      06/15/2017        13,000        12,976,229  

U.S. Treasury Bills

     0.65 %      06/15/2017        2,900        2,894,578  

U.S. Treasury Bills

     0.66 %      06/15/2017        30,000        29,942,937  

U.S. Treasury Bills

     0.64 %      06/22/2017        5,500        5,489,115  

U.S. Treasury Bills

     0.65 %      06/22/2017        85,000        84,828,578  

U.S. Treasury Bills

     0.66 %      06/29/2017        50,000        49,892,333  

U.S. Treasury Bills

     0.62 %      07/06/2017        47,000        46,898,693  

U.S. Treasury Bills

     0.65 %      07/06/2017        2,000        1,995,516  

U.S. Treasury Bills

     0.66 %      07/06/2017        3,000        2,993,158  

U.S. Treasury Bills

     0.60 %      07/13/2017        500        498,904  

U.S. Treasury Bills

     0.62 %      07/13/2017        15,000        14,966,221  

U.S. Treasury Bills

     0.61 %      07/20/2017        35,000        34,917,750  

U.S. Treasury Bills

     0.61 %      07/27/2017        7,900        7,880,432  

U.S. Treasury Bills

     0.63 %      08/03/2017        20,000        19,946,568  

U.S. Treasury Bills

     0.65 %      08/17/2017        19,700        19,641,050  

U.S. Treasury Bills

     0.66 %      08/17/2017        2,900        2,891,205  

 

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

 

18                         Short-Term  Investments Trust

Treasury Obligations Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
U.S. Treasury Bills–(continued)          

U.S. Treasury Bills

     0.65 %      08/24/2017      $ 800      $ 797,489  

U.S. Treasury Bills

     0.66 %      08/24/2017        35,000        34,889,377  

U.S. Treasury Bills

     0.68 %      08/31/2017        20,000        19,932,256  
                                1,431,418,526  
U.S. Treasury Notes–11.42%  

U.S. Treasury Floating Rate Notes(b)

     0.71 %      04/30/2018        55,000        55,051,631  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      07/31/2018        53,000        53,016,862  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      10/31/2018        35,000        35,001,664  

U.S. Treasury Floating Rate Notes(b)

     0.66 %      01/31/2019        13,000        12,997,488  
                                156,067,645  

TOTAL INVESTMENTS(c)–116.11% (Cost $1,587,486,171)

 

      1,587,486,171  

OTHER ASSETS LESS LIABILITIES–(16.11)%

 

      (220,233,692 ) 

NET ASSETS–100.00%

 

    $ 1,367,252,479  

Notes to Schedule of Investments:

 

(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(c)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     10.8 % 

8-30

     31.7  

31-60

     2.9  

61-90

     10.8  

91-180

     30.9  

181+

     12.9  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

19                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Municipal Obligations–96.14%

 

Alabama–3.08%  

Mobile (County of) Industrial Development Authority (SSAB Alabama Inc.); Series 2010 A, VRD Recovery Zone Facility RB (LOC–Swedbank AB)(a)(b)(c)

     0.69 %      07/01/2040      $ 5,440      $ 5,440,000  
Arizona–2.72%          

Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, VRD RB (LOC–Bank of America, N.A.)(a)(b)

     0.65 %      01/01/2046        240        240,000  

Casa Grande (City of) Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.64 %      06/15/2031        2,685        2,685,000  

Maricopa (County of) Industrial Development Authority (Gran Victoria Housing LLC); Series 2000 A, VRD MFH RB (CEP–FNMA)(a)

     0.66 %      04/15/2030        1,375        1,375,000  

Sierra Vista (City of) Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.64 %      06/15/2031        520        520,000  
         4,820,000  
California–6.59%          

California (State of); Series 2004 A9, Ref. VRD Unlimited Tax GO Bonds (LOC–State Street Bank & Trust Co.)(a)(b)

     0.60 %      05/01/2034        4,385        4,385,000  

Orange (County of) Water District; Series 2003 A, Ref. VRD COP (LOC–Citibank, N.A.)(a)(b)

     0.62 %      08/01/2042        2,700        2,700,000  

Southern California Metropolitan Water District; Series 2009 A-2, Ref. Floating Rate RB(d)(e)

     0.80 %      07/10/2017        4,580        4,580,000  
         11,665,000  
Colorado–7.29%          

Boulder (County of) (Imagine!); Series 2006, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      02/01/2031        1,063        1,063,000  

Colorado (State of) Educational & Cultural Facilities Authority (Denver Seminary); Series 2004, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      07/01/2034        1,800        1,800,000  

Colorado (State of) Educational Loan Program; Series 2017 B, TRAN

     4.00 %      06/29/2017        4,000        4,041,428  

Colorado Springs (City of) (Cook Communications Ministries); Series 2002, VRD IDR (LOC–Bank of America, N.A.)(a)(b)

     0.78 %      03/01/2017        5,335        5,335,000  

EagleBend Affordable Housing Corp.; Series 2006 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.66 %      07/01/2021        654        654,000  
         12,893,428  
Delaware–1.75%          

Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC–PNC Bank, N.A.)(a)(b)

     0.66 %      09/01/2036        3,090        3,090,000  
District of Columbia–2.38%          

District of Columbia Series 1998 A, VRD Pooled Loan Program RB (LOC–Bank of America,
N.A.)(a)(b)(f)

     0.81 %      01/01/2029        1,587        1,587,000  

District of Columbia (American University); Series 2006 B, VRD Multimodal RB (LOC–Royal Bank of Canada)(a)(b)

     0.64 %      10/01/2036        2,625        2,625,000  
         4,212,000  
Florida–1.75%          

Palm Beach (County of) (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC–Northern Trust Co.)(a)(b)

     0.71 %      11/01/2036        1,725        1,725,000  

Pinellas (County of) Health Facilities Authority (Baycare Health System); Series 2009 A-2, VRD Health System RB (LOC–Northern Trust Co.(The))(a)(b)

     0.65 %      11/01/2038        1,370        1,370,000  
         3,095,000  
Georgia–4.03%          

Fulton (County of) Development Authority (Friends of High Meadows, Inc.); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      01/01/2020        750        750,000  

Georgia (State of); Series 2015 C, Ref. Unlimited Tax GO Bonds

     5.00 %      07/01/2017        1,325        1,343,623  

Private Colleges & Universities Authority (Emory University); Series 2005 B-2, VRD RB(a)

     0.60 %      09/01/2035        3,630        3,630,000  

 

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

 

20                         Short-Term  Investments Trust

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Georgia–(continued)          

Richmond (County of) Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      09/01/2020      $ 1,400      $ 1,400,000  
         7,123,623  
Illinois–4.70%          

Illinois (State of) Finance Authority (Elmhurst College); Series 2007, VRD RB (LOC–BMO Harris, N.A.)(a)(b)

     0.65 %      02/01/2042        2,000        2,000,000  

Illinois (State of) Finance Authority (Foundation for Safety & Health); Series 1992, VRD Safety Education RB (LOC–BMO Harris, N.A.)(a)(b)(f)

     0.78 %      10/01/2017        200        200,000  

Illinois (State of) Finance Authority (Institute of Gas Technology); Series 1999, VRD IDR (LOC–BMO Harris, N.A.)(a)(b)

     0.70 %      09/01/2024        400        400,000  

Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(a)

     0.62 %      12/01/2046        5,435        5,435,000  

Illinois (State of) Finance Authority (Radiological Society of North America, Inc.); Series 1997, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)(f)

     0.80 %      06/01/2017        270        270,000  
         8,305,000  
Indiana–9.47%          

Fort Wayne (City of) (University of St. Francis); Series 2008, VRD Economic Development RB
(LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.66 %      08/01/2028        2,135        2,135,000  

Huntington (City of) (Huntington University, Inc.); Series 2007, Ref. VRD Economic Development & Improvement RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      08/01/2037        1,928        1,928,000  

Indiana (State of) Finance Authority (Ispat Inland Inc.); Series 2005, Ref. VRD Environmental Improvement RB (LOC–Rabobank Nederland)(a)(b)(c)

     0.70 %      06/01/2035        3,553        3,553,000  

Indiana (State of) Finance Authority (Ohio Valley Electric Corp.); Series 2012 C, VRD Midwestern Disaster Relief RB (LOC–Bank of Nova Scotia)(a)(b)(c)

     0.64 %      06/01/2040        3,915        3,915,000  

Purdue University; Series 2011 A, VRD COP

     0.63 %      07/01/2035        4,682        4,681,500  

University of Southern Indiana; Series 1999 G, VRD Student Fee RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.66 %      10/01/2019        530        530,000  
         16,742,500  
Massachusetts–0.95%          

Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b)

     0.64 %      10/01/2038        1,685        1,685,000  
Michigan–0.72%          

Huron Valley School District; Series 2015, Ref. Unlimited Tax GO Bond

     5.00 %      05/01/2017        800        805,583  

Oakland University Board of Trustees; Series 2008, Ref. VRD General RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.64 %      03/01/2031        474        474,000  
         1,279,583  
Minnesota–2.01%          

Burnsville (City of) (Bridgeway Apartments L.P.); Series 2003, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.72 %      10/15/2033        1,175        1,175,000  

Minnesota (State of) Midwest Consortium of Municipal Utilities (Minnesota Municipal Utilities Association Financing Program); Series 2005 A, VRD RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.67 %      01/01/2025        270        270,000  

Minnetonka (City of) (Minnesota Hills Apartments); Series 2001, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.73 %      11/15/2031        468        468,000  

Oak Park Heights (City of) (Boutswell Landing); Series 2005, Ref. VRD MFH RB (CEP–FHLMC)(a)

     0.64 %      11/01/2035        1,500        1,500,000  

St. Paul (City of) Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD MFH RB (CEP–FHLMC)(a)

     0.64 %      10/01/2033        150        150,000  
         3,563,000  
Mississippi–0.07%          

Mississippi (State of) Business Finance Corp. (Chevron U.S.A. Inc.); Series 2007 A, VRD Gulf Opportunity Zone IDR(a)

     0.57 %      12/01/2030        121        121,000  
Missouri–1.22%          

Bridgeton (City of) Industrial Development Authority (Stolze Printing); Series 2010, VRD RB
(LOC–FHLB of Chicago)(a)(b)

     0.65 %      11/01/2037        1,195        1,195,000  

Springfield (City of) Industrial Development Authority (Pebblecreek Apartments); Series 1994, Ref. VRD MFH RB (LOC–FHLB of Des Moines)(a)(b)

     0.72 %      12/01/2019        960        960,000  
         2,155,000  

 

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

 

21                         Short-Term  Investments Trust

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
New Hampshire–0.85%          

New Hampshire (State of) Health & Education Facilities Authority (Riverbend Community Mental Health, Inc.); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b)

     0.64 %      07/01/2038      $ 1,505      $ 1,505,000  
New York–2.85%          

New York (State of) Dormitory Authority; Series 2009 B, VRD Samaritan Medical Center RB
(LOC–HSBC Bank USA N.A.)(a)(b)(c)

     0.65 %      11/01/2036        5,050        5,050,000  
North Carolina–3.55%          

Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems); Series 2007 C, Ref. VRD RB (a)

     0.64 %      01/15/2037        4,140        4,140,000  

North Carolina (State of) Capital Facilities Finance Agency (Roman Catholic Diocese of Charlotte); Series 2000, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.65 %      06/01/2017        300        300,000  

Raleigh-Durham Airport Authority; Series 2008 C, Ref. VRD RB (LOC–Royal Bank of Canada)(a)(b)(c)

     0.63 %      05/01/2036        1,845        1,845,000  
         6,285,000  
Ohio–3.52%          

Montgomery (County of) (The Dayton Art Institute); Series 1996, VRD Economic Development RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.64 %      05/01/2026        6,221        6,221,000  
Pennsylvania–5.08%          

Haverford Township School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank,
N.A.)(a)(b)

     0.64 %      03/01/2030        2,795        2,795,000  

Lebanon (County of) Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC–PNC Bank, N.A.)(a)(b)

     0.66 %      10/15/2025        3,405        3,405,000  

Luzerne (County of) Convention Center Authority; Series 1998 A, VRD Hotel Room Rental Tax RB (LOC–PNC Bank, N.A.)(a)(b)

     0.65 %      09/01/2028        761        761,000  

Ridley School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank, N.A.)(a)(b)

     0.64 %      11/01/2029        1,325        1,325,000  

Westmoreland (County of) Industrial Development Authority (Excela Health); Series 2005 A, VRD Health System RB (LOC–PNC Bank, N.A.)(a)(b)

     0.65 %      07/01/2027        705        705,000  
         8,991,000  
South Carolina–3.26%          

South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Health System, Inc.); Series 2008 D, Ref. VRD RB (LOC–Bank of New York Mellon (The))(a)(b)

     0.65 %      11/01/2025        5,765        5,765,000  
Texas–16.83%          

Aledo Independent School District; Series 2006 A, VRD School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program)(a)

     0.67 %      08/01/2035        8,638        8,638,000  

Houston (City of); Series G-2, GO Commercial Paper Notes

     0.75 %      03/14/2017        3,600        3,600,000  

North Texas Tollway Authority; Series 2009 D, Ref. VRD First Tier System RB (LOC–Royal Bank of Canada)(a)(b)(c)

     0.64 %      01/01/2049        5,485        5,485,000  

Port Arthur (Port of) Navigation District (Texaco Inc.); Series 1994, Ref. VRD PCR(a)

     0.57 %      10/01/2024        2,285        2,285,000  

San Gabriel (City of) Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.66 %      04/01/2026        415        415,000  

Tarrant County Cultural Education Facilities Finance Corp. (Baylor Health Care System); Series 2011 C, VRD Hospital RB (LOC–Northern Trust Co.)(a)(b)

     0.64 %      11/15/2050        3,500        3,500,000  

University of Texas System Board of Regents; Series 2008 B, VRD Financing System RB(a)

     0.60 %      08/01/2025        5,850        5,850,000  
         29,773,000  
Utah–5.18%          

Emery (County of) (Pacificorp); Series 1994, Ref. VRD PCR (LOC–Canadian Imperial Bank of Commerce)(a)(b)(c)

     0.62 %      11/01/2024        5,250        5,250,000  

Sanpete (County of) (Wasatch Academy); Series 2003, VRD School Facility RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.72 %      08/01/2028        260        260,000  

Utah Housing Corp. (Timbergate Apartments); Series 2009 A, VRD MFH RB (CEP–FHLMC)(a)

     0.69 %      04/01/2042        2,900        2,900,000  

Utah (State of); Series 2010 A, Unlimited Tax GO Bonds

     4.00 %      07/01/2017        750        757,948  
         9,167,948  

 

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

 

22                         Short-Term  Investments Trust

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Virginia–0.06%          

Suffolk (City of) Redevelopment & Housing Authority (Oak Springs Apartments, LLC); Series 1999, Ref. VRD MFH RB (CEP–FHLMC)(a)

     0.69 %      12/01/2019      $ 100      $ 100,000  
West Virginia–1.64%          

West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008, Ref. VRD Improvement RB (LOC–Branch Banking & Trust Co.)(a)(b)

     0.68 %      01/01/2034        2,900        2,900,000  
Wisconsin–2.44%          

Lima (Town of) (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD Development RB (LOC–FHLB of Chicago)(a)(b)

     0.68 %      10/01/2042        4,315        4,315,000  
Wyoming–2.15%          

Sublette (County of) (Exxonmobile); Series 2014, Ref. VRD PCR(a)

     0.56 %      10/01/2044        3,800        3,800,000  

TOTAL INVESTMENTS(g)(h)–96.14% (Cost $170,063,082)

              170,063,082  

OTHER ASSETS LESS LIABILITIES–3.86%

 

      6,820,128  

NET ASSETS–100.00%

 

    $ 176,883,210  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

COP  

– Certificates of Participation

FHLB  

– Federal Home Loan Bank

FHLMC  

– Federal Home Loan Mortgage Corp.

FNMA  

– Federal National Mortgage Association

GO  

– General Obligation

IDR  

– Industrial Development Revenue Bonds

LOC  

– Letter of Credit

MFH  

– Multi-Family Housing

PCR  

– Pollution Control Revenue Bonds

RB  

– Revenue Bonds

Ref.  

– Refunding

TRAN  

– Tax and Revenue Anticipation Notes

VRD  

– Variable Rate Demand

 

 

Notes to Schedule of Investments:

 

(a)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(b)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(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: 9.3%; other countries less than 5% each: 7.9%.
(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(e)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(f)  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 February 28, 2017 was $2,057,000, which represented 1.16% of the Fund’s Net Assets.
(g)  Also represents cost for federal income tax purposes.
(h)  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  

Royal Bank of Canada

      5.9 % 

Texas Permanent School Fund Guarantee Program

      5.1  

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     91.1 % 

8-30

     2.1  

31-60

     —  

61-90

     0.5  

91-180

     6.3  

181+

     —  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

23                         Short-Term  Investments Trust

Statement of Assets and Liabilities

February 28, 2017

(Unaudited)

 

            Liquid Assets
Portfolio		           STIC Prime
Portfolio		            Treasury
Portfolio		           Government &
Agency
Portfolio		            Treasury
Obligations
Portfolio		           Tax-Free
Cash Reserve
Portfolio		  

Assets:

                           

Investments, at value

      $ 252,499,464       $ 277,233,310        $ 9,584,791,621       $ 11,737,375,311        $ 1,587,486,171       $ 170,063,082  

Repurchase agreements, at value

        69,000,000         48,000,000          10,622,651,673         12,105,668,228          —         —  

Total investments, at value

        321,499,464         325,233,310          20,207,443,294         23,843,043,539          1,587,486,171         170,063,082  

Cash

        9,477         —          —         493,323          16,793         79,585  

Receivable for:

                           

Investments sold

        45,917         140,000          12,811         —          —         6,720,156  

Interest

        125,896         180,573          9,770,994         8,055,096          88,712         145,384  

Fund expenses absorbed

        111,831         —          90,869         184,789          20,650         15,576  

Investment for trustee deferred compensation and retirement plans

        3,518,905         988,248          2,134,474         970,228          125,369         358,339  

Other assets

        148,820         184,007          149,652         255,053          41,505         50,244  

Total assets

        325,460,310         326,726,138          20,219,602,094         23,853,002,028          1,587,779,200         177,432,366  

Liabilities:

                           

Payable for:

                           

Investments purchased

        —         —          298,983,834         793,323          219,914,718         —  

Dividends

        176,268         196,906          6,112,066         8,448,521          376,402         56,862  

Accrued fees to affiliates

        5,015         9,073          520,963         347,905          64,421         47,854  

Accrued trustees’ and officer’s fees and benefits

        4,935         6,391          34,479         35,534          4,351         2,715  

Accrued operating expenses

        61,917         47,177          153,252         96,168          26,492         37,400  

Trustee deferred compensation and retirement plans

        4,057,845         1,122,558          2,500,056         1,152,271          140,337         404,325  

Total liabilities

        4,305,980         1,382,105          308,304,650         10,873,722          220,526,721         549,156  

Net assets applicable to shares outstanding

      $ 321,154,330       $ 325,344,033        $ 19,911,297,444       $ 23,842,128,306        $ 1,367,252,479       $ 176,883,210  

Net assets consist of:

                           

Shares of beneficial interest

      $ 320,827,662       $ 324,450,566        $ 19,910,557,388       $ 23,841,988,693        $ 1,367,292,153       $ 177,041,699  

Undistributed net investment income

        2,544,735         873,178          (21,274 )        90,340          (12,543 )        (104,955 ) 

Undistributed net realized gain (loss)

        (2,268,497 )        1,744          761,330         49,273          (27,131 )        (53,534 ) 

Net unrealized appreciation

        50,430         18,545          —         —          —         —  
       $ 321,154,330       $ 325,344,033        $ 19,911,297,444       $ 23,842,128,306        $ 1,367,252,479       $ 176,883,210  

Cost of Investments

      $ 321,449,034       $ 325,214,765        $ 20,207,443,294       $ 23,843,043,539        $ 1,587,486,171       $ 170,063,082  

 

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

 

24                         Short-Term  Investments Trust

Statement of Assets and Liabilities—(continued)

February 28, 2017

(Unaudited)

 

            Liquid Assets
Portfolio		            STIC Prime
Portfolio		            Treasury
Portfolio		            Government &
Agency
Portfolio		            Treasury
Obligations
Portfolio		            Tax-Free
Cash Reserve
Portfolio		  

Net Assets:

 

     

Institutional Class

      $ 291,536,502        $ 321,019,635        $ 17,308,731,411        $ 22,167,128,421        $ 1,286,771,052        $ 96,027,354  

Private Investment Class

      $ 10,805,664        $ 2,158,009        $ 542,127,622        $ 436,121,219        $ 1,249,420        $   19,581,713  

Personal Investment Class

      $ 304,886        $ 622,147        $ 151,008,015        $ 17,085,976        $ 44,598        $ 2,002,739  

Cash Management Class

      $ 6,803,640        $ 835,104        $ 377,094,659        $ 140,697,992        $ 1,617,467        $ 35,696,164  

Reserve Class

      $ 1,100,138        $ 506,124        $ 156,617,799        $ 393,479,757        $ 77,366,115        $ 21,512,633  

Resource Class

      $ 1,341,518        $ 182,985        $ 457,602,638        $ 367,929,940        $ 193,778        $ 2,030,468  

Corporate Class

      $ 9,261,982        $ 20,029        $ 918,115,300        $ 319,685,001        $ 10,049        $ 32,139  

Shares outstanding, no par value,
unlimited number of shares authorized:

 

Institutional Class

        291,438,043          321,005,127          17,307,443,026          22,166,894,620          1,286,754,820          96,011,386  

Private Investment Class

        10,802,233          2,157,926          542,086,489          436,116,465          1,249,403          19,578,319  

Personal Investment Class

        304,790          622,123          150,997,069          17,085,787          44,598          2,002,396  

Cash Management Class

        6,801,481          835,072          377,065,789          140,696,524          1,617,447          35,690,030  

Reserve Class

        1,099,785          506,105          156,606,115          393,475,474          77,365,135          21,508,869  

Resource Class

        1,341,089          182,978          457,567,852          367,925,494          193,777          2,030,120  

Corporate Class

        9,259,043          20,028          918,041,878          319,681,038          10,049          32,134  

Net asset value, offering and redemption price per share for each class

      $ 1.0003        $ 1.0000        $ 1.00        $ 1.00        $ 1.00        $ 1.00  

 

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

 

25                         Short-Term  Investments Trust

Statement of Operations

For the six months ended February 28, 2017

(Unaudited)

 

            Liquid Assets
Portfolio		           STIC Prime
Portfolio		           Treasury
Portfolio		           Government &
Agency
Portfolio		           Treasury
Obligations
Portfolio		            Tax-Free
Cash Reserve
Portfolio		  

Investment income:

                          

Interest

      $ 5,233,498       $ 2,112,472       $ 53,049,102       $ 57,411,604       $ 2,175,606        $ 740,579  

Expenses:

                          

Advisory fees

        1,283,192         511,222         16,684,585         11,165,171         692,482          210,844  

Administrative services fees

        457,109         195,509         3,908,636         3,922,534         283,334          56,421  

Custodian fees

        —         5,094         97,559         57,771         4,595          2,640  

Distribution fees:

                          

Private Investment Class

        88,783         17,888         797,297         706,643         3,165          25,374  

Personal Investment Class

        9,054         70,200         346,589         42,127         3,359          5,818  

Cash Management Class

        24,902         14,165         149,838         56,294         969          14,119  

Reserve Class

        45,447         20,175         714,218         1,777,320         294,526          99,953  

Resource Class

        1,681         4,320         355,407         279,348         154          1,782  

Corporate Class

        6,649         2         140,104         55,904         84          5  

Transfer agent fees

        76,991         30,673         1,001,075         698,507         46,331          9,488  

Trustees’ and officers’ fees and benefits

        48,872         20,169         217,416         174,023         15,554          18,545  

Registration and filing fees

        52,301         52,182         69,735         111,529         41,583          43,779  

Reports to shareholders

        19,801         8,000         36,969         50,240         6,752          5,397  

Professional services fees

        14,613         26,226         99,506         73,680         22,076          18,744  

Other

        (2,442 )        48,687         154,674         63,026         22,545          23,673  

Total expenses

        2,126,953         1,024,512         24,773,608         19,234,117         1,437,509          536,582  

Less: Fees waived

        (445,643 )        (352,394 )        (3,265,311 )        (1,551,785 )        (486,914 )         (264,600 ) 

Net expenses

        1,681,310         672,118         21,508,297         17,682,332         950,595          271,982  

Net investment income

        3,552,188         1,440,354         31,540,805         39,729,272         1,225,011          468,597  

Realized and unrealized gain (loss) from:

                          

Net realized gain (loss) from Investment securities

        284,268         367         600,401         (69,374 )        (23,974 )         (14,721 ) 

Change in net unrealized appreciation of investment securities

        50,430         18,545         —         —         —          —  

Net increase in net assets resulting from operations

      $ 3,886,886       $ 1,459,266       $ 32,141,206       $ 39,659,898       $ 1,201,037        $ 453,876  

 

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

 

26                         Short-Term  Investments Trust

Statement of Changes in Net Assets

For the six months ended February 28, 2017 and the year ended August 31, 2016

(Unaudited)

 

            Liquid Assets Portfolio           STIC Prime Portfolio  
         February 28,
2017		     August 31,
2016		           February 28,
2017		     August 31,
2016		  

Operations:

             

Net investment income

      $ 3,552,188     $ 65,311,251       $ 1,440,354     $ 6,158,242  

Net realized gain

        284,268       647,321         367       1,377  

Change in net unrealized appreciation

        50,430       —         18,545       —  

Net increase in net assets resulting from operations

        3,886,886       65,958,572         1,459,266       6,159,619  

Distributions to shareholders from net investment income:

             

Institutional Class

        (3,288,088 )      (59,772,506 )        (1,337,512 )      (4,848,718 ) 

Private Investment Class

        (55,173 )      (183,013 )        (12,201 )      (213,182 ) 

Personal Investment Class

        (1,569 )      (40,091 )        (25,104 )      (164,965 ) 

Cash Management Class

        (101,776 )      (660,627 )        (54,629 )      (649,934 ) 

Reserve Class

        (4,884 )      (87,134 )        (4,572 )      (53,243 ) 

Resource Class

        (2,751 )      (15,089 )        (6,300 )      (32,359 ) 

Corporate Class

        (97,947 )      (4,552,791 )        (36 )      (195,841 ) 

Total distributions from net investment income

        (3,552,188 )      (65,311,251 )        (1,440,354 )      (6,158,242 ) 

Distributions to shareholders from net realized gains:

             

Institutional Class

        (2,877,921 )      —         —       —  

Private Investment Class

        (90,311 )      —         —       —  

Personal Investment Class

        (5,195 )      —         —       —  

Cash Management Class

        (133,371 )      —         —       —  

Reserve Class

        (25,060 )      —         —       —  

Resource Class

        (1,214 )      —         —       —  

Corporate Class

        (67,014 )      —         —       —  

Total distributions from net realized gains

        (3,200,086 )      —         —       —  

Share transactions–net:

             

Institutional Class

        (10,127,382,108 )      (5,553,230,110 )        (1,286,867,086 )      (156,797,441 ) 

Private Investment Class

        (230,479,086 )      (42,171,998 )        (138,902,976 )      (21,155,334 ) 

Personal Investment Class

        (28,937,259 )      (86,151,515 )        (116,851,999 )      (98,600 ) 

Cash Management Class

        (243,762,324 )      (207,380,539 )        (167,035,675 )      (315,722,141 ) 

Reserve Class

        (99,062,340 )      (56,031,914 )        (20,968,200 )      (28,926,016 ) 

Resource Class

        (5,905,110 )      (65,429,204 )        (16,684,274 )      (2,843,872 ) 

Corporate Class

        (160,381,733 )      (884,537,893 )        11,369       (77,034,376 ) 

Net increase (decrease) in net assets resulting from share transactions

        (10,895,909,960 )      (6,894,933,173 )        (1,747,298,841 )      (602,577,780 ) 

Net increase (decrease) in net assets

        (10,898,775,348 )      (6,894,285,852 )        (1,747,279,929 )      (602,576,403 ) 

Net assets:

             

Beginning of period

        11,219,929,678       18,114,215,530         2,072,623,962       2,675,200,365  

End of period*

      $ 321,154,330     $ 11,219,929,678       $ 325,344,033     $ 2,072,623,962  

* Includes accumulated undistributed net investment income

      $ 2,544,735     $ 2,544,735       $ 873,178     $ 873,178  

 

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

 

27                         Short-Term  Investments Trust

Statement of Changes in Net Assets—(continued)

For the six months ended February 28, 2017 and the year ended August 31, 2016

(Unaudited)

 

            Treasury Portfolio           Government & Agency Portfolio  
         February 28,
2017		     August 31,
2016		           February 28,
2017		     August 31,
2016		  

Operations:

             

Net investment income

      $ 31,540,805     $ 20,948,253       $ 39,729,272     $ 10,802,684  

Net realized gain (loss)

        600,401       223,426         (69,374 )      118,647  

Net increase in net assets resulting from operations

        32,141,206       21,171,679         39,659,898       10,921,331  

Distributions to shareholders from net investment income:

             

Institutional Class

        (29,158,879 )      (15,100,629 )        (37,855,075 )      (8,855,873 ) 

Private Investment Class

        (266,446 )      (334,722 )        (346,586 )      (403,391 ) 

Personal Investment Class

        (61,765 )      (86,109 )        (10,608 )      (10,692 ) 

Cash Management Class

        (406,253 )      (3,039,766 )        (200,947 )      (218,373 ) 

Reserve Class

        (80,430 )      (62,197 )        (282,369 )      (263,352 ) 

Resource Class

        (347,015 )      (274,847 )        (374,666 )      (73,436 ) 

Corporate Class

        (1,220,017 )      (2,049,983 )        (659,021 )      (977,567 ) 

Total distributions from net investment income

        (31,540,805 )      (20,948,253 )        (39,729,272 )      (10,802,684 ) 

Share transactions–net:

             

Institutional Class

        (2,560,248,364 )      12,017,922,118         11,450,425,188       6,496,754,225  

Private Investment Class

        (17,917,744 )      98,893,095         95,251,977       (81,684,720 ) 

Personal Investment Class

        28,180,755       (39,231,210 )        9,578,678       (29,659,491 ) 

Cash Management Class

        (26,341,411 )      (4,900,693,362 )        (9,404,853 )      (72,740,853 ) 

Reserve Class

        (2,513,453 )      123,516,873         77,597,921       8,359,709  

Resource Class

        (25,343,593 )      158,444,863         272,238,974       (2,217,786 ) 

Corporate Class

        (255,166,002 )      (597,367,186 )        3,245,168       (314,733,978 ) 

Net increase (decrease) in net assets resulting from share transactions

        (2,859,349,812 )      6,861,485,191         11,898,933,053       6,004,077,106  

Net increase (decrease) in net assets

        (2,858,749,411 )      6,861,708,617         11,898,863,679       6,004,195,753  

Net assets:

             

Beginning of period

        22,770,046,855       15,908,338,238         11,943,264,627       5,939,068,874  

End of period*

      $ 19,911,297,444     $ 22,770,046,855       $ 23,842,128,306     $ 11,943,264,627  

* Includes accumulated undistributed net investment income

      $ (21,274 )    $ (21,274 )      $ 90,340     $ 90,340  

 

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

 

28                         Short-Term  Investments Trust

Statement of Changes in Net Assets—(continued)

For the six months ended February 28, 2017 and the year ended August 31,2016

(Unaudited)

 

            Treasury Obligations Portfolio           Tax-Free Cash Reserve Portfolio  
         February 28,
2017		     August 31,
2016		           February 28,
2017		     August 31,
2016		  

Operations:

             

Net investment income

      $ 1,225,011     $ 188,034       $ 468,597     $ 702,207  

Net realized gain (loss)

        (23,974 )      15,288         (14,721 )      5,988  

Net increase in net assets resulting from operations

        1,201,037       203,322         453,876       708,195  

Distributions to shareholders from net investment income:

             

Institutional Class

        (1,182,978 )      (78,969 )        (316,194 )      (628,540 ) 

Private Investment Class

        (1,453 )      (5,685 )        (33,839 )      (18,929 ) 

Personal Investment Class

        (689 )      (2,859 )        (3,250 )      (1,951 ) 

Cash Management Class

        (2,026 )      (43,887 )        (74,728 )      (33,087 ) 

Reserve Class

        (37,370 )      (51,534 )        (36,391 )      (16,951 ) 

Resource Class

        (134 )      (2,214 )        (4,119 )      (1,923 ) 

Corporate Class

        (361 )      (2,886 )        (76 )      (826 ) 

Total distributions from net investment income

        (1,225,011 )      (188,034 )        (468,597 )      (702,207 ) 

Share transactions–net:

             

Institutional Class

        1,165,631,320       15,581,368         (354,742,419 )      (5,243,578 ) 

Private Investment Class

        (4,911,643 )      177,746         (4,887,524 )      (6,001,459 ) 

Personal Investment Class

        (2,562,800 )      652,387         (394,314 )      (1,226,815 ) 

Cash Management Class

        (29,769,295 )      (13,633,574 )        5,021,679       (20,346,066 ) 

Reserve Class

        40,731,958       30,758,077         (24,426 )      (239,848 ) 

Resource Class

        118       (2,177,935 )        (380,453 )      (2,115,602 ) 

Corporate Class

        (2,933,772 )      (25,066,209 )        70       (26,445,210 ) 

Net increase (decrease) in net assets resulting from share transactions

        1,166,185,886       6,291,860         (355,407,387 )      (61,618,578 ) 

Net increase (decrease) in net assets

        1,166,161,912       6,307,148         (355,422,108 )      (61,612,590 ) 

Net assets:

             

Beginning of period

        201,090,567       194,783,419         532,305,318       593,917,908  

End of period *

      $ 1,367,252,479     $ 201,090,567       $ 176,883,210     $ 532,305,318  

* Includes accumulated undistributed net investment income

      $ (12,543 )    $ (12,543 )      $ (104,955 )    $ (104,955 ) 

Notes to Financial Statements

February 28, 2017

(Unaudited)

NOTE 1—Significant Accounting Policies

Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers six separate portfolios, (each constituting a “Fund”). The Funds covered in this report are Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio (formerly Government TaxAdvantage Portfolio) and Tax-Free Cash Reserve Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.

The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio and Treasury Obligations Portfolio; and to provide tax-exempt income consistent with the preservation of capital and liquidity for Tax-Free Cash Reserve Portfolio.

Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.

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

On October 12, 2016, pursuant to new rules and regulations effective October 14, 2016, Liquid Assets Portfolio and STIC Prime Portfolio, both institutional money market funds, began to price and transact in their shares at a floating net asset value (“NAV”) reflecting the current market-based

 

29                         Short-Term  Investments Trust

values of their portfolio securities, except as otherwise generally permitted for securities with remaining maturities of 60 days or less, which will be valued at amortized cost. These rules and regulations also require Liquid Assets Portfolio and STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).

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

Treasury Portfolio, Government & Agency Portfolio, and Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, continue to seek to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation.

“Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/or repurchase agreements collateralized fully by cash or Government Securities. “Retail money market funds” are required to adopt policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons.

Liquid Assets Portfolio, STIC Prime Portfolio, and Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Treasury Portfolio, Government & Agency Portfolio, and Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.

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

A. Security Valuations — Liquid Asset Portfolio’s and 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. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio, and Tax-Free Cash Reserve Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

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

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any), adjusted for amortization of premiums and accretion of discounts on investments, is recorded on the accrual basis from settlement date. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

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

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

The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.

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.

 

30                         Short-Term  Investments Trust

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, Tax-Free Cash Reserve Portfolio intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative net assets.
G. Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
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 Fund 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 Fund may not be able to recover its investment in such issuer from the U.S. Government.

The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.

The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, each Fund pays an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:

 

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

Liquid Assets Portfolio

     0.15%          0.15%          0.15%  

STIC Prime Portfolio

     0.15%          0.15%          0.15%  

Treasury Portfolio

     0.15%          0.15%          0.15%  

Government & Agency Portfolio

     0.10%          0.10%          0.10%  

Treasury Obligations Portfolio

     0.20%          0.15%          0.10%  

Tax-Free Cash Reserve Portfolio

     0.20%          0.20%          0.20%  

 

31                         Short-Term  Investments Trust

For the six months ended February 28, 2017, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:

 

Liquid Assets Portfolio

     0.15%  

STIC Prime Portfolio

     0.15%  

Treasury Portfolio

     0.15%  

Government & Agency Portfolio

     0.10%  

Treasury Obligations Portfolio

     0.14%  

Tax-Free Cash Reserve Portfolio

     0.20%  

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, may pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

The Adviser has contractually agreed, through at least December 31, 2017, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):

 

     Institutional
Class		      Private
Investment
Class		      Personal
Investment
Class		      Cash
Management
Class		      Reserve
Class		      Resource
Class		      Corporate
Class		  

Liquid Assets Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.38 %       0.21 % 

STIC Prime Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Treasury Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Government & Agency Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Treasury Obligations Portfolio

     0.18 %       0.43 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Tax-Free Cash Reserve Portfolio

     0.20 %       0.45 %       0.75 %       0.28 %       1.07 %       0.36 %       0.23 % 

The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.

In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) extraordinary or non-routine items, including litigation expenses, and (4) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limit without approval of the Board of Trustees.

Further, Invesco and/or IDI voluntarily waived fees and/or reimbursed expenses in order to increase the yields of each Fund. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors.

For the six months ended February 28, 2017, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:

 

     Expense
Limitation		        Yield
Waivers		  

Liquid Assets Portfolio

   $ 410,566        $ —  

STIC Prime Portfolio

     284,295          —  

Treasury Portfolio

     2,201,591          —  

Government & Agency Portfolio

     —          —  

Treasury Obligations Portfolio

     229,513          —  

Tax-Free Cash Reserve Portfolio

     170,645          —  

Voluntary fee waivers for the six months ended February 28, 2017 are shown below:

 

    

Private
Investment

Class

       

Personal
Investment

Class

       

Cash
Management

Class

       

Reserve

Class

       

Resource

Class

       

Corporate

Class

  

Liquid Assets Portfolio

   $ 2,312        $ 3,843          N/A        $ 28,922          N/A          N/A  

STIC Prime Portfolio

     6,443          45,963          N/A          15,651        $ 42          N/A  

Treasury Portfolio

     268,452          219,024          N/A          545,861          30,383          N/A  

Government & Agency Portfolio

     205,332          24,194          N/A          1,315,893          6,366          N/A  

Treasury Obligations Portfolio

     2,307          3,077        $ 514          251,408          76        $ 19  

Tax-Free Cash Reserve Portfolio

     8,731          3,754          1,247          79,875          348          N/A  

The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the six months ended February 28, 2017, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees.

 

32                         Short-Term  Investments Trust

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 28, 2017, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.

Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.

 

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

Liquid Assets Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.20 %       0.03 % 

STIC Prime Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Treasury Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Government & Agency Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Treasury Obligations Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Tax-Free Cash Reserve Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.

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

NOTE 3—Additional Valuation Information

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

  Level 1 — Prices are determined using quoted prices in an active market for identical assets.
  Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
  Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect each Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of February 28, 2017, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4—Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. For the six months ended February 28, 2017, each Fund engaged in transactions with affiliates as listed below:

 

     Securities Purchases        Securities Sales        Net Realized Gains  

Liquid Assets Portfolio

   $ 498,250,427        $ 509,600,329        $ —  

STIC Prime Portfolio

     187,984,805          202,226,502          —  

Tax-Free Cash Reserve Portfolio

     234,700,564          455,097,214          —  

 

33                         Short-Term  Investments Trust

NOTE 5—Trustees’ and Officers’ Fees and Benefits

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

NOTE 6—Cash Balances

The Funds are permitted to temporarily overdraft or leave balances in their accounts with The Bank of New York Mellon (BNY Mellon), the custodian bank. Such balances, if any at period-end, are shown in the Statements of Assets and Liabilities under the payable caption Amount due custodian. To compensate BNY Mellon or the Funds for such activity, the Funds may either (1) pay to or receive from BNY Mellon compensation at a rate agreed upon by BNY Mellon and Invesco, not to exceed the contractually agreed upon rate; or (2) leave funds or overdraft funds as a compensating balance in the account so BNY Mellon or the Funds can be compensated for use of funds.

NOTE 7—Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to each Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at each Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds below had a capital loss carryforward as of August 31, 2016 which expires as follows:

 

    Short-Term        Long-Term        Total*  
Fund   2018        2019        Not Subject to
Expiration		        Not Subject to
Expiration		       

Treasury Obligations Portfolio

   $ —        $ —        $ 3,159        $ —        $ 3,159  

Tax-Free Cash Reserve Portfolio

     8,740          30,074          —          —          38,814  

 

* Capital loss carryforward 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.

NOTE 8—Investment Securities

The aggregate amount of investment securities purchased and sold by each Fund and aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:

 

    At February 28, 2017  
     Federal Tax Cost*      Unrealized
Appreciation		      Unrealized
(Depreciation)		      Net Unrealized
Appreciation
(Depreciation)		  

Treasury Portfolio

   $ 20,207,749,634      $ —      $ (306,340 )     $ (306,340 ) 

 

* 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.

 

34                         Short-Term  Investments Trust

NOTE 9—Share Information

Liquid Assets Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)(b)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     8,636,572,068      $ 8,636,696,253        206,922,537,697      $ 206,922,537,697  

Private Investment Class

     73,675,853        73,675,862        1,086,367,896        1,086,367,896  

Personal Investment Class

     8,178,437        8,178,627        147,332,561        147,332,561  

Cash Management Class

     315,185,594        315,189,645        3,527,556,735        3,527,556,735  

Reserve Class

     3,679,215        3,679,395        312,834,642        312,834,642  

Resource Class

     131,512        131,513        54,658,208        54,658,208  

Corporate Class

     229,992,915        230,006,196        12,789,032,744        12,789,032,744  

Issued as reinvestment of dividends:

           

Institutional Class

     3,612,258        3,612,403        16,030,218        16,030,218  

Private Investment Class

     23,725        23,727        51,160        51,160  

Personal Investment Class

     4,941        4,941        33,213        33,213  

Cash Management Class

     66,920        66,923        325,885        325,885  

Reserve Class

     34,020        34,020        78,372        78,372  

Resource Class

     4,320        4,320        14,018        14,018  

Corporate Class

     105,181        105,188        699,998        699,998  

Reacquired:

           

Institutional Class

     (18,767,392,641 )       (18,767,690,764 )       (212,491,798,025 )       (212,491,798,025 ) 

Private Investment Class

     (304,159,753 )       (304,178,675 )       (1,128,591,054 )       (1,128,591,054 ) 

Personal Investment Class

     (37,119,877 )       (37,120,827 )       (233,517,289 )       (233,517,289 ) 

Cash Management Class

     (559,012,820 )       (559,018,892 )       (3,735,263,159 )       (3,735,263,159 ) 

Reserve Class

     (102,775,450 )       (102,775,755 )       (368,944,928 )       (368,944,928 ) 

Resource Class

     (6,040,857 )       (6,040,943 )       (120,101,430 )       (120,101,430 ) 

Corporate Class

     (390,456,216 )       (390,493,117 )       (13,674,270,635 )       (13,674,270,635 ) 

Net increase (decrease) in share activity

     (10,895,690,655 )     $ (10,895,909,960 )       (6,894,933,173 )     $ (6,894,933,173 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 72% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.
(b)  Effective October 12, 2016, Liquid Assets Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

35                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

STIC Prime Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)(b)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     655,894,743      $ 655,926,204        4,966,861,188      $ 4,966,861,188  

Private Investment Class

     32,471,499        32,471,503        1,446,777,172        1,446,777,172  

Personal Investment Class

     118,187,308        118,187,309        677,491,586        677,491,586  

Cash Management Class

     130,898,214        130,898,218        2,194,654,168        2,194,654,168  

Reserve Class

     12,102,644        12,102,696        400,019,801        400,019,801  

Resource Class

     54,161,912        54,161,918        96,121,190        96,121,190  

Corporate Class

     19,999        20,000        518,160,731        518,160,731  

Issued as reinvestment of dividends:

           

Institutional Class

     561,735        561,770        1,393,044        1,393,044  

Private Investment Class

     7,432        7,432        78,349        78,349  

Personal Investment Class

     15,098        15,098        70,680        70,680  

Cash Management Class

     77,613        77,613        217,106        217,106  

Reserve Class

     6,557        6,557        50,303        50,303  

Resource Class

     8,241        8,241        25,322        25,322  

Corporate Class

     3,548        3,548        148,537        148,537  

Reacquired:

           

Institutional Class

     (1,943,307,435 )       (1,943,355,060 )       (5,125,051,673 )       (5,125,051,673 ) 

Private Investment Class

     (171,380,975 )       (171,381,911 )       (1,468,010,855 )       (1,468,010,855 ) 

Personal Investment Class

     (235,054,362 )       (235,054,406 )       (677,660,866 )       (677,660,866 ) 

Cash Management Class

     (298,011,468 )       (298,011,506 )       (2,510,593,415 )       (2,510,593,415 ) 

Reserve Class

     (33,077,282 )       (33,077,453 )       (428,996,120 )       (428,996,120 ) 

Resource Class

     (70,853,530 )       (70,854,433 )       (98,990,384 )       (98,990,384 ) 

Corporate Class

     (12,179 )       (12,179 )       (595,343,644 )       (595,343,644 ) 

Net increase (decrease) in share activity

     (1,747,280,688 )     $ (1,747,298,841 )       (602,577,780 )     $ (602,577,780 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 96% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.
(b)  Effective October 12, 2016, STIC Prime Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

36                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Treasury Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     49,873,953,809      $ 49,873,953,809        37,473,899,000      $ 37,473,899,000  

Private Investment Class

     721,092,411        721,092,411        1,884,005,414        1,884,005,414  

Personal Investment Class

     485,120,727        485,120,727        980,594,144        980,594,144  

Cash Management Class

     1,054,669,980        1,054,669,980        14,484,295,170        14,484,295,170  

Reserve Class

     133,540,692        133,540,692        316,250,840        316,250,840  

Resource Class

     237,666,579        237,666,579        575,238,582        575,238,582  

Corporate Class

     4,935,948,006        4,935,948,006        20,782,139,048        20,782,139,048  

Issued as reinvestment of dividends:

           

Institutional Class

     4,721,818        4,721,818        5,368,737        5,368,737  

Private Investment Class

     51,815        51,815        43,130        43,130  

Personal Investment Class

     56,509        56,509        76,479        76,479  

Cash Management Class

     299,878        299,878        266,775        266,775  

Reserve Class

     77,366        77,366        50,478        50,478  

Resource Class

     86,698        86,698        52,190        52,190  

Corporate Class

     1,035,739        1,035,739        1,013,151        1,013,151  

Reacquired:

           

Institutional Class

     (52,438,923,991 )       (52,438,923,991 )       (25,461,345,619 )       (25,461,345,619 ) 

Private Investment Class

     (739,061,970 )       (739,061,970 )       (1,785,155,449 )       (1,785,155,449 ) 

Personal Investment Class

     (456,996,481 )       (456,996,481 )       (1,019,901,833 )       (1,019,901,833 ) 

Cash Management Class

     (1,081,311,269 )       (1,081,311,269 )       (19,385,255,307 )       (19,385,255,307 ) 

Reserve Class

     (136,131,511 )       (136,131,511 )       (192,784,445 )       (192,784,445 ) 

Resource Class

     (263,096,870 )       (263,096,870 )       (416,845,909 )       (416,845,909 ) 

Corporate Class

     (5,192,149,747 )       (5,192,149,747 )       (21,380,519,385 )       (21,380,519,385 ) 

Net increase (decrease) in share activity

     (2,859,349,812 )     $ (2,859,349,812 )       6,861,485,191      $ 6,861,485,191  

 

(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. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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, 24% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

37                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Government & Agency Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     93,762,456,439      $ 93,762,456,439        54,569,434,166      $ 54,569,434,166  

Private Investment Class

     710,764,705        710,764,705        1,458,232,071        1,458,232,071  

Personal Investment Class

     38,924,434        38,924,434        71,882,635        71,882,635  

Cash Management Class

     422,434,849        422,434,849        2,062,748,073        2,062,748,073  

Reserve Class

     594,159,166        594,159,166        713,745,281        713,745,281  

Resource Class

     1,525,352,649        1,525,352,649        678,959,358        678,959,358  

Corporate Class

     2,236,255,213        2,236,255,213        3,670,809,701        3,670,809,701  

Issued as reinvestment of dividends:

           

Institutional Class

     4,862,405        4,862,405        1,972,829        1,972,829  

Private Investment Class

     98,906        98,906        116,496        116,496  

Personal Investment Class

     3,711        3,711        —        —  

Cash Management Class

     112,181        112,181        59,978        59,978  

Reserve Class

     192,197        192,197        149,381        149,381  

Resource Class

     176,761        176,761        16,833        16,833  

Corporate Class

     405,059        405,059        458,600        458,600  

Reacquired:

           

Institutional Class

     (82,316,893,656 )       (82,316,893,656 )       (48,074,652,770 )       (48,074,652,770 ) 

Private Investment Class

     (615,611,634 )       (615,611,634 )       (1,540,033,287 )       (1,540,033,287 ) 

Personal Investment Class

     (29,349,467 )       (29,349,467 )       (101,542,126 )       (101,542,126 ) 

Cash Management Class

     (431,951,883 )       (431,951,883 )       (2,135,548,904 )       (2,135,548,904 ) 

Reserve Class

     (516,753,442 )       (516,753,442 )       (705,534,953 )       (705,534,953 ) 

Resource Class

     (1,253,290,436 )       (1,253,290,436 )       (681,193,977 )       (681,193,977 ) 

Corporate Class

     (2,233,415,104 )       (2,233,415,104 )       (3,986,002,279 )       (3,986,002,279 ) 

Net increase in share activity

     11,898,933,053      $ 11,898,933,053        6,004,077,106      $ 6,004,077,106  

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 16% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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, 29% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

38                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Treasury Obligations Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     1,562,141,539      $ 1,562,141,539        475,968,821      $ 475,968,821  

Private Investment Class

     1,583,283        1,583,283        9,868,856        9,868,856  

Personal Investment Class

     1,567,680        1,567,680        11,195,355        11,195,355  

Cash Management Class

     —        —        37,314,802        37,314,802  

Reserve Class

     102,470,204        102,470,204        142,035,205        142,035,205  

Resource Class

     118        118        196        196  

Corporate Class

     659,929        659,929        14,372,709        14,372,709  

Issued as reinvestment of dividends:

           

Institutional Class

     20,345        20,345        43,479        43,479  

Private Investment Class

     1,337        1,337        2,495        2,495  

Cash Management Class

     3,678        3,678        42,181        42,181  

Reserve Class

     30,715        30,715        48,377        48,377  

Resource Class

     —        —        2,027        2,027  

Corporate Class

     272        272        3,097        3,097  

Reacquired:

           

Institutional Class

     (396,530,564 )       (396,530,564 )       (460,430,932 )       (460,430,932 ) 

Private Investment Class

     (6,496,263 )       (6,496,263 )       (9,693,605 )       (9,693,605 ) 

Personal Investment Class

     (4,130,480 )       (4,130,480 )       (10,542,968 )       (10,542,968 ) 

Cash Management Class

     (29,772,973 )       (29,772,973 )       (50,990,557 )       (50,990,557 ) 

Reserve Class

     (61,768,961 )       (61,768,961 )       (111,325,505 )       (111,325,505 ) 

Resource Class

     —        —        (2,180,158 )       (2,180,158 ) 

Corporate Class

     (3,593,973 )       (3,593,973 )       (39,442,015 )       (39,442,015 ) 

Net increase in share activity

     1,166,185,886      $ 1,166,185,886        6,291,860      $ 6,291,860  

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 10% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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, 87% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

39                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Tax-Free Cash Reserve Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     147,610,254      $ 147,610,254        1,024,153,591      $ 1,024,153,591  

Private Investment Class

     16,047,764        16,047,764        41,102,729        41,102,729  

Personal Investment Class

     2,004,667        2,004,667        2,880,498        2,880,498  

Cash Management Class

     34,034,380        34,034,380        51,239,007        51,239,007  

Reserve Class

     31,658,070        31,658,070        53,662,145        53,662,145  

Resource Class

     34,216        34,216        80,556        80,556  

Corporate Class

     32,101        32,101        1,175,406        1,175,406  

Issued as reinvestment of dividends:

           

Institutional Class

     92,655        92,655        70,780        70,780  

Private Investment Class

     27,549        27,549        15,014        15,014  

Personal Investment Class

     2,395        2,395        11        11  

Cash Management Class

     57,862        57,862        13,782        13,782  

Reserve Class

     31,962        31,962        14,449        14,449  

Resource Class

     3,816        3,816        1,634        1,634  

Corporate Class

     73        73        1,040        1,040  

Reacquired:

           

Institutional Class

     (502,445,328 )       (502,445,328 )       (1,029,467,949 )       (1,029,467,949 ) 

Private Investment Class

     (20,962,837 )       (20,962,837 )       (47,119,202 )       (47,119,202 ) 

Personal Investment Class

     (2,401,376 )       (2,401,376 )       (4,107,324 )       (4,107,324 ) 

Cash Management Class

     (29,070,563 )       (29,070,563 )       (71,598,855 )       (71,598,855 ) 

Reserve Class

     (31,714,458 )       (31,714,458 )       (53,916,442 )       (53,916,442 ) 

Resource Class

     (418,485 )       (418,485 )       (2,197,792 )       (2,197,792 ) 

Corporate Class

     (32,104 )       (32,104 )       (27,621,656 )       (27,621,656 ) 

Net increase (decrease) in share activity

     (355,407,387 )     $ (355,407,387 )       (61,618,578 )     $ (61,618,578 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 87% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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.

 

40                         Short-Term  Investments Trust

NOTE 10—Financial Highlights

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

Private Investment Class

 

     Net asset
value,
beginning
of period		     Net
investment
income(a)		     Net gains
(losses)
on securities
(both
realized and
unrealized)		     Total from
investment
operations		     Dividends
from net
investment
income		     Distributions
from net
realized
gains		     Total
distributions		     Net asset
value, end
of period		     Total
return(b)		     Net assets,
end of period
(000’s omitted)		     Ratio of
expenses
to average
net assets
with fee waivers
and/or expense
reimbursements		     Ratio of
expenses
to average net
assets without
fee waivers
and/or expense
reimbursements		     Ratio of net
investment
income
to average
net assets		  

Liquid Assets Portfolio

 

Six months ended 02/28/17

   $ 1.00     $ 0.0007     $ 0.0014     $ 0.0021     $ (0.0013 )    $ (0.0005 )    $ (0.0018 )    $ 1.0003       0.19 %    $ 10,806       0.47 %(c)      0.53 %(c)      0.14 %(c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.02       345,211       0.19       0.67       0.02  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.02       370,059       0.24       0.67       0.02  

Year ended 08/31/12

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.02       372,458       0.27       0.68       0.02  

STIC Prime Portfolio

 

                

Six months ended 02/28/17

     1.00       0.0012       0.00       0.0012       (0.0012 )      —       (0.0012 )      1.0000       0.12       2,158       0.37 (c)      0.56 (c)      0.25 (c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.08       152,133       0.06       0.69       0.08  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.06       166,612       0.12       0.69       0.07  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.07       159,750       0.15       0.70       0.05  

Treasury Portfolio

 

Six months ended 02/28/17

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.05       542,128       0.38 (c)      0.50 (c)      0.10 (c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.01       524,576       0.04       0.67       0.02  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.02       583,020       0.09       0.68       0.02  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.03       808,131       0.08       0.68       0.02  

Government & Agency Portfolio

 

Six months ended 02/28/17

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.07       436,121       0.36 (c)      0.45 (c)      0.15 (c) 

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  

Year ended 08/31/14

     1.00       0.00       —       0.00       (0.00 )      —       (0.00 )      1.00       0.02       347,046       0.06       0.63       0.02  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.03       358,383       0.11       0.64       0.02  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.02       382,019       0.10       0.63       0.03  

Treasury Obligations Portfolio

 

Six months ended 02/28/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.06       1,249       0.24 (c)      0.47 (c)      0.19 (c) 

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  

Year ended 08/31/14

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.04       15,580       0.02       0.79       0.03  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.03       20,036       0.06       0.70       0.03  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.03       38,426       0.07       0.72       0.02  

Tax-Free Cash Reserve Portfolio

 

Six months ended 02/28/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.17       19,582       0.37 (c)      0.62 (c)      0.33 (c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.05       34,276       0.04       0.80       0.04  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.06       52,446       0.10       0.80       0.06  

Year ended 08/31/12

     1.00       0.00       —       0.00       (0.00 )      —       (0.00 )      1.00       0.06       95,843       0.13       0.80       0.06  

 

(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 annualized and based on average daily net assets (000’s omitted) of $59,683, $12,024, $535,937, $475,000, $2,553 and $20,467 for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio and Tax-Free Cash Reserve Portfolio, respectively.

 

41                         Short-Term  Investments Trust

Calculating your ongoing Fund expenses

Example

As a shareholder in the Private Investment Class, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2016 through February 28, 2017.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 

Private Investment Class    Beginning
Account Value
(09/01/16)		      ACTUAL      HYPOTHETICAL
(5% annual return before
expenses)		      Annualized
Expense
Ratio		  
      Ending
Account Value
(02/28/17)1		      Expenses
Paid During
Period2		     

Ending

Account Value
(02/28/17)

      Expenses
Paid During
Period2		     

Liquid Assets Portfolio

    $ 1,000.00      $ 1,001.90      $ 2.33      $ 1,022.46      $ 2.36        0.47 % 

STIC Prime Portfolio

      1,000.00        1,001.20        1.84        1,022.96        1.86        0.37  

Treasury Portfolio

      1,000.00        1,000.50        1.88        1,022.91        1.91        0.38  

Government & Agency Portfolio

      1,000.00        1,000.70        1.79        1,023.01        1.81        0.36  

Treasury Obligations Portfolio

      1,000.00        1,000.60        1.19        1,023.60        1.20        0.24  

Tax-Free Cash Reserve Portfolio

      1,000.00        1,001.70        1.84        1,022.96        1.86        0.37  

 

1  The actual ending account value is based on the actual total return of the Funds for the period September 1, 2016, through February 28, 2017, 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 181/365 to reflect the most recent fiscal half year.

 

42                         Short-Term  Investments Trust

 

 

 

 

Invesco mailing information

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

 

 

Important notice regarding delivery of security holder documents

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

 

 

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-Q filings on the SEC website, sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov.

The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

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

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

    LOGO

 

SEC file numbers: 811-02729 and 002-58287                            Invesco Distributors,  Inc.         CM-STIT-SAR-5        04182017    1018

LOGO

 

Semiannual Report to Shareholders    February 28, 2017

 

 

Personal Investment Class

Short-Term Investments Trust (STIT)

Liquid Assets Portfolio

STIC Prime Portfolio

Treasury Portfolio

Government & Agency Portfolio

Treasury Obligations Portfolio

Tax-Free Cash Reserve Portfolio

 

LOGO

 

 

 

2 Fund Data

 

3 Letters to Shareholders

 

4 Schedule of Investments

 

24 Financial Statements

 

29 Notes to Financial Statements

 

41 Financial Highlights

 

42 Fund Expenses

 

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including fees and expenses. Investors should read it carefully before investing.

Unless otherwise stated, information presented in this report is as of February 28, 2017, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.

 

 

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

 

 

Fund Data

 

Personal Investment Class data as of 2/28/17  

FUND

 

WEIGHTED

AVERAGE

MATURITY

        WEIGHTED
AVERAGE
LIFE		     

        TOTAL        

NET

ASSETS

  
    

  Range

  During

  Reporting

  Period

       

  At

  Reporting
  Period

  End

       

At
        Reporting        
Period

End

          
Liquid Assets1     3 - 32 days          21 days        39 days        $304.9 thousand   
STIC Prime1     3 - 19 days          11 days        11 days        622.1 thousand   
Treasury2     37 - 54 days          44 days        104 days        151.0 million        
Government & Agency2     32 - 50 days          37 days        111 days        17.1 million        
Treasury Obligations2     15 - 58 days          49 days        100 days        44.6 thousand   
Tax-Free Cash Reserve3     10 - 19 days          11 days        15 days        2.0 million        

 

Weighted average maturity (WAM) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes.

    Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.

 

 

 

1 You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
2 You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
3 You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

 

2                          Short-Term Investments Trust

 

Letters to Shareholders

 

LOGO

      Bruce Crockett  

       

Dear Fellow Shareholders:

As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

          We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

 

 

 

 

LOGO

      Philip Taylor   

       

Dear Shareholders:

Money market investors cheered when the US Federal Reserve (the Fed) unanimously raised its federal funds target rate in December 2016 – just the second increase since 2006. The Fed raised this key rate from a range of 0.25% to 0.50% to a range of 0.50% to 0.75%.1

    The Fed’s decision was based on evidence of a strengthening US economy – specifically, a stronger labor market and inflation moving closer to the Fed’s target levels. Fed-watchers suggested that a strengthening US economy, as well as the proposed spending, tax and regulatory policies of the Trump administration, could cause the Fed to accelerate future interest rate hikes. Raising rates sooner rather than later would provide the Fed with greater dexterity to respond to higher-than-projected economic growth in the future.

          At the close of the reporting period, most major global economies continued to maintain interest rates at, near or below zero in an effort to fuel inflation and spur economic growth. Many major central banks, including the European Central Bank, the Bank of England and the Bank of Japan, all cut rates during 2016.

    During the reporting period, the US money market fund industry fully implemented reform measures in October that had been announced by the US Securities and Exchange Commission in 2014. Invesco is pleased to report that we successfully implemented required money market reform policies on October 12, 2016.

    For Invesco’s money market fund professionals, safety is of paramount importance in the investment process. Their conservative investment philosophy has always focused on providing principal preservation, liquidity, and return – in that order – to our money market fund investors. Thank you for investing with us.

Sincerely,

    

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

1 Source: US Federal Reserve

 

3                          Short-Term Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Liquid Assets Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Commercial Paper–36.86%(a)

 

        
Asset-Backed Securities — Fully Supported–6.53%          

Bennington Stark Capital Co., LLC (CEP–Societe Generale S.A.)(b)(c)

     0.90 %      03/06/2017      $ 6,000      $ 5,999,289  

Bennington Stark Capital Co., LLC (CEP–Societe Generale S.A.)(b)(c)

     1.15 %      04/07/2017        5,000        4,995,661  

Kells Funding LLC (CEP–FMS Wertmanagement)(c)

     1.00 %      05/26/2017        5,000        4,987,917  

Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)

     1.43 %      07/05/2017        5,000        4,979,186  
         20,962,053  
Asset-Backed Securities — Fully Supported Bank–16.52%          

Anglesea Funding LLC (Multi–CEP’s)(b)(c)

     0.93 %      04/10/2017        5,000        4,995,239  

Anglesea Funding LLC (Multi–CEP’s)(b)(c)

     1.10 %      04/03/2017        5,000        4,996,203  

Cancara Asset Securitisation LLC (CEP–Lloyds Bank PLC)(c)

     1.10 %      04/07/2017        5,000        4,995,662  

Cedar Springs Capital Co. LLC (CEP–UBS AG)(b)(c)

     0.82 %      03/01/2017        4,578        4,577,886  

Ebury Finance LLC (Multi–CEP’s)(b)(c)

     0.70 %      03/01/2017        7,500        7,499,856  

Institutional Secured Funding Ltd. (Multi–CEP’s)(b)(c)

     0.90 %      03/06/2017        5,000        4,999,407  

Manhattan Asset Funding Co., LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c)

     0.94 %      03/03/2017        5,000        4,999,709  

Matchpoint Finance PLC (CEP–BNP Paribas S.A.)(b)(c)

     0.95 %      03/09/2017        7,000        6,998,597  

Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c)

     0.80 %      03/14/2017        5,000        4,998,559  

Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c)

     0.80 %      03/28/2017        4,000        3,997,548  
         53,058,666  
Asset-Backed Securities — Multi-Purpose–1.55%          

Versailles Commercial Paper LLC(b)

     1.08 %      05/16/2017        5,000        4,986,846  
Diversified Banks–9.49%          

Bank of Nova Scotia(b)(c)

     1.08 %      04/13/2017        3,000        2,997,261  

BPCE S.A.(b)(c)

     1.21 %      05/09/2017        6,000        5,990,224  

Erste Abwicklungsanstalt(b)(c)(d)

     1.13 %      03/21/2017        5,000        5,001,255  

Mizuho Bank, Ltd.(c)

     1.08 %      04/13/2017        5,000        4,995,465  

National Bank of Abu Dhabi PJSC(b)(c)

     0.76 %      03/07/2017        7,500        7,499,074  

NRW Bank(b)(c)

     1.05 %      04/18/2017        4,000        3,995,949  
         30,479,228  
Other Diversified Financial Services–0.93%          

ABN AMRO Funding USA LLC(b)(c)

     1.07 %      06/07/2017        3,000        2,990,480  
Regional Banks–1.09%          

ASB Finance Ltd.(b)(c)

     1.00 %      06/01/2017        3,500        3,491,881  
Specialized Finance–0.75%          

CDP Financial Inc.(c)

     0.96 %      04/05/2017        2,400        2,398,404  

Total Commercial Paper (Cost $118,350,414)

                               118,367,558  

Variable Rate Demand Notes–24.06%(e)

          
Credit Enhanced–24.06%          

Aledo Independent School District; Series 2006 A, VRD School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program)

     0.67 %      08/01/2035        2,212        2,212,000  

Capital Markets Access Co. LC (SEUP Real Estate LLC); Series 2008, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f)

     0.75 %      07/01/2038        4,445        4,445,000  

Columbus (City of), Ohio Regional Airport Authority (FlightSafety International Inc.); Series 2015 A, VRD RB (CEP–Berkshire Hathaway Inc.)

     0.68 %      04/01/2035        10,000        10,000,000  

 

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

 

4                         Short-Term  Investments Trust

Liquid Assets Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Credit Enhanced–(continued)          

EagleBend Affordable Housing Corp.; Series 2006 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(f)

     0.66 %      07/01/2021      $ 881      $ 881,000  

Illinois (State of) Finance Authority (James Jordan Boys & Girls Club & Family Life Center); Series 1995, VRD RB (LOC–Bank of America, N.A.)(f)

     0.74 %      08/01/2030        4,700        4,700,000  

Indiana (State of) Finance Authority (Ispat Inland Inc.); Series 2005, Ref. VRD Environmental Improvement RB (LOC–Rabobank Nederland)(c)(f)

     0.70 %      06/01/2035        3,590        3,590,000  

Jets Stadium Development, LLC; Series 2014 A-4B, VRD Bonds (LOC–Sumitomo Mitsui Banking Corp.)(b)(c)(f)

     0.74 %      04/01/2047        9,600        9,599,999  

Maricopa (County of), Arizona Industrial Development Authority (Gran Victoria Housing LLC); Series 2000 A, VRD MFH RB (CEP–FNMA)

     0.66 %      04/15/2030        140        140,000  

Massachusetts (State of) Development Finance Agency (Milton Academy); Series 2009 B, VRD Taxable RB (LOC–TD Bank, N.A.)(f)

     0.77 %      03/01/2039        10,055        10,055,000  

Memphis (City of), Tennessee Health, Educational and Housing Facility Board (Ashland Lakes Apartments); Series 2006 A, VRD MFH RB (LOC–U.S. Bank, N.A.)(f)

     0.71 %      08/01/2041        9,000        9,000,000  

Minnetonka (City of), Minnesota (Minnetonka Hills Apartments); Series 2001, Ref. VRD MFH RB (CEP–FNMA)

     0.73 %      11/15/2031        2,285        2,285,000  

New York (State of) Housing Finance Agency (605 West 42nd Street Housing);

          

Series 2014 A, VRD RB (LOC–Bank of China Ltd.)(f)

     0.76 %      05/01/2048        7,100        7,100,000  

Series 2014 B, VRD RB (LOC–Bank of China Ltd.)(f)

     1.10 %      05/01/2048        1,200        1,200,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2014 B, VRD RB (LOC–Bank of China Ltd.)(f)

     1.19 %      11/01/2049        4,000        4,000,000  

Pinellas (County of), Florida Health Facilities Authority (Baycare Health System); Series 2009 A-2, VRD Health System RB (LOC–Northern Trust Co. (The))(f)

     0.65 %      11/01/2038        5,945        5,945,000  

S&L Capital, LLC (J&L Development of Holland, LLC); Series 2005 A, VRD Taxable Notes (LOC–FHLB of Indianapolis)(f)

     0.90 %      07/01/2040        1,820        1,820,000  

University of Southern Indiana; Series 1999 G, VRD Student Fee RB (LOC–JPMorgan Chase Bank, N.A.)(f)

     0.66 %      10/01/2019        310        310,000  

Total Variable Rate Demand Notes (Cost $77,282,999)

                               77,282,999  

Certificates of Deposit–13.96%

          

Canadian Imperial Bank of Commerce(c)(d)

     1.23 %      07/21/2017        4,000        4,002,975  

DZ Bank AG Deutsche Zentral-Genossenschaftsbank(c)(d)

     1.46 %      10/25/2017        8,000        8,018,158  

Mitsubishi UFJ Trust & Banking Corp.(c)

     1.10 %      04/13/2017        5,000        5,001,933  

Nordea Bank AB(c)

     0.56 %      03/01/2017        11,811        11,811,488  

Norinchukin Bank (The)(b)(c)

     1.03 %      05/16/2017        7,000        7,001,291  

Wells Fargo Bank, N.A.(d)

     1.32 %      01/19/2018        5,000        5,005,580  

Westpac Banking Corp.(c)(d)

     1.28 %      01/05/2018        4,000        4,003,424  

Total Certificates of Deposit (Cost $44,811,632)

                               44,844,849  

Notes–3.74%

          

Bank of Nova Scotia, Sr. Unsec. Global Floating Rate Notes(c)(d)

     1.32 %      04/11/2017        7,000        7,003,437  

Bank of Tokyo-Mitsubishi UFJ, Ltd. (The), Sr. Unsec. Notes(b)(c)

     1.20 %      03/10/2017        5,000        5,000,621  

Total Notes (Cost $12,003,989)

                               12,004,058  

TOTAL INVESTMENTS (excluding Repurchase Agreements)–78.62% (Cost $252,449,034)

                               252,499,464  
                 Repurchase
Amount		         

Repurchase Agreements–21.49%(g)

          

BMO Capital Markets Corp., agreement dated 02/28/2017, maturing value of $5,000,106 (collateralized by domestic and foreign corporate obligations valued at $5,250,000; 0%-5.50%, 03/13/2017-09/15/2040)(c)

     0.76 %      03/01/2017        5,000,106        5,000,000  

Citigroup Global Markets Inc., open agreement dated 01/25/2017 (collateralized by foreign corporate obligations valued at $4,590,001; 0%-5.63%, 08/09/2017-02/21/2047)(h)

     1.55 %      —        —        4,500,000  

Credit Suisse Securities (USA) LLC, term agreement dated 02/22/2017, maturing value of $16,002,427 (collateralized by a domestic agency mortgage-backed security valued at $16,800,886; 0.80%, 05/25/2047)(c)(i)

     0.78 %      03/01/2017        16,002,427        16,000,000  

 

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

 

5                         Short-Term  Investments Trust

Liquid Assets Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

ING Financial Markets, LLC, agreement dated 02/28/2017, maturing value of $16,000,396 (collateralized by a domestic corporate obligation and a foreign corporate obligation valued at $17,011,891; 4.88%-6.50%, 04/30/2020-12/15/2043)(c)

     0.89 %      03/01/2017      $ 16,000,396      $ 16,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/02/2017, maturing value of $7,500,000 (collateralized by a domestic corporate obligation valued at $7,875,001; 0%, 03/01/2017)

     1.58 %      05/03/2017        7,500,000        7,500,000  

RBC Capital Markets LLC, term agreement dated 02/22/2017, maturing value of $15,000,000 (collateralized by municipal obligations valued at $15,750,000; 0%-5.25%, 05/01/2022-05/15/2115)(c)(i)

     0.99 %      04/21/2017        15,000,000        15,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2017, maturing value of $5,000,106 (collateralized by foreign corporate obligations valued at $5,100,000; 1.13%-2.75%, 04/12/2019-01/19/2027)

     0.76 %      03/01/2017        5,000,106        5,000,000  

Total Repurchase Agreements (Cost $69,000,000)

                               69,000,000  

TOTAL INVESTMENTS(j)(k)–100.11% (Cost $321,449,034)

                               321,499,464  

OTHER ASSETS LESS LIABILITIES–(0.11)%

                               (345,134 ) 

NET ASSETS–100.00%

                             $ 321,154,330  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

FHLB  

– Federal Home Loan Bank

FNMA  

– Federal National Mortgage Association

GO  

– General Obligation

LOC  

– Letter of Credit

MFH  

– Multi-Family Housing

RB  

– Revenue Bonds

Ref.  

– Refunding

Sr.  

– Senior

Unsec.  

– Unsecured

VRD  

– Variable Rate Demand

 

 

Notes to Schedule of Investments:

 

(a)  Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2017 was $122,592,021, which represented 38.17% 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: Netherlands: 11.7%; Japan: 11.4%; Canada: 11.3%; France: 9.0%; Germany: 6.9%; Switzerland: 6.4%; other countries less than 5% each: 15.0%.
(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(e)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(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)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(i)  The Fund may demand prepayment of the term repurchase agreement upon one to seven business days notice depending on the timing of the demand.
(j)  Also represents cost for federal income tax purposes.
(k)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     56.5 % 

8-30

     8.1  

31-60

     14.4  

61-90

     9.5  

91-180

     6.2  

181+

     5.3  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

6                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

STIC Prime Portfolio                           
     Interest
Rate		      Maturity
Date		      Principal
Amount
(000)		     
Value		  

Commercial Paper–45.49%(a)

 

         
Asset-Backed Securities — Fully Supported–12.60%           

Bennington Stark Capital Co., LLC (CEP–Societe Generale S.A.)(b)(c)

     0.90 %       03/06/2017      $ 18,000      $ 17,997,867  

Kells Funding LLC (CEP–FMS Wertmanagement)(c)

     0.90 %       03/17/2017        8,000        7,997,273  

Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)

     0.90 %       03/01/2017        15,000        14,999,712  
         40,994,852  
Asset-Backed Securities — Fully Supported Bank–17.44%           

Albion Capital LLC (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(b) (c)

     0.90 %       04/20/2017        6,000        5,993,880  

Anglesea Funding LLC (Multi–CEP’s)(b)(c)

     0.98 %       03/03/2017        15,000        14,999,169  

Institutional Secured Funding Ltd. (Multi–CEP’s)(b)(c)

     0.90 %       03/06/2017        10,000        9,998,815  

Manhattan Asset Funding Co., LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c)

     0.94 %       03/03/2017        15,000        14,999,126  

Regency Markets No. 1 LLC (CEP–HSBC Bank PLC) (b)(c)

     0.80 %       03/14/2017        5,000        4,998,559  

Working Capital Management Co., L.P. (CEP–Mizuho Corporate Bank, Ltd.)(b)(c)

     0.82 %       03/23/2017        5,760        5,757,159  
         56,746,708  
Asset-Backed Securities — Multi-Purpose–8.10%           

Chariot Funding LLC(b)

     0.82 %       03/06/2017        4,000        3,999,526  

CRC Funding LLC(b)

     0.87 %       03/01/2017        5,357        5,356,897  

Nieuw Amsterdam Receivables Corp.(b)(c)

     0.84 %       03/09/2017        10,000        9,998,258  

Versailles Commercial Paper LLC(b)

     0.90 %       04/24/2017        7,000        6,987,937  
         26,342,618  
Diversified Banks–7.35%           

DBS Bank Ltd.(b)(c)

     0.86 %       04/10/2017        10,000        9,991,994  

J.P. Morgan Securities LLC

     0.86 %       03/03/2017        3,925        3,924,784  

NRW Bank(b)(c)

     0.81 %       04/03/2017        10,000        9,993,039  
         23,909,817  

Total Commercial Paper (Cost $147,992,975)

 

      147,993,995  

Variable Rate Demand Notes–19.75%(d)

           
Credit Enhanced–19.75%           

A Mining Group, LLC; Series 2006, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(e)

     0.85 %       06/01/2029        4,235        4,235,000  

Appleton (City of), Wisconsin (Great Northern Corp.); Series 2002 A, VRD IDR
(LOC–Wells Fargo Bank, N.A.)(e)

     0.81 %       09/01/2019        4,500        4,500,000  

Boulder (County of), Colorado (Imagine!); Series 2006, VRD RB (LOC–Wells Fargo Bank, N.A.)(e)

     0.72 %       02/01/2031        326        326,000  

Capital Area Housing Finance Corp. (Cypress Creek at River Bend Apartments); Series 2006, VRD MFH RB (LOC–Citibank N.A.)(e)

     0.72 %       10/01/2039        8,290        8,290,000  

Columbus (City of), Ohio Regional Airport Authority (FlightSafety International Inc.); Series 2015 A, VRD RB (CEP–Berkshire Hathaway Inc.)

     0.68 %       04/01/2035        3,930        3,930,000  

Fulton (County of), Georgia Development Authority (Friends of High Meadows, Inc.); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(e)

     0.72 %       01/01/2020        127        127,000  

Jets Stadium Development, LLC; Series 2007 A-4, VRD Project RB (LOC–Sumitomo Mitsui Banking Corp.)(b)(c)(e)

     0.74 %       04/01/2047        5,000        5,000,000  

Keep Memory Alive; Series 2013, VRD Taxable Bonds (LOC–PNC Bank, N.A.)(e)

     0.73 %       05/01/2037        19,980        19,980,000  

M3 Realty, LLC; Series 2007, VRD RN (LOC–General Electric Capital Corp.)(b)(e)

     0.81 %       01/01/2033        5,400        5,400,000  

 

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

 

7                         Short-Term  Investments Trust

STIC Prime Portfolio                           
     Interest
Rate		      Maturity
Date		      Principal
Amount
(000)		     
Value		  
Credit Enhanced–(continued)           

Mobile (County of), Alabama Industrial Development Authority (SSAB Alabama Inc.); Series 2010 A, VRD Recovery Zone Facility RB (LOC–Swedbank AB)(c)(e)

     0.69 %       07/01/2040      $ 5,666      $ 5,666,000  

New York (State of) Housing Finance Agency (605 West 42nd Street Housing); Series 2014 A, VRD RB (LOC–Bank of China Ltd.)(e)

     0.76 %       05/01/2048        6,800        6,800,000  

Total Variable Rate Demand Notes (Cost $64,254,000)

 

      64,254,000  

Certificates of Deposit–12.22%

           

Abbey National Treasury Services PLC(c)

     0.67 %       03/03/2017        10,000        9,999,962  

DZ Bank AG Duetsche Zentral-Genossenschaftsbank(c)

     1.03 %       04/13/2017        2,000        2,000,395  

Mitsubishi UFJ Trust and Banking Corp.(c)

     1.25 %       03/15/2017        8,200        8,201,848  

Nordea Bank AB(c)

     0.56 %       03/01/2017        4,032        4,032,448  

Norinchukin Bank (The)(c)

     1.22 %       03/27/2017        4,000        4,001,473  

Toronto-Dominion Bank (The)(c)

     0.93 %       03/02/2017        5,000        5,000,088  

Toronto-Dominion Bank (The)(c)

     1.08 %       03/17/2017        6,500        6,501,331  

Total Certificates of Deposit (Cost $39,735,790)

 

      39,737,545  

U.S. Government Sponsored Agency Securities–7.76%

           
Overseas Private Investment Corp. (OPIC)–7.76%(d)           

Unsec. Gtd. VRD COP

     0.67 %       09/15/2022        10,000        10,006,250  

Unsec. Gtd. VRD COP

     0.67 %       09/20/2022        4,000        4,002,500  

Unsec. Gtd. VRD COP

     0.68 %       05/15/2030        11,232        11,239,020  

Total U.S. Government Sponsored Agency Securities (Cost $25,232,000)

 

      25,247,770  

TOTAL INVESTMENTS (excluding Repurchase Agreements)–85.22% (Cost $277,214,765)

 

      277,233,310  
                  Repurchase
Amount		         

Repurchase Agreements–14.75%(f)

 

   

Credit Suisse Securities (USA) LLC, term agreement dated 02/22/2017, maturing value of $19,002,882 (collateralized by a domestic agency mortgage-backed security valued at $19,951,479; 0.80%, 05/25/2047)(g)

     0.78 %       03/01/2017        19,002,882        19,000,000  

ING Financial Markets, LLC, agreement dated 02/28/2017, maturing value of $10,000,247 (collateralized by a domestic agency mortgage-backed security and a domestic corporate obligation valued at $10,363,095; 0.88%-4.88%, 10/26/2017-12/15/2043)

     0.89 %       03/01/2017        10,000,247        10,000,000  

RBC Capital Markets LLC, term agreement dated 02/22/2017, maturing value of $19,000,000 (collateralized by municipal obligations valued at $19,950,001; 0.66%-8.22%, 10/01/2021-05/15/2115)(g)

     0.99 %       04/21/2017        19,000,000        19,000,000  

Total Repurchase Agreements (Cost $48,000,000)

                                48,000,000  

TOTAL INVESTMENTS(h)(i)–99.97% (Cost $325,214,765)

 

      325,233,310  

OTHER ASSETS LESS LIABILITIES–0.03%

 

      110,723  

NET ASSETS–100.00%

 

    $ 325,344,033  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

COP  

– Certificates of Participation

Gtd.  

– Guaranteed

IDR  

– Industrial Development Revenue Bonds

LOC  

– Letter of Credit

MFH  

– Multi-Family Housing

RB  

– Revenue Bonds

RN  

– Revenue Notes

Unsec.  

– Unsecured

VRD  

– Variable Rate Demand

 

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

 

8                         Short-Term  Investments Trust

STIC Prime Portfolio

Notes to Schedule of Investments:

 

(a)  Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  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 February 28, 2017 was $146,471,938, which represented 45.02% 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: Netherlands: 13.8%; Japan: 13.5%; France: 10.1%; Canada: 9.4%; Germany: 6.2%; Switzerland: 5.8%; other countries less than 5% each: 10.7%.
(d)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(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)  Also represents cost for federal income tax purposes.
(i)  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  

Sumitomo Mitisui Banking Corp.

      6.2 % 

PNC Bank, N.A.

      6.1  

Societe Generale S.A.

      5.5  

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     71.2 % 

8-30

     18.0  

31-60

     10.8  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

9                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Treasury Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–48.14%

          
U.S. Treasury Bills–26.97%(a)          

U.S. Treasury Bills

     0.50 %      04/13/2017      $ 300,000      $ 299,822,625  

U.S. Treasury Bills

     0.59 %      04/27/2017        124,000        123,887,010  

U.S. Treasury Bills

     0.62 %      05/18/2017        400,000        399,475,456  

U.S. Treasury Bills

     0.61 %      05/25/2017        300,000        299,578,541  

U.S. Treasury Bills

     0.63 %      05/25/2017        400,000        399,416,452  

U.S. Treasury Bills

     0.64 %      06/08/2017        116,510        116,313,640  

U.S. Treasury Bills

     0.66 %      06/15/2017        400,000        399,239,966  

U.S. Treasury Bills

     0.64 %      06/22/2017        400,000        399,208,372  

U.S. Treasury Bills

     0.65 %      06/22/2017        500,000        498,991,633  

U.S. Treasury Bills

     0.66 %      06/29/2017        100,000        99,785,000  

U.S. Treasury Bills

     0.67 %      06/29/2017        34,720        34,643,616  

U.S. Treasury Bills

     0.65 %      07/06/2017        298,000        297,331,604  

U.S. Treasury Bills

     0.66 %      07/06/2017        147,000        146,664,736  

U.S. Treasury Bills

     0.61 %      07/13/2017        295,000        294,340,068  

U.S. Treasury Bills

     0.62 %      07/13/2017        50,000        49,887,403  

U.S. Treasury Bills

     0.61 %      07/20/2017        115,000        114,729,750  

U.S. Treasury Bills

     0.63 %      08/03/2017        250,000        249,332,101  

U.S. Treasury Bills

     0.65 %      08/10/2017        300,000        299,142,751  

U.S. Treasury Bills

     0.65 %      08/17/2017        550,000        548,355,067  

U.S. Treasury Bills

     0.68 %      08/31/2017        300,000        298,983,834  
                                5,369,129,625  
U.S. Treasury Notes–21.17%          

U.S. Treasury Floating Rate Notes(b)

     0.68 %      10/31/2017        706,250        706,137,691  

U.S. Treasury Floating Rate Notes(b)

     0.79 %      01/31/2018        300,000        300,104,296  

U.S. Treasury Floating Rate Notes(b)

     0.71 %      04/30/2018        664,000        664,063,866  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      07/31/2018        429,240        429,238,590  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      10/31/2018        695,000        694,867,073  

U.S. Treasury Notes

     0.50 %      04/30/2017        176,000        175,995,050  

U.S. Treasury Notes

     0.88 %      04/30/2017        150,000        150,088,871  

U.S. Treasury Notes

     2.75 %      05/31/2017        200,000        201,090,104  

U.S. Treasury Notes

     0.63 %      06/30/2017        200,000        199,977,705  

U.S. Treasury Notes

     2.50 %      06/30/2017        200,000        201,251,101  

U.S. Treasury Notes

     0.63 %      09/30/2017        200,000        199,848,721  

U.S. Treasury Notes

     1.88 %      09/30/2017        291,110        292,998,928  
                                4,215,661,996  

Total U.S. Treasury Securities (Cost $9,584,791,621)

                               9,584,791,621  

TOTAL INVESTMENTS (excluding Repurchase Agreements)–48.14% (Cost $9,584,791,621)

                               9,584,791,621  
                 Repurchase
Amount		         

Repurchase Agreements–53.35%(c)

          

ABN AMRO Bank N.V., agreement dated 02/28/2017, maturing value of $600,008,833 (collateralized by U.S. Treasury obligations valued at $612,000,178; 0.50%-3.13%, 03/31/2017-05/15/2026)

     0.53 %      03/01/2017        600,008,833        600,000,000  

 

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

 

10                         Short-Term  Investments Trust

Treasury Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

ABN AMRO Bank N.V., term agreement dated 01/10/2017, maturing value of $250,229,444 (collateralized by U.S. Treasury obligations valued at $255,000,408; 0.13%-2.63%, 08/31/2018-05/15/2026)

     0.56 %      03/10/2017      $ 250,229,444      $ 250,000,000  

Bank of Montreal, joint term agreement dated 02/10/2017, aggregate maturing value of $300,265,500 (collateralized by U.S. Treasury obligations valued at $306,000,037; 0.75%-4.25%, 01/31/2018-05/15/2044)(d)

     0.54 %      04/10/2017        150,132,750        150,000,000  

Bank of Montreal, joint term agreement dated 02/23/2017, aggregate maturing value of $635,834,496 (collateralized by U.S. Treasury obligations valued at $647,700,025; 0.63%-3.63%, 07/31/2017-08/15/2043)(d)

     0.57 %      05/17/2017        115,151,129        115,000,000  

Bank of Montreal, term agreement dated 01/30/2017, maturing value of $500,688,750 (collateralized by U.S. Treasury obligations valued at $510,000,002; 0.75%-3.63%, 03/31/2017-08/15/2044)(d)

     0.57 %      04/27/2017        500,688,750        500,000,000  

Bank of Montreal, term agreement dated 02/10/2017, maturing value of $150,077,292 (collateralized by U.S. Treasury obligations valued at $153,000,054; 1.38%-3.50%, 03/31/2017-11/15/2046)(d)

     0.53 %      03/17/2017        150,077,292        150,000,000  

Bank of Montreal, term agreement dated 02/22/2017, maturing value of $200,233,333 (collateralized by U.S. Treasury obligations valued at $204,000,055; 1.25%-3.63%, 08/31/2017-04/15/2028)(d)

     0.56 %      05/08/2017        200,233,333        200,000,000  

BNP Paribas Securities Corp., agreement dated 02/28/2017, maturing value of $600,009,167 (collateralized by U.S. Treasury obligations valued at $600,019,151; 0.13%, 04/15/2017)

     0.55 %      03/01/2017        600,009,167        600,000,000  

CIBC World Markets Corp., joint agreement dated 02/28/2017, aggregate maturing value of $1,350,019,500 (collateralized by U.S. Treasury obligations valued at $1,383,331,253; 0.13%-8.75%, 03/15/2017-02/15/2047)

     0.52 %      03/01/2017        579,534,169        579,525,798  

Citigroup Global Markets Inc., term agreement dated 02/23/2017, maturing value of $500,049,583 (collateralized by U.S. Treasury obligations valued at $510,000,000;
0%-7.63%, 03/31/2018-08/15/2036)(d)

     0.51 %      03/02/2017        500,049,583        500,000,000  

Citigroup Global Markets Inc., agreement dated 02/28/2017, maturing value of $400,005,778 (collateralized by U.S. Treasury obligations valued at $408,000,001; 0.63%-7.63%, 05/31/2017-02/15/2025)

     0.52 %      03/01/2017        400,005,778        400,000,000  

Credit Agricole Corp. & Investment Bank, agreement dated 02/28/2017, maturing value of $200,002,889 (collateralized by a U.S. Treasury obligation valued at $204,000,005; 3.00%, 11/15/2044)

     0.52 %      03/01/2017        200,002,889        200,000,000  

Credit Agricole Corp. & Investment Bank, term agreement dated 01/03/2017, maturing value of $200,186,833 (collateralized by U.S. Treasury obligations valued at $204,000,089; 0.63%-1.25%, 03/31/2021-01/15/2024)(d)

     0.57 %      03/03/2017        200,186,833        200,000,000  

Credit Agricole Corp. & Investment Bank, term agreement dated 02/24/2017, maturing value of $250,025,278 (collateralized by U.S. Treasury obligations valued at $255,000,014; 1.50%-2.75%, 02/15/2019-02/15/2023)(d)

     0.52 %      03/03/2017        250,025,278        250,000,000  

Federal Reserve Bank of New York, agreement dated 02/28/2017, maturing value of $400,005,556 (collateralized by a U.S. Treasury obligation valued at $400,005,625; 3.00%, 05/15/2042)

     0.50 %      03/01/2017        400,005,556        400,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/23/2017, maturing value of $450,044,625 (collateralized by U.S. Treasury obligations valued at $458,149,703; 3.75%, 11/15/2043)(d)

     0.51 %      03/02/2017        450,044,625        450,000,000  

Metropolitan Life Insurance Co., term agreement dated 02/28/2017, maturing value of $350,038,556 (collateralized by U.S. Treasury obligations valued at $359,686,324;
0%-1.13%, 09/30/2021-11/15/2040)(d)

     0.55 %      03/07/2017        350,038,556        350,001,125  

Prudential Insurance Co. of America, agreement dated 02/28/2017, maturing value of $287,754,066 (collateralized by U.S. Treasury obligations valued at $293,991,621;
0%-2.50%; 11/15/2027-02/15/2045)

     0.54 %      03/01/2017        287,754,066        287,749,750  

Prudential Legacy Insurance Co. of America, agreement dated 02/28/2017, maturing value of $190,377,856 (collateralized by U.S. Treasury obligations valued at $194,102,100;
0%; 02/15/2022-08/15/2033)

     0.54 %      03/01/2017        190,377,856        190,375,000  

RBC Capital Markets LLC, term agreement dated 01/17/2017, maturing value of $500,443,056 (collateralized by U.S. Treasury obligations valued at $510,000,026;
1.00%-7.13%, 08/15/2018-11/15/2025)(d)

     0.55 %      03/16/2017        500,443,056        500,000,000  

RBC Capital Markets LLC, term agreement dated 02/16/2017, maturing value of $1,000,458,333 (collateralized by U.S. Treasury obligations valued at $1,016,577,459;
0%-9.00%, 03/30/2017-05/15/2046)(d)

     0.55 %      05/17/2017        1,000,458,333        1,000,000,000  

 

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

 

11                         Short-Term  Investments Trust

Treasury Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Societe Generale, joint term agreement dated 02/09/2017, aggregate maturing value of $500,240,000 (collateralized by U.S. Treasury obligations valued at $510,000,043;
0%-8.75%, 04/30/2017-05/15/2043)(d)

     0.54 %      03/13/2017      $ 435,208,800      $ 435,000,000  

Sumitomo Mitsui Banking Corp., agreement dated 02/28/2017, maturing value of $1,000,014,722 (collateralized by U.S. Treasury obligations valued at $1,020,004,676; 1.13%-1.63%, 01/31/2021-05/31/2023)

     0.53 %      03/01/2017        1,000,014,722        1,000,000,000  

TD Securities (USA) LLC, agreement dated 02/28/2017, maturing value of $300,004,333 (collateralized by U.S. Treasury obligations valued at $306,000,076; 0.50%-4.25%, 04/30/2017-02/15/2042)

     0.52 %      03/01/2017        300,004,333        300,000,000  

Wells Fargo Bank, N.A., term agreement dated 11/16/2016, maturing value of $250,879,861 (collateralized by U.S. Treasury obligations valued at $255,000,189; 2.38%-2.63%, 07/15/2017-01/15/2025)

     0.70 %      05/16/2017        250,879,861        250,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2017, maturing value of $565,008,161 (collateralized by U.S. Treasury obligations valued at $576,300,061; 1.13%-3.63%, 02/28/2019-02/15/2045)

     0.52 %      03/01/2017        565,008,161        565,000,000  

Wells Fargo Securities, LLC, term agreement dated 01/17/2017, maturing value of $200,273,889 (collateralized by U.S. Treasury obligations valued at $204,000,038;
3.00%-3.38%, 11/15/2041-02/15/2047)

     0.58 %      04/12/2017        200,273,889        200,000,000  

Total Repurchase Agreements (Cost $10,622,651,673)

                       10,622,651,673  

TOTAL INVESTMENTS(e)–101.49% (Cost $20,207,443,294)

                       20,207,443,294  

OTHER ASSETS LESS LIABILITIES–(1.49)%

 

               (296,145,850 ) 

NET ASSETS–100.00%

 

             $ 19,911,297,444  

Notes to Schedule of Investments:

 

(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(c)  Principal amount equals value at period end. See Note 1I.
(d)  The Fund may demand prepayment of the term repurchase agreement upon one to seven business days notice depending on the timing of the demand.
(e)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     48.7 % 

8-30

     1.2  

31-60

     3.1  

61-90

     8.4  

91-180

     20.9  

181+

     17.7  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

12                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Government Sponsored Agency Securities–32.26%

          
Federal Farm Credit Bank (FFCB)–2.78%          

Disc. Notes(a)

     0.57 %      03/20/2017      $ 19,000      $ 18,994,284  

Disc. Notes(a)

     0.56 %      04/04/2017        50,000        49,973,556  

Disc. Notes(a)

     0.57 %      04/18/2017        25,000        24,981,000  

Unsec. Bonds(b)

     0.78 %      05/30/2017        45,000        44,998,717  

Unsec. Bonds(b)

     0.81 %      06/20/2017        39,325        39,314,841  

Unsec. Bonds(b)

     0.81 %      07/06/2017        70,000        69,993,789  

Unsec. Bonds(b)

     0.80 %      07/14/2017        14,000        14,001,030  

Unsec. Bonds(b)

     0.92 %      07/21/2017        45,000        44,999,973  

Unsec. Bonds(b)

     0.81 %      07/25/2017        35,600        35,606,864  

Unsec. Bonds(b)

     0.76 %      08/21/2017        22,000        21,994,177  

Unsec. Bonds(b)

     0.82 %      08/29/2017        4,625        4,625,006  

Unsec. Bonds(b)

     0.82 %      11/13/2017        8,000        7,994,599  

Unsec. Bonds(b)

     0.79 %      12/27/2017        30,000        29,967,696  

Unsec. Bonds(b)

     0.80 %      01/17/2018        10,000        9,995,120  

Unsec. Bonds(b)

     0.68 %      01/22/2018        100,000        100,000,000  

Unsec. Bonds(b)

     0.85 %      02/09/2018        25,000        25,000,000  

Unsec. Bonds(b)

     0.81 %      02/26/2018        50,000        49,985,324  

Unsec. Bonds(b)

     0.90 %      03/02/2018        40,000        40,065,673  

Unsec. Bonds(b)

     0.89 %      03/21/2018        20,000        20,009,681  

Unsec. Bonds(b)

     1.04 %      05/09/2018        9,500        9,520,924  
         662,022,254  
Federal Home Loan Bank (FHLB)–26.30%          

Unsec. Bonds

     0.88 %      03/10/2017        13,155        13,156,137  

Unsec. Bonds

     0.55 %      03/21/2017        52,630        52,630,977  

Unsec. Bonds

     0.60 %      05/19/2017        62,000        62,000,000  

Unsec. Bonds

     0.60 %      05/23/2017        73,000        72,999,112  

Unsec. Bonds(b)

     0.77 %      08/18/2017        73,500        73,482,728  

Unsec. Bonds(b)

     0.96 %      10/30/2017        199,700        199,689,898  

Unsec. Bonds(b)

     0.83 %      11/15/2017        40,000        40,000,000  

Unsec. Bonds(b)

     0.83 %      11/17/2017        25,000        25,000,000  

Unsec. Bonds(b)

     0.85 %      02/16/2018        45,000        45,000,000  

Unsec. Bonds(b)

     0.78 %      03/06/2018        225,000        225,000,000  

Unsec. Bonds(b)

     0.78 %      03/09/2018        100,000        100,000,000  

Unsec. Bonds(b)

     0.79 %      03/14/2018        300,000        300,000,000  

Unsec. Bonds(b)

     0.79 %      03/15/2018        75,000        75,000,000  

Unsec. Bonds(b)

     0.79 %      03/16/2018        350,000        350,000,000  

Unsec. Bonds(b)

     0.77 %      03/19/2018        275,000        275,000,000  

Unsec. Bonds(b)

     0.81 %      03/19/2018        145,000        145,000,000  

Unsec. Bonds(b)

     0.76 %      04/12/2018        220,000        220,000,000  

Unsec. Bonds(b)

     0.76 %      04/13/2018        225,000        224,999,315  

Unsec. Bonds(b)

     0.77 %      04/20/2018        86,000        85,992,390  

Unsec. Bonds(b)

     0.77 %      04/23/2018        140,000        139,991,832  

Unsec. Bonds(b)

     0.69 %      05/08/2018        230,000        230,002,219  

Unsec. Bonds(b)

     0.67 %      07/26/2018        100,000        100,000,000  

 

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

 

13                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Federal Home Loan Bank (FHLB)–(continued)          

Unsec. Bonds(b)

     0.68 %      08/01/2018      $ 200,000      $ 200,000,000  

Unsec. Disc. Notes(a)

     0.46 %      03/29/2017        245,700        245,612,972  

Unsec. Disc. Notes(a)

     0.60 %      05/05/2017        62,665        62,597,113  

Unsec. Disc. Notes(a)

     0.63 %      05/24/2017        50,000        49,926,208  

Unsec. Disc. Notes(a)

     0.64 %      05/24/2017        145,613        145,397,250  

Unsec. Disc. Notes(a)

     0.64 %      05/26/2017        133,000        132,796,975  

Unsec. Disc. Notes(a)

     0.63 %      05/31/2017        200,000        199,682,010  

Unsec. Disc. Notes(a)

     0.64 %      07/05/2017        300,000        299,327,999  

Unsec. Disc. Notes(a)

     0.61 %      07/12/2017        400,000        399,098,554  

Unsec. Disc. Notes(a)

     0.67 %      08/09/2017        86,324        86,067,270  

Unsec. Disc. Notes(a)

     0.67 %      08/16/2017        48,000        47,849,920  

Unsec. Disc. Notes(a)

     0.67 %      08/18/2017        30,000        29,905,083  

Unsec. Disc. Notes(a)

     0.69 %      08/23/2017        37,852        37,725,038  

Unsec. Disc. Notes(a)

     0.69 %      08/25/2017        50,000        49,831,850  

Unsec. Global Bonds(b)

     0.80 %      04/21/2017        10,000        9,999,371  

Unsec. Global Bonds

     1.00 %      06/21/2017        30,380        30,415,400  

Unsec. Global Bonds(b)

     0.78 %      08/15/2017        50,000        50,000,000  

Unsec. Global Bonds(b)

     0.83 %      09/06/2017        25,000        25,000,147  

Unsec. Global Bonds(b)

     0.94 %      11/15/2017        60,000        59,986,869  

Unsec. Global Bonds(b)

     0.85 %      12/07/2017        22,000        21,998,481  

Unsec. Global Bonds(b)

     0.97 %      01/08/2018        80,000        80,000,000  

Unsec. Global Bonds(b)

     0.69 %      01/23/2018        237,000        237,000,000  

Unsec. Global Bonds(b)

     0.70 %      01/23/2018        93,000        93,008,412  

Unsec. Global Bonds(b)

     0.89 %      02/26/2018        185,000        185,000,000  

Unsec. Global Bonds(b)

     0.79 %      04/06/2018        136,000        136,000,000  

Unsec. Global Bonds(b)

     0.69 %      05/09/2018        100,000        100,000,000  

Unsec. Global Bonds(b)

     0.72 %      07/12/2018        200,000        200,098,223  
                                6,269,269,753  
Federal Home Loan Mortgage Corp. (FHLMC)–0.69%          

Unsec. Global Notes(b)

     0.79 %      04/20/2017        30,000        29,999,371  

Unsec. Global Notes(b)

     0.82 %      04/27/2017        14,000        13,998,795  

Unsec. Global Notes(b)

     0.91 %      07/21/2017        20,000        19,999,200  

Unsec. Global Notes(b)

     0.98 %      01/08/2018        100,000        100,000,000  
                                163,997,366  
Federal National Mortgage Association (FNMA)–1.26%          

Unsec. Global Notes

     1.13 %      04/27/2017        42,863        42,901,342  

Unsec. Global Notes

     5.00 %      05/11/2017        60,000        60,513,120  

Unsec. Global Notes(b)

     0.79 %      09/08/2017        35,000        34,982,216  

Unsec. Global Notes(b)

     0.79 %      10/05/2017        112,815        112,785,166  

Unsec. Notes(b)

     0.78 %      08/16/2017        50,000        49,995,354  
                                301,177,198  
Overseas Private Investment Corp. (OPIC)–1.23%          

Sec. Gtd. VRD COP Bonds(c)

     0.69 %      11/15/2028        100,000        100,000,000  

Sr. Unsec. Gtd. VRD COP Bonds(c)

     0.69 %      02/15/2028        20,000        20,000,000  

Unsec. Gtd. VRD COP Bonds(c)

     0.69 %      09/15/2020        81,000        81,000,000  

Unsec. Gtd. VRD COP Bonds(c)

     0.69 %      07/15/2025        44,389        44,388,890  

Unsec. Gtd. VRD COP Notes(c)

     0.67 %      07/09/2026        48,450        48,450,000  
         293,838,890  

Total U.S. Government Sponsored Agency Securities (Cost $7,690,305,461)

              7,690,305,461  

 

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

 

14                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–16.97%

          
U.S. Treasury Bills–16.76%(a)          

U.S. Treasury Bills

     0.58 %      04/27/2017      $ 150,000      $ 149,864,625  

U.S. Treasury Bills

     0.62 %      05/18/2017        200,000        199,737,184  

U.S. Treasury Bills

     0.61 %      05/25/2017        300,000        299,577,833  

U.S. Treasury Bills

     0.63 %      05/25/2017        350,000        349,491,299  

U.S. Treasury Bills

     0.62 %      06/01/2017        700,000        698,908,777  

U.S. Treasury Bills

     0.65 %      06/15/2017        300,000        299,438,642  

U.S. Treasury Bills

     0.66 %      06/15/2017        200,000        199,619,945  

U.S. Treasury Bills

     0.64 %      06/22/2017        200,000        199,604,186  

U.S. Treasury Bills

     0.66 %      06/29/2017        100,000        99,784,917  

U.S. Treasury Bills

     0.65 %      07/06/2017        370,000        369,170,064  

U.S. Treasury Bills

     0.66 %      07/06/2017        130,000        129,703,508  

U.S. Treasury Bills

     0.61 %      07/13/2017        200,000        199,552,588  

U.S. Treasury Bills

     0.62 %      07/13/2017        50,000        49,887,403  

U.S. Treasury Bills

     0.65 %      08/10/2017        300,000        299,141,400  

U.S. Treasury Bills

     0.65 %      08/17/2017        300,000        299,104,300  

U.S. Treasury Bills

     0.68 %      08/24/2017        155,000        154,492,289  
                                3,997,078,960  
U.S. Treasury Notes–0.21%          

U.S. Treasury Floating Rate Notes(b)

     0.68 %      10/31/2017        50,000        49,990,890  

Total U.S. Treasury Securities (Cost $4,047,069,850)

                               4,047,069,850  

TOTAL INVESTMENTS (excluding Repurchase Agreements) –49.23% (Cost $11,737,375,311)

 

                       11,737,375,311  
                 Repurchase
Amount		         

Repurchase Agreements–50.77%(d)

          

Bank of Montreal, agreement dated 02/28/2017, maturing value of $300,004,417 (collateralized by domestic agency mortgage-backed securities valued at $306,000,000; 2.00%-5.50%; 09/01/2025-01/20/2047)

     0.53 %      03/01/2017        300,004,417        300,000,000  

Bank of Montreal, joint term agreement dated 02/10/2017, aggregate maturing value of $300,265,500 (collateralized by U.S. Treasury obligations valued at $306,000,037; 0.75%-4.25%, 01/31/2018-05/15/2044)(e)

     0.54 %      04/10/2017        100,088,500        100,000,000  

Bank of Montreal, joint term agreement dated 02/23/2017, aggregate maturing value of $635,834,496 (collateralized by U.S. Treasury obligations valued at $647,700,025; 0.63%-3.63%, 07/31/2017-08/15/2043)(e)

     0.57 %      05/17/2017        390,512,525        390,000,000  

Bank of Nova Scotia (The), agreement dated 02/28/2017, maturing value of $1,000,014,444 (collateralized by U.S. Treasury obligations valued at $1,020,000,038; 0.13%-3.63%; 10/31/2018-05/15/2046)

     0.52 %      03/01/2017        1,000,014,444        1,000,000,000  

Bank of Nova Scotia (The), agreement dated 02/28/2017, maturing value of $200,002,944 (collateralized by domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at $204,000,053; 2.55%-4.00%; 11/15/2023-09/01/2046)

     0.53 %      03/01/2017        200,002,944        200,000,000  

BNP Paribas Securities Corp., agreement dated 02/28/2017, maturing value of $885,013,521 (collateralized by a U.S. Treasury obligation valued at $900,781,027; 0.13%; 07/15/2022)

     0.55 %      03/01/2017        885,013,521        885,000,000  

CIBC World Markets Corp., joint agreement dated 02/28/2017, aggregate maturing value of $1,350,019,500 (collateralized by U.S. Treasury obligations valued at $1,383,331,253; 0.13%-8.75%, 03/15/2017-02/15/2047)

     0.52 %      03/01/2017        329,615,714        329,610,953  

Citigroup Global Markets Inc., agreement dated 02/28/2017, maturing value of $250,003,681 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $255,000,090; 0%-7.63%; 03/06/2017-09/15/2065)

     0.53 %      03/01/2017        250,003,681        250,000,000  

 

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

 

15                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Credit Agricole Corp. & Investment Bank, joint agreement dated 02/28/2017, aggregate maturing value of $700,010,306 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $714,000,000; 0%-4.00%, 04/24/2017-02/01/2047)

     0.53 %      03/01/2017      $ 400,005,889      $ 400,000,000  

Federal Reserve Bank of New York, agreement dated 02/28/2017, maturing value of $600,008,333 (collateralized by a U.S. Treasury obligation valued at $600,008,387; 3.00%; 05/15/2042)

     0.50 %      03/01/2017        600,008,333        600,000,000  

ING Financial Markets, LLC, term agreement dated 01/20/2017, maturing value of $45,062,525 (collateralized by domestic agency mortgage-backed securities valued at $45,901,215; 3.50%; 04/01/2042-01/01/2043)

     0.61 %      04/12/2017        45,062,525        45,000,000  

ING Financial Markets, LLC, term agreement dated 01/31/2017 maturing value of $250,424,375 (collateralized by domestic agency mortgage-backed securities valued at $255,003,653; 3.00%-6.00%; 03/01/2026-07/01/2046)

     0.63 %      05/08/2017        250,424,375        250,000,000  

ING Financial Markets, LLC, term agreement dated 02/28/2017, maturing value of $270,000,000 (collateralized by domestic agency mortgage-backed securities valued at $275,400,805; 2.03%-4.00%; 03/01/2026-11/01/2046)(b)

     0.71 %      06/05/2017        270,000,000        270,000,000  

ING Financial Markets, LLC, term agreement dated 02/28/2017, maturing value of $220,000,000 (collateralized by domestic agency mortgage-backed securities valued at $224,400,000; 3.00%-5.50%; 10/01/2025-08/01/2048)(b)

     0.80 %      08/28/2017        220,000,000        220,000,000  

J.P. Morgan Securities Inc., agreement dated 02/28/2017, maturing value of $250,003,611 (collateralized by a U.S. Treasury obligation valued at $255,001,384; 0.13%; 04/15/2021)

     0.52 %      03/01/2017        250,003,611        250,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., agreement dated 02/28/2017, maturing value of $100,001,472 (collateralized by domestic agency mortgage-backed securities valued at $102,000,001; 2.50%-3.00%; 10/20/2045-09/20/2046)

     0.53 %      03/01/2017        100,001,472        100,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/23/2017, maturing value of $325,032,229 (collateralized by a U.S. Treasury obligation valued at $330,679,999; 3.63%; 08/15/2043)(e)

     0.51 %      03/02/2017        325,032,229        325,000,000  

Metropolitan Life Insurance Co., term agreement dated 02/28/2017, maturing value of $400,043,803 (collateralized by U.S. Treasury obligations valued at $408,333,658; 0%-0.75%; 02/28/2018-05/15/2044)(e)

     0.55 %      03/07/2017        400,043,803        400,001,025  

Prudential Insurance Co. of America, agreement dated 02/28/2017, maturing value of $157,058,606 (collateralized by U.S. Treasury obligations valued at $160,609,750; 0%; 11/15/2026-08/15/2039)

     0.54 %      03/01/2017        157,058,606        157,056,250  

Prudential Legacy Insurance Co. of America, agreement dated 02/28/2017, maturing value of $170,002,550 (collateralized by U.S. Treasury obligations valued at $173,400,150; 0.00%; 11/15/2028-08/15/2033)

     0.54 %      03/01/2017        170,002,550        170,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/15/2017, aggregate maturing value of $600,885,000 (collateralized by domestic agency mortgage-backed securities valued at $612,000,000; 0.87%-8.50%, 05/01/2017-02/20/2047)(e)

     0.59 %      05/16/2017        455,671,125        455,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/17/2017, aggregate maturing value of $500,221,667 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.50%-4.00%, 02/20/2030-03/01/2047)(b)(e)

     0.57 %      05/18/2017        395,175,117        395,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/21/2017, aggregate maturing value of $500,245,417 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.00%-7.50%, 04/01/2024-12/20/2064)(e)

     0.57 %      05/22/2017        410,201,242        410,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/28/2017, aggregate maturing value of $1,000,000,000 (collateralized by domestic agency mortgage-backed securities valued at $1,020,000,002; 0%-7.00%, 12/25/2017-02/01/2047)(b)(e)

     0.66 %      05/01/2017        590,000,000        590,000,000  

RBC Capital Markets LLC, term agreement dated 01/20/2017, maturing value of $345,402,500 (collateralized by domestic agency mortgage-backed securities valued at $351,900,000; 1.80%-8.50%; 03/01/2019-02/20/2047)(e)

     0.56 %      04/05/2017        345,402,500        345,000,000  

Societe Generale, joint agreement dated 02/28/2017, aggregate maturing value of $1,000,015,000 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $1,020,000,071; 0%-8.00%, 08/31/2017-11/20/2045)

     0.54 %      03/01/2017        650,009,750        650,000,000  

 

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

 

16                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Societe Generale, joint term agreement dated 02/28/2017, aggregate maturing value of $600,061,833 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $612,000,076; 0%-6.50%, 04/27/2017-06/20/2046)(e)

     0.53 %      03/07/2017      $ 450,046,375      $ 450,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2017, aggregate maturing value of $2,000,030,000 (collateralized by domestic agency mortgage-backed securities valued at $2,040,000,646; 3.00%-3.50%, 10/20/2042-04/20/2046)

     0.54 %      03/01/2017        1,440,021,600        1,440,000,000  

Wells Fargo Bank, N.A., term agreement dated 09/08/2016, maturing value of $135,411,750 (collateralized by U.S. Treasury obligations valued at $137,700,000; 0%; 08/15/2021-08/15/2030)

     0.60 %      03/10/2017        135,411,750        135,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2017, maturing value of $550,008,250 (collateralized by domestic agency mortgage-backed securities valued at $561,000,001; 1.78%-6.50%; 03/01/2018-03/01/2047)

     0.54 %      03/01/2017        550,008,250        550,000,000  

Wells Fargo Securities, LLC, term agreement dated 12/05/2016, maturing value of $44,062,382 (collateralized by domestic agency mortgage-backed securities valued at $44,880,000; 0%-2.11%; 06/25/2021-01/25/2046)

     0.58 %      03/03/2017        44,062,382        44,000,000  

Total Repurchase Agreements (Cost $12,105,668,228)

                               12,105,668,228  

TOTAL INVESTMENTS(f)–100.00% (Cost $23,843,043,539)

              23,843,043,539  

OTHER ASSETS LESS LIABILITIES–0.00%

 

      (915,233 ) 

NET ASSETS–100.00%

 

    $ 23,842,128,306  

Investment Abbreviations:

 

COP  

– Certificates of Participation

Disc.  

– Discounted

Gtd.  

– Guaranteed

Sec.  

– Secured

Sr.  

– Senior

Unsec.  

– Unsecured

VRD  

– Variable Rate Demand

Notes to Schedule of Investments:

 

(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(c)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(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)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     48.1 % 

8-30

     2.0  

31-60

     1.5  

61-90

     7.1  

91-180

     20.6  

181+

     20.7  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

17                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Treasury Obligations Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–116.11%

 

U.S. Treasury Bills–104.69%(a)  

U.S. Treasury Bills

     0.41 %      03/02/2017      $ 105,400      $ 105,398,827  

U.S. Treasury Bills

     0.42 %      03/02/2017        65,000        64,999,251  

U.S. Treasury Bills

     0.49 %      03/02/2017        100,000        99,998,667  

U.S. Treasury Bills

     0.50 %      03/02/2017        97,500        97,498,673  

U.S. Treasury Bills

     0.46 %      03/09/2017        200,000        199,982,461  

U.S. Treasury Bills

     0.48 %      03/09/2017        8,300        8,299,123  

U.S. Treasury Bills

     0.54 %      03/09/2017        9,000        8,998,940  

U.S. Treasury Bills

     0.50 %      03/15/2017        50,000        49,990,356  

U.S. Treasury Bills

     0.50 %      03/16/2017        1,400        1,399,714  

U.S. Treasury Bills

     0.52 %      03/16/2017        75,000        74,984,062  

U.S. Treasury Bills

     0.45 %      03/23/2017        50,000        49,986,403  

U.S. Treasury Bills

     0.56 %      03/30/2017        40,000        39,982,117  

U.S. Treasury Bills

     0.50 %      04/13/2017        11,000        10,993,496  

U.S. Treasury Bills

     0.51 %      04/20/2017        7,800        7,794,583  

U.S. Treasury Bills

     0.52 %      04/20/2017        21,000        20,985,096  

U.S. Treasury Bills

     0.52 %      05/04/2017        50,000        49,954,178  

U.S. Treasury Bills

     0.60 %      05/04/2017        15,000        14,984,333  

U.S. Treasury Bills

     0.53 %      05/11/2017        2,300        2,297,614  

U.S. Treasury Bills

     0.54 %      05/18/2017        30,000        29,965,225  

U.S. Treasury Bills

     0.60 %      05/18/2017        20,000        19,974,412  

U.S. Treasury Bills

     0.62 %      05/18/2017        15,000        14,980,289  

U.S. Treasury Bills

     0.63 %      05/25/2017        15,000        14,978,219  

U.S. Treasury Bills

     0.64 %      05/25/2017        500        499,262  

U.S. Treasury Bills

     0.60 %      06/01/2017        10,000        9,984,897  

U.S. Treasury Bills

     0.56 %      06/08/2017        6,200        6,190,622  

U.S. Treasury Bills

     0.62 %      06/08/2017        5,100        5,091,480  

U.S. Treasury Bills

     0.63 %      06/08/2017        17,000        16,971,052  

U.S. Treasury Bills

     0.64 %      06/08/2017        10,000        9,982,785  

U.S. Treasury Bills

     0.63 %      06/15/2017        13,000        12,976,229  

U.S. Treasury Bills

     0.65 %      06/15/2017        2,900        2,894,578  

U.S. Treasury Bills

     0.66 %      06/15/2017        30,000        29,942,937  

U.S. Treasury Bills

     0.64 %      06/22/2017        5,500        5,489,115  

U.S. Treasury Bills

     0.65 %      06/22/2017        85,000        84,828,578  

U.S. Treasury Bills

     0.66 %      06/29/2017        50,000        49,892,333  

U.S. Treasury Bills

     0.62 %      07/06/2017        47,000        46,898,693  

U.S. Treasury Bills

     0.65 %      07/06/2017        2,000        1,995,516  

U.S. Treasury Bills

     0.66 %      07/06/2017        3,000        2,993,158  

U.S. Treasury Bills

     0.60 %      07/13/2017        500        498,904  

U.S. Treasury Bills

     0.62 %      07/13/2017        15,000        14,966,221  

U.S. Treasury Bills

     0.61 %      07/20/2017        35,000        34,917,750  

U.S. Treasury Bills

     0.61 %      07/27/2017        7,900        7,880,432  

U.S. Treasury Bills

     0.63 %      08/03/2017        20,000        19,946,568  

U.S. Treasury Bills

     0.65 %      08/17/2017        19,700        19,641,050  

U.S. Treasury Bills

     0.66 %      08/17/2017        2,900        2,891,205  

 

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

 

18                         Short-Term  Investments Trust

Treasury Obligations Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
U.S. Treasury Bills–(continued)          

U.S. Treasury Bills

     0.65 %      08/24/2017      $ 800      $ 797,489  

U.S. Treasury Bills

     0.66 %      08/24/2017        35,000        34,889,377  

U.S. Treasury Bills

     0.68 %      08/31/2017        20,000        19,932,256  
                                1,431,418,526  
U.S. Treasury Notes–11.42%  

U.S. Treasury Floating Rate Notes(b)

     0.71 %      04/30/2018        55,000        55,051,631  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      07/31/2018        53,000        53,016,862  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      10/31/2018        35,000        35,001,664  

U.S. Treasury Floating Rate Notes(b)

     0.66 %      01/31/2019        13,000        12,997,488  
                                156,067,645  

TOTAL INVESTMENTS(c)–116.11% (Cost $1,587,486,171)

 

      1,587,486,171  

OTHER ASSETS LESS LIABILITIES–(16.11)%

 

      (220,233,692 ) 

NET ASSETS–100.00%

 

    $ 1,367,252,479  

Notes to Schedule of Investments:

 

(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(c)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     10.8 % 

8-30

     31.7  

31-60

     2.9  

61-90

     10.8  

91-180

     30.9  

181+

     12.9  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

19                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Municipal Obligations–96.14%

 

Alabama–3.08%  

Mobile (County of) Industrial Development Authority (SSAB Alabama Inc.); Series 2010 A, VRD Recovery Zone Facility RB (LOC–Swedbank AB)(a)(b)(c)

     0.69 %      07/01/2040      $ 5,440      $ 5,440,000  
Arizona–2.72%          

Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, VRD RB (LOC–Bank of America, N.A.)(a)(b)

     0.65 %      01/01/2046        240        240,000  

Casa Grande (City of) Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.64 %      06/15/2031        2,685        2,685,000  

Maricopa (County of) Industrial Development Authority (Gran Victoria Housing LLC); Series 2000 A, VRD MFH RB (CEP–FNMA)(a)

     0.66 %      04/15/2030        1,375        1,375,000  

Sierra Vista (City of) Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.64 %      06/15/2031        520        520,000  
         4,820,000  
California–6.59%          

California (State of); Series 2004 A9, Ref. VRD Unlimited Tax GO Bonds (LOC–State Street Bank & Trust Co.)(a)(b)

     0.60 %      05/01/2034        4,385        4,385,000  

Orange (County of) Water District; Series 2003 A, Ref. VRD COP (LOC–Citibank, N.A.)(a)(b)

     0.62 %      08/01/2042        2,700        2,700,000  

Southern California Metropolitan Water District; Series 2009 A-2, Ref. Floating Rate RB(d)(e)

     0.80 %      07/10/2017        4,580        4,580,000  
         11,665,000  
Colorado–7.29%          

Boulder (County of) (Imagine!); Series 2006, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      02/01/2031        1,063        1,063,000  

Colorado (State of) Educational & Cultural Facilities Authority (Denver Seminary); Series 2004, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      07/01/2034        1,800        1,800,000  

Colorado (State of) Educational Loan Program; Series 2017 B, TRAN

     4.00 %      06/29/2017        4,000        4,041,428  

Colorado Springs (City of) (Cook Communications Ministries); Series 2002, VRD IDR (LOC–Bank of America, N.A.)(a)(b)

     0.78 %      03/01/2017        5,335        5,335,000  

EagleBend Affordable Housing Corp.; Series 2006 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.66 %      07/01/2021        654        654,000  
         12,893,428  
Delaware–1.75%          

Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC–PNC Bank, N.A.)(a)(b)

     0.66 %      09/01/2036        3,090        3,090,000  
District of Columbia–2.38%          

District of Columbia Series 1998 A, VRD Pooled Loan Program RB (LOC–Bank of America,
N.A.)(a)(b)(f)

     0.81 %      01/01/2029        1,587        1,587,000  

District of Columbia (American University); Series 2006 B, VRD Multimodal RB (LOC–Royal Bank of Canada)(a)(b)

     0.64 %      10/01/2036        2,625        2,625,000  
         4,212,000  
Florida–1.75%          

Palm Beach (County of) (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC–Northern Trust Co.)(a)(b)

     0.71 %      11/01/2036        1,725        1,725,000  

Pinellas (County of) Health Facilities Authority (Baycare Health System); Series 2009 A-2, VRD Health System RB (LOC–Northern Trust Co.(The))(a)(b)

     0.65 %      11/01/2038        1,370        1,370,000  
         3,095,000  
Georgia–4.03%          

Fulton (County of) Development Authority (Friends of High Meadows, Inc.); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      01/01/2020        750        750,000  

Georgia (State of); Series 2015 C, Ref. Unlimited Tax GO Bonds

     5.00 %      07/01/2017        1,325        1,343,623  

Private Colleges & Universities Authority (Emory University); Series 2005 B-2, VRD RB(a)

     0.60 %      09/01/2035        3,630        3,630,000  

 

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

 

20                         Short-Term  Investments Trust

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Georgia–(continued)          

Richmond (County of) Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      09/01/2020      $ 1,400      $ 1,400,000  
         7,123,623  
Illinois–4.70%          

Illinois (State of) Finance Authority (Elmhurst College); Series 2007, VRD RB (LOC–BMO Harris, N.A.)(a)(b)

     0.65 %      02/01/2042        2,000        2,000,000  

Illinois (State of) Finance Authority (Foundation for Safety & Health); Series 1992, VRD Safety Education RB (LOC–BMO Harris, N.A.)(a)(b)(f)

     0.78 %      10/01/2017        200        200,000  

Illinois (State of) Finance Authority (Institute of Gas Technology); Series 1999, VRD IDR (LOC–BMO Harris, N.A.)(a)(b)

     0.70 %      09/01/2024        400        400,000  

Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(a)

     0.62 %      12/01/2046        5,435        5,435,000  

Illinois (State of) Finance Authority (Radiological Society of North America, Inc.); Series 1997, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)(f)

     0.80 %      06/01/2017        270        270,000  
         8,305,000  
Indiana–9.47%          

Fort Wayne (City of) (University of St. Francis); Series 2008, VRD Economic Development RB
(LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.66 %      08/01/2028        2,135        2,135,000  

Huntington (City of) (Huntington University, Inc.); Series 2007, Ref. VRD Economic Development & Improvement RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      08/01/2037        1,928        1,928,000  

Indiana (State of) Finance Authority (Ispat Inland Inc.); Series 2005, Ref. VRD Environmental Improvement RB (LOC–Rabobank Nederland)(a)(b)(c)

     0.70 %      06/01/2035        3,553        3,553,000  

Indiana (State of) Finance Authority (Ohio Valley Electric Corp.); Series 2012 C, VRD Midwestern Disaster Relief RB (LOC–Bank of Nova Scotia)(a)(b)(c)

     0.64 %      06/01/2040        3,915        3,915,000  

Purdue University; Series 2011 A, VRD COP

     0.63 %      07/01/2035        4,682        4,681,500  

University of Southern Indiana; Series 1999 G, VRD Student Fee RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.66 %      10/01/2019        530        530,000  
         16,742,500  
Massachusetts–0.95%          

Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b)

     0.64 %      10/01/2038        1,685        1,685,000  
Michigan–0.72%          

Huron Valley School District; Series 2015, Ref. Unlimited Tax GO Bond

     5.00 %      05/01/2017        800        805,583  

Oakland University Board of Trustees; Series 2008, Ref. VRD General RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.64 %      03/01/2031        474        474,000  
         1,279,583  
Minnesota–2.01%          

Burnsville (City of) (Bridgeway Apartments L.P.); Series 2003, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.72 %      10/15/2033        1,175        1,175,000  

Minnesota (State of) Midwest Consortium of Municipal Utilities (Minnesota Municipal Utilities Association Financing Program); Series 2005 A, VRD RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.67 %      01/01/2025        270        270,000  

Minnetonka (City of) (Minnesota Hills Apartments); Series 2001, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.73 %      11/15/2031        468        468,000  

Oak Park Heights (City of) (Boutswell Landing); Series 2005, Ref. VRD MFH RB (CEP–FHLMC)(a)

     0.64 %      11/01/2035        1,500        1,500,000  

St. Paul (City of) Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD MFH RB (CEP–FHLMC)(a)

     0.64 %      10/01/2033        150        150,000  
         3,563,000  
Mississippi–0.07%          

Mississippi (State of) Business Finance Corp. (Chevron U.S.A. Inc.); Series 2007 A, VRD Gulf Opportunity Zone IDR(a)

     0.57 %      12/01/2030        121        121,000  
Missouri–1.22%          

Bridgeton (City of) Industrial Development Authority (Stolze Printing); Series 2010, VRD RB
(LOC–FHLB of Chicago)(a)(b)

     0.65 %      11/01/2037        1,195        1,195,000  

Springfield (City of) Industrial Development Authority (Pebblecreek Apartments); Series 1994, Ref. VRD MFH RB (LOC–FHLB of Des Moines)(a)(b)

     0.72 %      12/01/2019        960        960,000  
         2,155,000  

 

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

 

21                         Short-Term  Investments Trust

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
New Hampshire–0.85%          

New Hampshire (State of) Health & Education Facilities Authority (Riverbend Community Mental Health, Inc.); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b)

     0.64 %      07/01/2038      $ 1,505      $ 1,505,000  
New York–2.85%          

New York (State of) Dormitory Authority; Series 2009 B, VRD Samaritan Medical Center RB
(LOC–HSBC Bank USA N.A.)(a)(b)(c)

     0.65 %      11/01/2036        5,050        5,050,000  
North Carolina–3.55%          

Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems); Series 2007 C, Ref. VRD RB (a)

     0.64 %      01/15/2037        4,140        4,140,000  

North Carolina (State of) Capital Facilities Finance Agency (Roman Catholic Diocese of Charlotte); Series 2000, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.65 %      06/01/2017        300        300,000  

Raleigh-Durham Airport Authority; Series 2008 C, Ref. VRD RB (LOC–Royal Bank of Canada)(a)(b)(c)

     0.63 %      05/01/2036        1,845        1,845,000  
         6,285,000  
Ohio–3.52%          

Montgomery (County of) (The Dayton Art Institute); Series 1996, VRD Economic Development RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.64 %      05/01/2026        6,221        6,221,000  
Pennsylvania–5.08%          

Haverford Township School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank,
N.A.)(a)(b)

     0.64 %      03/01/2030        2,795        2,795,000  

Lebanon (County of) Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC–PNC Bank, N.A.)(a)(b)

     0.66 %      10/15/2025        3,405        3,405,000  

Luzerne (County of) Convention Center Authority; Series 1998 A, VRD Hotel Room Rental Tax RB (LOC–PNC Bank, N.A.)(a)(b)

     0.65 %      09/01/2028        761        761,000  

Ridley School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank, N.A.)(a)(b)

     0.64 %      11/01/2029        1,325        1,325,000  

Westmoreland (County of) Industrial Development Authority (Excela Health); Series 2005 A, VRD Health System RB (LOC–PNC Bank, N.A.)(a)(b)

     0.65 %      07/01/2027        705        705,000  
         8,991,000  
South Carolina–3.26%          

South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Health System, Inc.); Series 2008 D, Ref. VRD RB (LOC–Bank of New York Mellon (The))(a)(b)

     0.65 %      11/01/2025        5,765        5,765,000  
Texas–16.83%          

Aledo Independent School District; Series 2006 A, VRD School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program)(a)

     0.67 %      08/01/2035        8,638        8,638,000  

Houston (City of); Series G-2, GO Commercial Paper Notes

     0.75 %      03/14/2017        3,600        3,600,000  

North Texas Tollway Authority; Series 2009 D, Ref. VRD First Tier System RB (LOC–Royal Bank of Canada)(a)(b)(c)

     0.64 %      01/01/2049        5,485        5,485,000  

Port Arthur (Port of) Navigation District (Texaco Inc.); Series 1994, Ref. VRD PCR(a)

     0.57 %      10/01/2024        2,285        2,285,000  

San Gabriel (City of) Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.66 %      04/01/2026        415        415,000  

Tarrant County Cultural Education Facilities Finance Corp. (Baylor Health Care System); Series 2011 C, VRD Hospital RB (LOC–Northern Trust Co.)(a)(b)

     0.64 %      11/15/2050        3,500        3,500,000  

University of Texas System Board of Regents; Series 2008 B, VRD Financing System RB(a)

     0.60 %      08/01/2025        5,850        5,850,000  
         29,773,000  
Utah–5.18%          

Emery (County of) (Pacificorp); Series 1994, Ref. VRD PCR (LOC–Canadian Imperial Bank of Commerce)(a)(b)(c)

     0.62 %      11/01/2024        5,250        5,250,000  

Sanpete (County of) (Wasatch Academy); Series 2003, VRD School Facility RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.72 %      08/01/2028        260        260,000  

Utah Housing Corp. (Timbergate Apartments); Series 2009 A, VRD MFH RB (CEP–FHLMC)(a)

     0.69 %      04/01/2042        2,900        2,900,000  

Utah (State of); Series 2010 A, Unlimited Tax GO Bonds

     4.00 %      07/01/2017        750        757,948  
         9,167,948  

 

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

 

22                         Short-Term  Investments Trust

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Virginia–0.06%          

Suffolk (City of) Redevelopment & Housing Authority (Oak Springs Apartments, LLC); Series 1999, Ref. VRD MFH RB (CEP–FHLMC)(a)

     0.69 %      12/01/2019      $ 100      $ 100,000  
West Virginia–1.64%          

West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008, Ref. VRD Improvement RB (LOC–Branch Banking & Trust Co.)(a)(b)

     0.68 %      01/01/2034        2,900        2,900,000  
Wisconsin–2.44%          

Lima (Town of) (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD Development RB (LOC–FHLB of Chicago)(a)(b)

     0.68 %      10/01/2042        4,315        4,315,000  
Wyoming–2.15%          

Sublette (County of) (Exxonmobile); Series 2014, Ref. VRD PCR(a)

     0.56 %      10/01/2044        3,800        3,800,000  

TOTAL INVESTMENTS(g)(h)–96.14% (Cost $170,063,082)

              170,063,082  

OTHER ASSETS LESS LIABILITIES–3.86%

 

      6,820,128  

NET ASSETS–100.00%

 

    $ 176,883,210  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

COP  

– Certificates of Participation

FHLB  

– Federal Home Loan Bank

FHLMC  

– Federal Home Loan Mortgage Corp.

FNMA  

– Federal National Mortgage Association

GO  

– General Obligation

IDR  

– Industrial Development Revenue Bonds

LOC  

– Letter of Credit

MFH  

– Multi-Family Housing

PCR  

– Pollution Control Revenue Bonds

RB  

– Revenue Bonds

Ref.  

– Refunding

TRAN  

– Tax and Revenue Anticipation Notes

VRD  

– Variable Rate Demand

 

 

Notes to Schedule of Investments:

 

(a)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(b)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(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: 9.3%; other countries less than 5% each: 7.9%.
(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(e)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(f)  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 February 28, 2017 was $2,057,000, which represented 1.16% of the Fund’s Net Assets.
(g)  Also represents cost for federal income tax purposes.
(h)  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  

Royal Bank of Canada

      5.9 % 

Texas Permanent School Fund Guarantee Program

      5.1  

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     91.1 % 

8-30

     2.1  

31-60

     —  

61-90

     0.5  

91-180

     6.3  

181+

     —  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

23                         Short-Term  Investments Trust

Statement of Assets and Liabilities

February 28, 2017

(Unaudited)

 

            Liquid Assets
Portfolio		           STIC Prime
Portfolio		            Treasury
Portfolio		           Government &
Agency
Portfolio		            Treasury
Obligations
Portfolio		           Tax-Free
Cash Reserve
Portfolio		  

Assets:

                           

Investments, at value

      $ 252,499,464       $ 277,233,310        $ 9,584,791,621       $ 11,737,375,311        $ 1,587,486,171       $ 170,063,082  

Repurchase agreements, at value

        69,000,000         48,000,000          10,622,651,673         12,105,668,228          —         —  

Total investments, at value

        321,499,464         325,233,310          20,207,443,294         23,843,043,539          1,587,486,171         170,063,082  

Cash

        9,477         —          —         493,323          16,793         79,585  

Receivable for:

                           

Investments sold

        45,917         140,000          12,811         —          —         6,720,156  

Interest

        125,896         180,573          9,770,994         8,055,096          88,712         145,384  

Fund expenses absorbed

        111,831         —          90,869         184,789          20,650         15,576  

Investment for trustee deferred compensation and retirement plans

        3,518,905         988,248          2,134,474         970,228          125,369         358,339  

Other assets

        148,820         184,007          149,652         255,053          41,505         50,244  

Total assets

        325,460,310         326,726,138          20,219,602,094         23,853,002,028          1,587,779,200         177,432,366  

Liabilities:

                           

Payable for:

                           

Investments purchased

        —         —          298,983,834         793,323          219,914,718         —  

Dividends

        176,268         196,906          6,112,066         8,448,521          376,402         56,862  

Accrued fees to affiliates

        5,015         9,073          520,963         347,905          64,421         47,854  

Accrued trustees’ and officer’s fees and benefits

        4,935         6,391          34,479         35,534          4,351         2,715  

Accrued operating expenses

        61,917         47,177          153,252         96,168          26,492         37,400  

Trustee deferred compensation and retirement plans

        4,057,845         1,122,558          2,500,056         1,152,271          140,337         404,325  

Total liabilities

        4,305,980         1,382,105          308,304,650         10,873,722          220,526,721         549,156  

Net assets applicable to shares outstanding

      $ 321,154,330       $ 325,344,033        $ 19,911,297,444       $ 23,842,128,306        $ 1,367,252,479       $ 176,883,210  

Net assets consist of:

                           

Shares of beneficial interest

      $ 320,827,662       $ 324,450,566        $ 19,910,557,388       $ 23,841,988,693        $ 1,367,292,153       $ 177,041,699  

Undistributed net investment income

        2,544,735         873,178          (21,274 )        90,340          (12,543 )        (104,955 ) 

Undistributed net realized gain (loss)

        (2,268,497 )        1,744          761,330         49,273          (27,131 )        (53,534 ) 

Net unrealized appreciation

        50,430         18,545          —         —          —         —  
       $ 321,154,330       $ 325,344,033        $ 19,911,297,444       $ 23,842,128,306        $ 1,367,252,479       $ 176,883,210  

Cost of Investments

      $ 321,449,034       $ 325,214,765        $ 20,207,443,294       $ 23,843,043,539        $ 1,587,486,171       $ 170,063,082  

 

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

 

24                         Short-Term  Investments Trust

Statement of Assets and Liabilities—(continued)

February 28, 2017

(Unaudited)

 

            Liquid Assets
Portfolio		            STIC Prime
Portfolio		            Treasury
Portfolio		            Government &
Agency
Portfolio		            Treasury
Obligations
Portfolio		            Tax-Free
Cash Reserve
Portfolio		  

Net Assets:

 

     

Institutional Class

      $ 291,536,502        $ 321,019,635        $ 17,308,731,411        $ 22,167,128,421        $ 1,286,771,052        $ 96,027,354  

Private Investment Class

      $ 10,805,664        $ 2,158,009        $ 542,127,622        $ 436,121,219        $ 1,249,420        $   19,581,713  

Personal Investment Class

      $ 304,886        $ 622,147        $ 151,008,015        $ 17,085,976        $ 44,598        $ 2,002,739  

Cash Management Class

      $ 6,803,640        $ 835,104        $ 377,094,659        $ 140,697,992        $ 1,617,467        $ 35,696,164  

Reserve Class

      $ 1,100,138        $ 506,124        $ 156,617,799        $ 393,479,757        $ 77,366,115        $ 21,512,633  

Resource Class

      $ 1,341,518        $ 182,985        $ 457,602,638        $ 367,929,940        $ 193,778        $ 2,030,468  

Corporate Class

      $ 9,261,982        $ 20,029        $ 918,115,300        $ 319,685,001        $ 10,049        $ 32,139  

Shares outstanding, no par value,
unlimited number of shares authorized:

 

Institutional Class

        291,438,043          321,005,127          17,307,443,026          22,166,894,620          1,286,754,820          96,011,386  

Private Investment Class

        10,802,233          2,157,926          542,086,489          436,116,465          1,249,403          19,578,319  

Personal Investment Class

        304,790          622,123          150,997,069          17,085,787          44,598          2,002,396  

Cash Management Class

        6,801,481          835,072          377,065,789          140,696,524          1,617,447          35,690,030  

Reserve Class

        1,099,785          506,105          156,606,115          393,475,474          77,365,135          21,508,869  

Resource Class

        1,341,089          182,978          457,567,852          367,925,494          193,777          2,030,120  

Corporate Class

        9,259,043          20,028          918,041,878          319,681,038          10,049          32,134  

Net asset value, offering and redemption price per share for each class

      $ 1.0003        $ 1.0000        $ 1.00        $ 1.00        $ 1.00        $ 1.00  

 

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

 

25                         Short-Term  Investments Trust

Statement of Operations

For the six months ended February 28, 2017

(Unaudited)

 

            Liquid Assets
Portfolio		           STIC Prime
Portfolio		           Treasury
Portfolio		           Government &
Agency
Portfolio		           Treasury
Obligations
Portfolio		            Tax-Free
Cash Reserve
Portfolio		  

Investment income:

                          

Interest

      $ 5,233,498       $ 2,112,472       $ 53,049,102       $ 57,411,604       $ 2,175,606        $ 740,579  

Expenses:

                          

Advisory fees

        1,283,192         511,222         16,684,585         11,165,171         692,482          210,844  

Administrative services fees

        457,109         195,509         3,908,636         3,922,534         283,334          56,421  

Custodian fees

        —         5,094         97,559         57,771         4,595          2,640  

Distribution fees:

                          

Private Investment Class

        88,783         17,888         797,297         706,643         3,165          25,374  

Personal Investment Class

        9,054         70,200         346,589         42,127         3,359          5,818  

Cash Management Class

        24,902         14,165         149,838         56,294         969          14,119  

Reserve Class

        45,447         20,175         714,218         1,777,320         294,526          99,953  

Resource Class

        1,681         4,320         355,407         279,348         154          1,782  

Corporate Class

        6,649         2         140,104         55,904         84          5  

Transfer agent fees

        76,991         30,673         1,001,075         698,507         46,331          9,488  

Trustees’ and officers’ fees and benefits

        48,872         20,169         217,416         174,023         15,554          18,545  

Registration and filing fees

        52,301         52,182         69,735         111,529         41,583          43,779  

Reports to shareholders

        19,801         8,000         36,969         50,240         6,752          5,397  

Professional services fees

        14,613         26,226         99,506         73,680         22,076          18,744  

Other

        (2,442 )        48,687         154,674         63,026         22,545          23,673  

Total expenses

        2,126,953         1,024,512         24,773,608         19,234,117         1,437,509          536,582  

Less: Fees waived

        (445,643 )        (352,394 )        (3,265,311 )        (1,551,785 )        (486,914 )         (264,600 ) 

Net expenses

        1,681,310         672,118         21,508,297         17,682,332         950,595          271,982  

Net investment income

        3,552,188         1,440,354         31,540,805         39,729,272         1,225,011          468,597  

Realized and unrealized gain (loss) from:

                          

Net realized gain (loss) from Investment securities

        284,268         367         600,401         (69,374 )        (23,974 )         (14,721 ) 

Change in net unrealized appreciation of investment securities

        50,430         18,545         —         —         —          —  

Net increase in net assets resulting from operations

      $ 3,886,886       $ 1,459,266       $ 32,141,206       $ 39,659,898       $ 1,201,037        $ 453,876  

 

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

 

26                         Short-Term  Investments Trust

Statement of Changes in Net Assets

For the six months ended February 28, 2017 and the year ended August 31, 2016

(Unaudited)

 

            Liquid Assets Portfolio           STIC Prime Portfolio  
         February 28,
2017		     August 31,
2016		           February 28,
2017		     August 31,
2016		  

Operations:

             

Net investment income

      $ 3,552,188     $ 65,311,251       $ 1,440,354     $ 6,158,242  

Net realized gain

        284,268       647,321         367       1,377  

Change in net unrealized appreciation

        50,430       —         18,545       —  

Net increase in net assets resulting from operations

        3,886,886       65,958,572         1,459,266       6,159,619  

Distributions to shareholders from net investment income:

             

Institutional Class

        (3,288,088 )      (59,772,506 )        (1,337,512 )      (4,848,718 ) 

Private Investment Class

        (55,173 )      (183,013 )        (12,201 )      (213,182 ) 

Personal Investment Class

        (1,569 )      (40,091 )        (25,104 )      (164,965 ) 

Cash Management Class

        (101,776 )      (660,627 )        (54,629 )      (649,934 ) 

Reserve Class

        (4,884 )      (87,134 )        (4,572 )      (53,243 ) 

Resource Class

        (2,751 )      (15,089 )        (6,300 )      (32,359 ) 

Corporate Class

        (97,947 )      (4,552,791 )        (36 )      (195,841 ) 

Total distributions from net investment income

        (3,552,188 )      (65,311,251 )        (1,440,354 )      (6,158,242 ) 

Distributions to shareholders from net realized gains:

             

Institutional Class

        (2,877,921 )      —         —       —  

Private Investment Class

        (90,311 )      —         —       —  

Personal Investment Class

        (5,195 )      —         —       —  

Cash Management Class

        (133,371 )      —         —       —  

Reserve Class

        (25,060 )      —         —       —  

Resource Class

        (1,214 )      —         —       —  

Corporate Class

        (67,014 )      —         —       —  

Total distributions from net realized gains

        (3,200,086 )      —         —       —  

Share transactions–net:

             

Institutional Class

        (10,127,382,108 )      (5,553,230,110 )        (1,286,867,086 )      (156,797,441 ) 

Private Investment Class

        (230,479,086 )      (42,171,998 )        (138,902,976 )      (21,155,334 ) 

Personal Investment Class

        (28,937,259 )      (86,151,515 )        (116,851,999 )      (98,600 ) 

Cash Management Class

        (243,762,324 )      (207,380,539 )        (167,035,675 )      (315,722,141 ) 

Reserve Class

        (99,062,340 )      (56,031,914 )        (20,968,200 )      (28,926,016 ) 

Resource Class

        (5,905,110 )      (65,429,204 )        (16,684,274 )      (2,843,872 ) 

Corporate Class

        (160,381,733 )      (884,537,893 )        11,369       (77,034,376 ) 

Net increase (decrease) in net assets resulting from share transactions

        (10,895,909,960 )      (6,894,933,173 )        (1,747,298,841 )      (602,577,780 ) 

Net increase (decrease) in net assets

        (10,898,775,348 )      (6,894,285,852 )        (1,747,279,929 )      (602,576,403 ) 

Net assets:

             

Beginning of period

        11,219,929,678       18,114,215,530         2,072,623,962       2,675,200,365  

End of period*

      $ 321,154,330     $ 11,219,929,678       $ 325,344,033     $ 2,072,623,962  

* Includes accumulated undistributed net investment income

      $ 2,544,735     $ 2,544,735       $ 873,178     $ 873,178  

 

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

 

27                         Short-Term  Investments Trust

Statement of Changes in Net Assets—(continued)

For the six months ended February 28, 2017 and the year ended August 31, 2016

(Unaudited)

 

            Treasury Portfolio           Government & Agency Portfolio  
         February 28,
2017		     August 31,
2016		           February 28,
2017		     August 31,
2016		  

Operations:

             

Net investment income

      $ 31,540,805     $ 20,948,253       $ 39,729,272     $ 10,802,684  

Net realized gain (loss)

        600,401       223,426         (69,374 )      118,647  

Net increase in net assets resulting from operations

        32,141,206       21,171,679         39,659,898       10,921,331  

Distributions to shareholders from net investment income:

             

Institutional Class

        (29,158,879 )      (15,100,629 )        (37,855,075 )      (8,855,873 ) 

Private Investment Class

        (266,446 )      (334,722 )        (346,586 )      (403,391 ) 

Personal Investment Class

        (61,765 )      (86,109 )        (10,608 )      (10,692 ) 

Cash Management Class

        (406,253 )      (3,039,766 )        (200,947 )      (218,373 ) 

Reserve Class

        (80,430 )      (62,197 )        (282,369 )      (263,352 ) 

Resource Class

        (347,015 )      (274,847 )        (374,666 )      (73,436 ) 

Corporate Class

        (1,220,017 )      (2,049,983 )        (659,021 )      (977,567 ) 

Total distributions from net investment income

        (31,540,805 )      (20,948,253 )        (39,729,272 )      (10,802,684 ) 

Share transactions–net:

             

Institutional Class

        (2,560,248,364 )      12,017,922,118         11,450,425,188       6,496,754,225  

Private Investment Class

        (17,917,744 )      98,893,095         95,251,977       (81,684,720 ) 

Personal Investment Class

        28,180,755       (39,231,210 )        9,578,678       (29,659,491 ) 

Cash Management Class

        (26,341,411 )      (4,900,693,362 )        (9,404,853 )      (72,740,853 ) 

Reserve Class

        (2,513,453 )      123,516,873         77,597,921       8,359,709  

Resource Class

        (25,343,593 )      158,444,863         272,238,974       (2,217,786 ) 

Corporate Class

        (255,166,002 )      (597,367,186 )        3,245,168       (314,733,978 ) 

Net increase (decrease) in net assets resulting from share transactions

        (2,859,349,812 )      6,861,485,191         11,898,933,053       6,004,077,106  

Net increase (decrease) in net assets

        (2,858,749,411 )      6,861,708,617         11,898,863,679       6,004,195,753  

Net assets:

             

Beginning of period

        22,770,046,855       15,908,338,238         11,943,264,627       5,939,068,874  

End of period*

      $ 19,911,297,444     $ 22,770,046,855       $ 23,842,128,306     $ 11,943,264,627  

* Includes accumulated undistributed net investment income

      $ (21,274 )    $ (21,274 )      $ 90,340     $ 90,340  

 

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

 

28                         Short-Term  Investments Trust

Statement of Changes in Net Assets—(continued)

For the six months ended February 28, 2017 and the year ended August 31,2016

(Unaudited)

 

            Treasury Obligations Portfolio           Tax-Free Cash Reserve Portfolio  
         February 28,
2017		     August 31,
2016		           February 28,
2017		     August 31,
2016		  

Operations:

             

Net investment income

      $ 1,225,011     $ 188,034       $ 468,597     $ 702,207  

Net realized gain (loss)

        (23,974 )      15,288         (14,721 )      5,988  

Net increase in net assets resulting from operations

        1,201,037       203,322         453,876       708,195  

Distributions to shareholders from net investment income:

             

Institutional Class

        (1,182,978 )      (78,969 )        (316,194 )      (628,540 ) 

Private Investment Class

        (1,453 )      (5,685 )        (33,839 )      (18,929 ) 

Personal Investment Class

        (689 )      (2,859 )        (3,250 )      (1,951 ) 

Cash Management Class

        (2,026 )      (43,887 )        (74,728 )      (33,087 ) 

Reserve Class

        (37,370 )      (51,534 )        (36,391 )      (16,951 ) 

Resource Class

        (134 )      (2,214 )        (4,119 )      (1,923 ) 

Corporate Class

        (361 )      (2,886 )        (76 )      (826 ) 

Total distributions from net investment income

        (1,225,011 )      (188,034 )        (468,597 )      (702,207 ) 

Share transactions–net:

             

Institutional Class

        1,165,631,320       15,581,368         (354,742,419 )      (5,243,578 ) 

Private Investment Class

        (4,911,643 )      177,746         (4,887,524 )      (6,001,459 ) 

Personal Investment Class

        (2,562,800 )      652,387         (394,314 )      (1,226,815 ) 

Cash Management Class

        (29,769,295 )      (13,633,574 )        5,021,679       (20,346,066 ) 

Reserve Class

        40,731,958       30,758,077         (24,426 )      (239,848 ) 

Resource Class

        118       (2,177,935 )        (380,453 )      (2,115,602 ) 

Corporate Class

        (2,933,772 )      (25,066,209 )        70       (26,445,210 ) 

Net increase (decrease) in net assets resulting from share transactions

        1,166,185,886       6,291,860         (355,407,387 )      (61,618,578 ) 

Net increase (decrease) in net assets

        1,166,161,912       6,307,148         (355,422,108 )      (61,612,590 ) 

Net assets:

             

Beginning of period

        201,090,567       194,783,419         532,305,318       593,917,908  

End of period *

      $ 1,367,252,479     $ 201,090,567       $ 176,883,210     $ 532,305,318  

* Includes accumulated undistributed net investment income

      $ (12,543 )    $ (12,543 )      $ (104,955 )    $ (104,955 ) 

Notes to Financial Statements

February 28, 2017

(Unaudited)

NOTE 1—Significant Accounting Policies

Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers six separate portfolios, (each constituting a “Fund”). The Funds covered in this report are Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio (formerly Government TaxAdvantage Portfolio) and Tax-Free Cash Reserve Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.

The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio and Treasury Obligations Portfolio; and to provide tax-exempt income consistent with the preservation of capital and liquidity for Tax-Free Cash Reserve Portfolio.

Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.

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

On October 12, 2016, pursuant to new rules and regulations effective October 14, 2016, Liquid Assets Portfolio and STIC Prime Portfolio, both institutional money market funds, began to price and transact in their shares at a floating net asset value (“NAV”) reflecting the current market-based

 

29                         Short-Term  Investments Trust

values of their portfolio securities, except as otherwise generally permitted for securities with remaining maturities of 60 days or less, which will be valued at amortized cost. These rules and regulations also require Liquid Assets Portfolio and STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).

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

Treasury Portfolio, Government & Agency Portfolio, and Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, continue to seek to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation.

“Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/or repurchase agreements collateralized fully by cash or Government Securities. “Retail money market funds” are required to adopt policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons.

Liquid Assets Portfolio, STIC Prime Portfolio, and Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Treasury Portfolio, Government & Agency Portfolio, and Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.

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

A. Security Valuations — Liquid Asset Portfolio’s and 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. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio, and Tax-Free Cash Reserve Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

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

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any), adjusted for amortization of premiums and accretion of discounts on investments, is recorded on the accrual basis from settlement date. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

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

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

The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.

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.

 

30                         Short-Term  Investments Trust

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, Tax-Free Cash Reserve Portfolio intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative net assets.
G. Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
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 Fund 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 Fund may not be able to recover its investment in such issuer from the U.S. Government.

The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.

The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, each Fund pays an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:

 

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

Liquid Assets Portfolio

     0.15%          0.15%          0.15%  

STIC Prime Portfolio

     0.15%          0.15%          0.15%  

Treasury Portfolio

     0.15%          0.15%          0.15%  

Government & Agency Portfolio

     0.10%          0.10%          0.10%  

Treasury Obligations Portfolio

     0.20%          0.15%          0.10%  

Tax-Free Cash Reserve Portfolio

     0.20%          0.20%          0.20%  

 

31                         Short-Term  Investments Trust

For the six months ended February 28, 2017, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:

 

Liquid Assets Portfolio

     0.15%  

STIC Prime Portfolio

     0.15%  

Treasury Portfolio

     0.15%  

Government & Agency Portfolio

     0.10%  

Treasury Obligations Portfolio

     0.14%  

Tax-Free Cash Reserve Portfolio

     0.20%  

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, may pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

The Adviser has contractually agreed, through at least December 31, 2017, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):

 

     Institutional
Class		      Private
Investment
Class		      Personal
Investment
Class		      Cash
Management
Class		      Reserve
Class		      Resource
Class		      Corporate
Class		  

Liquid Assets Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.38 %       0.21 % 

STIC Prime Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Treasury Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Government & Agency Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Treasury Obligations Portfolio

     0.18 %       0.43 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Tax-Free Cash Reserve Portfolio

     0.20 %       0.45 %       0.75 %       0.28 %       1.07 %       0.36 %       0.23 % 

The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.

In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) extraordinary or non-routine items, including litigation expenses, and (4) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limit without approval of the Board of Trustees.

Further, Invesco and/or IDI voluntarily waived fees and/or reimbursed expenses in order to increase the yields of each Fund. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors.

For the six months ended February 28, 2017, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:

 

     Expense
Limitation		        Yield
Waivers		  

Liquid Assets Portfolio

   $ 410,566        $ —  

STIC Prime Portfolio

     284,295          —  

Treasury Portfolio

     2,201,591          —  

Government & Agency Portfolio

     —          —  

Treasury Obligations Portfolio

     229,513          —  

Tax-Free Cash Reserve Portfolio

     170,645          —  

Voluntary fee waivers for the six months ended February 28, 2017 are shown below:

 

    

Private
Investment

Class

       

Personal
Investment

Class

       

Cash
Management

Class

       

Reserve

Class

       

Resource

Class

       

Corporate

Class

  

Liquid Assets Portfolio

   $ 2,312        $ 3,843          N/A        $ 28,922          N/A          N/A  

STIC Prime Portfolio

     6,443          45,963          N/A          15,651        $ 42          N/A  

Treasury Portfolio

     268,452          219,024          N/A          545,861          30,383          N/A  

Government & Agency Portfolio

     205,332          24,194          N/A          1,315,893          6,366          N/A  

Treasury Obligations Portfolio

     2,307          3,077        $ 514          251,408          76        $ 19  

Tax-Free Cash Reserve Portfolio

     8,731          3,754          1,247          79,875          348          N/A  

The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the six months ended February 28, 2017, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees.

 

32                         Short-Term  Investments Trust

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 28, 2017, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.

Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.

 

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

Liquid Assets Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.20 %       0.03 % 

STIC Prime Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Treasury Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Government & Agency Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Treasury Obligations Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Tax-Free Cash Reserve Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.

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

NOTE 3—Additional Valuation Information

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

  Level 1 — Prices are determined using quoted prices in an active market for identical assets.
  Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
  Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect each Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of February 28, 2017, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4—Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. For the six months ended February 28, 2017, each Fund engaged in transactions with affiliates as listed below:

 

     Securities Purchases        Securities Sales        Net Realized Gains  

Liquid Assets Portfolio

   $ 498,250,427        $ 509,600,329        $ —  

STIC Prime Portfolio

     187,984,805          202,226,502          —  

Tax-Free Cash Reserve Portfolio

     234,700,564          455,097,214          —  

 

33                         Short-Term  Investments Trust

NOTE 5—Trustees’ and Officers’ Fees and Benefits

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

NOTE 6—Cash Balances

The Funds are permitted to temporarily overdraft or leave balances in their accounts with The Bank of New York Mellon (BNY Mellon), the custodian bank. Such balances, if any at period-end, are shown in the Statements of Assets and Liabilities under the payable caption Amount due custodian. To compensate BNY Mellon or the Funds for such activity, the Funds may either (1) pay to or receive from BNY Mellon compensation at a rate agreed upon by BNY Mellon and Invesco, not to exceed the contractually agreed upon rate; or (2) leave funds or overdraft funds as a compensating balance in the account so BNY Mellon or the Funds can be compensated for use of funds.

NOTE 7—Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to each Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at each Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds below had a capital loss carryforward as of August 31, 2016 which expires as follows:

 

    Short-Term        Long-Term        Total*  
Fund   2018        2019        Not Subject to
Expiration		        Not Subject to
Expiration		       

Treasury Obligations Portfolio

   $ —        $ —        $ 3,159        $ —        $ 3,159  

Tax-Free Cash Reserve Portfolio

     8,740          30,074          —          —          38,814  

 

* Capital loss carryforward 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.

NOTE 8—Investment Securities

The aggregate amount of investment securities purchased and sold by each Fund and aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:

 

    At February 28, 2017  
     Federal Tax Cost*      Unrealized
Appreciation		      Unrealized
(Depreciation)		      Net Unrealized
Appreciation
(Depreciation)		  

Treasury Portfolio

   $ 20,207,749,634      $ —      $ (306,340 )     $ (306,340 ) 

 

* 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.

 

34                         Short-Term  Investments Trust

NOTE 9—Share Information

Liquid Assets Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)(b)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     8,636,572,068      $ 8,636,696,253        206,922,537,697      $ 206,922,537,697  

Private Investment Class

     73,675,853        73,675,862        1,086,367,896        1,086,367,896  

Personal Investment Class

     8,178,437        8,178,627        147,332,561        147,332,561  

Cash Management Class

     315,185,594        315,189,645        3,527,556,735        3,527,556,735  

Reserve Class

     3,679,215        3,679,395        312,834,642        312,834,642  

Resource Class

     131,512        131,513        54,658,208        54,658,208  

Corporate Class

     229,992,915        230,006,196        12,789,032,744        12,789,032,744  

Issued as reinvestment of dividends:

           

Institutional Class

     3,612,258        3,612,403        16,030,218        16,030,218  

Private Investment Class

     23,725        23,727        51,160        51,160  

Personal Investment Class

     4,941        4,941        33,213        33,213  

Cash Management Class

     66,920        66,923        325,885        325,885  

Reserve Class

     34,020        34,020        78,372        78,372  

Resource Class

     4,320        4,320        14,018        14,018  

Corporate Class

     105,181        105,188        699,998        699,998  

Reacquired:

           

Institutional Class

     (18,767,392,641 )       (18,767,690,764 )       (212,491,798,025 )       (212,491,798,025 ) 

Private Investment Class

     (304,159,753 )       (304,178,675 )       (1,128,591,054 )       (1,128,591,054 ) 

Personal Investment Class

     (37,119,877 )       (37,120,827 )       (233,517,289 )       (233,517,289 ) 

Cash Management Class

     (559,012,820 )       (559,018,892 )       (3,735,263,159 )       (3,735,263,159 ) 

Reserve Class

     (102,775,450 )       (102,775,755 )       (368,944,928 )       (368,944,928 ) 

Resource Class

     (6,040,857 )       (6,040,943 )       (120,101,430 )       (120,101,430 ) 

Corporate Class

     (390,456,216 )       (390,493,117 )       (13,674,270,635 )       (13,674,270,635 ) 

Net increase (decrease) in share activity

     (10,895,690,655 )     $ (10,895,909,960 )       (6,894,933,173 )     $ (6,894,933,173 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 72% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.
(b)  Effective October 12, 2016, Liquid Assets Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

35                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

STIC Prime Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)(b)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     655,894,743      $ 655,926,204        4,966,861,188      $ 4,966,861,188  

Private Investment Class

     32,471,499        32,471,503        1,446,777,172        1,446,777,172  

Personal Investment Class

     118,187,308        118,187,309        677,491,586        677,491,586  

Cash Management Class

     130,898,214        130,898,218        2,194,654,168        2,194,654,168  

Reserve Class

     12,102,644        12,102,696        400,019,801        400,019,801  

Resource Class

     54,161,912        54,161,918        96,121,190        96,121,190  

Corporate Class

     19,999        20,000        518,160,731        518,160,731  

Issued as reinvestment of dividends:

           

Institutional Class

     561,735        561,770        1,393,044        1,393,044  

Private Investment Class

     7,432        7,432        78,349        78,349  

Personal Investment Class

     15,098        15,098        70,680        70,680  

Cash Management Class

     77,613        77,613        217,106        217,106  

Reserve Class

     6,557        6,557        50,303        50,303  

Resource Class

     8,241        8,241        25,322        25,322  

Corporate Class

     3,548        3,548        148,537        148,537  

Reacquired:

           

Institutional Class

     (1,943,307,435 )       (1,943,355,060 )       (5,125,051,673 )       (5,125,051,673 ) 

Private Investment Class

     (171,380,975 )       (171,381,911 )       (1,468,010,855 )       (1,468,010,855 ) 

Personal Investment Class

     (235,054,362 )       (235,054,406 )       (677,660,866 )       (677,660,866 ) 

Cash Management Class

     (298,011,468 )       (298,011,506 )       (2,510,593,415 )       (2,510,593,415 ) 

Reserve Class

     (33,077,282 )       (33,077,453 )       (428,996,120 )       (428,996,120 ) 

Resource Class

     (70,853,530 )       (70,854,433 )       (98,990,384 )       (98,990,384 ) 

Corporate Class

     (12,179 )       (12,179 )       (595,343,644 )       (595,343,644 ) 

Net increase (decrease) in share activity

     (1,747,280,688 )     $ (1,747,298,841 )       (602,577,780 )     $ (602,577,780 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 96% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.
(b)  Effective October 12, 2016, STIC Prime Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

36                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Treasury Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     49,873,953,809      $ 49,873,953,809        37,473,899,000      $ 37,473,899,000  

Private Investment Class

     721,092,411        721,092,411        1,884,005,414        1,884,005,414  

Personal Investment Class

     485,120,727        485,120,727        980,594,144        980,594,144  

Cash Management Class

     1,054,669,980        1,054,669,980        14,484,295,170        14,484,295,170  

Reserve Class

     133,540,692        133,540,692        316,250,840        316,250,840  

Resource Class

     237,666,579        237,666,579        575,238,582        575,238,582  

Corporate Class

     4,935,948,006        4,935,948,006        20,782,139,048        20,782,139,048  

Issued as reinvestment of dividends:

           

Institutional Class

     4,721,818        4,721,818        5,368,737        5,368,737  

Private Investment Class

     51,815        51,815        43,130        43,130  

Personal Investment Class

     56,509        56,509        76,479        76,479  

Cash Management Class

     299,878        299,878        266,775        266,775  

Reserve Class

     77,366        77,366        50,478        50,478  

Resource Class

     86,698        86,698        52,190        52,190  

Corporate Class

     1,035,739        1,035,739        1,013,151        1,013,151  

Reacquired:

           

Institutional Class

     (52,438,923,991 )       (52,438,923,991 )       (25,461,345,619 )       (25,461,345,619 ) 

Private Investment Class

     (739,061,970 )       (739,061,970 )       (1,785,155,449 )       (1,785,155,449 ) 

Personal Investment Class

     (456,996,481 )       (456,996,481 )       (1,019,901,833 )       (1,019,901,833 ) 

Cash Management Class

     (1,081,311,269 )       (1,081,311,269 )       (19,385,255,307 )       (19,385,255,307 ) 

Reserve Class

     (136,131,511 )       (136,131,511 )       (192,784,445 )       (192,784,445 ) 

Resource Class

     (263,096,870 )       (263,096,870 )       (416,845,909 )       (416,845,909 ) 

Corporate Class

     (5,192,149,747 )       (5,192,149,747 )       (21,380,519,385 )       (21,380,519,385 ) 

Net increase (decrease) in share activity

     (2,859,349,812 )     $ (2,859,349,812 )       6,861,485,191      $ 6,861,485,191  

 

(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. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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, 24% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

37                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Government & Agency Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     93,762,456,439      $ 93,762,456,439        54,569,434,166      $ 54,569,434,166  

Private Investment Class

     710,764,705        710,764,705        1,458,232,071        1,458,232,071  

Personal Investment Class

     38,924,434        38,924,434        71,882,635        71,882,635  

Cash Management Class

     422,434,849        422,434,849        2,062,748,073        2,062,748,073  

Reserve Class

     594,159,166        594,159,166        713,745,281        713,745,281  

Resource Class

     1,525,352,649        1,525,352,649        678,959,358        678,959,358  

Corporate Class

     2,236,255,213        2,236,255,213        3,670,809,701        3,670,809,701  

Issued as reinvestment of dividends:

           

Institutional Class

     4,862,405        4,862,405        1,972,829        1,972,829  

Private Investment Class

     98,906        98,906        116,496        116,496  

Personal Investment Class

     3,711        3,711        —        —  

Cash Management Class

     112,181        112,181        59,978        59,978  

Reserve Class

     192,197        192,197        149,381        149,381  

Resource Class

     176,761        176,761        16,833        16,833  

Corporate Class

     405,059        405,059        458,600        458,600  

Reacquired:

           

Institutional Class

     (82,316,893,656 )       (82,316,893,656 )       (48,074,652,770 )       (48,074,652,770 ) 

Private Investment Class

     (615,611,634 )       (615,611,634 )       (1,540,033,287 )       (1,540,033,287 ) 

Personal Investment Class

     (29,349,467 )       (29,349,467 )       (101,542,126 )       (101,542,126 ) 

Cash Management Class

     (431,951,883 )       (431,951,883 )       (2,135,548,904 )       (2,135,548,904 ) 

Reserve Class

     (516,753,442 )       (516,753,442 )       (705,534,953 )       (705,534,953 ) 

Resource Class

     (1,253,290,436 )       (1,253,290,436 )       (681,193,977 )       (681,193,977 ) 

Corporate Class

     (2,233,415,104 )       (2,233,415,104 )       (3,986,002,279 )       (3,986,002,279 ) 

Net increase in share activity

     11,898,933,053      $ 11,898,933,053        6,004,077,106      $ 6,004,077,106  

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 16% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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, 29% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

38                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Treasury Obligations Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     1,562,141,539      $ 1,562,141,539        475,968,821      $ 475,968,821  

Private Investment Class

     1,583,283        1,583,283        9,868,856        9,868,856  

Personal Investment Class

     1,567,680        1,567,680        11,195,355        11,195,355  

Cash Management Class

     —        —        37,314,802        37,314,802  

Reserve Class

     102,470,204        102,470,204        142,035,205        142,035,205  

Resource Class

     118        118        196        196  

Corporate Class

     659,929        659,929        14,372,709        14,372,709  

Issued as reinvestment of dividends:

           

Institutional Class

     20,345        20,345        43,479        43,479  

Private Investment Class

     1,337        1,337        2,495        2,495  

Cash Management Class

     3,678        3,678        42,181        42,181  

Reserve Class

     30,715        30,715        48,377        48,377  

Resource Class

     —        —        2,027        2,027  

Corporate Class

     272        272        3,097        3,097  

Reacquired:

           

Institutional Class

     (396,530,564 )       (396,530,564 )       (460,430,932 )       (460,430,932 ) 

Private Investment Class

     (6,496,263 )       (6,496,263 )       (9,693,605 )       (9,693,605 ) 

Personal Investment Class

     (4,130,480 )       (4,130,480 )       (10,542,968 )       (10,542,968 ) 

Cash Management Class

     (29,772,973 )       (29,772,973 )       (50,990,557 )       (50,990,557 ) 

Reserve Class

     (61,768,961 )       (61,768,961 )       (111,325,505 )       (111,325,505 ) 

Resource Class

     —        —        (2,180,158 )       (2,180,158 ) 

Corporate Class

     (3,593,973 )       (3,593,973 )       (39,442,015 )       (39,442,015 ) 

Net increase in share activity

     1,166,185,886      $ 1,166,185,886        6,291,860      $ 6,291,860  

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 10% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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, 87% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

39                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Tax-Free Cash Reserve Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     147,610,254      $ 147,610,254        1,024,153,591      $ 1,024,153,591  

Private Investment Class

     16,047,764        16,047,764        41,102,729        41,102,729  

Personal Investment Class

     2,004,667        2,004,667        2,880,498        2,880,498  

Cash Management Class

     34,034,380        34,034,380        51,239,007        51,239,007  

Reserve Class

     31,658,070        31,658,070        53,662,145        53,662,145  

Resource Class

     34,216        34,216        80,556        80,556  

Corporate Class

     32,101        32,101        1,175,406        1,175,406  

Issued as reinvestment of dividends:

           

Institutional Class

     92,655        92,655        70,780        70,780  

Private Investment Class

     27,549        27,549        15,014        15,014  

Personal Investment Class

     2,395        2,395        11        11  

Cash Management Class

     57,862        57,862        13,782        13,782  

Reserve Class

     31,962        31,962        14,449        14,449  

Resource Class

     3,816        3,816        1,634        1,634  

Corporate Class

     73        73        1,040        1,040  

Reacquired:

           

Institutional Class

     (502,445,328 )       (502,445,328 )       (1,029,467,949 )       (1,029,467,949 ) 

Private Investment Class

     (20,962,837 )       (20,962,837 )       (47,119,202 )       (47,119,202 ) 

Personal Investment Class

     (2,401,376 )       (2,401,376 )       (4,107,324 )       (4,107,324 ) 

Cash Management Class

     (29,070,563 )       (29,070,563 )       (71,598,855 )       (71,598,855 ) 

Reserve Class

     (31,714,458 )       (31,714,458 )       (53,916,442 )       (53,916,442 ) 

Resource Class

     (418,485 )       (418,485 )       (2,197,792 )       (2,197,792 ) 

Corporate Class

     (32,104 )       (32,104 )       (27,621,656 )       (27,621,656 ) 

Net increase (decrease) in share activity

     (355,407,387 )     $ (355,407,387 )       (61,618,578 )     $ (61,618,578 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 87% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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.

 

40                         Short-Term  Investments Trust

NOTE 10—Financial Highlights

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

Personal Investment Class

 

     Net asset
value,
beginning
of period		     Net
investment
income (a)		     Net gains
(losses)
on securities
(both
realized and
unrealized)		     Total from
investment
operations		     Dividends
from net
investment
income		     Distributions
from net
realized
gains		     Total
distributions		     Net asset
value, end
of period		     Total
return(b)		     Net assets,
end of period
(000’s omitted)		     Ratio of
expenses
to average
net assets
with fee waivers
and/or expense
reimbursements		     Ratio of
expenses
to average net
assets without
fee waivers
and/or expense
reimbursements		     Ratio of net
investment
income
to average
net assets		  

Liquid Assets Portfolio

 

Six months ended 02/28/17

   $ 1.00     $ 0.0006     $ 0.0009     $ 0.0015     $ (0.0007 )    $ (0.0005 )    $ (0.0012 )    $ 1.0003       0.12 %    $ 305       0.50 %(c)      0.78 %(c)      0.11 %(c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.02       180,431       0.19       0.92       0.02  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.02       156,032       0.24       0.92       0.02  

Year ended 08/31/12

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.02       102,628       0.27       0.93       0.02  

STIC Prime Portfolio

 

                

Six months ended 02/28/17

     1.00       0.0012       (0.0002 )      0.0010       (0.0010 )      —       (0.0010 )      1.0000       0.10       622       0.37 (c)      0.81 (c)      0.25 (c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.08       158,011       0.06       0.94       0.08  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.06       98,913       0.11       0.94       0.08  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.07       72,420       0.15       0.95       0.05  

Treasury Portfolio

 

Six months ended 02/28/17

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.05       151,008       0.38 (c)      0.75 (c)      0.10 (c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.01       162,405       0.04       0.92       0.02  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.02       131,880       0.09       0.93       0.02  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.03       126,917       0.08       0.93       0.02  

Government & Agency Portfolio

 

Six months ended 02/28/17

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.07       17,086       0.38 (c)      0.70 (c)      0.13 (c) 

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  

Year ended 08/31/14

     1.00       0.00       —       0.00       (0.00 )      —       (0.00 )      1.00       0.02       41,149       0.06       0.88       0.02  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.03       48,700       0.11       0.89       0.02  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.02       13,558       0.10       0.88       0.03  

Treasury Obligations Portfolio

 

Six months ended 02/28/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.05       45       0.22 (c)      0.77 (c)      0.21 (c) 

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  

Year ended 08/31/14

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.04       3,799       0.02       1.04       0.03  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.03       6,195       0.06       0.95       0.03  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.03       4,545       0.07       0.97       0.02  

Tax-Free Cash Reserve Portfolio

 

Six months ended 02/28/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.16       2,003       0.40 (c)      0.92 (c)      0.30 (c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.05       3,722       0.04       1.05       0.04  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.06       4,781       0.10       1.05       0.06  

Year ended 08/31/12

     1.00       0.00       —       0.00       (0.00 )      —       (0.00 )      1.00       0.06       2,750       0.13       1.05       0.06  

 

(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 annualized and based on average daily net assets (000’s omitted) of $3,320, $25,739, $127,077, $15,446, $1,232 and $2,133 for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio and Tax-Free Cash Reserve Portfolio, respectively.

 

41                         Short-Term  Investments Trust

Calculating your ongoing Fund expenses

Example

As a shareholder in the Personal Investment Class, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2016 through February 28, 2017.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 

Personal Investment Class    Beginning
Account Value
(09/01/16)		      ACTUAL      HYPOTHETICAL
(5% annual return before
expenses)		      Annualized
Expense
Ratio		  
      Ending
Account Value
(02/28/17)1		      Expenses
Paid During
Period2		     

Ending

Account Value
(02/28/17)

      Expenses
Paid During
Period2		     

Liquid Assets Portfolio

    $ 1,000.00      $ 1,001.20      $ 2.48      $ 1,022.32      $ 2.51        0.50 % 

STIC Prime Portfolio

      1,000.00        1,001.00        1.84        1,022.96        1.86        0.37  

Treasury Portfolio

      1,000.00        1,000.50        1.88        1,022.91        1.91        0.38  

Government & Agency Portfolio

      1,000.00        1,000.70        1.89        1,022.91        1.91        0.38  

Treasury Obligations Portfolio

      1,000.00        1,000.50        1.09        1,023.70        1.10        0.22  

Tax-Free Cash Reserve Portfolio

      1,000.00        1,001.60        1.99        1,022.81        2.01        0.40  

 

1  The actual ending account value is based on the actual total return of the Funds for the period September 1, 2016, through February 28, 2017, 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 181/365 to reflect the most recent fiscal half year.

 

42                         Short-Term  Investments Trust

 

 

 

Invesco mailing information

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

 

 

Important notice regarding delivery of security holder documents

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

 

 

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-Q filings on the SEC website, sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

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

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

    LOGO

 

SEC file numbers: 811-02729 and 002-58287    Invesco Distributors, Inc.    CM-STIT-SAR-6                 04182017 1018

  

 

LOGO   

Semiannual Report to Shareholders

 

   

February 28, 2017

 

  

 

Reserve Class

   Short-Term Investments Trust (STIT)
   Liquid Assets Portfolio
   STIC Prime Portfolio
   Treasury Portfolio
   Government & Agency Portfolio
   Treasury Obligations Portfolio
   Tax-Free Cash Reserve Portfolio

 

LOGO

 

  

 

  

 

2

     

 

Fund Data

  

 

3

     

 

Letters to Shareholders

  

 

4

     

 

Schedule of Investments

  

 

24

     

 

Financial Statements

  

 

29

     

 

Notes to Financial Statements

  

 

41

     

 

Financial Highlights

  

 

42

     

 

Fund Expenses

  

This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including fees and expenses. Investors should read it carefully before investing.

 

Unless otherwise stated, information presented in this report is as of February 28, 2017, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.

 

  

 

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE

 

Fund Data

 

 

 

Reserve Class data as of 2/28/17

 

  FUND     

WEIGHTED

AVERAGE

MATURITY

    

WEIGHTED

AVERAGE

LIFE

   

TOTAL

NET

ASSETS

       Range
During
Reporting
Period		       

At

Reporting

Period

End

    

At

Reporting

Period

End

     

Liquid Assets1

       3 - 32 days          21 days     39 days    $1.1 million    

STIC Prime1

       3 - 19 days          11 days     11 days    506.1 thousand 

Treasury2

       37 - 54 days          44 days     104 days    156.6 million     

Government & Agency2

       32 - 50 days          37 days     111 days    393.5 million     

Treasury Obligations2

       15 - 58 days          49 days     100 days    77.4 million   

Tax-Free Cash Reserve3

       10 - 19 days          11 days     15 days    21.5 million   

 

Weighted average maturity (WAM) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes.

    Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.

 

1 You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
2 You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
3 You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

 

2   Short-Term Investments Trust

 

 

Letters to Shareholders

 

LOGO

     Bruce Crockett

     

Dear Fellow Shareholders:

As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco’s mutual funds. We work hard to represent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team’s investment performance within the context of the investment strategy described in the fund’s prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.

    We believe one of the most important services we provide our fund shareholders is the annual review of the funds’ advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc., an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a reasonable fee.

    As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.

Sincerely,

 

LOGO

Bruce L. Crockett

Independent Chair

Invesco Funds Board of Trustees

 

 

 

LOGO

       Philip Taylor

     

Dear Shareholders:

Money market investors cheered when the US Federal Reserve (the Fed) unanimously raised its federal funds target rate in December 2016 – just the second increase since 2006. The Fed raised this key rate from a range of 0.25% to 0.50% to a range of 0.50% to 0.75%.1

    The Fed’s decision was based on evidence of a strengthening US economy – specifically, a stronger labor market and inflation moving closer to the Fed’s target levels. Fed-watchers suggested that a strengthening US economy, as well as the proposed spending, tax and regulatory policies of the Trump administration, could cause the Fed to accelerate future interest rate hikes. Raising rates sooner rather than later would provide the Fed with greater dexterity to respond to higher-than-projected economic growth in the future.

    At the close of the reporting period, most major global economies continued to maintain interest rates at, near or below zero in an effort to fuel inflation and spur economic growth. Many major central banks, including the European Central Bank, the Bank of England and the Bank of Japan, all cut rates during 2016.

    During the reporting period, the US money market fund industry fully implemented reform measures in October that had been announced by the US Securities and Exchange Commission in 2014. Invesco is pleased to report that we successfully implemented required money market reform policies on October 12, 2016.

    For Invesco’s money market fund professionals, safety is of paramount importance in the investment process. Their conservative investment philosophy has always focused on providing principal preservation, liquidity, and return – in that order – to our money market fund investors. Thank you for investing with us.

Sincerely,

 

LOGO

Philip Taylor

Senior Managing Director, Invesco Ltd.

 

1 Source: US Federal Reserve

 

3   Short-Term Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Liquid Assets Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Commercial Paper–36.86%(a)

 

        
Asset-Backed Securities — Fully Supported–6.53%          

Bennington Stark Capital Co., LLC (CEP–Societe Generale S.A.)(b)(c)

     0.90 %      03/06/2017      $ 6,000      $ 5,999,289  

Bennington Stark Capital Co., LLC (CEP–Societe Generale S.A.)(b)(c)

     1.15 %      04/07/2017        5,000        4,995,661  

Kells Funding LLC (CEP–FMS Wertmanagement)(c)

     1.00 %      05/26/2017        5,000        4,987,917  

Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)

     1.43 %      07/05/2017        5,000        4,979,186  
         20,962,053  
Asset-Backed Securities — Fully Supported Bank–16.52%          

Anglesea Funding LLC (Multi–CEP’s)(b)(c)

     0.93 %      04/10/2017        5,000        4,995,239  

Anglesea Funding LLC (Multi–CEP’s)(b)(c)

     1.10 %      04/03/2017        5,000        4,996,203  

Cancara Asset Securitisation LLC (CEP–Lloyds Bank PLC)(c)

     1.10 %      04/07/2017        5,000        4,995,662  

Cedar Springs Capital Co. LLC (CEP–UBS AG)(b)(c)

     0.82 %      03/01/2017        4,578        4,577,886  

Ebury Finance LLC (Multi–CEP’s)(b)(c)

     0.70 %      03/01/2017        7,500        7,499,856  

Institutional Secured Funding Ltd. (Multi–CEP’s)(b)(c)

     0.90 %      03/06/2017        5,000        4,999,407  

Manhattan Asset Funding Co., LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c)

     0.94 %      03/03/2017        5,000        4,999,709  

Matchpoint Finance PLC (CEP–BNP Paribas S.A.)(b)(c)

     0.95 %      03/09/2017        7,000        6,998,597  

Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c)

     0.80 %      03/14/2017        5,000        4,998,559  

Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c)

     0.80 %      03/28/2017        4,000        3,997,548  
         53,058,666  
Asset-Backed Securities — Multi-Purpose–1.55%          

Versailles Commercial Paper LLC(b)

     1.08 %      05/16/2017        5,000        4,986,846  
Diversified Banks–9.49%          

Bank of Nova Scotia(b)(c)

     1.08 %      04/13/2017        3,000        2,997,261  

BPCE S.A.(b)(c)

     1.21 %      05/09/2017        6,000        5,990,224  

Erste Abwicklungsanstalt(b)(c)(d)

     1.13 %      03/21/2017        5,000        5,001,255  

Mizuho Bank, Ltd.(c)

     1.08 %      04/13/2017        5,000        4,995,465  

National Bank of Abu Dhabi PJSC(b)(c)

     0.76 %      03/07/2017        7,500        7,499,074  

NRW Bank(b)(c)

     1.05 %      04/18/2017        4,000        3,995,949  
         30,479,228  
Other Diversified Financial Services–0.93%          

ABN AMRO Funding USA LLC(b)(c)

     1.07 %      06/07/2017        3,000        2,990,480  
Regional Banks–1.09%          

ASB Finance Ltd.(b)(c)

     1.00 %      06/01/2017        3,500        3,491,881  
Specialized Finance–0.75%          

CDP Financial Inc.(c)

     0.96 %      04/05/2017        2,400        2,398,404  

Total Commercial Paper (Cost $118,350,414)

                               118,367,558  

Variable Rate Demand Notes–24.06%(e)

          
Credit Enhanced–24.06%          

Aledo Independent School District; Series 2006 A, VRD School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program)

     0.67 %      08/01/2035        2,212        2,212,000  

Capital Markets Access Co. LC (SEUP Real Estate LLC); Series 2008, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f)

     0.75 %      07/01/2038        4,445        4,445,000  

Columbus (City of), Ohio Regional Airport Authority (FlightSafety International Inc.); Series 2015 A, VRD RB (CEP–Berkshire Hathaway Inc.)

     0.68 %      04/01/2035        10,000        10,000,000  

 

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

 

4                         Short-Term  Investments Trust

Liquid Assets Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Credit Enhanced–(continued)          

EagleBend Affordable Housing Corp.; Series 2006 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(f)

     0.66 %      07/01/2021      $ 881      $ 881,000  

Illinois (State of) Finance Authority (James Jordan Boys & Girls Club & Family Life Center); Series 1995, VRD RB (LOC–Bank of America, N.A.)(f)

     0.74 %      08/01/2030        4,700        4,700,000  

Indiana (State of) Finance Authority (Ispat Inland Inc.); Series 2005, Ref. VRD Environmental Improvement RB (LOC–Rabobank Nederland)(c)(f)

     0.70 %      06/01/2035        3,590        3,590,000  

Jets Stadium Development, LLC; Series 2014 A-4B, VRD Bonds (LOC–Sumitomo Mitsui Banking Corp.)(b)(c)(f)

     0.74 %      04/01/2047        9,600        9,599,999  

Maricopa (County of), Arizona Industrial Development Authority (Gran Victoria Housing LLC); Series 2000 A, VRD MFH RB (CEP–FNMA)

     0.66 %      04/15/2030        140        140,000  

Massachusetts (State of) Development Finance Agency (Milton Academy); Series 2009 B, VRD Taxable RB (LOC–TD Bank, N.A.)(f)

     0.77 %      03/01/2039        10,055        10,055,000  

Memphis (City of), Tennessee Health, Educational and Housing Facility Board (Ashland Lakes Apartments); Series 2006 A, VRD MFH RB (LOC–U.S. Bank, N.A.)(f)

     0.71 %      08/01/2041        9,000        9,000,000  

Minnetonka (City of), Minnesota (Minnetonka Hills Apartments); Series 2001, Ref. VRD MFH RB (CEP–FNMA)

     0.73 %      11/15/2031        2,285        2,285,000  

New York (State of) Housing Finance Agency (605 West 42nd Street Housing);

          

Series 2014 A, VRD RB (LOC–Bank of China Ltd.)(f)

     0.76 %      05/01/2048        7,100        7,100,000  

Series 2014 B, VRD RB (LOC–Bank of China Ltd.)(f)

     1.10 %      05/01/2048        1,200        1,200,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2014 B, VRD RB (LOC–Bank of China Ltd.)(f)

     1.19 %      11/01/2049        4,000        4,000,000  

Pinellas (County of), Florida Health Facilities Authority (Baycare Health System); Series 2009 A-2, VRD Health System RB (LOC–Northern Trust Co. (The))(f)

     0.65 %      11/01/2038        5,945        5,945,000  

S&L Capital, LLC (J&L Development of Holland, LLC); Series 2005 A, VRD Taxable Notes (LOC–FHLB of Indianapolis)(f)

     0.90 %      07/01/2040        1,820        1,820,000  

University of Southern Indiana; Series 1999 G, VRD Student Fee RB (LOC–JPMorgan Chase Bank, N.A.)(f)

     0.66 %      10/01/2019        310        310,000  

Total Variable Rate Demand Notes (Cost $77,282,999)

                               77,282,999  

Certificates of Deposit–13.96%

          

Canadian Imperial Bank of Commerce(c)(d)

     1.23 %      07/21/2017        4,000        4,002,975  

DZ Bank AG Deutsche Zentral-Genossenschaftsbank(c)(d)

     1.46 %      10/25/2017        8,000        8,018,158  

Mitsubishi UFJ Trust & Banking Corp.(c)

     1.10 %      04/13/2017        5,000        5,001,933  

Nordea Bank AB(c)

     0.56 %      03/01/2017        11,811        11,811,488  

Norinchukin Bank (The)(b)(c)

     1.03 %      05/16/2017        7,000        7,001,291  

Wells Fargo Bank, N.A.(d)

     1.32 %      01/19/2018        5,000        5,005,580  

Westpac Banking Corp.(c)(d)

     1.28 %      01/05/2018        4,000        4,003,424  

Total Certificates of Deposit (Cost $44,811,632)

                               44,844,849  

Notes–3.74%

          

Bank of Nova Scotia, Sr. Unsec. Global Floating Rate Notes(c)(d)

     1.32 %      04/11/2017        7,000        7,003,437  

Bank of Tokyo-Mitsubishi UFJ, Ltd. (The), Sr. Unsec. Notes(b)(c)

     1.20 %      03/10/2017        5,000        5,000,621  

Total Notes (Cost $12,003,989)

                               12,004,058  

TOTAL INVESTMENTS (excluding Repurchase Agreements)–78.62% (Cost $252,449,034)

                               252,499,464  
                 Repurchase
Amount		         

Repurchase Agreements–21.49%(g)

          

BMO Capital Markets Corp., agreement dated 02/28/2017, maturing value of $5,000,106 (collateralized by domestic and foreign corporate obligations valued at $5,250,000; 0%-5.50%, 03/13/2017-09/15/2040)(c)

     0.76 %      03/01/2017        5,000,106        5,000,000  

Citigroup Global Markets Inc., open agreement dated 01/25/2017 (collateralized by foreign corporate obligations valued at $4,590,001; 0%-5.63%, 08/09/2017-02/21/2047)(h)

     1.55 %      —        —        4,500,000  

Credit Suisse Securities (USA) LLC, term agreement dated 02/22/2017, maturing value of $16,002,427 (collateralized by a domestic agency mortgage-backed security valued at $16,800,886; 0.80%, 05/25/2047)(c)(i)

     0.78 %      03/01/2017        16,002,427        16,000,000  

 

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

 

5                         Short-Term  Investments Trust

Liquid Assets Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

ING Financial Markets, LLC, agreement dated 02/28/2017, maturing value of $16,000,396 (collateralized by a domestic corporate obligation and a foreign corporate obligation valued at $17,011,891; 4.88%-6.50%, 04/30/2020-12/15/2043)(c)

     0.89 %      03/01/2017      $ 16,000,396      $ 16,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/02/2017, maturing value of $7,500,000 (collateralized by a domestic corporate obligation valued at $7,875,001; 0%, 03/01/2017)

     1.58 %      05/03/2017        7,500,000        7,500,000  

RBC Capital Markets LLC, term agreement dated 02/22/2017, maturing value of $15,000,000 (collateralized by municipal obligations valued at $15,750,000; 0%-5.25%, 05/01/2022-05/15/2115)(c)(i)

     0.99 %      04/21/2017        15,000,000        15,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2017, maturing value of $5,000,106 (collateralized by foreign corporate obligations valued at $5,100,000; 1.13%-2.75%, 04/12/2019-01/19/2027)

     0.76 %      03/01/2017        5,000,106        5,000,000  

Total Repurchase Agreements (Cost $69,000,000)

                               69,000,000  

TOTAL INVESTMENTS(j)(k)–100.11% (Cost $321,449,034)

                               321,499,464  

OTHER ASSETS LESS LIABILITIES–(0.11)%

                               (345,134 ) 

NET ASSETS–100.00%

                             $ 321,154,330  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

FHLB  

– Federal Home Loan Bank

FNMA  

– Federal National Mortgage Association

GO  

– General Obligation

LOC  

– Letter of Credit

MFH  

– Multi-Family Housing

RB  

– Revenue Bonds

Ref.  

– Refunding

Sr.  

– Senior

Unsec.  

– Unsecured

VRD  

– Variable Rate Demand

 

 

Notes to Schedule of Investments:

 

(a)  Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2017 was $122,592,021, which represented 38.17% 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: Netherlands: 11.7%; Japan: 11.4%; Canada: 11.3%; France: 9.0%; Germany: 6.9%; Switzerland: 6.4%; other countries less than 5% each: 15.0%.
(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(e)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(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)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(i)  The Fund may demand prepayment of the term repurchase agreement upon one to seven business days notice depending on the timing of the demand.
(j)  Also represents cost for federal income tax purposes.
(k)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuer’s obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     56.5 % 

8-30

     8.1  

31-60

     14.4  

61-90

     9.5  

91-180

     6.2  

181+

     5.3  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

6                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

STIC Prime Portfolio                           
     Interest
Rate		      Maturity
Date		      Principal
Amount
(000)		     
Value		  

Commercial Paper–45.49%(a)

 

         
Asset-Backed Securities — Fully Supported–12.60%           

Bennington Stark Capital Co., LLC (CEP–Societe Generale S.A.)(b)(c)

     0.90 %       03/06/2017      $ 18,000      $ 17,997,867  

Kells Funding LLC (CEP–FMS Wertmanagement)(c)

     0.90 %       03/17/2017        8,000        7,997,273  

Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)

     0.90 %       03/01/2017        15,000        14,999,712  
         40,994,852  
Asset-Backed Securities — Fully Supported Bank–17.44%           

Albion Capital LLC (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(b) (c)

     0.90 %       04/20/2017        6,000        5,993,880  

Anglesea Funding LLC (Multi–CEP’s)(b)(c)

     0.98 %       03/03/2017        15,000        14,999,169  

Institutional Secured Funding Ltd. (Multi–CEP’s)(b)(c)

     0.90 %       03/06/2017        10,000        9,998,815  

Manhattan Asset Funding Co., LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c)

     0.94 %       03/03/2017        15,000        14,999,126  

Regency Markets No. 1 LLC (CEP–HSBC Bank PLC) (b)(c)

     0.80 %       03/14/2017        5,000        4,998,559  

Working Capital Management Co., L.P. (CEP–Mizuho Corporate Bank, Ltd.)(b)(c)

     0.82 %       03/23/2017        5,760        5,757,159  
         56,746,708  
Asset-Backed Securities — Multi-Purpose–8.10%           

Chariot Funding LLC(b)

     0.82 %       03/06/2017        4,000        3,999,526  

CRC Funding LLC(b)

     0.87 %       03/01/2017        5,357        5,356,897  

Nieuw Amsterdam Receivables Corp.(b)(c)

     0.84 %       03/09/2017        10,000        9,998,258  

Versailles Commercial Paper LLC(b)

     0.90 %       04/24/2017        7,000        6,987,937  
         26,342,618  
Diversified Banks–7.35%           

DBS Bank Ltd.(b)(c)

     0.86 %       04/10/2017        10,000        9,991,994  

J.P. Morgan Securities LLC

     0.86 %       03/03/2017        3,925        3,924,784  

NRW Bank(b)(c)

     0.81 %       04/03/2017        10,000        9,993,039  
         23,909,817  

Total Commercial Paper (Cost $147,992,975)

 

      147,993,995  

Variable Rate Demand Notes–19.75%(d)

           
Credit Enhanced–19.75%           

A Mining Group, LLC; Series 2006, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(e)

     0.85 %       06/01/2029        4,235        4,235,000  

Appleton (City of), Wisconsin (Great Northern Corp.); Series 2002 A, VRD IDR
(LOC–Wells Fargo Bank, N.A.)(e)

     0.81 %       09/01/2019        4,500        4,500,000  

Boulder (County of), Colorado (Imagine!); Series 2006, VRD RB (LOC–Wells Fargo Bank, N.A.)(e)

     0.72 %       02/01/2031        326        326,000  

Capital Area Housing Finance Corp. (Cypress Creek at River Bend Apartments); Series 2006, VRD MFH RB (LOC–Citibank N.A.)(e)

     0.72 %       10/01/2039        8,290        8,290,000  

Columbus (City of), Ohio Regional Airport Authority (FlightSafety International Inc.); Series 2015 A, VRD RB (CEP–Berkshire Hathaway Inc.)

     0.68 %       04/01/2035        3,930        3,930,000  

Fulton (County of), Georgia Development Authority (Friends of High Meadows, Inc.); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(e)

     0.72 %       01/01/2020        127        127,000  

Jets Stadium Development, LLC; Series 2007 A-4, VRD Project RB (LOC–Sumitomo Mitsui Banking Corp.)(b)(c)(e)

     0.74 %       04/01/2047        5,000        5,000,000  

Keep Memory Alive; Series 2013, VRD Taxable Bonds (LOC–PNC Bank, N.A.)(e)

     0.73 %       05/01/2037        19,980        19,980,000  

M3 Realty, LLC; Series 2007, VRD RN (LOC–General Electric Capital Corp.)(b)(e)

     0.81 %       01/01/2033        5,400        5,400,000  

 

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

 

7                         Short-Term  Investments Trust

STIC Prime Portfolio                           
     Interest
Rate		      Maturity
Date		      Principal
Amount
(000)		     
Value		  
Credit Enhanced–(continued)           

Mobile (County of), Alabama Industrial Development Authority (SSAB Alabama Inc.); Series 2010 A, VRD Recovery Zone Facility RB (LOC–Swedbank AB)(c)(e)

     0.69 %       07/01/2040      $ 5,666      $ 5,666,000  

New York (State of) Housing Finance Agency (605 West 42nd Street Housing); Series 2014 A, VRD RB (LOC–Bank of China Ltd.)(e)

     0.76 %       05/01/2048        6,800        6,800,000  

Total Variable Rate Demand Notes (Cost $64,254,000)

 

      64,254,000  

Certificates of Deposit–12.22%

           

Abbey National Treasury Services PLC(c)

     0.67 %       03/03/2017        10,000        9,999,962  

DZ Bank AG Duetsche Zentral-Genossenschaftsbank(c)

     1.03 %       04/13/2017        2,000        2,000,395  

Mitsubishi UFJ Trust and Banking Corp.(c)

     1.25 %       03/15/2017        8,200        8,201,848  

Nordea Bank AB(c)

     0.56 %       03/01/2017        4,032        4,032,448  

Norinchukin Bank (The)(c)

     1.22 %       03/27/2017        4,000        4,001,473  

Toronto-Dominion Bank (The)(c)

     0.93 %       03/02/2017        5,000        5,000,088  

Toronto-Dominion Bank (The)(c)

     1.08 %       03/17/2017        6,500        6,501,331  

Total Certificates of Deposit (Cost $39,735,790)

 

      39,737,545  

U.S. Government Sponsored Agency Securities–7.76%

           
Overseas Private Investment Corp. (OPIC)–7.76%(d)           

Unsec. Gtd. VRD COP

     0.67 %       09/15/2022        10,000        10,006,250  

Unsec. Gtd. VRD COP

     0.67 %       09/20/2022        4,000        4,002,500  

Unsec. Gtd. VRD COP

     0.68 %       05/15/2030        11,232        11,239,020  

Total U.S. Government Sponsored Agency Securities (Cost $25,232,000)

 

      25,247,770  

TOTAL INVESTMENTS (excluding Repurchase Agreements)–85.22% (Cost $277,214,765)

 

      277,233,310  
                  Repurchase
Amount		         

Repurchase Agreements–14.75%(f)

 

   

Credit Suisse Securities (USA) LLC, term agreement dated 02/22/2017, maturing value of $19,002,882 (collateralized by a domestic agency mortgage-backed security valued at $19,951,479; 0.80%, 05/25/2047)(g)

     0.78 %       03/01/2017        19,002,882        19,000,000  

ING Financial Markets, LLC, agreement dated 02/28/2017, maturing value of $10,000,247 (collateralized by a domestic agency mortgage-backed security and a domestic corporate obligation valued at $10,363,095; 0.88%-4.88%, 10/26/2017-12/15/2043)

     0.89 %       03/01/2017        10,000,247        10,000,000  

RBC Capital Markets LLC, term agreement dated 02/22/2017, maturing value of $19,000,000 (collateralized by municipal obligations valued at $19,950,001; 0.66%-8.22%, 10/01/2021-05/15/2115)(g)

     0.99 %       04/21/2017        19,000,000        19,000,000  

Total Repurchase Agreements (Cost $48,000,000)

                                48,000,000  

TOTAL INVESTMENTS(h)(i)–99.97% (Cost $325,214,765)

 

      325,233,310  

OTHER ASSETS LESS LIABILITIES–0.03%

 

      110,723  

NET ASSETS–100.00%

 

    $ 325,344,033  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

COP  

– Certificates of Participation

Gtd.  

– Guaranteed

IDR  

– Industrial Development Revenue Bonds

LOC  

– Letter of Credit

MFH  

– Multi-Family Housing

RB  

– Revenue Bonds

RN  

– Revenue Notes

Unsec.  

– Unsecured

VRD  

– Variable Rate Demand

 

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

 

8                         Short-Term  Investments Trust

STIC Prime Portfolio

Notes to Schedule of Investments:

 

(a)  Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  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 February 28, 2017 was $146,471,938, which represented 45.02% 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: Netherlands: 13.8%; Japan: 13.5%; France: 10.1%; Canada: 9.4%; Germany: 6.2%; Switzerland: 5.8%; other countries less than 5% each: 10.7%.
(d)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(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)  Also represents cost for federal income tax purposes.
(i)  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  

Sumitomo Mitisui Banking Corp.

      6.2 % 

PNC Bank, N.A.

      6.1  

Societe Generale S.A.

      5.5  

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     71.2 % 

8-30

     18.0  

31-60

     10.8  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

9                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Treasury Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–48.14%

          
U.S. Treasury Bills–26.97%(a)          

U.S. Treasury Bills

     0.50 %      04/13/2017      $ 300,000      $ 299,822,625  

U.S. Treasury Bills

     0.59 %      04/27/2017        124,000        123,887,010  

U.S. Treasury Bills

     0.62 %      05/18/2017        400,000        399,475,456  

U.S. Treasury Bills

     0.61 %      05/25/2017        300,000        299,578,541  

U.S. Treasury Bills

     0.63 %      05/25/2017        400,000        399,416,452  

U.S. Treasury Bills

     0.64 %      06/08/2017        116,510        116,313,640  

U.S. Treasury Bills

     0.66 %      06/15/2017        400,000        399,239,966  

U.S. Treasury Bills

     0.64 %      06/22/2017        400,000        399,208,372  

U.S. Treasury Bills

     0.65 %      06/22/2017        500,000        498,991,633  

U.S. Treasury Bills

     0.66 %      06/29/2017        100,000        99,785,000  

U.S. Treasury Bills

     0.67 %      06/29/2017        34,720        34,643,616  

U.S. Treasury Bills

     0.65 %      07/06/2017        298,000        297,331,604  

U.S. Treasury Bills

     0.66 %      07/06/2017        147,000        146,664,736  

U.S. Treasury Bills

     0.61 %      07/13/2017        295,000        294,340,068  

U.S. Treasury Bills

     0.62 %      07/13/2017        50,000        49,887,403  

U.S. Treasury Bills

     0.61 %      07/20/2017        115,000        114,729,750  

U.S. Treasury Bills

     0.63 %      08/03/2017        250,000        249,332,101  

U.S. Treasury Bills

     0.65 %      08/10/2017        300,000        299,142,751  

U.S. Treasury Bills

     0.65 %      08/17/2017        550,000        548,355,067  

U.S. Treasury Bills

     0.68 %      08/31/2017        300,000        298,983,834  
                                5,369,129,625  
U.S. Treasury Notes–21.17%          

U.S. Treasury Floating Rate Notes(b)

     0.68 %      10/31/2017        706,250        706,137,691  

U.S. Treasury Floating Rate Notes(b)

     0.79 %      01/31/2018        300,000        300,104,296  

U.S. Treasury Floating Rate Notes(b)

     0.71 %      04/30/2018        664,000        664,063,866  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      07/31/2018        429,240        429,238,590  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      10/31/2018        695,000        694,867,073  

U.S. Treasury Notes

     0.50 %      04/30/2017        176,000        175,995,050  

U.S. Treasury Notes

     0.88 %      04/30/2017        150,000        150,088,871  

U.S. Treasury Notes

     2.75 %      05/31/2017        200,000        201,090,104  

U.S. Treasury Notes

     0.63 %      06/30/2017        200,000        199,977,705  

U.S. Treasury Notes

     2.50 %      06/30/2017        200,000        201,251,101  

U.S. Treasury Notes

     0.63 %      09/30/2017        200,000        199,848,721  

U.S. Treasury Notes

     1.88 %      09/30/2017        291,110        292,998,928  
                                4,215,661,996  

Total U.S. Treasury Securities (Cost $9,584,791,621)

                               9,584,791,621  

TOTAL INVESTMENTS (excluding Repurchase Agreements)–48.14% (Cost $9,584,791,621)

                               9,584,791,621  
                 Repurchase
Amount		         

Repurchase Agreements–53.35%(c)

          

ABN AMRO Bank N.V., agreement dated 02/28/2017, maturing value of $600,008,833 (collateralized by U.S. Treasury obligations valued at $612,000,178; 0.50%-3.13%, 03/31/2017-05/15/2026)

     0.53 %      03/01/2017        600,008,833        600,000,000  

 

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

 

10                         Short-Term  Investments Trust

Treasury Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

ABN AMRO Bank N.V., term agreement dated 01/10/2017, maturing value of $250,229,444 (collateralized by U.S. Treasury obligations valued at $255,000,408; 0.13%-2.63%, 08/31/2018-05/15/2026)

     0.56 %      03/10/2017      $ 250,229,444      $ 250,000,000  

Bank of Montreal, joint term agreement dated 02/10/2017, aggregate maturing value of $300,265,500 (collateralized by U.S. Treasury obligations valued at $306,000,037; 0.75%-4.25%, 01/31/2018-05/15/2044)(d)

     0.54 %      04/10/2017        150,132,750        150,000,000  

Bank of Montreal, joint term agreement dated 02/23/2017, aggregate maturing value of $635,834,496 (collateralized by U.S. Treasury obligations valued at $647,700,025; 0.63%-3.63%, 07/31/2017-08/15/2043)(d)

     0.57 %      05/17/2017        115,151,129        115,000,000  

Bank of Montreal, term agreement dated 01/30/2017, maturing value of $500,688,750 (collateralized by U.S. Treasury obligations valued at $510,000,002; 0.75%-3.63%, 03/31/2017-08/15/2044)(d)

     0.57 %      04/27/2017        500,688,750        500,000,000  

Bank of Montreal, term agreement dated 02/10/2017, maturing value of $150,077,292 (collateralized by U.S. Treasury obligations valued at $153,000,054; 1.38%-3.50%, 03/31/2017-11/15/2046)(d)

     0.53 %      03/17/2017        150,077,292        150,000,000  

Bank of Montreal, term agreement dated 02/22/2017, maturing value of $200,233,333 (collateralized by U.S. Treasury obligations valued at $204,000,055; 1.25%-3.63%, 08/31/2017-04/15/2028)(d)

     0.56 %      05/08/2017        200,233,333        200,000,000  

BNP Paribas Securities Corp., agreement dated 02/28/2017, maturing value of $600,009,167 (collateralized by U.S. Treasury obligations valued at $600,019,151; 0.13%, 04/15/2017)

     0.55 %      03/01/2017        600,009,167        600,000,000  

CIBC World Markets Corp., joint agreement dated 02/28/2017, aggregate maturing value of $1,350,019,500 (collateralized by U.S. Treasury obligations valued at $1,383,331,253; 0.13%-8.75%, 03/15/2017-02/15/2047)

     0.52 %      03/01/2017        579,534,169        579,525,798  

Citigroup Global Markets Inc., term agreement dated 02/23/2017, maturing value of $500,049,583 (collateralized by U.S. Treasury obligations valued at $510,000,000;
0%-7.63%, 03/31/2018-08/15/2036)(d)

     0.51 %      03/02/2017        500,049,583        500,000,000  

Citigroup Global Markets Inc., agreement dated 02/28/2017, maturing value of $400,005,778 (collateralized by U.S. Treasury obligations valued at $408,000,001; 0.63%-7.63%, 05/31/2017-02/15/2025)

     0.52 %      03/01/2017        400,005,778        400,000,000  

Credit Agricole Corp. & Investment Bank, agreement dated 02/28/2017, maturing value of $200,002,889 (collateralized by a U.S. Treasury obligation valued at $204,000,005; 3.00%, 11/15/2044)

     0.52 %      03/01/2017        200,002,889        200,000,000  

Credit Agricole Corp. & Investment Bank, term agreement dated 01/03/2017, maturing value of $200,186,833 (collateralized by U.S. Treasury obligations valued at $204,000,089; 0.63%-1.25%, 03/31/2021-01/15/2024)(d)

     0.57 %      03/03/2017        200,186,833        200,000,000  

Credit Agricole Corp. & Investment Bank, term agreement dated 02/24/2017, maturing value of $250,025,278 (collateralized by U.S. Treasury obligations valued at $255,000,014; 1.50%-2.75%, 02/15/2019-02/15/2023)(d)

     0.52 %      03/03/2017        250,025,278        250,000,000  

Federal Reserve Bank of New York, agreement dated 02/28/2017, maturing value of $400,005,556 (collateralized by a U.S. Treasury obligation valued at $400,005,625; 3.00%, 05/15/2042)

     0.50 %      03/01/2017        400,005,556        400,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/23/2017, maturing value of $450,044,625 (collateralized by U.S. Treasury obligations valued at $458,149,703; 3.75%, 11/15/2043)(d)

     0.51 %      03/02/2017        450,044,625        450,000,000  

Metropolitan Life Insurance Co., term agreement dated 02/28/2017, maturing value of $350,038,556 (collateralized by U.S. Treasury obligations valued at $359,686,324;
0%-1.13%, 09/30/2021-11/15/2040)(d)

     0.55 %      03/07/2017        350,038,556        350,001,125  

Prudential Insurance Co. of America, agreement dated 02/28/2017, maturing value of $287,754,066 (collateralized by U.S. Treasury obligations valued at $293,991,621;
0%-2.50%; 11/15/2027-02/15/2045)

     0.54 %      03/01/2017        287,754,066        287,749,750  

Prudential Legacy Insurance Co. of America, agreement dated 02/28/2017, maturing value of $190,377,856 (collateralized by U.S. Treasury obligations valued at $194,102,100;
0%; 02/15/2022-08/15/2033)

     0.54 %      03/01/2017        190,377,856        190,375,000  

RBC Capital Markets LLC, term agreement dated 01/17/2017, maturing value of $500,443,056 (collateralized by U.S. Treasury obligations valued at $510,000,026;
1.00%-7.13%, 08/15/2018-11/15/2025)(d)

     0.55 %      03/16/2017        500,443,056        500,000,000  

RBC Capital Markets LLC, term agreement dated 02/16/2017, maturing value of $1,000,458,333 (collateralized by U.S. Treasury obligations valued at $1,016,577,459;
0%-9.00%, 03/30/2017-05/15/2046)(d)

     0.55 %      05/17/2017        1,000,458,333        1,000,000,000  

 

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

 

11                         Short-Term  Investments Trust

Treasury Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Societe Generale, joint term agreement dated 02/09/2017, aggregate maturing value of $500,240,000 (collateralized by U.S. Treasury obligations valued at $510,000,043;
0%-8.75%, 04/30/2017-05/15/2043)(d)

     0.54 %      03/13/2017      $ 435,208,800      $ 435,000,000  

Sumitomo Mitsui Banking Corp., agreement dated 02/28/2017, maturing value of $1,000,014,722 (collateralized by U.S. Treasury obligations valued at $1,020,004,676; 1.13%-1.63%, 01/31/2021-05/31/2023)

     0.53 %      03/01/2017        1,000,014,722        1,000,000,000  

TD Securities (USA) LLC, agreement dated 02/28/2017, maturing value of $300,004,333 (collateralized by U.S. Treasury obligations valued at $306,000,076; 0.50%-4.25%, 04/30/2017-02/15/2042)

     0.52 %      03/01/2017        300,004,333        300,000,000  

Wells Fargo Bank, N.A., term agreement dated 11/16/2016, maturing value of $250,879,861 (collateralized by U.S. Treasury obligations valued at $255,000,189; 2.38%-2.63%, 07/15/2017-01/15/2025)

     0.70 %      05/16/2017        250,879,861        250,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2017, maturing value of $565,008,161 (collateralized by U.S. Treasury obligations valued at $576,300,061; 1.13%-3.63%, 02/28/2019-02/15/2045)

     0.52 %      03/01/2017        565,008,161        565,000,000  

Wells Fargo Securities, LLC, term agreement dated 01/17/2017, maturing value of $200,273,889 (collateralized by U.S. Treasury obligations valued at $204,000,038;
3.00%-3.38%, 11/15/2041-02/15/2047)

     0.58 %      04/12/2017        200,273,889        200,000,000  

Total Repurchase Agreements (Cost $10,622,651,673)

                       10,622,651,673  

TOTAL INVESTMENTS(e)–101.49% (Cost $20,207,443,294)

                       20,207,443,294  

OTHER ASSETS LESS LIABILITIES–(1.49)%

 

               (296,145,850 ) 

NET ASSETS–100.00%

 

             $ 19,911,297,444  

Notes to Schedule of Investments:

 

(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(c)  Principal amount equals value at period end. See Note 1I.
(d)  The Fund may demand prepayment of the term repurchase agreement upon one to seven business days notice depending on the timing of the demand.
(e)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     48.7 % 

8-30

     1.2  

31-60

     3.1  

61-90

     8.4  

91-180

     20.9  

181+

     17.7  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

12                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Government Sponsored Agency Securities–32.26%

          
Federal Farm Credit Bank (FFCB)–2.78%          

Disc. Notes(a)

     0.57 %      03/20/2017      $ 19,000      $ 18,994,284  

Disc. Notes(a)

     0.56 %      04/04/2017        50,000        49,973,556  

Disc. Notes(a)

     0.57 %      04/18/2017        25,000        24,981,000  

Unsec. Bonds(b)

     0.78 %      05/30/2017        45,000        44,998,717  

Unsec. Bonds(b)

     0.81 %      06/20/2017        39,325        39,314,841  

Unsec. Bonds(b)

     0.81 %      07/06/2017        70,000        69,993,789  

Unsec. Bonds(b)

     0.80 %      07/14/2017        14,000        14,001,030  

Unsec. Bonds(b)

     0.92 %      07/21/2017        45,000        44,999,973  

Unsec. Bonds(b)

     0.81 %      07/25/2017        35,600        35,606,864  

Unsec. Bonds(b)

     0.76 %      08/21/2017        22,000        21,994,177  

Unsec. Bonds(b)

     0.82 %      08/29/2017        4,625        4,625,006  

Unsec. Bonds(b)

     0.82 %      11/13/2017        8,000        7,994,599  

Unsec. Bonds(b)

     0.79 %      12/27/2017        30,000        29,967,696  

Unsec. Bonds(b)

     0.80 %      01/17/2018        10,000        9,995,120  

Unsec. Bonds(b)

     0.68 %      01/22/2018        100,000        100,000,000  

Unsec. Bonds(b)

     0.85 %      02/09/2018        25,000        25,000,000  

Unsec. Bonds(b)

     0.81 %      02/26/2018        50,000        49,985,324  

Unsec. Bonds(b)

     0.90 %      03/02/2018        40,000        40,065,673  

Unsec. Bonds(b)

     0.89 %      03/21/2018        20,000        20,009,681  

Unsec. Bonds(b)

     1.04 %      05/09/2018        9,500        9,520,924  
         662,022,254  
Federal Home Loan Bank (FHLB)–26.30%          

Unsec. Bonds

     0.88 %      03/10/2017        13,155        13,156,137  

Unsec. Bonds

     0.55 %      03/21/2017        52,630        52,630,977  

Unsec. Bonds

     0.60 %      05/19/2017        62,000        62,000,000  

Unsec. Bonds

     0.60 %      05/23/2017        73,000        72,999,112  

Unsec. Bonds(b)

     0.77 %      08/18/2017        73,500        73,482,728  

Unsec. Bonds(b)

     0.96 %      10/30/2017        199,700        199,689,898  

Unsec. Bonds(b)

     0.83 %      11/15/2017        40,000        40,000,000  

Unsec. Bonds(b)

     0.83 %      11/17/2017        25,000        25,000,000  

Unsec. Bonds(b)

     0.85 %      02/16/2018        45,000        45,000,000  

Unsec. Bonds(b)

     0.78 %      03/06/2018        225,000        225,000,000  

Unsec. Bonds(b)

     0.78 %      03/09/2018        100,000        100,000,000  

Unsec. Bonds(b)

     0.79 %      03/14/2018        300,000        300,000,000  

Unsec. Bonds(b)

     0.79 %      03/15/2018        75,000        75,000,000  

Unsec. Bonds(b)

     0.79 %      03/16/2018        350,000        350,000,000  

Unsec. Bonds(b)

     0.77 %      03/19/2018        275,000        275,000,000  

Unsec. Bonds(b)

     0.81 %      03/19/2018        145,000        145,000,000  

Unsec. Bonds(b)

     0.76 %      04/12/2018        220,000        220,000,000  

Unsec. Bonds(b)

     0.76 %      04/13/2018        225,000        224,999,315  

Unsec. Bonds(b)

     0.77 %      04/20/2018        86,000        85,992,390  

Unsec. Bonds(b)

     0.77 %      04/23/2018        140,000        139,991,832  

Unsec. Bonds(b)

     0.69 %      05/08/2018        230,000        230,002,219  

Unsec. Bonds(b)

     0.67 %      07/26/2018        100,000        100,000,000  

 

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

 

13                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Federal Home Loan Bank (FHLB)–(continued)          

Unsec. Bonds(b)

     0.68 %      08/01/2018      $ 200,000      $ 200,000,000  

Unsec. Disc. Notes(a)

     0.46 %      03/29/2017        245,700        245,612,972  

Unsec. Disc. Notes(a)

     0.60 %      05/05/2017        62,665        62,597,113  

Unsec. Disc. Notes(a)

     0.63 %      05/24/2017        50,000        49,926,208  

Unsec. Disc. Notes(a)

     0.64 %      05/24/2017        145,613        145,397,250  

Unsec. Disc. Notes(a)

     0.64 %      05/26/2017        133,000        132,796,975  

Unsec. Disc. Notes(a)

     0.63 %      05/31/2017        200,000        199,682,010  

Unsec. Disc. Notes(a)

     0.64 %      07/05/2017        300,000        299,327,999  

Unsec. Disc. Notes(a)

     0.61 %      07/12/2017        400,000        399,098,554  

Unsec. Disc. Notes(a)

     0.67 %      08/09/2017        86,324        86,067,270  

Unsec. Disc. Notes(a)

     0.67 %      08/16/2017        48,000        47,849,920  

Unsec. Disc. Notes(a)

     0.67 %      08/18/2017        30,000        29,905,083  

Unsec. Disc. Notes(a)

     0.69 %      08/23/2017        37,852        37,725,038  

Unsec. Disc. Notes(a)

     0.69 %      08/25/2017        50,000        49,831,850  

Unsec. Global Bonds(b)

     0.80 %      04/21/2017        10,000        9,999,371  

Unsec. Global Bonds

     1.00 %      06/21/2017        30,380        30,415,400  

Unsec. Global Bonds(b)

     0.78 %      08/15/2017        50,000        50,000,000  

Unsec. Global Bonds(b)

     0.83 %      09/06/2017        25,000        25,000,147  

Unsec. Global Bonds(b)

     0.94 %      11/15/2017        60,000        59,986,869  

Unsec. Global Bonds(b)

     0.85 %      12/07/2017        22,000        21,998,481  

Unsec. Global Bonds(b)

     0.97 %      01/08/2018        80,000        80,000,000  

Unsec. Global Bonds(b)

     0.69 %      01/23/2018        237,000        237,000,000  

Unsec. Global Bonds(b)

     0.70 %      01/23/2018        93,000        93,008,412  

Unsec. Global Bonds(b)

     0.89 %      02/26/2018        185,000        185,000,000  

Unsec. Global Bonds(b)

     0.79 %      04/06/2018        136,000        136,000,000  

Unsec. Global Bonds(b)

     0.69 %      05/09/2018        100,000        100,000,000  

Unsec. Global Bonds(b)

     0.72 %      07/12/2018        200,000        200,098,223  
                                6,269,269,753  
Federal Home Loan Mortgage Corp. (FHLMC)–0.69%          

Unsec. Global Notes(b)

     0.79 %      04/20/2017        30,000        29,999,371  

Unsec. Global Notes(b)

     0.82 %      04/27/2017        14,000        13,998,795  

Unsec. Global Notes(b)

     0.91 %      07/21/2017        20,000        19,999,200  

Unsec. Global Notes(b)

     0.98 %      01/08/2018        100,000        100,000,000  
                                163,997,366  
Federal National Mortgage Association (FNMA)–1.26%          

Unsec. Global Notes

     1.13 %      04/27/2017        42,863        42,901,342  

Unsec. Global Notes

     5.00 %      05/11/2017        60,000        60,513,120  

Unsec. Global Notes(b)

     0.79 %      09/08/2017        35,000        34,982,216  

Unsec. Global Notes(b)

     0.79 %      10/05/2017        112,815        112,785,166  

Unsec. Notes(b)

     0.78 %      08/16/2017        50,000        49,995,354  
                                301,177,198  
Overseas Private Investment Corp. (OPIC)–1.23%          

Sec. Gtd. VRD COP Bonds(c)

     0.69 %      11/15/2028        100,000        100,000,000  

Sr. Unsec. Gtd. VRD COP Bonds(c)

     0.69 %      02/15/2028        20,000        20,000,000  

Unsec. Gtd. VRD COP Bonds(c)

     0.69 %      09/15/2020        81,000        81,000,000  

Unsec. Gtd. VRD COP Bonds(c)

     0.69 %      07/15/2025        44,389        44,388,890  

Unsec. Gtd. VRD COP Notes(c)

     0.67 %      07/09/2026        48,450        48,450,000  
         293,838,890  

Total U.S. Government Sponsored Agency Securities (Cost $7,690,305,461)

              7,690,305,461  

 

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

 

14                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–16.97%

          
U.S. Treasury Bills–16.76%(a)          

U.S. Treasury Bills

     0.58 %      04/27/2017      $ 150,000      $ 149,864,625  

U.S. Treasury Bills

     0.62 %      05/18/2017        200,000        199,737,184  

U.S. Treasury Bills

     0.61 %      05/25/2017        300,000        299,577,833  

U.S. Treasury Bills

     0.63 %      05/25/2017        350,000        349,491,299  

U.S. Treasury Bills

     0.62 %      06/01/2017        700,000        698,908,777  

U.S. Treasury Bills

     0.65 %      06/15/2017        300,000        299,438,642  

U.S. Treasury Bills

     0.66 %      06/15/2017        200,000        199,619,945  

U.S. Treasury Bills

     0.64 %      06/22/2017        200,000        199,604,186  

U.S. Treasury Bills

     0.66 %      06/29/2017        100,000        99,784,917  

U.S. Treasury Bills

     0.65 %      07/06/2017        370,000        369,170,064  

U.S. Treasury Bills

     0.66 %      07/06/2017        130,000        129,703,508  

U.S. Treasury Bills

     0.61 %      07/13/2017        200,000        199,552,588  

U.S. Treasury Bills

     0.62 %      07/13/2017        50,000        49,887,403  

U.S. Treasury Bills

     0.65 %      08/10/2017        300,000        299,141,400  

U.S. Treasury Bills

     0.65 %      08/17/2017        300,000        299,104,300  

U.S. Treasury Bills

     0.68 %      08/24/2017        155,000        154,492,289  
                                3,997,078,960  
U.S. Treasury Notes–0.21%          

U.S. Treasury Floating Rate Notes(b)

     0.68 %      10/31/2017        50,000        49,990,890  

Total U.S. Treasury Securities (Cost $4,047,069,850)

                               4,047,069,850  

TOTAL INVESTMENTS (excluding Repurchase Agreements) –49.23% (Cost $11,737,375,311)

 

                       11,737,375,311  
                 Repurchase
Amount		         

Repurchase Agreements–50.77%(d)

          

Bank of Montreal, agreement dated 02/28/2017, maturing value of $300,004,417 (collateralized by domestic agency mortgage-backed securities valued at $306,000,000; 2.00%-5.50%; 09/01/2025-01/20/2047)

     0.53 %      03/01/2017        300,004,417        300,000,000  

Bank of Montreal, joint term agreement dated 02/10/2017, aggregate maturing value of $300,265,500 (collateralized by U.S. Treasury obligations valued at $306,000,037; 0.75%-4.25%, 01/31/2018-05/15/2044)(e)

     0.54 %      04/10/2017        100,088,500        100,000,000  

Bank of Montreal, joint term agreement dated 02/23/2017, aggregate maturing value of $635,834,496 (collateralized by U.S. Treasury obligations valued at $647,700,025; 0.63%-3.63%, 07/31/2017-08/15/2043)(e)

     0.57 %      05/17/2017        390,512,525        390,000,000  

Bank of Nova Scotia (The), agreement dated 02/28/2017, maturing value of $1,000,014,444 (collateralized by U.S. Treasury obligations valued at $1,020,000,038; 0.13%-3.63%; 10/31/2018-05/15/2046)

     0.52 %      03/01/2017        1,000,014,444        1,000,000,000  

Bank of Nova Scotia (The), agreement dated 02/28/2017, maturing value of $200,002,944 (collateralized by domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at $204,000,053; 2.55%-4.00%; 11/15/2023-09/01/2046)

     0.53 %      03/01/2017        200,002,944        200,000,000  

BNP Paribas Securities Corp., agreement dated 02/28/2017, maturing value of $885,013,521 (collateralized by a U.S. Treasury obligation valued at $900,781,027; 0.13%; 07/15/2022)

     0.55 %      03/01/2017        885,013,521        885,000,000  

CIBC World Markets Corp., joint agreement dated 02/28/2017, aggregate maturing value of $1,350,019,500 (collateralized by U.S. Treasury obligations valued at $1,383,331,253; 0.13%-8.75%, 03/15/2017-02/15/2047)

     0.52 %      03/01/2017        329,615,714        329,610,953  

Citigroup Global Markets Inc., agreement dated 02/28/2017, maturing value of $250,003,681 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $255,000,090; 0%-7.63%; 03/06/2017-09/15/2065)

     0.53 %      03/01/2017        250,003,681        250,000,000  

 

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

 

15                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Credit Agricole Corp. & Investment Bank, joint agreement dated 02/28/2017, aggregate maturing value of $700,010,306 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $714,000,000; 0%-4.00%, 04/24/2017-02/01/2047)

     0.53 %      03/01/2017      $ 400,005,889      $ 400,000,000  

Federal Reserve Bank of New York, agreement dated 02/28/2017, maturing value of $600,008,333 (collateralized by a U.S. Treasury obligation valued at $600,008,387; 3.00%; 05/15/2042)

     0.50 %      03/01/2017        600,008,333        600,000,000  

ING Financial Markets, LLC, term agreement dated 01/20/2017, maturing value of $45,062,525 (collateralized by domestic agency mortgage-backed securities valued at $45,901,215; 3.50%; 04/01/2042-01/01/2043)

     0.61 %      04/12/2017        45,062,525        45,000,000  

ING Financial Markets, LLC, term agreement dated 01/31/2017 maturing value of $250,424,375 (collateralized by domestic agency mortgage-backed securities valued at $255,003,653; 3.00%-6.00%; 03/01/2026-07/01/2046)

     0.63 %      05/08/2017        250,424,375        250,000,000  

ING Financial Markets, LLC, term agreement dated 02/28/2017, maturing value of $270,000,000 (collateralized by domestic agency mortgage-backed securities valued at $275,400,805; 2.03%-4.00%; 03/01/2026-11/01/2046)(b)

     0.71 %      06/05/2017        270,000,000        270,000,000  

ING Financial Markets, LLC, term agreement dated 02/28/2017, maturing value of $220,000,000 (collateralized by domestic agency mortgage-backed securities valued at $224,400,000; 3.00%-5.50%; 10/01/2025-08/01/2048)(b)

     0.80 %      08/28/2017        220,000,000        220,000,000  

J.P. Morgan Securities Inc., agreement dated 02/28/2017, maturing value of $250,003,611 (collateralized by a U.S. Treasury obligation valued at $255,001,384; 0.13%; 04/15/2021)

     0.52 %      03/01/2017        250,003,611        250,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., agreement dated 02/28/2017, maturing value of $100,001,472 (collateralized by domestic agency mortgage-backed securities valued at $102,000,001; 2.50%-3.00%; 10/20/2045-09/20/2046)

     0.53 %      03/01/2017        100,001,472        100,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/23/2017, maturing value of $325,032,229 (collateralized by a U.S. Treasury obligation valued at $330,679,999; 3.63%; 08/15/2043)(e)

     0.51 %      03/02/2017        325,032,229        325,000,000  

Metropolitan Life Insurance Co., term agreement dated 02/28/2017, maturing value of $400,043,803 (collateralized by U.S. Treasury obligations valued at $408,333,658; 0%-0.75%; 02/28/2018-05/15/2044)(e)

     0.55 %      03/07/2017        400,043,803        400,001,025  

Prudential Insurance Co. of America, agreement dated 02/28/2017, maturing value of $157,058,606 (collateralized by U.S. Treasury obligations valued at $160,609,750; 0%; 11/15/2026-08/15/2039)

     0.54 %      03/01/2017        157,058,606        157,056,250  

Prudential Legacy Insurance Co. of America, agreement dated 02/28/2017, maturing value of $170,002,550 (collateralized by U.S. Treasury obligations valued at $173,400,150; 0.00%; 11/15/2028-08/15/2033)

     0.54 %      03/01/2017        170,002,550        170,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/15/2017, aggregate maturing value of $600,885,000 (collateralized by domestic agency mortgage-backed securities valued at $612,000,000; 0.87%-8.50%, 05/01/2017-02/20/2047)(e)

     0.59 %      05/16/2017        455,671,125        455,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/17/2017, aggregate maturing value of $500,221,667 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.50%-4.00%, 02/20/2030-03/01/2047)(b)(e)

     0.57 %      05/18/2017        395,175,117        395,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/21/2017, aggregate maturing value of $500,245,417 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.00%-7.50%, 04/01/2024-12/20/2064)(e)

     0.57 %      05/22/2017        410,201,242        410,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/28/2017, aggregate maturing value of $1,000,000,000 (collateralized by domestic agency mortgage-backed securities valued at $1,020,000,002; 0%-7.00%, 12/25/2017-02/01/2047)(b)(e)

     0.66 %      05/01/2017        590,000,000        590,000,000  

RBC Capital Markets LLC, term agreement dated 01/20/2017, maturing value of $345,402,500 (collateralized by domestic agency mortgage-backed securities valued at $351,900,000; 1.80%-8.50%; 03/01/2019-02/20/2047)(e)

     0.56 %      04/05/2017        345,402,500        345,000,000  

Societe Generale, joint agreement dated 02/28/2017, aggregate maturing value of $1,000,015,000 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $1,020,000,071; 0%-8.00%, 08/31/2017-11/20/2045)

     0.54 %      03/01/2017        650,009,750        650,000,000  

 

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

 

16                         Short-Term  Investments Trust

Government & Agency Portfolio                          
     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Societe Generale, joint term agreement dated 02/28/2017, aggregate maturing value of $600,061,833 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $612,000,076; 0%-6.50%, 04/27/2017-06/20/2046)(e)

     0.53 %      03/07/2017      $ 450,046,375      $ 450,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2017, aggregate maturing value of $2,000,030,000 (collateralized by domestic agency mortgage-backed securities valued at $2,040,000,646; 3.00%-3.50%, 10/20/2042-04/20/2046)

     0.54 %      03/01/2017        1,440,021,600        1,440,000,000  

Wells Fargo Bank, N.A., term agreement dated 09/08/2016, maturing value of $135,411,750 (collateralized by U.S. Treasury obligations valued at $137,700,000; 0%; 08/15/2021-08/15/2030)

     0.60 %      03/10/2017        135,411,750        135,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2017, maturing value of $550,008,250 (collateralized by domestic agency mortgage-backed securities valued at $561,000,001; 1.78%-6.50%; 03/01/2018-03/01/2047)

     0.54 %      03/01/2017        550,008,250        550,000,000  

Wells Fargo Securities, LLC, term agreement dated 12/05/2016, maturing value of $44,062,382 (collateralized by domestic agency mortgage-backed securities valued at $44,880,000; 0%-2.11%; 06/25/2021-01/25/2046)

     0.58 %      03/03/2017        44,062,382        44,000,000  

Total Repurchase Agreements (Cost $12,105,668,228)

                               12,105,668,228  

TOTAL INVESTMENTS(f)–100.00% (Cost $23,843,043,539)

              23,843,043,539  

OTHER ASSETS LESS LIABILITIES–0.00%

 

      (915,233 ) 

NET ASSETS–100.00%

 

    $ 23,842,128,306  

Investment Abbreviations:

 

COP  

– Certificates of Participation

Disc.  

– Discounted

Gtd.  

– Guaranteed

Sec.  

– Secured

Sr.  

– Senior

Unsec.  

– Unsecured

VRD  

– Variable Rate Demand

Notes to Schedule of Investments:

 

(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(c)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(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)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     48.1 % 

8-30

     2.0  

31-60

     1.5  

61-90

     7.1  

91-180

     20.6  

181+

     20.7  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

17                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Treasury Obligations Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–116.11%

 

U.S. Treasury Bills–104.69%(a)  

U.S. Treasury Bills

     0.41 %      03/02/2017      $ 105,400      $ 105,398,827  

U.S. Treasury Bills

     0.42 %      03/02/2017        65,000        64,999,251  

U.S. Treasury Bills

     0.49 %      03/02/2017        100,000        99,998,667  

U.S. Treasury Bills

     0.50 %      03/02/2017        97,500        97,498,673  

U.S. Treasury Bills

     0.46 %      03/09/2017        200,000        199,982,461  

U.S. Treasury Bills

     0.48 %      03/09/2017        8,300        8,299,123  

U.S. Treasury Bills

     0.54 %      03/09/2017        9,000        8,998,940  

U.S. Treasury Bills

     0.50 %      03/15/2017        50,000        49,990,356  

U.S. Treasury Bills

     0.50 %      03/16/2017        1,400        1,399,714  

U.S. Treasury Bills

     0.52 %      03/16/2017        75,000        74,984,062  

U.S. Treasury Bills

     0.45 %      03/23/2017        50,000        49,986,403  

U.S. Treasury Bills

     0.56 %      03/30/2017        40,000        39,982,117  

U.S. Treasury Bills

     0.50 %      04/13/2017        11,000        10,993,496  

U.S. Treasury Bills

     0.51 %      04/20/2017        7,800        7,794,583  

U.S. Treasury Bills

     0.52 %      04/20/2017        21,000        20,985,096  

U.S. Treasury Bills

     0.52 %      05/04/2017        50,000        49,954,178  

U.S. Treasury Bills

     0.60 %      05/04/2017        15,000        14,984,333  

U.S. Treasury Bills

     0.53 %      05/11/2017        2,300        2,297,614  

U.S. Treasury Bills

     0.54 %      05/18/2017        30,000        29,965,225  

U.S. Treasury Bills

     0.60 %      05/18/2017        20,000        19,974,412  

U.S. Treasury Bills

     0.62 %      05/18/2017        15,000        14,980,289  

U.S. Treasury Bills

     0.63 %      05/25/2017        15,000        14,978,219  

U.S. Treasury Bills

     0.64 %      05/25/2017        500        499,262  

U.S. Treasury Bills

     0.60 %      06/01/2017        10,000        9,984,897  

U.S. Treasury Bills

     0.56 %      06/08/2017        6,200        6,190,622  

U.S. Treasury Bills

     0.62 %      06/08/2017        5,100        5,091,480  

U.S. Treasury Bills

     0.63 %      06/08/2017        17,000        16,971,052  

U.S. Treasury Bills

     0.64 %      06/08/2017        10,000        9,982,785  

U.S. Treasury Bills

     0.63 %      06/15/2017        13,000        12,976,229  

U.S. Treasury Bills

     0.65 %      06/15/2017        2,900        2,894,578  

U.S. Treasury Bills

     0.66 %      06/15/2017        30,000        29,942,937  

U.S. Treasury Bills

     0.64 %      06/22/2017        5,500        5,489,115  

U.S. Treasury Bills

     0.65 %      06/22/2017        85,000        84,828,578  

U.S. Treasury Bills

     0.66 %      06/29/2017        50,000        49,892,333  

U.S. Treasury Bills

     0.62 %      07/06/2017        47,000        46,898,693  

U.S. Treasury Bills

     0.65 %      07/06/2017        2,000        1,995,516  

U.S. Treasury Bills

     0.66 %      07/06/2017        3,000        2,993,158  

U.S. Treasury Bills

     0.60 %      07/13/2017        500        498,904  

U.S. Treasury Bills

     0.62 %      07/13/2017        15,000        14,966,221  

U.S. Treasury Bills

     0.61 %      07/20/2017        35,000        34,917,750  

U.S. Treasury Bills

     0.61 %      07/27/2017        7,900        7,880,432  

U.S. Treasury Bills

     0.63 %      08/03/2017        20,000        19,946,568  

U.S. Treasury Bills

     0.65 %      08/17/2017        19,700        19,641,050  

U.S. Treasury Bills

     0.66 %      08/17/2017        2,900        2,891,205  

 

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

 

18                         Short-Term  Investments Trust

Treasury Obligations Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
U.S. Treasury Bills–(continued)          

U.S. Treasury Bills

     0.65 %      08/24/2017      $ 800      $ 797,489  

U.S. Treasury Bills

     0.66 %      08/24/2017        35,000        34,889,377  

U.S. Treasury Bills

     0.68 %      08/31/2017        20,000        19,932,256  
                                1,431,418,526  
U.S. Treasury Notes–11.42%  

U.S. Treasury Floating Rate Notes(b)

     0.71 %      04/30/2018        55,000        55,051,631  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      07/31/2018        53,000        53,016,862  

U.S. Treasury Floating Rate Notes(b)

     0.69 %      10/31/2018        35,000        35,001,664  

U.S. Treasury Floating Rate Notes(b)

     0.66 %      01/31/2019        13,000        12,997,488  
                                156,067,645  

TOTAL INVESTMENTS(c)–116.11% (Cost $1,587,486,171)

 

      1,587,486,171  

OTHER ASSETS LESS LIABILITIES–(16.11)%

 

      (220,233,692 ) 

NET ASSETS–100.00%

 

    $ 1,367,252,479  

Notes to Schedule of Investments:

 

(a)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(c)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     10.8 % 

8-30

     31.7  

31-60

     2.9  

61-90

     10.8  

91-180

     30.9  

181+

     12.9  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

19                         Short-Term  Investments Trust

Schedule of Investments

February 28, 2017

(Unaudited)

 

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Municipal Obligations–96.14%

 

Alabama–3.08%  

Mobile (County of) Industrial Development Authority (SSAB Alabama Inc.); Series 2010 A, VRD Recovery Zone Facility RB (LOC–Swedbank AB)(a)(b)(c)

     0.69 %      07/01/2040      $ 5,440      $ 5,440,000  
Arizona–2.72%          

Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, VRD RB (LOC–Bank of America, N.A.)(a)(b)

     0.65 %      01/01/2046        240        240,000  

Casa Grande (City of) Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.64 %      06/15/2031        2,685        2,685,000  

Maricopa (County of) Industrial Development Authority (Gran Victoria Housing LLC); Series 2000 A, VRD MFH RB (CEP–FNMA)(a)

     0.66 %      04/15/2030        1,375        1,375,000  

Sierra Vista (City of) Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.64 %      06/15/2031        520        520,000  
         4,820,000  
California–6.59%          

California (State of); Series 2004 A9, Ref. VRD Unlimited Tax GO Bonds (LOC–State Street Bank & Trust Co.)(a)(b)

     0.60 %      05/01/2034        4,385        4,385,000  

Orange (County of) Water District; Series 2003 A, Ref. VRD COP (LOC–Citibank, N.A.)(a)(b)

     0.62 %      08/01/2042        2,700        2,700,000  

Southern California Metropolitan Water District; Series 2009 A-2, Ref. Floating Rate RB(d)(e)

     0.80 %      07/10/2017        4,580        4,580,000  
         11,665,000  
Colorado–7.29%          

Boulder (County of) (Imagine!); Series 2006, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      02/01/2031        1,063        1,063,000  

Colorado (State of) Educational & Cultural Facilities Authority (Denver Seminary); Series 2004, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      07/01/2034        1,800        1,800,000  

Colorado (State of) Educational Loan Program; Series 2017 B, TRAN

     4.00 %      06/29/2017        4,000        4,041,428  

Colorado Springs (City of) (Cook Communications Ministries); Series 2002, VRD IDR (LOC–Bank of America, N.A.)(a)(b)

     0.78 %      03/01/2017        5,335        5,335,000  

EagleBend Affordable Housing Corp.; Series 2006 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.66 %      07/01/2021        654        654,000  
         12,893,428  
Delaware–1.75%          

Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC–PNC Bank, N.A.)(a)(b)

     0.66 %      09/01/2036        3,090        3,090,000  
District of Columbia–2.38%          

District of Columbia Series 1998 A, VRD Pooled Loan Program RB (LOC–Bank of America,
N.A.)(a)(b)(f)

     0.81 %      01/01/2029        1,587        1,587,000  

District of Columbia (American University); Series 2006 B, VRD Multimodal RB (LOC–Royal Bank of Canada)(a)(b)

     0.64 %      10/01/2036        2,625        2,625,000  
         4,212,000  
Florida–1.75%          

Palm Beach (County of) (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC–Northern Trust Co.)(a)(b)

     0.71 %      11/01/2036        1,725        1,725,000  

Pinellas (County of) Health Facilities Authority (Baycare Health System); Series 2009 A-2, VRD Health System RB (LOC–Northern Trust Co.(The))(a)(b)

     0.65 %      11/01/2038        1,370        1,370,000  
         3,095,000  
Georgia–4.03%          

Fulton (County of) Development Authority (Friends of High Meadows, Inc.); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      01/01/2020        750        750,000  

Georgia (State of); Series 2015 C, Ref. Unlimited Tax GO Bonds

     5.00 %      07/01/2017        1,325        1,343,623  

Private Colleges & Universities Authority (Emory University); Series 2005 B-2, VRD RB(a)

     0.60 %      09/01/2035        3,630        3,630,000  

 

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

 

20                         Short-Term  Investments Trust

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Georgia–(continued)          

Richmond (County of) Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      09/01/2020      $ 1,400      $ 1,400,000  
         7,123,623  
Illinois–4.70%          

Illinois (State of) Finance Authority (Elmhurst College); Series 2007, VRD RB (LOC–BMO Harris, N.A.)(a)(b)

     0.65 %      02/01/2042        2,000        2,000,000  

Illinois (State of) Finance Authority (Foundation for Safety & Health); Series 1992, VRD Safety Education RB (LOC–BMO Harris, N.A.)(a)(b)(f)

     0.78 %      10/01/2017        200        200,000  

Illinois (State of) Finance Authority (Institute of Gas Technology); Series 1999, VRD IDR (LOC–BMO Harris, N.A.)(a)(b)

     0.70 %      09/01/2024        400        400,000  

Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(a)

     0.62 %      12/01/2046        5,435        5,435,000  

Illinois (State of) Finance Authority (Radiological Society of North America, Inc.); Series 1997, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)(f)

     0.80 %      06/01/2017        270        270,000  
         8,305,000  
Indiana–9.47%          

Fort Wayne (City of) (University of St. Francis); Series 2008, VRD Economic Development RB
(LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.66 %      08/01/2028        2,135        2,135,000  

Huntington (City of) (Huntington University, Inc.); Series 2007, Ref. VRD Economic Development & Improvement RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.72 %      08/01/2037        1,928        1,928,000  

Indiana (State of) Finance Authority (Ispat Inland Inc.); Series 2005, Ref. VRD Environmental Improvement RB (LOC–Rabobank Nederland)(a)(b)(c)

     0.70 %      06/01/2035        3,553        3,553,000  

Indiana (State of) Finance Authority (Ohio Valley Electric Corp.); Series 2012 C, VRD Midwestern Disaster Relief RB (LOC–Bank of Nova Scotia)(a)(b)(c)

     0.64 %      06/01/2040        3,915        3,915,000  

Purdue University; Series 2011 A, VRD COP

     0.63 %      07/01/2035        4,682        4,681,500  

University of Southern Indiana; Series 1999 G, VRD Student Fee RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.66 %      10/01/2019        530        530,000  
         16,742,500  
Massachusetts–0.95%          

Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b)

     0.64 %      10/01/2038        1,685        1,685,000  
Michigan–0.72%          

Huron Valley School District; Series 2015, Ref. Unlimited Tax GO Bond

     5.00 %      05/01/2017        800        805,583  

Oakland University Board of Trustees; Series 2008, Ref. VRD General RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.64 %      03/01/2031        474        474,000  
         1,279,583  
Minnesota–2.01%          

Burnsville (City of) (Bridgeway Apartments L.P.); Series 2003, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.72 %      10/15/2033        1,175        1,175,000  

Minnesota (State of) Midwest Consortium of Municipal Utilities (Minnesota Municipal Utilities Association Financing Program); Series 2005 A, VRD RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.67 %      01/01/2025        270        270,000  

Minnetonka (City of) (Minnesota Hills Apartments); Series 2001, Ref. VRD MFH RB (CEP–FNMA)(a)

     0.73 %      11/15/2031        468        468,000  

Oak Park Heights (City of) (Boutswell Landing); Series 2005, Ref. VRD MFH RB (CEP–FHLMC)(a)

     0.64 %      11/01/2035        1,500        1,500,000  

St. Paul (City of) Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD MFH RB (CEP–FHLMC)(a)

     0.64 %      10/01/2033        150        150,000  
         3,563,000  
Mississippi–0.07%          

Mississippi (State of) Business Finance Corp. (Chevron U.S.A. Inc.); Series 2007 A, VRD Gulf Opportunity Zone IDR(a)

     0.57 %      12/01/2030        121        121,000  
Missouri–1.22%          

Bridgeton (City of) Industrial Development Authority (Stolze Printing); Series 2010, VRD RB
(LOC–FHLB of Chicago)(a)(b)

     0.65 %      11/01/2037        1,195        1,195,000  

Springfield (City of) Industrial Development Authority (Pebblecreek Apartments); Series 1994, Ref. VRD MFH RB (LOC–FHLB of Des Moines)(a)(b)

     0.72 %      12/01/2019        960        960,000  
         2,155,000  

 

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

 

21                         Short-Term  Investments Trust

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
New Hampshire–0.85%          

New Hampshire (State of) Health & Education Facilities Authority (Riverbend Community Mental Health, Inc.); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b)

     0.64 %      07/01/2038      $ 1,505      $ 1,505,000  
New York–2.85%          

New York (State of) Dormitory Authority; Series 2009 B, VRD Samaritan Medical Center RB
(LOC–HSBC Bank USA N.A.)(a)(b)(c)

     0.65 %      11/01/2036        5,050        5,050,000  
North Carolina–3.55%          

Charlotte-Mecklenburg Hospital Authority (The) (Carolinas Health Care Systems); Series 2007 C, Ref. VRD RB (a)

     0.64 %      01/15/2037        4,140        4,140,000  

North Carolina (State of) Capital Facilities Finance Agency (Roman Catholic Diocese of Charlotte); Series 2000, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)

     0.65 %      06/01/2017        300        300,000  

Raleigh-Durham Airport Authority; Series 2008 C, Ref. VRD RB (LOC–Royal Bank of Canada)(a)(b)(c)

     0.63 %      05/01/2036        1,845        1,845,000  
         6,285,000  
Ohio–3.52%          

Montgomery (County of) (The Dayton Art Institute); Series 1996, VRD Economic Development RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.64 %      05/01/2026        6,221        6,221,000  
Pennsylvania–5.08%          

Haverford Township School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank,
N.A.)(a)(b)

     0.64 %      03/01/2030        2,795        2,795,000  

Lebanon (County of) Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC–PNC Bank, N.A.)(a)(b)

     0.66 %      10/15/2025        3,405        3,405,000  

Luzerne (County of) Convention Center Authority; Series 1998 A, VRD Hotel Room Rental Tax RB (LOC–PNC Bank, N.A.)(a)(b)

     0.65 %      09/01/2028        761        761,000  

Ridley School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank, N.A.)(a)(b)

     0.64 %      11/01/2029        1,325        1,325,000  

Westmoreland (County of) Industrial Development Authority (Excela Health); Series 2005 A, VRD Health System RB (LOC–PNC Bank, N.A.)(a)(b)

     0.65 %      07/01/2027        705        705,000  
         8,991,000  
South Carolina–3.26%          

South Carolina (State of) Jobs-Economic Development Authority (Bon Secours Health System, Inc.); Series 2008 D, Ref. VRD RB (LOC–Bank of New York Mellon (The))(a)(b)

     0.65 %      11/01/2025        5,765        5,765,000  
Texas–16.83%          

Aledo Independent School District; Series 2006 A, VRD School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program)(a)

     0.67 %      08/01/2035        8,638        8,638,000  

Houston (City of); Series G-2, GO Commercial Paper Notes

     0.75 %      03/14/2017        3,600        3,600,000  

North Texas Tollway Authority; Series 2009 D, Ref. VRD First Tier System RB (LOC–Royal Bank of Canada)(a)(b)(c)

     0.64 %      01/01/2049        5,485        5,485,000  

Port Arthur (Port of) Navigation District (Texaco Inc.); Series 1994, Ref. VRD PCR(a)

     0.57 %      10/01/2024        2,285        2,285,000  

San Gabriel (City of) Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     0.66 %      04/01/2026        415        415,000  

Tarrant County Cultural Education Facilities Finance Corp. (Baylor Health Care System); Series 2011 C, VRD Hospital RB (LOC–Northern Trust Co.)(a)(b)

     0.64 %      11/15/2050        3,500        3,500,000  

University of Texas System Board of Regents; Series 2008 B, VRD Financing System RB(a)

     0.60 %      08/01/2025        5,850        5,850,000  
         29,773,000  
Utah–5.18%          

Emery (County of) (Pacificorp); Series 1994, Ref. VRD PCR (LOC–Canadian Imperial Bank of Commerce)(a)(b)(c)

     0.62 %      11/01/2024        5,250        5,250,000  

Sanpete (County of) (Wasatch Academy); Series 2003, VRD School Facility RB (LOC–U.S. Bank, N.A.)(a)(b)

     0.72 %      08/01/2028        260        260,000  

Utah Housing Corp. (Timbergate Apartments); Series 2009 A, VRD MFH RB (CEP–FHLMC)(a)

     0.69 %      04/01/2042        2,900        2,900,000  

Utah (State of); Series 2010 A, Unlimited Tax GO Bonds

     4.00 %      07/01/2017        750        757,948  
         9,167,948  

 

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

 

22                         Short-Term  Investments Trust

Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  
Virginia–0.06%          

Suffolk (City of) Redevelopment & Housing Authority (Oak Springs Apartments, LLC); Series 1999, Ref. VRD MFH RB (CEP–FHLMC)(a)

     0.69 %      12/01/2019      $ 100      $ 100,000  
West Virginia–1.64%          

West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008, Ref. VRD Improvement RB (LOC–Branch Banking & Trust Co.)(a)(b)

     0.68 %      01/01/2034        2,900        2,900,000  
Wisconsin–2.44%          

Lima (Town of) (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD Development RB (LOC–FHLB of Chicago)(a)(b)

     0.68 %      10/01/2042        4,315        4,315,000  
Wyoming–2.15%          

Sublette (County of) (Exxonmobile); Series 2014, Ref. VRD PCR(a)

     0.56 %      10/01/2044        3,800        3,800,000  

TOTAL INVESTMENTS(g)(h)–96.14% (Cost $170,063,082)

              170,063,082  

OTHER ASSETS LESS LIABILITIES–3.86%

 

      6,820,128  

NET ASSETS–100.00%

 

    $ 176,883,210  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

COP  

– Certificates of Participation

FHLB  

– Federal Home Loan Bank

FHLMC  

– Federal Home Loan Mortgage Corp.

FNMA  

– Federal National Mortgage Association

GO  

– General Obligation

IDR  

– Industrial Development Revenue Bonds

LOC  

– Letter of Credit

MFH  

– Multi-Family Housing

PCR  

– Pollution Control Revenue Bonds

RB  

– Revenue Bonds

Ref.  

– Refunding

TRAN  

– Tax and Revenue Anticipation Notes

VRD  

– Variable Rate Demand

 

 

Notes to Schedule of Investments:

 

(a)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(b)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(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: 9.3%; other countries less than 5% each: 7.9%.
(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2017.
(e)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(f)  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 February 28, 2017 was $2,057,000, which represented 1.16% of the Fund’s Net Assets.
(g)  Also represents cost for federal income tax purposes.
(h)  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  

Royal Bank of Canada

      5.9 % 

Texas Permanent School Fund Guarantee Program

      5.1  

Portfolio Composition by Maturity

In days, as of 02/28/2017

 

1-7

     91.1 % 

8-30

     2.1  

31-60

     —  

61-90

     0.5  

91-180

     6.3  

181+

     —  

The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.

 

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

 

23                         Short-Term  Investments Trust

Statement of Assets and Liabilities

February 28, 2017

(Unaudited)

 

            Liquid Assets
Portfolio		           STIC Prime
Portfolio		            Treasury
Portfolio		           Government &
Agency
Portfolio		            Treasury
Obligations
Portfolio		           Tax-Free
Cash Reserve
Portfolio		  

Assets:

                           

Investments, at value

      $ 252,499,464       $ 277,233,310        $ 9,584,791,621       $ 11,737,375,311        $ 1,587,486,171       $ 170,063,082  

Repurchase agreements, at value

        69,000,000         48,000,000          10,622,651,673         12,105,668,228          —         —  

Total investments, at value

        321,499,464         325,233,310          20,207,443,294         23,843,043,539          1,587,486,171         170,063,082  

Cash

        9,477         —          —         493,323          16,793         79,585  

Receivable for:

                           

Investments sold

        45,917         140,000          12,811         —          —         6,720,156  

Interest

        125,896         180,573          9,770,994         8,055,096          88,712         145,384  

Fund expenses absorbed

        111,831         —          90,869         184,789          20,650         15,576  

Investment for trustee deferred compensation and retirement plans

        3,518,905         988,248          2,134,474         970,228          125,369         358,339  

Other assets

        148,820         184,007          149,652         255,053          41,505         50,244  

Total assets

        325,460,310         326,726,138          20,219,602,094         23,853,002,028          1,587,779,200         177,432,366  

Liabilities:

                           

Payable for:

                           

Investments purchased

        —         —          298,983,834         793,323          219,914,718         —  

Dividends

        176,268         196,906          6,112,066         8,448,521          376,402         56,862  

Accrued fees to affiliates

        5,015         9,073          520,963         347,905          64,421         47,854  

Accrued trustees’ and officer’s fees and benefits

        4,935         6,391          34,479         35,534          4,351         2,715  

Accrued operating expenses

        61,917         47,177          153,252         96,168          26,492         37,400  

Trustee deferred compensation and retirement plans

        4,057,845         1,122,558          2,500,056         1,152,271          140,337         404,325  

Total liabilities

        4,305,980         1,382,105          308,304,650         10,873,722          220,526,721         549,156  

Net assets applicable to shares outstanding

      $ 321,154,330       $ 325,344,033        $ 19,911,297,444       $ 23,842,128,306        $ 1,367,252,479       $ 176,883,210  

Net assets consist of:

                           

Shares of beneficial interest

      $ 320,827,662       $ 324,450,566        $ 19,910,557,388       $ 23,841,988,693        $ 1,367,292,153       $ 177,041,699  

Undistributed net investment income

        2,544,735         873,178          (21,274 )        90,340          (12,543 )        (104,955 ) 

Undistributed net realized gain (loss)

        (2,268,497 )        1,744          761,330         49,273          (27,131 )        (53,534 ) 

Net unrealized appreciation

        50,430         18,545          —         —          —         —  
       $ 321,154,330       $ 325,344,033        $ 19,911,297,444       $ 23,842,128,306        $ 1,367,252,479       $ 176,883,210  

Cost of Investments

      $ 321,449,034       $ 325,214,765        $ 20,207,443,294       $ 23,843,043,539        $ 1,587,486,171       $ 170,063,082  

 

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

 

24                         Short-Term  Investments Trust

Statement of Assets and Liabilities—(continued)

February 28, 2017

(Unaudited)

 

            Liquid Assets
Portfolio		            STIC Prime
Portfolio		            Treasury
Portfolio		            Government &
Agency
Portfolio		            Treasury
Obligations
Portfolio		            Tax-Free
Cash Reserve
Portfolio		  

Net Assets:

 

     

Institutional Class

      $ 291,536,502        $ 321,019,635        $ 17,308,731,411        $ 22,167,128,421        $ 1,286,771,052        $ 96,027,354  

Private Investment Class

      $ 10,805,664        $ 2,158,009        $ 542,127,622        $ 436,121,219        $ 1,249,420        $   19,581,713  

Personal Investment Class

      $ 304,886        $ 622,147        $ 151,008,015        $ 17,085,976        $ 44,598        $ 2,002,739  

Cash Management Class

      $ 6,803,640        $ 835,104        $ 377,094,659        $ 140,697,992        $ 1,617,467        $ 35,696,164  

Reserve Class

      $ 1,100,138        $ 506,124        $ 156,617,799        $ 393,479,757        $ 77,366,115        $ 21,512,633  

Resource Class

      $ 1,341,518        $ 182,985        $ 457,602,638        $ 367,929,940        $ 193,778        $ 2,030,468  

Corporate Class

      $ 9,261,982        $ 20,029        $ 918,115,300        $ 319,685,001        $ 10,049        $ 32,139  

Shares outstanding, no par value,
unlimited number of shares authorized:

 

Institutional Class

        291,438,043          321,005,127          17,307,443,026          22,166,894,620          1,286,754,820          96,011,386  

Private Investment Class

        10,802,233          2,157,926          542,086,489          436,116,465          1,249,403          19,578,319  

Personal Investment Class

        304,790          622,123          150,997,069          17,085,787          44,598          2,002,396  

Cash Management Class

        6,801,481          835,072          377,065,789          140,696,524          1,617,447          35,690,030  

Reserve Class

        1,099,785          506,105          156,606,115          393,475,474          77,365,135          21,508,869  

Resource Class

        1,341,089          182,978          457,567,852          367,925,494          193,777          2,030,120  

Corporate Class

        9,259,043          20,028          918,041,878          319,681,038          10,049          32,134  

Net asset value, offering and redemption price per share for each class

      $ 1.0003        $ 1.0000        $ 1.00        $ 1.00        $ 1.00        $ 1.00  

 

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

 

25                         Short-Term  Investments Trust

Statement of Operations

For the six months ended February 28, 2017

(Unaudited)

 

            Liquid Assets
Portfolio		           STIC Prime
Portfolio		           Treasury
Portfolio		           Government &
Agency
Portfolio		           Treasury
Obligations
Portfolio		            Tax-Free
Cash Reserve
Portfolio		  

Investment income:

                          

Interest

      $ 5,233,498       $ 2,112,472       $ 53,049,102       $ 57,411,604       $ 2,175,606        $ 740,579  

Expenses:

                          

Advisory fees

        1,283,192         511,222         16,684,585         11,165,171         692,482          210,844  

Administrative services fees

        457,109         195,509         3,908,636         3,922,534         283,334          56,421  

Custodian fees

        —         5,094         97,559         57,771         4,595          2,640  

Distribution fees:

                          

Private Investment Class

        88,783         17,888         797,297         706,643         3,165          25,374  

Personal Investment Class

        9,054         70,200         346,589         42,127         3,359          5,818  

Cash Management Class

        24,902         14,165         149,838         56,294         969          14,119  

Reserve Class

        45,447         20,175         714,218         1,777,320         294,526          99,953  

Resource Class

        1,681         4,320         355,407         279,348         154          1,782  

Corporate Class

        6,649         2         140,104         55,904         84          5  

Transfer agent fees

        76,991         30,673         1,001,075         698,507         46,331          9,488  

Trustees’ and officers’ fees and benefits

        48,872         20,169         217,416         174,023         15,554          18,545  

Registration and filing fees

        52,301         52,182         69,735         111,529         41,583          43,779  

Reports to shareholders

        19,801         8,000         36,969         50,240         6,752          5,397  

Professional services fees

        14,613         26,226         99,506         73,680         22,076          18,744  

Other

        (2,442 )        48,687         154,674         63,026         22,545          23,673  

Total expenses

        2,126,953         1,024,512         24,773,608         19,234,117         1,437,509          536,582  

Less: Fees waived

        (445,643 )        (352,394 )        (3,265,311 )        (1,551,785 )        (486,914 )         (264,600 ) 

Net expenses

        1,681,310         672,118         21,508,297         17,682,332         950,595          271,982  

Net investment income

        3,552,188         1,440,354         31,540,805         39,729,272         1,225,011          468,597  

Realized and unrealized gain (loss) from:

                          

Net realized gain (loss) from Investment securities

        284,268         367         600,401         (69,374 )        (23,974 )         (14,721 ) 

Change in net unrealized appreciation of investment securities

        50,430         18,545         —         —         —          —  

Net increase in net assets resulting from operations

      $ 3,886,886       $ 1,459,266       $ 32,141,206       $ 39,659,898       $ 1,201,037        $ 453,876  

 

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

 

26                         Short-Term  Investments Trust

Statement of Changes in Net Assets

For the six months ended February 28, 2017 and the year ended August 31, 2016

(Unaudited)

 

            Liquid Assets Portfolio           STIC Prime Portfolio  
         February 28,
2017		     August 31,
2016		           February 28,
2017		     August 31,
2016		  

Operations:

             

Net investment income

      $ 3,552,188     $ 65,311,251       $ 1,440,354     $ 6,158,242  

Net realized gain

        284,268       647,321         367       1,377  

Change in net unrealized appreciation

        50,430       —         18,545       —  

Net increase in net assets resulting from operations

        3,886,886       65,958,572         1,459,266       6,159,619  

Distributions to shareholders from net investment income:

             

Institutional Class

        (3,288,088 )      (59,772,506 )        (1,337,512 )      (4,848,718 ) 

Private Investment Class

        (55,173 )      (183,013 )        (12,201 )      (213,182 ) 

Personal Investment Class

        (1,569 )      (40,091 )        (25,104 )      (164,965 ) 

Cash Management Class

        (101,776 )      (660,627 )        (54,629 )      (649,934 ) 

Reserve Class

        (4,884 )      (87,134 )        (4,572 )      (53,243 ) 

Resource Class

        (2,751 )      (15,089 )        (6,300 )      (32,359 ) 

Corporate Class

        (97,947 )      (4,552,791 )        (36 )      (195,841 ) 

Total distributions from net investment income

        (3,552,188 )      (65,311,251 )        (1,440,354 )      (6,158,242 ) 

Distributions to shareholders from net realized gains:

             

Institutional Class

        (2,877,921 )      —         —       —  

Private Investment Class

        (90,311 )      —         —       —  

Personal Investment Class

        (5,195 )      —         —       —  

Cash Management Class

        (133,371 )      —         —       —  

Reserve Class

        (25,060 )      —         —       —  

Resource Class

        (1,214 )      —         —       —  

Corporate Class

        (67,014 )      —         —       —  

Total distributions from net realized gains

        (3,200,086 )      —         —       —  

Share transactions–net:

             

Institutional Class

        (10,127,382,108 )      (5,553,230,110 )        (1,286,867,086 )      (156,797,441 ) 

Private Investment Class

        (230,479,086 )      (42,171,998 )        (138,902,976 )      (21,155,334 ) 

Personal Investment Class

        (28,937,259 )      (86,151,515 )        (116,851,999 )      (98,600 ) 

Cash Management Class

        (243,762,324 )      (207,380,539 )        (167,035,675 )      (315,722,141 ) 

Reserve Class

        (99,062,340 )      (56,031,914 )        (20,968,200 )      (28,926,016 ) 

Resource Class

        (5,905,110 )      (65,429,204 )        (16,684,274 )      (2,843,872 ) 

Corporate Class

        (160,381,733 )      (884,537,893 )        11,369       (77,034,376 ) 

Net increase (decrease) in net assets resulting from share transactions

        (10,895,909,960 )      (6,894,933,173 )        (1,747,298,841 )      (602,577,780 ) 

Net increase (decrease) in net assets

        (10,898,775,348 )      (6,894,285,852 )        (1,747,279,929 )      (602,576,403 ) 

Net assets:

             

Beginning of period

        11,219,929,678       18,114,215,530         2,072,623,962       2,675,200,365  

End of period*

      $ 321,154,330     $ 11,219,929,678       $ 325,344,033     $ 2,072,623,962  

* Includes accumulated undistributed net investment income

      $ 2,544,735     $ 2,544,735       $ 873,178     $ 873,178  

 

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

 

27                         Short-Term  Investments Trust

Statement of Changes in Net Assets—(continued)

For the six months ended February 28, 2017 and the year ended August 31, 2016

(Unaudited)

 

            Treasury Portfolio           Government & Agency Portfolio  
         February 28,
2017		     August 31,
2016		           February 28,
2017		     August 31,
2016		  

Operations:

             

Net investment income

      $ 31,540,805     $ 20,948,253       $ 39,729,272     $ 10,802,684  

Net realized gain (loss)

        600,401       223,426         (69,374 )      118,647  

Net increase in net assets resulting from operations

        32,141,206       21,171,679         39,659,898       10,921,331  

Distributions to shareholders from net investment income:

             

Institutional Class

        (29,158,879 )      (15,100,629 )        (37,855,075 )      (8,855,873 ) 

Private Investment Class

        (266,446 )      (334,722 )        (346,586 )      (403,391 ) 

Personal Investment Class

        (61,765 )      (86,109 )        (10,608 )      (10,692 ) 

Cash Management Class

        (406,253 )      (3,039,766 )        (200,947 )      (218,373 ) 

Reserve Class

        (80,430 )      (62,197 )        (282,369 )      (263,352 ) 

Resource Class

        (347,015 )      (274,847 )        (374,666 )      (73,436 ) 

Corporate Class

        (1,220,017 )      (2,049,983 )        (659,021 )      (977,567 ) 

Total distributions from net investment income

        (31,540,805 )      (20,948,253 )        (39,729,272 )      (10,802,684 ) 

Share transactions–net:

             

Institutional Class

        (2,560,248,364 )      12,017,922,118         11,450,425,188       6,496,754,225  

Private Investment Class

        (17,917,744 )      98,893,095         95,251,977       (81,684,720 ) 

Personal Investment Class

        28,180,755       (39,231,210 )        9,578,678       (29,659,491 ) 

Cash Management Class

        (26,341,411 )      (4,900,693,362 )        (9,404,853 )      (72,740,853 ) 

Reserve Class

        (2,513,453 )      123,516,873         77,597,921       8,359,709  

Resource Class

        (25,343,593 )      158,444,863         272,238,974       (2,217,786 ) 

Corporate Class

        (255,166,002 )      (597,367,186 )        3,245,168       (314,733,978 ) 

Net increase (decrease) in net assets resulting from share transactions

        (2,859,349,812 )      6,861,485,191         11,898,933,053       6,004,077,106  

Net increase (decrease) in net assets

        (2,858,749,411 )      6,861,708,617         11,898,863,679       6,004,195,753  

Net assets:

             

Beginning of period

        22,770,046,855       15,908,338,238         11,943,264,627       5,939,068,874  

End of period*

      $ 19,911,297,444     $ 22,770,046,855       $ 23,842,128,306     $ 11,943,264,627  

* Includes accumulated undistributed net investment income

      $ (21,274 )    $ (21,274 )      $ 90,340     $ 90,340  

 

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

 

28                         Short-Term  Investments Trust

Statement of Changes in Net Assets—(continued)

For the six months ended February 28, 2017 and the year ended August 31,2016

(Unaudited)

 

            Treasury Obligations Portfolio           Tax-Free Cash Reserve Portfolio  
         February 28,
2017		     August 31,
2016		           February 28,
2017		     August 31,
2016		  

Operations:

             

Net investment income

      $ 1,225,011     $ 188,034       $ 468,597     $ 702,207  

Net realized gain (loss)

        (23,974 )      15,288         (14,721 )      5,988  

Net increase in net assets resulting from operations

        1,201,037       203,322         453,876       708,195  

Distributions to shareholders from net investment income:

             

Institutional Class

        (1,182,978 )      (78,969 )        (316,194 )      (628,540 ) 

Private Investment Class

        (1,453 )      (5,685 )        (33,839 )      (18,929 ) 

Personal Investment Class

        (689 )      (2,859 )        (3,250 )      (1,951 ) 

Cash Management Class

        (2,026 )      (43,887 )        (74,728 )      (33,087 ) 

Reserve Class

        (37,370 )      (51,534 )        (36,391 )      (16,951 ) 

Resource Class

        (134 )      (2,214 )        (4,119 )      (1,923 ) 

Corporate Class

        (361 )      (2,886 )        (76 )      (826 ) 

Total distributions from net investment income

        (1,225,011 )      (188,034 )        (468,597 )      (702,207 ) 

Share transactions–net:

             

Institutional Class

        1,165,631,320       15,581,368         (354,742,419 )      (5,243,578 ) 

Private Investment Class

        (4,911,643 )      177,746         (4,887,524 )      (6,001,459 ) 

Personal Investment Class

        (2,562,800 )      652,387         (394,314 )      (1,226,815 ) 

Cash Management Class

        (29,769,295 )      (13,633,574 )        5,021,679       (20,346,066 ) 

Reserve Class

        40,731,958       30,758,077         (24,426 )      (239,848 ) 

Resource Class

        118       (2,177,935 )        (380,453 )      (2,115,602 ) 

Corporate Class

        (2,933,772 )      (25,066,209 )        70       (26,445,210 ) 

Net increase (decrease) in net assets resulting from share transactions

        1,166,185,886       6,291,860         (355,407,387 )      (61,618,578 ) 

Net increase (decrease) in net assets

        1,166,161,912       6,307,148         (355,422,108 )      (61,612,590 ) 

Net assets:

             

Beginning of period

        201,090,567       194,783,419         532,305,318       593,917,908  

End of period *

      $ 1,367,252,479     $ 201,090,567       $ 176,883,210     $ 532,305,318  

* Includes accumulated undistributed net investment income

      $ (12,543 )    $ (12,543 )      $ (104,955 )    $ (104,955 ) 

Notes to Financial Statements

February 28, 2017

(Unaudited)

NOTE 1—Significant Accounting Policies

Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers six separate portfolios, (each constituting a “Fund”). The Funds covered in this report are Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio (formerly Government TaxAdvantage Portfolio) and Tax-Free Cash Reserve Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.

The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio and Treasury Obligations Portfolio; and to provide tax-exempt income consistent with the preservation of capital and liquidity for Tax-Free Cash Reserve Portfolio.

Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.

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

On October 12, 2016, pursuant to new rules and regulations effective October 14, 2016, Liquid Assets Portfolio and STIC Prime Portfolio, both institutional money market funds, began to price and transact in their shares at a floating net asset value (“NAV”) reflecting the current market-based

 

29                         Short-Term  Investments Trust

values of their portfolio securities, except as otherwise generally permitted for securities with remaining maturities of 60 days or less, which will be valued at amortized cost. These rules and regulations also require Liquid Assets Portfolio and STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).

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

Treasury Portfolio, Government & Agency Portfolio, and Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, continue to seek to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation.

“Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/or repurchase agreements collateralized fully by cash or Government Securities. “Retail money market funds” are required to adopt policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons.

Liquid Assets Portfolio, STIC Prime Portfolio, and Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Treasury Portfolio, Government & Agency Portfolio, and Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.

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

A. Security Valuations — Liquid Asset Portfolio’s and 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. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio, and Tax-Free Cash Reserve Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

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

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any), adjusted for amortization of premiums and accretion of discounts on investments, is recorded on the accrual basis from settlement date. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income.

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

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

The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.

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.

 

30                         Short-Term  Investments Trust

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, Tax-Free Cash Reserve Portfolio intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative net assets.
G. Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
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 Fund 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 Fund may not be able to recover its investment in such issuer from the U.S. Government.

The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.

The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund’s investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, each Fund pays an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:

 

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

Liquid Assets Portfolio

     0.15%          0.15%          0.15%  

STIC Prime Portfolio

     0.15%          0.15%          0.15%  

Treasury Portfolio

     0.15%          0.15%          0.15%  

Government & Agency Portfolio

     0.10%          0.10%          0.10%  

Treasury Obligations Portfolio

     0.20%          0.15%          0.10%  

Tax-Free Cash Reserve Portfolio

     0.20%          0.20%          0.20%  

 

31                         Short-Term  Investments Trust

For the six months ended February 28, 2017, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:

 

Liquid Assets Portfolio

     0.15%  

STIC Prime Portfolio

     0.15%  

Treasury Portfolio

     0.15%  

Government & Agency Portfolio

     0.10%  

Treasury Obligations Portfolio

     0.14%  

Tax-Free Cash Reserve Portfolio

     0.20%  

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, may pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

The Adviser has contractually agreed, through at least December 31, 2017, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):

 

     Institutional
Class		      Private
Investment
Class		      Personal
Investment
Class		      Cash
Management
Class		      Reserve
Class		      Resource
Class		      Corporate
Class		  

Liquid Assets Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.38 %       0.21 % 

STIC Prime Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Treasury Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Government & Agency Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Treasury Obligations Portfolio

     0.18 %       0.43 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Tax-Free Cash Reserve Portfolio

     0.20 %       0.45 %       0.75 %       0.28 %       1.07 %       0.36 %       0.23 % 

The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.

In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) extraordinary or non-routine items, including litigation expenses, and (4) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2017. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limit without approval of the Board of Trustees.

Further, Invesco and/or IDI voluntarily waived fees and/or reimbursed expenses in order to increase the yields of each Fund. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors.

For the six months ended February 28, 2017, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:

 

     Expense
Limitation		        Yield
Waivers		  

Liquid Assets Portfolio

   $ 410,566        $ —  

STIC Prime Portfolio

     284,295          —  

Treasury Portfolio

     2,201,591          —  

Government & Agency Portfolio

     —          —  

Treasury Obligations Portfolio

     229,513          —  

Tax-Free Cash Reserve Portfolio

     170,645          —  

Voluntary fee waivers for the six months ended February 28, 2017 are shown below:

 

    

Private
Investment

Class

       

Personal
Investment

Class

       

Cash
Management

Class

       

Reserve

Class

       

Resource

Class

       

Corporate

Class

  

Liquid Assets Portfolio

   $ 2,312        $ 3,843          N/A        $ 28,922          N/A          N/A  

STIC Prime Portfolio

     6,443          45,963          N/A          15,651        $ 42          N/A  

Treasury Portfolio

     268,452          219,024          N/A          545,861          30,383          N/A  

Government & Agency Portfolio

     205,332          24,194          N/A          1,315,893          6,366          N/A  

Treasury Obligations Portfolio

     2,307          3,077        $ 514          251,408          76        $ 19  

Tax-Free Cash Reserve Portfolio

     8,731          3,754          1,247          79,875          348          N/A  

The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the six months ended February 28, 2017, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees.

 

32                         Short-Term  Investments Trust

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 28, 2017, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.

Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.

 

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

Liquid Assets Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.20 %       0.03 % 

STIC Prime Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Treasury Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Government & Agency Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Treasury Obligations Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Tax-Free Cash Reserve Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.

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

NOTE 3—Additional Valuation Information

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

  Level 1 — Prices are determined using quoted prices in an active market for identical assets.
  Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.
  Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect each Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of February 28, 2017, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4—Security Transactions with Affiliated Funds

Each Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. For the six months ended February 28, 2017, each Fund engaged in transactions with affiliates as listed below:

 

     Securities Purchases        Securities Sales        Net Realized Gains  

Liquid Assets Portfolio

   $ 498,250,427        $ 509,600,329        $ —  

STIC Prime Portfolio

     187,984,805          202,226,502          —  

Tax-Free Cash Reserve Portfolio

     234,700,564          455,097,214          —  

 

33                         Short-Term  Investments Trust

NOTE 5—Trustees’ and Officers’ Fees and Benefits

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

NOTE 6—Cash Balances

The Funds are permitted to temporarily overdraft or leave balances in their accounts with The Bank of New York Mellon (BNY Mellon), the custodian bank. Such balances, if any at period-end, are shown in the Statements of Assets and Liabilities under the payable caption Amount due custodian. To compensate BNY Mellon or the Funds for such activity, the Funds may either (1) pay to or receive from BNY Mellon compensation at a rate agreed upon by BNY Mellon and Invesco, not to exceed the contractually agreed upon rate; or (2) leave funds or overdraft funds as a compensating balance in the account so BNY Mellon or the Funds can be compensated for use of funds.

NOTE 7—Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to each Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at each Fund’s fiscal year-end.

Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

The Funds below had a capital loss carryforward as of August 31, 2016 which expires as follows:

 

    Short-Term        Long-Term        Total*  
Fund   2018        2019        Not Subject to
Expiration		        Not Subject to
Expiration		       

Treasury Obligations Portfolio

   $ —        $ —        $ 3,159        $ —        $ 3,159  

Tax-Free Cash Reserve Portfolio

     8,740          30,074          —          —          38,814  

 

* Capital loss carryforward 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.

NOTE 8—Investment Securities

The aggregate amount of investment securities purchased and sold by each Fund and aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:

 

    At February 28, 2017  
     Federal Tax Cost*      Unrealized
Appreciation		      Unrealized
(Depreciation)		      Net Unrealized
Appreciation
(Depreciation)		  

Treasury Portfolio

   $ 20,207,749,634      $ —      $ (306,340 )     $ (306,340 ) 

 

* 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.

 

34                         Short-Term  Investments Trust

NOTE 9—Share Information

Liquid Assets Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)(b)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     8,636,572,068      $ 8,636,696,253        206,922,537,697      $ 206,922,537,697  

Private Investment Class

     73,675,853        73,675,862        1,086,367,896        1,086,367,896  

Personal Investment Class

     8,178,437        8,178,627        147,332,561        147,332,561  

Cash Management Class

     315,185,594        315,189,645        3,527,556,735        3,527,556,735  

Reserve Class

     3,679,215        3,679,395        312,834,642        312,834,642  

Resource Class

     131,512        131,513        54,658,208        54,658,208  

Corporate Class

     229,992,915        230,006,196        12,789,032,744        12,789,032,744  

Issued as reinvestment of dividends:

           

Institutional Class

     3,612,258        3,612,403        16,030,218        16,030,218  

Private Investment Class

     23,725        23,727        51,160        51,160  

Personal Investment Class

     4,941        4,941        33,213        33,213  

Cash Management Class

     66,920        66,923        325,885        325,885  

Reserve Class

     34,020        34,020        78,372        78,372  

Resource Class

     4,320        4,320        14,018        14,018  

Corporate Class

     105,181        105,188        699,998        699,998  

Reacquired:

           

Institutional Class

     (18,767,392,641 )       (18,767,690,764 )       (212,491,798,025 )       (212,491,798,025 ) 

Private Investment Class

     (304,159,753 )       (304,178,675 )       (1,128,591,054 )       (1,128,591,054 ) 

Personal Investment Class

     (37,119,877 )       (37,120,827 )       (233,517,289 )       (233,517,289 ) 

Cash Management Class

     (559,012,820 )       (559,018,892 )       (3,735,263,159 )       (3,735,263,159 ) 

Reserve Class

     (102,775,450 )       (102,775,755 )       (368,944,928 )       (368,944,928 ) 

Resource Class

     (6,040,857 )       (6,040,943 )       (120,101,430 )       (120,101,430 ) 

Corporate Class

     (390,456,216 )       (390,493,117 )       (13,674,270,635 )       (13,674,270,635 ) 

Net increase (decrease) in share activity

     (10,895,690,655 )     $ (10,895,909,960 )       (6,894,933,173 )     $ (6,894,933,173 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 72% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.
(b)  Effective October 12, 2016, Liquid Assets Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

35                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

STIC Prime Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)(b)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     655,894,743      $ 655,926,204        4,966,861,188      $ 4,966,861,188  

Private Investment Class

     32,471,499        32,471,503        1,446,777,172        1,446,777,172  

Personal Investment Class

     118,187,308        118,187,309        677,491,586        677,491,586  

Cash Management Class

     130,898,214        130,898,218        2,194,654,168        2,194,654,168  

Reserve Class

     12,102,644        12,102,696        400,019,801        400,019,801  

Resource Class

     54,161,912        54,161,918        96,121,190        96,121,190  

Corporate Class

     19,999        20,000        518,160,731        518,160,731  

Issued as reinvestment of dividends:

           

Institutional Class

     561,735        561,770        1,393,044        1,393,044  

Private Investment Class

     7,432        7,432        78,349        78,349  

Personal Investment Class

     15,098        15,098        70,680        70,680  

Cash Management Class

     77,613        77,613        217,106        217,106  

Reserve Class

     6,557        6,557        50,303        50,303  

Resource Class

     8,241        8,241        25,322        25,322  

Corporate Class

     3,548        3,548        148,537        148,537  

Reacquired:

           

Institutional Class

     (1,943,307,435 )       (1,943,355,060 )       (5,125,051,673 )       (5,125,051,673 ) 

Private Investment Class

     (171,380,975 )       (171,381,911 )       (1,468,010,855 )       (1,468,010,855 ) 

Personal Investment Class

     (235,054,362 )       (235,054,406 )       (677,660,866 )       (677,660,866 ) 

Cash Management Class

     (298,011,468 )       (298,011,506 )       (2,510,593,415 )       (2,510,593,415 ) 

Reserve Class

     (33,077,282 )       (33,077,453 )       (428,996,120 )       (428,996,120 ) 

Resource Class

     (70,853,530 )       (70,854,433 )       (98,990,384 )       (98,990,384 ) 

Corporate Class

     (12,179 )       (12,179 )       (595,343,644 )       (595,343,644 ) 

Net increase (decrease) in share activity

     (1,747,280,688 )     $ (1,747,298,841 )       (602,577,780 )     $ (602,577,780 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 96% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.
(b)  Effective October 12, 2016, STIC Prime Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

36                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Treasury Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     49,873,953,809      $ 49,873,953,809        37,473,899,000      $ 37,473,899,000  

Private Investment Class

     721,092,411        721,092,411        1,884,005,414        1,884,005,414  

Personal Investment Class

     485,120,727        485,120,727        980,594,144        980,594,144  

Cash Management Class

     1,054,669,980        1,054,669,980        14,484,295,170        14,484,295,170  

Reserve Class

     133,540,692        133,540,692        316,250,840        316,250,840  

Resource Class

     237,666,579        237,666,579        575,238,582        575,238,582  

Corporate Class

     4,935,948,006        4,935,948,006        20,782,139,048        20,782,139,048  

Issued as reinvestment of dividends:

           

Institutional Class

     4,721,818        4,721,818        5,368,737        5,368,737  

Private Investment Class

     51,815        51,815        43,130        43,130  

Personal Investment Class

     56,509        56,509        76,479        76,479  

Cash Management Class

     299,878        299,878        266,775        266,775  

Reserve Class

     77,366        77,366        50,478        50,478  

Resource Class

     86,698        86,698        52,190        52,190  

Corporate Class

     1,035,739        1,035,739        1,013,151        1,013,151  

Reacquired:

           

Institutional Class

     (52,438,923,991 )       (52,438,923,991 )       (25,461,345,619 )       (25,461,345,619 ) 

Private Investment Class

     (739,061,970 )       (739,061,970 )       (1,785,155,449 )       (1,785,155,449 ) 

Personal Investment Class

     (456,996,481 )       (456,996,481 )       (1,019,901,833 )       (1,019,901,833 ) 

Cash Management Class

     (1,081,311,269 )       (1,081,311,269 )       (19,385,255,307 )       (19,385,255,307 ) 

Reserve Class

     (136,131,511 )       (136,131,511 )       (192,784,445 )       (192,784,445 ) 

Resource Class

     (263,096,870 )       (263,096,870 )       (416,845,909 )       (416,845,909 ) 

Corporate Class

     (5,192,149,747 )       (5,192,149,747 )       (21,380,519,385 )       (21,380,519,385 ) 

Net increase (decrease) in share activity

     (2,859,349,812 )     $ (2,859,349,812 )       6,861,485,191      $ 6,861,485,191  

 

(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. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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, 24% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

37                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Government & Agency Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     93,762,456,439      $ 93,762,456,439        54,569,434,166      $ 54,569,434,166  

Private Investment Class

     710,764,705        710,764,705        1,458,232,071        1,458,232,071  

Personal Investment Class

     38,924,434        38,924,434        71,882,635        71,882,635  

Cash Management Class

     422,434,849        422,434,849        2,062,748,073        2,062,748,073  

Reserve Class

     594,159,166        594,159,166        713,745,281        713,745,281  

Resource Class

     1,525,352,649        1,525,352,649        678,959,358        678,959,358  

Corporate Class

     2,236,255,213        2,236,255,213        3,670,809,701        3,670,809,701  

Issued as reinvestment of dividends:

           

Institutional Class

     4,862,405        4,862,405        1,972,829        1,972,829  

Private Investment Class

     98,906        98,906        116,496        116,496  

Personal Investment Class

     3,711        3,711        —        —  

Cash Management Class

     112,181        112,181        59,978        59,978  

Reserve Class

     192,197        192,197        149,381        149,381  

Resource Class

     176,761        176,761        16,833        16,833  

Corporate Class

     405,059        405,059        458,600        458,600  

Reacquired:

           

Institutional Class

     (82,316,893,656 )       (82,316,893,656 )       (48,074,652,770 )       (48,074,652,770 ) 

Private Investment Class

     (615,611,634 )       (615,611,634 )       (1,540,033,287 )       (1,540,033,287 ) 

Personal Investment Class

     (29,349,467 )       (29,349,467 )       (101,542,126 )       (101,542,126 ) 

Cash Management Class

     (431,951,883 )       (431,951,883 )       (2,135,548,904 )       (2,135,548,904 ) 

Reserve Class

     (516,753,442 )       (516,753,442 )       (705,534,953 )       (705,534,953 ) 

Resource Class

     (1,253,290,436 )       (1,253,290,436 )       (681,193,977 )       (681,193,977 ) 

Corporate Class

     (2,233,415,104 )       (2,233,415,104 )       (3,986,002,279 )       (3,986,002,279 ) 

Net increase in share activity

     11,898,933,053      $ 11,898,933,053        6,004,077,106      $ 6,004,077,106  

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 16% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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, 29% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

38                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Treasury Obligations Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     1,562,141,539      $ 1,562,141,539        475,968,821      $ 475,968,821  

Private Investment Class

     1,583,283        1,583,283        9,868,856        9,868,856  

Personal Investment Class

     1,567,680        1,567,680        11,195,355        11,195,355  

Cash Management Class

     —        —        37,314,802        37,314,802  

Reserve Class

     102,470,204        102,470,204        142,035,205        142,035,205  

Resource Class

     118        118        196        196  

Corporate Class

     659,929        659,929        14,372,709        14,372,709  

Issued as reinvestment of dividends:

           

Institutional Class

     20,345        20,345        43,479        43,479  

Private Investment Class

     1,337        1,337        2,495        2,495  

Cash Management Class

     3,678        3,678        42,181        42,181  

Reserve Class

     30,715        30,715        48,377        48,377  

Resource Class

     —        —        2,027        2,027  

Corporate Class

     272        272        3,097        3,097  

Reacquired:

           

Institutional Class

     (396,530,564 )       (396,530,564 )       (460,430,932 )       (460,430,932 ) 

Private Investment Class

     (6,496,263 )       (6,496,263 )       (9,693,605 )       (9,693,605 ) 

Personal Investment Class

     (4,130,480 )       (4,130,480 )       (10,542,968 )       (10,542,968 ) 

Cash Management Class

     (29,772,973 )       (29,772,973 )       (50,990,557 )       (50,990,557 ) 

Reserve Class

     (61,768,961 )       (61,768,961 )       (111,325,505 )       (111,325,505 ) 

Resource Class

     —        —        (2,180,158 )       (2,180,158 ) 

Corporate Class

     (3,593,973 )       (3,593,973 )       (39,442,015 )       (39,442,015 ) 

Net increase in share activity

     1,166,185,886      $ 1,166,185,886        6,291,860      $ 6,291,860  

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 10% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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, 87% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

39                         Short-Term  Investments Trust

NOTE 9—Share Information—(continued)

Tax-Free Cash Reserve Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2017(a)		      Year ended
August 31, 2016		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     147,610,254      $ 147,610,254        1,024,153,591      $ 1,024,153,591  

Private Investment Class

     16,047,764        16,047,764        41,102,729        41,102,729  

Personal Investment Class

     2,004,667        2,004,667        2,880,498        2,880,498  

Cash Management Class

     34,034,380        34,034,380        51,239,007        51,239,007  

Reserve Class

     31,658,070        31,658,070        53,662,145        53,662,145  

Resource Class

     34,216        34,216        80,556        80,556  

Corporate Class

     32,101        32,101        1,175,406        1,175,406  

Issued as reinvestment of dividends:

           

Institutional Class

     92,655        92,655        70,780        70,780  

Private Investment Class

     27,549        27,549        15,014        15,014  

Personal Investment Class

     2,395        2,395        11        11  

Cash Management Class

     57,862        57,862        13,782        13,782  

Reserve Class

     31,962        31,962        14,449        14,449  

Resource Class

     3,816        3,816        1,634        1,634  

Corporate Class

     73        73        1,040        1,040  

Reacquired:

           

Institutional Class

     (502,445,328 )       (502,445,328 )       (1,029,467,949 )       (1,029,467,949 ) 

Private Investment Class

     (20,962,837 )       (20,962,837 )       (47,119,202 )       (47,119,202 ) 

Personal Investment Class

     (2,401,376 )       (2,401,376 )       (4,107,324 )       (4,107,324 ) 

Cash Management Class

     (29,070,563 )       (29,070,563 )       (71,598,855 )       (71,598,855 ) 

Reserve Class

     (31,714,458 )       (31,714,458 )       (53,916,442 )       (53,916,442 ) 

Resource Class

     (418,485 )       (418,485 )       (2,197,792 )       (2,197,792 ) 

Corporate Class

     (32,104 )       (32,104 )       (27,621,656 )       (27,621,656 ) 

Net increase (decrease) in share activity

     (355,407,387 )     $ (355,407,387 )       (61,618,578 )     $ (61,618,578 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 87% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. 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, third party record keeping and account servicing and administrative services. 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.

 

40                         Short-Term  Investments Trust

NOTE 10—Financial Highlights

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

Reserve Class

 

     Net asset
value,
beginning
of period		     Net
investment
income (a)		     Net gains
(losses)
on securities
(both
realized and
unrealized)		     Total from
investment
operations		     Dividends
from net
investment
income		     Distributions
from net
realized
gains		     Total
distributions		     Net asset
value, end
of period		     Total
return(b)		     Net assets,
end of period
(000’s omitted)		     Ratio of
expenses
to average
net assets
with fee waivers
and/or expense
reimbursements		     Ratio of
expenses
to average net
assets without
fee waivers
and/or expense
reimbursements		     Ratio of net
investment
income
to average
net assets		  

Liquid Assets Portfolio

 

Six months ended 02/28/17

   $ 1.00     $ 0.0006     $ 0.0008     $ 0.0014     $ (0.0006 )    $ (0.0005 )    $ (0.0011 )    $ 1.0003       0.12 %    $ 1,100       0.50 %(c)      1.10 %(c)      0.11 %(c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.02       180,015       0.19       1.17       0.02  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.02       175,832       0.24       1.17       0.02  

Year ended 08/31/12

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.02       97,224       0.27       1.18       0.02  

STIC Prime Portfolio

 

                

Six months ended 02/28/17

     1.00       0.0012       (0.0002 )      0.0010       (0.0010 )      —       (0.0010 )      1.0000       0.10       506       0.37 (c)      1.13 (c)      0.25 (c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.08       15,631       0.06       1.19       0.08  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.06       16,254       0.12       1.19       0.07  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.07       16,390       0.15       1.20       0.05  

Treasury Portfolio

 

Six months ended 02/28/17

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.05       156,618       0.39 (c)      1.07 (c)      0.09 (c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.01       187,372       0.04       1.17       0.02  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.02       106,232       0.09       1.18       0.02  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.03       25,206       0.08       1.18       0.02  

Government & Agency Portfolio

 

Six months ended 02/28/17

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.07       393,480       0.38 (c)      1.02 (c)      0.13 (c) 

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  

Year ended 08/31/14

     1.00       0.00       —       0.00       (0.00 )      —       (0.00 )      1.00       0.02       311,117       0.06       1.13       0.02  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.03       289,171       0.11       1.14       0.02  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.02       264,286       0.10       1.13       0.03  

Treasury Obligations Portfolio

 

Six months ended 02/28/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.05       77,366       0.30 (c)      1.09 (c)      0.13 (c) 

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  

Year ended 08/31/14

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.04       704       0.02       1.29       0.03  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.03       1,296       0.06       1.20       0.03  

Year ended 08/31/12

     1.00       0.00       0.00       0.00       (0.00 )      (0.00 )      (0.00 )      1.00       0.03       1,351       0.07       1.22       0.02  

Tax-Free Cash Reserve Portfolio

 

Six months ended 02/28/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.16       21,513       0.38 (c)      1.24 (c)      0.32 (c) 

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  

Year ended 08/31/14

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.05       27,640       0.04       1.30       0.04  

Year ended 08/31/13

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.06       32,804       0.10       1.30       0.06  

Year ended 08/31/12

     1.00       0.00       —       0.00       (0.00 )      —       (0.00 )      1.00       0.06       25,360       0.13       1.30       0.06  

 

(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 annualized and based on average daily net assets (000’s omitted) of $10,535, $4,676, $165,549, $411,965, $68,268 and $23,168 for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio and Tax-Free Cash Reserve Portfolio, respectively.

 

41                         Short-Term  Investments Trust

Calculating your ongoing Fund expenses

Example

As a shareholder in the Reserve Class, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2016 through February 28, 2017.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

 

Reserve Class    Beginning
Account Value
(09/01/16)		      ACTUAL      HYPOTHETICAL
(5% annual return before
expenses)		      Annualized
Expense
Ratio		  
      Ending
Account Value
(02/28/17)1		      Expenses
Paid During
Period2		     

Ending

Account Value
(02/28/17)

      Expenses
Paid During
Period2		     

Liquid Assets Portfolio

    $ 1,000.00      $ 1,001.20      $ 2.48      $ 1,022.32      $ 2.51        0.50 % 

STIC Prime Portfolio

      1,000.00        1,001.00        1.84        1,022.96        1.86        0.37  

Treasury Portfolio

      1,000.00        1,000.50        1.93        1,022.86        1.96        0.39  

Government & Agency Portfolio

      1,000.00        1,000.70        1.89        1,022.91        1.91        0.38  

Treasury Obligations Portfolio

      1,000.00        1,000.50        1.49        1,023.31        1.51        0.30  

Tax-Free Cash Reserve Portfolio

      1,000.00        1,001.60        1.89        1,022.91        1.91        0.38  

 

1  The actual ending account value is based on the actual total return of the Funds for the period September 1, 2016, through February 28, 2017, 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 181/365 to reflect the most recent fiscal half year.

 

42                         Short-Term  Investments Trust

 

 

 

Invesco mailing information

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

 

 

Important notice regarding delivery of security holder documents

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

 

 

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-Q filings on the SEC website, sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov.

The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/proxyguidelines. The information is also available on the SEC website, sec.gov.

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

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

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SEC file numbers: 811-02729 and 002-58287    Invesco Distributors, Inc.    CM-STIT-SAR-7        04182017    1018

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.

Not applicable.

 

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

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

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

If in the future the independence of PricewaterhouseCoopers LLP is called into question under the Loan Rule by circumstances that are not addressed in the SEC’s

no-action letter, the Funds will need to take other action in order for the Funds’ filings with the SEC containing financial statements to be deemed compliant with applicable securities laws. Such additional actions could result in additional costs, impair the ability of the Funds to issue new shares or have other material adverse effects on the Funds. In addition, the SEC has indicated that the no-action relief will expire 18 months from its issuance after which the Invesco Funds will no longer be able to rely on the letter unless its term is extended or made permanent by the SEC Staff.

 

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

 

ITEM 6. SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

 

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

 

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

Not applicable.

 

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

 

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

None.

 

ITEM 11. CONTROLS AND PROCEDURES.

 

(a) As of February 13, 2017, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of February 13, 2017, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

 

(b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of 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. EXHIBITS.

 

12(a) (1) Not applicable.

 

12(a) (2) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.

 

12(a) (3) Not applicable.

 

12(b) Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:    Short-Term Investments Trust

 

By:       /s/ Sheri Morris
  Sheri Morris
  Principal Executive Officer
Date:   May 8, 2017

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:   May 8, 2017
By:   /s/ Kelli Gallegos
  Kelli Gallegos
  Principal Financial Officer
Date:   May 8, 2017

 

EXHIBIT INDEX

 

12(a) (1)    Not applicable.
12(a) (2)    Certifications of principal executive officer and Principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.
12(a) (3)    Not applicable.
12(b)    Certifications of principal executive officer and Principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.