N-CSRS 1 d546386dncsrs.htm N-CSRS N-CSRS
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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: 2/28/18

 

 

 

Item 1. Report to Stockholders.

  

 

LOGO   

Semiannual Report to Shareholders

 

   

February 28, 2018

 

  

 

Cash Management Class

   Short-Term Investments Trust (STIT)
   Invesco Liquid Assets Portfolio
   Invesco STIC Prime Portfolio
   Invesco Treasury Portfolio
   Invesco Government & Agency Portfolio
   Invesco Treasury Obligations Portfolio
   Invesco Tax-Free Cash Reserve Portfolio
   Effective December 15, 2017, Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio and Tax-Free Cash Reserve Portfolio were renamed Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, respectively.

 

LOGO

 

  

 

  

 

2

     

 

Fund Data

  

 

3

     

 

Letters to Shareholders

  

 

4

     

 

Schedule of Investments

  

 

26

     

 

Financial Statements

  

 

31

     

 

Notes to Financial Statements

  

 

43

     

 

Financial Highlights

  

 

44

     

 

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, 2018, 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 2/28/18

 

 

  FUND     

WEIGHTED

AVERAGE

MATURITY

    

WEIGHTED

AVERAGE

LIFE

   

TOTAL

NET

ASSETS

  
       Range
During
Reporting
Period		        At
Reporting
Period
End		             

Invesco Liquid Assets1

       10 - 37 days          18 days     67 days      $14.1 million  

Invesco STIC Prime1

       11 - 19 days          11 days     12 days      1.1 million  

Invesco Treasury2

       10 - 31 days          30 days     84 days      469.5 million  

Invesco Government & Agency2

        16 - 25 days          23 days     106 days      265.5 million  

Invesco Treasury Obligations2

       33 - 51 days          36 days     103 days      1.6 million  

Invesco Tax-Free Cash Reserve3

        16 - 31 days          16 days     16 days      24.1 million  

 

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

 

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

 

 

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

 

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:

This semiannual report covers the six-month reporting period ended February 28, 2018. As always, we thank you for investing with us. By investing in a combination of short-term securities and securities with slightly longer maturities, each Fund continued to preserve safety of principal and maintain a relatively high level of liquidity while offering competitive returns.

    The US Federal Reserve (the Fed) raised interest rates by 0.25% in December 2017, bringing the key fed funds target rate to a range of 1.25% to 1.50% as of February 28, 2018.1 The December increase was the latest in a series of interest rate increases the Fed implemented in response to a moderately expanding US economy and relatively benign inflation levels. These increases benefited money market investors. At the close of the reporting period, additional Fed rate increases were widely expected later in 2018 – potentially faster than previously expected.

Most major central banks around the world continued to maintain interest rates at, near or below zero in an effort to spur economic growth and inflation.

    In early February, Jerome Powell assumed the chairmanship of the Fed. Powell, a member of the Fed’s board of governors since 2012, is largely expected to stay the course with regard to monetary policy as he largely voted in line with former Fed Chair Janet Yellen during her years leading the Fed.

    Invesco Global Liquidity is part of Invesco Ltd., one of the world’s largest independent asset management companies. Invesco Global Liquidity takes a long-term approach to short-term investing. Our vision is grounded in our rigorous investment philosophy, high-quality products and tradition of excellent client service. Our unrelenting focus on preservation of capital, daily liquidity and competitive yield is implemented through repeatable, time-tested processes.

    Again, 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, 2018

(Unaudited)

Invesco Liquid Assets Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  

Commercial Paper–44.78%(a)

          
Asset-Backed Securities — Fully Supported–5.91%          

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

     1.76 %      04/03/2018      $ 75,000      $ 74,878,028  

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

     1.83 %      04/23/2018        20,000        19,943,090  

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

     1.42 %      03/01/2018        2,500        2,499,899  

Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.) (1 mo. USD LIBOR + 0.21%)(b)(c)(d)

     1.80 %      05/21/2018        5,000        5,002,088  

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

     1.81 %      03/15/2018        50,000        49,967,815  
                                152,290,920  
Asset-Backed Securities — Fully Supported Bank–14.81%          

Anglesea Funding LLC (Multi–CEP’s) (1 mo. USD LIBOR + 0.27%)(c)(d)

     1.85 %      06/29/2018        25,000        25,000,323  

Anglesea Funding LLC (Multi–CEP’s) (1 mo. USD LIBOR + 0.27%)(b)(c)(d)

     1.85 %      06/04/2018        60,000        60,000,702  

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

     1.81 %      03/20/2018        50,000        49,956,610  

Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC)

     1.93 %      06/14/2018        70,000        69,560,778  

Ebury Finance LLC (Multi–CEP’s)(b)(c)

     1.45 %      03/01/2018        30,000        29,998,758  

Gotham Funding Corp. (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(b)(c)

     1.84 %      03/22/2018        30,000        29,970,648  

Halkin Finance LLC (Multi–CEP’s)(b)(c)

     1.45 %      03/01/2018        40,000        39,998,344  

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

     1.54 %      03/06/2018        55,000        54,986,151  

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

     1.71 %      03/05/2018        22,000        21,995,395  
                                381,467,709  
Asset-Backed Securities — Multi-Purpose–3.29%          

CRC Funding, LLC(b)

     1.81 %      05/11/2018        5,000        4,980,750  

Nieuw Amsterdam Receivables Corp.(b)(c)

     1.82 %      05/09/2018        35,000        34,865,590  

Nieuw Amsterdam Receivables Corp.(b)(c)

     1.83 %      04/11/2018        45,000        44,904,186  
                                84,750,526  
Consumer Finance–0.10%          

Toyota Motor Credit Corp. (1 mo. USD LIBOR + 0.20%)(c)(d)

     1.78 %      05/04/2018        2,500        2,501,075  
Diversified Banks–11.71%          

Bank of Nova Scotia(b)(c)

     1.81 %      04/02/2018        50,000        49,926,115  

Commonwealth Bank of Australia (1 mo. USD LIBOR + 0.22%)(b)(c)(d)

     1.80 %      12/07/2018        50,000        49,989,035  

DBS Bank Ltd.(b)(c)

     2.01 %      05/21/2018        45,000        44,796,744  

First Abu Dhabi Bank PJSC(b)(c)

     1.50 %      03/02/2018        60,000        59,995,032  

J.P. Morgan Securities LLC

     1.88 %      06/01/2018        5,000        4,973,043  

Oversea-Chinese Banking Corp. Ltd. (1 mo. USD LIBOR + 0.15%)(b)(c)(d)

     1.74 %      05/18/2018        12,000        12,003,536  

Toronto-Dominion Bank (The)(b)(c)

     1.76 %      03/22/2018        50,000        49,952,580  

Toronto-Dominion Bank (The) (1 mo. USD LIBOR + 0.23%)(b)(c)(d)

     1.88 %      11/30/2018        30,000        29,995,050  
                                301,631,135  
Diversified Capital Markets–2.33%          

UBS AG (1 mo. USD LIBOR + 0.33%)(b)(c)(d)

     1.91 %      01/02/2019        30,000        30,016,650  

UBS AG (1 mo. USD LIBOR + 0.33%)(b)(c)(d)

     1.91 %      12/28/2018        30,000        30,016,506  
                                60,033,156  
Other Diversified Financial Services–0.30%          

ABN AMRO Funding USA LLC(b)(c)

     1.54 %      03/06/2018        7,625        7,623,043  

 

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

 

4                         Short-Term Investments Trust

Invesco Liquid Assets Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  
Regional Banks–2.46%          

Banque et Caisse d’Epargne de l’Etat(c)

     1.86 %      06/01/2018      $ 33,750      $ 33,583,211  

Banque et Caisse d’Epargne de l’Etat(c)

     1.87 %      06/11/2018        30,000        29,833,482  
                                63,416,693  
Specialized Finance–3.87%          

Caisse des Depots et Consignations(b)(c)

     1.81 %      03/01/2018        50,000        49,998,100  

Nederlandse Waterschapsbank N.V.(b)(c)

     1.78 %      05/02/2018        50,000        49,841,275  
                                99,839,375  

Total Commercial Paper (Cost $1,153,614,060)

                               1,153,553,632  

Certificates of Deposit–24.16%

          

Bank of Montreal(c)

     1.75 %      03/20/2018        20,000        20,001,246  

Bank of Montreal (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      12/07/2018        25,000        24,996,848  

Bank of Nova Scotia (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      12/11/2018        50,000        49,993,910  

China Construction Bank Corp.(c)

     1.77 %      03/08/2018        25,000        25,000,750  

China Construction Bank Corp.(c)

     1.77 %      03/09/2018        20,000        20,000,648  

China Construction Bank Corp.(c)

     1.82 %      03/26/2018        45,000        45,002,560  

KBC Bank N.V. (Belgium)(c)

     1.80 %      03/06/2018        25,000        24,993,168  

KBC Bank N.V. (Belgium)(c)

     1.80 %      04/19/2018        25,000        24,999,181  

Mitsubishi UFJ Trust & Banking Corp. (1 mo. USD LIBOR + 0.20%)(c)(d)

     1.85 %      05/30/2018        20,000        20,007,510  

Mitsubishi UFJ Trust & Banking Corp. (1 mo. USD LIBOR + 0.22%)(c)(d)

     1.79 %      06/01/2018        7,500        7,503,342  

Mizuho Bank, Ltd.(c)

     1.40 %      03/01/2018        85,000        85,000,000  

Mizuho Bank, Ltd.(c)

     1.45 %      03/06/2018        35,000        34,999,772  

Royal Bank of Canada (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      12/07/2018        50,000        49,992,785  

Sumitomo Mitsui Trust Bank Ltd.(c)

     1.43 %      03/02/2018        70,000        70,000,021  

Wells Fargo Bank, N.A. (1 mo. USD LIBOR + 0.24%)(d)

     1.82 %      12/05/2018        50,000        49,999,640  

Wells Fargo Bank, N.A. (1 mo. USD LIBOR + 0.25%)(d)

     1.83 %      01/04/2019        10,000        9,999,706  

Wells Fargo Bank, N.A. (3 mo. USD LIBOR + 0.15%)(d)

     1.89 %      01/18/2019        10,000        10,017,386  

Westpac Banking Corp. (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      01/08/2019        50,000        49,988,630  

Total Certificates of Deposit (Cost $622,494,088)

                               622,497,103  

Variable Rate Demand Notes–5.17%(e)

          
Credit Enhanced–5.17%          

Blair (County of), Pennsylvania IDA (Altoona-Blair County Development Corp.); Series 2008, Ref. VRD RB (LOC–PNC Bank, N.A.)(f)

     1.50 %      10/01/2028        8,625        8,625,000  

Derry (Township of), Pennsylvania Industrial & Commercial Development Authority (GIANT Center); Series 2001, VRD Facility Taxable RB (LOC–PNC Bank, N.A.)(f)

     1.50 %      11/01/2030        2,220        2,220,000  

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

     1.70 %      04/01/2047        9,500        9,499,999  

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

     1.51 %      05/01/2037        2,900        2,900,000  

New York (State of) Housing Finance Agency (222 East 44th Street Housing);
Series 2016, VRD RB (LOC–Bank of China Ltd.)(f)

     1.52 %      05/01/2050        11,035        11,035,000  

New York (State of) Housing Finance Agency (222 East 44th Street Housing);
Series 2017 A, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      05/01/2050        15,000        15,000,000  

New York (State of) Housing Finance Agency (572 11th Ave.); Series 2017 A, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      11/01/2049        20,500        20,500,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);
Series 2015 B-1, VRD Taxable RB (LOC–Bank of China Ltd.)(f)

     1.75 %      11/01/2049        5,000        5,000,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);
Series 2016 B-1, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      11/01/2049        5,340        5,340,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);
Series 2016 B-2, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      11/01/2049        1,500        1,500,000  

 

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

 

5                         Short-Term Investments Trust

Invesco Liquid Assets Portfolio

 

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

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

     1.65 %      07/01/2040      $ 1,660      $ 1,660,000  

University of Texas System Board of Regents; Series 2016 G-1, VRD Financing System RB

     1.50 %      08/01/2045        50,000        50,000,000  

Total Variable Rate Demand Notes (Cost $133,279,999)

                               133,279,999  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)–74.11% (Cost $1,909,388,147)

                               1,909,330,734  
                 Repurchase
Amount		         

Repurchase Agreements–25.98%(g)

          

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $9,000,380 (collateralized by a U.S. Treasury obligation and a foreign corporate obligation valued at $9,180,070; 1.25%-1.75%; 07/26/2019-12/31/2020)(c)

     1.52 %      03/01/2018        9,000,380        9,000,000  

BMO Capital Markets Corp., agreement dated 02/28/2018, maturing value of $45,001,900 (collateralized by U.S. government sponsored agency obligations and domestic and foreign corporate obligations valued at $47,566,190;
0%-9.70%; 04/17/2018-07/22/2028)(c)

     1.52 %      03/01/2018        45,001,900        45,000,000  

BMO Capital Markets Corp., term agreement dated 01/03/2018, maturing value of $30,080,317 (collateralized by domestic and foreign corporate obligations valued at $32,093,218; 1.45%-10.00%; 05/14/2018-12/15/2032)(c)(h)

     1.58 %      03/05/2018        30,080,317        30,000,000  

Citigroup Global Markets, Inc., joint open agreement dated 12/21/2017 (collateralized by U.S. Treasury obligations, domestic and foreign agency mortgage-backed securities and a foreign corporate obligation valued at $100,980,182;
1.63%-8.50%; 11/30/2020-12/25/2035)(i)

     2.48 %      —        —        56,500,000  

Credit Agricole Corporate & Investment Bank, joint agreement dated 02/28/2018, aggregate maturing value of $247,009,400 (collateralized by U.S. Treasury obligations valued at $251,940,215; 1.63%; 05/15/2026)

     1.37 %      03/01/2018        37,892,137        37,890,695  

Credit Suisse Securities (USA) LLC, joint term agreement dated 02/27/2018, aggregate maturing value of $20,006,300 (collateralized by domestic agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $21,751,458; 0.24%-7.07%; 02/10/2022- 09/25/2043)(c)(h)

     1.62 %      03/06/2018        15,004,725        15,000,000  

Credit Suisse Securities (USA) LLC, joint term agreement dated 02/27/2018, aggregate maturing value of $55,016,469 (collateralized by domestic commercial paper and domestic agency mortgage-backed securities valued at $57,756,717;
0.06%-2.14%; 03/08/2018-10/15/2039)(c)(h)

     1.54 %      03/06/2018        15,004,492        15,000,000  

Credit Suisse Securities (USA) LLC, joint term agreement dated 02/27/2018, aggregate maturing value of $75,022,896 (collateralized by a domestic agency mortgage-backed security, a domestic commercial paper and domestic non-agency asset-backed securities valued at $80,707,397; 0.31%-7.07%; 08/17/2018-05/25/2037)(c)(h)

     1.57 %      03/06/2018        35,010,685        35,000,000  

ING Financial Markets, LLC, agreement dated 02/28/2018, maturing value of $46,002,070 (collateralized by domestic and foreign corporate obligations valued at $50,600,437; 2.95%-9.88%; 03/01/2019-03/01/2097)(c)

     1.62 %      03/01/2018        46,002,070        46,000,000  

J.P. Morgan Securities LLC, open agreement dated 12/05/2017 (collateralized by domestic agency mortgage-backed securities valued at $33,000,121;
0%-7.00%; 03/25/2035-10/15/2048)(i)

     2.14 %      —        —        25,000,000  

RBC Capital Markets LLC, agreement dated 02/28/2018, maturing value of $60,002,533 (collateralized by domestic and foreign corporate obligations valued at $63,000,279; 0%-6.15%; 04/30/2018-11/15/2048)(c)

     1.52 %      03/01/2018        60,002,533        60,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $3,000,115,833 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $3,060,002,122;
1.13%-4.00%; 07/31/2021-10/20/2047)

     1.39 %      03/01/2018        250,009,653        250,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2018, maturing value of $35,001,478 (collateralized by foreign corporate obligations valued at $35,700,903; 1.75%-2.13%; 01/18/2022-09/14/2022)

     1.52 %      03/01/2018        35,001,478        35,000,000  

 

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

 

6                         Short-Term Investments Trust

Invesco Liquid Assets Portfolio

 

     Interest
Rate		     Maturity
Date		      Repurchase
Amount		      Value  

Wells Fargo Securities, LLC, joint term agreement dated 01/05/2018, aggregate maturing value of $20,072,334 (collateralized by domestic non-agency mortgage-backed securities and domestic corporate obligations valued at $20,598,104;
0%-3.00%; 05/16/2019-05/15/2027)

     2.10 %      03/08/2018      $ 10,036,167      $ 10,000,000  

Total Repurchase Agreements (Cost $669,390,695)

                               669,390,695  

TOTAL INVESTMENTS IN SECURITIES(j)(k)–100.09% (Cost $2,578,778,842)

                               2,578,721,429  

OTHER ASSETS LESS LIABILITIES–(0.09)%

                               (2,415,006 ) 

NET ASSETS–100.00%

                             $ 2,576,306,423  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

FHLB  

– Federal Home Loan Bank

LIBOR  

– London Interbank Offered Rate

LOC  

– Letter of Credit

RB  

– Revenue Bonds

USD  

– U.S. Dollar

VRD  

– Variable Rate Demand

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, 2018 was $945,145,210, which represented 36.69% of the Fund’s Net Assets.
(c)  The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 16.3%; Netherlands: 12.6%; France: 10.2%; Japan: 10.1%; other countries less than 5% each: 24.4%.
(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.
(e)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(f)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(g)  Principal amount equals value at period end. See Note 1I.
(h)  The Fund may demand prepayment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(i)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(j)  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 issuers obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     46.4 % 

8-30

     11.6  

31-60

     8.3  

61-90

     6.9  

91-180

     11.9  

181+

     14.9  

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.

 

7                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco STIC Prime Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Commercial Paper–42.22%(a)

          
Asset-Backed Securities — Fully Supported–2.91%          

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

     1.60 %      03/01/2018      $ 10,000      $ 9,999,595  

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

     1.74 %      04/02/2018        2,250        2,246,376  
                                12,245,971  
Asset-Backed Securities — Fully Supported Bank–21.55%          

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

     1.96 %      04/23/2018        5,000        4,987,108  

Anglesea Funding (Multi–CEP’s)(b)(c)

     1.66 %      03/01/2018        15,000        14,999,395  

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

     1.77 %      04/12/2018        5,000        4,989,548  

Concord Minutemen Capital Co., LLC (Multi–CEP’s)(b)(c)

     1.55 %      03/01/2018        5,000        4,999,793  

Ebury Finance LLC (Multi–CEP’s)(b)(c)

     1.45 %      03/01/2018        12,000        11,999,503  

Gotham Funding Corp. (CEP–Bank of Tokyo–Mitsubishi UFJ, Ltd. (The))(b)(c)

     1.69 %      04/03/2018        10,000        9,983,859  

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

     1.54 %      03/06/2018        5,000        4,998,741  

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

     1.73 %      04/03/2018        7,000        6,988,748  

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

     1.65 %      03/01/2018        6,270        6,269,726  

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

     1.68 %      03/01/2018        2,500        2,499,891  

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

     1.71 %      03/05/2018        8,000        7,998,326  

Nieuw Amsterdam Receivables Corp. (CEP–Cooperatieve Rabobank UA)(b)(c)

     1.63 %      03/21/2018        10,000        9,990,544  
                                90,705,182  
Asset-Backed Securities — Multi-Purpose–3.84%          

CAFCO, LLC(b)

     1.72 %      04/09/2018        10,000        9,981,311  

CHARTA, LLC(b)

     1.71 %      04/02/2018        2,100        2,096,730  

CHARTA, LLC(b)

     1.73 %      04/02/2018        1,500        1,497,664  

Versailles Commercial Paper LLC(b)

     1.90 %      04/11/2018        2,600        2,594,573  
                                16,170,278  
Diversified Banks–5.84%          

First Abu Dhabi Bank PJSC(b)(c)

     1.50 %      03/02/2018        10,000        9,999,172  

NRW Bank(b)(c)

     1.87 %      04/23/2018        6,385        6,368,038  

Societe Generale S.A.(b)(c)

     1.63 %      03/05/2018        5,225        5,223,900  

Standard Chartered Bank(b)(c)

     1.75 %      03/23/2018        3,000        2,996,994  
                                24,588,104  
Other Diversified Financial Services–0.48%          

ABN AMRO Funding USA LLC(b)(c)

     1.65 %      03/08/2018        2,000        1,999,311  
Regional Banks–4.75%          

Danske Corp.(b)(c)

     1.65 %      03/13/2018        15,000        14,991,577  

Landesbank Hessen-Thueringen Girozentrale(b)(c)

     1.63 %      03/20/2018        5,000        4,995,659  
                                19,987,236  
Specialized Finance–2.85%          

CDP Financial Inc.(b)(c)

     1.60 %      03/08/2018        2,000        1,999,342  

Nederlandse Waterschapsbank N.V.(b)(c)

     1.71 %      04/06/2018        10,000        9,982,589  
                                11,981,931  

Total Commercial Paper (Cost $177,681,262)

                               177,678,013  

 

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

 

8                         Short-Term Investments Trust

Invesco STIC Prime Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Certificates of Deposit–14.61%

          

BMO Harris Bank N.A.(c)

     1.68 %      03/19/2018      $ 10,000      $ 9,999,884  

China Construction Bank Corp.(c)

     1.77 %      03/09/2018        5,000        5,000,162  

China Construction Bank Corp.(c)

     1.82 %      03/26/2018        8,000        8,000,455  

Mizuho Bank, Ltd.(c)

     1.40 %      03/01/2018        14,000        14,000,000  

Mizuho Bank, Ltd.(c)

     1.45 %      03/06/2018        5,000        4,999,968  

Norinchukin Bank (The)(c)

     1.50 %      04/09/2018        9,500        9,497,661  

Oversea-Chinese Banking Corp. Ltd.(c)

     1.64 %      03/19/2018        10,000        10,000,058  

Total Certificates of Deposit (Cost $61,496,512)

                               61,498,188  

Variable Rate Demand Notes–12.07%(d)

          
Credit Enhanced–12.07%          

Derry (Township of), Pennsylvania Industrial & Commercial Development Authority (GIANT Center); Series 2001, VRD Facility Taxable RB (LOC–PNC Bank, N.A.)(e)

     1.50 %      11/01/2030        2,485        2,485,000  

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

     1.60 %      04/01/2047        8,000        8,000,000  

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

     1.51 %      05/01/2037        3,605        3,605,000  

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

     1.57 %      01/01/2033        5,115        5,115,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);

          

Series 2015 B-1, VRD Taxable RB (LOC–Bank of China Ltd.)(e)

     1.75 %      11/01/2049        13,000        13,000,001  

Series 2016 B-1, VRD RB (LOC–Bank of China Ltd.)(e)

     1.65 %      11/01/2049        2,910        2,910,000  

University of Texas System Board of Regents; Subseries 2016 G-1, VRD Financing System RB

     1.50 %      08/01/2045        10,000        10,000,000  

Ziegler Realty LLC; Series 2007, VRD Notes (LOC–Wells Fargo Bank, N.A.)(b)(e)

     1.60 %      01/01/2033        5,700        5,700,000  

Total Variable Rate Demand Notes (Cost $50,815,001)

                               50,815,001  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)–68.90% (Cost $289,992,775)

                               289,991,202  
                 Repurchase
Amount		         

Repurchase Agreements–31.16%(f)

          

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $15,000,633 (collateralized by a U.S. Treasury obligation and a foreign corporate obligation valued at $15,300,033; 1.25%-1.75%; 07/26/2019-12/31/2020)(c)

     1.52 %      03/01/2018        15,000,633        15,000,000  

BMO Capital Markets Corp., agreement dated 02/28/2018, maturing value of $9,000,380 (collateralized by U.S. government sponsored agency obligations and domestic and foreign corporate obligations valued at $9,594,527; 0%-9.70%; 04/17/2018-12/15/2032)(c)

     1.52 %      03/01/2018        9,000,380        9,000,000  

Credit Suisse Securities (USA) LLC, term agreement dated 02/28/2018, maturing value of $10,000,000 (collateralized by domestic commercial paper valued at $10,500,311; 1.41%-2.14%; 03/02/2018-09/10/2018)(c)(g)

     1.97 %      04/04/2018        10,000,000        10,000,000  

ING Financial Markets, LLC, agreement dated 02/28/2018, maturing value of $20,000,900 (collateralized by domestic corporate obligations valued at $22,001,059;
2.95%-10.75%; 03/01/2019-01/15/2043)(c)

     1.62 %      03/01/2018        20,000,900        20,000,000  

J.P. Morgan Securities LLC, open agreement dated 09/08/2017 (collateralized by domestic and foreign equity securities valued at $15,751,633; 0%-7.63%; 05/01/2020)(h)

     1.62 %      —        —        15,000,000  

RBC Capital Markets LLC, agreement dated 02/28/2018, maturing value of $20,000,844 (collateralized by domestic and foreign corporate obligations valued at $21,000,837; 0%-8.10%; 10/18/2019-01/10/2047)(c)

     1.52 %      03/01/2018        20,000,844        20,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $3,000,115,833 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $3,060,002,122;
1.13%-4.00%; 07/31/2021-10/20/2047)

     1.39 %      03/01/2018        32,159,565        32,158,323  

Wells Fargo Securities, LLC, agreement dated 02/28/2018, maturing value of $10,000,422 (collateralized by a foreign corporate obligation valued at $10,200,092; 2.13%; 01/18/2022)

     1.52 %      03/01/2018        10,000,422        10,000,000  

Total Repurchase Agreements (Cost $131,158,323)

                               131,158,323  

TOTAL INVESTMENTS IN SECURITIES(i)(j)–100.06% (Cost $421,151,098)

                               421,149,525  

OTHER ASSETS LESS LIABILITIES–(0.06)%

                               (267,773 ) 

NET ASSETS–100.00%

                             $ 420,881,752  

 

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

 

9                         Short-Term Investments Trust

Invesco STIC Prime Portfolio

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

LOC  

– Letter of Credit

RB  

– Revenue Bonds

RN  

– Revenue Notes

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, 2018 was $186,516,357, which represented 44.32% 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: 14.7%; Japan: 13.9%; Canada: 13.3%; France: 8.1%; China: 5.9%; other countries less than 5% each: 16.5%.
(d)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(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)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.
(h)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(i)  Also represents cost for federal income tax purposes.
(j)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations, but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     64.1 % 

8-30

     16.6  

31-60

     19.3  

61-90

     —  

91-180

     —  

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.

 

10                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco Treasury Portfolio

 

     Interest
Rate		    

Maturity

Date

     

Principal

Amount

(000)

      Value  

U.S. Treasury Securities–51.04%

 

U.S. Treasury Bills–35.60%(a)  

U.S. Treasury Bills

     1.38 %      03/15/2018      $ 640,000      $ 639,657,351  

U.S. Treasury Bills

     1.39 %      03/15/2018        65,000        64,964,990  

U.S. Treasury Bills

     1.35 %      03/22/2018        150,000        149,881,787  

U.S. Treasury Bills

     1.36 %      03/22/2018        850,000        849,325,295  

U.S. Treasury Bills

     1.52 %      03/29/2018        1,030,000        1,028,802,337  

U.S. Treasury Bills

     1.46 %      04/05/2018        378,000        377,466,696  

U.S. Treasury Bills

     1.43 %      04/12/2018        40,000        39,933,500  

U.S. Treasury Bills

     1.44 %      04/12/2018        385,000        384,357,692  

U.S. Treasury Bills

     1.46 %      04/19/2018        190,000        189,624,238  

U.S. Treasury Bills

     1.43 %      04/26/2018        250,000        249,446,610  

U.S. Treasury Bills

     1.44 %      04/26/2018        170,000        169,621,845  

U.S. Treasury Bills

     1.44 %      05/03/2018        425,000        423,936,351  

U.S. Treasury Bills

     1.64 %      05/24/2018        335,000        333,721,974  

U.S. Treasury Bills

     1.67 %      05/31/2018        1,015,000        1,010,790,939  

U.S. Treasury Bills

     1.54 %      06/28/2018        72,660        72,292,522  

U.S. Treasury Bills

     1.59 %      07/12/2018        600,000        596,500,991  

U.S. Treasury Bills

     1.60 %      07/19/2018        250,000        248,452,223  

U.S. Treasury Bills

     1.61 %      07/19/2018        625,000        621,112,083  

U.S. Treasury Bills

     1.63 %      07/26/2018        480,000        476,834,601  

U.S. Treasury Bills

     1.64 %      08/02/2018        500,000        496,523,877  

U.S. Treasury Bills

     1.86 %      08/30/2018        530,000        525,118,986  

U.S. Treasury Bills

     1.87 %      08/30/2018        500,000        495,374,166  
                                9,443,741,054  
U.S. Treasury Notes–15.44%  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.83 %      07/31/2018        429,240        429,239,586  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.82 %      10/31/2018        695,000        694,946,742  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b)

     1.79 %      01/31/2019        550,000        550,115,929  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.07%)(b)

     1.72 %      04/30/2019        1,282,000        1,282,077,118  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b)

     1.71 %      07/31/2019        800,000        799,996,787  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)(b)

     1.70 %      10/31/2019        340,000        340,072,832  
                                4,096,448,994  

Total U.S. Treasury Securities (Cost $13,540,190,048)

                               13,540,190,048  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)–51.04% (Cost $13,540,190,048)

                               13,540,190,048  
                 Repurchase
Amount		         

Repurchase Agreements–60.59%(c)

          

ABN AMRO Bank N.V., agreement dated 02/28/2018, maturing value of $800,030,222 (collateralized by U.S. Treasury obligations valued at $816,000,089;
1.00%-3.13%; 08/31/2018-05/15/2047)

     1.36 %      03/01/2018        800,030,222        800,000,000  

 

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

 

11                         Short-Term Investments Trust

Invesco Treasury Portfolio

 

     Interest
Rate		    

Maturity

Date

      Repurchase
Amount		      Value  

Bank of Montreal, joint term agreement dated 02/08/2018, aggregate maturing value of $500,656,250 (collateralized by U.S. Treasury obligations valued at $510,000,011; 0%-3.75%; 03/15/2018-11/15/2047)(d)

     1.35 %      03/15/2018      $ 220,288,750      $ 220,000,000  

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $1,250,047,222 (collateralized by U.S. Treasury obligations valued at $1,275,000,002; 0.13%-6.88%; 03/15/2018-05/15/2046)

     1.36 %      03/01/2018        1,250,047,222        1,250,000,000  

CIBC World Markets Corp., agreement dated 02/28/2018, maturing value of $1,000,037,778 (collateralized by U.S. Treasury obligations valued at $1,020,000,109; 1.38%-4.63%; 04/30/2020-11/15/2046)

     1.36 %      03/01/2018        1,000,037,778        1,000,000,000  

Citigroup Global Markets, Inc., term agreement dated 02/22/2018, maturing value of $500,129,306 (collateralized by U.S. Treasury obligations valued at $510,000,000; 0%-4.25%; 05/15/2018-11/15/2047)(d)

     1.33 %      03/01/2018        500,129,306        500,000,000  

Credit Agricole Corporate & Investment Bank, term agreement dated 02/23/2018, maturing value of $400,105,000 (collateralized by U.S. Treasury obligations valued at $408,000,089; 0.75%-3.13%; 10/31/2018-08/15/2044)(d)

     1.35 %      03/02/2018        400,105,000        400,000,000  

Credit Agricole Corporate & Investment Bank, term agreement dated 02/27/2018, maturing value of $500,131,250 (collateralized by U.S. Treasury Obligations valued at $510,000,022; 0%-2.50%; 05/31/2018-01/31/2025)(d)

     1.35 %      03/06/2018        500,131,250        500,000,000  

DNB Bank ASA, agreement dated 02/28/2018, maturing value of $1,100,041,861 (collateralized by U.S. Treasury obligations valued at $1,122,000,043;
1.50%-2.50%; 08/31/2018-11/15/2024)

     1.37 %      03/01/2018        1,100,041,861        1,100,000,000  

Fixed Income Clearing Corp. — Bank of New York Mellon (The), agreement dated 02/28/2018, maturing value of $400,015,222 (collateralized by U.S. Treasury obligations valued at $408,000,094; 1.38%-2.25%; 06/30/2023-05/15/2025)

     1.37 %      03/01/2018        400,015,222        400,000,000  

HSBC Securities (USA) Inc., term agreement dated 02/27/2018, maturing value of $400,105,000 (collateralized by U.S. Treasury Obligations valued at $408,003,950; 0.13%; 04/15/2020-04/15/2021)(d)

     1.35 %      03/06/2018        400,105,000        400,000,000  

ING Financial Markets, LLC, term agreement dated 02/23/2018, maturing value of $100,026,056 (collateralized by U.S. Treasury obligations valued at $102,000,037; 0.50%-4.38%; 06/30/2019-11/15/2047)(d)

     1.34 %      03/02/2018        100,026,056        100,000,000  

J.P. Morgan Securities LLC, agreement dated 02/28/2018, maturing value of $250,009,444 (collateralized by U.S. Treasury obligations valued at $255,003,742; 1.50%-2.00%; 05/31/2020-02/15/2022)

     1.36 %      03/01/2018        250,009,444        250,000,000  

Lloyds Bank PLC, joint term agreement dated 01/17/2018, aggregate maturing value of $501,286,250 (collateralized by U.S. Treasury obligations valued at $506,502,144; 1.00%-7.63%; 11/30/2019-02/15/2026)

     1.47 %      03/22/2018        210,540,225        210,000,000  

Lloyds Bank PLC, joint term agreement dated 02/23/2018, aggregate maturing value of $500,575,556 (collateralized by U.S. Treasury obligations valued at $509,956,295; 0.88%-7.50%; 07/15/2018-11/15/2024)

     1.48 %      03/26/2018        205,235,978        205,000,000  

Lloyds Bank PLC, term agreement dated 02/16/2018, maturing value of $250,287,778 (collateralized by U.S. Treasury obligations valued at $255,090,769; 1.50%-2.13%; 05/31/2020-11/15/2022)

     1.48 %      03/20/2018        250,287,778        250,000,000  

Lloyds Bank PLC, term agreement dated 02/20/2018, maturing value of $300,357,667 (collateralized by U.S. Treasury obligations valued at $305,996,254; 1.75%-2.63%; 10/31/2020-08/15/2025)

     1.48 %      03/22/2018        300,357,667        300,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., agreement dated 02/28/2018, maturing value of $150,005,708 (collateralized by a U.S. Treasury obligation valued at $153,000,074; 1.63%; 11/15/2022)

     1.37 %      03/01/2018        150,005,708        150,000,000  

Metropolitan Life Insurance Co., joint term agreement dated 02/28/2018, aggregate maturing value of $1,200,334,267 (collateralized by U.S. Treasury obligations valued at $1,233,979,365; 0%-4.50%; 03/29/2018-02/15/2043)(d)

     1.39 %      03/07/2018        510,139,930        510,002,087  

Mitsubishi UFJ Trust and Banking Corp., joint term agreement dated 02/28/2018, aggregate maturing value of $2,308,440,738 (collateralized by U.S. Treasury obligations valued at $2,358,620,162;
1.63%-2.25%; 08/31/2022-02/15/2027)(d)

     1.40 %      03/07/2018        941,818,814        941,562,500  

National Australia Bank Ltd., joint term agreement dated 02/27/2018, aggregate maturing value of $500,133,194 (collateralized by U.S. Treasury obligations valued at $509,532,574; 0.13%-2.13%; 04/15/2019-11/30/2023)(d)

     1.37 %      03/06/2018        250,066,597        250,000,000  

Natixis, agreement dated 02/28/2018, maturing value of $750,028,333 (collateralized by U.S. Treasury obligations valued at $765,000,038; 0%—8.50%; 04/15/2018—08/15/2047)

     1.36 %      03/01/2018        750,028,333        750,000,000  

 

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

 

12                         Short-Term Investments Trust

Invesco Treasury Portfolio

 

     Interest
Rate		    

Maturity

Date

      Repurchase
Amount		      Value  

Natixis, term agreement dated 02/23/2018, maturing value of $500,130,278 (collateralized by U.S. Treasury obligations valued at $510,000,040;
0%-8.75%; 04/15/2018-08/15/2047)(d)

     1.34 %      03/02/2018      $ 500,130,278      $ 500,000,000  

Natixis, term agreement dated 02/28/2018, maturing value of $750,201,250 (collateralized by U.S. Treasury obligations valued at $765,000,007;
0.13%-8.75%; 05/31/2018-05/15/2045)(d)

     1.38 %      03/07/2018        750,201,250        750,000,000  

Prudential Insurance Co. of America, agreement dated 02/28/2018, maturing value of $313,663,122 (collateralized by U.S. Treasury obligations valued at $321,638,491; 0%-2.50%; 11/15/2025-02/15/2045)

     1.42 %      03/01/2018        313,663,122        313,650,750  

Prudential Legacy Insurance Company of New Jersey, agreement dated 02/28/2018, maturing value of $113,191,965 (collateralized by U.S. Treasury obligations valued at $116,584,000; 0%; 08/15/2033-02/15/2045)

     1.42 %      03/01/2018        113,191,965        113,187,500  

Royal Bank of Canada, agreement dated 02/28/2018, maturing value of $50,001,889 (collateralized by a U.S. Treasury obligation valued at $51,000,055; 1.13%; 02/28/2021)

     1.36 %      03/01/2018        50,001,889        50,000,000  

Royal Bank of Canada, term agreement dated 02/09/2018, maturing value of $751,161,667 (collateralized by U.S. Treasury obligations valued at $765,000,045; 0.13%-7.63%; 04/15/2019-05/15/2046)(d)

     1.36 %      03/22/2018        751,161,667        750,000,000  

Societe Generale, open agreement dated 04/27/2017 (collateralized by U.S. Treasury Obligations valued at $1,020,000,025; 0%-7.63%; 03/29/2018-02/15/2048)(e)

     1.32 %      —        —        1,000,000,000  

Societe Generale, term agreement dated 01/19/2018, maturing value of $200,482,222 (collateralized by U.S. Treasury obligations valued at $204,000,031; 0%-3.13%; 07/12/2018-02/15/2048)

     1.40 %      03/22/2018        200,482,222        200,000,000  

Societe Generale, term agreement dated 02/22/2018, maturing value of $100,026,444 (collateralized by U.S. Treasury obligations valued at $102,000,096; 0%-7.63%; 03/29/2018-05/15/2047)(d)

     1.36 %      03/01/2018        100,026,444        100,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $1,000,038,056 (collateralized by U.S. Treasury obligations valued at $1,020,099,558; 3.63%; 02/15/2020)

     1.37 %      03/01/2018        546,072,192        546,051,411  

TD Securities (USA) LLC, agreement dated 02/28/2018, maturing value of $500,018,750 (collateralized by U.S. Treasury obligations valued at $510,000,055; 0%-4.75%; 03/01/2018-08/15/2047)

     1.35 %      03/01/2018        500,018,750        500,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2018, maturing value of $565,021,188 (collateralized by U.S. Treasury obligations valued at $576,300,016; 0%-2.75%; 06/28/2018-02/28/2025)

     1.35 %      03/01/2018        565,021,188        565,000,000  

Wells Fargo Securities, LLC, term agreement dated 02/23/2018, maturing value of $200,052,111 (collateralized by U.S. Treasury obligations valued at $204,000,092; 0.13%-9.13%; 05/15/2018-05/15/2044)(d)

     1.34 %      03/02/2018        200,052,111        200,000,000  

Total Repurchase Agreements (Cost $16,074,454,248)

                               16,074,454,248  

TOTAL INVESTMENTS IN SECURITIES(f)–111.63% (Cost $29,614,644,296)

                               29,614,644,296  

OTHER ASSETS LESS LIABILITIES–(11.63)%

                               (3,085,939,665 ) 

NET ASSETS–100.00%

                             $ 26,528,704,631  

Notes to Schedule of Investments:

 

(a)  Securities 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, 2018.
(c)  Principal amount equals value at period end. See Note 1I.
(d)  The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(e)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(f)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     44.6 % 

8-30

     14.7  

31-60

     5.3  

61-90

     2.9  

91-180

     14.9  

181+

     17.6  

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

 

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

 

13                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco Government & Agency Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Government Sponsored Agency Securities–34.70%

          
Federal Farm Credit Bank (FFCB)–2.81%          

Unsec. Bonds (1 mo. USD LIBOR + 0.12%)(a)

     1.71 %      03/21/2018      $ 20,000      $ 20,000,503  

Unsec. Bonds (1 mo. USD LIBOR - 0.06%)(a)

     1.52 %      12/04/2019        125,000        124,994,253  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.51 %      12/16/2019        120,000        120,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.52 %      09/25/2019        110,000        109,990,654  

Unsec. Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.46 %      12/06/2018        100,000        100,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.45 %      04/11/2019        75,000        75,000,000  

Unsec. Bonds (3 mo. USD LIBOR)(a)

     1.80 %      05/09/2018        9,500        9,503,327  

Unsec. Bonds (3 mo. USD LIBOR - 0.03%)(a)

     1.46 %      03/02/2018        40,000        40,000,179  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.53 %      08/28/2019        145,000        144,978,793  
                                744,467,709  
Federal Home Loan Bank (FHLB)–29.28%          

Unsec. Bonds (1 mo. USD LIBOR - 0.06%)(a)

     1.53 %      09/18/2019        50,000        50,016,548  

Unsec. Bonds (1 mo. USD LIBOR - 0.07%)(a)

     1.52 %      02/15/2019        280,000        280,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.07%)(a)

     1.52 %      02/19/2019        75,000        75,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.57 %      02/28/2019        235,000        235,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.50 %      03/06/2019        246,000        246,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.52 %      08/22/2019        100,000        100,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.49 %      01/11/2019        25,000        25,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      01/14/2019        50,000        50,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.53 %      01/25/2019        125,000        125,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      05/17/2019        210,000        210,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      06/06/2019        150,000        150,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      06/14/2019        120,000        120,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      07/17/2019        72,000        72,001,467  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      08/14/2019        125,000        125,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.10%)(a)

     1.49 %      12/21/2018        200,000        200,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.10%)(a)

     1.49 %      04/18/2019        85,000        85,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.52 %      07/26/2018        100,000        100,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.47 %      08/01/2018        200,000        200,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.49 %      04/22/2019        285,000        285,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.47 %      12/14/2018        404,000        404,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.45 %      10/10/2018        210,000        210,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.49 %      10/26/2018        193,000        193,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.45 %      11/05/2018        115,000        115,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.45 %      11/09/2018        210,000        210,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.46 %      11/15/2018        220,000        220,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.44 %      07/03/2018        300,000        300,000,044  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.45 %      10/12/2018        120,000        120,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.46 %      10/19/2018        200,000        200,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.17%)(a)

     1.34 %      03/06/2018        225,000        225,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.17%)(a)

     1.37 %      03/09/2018        100,000        100,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.18%)(a)

     1.43 %      03/19/2018        145,000        145,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.22%)(a)

     1.39 %      03/19/2018        175,000        175,000,000  

 

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

 

14                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

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

Unsec. Bonds (3 mo. USD LIBOR - 0.22%)(a)

     1.39 %      03/19/2018      $ 100,000      $ 100,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.26%)(a)

     1.45 %      04/12/2018        220,000        220,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.26%)(a)

     1.46 %      04/13/2018        225,000        224,999,928  

Unsec. Bonds (3 mo. USD LIBOR - 0.27%)(a)

     1.48 %      04/20/2018        86,000        85,999,083  

Unsec. Bonds (3 mo. USD LIBOR - 0.27%)(a)

     1.47 %      04/23/2018        140,000        139,998,964  

Unsec. Bonds (3 mo. USD LIBOR - 0.31%)(a)

     1.53 %      08/15/2018        58,000        57,990,091  

Unsec. Bonds (3 mo. USD LIBOR - 0.35%)(a)

     1.44 %      05/08/2018        230,000        230,000,349  

Unsec. Disc. Notes(b)

     1.40 %      03/16/2018        45,267        45,240,594  

Unsec. Disc. Notes(b)

     1.59 %      04/13/2018        10,800        10,779,489  

Unsec. Disc. Notes(b)

     1.59 %      04/17/2018        50,000        49,896,209  

Unsec. Disc. Notes(b)

     1.60 %      04/18/2018        51,400        51,290,960  

Unsec. Disc. Notes(b)

     1.60 %      04/20/2018        33,300        33,226,024  

Unsec. Disc. Notes(b)

     1.61 %      04/25/2018        100,000        99,755,097  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.05%)(a)

     1.53 %      07/12/2018        200,000        200,026,232  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.50 %      03/01/2019        165,000        165,002,873  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      06/14/2019        30,000        30,000,000  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.49 %      07/08/2019        150,000        150,009,428  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.47 %      12/21/2018        150,000        150,000,000  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.47 %      11/19/2018        120,000        120,000,000  

Unsec. Global Bonds (3 mo. USD LIBOR - 0.22%)(a)

     1.48 %      04/06/2018        136,000        136,000,000  

Unsec. Global Bonds (3 mo. USD LIBOR - 0.35%)(a)

     1.45 %      05/09/2018        100,000        100,000,000  
                                7,750,233,380  
Federal Home Loan Mortgage Corp. (FHLMC)–0.79%          

Unsec. Disc. Notes(b)

     1.38 %      03/19/2018        160,000        159,889,600  

Unsec. Medium-Term Notes (1 mo. USD LIBOR - 0.10%)(a)

     1.48 %      08/08/2019        50,000        50,000,000  
                                209,889,600  
Federal National Mortgage Association (FNMA)–0.49%          

Unsec. Disc. Notes(b)

     1.38 %      03/14/2018        130,000        129,935,217  
Overseas Private Investment Corp. (OPIC)–1.33%          

Sec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      11/15/2028        97,727        97,727,273  

Sr. Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      06/15/2025        24,000        24,000,000  

Sr. Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      02/15/2028        20,000        20,000,000  

Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      09/15/2020        116,000        116,000,000  

Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      07/15/2025        39,167        39,166,667  

Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.70 %      05/15/2030        10,452        10,452,000  

Unsec. Gtd. VRD COP Notes (3 mo. U.S. Treasury Bill Rate)(c)

     1.62 %      07/09/2026        43,350        43,350,000  
                                350,695,940  

Total U.S. Government Sponsored Agency Securities (Cost $9,185,221,846)

                               9,185,221,846  

U.S. Treasury Securities–21.74%

          
U.S. Treasury Bills–20.11%(b)          

U.S. Treasury Bills

     1.14 %      03/15/2018        350,000        349,845,378  

U.S. Treasury Bills

     1.32 %      03/15/2018        160,000        159,917,866  

U.S. Treasury Bills

     1.38 %      03/15/2018        687,000        686,632,127  

U.S. Treasury Bills

     1.39 %      03/15/2018        120,000        119,935,367  

U.S. Treasury Bills

     1.35 %      03/22/2018        150,000        149,881,787  

U.S. Treasury Bills

     1.36 %      03/22/2018        250,000        249,801,615  

 

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

 

15                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

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

U.S. Treasury Bills

     1.50 %      03/29/2018      $ 600,000      $ 599,302,332  

U.S. Treasury Bills

     1.43 %      04/05/2018        178,000        177,753,396  

U.S. Treasury Bills

     1.46 %      04/05/2018        210,000        209,703,720  

U.S. Treasury Bills

     1.23 %      04/12/2018        400,000        399,430,667  

U.S. Treasury Bills

     1.64 %      05/24/2018        335,000        333,721,974  

U.S. Treasury Bills

     1.59 %      07/12/2018        400,000        397,666,958  

U.S. Treasury Bills

     1.60 %      07/19/2018        125,000        124,226,111  

U.S. Treasury Bills

     1.61 %      07/19/2018        375,000        372,667,639  

U.S. Treasury Bills

     1.63 %      07/26/2018        300,000        298,021,626  

U.S. Treasury Bills

     1.64 %      08/02/2018        400,000        397,219,038  

U.S. Treasury Bills

     1.85 %      08/30/2018        300,000        297,235,875  
                                5,322,963,476  
U.S. Treasury Notes–1.63%          

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield
Rate)(a)

     1.65 %      01/31/2020        60,000        59,998,850  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(a)

     1.71 %      07/31/2019        370,000        370,015,134  
                                430,013,984  

Total U.S. Treasury Securities (Cost $5,752,977,460)

                               5,752,977,460  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements) (Cost $14,938,199,306)

                               14,938,199,306  
                 Repurchase
Amount		         

Repurchase Agreements–47.00%(d)

          

ABN AMRO Bank N.V., agreement dated 02/28/2018, maturing value of $700,026,833 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $714,000,032; 1.25%-6.50%; 10/31/2018-12/01/2047)

     1.38 %      03/01/2018        700,026,833        700,000,000  

Bank of Montreal, joint term agreement dated 02/08/2018, aggregate maturing value of $500,656,250 (collateralized by U.S. Treasury obligations valued at $510,000,011; 0%-3.75%; 03/15/2018-11/15/2047)(e)

     1.35 %      03/15/2018        220,288,750        220,000,000  

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $200,007,667 (collateralized by U.S. government sponsored agency obligations valued at $204,000,000; 2.65%-4.50%; 05/01/2035-09/01/2047)

     1.38 %      03/01/2018        200,007,667        200,000,000  

CIBC World Markets Corp., agreement dated 02/28/2018, maturing value of $1,075,041,208 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,096,500,092;
1.38%-5.50%; 04/30/2020-01/01/2048)

     1.38 %      03/01/2018        1,075,041,208        1,075,000,000  

Citigroup Global Markets, Inc., joint agreement dated 02/28/2018, aggregate maturing value of $400,015,111 (collateralized by U.S. Treasury obligations valued at $408,000,000; 0%; 11/15/2018-08/15/2045)

     1.36 %      03/01/2018        200,007,556        200,000,000  

Credit Agricole Corporate & Investment Bank, joint term agreement dated 02/22/2018, aggregate maturing value of $250,066,111 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $255,000,007; 1.50%-3.50%; 05/31/2020-08/01/2047)(e)

     1.36 %      03/01/2018        135,035,700        135,000,000  

Credit Agricole Corporate & Investment Bank, joint term agreement dated 02/23/2018, aggregate maturing value of $500,133,194 (collateralized by U.S. government sponsored agency obligations valued at $510,000,000;
3.00%-5.00%; 04/01/2027-03/01/2048)(e)

     1.37 %      03/02/2018        250,066,597        250,000,000  

Credit Agricole Corporate & Investment Bank, term agreement dated 02/27/2018, maturing value of $250,066,111 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $255,000,062;
1.88%-3.50%; 08/31/2022-02/01/2048)(e)

     1.36 %      03/06/2018        250,066,111        250,000,000  

DNB Bank ASA, agreement dated 02/28/2018, maturing value of $300,011,417 (collateralized by U.S. Treasury obligations valued at $306,000,088;
0.13%-1.88%; 06/15/2020-05/31/2022)

     1.37 %      03/01/2018        300,011,417        300,000,000  

 

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

 

16                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Fixed Income Clearing Corp. — Bank of New York Mellon (The), agreement dated 02/28/2018, maturing value of $400,015,222 (collateralized by U.S. Treasury obligations valued at $408,000,078; 2.00%-3.00%; 02/15/2022-05/15/2047)

     1.37 %      03/01/2018      $ 400,015,222      $ 400,000,000  

ING Financial Markets, LLC, joint agreement dated 02/28/2018, aggregate maturing value of $100,003,833 (collateralized by domestic agency mortgage-backed securities valued at $102,000,000; 2.50%-4.50%; 09/01/2018-02/01/2048)

     1.38 %      03/01/2018        60,002,300        60,000,000  

ING Financial Markets, LLC, joint term agreement dated 02/23/2018, aggregate maturing value of $250,066,111 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000;
2.00%-5.50%; 02/01/2021-01/01/2048)(e)

     1.36 %      03/02/2018        85,022,478        85,000,000  

ING Financial Markets, LLC, joint term agreement dated 12/14/2017, maturing value of $376,429,167 (collateralized by U.S. government sponsored agency obligations valued at $382,500,001; 2.00%-5.50%; 04/01/2020-02/01/2048)

     1.40 %      03/22/2018        306,162,389        305,000,000  

ING Financial Markets, LLC, term agreement dated 12/15/2017, maturing value of $75,285,833 (collateralized by domestic agency mortgage-backed securities valued at $76,500,000; 1.70%-4.50%; 10/01/2027-02/01/2048)

     1.40 %      03/23/2018        75,285,833        75,000,000  

Lloyds Bank PLC, joint term agreement dated 01/17/2018, aggregate maturing value of $501,286,250 (collateralized by U.S. Treasury obligations valued at $506,502,144; 1.00%-7.63%; 11/30/2019-02/15/2026)

     1.47 %      03/22/2018        225,578,813        225,000,000  

Lloyds Bank PLC, joint term agreement dated 02/23/2018, aggregate maturing value of $500,575,556 (collateralized by U.S. Treasury obligations valued at $509,956,295; 0.88%-7.50%; 07/15/2018-11/15/2024)

     1.48 %      03/26/2018        225,259,000        225,000,000  

Lloyds Bank PLC, joint term agreement dated 12/04/2017, aggregate maturing value of $501,794,722 (collateralized by U.S. Treasury obligations valued at $513,607,959; 1.38%-6.13%; 06/30/2020-11/15/2027)

     1.42 %      03/05/2018        361,292,200        360,000,000  

Metropolitan Life Insurance Co., joint term agreement dated 02/28/2018, aggregate maturing value of $1,200,334,267 (collateralized by U.S. Treasury obligations valued at $1,233,979,365; 0%-4.50%; 03/29/2018-02/15/2043)(e)

     1.39 %      03/07/2018        500,136,264        500,001,125  

Mitsubishi UFJ Trust and Banking Corp., joint term agreement dated 02/28/2018, aggregate maturing value of $2,308,440,738 (collateralized by U.S. Treasury obligations valued at $2,358,620,162;
1.63%-2.25%; 08/31/2022-02/15/2027)(e)

     1.40 %      03/07/2018        1,074,729,986        1,074,437,500  

National Australia Bank Ltd., joint term agreement dated 02/27/2018, aggregate maturing value of $500,133,194 (collateralized by U.S. Treasury obligations valued at $509,532,574; 0.13%-2.13%; 04/15/2019-11/30/2023)(e)

     1.37 %      03/06/2018        250,066,597        250,000,000  

Prudential Insurance Co. of America, agreement dated 02/28/2018, maturing value of $365,536,918 (collateralized by U.S. Treasury obligations valued at $375,976,160; 0%; 02/15/2026-05/15/2045)

     1.42 %      03/01/2018        365,539,918        365,522,500  

Prudential Legacy Insurance Company of New Jersey, agreement dated 02/28/2018, maturing value of $60,377,381 (collateralized by U.S. Treasury obligations valued at $61,868,000; 0%; 08/15/2033)

     1.42 %      03/01/2018        60,377,381        60,375,000  

RBC Capital Markets LLC, joint term agreement dated 02/28/2018, aggregate maturing value of $1,000,000,000 (collateralized by U.S. government sponsored agency obligations valued at $1,020,000,000;
0%-7.50%; 03/25/2018-11/25/2057)(a)(e)

     1.42 %      04/30/2018        590,000,000        590,000,000  

Royal Bank of Canada, joint term agreement dated 02/08/2018, aggregate maturing value of $1,101,339,556 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,122,000,000;
1.88%-7.00%; 01/31/2022-11/15/2057)(e)

     1.37 %      03/12/2018        891,083,822        890,000,000  

Royal Bank of Canada, term agreement dated 02/23/2018, maturing value of $75,019,833 (collateralized by domestic agency mortgage-backed securities valued at $76,500,000; 3.50%-4.50%; 02/01/2029-01/01/2048)(e)

     1.36 %      03/02/2018        75,019,833        75,000,000  

Societe Generale, joint open agreement dated 04/27/2017 (collateralized by U.S. Government sponsered agency obligations and U.S. Treasury obligations valued at $1,530,000,152; 0%-7.63%; 03/29/2018-11/20/2064)(f)

     1.34 %      —        —        1,115,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $1,000,038,056 (collateralized by U.S. Treasury obligations valued at $1,020,099,558; 3.63%; 02/15/2020)

     1.37 %      03/01/2018        453,965,864        453,948,589  

 

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

 

17                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $3,000,115,833 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $3,060,002,122; 1.13%-4.00%; 07/31/2021-10/20/2047)

     1.39 %      03/01/2018      $ 1,274,728,301      $ 1,274,679,084  

Wells Fargo Securities, LLC, joint agreement dated 02/28/2018, aggregate maturing value of $760,028,922 (collateralized by U.S. government sponsored agency obligations valued at $775,200,000; 4.00%; 07/01/2047-03/01/2048)

     1.37 %      03/01/2018        725,027,590        725,000,000  

Total Repurchase Agreements (Cost $12,438,963,798)

                               12,438,963,798  

TOTAL INVESTMENTS IN SECURITIES(g)–103.44% (Cost $27,377,163,104)

                               27,377,163,104  

OTHER ASSETS LESS LIABILITIES–(3.44)%

                               (910,581,357 ) 

NET ASSETS–100.00%

                             $ 26,466,581,747  

Investment Abbreviations:

 

COP  

– Certificates of Participation

Disc.  

– Discounted

Gtd.  

– Guaranteed

LIBOR  

– London Interbank Offered Rate

Sec.  

– Secured

Sr.  

– Senior

Unsec.  

– Unsecured

USD  

– U.S. Dollar

VRD  

– Variable Rate Demand

Notes to Schedule of Investments:

 

(a)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.
(b)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(c)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(d)  Principal amount equals value at period end. See Note 1I.
(e)  The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(f)  Either party may terminate the agreement upon demand. Interest rates, principal amounts and collateral are redetermined daily.
(g)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     44.7 % 

8-30

     14.7  

31-60

     6.7  

61-90

     2.5  

91-180

     8.9  

181+

     22.5  

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.

 

18                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco Treasury Obligations Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–110.23%

          
U.S. Treasury Bills–88.61%(a)          

U.S. Treasury Bills

     1.15 %      03/01/2018      $ 75,000      $ 75,000,000  

U.S. Treasury Bills

     1.16 %      03/01/2018        65,400        65,400,000  

U.S. Treasury Bills

     1.23 %      03/08/2018        5,000        4,998,809  

U.S. Treasury Bills

     1.28 %      03/08/2018        40,700        40,690,040  

U.S. Treasury Bills

     1.29 %      03/08/2018        3,900        3,899,022  

U.S. Treasury Bills

     1.14 %      03/15/2018        18,900        18,891,651  

U.S. Treasury Bills

     1.31 %      03/15/2018        3,300        3,298,325  

U.S. Treasury Bills

     1.32 %      03/15/2018        5,000        4,997,433  

U.S. Treasury Bills

     1.38 %      03/15/2018        123,000        122,933,990  

U.S. Treasury Bills

     1.36 %      03/22/2018        160,800        160,672,463  

U.S. Treasury Bills

     1.37 %      03/22/2018        24,800        24,780,181  

U.S. Treasury Bills

     1.18 %      03/29/2018        9,309        9,300,529  

U.S. Treasury Bills

     1.50 %      03/29/2018        100,000        99,883,722  

U.S. Treasury Bills

     1.20 %      04/05/2018        10,000        9,988,431  

U.S. Treasury Bills

     1.31 %      04/05/2018        600        599,236  

U.S. Treasury Bills

     1.43 %      04/05/2018        26,000        25,963,979  

U.S. Treasury Bills

     1.46 %      04/05/2018        39,500        39,444,269  

U.S. Treasury Bills

     1.23 %      04/12/2018        10,000        9,985,766  

U.S. Treasury Bills

     1.44 %      04/12/2018        15,000        14,974,975  

U.S. Treasury Bills

     1.48 %      04/12/2018        17,400        17,369,936  

U.S. Treasury Bills

     1.51 %      04/12/2018        32,100        32,043,432  

U.S. Treasury Bills

     1.56 %      04/12/2018        100,000        99,818,000  

U.S. Treasury Bills

     1.25 %      04/19/2018        10,000        9,983,122  

U.S. Treasury Bills

     1.41 %      04/19/2018        8,700        8,683,363  

U.S. Treasury Bills

     1.46 %      04/19/2018        10,000        9,980,223  

U.S. Treasury Bills

     1.48 %      04/19/2018        15,000        14,969,885  

U.S. Treasury Bills

     1.44 %      04/26/2018        30,000        29,933,267  

U.S. Treasury Bills

     1.51 %      05/10/2018        30,000        29,912,500  

U.S. Treasury Bills

     1.55 %      05/10/2018        20,000        19,940,111  

U.S. Treasury Bills

     1.64 %      05/24/2018        20,000        19,923,700  

U.S. Treasury Bills

     1.65 %      05/31/2018        30,000        29,875,633  

U.S. Treasury Bills

     1.54 %      06/28/2018        30,000        29,848,275  

U.S. Treasury Bills

     1.59 %      07/12/2018        40,000        39,767,065  

U.S. Treasury Bills

     1.61 %      07/19/2018        40,000        39,751,111  

U.S. Treasury Bills

     1.61 %      07/26/2018        10,000        9,934,830  

U.S. Treasury Bills

     1.63 %      07/26/2018        15,000        14,901,081  

U.S. Treasury Bills

     1.64 %      08/02/2018        15,000        14,895,729  

U.S. Treasury Bills

     1.83 %      08/30/2018        10,000        9,907,863  
                                1,217,141,947  
U.S. Treasury Notes–21.62%          

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.19%)(b)

     1.84 %      04/30/2018        40,000        40,019,016  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.83 %      07/31/2018        53,000        53,004,957  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.82 %      10/31/2018        35,000        35,000,667  

 

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

 

19                         Short-Term Investments Trust

Invesco Treasury Obligations Portfolio

 

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

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b)

     1.79 %      01/31/2019      $ 49,000      $ 49,009,376  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.07%)(b)

     1.72 %      04/30/2019        38,000        38,003,128  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b)

     1.71 %      07/31/2019        19,000        18,999,279  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)(b)

     1.70 %      10/31/2019        47,000        47,005,869  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate)(b)

     1.65 %      01/31/2020        16,000        15,997,955  
                                297,040,247  

TOTAL INVESTMENTS IN SECURITES–110.23% (Cost $1,514,182,194)

                               1,514,182,194  

OTHER ASSETS LESS LIABILITIES–(10.23)%

                               (140,545,490 ) 

NET ASSETS–100.00%

                             $ 1,373,636,704  

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, 2018.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     9.3 % 

8-30

     32.6  

31-60

     21.4  

61-90

     7.3  

91-180

     15.3  

181+

     14.1  

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.

 

20                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

 

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

Municipal Obligations–98.89%

 

Alabama–4.19%  

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

     1.09 %      07/01/2040      $ 8,405      $ 8,405,000  
Arizona–1.80%  

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

     1.09 %      06/15/2031        1,975        1,975,000  

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

     1.09 %      06/15/2031        1,640        1,640,000  
                                3,615,000  
California–3.43%  

California (State of); Series 2004 A-9, Ref. VRD Unlimited Tax GO Bonds (LOC–State Street Bank & Trust Co.)(a)(b)

     0.97 %      05/01/2034        4,170        4,170,000  

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

     1.03 %      08/01/2042        2,700        2,700,000  
                                6,870,000  
Colorado–0.82%  

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

     1.22 %      02/01/2031        908        908,000  

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

     1.22 %      07/01/2034        735        735,000  
                                1,643,000  
Delaware–2.04%  

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

     1.11 %      09/01/2036        3,085        3,085,000  

Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(a)(b)

     1.09 %      05/01/2036        1,005        1,005,000  
                                4,090,000  
District of Columbia–1.50%  

Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD Airport System RB (LOC–Sumitomo Mitsui Banking Corp.)(a)(b)

     1.09 %      10/01/2039        3,000        3,000,000  
Florida–5.96%  

Miami-Dade (County of); Series 2014 A, VRD Seaport RB (LOC–Bank of Tokyo–Mitsubishi UFJ, Ltd. (The))(a)(b)

     1.09 %      10/01/2050        3,800        3,800,000  

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

     1.15 %      11/01/2036        2,445        2,445,000  

Palm Beach (County of) (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC–Northern Trust Co. (The))(a)(b)

     1.12 %      07/01/2032        1,735        1,735,000  

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

     1.13 %      11/01/2038        3,960        3,960,000  
                                11,940,000  
Georgia–5.14%  

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

     1.01 %      09/01/2035        4,190        4,190,000  

Monroe (County of) Development Authority (Oglethorpe Power Corp. Scherer);

          

Series 2009 A, VRD PCR (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     1.07 %      01/01/2030        2,000        2,000,000  

Series 2010 A, Ref. VRD PCR (LOC–Bank of Montreal)(a)(b)

     1.12 %      01/01/2036        3,000        3,000,000  

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)

     1.22 %      09/01/2020        1,100        1,100,000  
                                10,290,000  

 

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

 

21                         Short-Term Investments Trust

Invesco Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  
Illinois–4.16%  

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

     1.17 %      08/01/2030      $ 3,400      $ 3,400,000  

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

     1.05 %      12/01/2046        4,935        4,935,000  
                                8,335,000  
Indiana–8.09%  

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

     1.22 %      08/01/2037        5,240        5,240,000  

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

     1.23 %      06/01/2035        7,385        7,385,000  

Purdue University; Series 2011 A, VRD COP(a)

     1.04 %      07/01/2035        3,082        3,081,500  

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

     1.09 %      10/01/2019        500        500,000  
                                16,206,500  
Louisiana–1.52%  

Louisiana (State of) Public Facilities Authority (CHRISTUS Health); Series 2009 B-3, Ref. VRD RB (LOC–Bank of New York Mellon (The))(a)(b)

     1.07 %      07/01/2047        1,490        1,490,000  

New Orleans (Port of) Board of Commissioners; Series 2010, Ref. VRD Subordinate Lien RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     1.12 %      06/01/2034        625        625,000  

St. James (Parish of) (NuStar Logistics, L.P.); Series 2010 B, VRD RB (LOC–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(a)(b)

     1.13 %      12/01/2040        930        930,000  
                                3,045,000  
Massachusetts–1.72%  

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

     1.10 %      10/01/2038        1,650        1,650,000  

Massachusetts (State of); Series 2017 B, Limited Tax GO RAN

     2.00 %      05/21/2018        1,800        1,804,523  
                                3,454,523  
Michigan–1.16%  

Kent (County of) Hospital Finance Authority (Spectrum Health System); Series 2008 C, Ref. VRD RB (LOC–Bank of New York Mellon (The))(a)(b)

     1.10 %      01/15/2026        445        445,000  

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

     1.10 %      03/01/2031        1,885        1,885,000  
                                2,330,000  
Minnesota–4.47%  

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

     1.17 %      10/15/2033        1,175        1,175,000  

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

     1.18 %      11/15/2031        3,465        3,465,000  

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

     1.07 %      11/01/2035        4,180        4,180,000  

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

     1.07 %      10/01/2033        138        138,000  
                                8,958,000  
Mississippi–3.94%  

Mississippi Business Finance Corp. (Chevron U.S.A. Inc.);

          

Series 2007 A, VRD Gulf Opportunity Zone IDR(a)

     1.15 %      12/01/2030        150        150,000  

Series 2010 C, VRD Gulf Opportunity Zone IDR(a)

     1.09 %      12/01/2030        2,035        2,035,000  

Series 2010 E, VRD Gulf Opportunity Zone IDR(a)

     1.09 %      12/01/2030        5,700        5,700,000  
                                7,885,000  
Missouri–3.11%  

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

     1.09 %      11/01/2037        525        525,000  

Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC–FHLB of Chicago)(a)(b)

     1.10 %      08/01/2038        1,245        1,245,000  

 

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

 

22                         Short-Term Investments Trust

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

Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2000, VRD RB (LOC–Bank of America, N.A.)(a)(b)

     1.14 %      02/01/2031      $ 3,860      $ 3,860,000  

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

     1.19 %      12/01/2019        595        595,000  
                                6,225,000  
Nevada–2.02%  

Truckee Meadows Water Authority; Series 2006 B, Commercial Paper Notes (LOC–Bank of Tokyo–Mitsubishi UFJ, Ltd. (The))(b)

     1.25 %      05/15/2018        4,050        4,050,000  
New York–7.90%  

Metropolitan Transportation Authority;

          

Subseries 2005 D-1, VRD RB (LOC–Landesbank Hessen-Thueringen Girozentrale)(a)(b)

     1.13 %      11/01/2035        4,980        4,980,000  

Subseries 2005 D-2, VRD RB (LOC–Landesbank Hessen-Thueringen Girozentrale)(a)(b)

     1.11 %      11/01/2035        3,290        3,290,000  

New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.); Subseries 2005 A-2, VRD RB (LOC–Mizuho Bank, Ltd.)(a)(b)

     1.07 %      05/01/2039        2,000        2,000,000  

New York (State of) Housing Finance Agency (222 East 44th Street Housing); Series 2015 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)

     1.18 %      05/01/2050        1,000        1,000,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2015 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)(c)

     1.17 %      11/01/2049        4,550        4,550,000  
                                15,820,000  
North Carolina–0.90%  

Raleigh & Durham (Cities of) Airport Authority; Series 2008 C, Ref. VRD RB (LOC–TD Bank,
N.A.)(a)(b)(c)

     1.05 %      05/01/2036        1,800        1,800,000  
Oregon–1.72%  

Oregon (State of) Facilities Authority (PeaceHealth); Series 2008 A, Ref. VRD RB (LOC–U.S. Bank, N.A.)(a)(b)

     1.12 %      08/01/2034        3,450        3,450,000  
Pennsylvania–4.05%  

Crawford (County of) Industrial Development Authority (Allegheny College); Series 2009 B, VRD College RB (LOC–PNC Bank, N.A.)(a)(b)

     1.11 %      11/01/2039        422        422,000  

Derry (Township of) Industrial & Commercial Development Authority (Hershey Arena); Series 2000 A, VRD Hotel Tax RB (LOC–PNC Bank, N. A.)(a)(b)

     1.10 %      11/01/2030        500        500,000  

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

     1.09 %      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)

     1.11 %      10/15/2025        1,370        1,370,000  

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

     1.10 %      09/01/2028        1,886        1,886,000  

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

     1.09 %      11/01/2029        600        600,000  

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

     1.10 %      07/01/2027        550        550,000  
                                8,123,000  
Texas–13.64%  

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

     1.11 %      08/01/2035        6,405        6,405,000  

Gulf Coast Industrial Development Authority (ExxonMobil); Series 2012, VRD RB(a)

     1.10 %      11/01/2041        1,300        1,300,000  

Harris (County of) Hospital District; Series 2010, Ref. VRD Sr. Lien RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     1.12 %      02/15/2042        635        635,000  

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

     1.09 %      01/01/2049        4,215        4,215,000  

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

     1.09 %      04/01/2026        2,722        2,722,000  

Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments);
Series 2009, VRD MFH RB (CEP–FHLMC)(a)

     1.09 %      05/01/2042        2,150        2,150,000  

Texas (State of); Series 2017, TRAN

     4.00 %      08/30/2018        5,700        5,786,681  

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

     0.98 %      08/01/2025        4,120        4,120,000  
                                27,333,681  

 

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

 

23                         Short-Term Investments Trust

Invesco Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  
Utah–3.25%  

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

     1.13 %      11/01/2024      $ 3,612      $ 3,612,000  

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

     1.15 %      04/01/2042        2,900        2,900,000  
                                6,512,000  
Virginia–2.99%  

Norfolk (City of); Series 2007, VRD Unlimited Tax GO Bonds(a)

     1.10 %      08/01/2037        2,500        2,500,000  

University of Virginia; Series 2018 A, Commercial Paper Notes

     1.12 %      03/08/2018        3,500        3,500,000  
                                6,000,000  
Washington–2.10%  

Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD MFH RB (LOC–FHLB of San Francisco)(a)(b)

     1.13 %      09/01/2049        4,200        4,200,000  
West Virginia–2.09%  

Cabell (County of) (Provident Group — Marshall Properties LLC — Marshall University); Series 2010 A, VRD University Facilities RB (LOC–Bank of America, N.A.)(a)(b)

     1.15 %      07/01/2039        1,050        1,050,000  

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

     1.12 %      01/01/2034        3,130        3,130,000  
                                4,180,000  
Wisconsin–3.18%  

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

     1.11 %      10/01/2042        4,220        4,220,000  

Milwaukee (City of); Series 2017 M-11, School RAN

     5.00 %      09/27/2018        2,100        2,147,828  
                                6,367,828  
Wyoming–2.00%  

Lincoln (County of) (ExxonMobil); Series 2014, Ref. VRD PCR(a)

     1.14 %      10/01/2044        4,000        4,000,000  

TOTAL INVESTMENTS IN SECURITIES(e)(f)–98.89% (Cost $198,128,532)

                               198,128,532  

OTHER ASSETS LESS LIABILITIES–1.11%

                               2,218,294  

NET ASSETS–100.00%

                             $ 200,346,826  

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

RAN  

– Revenue Anticipation Notes

RB  

– Revenue Bonds

Ref.  

– Refunding

Sr.  

– Senior

TRAN  

– Tax and Revenue Anticipation Notes

VRD  

– Variable Rate Demand

 

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

 

24                         Short-Term Investments Trust

Invesco Tax-Free Cash Reserve Portfolio

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 based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(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. No concentration of any single foreign country was greater than 5%.
(d)  Security purchased or received in 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 value of this security at February 28, 2018 represented 1.70% of the Fund’s Net Assets.
(e)  Also represents cost for federal income tax purposes.
(f)  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.

 

Entity    Percentage  

Federal Home Loan Bank

      5.4 % 

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     91.2 % 

8-30

     1.8  

31-60

     —  

61-90

     3.0  

91-180

     —  

181+

     4.0  

 

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

 

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

 

25                         Short-Term Investments Trust

Statements of Assets and Liabilities

February 28, 2018

(Unaudited)

 

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

Assets:

                          

Investments in securities, at value

      $ 1,909,330,734       $ 289,991,202       $ 13,540,190,048        $ 14,938,199,306       $ 1,514,182,194       $ 198,128,532  

Repurchase agreements

        669,390,695         131,158,323         16,074,454,248          12,438,963,798         —         —  

Receivable for:

                          

Investments sold

        —         —         —          —         —         2,005,054  

Interest

        1,213,123         169,887         6,559,557          12,936,490         398,418         334,292  

Fund expenses absorbed

        —         —         192,515          65,153         20,469         5,441  

Investment for trustee deferred compensation and retirement plans

        3,820,079         1,063,222         2,266,349          1,031,485         131,441         378,349  

Other assets

        40,994         179,475         118,329          422,732         52,131         73,560  

Total assets

        2,583,795,625         422,562,109         29,623,781,046          27,391,618,964         1,514,784,653         200,925,228  

Liabilities:

                          

Payable for:

                          

Investments purchased

        —         —         3,060,086,427          896,538,207         139,667,218         —  

Amount due custodian

        —         —         6,512,475          927,423         6,660         —  

Dividends

        3,053,548         453,959         24,912,470          25,692,274         1,264,683         116,102  

Accrued fees to affiliates

        34,807         2,535         684,843          572,024         31,362         15,740  

Accrued trustees’ and officer’s fees and benefits

        3,986         4,082         52,471          56,456         6,003         4,238  

Accrued operating expenses

        102,202         37,920         210,418          20,051         25,744         23,275  

Trustee deferred compensation and retirement plans

        4,294,659         1,181,861         2,617,311          1,230,782         146,279         419,048  

Total liabilities

        7,489,202         1,680,357         3,095,076,415          925,037,217         141,147,949         578,403  

Net assets applicable to shares outstanding

      $ 2,576,306,423       $ 420,881,752       $ 26,528,704,631        $ 26,466,581,747       $ 1,373,636,704       $ 200,346,825  

Net assets consist of:

                          

Shares of beneficial interest

      $ 2,576,230,027       $ 420,112,540       $ 26,528,016,990        $ 26,466,509,242       $ 1,373,702,289       $ 200,509,685  

Undistributed net investment income

        125,723         768,843         445,995          208,988         (12,543 )        (104,955 ) 

Undistributed net realized gain (loss)

        8,085         1,942         241,646          (136,483 )        (53,042 )        (57,905 ) 

Net unrealized appreciation (depreciation)

        (57,412 )        (1,573 )        —          —         —         —  
       $ 2,576,306,423       $ 420,881,752       $ 26,528,704,631        $ 26,466,581,747       $ 1,373,636,704       $ 200,346,825  

Cost of Investments

      $ 2,578,778,842       $ 421,151,098       $ 29,614,644,296        $ 27,377,163,104       $ 1,514,182,194       $ 198,128,532  

 

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

 

26                         Short-Term Investments Trust

Statements of Assets and Liabilities—(continued)

February 28, 2018

(Unaudited)

 

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

Net Assets:

 

     

Institutional Class

      $ 2,545,619,200        $ 416,671,336        $ 24,044,592,088        $ 25,046,080,286        $ 1,328,658,137        $ 112,865,021  

Private Investment Class

      $ 6,410,598        $ 1,862,844        $ 630,268,529        $ 393,539,939        $ 1,259,294        $ 37,329,458  

Personal Investment Class

      $ 11,224        $ 612,548        $ 150,315,301        $ 8,429,471        $ 70,230        $ 10,004  

Cash Management Class

      $ 14,111,801        $ 1,061,449        $ 469,528,618        $ 265,460,441        $ 1,617,958        $ 24,123,366  

Reserve Class

      $ 776,448        $ 468,867        $ 283,039,048        $ 324,550,598        $ 41,926,357        $ 17,381,439  

Resource Class

      $ 1,061,004        $ 184,485        $ 582,365,227        $ 234,625,399        $ 94,604        $ 8,627,532  

Corporate Class

      $ 8,316,148        $ 20,223        $ 368,595,820        $ 193,895,613        $ 10,124        $ 10,005  

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

 

Institutional Class

        2,545,292,041          416,671,862          24,043,288,291          25,045,904,613          1,328,666,526          112,850,643  

Private Investment Class

        6,409,785          1,862,847          630,235,060          393,537,172          1,259,260          37,324,700  

Personal Investment Class

        11,223          612,549          150,307,355          8,429,412          70,229          10,003  

Cash Management Class

        14,110,000          1,061,451          469,502,604          265,458,683          1,617,970          24,120,300  

Reserve Class

        776,345          468,868          283,024,039          324,548,299          41,926,649          17,379,371  

Resource Class

        1,060,868          184,485          582,334,204          234,623,690          94,604          8,626,218  

Corporate Class

        8,315,087          20,224          368,576,267          193,894,082          10,124          10,005  

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

      $ 1.0001        $ 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.

 

27                         Short-Term Investments Trust

Statements of Operations

For the six months ended February 28, 2018

(Unaudited)

 

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

Investment income:

                         

Interest

      $ 11,016,787       $ 2,782,344       $ 152,502,051       $ 171,997,536       $ 7,950,097       $ 1,017,866  

Expenses:

                         

Advisory fees

        1,038,391         294,246         18,484,180         14,169,879         843,473         193,582  

Administrative services fees

        381,775         118,844         4,304,547         4,914,088         363,359         53,832  

Custodian fees

        3,995         5,506         63,739         331,945         2,899         488  

Distribution fees:

                         

Private Investment Class

        10,191         2,724         759,434         600,499         2,913         40,447  

Personal Investment Class

        31         1,668         399,413         43,543         299         3,819  

Cash Management Class

        3,580         445         170,211         96,285         647         10,291  

Reserve Class

        3,649         2,120         1,347,297         1,184,560         164,678         68,708  

Resource Class

        1,235         146         391,772         248,797         75         5,818  

Corporate Class

        1,709         3         59,385         21,709         2         —  

Transfer agent fees

        62,303         17,655         1,109,051         1,470,965         60,045         8,711  

Trustees’ and officers’ fees and benefits

        11,833         12,636         175,506         212,567         18,876         11,592  

Registration and filing fees

        45,173         50,695         73,378         116,679         45,087         51,989  

Reports to shareholders

        29,746         7,818         30,074         39,521         6,028         5,221  

Professional services fees

        31,190         26,385         145,917         115,866         29,398         26,590  

Other

        64,042         30,000         165,297         166,749         23,060         14,919  

Total expenses

        1,688,843         570,891         27,679,201         23,733,652         1,560,839         496,007  

Less: Fees waived

        (422,815 )        (211,259 )        (2,839,649 )        (380,199 )        (273,935 )        (204,538 ) 

Net expenses

        1,266,028         359,632         24,839,552         23,353,453         1,286,904         291,469  

Net investment income

        9,750,759         2,422,712         127,662,499         148,644,083         6,663,193         726,397  

Realized and unrealized gain (loss) from:

                         

Net realized gain (loss) from investment securities

        8,085         1,571         508,617         394,818         19,166         (4,370 ) 

Change in net unrealized appreciation (depreciation) of investment securities

        (88,330 )        (11,112 )        —         —         —         —  

Net increase in net assets resulting from operations

      $ 9,670,514       $ 2,413,171       $ 128,171,116       $ 149,038,901       $ 6,682,359       $ 722,027  

 

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

 

28                         Short-Term Investments Trust

Statements of Changes in Net Assets

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

 

            Invesco Liquid Assets Portfolio           Invesco STIC Prime Portfolio  
         February 28,
2018		     August 31,
2017		           February 28,
2018		     August 31,
2017		  

Operations:

             

Net investment income

      $ 9,750,759     $ 4,871,296       $ 2,422,712     $ 3,235,998  

Net realized gain

        8,085       284,449         1,571       371  

Change in net unrealized appreciation (depreciation)

        (88,330 )      30,918         (11,112 )      9,539  

Net increase in net assets resulting from operations

        9,670,514       5,186,663         2,413,171       3,245,908  

Distributions to shareholders from net investment income:

             

Institutional Class

        (9,578,395 )      (4,489,048 )        (2,403,076 )      (3,118,898 ) 

Private Investment Class

        (33,722 )      (84,531 )        (8,559 )      (18,217 ) 

Personal Investment Class

        (41 )      (1,713 )        (2,094 )      (26,443 ) 

Cash Management Class

        (55,476 )      (138,836 )        (6,413 )      (59,666 ) 

Reserve Class

        (2,220 )      (6,618 )        (1,465 )      (5,654 ) 

Resource Class

        (6,695 )      (8,281 )        (985 )      (6,995 ) 

Corporate Class

        (74,210 )      (142,269 )        (120 )      (125 ) 

Total distributions from net investment income

        (9,750,759 )      (4,871,296 )        (2,422,712 )      (3,235,998 ) 

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

        —       (1,213 )        —       —  

Corporate Class

        —       (67,014 )        —       —  

Total distributions from net realized gains

        —       (3,200,085 )        —       —  

Share transactions–net:

             

Institutional Class

        2,249,521,185       (10,122,727,290 )        (7,250,126 )      (1,183,946,896 ) 

Private Investment Class

        (570,719 )      (234,302,026 )        18,028       (139,216,079 ) 

Personal Investment Class

        4       (29,230,918 )        1,928       (116,863,502 ) 

Cash Management Class

        6,374,743       (242,827,588 )        (86,623 )      (166,722,672 ) 

Reserve Class

        (167,937 )      (99,217,916 )        (31,777 )      (20,973,659 ) 

Resource Class

        (265,872 )      (5,919,518 )        937       (16,683,703 ) 

Corporate Class

        (1,164,553 )      (160,159,887 )        116       11,449  

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

        2,253,726,851       (10,894,385,143 )        (7,347,517 )      (1,644,395,062 ) 

Net increase (decrease) in net assets

        2,253,646,606       (10,897,269,861 )        (7,357,058 )      (1,644,385,152 ) 

Net assets:

             

Beginning of period

        322,659,817       11,219,929,678         428,238,810       2,072,623,962  

End of period*

      $ 2,576,306,423     $ 322,659,817       $ 420,881,752     $ 428,238,810  

* Includes accumulated undistributed net investment income

      $ 125,723     $ 125,723       $ 768,843     $ 768,843  

 

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

 

29                         Short-Term Investments Trust

Statements of Changes in Net Assets—(continued)

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

 

            Invesco Treasury Portfolio           Invesco Government & Agency Portfolio  
         February 28,
2018		     August 31,
2017		           February 28,
2018		     August 31,
2017		  

Operations:

             

Net investment income

      $ 127,662,499     $ 112,926,205       $ 148,644,083     $ 139,006,726  

Net realized gain (loss)

        508,617       39,369         394,818       (531,300 ) 

Net increase in net assets resulting from operations

        128,171,116       112,965,574         149,038,901       138,475,426  

Distributions to shareholders from net investment income:

             

Institutional Class

        (118,310,761 )      (103,892,394 )        (142,980,682 )      (133,552,021 ) 

Private Investment Class

        (1,938,276 )      (1,423,813 )        (1,537,809 )      (1,460,534 ) 

Personal Investment Class

        (382,722 )      (253,848 )        (40,763 )      (41,168 ) 

Cash Management Class

        (2,084,384 )      (1,754,490 )        (1,201,885 )      (705,201 ) 

Reserve Class

        (741,181 )      (324,958 )        (702,464 )      (661,922 ) 

Resource Class

        (2,196,137 )      (1,659,524 )        (1,389,284 )      (1,330,994 ) 

Corporate Class

        (2,009,038 )      (3,617,178 )        (791,196 )      (1,254,886 ) 

Total distributions from net investment income

        (127,662,499 )      (112,926,205 )        (148,644,083 )      (139,006,726 ) 

Share transactions–net:

             

Institutional Class

        1,240,152,310       2,935,444,591         (2,645,710,477 )      16,975,145,658  

Private Investment Class

        55,446,106       14,784,721         (116,955,166 )      169,627,850  

Personal Investment Class

        10,077,226       17,413,815         (12,699,768 )      13,622,071  

Cash Management Class

        (9,879,470 )      75,974,874         96,430,410       18,926,896  

Reserve Class

        32,305,446       91,599,025         153,592,510       (144,921,764 ) 

Resource Class

        105,534,153       (6,111,394 )        (107,521,673 )      246,458,843  

Corporate Class

        (239,228,636 )      (565,402,977 )        (130,544,107 )      8,002,319  

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

        1,194,407,135       2,563,702,655         (2,763,408,271 )      17,286,861,873  

Net increase (decrease) in net assets

        1,194,915,752       2,563,742,024         (2,763,013,453 )      17,286,330,573  

Net assets:

             

Beginning of period

        25,333,788,879       22,770,046,855         29,229,595,200       11,943,264,627  

End of period*

      $ 26,528,704,631     $ 25,333,788,879       $ 26,466,581,747     $ 29,229,595,200  

* Includes accumulated undistributed net investment income

      $ 445,995     $ 445,995       $ 208,988     $ 208,988  

 

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

 

30                         Short-Term Investments Trust

Statements of Changes in Net Assets—(continued)

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

 

            Invesco Treasury Obligations
Portfolio		           Invesco Tax-Free Cash Reserve
Portfolio		  
         February 28,
2018		     August 31,
2017		           February 28,
2018		     August 31,
2017		  

Operations:

             

Net investment income

      $ 6,663,193     $ 5,625,681       $ 726,397     $ 978,198  

Net realized gain (loss)

        19,166       (69,048 )        (4,370 )      (14,722 ) 

Net increase in net assets resulting from operations

        6,682,359       5,556,633         722,027       963,476  

Distributions to shareholders from net investment income:

             

Institutional Class

        (6,549,109 )      (5,499,185 )        (469,501 )      (638,667 ) 

Private Investment Class

        (8,553 )      (6,562 )        (100,490 )      (82,433 ) 

Personal Investment Class

        (303 )      (821 )        (2,768 )      (6,683 ) 

Cash Management Class

        (7,663 )      (6,763 )        (97,555 )      (164,964 ) 

Reserve Class

        (97,108 )      (111,357 )        (30,206 )      (71,643 ) 

Resource Class

        (407 )      (601 )        (25,867 )      (13,707 ) 

Corporate Class

        (50 )      (392 )        (10 )      (101 ) 

Total distributions from net investment income

        (6,663,193 )      (5,625,681 )        (726,397 )      (978,198 ) 

Share transactions–net:

             

Institutional Class

        22,269,267       1,185,273,759         2,051,387       (339,954,549 ) 

Private Investment Class

        (1,964,788 )      (2,936,998 )        9,977,201       2,881,656  

Personal Investment Class

        22,388       (2,559,557 )        (1,995,769 )      (390,938 ) 

Cash Management Class

        336       (29,769,108 )        (3,491,496 )      (3,056,555 ) 

Reserve Class

        6,301,235       (1,007,763 )        3,723,349       (7,877,273 ) 

Resource Class

        422       (99,477 )        2,628,012       3,587,633  

Corporate Class

        47       (2,933,744 )        10,004       (32,063 ) 

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

        26,628,907       1,145,967,112         12,902,688       (344,842,089 ) 

Net increase (decrease) in net assets

        26,648,073       1,145,898,064         12,898,318       (344,856,811 ) 

Net assets:

             

Beginning of period

        1,346,988,631       201,090,567         187,448,507       532,305,318  

End of period*

      $ 1,373,636,704     $ 1,346,988,631       $ 200,346,825     $ 187,448,507  

* Includes accumulated undistributed net investment income

      $ (12,543 )    $ (12,543 )      $ (104,955 )    $ (104,955 ) 

Notes to Financial Statements

February 28, 2018

(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 Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio (collectively, the “Funds”) (formerly Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio and Tax-Free Cash Reserve Portfolio). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.

The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio; and to provide tax-exempt income consistent with preservation of capital and liquidity for Invesco Tax-Free Cash Reserve Portfolio.

Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies.

 

31                         Short-Term Investments Trust

On October 12, 2016, pursuant to new rules and regulations effective October 14, 2016, Invesco Liquid Assets Portfolio and Invesco 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 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 Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).

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

Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Invesco Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, 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.

Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, and Invesco Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, and Invesco Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.

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

A. Security Valuations — Invesco Liquid Asset Portfolio’s and Invesco STIC Prime Portfolio’s securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

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

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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,

 

32                         Short-Term Investments Trust

  the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D. Distributions — It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually.
E. Federal Income Taxes — The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, Invesco Tax-Free Cash Reserve Portfolio intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative net assets.
G. Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, 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.

U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.

 

33                         Short-Term Investments Trust

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:

 

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

Invesco Liquid Assets Portfolio

     0.15%          0.15%          0.15%  

Invesco STIC Prime Portfolio

     0.15%          0.15%          0.15%  

Invesco Treasury Portfolio

     0.15%          0.15%          0.15%  

Invesco Government & Agency Portfolio

     0.10%          0.10%          0.10%  

Invesco Treasury Obligations Portfolio

     0.20%          0.15%          0.10%  

Invesco Tax-Free Cash Reserve Portfolio

     0.20%          0.20%          0.20%  

For the six months ended February 28, 2018, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:

 

Invesco Liquid Assets Portfolio

     0.15%  

Invesco STIC Prime Portfolio

     0.15%  

Invesco Treasury Portfolio

     0.15%  

Invesco Government & Agency Portfolio

     0.10%  

Invesco Treasury Obligations Portfolio

     0.13%  

Invesco Tax-Free Cash Reserve Portfolio

     0.20%  

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, for Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, separate sub-advisory agreements with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

The Adviser has contractually agreed, through at least December 31, 2018, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):

 

     Institutional
Class		      Private
Investment
Class		      Personal
Investment
Class		      Cash
Management
Class		      Reserve
Class		      Resource
Class		      Corporate
Class		  

Invesco Liquid Assets Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.38 %       0.21 % 

Invesco STIC Prime Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Treasury Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Government & Agency Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Treasury Obligations Portfolio

     0.18 %       0.43 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Tax-Free Cash Reserve Portfolio

     0.20 %       0.45 %       0.75 %       0.28 %       1.07 %       0.36 %       0.23 % 

The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Invesco 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

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.

 

34                         Short-Term Investments Trust

For the six months ended February 28, 2018, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:

 

     Expense
Limitation		        Yield
Waivers		  

Invesco Liquid Assets Portfolio

   $ 422,362        $ —  

Invesco STIC Prime Portfolio

     210,685          —  

Invesco Treasury Portfolio

     2,371,330          —  

Invesco Government & Agency Portfolio

     —          —  

Invesco Treasury Obligations Portfolio

     208,699          —  

Invesco Tax-Free Cash Reserve Portfolio

     172,374          —  

Voluntary fee waivers for the six months ended February 28, 2018 are shown below:

 

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

Invesco Liquid Assets Portfolio

   $ —        $ —        $ —        $ 453        $ —        $ —  

Invesco STIC Prime Portfolio

     —          3          —          571          —          —  

Invesco Treasury Portfolio

     —          16,362          —          451,957          —          —  

Invesco Government & Agency Portfolio

     —          2,465          —          377,734          —          —  

Invesco Treasury Obligations Portfolio

     —          25          —          65,211          —          —  

Invesco Tax-Free Cash Reserve Portfolio

     —          1,033          —          31,131          —          —  

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, 2018, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees.

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, 2018, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.

Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.

 

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

Invesco Liquid Assets Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.20 %       0.03 % 

Invesco STIC Prime Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Treasury Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Government & Agency Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Treasury Obligations Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Tax-Free Cash Reserve Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.

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

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to 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.

 

35                         Short-Term Investments Trust

As of February 28, 2018, 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.

Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended February 28, 2018, there were no material transfers between valuation levels.

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, 2018, each Fund engaged in transactions with affiliates as listed below:

 

     Securities Purchases        Securities Sales        Net Realized Gains  

Invesco Liquid Assets Portfolio

   $ 79,891,007        $ 80,918,865        $ 0  

Invesco STIC Prime Portfolio

     27,262,215          51,275,067          0  

Invesco Government & Agency Portfolio

     10,879,508          0          0  

Invesco Tax-Free Cash Reserve Portfolio

     96,952,920          84,223,004          0  

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.

 

36                         Short-Term Investments Trust

The Funds below had a capital loss carryforward as of August 31, 2017, which expires as follows:

 

    Short-Term        Not Subject to
Expiration		           
Fund   2018        2019             Total*  

Invesco Liquid Assets Portfolio

   $ —        $ —        $ —        $ —  

Invesco STIC Prime Portfolio

     —          —          —          —  

Invesco Treasury Portfolio

     —          —          266,972          266,972  

Invesco Government & Agency Portfolio

     —          —          531,300          531,300  

Invesco Treasury Obligations Portfolio

     —          —          61,535          61,535  

Invesco Tax-Free Cash Reserve Portfolio

     8,740          30,074          14,721          53,535  

 

* 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 Transactions

The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:

 

    At February 28, 2018  
     Federal Tax
Cost*		        Unrealized
Appreciation		        Unrealized
(Depreciation)		        Net Unrealized
Appreciation
(Depreciation)		  

Invesco Treasury Obligations Portfolio

   $ 1,514,192,867        $ —        $ (10,673 )       $ (10,673 ) 

 

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

NOTE 9—Share Information

Invesco Liquid Assets Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017(b)		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     6,098,292,161      $ 6,099,222,676        8,846,205,589      $ 8,846,379,006  

Private Investment Class

     100,828        100,848        73,675,959        73,675,968  

Personal Investment Class

     —        —        8,382,621        8,382,870  

Cash Management Class

     23,866,792        23,869,986        352,257,569        352,272,331  

Reserve Class

     27,958        27,964        3,766,999        3,767,196  

Resource Class

     —        —        132,559        132,558  

Corporate Class

     31,435,900        31,441,187        244,330,733        244,348,194  

Issued as reinvestment of dividends:

           

Institutional Class

     735,033        735,171        4,398,518        4,398,873  

Private Investment Class

     27,730        27,735        43,468        43,475  

Personal Investment Class

     3        4        1,713        1,713  

Cash Management Class

     34,494        34,500        93,656        93,666  

Reserve Class

     2,188        2,188        6,617        6,618  

Resource Class

     6,634        6,635        8,279        8,281  

Corporate Class

     56,917        56,928        142,251        142,269  

Reacquired:

           

Institutional Class

     (3,849,837,505 )       (3,850,436,662 )       (18,973,148,113 )       (18,973,505,169 ) 

Private Investment Class

     (699,204 )       (699,302 )       (308,001,404 )       (308,021,469 ) 

Personal Investment Class

     —        —        (37,614,403 )       (37,615,501 ) 

Cash Management Class

     (17,527,274 )       (17,529,743 )       (595,177,024 )       (595,193,585 ) 

Reserve Class

     (198,056 )       (198,089 )       (102,991,361 )       (102,991,730 ) 

Resource Class

     (272,453 )       (272,507 )       (6,060,265 )       (6,060,357 ) 

Corporate Class

     (32,658,671 )       (32,662,668 )       (404,609,206 )       (404,650,350 ) 

Net increase (decrease) in share activity

     2,253,393,475      $ 2,253,726,851        (10,894,155,245 )     $ (10,894,385,143 ) 

 

(a)  90% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
(b)  Effective October 12, 2016, Invesco Liquid Assets Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

37                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco STIC Prime Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017(b)		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     671,033,784      $ 671,033,402        1,181,673,896      $ 1,181,705,357  

Private Investment Class

     106,000        106,004        32,477,987        32,477,991  

Personal Investment Class

     —        —        118,187,308        118,187,309  

Cash Management Class

     408,572        408,574        132,025,201        132,025,203  

Reserve Class

     5        5        12,104,481        12,104,533  

Resource Class

     —        —        54,163,813        54,163,819  

Corporate Class

     —        —        23,501        23,503  

Issued as reinvestment of dividends:

           

Institutional Class

     1,185,345        1,185,326        1,319,248        1,319,283  

Private Investment Class

     8,153        8,153        12,756        12,757  

Personal Investment Class

     1,955        1,955        16,252        16,252  

Cash Management Class

     4,156        4,156        59,666        59,666  

Reserve Class

     1,444        1,444        5,653        5,654  

Resource Class

     937        937        6,994        6,995  

Corporate Class

     116        116        126        125  

Reacquired:

           

Institutional Class

     (679,472,584 )       (679,468,854 )       (2,366,923,911 )       (2,366,971,536 ) 

Private Investment Class

     (96,129 )       (96,129 )       (171,705,890 )       (171,706,827 ) 

Personal Investment Class

     (27 )       (27 )       (235,067,018 )       (235,067,063 ) 

Cash Management Class

     (499,353 )       (499,353 )       (298,807,504 )       (298,807,541 ) 

Reserve Class

     (33,226 )       (33,226 )       (33,083,675 )       (33,083,846 ) 

Resource Class

     —        —        (70,853,614 )       (70,854,517 ) 

Corporate Class

     —        —        (12,179 )       (12,179 ) 

Net increase (decrease) in share activity

     (7,350,852 )     $ (7,347,517 )       (1,644,376,909 )     $ (1,644,395,062 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 95% 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, Invesco STIC Prime Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

38                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco Treasury Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     83,870,920,011      $ 83,870,920,011        104,978,321,526      $ 104,978,321,526  

Private Investment Class

     679,734,166        679,734,166        1,389,145,628        1,389,145,628  

Personal Investment Class

     505,175,240        505,175,240        959,511,379        959,511,379  

Cash Management Class

     1,643,623,471        1,643,623,471        2,685,419,118        2,685,419,118  

Reserve Class

     410,729,899        410,729,899        386,663,928        386,663,928  

Resource Class

     440,940,439        440,940,439        575,122,878        575,122,878  

Corporate Class

     2,212,293,713        2,212,293,713        9,826,990,863        9,826,990,863  

Issued as reinvestment of dividends:

           

Institutional Class

     23,836,828        23,836,828        16,234,515        16,234,515  

Private Investment Class

     248,510        248,510        249,491        249,491  

Personal Investment Class

     340,891        340,891        202,723        202,723  

Cash Management Class

     1,698,617        1,698,617        1,178,232        1,178,232  

Reserve Class

     651,740        651,740        254,629        254,629  

Resource Class

     504,629        504,629        346,994        346,994  

Corporate Class

     1,725,825        1,725,825        2,990,987        2,990,987  

Reacquired:

           

Institutional Class

     (82,654,604,529 )       (82,654,604,529 )       (102,059,111,450 )       (102,059,111,450 ) 

Private Investment Class

     (624,536,570 )       (624,536,570 )       (1,374,610,398 )       (1,374,610,398 ) 

Personal Investment Class

     (495,438,905 )       (495,438,905 )       (942,300,287 )       (942,300,287 ) 

Cash Management Class

     (1,655,201,558 )       (1,655,201,558 )       (2,610,622,476 )       (2,610,622,476 ) 

Reserve Class

     (379,076,193 )       (379,076,193 )       (295,319,532 )       (295,319,532 ) 

Resource Class

     (335,910,915 )       (335,910,915 )       (581,581,266 )       (581,581,266 ) 

Corporate Class

     (2,453,248,174 )       (2,453,248,174 )       (10,395,384,827 )       (10,395,384,827 ) 

Net increase in share activity

     1,194,407,135      $ 1,194,407,135        2,563,702,655      $ 2,563,702,655  

 

(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, 15% 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)

Invesco Government & Agency Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     124,484,185,519      $ 124,484,185,519        208,396,167,421      $ 208,396,167,421  

Private Investment Class

     708,079,249        708,079,249        1,423,015,874        1,423,015,874  

Personal Investment Class

     13,087,606        13,087,606        72,491,907        72,491,907  

Cash Management Class

     618,043,130        618,043,130        936,923,184        936,923,184  

Reserve Class

     586,521,963        586,521,963        850,197,770        850,197,770  

Resource Class

     1,220,430,797        1,220,430,797        2,809,077,121        2,809,077,121  

Corporate Class

     1,168,124,291        1,168,124,291        4,691,887,919        4,691,887,919  

Issued as reinvestment of dividends:

           

Institutional Class

     27,926,219        27,926,219        19,317,518        19,317,518  

Private Investment Class

     500,392        500,392        318,477        318,477  

Personal Investment Class

     23,820        23,820        12,576        12,576  

Cash Management Class

     806,065        806,065        418,891        418,891  

Reserve Class

     573,192        573,192        513,904        513,904  

Resource Class

     1,045,321        1,045,321        796,073        796,073  

Corporate Class

     318,197        318,197        795,308        795,308  

Reacquired:

           

Institutional Class

     (127,157,822,215 )       (127,157,822,215 )       (191,440,339,281 )       (191,440,339,281 ) 

Private Investment Class

     (825,534,807 )       (825,534,807 )       (1,253,706,501 )       (1,253,706,501 ) 

Personal Investment Class

     (25,811,194 )       (25,811,194 )       (58,882,412 )       (58,882,412 ) 

Cash Management Class

     (522,418,785 )       (522,418,785 )       (918,415,179 )       (918,415,179 ) 

Reserve Class

     (433,502,645 )       (433,502,645 )       (995,633,438 )       (995,633,438 ) 

Resource Class

     (1,328,997,791 )       (1,328,997,791 )       (2,563,414,351 )       (2,563,414,351 ) 

Corporate Class

     (1,298,986,595 )       (1,298,986,595 )       (4,684,680,908 )       (4,684,680,908 ) 

Net increase (decrease) in share activity

     (2,763,408,271 )     $ (2,763,408,271 )       17,286,861,873      $ 17,286,861,873  

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 24% of the outstanding shares of the Fund. 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, 16% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

40                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco Treasury Obligations Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     569,994,076      $ 569,994,076        1,882,109,152      $ 1,882,109,152  

Private Investment Class

     154,318        154,318        10,041,615        10,041,615  

Personal Investment Class

     1,263,767        1,263,767        2,009,181        2,009,181  

Cash Management Class

     1,610,000        1,610,000        7,657        7,657  

Reserve Class

     42,740,773        42,740,773        140,006,781        140,006,781  

Resource Class

     422        422        94,706        94,706  

Corporate Class

     —        —        659,929        659,929  

Issued as reinvestment of dividends:

           

Institutional Class

     138,972        138,972        116,704        116,704  

Private Investment Class

     8,812        8,812        4,830        4,830  

Personal Investment Class

     3        3        6,763        6,763  

Cash Management Class

     7,229        7,229        89,662        89,662  

Reserve Class

     90,443        90,443        —        —  

Corporate Class

     47        47        299        299  

Reacquired:

           

Institutional Class

     (547,863,781 )       (547,863,781 )       (696,952,097 )       (696,952,097 ) 

Private Investment Class

     (2,127,918 )       (2,127,918 )       (12,983,443 )       (12,983,443 ) 

Personal Investment Class

     (1,241,382 )       (1,241,382 )       (4,568,738 )       (4,568,738 ) 

Cash Management Class

     (1,616,893 )       (1,616,893 )       (29,783,528 )       (29,783,528 ) 

Reserve Class

     (36,529,981 )       (36,529,981 )       (141,104,206 )       (141,104,206 ) 

Resource Class

     —        —        (194,183 )       (194,183 ) 

Corporate Class

     —        —        (3,593,972 )       (3,593,972 ) 

Net increase in share activity

     26,628,907      $ 26,628,907        1,145,967,112      $ 1,145,967,112  

 

(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 6% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.
         In addition, 86% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

41                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco Tax-Free Cash Reserve Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     59,262,860      $ 59,262,860        216,245,353      $ 216,245,353  

Private Investment Class

     45,477,298        45,477,298        49,632,970        49,632,970  

Personal Investment Class

     10,391        10,391        2,005,100        2,005,100  

Cash Management Class

     3,192,742        3,192,742        45,537,104        45,537,104  

Reserve Class

     37,083,918        37,083,918        111,932,405        111,932,405  

Resource Class

     4,550,024        4,550,024        4,058,371        4,058,371  

Corporate Class

     10,000        10,000        32,101        32,101  

Issued as reinvestment of dividends:

           

Institutional Class

     221,438        221,438        221,692        221,692  

Private Investment Class

     83,737        83,737        68,844        68,844  

Personal Investment Class

     2,768        2,768        5,772        5,772  

Cash Management Class

     79,721        79,721        134,904        134,904  

Reserve Class

     27,866        27,866        64,807        64,807  

Resource Class

     22,290        22,290        11,483        11,483  

Corporate Class

     4        4        97        97  

Reacquired:

           

Institutional Class

     (57,432,911 )       (57,432,911 )       (556,421,594 )       (556,421,594 ) 

Private Investment Class

     (35,583,834 )       (35,583,834 )       (46,820,158 )       (46,820,158 ) 

Personal Investment Class

     (2,008,928 )       (2,008,928 )       (2,401,810 )       (2,401,810 ) 

Cash Management Class

     (6,763,959 )       (6,763,959 )       (48,728,563 )       (48,728,563 ) 

Reserve Class

     (33,388,435 )       (33,388,435 )       (119,874,485 )       (119,874,485 ) 

Resource Class

     (1,944,302 )       (1,944,302 )       (482,221 )       (482,221 ) 

Corporate Class

     —        —        (64,261 )       (64,261 ) 

Net increase (decrease) in share activity

     12,902,688      $ 12,902,688        (344,842,089 )     $ (344,842,089 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 91% of the outstanding shares of the Fund. 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.

 

42                         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		  

Invesco Liquid Assets Portfolio

 

Six months ended 02/28/18

   $ 1.0002     $ 0.0066     $ (0.0007 )    $ 0.0059     $ (0.0060 )    $ —     $ (0.0060 )    $ 1.0001       0.59 %    $ 14,112       0.26 %(c)      0.32 %(c)      1.33 %(c) 

Year ended 08/31/17

     1.00       0.0043       0.0036       0.0079       (0.0072 )      (0.0005 )      (0.0077 )      1.0002       0.76       7,738       0.26       0.34       0.43  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.25       250,643       0.23       0.28       0.26  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.02       458,001       0.20       0.27       0.02  

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  

Invesco STIC Prime Portfolio

 

Six months ended 02/28/18

     1.0000       0.0057       (0.0000 )      0.0057       (0.0057 )      —       (0.0057 )      1.0000       0.58       1,061       0.26 (c)      0.37 (c)      1.16 (c) 

Year ended 08/31/17

     1.00       0.0054       0.0007       0.0061       (0.0061 )      —       (0.0061 )      1.0000       0.62       1,148       0.26       0.35       0.54  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.20       167,872       0.19       0.30       0.21  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.04       483,595       0.07       0.29       0.10  

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  

Invesco Treasury Portfolio

 

Six months ended 02/28/18

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.48       469,529       0.26 (c)      0.28 (c)      0.98 (c) 

Year ended 08/31/17

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.44       479,400       0.26       0.28       0.44  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.10       403,424       0.19       0.28       0.12  

Year ended 08/31/15

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.01       5,304,331       0.06       0.27       0.02  

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  

Invesco Government & Agency Portfolio

 

Six months ended 02/28/18

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.49       265,460       0.23 (c)      0.23 (c)      0.98 (c) 

Year ended 08/31/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.48       169,027       0.23       0.23       0.50  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.13       150,104       0.18       0.24       0.15  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.02       222,853       0.08       0.23       0.02  

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  

Invesco Treasury Obligations Portfolio

 

Six months ended 02/28/18

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.47       1,618       0.26 (c)      0.29 (c)      0.95 (c) 

Year ended 08/31/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.38       1,618       0.24       0.30       0.42  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.09       31,390       0.16       0.46       0.09  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.02       45,026       0.00       0.43       0.08  

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  

Invesco Tax-Free Cash Reserve Portfolio

 

Six months ended 02/28/18

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.38       24,123       0.28 (c)      0.46 (c)      0.77 (c) 

Year ended 08/31/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.49       27,616       0.28       0.45       0.48  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.07       30,671       0.13       0.41       0.09  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.01       51,018       0.03       0.41       0.04  

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  

 

(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 $9,024, $1,122, $429,054, $242,708, $1,631 and $25,940 for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, respectively.

 

43                         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, 2017 through February 28, 2018.

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
(09/01/17)		      ACTUAL     

HYPOTHETICAL

(5% annual return before
expenses)

      Annualized
Expense
Ratio		  
      Ending
Account Value
(02/28/18)1		      Expenses
Paid During
Period2		     

Ending

Account Value
(02/28/18)

      Expenses
Paid During
Period2		     

Invesco Liquid Assets Portfolio

    $ 1,000.00      $ 1,005.90      $ 1.29      $ 1,023.51      $ 1.30        0.26 % 

Invesco STIC Prime Portfolio

      1,000.00        1,005.80        1.29        1,023.51        1.30        0.26  

Invesco Treasury Portfolio

      1,000.00        1,004.80        1.29        1,023.51        1.30        0.26  

Invesco Government & Agency Portfolio

      1,000.00        1,004.90        1.14        1,023.65        1.15        0.23  

Invesco Treasury Obligations Portfolio

      1,000.00        1,004.70        1.29        1,023.51        1.30        0.26  

Invesco Tax-Free Cash Reserve Portfolio

      1,000.00        1,003.80        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, 2017, through February 28, 2018, 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.

 

44                         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        04262018    0809

  

 

LOGO   

Semiannual Report to Shareholders

 

   

February 28, 2018

 

  

 

Corporate Class

   Short-Term Investments Trust (STIT)
   Invesco Liquid Assets Portfolio
   Invesco STIC Prime Portfolio
   Invesco Treasury Portfolio
   Invesco Government & Agency Portfolio
   Invesco Treasury Obligations Portfolio
   Invesco Tax-Free Cash Reserve Portfolio
   Effective December 15, 2017, Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio and Tax-Free Cash Reserve Portfolio were renamed Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, respectively.

 

 

LOGO

 

  

 

  

 

2

     

 

Fund Data

  

 

3

     

 

Letters to Shareholders

  

 

4

     

 

Schedule of Investments

  

 

26

     

 

Financial Statements

  

 

31

     

 

Notes to Financial Statements

  

 

43

     

 

Financial Highlights

  

 

44

     

 

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, 2018, 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 2/28/18  
FUND     

WEIGHTED

AVERAGE

MATURITY

    

WEIGHTED

AVERAGE

LIFE

   

        TOTAL        

NET

ASSETS

  
       

  Range

  During

  Reporting

  Period

       

  At

  Reporting

  Period

  End

               
Invesco Liquid Assets1        10 - 37 days          18 days     67 days      $8.3 million      
Invesco STIC Prime1        11 - 19 days          11 days     12 days      20.2 thousand  
Invesco Treasury2        10 - 31 days          30 days     84 days      368.6 million      
Invesco Government & Agency2        16 - 25 days          23 days     106 days      193.9 million      
Invesco Treasury Obligations2        33 - 51 days          36 days     103 days      10.1 thousand  
Invesco Tax-Free Cash Reserve3        16 - 31 days          16 days     16 days      10.0 thousand  

 

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

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

 

 

 

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:

This semiannual report covers the six-month reporting period ended February 28, 2018. As always, we thank you for investing with us. By investing in a combination of short-term securities and securities with slightly longer maturities, each Fund continued to preserve safety of principal and maintain a relatively high level of liquidity while offering competitive returns.

    The US Federal Reserve (the Fed) raised interest rates by 0.25% in December 2017, bringing the key fed funds target rate to a range of 1.25% to 1.50% as of February 28, 2018.1 The December increase was the latest in a series of interest rate increases the Fed implemented in response to a moderately expanding US economy and relatively benign inflation levels. These increases benefited money market investors. At the close of the reporting period, additional Fed

rate increases were widely expected later in 2018 – potentially faster than previously expected. Most major central banks around the world continued to maintain interest rates at, near or below zero in an effort to spur economic growth and inflation.

    In early February, Jerome Powell assumed the chairmanship of the Fed. Powell, a member of the Fed’s board of governors since 2012, is largely expected to stay the course with regard to monetary policy as he largely voted in line with former Fed Chair Janet Yellen during her years leading the Fed.

    Invesco Global Liquidity is part of Invesco Ltd., one of the world’s largest independent asset management companies. Invesco Global Liquidity takes a long-term approach to short-term investing. Our vision is grounded in our rigorous investment philosophy, high-quality products and tradition of excellent client service. Our unrelenting focus on preservation of capital, daily liquidity and competitive yield is implemented through repeatable, time-tested processes.

    Again, 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, 2018

(Unaudited)

Invesco Liquid Assets Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  

Commercial Paper–44.78%(a)

          
Asset-Backed Securities — Fully Supported–5.91%          

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

     1.76 %      04/03/2018      $ 75,000      $ 74,878,028  

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

     1.83 %      04/23/2018        20,000        19,943,090  

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

     1.42 %      03/01/2018        2,500        2,499,899  

Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.) (1 mo. USD LIBOR + 0.21%)(b)(c)(d)

     1.80 %      05/21/2018        5,000        5,002,088  

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

     1.81 %      03/15/2018        50,000        49,967,815  
                                152,290,920  
Asset-Backed Securities — Fully Supported Bank–14.81%          

Anglesea Funding LLC (Multi–CEP’s) (1 mo. USD LIBOR + 0.27%)(c)(d)

     1.85 %      06/29/2018        25,000        25,000,323  

Anglesea Funding LLC (Multi–CEP’s) (1 mo. USD LIBOR + 0.27%)(b)(c)(d)

     1.85 %      06/04/2018        60,000        60,000,702  

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

     1.81 %      03/20/2018        50,000        49,956,610  

Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC)

     1.93 %      06/14/2018        70,000        69,560,778  

Ebury Finance LLC (Multi–CEP’s)(b)(c)

     1.45 %      03/01/2018        30,000        29,998,758  

Gotham Funding Corp. (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(b)(c)

     1.84 %      03/22/2018        30,000        29,970,648  

Halkin Finance LLC (Multi–CEP’s)(b)(c)

     1.45 %      03/01/2018        40,000        39,998,344  

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

     1.54 %      03/06/2018        55,000        54,986,151  

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

     1.71 %      03/05/2018        22,000        21,995,395  
                                381,467,709  
Asset-Backed Securities — Multi-Purpose–3.29%          

CRC Funding, LLC(b)

     1.81 %      05/11/2018        5,000        4,980,750  

Nieuw Amsterdam Receivables Corp.(b)(c)

     1.82 %      05/09/2018        35,000        34,865,590  

Nieuw Amsterdam Receivables Corp.(b)(c)

     1.83 %      04/11/2018        45,000        44,904,186  
                                84,750,526  
Consumer Finance–0.10%          

Toyota Motor Credit Corp. (1 mo. USD LIBOR + 0.20%)(c)(d)

     1.78 %      05/04/2018        2,500        2,501,075  
Diversified Banks–11.71%          

Bank of Nova Scotia(b)(c)

     1.81 %      04/02/2018        50,000        49,926,115  

Commonwealth Bank of Australia (1 mo. USD LIBOR + 0.22%)(b)(c)(d)

     1.80 %      12/07/2018        50,000        49,989,035  

DBS Bank Ltd.(b)(c)

     2.01 %      05/21/2018        45,000        44,796,744  

First Abu Dhabi Bank PJSC(b)(c)

     1.50 %      03/02/2018        60,000        59,995,032  

J.P. Morgan Securities LLC

     1.88 %      06/01/2018        5,000        4,973,043  

Oversea-Chinese Banking Corp. Ltd. (1 mo. USD LIBOR + 0.15%)(b)(c)(d)

     1.74 %      05/18/2018        12,000        12,003,536  

Toronto-Dominion Bank (The)(b)(c)

     1.76 %      03/22/2018        50,000        49,952,580  

Toronto-Dominion Bank (The) (1 mo. USD LIBOR + 0.23%)(b)(c)(d)

     1.88 %      11/30/2018        30,000        29,995,050  
                                301,631,135  
Diversified Capital Markets–2.33%          

UBS AG (1 mo. USD LIBOR + 0.33%)(b)(c)(d)

     1.91 %      01/02/2019        30,000        30,016,650  

UBS AG (1 mo. USD LIBOR + 0.33%)(b)(c)(d)

     1.91 %      12/28/2018        30,000        30,016,506  
                                60,033,156  
Other Diversified Financial Services–0.30%          

ABN AMRO Funding USA LLC(b)(c)

     1.54 %      03/06/2018        7,625        7,623,043  

 

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

 

4                         Short-Term Investments Trust

Invesco Liquid Assets Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  
Regional Banks–2.46%          

Banque et Caisse d’Epargne de l’Etat(c)

     1.86 %      06/01/2018      $ 33,750      $ 33,583,211  

Banque et Caisse d’Epargne de l’Etat(c)

     1.87 %      06/11/2018        30,000        29,833,482  
                                63,416,693  
Specialized Finance–3.87%          

Caisse des Depots et Consignations(b)(c)

     1.81 %      03/01/2018        50,000        49,998,100  

Nederlandse Waterschapsbank N.V.(b)(c)

     1.78 %      05/02/2018        50,000        49,841,275  
                                99,839,375  

Total Commercial Paper (Cost $1,153,614,060)

                               1,153,553,632  

Certificates of Deposit–24.16%

          

Bank of Montreal(c)

     1.75 %      03/20/2018        20,000        20,001,246  

Bank of Montreal (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      12/07/2018        25,000        24,996,848  

Bank of Nova Scotia (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      12/11/2018        50,000        49,993,910  

China Construction Bank Corp.(c)

     1.77 %      03/08/2018        25,000        25,000,750  

China Construction Bank Corp.(c)

     1.77 %      03/09/2018        20,000        20,000,648  

China Construction Bank Corp.(c)

     1.82 %      03/26/2018        45,000        45,002,560  

KBC Bank N.V. (Belgium)(c)

     1.80 %      03/06/2018        25,000        24,993,168  

KBC Bank N.V. (Belgium)(c)

     1.80 %      04/19/2018        25,000        24,999,181  

Mitsubishi UFJ Trust & Banking Corp. (1 mo. USD LIBOR + 0.20%)(c)(d)

     1.85 %      05/30/2018        20,000        20,007,510  

Mitsubishi UFJ Trust & Banking Corp. (1 mo. USD LIBOR + 0.22%)(c)(d)

     1.79 %      06/01/2018        7,500        7,503,342  

Mizuho Bank, Ltd.(c)

     1.40 %      03/01/2018        85,000        85,000,000  

Mizuho Bank, Ltd.(c)

     1.45 %      03/06/2018        35,000        34,999,772  

Royal Bank of Canada (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      12/07/2018        50,000        49,992,785  

Sumitomo Mitsui Trust Bank Ltd.(c)

     1.43 %      03/02/2018        70,000        70,000,021  

Wells Fargo Bank, N.A. (1 mo. USD LIBOR + 0.24%)(d)

     1.82 %      12/05/2018        50,000        49,999,640  

Wells Fargo Bank, N.A. (1 mo. USD LIBOR + 0.25%)(d)

     1.83 %      01/04/2019        10,000        9,999,706  

Wells Fargo Bank, N.A. (3 mo. USD LIBOR + 0.15%)(d)

     1.89 %      01/18/2019        10,000        10,017,386  

Westpac Banking Corp. (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      01/08/2019        50,000        49,988,630  

Total Certificates of Deposit (Cost $622,494,088)

                               622,497,103  

Variable Rate Demand Notes–5.17%(e)

          
Credit Enhanced–5.17%          

Blair (County of), Pennsylvania IDA (Altoona-Blair County Development Corp.); Series 2008, Ref. VRD RB (LOC–PNC Bank, N.A.)(f)

     1.50 %      10/01/2028        8,625        8,625,000  

Derry (Township of), Pennsylvania Industrial & Commercial Development Authority (GIANT Center); Series 2001, VRD Facility Taxable RB (LOC–PNC Bank, N.A.)(f)

     1.50 %      11/01/2030        2,220        2,220,000  

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

     1.70 %      04/01/2047        9,500        9,499,999  

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

     1.51 %      05/01/2037        2,900        2,900,000  

New York (State of) Housing Finance Agency (222 East 44th Street Housing);
Series 2016, VRD RB (LOC–Bank of China Ltd.)(f)

     1.52 %      05/01/2050        11,035        11,035,000  

New York (State of) Housing Finance Agency (222 East 44th Street Housing);
Series 2017 A, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      05/01/2050        15,000        15,000,000  

New York (State of) Housing Finance Agency (572 11th Ave.); Series 2017 A, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      11/01/2049        20,500        20,500,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);
Series 2015 B-1, VRD Taxable RB (LOC–Bank of China Ltd.)(f)

     1.75 %      11/01/2049        5,000        5,000,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);
Series 2016 B-1, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      11/01/2049        5,340        5,340,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);
Series 2016 B-2, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      11/01/2049        1,500        1,500,000  

 

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

 

5                         Short-Term Investments Trust

Invesco Liquid Assets Portfolio

 

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

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

     1.65 %      07/01/2040      $ 1,660      $ 1,660,000  

University of Texas System Board of Regents; Series 2016 G-1, VRD Financing System RB

     1.50 %      08/01/2045        50,000        50,000,000  

Total Variable Rate Demand Notes (Cost $133,279,999)

                               133,279,999  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)–74.11% (Cost $1,909,388,147)

                               1,909,330,734  
                 Repurchase
Amount		         

Repurchase Agreements–25.98%(g)

          

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $9,000,380 (collateralized by a U.S. Treasury obligation and a foreign corporate obligation valued at $9,180,070; 1.25%-1.75%; 07/26/2019-12/31/2020)(c)

     1.52 %      03/01/2018        9,000,380        9,000,000  

BMO Capital Markets Corp., agreement dated 02/28/2018, maturing value of $45,001,900 (collateralized by U.S. government sponsored agency obligations and domestic and foreign corporate obligations valued at $47,566,190;
0%-9.70%; 04/17/2018-07/22/2028)(c)

     1.52 %      03/01/2018        45,001,900        45,000,000  

BMO Capital Markets Corp., term agreement dated 01/03/2018, maturing value of $30,080,317 (collateralized by domestic and foreign corporate obligations valued at $32,093,218; 1.45%-10.00%; 05/14/2018-12/15/2032)(c)(h)

     1.58 %      03/05/2018        30,080,317        30,000,000  

Citigroup Global Markets, Inc., joint open agreement dated 12/21/2017 (collateralized by U.S. Treasury obligations, domestic and foreign agency mortgage-backed securities and a foreign corporate obligation valued at $100,980,182;
1.63%-8.50%; 11/30/2020-12/25/2035)(i)

     2.48 %      —        —        56,500,000  

Credit Agricole Corporate & Investment Bank, joint agreement dated 02/28/2018, aggregate maturing value of $247,009,400 (collateralized by U.S. Treasury obligations valued at $251,940,215; 1.63%; 05/15/2026)

     1.37 %      03/01/2018        37,892,137        37,890,695  

Credit Suisse Securities (USA) LLC, joint term agreement dated 02/27/2018, aggregate maturing value of $20,006,300 (collateralized by domestic agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $21,751,458; 0.24%-7.07%; 02/10/2022- 09/25/2043)(c)(h)

     1.62 %      03/06/2018        15,004,725        15,000,000  

Credit Suisse Securities (USA) LLC, joint term agreement dated 02/27/2018, aggregate maturing value of $55,016,469 (collateralized by domestic commercial paper and domestic agency mortgage-backed securities valued at $57,756,717;
0.06%-2.14%; 03/08/2018-10/15/2039)(c)(h)

     1.54 %      03/06/2018        15,004,492        15,000,000  

Credit Suisse Securities (USA) LLC, joint term agreement dated 02/27/2018, aggregate maturing value of $75,022,896 (collateralized by a domestic agency mortgage-backed security, a domestic commercial paper and domestic non-agency asset-backed securities valued at $80,707,397; 0.31%-7.07%; 08/17/2018-05/25/2037)(c)(h)

     1.57 %      03/06/2018        35,010,685        35,000,000  

ING Financial Markets, LLC, agreement dated 02/28/2018, maturing value of $46,002,070 (collateralized by domestic and foreign corporate obligations valued at $50,600,437; 2.95%-9.88%; 03/01/2019-03/01/2097)(c)

     1.62 %      03/01/2018        46,002,070        46,000,000  

J.P. Morgan Securities LLC, open agreement dated 12/05/2017 (collateralized by domestic agency mortgage-backed securities valued at $33,000,121;
0%-7.00%; 03/25/2035-10/15/2048)(i)

     2.14 %      —        —        25,000,000  

RBC Capital Markets LLC, agreement dated 02/28/2018, maturing value of $60,002,533 (collateralized by domestic and foreign corporate obligations valued at $63,000,279; 0%-6.15%; 04/30/2018-11/15/2048)(c)

     1.52 %      03/01/2018        60,002,533        60,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $3,000,115,833 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $3,060,002,122;
1.13%-4.00%; 07/31/2021-10/20/2047)

     1.39 %      03/01/2018        250,009,653        250,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2018, maturing value of $35,001,478 (collateralized by foreign corporate obligations valued at $35,700,903; 1.75%-2.13%; 01/18/2022-09/14/2022)

     1.52 %      03/01/2018        35,001,478        35,000,000  

 

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

 

6                         Short-Term Investments Trust

Invesco Liquid Assets Portfolio

 

     Interest
Rate		     Maturity
Date		      Repurchase
Amount		      Value  

Wells Fargo Securities, LLC, joint term agreement dated 01/05/2018, aggregate maturing value of $20,072,334 (collateralized by domestic non-agency mortgage-backed securities and domestic corporate obligations valued at $20,598,104;
0%-3.00%; 05/16/2019-05/15/2027)

     2.10 %      03/08/2018      $ 10,036,167      $ 10,000,000  

Total Repurchase Agreements (Cost $669,390,695)

                               669,390,695  

TOTAL INVESTMENTS IN SECURITIES(j)(k)–100.09% (Cost $2,578,778,842)

                               2,578,721,429  

OTHER ASSETS LESS LIABILITIES–(0.09)%

                               (2,415,006 ) 

NET ASSETS–100.00%

                             $ 2,576,306,423  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

FHLB  

– Federal Home Loan Bank

LIBOR  

– London Interbank Offered Rate

LOC  

– Letter of Credit

RB  

– Revenue Bonds

USD  

– U.S. Dollar

VRD  

– Variable Rate Demand

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, 2018 was $945,145,210, which represented 36.69% of the Fund’s Net Assets.
(c)  The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 16.3%; Netherlands: 12.6%; France: 10.2%; Japan: 10.1%; other countries less than 5% each: 24.4%.
(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.
(e)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(f)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(g)  Principal amount equals value at period end. See Note 1I.
(h)  The Fund may demand prepayment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(i)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(j)  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 issuers obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     46.4 % 

8-30

     11.6  

31-60

     8.3  

61-90

     6.9  

91-180

     11.9  

181+

     14.9  

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.

 

7                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco STIC Prime Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Commercial Paper–42.22%(a)

          
Asset-Backed Securities — Fully Supported–2.91%          

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

     1.60 %      03/01/2018      $ 10,000      $ 9,999,595  

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

     1.74 %      04/02/2018        2,250        2,246,376  
                                12,245,971  
Asset-Backed Securities — Fully Supported Bank–21.55%          

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

     1.96 %      04/23/2018        5,000        4,987,108  

Anglesea Funding (Multi–CEP’s)(b)(c)

     1.66 %      03/01/2018        15,000        14,999,395  

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

     1.77 %      04/12/2018        5,000        4,989,548  

Concord Minutemen Capital Co., LLC (Multi–CEP’s)(b)(c)

     1.55 %      03/01/2018        5,000        4,999,793  

Ebury Finance LLC (Multi–CEP’s)(b)(c)

     1.45 %      03/01/2018        12,000        11,999,503  

Gotham Funding Corp. (CEP–Bank of Tokyo–Mitsubishi UFJ, Ltd. (The))(b)(c)

     1.69 %      04/03/2018        10,000        9,983,859  

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

     1.54 %      03/06/2018        5,000        4,998,741  

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

     1.73 %      04/03/2018        7,000        6,988,748  

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

     1.65 %      03/01/2018        6,270        6,269,726  

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

     1.68 %      03/01/2018        2,500        2,499,891  

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

     1.71 %      03/05/2018        8,000        7,998,326  

Nieuw Amsterdam Receivables Corp. (CEP–Cooperatieve Rabobank UA)(b)(c)

     1.63 %      03/21/2018        10,000        9,990,544  
                                90,705,182  
Asset-Backed Securities — Multi-Purpose–3.84%          

CAFCO, LLC(b)

     1.72 %      04/09/2018        10,000        9,981,311  

CHARTA, LLC(b)

     1.71 %      04/02/2018        2,100        2,096,730  

CHARTA, LLC(b)

     1.73 %      04/02/2018        1,500        1,497,664  

Versailles Commercial Paper LLC(b)

     1.90 %      04/11/2018        2,600        2,594,573  
                                16,170,278  
Diversified Banks–5.84%          

First Abu Dhabi Bank PJSC(b)(c)

     1.50 %      03/02/2018        10,000        9,999,172  

NRW Bank(b)(c)

     1.87 %      04/23/2018        6,385        6,368,038  

Societe Generale S.A.(b)(c)

     1.63 %      03/05/2018        5,225        5,223,900  

Standard Chartered Bank(b)(c)

     1.75 %      03/23/2018        3,000        2,996,994  
                                24,588,104  
Other Diversified Financial Services–0.48%          

ABN AMRO Funding USA LLC(b)(c)

     1.65 %      03/08/2018        2,000        1,999,311  
Regional Banks–4.75%          

Danske Corp.(b)(c)

     1.65 %      03/13/2018        15,000        14,991,577  

Landesbank Hessen-Thueringen Girozentrale(b)(c)

     1.63 %      03/20/2018        5,000        4,995,659  
                                19,987,236  
Specialized Finance–2.85%          

CDP Financial Inc.(b)(c)

     1.60 %      03/08/2018        2,000        1,999,342  

Nederlandse Waterschapsbank N.V.(b)(c)

     1.71 %      04/06/2018        10,000        9,982,589  
                                11,981,931  

Total Commercial Paper (Cost $177,681,262)

                               177,678,013  

 

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

 

8                         Short-Term Investments Trust

Invesco STIC Prime Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Certificates of Deposit–14.61%

          

BMO Harris Bank N.A.(c)

     1.68 %      03/19/2018      $ 10,000      $ 9,999,884  

China Construction Bank Corp.(c)

     1.77 %      03/09/2018        5,000        5,000,162  

China Construction Bank Corp.(c)

     1.82 %      03/26/2018        8,000        8,000,455  

Mizuho Bank, Ltd.(c)

     1.40 %      03/01/2018        14,000        14,000,000  

Mizuho Bank, Ltd.(c)

     1.45 %      03/06/2018        5,000        4,999,968  

Norinchukin Bank (The)(c)

     1.50 %      04/09/2018        9,500        9,497,661  

Oversea-Chinese Banking Corp. Ltd.(c)

     1.64 %      03/19/2018        10,000        10,000,058  

Total Certificates of Deposit (Cost $61,496,512)

                               61,498,188  

Variable Rate Demand Notes–12.07%(d)

          
Credit Enhanced–12.07%          

Derry (Township of), Pennsylvania Industrial & Commercial Development Authority (GIANT Center); Series 2001, VRD Facility Taxable RB (LOC–PNC Bank, N.A.)(e)

     1.50 %      11/01/2030        2,485        2,485,000  

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

     1.60 %      04/01/2047        8,000        8,000,000  

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

     1.51 %      05/01/2037        3,605        3,605,000  

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

     1.57 %      01/01/2033        5,115        5,115,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);

          

Series 2015 B-1, VRD Taxable RB (LOC–Bank of China Ltd.)(e)

     1.75 %      11/01/2049        13,000        13,000,001  

Series 2016 B-1, VRD RB (LOC–Bank of China Ltd.)(e)

     1.65 %      11/01/2049        2,910        2,910,000  

University of Texas System Board of Regents; Subseries 2016 G-1, VRD Financing System RB

     1.50 %      08/01/2045        10,000        10,000,000  

Ziegler Realty LLC; Series 2007, VRD Notes (LOC–Wells Fargo Bank, N.A.)(b)(e)

     1.60 %      01/01/2033        5,700        5,700,000  

Total Variable Rate Demand Notes (Cost $50,815,001)

                               50,815,001  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)–68.90% (Cost $289,992,775)

                               289,991,202  
                 Repurchase
Amount		         

Repurchase Agreements–31.16%(f)

          

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $15,000,633 (collateralized by a U.S. Treasury obligation and a foreign corporate obligation valued at $15,300,033; 1.25%-1.75%; 07/26/2019-12/31/2020)(c)

     1.52 %      03/01/2018        15,000,633        15,000,000  

BMO Capital Markets Corp., agreement dated 02/28/2018, maturing value of $9,000,380 (collateralized by U.S. government sponsored agency obligations and domestic and foreign corporate obligations valued at $9,594,527; 0%-9.70%; 04/17/2018-12/15/2032)(c)

     1.52 %      03/01/2018        9,000,380        9,000,000  

Credit Suisse Securities (USA) LLC, term agreement dated 02/28/2018, maturing value of $10,000,000 (collateralized by domestic commercial paper valued at $10,500,311; 1.41%-2.14%; 03/02/2018-09/10/2018)(c)(g)

     1.97 %      04/04/2018        10,000,000        10,000,000  

ING Financial Markets, LLC, agreement dated 02/28/2018, maturing value of $20,000,900 (collateralized by domestic corporate obligations valued at $22,001,059;
2.95%-10.75%; 03/01/2019-01/15/2043)(c)

     1.62 %      03/01/2018        20,000,900        20,000,000  

J.P. Morgan Securities LLC, open agreement dated 09/08/2017 (collateralized by domestic and foreign equity securities valued at $15,751,633; 0%-7.63%; 05/01/2020)(h)

     1.62 %      —        —        15,000,000  

RBC Capital Markets LLC, agreement dated 02/28/2018, maturing value of $20,000,844 (collateralized by domestic and foreign corporate obligations valued at $21,000,837; 0%-8.10%; 10/18/2019-01/10/2047)(c)

     1.52 %      03/01/2018        20,000,844        20,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $3,000,115,833 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $3,060,002,122;
1.13%-4.00%; 07/31/2021-10/20/2047)

     1.39 %      03/01/2018        32,159,565        32,158,323  

Wells Fargo Securities, LLC, agreement dated 02/28/2018, maturing value of $10,000,422 (collateralized by a foreign corporate obligation valued at $10,200,092; 2.13%; 01/18/2022)

     1.52 %      03/01/2018        10,000,422        10,000,000  

Total Repurchase Agreements (Cost $131,158,323)

                               131,158,323  

TOTAL INVESTMENTS IN SECURITIES(i)(j)–100.06% (Cost $421,151,098)

                               421,149,525  

OTHER ASSETS LESS LIABILITIES–(0.06)%

                               (267,773 ) 

NET ASSETS–100.00%

                             $ 420,881,752  

 

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

 

9                         Short-Term Investments Trust

Invesco STIC Prime Portfolio

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

LOC  

– Letter of Credit

RB  

– Revenue Bonds

RN  

– Revenue Notes

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, 2018 was $186,516,357, which represented 44.32% 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: 14.7%; Japan: 13.9%; Canada: 13.3%; France: 8.1%; China: 5.9%; other countries less than 5% each: 16.5%.
(d)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(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)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.
(h)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(i)  Also represents cost for federal income tax purposes.
(j)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations, but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     64.1 % 

8-30

     16.6  

31-60

     19.3  

61-90

     —  

91-180

     —  

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.

 

10                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco Treasury Portfolio

 

     Interest
Rate		    

Maturity

Date

     

Principal

Amount

(000)

      Value  

U.S. Treasury Securities–51.04%

 

U.S. Treasury Bills–35.60%(a)  

U.S. Treasury Bills

     1.38 %      03/15/2018      $ 640,000      $ 639,657,351  

U.S. Treasury Bills

     1.39 %      03/15/2018        65,000        64,964,990  

U.S. Treasury Bills

     1.35 %      03/22/2018        150,000        149,881,787  

U.S. Treasury Bills

     1.36 %      03/22/2018        850,000        849,325,295  

U.S. Treasury Bills

     1.52 %      03/29/2018        1,030,000        1,028,802,337  

U.S. Treasury Bills

     1.46 %      04/05/2018        378,000        377,466,696  

U.S. Treasury Bills

     1.43 %      04/12/2018        40,000        39,933,500  

U.S. Treasury Bills

     1.44 %      04/12/2018        385,000        384,357,692  

U.S. Treasury Bills

     1.46 %      04/19/2018        190,000        189,624,238  

U.S. Treasury Bills

     1.43 %      04/26/2018        250,000        249,446,610  

U.S. Treasury Bills

     1.44 %      04/26/2018        170,000        169,621,845  

U.S. Treasury Bills

     1.44 %      05/03/2018        425,000        423,936,351  

U.S. Treasury Bills

     1.64 %      05/24/2018        335,000        333,721,974  

U.S. Treasury Bills

     1.67 %      05/31/2018        1,015,000        1,010,790,939  

U.S. Treasury Bills

     1.54 %      06/28/2018        72,660        72,292,522  

U.S. Treasury Bills

     1.59 %      07/12/2018        600,000        596,500,991  

U.S. Treasury Bills

     1.60 %      07/19/2018        250,000        248,452,223  

U.S. Treasury Bills

     1.61 %      07/19/2018        625,000        621,112,083  

U.S. Treasury Bills

     1.63 %      07/26/2018        480,000        476,834,601  

U.S. Treasury Bills

     1.64 %      08/02/2018        500,000        496,523,877  

U.S. Treasury Bills

     1.86 %      08/30/2018        530,000        525,118,986  

U.S. Treasury Bills

     1.87 %      08/30/2018        500,000        495,374,166  
                                9,443,741,054  
U.S. Treasury Notes–15.44%  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.83 %      07/31/2018        429,240        429,239,586  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.82 %      10/31/2018        695,000        694,946,742  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b)

     1.79 %      01/31/2019        550,000        550,115,929  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.07%)(b)

     1.72 %      04/30/2019        1,282,000        1,282,077,118  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b)

     1.71 %      07/31/2019        800,000        799,996,787  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)(b)

     1.70 %      10/31/2019        340,000        340,072,832  
                                4,096,448,994  

Total U.S. Treasury Securities (Cost $13,540,190,048)

                               13,540,190,048  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)–51.04% (Cost $13,540,190,048)

                               13,540,190,048  
                 Repurchase
Amount		         

Repurchase Agreements–60.59%(c)

          

ABN AMRO Bank N.V., agreement dated 02/28/2018, maturing value of $800,030,222 (collateralized by U.S. Treasury obligations valued at $816,000,089;
1.00%-3.13%; 08/31/2018-05/15/2047)

     1.36 %      03/01/2018        800,030,222        800,000,000  

 

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

 

11                         Short-Term Investments Trust

Invesco Treasury Portfolio

 

     Interest
Rate		    

Maturity

Date

      Repurchase
Amount		      Value  

Bank of Montreal, joint term agreement dated 02/08/2018, aggregate maturing value of $500,656,250 (collateralized by U.S. Treasury obligations valued at $510,000,011; 0%-3.75%; 03/15/2018-11/15/2047)(d)

     1.35 %      03/15/2018      $ 220,288,750      $ 220,000,000  

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $1,250,047,222 (collateralized by U.S. Treasury obligations valued at $1,275,000,002; 0.13%-6.88%; 03/15/2018-05/15/2046)

     1.36 %      03/01/2018        1,250,047,222        1,250,000,000  

CIBC World Markets Corp., agreement dated 02/28/2018, maturing value of $1,000,037,778 (collateralized by U.S. Treasury obligations valued at $1,020,000,109; 1.38%-4.63%; 04/30/2020-11/15/2046)

     1.36 %      03/01/2018        1,000,037,778        1,000,000,000  

Citigroup Global Markets, Inc., term agreement dated 02/22/2018, maturing value of $500,129,306 (collateralized by U.S. Treasury obligations valued at $510,000,000; 0%-4.25%; 05/15/2018-11/15/2047)(d)

     1.33 %      03/01/2018        500,129,306        500,000,000  

Credit Agricole Corporate & Investment Bank, term agreement dated 02/23/2018, maturing value of $400,105,000 (collateralized by U.S. Treasury obligations valued at $408,000,089; 0.75%-3.13%; 10/31/2018-08/15/2044)(d)

     1.35 %      03/02/2018        400,105,000        400,000,000  

Credit Agricole Corporate & Investment Bank, term agreement dated 02/27/2018, maturing value of $500,131,250 (collateralized by U.S. Treasury Obligations valued at $510,000,022; 0%-2.50%; 05/31/2018-01/31/2025)(d)

     1.35 %      03/06/2018        500,131,250        500,000,000  

DNB Bank ASA, agreement dated 02/28/2018, maturing value of $1,100,041,861 (collateralized by U.S. Treasury obligations valued at $1,122,000,043;
1.50%-2.50%; 08/31/2018-11/15/2024)

     1.37 %      03/01/2018        1,100,041,861        1,100,000,000  

Fixed Income Clearing Corp. — Bank of New York Mellon (The), agreement dated 02/28/2018, maturing value of $400,015,222 (collateralized by U.S. Treasury obligations valued at $408,000,094; 1.38%-2.25%; 06/30/2023-05/15/2025)

     1.37 %      03/01/2018        400,015,222        400,000,000  

HSBC Securities (USA) Inc., term agreement dated 02/27/2018, maturing value of $400,105,000 (collateralized by U.S. Treasury Obligations valued at $408,003,950; 0.13%; 04/15/2020-04/15/2021)(d)

     1.35 %      03/06/2018        400,105,000        400,000,000  

ING Financial Markets, LLC, term agreement dated 02/23/2018, maturing value of $100,026,056 (collateralized by U.S. Treasury obligations valued at $102,000,037; 0.50%-4.38%; 06/30/2019-11/15/2047)(d)

     1.34 %      03/02/2018        100,026,056        100,000,000  

J.P. Morgan Securities LLC, agreement dated 02/28/2018, maturing value of $250,009,444 (collateralized by U.S. Treasury obligations valued at $255,003,742; 1.50%-2.00%; 05/31/2020-02/15/2022)

     1.36 %      03/01/2018        250,009,444        250,000,000  

Lloyds Bank PLC, joint term agreement dated 01/17/2018, aggregate maturing value of $501,286,250 (collateralized by U.S. Treasury obligations valued at $506,502,144; 1.00%-7.63%; 11/30/2019-02/15/2026)

     1.47 %      03/22/2018        210,540,225        210,000,000  

Lloyds Bank PLC, joint term agreement dated 02/23/2018, aggregate maturing value of $500,575,556 (collateralized by U.S. Treasury obligations valued at $509,956,295; 0.88%-7.50%; 07/15/2018-11/15/2024)

     1.48 %      03/26/2018        205,235,978        205,000,000  

Lloyds Bank PLC, term agreement dated 02/16/2018, maturing value of $250,287,778 (collateralized by U.S. Treasury obligations valued at $255,090,769; 1.50%-2.13%; 05/31/2020-11/15/2022)

     1.48 %      03/20/2018        250,287,778        250,000,000  

Lloyds Bank PLC, term agreement dated 02/20/2018, maturing value of $300,357,667 (collateralized by U.S. Treasury obligations valued at $305,996,254; 1.75%-2.63%; 10/31/2020-08/15/2025)

     1.48 %      03/22/2018        300,357,667        300,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., agreement dated 02/28/2018, maturing value of $150,005,708 (collateralized by a U.S. Treasury obligation valued at $153,000,074; 1.63%; 11/15/2022)

     1.37 %      03/01/2018        150,005,708        150,000,000  

Metropolitan Life Insurance Co., joint term agreement dated 02/28/2018, aggregate maturing value of $1,200,334,267 (collateralized by U.S. Treasury obligations valued at $1,233,979,365; 0%-4.50%; 03/29/2018-02/15/2043)(d)

     1.39 %      03/07/2018        510,139,930        510,002,087  

Mitsubishi UFJ Trust and Banking Corp., joint term agreement dated 02/28/2018, aggregate maturing value of $2,308,440,738 (collateralized by U.S. Treasury obligations valued at $2,358,620,162;
1.63%-2.25%; 08/31/2022-02/15/2027)(d)

     1.40 %      03/07/2018        941,818,814        941,562,500  

National Australia Bank Ltd., joint term agreement dated 02/27/2018, aggregate maturing value of $500,133,194 (collateralized by U.S. Treasury obligations valued at $509,532,574; 0.13%-2.13%; 04/15/2019-11/30/2023)(d)

     1.37 %      03/06/2018        250,066,597        250,000,000  

Natixis, agreement dated 02/28/2018, maturing value of $750,028,333 (collateralized by U.S. Treasury obligations valued at $765,000,038; 0%—8.50%; 04/15/2018—08/15/2047)

     1.36 %      03/01/2018        750,028,333        750,000,000  

 

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

 

12                         Short-Term Investments Trust

Invesco Treasury Portfolio

 

     Interest
Rate		    

Maturity

Date

      Repurchase
Amount		      Value  

Natixis, term agreement dated 02/23/2018, maturing value of $500,130,278 (collateralized by U.S. Treasury obligations valued at $510,000,040;
0%-8.75%; 04/15/2018-08/15/2047)(d)

     1.34 %      03/02/2018      $ 500,130,278      $ 500,000,000  

Natixis, term agreement dated 02/28/2018, maturing value of $750,201,250 (collateralized by U.S. Treasury obligations valued at $765,000,007;
0.13%-8.75%; 05/31/2018-05/15/2045)(d)

     1.38 %      03/07/2018        750,201,250        750,000,000  

Prudential Insurance Co. of America, agreement dated 02/28/2018, maturing value of $313,663,122 (collateralized by U.S. Treasury obligations valued at $321,638,491; 0%-2.50%; 11/15/2025-02/15/2045)

     1.42 %      03/01/2018        313,663,122        313,650,750  

Prudential Legacy Insurance Company of New Jersey, agreement dated 02/28/2018, maturing value of $113,191,965 (collateralized by U.S. Treasury obligations valued at $116,584,000; 0%; 08/15/2033-02/15/2045)

     1.42 %      03/01/2018        113,191,965        113,187,500  

Royal Bank of Canada, agreement dated 02/28/2018, maturing value of $50,001,889 (collateralized by a U.S. Treasury obligation valued at $51,000,055; 1.13%; 02/28/2021)

     1.36 %      03/01/2018        50,001,889        50,000,000  

Royal Bank of Canada, term agreement dated 02/09/2018, maturing value of $751,161,667 (collateralized by U.S. Treasury obligations valued at $765,000,045; 0.13%-7.63%; 04/15/2019-05/15/2046)(d)

     1.36 %      03/22/2018        751,161,667        750,000,000  

Societe Generale, open agreement dated 04/27/2017 (collateralized by U.S. Treasury Obligations valued at $1,020,000,025; 0%-7.63%; 03/29/2018-02/15/2048)(e)

     1.32 %      —        —        1,000,000,000  

Societe Generale, term agreement dated 01/19/2018, maturing value of $200,482,222 (collateralized by U.S. Treasury obligations valued at $204,000,031; 0%-3.13%; 07/12/2018-02/15/2048)

     1.40 %      03/22/2018        200,482,222        200,000,000  

Societe Generale, term agreement dated 02/22/2018, maturing value of $100,026,444 (collateralized by U.S. Treasury obligations valued at $102,000,096; 0%-7.63%; 03/29/2018-05/15/2047)(d)

     1.36 %      03/01/2018        100,026,444        100,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $1,000,038,056 (collateralized by U.S. Treasury obligations valued at $1,020,099,558; 3.63%; 02/15/2020)

     1.37 %      03/01/2018        546,072,192        546,051,411  

TD Securities (USA) LLC, agreement dated 02/28/2018, maturing value of $500,018,750 (collateralized by U.S. Treasury obligations valued at $510,000,055; 0%-4.75%; 03/01/2018-08/15/2047)

     1.35 %      03/01/2018        500,018,750        500,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2018, maturing value of $565,021,188 (collateralized by U.S. Treasury obligations valued at $576,300,016; 0%-2.75%; 06/28/2018-02/28/2025)

     1.35 %      03/01/2018        565,021,188        565,000,000  

Wells Fargo Securities, LLC, term agreement dated 02/23/2018, maturing value of $200,052,111 (collateralized by U.S. Treasury obligations valued at $204,000,092; 0.13%-9.13%; 05/15/2018-05/15/2044)(d)

     1.34 %      03/02/2018        200,052,111        200,000,000  

Total Repurchase Agreements (Cost $16,074,454,248)

                               16,074,454,248  

TOTAL INVESTMENTS IN SECURITIES(f)–111.63% (Cost $29,614,644,296)

                               29,614,644,296  

OTHER ASSETS LESS LIABILITIES–(11.63)%

                               (3,085,939,665 ) 

NET ASSETS–100.00%

                             $ 26,528,704,631  

Notes to Schedule of Investments:

 

(a)  Securities 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, 2018.
(c)  Principal amount equals value at period end. See Note 1I.
(d)  The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(e)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(f)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     44.6 % 

8-30

     14.7  

31-60

     5.3  

61-90

     2.9  

91-180

     14.9  

181+

     17.6  

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

 

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

 

13                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco Government & Agency Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Government Sponsored Agency Securities–34.70%

          
Federal Farm Credit Bank (FFCB)–2.81%          

Unsec. Bonds (1 mo. USD LIBOR + 0.12%)(a)

     1.71 %      03/21/2018      $ 20,000      $ 20,000,503  

Unsec. Bonds (1 mo. USD LIBOR - 0.06%)(a)

     1.52 %      12/04/2019        125,000        124,994,253  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.51 %      12/16/2019        120,000        120,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.52 %      09/25/2019        110,000        109,990,654  

Unsec. Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.46 %      12/06/2018        100,000        100,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.45 %      04/11/2019        75,000        75,000,000  

Unsec. Bonds (3 mo. USD LIBOR)(a)

     1.80 %      05/09/2018        9,500        9,503,327  

Unsec. Bonds (3 mo. USD LIBOR - 0.03%)(a)

     1.46 %      03/02/2018        40,000        40,000,179  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.53 %      08/28/2019        145,000        144,978,793  
                                744,467,709  
Federal Home Loan Bank (FHLB)–29.28%          

Unsec. Bonds (1 mo. USD LIBOR - 0.06%)(a)

     1.53 %      09/18/2019        50,000        50,016,548  

Unsec. Bonds (1 mo. USD LIBOR - 0.07%)(a)

     1.52 %      02/15/2019        280,000        280,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.07%)(a)

     1.52 %      02/19/2019        75,000        75,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.57 %      02/28/2019        235,000        235,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.50 %      03/06/2019        246,000        246,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.52 %      08/22/2019        100,000        100,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.49 %      01/11/2019        25,000        25,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      01/14/2019        50,000        50,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.53 %      01/25/2019        125,000        125,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      05/17/2019        210,000        210,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      06/06/2019        150,000        150,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      06/14/2019        120,000        120,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      07/17/2019        72,000        72,001,467  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      08/14/2019        125,000        125,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.10%)(a)

     1.49 %      12/21/2018        200,000        200,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.10%)(a)

     1.49 %      04/18/2019        85,000        85,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.52 %      07/26/2018        100,000        100,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.47 %      08/01/2018        200,000        200,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.49 %      04/22/2019        285,000        285,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.47 %      12/14/2018        404,000        404,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.45 %      10/10/2018        210,000        210,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.49 %      10/26/2018        193,000        193,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.45 %      11/05/2018        115,000        115,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.45 %      11/09/2018        210,000        210,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.46 %      11/15/2018        220,000        220,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.44 %      07/03/2018        300,000        300,000,044  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.45 %      10/12/2018        120,000        120,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.46 %      10/19/2018        200,000        200,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.17%)(a)

     1.34 %      03/06/2018        225,000        225,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.17%)(a)

     1.37 %      03/09/2018        100,000        100,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.18%)(a)

     1.43 %      03/19/2018        145,000        145,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.22%)(a)

     1.39 %      03/19/2018        175,000        175,000,000  

 

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

 

14                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

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

Unsec. Bonds (3 mo. USD LIBOR - 0.22%)(a)

     1.39 %      03/19/2018      $ 100,000      $ 100,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.26%)(a)

     1.45 %      04/12/2018        220,000        220,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.26%)(a)

     1.46 %      04/13/2018        225,000        224,999,928  

Unsec. Bonds (3 mo. USD LIBOR - 0.27%)(a)

     1.48 %      04/20/2018        86,000        85,999,083  

Unsec. Bonds (3 mo. USD LIBOR - 0.27%)(a)

     1.47 %      04/23/2018        140,000        139,998,964  

Unsec. Bonds (3 mo. USD LIBOR - 0.31%)(a)

     1.53 %      08/15/2018        58,000        57,990,091  

Unsec. Bonds (3 mo. USD LIBOR - 0.35%)(a)

     1.44 %      05/08/2018        230,000        230,000,349  

Unsec. Disc. Notes(b)

     1.40 %      03/16/2018        45,267        45,240,594  

Unsec. Disc. Notes(b)

     1.59 %      04/13/2018        10,800        10,779,489  

Unsec. Disc. Notes(b)

     1.59 %      04/17/2018        50,000        49,896,209  

Unsec. Disc. Notes(b)

     1.60 %      04/18/2018        51,400        51,290,960  

Unsec. Disc. Notes(b)

     1.60 %      04/20/2018        33,300        33,226,024  

Unsec. Disc. Notes(b)

     1.61 %      04/25/2018        100,000        99,755,097  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.05%)(a)

     1.53 %      07/12/2018        200,000        200,026,232  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.50 %      03/01/2019        165,000        165,002,873  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      06/14/2019        30,000        30,000,000  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.49 %      07/08/2019        150,000        150,009,428  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.47 %      12/21/2018        150,000        150,000,000  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.47 %      11/19/2018        120,000        120,000,000  

Unsec. Global Bonds (3 mo. USD LIBOR - 0.22%)(a)

     1.48 %      04/06/2018        136,000        136,000,000  

Unsec. Global Bonds (3 mo. USD LIBOR - 0.35%)(a)

     1.45 %      05/09/2018        100,000        100,000,000  
                                7,750,233,380  
Federal Home Loan Mortgage Corp. (FHLMC)–0.79%          

Unsec. Disc. Notes(b)

     1.38 %      03/19/2018        160,000        159,889,600  

Unsec. Medium-Term Notes (1 mo. USD LIBOR - 0.10%)(a)

     1.48 %      08/08/2019        50,000        50,000,000  
                                209,889,600  
Federal National Mortgage Association (FNMA)–0.49%          

Unsec. Disc. Notes(b)

     1.38 %      03/14/2018        130,000        129,935,217  
Overseas Private Investment Corp. (OPIC)–1.33%          

Sec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      11/15/2028        97,727        97,727,273  

Sr. Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      06/15/2025        24,000        24,000,000  

Sr. Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      02/15/2028        20,000        20,000,000  

Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      09/15/2020        116,000        116,000,000  

Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      07/15/2025        39,167        39,166,667  

Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.70 %      05/15/2030        10,452        10,452,000  

Unsec. Gtd. VRD COP Notes (3 mo. U.S. Treasury Bill Rate)(c)

     1.62 %      07/09/2026        43,350        43,350,000  
                                350,695,940  

Total U.S. Government Sponsored Agency Securities (Cost $9,185,221,846)

                               9,185,221,846  

U.S. Treasury Securities–21.74%

          
U.S. Treasury Bills–20.11%(b)          

U.S. Treasury Bills

     1.14 %      03/15/2018        350,000        349,845,378  

U.S. Treasury Bills

     1.32 %      03/15/2018        160,000        159,917,866  

U.S. Treasury Bills

     1.38 %      03/15/2018        687,000        686,632,127  

U.S. Treasury Bills

     1.39 %      03/15/2018        120,000        119,935,367  

U.S. Treasury Bills

     1.35 %      03/22/2018        150,000        149,881,787  

U.S. Treasury Bills

     1.36 %      03/22/2018        250,000        249,801,615  

 

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

 

15                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

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

U.S. Treasury Bills

     1.50 %      03/29/2018      $ 600,000      $ 599,302,332  

U.S. Treasury Bills

     1.43 %      04/05/2018        178,000        177,753,396  

U.S. Treasury Bills

     1.46 %      04/05/2018        210,000        209,703,720  

U.S. Treasury Bills

     1.23 %      04/12/2018        400,000        399,430,667  

U.S. Treasury Bills

     1.64 %      05/24/2018        335,000        333,721,974  

U.S. Treasury Bills

     1.59 %      07/12/2018        400,000        397,666,958  

U.S. Treasury Bills

     1.60 %      07/19/2018        125,000        124,226,111  

U.S. Treasury Bills

     1.61 %      07/19/2018        375,000        372,667,639  

U.S. Treasury Bills

     1.63 %      07/26/2018        300,000        298,021,626  

U.S. Treasury Bills

     1.64 %      08/02/2018        400,000        397,219,038  

U.S. Treasury Bills

     1.85 %      08/30/2018        300,000        297,235,875  
                                5,322,963,476  
U.S. Treasury Notes–1.63%          

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield
Rate)(a)

     1.65 %      01/31/2020        60,000        59,998,850  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(a)

     1.71 %      07/31/2019        370,000        370,015,134  
                                430,013,984  

Total U.S. Treasury Securities (Cost $5,752,977,460)

                               5,752,977,460  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements) (Cost $14,938,199,306)

                               14,938,199,306  
                 Repurchase
Amount		         

Repurchase Agreements–47.00%(d)

          

ABN AMRO Bank N.V., agreement dated 02/28/2018, maturing value of $700,026,833 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $714,000,032; 1.25%-6.50%; 10/31/2018-12/01/2047)

     1.38 %      03/01/2018        700,026,833        700,000,000  

Bank of Montreal, joint term agreement dated 02/08/2018, aggregate maturing value of $500,656,250 (collateralized by U.S. Treasury obligations valued at $510,000,011; 0%-3.75%; 03/15/2018-11/15/2047)(e)

     1.35 %      03/15/2018        220,288,750        220,000,000  

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $200,007,667 (collateralized by U.S. government sponsored agency obligations valued at $204,000,000; 2.65%-4.50%; 05/01/2035-09/01/2047)

     1.38 %      03/01/2018        200,007,667        200,000,000  

CIBC World Markets Corp., agreement dated 02/28/2018, maturing value of $1,075,041,208 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,096,500,092;
1.38%-5.50%; 04/30/2020-01/01/2048)

     1.38 %      03/01/2018        1,075,041,208        1,075,000,000  

Citigroup Global Markets, Inc., joint agreement dated 02/28/2018, aggregate maturing value of $400,015,111 (collateralized by U.S. Treasury obligations valued at $408,000,000; 0%; 11/15/2018-08/15/2045)

     1.36 %      03/01/2018        200,007,556        200,000,000  

Credit Agricole Corporate & Investment Bank, joint term agreement dated 02/22/2018, aggregate maturing value of $250,066,111 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $255,000,007; 1.50%-3.50%; 05/31/2020-08/01/2047)(e)

     1.36 %      03/01/2018        135,035,700        135,000,000  

Credit Agricole Corporate & Investment Bank, joint term agreement dated 02/23/2018, aggregate maturing value of $500,133,194 (collateralized by U.S. government sponsored agency obligations valued at $510,000,000;
3.00%-5.00%; 04/01/2027-03/01/2048)(e)

     1.37 %      03/02/2018        250,066,597        250,000,000  

Credit Agricole Corporate & Investment Bank, term agreement dated 02/27/2018, maturing value of $250,066,111 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $255,000,062;
1.88%-3.50%; 08/31/2022-02/01/2048)(e)

     1.36 %      03/06/2018        250,066,111        250,000,000  

DNB Bank ASA, agreement dated 02/28/2018, maturing value of $300,011,417 (collateralized by U.S. Treasury obligations valued at $306,000,088;
0.13%-1.88%; 06/15/2020-05/31/2022)

     1.37 %      03/01/2018        300,011,417        300,000,000  

 

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

 

16                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Fixed Income Clearing Corp. — Bank of New York Mellon (The), agreement dated 02/28/2018, maturing value of $400,015,222 (collateralized by U.S. Treasury obligations valued at $408,000,078; 2.00%-3.00%; 02/15/2022-05/15/2047)

     1.37 %      03/01/2018      $ 400,015,222      $ 400,000,000  

ING Financial Markets, LLC, joint agreement dated 02/28/2018, aggregate maturing value of $100,003,833 (collateralized by domestic agency mortgage-backed securities valued at $102,000,000; 2.50%-4.50%; 09/01/2018-02/01/2048)

     1.38 %      03/01/2018        60,002,300        60,000,000  

ING Financial Markets, LLC, joint term agreement dated 02/23/2018, aggregate maturing value of $250,066,111 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000;
2.00%-5.50%; 02/01/2021-01/01/2048)(e)

     1.36 %      03/02/2018        85,022,478        85,000,000  

ING Financial Markets, LLC, joint term agreement dated 12/14/2017, maturing value of $376,429,167 (collateralized by U.S. government sponsored agency obligations valued at $382,500,001; 2.00%-5.50%; 04/01/2020-02/01/2048)

     1.40 %      03/22/2018        306,162,389        305,000,000  

ING Financial Markets, LLC, term agreement dated 12/15/2017, maturing value of $75,285,833 (collateralized by domestic agency mortgage-backed securities valued at $76,500,000; 1.70%-4.50%; 10/01/2027-02/01/2048)

     1.40 %      03/23/2018        75,285,833        75,000,000  

Lloyds Bank PLC, joint term agreement dated 01/17/2018, aggregate maturing value of $501,286,250 (collateralized by U.S. Treasury obligations valued at $506,502,144; 1.00%-7.63%; 11/30/2019-02/15/2026)

     1.47 %      03/22/2018        225,578,813        225,000,000  

Lloyds Bank PLC, joint term agreement dated 02/23/2018, aggregate maturing value of $500,575,556 (collateralized by U.S. Treasury obligations valued at $509,956,295; 0.88%-7.50%; 07/15/2018-11/15/2024)

     1.48 %      03/26/2018        225,259,000        225,000,000  

Lloyds Bank PLC, joint term agreement dated 12/04/2017, aggregate maturing value of $501,794,722 (collateralized by U.S. Treasury obligations valued at $513,607,959; 1.38%-6.13%; 06/30/2020-11/15/2027)

     1.42 %      03/05/2018        361,292,200        360,000,000  

Metropolitan Life Insurance Co., joint term agreement dated 02/28/2018, aggregate maturing value of $1,200,334,267 (collateralized by U.S. Treasury obligations valued at $1,233,979,365; 0%-4.50%; 03/29/2018-02/15/2043)(e)

     1.39 %      03/07/2018        500,136,264        500,001,125  

Mitsubishi UFJ Trust and Banking Corp., joint term agreement dated 02/28/2018, aggregate maturing value of $2,308,440,738 (collateralized by U.S. Treasury obligations valued at $2,358,620,162;
1.63%-2.25%; 08/31/2022-02/15/2027)(e)

     1.40 %      03/07/2018        1,074,729,986        1,074,437,500  

National Australia Bank Ltd., joint term agreement dated 02/27/2018, aggregate maturing value of $500,133,194 (collateralized by U.S. Treasury obligations valued at $509,532,574; 0.13%-2.13%; 04/15/2019-11/30/2023)(e)

     1.37 %      03/06/2018        250,066,597        250,000,000  

Prudential Insurance Co. of America, agreement dated 02/28/2018, maturing value of $365,536,918 (collateralized by U.S. Treasury obligations valued at $375,976,160; 0%; 02/15/2026-05/15/2045)

     1.42 %      03/01/2018        365,539,918        365,522,500  

Prudential Legacy Insurance Company of New Jersey, agreement dated 02/28/2018, maturing value of $60,377,381 (collateralized by U.S. Treasury obligations valued at $61,868,000; 0%; 08/15/2033)

     1.42 %      03/01/2018        60,377,381        60,375,000  

RBC Capital Markets LLC, joint term agreement dated 02/28/2018, aggregate maturing value of $1,000,000,000 (collateralized by U.S. government sponsored agency obligations valued at $1,020,000,000;
0%-7.50%; 03/25/2018-11/25/2057)(a)(e)

     1.42 %      04/30/2018        590,000,000        590,000,000  

Royal Bank of Canada, joint term agreement dated 02/08/2018, aggregate maturing value of $1,101,339,556 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,122,000,000;
1.88%-7.00%; 01/31/2022-11/15/2057)(e)

     1.37 %      03/12/2018        891,083,822        890,000,000  

Royal Bank of Canada, term agreement dated 02/23/2018, maturing value of $75,019,833 (collateralized by domestic agency mortgage-backed securities valued at $76,500,000; 3.50%-4.50%; 02/01/2029-01/01/2048)(e)

     1.36 %      03/02/2018        75,019,833        75,000,000  

Societe Generale, joint open agreement dated 04/27/2017 (collateralized by U.S. Government sponsered agency obligations and U.S. Treasury obligations valued at $1,530,000,152; 0%-7.63%; 03/29/2018-11/20/2064)(f)

     1.34 %      —        —        1,115,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $1,000,038,056 (collateralized by U.S. Treasury obligations valued at $1,020,099,558; 3.63%; 02/15/2020)

     1.37 %      03/01/2018        453,965,864        453,948,589  

 

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

 

17                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $3,000,115,833 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $3,060,002,122; 1.13%-4.00%; 07/31/2021-10/20/2047)

     1.39 %      03/01/2018      $ 1,274,728,301      $ 1,274,679,084  

Wells Fargo Securities, LLC, joint agreement dated 02/28/2018, aggregate maturing value of $760,028,922 (collateralized by U.S. government sponsored agency obligations valued at $775,200,000; 4.00%; 07/01/2047-03/01/2048)

     1.37 %      03/01/2018        725,027,590        725,000,000  

Total Repurchase Agreements (Cost $12,438,963,798)

                               12,438,963,798  

TOTAL INVESTMENTS IN SECURITIES(g)–103.44% (Cost $27,377,163,104)

                               27,377,163,104  

OTHER ASSETS LESS LIABILITIES–(3.44)%

                               (910,581,357 ) 

NET ASSETS–100.00%

                             $ 26,466,581,747  

Investment Abbreviations:

 

COP  

– Certificates of Participation

Disc.  

– Discounted

Gtd.  

– Guaranteed

LIBOR  

– London Interbank Offered Rate

Sec.  

– Secured

Sr.  

– Senior

Unsec.  

– Unsecured

USD  

– U.S. Dollar

VRD  

– Variable Rate Demand

Notes to Schedule of Investments:

 

(a)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.
(b)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(c)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(d)  Principal amount equals value at period end. See Note 1I.
(e)  The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(f)  Either party may terminate the agreement upon demand. Interest rates, principal amounts and collateral are redetermined daily.
(g)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     44.7 % 

8-30

     14.7  

31-60

     6.7  

61-90

     2.5  

91-180

     8.9  

181+

     22.5  

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.

 

18                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco Treasury Obligations Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–110.23%

          
U.S. Treasury Bills–88.61%(a)          

U.S. Treasury Bills

     1.15 %      03/01/2018      $ 75,000      $ 75,000,000  

U.S. Treasury Bills

     1.16 %      03/01/2018        65,400        65,400,000  

U.S. Treasury Bills

     1.23 %      03/08/2018        5,000        4,998,809  

U.S. Treasury Bills

     1.28 %      03/08/2018        40,700        40,690,040  

U.S. Treasury Bills

     1.29 %      03/08/2018        3,900        3,899,022  

U.S. Treasury Bills

     1.14 %      03/15/2018        18,900        18,891,651  

U.S. Treasury Bills

     1.31 %      03/15/2018        3,300        3,298,325  

U.S. Treasury Bills

     1.32 %      03/15/2018        5,000        4,997,433  

U.S. Treasury Bills

     1.38 %      03/15/2018        123,000        122,933,990  

U.S. Treasury Bills

     1.36 %      03/22/2018        160,800        160,672,463  

U.S. Treasury Bills

     1.37 %      03/22/2018        24,800        24,780,181  

U.S. Treasury Bills

     1.18 %      03/29/2018        9,309        9,300,529  

U.S. Treasury Bills

     1.50 %      03/29/2018        100,000        99,883,722  

U.S. Treasury Bills

     1.20 %      04/05/2018        10,000        9,988,431  

U.S. Treasury Bills

     1.31 %      04/05/2018        600        599,236  

U.S. Treasury Bills

     1.43 %      04/05/2018        26,000        25,963,979  

U.S. Treasury Bills

     1.46 %      04/05/2018        39,500        39,444,269  

U.S. Treasury Bills

     1.23 %      04/12/2018        10,000        9,985,766  

U.S. Treasury Bills

     1.44 %      04/12/2018        15,000        14,974,975  

U.S. Treasury Bills

     1.48 %      04/12/2018        17,400        17,369,936  

U.S. Treasury Bills

     1.51 %      04/12/2018        32,100        32,043,432  

U.S. Treasury Bills

     1.56 %      04/12/2018        100,000        99,818,000  

U.S. Treasury Bills

     1.25 %      04/19/2018        10,000        9,983,122  

U.S. Treasury Bills

     1.41 %      04/19/2018        8,700        8,683,363  

U.S. Treasury Bills

     1.46 %      04/19/2018        10,000        9,980,223  

U.S. Treasury Bills

     1.48 %      04/19/2018        15,000        14,969,885  

U.S. Treasury Bills

     1.44 %      04/26/2018        30,000        29,933,267  

U.S. Treasury Bills

     1.51 %      05/10/2018        30,000        29,912,500  

U.S. Treasury Bills

     1.55 %      05/10/2018        20,000        19,940,111  

U.S. Treasury Bills

     1.64 %      05/24/2018        20,000        19,923,700  

U.S. Treasury Bills

     1.65 %      05/31/2018        30,000        29,875,633  

U.S. Treasury Bills

     1.54 %      06/28/2018        30,000        29,848,275  

U.S. Treasury Bills

     1.59 %      07/12/2018        40,000        39,767,065  

U.S. Treasury Bills

     1.61 %      07/19/2018        40,000        39,751,111  

U.S. Treasury Bills

     1.61 %      07/26/2018        10,000        9,934,830  

U.S. Treasury Bills

     1.63 %      07/26/2018        15,000        14,901,081  

U.S. Treasury Bills

     1.64 %      08/02/2018        15,000        14,895,729  

U.S. Treasury Bills

     1.83 %      08/30/2018        10,000        9,907,863  
                                1,217,141,947  
U.S. Treasury Notes–21.62%          

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.19%)(b)

     1.84 %      04/30/2018        40,000        40,019,016  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.83 %      07/31/2018        53,000        53,004,957  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.82 %      10/31/2018        35,000        35,000,667  

 

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

 

19                         Short-Term Investments Trust

Invesco Treasury Obligations Portfolio

 

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

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b)

     1.79 %      01/31/2019      $ 49,000      $ 49,009,376  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.07%)(b)

     1.72 %      04/30/2019        38,000        38,003,128  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b)

     1.71 %      07/31/2019        19,000        18,999,279  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)(b)

     1.70 %      10/31/2019        47,000        47,005,869  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate)(b)

     1.65 %      01/31/2020        16,000        15,997,955  
                                297,040,247  

TOTAL INVESTMENTS IN SECURITES–110.23% (Cost $1,514,182,194)

                               1,514,182,194  

OTHER ASSETS LESS LIABILITIES–(10.23)%

                               (140,545,490 ) 

NET ASSETS–100.00%

                             $ 1,373,636,704  

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, 2018.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     9.3 % 

8-30

     32.6  

31-60

     21.4  

61-90

     7.3  

91-180

     15.3  

181+

     14.1  

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.

 

20                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

 

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

Municipal Obligations–98.89%

 

Alabama–4.19%  

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

     1.09 %      07/01/2040      $ 8,405      $ 8,405,000  
Arizona–1.80%  

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

     1.09 %      06/15/2031        1,975        1,975,000  

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

     1.09 %      06/15/2031        1,640        1,640,000  
                                3,615,000  
California–3.43%  

California (State of); Series 2004 A-9, Ref. VRD Unlimited Tax GO Bonds (LOC–State Street Bank & Trust Co.)(a)(b)

     0.97 %      05/01/2034        4,170        4,170,000  

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

     1.03 %      08/01/2042        2,700        2,700,000  
                                6,870,000  
Colorado–0.82%  

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

     1.22 %      02/01/2031        908        908,000  

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

     1.22 %      07/01/2034        735        735,000  
                                1,643,000  
Delaware–2.04%  

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

     1.11 %      09/01/2036        3,085        3,085,000  

Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(a)(b)

     1.09 %      05/01/2036        1,005        1,005,000  
                                4,090,000  
District of Columbia–1.50%  

Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD Airport System RB (LOC–Sumitomo Mitsui Banking Corp.)(a)(b)

     1.09 %      10/01/2039        3,000        3,000,000  
Florida–5.96%  

Miami-Dade (County of); Series 2014 A, VRD Seaport RB (LOC–Bank of Tokyo–Mitsubishi UFJ, Ltd. (The))(a)(b)

     1.09 %      10/01/2050        3,800        3,800,000  

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

     1.15 %      11/01/2036        2,445        2,445,000  

Palm Beach (County of) (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC–Northern Trust Co. (The))(a)(b)

     1.12 %      07/01/2032        1,735        1,735,000  

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

     1.13 %      11/01/2038        3,960        3,960,000  
                                11,940,000  
Georgia–5.14%  

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

     1.01 %      09/01/2035        4,190        4,190,000  

Monroe (County of) Development Authority (Oglethorpe Power Corp. Scherer);

          

Series 2009 A, VRD PCR (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     1.07 %      01/01/2030        2,000        2,000,000  

Series 2010 A, Ref. VRD PCR (LOC–Bank of Montreal)(a)(b)

     1.12 %      01/01/2036        3,000        3,000,000  

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)

     1.22 %      09/01/2020        1,100        1,100,000  
                                10,290,000  

 

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

 

21                         Short-Term Investments Trust

Invesco Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  
Illinois–4.16%  

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

     1.17 %      08/01/2030      $ 3,400      $ 3,400,000  

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

     1.05 %      12/01/2046        4,935        4,935,000  
                                8,335,000  
Indiana–8.09%  

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

     1.22 %      08/01/2037        5,240        5,240,000  

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

     1.23 %      06/01/2035        7,385        7,385,000  

Purdue University; Series 2011 A, VRD COP(a)

     1.04 %      07/01/2035        3,082        3,081,500  

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

     1.09 %      10/01/2019        500        500,000  
                                16,206,500  
Louisiana–1.52%  

Louisiana (State of) Public Facilities Authority (CHRISTUS Health); Series 2009 B-3, Ref. VRD RB (LOC–Bank of New York Mellon (The))(a)(b)

     1.07 %      07/01/2047        1,490        1,490,000  

New Orleans (Port of) Board of Commissioners; Series 2010, Ref. VRD Subordinate Lien RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     1.12 %      06/01/2034        625        625,000  

St. James (Parish of) (NuStar Logistics, L.P.); Series 2010 B, VRD RB (LOC–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(a)(b)

     1.13 %      12/01/2040        930        930,000  
                                3,045,000  
Massachusetts–1.72%  

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

     1.10 %      10/01/2038        1,650        1,650,000  

Massachusetts (State of); Series 2017 B, Limited Tax GO RAN

     2.00 %      05/21/2018        1,800        1,804,523  
                                3,454,523  
Michigan–1.16%  

Kent (County of) Hospital Finance Authority (Spectrum Health System); Series 2008 C, Ref. VRD RB (LOC–Bank of New York Mellon (The))(a)(b)

     1.10 %      01/15/2026        445        445,000  

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

     1.10 %      03/01/2031        1,885        1,885,000  
                                2,330,000  
Minnesota–4.47%  

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

     1.17 %      10/15/2033        1,175        1,175,000  

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

     1.18 %      11/15/2031        3,465        3,465,000  

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

     1.07 %      11/01/2035        4,180        4,180,000  

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

     1.07 %      10/01/2033        138        138,000  
                                8,958,000  
Mississippi–3.94%  

Mississippi Business Finance Corp. (Chevron U.S.A. Inc.);

          

Series 2007 A, VRD Gulf Opportunity Zone IDR(a)

     1.15 %      12/01/2030        150        150,000  

Series 2010 C, VRD Gulf Opportunity Zone IDR(a)

     1.09 %      12/01/2030        2,035        2,035,000  

Series 2010 E, VRD Gulf Opportunity Zone IDR(a)

     1.09 %      12/01/2030        5,700        5,700,000  
                                7,885,000  
Missouri–3.11%  

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

     1.09 %      11/01/2037        525        525,000  

Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC–FHLB of Chicago)(a)(b)

     1.10 %      08/01/2038        1,245        1,245,000  

 

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

 

22                         Short-Term Investments Trust

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

Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2000, VRD RB (LOC–Bank of America, N.A.)(a)(b)

     1.14 %      02/01/2031      $ 3,860      $ 3,860,000  

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

     1.19 %      12/01/2019        595        595,000  
                                6,225,000  
Nevada–2.02%  

Truckee Meadows Water Authority; Series 2006 B, Commercial Paper Notes (LOC–Bank of Tokyo–Mitsubishi UFJ, Ltd. (The))(b)

     1.25 %      05/15/2018        4,050        4,050,000  
New York–7.90%  

Metropolitan Transportation Authority;

          

Subseries 2005 D-1, VRD RB (LOC–Landesbank Hessen-Thueringen Girozentrale)(a)(b)

     1.13 %      11/01/2035        4,980        4,980,000  

Subseries 2005 D-2, VRD RB (LOC–Landesbank Hessen-Thueringen Girozentrale)(a)(b)

     1.11 %      11/01/2035        3,290        3,290,000  

New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.); Subseries 2005 A-2, VRD RB (LOC–Mizuho Bank, Ltd.)(a)(b)

     1.07 %      05/01/2039        2,000        2,000,000  

New York (State of) Housing Finance Agency (222 East 44th Street Housing); Series 2015 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)

     1.18 %      05/01/2050        1,000        1,000,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2015 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)(c)

     1.17 %      11/01/2049        4,550        4,550,000  
                                15,820,000  
North Carolina–0.90%  

Raleigh & Durham (Cities of) Airport Authority; Series 2008 C, Ref. VRD RB (LOC–TD Bank,
N.A.)(a)(b)(c)

     1.05 %      05/01/2036        1,800        1,800,000  
Oregon–1.72%  

Oregon (State of) Facilities Authority (PeaceHealth); Series 2008 A, Ref. VRD RB (LOC–U.S. Bank, N.A.)(a)(b)

     1.12 %      08/01/2034        3,450        3,450,000  
Pennsylvania–4.05%  

Crawford (County of) Industrial Development Authority (Allegheny College); Series 2009 B, VRD College RB (LOC–PNC Bank, N.A.)(a)(b)

     1.11 %      11/01/2039        422        422,000  

Derry (Township of) Industrial & Commercial Development Authority (Hershey Arena); Series 2000 A, VRD Hotel Tax RB (LOC–PNC Bank, N. A.)(a)(b)

     1.10 %      11/01/2030        500        500,000  

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

     1.09 %      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)

     1.11 %      10/15/2025        1,370        1,370,000  

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

     1.10 %      09/01/2028        1,886        1,886,000  

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

     1.09 %      11/01/2029        600        600,000  

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

     1.10 %      07/01/2027        550        550,000  
                                8,123,000  
Texas–13.64%  

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

     1.11 %      08/01/2035        6,405        6,405,000  

Gulf Coast Industrial Development Authority (ExxonMobil); Series 2012, VRD RB(a)

     1.10 %      11/01/2041        1,300        1,300,000  

Harris (County of) Hospital District; Series 2010, Ref. VRD Sr. Lien RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     1.12 %      02/15/2042        635        635,000  

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

     1.09 %      01/01/2049        4,215        4,215,000  

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

     1.09 %      04/01/2026        2,722        2,722,000  

Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments);
Series 2009, VRD MFH RB (CEP–FHLMC)(a)

     1.09 %      05/01/2042        2,150        2,150,000  

Texas (State of); Series 2017, TRAN

     4.00 %      08/30/2018        5,700        5,786,681  

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

     0.98 %      08/01/2025        4,120        4,120,000  
                                27,333,681  

 

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

 

23                         Short-Term Investments Trust

Invesco Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  
Utah–3.25%  

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

     1.13 %      11/01/2024      $ 3,612      $ 3,612,000  

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

     1.15 %      04/01/2042        2,900        2,900,000  
                                6,512,000  
Virginia–2.99%  

Norfolk (City of); Series 2007, VRD Unlimited Tax GO Bonds(a)

     1.10 %      08/01/2037        2,500        2,500,000  

University of Virginia; Series 2018 A, Commercial Paper Notes

     1.12 %      03/08/2018        3,500        3,500,000  
                                6,000,000  
Washington–2.10%  

Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD MFH RB (LOC–FHLB of San Francisco)(a)(b)

     1.13 %      09/01/2049        4,200        4,200,000  
West Virginia–2.09%  

Cabell (County of) (Provident Group — Marshall Properties LLC — Marshall University); Series 2010 A, VRD University Facilities RB (LOC–Bank of America, N.A.)(a)(b)

     1.15 %      07/01/2039        1,050        1,050,000  

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

     1.12 %      01/01/2034        3,130        3,130,000  
                                4,180,000  
Wisconsin–3.18%  

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

     1.11 %      10/01/2042        4,220        4,220,000  

Milwaukee (City of); Series 2017 M-11, School RAN

     5.00 %      09/27/2018        2,100        2,147,828  
                                6,367,828  
Wyoming–2.00%  

Lincoln (County of) (ExxonMobil); Series 2014, Ref. VRD PCR(a)

     1.14 %      10/01/2044        4,000        4,000,000  

TOTAL INVESTMENTS IN SECURITIES(e)(f)–98.89% (Cost $198,128,532)

                               198,128,532  

OTHER ASSETS LESS LIABILITIES–1.11%

                               2,218,294  

NET ASSETS–100.00%

                             $ 200,346,826  

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

RAN  

– Revenue Anticipation Notes

RB  

– Revenue Bonds

Ref.  

– Refunding

Sr.  

– Senior

TRAN  

– Tax and Revenue Anticipation Notes

VRD  

– Variable Rate Demand

 

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

 

24                         Short-Term Investments Trust

Invesco Tax-Free Cash Reserve Portfolio

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 based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(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. No concentration of any single foreign country was greater than 5%.
(d)  Security purchased or received in 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 value of this security at February 28, 2018 represented 1.70% of the Fund’s Net Assets.
(e)  Also represents cost for federal income tax purposes.
(f)  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.

 

Entity    Percentage  

Federal Home Loan Bank

      5.4 % 

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     91.2 % 

8-30

     1.8  

31-60

     —  

61-90

     3.0  

91-180

     —  

181+

     4.0  

 

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

 

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

 

25                         Short-Term Investments Trust

Statements of Assets and Liabilities

February 28, 2018

(Unaudited)

 

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

Assets:

                          

Investments in securities, at value

      $ 1,909,330,734       $ 289,991,202       $ 13,540,190,048        $ 14,938,199,306       $ 1,514,182,194       $ 198,128,532  

Repurchase agreements

        669,390,695         131,158,323         16,074,454,248          12,438,963,798         —         —  

Receivable for:

                          

Investments sold

        —         —         —          —         —         2,005,054  

Interest

        1,213,123         169,887         6,559,557          12,936,490         398,418         334,292  

Fund expenses absorbed

        —         —         192,515          65,153         20,469         5,441  

Investment for trustee deferred compensation and retirement plans

        3,820,079         1,063,222         2,266,349          1,031,485         131,441         378,349  

Other assets

        40,994         179,475         118,329          422,732         52,131         73,560  

Total assets

        2,583,795,625         422,562,109         29,623,781,046          27,391,618,964         1,514,784,653         200,925,228  

Liabilities:

                          

Payable for:

                          

Investments purchased

        —         —         3,060,086,427          896,538,207         139,667,218         —  

Amount due custodian

        —         —         6,512,475          927,423         6,660         —  

Dividends

        3,053,548         453,959         24,912,470          25,692,274         1,264,683         116,102  

Accrued fees to affiliates

        34,807         2,535         684,843          572,024         31,362         15,740  

Accrued trustees’ and officer’s fees and benefits

        3,986         4,082         52,471          56,456         6,003         4,238  

Accrued operating expenses

        102,202         37,920         210,418          20,051         25,744         23,275  

Trustee deferred compensation and retirement plans

        4,294,659         1,181,861         2,617,311          1,230,782         146,279         419,048  

Total liabilities

        7,489,202         1,680,357         3,095,076,415          925,037,217         141,147,949         578,403  

Net assets applicable to shares outstanding

      $ 2,576,306,423       $ 420,881,752       $ 26,528,704,631        $ 26,466,581,747       $ 1,373,636,704       $ 200,346,825  

Net assets consist of:

                          

Shares of beneficial interest

      $ 2,576,230,027       $ 420,112,540       $ 26,528,016,990        $ 26,466,509,242       $ 1,373,702,289       $ 200,509,685  

Undistributed net investment income

        125,723         768,843         445,995          208,988         (12,543 )        (104,955 ) 

Undistributed net realized gain (loss)

        8,085         1,942         241,646          (136,483 )        (53,042 )        (57,905 ) 

Net unrealized appreciation (depreciation)

        (57,412 )        (1,573 )        —          —         —         —  
       $ 2,576,306,423       $ 420,881,752       $ 26,528,704,631        $ 26,466,581,747       $ 1,373,636,704       $ 200,346,825  

Cost of Investments

      $ 2,578,778,842       $ 421,151,098       $ 29,614,644,296        $ 27,377,163,104       $ 1,514,182,194       $ 198,128,532  

 

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

 

26                         Short-Term Investments Trust

Statements of Assets and Liabilities—(continued)

February 28, 2018

(Unaudited)

 

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

Net Assets:

 

     

Institutional Class

      $ 2,545,619,200        $ 416,671,336        $ 24,044,592,088        $ 25,046,080,286        $ 1,328,658,137        $ 112,865,021  

Private Investment Class

      $ 6,410,598        $ 1,862,844        $ 630,268,529        $ 393,539,939        $ 1,259,294        $ 37,329,458  

Personal Investment Class

      $ 11,224        $ 612,548        $ 150,315,301        $ 8,429,471        $ 70,230        $ 10,004  

Cash Management Class

      $ 14,111,801        $ 1,061,449        $ 469,528,618        $ 265,460,441        $ 1,617,958        $ 24,123,366  

Reserve Class

      $ 776,448        $ 468,867        $ 283,039,048        $ 324,550,598        $ 41,926,357        $ 17,381,439  

Resource Class

      $ 1,061,004        $ 184,485        $ 582,365,227        $ 234,625,399        $ 94,604        $ 8,627,532  

Corporate Class

      $ 8,316,148        $ 20,223        $ 368,595,820        $ 193,895,613        $ 10,124        $ 10,005  

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

 

Institutional Class

        2,545,292,041          416,671,862          24,043,288,291          25,045,904,613          1,328,666,526          112,850,643  

Private Investment Class

        6,409,785          1,862,847          630,235,060          393,537,172          1,259,260          37,324,700  

Personal Investment Class

        11,223          612,549          150,307,355          8,429,412          70,229          10,003  

Cash Management Class

        14,110,000          1,061,451          469,502,604          265,458,683          1,617,970          24,120,300  

Reserve Class

        776,345          468,868          283,024,039          324,548,299          41,926,649          17,379,371  

Resource Class

        1,060,868          184,485          582,334,204          234,623,690          94,604          8,626,218  

Corporate Class

        8,315,087          20,224          368,576,267          193,894,082          10,124          10,005  

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

      $ 1.0001        $ 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.

 

27                         Short-Term Investments Trust

Statements of Operations

For the six months ended February 28, 2018

(Unaudited)

 

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

Investment income:

                         

Interest

      $ 11,016,787       $ 2,782,344       $ 152,502,051       $ 171,997,536       $ 7,950,097       $ 1,017,866  

Expenses:

                         

Advisory fees

        1,038,391         294,246         18,484,180         14,169,879         843,473         193,582  

Administrative services fees

        381,775         118,844         4,304,547         4,914,088         363,359         53,832  

Custodian fees

        3,995         5,506         63,739         331,945         2,899         488  

Distribution fees:

                         

Private Investment Class

        10,191         2,724         759,434         600,499         2,913         40,447  

Personal Investment Class

        31         1,668         399,413         43,543         299         3,819  

Cash Management Class

        3,580         445         170,211         96,285         647         10,291  

Reserve Class

        3,649         2,120         1,347,297         1,184,560         164,678         68,708  

Resource Class

        1,235         146         391,772         248,797         75         5,818  

Corporate Class

        1,709         3         59,385         21,709         2         —  

Transfer agent fees

        62,303         17,655         1,109,051         1,470,965         60,045         8,711  

Trustees’ and officers’ fees and benefits

        11,833         12,636         175,506         212,567         18,876         11,592  

Registration and filing fees

        45,173         50,695         73,378         116,679         45,087         51,989  

Reports to shareholders

        29,746         7,818         30,074         39,521         6,028         5,221  

Professional services fees

        31,190         26,385         145,917         115,866         29,398         26,590  

Other

        64,042         30,000         165,297         166,749         23,060         14,919  

Total expenses

        1,688,843         570,891         27,679,201         23,733,652         1,560,839         496,007  

Less: Fees waived

        (422,815 )        (211,259 )        (2,839,649 )        (380,199 )        (273,935 )        (204,538 ) 

Net expenses

        1,266,028         359,632         24,839,552         23,353,453         1,286,904         291,469  

Net investment income

        9,750,759         2,422,712         127,662,499         148,644,083         6,663,193         726,397  

Realized and unrealized gain (loss) from:

                         

Net realized gain (loss) from investment securities

        8,085         1,571         508,617         394,818         19,166         (4,370 ) 

Change in net unrealized appreciation (depreciation) of investment securities

        (88,330 )        (11,112 )        —         —         —         —  

Net increase in net assets resulting from operations

      $ 9,670,514       $ 2,413,171       $ 128,171,116       $ 149,038,901       $ 6,682,359       $ 722,027  

 

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

 

28                         Short-Term Investments Trust

Statements of Changes in Net Assets

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

 

            Invesco Liquid Assets Portfolio           Invesco STIC Prime Portfolio  
         February 28,
2018		     August 31,
2017		           February 28,
2018		     August 31,
2017		  

Operations:

             

Net investment income

      $ 9,750,759     $ 4,871,296       $ 2,422,712     $ 3,235,998  

Net realized gain

        8,085       284,449         1,571       371  

Change in net unrealized appreciation (depreciation)

        (88,330 )      30,918         (11,112 )      9,539  

Net increase in net assets resulting from operations

        9,670,514       5,186,663         2,413,171       3,245,908  

Distributions to shareholders from net investment income:

             

Institutional Class

        (9,578,395 )      (4,489,048 )        (2,403,076 )      (3,118,898 ) 

Private Investment Class

        (33,722 )      (84,531 )        (8,559 )      (18,217 ) 

Personal Investment Class

        (41 )      (1,713 )        (2,094 )      (26,443 ) 

Cash Management Class

        (55,476 )      (138,836 )        (6,413 )      (59,666 ) 

Reserve Class

        (2,220 )      (6,618 )        (1,465 )      (5,654 ) 

Resource Class

        (6,695 )      (8,281 )        (985 )      (6,995 ) 

Corporate Class

        (74,210 )      (142,269 )        (120 )      (125 ) 

Total distributions from net investment income

        (9,750,759 )      (4,871,296 )        (2,422,712 )      (3,235,998 ) 

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

        —       (1,213 )        —       —  

Corporate Class

        —       (67,014 )        —       —  

Total distributions from net realized gains

        —       (3,200,085 )        —       —  

Share transactions–net:

             

Institutional Class

        2,249,521,185       (10,122,727,290 )        (7,250,126 )      (1,183,946,896 ) 

Private Investment Class

        (570,719 )      (234,302,026 )        18,028       (139,216,079 ) 

Personal Investment Class

        4       (29,230,918 )        1,928       (116,863,502 ) 

Cash Management Class

        6,374,743       (242,827,588 )        (86,623 )      (166,722,672 ) 

Reserve Class

        (167,937 )      (99,217,916 )        (31,777 )      (20,973,659 ) 

Resource Class

        (265,872 )      (5,919,518 )        937       (16,683,703 ) 

Corporate Class

        (1,164,553 )      (160,159,887 )        116       11,449  

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

        2,253,726,851       (10,894,385,143 )        (7,347,517 )      (1,644,395,062 ) 

Net increase (decrease) in net assets

        2,253,646,606       (10,897,269,861 )        (7,357,058 )      (1,644,385,152 ) 

Net assets:

             

Beginning of period

        322,659,817       11,219,929,678         428,238,810       2,072,623,962  

End of period*

      $ 2,576,306,423     $ 322,659,817       $ 420,881,752     $ 428,238,810  

* Includes accumulated undistributed net investment income

      $ 125,723     $ 125,723       $ 768,843     $ 768,843  

 

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

 

29                         Short-Term Investments Trust

Statements of Changes in Net Assets—(continued)

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

 

            Invesco Treasury Portfolio           Invesco Government & Agency Portfolio  
         February 28,
2018		     August 31,
2017		           February 28,
2018		     August 31,
2017		  

Operations:

             

Net investment income

      $ 127,662,499     $ 112,926,205       $ 148,644,083     $ 139,006,726  

Net realized gain (loss)

        508,617       39,369         394,818       (531,300 ) 

Net increase in net assets resulting from operations

        128,171,116       112,965,574         149,038,901       138,475,426  

Distributions to shareholders from net investment income:

             

Institutional Class

        (118,310,761 )      (103,892,394 )        (142,980,682 )      (133,552,021 ) 

Private Investment Class

        (1,938,276 )      (1,423,813 )        (1,537,809 )      (1,460,534 ) 

Personal Investment Class

        (382,722 )      (253,848 )        (40,763 )      (41,168 ) 

Cash Management Class

        (2,084,384 )      (1,754,490 )        (1,201,885 )      (705,201 ) 

Reserve Class

        (741,181 )      (324,958 )        (702,464 )      (661,922 ) 

Resource Class

        (2,196,137 )      (1,659,524 )        (1,389,284 )      (1,330,994 ) 

Corporate Class

        (2,009,038 )      (3,617,178 )        (791,196 )      (1,254,886 ) 

Total distributions from net investment income

        (127,662,499 )      (112,926,205 )        (148,644,083 )      (139,006,726 ) 

Share transactions–net:

             

Institutional Class

        1,240,152,310       2,935,444,591         (2,645,710,477 )      16,975,145,658  

Private Investment Class

        55,446,106       14,784,721         (116,955,166 )      169,627,850  

Personal Investment Class

        10,077,226       17,413,815         (12,699,768 )      13,622,071  

Cash Management Class

        (9,879,470 )      75,974,874         96,430,410       18,926,896  

Reserve Class

        32,305,446       91,599,025         153,592,510       (144,921,764 ) 

Resource Class

        105,534,153       (6,111,394 )        (107,521,673 )      246,458,843  

Corporate Class

        (239,228,636 )      (565,402,977 )        (130,544,107 )      8,002,319  

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

        1,194,407,135       2,563,702,655         (2,763,408,271 )      17,286,861,873  

Net increase (decrease) in net assets

        1,194,915,752       2,563,742,024         (2,763,013,453 )      17,286,330,573  

Net assets:

             

Beginning of period

        25,333,788,879       22,770,046,855         29,229,595,200       11,943,264,627  

End of period*

      $ 26,528,704,631     $ 25,333,788,879       $ 26,466,581,747     $ 29,229,595,200  

* Includes accumulated undistributed net investment income

      $ 445,995     $ 445,995       $ 208,988     $ 208,988  

 

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

 

30                         Short-Term Investments Trust

Statements of Changes in Net Assets—(continued)

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

 

            Invesco Treasury Obligations
Portfolio		           Invesco Tax-Free Cash Reserve
Portfolio		  
         February 28,
2018		     August 31,
2017		           February 28,
2018		     August 31,
2017		  

Operations:

             

Net investment income

      $ 6,663,193     $ 5,625,681       $ 726,397     $ 978,198  

Net realized gain (loss)

        19,166       (69,048 )        (4,370 )      (14,722 ) 

Net increase in net assets resulting from operations

        6,682,359       5,556,633         722,027       963,476  

Distributions to shareholders from net investment income:

             

Institutional Class

        (6,549,109 )      (5,499,185 )        (469,501 )      (638,667 ) 

Private Investment Class

        (8,553 )      (6,562 )        (100,490 )      (82,433 ) 

Personal Investment Class

        (303 )      (821 )        (2,768 )      (6,683 ) 

Cash Management Class

        (7,663 )      (6,763 )        (97,555 )      (164,964 ) 

Reserve Class

        (97,108 )      (111,357 )        (30,206 )      (71,643 ) 

Resource Class

        (407 )      (601 )        (25,867 )      (13,707 ) 

Corporate Class

        (50 )      (392 )        (10 )      (101 ) 

Total distributions from net investment income

        (6,663,193 )      (5,625,681 )        (726,397 )      (978,198 ) 

Share transactions–net:

             

Institutional Class

        22,269,267       1,185,273,759         2,051,387       (339,954,549 ) 

Private Investment Class

        (1,964,788 )      (2,936,998 )        9,977,201       2,881,656  

Personal Investment Class

        22,388       (2,559,557 )        (1,995,769 )      (390,938 ) 

Cash Management Class

        336       (29,769,108 )        (3,491,496 )      (3,056,555 ) 

Reserve Class

        6,301,235       (1,007,763 )        3,723,349       (7,877,273 ) 

Resource Class

        422       (99,477 )        2,628,012       3,587,633  

Corporate Class

        47       (2,933,744 )        10,004       (32,063 ) 

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

        26,628,907       1,145,967,112         12,902,688       (344,842,089 ) 

Net increase (decrease) in net assets

        26,648,073       1,145,898,064         12,898,318       (344,856,811 ) 

Net assets:

             

Beginning of period

        1,346,988,631       201,090,567         187,448,507       532,305,318  

End of period*

      $ 1,373,636,704     $ 1,346,988,631       $ 200,346,825     $ 187,448,507  

* Includes accumulated undistributed net investment income

      $ (12,543 )    $ (12,543 )      $ (104,955 )    $ (104,955 ) 

Notes to Financial Statements

February 28, 2018

(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 Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio (collectively, the “Funds”) (formerly Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio and Tax-Free Cash Reserve Portfolio). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.

The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio; and to provide tax-exempt income consistent with preservation of capital and liquidity for Invesco Tax-Free Cash Reserve Portfolio.

Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies.

 

31                         Short-Term Investments Trust

On October 12, 2016, pursuant to new rules and regulations effective October 14, 2016, Invesco Liquid Assets Portfolio and Invesco 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 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 Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).

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

Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Invesco Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, 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.

Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, and Invesco Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, and Invesco Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.

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

A. Security Valuations — Invesco Liquid Asset Portfolio’s and Invesco STIC Prime Portfolio’s securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

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

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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,

 

32                         Short-Term Investments Trust

  the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D. Distributions — It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually.
E. Federal Income Taxes — The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, Invesco Tax-Free Cash Reserve Portfolio intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative net assets.
G. Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, 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.

U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.

 

33                         Short-Term Investments Trust

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:

 

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

Invesco Liquid Assets Portfolio

     0.15%          0.15%          0.15%  

Invesco STIC Prime Portfolio

     0.15%          0.15%          0.15%  

Invesco Treasury Portfolio

     0.15%          0.15%          0.15%  

Invesco Government & Agency Portfolio

     0.10%          0.10%          0.10%  

Invesco Treasury Obligations Portfolio

     0.20%          0.15%          0.10%  

Invesco Tax-Free Cash Reserve Portfolio

     0.20%          0.20%          0.20%  

For the six months ended February 28, 2018, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:

 

Invesco Liquid Assets Portfolio

     0.15%  

Invesco STIC Prime Portfolio

     0.15%  

Invesco Treasury Portfolio

     0.15%  

Invesco Government & Agency Portfolio

     0.10%  

Invesco Treasury Obligations Portfolio

     0.13%  

Invesco Tax-Free Cash Reserve Portfolio

     0.20%  

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, for Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, separate sub-advisory agreements with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

The Adviser has contractually agreed, through at least December 31, 2018, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):

 

     Institutional
Class		      Private
Investment
Class		      Personal
Investment
Class		      Cash
Management
Class		      Reserve
Class		      Resource
Class		      Corporate
Class		  

Invesco Liquid Assets Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.38 %       0.21 % 

Invesco STIC Prime Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Treasury Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Government & Agency Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Treasury Obligations Portfolio

     0.18 %       0.43 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Tax-Free Cash Reserve Portfolio

     0.20 %       0.45 %       0.75 %       0.28 %       1.07 %       0.36 %       0.23 % 

The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Invesco 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

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.

 

34                         Short-Term Investments Trust

For the six months ended February 28, 2018, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:

 

     Expense
Limitation		        Yield
Waivers		  

Invesco Liquid Assets Portfolio

   $ 422,362        $ —  

Invesco STIC Prime Portfolio

     210,685          —  

Invesco Treasury Portfolio

     2,371,330          —  

Invesco Government & Agency Portfolio

     —          —  

Invesco Treasury Obligations Portfolio

     208,699          —  

Invesco Tax-Free Cash Reserve Portfolio

     172,374          —  

Voluntary fee waivers for the six months ended February 28, 2018 are shown below:

 

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

Invesco Liquid Assets Portfolio

   $ —        $ —        $ —        $ 453        $ —        $ —  

Invesco STIC Prime Portfolio

     —          3          —          571          —          —  

Invesco Treasury Portfolio

     —          16,362          —          451,957          —          —  

Invesco Government & Agency Portfolio

     —          2,465          —          377,734          —          —  

Invesco Treasury Obligations Portfolio

     —          25          —          65,211          —          —  

Invesco Tax-Free Cash Reserve Portfolio

     —          1,033          —          31,131          —          —  

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, 2018, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees.

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, 2018, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.

Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.

 

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

Invesco Liquid Assets Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.20 %       0.03 % 

Invesco STIC Prime Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Treasury Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Government & Agency Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Treasury Obligations Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Tax-Free Cash Reserve Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.

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

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to 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.

 

35                         Short-Term Investments Trust

As of February 28, 2018, 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.

Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended February 28, 2018, there were no material transfers between valuation levels.

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, 2018, each Fund engaged in transactions with affiliates as listed below:

 

     Securities Purchases        Securities Sales        Net Realized Gains  

Invesco Liquid Assets Portfolio

   $ 79,891,007        $ 80,918,865        $ 0  

Invesco STIC Prime Portfolio

     27,262,215          51,275,067          0  

Invesco Government & Agency Portfolio

     10,879,508          0          0  

Invesco Tax-Free Cash Reserve Portfolio

     96,952,920          84,223,004          0  

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.

 

36                         Short-Term Investments Trust

The Funds below had a capital loss carryforward as of August 31, 2017, which expires as follows:

 

    Short-Term        Not Subject to
Expiration		           
Fund   2018        2019             Total*  

Invesco Liquid Assets Portfolio

   $ —        $ —        $ —        $ —  

Invesco STIC Prime Portfolio

     —          —          —          —  

Invesco Treasury Portfolio

     —          —          266,972          266,972  

Invesco Government & Agency Portfolio

     —          —          531,300          531,300  

Invesco Treasury Obligations Portfolio

     —          —          61,535          61,535  

Invesco Tax-Free Cash Reserve Portfolio

     8,740          30,074          14,721          53,535  

 

* 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 Transactions

The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:

 

    At February 28, 2018  
     Federal Tax
Cost*		        Unrealized
Appreciation		        Unrealized
(Depreciation)		        Net Unrealized
Appreciation
(Depreciation)		  

Invesco Treasury Obligations Portfolio

   $ 1,514,192,867        $ —        $ (10,673 )       $ (10,673 ) 

 

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

NOTE 9—Share Information

Invesco Liquid Assets Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017(b)		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     6,098,292,161      $ 6,099,222,676        8,846,205,589      $ 8,846,379,006  

Private Investment Class

     100,828        100,848        73,675,959        73,675,968  

Personal Investment Class

     —        —        8,382,621        8,382,870  

Cash Management Class

     23,866,792        23,869,986        352,257,569        352,272,331  

Reserve Class

     27,958        27,964        3,766,999        3,767,196  

Resource Class

     —        —        132,559        132,558  

Corporate Class

     31,435,900        31,441,187        244,330,733        244,348,194  

Issued as reinvestment of dividends:

           

Institutional Class

     735,033        735,171        4,398,518        4,398,873  

Private Investment Class

     27,730        27,735        43,468        43,475  

Personal Investment Class

     3        4        1,713        1,713  

Cash Management Class

     34,494        34,500        93,656        93,666  

Reserve Class

     2,188        2,188        6,617        6,618  

Resource Class

     6,634        6,635        8,279        8,281  

Corporate Class

     56,917        56,928        142,251        142,269  

Reacquired:

           

Institutional Class

     (3,849,837,505 )       (3,850,436,662 )       (18,973,148,113 )       (18,973,505,169 ) 

Private Investment Class

     (699,204 )       (699,302 )       (308,001,404 )       (308,021,469 ) 

Personal Investment Class

     —        —        (37,614,403 )       (37,615,501 ) 

Cash Management Class

     (17,527,274 )       (17,529,743 )       (595,177,024 )       (595,193,585 ) 

Reserve Class

     (198,056 )       (198,089 )       (102,991,361 )       (102,991,730 ) 

Resource Class

     (272,453 )       (272,507 )       (6,060,265 )       (6,060,357 ) 

Corporate Class

     (32,658,671 )       (32,662,668 )       (404,609,206 )       (404,650,350 ) 

Net increase (decrease) in share activity

     2,253,393,475      $ 2,253,726,851        (10,894,155,245 )     $ (10,894,385,143 ) 

 

(a)  90% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
(b)  Effective October 12, 2016, Invesco Liquid Assets Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

37                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco STIC Prime Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017(b)		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     671,033,784      $ 671,033,402        1,181,673,896      $ 1,181,705,357  

Private Investment Class

     106,000        106,004        32,477,987        32,477,991  

Personal Investment Class

     —        —        118,187,308        118,187,309  

Cash Management Class

     408,572        408,574        132,025,201        132,025,203  

Reserve Class

     5        5        12,104,481        12,104,533  

Resource Class

     —        —        54,163,813        54,163,819  

Corporate Class

     —        —        23,501        23,503  

Issued as reinvestment of dividends:

           

Institutional Class

     1,185,345        1,185,326        1,319,248        1,319,283  

Private Investment Class

     8,153        8,153        12,756        12,757  

Personal Investment Class

     1,955        1,955        16,252        16,252  

Cash Management Class

     4,156        4,156        59,666        59,666  

Reserve Class

     1,444        1,444        5,653        5,654  

Resource Class

     937        937        6,994        6,995  

Corporate Class

     116        116        126        125  

Reacquired:

           

Institutional Class

     (679,472,584 )       (679,468,854 )       (2,366,923,911 )       (2,366,971,536 ) 

Private Investment Class

     (96,129 )       (96,129 )       (171,705,890 )       (171,706,827 ) 

Personal Investment Class

     (27 )       (27 )       (235,067,018 )       (235,067,063 ) 

Cash Management Class

     (499,353 )       (499,353 )       (298,807,504 )       (298,807,541 ) 

Reserve Class

     (33,226 )       (33,226 )       (33,083,675 )       (33,083,846 ) 

Resource Class

     —        —        (70,853,614 )       (70,854,517 ) 

Corporate Class

     —        —        (12,179 )       (12,179 ) 

Net increase (decrease) in share activity

     (7,350,852 )     $ (7,347,517 )       (1,644,376,909 )     $ (1,644,395,062 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 95% 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, Invesco STIC Prime Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

38                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco Treasury Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     83,870,920,011      $ 83,870,920,011        104,978,321,526      $ 104,978,321,526  

Private Investment Class

     679,734,166        679,734,166        1,389,145,628        1,389,145,628  

Personal Investment Class

     505,175,240        505,175,240        959,511,379        959,511,379  

Cash Management Class

     1,643,623,471        1,643,623,471        2,685,419,118        2,685,419,118  

Reserve Class

     410,729,899        410,729,899        386,663,928        386,663,928  

Resource Class

     440,940,439        440,940,439        575,122,878        575,122,878  

Corporate Class

     2,212,293,713        2,212,293,713        9,826,990,863        9,826,990,863  

Issued as reinvestment of dividends:

           

Institutional Class

     23,836,828        23,836,828        16,234,515        16,234,515  

Private Investment Class

     248,510        248,510        249,491        249,491  

Personal Investment Class

     340,891        340,891        202,723        202,723  

Cash Management Class

     1,698,617        1,698,617        1,178,232        1,178,232  

Reserve Class

     651,740        651,740        254,629        254,629  

Resource Class

     504,629        504,629        346,994        346,994  

Corporate Class

     1,725,825        1,725,825        2,990,987        2,990,987  

Reacquired:

           

Institutional Class

     (82,654,604,529 )       (82,654,604,529 )       (102,059,111,450 )       (102,059,111,450 ) 

Private Investment Class

     (624,536,570 )       (624,536,570 )       (1,374,610,398 )       (1,374,610,398 ) 

Personal Investment Class

     (495,438,905 )       (495,438,905 )       (942,300,287 )       (942,300,287 ) 

Cash Management Class

     (1,655,201,558 )       (1,655,201,558 )       (2,610,622,476 )       (2,610,622,476 ) 

Reserve Class

     (379,076,193 )       (379,076,193 )       (295,319,532 )       (295,319,532 ) 

Resource Class

     (335,910,915 )       (335,910,915 )       (581,581,266 )       (581,581,266 ) 

Corporate Class

     (2,453,248,174 )       (2,453,248,174 )       (10,395,384,827 )       (10,395,384,827 ) 

Net increase in share activity

     1,194,407,135      $ 1,194,407,135        2,563,702,655      $ 2,563,702,655  

 

(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, 15% 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)

Invesco Government & Agency Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     124,484,185,519      $ 124,484,185,519        208,396,167,421      $ 208,396,167,421  

Private Investment Class

     708,079,249        708,079,249        1,423,015,874        1,423,015,874  

Personal Investment Class

     13,087,606        13,087,606        72,491,907        72,491,907  

Cash Management Class

     618,043,130        618,043,130        936,923,184        936,923,184  

Reserve Class

     586,521,963        586,521,963        850,197,770        850,197,770  

Resource Class

     1,220,430,797        1,220,430,797        2,809,077,121        2,809,077,121  

Corporate Class

     1,168,124,291        1,168,124,291        4,691,887,919        4,691,887,919  

Issued as reinvestment of dividends:

           

Institutional Class

     27,926,219        27,926,219        19,317,518        19,317,518  

Private Investment Class

     500,392        500,392        318,477        318,477  

Personal Investment Class

     23,820        23,820        12,576        12,576  

Cash Management Class

     806,065        806,065        418,891        418,891  

Reserve Class

     573,192        573,192        513,904        513,904  

Resource Class

     1,045,321        1,045,321        796,073        796,073  

Corporate Class

     318,197        318,197        795,308        795,308  

Reacquired:

           

Institutional Class

     (127,157,822,215 )       (127,157,822,215 )       (191,440,339,281 )       (191,440,339,281 ) 

Private Investment Class

     (825,534,807 )       (825,534,807 )       (1,253,706,501 )       (1,253,706,501 ) 

Personal Investment Class

     (25,811,194 )       (25,811,194 )       (58,882,412 )       (58,882,412 ) 

Cash Management Class

     (522,418,785 )       (522,418,785 )       (918,415,179 )       (918,415,179 ) 

Reserve Class

     (433,502,645 )       (433,502,645 )       (995,633,438 )       (995,633,438 ) 

Resource Class

     (1,328,997,791 )       (1,328,997,791 )       (2,563,414,351 )       (2,563,414,351 ) 

Corporate Class

     (1,298,986,595 )       (1,298,986,595 )       (4,684,680,908 )       (4,684,680,908 ) 

Net increase (decrease) in share activity

     (2,763,408,271 )     $ (2,763,408,271 )       17,286,861,873      $ 17,286,861,873  

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 24% of the outstanding shares of the Fund. 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, 16% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

40                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco Treasury Obligations Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     569,994,076      $ 569,994,076        1,882,109,152      $ 1,882,109,152  

Private Investment Class

     154,318        154,318        10,041,615        10,041,615  

Personal Investment Class

     1,263,767        1,263,767        2,009,181        2,009,181  

Cash Management Class

     1,610,000        1,610,000        7,657        7,657  

Reserve Class

     42,740,773        42,740,773        140,006,781        140,006,781  

Resource Class

     422        422        94,706        94,706  

Corporate Class

     —        —        659,929        659,929  

Issued as reinvestment of dividends:

           

Institutional Class

     138,972        138,972        116,704        116,704  

Private Investment Class

     8,812        8,812        4,830        4,830  

Personal Investment Class

     3        3        6,763        6,763  

Cash Management Class

     7,229        7,229        89,662        89,662  

Reserve Class

     90,443        90,443        —        —  

Corporate Class

     47        47        299        299  

Reacquired:

           

Institutional Class

     (547,863,781 )       (547,863,781 )       (696,952,097 )       (696,952,097 ) 

Private Investment Class

     (2,127,918 )       (2,127,918 )       (12,983,443 )       (12,983,443 ) 

Personal Investment Class

     (1,241,382 )       (1,241,382 )       (4,568,738 )       (4,568,738 ) 

Cash Management Class

     (1,616,893 )       (1,616,893 )       (29,783,528 )       (29,783,528 ) 

Reserve Class

     (36,529,981 )       (36,529,981 )       (141,104,206 )       (141,104,206 ) 

Resource Class

     —        —        (194,183 )       (194,183 ) 

Corporate Class

     —        —        (3,593,972 )       (3,593,972 ) 

Net increase in share activity

     26,628,907      $ 26,628,907        1,145,967,112      $ 1,145,967,112  

 

(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 6% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.
         In addition, 86% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

41                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco Tax-Free Cash Reserve Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     59,262,860      $ 59,262,860        216,245,353      $ 216,245,353  

Private Investment Class

     45,477,298        45,477,298        49,632,970        49,632,970  

Personal Investment Class

     10,391        10,391        2,005,100        2,005,100  

Cash Management Class

     3,192,742        3,192,742        45,537,104        45,537,104  

Reserve Class

     37,083,918        37,083,918        111,932,405        111,932,405  

Resource Class

     4,550,024        4,550,024        4,058,371        4,058,371  

Corporate Class

     10,000        10,000        32,101        32,101  

Issued as reinvestment of dividends:

           

Institutional Class

     221,438        221,438        221,692        221,692  

Private Investment Class

     83,737        83,737        68,844        68,844  

Personal Investment Class

     2,768        2,768        5,772        5,772  

Cash Management Class

     79,721        79,721        134,904        134,904  

Reserve Class

     27,866        27,866        64,807        64,807  

Resource Class

     22,290        22,290        11,483        11,483  

Corporate Class

     4        4        97        97  

Reacquired:

           

Institutional Class

     (57,432,911 )       (57,432,911 )       (556,421,594 )       (556,421,594 ) 

Private Investment Class

     (35,583,834 )       (35,583,834 )       (46,820,158 )       (46,820,158 ) 

Personal Investment Class

     (2,008,928 )       (2,008,928 )       (2,401,810 )       (2,401,810 ) 

Cash Management Class

     (6,763,959 )       (6,763,959 )       (48,728,563 )       (48,728,563 ) 

Reserve Class

     (33,388,435 )       (33,388,435 )       (119,874,485 )       (119,874,485 ) 

Resource Class

     (1,944,302 )       (1,944,302 )       (482,221 )       (482,221 ) 

Corporate Class

     —        —        (64,261 )       (64,261 ) 

Net increase (decrease) in share activity

     12,902,688      $ 12,902,688        (344,842,089 )     $ (344,842,089 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 91% of the outstanding shares of the Fund. 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.

 

42                         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		  

Invesco Liquid Assets Portfolio

 

Six months ended 02/28/18

   $ 1.0002     $ 0.0069     $ (0.0007 )    $ 0.0062     $ (0.0063 )    $ —     $ (0.0063 )    $ 1.0001       0.62 %    $ 8,316       0.21 %(c)      0.27 %(c)      1.38 %(c) 

Year ended 08/31/17

     1.00       0.0048       0.0036       0.0084       (0.0077 )      (0.0005 )      (0.0082 )      1.0002       0.81       9,483       0.21       0.29       0.48  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.30       169,660       0.18       0.21       0.31  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.05       1,054,301       0.17       0.20       0.05  

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  

Invesco STIC Prime Portfolio

 

Six months ended 02/28/18

     1.0000       0.0060       (0.0000 )      0.0060       (0.0060 )      —       (0.0060 )      1.0000       0.60       20       0.21 (c)      0.32 (c)      1.21 (c) 

Year ended 08/31/17

     1.00       0.0059       0.0007       0.0066       (0.0066 )      —       (0.0066 )      1.0000       0.66       20       0.21       0.30       0.59  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.24       9       0.17       0.23       0.23  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.04       77,043       0.07       0.22       0.10  

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  

Invesco Treasury Portfolio

 

Six months ended 02/28/18

     1.00       0.01       0.00       0.01       (0.01 )      —       (0.01 )      1.00       0.51       368,596       0.21 (c)      0.23 (c)      1.03 (c) 

Year ended 08/31/17

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.49       607,827       0.21       0.23       0.49  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.14       1,173,253       0.17       0.21       0.14  

Year ended 08/31/15

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.01       1,770,653       0.06       0.20       0.02  

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  

Invesco Government & Agency Portfolio

 

Six months ended 02/28/18

     1.00       0.01       0.00       0.01       (0.01 )      —       (0.01 )      1.00       0.52       193,896       0.18 (c)      0.18 (c)      1.03 (c) 

Year ended 08/31/17

     1.00       0.01       (0.00 )      0.01       (0.01 )      —       (0.01 )      1.00       0.53       324,437       0.18       0.18       0.55  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.17       316,444       0.16       0.18       0.17  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.02       631,189       0.08       0.16       0.02  

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  

Invesco Treasury Obligations Portfolio

 

Six months ended 02/28/18

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.49       10       0.21 (c)      0.24 (c)      1.00 (c) 

Year ended 08/31/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.41       10       0.21       0.25       0.45  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.11       2,948       0.14       0.39       0.11  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.02       28,019       0.00       0.36       0.08  

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  

Invesco Tax-Free Cash Reserve Portfolio

 

Six months ended 02/28/18

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.41       10       0.23 (c)      0.41 (c)      0.82 (c) 

Year ended 08/31/17

     1.00       0.01       (0.00 )      0.01       (0.01 )      —       (0.01 )      1.00       0.54       0       0.23       0.40       0.53  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.08       32       0.10       0.34       0.12  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.01       26,479       0.03       0.34       0.04  

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  

 

(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 $11,487, $20, $399,179, $145,924, $10 and $2 for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, respectively.

 

43                         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, 2017 through February 28, 2018.

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
(09/01/17)		      ACTUAL     

HYPOTHETICAL

(5% annual return before
expenses)

      Annualized
Expense
Ratio		  
      Ending
Account Value
(02/28/18)1		      Expenses
Paid During
Period2		     

Ending

Account Value
(02/28/18)

      Expenses
Paid During
Period2		     

Invesco Liquid Assets Portfolio

    $ 1,000.00      $ 1,006.20      $ 1.04      $ 1,023.75      $ 1.05        0.21 % 

Invesco STIC Prime Portfolio

      1,000.00        1,006.00        1.04        1,023.75        1.05        0.21  

Invesco Treasury Portfolio

      1,000.00        1,005.10        1.04        1,023.75        1.05        0.21  

Invesco Government & Agency Portfolio

      1,000.00        1,005.20        0.89        1,023.90        0.90        0.18  

Invesco Treasury Obligations Portfolio

      1,000.00        1,004.90        1.04        1,023.75        1.05        0.21  

Invesco Tax-Free Cash Reserve Portfolio

      1,000.00        1,004.10        1.14        1,023.65        1.15        0.23  

 

1  The actual ending account value is based on the actual total return of the Funds for the period September 1, 2017, through February 28, 2018, 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.

 

44                         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        04262018    0809

  

 

LOGO

  

Semiannual Report to Shareholders

 

   

February 28, 2018

 

  

 

Institutional Class

Short-Term Investments Trust (STIT)

Invesco Liquid Assets Portfolio

Invesco STIC Prime Portfolio

Invesco Treasury Portfolio

Invesco Government & Agency Portfolio

Invesco Treasury Obligations Portfolio

Invesco Tax-Free Cash Reserve Portfolio

Effective December 15, 2017, Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio and Tax-Free Cash Reserve Portfolio were renamed Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, respectively.

  

 

 

LOGO

 

  

 

  

 

2

     

 

Fund Data

  

 

3

     

 

Letters to Shareholders

  

 

4

     

 

Schedule of Investments

  

 

26

     

 

Financial Statements

  

31

 

     

 

Notes to Financial Statements

  

43

 

     

 

Financial Highlights

  

44

 

     

 

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, 2018, 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 2/28/18

 

  FUND     

WEIGHTED

AVERAGE

MATURITY

    

WEIGHTED

AVERAGE

LIFE

   

TOTAL

NET

ASSETS

       Range
During
Reporting
Period		        At
Reporting
Period
End		           

Invesco Liquid Assets1

        10 - 37 days          18 days     67 days    $2.5 billion      

Invesco STIC Prime1

        11 - 19 days          11 days     12 days    416.7 million      

Invesco Treasury2

        10 - 31 days          30 days     84 days    24.0 billion      

Invesco Government & Agency2

        16 - 25 days          23 days     106 days    25.0 billion      

Invesco Treasury Obligations2

        33 - 51 days          36 days     103 days    1.3 billion      

Invesco Tax-Free Cash Reserve3

        16 - 31 days          16 days     16 days    112.9 million      

 

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

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

 

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

 

 

 

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:

This semiannual report covers the six-month reporting period ended February 28, 2018. As always, we thank you for investing with us. By investing in a combination of short-term securities and securities with slightly longer maturities, each Fund continued to preserve safety of principal and maintain a relatively high level of liquidity while offering competitive returns.

    The US Federal Reserve (the Fed) raised interest rates by 0.25% in December 2017, bringing the key fed funds target rate to a range of 1.25% to 1.50% as of February 28, 2018.1 The December increase was the latest in a series of interest rate increases the Fed implemented in response to a moderately expanding US economy and relatively benign inflation levels. These increases benefited money market investors. At the close of the reporting period, additional Fed rate increases were widely expected later in 2018 – potentially faster than previously expected.

Most major central banks around the world continued to maintain interest rates at, near or below zero in an effort to spur economic growth and inflation.

    In early February, Jerome Powell assumed the chairmanship of the Fed. Powell, a member of the Fed’s board of governors since 2012, is largely expected to stay the course with regard to monetary policy as he largely voted in line with former Fed Chair Janet Yellen during her years leading the Fed.

    Invesco Global Liquidity is part of Invesco Ltd., one of the world’s largest independent asset management companies. Invesco Global Liquidity takes a long-term approach to short-term investing. Our vision is grounded in our rigorous investment philosophy, high-quality products and tradition of excellent client service. Our unrelenting focus on preservation of capital, daily liquidity and competitive yield is implemented through repeatable, time-tested processes.

    Again, 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, 2018

(Unaudited)

Invesco Liquid Assets Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  

Commercial Paper–44.78%(a)

          
Asset-Backed Securities — Fully Supported–5.91%          

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

     1.76 %      04/03/2018      $ 75,000      $ 74,878,028  

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

     1.83 %      04/23/2018        20,000        19,943,090  

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

     1.42 %      03/01/2018        2,500        2,499,899  

Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.) (1 mo. USD LIBOR + 0.21%)(b)(c)(d)

     1.80 %      05/21/2018        5,000        5,002,088  

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

     1.81 %      03/15/2018        50,000        49,967,815  
                                152,290,920  
Asset-Backed Securities — Fully Supported Bank–14.81%          

Anglesea Funding LLC (Multi–CEP’s) (1 mo. USD LIBOR + 0.27%)(c)(d)

     1.85 %      06/29/2018        25,000        25,000,323  

Anglesea Funding LLC (Multi–CEP’s) (1 mo. USD LIBOR + 0.27%)(b)(c)(d)

     1.85 %      06/04/2018        60,000        60,000,702  

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

     1.81 %      03/20/2018        50,000        49,956,610  

Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC)

     1.93 %      06/14/2018        70,000        69,560,778  

Ebury Finance LLC (Multi–CEP’s)(b)(c)

     1.45 %      03/01/2018        30,000        29,998,758  

Gotham Funding Corp. (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(b)(c)

     1.84 %      03/22/2018        30,000        29,970,648  

Halkin Finance LLC (Multi–CEP’s)(b)(c)

     1.45 %      03/01/2018        40,000        39,998,344  

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

     1.54 %      03/06/2018        55,000        54,986,151  

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

     1.71 %      03/05/2018        22,000        21,995,395  
                                381,467,709  
Asset-Backed Securities — Multi-Purpose–3.29%          

CRC Funding, LLC(b)

     1.81 %      05/11/2018        5,000        4,980,750  

Nieuw Amsterdam Receivables Corp.(b)(c)

     1.82 %      05/09/2018        35,000        34,865,590  

Nieuw Amsterdam Receivables Corp.(b)(c)

     1.83 %      04/11/2018        45,000        44,904,186  
                                84,750,526  
Consumer Finance–0.10%          

Toyota Motor Credit Corp. (1 mo. USD LIBOR + 0.20%)(c)(d)

     1.78 %      05/04/2018        2,500        2,501,075  
Diversified Banks–11.71%          

Bank of Nova Scotia(b)(c)

     1.81 %      04/02/2018        50,000        49,926,115  

Commonwealth Bank of Australia (1 mo. USD LIBOR + 0.22%)(b)(c)(d)

     1.80 %      12/07/2018        50,000        49,989,035  

DBS Bank Ltd.(b)(c)

     2.01 %      05/21/2018        45,000        44,796,744  

First Abu Dhabi Bank PJSC(b)(c)

     1.50 %      03/02/2018        60,000        59,995,032  

J.P. Morgan Securities LLC

     1.88 %      06/01/2018        5,000        4,973,043  

Oversea-Chinese Banking Corp. Ltd. (1 mo. USD LIBOR + 0.15%)(b)(c)(d)

     1.74 %      05/18/2018        12,000        12,003,536  

Toronto-Dominion Bank (The)(b)(c)

     1.76 %      03/22/2018        50,000        49,952,580  

Toronto-Dominion Bank (The) (1 mo. USD LIBOR + 0.23%)(b)(c)(d)

     1.88 %      11/30/2018        30,000        29,995,050  
                                301,631,135  
Diversified Capital Markets–2.33%          

UBS AG (1 mo. USD LIBOR + 0.33%)(b)(c)(d)

     1.91 %      01/02/2019        30,000        30,016,650  

UBS AG (1 mo. USD LIBOR + 0.33%)(b)(c)(d)

     1.91 %      12/28/2018        30,000        30,016,506  
                                60,033,156  
Other Diversified Financial Services–0.30%          

ABN AMRO Funding USA LLC(b)(c)

     1.54 %      03/06/2018        7,625        7,623,043  

 

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

 

4                         Short-Term Investments Trust

Invesco Liquid Assets Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  
Regional Banks–2.46%          

Banque et Caisse d’Epargne de l’Etat(c)

     1.86 %      06/01/2018      $ 33,750      $ 33,583,211  

Banque et Caisse d’Epargne de l’Etat(c)

     1.87 %      06/11/2018        30,000        29,833,482  
                                63,416,693  
Specialized Finance–3.87%          

Caisse des Depots et Consignations(b)(c)

     1.81 %      03/01/2018        50,000        49,998,100  

Nederlandse Waterschapsbank N.V.(b)(c)

     1.78 %      05/02/2018        50,000        49,841,275  
                                99,839,375  

Total Commercial Paper (Cost $1,153,614,060)

                               1,153,553,632  

Certificates of Deposit–24.16%

          

Bank of Montreal(c)

     1.75 %      03/20/2018        20,000        20,001,246  

Bank of Montreal (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      12/07/2018        25,000        24,996,848  

Bank of Nova Scotia (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      12/11/2018        50,000        49,993,910  

China Construction Bank Corp.(c)

     1.77 %      03/08/2018        25,000        25,000,750  

China Construction Bank Corp.(c)

     1.77 %      03/09/2018        20,000        20,000,648  

China Construction Bank Corp.(c)

     1.82 %      03/26/2018        45,000        45,002,560  

KBC Bank N.V. (Belgium)(c)

     1.80 %      03/06/2018        25,000        24,993,168  

KBC Bank N.V. (Belgium)(c)

     1.80 %      04/19/2018        25,000        24,999,181  

Mitsubishi UFJ Trust & Banking Corp. (1 mo. USD LIBOR + 0.20%)(c)(d)

     1.85 %      05/30/2018        20,000        20,007,510  

Mitsubishi UFJ Trust & Banking Corp. (1 mo. USD LIBOR + 0.22%)(c)(d)

     1.79 %      06/01/2018        7,500        7,503,342  

Mizuho Bank, Ltd.(c)

     1.40 %      03/01/2018        85,000        85,000,000  

Mizuho Bank, Ltd.(c)

     1.45 %      03/06/2018        35,000        34,999,772  

Royal Bank of Canada (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      12/07/2018        50,000        49,992,785  

Sumitomo Mitsui Trust Bank Ltd.(c)

     1.43 %      03/02/2018        70,000        70,000,021  

Wells Fargo Bank, N.A. (1 mo. USD LIBOR + 0.24%)(d)

     1.82 %      12/05/2018        50,000        49,999,640  

Wells Fargo Bank, N.A. (1 mo. USD LIBOR + 0.25%)(d)

     1.83 %      01/04/2019        10,000        9,999,706  

Wells Fargo Bank, N.A. (3 mo. USD LIBOR + 0.15%)(d)

     1.89 %      01/18/2019        10,000        10,017,386  

Westpac Banking Corp. (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      01/08/2019        50,000        49,988,630  

Total Certificates of Deposit (Cost $622,494,088)

                               622,497,103  

Variable Rate Demand Notes–5.17%(e)

          
Credit Enhanced–5.17%          

Blair (County of), Pennsylvania IDA (Altoona-Blair County Development Corp.); Series 2008, Ref. VRD RB (LOC–PNC Bank, N.A.)(f)

     1.50 %      10/01/2028        8,625        8,625,000  

Derry (Township of), Pennsylvania Industrial & Commercial Development Authority (GIANT Center); Series 2001, VRD Facility Taxable RB (LOC–PNC Bank, N.A.)(f)

     1.50 %      11/01/2030        2,220        2,220,000  

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

     1.70 %      04/01/2047        9,500        9,499,999  

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

     1.51 %      05/01/2037        2,900        2,900,000  

New York (State of) Housing Finance Agency (222 East 44th Street Housing);
Series 2016, VRD RB (LOC–Bank of China Ltd.)(f)

     1.52 %      05/01/2050        11,035        11,035,000  

New York (State of) Housing Finance Agency (222 East 44th Street Housing);
Series 2017 A, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      05/01/2050        15,000        15,000,000  

New York (State of) Housing Finance Agency (572 11th Ave.); Series 2017 A, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      11/01/2049        20,500        20,500,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);
Series 2015 B-1, VRD Taxable RB (LOC–Bank of China Ltd.)(f)

     1.75 %      11/01/2049        5,000        5,000,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);
Series 2016 B-1, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      11/01/2049        5,340        5,340,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);
Series 2016 B-2, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      11/01/2049        1,500        1,500,000  

 

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

 

5                         Short-Term Investments Trust

Invesco Liquid Assets Portfolio

 

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

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

     1.65 %      07/01/2040      $ 1,660      $ 1,660,000  

University of Texas System Board of Regents; Series 2016 G-1, VRD Financing System RB

     1.50 %      08/01/2045        50,000        50,000,000  

Total Variable Rate Demand Notes (Cost $133,279,999)

                               133,279,999  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)–74.11% (Cost $1,909,388,147)

                               1,909,330,734  
                 Repurchase
Amount		         

Repurchase Agreements–25.98%(g)

          

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $9,000,380 (collateralized by a U.S. Treasury obligation and a foreign corporate obligation valued at $9,180,070; 1.25%-1.75%; 07/26/2019-12/31/2020)(c)

     1.52 %      03/01/2018        9,000,380        9,000,000  

BMO Capital Markets Corp., agreement dated 02/28/2018, maturing value of $45,001,900 (collateralized by U.S. government sponsored agency obligations and domestic and foreign corporate obligations valued at $47,566,190;
0%-9.70%; 04/17/2018-07/22/2028)(c)

     1.52 %      03/01/2018        45,001,900        45,000,000  

BMO Capital Markets Corp., term agreement dated 01/03/2018, maturing value of $30,080,317 (collateralized by domestic and foreign corporate obligations valued at $32,093,218; 1.45%-10.00%; 05/14/2018-12/15/2032)(c)(h)

     1.58 %      03/05/2018        30,080,317        30,000,000  

Citigroup Global Markets, Inc., joint open agreement dated 12/21/2017 (collateralized by U.S. Treasury obligations, domestic and foreign agency mortgage-backed securities and a foreign corporate obligation valued at $100,980,182;
1.63%-8.50%; 11/30/2020-12/25/2035)(i)

     2.48 %      —        —        56,500,000  

Credit Agricole Corporate & Investment Bank, joint agreement dated 02/28/2018, aggregate maturing value of $247,009,400 (collateralized by U.S. Treasury obligations valued at $251,940,215; 1.63%; 05/15/2026)

     1.37 %      03/01/2018        37,892,137        37,890,695  

Credit Suisse Securities (USA) LLC, joint term agreement dated 02/27/2018, aggregate maturing value of $20,006,300 (collateralized by domestic agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $21,751,458; 0.24%-7.07%; 02/10/2022- 09/25/2043)(c)(h)

     1.62 %      03/06/2018        15,004,725        15,000,000  

Credit Suisse Securities (USA) LLC, joint term agreement dated 02/27/2018, aggregate maturing value of $55,016,469 (collateralized by domestic commercial paper and domestic agency mortgage-backed securities valued at $57,756,717;
0.06%-2.14%; 03/08/2018-10/15/2039)(c)(h)

     1.54 %      03/06/2018        15,004,492        15,000,000  

Credit Suisse Securities (USA) LLC, joint term agreement dated 02/27/2018, aggregate maturing value of $75,022,896 (collateralized by a domestic agency mortgage-backed security, a domestic commercial paper and domestic non-agency asset-backed securities valued at $80,707,397; 0.31%-7.07%; 08/17/2018-05/25/2037)(c)(h)

     1.57 %      03/06/2018        35,010,685        35,000,000  

ING Financial Markets, LLC, agreement dated 02/28/2018, maturing value of $46,002,070 (collateralized by domestic and foreign corporate obligations valued at $50,600,437; 2.95%-9.88%; 03/01/2019-03/01/2097)(c)

     1.62 %      03/01/2018        46,002,070        46,000,000  

J.P. Morgan Securities LLC, open agreement dated 12/05/2017 (collateralized by domestic agency mortgage-backed securities valued at $33,000,121;
0%-7.00%; 03/25/2035-10/15/2048)(i)

     2.14 %      —        —        25,000,000  

RBC Capital Markets LLC, agreement dated 02/28/2018, maturing value of $60,002,533 (collateralized by domestic and foreign corporate obligations valued at $63,000,279; 0%-6.15%; 04/30/2018-11/15/2048)(c)

     1.52 %      03/01/2018        60,002,533        60,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $3,000,115,833 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $3,060,002,122;
1.13%-4.00%; 07/31/2021-10/20/2047)

     1.39 %      03/01/2018        250,009,653        250,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2018, maturing value of $35,001,478 (collateralized by foreign corporate obligations valued at $35,700,903; 1.75%-2.13%; 01/18/2022-09/14/2022)

     1.52 %      03/01/2018        35,001,478        35,000,000  

 

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

 

6                         Short-Term Investments Trust

Invesco Liquid Assets Portfolio

 

     Interest
Rate		     Maturity
Date		      Repurchase
Amount		      Value  

Wells Fargo Securities, LLC, joint term agreement dated 01/05/2018, aggregate maturing value of $20,072,334 (collateralized by domestic non-agency mortgage-backed securities and domestic corporate obligations valued at $20,598,104;
0%-3.00%; 05/16/2019-05/15/2027)

     2.10 %      03/08/2018      $ 10,036,167      $ 10,000,000  

Total Repurchase Agreements (Cost $669,390,695)

                               669,390,695  

TOTAL INVESTMENTS IN SECURITIES(j)(k)–100.09% (Cost $2,578,778,842)

                               2,578,721,429  

OTHER ASSETS LESS LIABILITIES–(0.09)%

                               (2,415,006 ) 

NET ASSETS–100.00%

                             $ 2,576,306,423  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

FHLB  

– Federal Home Loan Bank

LIBOR  

– London Interbank Offered Rate

LOC  

– Letter of Credit

RB  

– Revenue Bonds

USD  

– U.S. Dollar

VRD  

– Variable Rate Demand

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, 2018 was $945,145,210, which represented 36.69% of the Fund’s Net Assets.
(c)  The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 16.3%; Netherlands: 12.6%; France: 10.2%; Japan: 10.1%; other countries less than 5% each: 24.4%.
(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.
(e)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(f)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(g)  Principal amount equals value at period end. See Note 1I.
(h)  The Fund may demand prepayment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(i)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(j)  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 issuers obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     46.4 % 

8-30

     11.6  

31-60

     8.3  

61-90

     6.9  

91-180

     11.9  

181+

     14.9  

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.

 

7                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco STIC Prime Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Commercial Paper–42.22%(a)

          
Asset-Backed Securities — Fully Supported–2.91%          

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

     1.60 %      03/01/2018      $ 10,000      $ 9,999,595  

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

     1.74 %      04/02/2018        2,250        2,246,376  
                                12,245,971  
Asset-Backed Securities — Fully Supported Bank–21.55%          

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

     1.96 %      04/23/2018        5,000        4,987,108  

Anglesea Funding (Multi–CEP’s)(b)(c)

     1.66 %      03/01/2018        15,000        14,999,395  

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

     1.77 %      04/12/2018        5,000        4,989,548  

Concord Minutemen Capital Co., LLC (Multi–CEP’s)(b)(c)

     1.55 %      03/01/2018        5,000        4,999,793  

Ebury Finance LLC (Multi–CEP’s)(b)(c)

     1.45 %      03/01/2018        12,000        11,999,503  

Gotham Funding Corp. (CEP–Bank of Tokyo–Mitsubishi UFJ, Ltd. (The))(b)(c)

     1.69 %      04/03/2018        10,000        9,983,859  

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

     1.54 %      03/06/2018        5,000        4,998,741  

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

     1.73 %      04/03/2018        7,000        6,988,748  

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

     1.65 %      03/01/2018        6,270        6,269,726  

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

     1.68 %      03/01/2018        2,500        2,499,891  

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

     1.71 %      03/05/2018        8,000        7,998,326  

Nieuw Amsterdam Receivables Corp. (CEP–Cooperatieve Rabobank UA)(b)(c)

     1.63 %      03/21/2018        10,000        9,990,544  
                                90,705,182  
Asset-Backed Securities — Multi-Purpose–3.84%          

CAFCO, LLC(b)

     1.72 %      04/09/2018        10,000        9,981,311  

CHARTA, LLC(b)

     1.71 %      04/02/2018        2,100        2,096,730  

CHARTA, LLC(b)

     1.73 %      04/02/2018        1,500        1,497,664  

Versailles Commercial Paper LLC(b)

     1.90 %      04/11/2018        2,600        2,594,573  
                                16,170,278  
Diversified Banks–5.84%          

First Abu Dhabi Bank PJSC(b)(c)

     1.50 %      03/02/2018        10,000        9,999,172  

NRW Bank(b)(c)

     1.87 %      04/23/2018        6,385        6,368,038  

Societe Generale S.A.(b)(c)

     1.63 %      03/05/2018        5,225        5,223,900  

Standard Chartered Bank(b)(c)

     1.75 %      03/23/2018        3,000        2,996,994  
                                24,588,104  
Other Diversified Financial Services–0.48%          

ABN AMRO Funding USA LLC(b)(c)

     1.65 %      03/08/2018        2,000        1,999,311  
Regional Banks–4.75%          

Danske Corp.(b)(c)

     1.65 %      03/13/2018        15,000        14,991,577  

Landesbank Hessen-Thueringen Girozentrale(b)(c)

     1.63 %      03/20/2018        5,000        4,995,659  
                                19,987,236  
Specialized Finance–2.85%          

CDP Financial Inc.(b)(c)

     1.60 %      03/08/2018        2,000        1,999,342  

Nederlandse Waterschapsbank N.V.(b)(c)

     1.71 %      04/06/2018        10,000        9,982,589  
                                11,981,931  

Total Commercial Paper (Cost $177,681,262)

                               177,678,013  

 

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

 

8                         Short-Term Investments Trust

Invesco STIC Prime Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Certificates of Deposit–14.61%

          

BMO Harris Bank N.A.(c)

     1.68 %      03/19/2018      $ 10,000      $ 9,999,884  

China Construction Bank Corp.(c)

     1.77 %      03/09/2018        5,000        5,000,162  

China Construction Bank Corp.(c)

     1.82 %      03/26/2018        8,000        8,000,455  

Mizuho Bank, Ltd.(c)

     1.40 %      03/01/2018        14,000        14,000,000  

Mizuho Bank, Ltd.(c)

     1.45 %      03/06/2018        5,000        4,999,968  

Norinchukin Bank (The)(c)

     1.50 %      04/09/2018        9,500        9,497,661  

Oversea-Chinese Banking Corp. Ltd.(c)

     1.64 %      03/19/2018        10,000        10,000,058  

Total Certificates of Deposit (Cost $61,496,512)

                               61,498,188  

Variable Rate Demand Notes–12.07%(d)

          
Credit Enhanced–12.07%          

Derry (Township of), Pennsylvania Industrial & Commercial Development Authority (GIANT Center); Series 2001, VRD Facility Taxable RB (LOC–PNC Bank, N.A.)(e)

     1.50 %      11/01/2030        2,485        2,485,000  

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

     1.60 %      04/01/2047        8,000        8,000,000  

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

     1.51 %      05/01/2037        3,605        3,605,000  

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

     1.57 %      01/01/2033        5,115        5,115,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);

          

Series 2015 B-1, VRD Taxable RB (LOC–Bank of China Ltd.)(e)

     1.75 %      11/01/2049        13,000        13,000,001  

Series 2016 B-1, VRD RB (LOC–Bank of China Ltd.)(e)

     1.65 %      11/01/2049        2,910        2,910,000  

University of Texas System Board of Regents; Subseries 2016 G-1, VRD Financing System RB

     1.50 %      08/01/2045        10,000        10,000,000  

Ziegler Realty LLC; Series 2007, VRD Notes (LOC–Wells Fargo Bank, N.A.)(b)(e)

     1.60 %      01/01/2033        5,700        5,700,000  

Total Variable Rate Demand Notes (Cost $50,815,001)

                               50,815,001  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)–68.90% (Cost $289,992,775)

                               289,991,202  
                 Repurchase
Amount		         

Repurchase Agreements–31.16%(f)

          

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $15,000,633 (collateralized by a U.S. Treasury obligation and a foreign corporate obligation valued at $15,300,033; 1.25%-1.75%; 07/26/2019-12/31/2020)(c)

     1.52 %      03/01/2018        15,000,633        15,000,000  

BMO Capital Markets Corp., agreement dated 02/28/2018, maturing value of $9,000,380 (collateralized by U.S. government sponsored agency obligations and domestic and foreign corporate obligations valued at $9,594,527; 0%-9.70%; 04/17/2018-12/15/2032)(c)

     1.52 %      03/01/2018        9,000,380        9,000,000  

Credit Suisse Securities (USA) LLC, term agreement dated 02/28/2018, maturing value of $10,000,000 (collateralized by domestic commercial paper valued at $10,500,311; 1.41%-2.14%; 03/02/2018-09/10/2018)(c)(g)

     1.97 %      04/04/2018        10,000,000        10,000,000  

ING Financial Markets, LLC, agreement dated 02/28/2018, maturing value of $20,000,900 (collateralized by domestic corporate obligations valued at $22,001,059;
2.95%-10.75%; 03/01/2019-01/15/2043)(c)

     1.62 %      03/01/2018        20,000,900        20,000,000  

J.P. Morgan Securities LLC, open agreement dated 09/08/2017 (collateralized by domestic and foreign equity securities valued at $15,751,633; 0%-7.63%; 05/01/2020)(h)

     1.62 %      —        —        15,000,000  

RBC Capital Markets LLC, agreement dated 02/28/2018, maturing value of $20,000,844 (collateralized by domestic and foreign corporate obligations valued at $21,000,837; 0%-8.10%; 10/18/2019-01/10/2047)(c)

     1.52 %      03/01/2018        20,000,844        20,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $3,000,115,833 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $3,060,002,122;
1.13%-4.00%; 07/31/2021-10/20/2047)

     1.39 %      03/01/2018        32,159,565        32,158,323  

Wells Fargo Securities, LLC, agreement dated 02/28/2018, maturing value of $10,000,422 (collateralized by a foreign corporate obligation valued at $10,200,092; 2.13%; 01/18/2022)

     1.52 %      03/01/2018        10,000,422        10,000,000  

Total Repurchase Agreements (Cost $131,158,323)

                               131,158,323  

TOTAL INVESTMENTS IN SECURITIES(i)(j)–100.06% (Cost $421,151,098)

                               421,149,525  

OTHER ASSETS LESS LIABILITIES–(0.06)%

                               (267,773 ) 

NET ASSETS–100.00%

                             $ 420,881,752  

 

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

 

9                         Short-Term Investments Trust

Invesco STIC Prime Portfolio

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

LOC  

– Letter of Credit

RB  

– Revenue Bonds

RN  

– Revenue Notes

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, 2018 was $186,516,357, which represented 44.32% 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: 14.7%; Japan: 13.9%; Canada: 13.3%; France: 8.1%; China: 5.9%; other countries less than 5% each: 16.5%.
(d)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(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)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.
(h)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(i)  Also represents cost for federal income tax purposes.
(j)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations, but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     64.1 % 

8-30

     16.6  

31-60

     19.3  

61-90

     —  

91-180

     —  

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.

 

10                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco Treasury Portfolio

 

     Interest
Rate		    

Maturity

Date

     

Principal

Amount

(000)

      Value  

U.S. Treasury Securities–51.04%

 

U.S. Treasury Bills–35.60%(a)  

U.S. Treasury Bills

     1.38 %      03/15/2018      $ 640,000      $ 639,657,351  

U.S. Treasury Bills

     1.39 %      03/15/2018        65,000        64,964,990  

U.S. Treasury Bills

     1.35 %      03/22/2018        150,000        149,881,787  

U.S. Treasury Bills

     1.36 %      03/22/2018        850,000        849,325,295  

U.S. Treasury Bills

     1.52 %      03/29/2018        1,030,000        1,028,802,337  

U.S. Treasury Bills

     1.46 %      04/05/2018        378,000        377,466,696  

U.S. Treasury Bills

     1.43 %      04/12/2018        40,000        39,933,500  

U.S. Treasury Bills

     1.44 %      04/12/2018        385,000        384,357,692  

U.S. Treasury Bills

     1.46 %      04/19/2018        190,000        189,624,238  

U.S. Treasury Bills

     1.43 %      04/26/2018        250,000        249,446,610  

U.S. Treasury Bills

     1.44 %      04/26/2018        170,000        169,621,845  

U.S. Treasury Bills

     1.44 %      05/03/2018        425,000        423,936,351  

U.S. Treasury Bills

     1.64 %      05/24/2018        335,000        333,721,974  

U.S. Treasury Bills

     1.67 %      05/31/2018        1,015,000        1,010,790,939  

U.S. Treasury Bills

     1.54 %      06/28/2018        72,660        72,292,522  

U.S. Treasury Bills

     1.59 %      07/12/2018        600,000        596,500,991  

U.S. Treasury Bills

     1.60 %      07/19/2018        250,000        248,452,223  

U.S. Treasury Bills

     1.61 %      07/19/2018        625,000        621,112,083  

U.S. Treasury Bills

     1.63 %      07/26/2018        480,000        476,834,601  

U.S. Treasury Bills

     1.64 %      08/02/2018        500,000        496,523,877  

U.S. Treasury Bills

     1.86 %      08/30/2018        530,000        525,118,986  

U.S. Treasury Bills

     1.87 %      08/30/2018        500,000        495,374,166  
                                9,443,741,054  
U.S. Treasury Notes–15.44%  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.83 %      07/31/2018        429,240        429,239,586  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.82 %      10/31/2018        695,000        694,946,742  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b)

     1.79 %      01/31/2019        550,000        550,115,929  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.07%)(b)

     1.72 %      04/30/2019        1,282,000        1,282,077,118  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b)

     1.71 %      07/31/2019        800,000        799,996,787  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)(b)

     1.70 %      10/31/2019        340,000        340,072,832  
                                4,096,448,994  

Total U.S. Treasury Securities (Cost $13,540,190,048)

                               13,540,190,048  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)–51.04% (Cost $13,540,190,048)

                               13,540,190,048  
                 Repurchase
Amount		         

Repurchase Agreements–60.59%(c)

          

ABN AMRO Bank N.V., agreement dated 02/28/2018, maturing value of $800,030,222 (collateralized by U.S. Treasury obligations valued at $816,000,089;
1.00%-3.13%; 08/31/2018-05/15/2047)

     1.36 %      03/01/2018        800,030,222        800,000,000  

 

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

 

11                         Short-Term Investments Trust

Invesco Treasury Portfolio

 

     Interest
Rate		    

Maturity

Date

      Repurchase
Amount		      Value  

Bank of Montreal, joint term agreement dated 02/08/2018, aggregate maturing value of $500,656,250 (collateralized by U.S. Treasury obligations valued at $510,000,011; 0%-3.75%; 03/15/2018-11/15/2047)(d)

     1.35 %      03/15/2018      $ 220,288,750      $ 220,000,000  

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $1,250,047,222 (collateralized by U.S. Treasury obligations valued at $1,275,000,002; 0.13%-6.88%; 03/15/2018-05/15/2046)

     1.36 %      03/01/2018        1,250,047,222        1,250,000,000  

CIBC World Markets Corp., agreement dated 02/28/2018, maturing value of $1,000,037,778 (collateralized by U.S. Treasury obligations valued at $1,020,000,109; 1.38%-4.63%; 04/30/2020-11/15/2046)

     1.36 %      03/01/2018        1,000,037,778        1,000,000,000  

Citigroup Global Markets, Inc., term agreement dated 02/22/2018, maturing value of $500,129,306 (collateralized by U.S. Treasury obligations valued at $510,000,000; 0%-4.25%; 05/15/2018-11/15/2047)(d)

     1.33 %      03/01/2018        500,129,306        500,000,000  

Credit Agricole Corporate & Investment Bank, term agreement dated 02/23/2018, maturing value of $400,105,000 (collateralized by U.S. Treasury obligations valued at $408,000,089; 0.75%-3.13%; 10/31/2018-08/15/2044)(d)

     1.35 %      03/02/2018        400,105,000        400,000,000  

Credit Agricole Corporate & Investment Bank, term agreement dated 02/27/2018, maturing value of $500,131,250 (collateralized by U.S. Treasury Obligations valued at $510,000,022; 0%-2.50%; 05/31/2018-01/31/2025)(d)

     1.35 %      03/06/2018        500,131,250        500,000,000  

DNB Bank ASA, agreement dated 02/28/2018, maturing value of $1,100,041,861 (collateralized by U.S. Treasury obligations valued at $1,122,000,043;
1.50%-2.50%; 08/31/2018-11/15/2024)

     1.37 %      03/01/2018        1,100,041,861        1,100,000,000  

Fixed Income Clearing Corp. — Bank of New York Mellon (The), agreement dated 02/28/2018, maturing value of $400,015,222 (collateralized by U.S. Treasury obligations valued at $408,000,094; 1.38%-2.25%; 06/30/2023-05/15/2025)

     1.37 %      03/01/2018        400,015,222        400,000,000  

HSBC Securities (USA) Inc., term agreement dated 02/27/2018, maturing value of $400,105,000 (collateralized by U.S. Treasury Obligations valued at $408,003,950; 0.13%; 04/15/2020-04/15/2021)(d)

     1.35 %      03/06/2018        400,105,000        400,000,000  

ING Financial Markets, LLC, term agreement dated 02/23/2018, maturing value of $100,026,056 (collateralized by U.S. Treasury obligations valued at $102,000,037; 0.50%-4.38%; 06/30/2019-11/15/2047)(d)

     1.34 %      03/02/2018        100,026,056        100,000,000  

J.P. Morgan Securities LLC, agreement dated 02/28/2018, maturing value of $250,009,444 (collateralized by U.S. Treasury obligations valued at $255,003,742; 1.50%-2.00%; 05/31/2020-02/15/2022)

     1.36 %      03/01/2018        250,009,444        250,000,000  

Lloyds Bank PLC, joint term agreement dated 01/17/2018, aggregate maturing value of $501,286,250 (collateralized by U.S. Treasury obligations valued at $506,502,144; 1.00%-7.63%; 11/30/2019-02/15/2026)

     1.47 %      03/22/2018        210,540,225        210,000,000  

Lloyds Bank PLC, joint term agreement dated 02/23/2018, aggregate maturing value of $500,575,556 (collateralized by U.S. Treasury obligations valued at $509,956,295; 0.88%-7.50%; 07/15/2018-11/15/2024)

     1.48 %      03/26/2018        205,235,978        205,000,000  

Lloyds Bank PLC, term agreement dated 02/16/2018, maturing value of $250,287,778 (collateralized by U.S. Treasury obligations valued at $255,090,769; 1.50%-2.13%; 05/31/2020-11/15/2022)

     1.48 %      03/20/2018        250,287,778        250,000,000  

Lloyds Bank PLC, term agreement dated 02/20/2018, maturing value of $300,357,667 (collateralized by U.S. Treasury obligations valued at $305,996,254; 1.75%-2.63%; 10/31/2020-08/15/2025)

     1.48 %      03/22/2018        300,357,667        300,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., agreement dated 02/28/2018, maturing value of $150,005,708 (collateralized by a U.S. Treasury obligation valued at $153,000,074; 1.63%; 11/15/2022)

     1.37 %      03/01/2018        150,005,708        150,000,000  

Metropolitan Life Insurance Co., joint term agreement dated 02/28/2018, aggregate maturing value of $1,200,334,267 (collateralized by U.S. Treasury obligations valued at $1,233,979,365; 0%-4.50%; 03/29/2018-02/15/2043)(d)

     1.39 %      03/07/2018        510,139,930        510,002,087  

Mitsubishi UFJ Trust and Banking Corp., joint term agreement dated 02/28/2018, aggregate maturing value of $2,308,440,738 (collateralized by U.S. Treasury obligations valued at $2,358,620,162;
1.63%-2.25%; 08/31/2022-02/15/2027)(d)

     1.40 %      03/07/2018        941,818,814        941,562,500  

National Australia Bank Ltd., joint term agreement dated 02/27/2018, aggregate maturing value of $500,133,194 (collateralized by U.S. Treasury obligations valued at $509,532,574; 0.13%-2.13%; 04/15/2019-11/30/2023)(d)

     1.37 %      03/06/2018        250,066,597        250,000,000  

Natixis, agreement dated 02/28/2018, maturing value of $750,028,333 (collateralized by U.S. Treasury obligations valued at $765,000,038; 0%—8.50%; 04/15/2018—08/15/2047)

     1.36 %      03/01/2018        750,028,333        750,000,000  

 

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

 

12                         Short-Term Investments Trust

Invesco Treasury Portfolio

 

     Interest
Rate		    

Maturity

Date

      Repurchase
Amount		      Value  

Natixis, term agreement dated 02/23/2018, maturing value of $500,130,278 (collateralized by U.S. Treasury obligations valued at $510,000,040;
0%-8.75%; 04/15/2018-08/15/2047)(d)

     1.34 %      03/02/2018      $ 500,130,278      $ 500,000,000  

Natixis, term agreement dated 02/28/2018, maturing value of $750,201,250 (collateralized by U.S. Treasury obligations valued at $765,000,007;
0.13%-8.75%; 05/31/2018-05/15/2045)(d)

     1.38 %      03/07/2018        750,201,250        750,000,000  

Prudential Insurance Co. of America, agreement dated 02/28/2018, maturing value of $313,663,122 (collateralized by U.S. Treasury obligations valued at $321,638,491; 0%-2.50%; 11/15/2025-02/15/2045)

     1.42 %      03/01/2018        313,663,122        313,650,750  

Prudential Legacy Insurance Company of New Jersey, agreement dated 02/28/2018, maturing value of $113,191,965 (collateralized by U.S. Treasury obligations valued at $116,584,000; 0%; 08/15/2033-02/15/2045)

     1.42 %      03/01/2018        113,191,965        113,187,500  

Royal Bank of Canada, agreement dated 02/28/2018, maturing value of $50,001,889 (collateralized by a U.S. Treasury obligation valued at $51,000,055; 1.13%; 02/28/2021)

     1.36 %      03/01/2018        50,001,889        50,000,000  

Royal Bank of Canada, term agreement dated 02/09/2018, maturing value of $751,161,667 (collateralized by U.S. Treasury obligations valued at $765,000,045; 0.13%-7.63%; 04/15/2019-05/15/2046)(d)

     1.36 %      03/22/2018        751,161,667        750,000,000  

Societe Generale, open agreement dated 04/27/2017 (collateralized by U.S. Treasury Obligations valued at $1,020,000,025; 0%-7.63%; 03/29/2018-02/15/2048)(e)

     1.32 %      —        —        1,000,000,000  

Societe Generale, term agreement dated 01/19/2018, maturing value of $200,482,222 (collateralized by U.S. Treasury obligations valued at $204,000,031; 0%-3.13%; 07/12/2018-02/15/2048)

     1.40 %      03/22/2018        200,482,222        200,000,000  

Societe Generale, term agreement dated 02/22/2018, maturing value of $100,026,444 (collateralized by U.S. Treasury obligations valued at $102,000,096; 0%-7.63%; 03/29/2018-05/15/2047)(d)

     1.36 %      03/01/2018        100,026,444        100,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $1,000,038,056 (collateralized by U.S. Treasury obligations valued at $1,020,099,558; 3.63%; 02/15/2020)

     1.37 %      03/01/2018        546,072,192        546,051,411  

TD Securities (USA) LLC, agreement dated 02/28/2018, maturing value of $500,018,750 (collateralized by U.S. Treasury obligations valued at $510,000,055; 0%-4.75%; 03/01/2018-08/15/2047)

     1.35 %      03/01/2018        500,018,750        500,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2018, maturing value of $565,021,188 (collateralized by U.S. Treasury obligations valued at $576,300,016; 0%-2.75%; 06/28/2018-02/28/2025)

     1.35 %      03/01/2018        565,021,188        565,000,000  

Wells Fargo Securities, LLC, term agreement dated 02/23/2018, maturing value of $200,052,111 (collateralized by U.S. Treasury obligations valued at $204,000,092; 0.13%-9.13%; 05/15/2018-05/15/2044)(d)

     1.34 %      03/02/2018        200,052,111        200,000,000  

Total Repurchase Agreements (Cost $16,074,454,248)

                               16,074,454,248  

TOTAL INVESTMENTS IN SECURITIES(f)–111.63% (Cost $29,614,644,296)

                               29,614,644,296  

OTHER ASSETS LESS LIABILITIES–(11.63)%

                               (3,085,939,665 ) 

NET ASSETS–100.00%

                             $ 26,528,704,631  

Notes to Schedule of Investments:

 

(a)  Securities 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, 2018.
(c)  Principal amount equals value at period end. See Note 1I.
(d)  The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(e)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(f)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     44.6 % 

8-30

     14.7  

31-60

     5.3  

61-90

     2.9  

91-180

     14.9  

181+

     17.6  

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

 

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

 

13                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco Government & Agency Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Government Sponsored Agency Securities–34.70%

          
Federal Farm Credit Bank (FFCB)–2.81%          

Unsec. Bonds (1 mo. USD LIBOR + 0.12%)(a)

     1.71 %      03/21/2018      $ 20,000      $ 20,000,503  

Unsec. Bonds (1 mo. USD LIBOR - 0.06%)(a)

     1.52 %      12/04/2019        125,000        124,994,253  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.51 %      12/16/2019        120,000        120,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.52 %      09/25/2019        110,000        109,990,654  

Unsec. Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.46 %      12/06/2018        100,000        100,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.45 %      04/11/2019        75,000        75,000,000  

Unsec. Bonds (3 mo. USD LIBOR)(a)

     1.80 %      05/09/2018        9,500        9,503,327  

Unsec. Bonds (3 mo. USD LIBOR - 0.03%)(a)

     1.46 %      03/02/2018        40,000        40,000,179  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.53 %      08/28/2019        145,000        144,978,793  
                                744,467,709  
Federal Home Loan Bank (FHLB)–29.28%          

Unsec. Bonds (1 mo. USD LIBOR - 0.06%)(a)

     1.53 %      09/18/2019        50,000        50,016,548  

Unsec. Bonds (1 mo. USD LIBOR - 0.07%)(a)

     1.52 %      02/15/2019        280,000        280,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.07%)(a)

     1.52 %      02/19/2019        75,000        75,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.57 %      02/28/2019        235,000        235,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.50 %      03/06/2019        246,000        246,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.52 %      08/22/2019        100,000        100,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.49 %      01/11/2019        25,000        25,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      01/14/2019        50,000        50,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.53 %      01/25/2019        125,000        125,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      05/17/2019        210,000        210,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      06/06/2019        150,000        150,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      06/14/2019        120,000        120,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      07/17/2019        72,000        72,001,467  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      08/14/2019        125,000        125,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.10%)(a)

     1.49 %      12/21/2018        200,000        200,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.10%)(a)

     1.49 %      04/18/2019        85,000        85,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.52 %      07/26/2018        100,000        100,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.47 %      08/01/2018        200,000        200,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.49 %      04/22/2019        285,000        285,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.47 %      12/14/2018        404,000        404,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.45 %      10/10/2018        210,000        210,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.49 %      10/26/2018        193,000        193,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.45 %      11/05/2018        115,000        115,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.45 %      11/09/2018        210,000        210,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.46 %      11/15/2018        220,000        220,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.44 %      07/03/2018        300,000        300,000,044  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.45 %      10/12/2018        120,000        120,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.46 %      10/19/2018        200,000        200,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.17%)(a)

     1.34 %      03/06/2018        225,000        225,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.17%)(a)

     1.37 %      03/09/2018        100,000        100,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.18%)(a)

     1.43 %      03/19/2018        145,000        145,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.22%)(a)

     1.39 %      03/19/2018        175,000        175,000,000  

 

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

 

14                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

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

Unsec. Bonds (3 mo. USD LIBOR - 0.22%)(a)

     1.39 %      03/19/2018      $ 100,000      $ 100,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.26%)(a)

     1.45 %      04/12/2018        220,000        220,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.26%)(a)

     1.46 %      04/13/2018        225,000        224,999,928  

Unsec. Bonds (3 mo. USD LIBOR - 0.27%)(a)

     1.48 %      04/20/2018        86,000        85,999,083  

Unsec. Bonds (3 mo. USD LIBOR - 0.27%)(a)

     1.47 %      04/23/2018        140,000        139,998,964  

Unsec. Bonds (3 mo. USD LIBOR - 0.31%)(a)

     1.53 %      08/15/2018        58,000        57,990,091  

Unsec. Bonds (3 mo. USD LIBOR - 0.35%)(a)

     1.44 %      05/08/2018        230,000        230,000,349  

Unsec. Disc. Notes(b)

     1.40 %      03/16/2018        45,267        45,240,594  

Unsec. Disc. Notes(b)

     1.59 %      04/13/2018        10,800        10,779,489  

Unsec. Disc. Notes(b)

     1.59 %      04/17/2018        50,000        49,896,209  

Unsec. Disc. Notes(b)

     1.60 %      04/18/2018        51,400        51,290,960  

Unsec. Disc. Notes(b)

     1.60 %      04/20/2018        33,300        33,226,024  

Unsec. Disc. Notes(b)

     1.61 %      04/25/2018        100,000        99,755,097  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.05%)(a)

     1.53 %      07/12/2018        200,000        200,026,232  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.50 %      03/01/2019        165,000        165,002,873  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      06/14/2019        30,000        30,000,000  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.49 %      07/08/2019        150,000        150,009,428  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.47 %      12/21/2018        150,000        150,000,000  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.47 %      11/19/2018        120,000        120,000,000  

Unsec. Global Bonds (3 mo. USD LIBOR - 0.22%)(a)

     1.48 %      04/06/2018        136,000        136,000,000  

Unsec. Global Bonds (3 mo. USD LIBOR - 0.35%)(a)

     1.45 %      05/09/2018        100,000        100,000,000  
                                7,750,233,380  
Federal Home Loan Mortgage Corp. (FHLMC)–0.79%          

Unsec. Disc. Notes(b)

     1.38 %      03/19/2018        160,000        159,889,600  

Unsec. Medium-Term Notes (1 mo. USD LIBOR - 0.10%)(a)

     1.48 %      08/08/2019        50,000        50,000,000  
                                209,889,600  
Federal National Mortgage Association (FNMA)–0.49%          

Unsec. Disc. Notes(b)

     1.38 %      03/14/2018        130,000        129,935,217  
Overseas Private Investment Corp. (OPIC)–1.33%          

Sec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      11/15/2028        97,727        97,727,273  

Sr. Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      06/15/2025        24,000        24,000,000  

Sr. Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      02/15/2028        20,000        20,000,000  

Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      09/15/2020        116,000        116,000,000  

Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      07/15/2025        39,167        39,166,667  

Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.70 %      05/15/2030        10,452        10,452,000  

Unsec. Gtd. VRD COP Notes (3 mo. U.S. Treasury Bill Rate)(c)

     1.62 %      07/09/2026        43,350        43,350,000  
                                350,695,940  

Total U.S. Government Sponsored Agency Securities (Cost $9,185,221,846)

                               9,185,221,846  

U.S. Treasury Securities–21.74%

          
U.S. Treasury Bills–20.11%(b)          

U.S. Treasury Bills

     1.14 %      03/15/2018        350,000        349,845,378  

U.S. Treasury Bills

     1.32 %      03/15/2018        160,000        159,917,866  

U.S. Treasury Bills

     1.38 %      03/15/2018        687,000        686,632,127  

U.S. Treasury Bills

     1.39 %      03/15/2018        120,000        119,935,367  

U.S. Treasury Bills

     1.35 %      03/22/2018        150,000        149,881,787  

U.S. Treasury Bills

     1.36 %      03/22/2018        250,000        249,801,615  

 

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

 

15                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

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

U.S. Treasury Bills

     1.50 %      03/29/2018      $ 600,000      $ 599,302,332  

U.S. Treasury Bills

     1.43 %      04/05/2018        178,000        177,753,396  

U.S. Treasury Bills

     1.46 %      04/05/2018        210,000        209,703,720  

U.S. Treasury Bills

     1.23 %      04/12/2018        400,000        399,430,667  

U.S. Treasury Bills

     1.64 %      05/24/2018        335,000        333,721,974  

U.S. Treasury Bills

     1.59 %      07/12/2018        400,000        397,666,958  

U.S. Treasury Bills

     1.60 %      07/19/2018        125,000        124,226,111  

U.S. Treasury Bills

     1.61 %      07/19/2018        375,000        372,667,639  

U.S. Treasury Bills

     1.63 %      07/26/2018        300,000        298,021,626  

U.S. Treasury Bills

     1.64 %      08/02/2018        400,000        397,219,038  

U.S. Treasury Bills

     1.85 %      08/30/2018        300,000        297,235,875  
                                5,322,963,476  
U.S. Treasury Notes–1.63%          

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield
Rate)(a)

     1.65 %      01/31/2020        60,000        59,998,850  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(a)

     1.71 %      07/31/2019        370,000        370,015,134  
                                430,013,984  

Total U.S. Treasury Securities (Cost $5,752,977,460)

                               5,752,977,460  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements) (Cost $14,938,199,306)

                               14,938,199,306  
                 Repurchase
Amount		         

Repurchase Agreements–47.00%(d)

          

ABN AMRO Bank N.V., agreement dated 02/28/2018, maturing value of $700,026,833 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $714,000,032; 1.25%-6.50%; 10/31/2018-12/01/2047)

     1.38 %      03/01/2018        700,026,833        700,000,000  

Bank of Montreal, joint term agreement dated 02/08/2018, aggregate maturing value of $500,656,250 (collateralized by U.S. Treasury obligations valued at $510,000,011; 0%-3.75%; 03/15/2018-11/15/2047)(e)

     1.35 %      03/15/2018        220,288,750        220,000,000  

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $200,007,667 (collateralized by U.S. government sponsored agency obligations valued at $204,000,000; 2.65%-4.50%; 05/01/2035-09/01/2047)

     1.38 %      03/01/2018        200,007,667        200,000,000  

CIBC World Markets Corp., agreement dated 02/28/2018, maturing value of $1,075,041,208 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,096,500,092;
1.38%-5.50%; 04/30/2020-01/01/2048)

     1.38 %      03/01/2018        1,075,041,208        1,075,000,000  

Citigroup Global Markets, Inc., joint agreement dated 02/28/2018, aggregate maturing value of $400,015,111 (collateralized by U.S. Treasury obligations valued at $408,000,000; 0%; 11/15/2018-08/15/2045)

     1.36 %      03/01/2018        200,007,556        200,000,000  

Credit Agricole Corporate & Investment Bank, joint term agreement dated 02/22/2018, aggregate maturing value of $250,066,111 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $255,000,007; 1.50%-3.50%; 05/31/2020-08/01/2047)(e)

     1.36 %      03/01/2018        135,035,700        135,000,000  

Credit Agricole Corporate & Investment Bank, joint term agreement dated 02/23/2018, aggregate maturing value of $500,133,194 (collateralized by U.S. government sponsored agency obligations valued at $510,000,000;
3.00%-5.00%; 04/01/2027-03/01/2048)(e)

     1.37 %      03/02/2018        250,066,597        250,000,000  

Credit Agricole Corporate & Investment Bank, term agreement dated 02/27/2018, maturing value of $250,066,111 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $255,000,062;
1.88%-3.50%; 08/31/2022-02/01/2048)(e)

     1.36 %      03/06/2018        250,066,111        250,000,000  

DNB Bank ASA, agreement dated 02/28/2018, maturing value of $300,011,417 (collateralized by U.S. Treasury obligations valued at $306,000,088;
0.13%-1.88%; 06/15/2020-05/31/2022)

     1.37 %      03/01/2018        300,011,417        300,000,000  

 

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

 

16                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Fixed Income Clearing Corp. — Bank of New York Mellon (The), agreement dated 02/28/2018, maturing value of $400,015,222 (collateralized by U.S. Treasury obligations valued at $408,000,078; 2.00%-3.00%; 02/15/2022-05/15/2047)

     1.37 %      03/01/2018      $ 400,015,222      $ 400,000,000  

ING Financial Markets, LLC, joint agreement dated 02/28/2018, aggregate maturing value of $100,003,833 (collateralized by domestic agency mortgage-backed securities valued at $102,000,000; 2.50%-4.50%; 09/01/2018-02/01/2048)

     1.38 %      03/01/2018        60,002,300        60,000,000  

ING Financial Markets, LLC, joint term agreement dated 02/23/2018, aggregate maturing value of $250,066,111 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000;
2.00%-5.50%; 02/01/2021-01/01/2048)(e)

     1.36 %      03/02/2018        85,022,478        85,000,000  

ING Financial Markets, LLC, joint term agreement dated 12/14/2017, maturing value of $376,429,167 (collateralized by U.S. government sponsored agency obligations valued at $382,500,001; 2.00%-5.50%; 04/01/2020-02/01/2048)

     1.40 %      03/22/2018        306,162,389        305,000,000  

ING Financial Markets, LLC, term agreement dated 12/15/2017, maturing value of $75,285,833 (collateralized by domestic agency mortgage-backed securities valued at $76,500,000; 1.70%-4.50%; 10/01/2027-02/01/2048)

     1.40 %      03/23/2018        75,285,833        75,000,000  

Lloyds Bank PLC, joint term agreement dated 01/17/2018, aggregate maturing value of $501,286,250 (collateralized by U.S. Treasury obligations valued at $506,502,144; 1.00%-7.63%; 11/30/2019-02/15/2026)

     1.47 %      03/22/2018        225,578,813        225,000,000  

Lloyds Bank PLC, joint term agreement dated 02/23/2018, aggregate maturing value of $500,575,556 (collateralized by U.S. Treasury obligations valued at $509,956,295; 0.88%-7.50%; 07/15/2018-11/15/2024)

     1.48 %      03/26/2018        225,259,000        225,000,000  

Lloyds Bank PLC, joint term agreement dated 12/04/2017, aggregate maturing value of $501,794,722 (collateralized by U.S. Treasury obligations valued at $513,607,959; 1.38%-6.13%; 06/30/2020-11/15/2027)

     1.42 %      03/05/2018        361,292,200        360,000,000  

Metropolitan Life Insurance Co., joint term agreement dated 02/28/2018, aggregate maturing value of $1,200,334,267 (collateralized by U.S. Treasury obligations valued at $1,233,979,365; 0%-4.50%; 03/29/2018-02/15/2043)(e)

     1.39 %      03/07/2018        500,136,264        500,001,125  

Mitsubishi UFJ Trust and Banking Corp., joint term agreement dated 02/28/2018, aggregate maturing value of $2,308,440,738 (collateralized by U.S. Treasury obligations valued at $2,358,620,162;
1.63%-2.25%; 08/31/2022-02/15/2027)(e)

     1.40 %      03/07/2018        1,074,729,986        1,074,437,500  

National Australia Bank Ltd., joint term agreement dated 02/27/2018, aggregate maturing value of $500,133,194 (collateralized by U.S. Treasury obligations valued at $509,532,574; 0.13%-2.13%; 04/15/2019-11/30/2023)(e)

     1.37 %      03/06/2018        250,066,597        250,000,000  

Prudential Insurance Co. of America, agreement dated 02/28/2018, maturing value of $365,536,918 (collateralized by U.S. Treasury obligations valued at $375,976,160; 0%; 02/15/2026-05/15/2045)

     1.42 %      03/01/2018        365,539,918        365,522,500  

Prudential Legacy Insurance Company of New Jersey, agreement dated 02/28/2018, maturing value of $60,377,381 (collateralized by U.S. Treasury obligations valued at $61,868,000; 0%; 08/15/2033)

     1.42 %      03/01/2018        60,377,381        60,375,000  

RBC Capital Markets LLC, joint term agreement dated 02/28/2018, aggregate maturing value of $1,000,000,000 (collateralized by U.S. government sponsored agency obligations valued at $1,020,000,000;
0%-7.50%; 03/25/2018-11/25/2057)(a)(e)

     1.42 %      04/30/2018        590,000,000        590,000,000  

Royal Bank of Canada, joint term agreement dated 02/08/2018, aggregate maturing value of $1,101,339,556 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,122,000,000;
1.88%-7.00%; 01/31/2022-11/15/2057)(e)

     1.37 %      03/12/2018        891,083,822        890,000,000  

Royal Bank of Canada, term agreement dated 02/23/2018, maturing value of $75,019,833 (collateralized by domestic agency mortgage-backed securities valued at $76,500,000; 3.50%-4.50%; 02/01/2029-01/01/2048)(e)

     1.36 %      03/02/2018        75,019,833        75,000,000  

Societe Generale, joint open agreement dated 04/27/2017 (collateralized by U.S. Government sponsered agency obligations and U.S. Treasury obligations valued at $1,530,000,152; 0%-7.63%; 03/29/2018-11/20/2064)(f)

     1.34 %      —        —        1,115,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $1,000,038,056 (collateralized by U.S. Treasury obligations valued at $1,020,099,558; 3.63%; 02/15/2020)

     1.37 %      03/01/2018        453,965,864        453,948,589  

 

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

 

17                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $3,000,115,833 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $3,060,002,122; 1.13%-4.00%; 07/31/2021-10/20/2047)

     1.39 %      03/01/2018      $ 1,274,728,301      $ 1,274,679,084  

Wells Fargo Securities, LLC, joint agreement dated 02/28/2018, aggregate maturing value of $760,028,922 (collateralized by U.S. government sponsored agency obligations valued at $775,200,000; 4.00%; 07/01/2047-03/01/2048)

     1.37 %      03/01/2018        725,027,590        725,000,000  

Total Repurchase Agreements (Cost $12,438,963,798)

                               12,438,963,798  

TOTAL INVESTMENTS IN SECURITIES(g)–103.44% (Cost $27,377,163,104)

                               27,377,163,104  

OTHER ASSETS LESS LIABILITIES–(3.44)%

                               (910,581,357 ) 

NET ASSETS–100.00%

                             $ 26,466,581,747  

Investment Abbreviations:

 

COP  

– Certificates of Participation

Disc.  

– Discounted

Gtd.  

– Guaranteed

LIBOR  

– London Interbank Offered Rate

Sec.  

– Secured

Sr.  

– Senior

Unsec.  

– Unsecured

USD  

– U.S. Dollar

VRD  

– Variable Rate Demand

Notes to Schedule of Investments:

 

(a)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.
(b)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(c)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(d)  Principal amount equals value at period end. See Note 1I.
(e)  The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(f)  Either party may terminate the agreement upon demand. Interest rates, principal amounts and collateral are redetermined daily.
(g)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     44.7 % 

8-30

     14.7  

31-60

     6.7  

61-90

     2.5  

91-180

     8.9  

181+

     22.5  

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.

 

18                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco Treasury Obligations Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–110.23%

          
U.S. Treasury Bills–88.61%(a)          

U.S. Treasury Bills

     1.15 %      03/01/2018      $ 75,000      $ 75,000,000  

U.S. Treasury Bills

     1.16 %      03/01/2018        65,400        65,400,000  

U.S. Treasury Bills

     1.23 %      03/08/2018        5,000        4,998,809  

U.S. Treasury Bills

     1.28 %      03/08/2018        40,700        40,690,040  

U.S. Treasury Bills

     1.29 %      03/08/2018        3,900        3,899,022  

U.S. Treasury Bills

     1.14 %      03/15/2018        18,900        18,891,651  

U.S. Treasury Bills

     1.31 %      03/15/2018        3,300        3,298,325  

U.S. Treasury Bills

     1.32 %      03/15/2018        5,000        4,997,433  

U.S. Treasury Bills

     1.38 %      03/15/2018        123,000        122,933,990  

U.S. Treasury Bills

     1.36 %      03/22/2018        160,800        160,672,463  

U.S. Treasury Bills

     1.37 %      03/22/2018        24,800        24,780,181  

U.S. Treasury Bills

     1.18 %      03/29/2018        9,309        9,300,529  

U.S. Treasury Bills

     1.50 %      03/29/2018        100,000        99,883,722  

U.S. Treasury Bills

     1.20 %      04/05/2018        10,000        9,988,431  

U.S. Treasury Bills

     1.31 %      04/05/2018        600        599,236  

U.S. Treasury Bills

     1.43 %      04/05/2018        26,000        25,963,979  

U.S. Treasury Bills

     1.46 %      04/05/2018        39,500        39,444,269  

U.S. Treasury Bills

     1.23 %      04/12/2018        10,000        9,985,766  

U.S. Treasury Bills

     1.44 %      04/12/2018        15,000        14,974,975  

U.S. Treasury Bills

     1.48 %      04/12/2018        17,400        17,369,936  

U.S. Treasury Bills

     1.51 %      04/12/2018        32,100        32,043,432  

U.S. Treasury Bills

     1.56 %      04/12/2018        100,000        99,818,000  

U.S. Treasury Bills

     1.25 %      04/19/2018        10,000        9,983,122  

U.S. Treasury Bills

     1.41 %      04/19/2018        8,700        8,683,363  

U.S. Treasury Bills

     1.46 %      04/19/2018        10,000        9,980,223  

U.S. Treasury Bills

     1.48 %      04/19/2018        15,000        14,969,885  

U.S. Treasury Bills

     1.44 %      04/26/2018        30,000        29,933,267  

U.S. Treasury Bills

     1.51 %      05/10/2018        30,000        29,912,500  

U.S. Treasury Bills

     1.55 %      05/10/2018        20,000        19,940,111  

U.S. Treasury Bills

     1.64 %      05/24/2018        20,000        19,923,700  

U.S. Treasury Bills

     1.65 %      05/31/2018        30,000        29,875,633  

U.S. Treasury Bills

     1.54 %      06/28/2018        30,000        29,848,275  

U.S. Treasury Bills

     1.59 %      07/12/2018        40,000        39,767,065  

U.S. Treasury Bills

     1.61 %      07/19/2018        40,000        39,751,111  

U.S. Treasury Bills

     1.61 %      07/26/2018        10,000        9,934,830  

U.S. Treasury Bills

     1.63 %      07/26/2018        15,000        14,901,081  

U.S. Treasury Bills

     1.64 %      08/02/2018        15,000        14,895,729  

U.S. Treasury Bills

     1.83 %      08/30/2018        10,000        9,907,863  
                                1,217,141,947  
U.S. Treasury Notes–21.62%          

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.19%)(b)

     1.84 %      04/30/2018        40,000        40,019,016  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.83 %      07/31/2018        53,000        53,004,957  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.82 %      10/31/2018        35,000        35,000,667  

 

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

 

19                         Short-Term Investments Trust

Invesco Treasury Obligations Portfolio

 

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

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b)

     1.79 %      01/31/2019      $ 49,000      $ 49,009,376  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.07%)(b)

     1.72 %      04/30/2019        38,000        38,003,128  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b)

     1.71 %      07/31/2019        19,000        18,999,279  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)(b)

     1.70 %      10/31/2019        47,000        47,005,869  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate)(b)

     1.65 %      01/31/2020        16,000        15,997,955  
                                297,040,247  

TOTAL INVESTMENTS IN SECURITES–110.23% (Cost $1,514,182,194)

                               1,514,182,194  

OTHER ASSETS LESS LIABILITIES–(10.23)%

                               (140,545,490 ) 

NET ASSETS–100.00%

                             $ 1,373,636,704  

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, 2018.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     9.3 % 

8-30

     32.6  

31-60

     21.4  

61-90

     7.3  

91-180

     15.3  

181+

     14.1  

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.

 

20                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

 

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

Municipal Obligations–98.89%

 

Alabama–4.19%  

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

     1.09 %      07/01/2040      $ 8,405      $ 8,405,000  
Arizona–1.80%  

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

     1.09 %      06/15/2031        1,975        1,975,000  

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

     1.09 %      06/15/2031        1,640        1,640,000  
                                3,615,000  
California–3.43%  

California (State of); Series 2004 A-9, Ref. VRD Unlimited Tax GO Bonds (LOC–State Street Bank & Trust Co.)(a)(b)

     0.97 %      05/01/2034        4,170        4,170,000  

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

     1.03 %      08/01/2042        2,700        2,700,000  
                                6,870,000  
Colorado–0.82%  

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

     1.22 %      02/01/2031        908        908,000  

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

     1.22 %      07/01/2034        735        735,000  
                                1,643,000  
Delaware–2.04%  

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

     1.11 %      09/01/2036        3,085        3,085,000  

Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(a)(b)

     1.09 %      05/01/2036        1,005        1,005,000  
                                4,090,000  
District of Columbia–1.50%  

Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD Airport System RB (LOC–Sumitomo Mitsui Banking Corp.)(a)(b)

     1.09 %      10/01/2039        3,000        3,000,000  
Florida–5.96%  

Miami-Dade (County of); Series 2014 A, VRD Seaport RB (LOC–Bank of Tokyo–Mitsubishi UFJ, Ltd. (The))(a)(b)

     1.09 %      10/01/2050        3,800        3,800,000  

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

     1.15 %      11/01/2036        2,445        2,445,000  

Palm Beach (County of) (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC–Northern Trust Co. (The))(a)(b)

     1.12 %      07/01/2032        1,735        1,735,000  

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

     1.13 %      11/01/2038        3,960        3,960,000  
                                11,940,000  
Georgia–5.14%  

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

     1.01 %      09/01/2035        4,190        4,190,000  

Monroe (County of) Development Authority (Oglethorpe Power Corp. Scherer);

          

Series 2009 A, VRD PCR (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     1.07 %      01/01/2030        2,000        2,000,000  

Series 2010 A, Ref. VRD PCR (LOC–Bank of Montreal)(a)(b)

     1.12 %      01/01/2036        3,000        3,000,000  

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)

     1.22 %      09/01/2020        1,100        1,100,000  
                                10,290,000  

 

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

 

21                         Short-Term Investments Trust

Invesco Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  
Illinois–4.16%  

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

     1.17 %      08/01/2030      $ 3,400      $ 3,400,000  

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

     1.05 %      12/01/2046        4,935        4,935,000  
                                8,335,000  
Indiana–8.09%  

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

     1.22 %      08/01/2037        5,240        5,240,000  

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

     1.23 %      06/01/2035        7,385        7,385,000  

Purdue University; Series 2011 A, VRD COP(a)

     1.04 %      07/01/2035        3,082        3,081,500  

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

     1.09 %      10/01/2019        500        500,000  
                                16,206,500  
Louisiana–1.52%  

Louisiana (State of) Public Facilities Authority (CHRISTUS Health); Series 2009 B-3, Ref. VRD RB (LOC–Bank of New York Mellon (The))(a)(b)

     1.07 %      07/01/2047        1,490        1,490,000  

New Orleans (Port of) Board of Commissioners; Series 2010, Ref. VRD Subordinate Lien RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     1.12 %      06/01/2034        625        625,000  

St. James (Parish of) (NuStar Logistics, L.P.); Series 2010 B, VRD RB (LOC–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(a)(b)

     1.13 %      12/01/2040        930        930,000  
                                3,045,000  
Massachusetts–1.72%  

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

     1.10 %      10/01/2038        1,650        1,650,000  

Massachusetts (State of); Series 2017 B, Limited Tax GO RAN

     2.00 %      05/21/2018        1,800        1,804,523  
                                3,454,523  
Michigan–1.16%  

Kent (County of) Hospital Finance Authority (Spectrum Health System); Series 2008 C, Ref. VRD RB (LOC–Bank of New York Mellon (The))(a)(b)

     1.10 %      01/15/2026        445        445,000  

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

     1.10 %      03/01/2031        1,885        1,885,000  
                                2,330,000  
Minnesota–4.47%  

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

     1.17 %      10/15/2033        1,175        1,175,000  

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

     1.18 %      11/15/2031        3,465        3,465,000  

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

     1.07 %      11/01/2035        4,180        4,180,000  

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

     1.07 %      10/01/2033        138        138,000  
                                8,958,000  
Mississippi–3.94%  

Mississippi Business Finance Corp. (Chevron U.S.A. Inc.);

          

Series 2007 A, VRD Gulf Opportunity Zone IDR(a)

     1.15 %      12/01/2030        150        150,000  

Series 2010 C, VRD Gulf Opportunity Zone IDR(a)

     1.09 %      12/01/2030        2,035        2,035,000  

Series 2010 E, VRD Gulf Opportunity Zone IDR(a)

     1.09 %      12/01/2030        5,700        5,700,000  
                                7,885,000  
Missouri–3.11%  

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

     1.09 %      11/01/2037        525        525,000  

Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC–FHLB of Chicago)(a)(b)

     1.10 %      08/01/2038        1,245        1,245,000  

 

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

 

22                         Short-Term Investments Trust

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

Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2000, VRD RB (LOC–Bank of America, N.A.)(a)(b)

     1.14 %      02/01/2031      $ 3,860      $ 3,860,000  

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

     1.19 %      12/01/2019        595        595,000  
                                6,225,000  
Nevada–2.02%  

Truckee Meadows Water Authority; Series 2006 B, Commercial Paper Notes (LOC–Bank of Tokyo–Mitsubishi UFJ, Ltd. (The))(b)

     1.25 %      05/15/2018        4,050        4,050,000  
New York–7.90%  

Metropolitan Transportation Authority;

          

Subseries 2005 D-1, VRD RB (LOC–Landesbank Hessen-Thueringen Girozentrale)(a)(b)

     1.13 %      11/01/2035        4,980        4,980,000  

Subseries 2005 D-2, VRD RB (LOC–Landesbank Hessen-Thueringen Girozentrale)(a)(b)

     1.11 %      11/01/2035        3,290        3,290,000  

New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.); Subseries 2005 A-2, VRD RB (LOC–Mizuho Bank, Ltd.)(a)(b)

     1.07 %      05/01/2039        2,000        2,000,000  

New York (State of) Housing Finance Agency (222 East 44th Street Housing); Series 2015 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)

     1.18 %      05/01/2050        1,000        1,000,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2015 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)(c)

     1.17 %      11/01/2049        4,550        4,550,000  
                                15,820,000  
North Carolina–0.90%  

Raleigh & Durham (Cities of) Airport Authority; Series 2008 C, Ref. VRD RB (LOC–TD Bank,
N.A.)(a)(b)(c)

     1.05 %      05/01/2036        1,800        1,800,000  
Oregon–1.72%  

Oregon (State of) Facilities Authority (PeaceHealth); Series 2008 A, Ref. VRD RB (LOC–U.S. Bank, N.A.)(a)(b)

     1.12 %      08/01/2034        3,450        3,450,000  
Pennsylvania–4.05%  

Crawford (County of) Industrial Development Authority (Allegheny College); Series 2009 B, VRD College RB (LOC–PNC Bank, N.A.)(a)(b)

     1.11 %      11/01/2039        422        422,000  

Derry (Township of) Industrial & Commercial Development Authority (Hershey Arena); Series 2000 A, VRD Hotel Tax RB (LOC–PNC Bank, N. A.)(a)(b)

     1.10 %      11/01/2030        500        500,000  

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

     1.09 %      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)

     1.11 %      10/15/2025        1,370        1,370,000  

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

     1.10 %      09/01/2028        1,886        1,886,000  

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

     1.09 %      11/01/2029        600        600,000  

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

     1.10 %      07/01/2027        550        550,000  
                                8,123,000  
Texas–13.64%  

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

     1.11 %      08/01/2035        6,405        6,405,000  

Gulf Coast Industrial Development Authority (ExxonMobil); Series 2012, VRD RB(a)

     1.10 %      11/01/2041        1,300        1,300,000  

Harris (County of) Hospital District; Series 2010, Ref. VRD Sr. Lien RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     1.12 %      02/15/2042        635        635,000  

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

     1.09 %      01/01/2049        4,215        4,215,000  

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

     1.09 %      04/01/2026        2,722        2,722,000  

Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments);
Series 2009, VRD MFH RB (CEP–FHLMC)(a)

     1.09 %      05/01/2042        2,150        2,150,000  

Texas (State of); Series 2017, TRAN

     4.00 %      08/30/2018        5,700        5,786,681  

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

     0.98 %      08/01/2025        4,120        4,120,000  
                                27,333,681  

 

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

 

23                         Short-Term Investments Trust

Invesco Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  
Utah–3.25%  

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

     1.13 %      11/01/2024      $ 3,612      $ 3,612,000  

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

     1.15 %      04/01/2042        2,900        2,900,000  
                                6,512,000  
Virginia–2.99%  

Norfolk (City of); Series 2007, VRD Unlimited Tax GO Bonds(a)

     1.10 %      08/01/2037        2,500        2,500,000  

University of Virginia; Series 2018 A, Commercial Paper Notes

     1.12 %      03/08/2018        3,500        3,500,000  
                                6,000,000  
Washington–2.10%  

Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD MFH RB (LOC–FHLB of San Francisco)(a)(b)

     1.13 %      09/01/2049        4,200        4,200,000  
West Virginia–2.09%  

Cabell (County of) (Provident Group — Marshall Properties LLC — Marshall University); Series 2010 A, VRD University Facilities RB (LOC–Bank of America, N.A.)(a)(b)

     1.15 %      07/01/2039        1,050        1,050,000  

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

     1.12 %      01/01/2034        3,130        3,130,000  
                                4,180,000  
Wisconsin–3.18%  

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

     1.11 %      10/01/2042        4,220        4,220,000  

Milwaukee (City of); Series 2017 M-11, School RAN

     5.00 %      09/27/2018        2,100        2,147,828  
                                6,367,828  
Wyoming–2.00%  

Lincoln (County of) (ExxonMobil); Series 2014, Ref. VRD PCR(a)

     1.14 %      10/01/2044        4,000        4,000,000  

TOTAL INVESTMENTS IN SECURITIES(e)(f)–98.89% (Cost $198,128,532)

                               198,128,532  

OTHER ASSETS LESS LIABILITIES–1.11%

                               2,218,294  

NET ASSETS–100.00%

                             $ 200,346,826  

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

RAN  

– Revenue Anticipation Notes

RB  

– Revenue Bonds

Ref.  

– Refunding

Sr.  

– Senior

TRAN  

– Tax and Revenue Anticipation Notes

VRD  

– Variable Rate Demand

 

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

 

24                         Short-Term Investments Trust

Invesco Tax-Free Cash Reserve Portfolio

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 based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(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. No concentration of any single foreign country was greater than 5%.
(d)  Security purchased or received in 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 value of this security at February 28, 2018 represented 1.70% of the Fund’s Net Assets.
(e)  Also represents cost for federal income tax purposes.
(f)  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.

 

Entity    Percentage  

Federal Home Loan Bank

      5.4 % 

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     91.2 % 

8-30

     1.8  

31-60

     —  

61-90

     3.0  

91-180

     —  

181+

     4.0  

 

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

 

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

 

25                         Short-Term Investments Trust

Statements of Assets and Liabilities

February 28, 2018

(Unaudited)

 

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

Assets:

                          

Investments in securities, at value

      $ 1,909,330,734       $ 289,991,202       $ 13,540,190,048        $ 14,938,199,306       $ 1,514,182,194       $ 198,128,532  

Repurchase agreements

        669,390,695         131,158,323         16,074,454,248          12,438,963,798         —         —  

Receivable for:

                          

Investments sold

        —         —         —          —         —         2,005,054  

Interest

        1,213,123         169,887         6,559,557          12,936,490         398,418         334,292  

Fund expenses absorbed

        —         —         192,515          65,153         20,469         5,441  

Investment for trustee deferred compensation and retirement plans

        3,820,079         1,063,222         2,266,349          1,031,485         131,441         378,349  

Other assets

        40,994         179,475         118,329          422,732         52,131         73,560  

Total assets

        2,583,795,625         422,562,109         29,623,781,046          27,391,618,964         1,514,784,653         200,925,228  

Liabilities:

                          

Payable for:

                          

Investments purchased

        —         —         3,060,086,427          896,538,207         139,667,218         —  

Amount due custodian

        —         —         6,512,475          927,423         6,660         —  

Dividends

        3,053,548         453,959         24,912,470          25,692,274         1,264,683         116,102  

Accrued fees to affiliates

        34,807         2,535         684,843          572,024         31,362         15,740  

Accrued trustees’ and officer’s fees and benefits

        3,986         4,082         52,471          56,456         6,003         4,238  

Accrued operating expenses

        102,202         37,920         210,418          20,051         25,744         23,275  

Trustee deferred compensation and retirement plans

        4,294,659         1,181,861         2,617,311          1,230,782         146,279         419,048  

Total liabilities

        7,489,202         1,680,357         3,095,076,415          925,037,217         141,147,949         578,403  

Net assets applicable to shares outstanding

      $ 2,576,306,423       $ 420,881,752       $ 26,528,704,631        $ 26,466,581,747       $ 1,373,636,704       $ 200,346,825  

Net assets consist of:

                          

Shares of beneficial interest

      $ 2,576,230,027       $ 420,112,540       $ 26,528,016,990        $ 26,466,509,242       $ 1,373,702,289       $ 200,509,685  

Undistributed net investment income

        125,723         768,843         445,995          208,988         (12,543 )        (104,955 ) 

Undistributed net realized gain (loss)

        8,085         1,942         241,646          (136,483 )        (53,042 )        (57,905 ) 

Net unrealized appreciation (depreciation)

        (57,412 )        (1,573 )        —          —         —         —  
       $ 2,576,306,423       $ 420,881,752       $ 26,528,704,631        $ 26,466,581,747       $ 1,373,636,704       $ 200,346,825  

Cost of Investments

      $ 2,578,778,842       $ 421,151,098       $ 29,614,644,296        $ 27,377,163,104       $ 1,514,182,194       $ 198,128,532  

 

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

 

26                         Short-Term Investments Trust

Statements of Assets and Liabilities—(continued)

February 28, 2018

(Unaudited)

 

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

Net Assets:

 

     

Institutional Class

      $ 2,545,619,200        $ 416,671,336        $ 24,044,592,088        $ 25,046,080,286        $ 1,328,658,137        $ 112,865,021  

Private Investment Class

      $ 6,410,598        $ 1,862,844        $ 630,268,529        $ 393,539,939        $ 1,259,294        $ 37,329,458  

Personal Investment Class

      $ 11,224        $ 612,548        $ 150,315,301        $ 8,429,471        $ 70,230        $ 10,004  

Cash Management Class

      $ 14,111,801        $ 1,061,449        $ 469,528,618        $ 265,460,441        $ 1,617,958        $ 24,123,366  

Reserve Class

      $ 776,448        $ 468,867        $ 283,039,048        $ 324,550,598        $ 41,926,357        $ 17,381,439  

Resource Class

      $ 1,061,004        $ 184,485        $ 582,365,227        $ 234,625,399        $ 94,604        $ 8,627,532  

Corporate Class

      $ 8,316,148        $ 20,223        $ 368,595,820        $ 193,895,613        $ 10,124        $ 10,005  

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

 

Institutional Class

        2,545,292,041          416,671,862          24,043,288,291          25,045,904,613          1,328,666,526          112,850,643  

Private Investment Class

        6,409,785          1,862,847          630,235,060          393,537,172          1,259,260          37,324,700  

Personal Investment Class

        11,223          612,549          150,307,355          8,429,412          70,229          10,003  

Cash Management Class

        14,110,000          1,061,451          469,502,604          265,458,683          1,617,970          24,120,300  

Reserve Class

        776,345          468,868          283,024,039          324,548,299          41,926,649          17,379,371  

Resource Class

        1,060,868          184,485          582,334,204          234,623,690          94,604          8,626,218  

Corporate Class

        8,315,087          20,224          368,576,267          193,894,082          10,124          10,005  

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

      $ 1.0001        $ 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.

 

27                         Short-Term Investments Trust

Statements of Operations

For the six months ended February 28, 2018

(Unaudited)

 

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

Investment income:

                         

Interest

      $ 11,016,787       $ 2,782,344       $ 152,502,051       $ 171,997,536       $ 7,950,097       $ 1,017,866  

Expenses:

                         

Advisory fees

        1,038,391         294,246         18,484,180         14,169,879         843,473         193,582  

Administrative services fees

        381,775         118,844         4,304,547         4,914,088         363,359         53,832  

Custodian fees

        3,995         5,506         63,739         331,945         2,899         488  

Distribution fees:

                         

Private Investment Class

        10,191         2,724         759,434         600,499         2,913         40,447  

Personal Investment Class

        31         1,668         399,413         43,543         299         3,819  

Cash Management Class

        3,580         445         170,211         96,285         647         10,291  

Reserve Class

        3,649         2,120         1,347,297         1,184,560         164,678         68,708  

Resource Class

        1,235         146         391,772         248,797         75         5,818  

Corporate Class

        1,709         3         59,385         21,709         2         —  

Transfer agent fees

        62,303         17,655         1,109,051         1,470,965         60,045         8,711  

Trustees’ and officers’ fees and benefits

        11,833         12,636         175,506         212,567         18,876         11,592  

Registration and filing fees

        45,173         50,695         73,378         116,679         45,087         51,989  

Reports to shareholders

        29,746         7,818         30,074         39,521         6,028         5,221  

Professional services fees

        31,190         26,385         145,917         115,866         29,398         26,590  

Other

        64,042         30,000         165,297         166,749         23,060         14,919  

Total expenses

        1,688,843         570,891         27,679,201         23,733,652         1,560,839         496,007  

Less: Fees waived

        (422,815 )        (211,259 )        (2,839,649 )        (380,199 )        (273,935 )        (204,538 ) 

Net expenses

        1,266,028         359,632         24,839,552         23,353,453         1,286,904         291,469  

Net investment income

        9,750,759         2,422,712         127,662,499         148,644,083         6,663,193         726,397  

Realized and unrealized gain (loss) from:

                         

Net realized gain (loss) from investment securities

        8,085         1,571         508,617         394,818         19,166         (4,370 ) 

Change in net unrealized appreciation (depreciation) of investment securities

        (88,330 )        (11,112 )        —         —         —         —  

Net increase in net assets resulting from operations

      $ 9,670,514       $ 2,413,171       $ 128,171,116       $ 149,038,901       $ 6,682,359       $ 722,027  

 

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

 

28                         Short-Term Investments Trust

Statements of Changes in Net Assets

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

 

            Invesco Liquid Assets Portfolio           Invesco STIC Prime Portfolio  
         February 28,
2018		     August 31,
2017		           February 28,
2018		     August 31,
2017		  

Operations:

             

Net investment income

      $ 9,750,759     $ 4,871,296       $ 2,422,712     $ 3,235,998  

Net realized gain

        8,085       284,449         1,571       371  

Change in net unrealized appreciation (depreciation)

        (88,330 )      30,918         (11,112 )      9,539  

Net increase in net assets resulting from operations

        9,670,514       5,186,663         2,413,171       3,245,908  

Distributions to shareholders from net investment income:

             

Institutional Class

        (9,578,395 )      (4,489,048 )        (2,403,076 )      (3,118,898 ) 

Private Investment Class

        (33,722 )      (84,531 )        (8,559 )      (18,217 ) 

Personal Investment Class

        (41 )      (1,713 )        (2,094 )      (26,443 ) 

Cash Management Class

        (55,476 )      (138,836 )        (6,413 )      (59,666 ) 

Reserve Class

        (2,220 )      (6,618 )        (1,465 )      (5,654 ) 

Resource Class

        (6,695 )      (8,281 )        (985 )      (6,995 ) 

Corporate Class

        (74,210 )      (142,269 )        (120 )      (125 ) 

Total distributions from net investment income

        (9,750,759 )      (4,871,296 )        (2,422,712 )      (3,235,998 ) 

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

        —       (1,213 )        —       —  

Corporate Class

        —       (67,014 )        —       —  

Total distributions from net realized gains

        —       (3,200,085 )        —       —  

Share transactions–net:

             

Institutional Class

        2,249,521,185       (10,122,727,290 )        (7,250,126 )      (1,183,946,896 ) 

Private Investment Class

        (570,719 )      (234,302,026 )        18,028       (139,216,079 ) 

Personal Investment Class

        4       (29,230,918 )        1,928       (116,863,502 ) 

Cash Management Class

        6,374,743       (242,827,588 )        (86,623 )      (166,722,672 ) 

Reserve Class

        (167,937 )      (99,217,916 )        (31,777 )      (20,973,659 ) 

Resource Class

        (265,872 )      (5,919,518 )        937       (16,683,703 ) 

Corporate Class

        (1,164,553 )      (160,159,887 )        116       11,449  

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

        2,253,726,851       (10,894,385,143 )        (7,347,517 )      (1,644,395,062 ) 

Net increase (decrease) in net assets

        2,253,646,606       (10,897,269,861 )        (7,357,058 )      (1,644,385,152 ) 

Net assets:

             

Beginning of period

        322,659,817       11,219,929,678         428,238,810       2,072,623,962  

End of period*

      $ 2,576,306,423     $ 322,659,817       $ 420,881,752     $ 428,238,810  

* Includes accumulated undistributed net investment income

      $ 125,723     $ 125,723       $ 768,843     $ 768,843  

 

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

 

29                         Short-Term Investments Trust

Statements of Changes in Net Assets—(continued)

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

 

            Invesco Treasury Portfolio           Invesco Government & Agency Portfolio  
         February 28,
2018		     August 31,
2017		           February 28,
2018		     August 31,
2017		  

Operations:

             

Net investment income

      $ 127,662,499     $ 112,926,205       $ 148,644,083     $ 139,006,726  

Net realized gain (loss)

        508,617       39,369         394,818       (531,300 ) 

Net increase in net assets resulting from operations

        128,171,116       112,965,574         149,038,901       138,475,426  

Distributions to shareholders from net investment income:

             

Institutional Class

        (118,310,761 )      (103,892,394 )        (142,980,682 )      (133,552,021 ) 

Private Investment Class

        (1,938,276 )      (1,423,813 )        (1,537,809 )      (1,460,534 ) 

Personal Investment Class

        (382,722 )      (253,848 )        (40,763 )      (41,168 ) 

Cash Management Class

        (2,084,384 )      (1,754,490 )        (1,201,885 )      (705,201 ) 

Reserve Class

        (741,181 )      (324,958 )        (702,464 )      (661,922 ) 

Resource Class

        (2,196,137 )      (1,659,524 )        (1,389,284 )      (1,330,994 ) 

Corporate Class

        (2,009,038 )      (3,617,178 )        (791,196 )      (1,254,886 ) 

Total distributions from net investment income

        (127,662,499 )      (112,926,205 )        (148,644,083 )      (139,006,726 ) 

Share transactions–net:

             

Institutional Class

        1,240,152,310       2,935,444,591         (2,645,710,477 )      16,975,145,658  

Private Investment Class

        55,446,106       14,784,721         (116,955,166 )      169,627,850  

Personal Investment Class

        10,077,226       17,413,815         (12,699,768 )      13,622,071  

Cash Management Class

        (9,879,470 )      75,974,874         96,430,410       18,926,896  

Reserve Class

        32,305,446       91,599,025         153,592,510       (144,921,764 ) 

Resource Class

        105,534,153       (6,111,394 )        (107,521,673 )      246,458,843  

Corporate Class

        (239,228,636 )      (565,402,977 )        (130,544,107 )      8,002,319  

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

        1,194,407,135       2,563,702,655         (2,763,408,271 )      17,286,861,873  

Net increase (decrease) in net assets

        1,194,915,752       2,563,742,024         (2,763,013,453 )      17,286,330,573  

Net assets:

             

Beginning of period

        25,333,788,879       22,770,046,855         29,229,595,200       11,943,264,627  

End of period*

      $ 26,528,704,631     $ 25,333,788,879       $ 26,466,581,747     $ 29,229,595,200  

* Includes accumulated undistributed net investment income

      $ 445,995     $ 445,995       $ 208,988     $ 208,988  

 

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

 

30                         Short-Term Investments Trust

Statements of Changes in Net Assets—(continued)

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

 

            Invesco Treasury Obligations
Portfolio		           Invesco Tax-Free Cash Reserve
Portfolio		  
         February 28,
2018		     August 31,
2017		           February 28,
2018		     August 31,
2017		  

Operations:

             

Net investment income

      $ 6,663,193     $ 5,625,681       $ 726,397     $ 978,198  

Net realized gain (loss)

        19,166       (69,048 )        (4,370 )      (14,722 ) 

Net increase in net assets resulting from operations

        6,682,359       5,556,633         722,027       963,476  

Distributions to shareholders from net investment income:

             

Institutional Class

        (6,549,109 )      (5,499,185 )        (469,501 )      (638,667 ) 

Private Investment Class

        (8,553 )      (6,562 )        (100,490 )      (82,433 ) 

Personal Investment Class

        (303 )      (821 )        (2,768 )      (6,683 ) 

Cash Management Class

        (7,663 )      (6,763 )        (97,555 )      (164,964 ) 

Reserve Class

        (97,108 )      (111,357 )        (30,206 )      (71,643 ) 

Resource Class

        (407 )      (601 )        (25,867 )      (13,707 ) 

Corporate Class

        (50 )      (392 )        (10 )      (101 ) 

Total distributions from net investment income

        (6,663,193 )      (5,625,681 )        (726,397 )      (978,198 ) 

Share transactions–net:

             

Institutional Class

        22,269,267       1,185,273,759         2,051,387       (339,954,549 ) 

Private Investment Class

        (1,964,788 )      (2,936,998 )        9,977,201       2,881,656  

Personal Investment Class

        22,388       (2,559,557 )        (1,995,769 )      (390,938 ) 

Cash Management Class

        336       (29,769,108 )        (3,491,496 )      (3,056,555 ) 

Reserve Class

        6,301,235       (1,007,763 )        3,723,349       (7,877,273 ) 

Resource Class

        422       (99,477 )        2,628,012       3,587,633  

Corporate Class

        47       (2,933,744 )        10,004       (32,063 ) 

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

        26,628,907       1,145,967,112         12,902,688       (344,842,089 ) 

Net increase (decrease) in net assets

        26,648,073       1,145,898,064         12,898,318       (344,856,811 ) 

Net assets:

             

Beginning of period

        1,346,988,631       201,090,567         187,448,507       532,305,318  

End of period*

      $ 1,373,636,704     $ 1,346,988,631       $ 200,346,825     $ 187,448,507  

* Includes accumulated undistributed net investment income

      $ (12,543 )    $ (12,543 )      $ (104,955 )    $ (104,955 ) 

Notes to Financial Statements

February 28, 2018

(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 Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio (collectively, the “Funds”) (formerly Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio and Tax-Free Cash Reserve Portfolio). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.

The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio; and to provide tax-exempt income consistent with preservation of capital and liquidity for Invesco Tax-Free Cash Reserve Portfolio.

Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies.

 

31                         Short-Term Investments Trust

On October 12, 2016, pursuant to new rules and regulations effective October 14, 2016, Invesco Liquid Assets Portfolio and Invesco 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 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 Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).

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

Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Invesco Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, 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.

Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, and Invesco Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, and Invesco Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.

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

A. Security Valuations — Invesco Liquid Asset Portfolio’s and Invesco STIC Prime Portfolio’s securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

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

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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,

 

32                         Short-Term Investments Trust

  the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D. Distributions — It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually.
E. Federal Income Taxes — The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, Invesco Tax-Free Cash Reserve Portfolio intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative net assets.
G. Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, 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.

U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.

 

33                         Short-Term Investments Trust

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:

 

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

Invesco Liquid Assets Portfolio

     0.15%          0.15%          0.15%  

Invesco STIC Prime Portfolio

     0.15%          0.15%          0.15%  

Invesco Treasury Portfolio

     0.15%          0.15%          0.15%  

Invesco Government & Agency Portfolio

     0.10%          0.10%          0.10%  

Invesco Treasury Obligations Portfolio

     0.20%          0.15%          0.10%  

Invesco Tax-Free Cash Reserve Portfolio

     0.20%          0.20%          0.20%  

For the six months ended February 28, 2018, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:

 

Invesco Liquid Assets Portfolio

     0.15%  

Invesco STIC Prime Portfolio

     0.15%  

Invesco Treasury Portfolio

     0.15%  

Invesco Government & Agency Portfolio

     0.10%  

Invesco Treasury Obligations Portfolio

     0.13%  

Invesco Tax-Free Cash Reserve Portfolio

     0.20%  

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, for Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, separate sub-advisory agreements with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

The Adviser has contractually agreed, through at least December 31, 2018, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):

 

     Institutional
Class		      Private
Investment
Class		      Personal
Investment
Class		      Cash
Management
Class		      Reserve
Class		      Resource
Class		      Corporate
Class		  

Invesco Liquid Assets Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.38 %       0.21 % 

Invesco STIC Prime Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Treasury Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Government & Agency Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Treasury Obligations Portfolio

     0.18 %       0.43 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Tax-Free Cash Reserve Portfolio

     0.20 %       0.45 %       0.75 %       0.28 %       1.07 %       0.36 %       0.23 % 

The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Invesco 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

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.

 

34                         Short-Term Investments Trust

For the six months ended February 28, 2018, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:

 

     Expense
Limitation		        Yield
Waivers		  

Invesco Liquid Assets Portfolio

   $ 422,362        $ —  

Invesco STIC Prime Portfolio

     210,685          —  

Invesco Treasury Portfolio

     2,371,330          —  

Invesco Government & Agency Portfolio

     —          —  

Invesco Treasury Obligations Portfolio

     208,699          —  

Invesco Tax-Free Cash Reserve Portfolio

     172,374          —  

Voluntary fee waivers for the six months ended February 28, 2018 are shown below:

 

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

Invesco Liquid Assets Portfolio

   $ —        $ —        $ —        $ 453        $ —        $ —  

Invesco STIC Prime Portfolio

     —          3          —          571          —          —  

Invesco Treasury Portfolio

     —          16,362          —          451,957          —          —  

Invesco Government & Agency Portfolio

     —          2,465          —          377,734          —          —  

Invesco Treasury Obligations Portfolio

     —          25          —          65,211          —          —  

Invesco Tax-Free Cash Reserve Portfolio

     —          1,033          —          31,131          —          —  

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, 2018, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees.

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, 2018, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.

Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.

 

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

Invesco Liquid Assets Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.20 %       0.03 % 

Invesco STIC Prime Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Treasury Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Government & Agency Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Treasury Obligations Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Tax-Free Cash Reserve Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.

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

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to 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.

 

35                         Short-Term Investments Trust

As of February 28, 2018, 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.

Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended February 28, 2018, there were no material transfers between valuation levels.

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, 2018, each Fund engaged in transactions with affiliates as listed below:

 

     Securities Purchases        Securities Sales        Net Realized Gains  

Invesco Liquid Assets Portfolio

   $ 79,891,007        $ 80,918,865        $ 0  

Invesco STIC Prime Portfolio

     27,262,215          51,275,067          0  

Invesco Government & Agency Portfolio

     10,879,508          0          0  

Invesco Tax-Free Cash Reserve Portfolio

     96,952,920          84,223,004          0  

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.

 

36                         Short-Term Investments Trust

The Funds below had a capital loss carryforward as of August 31, 2017, which expires as follows:

 

    Short-Term        Not Subject to
Expiration		           
Fund   2018        2019             Total*  

Invesco Liquid Assets Portfolio

   $ —        $ —        $ —        $ —  

Invesco STIC Prime Portfolio

     —          —          —          —  

Invesco Treasury Portfolio

     —          —          266,972          266,972  

Invesco Government & Agency Portfolio

     —          —          531,300          531,300  

Invesco Treasury Obligations Portfolio

     —          —          61,535          61,535  

Invesco Tax-Free Cash Reserve Portfolio

     8,740          30,074          14,721          53,535  

 

* 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 Transactions

The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:

 

    At February 28, 2018  
     Federal Tax
Cost*		        Unrealized
Appreciation		        Unrealized
(Depreciation)		        Net Unrealized
Appreciation
(Depreciation)		  

Invesco Treasury Obligations Portfolio

   $ 1,514,192,867        $ —        $ (10,673 )       $ (10,673 ) 

 

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

NOTE 9—Share Information

Invesco Liquid Assets Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017(b)		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     6,098,292,161      $ 6,099,222,676        8,846,205,589      $ 8,846,379,006  

Private Investment Class

     100,828        100,848        73,675,959        73,675,968  

Personal Investment Class

     —        —        8,382,621        8,382,870  

Cash Management Class

     23,866,792        23,869,986        352,257,569        352,272,331  

Reserve Class

     27,958        27,964        3,766,999        3,767,196  

Resource Class

     —        —        132,559        132,558  

Corporate Class

     31,435,900        31,441,187        244,330,733        244,348,194  

Issued as reinvestment of dividends:

           

Institutional Class

     735,033        735,171        4,398,518        4,398,873  

Private Investment Class

     27,730        27,735        43,468        43,475  

Personal Investment Class

     3        4        1,713        1,713  

Cash Management Class

     34,494        34,500        93,656        93,666  

Reserve Class

     2,188        2,188        6,617        6,618  

Resource Class

     6,634        6,635        8,279        8,281  

Corporate Class

     56,917        56,928        142,251        142,269  

Reacquired:

           

Institutional Class

     (3,849,837,505 )       (3,850,436,662 )       (18,973,148,113 )       (18,973,505,169 ) 

Private Investment Class

     (699,204 )       (699,302 )       (308,001,404 )       (308,021,469 ) 

Personal Investment Class

     —        —        (37,614,403 )       (37,615,501 ) 

Cash Management Class

     (17,527,274 )       (17,529,743 )       (595,177,024 )       (595,193,585 ) 

Reserve Class

     (198,056 )       (198,089 )       (102,991,361 )       (102,991,730 ) 

Resource Class

     (272,453 )       (272,507 )       (6,060,265 )       (6,060,357 ) 

Corporate Class

     (32,658,671 )       (32,662,668 )       (404,609,206 )       (404,650,350 ) 

Net increase (decrease) in share activity

     2,253,393,475      $ 2,253,726,851        (10,894,155,245 )     $ (10,894,385,143 ) 

 

(a)  90% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
(b)  Effective October 12, 2016, Invesco Liquid Assets Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

37                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco STIC Prime Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017(b)		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     671,033,784      $ 671,033,402        1,181,673,896      $ 1,181,705,357  

Private Investment Class

     106,000        106,004        32,477,987        32,477,991  

Personal Investment Class

     —        —        118,187,308        118,187,309  

Cash Management Class

     408,572        408,574        132,025,201        132,025,203  

Reserve Class

     5        5        12,104,481        12,104,533  

Resource Class

     —        —        54,163,813        54,163,819  

Corporate Class

     —        —        23,501        23,503  

Issued as reinvestment of dividends:

           

Institutional Class

     1,185,345        1,185,326        1,319,248        1,319,283  

Private Investment Class

     8,153        8,153        12,756        12,757  

Personal Investment Class

     1,955        1,955        16,252        16,252  

Cash Management Class

     4,156        4,156        59,666        59,666  

Reserve Class

     1,444        1,444        5,653        5,654  

Resource Class

     937        937        6,994        6,995  

Corporate Class

     116        116        126        125  

Reacquired:

           

Institutional Class

     (679,472,584 )       (679,468,854 )       (2,366,923,911 )       (2,366,971,536 ) 

Private Investment Class

     (96,129 )       (96,129 )       (171,705,890 )       (171,706,827 ) 

Personal Investment Class

     (27 )       (27 )       (235,067,018 )       (235,067,063 ) 

Cash Management Class

     (499,353 )       (499,353 )       (298,807,504 )       (298,807,541 ) 

Reserve Class

     (33,226 )       (33,226 )       (33,083,675 )       (33,083,846 ) 

Resource Class

     —        —        (70,853,614 )       (70,854,517 ) 

Corporate Class

     —        —        (12,179 )       (12,179 ) 

Net increase (decrease) in share activity

     (7,350,852 )     $ (7,347,517 )       (1,644,376,909 )     $ (1,644,395,062 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 95% 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, Invesco STIC Prime Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

38                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco Treasury Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     83,870,920,011      $ 83,870,920,011        104,978,321,526      $ 104,978,321,526  

Private Investment Class

     679,734,166        679,734,166        1,389,145,628        1,389,145,628  

Personal Investment Class

     505,175,240        505,175,240        959,511,379        959,511,379  

Cash Management Class

     1,643,623,471        1,643,623,471        2,685,419,118        2,685,419,118  

Reserve Class

     410,729,899        410,729,899        386,663,928        386,663,928  

Resource Class

     440,940,439        440,940,439        575,122,878        575,122,878  

Corporate Class

     2,212,293,713        2,212,293,713        9,826,990,863        9,826,990,863  

Issued as reinvestment of dividends:

           

Institutional Class

     23,836,828        23,836,828        16,234,515        16,234,515  

Private Investment Class

     248,510        248,510        249,491        249,491  

Personal Investment Class

     340,891        340,891        202,723        202,723  

Cash Management Class

     1,698,617        1,698,617        1,178,232        1,178,232  

Reserve Class

     651,740        651,740        254,629        254,629  

Resource Class

     504,629        504,629        346,994        346,994  

Corporate Class

     1,725,825        1,725,825        2,990,987        2,990,987  

Reacquired:

           

Institutional Class

     (82,654,604,529 )       (82,654,604,529 )       (102,059,111,450 )       (102,059,111,450 ) 

Private Investment Class

     (624,536,570 )       (624,536,570 )       (1,374,610,398 )       (1,374,610,398 ) 

Personal Investment Class

     (495,438,905 )       (495,438,905 )       (942,300,287 )       (942,300,287 ) 

Cash Management Class

     (1,655,201,558 )       (1,655,201,558 )       (2,610,622,476 )       (2,610,622,476 ) 

Reserve Class

     (379,076,193 )       (379,076,193 )       (295,319,532 )       (295,319,532 ) 

Resource Class

     (335,910,915 )       (335,910,915 )       (581,581,266 )       (581,581,266 ) 

Corporate Class

     (2,453,248,174 )       (2,453,248,174 )       (10,395,384,827 )       (10,395,384,827 ) 

Net increase in share activity

     1,194,407,135      $ 1,194,407,135        2,563,702,655      $ 2,563,702,655  

 

(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, 15% 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)

Invesco Government & Agency Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     124,484,185,519      $ 124,484,185,519        208,396,167,421      $ 208,396,167,421  

Private Investment Class

     708,079,249        708,079,249        1,423,015,874        1,423,015,874  

Personal Investment Class

     13,087,606        13,087,606        72,491,907        72,491,907  

Cash Management Class

     618,043,130        618,043,130        936,923,184        936,923,184  

Reserve Class

     586,521,963        586,521,963        850,197,770        850,197,770  

Resource Class

     1,220,430,797        1,220,430,797        2,809,077,121        2,809,077,121  

Corporate Class

     1,168,124,291        1,168,124,291        4,691,887,919        4,691,887,919  

Issued as reinvestment of dividends:

           

Institutional Class

     27,926,219        27,926,219        19,317,518        19,317,518  

Private Investment Class

     500,392        500,392        318,477        318,477  

Personal Investment Class

     23,820        23,820        12,576        12,576  

Cash Management Class

     806,065        806,065        418,891        418,891  

Reserve Class

     573,192        573,192        513,904        513,904  

Resource Class

     1,045,321        1,045,321        796,073        796,073  

Corporate Class

     318,197        318,197        795,308        795,308  

Reacquired:

           

Institutional Class

     (127,157,822,215 )       (127,157,822,215 )       (191,440,339,281 )       (191,440,339,281 ) 

Private Investment Class

     (825,534,807 )       (825,534,807 )       (1,253,706,501 )       (1,253,706,501 ) 

Personal Investment Class

     (25,811,194 )       (25,811,194 )       (58,882,412 )       (58,882,412 ) 

Cash Management Class

     (522,418,785 )       (522,418,785 )       (918,415,179 )       (918,415,179 ) 

Reserve Class

     (433,502,645 )       (433,502,645 )       (995,633,438 )       (995,633,438 ) 

Resource Class

     (1,328,997,791 )       (1,328,997,791 )       (2,563,414,351 )       (2,563,414,351 ) 

Corporate Class

     (1,298,986,595 )       (1,298,986,595 )       (4,684,680,908 )       (4,684,680,908 ) 

Net increase (decrease) in share activity

     (2,763,408,271 )     $ (2,763,408,271 )       17,286,861,873      $ 17,286,861,873  

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 24% of the outstanding shares of the Fund. 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, 16% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

40                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco Treasury Obligations Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     569,994,076      $ 569,994,076        1,882,109,152      $ 1,882,109,152  

Private Investment Class

     154,318        154,318        10,041,615        10,041,615  

Personal Investment Class

     1,263,767        1,263,767        2,009,181        2,009,181  

Cash Management Class

     1,610,000        1,610,000        7,657        7,657  

Reserve Class

     42,740,773        42,740,773        140,006,781        140,006,781  

Resource Class

     422        422        94,706        94,706  

Corporate Class

     —        —        659,929        659,929  

Issued as reinvestment of dividends:

           

Institutional Class

     138,972        138,972        116,704        116,704  

Private Investment Class

     8,812        8,812        4,830        4,830  

Personal Investment Class

     3        3        6,763        6,763  

Cash Management Class

     7,229        7,229        89,662        89,662  

Reserve Class

     90,443        90,443        —        —  

Corporate Class

     47        47        299        299  

Reacquired:

           

Institutional Class

     (547,863,781 )       (547,863,781 )       (696,952,097 )       (696,952,097 ) 

Private Investment Class

     (2,127,918 )       (2,127,918 )       (12,983,443 )       (12,983,443 ) 

Personal Investment Class

     (1,241,382 )       (1,241,382 )       (4,568,738 )       (4,568,738 ) 

Cash Management Class

     (1,616,893 )       (1,616,893 )       (29,783,528 )       (29,783,528 ) 

Reserve Class

     (36,529,981 )       (36,529,981 )       (141,104,206 )       (141,104,206 ) 

Resource Class

     —        —        (194,183 )       (194,183 ) 

Corporate Class

     —        —        (3,593,972 )       (3,593,972 ) 

Net increase in share activity

     26,628,907      $ 26,628,907        1,145,967,112      $ 1,145,967,112  

 

(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 6% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.
         In addition, 86% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

41                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco Tax-Free Cash Reserve Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     59,262,860      $ 59,262,860        216,245,353      $ 216,245,353  

Private Investment Class

     45,477,298        45,477,298        49,632,970        49,632,970  

Personal Investment Class

     10,391        10,391        2,005,100        2,005,100  

Cash Management Class

     3,192,742        3,192,742        45,537,104        45,537,104  

Reserve Class

     37,083,918        37,083,918        111,932,405        111,932,405  

Resource Class

     4,550,024        4,550,024        4,058,371        4,058,371  

Corporate Class

     10,000        10,000        32,101        32,101  

Issued as reinvestment of dividends:

           

Institutional Class

     221,438        221,438        221,692        221,692  

Private Investment Class

     83,737        83,737        68,844        68,844  

Personal Investment Class

     2,768        2,768        5,772        5,772  

Cash Management Class

     79,721        79,721        134,904        134,904  

Reserve Class

     27,866        27,866        64,807        64,807  

Resource Class

     22,290        22,290        11,483        11,483  

Corporate Class

     4        4        97        97  

Reacquired:

           

Institutional Class

     (57,432,911 )       (57,432,911 )       (556,421,594 )       (556,421,594 ) 

Private Investment Class

     (35,583,834 )       (35,583,834 )       (46,820,158 )       (46,820,158 ) 

Personal Investment Class

     (2,008,928 )       (2,008,928 )       (2,401,810 )       (2,401,810 ) 

Cash Management Class

     (6,763,959 )       (6,763,959 )       (48,728,563 )       (48,728,563 ) 

Reserve Class

     (33,388,435 )       (33,388,435 )       (119,874,485 )       (119,874,485 ) 

Resource Class

     (1,944,302 )       (1,944,302 )       (482,221 )       (482,221 ) 

Corporate Class

     —        —        (64,261 )       (64,261 ) 

Net increase (decrease) in share activity

     12,902,688      $ 12,902,688        (344,842,089 )     $ (344,842,089 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 91% of the outstanding shares of the Fund. 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.

 

42                         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		  

Invesco Liquid Assets Portfolio

 

Six months ended 02/28/18

   $ 1.0002     $ 0.0070     $ (0.0007 )    $ 0.0063     $ (0.0064 )    $ —     $ (0.0064 )    $ 1.0001       0.63 %    $ 2,545,619       0.18 %(c)      0.24 %(c)      1.41 %(c) 

Year ended 08/31/17

     1.00       0.0051       0.0036       0.0087       (0.0080 )      (0.0005 )      (0.0085 )      1.0002       0.84       296,174       0.18       0.26       0.51  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.33       10,421,616       0.15       0.18       0.34  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.08       15,974,126       0.14       0.17       0.08  

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  

Invesco STIC Prime Portfolio

 

Six months ended 02/28/18

     1.0000       0.0061       (0.0000 )      0.0061       (0.0061 )      —       (0.0061 )      1.0000       0.62       416,671       0.18 (c)      0.29 (c)      1.24 (c) 

Year ended 08/31/17

     1.00       0.0062       0.0007       0.0069       (0.0069 )      —       (0.0069 )      1.0000       0.70       423,931       0.18       0.27       0.62  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.26       1,607,867       0.14       0.20       0.26  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.04       1,764,662       0.07       0.19       0.10  

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  

Invesco Treasury Portfolio

 

Six months ended 02/28/18

     1.00       0.01       0.00       0.01       (0.01 )      —       (0.01 )      1.00       0.52       24,044,592       0.18 (c)      0.20 (c)      1.06 (c) 

Year ended 08/31/17

     1.00       0.01       0.00       0.01       (0.01 )      —       (0.01 )      1.00       0.52       22,803,973       0.18       0.20       0.52  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.16       19,868,465       0.14       0.18       0.17  

Year ended 08/31/15

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.01       7,850,084       0.06       0.17       0.02  

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  

Invesco Government & Agency Portfolio

 

Six months ended 02/28/18

     1.00       0.01       0.00       0.01       (0.01 )      —       (0.01 )      1.00       0.53       25,046,080       0.15 (c)      0.15 (c)      1.06 (c) 

Year ended 08/31/17

     1.00       0.01       (0.00 )      0.01       (0.01 )      —       (0.01 )      1.00       0.56       27,691,416       0.15       0.15       0.58  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.19       10,716,760       0.14       0.15       0.19  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.02       4,219,860       0.08       0.13       0.02  

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  

Invesco Treasury Obligations Portfolio

 

Six months ended 02/28/18

     1.00       0.01       0.00       0.01       (0.01 )      —       (0.01 )      1.00       0.51       1,328,658       0.18 (c)      0.21 (c)      1.03 (c) 

Year ended 08/31/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.44       1,306,370       0.18       0.22       0.48  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.13       121,149       0.12       0.36       0.13  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.02       105,550       0.00       0.33       0.08  

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  

Invesco Tax-Free Cash Reserve Portfolio

 

Six months ended 02/28/18

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.42       112,865       0.20 (c)      0.38 (c)      0.85 (c) 

Year ended 08/31/17

     1.00       0.01       (0.00 )      0.01       (0.01 )      —       (0.01 )      1.00       0.56       110,817       0.20       0.37       0.56  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.10       450,792       0.10       0.31       0.12  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.01       456,027       0.03       0.31       0.04  

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  

 

(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 $1,366,531, $391,319, $22,558,591, $27,178,227, $1,283,561 and $111,960 for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations and Invesco Tax-Free Cash Reserve Portfolio, respectively.

 

43                         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, 2017 through February 28, 2018.

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
(09/01/17)		      ACTUAL     

HYPOTHETICAL

(5% annual return before
expenses)

      Annualized
Expense
Ratio		  
      Ending
Account Value
(02/28/18)1		      Expenses
Paid During
Period2		     

Ending

Account Value
(02/28/18)

      Expenses
Paid During
Period2		     

Invesco Liquid Assets Portfolio

    $ 1,000.00      $ 1,006.30      $ 0.90      $ 1,023.90      $ 0.90        0.18 % 

Invesco STIC Prime Portfolio

      1,000.00        1,006.20        0.90        1,023.90        0.90        0.18  

Invesco Treasury Portfolio

      1,000.00        1,005.20        0.89        1,023.90        0.90        0.18  

Invesco Government & Agency Portfolio

      1,000.00        1,005.30        0.75        1,024.05        0.75        0.15  

Invesco Treasury Obligations Portfolio

      1,000.00        1,005.10        0.89        1,023.90        0.90        0.18  

Invesco Tax-Free Cash Reserve Portfolio

      1,000.00        1,004.20        0.99        1,023.80        1.00        0.20  

 

1  The actual ending account value is based on the actual total return of the Funds for the period September 1, 2017, through February 28, 2018, 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.

 

44                         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        04262018    0804

LOGO         

 

Semiannual Report to Shareholders    February 28, 2018

 

 

Personal Investment Class

Short-Term Investments Trust (STIT)

Invesco Liquid Assets Portfolio

Invesco STIC Prime Portfolio

Invesco Treasury Portfolio

Invesco Government & Agency Portfolio

Invesco Treasury Obligations Portfolio

Invesco Tax-Free Cash Reserve Portfolio

Effective December 15, 2017, Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio and Tax-Free Cash Reserve Portfolio were renamed Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, respectively.

 

LOGO

 

 

 

2 Fund Data

 

3 Letters to Shareholders

 

4 Schedule of Investments

 

26 Financial Statements

 

31 Notes to Financial Statements

 

43 Financial Highlights

 

44 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, 2018, 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 2/28/18  
FUND  

WEIGHTED

AVERAGE

MATURITY

        WEIGHTED
AVERAGE
LIFE		     

        TOTAL        

NET

ASSETS

  
    

  Range

  During

  Reporting

  Period

 

       

  At

  Reporting
  Period

  End

 

                    
Invesco Liquid Assets1     10 - 37 days          18 days        67 days        $11.2 thousand   
Invesco STIC Prime1     11 - 19 days          11 days        12 days        612.5 thousand   
Invesco Treasury2     10 - 31 days          30 days        84 days        150.3 million        
Invesco Government & Agency2     16 - 25 days          23 days        106 days        8.4 million        
Invesco Treasury Obligations2     33 - 51 days          36 days        103 days        70.2 thousand   
Invesco Tax-Free Cash Reserve3     16 - 31 days          16 days        16 days        10.0 thousand   

 

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

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

 

 

 

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:

This semiannual report covers the six-month reporting period ended February 28, 2018. As always, we thank you for investing with us. By investing in a combination of short-term securities and securities with slightly longer maturities, each Fund continued to preserve safety of principal and maintain a relatively high level of liquidity while offering competitive returns.

    The US Federal Reserve (the Fed) raised interest rates by 0.25% in December 2017, bringing the key fed funds target rate to a range of 1.25% to 1.50% as of February 28, 2018.1 The December increase was the latest in a series of interest rate increases the Fed implemented in response to a moderately expanding US economy and relatively benign inflation levels. These increases benefited money market investors. At the close of the reporting period, additional Fed rate increases were widely expected later in 2018 –

potentially faster than previously expected. Most major central banks around the world continued to maintain interest rates at, near or below zero in an effort to spur economic growth and inflation.

    In early February, Jerome Powell assumed the chairmanship of the Fed. Powell, a member of the Fed’s board of governors since 2012, is largely expected to stay the course with regard to monetary policy as he largely voted in line with former Fed Chair Janet Yellen during her years leading the Fed.

    Invesco Global Liquidity is part of Invesco Ltd., one of the world’s largest independent asset management companies. Invesco Global Liquidity takes a long-term approach to short-term investing. Our vision is grounded in our rigorous investment philosophy, high-quality products and tradition of excellent client service. Our unrelenting focus on preservation of capital, daily liquidity and competitive yield is implemented through repeatable, time-tested processes.

    Again, 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, 2018

(Unaudited)

Invesco Liquid Assets Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  

Commercial Paper–44.78%(a)

          
Asset-Backed Securities — Fully Supported–5.91%          

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

     1.76 %      04/03/2018      $ 75,000      $ 74,878,028  

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

     1.83 %      04/23/2018        20,000        19,943,090  

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

     1.42 %      03/01/2018        2,500        2,499,899  

Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.) (1 mo. USD LIBOR + 0.21%)(b)(c)(d)

     1.80 %      05/21/2018        5,000        5,002,088  

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

     1.81 %      03/15/2018        50,000        49,967,815  
                                152,290,920  
Asset-Backed Securities — Fully Supported Bank–14.81%          

Anglesea Funding LLC (Multi–CEP’s) (1 mo. USD LIBOR + 0.27%)(c)(d)

     1.85 %      06/29/2018        25,000        25,000,323  

Anglesea Funding LLC (Multi–CEP’s) (1 mo. USD LIBOR + 0.27%)(b)(c)(d)

     1.85 %      06/04/2018        60,000        60,000,702  

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

     1.81 %      03/20/2018        50,000        49,956,610  

Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC)

     1.93 %      06/14/2018        70,000        69,560,778  

Ebury Finance LLC (Multi–CEP’s)(b)(c)

     1.45 %      03/01/2018        30,000        29,998,758  

Gotham Funding Corp. (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(b)(c)

     1.84 %      03/22/2018        30,000        29,970,648  

Halkin Finance LLC (Multi–CEP’s)(b)(c)

     1.45 %      03/01/2018        40,000        39,998,344  

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

     1.54 %      03/06/2018        55,000        54,986,151  

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

     1.71 %      03/05/2018        22,000        21,995,395  
                                381,467,709  
Asset-Backed Securities — Multi-Purpose–3.29%          

CRC Funding, LLC(b)

     1.81 %      05/11/2018        5,000        4,980,750  

Nieuw Amsterdam Receivables Corp.(b)(c)

     1.82 %      05/09/2018        35,000        34,865,590  

Nieuw Amsterdam Receivables Corp.(b)(c)

     1.83 %      04/11/2018        45,000        44,904,186  
                                84,750,526  
Consumer Finance–0.10%          

Toyota Motor Credit Corp. (1 mo. USD LIBOR + 0.20%)(c)(d)

     1.78 %      05/04/2018        2,500        2,501,075  
Diversified Banks–11.71%          

Bank of Nova Scotia(b)(c)

     1.81 %      04/02/2018        50,000        49,926,115  

Commonwealth Bank of Australia (1 mo. USD LIBOR + 0.22%)(b)(c)(d)

     1.80 %      12/07/2018        50,000        49,989,035  

DBS Bank Ltd.(b)(c)

     2.01 %      05/21/2018        45,000        44,796,744  

First Abu Dhabi Bank PJSC(b)(c)

     1.50 %      03/02/2018        60,000        59,995,032  

J.P. Morgan Securities LLC

     1.88 %      06/01/2018        5,000        4,973,043  

Oversea-Chinese Banking Corp. Ltd. (1 mo. USD LIBOR + 0.15%)(b)(c)(d)

     1.74 %      05/18/2018        12,000        12,003,536  

Toronto-Dominion Bank (The)(b)(c)

     1.76 %      03/22/2018        50,000        49,952,580  

Toronto-Dominion Bank (The) (1 mo. USD LIBOR + 0.23%)(b)(c)(d)

     1.88 %      11/30/2018        30,000        29,995,050  
                                301,631,135  
Diversified Capital Markets–2.33%          

UBS AG (1 mo. USD LIBOR + 0.33%)(b)(c)(d)

     1.91 %      01/02/2019        30,000        30,016,650  

UBS AG (1 mo. USD LIBOR + 0.33%)(b)(c)(d)

     1.91 %      12/28/2018        30,000        30,016,506  
                                60,033,156  
Other Diversified Financial Services–0.30%          

ABN AMRO Funding USA LLC(b)(c)

     1.54 %      03/06/2018        7,625        7,623,043  

 

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

 

4                         Short-Term Investments Trust

Invesco Liquid Assets Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  
Regional Banks–2.46%          

Banque et Caisse d’Epargne de l’Etat(c)

     1.86 %      06/01/2018      $ 33,750      $ 33,583,211  

Banque et Caisse d’Epargne de l’Etat(c)

     1.87 %      06/11/2018        30,000        29,833,482  
                                63,416,693  
Specialized Finance–3.87%          

Caisse des Depots et Consignations(b)(c)

     1.81 %      03/01/2018        50,000        49,998,100  

Nederlandse Waterschapsbank N.V.(b)(c)

     1.78 %      05/02/2018        50,000        49,841,275  
                                99,839,375  

Total Commercial Paper (Cost $1,153,614,060)

                               1,153,553,632  

Certificates of Deposit–24.16%

          

Bank of Montreal(c)

     1.75 %      03/20/2018        20,000        20,001,246  

Bank of Montreal (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      12/07/2018        25,000        24,996,848  

Bank of Nova Scotia (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      12/11/2018        50,000        49,993,910  

China Construction Bank Corp.(c)

     1.77 %      03/08/2018        25,000        25,000,750  

China Construction Bank Corp.(c)

     1.77 %      03/09/2018        20,000        20,000,648  

China Construction Bank Corp.(c)

     1.82 %      03/26/2018        45,000        45,002,560  

KBC Bank N.V. (Belgium)(c)

     1.80 %      03/06/2018        25,000        24,993,168  

KBC Bank N.V. (Belgium)(c)

     1.80 %      04/19/2018        25,000        24,999,181  

Mitsubishi UFJ Trust & Banking Corp. (1 mo. USD LIBOR + 0.20%)(c)(d)

     1.85 %      05/30/2018        20,000        20,007,510  

Mitsubishi UFJ Trust & Banking Corp. (1 mo. USD LIBOR + 0.22%)(c)(d)

     1.79 %      06/01/2018        7,500        7,503,342  

Mizuho Bank, Ltd.(c)

     1.40 %      03/01/2018        85,000        85,000,000  

Mizuho Bank, Ltd.(c)

     1.45 %      03/06/2018        35,000        34,999,772  

Royal Bank of Canada (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      12/07/2018        50,000        49,992,785  

Sumitomo Mitsui Trust Bank Ltd.(c)

     1.43 %      03/02/2018        70,000        70,000,021  

Wells Fargo Bank, N.A. (1 mo. USD LIBOR + 0.24%)(d)

     1.82 %      12/05/2018        50,000        49,999,640  

Wells Fargo Bank, N.A. (1 mo. USD LIBOR + 0.25%)(d)

     1.83 %      01/04/2019        10,000        9,999,706  

Wells Fargo Bank, N.A. (3 mo. USD LIBOR + 0.15%)(d)

     1.89 %      01/18/2019        10,000        10,017,386  

Westpac Banking Corp. (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      01/08/2019        50,000        49,988,630  

Total Certificates of Deposit (Cost $622,494,088)

                               622,497,103  

Variable Rate Demand Notes–5.17%(e)

          
Credit Enhanced–5.17%          

Blair (County of), Pennsylvania IDA (Altoona-Blair County Development Corp.); Series 2008, Ref. VRD RB (LOC–PNC Bank, N.A.)(f)

     1.50 %      10/01/2028        8,625        8,625,000  

Derry (Township of), Pennsylvania Industrial & Commercial Development Authority (GIANT Center); Series 2001, VRD Facility Taxable RB (LOC–PNC Bank, N.A.)(f)

     1.50 %      11/01/2030        2,220        2,220,000  

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

     1.70 %      04/01/2047        9,500        9,499,999  

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

     1.51 %      05/01/2037        2,900        2,900,000  

New York (State of) Housing Finance Agency (222 East 44th Street Housing);
Series 2016, VRD RB (LOC–Bank of China Ltd.)(f)

     1.52 %      05/01/2050        11,035        11,035,000  

New York (State of) Housing Finance Agency (222 East 44th Street Housing);
Series 2017 A, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      05/01/2050        15,000        15,000,000  

New York (State of) Housing Finance Agency (572 11th Ave.); Series 2017 A, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      11/01/2049        20,500        20,500,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);
Series 2015 B-1, VRD Taxable RB (LOC–Bank of China Ltd.)(f)

     1.75 %      11/01/2049        5,000        5,000,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);
Series 2016 B-1, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      11/01/2049        5,340        5,340,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);
Series 2016 B-2, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      11/01/2049        1,500        1,500,000  

 

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

 

5                         Short-Term Investments Trust

Invesco Liquid Assets Portfolio

 

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

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

     1.65 %      07/01/2040      $ 1,660      $ 1,660,000  

University of Texas System Board of Regents; Series 2016 G-1, VRD Financing System RB

     1.50 %      08/01/2045        50,000        50,000,000  

Total Variable Rate Demand Notes (Cost $133,279,999)

                               133,279,999  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)–74.11% (Cost $1,909,388,147)

                               1,909,330,734  
                 Repurchase
Amount		         

Repurchase Agreements–25.98%(g)

          

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $9,000,380 (collateralized by a U.S. Treasury obligation and a foreign corporate obligation valued at $9,180,070; 1.25%-1.75%; 07/26/2019-12/31/2020)(c)

     1.52 %      03/01/2018        9,000,380        9,000,000  

BMO Capital Markets Corp., agreement dated 02/28/2018, maturing value of $45,001,900 (collateralized by U.S. government sponsored agency obligations and domestic and foreign corporate obligations valued at $47,566,190;
0%-9.70%; 04/17/2018-07/22/2028)(c)

     1.52 %      03/01/2018        45,001,900        45,000,000  

BMO Capital Markets Corp., term agreement dated 01/03/2018, maturing value of $30,080,317 (collateralized by domestic and foreign corporate obligations valued at $32,093,218; 1.45%-10.00%; 05/14/2018-12/15/2032)(c)(h)

     1.58 %      03/05/2018        30,080,317        30,000,000  

Citigroup Global Markets, Inc., joint open agreement dated 12/21/2017 (collateralized by U.S. Treasury obligations, domestic and foreign agency mortgage-backed securities and a foreign corporate obligation valued at $100,980,182;
1.63%-8.50%; 11/30/2020-12/25/2035)(i)

     2.48 %      —        —        56,500,000  

Credit Agricole Corporate & Investment Bank, joint agreement dated 02/28/2018, aggregate maturing value of $247,009,400 (collateralized by U.S. Treasury obligations valued at $251,940,215; 1.63%; 05/15/2026)

     1.37 %      03/01/2018        37,892,137        37,890,695  

Credit Suisse Securities (USA) LLC, joint term agreement dated 02/27/2018, aggregate maturing value of $20,006,300 (collateralized by domestic agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $21,751,458; 0.24%-7.07%; 02/10/2022- 09/25/2043)(c)(h)

     1.62 %      03/06/2018        15,004,725        15,000,000  

Credit Suisse Securities (USA) LLC, joint term agreement dated 02/27/2018, aggregate maturing value of $55,016,469 (collateralized by domestic commercial paper and domestic agency mortgage-backed securities valued at $57,756,717;
0.06%-2.14%; 03/08/2018-10/15/2039)(c)(h)

     1.54 %      03/06/2018        15,004,492        15,000,000  

Credit Suisse Securities (USA) LLC, joint term agreement dated 02/27/2018, aggregate maturing value of $75,022,896 (collateralized by a domestic agency mortgage-backed security, a domestic commercial paper and domestic non-agency asset-backed securities valued at $80,707,397; 0.31%-7.07%; 08/17/2018-05/25/2037)(c)(h)

     1.57 %      03/06/2018        35,010,685        35,000,000  

ING Financial Markets, LLC, agreement dated 02/28/2018, maturing value of $46,002,070 (collateralized by domestic and foreign corporate obligations valued at $50,600,437; 2.95%-9.88%; 03/01/2019-03/01/2097)(c)

     1.62 %      03/01/2018        46,002,070        46,000,000  

J.P. Morgan Securities LLC, open agreement dated 12/05/2017 (collateralized by domestic agency mortgage-backed securities valued at $33,000,121;
0%-7.00%; 03/25/2035-10/15/2048)(i)

     2.14 %      —        —        25,000,000  

RBC Capital Markets LLC, agreement dated 02/28/2018, maturing value of $60,002,533 (collateralized by domestic and foreign corporate obligations valued at $63,000,279; 0%-6.15%; 04/30/2018-11/15/2048)(c)

     1.52 %      03/01/2018        60,002,533        60,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $3,000,115,833 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $3,060,002,122;
1.13%-4.00%; 07/31/2021-10/20/2047)

     1.39 %      03/01/2018        250,009,653        250,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2018, maturing value of $35,001,478 (collateralized by foreign corporate obligations valued at $35,700,903; 1.75%-2.13%; 01/18/2022-09/14/2022)

     1.52 %      03/01/2018        35,001,478        35,000,000  

 

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

 

6                         Short-Term Investments Trust

Invesco Liquid Assets Portfolio

 

     Interest
Rate		     Maturity
Date		      Repurchase
Amount		      Value  

Wells Fargo Securities, LLC, joint term agreement dated 01/05/2018, aggregate maturing value of $20,072,334 (collateralized by domestic non-agency mortgage-backed securities and domestic corporate obligations valued at $20,598,104;
0%-3.00%; 05/16/2019-05/15/2027)

     2.10 %      03/08/2018      $ 10,036,167      $ 10,000,000  

Total Repurchase Agreements (Cost $669,390,695)

                               669,390,695  

TOTAL INVESTMENTS IN SECURITIES(j)(k)–100.09% (Cost $2,578,778,842)

                               2,578,721,429  

OTHER ASSETS LESS LIABILITIES–(0.09)%

                               (2,415,006 ) 

NET ASSETS–100.00%

                             $ 2,576,306,423  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

FHLB  

– Federal Home Loan Bank

LIBOR  

– London Interbank Offered Rate

LOC  

– Letter of Credit

RB  

– Revenue Bonds

USD  

– U.S. Dollar

VRD  

– Variable Rate Demand

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, 2018 was $945,145,210, which represented 36.69% of the Fund’s Net Assets.
(c)  The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 16.3%; Netherlands: 12.6%; France: 10.2%; Japan: 10.1%; other countries less than 5% each: 24.4%.
(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.
(e)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(f)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(g)  Principal amount equals value at period end. See Note 1I.
(h)  The Fund may demand prepayment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(i)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(j)  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 issuers obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     46.4 % 

8-30

     11.6  

31-60

     8.3  

61-90

     6.9  

91-180

     11.9  

181+

     14.9  

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.

 

7                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco STIC Prime Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Commercial Paper–42.22%(a)

          
Asset-Backed Securities — Fully Supported–2.91%          

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

     1.60 %      03/01/2018      $ 10,000      $ 9,999,595  

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

     1.74 %      04/02/2018        2,250        2,246,376  
                                12,245,971  
Asset-Backed Securities — Fully Supported Bank–21.55%          

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

     1.96 %      04/23/2018        5,000        4,987,108  

Anglesea Funding (Multi–CEP’s)(b)(c)

     1.66 %      03/01/2018        15,000        14,999,395  

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

     1.77 %      04/12/2018        5,000        4,989,548  

Concord Minutemen Capital Co., LLC (Multi–CEP’s)(b)(c)

     1.55 %      03/01/2018        5,000        4,999,793  

Ebury Finance LLC (Multi–CEP’s)(b)(c)

     1.45 %      03/01/2018        12,000        11,999,503  

Gotham Funding Corp. (CEP–Bank of Tokyo–Mitsubishi UFJ, Ltd. (The))(b)(c)

     1.69 %      04/03/2018        10,000        9,983,859  

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

     1.54 %      03/06/2018        5,000        4,998,741  

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

     1.73 %      04/03/2018        7,000        6,988,748  

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

     1.65 %      03/01/2018        6,270        6,269,726  

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

     1.68 %      03/01/2018        2,500        2,499,891  

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

     1.71 %      03/05/2018        8,000        7,998,326  

Nieuw Amsterdam Receivables Corp. (CEP–Cooperatieve Rabobank UA)(b)(c)

     1.63 %      03/21/2018        10,000        9,990,544  
                                90,705,182  
Asset-Backed Securities — Multi-Purpose–3.84%          

CAFCO, LLC(b)

     1.72 %      04/09/2018        10,000        9,981,311  

CHARTA, LLC(b)

     1.71 %      04/02/2018        2,100        2,096,730  

CHARTA, LLC(b)

     1.73 %      04/02/2018        1,500        1,497,664  

Versailles Commercial Paper LLC(b)

     1.90 %      04/11/2018        2,600        2,594,573  
                                16,170,278  
Diversified Banks–5.84%          

First Abu Dhabi Bank PJSC(b)(c)

     1.50 %      03/02/2018        10,000        9,999,172  

NRW Bank(b)(c)

     1.87 %      04/23/2018        6,385        6,368,038  

Societe Generale S.A.(b)(c)

     1.63 %      03/05/2018        5,225        5,223,900  

Standard Chartered Bank(b)(c)

     1.75 %      03/23/2018        3,000        2,996,994  
                                24,588,104  
Other Diversified Financial Services–0.48%          

ABN AMRO Funding USA LLC(b)(c)

     1.65 %      03/08/2018        2,000        1,999,311  
Regional Banks–4.75%          

Danske Corp.(b)(c)

     1.65 %      03/13/2018        15,000        14,991,577  

Landesbank Hessen-Thueringen Girozentrale(b)(c)

     1.63 %      03/20/2018        5,000        4,995,659  
                                19,987,236  
Specialized Finance–2.85%          

CDP Financial Inc.(b)(c)

     1.60 %      03/08/2018        2,000        1,999,342  

Nederlandse Waterschapsbank N.V.(b)(c)

     1.71 %      04/06/2018        10,000        9,982,589  
                                11,981,931  

Total Commercial Paper (Cost $177,681,262)

                               177,678,013  

 

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

 

8                         Short-Term Investments Trust

Invesco STIC Prime Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Certificates of Deposit–14.61%

          

BMO Harris Bank N.A.(c)

     1.68 %      03/19/2018      $ 10,000      $ 9,999,884  

China Construction Bank Corp.(c)

     1.77 %      03/09/2018        5,000        5,000,162  

China Construction Bank Corp.(c)

     1.82 %      03/26/2018        8,000        8,000,455  

Mizuho Bank, Ltd.(c)

     1.40 %      03/01/2018        14,000        14,000,000  

Mizuho Bank, Ltd.(c)

     1.45 %      03/06/2018        5,000        4,999,968  

Norinchukin Bank (The)(c)

     1.50 %      04/09/2018        9,500        9,497,661  

Oversea-Chinese Banking Corp. Ltd.(c)

     1.64 %      03/19/2018        10,000        10,000,058  

Total Certificates of Deposit (Cost $61,496,512)

                               61,498,188  

Variable Rate Demand Notes–12.07%(d)

          
Credit Enhanced–12.07%          

Derry (Township of), Pennsylvania Industrial & Commercial Development Authority (GIANT Center); Series 2001, VRD Facility Taxable RB (LOC–PNC Bank, N.A.)(e)

     1.50 %      11/01/2030        2,485        2,485,000  

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

     1.60 %      04/01/2047        8,000        8,000,000  

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

     1.51 %      05/01/2037        3,605        3,605,000  

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

     1.57 %      01/01/2033        5,115        5,115,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);

          

Series 2015 B-1, VRD Taxable RB (LOC–Bank of China Ltd.)(e)

     1.75 %      11/01/2049        13,000        13,000,001  

Series 2016 B-1, VRD RB (LOC–Bank of China Ltd.)(e)

     1.65 %      11/01/2049        2,910        2,910,000  

University of Texas System Board of Regents; Subseries 2016 G-1, VRD Financing System RB

     1.50 %      08/01/2045        10,000        10,000,000  

Ziegler Realty LLC; Series 2007, VRD Notes (LOC–Wells Fargo Bank, N.A.)(b)(e)

     1.60 %      01/01/2033        5,700        5,700,000  

Total Variable Rate Demand Notes (Cost $50,815,001)

                               50,815,001  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)–68.90% (Cost $289,992,775)

                               289,991,202  
                 Repurchase
Amount		         

Repurchase Agreements–31.16%(f)

          

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $15,000,633 (collateralized by a U.S. Treasury obligation and a foreign corporate obligation valued at $15,300,033; 1.25%-1.75%; 07/26/2019-12/31/2020)(c)

     1.52 %      03/01/2018        15,000,633        15,000,000  

BMO Capital Markets Corp., agreement dated 02/28/2018, maturing value of $9,000,380 (collateralized by U.S. government sponsored agency obligations and domestic and foreign corporate obligations valued at $9,594,527; 0%-9.70%; 04/17/2018-12/15/2032)(c)

     1.52 %      03/01/2018        9,000,380        9,000,000  

Credit Suisse Securities (USA) LLC, term agreement dated 02/28/2018, maturing value of $10,000,000 (collateralized by domestic commercial paper valued at $10,500,311; 1.41%-2.14%; 03/02/2018-09/10/2018)(c)(g)

     1.97 %      04/04/2018        10,000,000        10,000,000  

ING Financial Markets, LLC, agreement dated 02/28/2018, maturing value of $20,000,900 (collateralized by domestic corporate obligations valued at $22,001,059;
2.95%-10.75%; 03/01/2019-01/15/2043)(c)

     1.62 %      03/01/2018        20,000,900        20,000,000  

J.P. Morgan Securities LLC, open agreement dated 09/08/2017 (collateralized by domestic and foreign equity securities valued at $15,751,633; 0%-7.63%; 05/01/2020)(h)

     1.62 %      —        —        15,000,000  

RBC Capital Markets LLC, agreement dated 02/28/2018, maturing value of $20,000,844 (collateralized by domestic and foreign corporate obligations valued at $21,000,837; 0%-8.10%; 10/18/2019-01/10/2047)(c)

     1.52 %      03/01/2018        20,000,844        20,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $3,000,115,833 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $3,060,002,122;
1.13%-4.00%; 07/31/2021-10/20/2047)

     1.39 %      03/01/2018        32,159,565        32,158,323  

Wells Fargo Securities, LLC, agreement dated 02/28/2018, maturing value of $10,000,422 (collateralized by a foreign corporate obligation valued at $10,200,092; 2.13%; 01/18/2022)

     1.52 %      03/01/2018        10,000,422        10,000,000  

Total Repurchase Agreements (Cost $131,158,323)

                               131,158,323  

TOTAL INVESTMENTS IN SECURITIES(i)(j)–100.06% (Cost $421,151,098)

                               421,149,525  

OTHER ASSETS LESS LIABILITIES–(0.06)%

                               (267,773 ) 

NET ASSETS–100.00%

                             $ 420,881,752  

 

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

 

9                         Short-Term Investments Trust

Invesco STIC Prime Portfolio

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

LOC  

– Letter of Credit

RB  

– Revenue Bonds

RN  

– Revenue Notes

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, 2018 was $186,516,357, which represented 44.32% 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: 14.7%; Japan: 13.9%; Canada: 13.3%; France: 8.1%; China: 5.9%; other countries less than 5% each: 16.5%.
(d)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(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)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.
(h)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(i)  Also represents cost for federal income tax purposes.
(j)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations, but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     64.1 % 

8-30

     16.6  

31-60

     19.3  

61-90

     —  

91-180

     —  

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.

 

10                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco Treasury Portfolio

 

     Interest
Rate		    

Maturity

Date

     

Principal

Amount

(000)

      Value  

U.S. Treasury Securities–51.04%

 

U.S. Treasury Bills–35.60%(a)  

U.S. Treasury Bills

     1.38 %      03/15/2018      $ 640,000      $ 639,657,351  

U.S. Treasury Bills

     1.39 %      03/15/2018        65,000        64,964,990  

U.S. Treasury Bills

     1.35 %      03/22/2018        150,000        149,881,787  

U.S. Treasury Bills

     1.36 %      03/22/2018        850,000        849,325,295  

U.S. Treasury Bills

     1.52 %      03/29/2018        1,030,000        1,028,802,337  

U.S. Treasury Bills

     1.46 %      04/05/2018        378,000        377,466,696  

U.S. Treasury Bills

     1.43 %      04/12/2018        40,000        39,933,500  

U.S. Treasury Bills

     1.44 %      04/12/2018        385,000        384,357,692  

U.S. Treasury Bills

     1.46 %      04/19/2018        190,000        189,624,238  

U.S. Treasury Bills

     1.43 %      04/26/2018        250,000        249,446,610  

U.S. Treasury Bills

     1.44 %      04/26/2018        170,000        169,621,845  

U.S. Treasury Bills

     1.44 %      05/03/2018        425,000        423,936,351  

U.S. Treasury Bills

     1.64 %      05/24/2018        335,000        333,721,974  

U.S. Treasury Bills

     1.67 %      05/31/2018        1,015,000        1,010,790,939  

U.S. Treasury Bills

     1.54 %      06/28/2018        72,660        72,292,522  

U.S. Treasury Bills

     1.59 %      07/12/2018        600,000        596,500,991  

U.S. Treasury Bills

     1.60 %      07/19/2018        250,000        248,452,223  

U.S. Treasury Bills

     1.61 %      07/19/2018        625,000        621,112,083  

U.S. Treasury Bills

     1.63 %      07/26/2018        480,000        476,834,601  

U.S. Treasury Bills

     1.64 %      08/02/2018        500,000        496,523,877  

U.S. Treasury Bills

     1.86 %      08/30/2018        530,000        525,118,986  

U.S. Treasury Bills

     1.87 %      08/30/2018        500,000        495,374,166  
                                9,443,741,054  
U.S. Treasury Notes–15.44%  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.83 %      07/31/2018        429,240        429,239,586  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.82 %      10/31/2018        695,000        694,946,742  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b)

     1.79 %      01/31/2019        550,000        550,115,929  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.07%)(b)

     1.72 %      04/30/2019        1,282,000        1,282,077,118  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b)

     1.71 %      07/31/2019        800,000        799,996,787  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)(b)

     1.70 %      10/31/2019        340,000        340,072,832  
                                4,096,448,994  

Total U.S. Treasury Securities (Cost $13,540,190,048)

                               13,540,190,048  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)–51.04% (Cost $13,540,190,048)

                               13,540,190,048  
                 Repurchase
Amount		         

Repurchase Agreements–60.59%(c)

          

ABN AMRO Bank N.V., agreement dated 02/28/2018, maturing value of $800,030,222 (collateralized by U.S. Treasury obligations valued at $816,000,089;
1.00%-3.13%; 08/31/2018-05/15/2047)

     1.36 %      03/01/2018        800,030,222        800,000,000  

 

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

 

11                         Short-Term Investments Trust

Invesco Treasury Portfolio

 

     Interest
Rate		    

Maturity

Date

      Repurchase
Amount		      Value  

Bank of Montreal, joint term agreement dated 02/08/2018, aggregate maturing value of $500,656,250 (collateralized by U.S. Treasury obligations valued at $510,000,011; 0%-3.75%; 03/15/2018-11/15/2047)(d)

     1.35 %      03/15/2018      $ 220,288,750      $ 220,000,000  

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $1,250,047,222 (collateralized by U.S. Treasury obligations valued at $1,275,000,002; 0.13%-6.88%; 03/15/2018-05/15/2046)

     1.36 %      03/01/2018        1,250,047,222        1,250,000,000  

CIBC World Markets Corp., agreement dated 02/28/2018, maturing value of $1,000,037,778 (collateralized by U.S. Treasury obligations valued at $1,020,000,109; 1.38%-4.63%; 04/30/2020-11/15/2046)

     1.36 %      03/01/2018        1,000,037,778        1,000,000,000  

Citigroup Global Markets, Inc., term agreement dated 02/22/2018, maturing value of $500,129,306 (collateralized by U.S. Treasury obligations valued at $510,000,000; 0%-4.25%; 05/15/2018-11/15/2047)(d)

     1.33 %      03/01/2018        500,129,306        500,000,000  

Credit Agricole Corporate & Investment Bank, term agreement dated 02/23/2018, maturing value of $400,105,000 (collateralized by U.S. Treasury obligations valued at $408,000,089; 0.75%-3.13%; 10/31/2018-08/15/2044)(d)

     1.35 %      03/02/2018        400,105,000        400,000,000  

Credit Agricole Corporate & Investment Bank, term agreement dated 02/27/2018, maturing value of $500,131,250 (collateralized by U.S. Treasury Obligations valued at $510,000,022; 0%-2.50%; 05/31/2018-01/31/2025)(d)

     1.35 %      03/06/2018        500,131,250        500,000,000  

DNB Bank ASA, agreement dated 02/28/2018, maturing value of $1,100,041,861 (collateralized by U.S. Treasury obligations valued at $1,122,000,043;
1.50%-2.50%; 08/31/2018-11/15/2024)

     1.37 %      03/01/2018        1,100,041,861        1,100,000,000  

Fixed Income Clearing Corp. — Bank of New York Mellon (The), agreement dated 02/28/2018, maturing value of $400,015,222 (collateralized by U.S. Treasury obligations valued at $408,000,094; 1.38%-2.25%; 06/30/2023-05/15/2025)

     1.37 %      03/01/2018        400,015,222        400,000,000  

HSBC Securities (USA) Inc., term agreement dated 02/27/2018, maturing value of $400,105,000 (collateralized by U.S. Treasury Obligations valued at $408,003,950; 0.13%; 04/15/2020-04/15/2021)(d)

     1.35 %      03/06/2018        400,105,000        400,000,000  

ING Financial Markets, LLC, term agreement dated 02/23/2018, maturing value of $100,026,056 (collateralized by U.S. Treasury obligations valued at $102,000,037; 0.50%-4.38%; 06/30/2019-11/15/2047)(d)

     1.34 %      03/02/2018        100,026,056        100,000,000  

J.P. Morgan Securities LLC, agreement dated 02/28/2018, maturing value of $250,009,444 (collateralized by U.S. Treasury obligations valued at $255,003,742; 1.50%-2.00%; 05/31/2020-02/15/2022)

     1.36 %      03/01/2018        250,009,444        250,000,000  

Lloyds Bank PLC, joint term agreement dated 01/17/2018, aggregate maturing value of $501,286,250 (collateralized by U.S. Treasury obligations valued at $506,502,144; 1.00%-7.63%; 11/30/2019-02/15/2026)

     1.47 %      03/22/2018        210,540,225        210,000,000  

Lloyds Bank PLC, joint term agreement dated 02/23/2018, aggregate maturing value of $500,575,556 (collateralized by U.S. Treasury obligations valued at $509,956,295; 0.88%-7.50%; 07/15/2018-11/15/2024)

     1.48 %      03/26/2018        205,235,978        205,000,000  

Lloyds Bank PLC, term agreement dated 02/16/2018, maturing value of $250,287,778 (collateralized by U.S. Treasury obligations valued at $255,090,769; 1.50%-2.13%; 05/31/2020-11/15/2022)

     1.48 %      03/20/2018        250,287,778        250,000,000  

Lloyds Bank PLC, term agreement dated 02/20/2018, maturing value of $300,357,667 (collateralized by U.S. Treasury obligations valued at $305,996,254; 1.75%-2.63%; 10/31/2020-08/15/2025)

     1.48 %      03/22/2018        300,357,667        300,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., agreement dated 02/28/2018, maturing value of $150,005,708 (collateralized by a U.S. Treasury obligation valued at $153,000,074; 1.63%; 11/15/2022)

     1.37 %      03/01/2018        150,005,708        150,000,000  

Metropolitan Life Insurance Co., joint term agreement dated 02/28/2018, aggregate maturing value of $1,200,334,267 (collateralized by U.S. Treasury obligations valued at $1,233,979,365; 0%-4.50%; 03/29/2018-02/15/2043)(d)

     1.39 %      03/07/2018        510,139,930        510,002,087  

Mitsubishi UFJ Trust and Banking Corp., joint term agreement dated 02/28/2018, aggregate maturing value of $2,308,440,738 (collateralized by U.S. Treasury obligations valued at $2,358,620,162;
1.63%-2.25%; 08/31/2022-02/15/2027)(d)

     1.40 %      03/07/2018        941,818,814        941,562,500  

National Australia Bank Ltd., joint term agreement dated 02/27/2018, aggregate maturing value of $500,133,194 (collateralized by U.S. Treasury obligations valued at $509,532,574; 0.13%-2.13%; 04/15/2019-11/30/2023)(d)

     1.37 %      03/06/2018        250,066,597        250,000,000  

Natixis, agreement dated 02/28/2018, maturing value of $750,028,333 (collateralized by U.S. Treasury obligations valued at $765,000,038; 0%—8.50%; 04/15/2018—08/15/2047)

     1.36 %      03/01/2018        750,028,333        750,000,000  

 

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

 

12                         Short-Term Investments Trust

Invesco Treasury Portfolio

 

     Interest
Rate		    

Maturity

Date

      Repurchase
Amount		      Value  

Natixis, term agreement dated 02/23/2018, maturing value of $500,130,278 (collateralized by U.S. Treasury obligations valued at $510,000,040;
0%-8.75%; 04/15/2018-08/15/2047)(d)

     1.34 %      03/02/2018      $ 500,130,278      $ 500,000,000  

Natixis, term agreement dated 02/28/2018, maturing value of $750,201,250 (collateralized by U.S. Treasury obligations valued at $765,000,007;
0.13%-8.75%; 05/31/2018-05/15/2045)(d)

     1.38 %      03/07/2018        750,201,250        750,000,000  

Prudential Insurance Co. of America, agreement dated 02/28/2018, maturing value of $313,663,122 (collateralized by U.S. Treasury obligations valued at $321,638,491; 0%-2.50%; 11/15/2025-02/15/2045)

     1.42 %      03/01/2018        313,663,122        313,650,750  

Prudential Legacy Insurance Company of New Jersey, agreement dated 02/28/2018, maturing value of $113,191,965 (collateralized by U.S. Treasury obligations valued at $116,584,000; 0%; 08/15/2033-02/15/2045)

     1.42 %      03/01/2018        113,191,965        113,187,500  

Royal Bank of Canada, agreement dated 02/28/2018, maturing value of $50,001,889 (collateralized by a U.S. Treasury obligation valued at $51,000,055; 1.13%; 02/28/2021)

     1.36 %      03/01/2018        50,001,889        50,000,000  

Royal Bank of Canada, term agreement dated 02/09/2018, maturing value of $751,161,667 (collateralized by U.S. Treasury obligations valued at $765,000,045; 0.13%-7.63%; 04/15/2019-05/15/2046)(d)

     1.36 %      03/22/2018        751,161,667        750,000,000  

Societe Generale, open agreement dated 04/27/2017 (collateralized by U.S. Treasury Obligations valued at $1,020,000,025; 0%-7.63%; 03/29/2018-02/15/2048)(e)

     1.32 %      —        —        1,000,000,000  

Societe Generale, term agreement dated 01/19/2018, maturing value of $200,482,222 (collateralized by U.S. Treasury obligations valued at $204,000,031; 0%-3.13%; 07/12/2018-02/15/2048)

     1.40 %      03/22/2018        200,482,222        200,000,000  

Societe Generale, term agreement dated 02/22/2018, maturing value of $100,026,444 (collateralized by U.S. Treasury obligations valued at $102,000,096; 0%-7.63%; 03/29/2018-05/15/2047)(d)

     1.36 %      03/01/2018        100,026,444        100,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $1,000,038,056 (collateralized by U.S. Treasury obligations valued at $1,020,099,558; 3.63%; 02/15/2020)

     1.37 %      03/01/2018        546,072,192        546,051,411  

TD Securities (USA) LLC, agreement dated 02/28/2018, maturing value of $500,018,750 (collateralized by U.S. Treasury obligations valued at $510,000,055; 0%-4.75%; 03/01/2018-08/15/2047)

     1.35 %      03/01/2018        500,018,750        500,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2018, maturing value of $565,021,188 (collateralized by U.S. Treasury obligations valued at $576,300,016; 0%-2.75%; 06/28/2018-02/28/2025)

     1.35 %      03/01/2018        565,021,188        565,000,000  

Wells Fargo Securities, LLC, term agreement dated 02/23/2018, maturing value of $200,052,111 (collateralized by U.S. Treasury obligations valued at $204,000,092; 0.13%-9.13%; 05/15/2018-05/15/2044)(d)

     1.34 %      03/02/2018        200,052,111        200,000,000  

Total Repurchase Agreements (Cost $16,074,454,248)

                               16,074,454,248  

TOTAL INVESTMENTS IN SECURITIES(f)–111.63% (Cost $29,614,644,296)

                               29,614,644,296  

OTHER ASSETS LESS LIABILITIES–(11.63)%

                               (3,085,939,665 ) 

NET ASSETS–100.00%

                             $ 26,528,704,631  

Notes to Schedule of Investments:

 

(a)  Securities 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, 2018.
(c)  Principal amount equals value at period end. See Note 1I.
(d)  The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(e)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(f)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     44.6 % 

8-30

     14.7  

31-60

     5.3  

61-90

     2.9  

91-180

     14.9  

181+

     17.6  

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

 

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

 

13                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco Government & Agency Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Government Sponsored Agency Securities–34.70%

          
Federal Farm Credit Bank (FFCB)–2.81%          

Unsec. Bonds (1 mo. USD LIBOR + 0.12%)(a)

     1.71 %      03/21/2018      $ 20,000      $ 20,000,503  

Unsec. Bonds (1 mo. USD LIBOR - 0.06%)(a)

     1.52 %      12/04/2019        125,000        124,994,253  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.51 %      12/16/2019        120,000        120,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.52 %      09/25/2019        110,000        109,990,654  

Unsec. Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.46 %      12/06/2018        100,000        100,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.45 %      04/11/2019        75,000        75,000,000  

Unsec. Bonds (3 mo. USD LIBOR)(a)

     1.80 %      05/09/2018        9,500        9,503,327  

Unsec. Bonds (3 mo. USD LIBOR - 0.03%)(a)

     1.46 %      03/02/2018        40,000        40,000,179  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.53 %      08/28/2019        145,000        144,978,793  
                                744,467,709  
Federal Home Loan Bank (FHLB)–29.28%          

Unsec. Bonds (1 mo. USD LIBOR - 0.06%)(a)

     1.53 %      09/18/2019        50,000        50,016,548  

Unsec. Bonds (1 mo. USD LIBOR - 0.07%)(a)

     1.52 %      02/15/2019        280,000        280,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.07%)(a)

     1.52 %      02/19/2019        75,000        75,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.57 %      02/28/2019        235,000        235,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.50 %      03/06/2019        246,000        246,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.52 %      08/22/2019        100,000        100,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.49 %      01/11/2019        25,000        25,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      01/14/2019        50,000        50,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.53 %      01/25/2019        125,000        125,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      05/17/2019        210,000        210,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      06/06/2019        150,000        150,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      06/14/2019        120,000        120,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      07/17/2019        72,000        72,001,467  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      08/14/2019        125,000        125,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.10%)(a)

     1.49 %      12/21/2018        200,000        200,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.10%)(a)

     1.49 %      04/18/2019        85,000        85,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.52 %      07/26/2018        100,000        100,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.47 %      08/01/2018        200,000        200,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.49 %      04/22/2019        285,000        285,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.47 %      12/14/2018        404,000        404,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.45 %      10/10/2018        210,000        210,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.49 %      10/26/2018        193,000        193,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.45 %      11/05/2018        115,000        115,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.45 %      11/09/2018        210,000        210,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.46 %      11/15/2018        220,000        220,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.44 %      07/03/2018        300,000        300,000,044  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.45 %      10/12/2018        120,000        120,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.46 %      10/19/2018        200,000        200,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.17%)(a)

     1.34 %      03/06/2018        225,000        225,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.17%)(a)

     1.37 %      03/09/2018        100,000        100,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.18%)(a)

     1.43 %      03/19/2018        145,000        145,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.22%)(a)

     1.39 %      03/19/2018        175,000        175,000,000  

 

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

 

14                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

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

Unsec. Bonds (3 mo. USD LIBOR - 0.22%)(a)

     1.39 %      03/19/2018      $ 100,000      $ 100,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.26%)(a)

     1.45 %      04/12/2018        220,000        220,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.26%)(a)

     1.46 %      04/13/2018        225,000        224,999,928  

Unsec. Bonds (3 mo. USD LIBOR - 0.27%)(a)

     1.48 %      04/20/2018        86,000        85,999,083  

Unsec. Bonds (3 mo. USD LIBOR - 0.27%)(a)

     1.47 %      04/23/2018        140,000        139,998,964  

Unsec. Bonds (3 mo. USD LIBOR - 0.31%)(a)

     1.53 %      08/15/2018        58,000        57,990,091  

Unsec. Bonds (3 mo. USD LIBOR - 0.35%)(a)

     1.44 %      05/08/2018        230,000        230,000,349  

Unsec. Disc. Notes(b)

     1.40 %      03/16/2018        45,267        45,240,594  

Unsec. Disc. Notes(b)

     1.59 %      04/13/2018        10,800        10,779,489  

Unsec. Disc. Notes(b)

     1.59 %      04/17/2018        50,000        49,896,209  

Unsec. Disc. Notes(b)

     1.60 %      04/18/2018        51,400        51,290,960  

Unsec. Disc. Notes(b)

     1.60 %      04/20/2018        33,300        33,226,024  

Unsec. Disc. Notes(b)

     1.61 %      04/25/2018        100,000        99,755,097  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.05%)(a)

     1.53 %      07/12/2018        200,000        200,026,232  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.50 %      03/01/2019        165,000        165,002,873  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      06/14/2019        30,000        30,000,000  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.49 %      07/08/2019        150,000        150,009,428  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.47 %      12/21/2018        150,000        150,000,000  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.47 %      11/19/2018        120,000        120,000,000  

Unsec. Global Bonds (3 mo. USD LIBOR - 0.22%)(a)

     1.48 %      04/06/2018        136,000        136,000,000  

Unsec. Global Bonds (3 mo. USD LIBOR - 0.35%)(a)

     1.45 %      05/09/2018        100,000        100,000,000  
                                7,750,233,380  
Federal Home Loan Mortgage Corp. (FHLMC)–0.79%          

Unsec. Disc. Notes(b)

     1.38 %      03/19/2018        160,000        159,889,600  

Unsec. Medium-Term Notes (1 mo. USD LIBOR - 0.10%)(a)

     1.48 %      08/08/2019        50,000        50,000,000  
                                209,889,600  
Federal National Mortgage Association (FNMA)–0.49%          

Unsec. Disc. Notes(b)

     1.38 %      03/14/2018        130,000        129,935,217  
Overseas Private Investment Corp. (OPIC)–1.33%          

Sec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      11/15/2028        97,727        97,727,273  

Sr. Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      06/15/2025        24,000        24,000,000  

Sr. Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      02/15/2028        20,000        20,000,000  

Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      09/15/2020        116,000        116,000,000  

Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      07/15/2025        39,167        39,166,667  

Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.70 %      05/15/2030        10,452        10,452,000  

Unsec. Gtd. VRD COP Notes (3 mo. U.S. Treasury Bill Rate)(c)

     1.62 %      07/09/2026        43,350        43,350,000  
                                350,695,940  

Total U.S. Government Sponsored Agency Securities (Cost $9,185,221,846)

                               9,185,221,846  

U.S. Treasury Securities–21.74%

          
U.S. Treasury Bills–20.11%(b)          

U.S. Treasury Bills

     1.14 %      03/15/2018        350,000        349,845,378  

U.S. Treasury Bills

     1.32 %      03/15/2018        160,000        159,917,866  

U.S. Treasury Bills

     1.38 %      03/15/2018        687,000        686,632,127  

U.S. Treasury Bills

     1.39 %      03/15/2018        120,000        119,935,367  

U.S. Treasury Bills

     1.35 %      03/22/2018        150,000        149,881,787  

U.S. Treasury Bills

     1.36 %      03/22/2018        250,000        249,801,615  

 

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

 

15                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

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

U.S. Treasury Bills

     1.50 %      03/29/2018      $ 600,000      $ 599,302,332  

U.S. Treasury Bills

     1.43 %      04/05/2018        178,000        177,753,396  

U.S. Treasury Bills

     1.46 %      04/05/2018        210,000        209,703,720  

U.S. Treasury Bills

     1.23 %      04/12/2018        400,000        399,430,667  

U.S. Treasury Bills

     1.64 %      05/24/2018        335,000        333,721,974  

U.S. Treasury Bills

     1.59 %      07/12/2018        400,000        397,666,958  

U.S. Treasury Bills

     1.60 %      07/19/2018        125,000        124,226,111  

U.S. Treasury Bills

     1.61 %      07/19/2018        375,000        372,667,639  

U.S. Treasury Bills

     1.63 %      07/26/2018        300,000        298,021,626  

U.S. Treasury Bills

     1.64 %      08/02/2018        400,000        397,219,038  

U.S. Treasury Bills

     1.85 %      08/30/2018        300,000        297,235,875  
                                5,322,963,476  
U.S. Treasury Notes–1.63%          

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield
Rate)(a)

     1.65 %      01/31/2020        60,000        59,998,850  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(a)

     1.71 %      07/31/2019        370,000        370,015,134  
                                430,013,984  

Total U.S. Treasury Securities (Cost $5,752,977,460)

                               5,752,977,460  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements) (Cost $14,938,199,306)

                               14,938,199,306  
                 Repurchase
Amount		         

Repurchase Agreements–47.00%(d)

          

ABN AMRO Bank N.V., agreement dated 02/28/2018, maturing value of $700,026,833 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $714,000,032; 1.25%-6.50%; 10/31/2018-12/01/2047)

     1.38 %      03/01/2018        700,026,833        700,000,000  

Bank of Montreal, joint term agreement dated 02/08/2018, aggregate maturing value of $500,656,250 (collateralized by U.S. Treasury obligations valued at $510,000,011; 0%-3.75%; 03/15/2018-11/15/2047)(e)

     1.35 %      03/15/2018        220,288,750        220,000,000  

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $200,007,667 (collateralized by U.S. government sponsored agency obligations valued at $204,000,000; 2.65%-4.50%; 05/01/2035-09/01/2047)

     1.38 %      03/01/2018        200,007,667        200,000,000  

CIBC World Markets Corp., agreement dated 02/28/2018, maturing value of $1,075,041,208 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,096,500,092;
1.38%-5.50%; 04/30/2020-01/01/2048)

     1.38 %      03/01/2018        1,075,041,208        1,075,000,000  

Citigroup Global Markets, Inc., joint agreement dated 02/28/2018, aggregate maturing value of $400,015,111 (collateralized by U.S. Treasury obligations valued at $408,000,000; 0%; 11/15/2018-08/15/2045)

     1.36 %      03/01/2018        200,007,556        200,000,000  

Credit Agricole Corporate & Investment Bank, joint term agreement dated 02/22/2018, aggregate maturing value of $250,066,111 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $255,000,007; 1.50%-3.50%; 05/31/2020-08/01/2047)(e)

     1.36 %      03/01/2018        135,035,700        135,000,000  

Credit Agricole Corporate & Investment Bank, joint term agreement dated 02/23/2018, aggregate maturing value of $500,133,194 (collateralized by U.S. government sponsored agency obligations valued at $510,000,000;
3.00%-5.00%; 04/01/2027-03/01/2048)(e)

     1.37 %      03/02/2018        250,066,597        250,000,000  

Credit Agricole Corporate & Investment Bank, term agreement dated 02/27/2018, maturing value of $250,066,111 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $255,000,062;
1.88%-3.50%; 08/31/2022-02/01/2048)(e)

     1.36 %      03/06/2018        250,066,111        250,000,000  

DNB Bank ASA, agreement dated 02/28/2018, maturing value of $300,011,417 (collateralized by U.S. Treasury obligations valued at $306,000,088;
0.13%-1.88%; 06/15/2020-05/31/2022)

     1.37 %      03/01/2018        300,011,417        300,000,000  

 

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

 

16                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Fixed Income Clearing Corp. — Bank of New York Mellon (The), agreement dated 02/28/2018, maturing value of $400,015,222 (collateralized by U.S. Treasury obligations valued at $408,000,078; 2.00%-3.00%; 02/15/2022-05/15/2047)

     1.37 %      03/01/2018      $ 400,015,222      $ 400,000,000  

ING Financial Markets, LLC, joint agreement dated 02/28/2018, aggregate maturing value of $100,003,833 (collateralized by domestic agency mortgage-backed securities valued at $102,000,000; 2.50%-4.50%; 09/01/2018-02/01/2048)

     1.38 %      03/01/2018        60,002,300        60,000,000  

ING Financial Markets, LLC, joint term agreement dated 02/23/2018, aggregate maturing value of $250,066,111 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000;
2.00%-5.50%; 02/01/2021-01/01/2048)(e)

     1.36 %      03/02/2018        85,022,478        85,000,000  

ING Financial Markets, LLC, joint term agreement dated 12/14/2017, maturing value of $376,429,167 (collateralized by U.S. government sponsored agency obligations valued at $382,500,001; 2.00%-5.50%; 04/01/2020-02/01/2048)

     1.40 %      03/22/2018        306,162,389        305,000,000  

ING Financial Markets, LLC, term agreement dated 12/15/2017, maturing value of $75,285,833 (collateralized by domestic agency mortgage-backed securities valued at $76,500,000; 1.70%-4.50%; 10/01/2027-02/01/2048)

     1.40 %      03/23/2018        75,285,833        75,000,000  

Lloyds Bank PLC, joint term agreement dated 01/17/2018, aggregate maturing value of $501,286,250 (collateralized by U.S. Treasury obligations valued at $506,502,144; 1.00%-7.63%; 11/30/2019-02/15/2026)

     1.47 %      03/22/2018        225,578,813        225,000,000  

Lloyds Bank PLC, joint term agreement dated 02/23/2018, aggregate maturing value of $500,575,556 (collateralized by U.S. Treasury obligations valued at $509,956,295; 0.88%-7.50%; 07/15/2018-11/15/2024)

     1.48 %      03/26/2018        225,259,000        225,000,000  

Lloyds Bank PLC, joint term agreement dated 12/04/2017, aggregate maturing value of $501,794,722 (collateralized by U.S. Treasury obligations valued at $513,607,959; 1.38%-6.13%; 06/30/2020-11/15/2027)

     1.42 %      03/05/2018        361,292,200        360,000,000  

Metropolitan Life Insurance Co., joint term agreement dated 02/28/2018, aggregate maturing value of $1,200,334,267 (collateralized by U.S. Treasury obligations valued at $1,233,979,365; 0%-4.50%; 03/29/2018-02/15/2043)(e)

     1.39 %      03/07/2018        500,136,264        500,001,125  

Mitsubishi UFJ Trust and Banking Corp., joint term agreement dated 02/28/2018, aggregate maturing value of $2,308,440,738 (collateralized by U.S. Treasury obligations valued at $2,358,620,162;
1.63%-2.25%; 08/31/2022-02/15/2027)(e)

     1.40 %      03/07/2018        1,074,729,986        1,074,437,500  

National Australia Bank Ltd., joint term agreement dated 02/27/2018, aggregate maturing value of $500,133,194 (collateralized by U.S. Treasury obligations valued at $509,532,574; 0.13%-2.13%; 04/15/2019-11/30/2023)(e)

     1.37 %      03/06/2018        250,066,597        250,000,000  

Prudential Insurance Co. of America, agreement dated 02/28/2018, maturing value of $365,536,918 (collateralized by U.S. Treasury obligations valued at $375,976,160; 0%; 02/15/2026-05/15/2045)

     1.42 %      03/01/2018        365,539,918        365,522,500  

Prudential Legacy Insurance Company of New Jersey, agreement dated 02/28/2018, maturing value of $60,377,381 (collateralized by U.S. Treasury obligations valued at $61,868,000; 0%; 08/15/2033)

     1.42 %      03/01/2018        60,377,381        60,375,000  

RBC Capital Markets LLC, joint term agreement dated 02/28/2018, aggregate maturing value of $1,000,000,000 (collateralized by U.S. government sponsored agency obligations valued at $1,020,000,000;
0%-7.50%; 03/25/2018-11/25/2057)(a)(e)

     1.42 %      04/30/2018        590,000,000        590,000,000  

Royal Bank of Canada, joint term agreement dated 02/08/2018, aggregate maturing value of $1,101,339,556 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,122,000,000;
1.88%-7.00%; 01/31/2022-11/15/2057)(e)

     1.37 %      03/12/2018        891,083,822        890,000,000  

Royal Bank of Canada, term agreement dated 02/23/2018, maturing value of $75,019,833 (collateralized by domestic agency mortgage-backed securities valued at $76,500,000; 3.50%-4.50%; 02/01/2029-01/01/2048)(e)

     1.36 %      03/02/2018        75,019,833        75,000,000  

Societe Generale, joint open agreement dated 04/27/2017 (collateralized by U.S. Government sponsered agency obligations and U.S. Treasury obligations valued at $1,530,000,152; 0%-7.63%; 03/29/2018-11/20/2064)(f)

     1.34 %      —        —        1,115,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $1,000,038,056 (collateralized by U.S. Treasury obligations valued at $1,020,099,558; 3.63%; 02/15/2020)

     1.37 %      03/01/2018        453,965,864        453,948,589  

 

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

 

17                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $3,000,115,833 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $3,060,002,122; 1.13%-4.00%; 07/31/2021-10/20/2047)

     1.39 %      03/01/2018      $ 1,274,728,301      $ 1,274,679,084  

Wells Fargo Securities, LLC, joint agreement dated 02/28/2018, aggregate maturing value of $760,028,922 (collateralized by U.S. government sponsored agency obligations valued at $775,200,000; 4.00%; 07/01/2047-03/01/2048)

     1.37 %      03/01/2018        725,027,590        725,000,000  

Total Repurchase Agreements (Cost $12,438,963,798)

                               12,438,963,798  

TOTAL INVESTMENTS IN SECURITIES(g)–103.44% (Cost $27,377,163,104)

                               27,377,163,104  

OTHER ASSETS LESS LIABILITIES–(3.44)%

                               (910,581,357 ) 

NET ASSETS–100.00%

                             $ 26,466,581,747  

Investment Abbreviations:

 

COP  

– Certificates of Participation

Disc.  

– Discounted

Gtd.  

– Guaranteed

LIBOR  

– London Interbank Offered Rate

Sec.  

– Secured

Sr.  

– Senior

Unsec.  

– Unsecured

USD  

– U.S. Dollar

VRD  

– Variable Rate Demand

Notes to Schedule of Investments:

 

(a)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.
(b)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(c)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(d)  Principal amount equals value at period end. See Note 1I.
(e)  The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(f)  Either party may terminate the agreement upon demand. Interest rates, principal amounts and collateral are redetermined daily.
(g)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     44.7 % 

8-30

     14.7  

31-60

     6.7  

61-90

     2.5  

91-180

     8.9  

181+

     22.5  

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.

 

18                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco Treasury Obligations Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–110.23%

          
U.S. Treasury Bills–88.61%(a)          

U.S. Treasury Bills

     1.15 %      03/01/2018      $ 75,000      $ 75,000,000  

U.S. Treasury Bills

     1.16 %      03/01/2018        65,400        65,400,000  

U.S. Treasury Bills

     1.23 %      03/08/2018        5,000        4,998,809  

U.S. Treasury Bills

     1.28 %      03/08/2018        40,700        40,690,040  

U.S. Treasury Bills

     1.29 %      03/08/2018        3,900        3,899,022  

U.S. Treasury Bills

     1.14 %      03/15/2018        18,900        18,891,651  

U.S. Treasury Bills

     1.31 %      03/15/2018        3,300        3,298,325  

U.S. Treasury Bills

     1.32 %      03/15/2018        5,000        4,997,433  

U.S. Treasury Bills

     1.38 %      03/15/2018        123,000        122,933,990  

U.S. Treasury Bills

     1.36 %      03/22/2018        160,800        160,672,463  

U.S. Treasury Bills

     1.37 %      03/22/2018        24,800        24,780,181  

U.S. Treasury Bills

     1.18 %      03/29/2018        9,309        9,300,529  

U.S. Treasury Bills

     1.50 %      03/29/2018        100,000        99,883,722  

U.S. Treasury Bills

     1.20 %      04/05/2018        10,000        9,988,431  

U.S. Treasury Bills

     1.31 %      04/05/2018        600        599,236  

U.S. Treasury Bills

     1.43 %      04/05/2018        26,000        25,963,979  

U.S. Treasury Bills

     1.46 %      04/05/2018        39,500        39,444,269  

U.S. Treasury Bills

     1.23 %      04/12/2018        10,000        9,985,766  

U.S. Treasury Bills

     1.44 %      04/12/2018        15,000        14,974,975  

U.S. Treasury Bills

     1.48 %      04/12/2018        17,400        17,369,936  

U.S. Treasury Bills

     1.51 %      04/12/2018        32,100        32,043,432  

U.S. Treasury Bills

     1.56 %      04/12/2018        100,000        99,818,000  

U.S. Treasury Bills

     1.25 %      04/19/2018        10,000        9,983,122  

U.S. Treasury Bills

     1.41 %      04/19/2018        8,700        8,683,363  

U.S. Treasury Bills

     1.46 %      04/19/2018        10,000        9,980,223  

U.S. Treasury Bills

     1.48 %      04/19/2018        15,000        14,969,885  

U.S. Treasury Bills

     1.44 %      04/26/2018        30,000        29,933,267  

U.S. Treasury Bills

     1.51 %      05/10/2018        30,000        29,912,500  

U.S. Treasury Bills

     1.55 %      05/10/2018        20,000        19,940,111  

U.S. Treasury Bills

     1.64 %      05/24/2018        20,000        19,923,700  

U.S. Treasury Bills

     1.65 %      05/31/2018        30,000        29,875,633  

U.S. Treasury Bills

     1.54 %      06/28/2018        30,000        29,848,275  

U.S. Treasury Bills

     1.59 %      07/12/2018        40,000        39,767,065  

U.S. Treasury Bills

     1.61 %      07/19/2018        40,000        39,751,111  

U.S. Treasury Bills

     1.61 %      07/26/2018        10,000        9,934,830  

U.S. Treasury Bills

     1.63 %      07/26/2018        15,000        14,901,081  

U.S. Treasury Bills

     1.64 %      08/02/2018        15,000        14,895,729  

U.S. Treasury Bills

     1.83 %      08/30/2018        10,000        9,907,863  
                                1,217,141,947  
U.S. Treasury Notes–21.62%          

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.19%)(b)

     1.84 %      04/30/2018        40,000        40,019,016  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.83 %      07/31/2018        53,000        53,004,957  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.82 %      10/31/2018        35,000        35,000,667  

 

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

 

19                         Short-Term Investments Trust

Invesco Treasury Obligations Portfolio

 

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

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b)

     1.79 %      01/31/2019      $ 49,000      $ 49,009,376  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.07%)(b)

     1.72 %      04/30/2019        38,000        38,003,128  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b)

     1.71 %      07/31/2019        19,000        18,999,279  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)(b)

     1.70 %      10/31/2019        47,000        47,005,869  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate)(b)

     1.65 %      01/31/2020        16,000        15,997,955  
                                297,040,247  

TOTAL INVESTMENTS IN SECURITES–110.23% (Cost $1,514,182,194)

                               1,514,182,194  

OTHER ASSETS LESS LIABILITIES–(10.23)%

                               (140,545,490 ) 

NET ASSETS–100.00%

                             $ 1,373,636,704  

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, 2018.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     9.3 % 

8-30

     32.6  

31-60

     21.4  

61-90

     7.3  

91-180

     15.3  

181+

     14.1  

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.

 

20                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

 

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

Municipal Obligations–98.89%

 

Alabama–4.19%  

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

     1.09 %      07/01/2040      $ 8,405      $ 8,405,000  
Arizona–1.80%  

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

     1.09 %      06/15/2031        1,975        1,975,000  

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

     1.09 %      06/15/2031        1,640        1,640,000  
                                3,615,000  
California–3.43%  

California (State of); Series 2004 A-9, Ref. VRD Unlimited Tax GO Bonds (LOC–State Street Bank & Trust Co.)(a)(b)

     0.97 %      05/01/2034        4,170        4,170,000  

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

     1.03 %      08/01/2042        2,700        2,700,000  
                                6,870,000  
Colorado–0.82%  

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

     1.22 %      02/01/2031        908        908,000  

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

     1.22 %      07/01/2034        735        735,000  
                                1,643,000  
Delaware–2.04%  

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

     1.11 %      09/01/2036        3,085        3,085,000  

Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(a)(b)

     1.09 %      05/01/2036        1,005        1,005,000  
                                4,090,000  
District of Columbia–1.50%  

Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD Airport System RB (LOC–Sumitomo Mitsui Banking Corp.)(a)(b)

     1.09 %      10/01/2039        3,000        3,000,000  
Florida–5.96%  

Miami-Dade (County of); Series 2014 A, VRD Seaport RB (LOC–Bank of Tokyo–Mitsubishi UFJ, Ltd. (The))(a)(b)

     1.09 %      10/01/2050        3,800        3,800,000  

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

     1.15 %      11/01/2036        2,445        2,445,000  

Palm Beach (County of) (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC–Northern Trust Co. (The))(a)(b)

     1.12 %      07/01/2032        1,735        1,735,000  

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

     1.13 %      11/01/2038        3,960        3,960,000  
                                11,940,000  
Georgia–5.14%  

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

     1.01 %      09/01/2035        4,190        4,190,000  

Monroe (County of) Development Authority (Oglethorpe Power Corp. Scherer);

          

Series 2009 A, VRD PCR (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     1.07 %      01/01/2030        2,000        2,000,000  

Series 2010 A, Ref. VRD PCR (LOC–Bank of Montreal)(a)(b)

     1.12 %      01/01/2036        3,000        3,000,000  

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)

     1.22 %      09/01/2020        1,100        1,100,000  
                                10,290,000  

 

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

 

21                         Short-Term Investments Trust

Invesco Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  
Illinois–4.16%  

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

     1.17 %      08/01/2030      $ 3,400      $ 3,400,000  

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

     1.05 %      12/01/2046        4,935        4,935,000  
                                8,335,000  
Indiana–8.09%  

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

     1.22 %      08/01/2037        5,240        5,240,000  

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

     1.23 %      06/01/2035        7,385        7,385,000  

Purdue University; Series 2011 A, VRD COP(a)

     1.04 %      07/01/2035        3,082        3,081,500  

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

     1.09 %      10/01/2019        500        500,000  
                                16,206,500  
Louisiana–1.52%  

Louisiana (State of) Public Facilities Authority (CHRISTUS Health); Series 2009 B-3, Ref. VRD RB (LOC–Bank of New York Mellon (The))(a)(b)

     1.07 %      07/01/2047        1,490        1,490,000  

New Orleans (Port of) Board of Commissioners; Series 2010, Ref. VRD Subordinate Lien RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     1.12 %      06/01/2034        625        625,000  

St. James (Parish of) (NuStar Logistics, L.P.); Series 2010 B, VRD RB (LOC–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(a)(b)

     1.13 %      12/01/2040        930        930,000  
                                3,045,000  
Massachusetts–1.72%  

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

     1.10 %      10/01/2038        1,650        1,650,000  

Massachusetts (State of); Series 2017 B, Limited Tax GO RAN

     2.00 %      05/21/2018        1,800        1,804,523  
                                3,454,523  
Michigan–1.16%  

Kent (County of) Hospital Finance Authority (Spectrum Health System); Series 2008 C, Ref. VRD RB (LOC–Bank of New York Mellon (The))(a)(b)

     1.10 %      01/15/2026        445        445,000  

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

     1.10 %      03/01/2031        1,885        1,885,000  
                                2,330,000  
Minnesota–4.47%  

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

     1.17 %      10/15/2033        1,175        1,175,000  

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

     1.18 %      11/15/2031        3,465        3,465,000  

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

     1.07 %      11/01/2035        4,180        4,180,000  

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

     1.07 %      10/01/2033        138        138,000  
                                8,958,000  
Mississippi–3.94%  

Mississippi Business Finance Corp. (Chevron U.S.A. Inc.);

          

Series 2007 A, VRD Gulf Opportunity Zone IDR(a)

     1.15 %      12/01/2030        150        150,000  

Series 2010 C, VRD Gulf Opportunity Zone IDR(a)

     1.09 %      12/01/2030        2,035        2,035,000  

Series 2010 E, VRD Gulf Opportunity Zone IDR(a)

     1.09 %      12/01/2030        5,700        5,700,000  
                                7,885,000  
Missouri–3.11%  

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

     1.09 %      11/01/2037        525        525,000  

Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC–FHLB of Chicago)(a)(b)

     1.10 %      08/01/2038        1,245        1,245,000  

 

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

 

22                         Short-Term Investments Trust

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

Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2000, VRD RB (LOC–Bank of America, N.A.)(a)(b)

     1.14 %      02/01/2031      $ 3,860      $ 3,860,000  

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

     1.19 %      12/01/2019        595        595,000  
                                6,225,000  
Nevada–2.02%  

Truckee Meadows Water Authority; Series 2006 B, Commercial Paper Notes (LOC–Bank of Tokyo–Mitsubishi UFJ, Ltd. (The))(b)

     1.25 %      05/15/2018        4,050        4,050,000  
New York–7.90%  

Metropolitan Transportation Authority;

          

Subseries 2005 D-1, VRD RB (LOC–Landesbank Hessen-Thueringen Girozentrale)(a)(b)

     1.13 %      11/01/2035        4,980        4,980,000  

Subseries 2005 D-2, VRD RB (LOC–Landesbank Hessen-Thueringen Girozentrale)(a)(b)

     1.11 %      11/01/2035        3,290        3,290,000  

New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.); Subseries 2005 A-2, VRD RB (LOC–Mizuho Bank, Ltd.)(a)(b)

     1.07 %      05/01/2039        2,000        2,000,000  

New York (State of) Housing Finance Agency (222 East 44th Street Housing); Series 2015 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)

     1.18 %      05/01/2050        1,000        1,000,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2015 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)(c)

     1.17 %      11/01/2049        4,550        4,550,000  
                                15,820,000  
North Carolina–0.90%  

Raleigh & Durham (Cities of) Airport Authority; Series 2008 C, Ref. VRD RB (LOC–TD Bank,
N.A.)(a)(b)(c)

     1.05 %      05/01/2036        1,800        1,800,000  
Oregon–1.72%  

Oregon (State of) Facilities Authority (PeaceHealth); Series 2008 A, Ref. VRD RB (LOC–U.S. Bank, N.A.)(a)(b)

     1.12 %      08/01/2034        3,450        3,450,000  
Pennsylvania–4.05%  

Crawford (County of) Industrial Development Authority (Allegheny College); Series 2009 B, VRD College RB (LOC–PNC Bank, N.A.)(a)(b)

     1.11 %      11/01/2039        422        422,000  

Derry (Township of) Industrial & Commercial Development Authority (Hershey Arena); Series 2000 A, VRD Hotel Tax RB (LOC–PNC Bank, N. A.)(a)(b)

     1.10 %      11/01/2030        500        500,000  

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

     1.09 %      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)

     1.11 %      10/15/2025        1,370        1,370,000  

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

     1.10 %      09/01/2028        1,886        1,886,000  

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

     1.09 %      11/01/2029        600        600,000  

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

     1.10 %      07/01/2027        550        550,000  
                                8,123,000  
Texas–13.64%  

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

     1.11 %      08/01/2035        6,405        6,405,000  

Gulf Coast Industrial Development Authority (ExxonMobil); Series 2012, VRD RB(a)

     1.10 %      11/01/2041        1,300        1,300,000  

Harris (County of) Hospital District; Series 2010, Ref. VRD Sr. Lien RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     1.12 %      02/15/2042        635        635,000  

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

     1.09 %      01/01/2049        4,215        4,215,000  

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

     1.09 %      04/01/2026        2,722        2,722,000  

Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments);
Series 2009, VRD MFH RB (CEP–FHLMC)(a)

     1.09 %      05/01/2042        2,150        2,150,000  

Texas (State of); Series 2017, TRAN

     4.00 %      08/30/2018        5,700        5,786,681  

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

     0.98 %      08/01/2025        4,120        4,120,000  
                                27,333,681  

 

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

 

23                         Short-Term Investments Trust

Invesco Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  
Utah–3.25%  

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

     1.13 %      11/01/2024      $ 3,612      $ 3,612,000  

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

     1.15 %      04/01/2042        2,900        2,900,000  
                                6,512,000  
Virginia–2.99%  

Norfolk (City of); Series 2007, VRD Unlimited Tax GO Bonds(a)

     1.10 %      08/01/2037        2,500        2,500,000  

University of Virginia; Series 2018 A, Commercial Paper Notes

     1.12 %      03/08/2018        3,500        3,500,000  
                                6,000,000  
Washington–2.10%  

Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD MFH RB (LOC–FHLB of San Francisco)(a)(b)

     1.13 %      09/01/2049        4,200        4,200,000  
West Virginia–2.09%  

Cabell (County of) (Provident Group — Marshall Properties LLC — Marshall University); Series 2010 A, VRD University Facilities RB (LOC–Bank of America, N.A.)(a)(b)

     1.15 %      07/01/2039        1,050        1,050,000  

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

     1.12 %      01/01/2034        3,130        3,130,000  
                                4,180,000  
Wisconsin–3.18%  

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

     1.11 %      10/01/2042        4,220        4,220,000  

Milwaukee (City of); Series 2017 M-11, School RAN

     5.00 %      09/27/2018        2,100        2,147,828  
                                6,367,828  
Wyoming–2.00%  

Lincoln (County of) (ExxonMobil); Series 2014, Ref. VRD PCR(a)

     1.14 %      10/01/2044        4,000        4,000,000  

TOTAL INVESTMENTS IN SECURITIES(e)(f)–98.89% (Cost $198,128,532)

                               198,128,532  

OTHER ASSETS LESS LIABILITIES–1.11%

                               2,218,294  

NET ASSETS–100.00%

                             $ 200,346,826  

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

RAN  

– Revenue Anticipation Notes

RB  

– Revenue Bonds

Ref.  

– Refunding

Sr.  

– Senior

TRAN  

– Tax and Revenue Anticipation Notes

VRD  

– Variable Rate Demand

 

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

 

24                         Short-Term Investments Trust

Invesco Tax-Free Cash Reserve Portfolio

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 based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(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. No concentration of any single foreign country was greater than 5%.
(d)  Security purchased or received in 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 value of this security at February 28, 2018 represented 1.70% of the Fund’s Net Assets.
(e)  Also represents cost for federal income tax purposes.
(f)  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.

 

Entity    Percentage  

Federal Home Loan Bank

      5.4 % 

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     91.2 % 

8-30

     1.8  

31-60

     —  

61-90

     3.0  

91-180

     —  

181+

     4.0  

 

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

 

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

 

25                         Short-Term Investments Trust

Statements of Assets and Liabilities

February 28, 2018

(Unaudited)

 

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

Assets:

                          

Investments in securities, at value

      $ 1,909,330,734       $ 289,991,202       $ 13,540,190,048        $ 14,938,199,306       $ 1,514,182,194       $ 198,128,532  

Repurchase agreements

        669,390,695         131,158,323         16,074,454,248          12,438,963,798         —         —  

Receivable for:

                          

Investments sold

        —         —         —          —         —         2,005,054  

Interest

        1,213,123         169,887         6,559,557          12,936,490         398,418         334,292  

Fund expenses absorbed

        —         —         192,515          65,153         20,469         5,441  

Investment for trustee deferred compensation and retirement plans

        3,820,079         1,063,222         2,266,349          1,031,485         131,441         378,349  

Other assets

        40,994         179,475         118,329          422,732         52,131         73,560  

Total assets

        2,583,795,625         422,562,109         29,623,781,046          27,391,618,964         1,514,784,653         200,925,228  

Liabilities:

                          

Payable for:

                          

Investments purchased

        —         —         3,060,086,427          896,538,207         139,667,218         —  

Amount due custodian

        —         —         6,512,475          927,423         6,660         —  

Dividends

        3,053,548         453,959         24,912,470          25,692,274         1,264,683         116,102  

Accrued fees to affiliates

        34,807         2,535         684,843          572,024         31,362         15,740  

Accrued trustees’ and officer’s fees and benefits

        3,986         4,082         52,471          56,456         6,003         4,238  

Accrued operating expenses

        102,202         37,920         210,418          20,051         25,744         23,275  

Trustee deferred compensation and retirement plans

        4,294,659         1,181,861         2,617,311          1,230,782         146,279         419,048  

Total liabilities

        7,489,202         1,680,357         3,095,076,415          925,037,217         141,147,949         578,403  

Net assets applicable to shares outstanding

      $ 2,576,306,423       $ 420,881,752       $ 26,528,704,631        $ 26,466,581,747       $ 1,373,636,704       $ 200,346,825  

Net assets consist of:

                          

Shares of beneficial interest

      $ 2,576,230,027       $ 420,112,540       $ 26,528,016,990        $ 26,466,509,242       $ 1,373,702,289       $ 200,509,685  

Undistributed net investment income

        125,723         768,843         445,995          208,988         (12,543 )        (104,955 ) 

Undistributed net realized gain (loss)

        8,085         1,942         241,646          (136,483 )        (53,042 )        (57,905 ) 

Net unrealized appreciation (depreciation)

        (57,412 )        (1,573 )        —          —         —         —  
       $ 2,576,306,423       $ 420,881,752       $ 26,528,704,631        $ 26,466,581,747       $ 1,373,636,704       $ 200,346,825  

Cost of Investments

      $ 2,578,778,842       $ 421,151,098       $ 29,614,644,296        $ 27,377,163,104       $ 1,514,182,194       $ 198,128,532  

 

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

 

26                         Short-Term Investments Trust

Statements of Assets and Liabilities—(continued)

February 28, 2018

(Unaudited)

 

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

Net Assets:

 

     

Institutional Class

      $ 2,545,619,200        $ 416,671,336        $ 24,044,592,088        $ 25,046,080,286        $ 1,328,658,137        $ 112,865,021  

Private Investment Class

      $ 6,410,598        $ 1,862,844        $ 630,268,529        $ 393,539,939        $ 1,259,294        $ 37,329,458  

Personal Investment Class

      $ 11,224        $ 612,548        $ 150,315,301        $ 8,429,471        $ 70,230        $ 10,004  

Cash Management Class

      $ 14,111,801        $ 1,061,449        $ 469,528,618        $ 265,460,441        $ 1,617,958        $ 24,123,366  

Reserve Class

      $ 776,448        $ 468,867        $ 283,039,048        $ 324,550,598        $ 41,926,357        $ 17,381,439  

Resource Class

      $ 1,061,004        $ 184,485        $ 582,365,227        $ 234,625,399        $ 94,604        $ 8,627,532  

Corporate Class

      $ 8,316,148        $ 20,223        $ 368,595,820        $ 193,895,613        $ 10,124        $ 10,005  

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

 

Institutional Class

        2,545,292,041          416,671,862          24,043,288,291          25,045,904,613          1,328,666,526          112,850,643  

Private Investment Class

        6,409,785          1,862,847          630,235,060          393,537,172          1,259,260          37,324,700  

Personal Investment Class

        11,223          612,549          150,307,355          8,429,412          70,229          10,003  

Cash Management Class

        14,110,000          1,061,451          469,502,604          265,458,683          1,617,970          24,120,300  

Reserve Class

        776,345          468,868          283,024,039          324,548,299          41,926,649          17,379,371  

Resource Class

        1,060,868          184,485          582,334,204          234,623,690          94,604          8,626,218  

Corporate Class

        8,315,087          20,224          368,576,267          193,894,082          10,124          10,005  

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

      $ 1.0001        $ 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.

 

27                         Short-Term Investments Trust

Statements of Operations

For the six months ended February 28, 2018

(Unaudited)

 

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

Investment income:

                         

Interest

      $ 11,016,787       $ 2,782,344       $ 152,502,051       $ 171,997,536       $ 7,950,097       $ 1,017,866  

Expenses:

                         

Advisory fees

        1,038,391         294,246         18,484,180         14,169,879         843,473         193,582  

Administrative services fees

        381,775         118,844         4,304,547         4,914,088         363,359         53,832  

Custodian fees

        3,995         5,506         63,739         331,945         2,899         488  

Distribution fees:

                         

Private Investment Class

        10,191         2,724         759,434         600,499         2,913         40,447  

Personal Investment Class

        31         1,668         399,413         43,543         299         3,819  

Cash Management Class

        3,580         445         170,211         96,285         647         10,291  

Reserve Class

        3,649         2,120         1,347,297         1,184,560         164,678         68,708  

Resource Class

        1,235         146         391,772         248,797         75         5,818  

Corporate Class

        1,709         3         59,385         21,709         2         —  

Transfer agent fees

        62,303         17,655         1,109,051         1,470,965         60,045         8,711  

Trustees’ and officers’ fees and benefits

        11,833         12,636         175,506         212,567         18,876         11,592  

Registration and filing fees

        45,173         50,695         73,378         116,679         45,087         51,989  

Reports to shareholders

        29,746         7,818         30,074         39,521         6,028         5,221  

Professional services fees

        31,190         26,385         145,917         115,866         29,398         26,590  

Other

        64,042         30,000         165,297         166,749         23,060         14,919  

Total expenses

        1,688,843         570,891         27,679,201         23,733,652         1,560,839         496,007  

Less: Fees waived

        (422,815 )        (211,259 )        (2,839,649 )        (380,199 )        (273,935 )        (204,538 ) 

Net expenses

        1,266,028         359,632         24,839,552         23,353,453         1,286,904         291,469  

Net investment income

        9,750,759         2,422,712         127,662,499         148,644,083         6,663,193         726,397  

Realized and unrealized gain (loss) from:

                         

Net realized gain (loss) from investment securities

        8,085         1,571         508,617         394,818         19,166         (4,370 ) 

Change in net unrealized appreciation (depreciation) of investment securities

        (88,330 )        (11,112 )        —         —         —         —  

Net increase in net assets resulting from operations

      $ 9,670,514       $ 2,413,171       $ 128,171,116       $ 149,038,901       $ 6,682,359       $ 722,027  

 

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

 

28                         Short-Term Investments Trust

Statements of Changes in Net Assets

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

 

            Invesco Liquid Assets Portfolio           Invesco STIC Prime Portfolio  
         February 28,
2018		     August 31,
2017		           February 28,
2018		     August 31,
2017		  

Operations:

             

Net investment income

      $ 9,750,759     $ 4,871,296       $ 2,422,712     $ 3,235,998  

Net realized gain

        8,085       284,449         1,571       371  

Change in net unrealized appreciation (depreciation)

        (88,330 )      30,918         (11,112 )      9,539  

Net increase in net assets resulting from operations

        9,670,514       5,186,663         2,413,171       3,245,908  

Distributions to shareholders from net investment income:

             

Institutional Class

        (9,578,395 )      (4,489,048 )        (2,403,076 )      (3,118,898 ) 

Private Investment Class

        (33,722 )      (84,531 )        (8,559 )      (18,217 ) 

Personal Investment Class

        (41 )      (1,713 )        (2,094 )      (26,443 ) 

Cash Management Class

        (55,476 )      (138,836 )        (6,413 )      (59,666 ) 

Reserve Class

        (2,220 )      (6,618 )        (1,465 )      (5,654 ) 

Resource Class

        (6,695 )      (8,281 )        (985 )      (6,995 ) 

Corporate Class

        (74,210 )      (142,269 )        (120 )      (125 ) 

Total distributions from net investment income

        (9,750,759 )      (4,871,296 )        (2,422,712 )      (3,235,998 ) 

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

        —       (1,213 )        —       —  

Corporate Class

        —       (67,014 )        —       —  

Total distributions from net realized gains

        —       (3,200,085 )        —       —  

Share transactions–net:

             

Institutional Class

        2,249,521,185       (10,122,727,290 )        (7,250,126 )      (1,183,946,896 ) 

Private Investment Class

        (570,719 )      (234,302,026 )        18,028       (139,216,079 ) 

Personal Investment Class

        4       (29,230,918 )        1,928       (116,863,502 ) 

Cash Management Class

        6,374,743       (242,827,588 )        (86,623 )      (166,722,672 ) 

Reserve Class

        (167,937 )      (99,217,916 )        (31,777 )      (20,973,659 ) 

Resource Class

        (265,872 )      (5,919,518 )        937       (16,683,703 ) 

Corporate Class

        (1,164,553 )      (160,159,887 )        116       11,449  

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

        2,253,726,851       (10,894,385,143 )        (7,347,517 )      (1,644,395,062 ) 

Net increase (decrease) in net assets

        2,253,646,606       (10,897,269,861 )        (7,357,058 )      (1,644,385,152 ) 

Net assets:

             

Beginning of period

        322,659,817       11,219,929,678         428,238,810       2,072,623,962  

End of period*

      $ 2,576,306,423     $ 322,659,817       $ 420,881,752     $ 428,238,810  

* Includes accumulated undistributed net investment income

      $ 125,723     $ 125,723       $ 768,843     $ 768,843  

 

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

 

29                         Short-Term Investments Trust

Statements of Changes in Net Assets—(continued)

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

 

            Invesco Treasury Portfolio           Invesco Government & Agency Portfolio  
         February 28,
2018		     August 31,
2017		           February 28,
2018		     August 31,
2017		  

Operations:

             

Net investment income

      $ 127,662,499     $ 112,926,205       $ 148,644,083     $ 139,006,726  

Net realized gain (loss)

        508,617       39,369         394,818       (531,300 ) 

Net increase in net assets resulting from operations

        128,171,116       112,965,574         149,038,901       138,475,426  

Distributions to shareholders from net investment income:

             

Institutional Class

        (118,310,761 )      (103,892,394 )        (142,980,682 )      (133,552,021 ) 

Private Investment Class

        (1,938,276 )      (1,423,813 )        (1,537,809 )      (1,460,534 ) 

Personal Investment Class

        (382,722 )      (253,848 )        (40,763 )      (41,168 ) 

Cash Management Class

        (2,084,384 )      (1,754,490 )        (1,201,885 )      (705,201 ) 

Reserve Class

        (741,181 )      (324,958 )        (702,464 )      (661,922 ) 

Resource Class

        (2,196,137 )      (1,659,524 )        (1,389,284 )      (1,330,994 ) 

Corporate Class

        (2,009,038 )      (3,617,178 )        (791,196 )      (1,254,886 ) 

Total distributions from net investment income

        (127,662,499 )      (112,926,205 )        (148,644,083 )      (139,006,726 ) 

Share transactions–net:

             

Institutional Class

        1,240,152,310       2,935,444,591         (2,645,710,477 )      16,975,145,658  

Private Investment Class

        55,446,106       14,784,721         (116,955,166 )      169,627,850  

Personal Investment Class

        10,077,226       17,413,815         (12,699,768 )      13,622,071  

Cash Management Class

        (9,879,470 )      75,974,874         96,430,410       18,926,896  

Reserve Class

        32,305,446       91,599,025         153,592,510       (144,921,764 ) 

Resource Class

        105,534,153       (6,111,394 )        (107,521,673 )      246,458,843  

Corporate Class

        (239,228,636 )      (565,402,977 )        (130,544,107 )      8,002,319  

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

        1,194,407,135       2,563,702,655         (2,763,408,271 )      17,286,861,873  

Net increase (decrease) in net assets

        1,194,915,752       2,563,742,024         (2,763,013,453 )      17,286,330,573  

Net assets:

             

Beginning of period

        25,333,788,879       22,770,046,855         29,229,595,200       11,943,264,627  

End of period*

      $ 26,528,704,631     $ 25,333,788,879       $ 26,466,581,747     $ 29,229,595,200  

* Includes accumulated undistributed net investment income

      $ 445,995     $ 445,995       $ 208,988     $ 208,988  

 

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

 

30                         Short-Term Investments Trust

Statements of Changes in Net Assets—(continued)

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

 

            Invesco Treasury Obligations
Portfolio		           Invesco Tax-Free Cash Reserve
Portfolio		  
         February 28,
2018		     August 31,
2017		           February 28,
2018		     August 31,
2017		  

Operations:

             

Net investment income

      $ 6,663,193     $ 5,625,681       $ 726,397     $ 978,198  

Net realized gain (loss)

        19,166       (69,048 )        (4,370 )      (14,722 ) 

Net increase in net assets resulting from operations

        6,682,359       5,556,633         722,027       963,476  

Distributions to shareholders from net investment income:

             

Institutional Class

        (6,549,109 )      (5,499,185 )        (469,501 )      (638,667 ) 

Private Investment Class

        (8,553 )      (6,562 )        (100,490 )      (82,433 ) 

Personal Investment Class

        (303 )      (821 )        (2,768 )      (6,683 ) 

Cash Management Class

        (7,663 )      (6,763 )        (97,555 )      (164,964 ) 

Reserve Class

        (97,108 )      (111,357 )        (30,206 )      (71,643 ) 

Resource Class

        (407 )      (601 )        (25,867 )      (13,707 ) 

Corporate Class

        (50 )      (392 )        (10 )      (101 ) 

Total distributions from net investment income

        (6,663,193 )      (5,625,681 )        (726,397 )      (978,198 ) 

Share transactions–net:

             

Institutional Class

        22,269,267       1,185,273,759         2,051,387       (339,954,549 ) 

Private Investment Class

        (1,964,788 )      (2,936,998 )        9,977,201       2,881,656  

Personal Investment Class

        22,388       (2,559,557 )        (1,995,769 )      (390,938 ) 

Cash Management Class

        336       (29,769,108 )        (3,491,496 )      (3,056,555 ) 

Reserve Class

        6,301,235       (1,007,763 )        3,723,349       (7,877,273 ) 

Resource Class

        422       (99,477 )        2,628,012       3,587,633  

Corporate Class

        47       (2,933,744 )        10,004       (32,063 ) 

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

        26,628,907       1,145,967,112         12,902,688       (344,842,089 ) 

Net increase (decrease) in net assets

        26,648,073       1,145,898,064         12,898,318       (344,856,811 ) 

Net assets:

             

Beginning of period

        1,346,988,631       201,090,567         187,448,507       532,305,318  

End of period*

      $ 1,373,636,704     $ 1,346,988,631       $ 200,346,825     $ 187,448,507  

* Includes accumulated undistributed net investment income

      $ (12,543 )    $ (12,543 )      $ (104,955 )    $ (104,955 ) 

Notes to Financial Statements

February 28, 2018

(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 Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio (collectively, the “Funds”) (formerly Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio and Tax-Free Cash Reserve Portfolio). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.

The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio; and to provide tax-exempt income consistent with preservation of capital and liquidity for Invesco Tax-Free Cash Reserve Portfolio.

Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies.

 

31                         Short-Term Investments Trust

On October 12, 2016, pursuant to new rules and regulations effective October 14, 2016, Invesco Liquid Assets Portfolio and Invesco 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 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 Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).

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

Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Invesco Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, 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.

Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, and Invesco Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, and Invesco Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.

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

A. Security Valuations — Invesco Liquid Asset Portfolio’s and Invesco STIC Prime Portfolio’s securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

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

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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,

 

32                         Short-Term Investments Trust

  the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D. Distributions — It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually.
E. Federal Income Taxes — The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, Invesco Tax-Free Cash Reserve Portfolio intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative net assets.
G. Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, 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.

U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.

 

33                         Short-Term Investments Trust

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:

 

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

Invesco Liquid Assets Portfolio

     0.15%          0.15%          0.15%  

Invesco STIC Prime Portfolio

     0.15%          0.15%          0.15%  

Invesco Treasury Portfolio

     0.15%          0.15%          0.15%  

Invesco Government & Agency Portfolio

     0.10%          0.10%          0.10%  

Invesco Treasury Obligations Portfolio

     0.20%          0.15%          0.10%  

Invesco Tax-Free Cash Reserve Portfolio

     0.20%          0.20%          0.20%  

For the six months ended February 28, 2018, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:

 

Invesco Liquid Assets Portfolio

     0.15%  

Invesco STIC Prime Portfolio

     0.15%  

Invesco Treasury Portfolio

     0.15%  

Invesco Government & Agency Portfolio

     0.10%  

Invesco Treasury Obligations Portfolio

     0.13%  

Invesco Tax-Free Cash Reserve Portfolio

     0.20%  

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, for Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, separate sub-advisory agreements with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

The Adviser has contractually agreed, through at least December 31, 2018, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):

 

     Institutional
Class		      Private
Investment
Class		      Personal
Investment
Class		      Cash
Management
Class		      Reserve
Class		      Resource
Class		      Corporate
Class		  

Invesco Liquid Assets Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.38 %       0.21 % 

Invesco STIC Prime Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Treasury Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Government & Agency Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Treasury Obligations Portfolio

     0.18 %       0.43 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Tax-Free Cash Reserve Portfolio

     0.20 %       0.45 %       0.75 %       0.28 %       1.07 %       0.36 %       0.23 % 

The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Invesco 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

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.

 

34                         Short-Term Investments Trust

For the six months ended February 28, 2018, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:

 

     Expense
Limitation		        Yield
Waivers		  

Invesco Liquid Assets Portfolio

   $ 422,362        $ —  

Invesco STIC Prime Portfolio

     210,685          —  

Invesco Treasury Portfolio

     2,371,330          —  

Invesco Government & Agency Portfolio

     —          —  

Invesco Treasury Obligations Portfolio

     208,699          —  

Invesco Tax-Free Cash Reserve Portfolio

     172,374          —  

Voluntary fee waivers for the six months ended February 28, 2018 are shown below:

 

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

Invesco Liquid Assets Portfolio

   $ —        $ —        $ —        $ 453        $ —        $ —  

Invesco STIC Prime Portfolio

     —          3          —          571          —          —  

Invesco Treasury Portfolio

     —          16,362          —          451,957          —          —  

Invesco Government & Agency Portfolio

     —          2,465          —          377,734          —          —  

Invesco Treasury Obligations Portfolio

     —          25          —          65,211          —          —  

Invesco Tax-Free Cash Reserve Portfolio

     —          1,033          —          31,131          —          —  

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, 2018, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees.

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, 2018, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.

Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.

 

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

Invesco Liquid Assets Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.20 %       0.03 % 

Invesco STIC Prime Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Treasury Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Government & Agency Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Treasury Obligations Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Tax-Free Cash Reserve Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.

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

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to 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.

 

35                         Short-Term Investments Trust

As of February 28, 2018, 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.

Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended February 28, 2018, there were no material transfers between valuation levels.

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, 2018, each Fund engaged in transactions with affiliates as listed below:

 

     Securities Purchases        Securities Sales        Net Realized Gains  

Invesco Liquid Assets Portfolio

   $ 79,891,007        $ 80,918,865        $ 0  

Invesco STIC Prime Portfolio

     27,262,215          51,275,067          0  

Invesco Government & Agency Portfolio

     10,879,508          0          0  

Invesco Tax-Free Cash Reserve Portfolio

     96,952,920          84,223,004          0  

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.

 

36                         Short-Term Investments Trust

The Funds below had a capital loss carryforward as of August 31, 2017, which expires as follows:

 

    Short-Term        Not Subject to
Expiration		           
Fund   2018        2019             Total*  

Invesco Liquid Assets Portfolio

   $ —        $ —        $ —        $ —  

Invesco STIC Prime Portfolio

     —          —          —          —  

Invesco Treasury Portfolio

     —          —          266,972          266,972  

Invesco Government & Agency Portfolio

     —          —          531,300          531,300  

Invesco Treasury Obligations Portfolio

     —          —          61,535          61,535  

Invesco Tax-Free Cash Reserve Portfolio

     8,740          30,074          14,721          53,535  

 

* 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 Transactions

The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:

 

    At February 28, 2018  
     Federal Tax
Cost*		        Unrealized
Appreciation		        Unrealized
(Depreciation)		        Net Unrealized
Appreciation
(Depreciation)		  

Invesco Treasury Obligations Portfolio

   $ 1,514,192,867        $ —        $ (10,673 )       $ (10,673 ) 

 

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

NOTE 9—Share Information

Invesco Liquid Assets Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017(b)		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     6,098,292,161      $ 6,099,222,676        8,846,205,589      $ 8,846,379,006  

Private Investment Class

     100,828        100,848        73,675,959        73,675,968  

Personal Investment Class

     —        —        8,382,621        8,382,870  

Cash Management Class

     23,866,792        23,869,986        352,257,569        352,272,331  

Reserve Class

     27,958        27,964        3,766,999        3,767,196  

Resource Class

     —        —        132,559        132,558  

Corporate Class

     31,435,900        31,441,187        244,330,733        244,348,194  

Issued as reinvestment of dividends:

           

Institutional Class

     735,033        735,171        4,398,518        4,398,873  

Private Investment Class

     27,730        27,735        43,468        43,475  

Personal Investment Class

     3        4        1,713        1,713  

Cash Management Class

     34,494        34,500        93,656        93,666  

Reserve Class

     2,188        2,188        6,617        6,618  

Resource Class

     6,634        6,635        8,279        8,281  

Corporate Class

     56,917        56,928        142,251        142,269  

Reacquired:

           

Institutional Class

     (3,849,837,505 )       (3,850,436,662 )       (18,973,148,113 )       (18,973,505,169 ) 

Private Investment Class

     (699,204 )       (699,302 )       (308,001,404 )       (308,021,469 ) 

Personal Investment Class

     —        —        (37,614,403 )       (37,615,501 ) 

Cash Management Class

     (17,527,274 )       (17,529,743 )       (595,177,024 )       (595,193,585 ) 

Reserve Class

     (198,056 )       (198,089 )       (102,991,361 )       (102,991,730 ) 

Resource Class

     (272,453 )       (272,507 )       (6,060,265 )       (6,060,357 ) 

Corporate Class

     (32,658,671 )       (32,662,668 )       (404,609,206 )       (404,650,350 ) 

Net increase (decrease) in share activity

     2,253,393,475      $ 2,253,726,851        (10,894,155,245 )     $ (10,894,385,143 ) 

 

(a)  90% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
(b)  Effective October 12, 2016, Invesco Liquid Assets Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

37                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco STIC Prime Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017(b)		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     671,033,784      $ 671,033,402        1,181,673,896      $ 1,181,705,357  

Private Investment Class

     106,000        106,004        32,477,987        32,477,991  

Personal Investment Class

     —        —        118,187,308        118,187,309  

Cash Management Class

     408,572        408,574        132,025,201        132,025,203  

Reserve Class

     5        5        12,104,481        12,104,533  

Resource Class

     —        —        54,163,813        54,163,819  

Corporate Class

     —        —        23,501        23,503  

Issued as reinvestment of dividends:

           

Institutional Class

     1,185,345        1,185,326        1,319,248        1,319,283  

Private Investment Class

     8,153        8,153        12,756        12,757  

Personal Investment Class

     1,955        1,955        16,252        16,252  

Cash Management Class

     4,156        4,156        59,666        59,666  

Reserve Class

     1,444        1,444        5,653        5,654  

Resource Class

     937        937        6,994        6,995  

Corporate Class

     116        116        126        125  

Reacquired:

           

Institutional Class

     (679,472,584 )       (679,468,854 )       (2,366,923,911 )       (2,366,971,536 ) 

Private Investment Class

     (96,129 )       (96,129 )       (171,705,890 )       (171,706,827 ) 

Personal Investment Class

     (27 )       (27 )       (235,067,018 )       (235,067,063 ) 

Cash Management Class

     (499,353 )       (499,353 )       (298,807,504 )       (298,807,541 ) 

Reserve Class

     (33,226 )       (33,226 )       (33,083,675 )       (33,083,846 ) 

Resource Class

     —        —        (70,853,614 )       (70,854,517 ) 

Corporate Class

     —        —        (12,179 )       (12,179 ) 

Net increase (decrease) in share activity

     (7,350,852 )     $ (7,347,517 )       (1,644,376,909 )     $ (1,644,395,062 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 95% 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, Invesco STIC Prime Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

38                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco Treasury Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     83,870,920,011      $ 83,870,920,011        104,978,321,526      $ 104,978,321,526  

Private Investment Class

     679,734,166        679,734,166        1,389,145,628        1,389,145,628  

Personal Investment Class

     505,175,240        505,175,240        959,511,379        959,511,379  

Cash Management Class

     1,643,623,471        1,643,623,471        2,685,419,118        2,685,419,118  

Reserve Class

     410,729,899        410,729,899        386,663,928        386,663,928  

Resource Class

     440,940,439        440,940,439        575,122,878        575,122,878  

Corporate Class

     2,212,293,713        2,212,293,713        9,826,990,863        9,826,990,863  

Issued as reinvestment of dividends:

           

Institutional Class

     23,836,828        23,836,828        16,234,515        16,234,515  

Private Investment Class

     248,510        248,510        249,491        249,491  

Personal Investment Class

     340,891        340,891        202,723        202,723  

Cash Management Class

     1,698,617        1,698,617        1,178,232        1,178,232  

Reserve Class

     651,740        651,740        254,629        254,629  

Resource Class

     504,629        504,629        346,994        346,994  

Corporate Class

     1,725,825        1,725,825        2,990,987        2,990,987  

Reacquired:

           

Institutional Class

     (82,654,604,529 )       (82,654,604,529 )       (102,059,111,450 )       (102,059,111,450 ) 

Private Investment Class

     (624,536,570 )       (624,536,570 )       (1,374,610,398 )       (1,374,610,398 ) 

Personal Investment Class

     (495,438,905 )       (495,438,905 )       (942,300,287 )       (942,300,287 ) 

Cash Management Class

     (1,655,201,558 )       (1,655,201,558 )       (2,610,622,476 )       (2,610,622,476 ) 

Reserve Class

     (379,076,193 )       (379,076,193 )       (295,319,532 )       (295,319,532 ) 

Resource Class

     (335,910,915 )       (335,910,915 )       (581,581,266 )       (581,581,266 ) 

Corporate Class

     (2,453,248,174 )       (2,453,248,174 )       (10,395,384,827 )       (10,395,384,827 ) 

Net increase in share activity

     1,194,407,135      $ 1,194,407,135        2,563,702,655      $ 2,563,702,655  

 

(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, 15% 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)

Invesco Government & Agency Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     124,484,185,519      $ 124,484,185,519        208,396,167,421      $ 208,396,167,421  

Private Investment Class

     708,079,249        708,079,249        1,423,015,874        1,423,015,874  

Personal Investment Class

     13,087,606        13,087,606        72,491,907        72,491,907  

Cash Management Class

     618,043,130        618,043,130        936,923,184        936,923,184  

Reserve Class

     586,521,963        586,521,963        850,197,770        850,197,770  

Resource Class

     1,220,430,797        1,220,430,797        2,809,077,121        2,809,077,121  

Corporate Class

     1,168,124,291        1,168,124,291        4,691,887,919        4,691,887,919  

Issued as reinvestment of dividends:

           

Institutional Class

     27,926,219        27,926,219        19,317,518        19,317,518  

Private Investment Class

     500,392        500,392        318,477        318,477  

Personal Investment Class

     23,820        23,820        12,576        12,576  

Cash Management Class

     806,065        806,065        418,891        418,891  

Reserve Class

     573,192        573,192        513,904        513,904  

Resource Class

     1,045,321        1,045,321        796,073        796,073  

Corporate Class

     318,197        318,197        795,308        795,308  

Reacquired:

           

Institutional Class

     (127,157,822,215 )       (127,157,822,215 )       (191,440,339,281 )       (191,440,339,281 ) 

Private Investment Class

     (825,534,807 )       (825,534,807 )       (1,253,706,501 )       (1,253,706,501 ) 

Personal Investment Class

     (25,811,194 )       (25,811,194 )       (58,882,412 )       (58,882,412 ) 

Cash Management Class

     (522,418,785 )       (522,418,785 )       (918,415,179 )       (918,415,179 ) 

Reserve Class

     (433,502,645 )       (433,502,645 )       (995,633,438 )       (995,633,438 ) 

Resource Class

     (1,328,997,791 )       (1,328,997,791 )       (2,563,414,351 )       (2,563,414,351 ) 

Corporate Class

     (1,298,986,595 )       (1,298,986,595 )       (4,684,680,908 )       (4,684,680,908 ) 

Net increase (decrease) in share activity

     (2,763,408,271 )     $ (2,763,408,271 )       17,286,861,873      $ 17,286,861,873  

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 24% of the outstanding shares of the Fund. 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, 16% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

40                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco Treasury Obligations Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     569,994,076      $ 569,994,076        1,882,109,152      $ 1,882,109,152  

Private Investment Class

     154,318        154,318        10,041,615        10,041,615  

Personal Investment Class

     1,263,767        1,263,767        2,009,181        2,009,181  

Cash Management Class

     1,610,000        1,610,000        7,657        7,657  

Reserve Class

     42,740,773        42,740,773        140,006,781        140,006,781  

Resource Class

     422        422        94,706        94,706  

Corporate Class

     —        —        659,929        659,929  

Issued as reinvestment of dividends:

           

Institutional Class

     138,972        138,972        116,704        116,704  

Private Investment Class

     8,812        8,812        4,830        4,830  

Personal Investment Class

     3        3        6,763        6,763  

Cash Management Class

     7,229        7,229        89,662        89,662  

Reserve Class

     90,443        90,443        —        —  

Corporate Class

     47        47        299        299  

Reacquired:

           

Institutional Class

     (547,863,781 )       (547,863,781 )       (696,952,097 )       (696,952,097 ) 

Private Investment Class

     (2,127,918 )       (2,127,918 )       (12,983,443 )       (12,983,443 ) 

Personal Investment Class

     (1,241,382 )       (1,241,382 )       (4,568,738 )       (4,568,738 ) 

Cash Management Class

     (1,616,893 )       (1,616,893 )       (29,783,528 )       (29,783,528 ) 

Reserve Class

     (36,529,981 )       (36,529,981 )       (141,104,206 )       (141,104,206 ) 

Resource Class

     —        —        (194,183 )       (194,183 ) 

Corporate Class

     —        —        (3,593,972 )       (3,593,972 ) 

Net increase in share activity

     26,628,907      $ 26,628,907        1,145,967,112      $ 1,145,967,112  

 

(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 6% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.
         In addition, 86% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

41                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco Tax-Free Cash Reserve Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     59,262,860      $ 59,262,860        216,245,353      $ 216,245,353  

Private Investment Class

     45,477,298        45,477,298        49,632,970        49,632,970  

Personal Investment Class

     10,391        10,391        2,005,100        2,005,100  

Cash Management Class

     3,192,742        3,192,742        45,537,104        45,537,104  

Reserve Class

     37,083,918        37,083,918        111,932,405        111,932,405  

Resource Class

     4,550,024        4,550,024        4,058,371        4,058,371  

Corporate Class

     10,000        10,000        32,101        32,101  

Issued as reinvestment of dividends:

           

Institutional Class

     221,438        221,438        221,692        221,692  

Private Investment Class

     83,737        83,737        68,844        68,844  

Personal Investment Class

     2,768        2,768        5,772        5,772  

Cash Management Class

     79,721        79,721        134,904        134,904  

Reserve Class

     27,866        27,866        64,807        64,807  

Resource Class

     22,290        22,290        11,483        11,483  

Corporate Class

     4        4        97        97  

Reacquired:

           

Institutional Class

     (57,432,911 )       (57,432,911 )       (556,421,594 )       (556,421,594 ) 

Private Investment Class

     (35,583,834 )       (35,583,834 )       (46,820,158 )       (46,820,158 ) 

Personal Investment Class

     (2,008,928 )       (2,008,928 )       (2,401,810 )       (2,401,810 ) 

Cash Management Class

     (6,763,959 )       (6,763,959 )       (48,728,563 )       (48,728,563 ) 

Reserve Class

     (33,388,435 )       (33,388,435 )       (119,874,485 )       (119,874,485 ) 

Resource Class

     (1,944,302 )       (1,944,302 )       (482,221 )       (482,221 ) 

Corporate Class

     —        —        (64,261 )       (64,261 ) 

Net increase (decrease) in share activity

     12,902,688      $ 12,902,688        (344,842,089 )     $ (344,842,089 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 91% of the outstanding shares of the Fund. 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.

 

42                         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		  

Invesco Liquid Assets Portfolio

 

Six months ended 02/28/18

   $ 1.0002     $ 0.0043     $ (0.0007 )    $ 0.0036     $ (0.0037 )    $ —     $ (0.0037 )    $ 1.0001       0.36 %    $ 11       0.73 %(c)      0.79 %(c)      0.86 %(c) 

Year ended 08/31/17

     1.00       0.0019       0.0019       0.0038       (0.0031 )      (0.0005 )      (0.0036 )      1.0002       0.35       11       0.50       0.81       0.19  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.07       29,249       0.40       0.90       0.09  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.01       115,410       0.21       0.92       0.01  

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  

Invesco STIC Prime Portfolio

 

Six months ended 02/28/18

     1.0000       0.0034       (0.0000 )      0.0034       (0.0034 )      —       (0.0034 )      1.0000       0.34       613       0.73 (c)      0.84 (c)      0.69 (c) 

Year ended 08/31/17

     1.00       0.0042       (0.0010 )      0.0032       (0.0032 )      —       (0.0032 )      1.0000       0.32       611       0.38       0.82       0.42  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.15       117,475       0.26       0.92       0.14  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.04       117,573       0.07       0.94       0.10  

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  

Invesco Treasury Portfolio

 

Six months ended 02/28/18

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.26       150,315       0.71 (c)      0.75 (c)      0.53 (c) 

Year ended 08/31/17

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.20       140,236       0.50       0.75       0.20  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.07       122,822       0.22       0.90       0.09  

Year ended 08/31/15

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.01       162,054       0.06       0.92       0.02  

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  

Invesco Government & Agency Portfolio

 

Six months ended 02/28/18

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.27       8,429       0.67 (c)      0.70 (c)      0.54 (c) 

Year ended 08/31/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.23       21,129       0.49       0.70       0.24  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.09       7,507       0.21       0.87       0.12  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.02       37,168       0.08       0.88       0.02  

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  

Invesco Treasury Obligations Portfolio

 

Six months ended 02/28/18

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.27       70       0.68 (c)      0.76 (c)      0.53 (c) 

Year ended 08/31/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.21       48       0.25       0.77       0.41  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.09       2,608       0.17       1.08       0.08  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.02       1,955       0.00       1.08       0.08  

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  

Invesco Tax-Free Cash Reserve Portfolio

 

Six months ended 02/28/18

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.22       10       0.60 (c)      0.93 (c)      0.45 (c) 

Year ended 08/31/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.33       2,006       0.44       0.92       0.32  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.05       2,397       0.15       1.03       0.07  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.01       3,624       0.03       1.06       0.04  

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  

 

(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 $11, $612, $146,445, $15,965, $110 and $1,400 for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, respectively.

 

43                         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, 2017 through February 28, 2018.

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
(09/01/17)		      ACTUAL     

HYPOTHETICAL

(5% annual return before
expenses)

      Annualized
Expense
Ratio		  
      Ending
Account Value
(02/28/18)1		      Expenses
Paid During
Period2		     

Ending

Account Value
(02/28/18)

      Expenses
Paid During
Period2		     

Invesco Liquid Assets Portfolio

    $ 1,000.00      $ 1,003.60      $ 3.63      $ 1,021.17      $ 3.66        0.73 % 

Invesco STIC Prime Portfolio

      1,000.00        1,003.40        3.63        1,021.17        3.66        0.73  

Invesco Treasury Portfolio

      1,000.00        1,002.60        3.53        1,021.27        3.56        0.71  

Invesco Government & Agency Portfolio

      1,000.00        1,002.70        3.33        1,021.47        3.36        0.67  

Invesco Treasury Obligations Portfolio

      1,000.00        1,002.70        3.38        1,021.42        3.41        0.68  

Invesco Tax-Free Cash Reserve Portfolio

      1,000.00        1,002.20        2.98        1,021.82        3.01        0.60  

 

1  The actual ending account value is based on the actual total return of the Funds for the period September 1, 2017, through February 28, 2018, 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.

 

44                         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                 04262018    0813

LOGO

 

Semiannual Report to Shareholders    February 28, 2018

 

 

Private Investment Class

Short-Term Investments Trust (STIT)

Invesco Liquid Assets Portfolio

Invesco STIC Prime Portfolio

Invesco Treasury Portfolio

Invesco Government & Agency Portfolio

Invesco Treasury Obligations Portfolio

Invesco Tax-Free Cash Reserve Portfolio

Effective December 15, 2017, Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio and Tax-Free Cash Reserve Portfolio were renamed Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, respectively.

 

LOGO

 

 

 

2 Fund Data

 

3 Letters to Shareholders

 

4 Schedule of Investments

 

26 Financial Statements

 

31 Notes to Financial Statements

 

43 Financial Highlights

 

44 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, 2018, 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 2/28/18

 

 

FUND  

WEIGHTED

AVERAGE

MATURITY

     

WEIGHTED
AVERAGE

LIFE

     

        TOTAL        

NET

ASSETS

    

  Range

  During

  Reporting

  Period

     

  At

  Reporting

  Period

  End

                
Invesco Liquid Assets1       10 - 37 days          18 days      67 days          $6.4 million 
Invesco STIC Prime1       11 - 19 days          11 days      12 days          1.9 million 
Invesco Treasury2       10 - 31 days          30 days      84 days          630.3 million 
Invesco Government & Agency2       16 - 25 days          23 days      106 days          393.5 million 
Invesco Treasury Obligations2       33 - 51 days          36 days      103 days          1.3 million 
Invesco Tax-Free Cash Reserve3       16 - 31 days          16 days      16 days          37.3 million 

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

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

 

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:

This semiannual report covers the six-month reporting period ended February 28, 2018. As always, we thank you for investing with us. By investing in a combination of short-term securities and securities with slightly longer maturities, each Fund continued to preserve safety of principal and maintain a relatively high level of liquidity while offering competitive returns.

    The US Federal Reserve (the Fed) raised interest rates by 0.25% in December 2017, bringing the key fed funds target rate to a range of 1.25% to 1.50% as of February 28, 2018.1 The December increase was the latest in a series of interest rate increases the Fed implemented in response to a moderately expanding US economy and relatively benign inflation levels. These increases benefited money market investors. At the close of the reporting period, additional Fed rate increases were widely expected later in 2018 – potentially faster than previously expected.

Most major central banks around the world continued to maintain interest rates at, near or below zero in an effort to spur economic growth and inflation.

    In early February, Jerome Powell assumed the chairmanship of the Fed. Powell, a member of the Fed’s board of governors since 2012, is largely expected to stay the course with regard to monetary policy as he largely voted in line with former Fed Chair Janet Yellen during her years leading the Fed.

    Invesco Global Liquidity is part of Invesco Ltd., one of the world’s largest independent asset management companies. Invesco Global Liquidity takes a long-term approach to short-term investing. Our vision is grounded in our rigorous investment philosophy, high-quality products and tradition of excellent client service. Our unrelenting focus on preservation of capital, daily liquidity and competitive yield is implemented through repeatable, time-tested processes.

    Again, 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, 2018

(Unaudited)

Invesco Liquid Assets Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  

Commercial Paper–44.78%(a)

          
Asset-Backed Securities — Fully Supported–5.91%          

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

     1.76 %      04/03/2018      $ 75,000      $ 74,878,028  

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

     1.83 %      04/23/2018        20,000        19,943,090  

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

     1.42 %      03/01/2018        2,500        2,499,899  

Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.) (1 mo. USD LIBOR + 0.21%)(b)(c)(d)

     1.80 %      05/21/2018        5,000        5,002,088  

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

     1.81 %      03/15/2018        50,000        49,967,815  
                                152,290,920  
Asset-Backed Securities — Fully Supported Bank–14.81%          

Anglesea Funding LLC (Multi–CEP’s) (1 mo. USD LIBOR + 0.27%)(c)(d)

     1.85 %      06/29/2018        25,000        25,000,323  

Anglesea Funding LLC (Multi–CEP’s) (1 mo. USD LIBOR + 0.27%)(b)(c)(d)

     1.85 %      06/04/2018        60,000        60,000,702  

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

     1.81 %      03/20/2018        50,000        49,956,610  

Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC)

     1.93 %      06/14/2018        70,000        69,560,778  

Ebury Finance LLC (Multi–CEP’s)(b)(c)

     1.45 %      03/01/2018        30,000        29,998,758  

Gotham Funding Corp. (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(b)(c)

     1.84 %      03/22/2018        30,000        29,970,648  

Halkin Finance LLC (Multi–CEP’s)(b)(c)

     1.45 %      03/01/2018        40,000        39,998,344  

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

     1.54 %      03/06/2018        55,000        54,986,151  

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

     1.71 %      03/05/2018        22,000        21,995,395  
                                381,467,709  
Asset-Backed Securities — Multi-Purpose–3.29%          

CRC Funding, LLC(b)

     1.81 %      05/11/2018        5,000        4,980,750  

Nieuw Amsterdam Receivables Corp.(b)(c)

     1.82 %      05/09/2018        35,000        34,865,590  

Nieuw Amsterdam Receivables Corp.(b)(c)

     1.83 %      04/11/2018        45,000        44,904,186  
                                84,750,526  
Consumer Finance–0.10%          

Toyota Motor Credit Corp. (1 mo. USD LIBOR + 0.20%)(c)(d)

     1.78 %      05/04/2018        2,500        2,501,075  
Diversified Banks–11.71%          

Bank of Nova Scotia(b)(c)

     1.81 %      04/02/2018        50,000        49,926,115  

Commonwealth Bank of Australia (1 mo. USD LIBOR + 0.22%)(b)(c)(d)

     1.80 %      12/07/2018        50,000        49,989,035  

DBS Bank Ltd.(b)(c)

     2.01 %      05/21/2018        45,000        44,796,744  

First Abu Dhabi Bank PJSC(b)(c)

     1.50 %      03/02/2018        60,000        59,995,032  

J.P. Morgan Securities LLC

     1.88 %      06/01/2018        5,000        4,973,043  

Oversea-Chinese Banking Corp. Ltd. (1 mo. USD LIBOR + 0.15%)(b)(c)(d)

     1.74 %      05/18/2018        12,000        12,003,536  

Toronto-Dominion Bank (The)(b)(c)

     1.76 %      03/22/2018        50,000        49,952,580  

Toronto-Dominion Bank (The) (1 mo. USD LIBOR + 0.23%)(b)(c)(d)

     1.88 %      11/30/2018        30,000        29,995,050  
                                301,631,135  
Diversified Capital Markets–2.33%          

UBS AG (1 mo. USD LIBOR + 0.33%)(b)(c)(d)

     1.91 %      01/02/2019        30,000        30,016,650  

UBS AG (1 mo. USD LIBOR + 0.33%)(b)(c)(d)

     1.91 %      12/28/2018        30,000        30,016,506  
                                60,033,156  
Other Diversified Financial Services–0.30%          

ABN AMRO Funding USA LLC(b)(c)

     1.54 %      03/06/2018        7,625        7,623,043  

 

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

 

4                         Short-Term Investments Trust

Invesco Liquid Assets Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  
Regional Banks–2.46%          

Banque et Caisse d’Epargne de l’Etat(c)

     1.86 %      06/01/2018      $ 33,750      $ 33,583,211  

Banque et Caisse d’Epargne de l’Etat(c)

     1.87 %      06/11/2018        30,000        29,833,482  
                                63,416,693  
Specialized Finance–3.87%          

Caisse des Depots et Consignations(b)(c)

     1.81 %      03/01/2018        50,000        49,998,100  

Nederlandse Waterschapsbank N.V.(b)(c)

     1.78 %      05/02/2018        50,000        49,841,275  
                                99,839,375  

Total Commercial Paper (Cost $1,153,614,060)

                               1,153,553,632  

Certificates of Deposit–24.16%

          

Bank of Montreal(c)

     1.75 %      03/20/2018        20,000        20,001,246  

Bank of Montreal (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      12/07/2018        25,000        24,996,848  

Bank of Nova Scotia (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      12/11/2018        50,000        49,993,910  

China Construction Bank Corp.(c)

     1.77 %      03/08/2018        25,000        25,000,750  

China Construction Bank Corp.(c)

     1.77 %      03/09/2018        20,000        20,000,648  

China Construction Bank Corp.(c)

     1.82 %      03/26/2018        45,000        45,002,560  

KBC Bank N.V. (Belgium)(c)

     1.80 %      03/06/2018        25,000        24,993,168  

KBC Bank N.V. (Belgium)(c)

     1.80 %      04/19/2018        25,000        24,999,181  

Mitsubishi UFJ Trust & Banking Corp. (1 mo. USD LIBOR + 0.20%)(c)(d)

     1.85 %      05/30/2018        20,000        20,007,510  

Mitsubishi UFJ Trust & Banking Corp. (1 mo. USD LIBOR + 0.22%)(c)(d)

     1.79 %      06/01/2018        7,500        7,503,342  

Mizuho Bank, Ltd.(c)

     1.40 %      03/01/2018        85,000        85,000,000  

Mizuho Bank, Ltd.(c)

     1.45 %      03/06/2018        35,000        34,999,772  

Royal Bank of Canada (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      12/07/2018        50,000        49,992,785  

Sumitomo Mitsui Trust Bank Ltd.(c)

     1.43 %      03/02/2018        70,000        70,000,021  

Wells Fargo Bank, N.A. (1 mo. USD LIBOR + 0.24%)(d)

     1.82 %      12/05/2018        50,000        49,999,640  

Wells Fargo Bank, N.A. (1 mo. USD LIBOR + 0.25%)(d)

     1.83 %      01/04/2019        10,000        9,999,706  

Wells Fargo Bank, N.A. (3 mo. USD LIBOR + 0.15%)(d)

     1.89 %      01/18/2019        10,000        10,017,386  

Westpac Banking Corp. (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      01/08/2019        50,000        49,988,630  

Total Certificates of Deposit (Cost $622,494,088)

                               622,497,103  

Variable Rate Demand Notes–5.17%(e)

          
Credit Enhanced–5.17%          

Blair (County of), Pennsylvania IDA (Altoona-Blair County Development Corp.); Series 2008, Ref. VRD RB (LOC–PNC Bank, N.A.)(f)

     1.50 %      10/01/2028        8,625        8,625,000  

Derry (Township of), Pennsylvania Industrial & Commercial Development Authority (GIANT Center); Series 2001, VRD Facility Taxable RB (LOC–PNC Bank, N.A.)(f)

     1.50 %      11/01/2030        2,220        2,220,000  

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

     1.70 %      04/01/2047        9,500        9,499,999  

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

     1.51 %      05/01/2037        2,900        2,900,000  

New York (State of) Housing Finance Agency (222 East 44th Street Housing);
Series 2016, VRD RB (LOC–Bank of China Ltd.)(f)

     1.52 %      05/01/2050        11,035        11,035,000  

New York (State of) Housing Finance Agency (222 East 44th Street Housing);
Series 2017 A, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      05/01/2050        15,000        15,000,000  

New York (State of) Housing Finance Agency (572 11th Ave.); Series 2017 A, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      11/01/2049        20,500        20,500,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);
Series 2015 B-1, VRD Taxable RB (LOC–Bank of China Ltd.)(f)

     1.75 %      11/01/2049        5,000        5,000,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);
Series 2016 B-1, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      11/01/2049        5,340        5,340,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);
Series 2016 B-2, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      11/01/2049        1,500        1,500,000  

 

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

 

5                         Short-Term Investments Trust

Invesco Liquid Assets Portfolio

 

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

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

     1.65 %      07/01/2040      $ 1,660      $ 1,660,000  

University of Texas System Board of Regents; Series 2016 G-1, VRD Financing System RB

     1.50 %      08/01/2045        50,000        50,000,000  

Total Variable Rate Demand Notes (Cost $133,279,999)

                               133,279,999  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)–74.11% (Cost $1,909,388,147)

                               1,909,330,734  
                 Repurchase
Amount		         

Repurchase Agreements–25.98%(g)

          

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $9,000,380 (collateralized by a U.S. Treasury obligation and a foreign corporate obligation valued at $9,180,070; 1.25%-1.75%; 07/26/2019-12/31/2020)(c)

     1.52 %      03/01/2018        9,000,380        9,000,000  

BMO Capital Markets Corp., agreement dated 02/28/2018, maturing value of $45,001,900 (collateralized by U.S. government sponsored agency obligations and domestic and foreign corporate obligations valued at $47,566,190;
0%-9.70%; 04/17/2018-07/22/2028)(c)

     1.52 %      03/01/2018        45,001,900        45,000,000  

BMO Capital Markets Corp., term agreement dated 01/03/2018, maturing value of $30,080,317 (collateralized by domestic and foreign corporate obligations valued at $32,093,218; 1.45%-10.00%; 05/14/2018-12/15/2032)(c)(h)

     1.58 %      03/05/2018        30,080,317        30,000,000  

Citigroup Global Markets, Inc., joint open agreement dated 12/21/2017 (collateralized by U.S. Treasury obligations, domestic and foreign agency mortgage-backed securities and a foreign corporate obligation valued at $100,980,182;
1.63%-8.50%; 11/30/2020-12/25/2035)(i)

     2.48 %      —        —        56,500,000  

Credit Agricole Corporate & Investment Bank, joint agreement dated 02/28/2018, aggregate maturing value of $247,009,400 (collateralized by U.S. Treasury obligations valued at $251,940,215; 1.63%; 05/15/2026)

     1.37 %      03/01/2018        37,892,137        37,890,695  

Credit Suisse Securities (USA) LLC, joint term agreement dated 02/27/2018, aggregate maturing value of $20,006,300 (collateralized by domestic agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $21,751,458; 0.24%-7.07%; 02/10/2022- 09/25/2043)(c)(h)

     1.62 %      03/06/2018        15,004,725        15,000,000  

Credit Suisse Securities (USA) LLC, joint term agreement dated 02/27/2018, aggregate maturing value of $55,016,469 (collateralized by domestic commercial paper and domestic agency mortgage-backed securities valued at $57,756,717;
0.06%-2.14%; 03/08/2018-10/15/2039)(c)(h)

     1.54 %      03/06/2018        15,004,492        15,000,000  

Credit Suisse Securities (USA) LLC, joint term agreement dated 02/27/2018, aggregate maturing value of $75,022,896 (collateralized by a domestic agency mortgage-backed security, a domestic commercial paper and domestic non-agency asset-backed securities valued at $80,707,397; 0.31%-7.07%; 08/17/2018-05/25/2037)(c)(h)

     1.57 %      03/06/2018        35,010,685        35,000,000  

ING Financial Markets, LLC, agreement dated 02/28/2018, maturing value of $46,002,070 (collateralized by domestic and foreign corporate obligations valued at $50,600,437; 2.95%-9.88%; 03/01/2019-03/01/2097)(c)

     1.62 %      03/01/2018        46,002,070        46,000,000  

J.P. Morgan Securities LLC, open agreement dated 12/05/2017 (collateralized by domestic agency mortgage-backed securities valued at $33,000,121;
0%-7.00%; 03/25/2035-10/15/2048)(i)

     2.14 %      —        —        25,000,000  

RBC Capital Markets LLC, agreement dated 02/28/2018, maturing value of $60,002,533 (collateralized by domestic and foreign corporate obligations valued at $63,000,279; 0%-6.15%; 04/30/2018-11/15/2048)(c)

     1.52 %      03/01/2018        60,002,533        60,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $3,000,115,833 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $3,060,002,122;
1.13%-4.00%; 07/31/2021-10/20/2047)

     1.39 %      03/01/2018        250,009,653        250,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2018, maturing value of $35,001,478 (collateralized by foreign corporate obligations valued at $35,700,903; 1.75%-2.13%; 01/18/2022-09/14/2022)

     1.52 %      03/01/2018        35,001,478        35,000,000  

 

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

 

6                         Short-Term Investments Trust

Invesco Liquid Assets Portfolio

 

     Interest
Rate		     Maturity
Date		      Repurchase
Amount		      Value  

Wells Fargo Securities, LLC, joint term agreement dated 01/05/2018, aggregate maturing value of $20,072,334 (collateralized by domestic non-agency mortgage-backed securities and domestic corporate obligations valued at $20,598,104;
0%-3.00%; 05/16/2019-05/15/2027)

     2.10 %      03/08/2018      $ 10,036,167      $ 10,000,000  

Total Repurchase Agreements (Cost $669,390,695)

                               669,390,695  

TOTAL INVESTMENTS IN SECURITIES(j)(k)–100.09% (Cost $2,578,778,842)

                               2,578,721,429  

OTHER ASSETS LESS LIABILITIES–(0.09)%

                               (2,415,006 ) 

NET ASSETS–100.00%

                             $ 2,576,306,423  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

FHLB  

– Federal Home Loan Bank

LIBOR  

– London Interbank Offered Rate

LOC  

– Letter of Credit

RB  

– Revenue Bonds

USD  

– U.S. Dollar

VRD  

– Variable Rate Demand

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, 2018 was $945,145,210, which represented 36.69% of the Fund’s Net Assets.
(c)  The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 16.3%; Netherlands: 12.6%; France: 10.2%; Japan: 10.1%; other countries less than 5% each: 24.4%.
(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.
(e)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(f)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(g)  Principal amount equals value at period end. See Note 1I.
(h)  The Fund may demand prepayment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(i)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(j)  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 issuers obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     46.4 % 

8-30

     11.6  

31-60

     8.3  

61-90

     6.9  

91-180

     11.9  

181+

     14.9  

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.

 

7                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco STIC Prime Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Commercial Paper–42.22%(a)

          
Asset-Backed Securities — Fully Supported–2.91%          

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

     1.60 %      03/01/2018      $ 10,000      $ 9,999,595  

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

     1.74 %      04/02/2018        2,250        2,246,376  
                                12,245,971  
Asset-Backed Securities — Fully Supported Bank–21.55%          

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

     1.96 %      04/23/2018        5,000        4,987,108  

Anglesea Funding (Multi–CEP’s)(b)(c)

     1.66 %      03/01/2018        15,000        14,999,395  

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

     1.77 %      04/12/2018        5,000        4,989,548  

Concord Minutemen Capital Co., LLC (Multi–CEP’s)(b)(c)

     1.55 %      03/01/2018        5,000        4,999,793  

Ebury Finance LLC (Multi–CEP’s)(b)(c)

     1.45 %      03/01/2018        12,000        11,999,503  

Gotham Funding Corp. (CEP–Bank of Tokyo–Mitsubishi UFJ, Ltd. (The))(b)(c)

     1.69 %      04/03/2018        10,000        9,983,859  

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

     1.54 %      03/06/2018        5,000        4,998,741  

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

     1.73 %      04/03/2018        7,000        6,988,748  

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

     1.65 %      03/01/2018        6,270        6,269,726  

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

     1.68 %      03/01/2018        2,500        2,499,891  

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

     1.71 %      03/05/2018        8,000        7,998,326  

Nieuw Amsterdam Receivables Corp. (CEP–Cooperatieve Rabobank UA)(b)(c)

     1.63 %      03/21/2018        10,000        9,990,544  
                                90,705,182  
Asset-Backed Securities — Multi-Purpose–3.84%          

CAFCO, LLC(b)

     1.72 %      04/09/2018        10,000        9,981,311  

CHARTA, LLC(b)

     1.71 %      04/02/2018        2,100        2,096,730  

CHARTA, LLC(b)

     1.73 %      04/02/2018        1,500        1,497,664  

Versailles Commercial Paper LLC(b)

     1.90 %      04/11/2018        2,600        2,594,573  
                                16,170,278  
Diversified Banks–5.84%          

First Abu Dhabi Bank PJSC(b)(c)

     1.50 %      03/02/2018        10,000        9,999,172  

NRW Bank(b)(c)

     1.87 %      04/23/2018        6,385        6,368,038  

Societe Generale S.A.(b)(c)

     1.63 %      03/05/2018        5,225        5,223,900  

Standard Chartered Bank(b)(c)

     1.75 %      03/23/2018        3,000        2,996,994  
                                24,588,104  
Other Diversified Financial Services–0.48%          

ABN AMRO Funding USA LLC(b)(c)

     1.65 %      03/08/2018        2,000        1,999,311  
Regional Banks–4.75%          

Danske Corp.(b)(c)

     1.65 %      03/13/2018        15,000        14,991,577  

Landesbank Hessen-Thueringen Girozentrale(b)(c)

     1.63 %      03/20/2018        5,000        4,995,659  
                                19,987,236  
Specialized Finance–2.85%          

CDP Financial Inc.(b)(c)

     1.60 %      03/08/2018        2,000        1,999,342  

Nederlandse Waterschapsbank N.V.(b)(c)

     1.71 %      04/06/2018        10,000        9,982,589  
                                11,981,931  

Total Commercial Paper (Cost $177,681,262)

                               177,678,013  

 

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

 

8                         Short-Term Investments Trust

Invesco STIC Prime Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Certificates of Deposit–14.61%

          

BMO Harris Bank N.A.(c)

     1.68 %      03/19/2018      $ 10,000      $ 9,999,884  

China Construction Bank Corp.(c)

     1.77 %      03/09/2018        5,000        5,000,162  

China Construction Bank Corp.(c)

     1.82 %      03/26/2018        8,000        8,000,455  

Mizuho Bank, Ltd.(c)

     1.40 %      03/01/2018        14,000        14,000,000  

Mizuho Bank, Ltd.(c)

     1.45 %      03/06/2018        5,000        4,999,968  

Norinchukin Bank (The)(c)

     1.50 %      04/09/2018        9,500        9,497,661  

Oversea-Chinese Banking Corp. Ltd.(c)

     1.64 %      03/19/2018        10,000        10,000,058  

Total Certificates of Deposit (Cost $61,496,512)

                               61,498,188  

Variable Rate Demand Notes–12.07%(d)

          
Credit Enhanced–12.07%          

Derry (Township of), Pennsylvania Industrial & Commercial Development Authority (GIANT Center); Series 2001, VRD Facility Taxable RB (LOC–PNC Bank, N.A.)(e)

     1.50 %      11/01/2030        2,485        2,485,000  

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

     1.60 %      04/01/2047        8,000        8,000,000  

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

     1.51 %      05/01/2037        3,605        3,605,000  

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

     1.57 %      01/01/2033        5,115        5,115,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);

          

Series 2015 B-1, VRD Taxable RB (LOC–Bank of China Ltd.)(e)

     1.75 %      11/01/2049        13,000        13,000,001  

Series 2016 B-1, VRD RB (LOC–Bank of China Ltd.)(e)

     1.65 %      11/01/2049        2,910        2,910,000  

University of Texas System Board of Regents; Subseries 2016 G-1, VRD Financing System RB

     1.50 %      08/01/2045        10,000        10,000,000  

Ziegler Realty LLC; Series 2007, VRD Notes (LOC–Wells Fargo Bank, N.A.)(b)(e)

     1.60 %      01/01/2033        5,700        5,700,000  

Total Variable Rate Demand Notes (Cost $50,815,001)

                               50,815,001  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)–68.90% (Cost $289,992,775)

                               289,991,202  
                 Repurchase
Amount		         

Repurchase Agreements–31.16%(f)

          

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $15,000,633 (collateralized by a U.S. Treasury obligation and a foreign corporate obligation valued at $15,300,033; 1.25%-1.75%; 07/26/2019-12/31/2020)(c)

     1.52 %      03/01/2018        15,000,633        15,000,000  

BMO Capital Markets Corp., agreement dated 02/28/2018, maturing value of $9,000,380 (collateralized by U.S. government sponsored agency obligations and domestic and foreign corporate obligations valued at $9,594,527; 0%-9.70%; 04/17/2018-12/15/2032)(c)

     1.52 %      03/01/2018        9,000,380        9,000,000  

Credit Suisse Securities (USA) LLC, term agreement dated 02/28/2018, maturing value of $10,000,000 (collateralized by domestic commercial paper valued at $10,500,311; 1.41%-2.14%; 03/02/2018-09/10/2018)(c)(g)

     1.97 %      04/04/2018        10,000,000        10,000,000  

ING Financial Markets, LLC, agreement dated 02/28/2018, maturing value of $20,000,900 (collateralized by domestic corporate obligations valued at $22,001,059;
2.95%-10.75%; 03/01/2019-01/15/2043)(c)

     1.62 %      03/01/2018        20,000,900        20,000,000  

J.P. Morgan Securities LLC, open agreement dated 09/08/2017 (collateralized by domestic and foreign equity securities valued at $15,751,633; 0%-7.63%; 05/01/2020)(h)

     1.62 %      —        —        15,000,000  

RBC Capital Markets LLC, agreement dated 02/28/2018, maturing value of $20,000,844 (collateralized by domestic and foreign corporate obligations valued at $21,000,837; 0%-8.10%; 10/18/2019-01/10/2047)(c)

     1.52 %      03/01/2018        20,000,844        20,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $3,000,115,833 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $3,060,002,122;
1.13%-4.00%; 07/31/2021-10/20/2047)

     1.39 %      03/01/2018        32,159,565        32,158,323  

Wells Fargo Securities, LLC, agreement dated 02/28/2018, maturing value of $10,000,422 (collateralized by a foreign corporate obligation valued at $10,200,092; 2.13%; 01/18/2022)

     1.52 %      03/01/2018        10,000,422        10,000,000  

Total Repurchase Agreements (Cost $131,158,323)

                               131,158,323  

TOTAL INVESTMENTS IN SECURITIES(i)(j)–100.06% (Cost $421,151,098)

                               421,149,525  

OTHER ASSETS LESS LIABILITIES–(0.06)%

                               (267,773 ) 

NET ASSETS–100.00%

                             $ 420,881,752  

 

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

 

9                         Short-Term Investments Trust

Invesco STIC Prime Portfolio

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

LOC  

– Letter of Credit

RB  

– Revenue Bonds

RN  

– Revenue Notes

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, 2018 was $186,516,357, which represented 44.32% 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: 14.7%; Japan: 13.9%; Canada: 13.3%; France: 8.1%; China: 5.9%; other countries less than 5% each: 16.5%.
(d)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(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)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.
(h)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(i)  Also represents cost for federal income tax purposes.
(j)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations, but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     64.1 % 

8-30

     16.6  

31-60

     19.3  

61-90

     —  

91-180

     —  

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.

 

10                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco Treasury Portfolio

 

     Interest
Rate		    

Maturity

Date

     

Principal

Amount

(000)

      Value  

U.S. Treasury Securities–51.04%

 

U.S. Treasury Bills–35.60%(a)  

U.S. Treasury Bills

     1.38 %      03/15/2018      $ 640,000      $ 639,657,351  

U.S. Treasury Bills

     1.39 %      03/15/2018        65,000        64,964,990  

U.S. Treasury Bills

     1.35 %      03/22/2018        150,000        149,881,787  

U.S. Treasury Bills

     1.36 %      03/22/2018        850,000        849,325,295  

U.S. Treasury Bills

     1.52 %      03/29/2018        1,030,000        1,028,802,337  

U.S. Treasury Bills

     1.46 %      04/05/2018        378,000        377,466,696  

U.S. Treasury Bills

     1.43 %      04/12/2018        40,000        39,933,500  

U.S. Treasury Bills

     1.44 %      04/12/2018        385,000        384,357,692  

U.S. Treasury Bills

     1.46 %      04/19/2018        190,000        189,624,238  

U.S. Treasury Bills

     1.43 %      04/26/2018        250,000        249,446,610  

U.S. Treasury Bills

     1.44 %      04/26/2018        170,000        169,621,845  

U.S. Treasury Bills

     1.44 %      05/03/2018        425,000        423,936,351  

U.S. Treasury Bills

     1.64 %      05/24/2018        335,000        333,721,974  

U.S. Treasury Bills

     1.67 %      05/31/2018        1,015,000        1,010,790,939  

U.S. Treasury Bills

     1.54 %      06/28/2018        72,660        72,292,522  

U.S. Treasury Bills

     1.59 %      07/12/2018        600,000        596,500,991  

U.S. Treasury Bills

     1.60 %      07/19/2018        250,000        248,452,223  

U.S. Treasury Bills

     1.61 %      07/19/2018        625,000        621,112,083  

U.S. Treasury Bills

     1.63 %      07/26/2018        480,000        476,834,601  

U.S. Treasury Bills

     1.64 %      08/02/2018        500,000        496,523,877  

U.S. Treasury Bills

     1.86 %      08/30/2018        530,000        525,118,986  

U.S. Treasury Bills

     1.87 %      08/30/2018        500,000        495,374,166  
                                9,443,741,054  
U.S. Treasury Notes–15.44%  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.83 %      07/31/2018        429,240        429,239,586  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.82 %      10/31/2018        695,000        694,946,742  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b)

     1.79 %      01/31/2019        550,000        550,115,929  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.07%)(b)

     1.72 %      04/30/2019        1,282,000        1,282,077,118  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b)

     1.71 %      07/31/2019        800,000        799,996,787  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)(b)

     1.70 %      10/31/2019        340,000        340,072,832  
                                4,096,448,994  

Total U.S. Treasury Securities (Cost $13,540,190,048)

                               13,540,190,048  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)–51.04% (Cost $13,540,190,048)

                               13,540,190,048  
                 Repurchase
Amount		         

Repurchase Agreements–60.59%(c)

          

ABN AMRO Bank N.V., agreement dated 02/28/2018, maturing value of $800,030,222 (collateralized by U.S. Treasury obligations valued at $816,000,089;
1.00%-3.13%; 08/31/2018-05/15/2047)

     1.36 %      03/01/2018        800,030,222        800,000,000  

 

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

 

11                         Short-Term Investments Trust

Invesco Treasury Portfolio

 

     Interest
Rate		    

Maturity

Date

      Repurchase
Amount		      Value  

Bank of Montreal, joint term agreement dated 02/08/2018, aggregate maturing value of $500,656,250 (collateralized by U.S. Treasury obligations valued at $510,000,011; 0%-3.75%; 03/15/2018-11/15/2047)(d)

     1.35 %      03/15/2018      $ 220,288,750      $ 220,000,000  

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $1,250,047,222 (collateralized by U.S. Treasury obligations valued at $1,275,000,002; 0.13%-6.88%; 03/15/2018-05/15/2046)

     1.36 %      03/01/2018        1,250,047,222        1,250,000,000  

CIBC World Markets Corp., agreement dated 02/28/2018, maturing value of $1,000,037,778 (collateralized by U.S. Treasury obligations valued at $1,020,000,109; 1.38%-4.63%; 04/30/2020-11/15/2046)

     1.36 %      03/01/2018        1,000,037,778        1,000,000,000  

Citigroup Global Markets, Inc., term agreement dated 02/22/2018, maturing value of $500,129,306 (collateralized by U.S. Treasury obligations valued at $510,000,000; 0%-4.25%; 05/15/2018-11/15/2047)(d)

     1.33 %      03/01/2018        500,129,306        500,000,000  

Credit Agricole Corporate & Investment Bank, term agreement dated 02/23/2018, maturing value of $400,105,000 (collateralized by U.S. Treasury obligations valued at $408,000,089; 0.75%-3.13%; 10/31/2018-08/15/2044)(d)

     1.35 %      03/02/2018        400,105,000        400,000,000  

Credit Agricole Corporate & Investment Bank, term agreement dated 02/27/2018, maturing value of $500,131,250 (collateralized by U.S. Treasury Obligations valued at $510,000,022; 0%-2.50%; 05/31/2018-01/31/2025)(d)

     1.35 %      03/06/2018        500,131,250        500,000,000  

DNB Bank ASA, agreement dated 02/28/2018, maturing value of $1,100,041,861 (collateralized by U.S. Treasury obligations valued at $1,122,000,043;
1.50%-2.50%; 08/31/2018-11/15/2024)

     1.37 %      03/01/2018        1,100,041,861        1,100,000,000  

Fixed Income Clearing Corp. — Bank of New York Mellon (The), agreement dated 02/28/2018, maturing value of $400,015,222 (collateralized by U.S. Treasury obligations valued at $408,000,094; 1.38%-2.25%; 06/30/2023-05/15/2025)

     1.37 %      03/01/2018        400,015,222        400,000,000  

HSBC Securities (USA) Inc., term agreement dated 02/27/2018, maturing value of $400,105,000 (collateralized by U.S. Treasury Obligations valued at $408,003,950; 0.13%; 04/15/2020-04/15/2021)(d)

     1.35 %      03/06/2018        400,105,000        400,000,000  

ING Financial Markets, LLC, term agreement dated 02/23/2018, maturing value of $100,026,056 (collateralized by U.S. Treasury obligations valued at $102,000,037; 0.50%-4.38%; 06/30/2019-11/15/2047)(d)

     1.34 %      03/02/2018        100,026,056        100,000,000  

J.P. Morgan Securities LLC, agreement dated 02/28/2018, maturing value of $250,009,444 (collateralized by U.S. Treasury obligations valued at $255,003,742; 1.50%-2.00%; 05/31/2020-02/15/2022)

     1.36 %      03/01/2018        250,009,444        250,000,000  

Lloyds Bank PLC, joint term agreement dated 01/17/2018, aggregate maturing value of $501,286,250 (collateralized by U.S. Treasury obligations valued at $506,502,144; 1.00%-7.63%; 11/30/2019-02/15/2026)

     1.47 %      03/22/2018        210,540,225        210,000,000  

Lloyds Bank PLC, joint term agreement dated 02/23/2018, aggregate maturing value of $500,575,556 (collateralized by U.S. Treasury obligations valued at $509,956,295; 0.88%-7.50%; 07/15/2018-11/15/2024)

     1.48 %      03/26/2018        205,235,978        205,000,000  

Lloyds Bank PLC, term agreement dated 02/16/2018, maturing value of $250,287,778 (collateralized by U.S. Treasury obligations valued at $255,090,769; 1.50%-2.13%; 05/31/2020-11/15/2022)

     1.48 %      03/20/2018        250,287,778        250,000,000  

Lloyds Bank PLC, term agreement dated 02/20/2018, maturing value of $300,357,667 (collateralized by U.S. Treasury obligations valued at $305,996,254; 1.75%-2.63%; 10/31/2020-08/15/2025)

     1.48 %      03/22/2018        300,357,667        300,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., agreement dated 02/28/2018, maturing value of $150,005,708 (collateralized by a U.S. Treasury obligation valued at $153,000,074; 1.63%; 11/15/2022)

     1.37 %      03/01/2018        150,005,708        150,000,000  

Metropolitan Life Insurance Co., joint term agreement dated 02/28/2018, aggregate maturing value of $1,200,334,267 (collateralized by U.S. Treasury obligations valued at $1,233,979,365; 0%-4.50%; 03/29/2018-02/15/2043)(d)

     1.39 %      03/07/2018        510,139,930        510,002,087  

Mitsubishi UFJ Trust and Banking Corp., joint term agreement dated 02/28/2018, aggregate maturing value of $2,308,440,738 (collateralized by U.S. Treasury obligations valued at $2,358,620,162;
1.63%-2.25%; 08/31/2022-02/15/2027)(d)

     1.40 %      03/07/2018        941,818,814        941,562,500  

National Australia Bank Ltd., joint term agreement dated 02/27/2018, aggregate maturing value of $500,133,194 (collateralized by U.S. Treasury obligations valued at $509,532,574; 0.13%-2.13%; 04/15/2019-11/30/2023)(d)

     1.37 %      03/06/2018        250,066,597        250,000,000  

Natixis, agreement dated 02/28/2018, maturing value of $750,028,333 (collateralized by U.S. Treasury obligations valued at $765,000,038; 0%—8.50%; 04/15/2018—08/15/2047)

     1.36 %      03/01/2018        750,028,333        750,000,000  

 

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

 

12                         Short-Term Investments Trust

Invesco Treasury Portfolio

 

     Interest
Rate		    

Maturity

Date

      Repurchase
Amount		      Value  

Natixis, term agreement dated 02/23/2018, maturing value of $500,130,278 (collateralized by U.S. Treasury obligations valued at $510,000,040;
0%-8.75%; 04/15/2018-08/15/2047)(d)

     1.34 %      03/02/2018      $ 500,130,278      $ 500,000,000  

Natixis, term agreement dated 02/28/2018, maturing value of $750,201,250 (collateralized by U.S. Treasury obligations valued at $765,000,007;
0.13%-8.75%; 05/31/2018-05/15/2045)(d)

     1.38 %      03/07/2018        750,201,250        750,000,000  

Prudential Insurance Co. of America, agreement dated 02/28/2018, maturing value of $313,663,122 (collateralized by U.S. Treasury obligations valued at $321,638,491; 0%-2.50%; 11/15/2025-02/15/2045)

     1.42 %      03/01/2018        313,663,122        313,650,750  

Prudential Legacy Insurance Company of New Jersey, agreement dated 02/28/2018, maturing value of $113,191,965 (collateralized by U.S. Treasury obligations valued at $116,584,000; 0%; 08/15/2033-02/15/2045)

     1.42 %      03/01/2018        113,191,965        113,187,500  

Royal Bank of Canada, agreement dated 02/28/2018, maturing value of $50,001,889 (collateralized by a U.S. Treasury obligation valued at $51,000,055; 1.13%; 02/28/2021)

     1.36 %      03/01/2018        50,001,889        50,000,000  

Royal Bank of Canada, term agreement dated 02/09/2018, maturing value of $751,161,667 (collateralized by U.S. Treasury obligations valued at $765,000,045; 0.13%-7.63%; 04/15/2019-05/15/2046)(d)

     1.36 %      03/22/2018        751,161,667        750,000,000  

Societe Generale, open agreement dated 04/27/2017 (collateralized by U.S. Treasury Obligations valued at $1,020,000,025; 0%-7.63%; 03/29/2018-02/15/2048)(e)

     1.32 %      —        —        1,000,000,000  

Societe Generale, term agreement dated 01/19/2018, maturing value of $200,482,222 (collateralized by U.S. Treasury obligations valued at $204,000,031; 0%-3.13%; 07/12/2018-02/15/2048)

     1.40 %      03/22/2018        200,482,222        200,000,000  

Societe Generale, term agreement dated 02/22/2018, maturing value of $100,026,444 (collateralized by U.S. Treasury obligations valued at $102,000,096; 0%-7.63%; 03/29/2018-05/15/2047)(d)

     1.36 %      03/01/2018        100,026,444        100,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $1,000,038,056 (collateralized by U.S. Treasury obligations valued at $1,020,099,558; 3.63%; 02/15/2020)

     1.37 %      03/01/2018        546,072,192        546,051,411  

TD Securities (USA) LLC, agreement dated 02/28/2018, maturing value of $500,018,750 (collateralized by U.S. Treasury obligations valued at $510,000,055; 0%-4.75%; 03/01/2018-08/15/2047)

     1.35 %      03/01/2018        500,018,750        500,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2018, maturing value of $565,021,188 (collateralized by U.S. Treasury obligations valued at $576,300,016; 0%-2.75%; 06/28/2018-02/28/2025)

     1.35 %      03/01/2018        565,021,188        565,000,000  

Wells Fargo Securities, LLC, term agreement dated 02/23/2018, maturing value of $200,052,111 (collateralized by U.S. Treasury obligations valued at $204,000,092; 0.13%-9.13%; 05/15/2018-05/15/2044)(d)

     1.34 %      03/02/2018        200,052,111        200,000,000  

Total Repurchase Agreements (Cost $16,074,454,248)

                               16,074,454,248  

TOTAL INVESTMENTS IN SECURITIES(f)–111.63% (Cost $29,614,644,296)

                               29,614,644,296  

OTHER ASSETS LESS LIABILITIES–(11.63)%

                               (3,085,939,665 ) 

NET ASSETS–100.00%

                             $ 26,528,704,631  

Notes to Schedule of Investments:

 

(a)  Securities 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, 2018.
(c)  Principal amount equals value at period end. See Note 1I.
(d)  The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(e)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(f)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     44.6 % 

8-30

     14.7  

31-60

     5.3  

61-90

     2.9  

91-180

     14.9  

181+

     17.6  

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

 

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

 

13                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco Government & Agency Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Government Sponsored Agency Securities–34.70%

          
Federal Farm Credit Bank (FFCB)–2.81%          

Unsec. Bonds (1 mo. USD LIBOR + 0.12%)(a)

     1.71 %      03/21/2018      $ 20,000      $ 20,000,503  

Unsec. Bonds (1 mo. USD LIBOR - 0.06%)(a)

     1.52 %      12/04/2019        125,000        124,994,253  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.51 %      12/16/2019        120,000        120,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.52 %      09/25/2019        110,000        109,990,654  

Unsec. Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.46 %      12/06/2018        100,000        100,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.45 %      04/11/2019        75,000        75,000,000  

Unsec. Bonds (3 mo. USD LIBOR)(a)

     1.80 %      05/09/2018        9,500        9,503,327  

Unsec. Bonds (3 mo. USD LIBOR - 0.03%)(a)

     1.46 %      03/02/2018        40,000        40,000,179  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.53 %      08/28/2019        145,000        144,978,793  
                                744,467,709  
Federal Home Loan Bank (FHLB)–29.28%          

Unsec. Bonds (1 mo. USD LIBOR - 0.06%)(a)

     1.53 %      09/18/2019        50,000        50,016,548  

Unsec. Bonds (1 mo. USD LIBOR - 0.07%)(a)

     1.52 %      02/15/2019        280,000        280,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.07%)(a)

     1.52 %      02/19/2019        75,000        75,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.57 %      02/28/2019        235,000        235,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.50 %      03/06/2019        246,000        246,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.52 %      08/22/2019        100,000        100,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.49 %      01/11/2019        25,000        25,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      01/14/2019        50,000        50,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.53 %      01/25/2019        125,000        125,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      05/17/2019        210,000        210,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      06/06/2019        150,000        150,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      06/14/2019        120,000        120,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      07/17/2019        72,000        72,001,467  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      08/14/2019        125,000        125,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.10%)(a)

     1.49 %      12/21/2018        200,000        200,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.10%)(a)

     1.49 %      04/18/2019        85,000        85,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.52 %      07/26/2018        100,000        100,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.47 %      08/01/2018        200,000        200,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.49 %      04/22/2019        285,000        285,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.47 %      12/14/2018        404,000        404,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.45 %      10/10/2018        210,000        210,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.49 %      10/26/2018        193,000        193,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.45 %      11/05/2018        115,000        115,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.45 %      11/09/2018        210,000        210,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.46 %      11/15/2018        220,000        220,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.44 %      07/03/2018        300,000        300,000,044  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.45 %      10/12/2018        120,000        120,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.46 %      10/19/2018        200,000        200,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.17%)(a)

     1.34 %      03/06/2018        225,000        225,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.17%)(a)

     1.37 %      03/09/2018        100,000        100,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.18%)(a)

     1.43 %      03/19/2018        145,000        145,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.22%)(a)

     1.39 %      03/19/2018        175,000        175,000,000  

 

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

 

14                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

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

Unsec. Bonds (3 mo. USD LIBOR - 0.22%)(a)

     1.39 %      03/19/2018      $ 100,000      $ 100,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.26%)(a)

     1.45 %      04/12/2018        220,000        220,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.26%)(a)

     1.46 %      04/13/2018        225,000        224,999,928  

Unsec. Bonds (3 mo. USD LIBOR - 0.27%)(a)

     1.48 %      04/20/2018        86,000        85,999,083  

Unsec. Bonds (3 mo. USD LIBOR - 0.27%)(a)

     1.47 %      04/23/2018        140,000        139,998,964  

Unsec. Bonds (3 mo. USD LIBOR - 0.31%)(a)

     1.53 %      08/15/2018        58,000        57,990,091  

Unsec. Bonds (3 mo. USD LIBOR - 0.35%)(a)

     1.44 %      05/08/2018        230,000        230,000,349  

Unsec. Disc. Notes(b)

     1.40 %      03/16/2018        45,267        45,240,594  

Unsec. Disc. Notes(b)

     1.59 %      04/13/2018        10,800        10,779,489  

Unsec. Disc. Notes(b)

     1.59 %      04/17/2018        50,000        49,896,209  

Unsec. Disc. Notes(b)

     1.60 %      04/18/2018        51,400        51,290,960  

Unsec. Disc. Notes(b)

     1.60 %      04/20/2018        33,300        33,226,024  

Unsec. Disc. Notes(b)

     1.61 %      04/25/2018        100,000        99,755,097  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.05%)(a)

     1.53 %      07/12/2018        200,000        200,026,232  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.50 %      03/01/2019        165,000        165,002,873  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      06/14/2019        30,000        30,000,000  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.49 %      07/08/2019        150,000        150,009,428  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.47 %      12/21/2018        150,000        150,000,000  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.47 %      11/19/2018        120,000        120,000,000  

Unsec. Global Bonds (3 mo. USD LIBOR - 0.22%)(a)

     1.48 %      04/06/2018        136,000        136,000,000  

Unsec. Global Bonds (3 mo. USD LIBOR - 0.35%)(a)

     1.45 %      05/09/2018        100,000        100,000,000  
                                7,750,233,380  
Federal Home Loan Mortgage Corp. (FHLMC)–0.79%          

Unsec. Disc. Notes(b)

     1.38 %      03/19/2018        160,000        159,889,600  

Unsec. Medium-Term Notes (1 mo. USD LIBOR - 0.10%)(a)

     1.48 %      08/08/2019        50,000        50,000,000  
                                209,889,600  
Federal National Mortgage Association (FNMA)–0.49%          

Unsec. Disc. Notes(b)

     1.38 %      03/14/2018        130,000        129,935,217  
Overseas Private Investment Corp. (OPIC)–1.33%          

Sec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      11/15/2028        97,727        97,727,273  

Sr. Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      06/15/2025        24,000        24,000,000  

Sr. Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      02/15/2028        20,000        20,000,000  

Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      09/15/2020        116,000        116,000,000  

Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      07/15/2025        39,167        39,166,667  

Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.70 %      05/15/2030        10,452        10,452,000  

Unsec. Gtd. VRD COP Notes (3 mo. U.S. Treasury Bill Rate)(c)

     1.62 %      07/09/2026        43,350        43,350,000  
                                350,695,940  

Total U.S. Government Sponsored Agency Securities (Cost $9,185,221,846)

                               9,185,221,846  

U.S. Treasury Securities–21.74%

          
U.S. Treasury Bills–20.11%(b)          

U.S. Treasury Bills

     1.14 %      03/15/2018        350,000        349,845,378  

U.S. Treasury Bills

     1.32 %      03/15/2018        160,000        159,917,866  

U.S. Treasury Bills

     1.38 %      03/15/2018        687,000        686,632,127  

U.S. Treasury Bills

     1.39 %      03/15/2018        120,000        119,935,367  

U.S. Treasury Bills

     1.35 %      03/22/2018        150,000        149,881,787  

U.S. Treasury Bills

     1.36 %      03/22/2018        250,000        249,801,615  

 

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

 

15                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

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

U.S. Treasury Bills

     1.50 %      03/29/2018      $ 600,000      $ 599,302,332  

U.S. Treasury Bills

     1.43 %      04/05/2018        178,000        177,753,396  

U.S. Treasury Bills

     1.46 %      04/05/2018        210,000        209,703,720  

U.S. Treasury Bills

     1.23 %      04/12/2018        400,000        399,430,667  

U.S. Treasury Bills

     1.64 %      05/24/2018        335,000        333,721,974  

U.S. Treasury Bills

     1.59 %      07/12/2018        400,000        397,666,958  

U.S. Treasury Bills

     1.60 %      07/19/2018        125,000        124,226,111  

U.S. Treasury Bills

     1.61 %      07/19/2018        375,000        372,667,639  

U.S. Treasury Bills

     1.63 %      07/26/2018        300,000        298,021,626  

U.S. Treasury Bills

     1.64 %      08/02/2018        400,000        397,219,038  

U.S. Treasury Bills

     1.85 %      08/30/2018        300,000        297,235,875  
                                5,322,963,476  
U.S. Treasury Notes–1.63%          

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield
Rate)(a)

     1.65 %      01/31/2020        60,000        59,998,850  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(a)

     1.71 %      07/31/2019        370,000        370,015,134  
                                430,013,984  

Total U.S. Treasury Securities (Cost $5,752,977,460)

                               5,752,977,460  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements) (Cost $14,938,199,306)

                               14,938,199,306  
                 Repurchase
Amount		         

Repurchase Agreements–47.00%(d)

          

ABN AMRO Bank N.V., agreement dated 02/28/2018, maturing value of $700,026,833 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $714,000,032; 1.25%-6.50%; 10/31/2018-12/01/2047)

     1.38 %      03/01/2018        700,026,833        700,000,000  

Bank of Montreal, joint term agreement dated 02/08/2018, aggregate maturing value of $500,656,250 (collateralized by U.S. Treasury obligations valued at $510,000,011; 0%-3.75%; 03/15/2018-11/15/2047)(e)

     1.35 %      03/15/2018        220,288,750        220,000,000  

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $200,007,667 (collateralized by U.S. government sponsored agency obligations valued at $204,000,000; 2.65%-4.50%; 05/01/2035-09/01/2047)

     1.38 %      03/01/2018        200,007,667        200,000,000  

CIBC World Markets Corp., agreement dated 02/28/2018, maturing value of $1,075,041,208 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,096,500,092;
1.38%-5.50%; 04/30/2020-01/01/2048)

     1.38 %      03/01/2018        1,075,041,208        1,075,000,000  

Citigroup Global Markets, Inc., joint agreement dated 02/28/2018, aggregate maturing value of $400,015,111 (collateralized by U.S. Treasury obligations valued at $408,000,000; 0%; 11/15/2018-08/15/2045)

     1.36 %      03/01/2018        200,007,556        200,000,000  

Credit Agricole Corporate & Investment Bank, joint term agreement dated 02/22/2018, aggregate maturing value of $250,066,111 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $255,000,007; 1.50%-3.50%; 05/31/2020-08/01/2047)(e)

     1.36 %      03/01/2018        135,035,700        135,000,000  

Credit Agricole Corporate & Investment Bank, joint term agreement dated 02/23/2018, aggregate maturing value of $500,133,194 (collateralized by U.S. government sponsored agency obligations valued at $510,000,000;
3.00%-5.00%; 04/01/2027-03/01/2048)(e)

     1.37 %      03/02/2018        250,066,597        250,000,000  

Credit Agricole Corporate & Investment Bank, term agreement dated 02/27/2018, maturing value of $250,066,111 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $255,000,062;
1.88%-3.50%; 08/31/2022-02/01/2048)(e)

     1.36 %      03/06/2018        250,066,111        250,000,000  

DNB Bank ASA, agreement dated 02/28/2018, maturing value of $300,011,417 (collateralized by U.S. Treasury obligations valued at $306,000,088;
0.13%-1.88%; 06/15/2020-05/31/2022)

     1.37 %      03/01/2018        300,011,417        300,000,000  

 

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

 

16                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Fixed Income Clearing Corp. — Bank of New York Mellon (The), agreement dated 02/28/2018, maturing value of $400,015,222 (collateralized by U.S. Treasury obligations valued at $408,000,078; 2.00%-3.00%; 02/15/2022-05/15/2047)

     1.37 %      03/01/2018      $ 400,015,222      $ 400,000,000  

ING Financial Markets, LLC, joint agreement dated 02/28/2018, aggregate maturing value of $100,003,833 (collateralized by domestic agency mortgage-backed securities valued at $102,000,000; 2.50%-4.50%; 09/01/2018-02/01/2048)

     1.38 %      03/01/2018        60,002,300        60,000,000  

ING Financial Markets, LLC, joint term agreement dated 02/23/2018, aggregate maturing value of $250,066,111 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000;
2.00%-5.50%; 02/01/2021-01/01/2048)(e)

     1.36 %      03/02/2018        85,022,478        85,000,000  

ING Financial Markets, LLC, joint term agreement dated 12/14/2017, maturing value of $376,429,167 (collateralized by U.S. government sponsored agency obligations valued at $382,500,001; 2.00%-5.50%; 04/01/2020-02/01/2048)

     1.40 %      03/22/2018        306,162,389        305,000,000  

ING Financial Markets, LLC, term agreement dated 12/15/2017, maturing value of $75,285,833 (collateralized by domestic agency mortgage-backed securities valued at $76,500,000; 1.70%-4.50%; 10/01/2027-02/01/2048)

     1.40 %      03/23/2018        75,285,833        75,000,000  

Lloyds Bank PLC, joint term agreement dated 01/17/2018, aggregate maturing value of $501,286,250 (collateralized by U.S. Treasury obligations valued at $506,502,144; 1.00%-7.63%; 11/30/2019-02/15/2026)

     1.47 %      03/22/2018        225,578,813        225,000,000  

Lloyds Bank PLC, joint term agreement dated 02/23/2018, aggregate maturing value of $500,575,556 (collateralized by U.S. Treasury obligations valued at $509,956,295; 0.88%-7.50%; 07/15/2018-11/15/2024)

     1.48 %      03/26/2018        225,259,000        225,000,000  

Lloyds Bank PLC, joint term agreement dated 12/04/2017, aggregate maturing value of $501,794,722 (collateralized by U.S. Treasury obligations valued at $513,607,959; 1.38%-6.13%; 06/30/2020-11/15/2027)

     1.42 %      03/05/2018        361,292,200        360,000,000  

Metropolitan Life Insurance Co., joint term agreement dated 02/28/2018, aggregate maturing value of $1,200,334,267 (collateralized by U.S. Treasury obligations valued at $1,233,979,365; 0%-4.50%; 03/29/2018-02/15/2043)(e)

     1.39 %      03/07/2018        500,136,264        500,001,125  

Mitsubishi UFJ Trust and Banking Corp., joint term agreement dated 02/28/2018, aggregate maturing value of $2,308,440,738 (collateralized by U.S. Treasury obligations valued at $2,358,620,162;
1.63%-2.25%; 08/31/2022-02/15/2027)(e)

     1.40 %      03/07/2018        1,074,729,986        1,074,437,500  

National Australia Bank Ltd., joint term agreement dated 02/27/2018, aggregate maturing value of $500,133,194 (collateralized by U.S. Treasury obligations valued at $509,532,574; 0.13%-2.13%; 04/15/2019-11/30/2023)(e)

     1.37 %      03/06/2018        250,066,597        250,000,000  

Prudential Insurance Co. of America, agreement dated 02/28/2018, maturing value of $365,536,918 (collateralized by U.S. Treasury obligations valued at $375,976,160; 0%; 02/15/2026-05/15/2045)

     1.42 %      03/01/2018        365,539,918        365,522,500  

Prudential Legacy Insurance Company of New Jersey, agreement dated 02/28/2018, maturing value of $60,377,381 (collateralized by U.S. Treasury obligations valued at $61,868,000; 0%; 08/15/2033)

     1.42 %      03/01/2018        60,377,381        60,375,000  

RBC Capital Markets LLC, joint term agreement dated 02/28/2018, aggregate maturing value of $1,000,000,000 (collateralized by U.S. government sponsored agency obligations valued at $1,020,000,000;
0%-7.50%; 03/25/2018-11/25/2057)(a)(e)

     1.42 %      04/30/2018        590,000,000        590,000,000  

Royal Bank of Canada, joint term agreement dated 02/08/2018, aggregate maturing value of $1,101,339,556 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,122,000,000;
1.88%-7.00%; 01/31/2022-11/15/2057)(e)

     1.37 %      03/12/2018        891,083,822        890,000,000  

Royal Bank of Canada, term agreement dated 02/23/2018, maturing value of $75,019,833 (collateralized by domestic agency mortgage-backed securities valued at $76,500,000; 3.50%-4.50%; 02/01/2029-01/01/2048)(e)

     1.36 %      03/02/2018        75,019,833        75,000,000  

Societe Generale, joint open agreement dated 04/27/2017 (collateralized by U.S. Government sponsered agency obligations and U.S. Treasury obligations valued at $1,530,000,152; 0%-7.63%; 03/29/2018-11/20/2064)(f)

     1.34 %      —        —        1,115,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $1,000,038,056 (collateralized by U.S. Treasury obligations valued at $1,020,099,558; 3.63%; 02/15/2020)

     1.37 %      03/01/2018        453,965,864        453,948,589  

 

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

 

17                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $3,000,115,833 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $3,060,002,122; 1.13%-4.00%; 07/31/2021-10/20/2047)

     1.39 %      03/01/2018      $ 1,274,728,301      $ 1,274,679,084  

Wells Fargo Securities, LLC, joint agreement dated 02/28/2018, aggregate maturing value of $760,028,922 (collateralized by U.S. government sponsored agency obligations valued at $775,200,000; 4.00%; 07/01/2047-03/01/2048)

     1.37 %      03/01/2018        725,027,590        725,000,000  

Total Repurchase Agreements (Cost $12,438,963,798)

                               12,438,963,798  

TOTAL INVESTMENTS IN SECURITIES(g)–103.44% (Cost $27,377,163,104)

                               27,377,163,104  

OTHER ASSETS LESS LIABILITIES–(3.44)%

                               (910,581,357 ) 

NET ASSETS–100.00%

                             $ 26,466,581,747  

Investment Abbreviations:

 

COP  

– Certificates of Participation

Disc.  

– Discounted

Gtd.  

– Guaranteed

LIBOR  

– London Interbank Offered Rate

Sec.  

– Secured

Sr.  

– Senior

Unsec.  

– Unsecured

USD  

– U.S. Dollar

VRD  

– Variable Rate Demand

Notes to Schedule of Investments:

 

(a)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.
(b)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(c)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(d)  Principal amount equals value at period end. See Note 1I.
(e)  The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(f)  Either party may terminate the agreement upon demand. Interest rates, principal amounts and collateral are redetermined daily.
(g)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     44.7 % 

8-30

     14.7  

31-60

     6.7  

61-90

     2.5  

91-180

     8.9  

181+

     22.5  

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.

 

18                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco Treasury Obligations Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–110.23%

          
U.S. Treasury Bills–88.61%(a)          

U.S. Treasury Bills

     1.15 %      03/01/2018      $ 75,000      $ 75,000,000  

U.S. Treasury Bills

     1.16 %      03/01/2018        65,400        65,400,000  

U.S. Treasury Bills

     1.23 %      03/08/2018        5,000        4,998,809  

U.S. Treasury Bills

     1.28 %      03/08/2018        40,700        40,690,040  

U.S. Treasury Bills

     1.29 %      03/08/2018        3,900        3,899,022  

U.S. Treasury Bills

     1.14 %      03/15/2018        18,900        18,891,651  

U.S. Treasury Bills

     1.31 %      03/15/2018        3,300        3,298,325  

U.S. Treasury Bills

     1.32 %      03/15/2018        5,000        4,997,433  

U.S. Treasury Bills

     1.38 %      03/15/2018        123,000        122,933,990  

U.S. Treasury Bills

     1.36 %      03/22/2018        160,800        160,672,463  

U.S. Treasury Bills

     1.37 %      03/22/2018        24,800        24,780,181  

U.S. Treasury Bills

     1.18 %      03/29/2018        9,309        9,300,529  

U.S. Treasury Bills

     1.50 %      03/29/2018        100,000        99,883,722  

U.S. Treasury Bills

     1.20 %      04/05/2018        10,000        9,988,431  

U.S. Treasury Bills

     1.31 %      04/05/2018        600        599,236  

U.S. Treasury Bills

     1.43 %      04/05/2018        26,000        25,963,979  

U.S. Treasury Bills

     1.46 %      04/05/2018        39,500        39,444,269  

U.S. Treasury Bills

     1.23 %      04/12/2018        10,000        9,985,766  

U.S. Treasury Bills

     1.44 %      04/12/2018        15,000        14,974,975  

U.S. Treasury Bills

     1.48 %      04/12/2018        17,400        17,369,936  

U.S. Treasury Bills

     1.51 %      04/12/2018        32,100        32,043,432  

U.S. Treasury Bills

     1.56 %      04/12/2018        100,000        99,818,000  

U.S. Treasury Bills

     1.25 %      04/19/2018        10,000        9,983,122  

U.S. Treasury Bills

     1.41 %      04/19/2018        8,700        8,683,363  

U.S. Treasury Bills

     1.46 %      04/19/2018        10,000        9,980,223  

U.S. Treasury Bills

     1.48 %      04/19/2018        15,000        14,969,885  

U.S. Treasury Bills

     1.44 %      04/26/2018        30,000        29,933,267  

U.S. Treasury Bills

     1.51 %      05/10/2018        30,000        29,912,500  

U.S. Treasury Bills

     1.55 %      05/10/2018        20,000        19,940,111  

U.S. Treasury Bills

     1.64 %      05/24/2018        20,000        19,923,700  

U.S. Treasury Bills

     1.65 %      05/31/2018        30,000        29,875,633  

U.S. Treasury Bills

     1.54 %      06/28/2018        30,000        29,848,275  

U.S. Treasury Bills

     1.59 %      07/12/2018        40,000        39,767,065  

U.S. Treasury Bills

     1.61 %      07/19/2018        40,000        39,751,111  

U.S. Treasury Bills

     1.61 %      07/26/2018        10,000        9,934,830  

U.S. Treasury Bills

     1.63 %      07/26/2018        15,000        14,901,081  

U.S. Treasury Bills

     1.64 %      08/02/2018        15,000        14,895,729  

U.S. Treasury Bills

     1.83 %      08/30/2018        10,000        9,907,863  
                                1,217,141,947  
U.S. Treasury Notes–21.62%          

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.19%)(b)

     1.84 %      04/30/2018        40,000        40,019,016  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.83 %      07/31/2018        53,000        53,004,957  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.82 %      10/31/2018        35,000        35,000,667  

 

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

 

19                         Short-Term Investments Trust

Invesco Treasury Obligations Portfolio

 

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

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b)

     1.79 %      01/31/2019      $ 49,000      $ 49,009,376  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.07%)(b)

     1.72 %      04/30/2019        38,000        38,003,128  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b)

     1.71 %      07/31/2019        19,000        18,999,279  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)(b)

     1.70 %      10/31/2019        47,000        47,005,869  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate)(b)

     1.65 %      01/31/2020        16,000        15,997,955  
                                297,040,247  

TOTAL INVESTMENTS IN SECURITES–110.23% (Cost $1,514,182,194)

                               1,514,182,194  

OTHER ASSETS LESS LIABILITIES–(10.23)%

                               (140,545,490 ) 

NET ASSETS–100.00%

                             $ 1,373,636,704  

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, 2018.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     9.3 % 

8-30

     32.6  

31-60

     21.4  

61-90

     7.3  

91-180

     15.3  

181+

     14.1  

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.

 

20                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

 

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

Municipal Obligations–98.89%

 

Alabama–4.19%  

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

     1.09 %      07/01/2040      $ 8,405      $ 8,405,000  
Arizona–1.80%  

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

     1.09 %      06/15/2031        1,975        1,975,000  

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

     1.09 %      06/15/2031        1,640        1,640,000  
                                3,615,000  
California–3.43%  

California (State of); Series 2004 A-9, Ref. VRD Unlimited Tax GO Bonds (LOC–State Street Bank & Trust Co.)(a)(b)

     0.97 %      05/01/2034        4,170        4,170,000  

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

     1.03 %      08/01/2042        2,700        2,700,000  
                                6,870,000  
Colorado–0.82%  

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

     1.22 %      02/01/2031        908        908,000  

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

     1.22 %      07/01/2034        735        735,000  
                                1,643,000  
Delaware–2.04%  

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

     1.11 %      09/01/2036        3,085        3,085,000  

Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(a)(b)

     1.09 %      05/01/2036        1,005        1,005,000  
                                4,090,000  
District of Columbia–1.50%  

Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD Airport System RB (LOC–Sumitomo Mitsui Banking Corp.)(a)(b)

     1.09 %      10/01/2039        3,000        3,000,000  
Florida–5.96%  

Miami-Dade (County of); Series 2014 A, VRD Seaport RB (LOC–Bank of Tokyo–Mitsubishi UFJ, Ltd. (The))(a)(b)

     1.09 %      10/01/2050        3,800        3,800,000  

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

     1.15 %      11/01/2036        2,445        2,445,000  

Palm Beach (County of) (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC–Northern Trust Co. (The))(a)(b)

     1.12 %      07/01/2032        1,735        1,735,000  

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

     1.13 %      11/01/2038        3,960        3,960,000  
                                11,940,000  
Georgia–5.14%  

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

     1.01 %      09/01/2035        4,190        4,190,000  

Monroe (County of) Development Authority (Oglethorpe Power Corp. Scherer);

          

Series 2009 A, VRD PCR (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     1.07 %      01/01/2030        2,000        2,000,000  

Series 2010 A, Ref. VRD PCR (LOC–Bank of Montreal)(a)(b)

     1.12 %      01/01/2036        3,000        3,000,000  

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)

     1.22 %      09/01/2020        1,100        1,100,000  
                                10,290,000  

 

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

 

21                         Short-Term Investments Trust

Invesco Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  
Illinois–4.16%  

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

     1.17 %      08/01/2030      $ 3,400      $ 3,400,000  

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

     1.05 %      12/01/2046        4,935        4,935,000  
                                8,335,000  
Indiana–8.09%  

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

     1.22 %      08/01/2037        5,240        5,240,000  

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

     1.23 %      06/01/2035        7,385        7,385,000  

Purdue University; Series 2011 A, VRD COP(a)

     1.04 %      07/01/2035        3,082        3,081,500  

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

     1.09 %      10/01/2019        500        500,000  
                                16,206,500  
Louisiana–1.52%  

Louisiana (State of) Public Facilities Authority (CHRISTUS Health); Series 2009 B-3, Ref. VRD RB (LOC–Bank of New York Mellon (The))(a)(b)

     1.07 %      07/01/2047        1,490        1,490,000  

New Orleans (Port of) Board of Commissioners; Series 2010, Ref. VRD Subordinate Lien RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     1.12 %      06/01/2034        625        625,000  

St. James (Parish of) (NuStar Logistics, L.P.); Series 2010 B, VRD RB (LOC–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(a)(b)

     1.13 %      12/01/2040        930        930,000  
                                3,045,000  
Massachusetts–1.72%  

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

     1.10 %      10/01/2038        1,650        1,650,000  

Massachusetts (State of); Series 2017 B, Limited Tax GO RAN

     2.00 %      05/21/2018        1,800        1,804,523  
                                3,454,523  
Michigan–1.16%  

Kent (County of) Hospital Finance Authority (Spectrum Health System); Series 2008 C, Ref. VRD RB (LOC–Bank of New York Mellon (The))(a)(b)

     1.10 %      01/15/2026        445        445,000  

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

     1.10 %      03/01/2031        1,885        1,885,000  
                                2,330,000  
Minnesota–4.47%  

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

     1.17 %      10/15/2033        1,175        1,175,000  

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

     1.18 %      11/15/2031        3,465        3,465,000  

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

     1.07 %      11/01/2035        4,180        4,180,000  

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

     1.07 %      10/01/2033        138        138,000  
                                8,958,000  
Mississippi–3.94%  

Mississippi Business Finance Corp. (Chevron U.S.A. Inc.);

          

Series 2007 A, VRD Gulf Opportunity Zone IDR(a)

     1.15 %      12/01/2030        150        150,000  

Series 2010 C, VRD Gulf Opportunity Zone IDR(a)

     1.09 %      12/01/2030        2,035        2,035,000  

Series 2010 E, VRD Gulf Opportunity Zone IDR(a)

     1.09 %      12/01/2030        5,700        5,700,000  
                                7,885,000  
Missouri–3.11%  

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

     1.09 %      11/01/2037        525        525,000  

Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC–FHLB of Chicago)(a)(b)

     1.10 %      08/01/2038        1,245        1,245,000  

 

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

 

22                         Short-Term Investments Trust

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

Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2000, VRD RB (LOC–Bank of America, N.A.)(a)(b)

     1.14 %      02/01/2031      $ 3,860      $ 3,860,000  

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

     1.19 %      12/01/2019        595        595,000  
                                6,225,000  
Nevada–2.02%  

Truckee Meadows Water Authority; Series 2006 B, Commercial Paper Notes (LOC–Bank of Tokyo–Mitsubishi UFJ, Ltd. (The))(b)

     1.25 %      05/15/2018        4,050        4,050,000  
New York–7.90%  

Metropolitan Transportation Authority;

          

Subseries 2005 D-1, VRD RB (LOC–Landesbank Hessen-Thueringen Girozentrale)(a)(b)

     1.13 %      11/01/2035        4,980        4,980,000  

Subseries 2005 D-2, VRD RB (LOC–Landesbank Hessen-Thueringen Girozentrale)(a)(b)

     1.11 %      11/01/2035        3,290        3,290,000  

New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.); Subseries 2005 A-2, VRD RB (LOC–Mizuho Bank, Ltd.)(a)(b)

     1.07 %      05/01/2039        2,000        2,000,000  

New York (State of) Housing Finance Agency (222 East 44th Street Housing); Series 2015 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)

     1.18 %      05/01/2050        1,000        1,000,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2015 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)(c)

     1.17 %      11/01/2049        4,550        4,550,000  
                                15,820,000  
North Carolina–0.90%  

Raleigh & Durham (Cities of) Airport Authority; Series 2008 C, Ref. VRD RB (LOC–TD Bank,
N.A.)(a)(b)(c)

     1.05 %      05/01/2036        1,800        1,800,000  
Oregon–1.72%  

Oregon (State of) Facilities Authority (PeaceHealth); Series 2008 A, Ref. VRD RB (LOC–U.S. Bank, N.A.)(a)(b)

     1.12 %      08/01/2034        3,450        3,450,000  
Pennsylvania–4.05%  

Crawford (County of) Industrial Development Authority (Allegheny College); Series 2009 B, VRD College RB (LOC–PNC Bank, N.A.)(a)(b)

     1.11 %      11/01/2039        422        422,000  

Derry (Township of) Industrial & Commercial Development Authority (Hershey Arena); Series 2000 A, VRD Hotel Tax RB (LOC–PNC Bank, N. A.)(a)(b)

     1.10 %      11/01/2030        500        500,000  

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

     1.09 %      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)

     1.11 %      10/15/2025        1,370        1,370,000  

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

     1.10 %      09/01/2028        1,886        1,886,000  

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

     1.09 %      11/01/2029        600        600,000  

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

     1.10 %      07/01/2027        550        550,000  
                                8,123,000  
Texas–13.64%  

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

     1.11 %      08/01/2035        6,405        6,405,000  

Gulf Coast Industrial Development Authority (ExxonMobil); Series 2012, VRD RB(a)

     1.10 %      11/01/2041        1,300        1,300,000  

Harris (County of) Hospital District; Series 2010, Ref. VRD Sr. Lien RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     1.12 %      02/15/2042        635        635,000  

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

     1.09 %      01/01/2049        4,215        4,215,000  

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

     1.09 %      04/01/2026        2,722        2,722,000  

Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments);
Series 2009, VRD MFH RB (CEP–FHLMC)(a)

     1.09 %      05/01/2042        2,150        2,150,000  

Texas (State of); Series 2017, TRAN

     4.00 %      08/30/2018        5,700        5,786,681  

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

     0.98 %      08/01/2025        4,120        4,120,000  
                                27,333,681  

 

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

 

23                         Short-Term Investments Trust

Invesco Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  
Utah–3.25%  

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

     1.13 %      11/01/2024      $ 3,612      $ 3,612,000  

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

     1.15 %      04/01/2042        2,900        2,900,000  
                                6,512,000  
Virginia–2.99%  

Norfolk (City of); Series 2007, VRD Unlimited Tax GO Bonds(a)

     1.10 %      08/01/2037        2,500        2,500,000  

University of Virginia; Series 2018 A, Commercial Paper Notes

     1.12 %      03/08/2018        3,500        3,500,000  
                                6,000,000  
Washington–2.10%  

Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD MFH RB (LOC–FHLB of San Francisco)(a)(b)

     1.13 %      09/01/2049        4,200        4,200,000  
West Virginia–2.09%  

Cabell (County of) (Provident Group — Marshall Properties LLC — Marshall University); Series 2010 A, VRD University Facilities RB (LOC–Bank of America, N.A.)(a)(b)

     1.15 %      07/01/2039        1,050        1,050,000  

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

     1.12 %      01/01/2034        3,130        3,130,000  
                                4,180,000  
Wisconsin–3.18%  

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

     1.11 %      10/01/2042        4,220        4,220,000  

Milwaukee (City of); Series 2017 M-11, School RAN

     5.00 %      09/27/2018        2,100        2,147,828  
                                6,367,828  
Wyoming–2.00%  

Lincoln (County of) (ExxonMobil); Series 2014, Ref. VRD PCR(a)

     1.14 %      10/01/2044        4,000        4,000,000  

TOTAL INVESTMENTS IN SECURITIES(e)(f)–98.89% (Cost $198,128,532)

                               198,128,532  

OTHER ASSETS LESS LIABILITIES–1.11%

                               2,218,294  

NET ASSETS–100.00%

                             $ 200,346,826  

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

RAN  

– Revenue Anticipation Notes

RB  

– Revenue Bonds

Ref.  

– Refunding

Sr.  

– Senior

TRAN  

– Tax and Revenue Anticipation Notes

VRD  

– Variable Rate Demand

 

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

 

24                         Short-Term Investments Trust

Invesco Tax-Free Cash Reserve Portfolio

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 based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(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. No concentration of any single foreign country was greater than 5%.
(d)  Security purchased or received in 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 value of this security at February 28, 2018 represented 1.70% of the Fund’s Net Assets.
(e)  Also represents cost for federal income tax purposes.
(f)  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.

 

Entity    Percentage  

Federal Home Loan Bank

      5.4 % 

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     91.2 % 

8-30

     1.8  

31-60

     —  

61-90

     3.0  

91-180

     —  

181+

     4.0  

 

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

 

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

 

25                         Short-Term Investments Trust

Statements of Assets and Liabilities

February 28, 2018

(Unaudited)

 

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

Assets:

                          

Investments in securities, at value

      $ 1,909,330,734       $ 289,991,202       $ 13,540,190,048        $ 14,938,199,306       $ 1,514,182,194       $ 198,128,532  

Repurchase agreements

        669,390,695         131,158,323         16,074,454,248          12,438,963,798         —         —  

Receivable for:

                          

Investments sold

        —         —         —          —         —         2,005,054  

Interest

        1,213,123         169,887         6,559,557          12,936,490         398,418         334,292  

Fund expenses absorbed

        —         —         192,515          65,153         20,469         5,441  

Investment for trustee deferred compensation and retirement plans

        3,820,079         1,063,222         2,266,349          1,031,485         131,441         378,349  

Other assets

        40,994         179,475         118,329          422,732         52,131         73,560  

Total assets

        2,583,795,625         422,562,109         29,623,781,046          27,391,618,964         1,514,784,653         200,925,228  

Liabilities:

                          

Payable for:

                          

Investments purchased

        —         —         3,060,086,427          896,538,207         139,667,218         —  

Amount due custodian

        —         —         6,512,475          927,423         6,660         —  

Dividends

        3,053,548         453,959         24,912,470          25,692,274         1,264,683         116,102  

Accrued fees to affiliates

        34,807         2,535         684,843          572,024         31,362         15,740  

Accrued trustees’ and officer’s fees and benefits

        3,986         4,082         52,471          56,456         6,003         4,238  

Accrued operating expenses

        102,202         37,920         210,418          20,051         25,744         23,275  

Trustee deferred compensation and retirement plans

        4,294,659         1,181,861         2,617,311          1,230,782         146,279         419,048  

Total liabilities

        7,489,202         1,680,357         3,095,076,415          925,037,217         141,147,949         578,403  

Net assets applicable to shares outstanding

      $ 2,576,306,423       $ 420,881,752       $ 26,528,704,631        $ 26,466,581,747       $ 1,373,636,704       $ 200,346,825  

Net assets consist of:

                          

Shares of beneficial interest

      $ 2,576,230,027       $ 420,112,540       $ 26,528,016,990        $ 26,466,509,242       $ 1,373,702,289       $ 200,509,685  

Undistributed net investment income

        125,723         768,843         445,995          208,988         (12,543 )        (104,955 ) 

Undistributed net realized gain (loss)

        8,085         1,942         241,646          (136,483 )        (53,042 )        (57,905 ) 

Net unrealized appreciation (depreciation)

        (57,412 )        (1,573 )        —          —         —         —  
       $ 2,576,306,423       $ 420,881,752       $ 26,528,704,631        $ 26,466,581,747       $ 1,373,636,704       $ 200,346,825  

Cost of Investments

      $ 2,578,778,842       $ 421,151,098       $ 29,614,644,296        $ 27,377,163,104       $ 1,514,182,194       $ 198,128,532  

 

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

 

26                         Short-Term Investments Trust

Statements of Assets and Liabilities—(continued)

February 28, 2018

(Unaudited)

 

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

Net Assets:

 

     

Institutional Class

      $ 2,545,619,200        $ 416,671,336        $ 24,044,592,088        $ 25,046,080,286        $ 1,328,658,137        $ 112,865,021  

Private Investment Class

      $ 6,410,598        $ 1,862,844        $ 630,268,529        $ 393,539,939        $ 1,259,294        $ 37,329,458  

Personal Investment Class

      $ 11,224        $ 612,548        $ 150,315,301        $ 8,429,471        $ 70,230        $ 10,004  

Cash Management Class

      $ 14,111,801        $ 1,061,449        $ 469,528,618        $ 265,460,441        $ 1,617,958        $ 24,123,366  

Reserve Class

      $ 776,448        $ 468,867        $ 283,039,048        $ 324,550,598        $ 41,926,357        $ 17,381,439  

Resource Class

      $ 1,061,004        $ 184,485        $ 582,365,227        $ 234,625,399        $ 94,604        $ 8,627,532  

Corporate Class

      $ 8,316,148        $ 20,223        $ 368,595,820        $ 193,895,613        $ 10,124        $ 10,005  

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

 

Institutional Class

        2,545,292,041          416,671,862          24,043,288,291          25,045,904,613          1,328,666,526          112,850,643  

Private Investment Class

        6,409,785          1,862,847          630,235,060          393,537,172          1,259,260          37,324,700  

Personal Investment Class

        11,223          612,549          150,307,355          8,429,412          70,229          10,003  

Cash Management Class

        14,110,000          1,061,451          469,502,604          265,458,683          1,617,970          24,120,300  

Reserve Class

        776,345          468,868          283,024,039          324,548,299          41,926,649          17,379,371  

Resource Class

        1,060,868          184,485          582,334,204          234,623,690          94,604          8,626,218  

Corporate Class

        8,315,087          20,224          368,576,267          193,894,082          10,124          10,005  

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

      $ 1.0001        $ 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.

 

27                         Short-Term Investments Trust

Statements of Operations

For the six months ended February 28, 2018

(Unaudited)

 

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

Investment income:

                         

Interest

      $ 11,016,787       $ 2,782,344       $ 152,502,051       $ 171,997,536       $ 7,950,097       $ 1,017,866  

Expenses:

                         

Advisory fees

        1,038,391         294,246         18,484,180         14,169,879         843,473         193,582  

Administrative services fees

        381,775         118,844         4,304,547         4,914,088         363,359         53,832  

Custodian fees

        3,995         5,506         63,739         331,945         2,899         488  

Distribution fees:

                         

Private Investment Class

        10,191         2,724         759,434         600,499         2,913         40,447  

Personal Investment Class

        31         1,668         399,413         43,543         299         3,819  

Cash Management Class

        3,580         445         170,211         96,285         647         10,291  

Reserve Class

        3,649         2,120         1,347,297         1,184,560         164,678         68,708  

Resource Class

        1,235         146         391,772         248,797         75         5,818  

Corporate Class

        1,709         3         59,385         21,709         2         —  

Transfer agent fees

        62,303         17,655         1,109,051         1,470,965         60,045         8,711  

Trustees’ and officers’ fees and benefits

        11,833         12,636         175,506         212,567         18,876         11,592  

Registration and filing fees

        45,173         50,695         73,378         116,679         45,087         51,989  

Reports to shareholders

        29,746         7,818         30,074         39,521         6,028         5,221  

Professional services fees

        31,190         26,385         145,917         115,866         29,398         26,590  

Other

        64,042         30,000         165,297         166,749         23,060         14,919  

Total expenses

        1,688,843         570,891         27,679,201         23,733,652         1,560,839         496,007  

Less: Fees waived

        (422,815 )        (211,259 )        (2,839,649 )        (380,199 )        (273,935 )        (204,538 ) 

Net expenses

        1,266,028         359,632         24,839,552         23,353,453         1,286,904         291,469  

Net investment income

        9,750,759         2,422,712         127,662,499         148,644,083         6,663,193         726,397  

Realized and unrealized gain (loss) from:

                         

Net realized gain (loss) from investment securities

        8,085         1,571         508,617         394,818         19,166         (4,370 ) 

Change in net unrealized appreciation (depreciation) of investment securities

        (88,330 )        (11,112 )        —         —         —         —  

Net increase in net assets resulting from operations

      $ 9,670,514       $ 2,413,171       $ 128,171,116       $ 149,038,901       $ 6,682,359       $ 722,027  

 

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

 

28                         Short-Term Investments Trust

Statements of Changes in Net Assets

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

 

            Invesco Liquid Assets Portfolio           Invesco STIC Prime Portfolio  
         February 28,
2018		     August 31,
2017		           February 28,
2018		     August 31,
2017		  

Operations:

             

Net investment income

      $ 9,750,759     $ 4,871,296       $ 2,422,712     $ 3,235,998  

Net realized gain

        8,085       284,449         1,571       371  

Change in net unrealized appreciation (depreciation)

        (88,330 )      30,918         (11,112 )      9,539  

Net increase in net assets resulting from operations

        9,670,514       5,186,663         2,413,171       3,245,908  

Distributions to shareholders from net investment income:

             

Institutional Class

        (9,578,395 )      (4,489,048 )        (2,403,076 )      (3,118,898 ) 

Private Investment Class

        (33,722 )      (84,531 )        (8,559 )      (18,217 ) 

Personal Investment Class

        (41 )      (1,713 )        (2,094 )      (26,443 ) 

Cash Management Class

        (55,476 )      (138,836 )        (6,413 )      (59,666 ) 

Reserve Class

        (2,220 )      (6,618 )        (1,465 )      (5,654 ) 

Resource Class

        (6,695 )      (8,281 )        (985 )      (6,995 ) 

Corporate Class

        (74,210 )      (142,269 )        (120 )      (125 ) 

Total distributions from net investment income

        (9,750,759 )      (4,871,296 )        (2,422,712 )      (3,235,998 ) 

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

        —       (1,213 )        —       —  

Corporate Class

        —       (67,014 )        —       —  

Total distributions from net realized gains

        —       (3,200,085 )        —       —  

Share transactions–net:

             

Institutional Class

        2,249,521,185       (10,122,727,290 )        (7,250,126 )      (1,183,946,896 ) 

Private Investment Class

        (570,719 )      (234,302,026 )        18,028       (139,216,079 ) 

Personal Investment Class

        4       (29,230,918 )        1,928       (116,863,502 ) 

Cash Management Class

        6,374,743       (242,827,588 )        (86,623 )      (166,722,672 ) 

Reserve Class

        (167,937 )      (99,217,916 )        (31,777 )      (20,973,659 ) 

Resource Class

        (265,872 )      (5,919,518 )        937       (16,683,703 ) 

Corporate Class

        (1,164,553 )      (160,159,887 )        116       11,449  

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

        2,253,726,851       (10,894,385,143 )        (7,347,517 )      (1,644,395,062 ) 

Net increase (decrease) in net assets

        2,253,646,606       (10,897,269,861 )        (7,357,058 )      (1,644,385,152 ) 

Net assets:

             

Beginning of period

        322,659,817       11,219,929,678         428,238,810       2,072,623,962  

End of period*

      $ 2,576,306,423     $ 322,659,817       $ 420,881,752     $ 428,238,810  

* Includes accumulated undistributed net investment income

      $ 125,723     $ 125,723       $ 768,843     $ 768,843  

 

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

 

29                         Short-Term Investments Trust

Statements of Changes in Net Assets—(continued)

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

 

            Invesco Treasury Portfolio           Invesco Government & Agency Portfolio  
         February 28,
2018		     August 31,
2017		           February 28,
2018		     August 31,
2017		  

Operations:

             

Net investment income

      $ 127,662,499     $ 112,926,205       $ 148,644,083     $ 139,006,726  

Net realized gain (loss)

        508,617       39,369         394,818       (531,300 ) 

Net increase in net assets resulting from operations

        128,171,116       112,965,574         149,038,901       138,475,426  

Distributions to shareholders from net investment income:

             

Institutional Class

        (118,310,761 )      (103,892,394 )        (142,980,682 )      (133,552,021 ) 

Private Investment Class

        (1,938,276 )      (1,423,813 )        (1,537,809 )      (1,460,534 ) 

Personal Investment Class

        (382,722 )      (253,848 )        (40,763 )      (41,168 ) 

Cash Management Class

        (2,084,384 )      (1,754,490 )        (1,201,885 )      (705,201 ) 

Reserve Class

        (741,181 )      (324,958 )        (702,464 )      (661,922 ) 

Resource Class

        (2,196,137 )      (1,659,524 )        (1,389,284 )      (1,330,994 ) 

Corporate Class

        (2,009,038 )      (3,617,178 )        (791,196 )      (1,254,886 ) 

Total distributions from net investment income

        (127,662,499 )      (112,926,205 )        (148,644,083 )      (139,006,726 ) 

Share transactions–net:

             

Institutional Class

        1,240,152,310       2,935,444,591         (2,645,710,477 )      16,975,145,658  

Private Investment Class

        55,446,106       14,784,721         (116,955,166 )      169,627,850  

Personal Investment Class

        10,077,226       17,413,815         (12,699,768 )      13,622,071  

Cash Management Class

        (9,879,470 )      75,974,874         96,430,410       18,926,896  

Reserve Class

        32,305,446       91,599,025         153,592,510       (144,921,764 ) 

Resource Class

        105,534,153       (6,111,394 )        (107,521,673 )      246,458,843  

Corporate Class

        (239,228,636 )      (565,402,977 )        (130,544,107 )      8,002,319  

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

        1,194,407,135       2,563,702,655         (2,763,408,271 )      17,286,861,873  

Net increase (decrease) in net assets

        1,194,915,752       2,563,742,024         (2,763,013,453 )      17,286,330,573  

Net assets:

             

Beginning of period

        25,333,788,879       22,770,046,855         29,229,595,200       11,943,264,627  

End of period*

      $ 26,528,704,631     $ 25,333,788,879       $ 26,466,581,747     $ 29,229,595,200  

* Includes accumulated undistributed net investment income

      $ 445,995     $ 445,995       $ 208,988     $ 208,988  

 

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

 

30                         Short-Term Investments Trust

Statements of Changes in Net Assets—(continued)

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

 

            Invesco Treasury Obligations
Portfolio		           Invesco Tax-Free Cash Reserve
Portfolio		  
         February 28,
2018		     August 31,
2017		           February 28,
2018		     August 31,
2017		  

Operations:

             

Net investment income

      $ 6,663,193     $ 5,625,681       $ 726,397     $ 978,198  

Net realized gain (loss)

        19,166       (69,048 )        (4,370 )      (14,722 ) 

Net increase in net assets resulting from operations

        6,682,359       5,556,633         722,027       963,476  

Distributions to shareholders from net investment income:

             

Institutional Class

        (6,549,109 )      (5,499,185 )        (469,501 )      (638,667 ) 

Private Investment Class

        (8,553 )      (6,562 )        (100,490 )      (82,433 ) 

Personal Investment Class

        (303 )      (821 )        (2,768 )      (6,683 ) 

Cash Management Class

        (7,663 )      (6,763 )        (97,555 )      (164,964 ) 

Reserve Class

        (97,108 )      (111,357 )        (30,206 )      (71,643 ) 

Resource Class

        (407 )      (601 )        (25,867 )      (13,707 ) 

Corporate Class

        (50 )      (392 )        (10 )      (101 ) 

Total distributions from net investment income

        (6,663,193 )      (5,625,681 )        (726,397 )      (978,198 ) 

Share transactions–net:

             

Institutional Class

        22,269,267       1,185,273,759         2,051,387       (339,954,549 ) 

Private Investment Class

        (1,964,788 )      (2,936,998 )        9,977,201       2,881,656  

Personal Investment Class

        22,388       (2,559,557 )        (1,995,769 )      (390,938 ) 

Cash Management Class

        336       (29,769,108 )        (3,491,496 )      (3,056,555 ) 

Reserve Class

        6,301,235       (1,007,763 )        3,723,349       (7,877,273 ) 

Resource Class

        422       (99,477 )        2,628,012       3,587,633  

Corporate Class

        47       (2,933,744 )        10,004       (32,063 ) 

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

        26,628,907       1,145,967,112         12,902,688       (344,842,089 ) 

Net increase (decrease) in net assets

        26,648,073       1,145,898,064         12,898,318       (344,856,811 ) 

Net assets:

             

Beginning of period

        1,346,988,631       201,090,567         187,448,507       532,305,318  

End of period*

      $ 1,373,636,704     $ 1,346,988,631       $ 200,346,825     $ 187,448,507  

* Includes accumulated undistributed net investment income

      $ (12,543 )    $ (12,543 )      $ (104,955 )    $ (104,955 ) 

Notes to Financial Statements

February 28, 2018

(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 Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio (collectively, the “Funds”) (formerly Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio and Tax-Free Cash Reserve Portfolio). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.

The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio; and to provide tax-exempt income consistent with preservation of capital and liquidity for Invesco Tax-Free Cash Reserve Portfolio.

Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies.

 

31                         Short-Term Investments Trust

On October 12, 2016, pursuant to new rules and regulations effective October 14, 2016, Invesco Liquid Assets Portfolio and Invesco 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 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 Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).

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

Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Invesco Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, 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.

Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, and Invesco Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, and Invesco Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.

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

A. Security Valuations — Invesco Liquid Asset Portfolio’s and Invesco STIC Prime Portfolio’s securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

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

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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,

 

32                         Short-Term Investments Trust

  the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D. Distributions — It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually.
E. Federal Income Taxes — The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, Invesco Tax-Free Cash Reserve Portfolio intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative net assets.
G. Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, 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.

U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.

 

33                         Short-Term Investments Trust

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:

 

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

Invesco Liquid Assets Portfolio

     0.15%          0.15%          0.15%  

Invesco STIC Prime Portfolio

     0.15%          0.15%          0.15%  

Invesco Treasury Portfolio

     0.15%          0.15%          0.15%  

Invesco Government & Agency Portfolio

     0.10%          0.10%          0.10%  

Invesco Treasury Obligations Portfolio

     0.20%          0.15%          0.10%  

Invesco Tax-Free Cash Reserve Portfolio

     0.20%          0.20%          0.20%  

For the six months ended February 28, 2018, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:

 

Invesco Liquid Assets Portfolio

     0.15%  

Invesco STIC Prime Portfolio

     0.15%  

Invesco Treasury Portfolio

     0.15%  

Invesco Government & Agency Portfolio

     0.10%  

Invesco Treasury Obligations Portfolio

     0.13%  

Invesco Tax-Free Cash Reserve Portfolio

     0.20%  

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, for Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, separate sub-advisory agreements with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

The Adviser has contractually agreed, through at least December 31, 2018, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):

 

     Institutional
Class		      Private
Investment
Class		      Personal
Investment
Class		      Cash
Management
Class		      Reserve
Class		      Resource
Class		      Corporate
Class		  

Invesco Liquid Assets Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.38 %       0.21 % 

Invesco STIC Prime Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Treasury Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Government & Agency Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Treasury Obligations Portfolio

     0.18 %       0.43 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Tax-Free Cash Reserve Portfolio

     0.20 %       0.45 %       0.75 %       0.28 %       1.07 %       0.36 %       0.23 % 

The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Invesco 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

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.

 

34                         Short-Term Investments Trust

For the six months ended February 28, 2018, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:

 

     Expense
Limitation		        Yield
Waivers		  

Invesco Liquid Assets Portfolio

   $ 422,362        $ —  

Invesco STIC Prime Portfolio

     210,685          —  

Invesco Treasury Portfolio

     2,371,330          —  

Invesco Government & Agency Portfolio

     —          —  

Invesco Treasury Obligations Portfolio

     208,699          —  

Invesco Tax-Free Cash Reserve Portfolio

     172,374          —  

Voluntary fee waivers for the six months ended February 28, 2018 are shown below:

 

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

Invesco Liquid Assets Portfolio

   $ —        $ —        $ —        $ 453        $ —        $ —  

Invesco STIC Prime Portfolio

     —          3          —          571          —          —  

Invesco Treasury Portfolio

     —          16,362          —          451,957          —          —  

Invesco Government & Agency Portfolio

     —          2,465          —          377,734          —          —  

Invesco Treasury Obligations Portfolio

     —          25          —          65,211          —          —  

Invesco Tax-Free Cash Reserve Portfolio

     —          1,033          —          31,131          —          —  

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, 2018, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees.

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, 2018, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.

Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.

 

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

Invesco Liquid Assets Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.20 %       0.03 % 

Invesco STIC Prime Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Treasury Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Government & Agency Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Treasury Obligations Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Tax-Free Cash Reserve Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.

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

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to 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.

 

35                         Short-Term Investments Trust

As of February 28, 2018, 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.

Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended February 28, 2018, there were no material transfers between valuation levels.

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, 2018, each Fund engaged in transactions with affiliates as listed below:

 

     Securities Purchases        Securities Sales        Net Realized Gains  

Invesco Liquid Assets Portfolio

   $ 79,891,007        $ 80,918,865        $ 0  

Invesco STIC Prime Portfolio

     27,262,215          51,275,067          0  

Invesco Government & Agency Portfolio

     10,879,508          0          0  

Invesco Tax-Free Cash Reserve Portfolio

     96,952,920          84,223,004          0  

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.

 

36                         Short-Term Investments Trust

The Funds below had a capital loss carryforward as of August 31, 2017, which expires as follows:

 

    Short-Term        Not Subject to
Expiration		           
Fund   2018        2019             Total*  

Invesco Liquid Assets Portfolio

   $ —        $ —        $ —        $ —  

Invesco STIC Prime Portfolio

     —          —          —          —  

Invesco Treasury Portfolio

     —          —          266,972          266,972  

Invesco Government & Agency Portfolio

     —          —          531,300          531,300  

Invesco Treasury Obligations Portfolio

     —          —          61,535          61,535  

Invesco Tax-Free Cash Reserve Portfolio

     8,740          30,074          14,721          53,535  

 

* 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 Transactions

The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:

 

    At February 28, 2018  
     Federal Tax
Cost*		        Unrealized
Appreciation		        Unrealized
(Depreciation)		        Net Unrealized
Appreciation
(Depreciation)		  

Invesco Treasury Obligations Portfolio

   $ 1,514,192,867        $ —        $ (10,673 )       $ (10,673 ) 

 

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

NOTE 9—Share Information

Invesco Liquid Assets Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017(b)		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     6,098,292,161      $ 6,099,222,676        8,846,205,589      $ 8,846,379,006  

Private Investment Class

     100,828        100,848        73,675,959        73,675,968  

Personal Investment Class

     —        —        8,382,621        8,382,870  

Cash Management Class

     23,866,792        23,869,986        352,257,569        352,272,331  

Reserve Class

     27,958        27,964        3,766,999        3,767,196  

Resource Class

     —        —        132,559        132,558  

Corporate Class

     31,435,900        31,441,187        244,330,733        244,348,194  

Issued as reinvestment of dividends:

           

Institutional Class

     735,033        735,171        4,398,518        4,398,873  

Private Investment Class

     27,730        27,735        43,468        43,475  

Personal Investment Class

     3        4        1,713        1,713  

Cash Management Class

     34,494        34,500        93,656        93,666  

Reserve Class

     2,188        2,188        6,617        6,618  

Resource Class

     6,634        6,635        8,279        8,281  

Corporate Class

     56,917        56,928        142,251        142,269  

Reacquired:

           

Institutional Class

     (3,849,837,505 )       (3,850,436,662 )       (18,973,148,113 )       (18,973,505,169 ) 

Private Investment Class

     (699,204 )       (699,302 )       (308,001,404 )       (308,021,469 ) 

Personal Investment Class

     —        —        (37,614,403 )       (37,615,501 ) 

Cash Management Class

     (17,527,274 )       (17,529,743 )       (595,177,024 )       (595,193,585 ) 

Reserve Class

     (198,056 )       (198,089 )       (102,991,361 )       (102,991,730 ) 

Resource Class

     (272,453 )       (272,507 )       (6,060,265 )       (6,060,357 ) 

Corporate Class

     (32,658,671 )       (32,662,668 )       (404,609,206 )       (404,650,350 ) 

Net increase (decrease) in share activity

     2,253,393,475      $ 2,253,726,851        (10,894,155,245 )     $ (10,894,385,143 ) 

 

(a)  90% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
(b)  Effective October 12, 2016, Invesco Liquid Assets Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

37                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco STIC Prime Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017(b)		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     671,033,784      $ 671,033,402        1,181,673,896      $ 1,181,705,357  

Private Investment Class

     106,000        106,004        32,477,987        32,477,991  

Personal Investment Class

     —        —        118,187,308        118,187,309  

Cash Management Class

     408,572        408,574        132,025,201        132,025,203  

Reserve Class

     5        5        12,104,481        12,104,533  

Resource Class

     —        —        54,163,813        54,163,819  

Corporate Class

     —        —        23,501        23,503  

Issued as reinvestment of dividends:

           

Institutional Class

     1,185,345        1,185,326        1,319,248        1,319,283  

Private Investment Class

     8,153        8,153        12,756        12,757  

Personal Investment Class

     1,955        1,955        16,252        16,252  

Cash Management Class

     4,156        4,156        59,666        59,666  

Reserve Class

     1,444        1,444        5,653        5,654  

Resource Class

     937        937        6,994        6,995  

Corporate Class

     116        116        126        125  

Reacquired:

           

Institutional Class

     (679,472,584 )       (679,468,854 )       (2,366,923,911 )       (2,366,971,536 ) 

Private Investment Class

     (96,129 )       (96,129 )       (171,705,890 )       (171,706,827 ) 

Personal Investment Class

     (27 )       (27 )       (235,067,018 )       (235,067,063 ) 

Cash Management Class

     (499,353 )       (499,353 )       (298,807,504 )       (298,807,541 ) 

Reserve Class

     (33,226 )       (33,226 )       (33,083,675 )       (33,083,846 ) 

Resource Class

     —        —        (70,853,614 )       (70,854,517 ) 

Corporate Class

     —        —        (12,179 )       (12,179 ) 

Net increase (decrease) in share activity

     (7,350,852 )     $ (7,347,517 )       (1,644,376,909 )     $ (1,644,395,062 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 95% 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, Invesco STIC Prime Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

38                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco Treasury Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     83,870,920,011      $ 83,870,920,011        104,978,321,526      $ 104,978,321,526  

Private Investment Class

     679,734,166        679,734,166        1,389,145,628        1,389,145,628  

Personal Investment Class

     505,175,240        505,175,240        959,511,379        959,511,379  

Cash Management Class

     1,643,623,471        1,643,623,471        2,685,419,118        2,685,419,118  

Reserve Class

     410,729,899        410,729,899        386,663,928        386,663,928  

Resource Class

     440,940,439        440,940,439        575,122,878        575,122,878  

Corporate Class

     2,212,293,713        2,212,293,713        9,826,990,863        9,826,990,863  

Issued as reinvestment of dividends:

           

Institutional Class

     23,836,828        23,836,828        16,234,515        16,234,515  

Private Investment Class

     248,510        248,510        249,491        249,491  

Personal Investment Class

     340,891        340,891        202,723        202,723  

Cash Management Class

     1,698,617        1,698,617        1,178,232        1,178,232  

Reserve Class

     651,740        651,740        254,629        254,629  

Resource Class

     504,629        504,629        346,994        346,994  

Corporate Class

     1,725,825        1,725,825        2,990,987        2,990,987  

Reacquired:

           

Institutional Class

     (82,654,604,529 )       (82,654,604,529 )       (102,059,111,450 )       (102,059,111,450 ) 

Private Investment Class

     (624,536,570 )       (624,536,570 )       (1,374,610,398 )       (1,374,610,398 ) 

Personal Investment Class

     (495,438,905 )       (495,438,905 )       (942,300,287 )       (942,300,287 ) 

Cash Management Class

     (1,655,201,558 )       (1,655,201,558 )       (2,610,622,476 )       (2,610,622,476 ) 

Reserve Class

     (379,076,193 )       (379,076,193 )       (295,319,532 )       (295,319,532 ) 

Resource Class

     (335,910,915 )       (335,910,915 )       (581,581,266 )       (581,581,266 ) 

Corporate Class

     (2,453,248,174 )       (2,453,248,174 )       (10,395,384,827 )       (10,395,384,827 ) 

Net increase in share activity

     1,194,407,135      $ 1,194,407,135        2,563,702,655      $ 2,563,702,655  

 

(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, 15% 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)

Invesco Government & Agency Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     124,484,185,519      $ 124,484,185,519        208,396,167,421      $ 208,396,167,421  

Private Investment Class

     708,079,249        708,079,249        1,423,015,874        1,423,015,874  

Personal Investment Class

     13,087,606        13,087,606        72,491,907        72,491,907  

Cash Management Class

     618,043,130        618,043,130        936,923,184        936,923,184  

Reserve Class

     586,521,963        586,521,963        850,197,770        850,197,770  

Resource Class

     1,220,430,797        1,220,430,797        2,809,077,121        2,809,077,121  

Corporate Class

     1,168,124,291        1,168,124,291        4,691,887,919        4,691,887,919  

Issued as reinvestment of dividends:

           

Institutional Class

     27,926,219        27,926,219        19,317,518        19,317,518  

Private Investment Class

     500,392        500,392        318,477        318,477  

Personal Investment Class

     23,820        23,820        12,576        12,576  

Cash Management Class

     806,065        806,065        418,891        418,891  

Reserve Class

     573,192        573,192        513,904        513,904  

Resource Class

     1,045,321        1,045,321        796,073        796,073  

Corporate Class

     318,197        318,197        795,308        795,308  

Reacquired:

           

Institutional Class

     (127,157,822,215 )       (127,157,822,215 )       (191,440,339,281 )       (191,440,339,281 ) 

Private Investment Class

     (825,534,807 )       (825,534,807 )       (1,253,706,501 )       (1,253,706,501 ) 

Personal Investment Class

     (25,811,194 )       (25,811,194 )       (58,882,412 )       (58,882,412 ) 

Cash Management Class

     (522,418,785 )       (522,418,785 )       (918,415,179 )       (918,415,179 ) 

Reserve Class

     (433,502,645 )       (433,502,645 )       (995,633,438 )       (995,633,438 ) 

Resource Class

     (1,328,997,791 )       (1,328,997,791 )       (2,563,414,351 )       (2,563,414,351 ) 

Corporate Class

     (1,298,986,595 )       (1,298,986,595 )       (4,684,680,908 )       (4,684,680,908 ) 

Net increase (decrease) in share activity

     (2,763,408,271 )     $ (2,763,408,271 )       17,286,861,873      $ 17,286,861,873  

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 24% of the outstanding shares of the Fund. 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, 16% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

40                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco Treasury Obligations Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     569,994,076      $ 569,994,076        1,882,109,152      $ 1,882,109,152  

Private Investment Class

     154,318        154,318        10,041,615        10,041,615  

Personal Investment Class

     1,263,767        1,263,767        2,009,181        2,009,181  

Cash Management Class

     1,610,000        1,610,000        7,657        7,657  

Reserve Class

     42,740,773        42,740,773        140,006,781        140,006,781  

Resource Class

     422        422        94,706        94,706  

Corporate Class

     —        —        659,929        659,929  

Issued as reinvestment of dividends:

           

Institutional Class

     138,972        138,972        116,704        116,704  

Private Investment Class

     8,812        8,812        4,830        4,830  

Personal Investment Class

     3        3        6,763        6,763  

Cash Management Class

     7,229        7,229        89,662        89,662  

Reserve Class

     90,443        90,443        —        —  

Corporate Class

     47        47        299        299  

Reacquired:

           

Institutional Class

     (547,863,781 )       (547,863,781 )       (696,952,097 )       (696,952,097 ) 

Private Investment Class

     (2,127,918 )       (2,127,918 )       (12,983,443 )       (12,983,443 ) 

Personal Investment Class

     (1,241,382 )       (1,241,382 )       (4,568,738 )       (4,568,738 ) 

Cash Management Class

     (1,616,893 )       (1,616,893 )       (29,783,528 )       (29,783,528 ) 

Reserve Class

     (36,529,981 )       (36,529,981 )       (141,104,206 )       (141,104,206 ) 

Resource Class

     —        —        (194,183 )       (194,183 ) 

Corporate Class

     —        —        (3,593,972 )       (3,593,972 ) 

Net increase in share activity

     26,628,907      $ 26,628,907        1,145,967,112      $ 1,145,967,112  

 

(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 6% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.
         In addition, 86% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

41                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco Tax-Free Cash Reserve Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     59,262,860      $ 59,262,860        216,245,353      $ 216,245,353  

Private Investment Class

     45,477,298        45,477,298        49,632,970        49,632,970  

Personal Investment Class

     10,391        10,391        2,005,100        2,005,100  

Cash Management Class

     3,192,742        3,192,742        45,537,104        45,537,104  

Reserve Class

     37,083,918        37,083,918        111,932,405        111,932,405  

Resource Class

     4,550,024        4,550,024        4,058,371        4,058,371  

Corporate Class

     10,000        10,000        32,101        32,101  

Issued as reinvestment of dividends:

           

Institutional Class

     221,438        221,438        221,692        221,692  

Private Investment Class

     83,737        83,737        68,844        68,844  

Personal Investment Class

     2,768        2,768        5,772        5,772  

Cash Management Class

     79,721        79,721        134,904        134,904  

Reserve Class

     27,866        27,866        64,807        64,807  

Resource Class

     22,290        22,290        11,483        11,483  

Corporate Class

     4        4        97        97  

Reacquired:

           

Institutional Class

     (57,432,911 )       (57,432,911 )       (556,421,594 )       (556,421,594 ) 

Private Investment Class

     (35,583,834 )       (35,583,834 )       (46,820,158 )       (46,820,158 ) 

Personal Investment Class

     (2,008,928 )       (2,008,928 )       (2,401,810 )       (2,401,810 ) 

Cash Management Class

     (6,763,959 )       (6,763,959 )       (48,728,563 )       (48,728,563 ) 

Reserve Class

     (33,388,435 )       (33,388,435 )       (119,874,485 )       (119,874,485 ) 

Resource Class

     (1,944,302 )       (1,944,302 )       (482,221 )       (482,221 ) 

Corporate Class

     —        —        (64,261 )       (64,261 ) 

Net increase (decrease) in share activity

     12,902,688      $ 12,902,688        (344,842,089 )     $ (344,842,089 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 91% of the outstanding shares of the Fund. 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.

 

42                         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		  

Invesco Liquid Assets Portfolio

 

Six months ended 02/28/18

   $ 1.0002     $ 0.0055     $ (0.0007 )    $ 0.0048     $ (0.0049 )    $ —     $ (0.0049 )    $ 1.0001       0.48 %    $ 6,411       0.48 %(c)      0.54 %(c)      1.11 %(c) 

Year ended 08/31/17

     1.00       0.0022       0.0035       0.0057       (0.0050 )      (0.0005 )      (0.0055 )      1.0002       0.54       6,982       0.47       0.56       0.22  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.08       241,327       0.40       0.64       0.09  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.01       283,476       0.21       0.67       0.01  

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  

Invesco STIC Prime Portfolio

 

Six months ended 02/28/18

     1.0000       0.0047       (0.0000 )      0.0047       (0.0047 )      —       (0.0047 )      1.0000       0.47       1,863       0.48 (c)      0.59 (c)      0.94 (c) 

Year ended 08/31/17

     1.00       0.0041       0.0002       0.0043       (0.0043 )      —       (0.0043 )      1.0000       0.43       1,845       0.39       0.57       0.41  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.15       141,061       0.25       0.68       0.15  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.04       162,216       0.07       0.69       0.10  

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  

Invesco Treasury Portfolio

 

Six months ended 02/28/18

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.37       630,269       0.48 (c)      0.50 (c)      0.76 (c) 

Year ended 08/31/17

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.26       574,808       0.43       0.50       0.27  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.07       560,027       0.23       0.64       0.08  

Year ended 08/31/15

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.01       461,131       0.06       0.67       0.02  

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  

Invesco Government & Agency Portfolio

 

Six months ended 02/28/18

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.38       393,540       0.45 (c)      0.45 (c)      0.76 (c) 

Year ended 08/31/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.30       510,489       0.41       0.45       0.32  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.09       340,874       0.23       0.62       0.10  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.02       422,564       0.08       0.63       0.02  

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  

Invesco Treasury Obligations Portfolio

 

Six months ended 02/28/18

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.39       1,259       0.43 (c)      0.46 (c)      0.78 (c) 

Year ended 08/31/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.26       3,224       0.34       0.47       0.32  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.09       6,162       0.16       0.82       0.09  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.02       5,984       0.00       0.83       0.08  

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  

Invesco Tax-Free Cash Reserve Portfolio

 

Six months ended 02/28/18

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.30       37,329       0.45 (c)      0.63 (c)      0.60 (c) 

Year ended 08/31/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.36       27,352       0.41       0.62       0.35  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.05       24,468       0.14       0.77       0.08  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.01       30,469       0.03       0.81       0.04  

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  

 

(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 $6,851, $1,831, $510,485, $403,651, $2,350 and $32,625 for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, respectively.

 

43                         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, 2017 through February 28, 2018.

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
(09/01/17)		      ACTUAL     

HYPOTHETICAL

(5% annual return before
expenses)

      Annualized
Expense
Ratio		  
      Ending
Account Value
(02/28/18)1		      Expenses
Paid During
Period2		     

Ending

Account Value
(02/28/18)

      Expenses
Paid During
Period2		     

Invesco Liquid Assets Portfolio

    $ 1,000.00      $ 1,004.80      $ 2.39      $ 1,022.41      $ 2.41        0.48 % 

Invesco STIC Prime Portfolio

      1,000.00        1,004.70        2.39        1,022.41        2.41        0.48  

Invesco Treasury Portfolio

      1,000.00        1,003.70        2.38        1,022.41        2.41        0.48  

Invesco Government & Agency Portfolio

      1,000.00        1,003.80        2.24        1,022.56        2.26        0.45  

Invesco Treasury Obligations Portfolio

      1,000.00        1,003.90        2.14        1,022.66        2.16        0.43  

Invesco Tax-Free Cash Reserve Portfolio

      1,000.00        1,003.00        2.23        1,022.56        2.26        0.45  

 

1  The actual ending account value is based on the actual total return of the Funds for the period September 1, 2017, through February 28, 2018, 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.

 

44                         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                04262018    0811

  

 

LOGO   

 

Semiannual Report to Shareholders

 

   

 

February 28, 2018

 

  

 

Reserve Class

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

 

Effective December 15, 2017, Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio and Tax-Free Cash Reserve Portfolio were renamed Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, respectively.

 

LOGO

 

 

  

 

  

 

2

     

 

Fund Data

  

 

3

     

 

Letters to Shareholders

  

 

4

     

 

Schedule of Investments

  

 

26

     

 

Financial Statements

  

 

31

     

 

Notes to Financial Statements

  

 

43

     

 

Financial Highlights

  

 

44

     

 

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, 2018, 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 2/28/18

 

 

 

  FUND

     

 

WEIGHTED

AVERAGE

MATURITY

  

 

WEIGHTED

AVERAGE

LIFE

   

 

TOTAL

NET

ASSETS

  
       Range
During
Reporting
Period		     

At

Reporting

Period

End

           

 

Invesco Liquid Assets1

 

     

 

10 - 37 days

 

     

 

18 days

 

  

 

67 days

 

   

 

 

 

 

$776.4 thousand

 

 

 

 

 

Invesco STIC Prime1

 

     

 

11 - 19 days

 

     

 

11 days

 

  

 

12 days

 

   

 

 

 

 

468.9 thousand

 

 

 

 

 

Invesco Treasury2

 

     

 

10 - 31 days

 

     

 

30 days

 

  

 

84 days

 

   

 

 

 

 

283.0 million     

 

 

 

 

 

Invesco Government & Agency2

 

     

 

16 - 25 days

 

     

 

23 days

 

  

 

106 days

 

   

 

 

 

 

324.6 million     

 

 

 

 

 

Invesco Treasury Obligations2

 

     

 

33 - 51 days

 

     

 

36 days

 

  

 

103 days

 

   

 

 

 

 

41.9 million     

 

 

 

 

 

Invesco Tax-Free Cash Reserve3

 

     

 

16 - 31 days

 

     

 

16 days

 

  

 

16 days

 

   

 

 

 

 

17.4 million     

 

 

 

 

 

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

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

 

 

 

 

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

 

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:

This semiannual report covers the six-month reporting period ended February 28, 2018. As always, we thank you for investing with us. By investing in a combination of short-term securities and securities with slightly longer maturities, each Fund continued to preserve safety of principal and maintain a relatively high level of liquidity while offering competitive returns.

The US Federal Reserve (the Fed) raised interest rates by 0.25% in December 2017, bringing the key fed funds target rate to a range of 1.25% to 1.50% as of February 28, 2018.1 The December increase was the latest in a series of interest rate increases the Fed implemented in response to a moderately expanding US economy and relatively benign inflation levels. These increases benefited money market investors. At the close of the reporting period, additional Fed

rate increases were widely expected later in 2018 – potentially faster than previously expected. Most major central banks around the world continued to maintain interest rates at, near or below zero in an effort to spur economic growth and inflation.

In early February, Jerome Powell assumed the chairmanship of the Fed. Powell, a member of the Fed’s board of governors since 2012, is largely expected to stay the course with regard to monetary policy as he largely voted in line with former Fed Chair Janet Yellen during her years leading the Fed.

Invesco Global Liquidity is part of Invesco Ltd., one of the world’s largest independent asset management companies. Invesco Global Liquidity takes a long-term approach to short-term investing. Our vision is grounded in our rigorous investment philosophy, high-quality products and tradition of excellent client service. Our unrelenting focus on preservation of capital, daily liquidity and competitive yield is implemented through repeatable, time-tested processes.

Again, 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, 2018

(Unaudited)

Invesco Liquid Assets Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  

Commercial Paper–44.78%(a)

          
Asset-Backed Securities — Fully Supported–5.91%          

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

     1.76 %      04/03/2018      $ 75,000      $ 74,878,028  

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

     1.83 %      04/23/2018        20,000        19,943,090  

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

     1.42 %      03/01/2018        2,500        2,499,899  

Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.) (1 mo. USD LIBOR + 0.21%)(b)(c)(d)

     1.80 %      05/21/2018        5,000        5,002,088  

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

     1.81 %      03/15/2018        50,000        49,967,815  
                                152,290,920  
Asset-Backed Securities — Fully Supported Bank–14.81%          

Anglesea Funding LLC (Multi–CEP’s) (1 mo. USD LIBOR + 0.27%)(c)(d)

     1.85 %      06/29/2018        25,000        25,000,323  

Anglesea Funding LLC (Multi–CEP’s) (1 mo. USD LIBOR + 0.27%)(b)(c)(d)

     1.85 %      06/04/2018        60,000        60,000,702  

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

     1.81 %      03/20/2018        50,000        49,956,610  

Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC)

     1.93 %      06/14/2018        70,000        69,560,778  

Ebury Finance LLC (Multi–CEP’s)(b)(c)

     1.45 %      03/01/2018        30,000        29,998,758  

Gotham Funding Corp. (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(b)(c)

     1.84 %      03/22/2018        30,000        29,970,648  

Halkin Finance LLC (Multi–CEP’s)(b)(c)

     1.45 %      03/01/2018        40,000        39,998,344  

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

     1.54 %      03/06/2018        55,000        54,986,151  

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

     1.71 %      03/05/2018        22,000        21,995,395  
                                381,467,709  
Asset-Backed Securities — Multi-Purpose–3.29%          

CRC Funding, LLC(b)

     1.81 %      05/11/2018        5,000        4,980,750  

Nieuw Amsterdam Receivables Corp.(b)(c)

     1.82 %      05/09/2018        35,000        34,865,590  

Nieuw Amsterdam Receivables Corp.(b)(c)

     1.83 %      04/11/2018        45,000        44,904,186  
                                84,750,526  
Consumer Finance–0.10%          

Toyota Motor Credit Corp. (1 mo. USD LIBOR + 0.20%)(c)(d)

     1.78 %      05/04/2018        2,500        2,501,075  
Diversified Banks–11.71%          

Bank of Nova Scotia(b)(c)

     1.81 %      04/02/2018        50,000        49,926,115  

Commonwealth Bank of Australia (1 mo. USD LIBOR + 0.22%)(b)(c)(d)

     1.80 %      12/07/2018        50,000        49,989,035  

DBS Bank Ltd.(b)(c)

     2.01 %      05/21/2018        45,000        44,796,744  

First Abu Dhabi Bank PJSC(b)(c)

     1.50 %      03/02/2018        60,000        59,995,032  

J.P. Morgan Securities LLC

     1.88 %      06/01/2018        5,000        4,973,043  

Oversea-Chinese Banking Corp. Ltd. (1 mo. USD LIBOR + 0.15%)(b)(c)(d)

     1.74 %      05/18/2018        12,000        12,003,536  

Toronto-Dominion Bank (The)(b)(c)

     1.76 %      03/22/2018        50,000        49,952,580  

Toronto-Dominion Bank (The) (1 mo. USD LIBOR + 0.23%)(b)(c)(d)

     1.88 %      11/30/2018        30,000        29,995,050  
                                301,631,135  
Diversified Capital Markets–2.33%          

UBS AG (1 mo. USD LIBOR + 0.33%)(b)(c)(d)

     1.91 %      01/02/2019        30,000        30,016,650  

UBS AG (1 mo. USD LIBOR + 0.33%)(b)(c)(d)

     1.91 %      12/28/2018        30,000        30,016,506  
                                60,033,156  
Other Diversified Financial Services–0.30%          

ABN AMRO Funding USA LLC(b)(c)

     1.54 %      03/06/2018        7,625        7,623,043  

 

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

 

4                         Short-Term Investments Trust

Invesco Liquid Assets Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  
Regional Banks–2.46%          

Banque et Caisse d’Epargne de l’Etat(c)

     1.86 %      06/01/2018      $ 33,750      $ 33,583,211  

Banque et Caisse d’Epargne de l’Etat(c)

     1.87 %      06/11/2018        30,000        29,833,482  
                                63,416,693  
Specialized Finance–3.87%          

Caisse des Depots et Consignations(b)(c)

     1.81 %      03/01/2018        50,000        49,998,100  

Nederlandse Waterschapsbank N.V.(b)(c)

     1.78 %      05/02/2018        50,000        49,841,275  
                                99,839,375  

Total Commercial Paper (Cost $1,153,614,060)

                               1,153,553,632  

Certificates of Deposit–24.16%

          

Bank of Montreal(c)

     1.75 %      03/20/2018        20,000        20,001,246  

Bank of Montreal (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      12/07/2018        25,000        24,996,848  

Bank of Nova Scotia (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      12/11/2018        50,000        49,993,910  

China Construction Bank Corp.(c)

     1.77 %      03/08/2018        25,000        25,000,750  

China Construction Bank Corp.(c)

     1.77 %      03/09/2018        20,000        20,000,648  

China Construction Bank Corp.(c)

     1.82 %      03/26/2018        45,000        45,002,560  

KBC Bank N.V. (Belgium)(c)

     1.80 %      03/06/2018        25,000        24,993,168  

KBC Bank N.V. (Belgium)(c)

     1.80 %      04/19/2018        25,000        24,999,181  

Mitsubishi UFJ Trust & Banking Corp. (1 mo. USD LIBOR + 0.20%)(c)(d)

     1.85 %      05/30/2018        20,000        20,007,510  

Mitsubishi UFJ Trust & Banking Corp. (1 mo. USD LIBOR + 0.22%)(c)(d)

     1.79 %      06/01/2018        7,500        7,503,342  

Mizuho Bank, Ltd.(c)

     1.40 %      03/01/2018        85,000        85,000,000  

Mizuho Bank, Ltd.(c)

     1.45 %      03/06/2018        35,000        34,999,772  

Royal Bank of Canada (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      12/07/2018        50,000        49,992,785  

Sumitomo Mitsui Trust Bank Ltd.(c)

     1.43 %      03/02/2018        70,000        70,000,021  

Wells Fargo Bank, N.A. (1 mo. USD LIBOR + 0.24%)(d)

     1.82 %      12/05/2018        50,000        49,999,640  

Wells Fargo Bank, N.A. (1 mo. USD LIBOR + 0.25%)(d)

     1.83 %      01/04/2019        10,000        9,999,706  

Wells Fargo Bank, N.A. (3 mo. USD LIBOR + 0.15%)(d)

     1.89 %      01/18/2019        10,000        10,017,386  

Westpac Banking Corp. (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      01/08/2019        50,000        49,988,630  

Total Certificates of Deposit (Cost $622,494,088)

                               622,497,103  

Variable Rate Demand Notes–5.17%(e)

          
Credit Enhanced–5.17%          

Blair (County of), Pennsylvania IDA (Altoona-Blair County Development Corp.); Series 2008, Ref. VRD RB (LOC–PNC Bank, N.A.)(f)

     1.50 %      10/01/2028        8,625        8,625,000  

Derry (Township of), Pennsylvania Industrial & Commercial Development Authority (GIANT Center); Series 2001, VRD Facility Taxable RB (LOC–PNC Bank, N.A.)(f)

     1.50 %      11/01/2030        2,220        2,220,000  

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

     1.70 %      04/01/2047        9,500        9,499,999  

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

     1.51 %      05/01/2037        2,900        2,900,000  

New York (State of) Housing Finance Agency (222 East 44th Street Housing);
Series 2016, VRD RB (LOC–Bank of China Ltd.)(f)

     1.52 %      05/01/2050        11,035        11,035,000  

New York (State of) Housing Finance Agency (222 East 44th Street Housing);
Series 2017 A, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      05/01/2050        15,000        15,000,000  

New York (State of) Housing Finance Agency (572 11th Ave.); Series 2017 A, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      11/01/2049        20,500        20,500,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);
Series 2015 B-1, VRD Taxable RB (LOC–Bank of China Ltd.)(f)

     1.75 %      11/01/2049        5,000        5,000,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);
Series 2016 B-1, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      11/01/2049        5,340        5,340,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);
Series 2016 B-2, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      11/01/2049        1,500        1,500,000  

 

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

 

5                         Short-Term Investments Trust

Invesco Liquid Assets Portfolio

 

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

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

     1.65 %      07/01/2040      $ 1,660      $ 1,660,000  

University of Texas System Board of Regents; Series 2016 G-1, VRD Financing System RB

     1.50 %      08/01/2045        50,000        50,000,000  

Total Variable Rate Demand Notes (Cost $133,279,999)

                               133,279,999  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)–74.11% (Cost $1,909,388,147)

                               1,909,330,734  
                 Repurchase
Amount		         

Repurchase Agreements–25.98%(g)

          

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $9,000,380 (collateralized by a U.S. Treasury obligation and a foreign corporate obligation valued at $9,180,070; 1.25%-1.75%; 07/26/2019-12/31/2020)(c)

     1.52 %      03/01/2018        9,000,380        9,000,000  

BMO Capital Markets Corp., agreement dated 02/28/2018, maturing value of $45,001,900 (collateralized by U.S. government sponsored agency obligations and domestic and foreign corporate obligations valued at $47,566,190;
0%-9.70%; 04/17/2018-07/22/2028)(c)

     1.52 %      03/01/2018        45,001,900        45,000,000  

BMO Capital Markets Corp., term agreement dated 01/03/2018, maturing value of $30,080,317 (collateralized by domestic and foreign corporate obligations valued at $32,093,218; 1.45%-10.00%; 05/14/2018-12/15/2032)(c)(h)

     1.58 %      03/05/2018        30,080,317        30,000,000  

Citigroup Global Markets, Inc., joint open agreement dated 12/21/2017 (collateralized by U.S. Treasury obligations, domestic and foreign agency mortgage-backed securities and a foreign corporate obligation valued at $100,980,182;
1.63%-8.50%; 11/30/2020-12/25/2035)(i)

     2.48 %      —        —        56,500,000  

Credit Agricole Corporate & Investment Bank, joint agreement dated 02/28/2018, aggregate maturing value of $247,009,400 (collateralized by U.S. Treasury obligations valued at $251,940,215; 1.63%; 05/15/2026)

     1.37 %      03/01/2018        37,892,137        37,890,695  

Credit Suisse Securities (USA) LLC, joint term agreement dated 02/27/2018, aggregate maturing value of $20,006,300 (collateralized by domestic agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $21,751,458; 0.24%-7.07%; 02/10/2022- 09/25/2043)(c)(h)

     1.62 %      03/06/2018        15,004,725        15,000,000  

Credit Suisse Securities (USA) LLC, joint term agreement dated 02/27/2018, aggregate maturing value of $55,016,469 (collateralized by domestic commercial paper and domestic agency mortgage-backed securities valued at $57,756,717;
0.06%-2.14%; 03/08/2018-10/15/2039)(c)(h)

     1.54 %      03/06/2018        15,004,492        15,000,000  

Credit Suisse Securities (USA) LLC, joint term agreement dated 02/27/2018, aggregate maturing value of $75,022,896 (collateralized by a domestic agency mortgage-backed security, a domestic commercial paper and domestic non-agency asset-backed securities valued at $80,707,397; 0.31%-7.07%; 08/17/2018-05/25/2037)(c)(h)

     1.57 %      03/06/2018        35,010,685        35,000,000  

ING Financial Markets, LLC, agreement dated 02/28/2018, maturing value of $46,002,070 (collateralized by domestic and foreign corporate obligations valued at $50,600,437; 2.95%-9.88%; 03/01/2019-03/01/2097)(c)

     1.62 %      03/01/2018        46,002,070        46,000,000  

J.P. Morgan Securities LLC, open agreement dated 12/05/2017 (collateralized by domestic agency mortgage-backed securities valued at $33,000,121;
0%-7.00%; 03/25/2035-10/15/2048)(i)

     2.14 %      —        —        25,000,000  

RBC Capital Markets LLC, agreement dated 02/28/2018, maturing value of $60,002,533 (collateralized by domestic and foreign corporate obligations valued at $63,000,279; 0%-6.15%; 04/30/2018-11/15/2048)(c)

     1.52 %      03/01/2018        60,002,533        60,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $3,000,115,833 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $3,060,002,122;
1.13%-4.00%; 07/31/2021-10/20/2047)

     1.39 %      03/01/2018        250,009,653        250,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2018, maturing value of $35,001,478 (collateralized by foreign corporate obligations valued at $35,700,903; 1.75%-2.13%; 01/18/2022-09/14/2022)

     1.52 %      03/01/2018        35,001,478        35,000,000  

 

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

 

6                         Short-Term Investments Trust

Invesco Liquid Assets Portfolio

 

     Interest
Rate		     Maturity
Date		      Repurchase
Amount		      Value  

Wells Fargo Securities, LLC, joint term agreement dated 01/05/2018, aggregate maturing value of $20,072,334 (collateralized by domestic non-agency mortgage-backed securities and domestic corporate obligations valued at $20,598,104;
0%-3.00%; 05/16/2019-05/15/2027)

     2.10 %      03/08/2018      $ 10,036,167      $ 10,000,000  

Total Repurchase Agreements (Cost $669,390,695)

                               669,390,695  

TOTAL INVESTMENTS IN SECURITIES(j)(k)–100.09% (Cost $2,578,778,842)

                               2,578,721,429  

OTHER ASSETS LESS LIABILITIES–(0.09)%

                               (2,415,006 ) 

NET ASSETS–100.00%

                             $ 2,576,306,423  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

FHLB  

– Federal Home Loan Bank

LIBOR  

– London Interbank Offered Rate

LOC  

– Letter of Credit

RB  

– Revenue Bonds

USD  

– U.S. Dollar

VRD  

– Variable Rate Demand

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, 2018 was $945,145,210, which represented 36.69% of the Fund’s Net Assets.
(c)  The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 16.3%; Netherlands: 12.6%; France: 10.2%; Japan: 10.1%; other countries less than 5% each: 24.4%.
(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.
(e)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(f)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(g)  Principal amount equals value at period end. See Note 1I.
(h)  The Fund may demand prepayment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(i)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(j)  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 issuers obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     46.4 % 

8-30

     11.6  

31-60

     8.3  

61-90

     6.9  

91-180

     11.9  

181+

     14.9  

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.

 

7                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco STIC Prime Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Commercial Paper–42.22%(a)

          
Asset-Backed Securities — Fully Supported–2.91%          

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

     1.60 %      03/01/2018      $ 10,000      $ 9,999,595  

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

     1.74 %      04/02/2018        2,250        2,246,376  
                                12,245,971  
Asset-Backed Securities — Fully Supported Bank–21.55%          

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

     1.96 %      04/23/2018        5,000        4,987,108  

Anglesea Funding (Multi–CEP’s)(b)(c)

     1.66 %      03/01/2018        15,000        14,999,395  

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

     1.77 %      04/12/2018        5,000        4,989,548  

Concord Minutemen Capital Co., LLC (Multi–CEP’s)(b)(c)

     1.55 %      03/01/2018        5,000        4,999,793  

Ebury Finance LLC (Multi–CEP’s)(b)(c)

     1.45 %      03/01/2018        12,000        11,999,503  

Gotham Funding Corp. (CEP–Bank of Tokyo–Mitsubishi UFJ, Ltd. (The))(b)(c)

     1.69 %      04/03/2018        10,000        9,983,859  

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

     1.54 %      03/06/2018        5,000        4,998,741  

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

     1.73 %      04/03/2018        7,000        6,988,748  

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

     1.65 %      03/01/2018        6,270        6,269,726  

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

     1.68 %      03/01/2018        2,500        2,499,891  

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

     1.71 %      03/05/2018        8,000        7,998,326  

Nieuw Amsterdam Receivables Corp. (CEP–Cooperatieve Rabobank UA)(b)(c)

     1.63 %      03/21/2018        10,000        9,990,544  
                                90,705,182  
Asset-Backed Securities — Multi-Purpose–3.84%          

CAFCO, LLC(b)

     1.72 %      04/09/2018        10,000        9,981,311  

CHARTA, LLC(b)

     1.71 %      04/02/2018        2,100        2,096,730  

CHARTA, LLC(b)

     1.73 %      04/02/2018        1,500        1,497,664  

Versailles Commercial Paper LLC(b)

     1.90 %      04/11/2018        2,600        2,594,573  
                                16,170,278  
Diversified Banks–5.84%          

First Abu Dhabi Bank PJSC(b)(c)

     1.50 %      03/02/2018        10,000        9,999,172  

NRW Bank(b)(c)

     1.87 %      04/23/2018        6,385        6,368,038  

Societe Generale S.A.(b)(c)

     1.63 %      03/05/2018        5,225        5,223,900  

Standard Chartered Bank(b)(c)

     1.75 %      03/23/2018        3,000        2,996,994  
                                24,588,104  
Other Diversified Financial Services–0.48%          

ABN AMRO Funding USA LLC(b)(c)

     1.65 %      03/08/2018        2,000        1,999,311  
Regional Banks–4.75%          

Danske Corp.(b)(c)

     1.65 %      03/13/2018        15,000        14,991,577  

Landesbank Hessen-Thueringen Girozentrale(b)(c)

     1.63 %      03/20/2018        5,000        4,995,659  
                                19,987,236  
Specialized Finance–2.85%          

CDP Financial Inc.(b)(c)

     1.60 %      03/08/2018        2,000        1,999,342  

Nederlandse Waterschapsbank N.V.(b)(c)

     1.71 %      04/06/2018        10,000        9,982,589  
                                11,981,931  

Total Commercial Paper (Cost $177,681,262)

                               177,678,013  

 

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

 

8                         Short-Term Investments Trust

Invesco STIC Prime Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Certificates of Deposit–14.61%

          

BMO Harris Bank N.A.(c)

     1.68 %      03/19/2018      $ 10,000      $ 9,999,884  

China Construction Bank Corp.(c)

     1.77 %      03/09/2018        5,000        5,000,162  

China Construction Bank Corp.(c)

     1.82 %      03/26/2018        8,000        8,000,455  

Mizuho Bank, Ltd.(c)

     1.40 %      03/01/2018        14,000        14,000,000  

Mizuho Bank, Ltd.(c)

     1.45 %      03/06/2018        5,000        4,999,968  

Norinchukin Bank (The)(c)

     1.50 %      04/09/2018        9,500        9,497,661  

Oversea-Chinese Banking Corp. Ltd.(c)

     1.64 %      03/19/2018        10,000        10,000,058  

Total Certificates of Deposit (Cost $61,496,512)

                               61,498,188  

Variable Rate Demand Notes–12.07%(d)

          
Credit Enhanced–12.07%          

Derry (Township of), Pennsylvania Industrial & Commercial Development Authority (GIANT Center); Series 2001, VRD Facility Taxable RB (LOC–PNC Bank, N.A.)(e)

     1.50 %      11/01/2030        2,485        2,485,000  

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

     1.60 %      04/01/2047        8,000        8,000,000  

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

     1.51 %      05/01/2037        3,605        3,605,000  

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

     1.57 %      01/01/2033        5,115        5,115,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);

          

Series 2015 B-1, VRD Taxable RB (LOC–Bank of China Ltd.)(e)

     1.75 %      11/01/2049        13,000        13,000,001  

Series 2016 B-1, VRD RB (LOC–Bank of China Ltd.)(e)

     1.65 %      11/01/2049        2,910        2,910,000  

University of Texas System Board of Regents; Subseries 2016 G-1, VRD Financing System RB

     1.50 %      08/01/2045        10,000        10,000,000  

Ziegler Realty LLC; Series 2007, VRD Notes (LOC–Wells Fargo Bank, N.A.)(b)(e)

     1.60 %      01/01/2033        5,700        5,700,000  

Total Variable Rate Demand Notes (Cost $50,815,001)

                               50,815,001  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)–68.90% (Cost $289,992,775)

                               289,991,202  
                 Repurchase
Amount		         

Repurchase Agreements–31.16%(f)

          

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $15,000,633 (collateralized by a U.S. Treasury obligation and a foreign corporate obligation valued at $15,300,033; 1.25%-1.75%; 07/26/2019-12/31/2020)(c)

     1.52 %      03/01/2018        15,000,633        15,000,000  

BMO Capital Markets Corp., agreement dated 02/28/2018, maturing value of $9,000,380 (collateralized by U.S. government sponsored agency obligations and domestic and foreign corporate obligations valued at $9,594,527; 0%-9.70%; 04/17/2018-12/15/2032)(c)

     1.52 %      03/01/2018        9,000,380        9,000,000  

Credit Suisse Securities (USA) LLC, term agreement dated 02/28/2018, maturing value of $10,000,000 (collateralized by domestic commercial paper valued at $10,500,311; 1.41%-2.14%; 03/02/2018-09/10/2018)(c)(g)

     1.97 %      04/04/2018        10,000,000        10,000,000  

ING Financial Markets, LLC, agreement dated 02/28/2018, maturing value of $20,000,900 (collateralized by domestic corporate obligations valued at $22,001,059;
2.95%-10.75%; 03/01/2019-01/15/2043)(c)

     1.62 %      03/01/2018        20,000,900        20,000,000  

J.P. Morgan Securities LLC, open agreement dated 09/08/2017 (collateralized by domestic and foreign equity securities valued at $15,751,633; 0%-7.63%; 05/01/2020)(h)

     1.62 %      —        —        15,000,000  

RBC Capital Markets LLC, agreement dated 02/28/2018, maturing value of $20,000,844 (collateralized by domestic and foreign corporate obligations valued at $21,000,837; 0%-8.10%; 10/18/2019-01/10/2047)(c)

     1.52 %      03/01/2018        20,000,844        20,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $3,000,115,833 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $3,060,002,122;
1.13%-4.00%; 07/31/2021-10/20/2047)

     1.39 %      03/01/2018        32,159,565        32,158,323  

Wells Fargo Securities, LLC, agreement dated 02/28/2018, maturing value of $10,000,422 (collateralized by a foreign corporate obligation valued at $10,200,092; 2.13%; 01/18/2022)

     1.52 %      03/01/2018        10,000,422        10,000,000  

Total Repurchase Agreements (Cost $131,158,323)

                               131,158,323  

TOTAL INVESTMENTS IN SECURITIES(i)(j)–100.06% (Cost $421,151,098)

                               421,149,525  

OTHER ASSETS LESS LIABILITIES–(0.06)%

                               (267,773 ) 

NET ASSETS–100.00%

                             $ 420,881,752  

 

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

 

9                         Short-Term Investments Trust

Invesco STIC Prime Portfolio

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

LOC  

– Letter of Credit

RB  

– Revenue Bonds

RN  

– Revenue Notes

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, 2018 was $186,516,357, which represented 44.32% 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: 14.7%; Japan: 13.9%; Canada: 13.3%; France: 8.1%; China: 5.9%; other countries less than 5% each: 16.5%.
(d)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(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)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.
(h)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(i)  Also represents cost for federal income tax purposes.
(j)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations, but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     64.1 % 

8-30

     16.6  

31-60

     19.3  

61-90

     —  

91-180

     —  

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.

 

10                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco Treasury Portfolio

 

     Interest
Rate		    

Maturity

Date

     

Principal

Amount

(000)

      Value  

U.S. Treasury Securities–51.04%

 

U.S. Treasury Bills–35.60%(a)  

U.S. Treasury Bills

     1.38 %      03/15/2018      $ 640,000      $ 639,657,351  

U.S. Treasury Bills

     1.39 %      03/15/2018        65,000        64,964,990  

U.S. Treasury Bills

     1.35 %      03/22/2018        150,000        149,881,787  

U.S. Treasury Bills

     1.36 %      03/22/2018        850,000        849,325,295  

U.S. Treasury Bills

     1.52 %      03/29/2018        1,030,000        1,028,802,337  

U.S. Treasury Bills

     1.46 %      04/05/2018        378,000        377,466,696  

U.S. Treasury Bills

     1.43 %      04/12/2018        40,000        39,933,500  

U.S. Treasury Bills

     1.44 %      04/12/2018        385,000        384,357,692  

U.S. Treasury Bills

     1.46 %      04/19/2018        190,000        189,624,238  

U.S. Treasury Bills

     1.43 %      04/26/2018        250,000        249,446,610  

U.S. Treasury Bills

     1.44 %      04/26/2018        170,000        169,621,845  

U.S. Treasury Bills

     1.44 %      05/03/2018        425,000        423,936,351  

U.S. Treasury Bills

     1.64 %      05/24/2018        335,000        333,721,974  

U.S. Treasury Bills

     1.67 %      05/31/2018        1,015,000        1,010,790,939  

U.S. Treasury Bills

     1.54 %      06/28/2018        72,660        72,292,522  

U.S. Treasury Bills

     1.59 %      07/12/2018        600,000        596,500,991  

U.S. Treasury Bills

     1.60 %      07/19/2018        250,000        248,452,223  

U.S. Treasury Bills

     1.61 %      07/19/2018        625,000        621,112,083  

U.S. Treasury Bills

     1.63 %      07/26/2018        480,000        476,834,601  

U.S. Treasury Bills

     1.64 %      08/02/2018        500,000        496,523,877  

U.S. Treasury Bills

     1.86 %      08/30/2018        530,000        525,118,986  

U.S. Treasury Bills

     1.87 %      08/30/2018        500,000        495,374,166  
                                9,443,741,054  
U.S. Treasury Notes–15.44%  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.83 %      07/31/2018        429,240        429,239,586  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.82 %      10/31/2018        695,000        694,946,742  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b)

     1.79 %      01/31/2019        550,000        550,115,929  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.07%)(b)

     1.72 %      04/30/2019        1,282,000        1,282,077,118  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b)

     1.71 %      07/31/2019        800,000        799,996,787  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)(b)

     1.70 %      10/31/2019        340,000        340,072,832  
                                4,096,448,994  

Total U.S. Treasury Securities (Cost $13,540,190,048)

                               13,540,190,048  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)–51.04% (Cost $13,540,190,048)

                               13,540,190,048  
                 Repurchase
Amount		         

Repurchase Agreements–60.59%(c)

          

ABN AMRO Bank N.V., agreement dated 02/28/2018, maturing value of $800,030,222 (collateralized by U.S. Treasury obligations valued at $816,000,089;
1.00%-3.13%; 08/31/2018-05/15/2047)

     1.36 %      03/01/2018        800,030,222        800,000,000  

 

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

 

11                         Short-Term Investments Trust

Invesco Treasury Portfolio

 

     Interest
Rate		    

Maturity

Date

      Repurchase
Amount		      Value  

Bank of Montreal, joint term agreement dated 02/08/2018, aggregate maturing value of $500,656,250 (collateralized by U.S. Treasury obligations valued at $510,000,011; 0%-3.75%; 03/15/2018-11/15/2047)(d)

     1.35 %      03/15/2018      $ 220,288,750      $ 220,000,000  

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $1,250,047,222 (collateralized by U.S. Treasury obligations valued at $1,275,000,002; 0.13%-6.88%; 03/15/2018-05/15/2046)

     1.36 %      03/01/2018        1,250,047,222        1,250,000,000  

CIBC World Markets Corp., agreement dated 02/28/2018, maturing value of $1,000,037,778 (collateralized by U.S. Treasury obligations valued at $1,020,000,109; 1.38%-4.63%; 04/30/2020-11/15/2046)

     1.36 %      03/01/2018        1,000,037,778        1,000,000,000  

Citigroup Global Markets, Inc., term agreement dated 02/22/2018, maturing value of $500,129,306 (collateralized by U.S. Treasury obligations valued at $510,000,000; 0%-4.25%; 05/15/2018-11/15/2047)(d)

     1.33 %      03/01/2018        500,129,306        500,000,000  

Credit Agricole Corporate & Investment Bank, term agreement dated 02/23/2018, maturing value of $400,105,000 (collateralized by U.S. Treasury obligations valued at $408,000,089; 0.75%-3.13%; 10/31/2018-08/15/2044)(d)

     1.35 %      03/02/2018        400,105,000        400,000,000  

Credit Agricole Corporate & Investment Bank, term agreement dated 02/27/2018, maturing value of $500,131,250 (collateralized by U.S. Treasury Obligations valued at $510,000,022; 0%-2.50%; 05/31/2018-01/31/2025)(d)

     1.35 %      03/06/2018        500,131,250        500,000,000  

DNB Bank ASA, agreement dated 02/28/2018, maturing value of $1,100,041,861 (collateralized by U.S. Treasury obligations valued at $1,122,000,043;
1.50%-2.50%; 08/31/2018-11/15/2024)

     1.37 %      03/01/2018        1,100,041,861        1,100,000,000  

Fixed Income Clearing Corp. — Bank of New York Mellon (The), agreement dated 02/28/2018, maturing value of $400,015,222 (collateralized by U.S. Treasury obligations valued at $408,000,094; 1.38%-2.25%; 06/30/2023-05/15/2025)

     1.37 %      03/01/2018        400,015,222        400,000,000  

HSBC Securities (USA) Inc., term agreement dated 02/27/2018, maturing value of $400,105,000 (collateralized by U.S. Treasury Obligations valued at $408,003,950; 0.13%; 04/15/2020-04/15/2021)(d)

     1.35 %      03/06/2018        400,105,000        400,000,000  

ING Financial Markets, LLC, term agreement dated 02/23/2018, maturing value of $100,026,056 (collateralized by U.S. Treasury obligations valued at $102,000,037; 0.50%-4.38%; 06/30/2019-11/15/2047)(d)

     1.34 %      03/02/2018        100,026,056        100,000,000  

J.P. Morgan Securities LLC, agreement dated 02/28/2018, maturing value of $250,009,444 (collateralized by U.S. Treasury obligations valued at $255,003,742; 1.50%-2.00%; 05/31/2020-02/15/2022)

     1.36 %      03/01/2018        250,009,444        250,000,000  

Lloyds Bank PLC, joint term agreement dated 01/17/2018, aggregate maturing value of $501,286,250 (collateralized by U.S. Treasury obligations valued at $506,502,144; 1.00%-7.63%; 11/30/2019-02/15/2026)

     1.47 %      03/22/2018        210,540,225        210,000,000  

Lloyds Bank PLC, joint term agreement dated 02/23/2018, aggregate maturing value of $500,575,556 (collateralized by U.S. Treasury obligations valued at $509,956,295; 0.88%-7.50%; 07/15/2018-11/15/2024)

     1.48 %      03/26/2018        205,235,978        205,000,000  

Lloyds Bank PLC, term agreement dated 02/16/2018, maturing value of $250,287,778 (collateralized by U.S. Treasury obligations valued at $255,090,769; 1.50%-2.13%; 05/31/2020-11/15/2022)

     1.48 %      03/20/2018        250,287,778        250,000,000  

Lloyds Bank PLC, term agreement dated 02/20/2018, maturing value of $300,357,667 (collateralized by U.S. Treasury obligations valued at $305,996,254; 1.75%-2.63%; 10/31/2020-08/15/2025)

     1.48 %      03/22/2018        300,357,667        300,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., agreement dated 02/28/2018, maturing value of $150,005,708 (collateralized by a U.S. Treasury obligation valued at $153,000,074; 1.63%; 11/15/2022)

     1.37 %      03/01/2018        150,005,708        150,000,000  

Metropolitan Life Insurance Co., joint term agreement dated 02/28/2018, aggregate maturing value of $1,200,334,267 (collateralized by U.S. Treasury obligations valued at $1,233,979,365; 0%-4.50%; 03/29/2018-02/15/2043)(d)

     1.39 %      03/07/2018        510,139,930        510,002,087  

Mitsubishi UFJ Trust and Banking Corp., joint term agreement dated 02/28/2018, aggregate maturing value of $2,308,440,738 (collateralized by U.S. Treasury obligations valued at $2,358,620,162;
1.63%-2.25%; 08/31/2022-02/15/2027)(d)

     1.40 %      03/07/2018        941,818,814        941,562,500  

National Australia Bank Ltd., joint term agreement dated 02/27/2018, aggregate maturing value of $500,133,194 (collateralized by U.S. Treasury obligations valued at $509,532,574; 0.13%-2.13%; 04/15/2019-11/30/2023)(d)

     1.37 %      03/06/2018        250,066,597        250,000,000  

Natixis, agreement dated 02/28/2018, maturing value of $750,028,333 (collateralized by U.S. Treasury obligations valued at $765,000,038; 0%—8.50%; 04/15/2018—08/15/2047)

     1.36 %      03/01/2018        750,028,333        750,000,000  

 

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

 

12                         Short-Term Investments Trust

Invesco Treasury Portfolio

 

     Interest
Rate		    

Maturity

Date

      Repurchase
Amount		      Value  

Natixis, term agreement dated 02/23/2018, maturing value of $500,130,278 (collateralized by U.S. Treasury obligations valued at $510,000,040;
0%-8.75%; 04/15/2018-08/15/2047)(d)

     1.34 %      03/02/2018      $ 500,130,278      $ 500,000,000  

Natixis, term agreement dated 02/28/2018, maturing value of $750,201,250 (collateralized by U.S. Treasury obligations valued at $765,000,007;
0.13%-8.75%; 05/31/2018-05/15/2045)(d)

     1.38 %      03/07/2018        750,201,250        750,000,000  

Prudential Insurance Co. of America, agreement dated 02/28/2018, maturing value of $313,663,122 (collateralized by U.S. Treasury obligations valued at $321,638,491; 0%-2.50%; 11/15/2025-02/15/2045)

     1.42 %      03/01/2018        313,663,122        313,650,750  

Prudential Legacy Insurance Company of New Jersey, agreement dated 02/28/2018, maturing value of $113,191,965 (collateralized by U.S. Treasury obligations valued at $116,584,000; 0%; 08/15/2033-02/15/2045)

     1.42 %      03/01/2018        113,191,965        113,187,500  

Royal Bank of Canada, agreement dated 02/28/2018, maturing value of $50,001,889 (collateralized by a U.S. Treasury obligation valued at $51,000,055; 1.13%; 02/28/2021)

     1.36 %      03/01/2018        50,001,889        50,000,000  

Royal Bank of Canada, term agreement dated 02/09/2018, maturing value of $751,161,667 (collateralized by U.S. Treasury obligations valued at $765,000,045; 0.13%-7.63%; 04/15/2019-05/15/2046)(d)

     1.36 %      03/22/2018        751,161,667        750,000,000  

Societe Generale, open agreement dated 04/27/2017 (collateralized by U.S. Treasury Obligations valued at $1,020,000,025; 0%-7.63%; 03/29/2018-02/15/2048)(e)

     1.32 %      —        —        1,000,000,000  

Societe Generale, term agreement dated 01/19/2018, maturing value of $200,482,222 (collateralized by U.S. Treasury obligations valued at $204,000,031; 0%-3.13%; 07/12/2018-02/15/2048)

     1.40 %      03/22/2018        200,482,222        200,000,000  

Societe Generale, term agreement dated 02/22/2018, maturing value of $100,026,444 (collateralized by U.S. Treasury obligations valued at $102,000,096; 0%-7.63%; 03/29/2018-05/15/2047)(d)

     1.36 %      03/01/2018        100,026,444        100,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $1,000,038,056 (collateralized by U.S. Treasury obligations valued at $1,020,099,558; 3.63%; 02/15/2020)

     1.37 %      03/01/2018        546,072,192        546,051,411  

TD Securities (USA) LLC, agreement dated 02/28/2018, maturing value of $500,018,750 (collateralized by U.S. Treasury obligations valued at $510,000,055; 0%-4.75%; 03/01/2018-08/15/2047)

     1.35 %      03/01/2018        500,018,750        500,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2018, maturing value of $565,021,188 (collateralized by U.S. Treasury obligations valued at $576,300,016; 0%-2.75%; 06/28/2018-02/28/2025)

     1.35 %      03/01/2018        565,021,188        565,000,000  

Wells Fargo Securities, LLC, term agreement dated 02/23/2018, maturing value of $200,052,111 (collateralized by U.S. Treasury obligations valued at $204,000,092; 0.13%-9.13%; 05/15/2018-05/15/2044)(d)

     1.34 %      03/02/2018        200,052,111        200,000,000  

Total Repurchase Agreements (Cost $16,074,454,248)

                               16,074,454,248  

TOTAL INVESTMENTS IN SECURITIES(f)–111.63% (Cost $29,614,644,296)

                               29,614,644,296  

OTHER ASSETS LESS LIABILITIES–(11.63)%

                               (3,085,939,665 ) 

NET ASSETS–100.00%

                             $ 26,528,704,631  

Notes to Schedule of Investments:

 

(a)  Securities 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, 2018.
(c)  Principal amount equals value at period end. See Note 1I.
(d)  The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(e)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(f)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     44.6 % 

8-30

     14.7  

31-60

     5.3  

61-90

     2.9  

91-180

     14.9  

181+

     17.6  

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

 

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

 

13                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco Government & Agency Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Government Sponsored Agency Securities–34.70%

          
Federal Farm Credit Bank (FFCB)–2.81%          

Unsec. Bonds (1 mo. USD LIBOR + 0.12%)(a)

     1.71 %      03/21/2018      $ 20,000      $ 20,000,503  

Unsec. Bonds (1 mo. USD LIBOR - 0.06%)(a)

     1.52 %      12/04/2019        125,000        124,994,253  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.51 %      12/16/2019        120,000        120,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.52 %      09/25/2019        110,000        109,990,654  

Unsec. Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.46 %      12/06/2018        100,000        100,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.45 %      04/11/2019        75,000        75,000,000  

Unsec. Bonds (3 mo. USD LIBOR)(a)

     1.80 %      05/09/2018        9,500        9,503,327  

Unsec. Bonds (3 mo. USD LIBOR - 0.03%)(a)

     1.46 %      03/02/2018        40,000        40,000,179  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.53 %      08/28/2019        145,000        144,978,793  
                                744,467,709  
Federal Home Loan Bank (FHLB)–29.28%          

Unsec. Bonds (1 mo. USD LIBOR - 0.06%)(a)

     1.53 %      09/18/2019        50,000        50,016,548  

Unsec. Bonds (1 mo. USD LIBOR - 0.07%)(a)

     1.52 %      02/15/2019        280,000        280,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.07%)(a)

     1.52 %      02/19/2019        75,000        75,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.57 %      02/28/2019        235,000        235,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.50 %      03/06/2019        246,000        246,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.52 %      08/22/2019        100,000        100,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.49 %      01/11/2019        25,000        25,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      01/14/2019        50,000        50,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.53 %      01/25/2019        125,000        125,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      05/17/2019        210,000        210,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      06/06/2019        150,000        150,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      06/14/2019        120,000        120,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      07/17/2019        72,000        72,001,467  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      08/14/2019        125,000        125,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.10%)(a)

     1.49 %      12/21/2018        200,000        200,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.10%)(a)

     1.49 %      04/18/2019        85,000        85,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.52 %      07/26/2018        100,000        100,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.47 %      08/01/2018        200,000        200,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.49 %      04/22/2019        285,000        285,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.47 %      12/14/2018        404,000        404,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.45 %      10/10/2018        210,000        210,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.49 %      10/26/2018        193,000        193,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.45 %      11/05/2018        115,000        115,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.45 %      11/09/2018        210,000        210,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.46 %      11/15/2018        220,000        220,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.44 %      07/03/2018        300,000        300,000,044  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.45 %      10/12/2018        120,000        120,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.46 %      10/19/2018        200,000        200,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.17%)(a)

     1.34 %      03/06/2018        225,000        225,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.17%)(a)

     1.37 %      03/09/2018        100,000        100,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.18%)(a)

     1.43 %      03/19/2018        145,000        145,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.22%)(a)

     1.39 %      03/19/2018        175,000        175,000,000  

 

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

 

14                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

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

Unsec. Bonds (3 mo. USD LIBOR - 0.22%)(a)

     1.39 %      03/19/2018      $ 100,000      $ 100,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.26%)(a)

     1.45 %      04/12/2018        220,000        220,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.26%)(a)

     1.46 %      04/13/2018        225,000        224,999,928  

Unsec. Bonds (3 mo. USD LIBOR - 0.27%)(a)

     1.48 %      04/20/2018        86,000        85,999,083  

Unsec. Bonds (3 mo. USD LIBOR - 0.27%)(a)

     1.47 %      04/23/2018        140,000        139,998,964  

Unsec. Bonds (3 mo. USD LIBOR - 0.31%)(a)

     1.53 %      08/15/2018        58,000        57,990,091  

Unsec. Bonds (3 mo. USD LIBOR - 0.35%)(a)

     1.44 %      05/08/2018        230,000        230,000,349  

Unsec. Disc. Notes(b)

     1.40 %      03/16/2018        45,267        45,240,594  

Unsec. Disc. Notes(b)

     1.59 %      04/13/2018        10,800        10,779,489  

Unsec. Disc. Notes(b)

     1.59 %      04/17/2018        50,000        49,896,209  

Unsec. Disc. Notes(b)

     1.60 %      04/18/2018        51,400        51,290,960  

Unsec. Disc. Notes(b)

     1.60 %      04/20/2018        33,300        33,226,024  

Unsec. Disc. Notes(b)

     1.61 %      04/25/2018        100,000        99,755,097  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.05%)(a)

     1.53 %      07/12/2018        200,000        200,026,232  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.50 %      03/01/2019        165,000        165,002,873  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      06/14/2019        30,000        30,000,000  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.49 %      07/08/2019        150,000        150,009,428  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.47 %      12/21/2018        150,000        150,000,000  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.47 %      11/19/2018        120,000        120,000,000  

Unsec. Global Bonds (3 mo. USD LIBOR - 0.22%)(a)

     1.48 %      04/06/2018        136,000        136,000,000  

Unsec. Global Bonds (3 mo. USD LIBOR - 0.35%)(a)

     1.45 %      05/09/2018        100,000        100,000,000  
                                7,750,233,380  
Federal Home Loan Mortgage Corp. (FHLMC)–0.79%          

Unsec. Disc. Notes(b)

     1.38 %      03/19/2018        160,000        159,889,600  

Unsec. Medium-Term Notes (1 mo. USD LIBOR - 0.10%)(a)

     1.48 %      08/08/2019        50,000        50,000,000  
                                209,889,600  
Federal National Mortgage Association (FNMA)–0.49%          

Unsec. Disc. Notes(b)

     1.38 %      03/14/2018        130,000        129,935,217  
Overseas Private Investment Corp. (OPIC)–1.33%          

Sec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      11/15/2028        97,727        97,727,273  

Sr. Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      06/15/2025        24,000        24,000,000  

Sr. Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      02/15/2028        20,000        20,000,000  

Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      09/15/2020        116,000        116,000,000  

Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      07/15/2025        39,167        39,166,667  

Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.70 %      05/15/2030        10,452        10,452,000  

Unsec. Gtd. VRD COP Notes (3 mo. U.S. Treasury Bill Rate)(c)

     1.62 %      07/09/2026        43,350        43,350,000  
                                350,695,940  

Total U.S. Government Sponsored Agency Securities (Cost $9,185,221,846)

                               9,185,221,846  

U.S. Treasury Securities–21.74%

          
U.S. Treasury Bills–20.11%(b)          

U.S. Treasury Bills

     1.14 %      03/15/2018        350,000        349,845,378  

U.S. Treasury Bills

     1.32 %      03/15/2018        160,000        159,917,866  

U.S. Treasury Bills

     1.38 %      03/15/2018        687,000        686,632,127  

U.S. Treasury Bills

     1.39 %      03/15/2018        120,000        119,935,367  

U.S. Treasury Bills

     1.35 %      03/22/2018        150,000        149,881,787  

U.S. Treasury Bills

     1.36 %      03/22/2018        250,000        249,801,615  

 

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

 

15                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

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

U.S. Treasury Bills

     1.50 %      03/29/2018      $ 600,000      $ 599,302,332  

U.S. Treasury Bills

     1.43 %      04/05/2018        178,000        177,753,396  

U.S. Treasury Bills

     1.46 %      04/05/2018        210,000        209,703,720  

U.S. Treasury Bills

     1.23 %      04/12/2018        400,000        399,430,667  

U.S. Treasury Bills

     1.64 %      05/24/2018        335,000        333,721,974  

U.S. Treasury Bills

     1.59 %      07/12/2018        400,000        397,666,958  

U.S. Treasury Bills

     1.60 %      07/19/2018        125,000        124,226,111  

U.S. Treasury Bills

     1.61 %      07/19/2018        375,000        372,667,639  

U.S. Treasury Bills

     1.63 %      07/26/2018        300,000        298,021,626  

U.S. Treasury Bills

     1.64 %      08/02/2018        400,000        397,219,038  

U.S. Treasury Bills

     1.85 %      08/30/2018        300,000        297,235,875  
                                5,322,963,476  
U.S. Treasury Notes–1.63%          

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield
Rate)(a)

     1.65 %      01/31/2020        60,000        59,998,850  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(a)

     1.71 %      07/31/2019        370,000        370,015,134  
                                430,013,984  

Total U.S. Treasury Securities (Cost $5,752,977,460)

                               5,752,977,460  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements) (Cost $14,938,199,306)

                               14,938,199,306  
                 Repurchase
Amount		         

Repurchase Agreements–47.00%(d)

          

ABN AMRO Bank N.V., agreement dated 02/28/2018, maturing value of $700,026,833 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $714,000,032; 1.25%-6.50%; 10/31/2018-12/01/2047)

     1.38 %      03/01/2018        700,026,833        700,000,000  

Bank of Montreal, joint term agreement dated 02/08/2018, aggregate maturing value of $500,656,250 (collateralized by U.S. Treasury obligations valued at $510,000,011; 0%-3.75%; 03/15/2018-11/15/2047)(e)

     1.35 %      03/15/2018        220,288,750        220,000,000  

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $200,007,667 (collateralized by U.S. government sponsored agency obligations valued at $204,000,000; 2.65%-4.50%; 05/01/2035-09/01/2047)

     1.38 %      03/01/2018        200,007,667        200,000,000  

CIBC World Markets Corp., agreement dated 02/28/2018, maturing value of $1,075,041,208 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,096,500,092;
1.38%-5.50%; 04/30/2020-01/01/2048)

     1.38 %      03/01/2018        1,075,041,208        1,075,000,000  

Citigroup Global Markets, Inc., joint agreement dated 02/28/2018, aggregate maturing value of $400,015,111 (collateralized by U.S. Treasury obligations valued at $408,000,000; 0%; 11/15/2018-08/15/2045)

     1.36 %      03/01/2018        200,007,556        200,000,000  

Credit Agricole Corporate & Investment Bank, joint term agreement dated 02/22/2018, aggregate maturing value of $250,066,111 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $255,000,007; 1.50%-3.50%; 05/31/2020-08/01/2047)(e)

     1.36 %      03/01/2018        135,035,700        135,000,000  

Credit Agricole Corporate & Investment Bank, joint term agreement dated 02/23/2018, aggregate maturing value of $500,133,194 (collateralized by U.S. government sponsored agency obligations valued at $510,000,000;
3.00%-5.00%; 04/01/2027-03/01/2048)(e)

     1.37 %      03/02/2018        250,066,597        250,000,000  

Credit Agricole Corporate & Investment Bank, term agreement dated 02/27/2018, maturing value of $250,066,111 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $255,000,062;
1.88%-3.50%; 08/31/2022-02/01/2048)(e)

     1.36 %      03/06/2018        250,066,111        250,000,000  

DNB Bank ASA, agreement dated 02/28/2018, maturing value of $300,011,417 (collateralized by U.S. Treasury obligations valued at $306,000,088;
0.13%-1.88%; 06/15/2020-05/31/2022)

     1.37 %      03/01/2018        300,011,417        300,000,000  

 

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

 

16                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Fixed Income Clearing Corp. — Bank of New York Mellon (The), agreement dated 02/28/2018, maturing value of $400,015,222 (collateralized by U.S. Treasury obligations valued at $408,000,078; 2.00%-3.00%; 02/15/2022-05/15/2047)

     1.37 %      03/01/2018      $ 400,015,222      $ 400,000,000  

ING Financial Markets, LLC, joint agreement dated 02/28/2018, aggregate maturing value of $100,003,833 (collateralized by domestic agency mortgage-backed securities valued at $102,000,000; 2.50%-4.50%; 09/01/2018-02/01/2048)

     1.38 %      03/01/2018        60,002,300        60,000,000  

ING Financial Markets, LLC, joint term agreement dated 02/23/2018, aggregate maturing value of $250,066,111 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000;
2.00%-5.50%; 02/01/2021-01/01/2048)(e)

     1.36 %      03/02/2018        85,022,478        85,000,000  

ING Financial Markets, LLC, joint term agreement dated 12/14/2017, maturing value of $376,429,167 (collateralized by U.S. government sponsored agency obligations valued at $382,500,001; 2.00%-5.50%; 04/01/2020-02/01/2048)

     1.40 %      03/22/2018        306,162,389        305,000,000  

ING Financial Markets, LLC, term agreement dated 12/15/2017, maturing value of $75,285,833 (collateralized by domestic agency mortgage-backed securities valued at $76,500,000; 1.70%-4.50%; 10/01/2027-02/01/2048)

     1.40 %      03/23/2018        75,285,833        75,000,000  

Lloyds Bank PLC, joint term agreement dated 01/17/2018, aggregate maturing value of $501,286,250 (collateralized by U.S. Treasury obligations valued at $506,502,144; 1.00%-7.63%; 11/30/2019-02/15/2026)

     1.47 %      03/22/2018        225,578,813        225,000,000  

Lloyds Bank PLC, joint term agreement dated 02/23/2018, aggregate maturing value of $500,575,556 (collateralized by U.S. Treasury obligations valued at $509,956,295; 0.88%-7.50%; 07/15/2018-11/15/2024)

     1.48 %      03/26/2018        225,259,000        225,000,000  

Lloyds Bank PLC, joint term agreement dated 12/04/2017, aggregate maturing value of $501,794,722 (collateralized by U.S. Treasury obligations valued at $513,607,959; 1.38%-6.13%; 06/30/2020-11/15/2027)

     1.42 %      03/05/2018        361,292,200        360,000,000  

Metropolitan Life Insurance Co., joint term agreement dated 02/28/2018, aggregate maturing value of $1,200,334,267 (collateralized by U.S. Treasury obligations valued at $1,233,979,365; 0%-4.50%; 03/29/2018-02/15/2043)(e)

     1.39 %      03/07/2018        500,136,264        500,001,125  

Mitsubishi UFJ Trust and Banking Corp., joint term agreement dated 02/28/2018, aggregate maturing value of $2,308,440,738 (collateralized by U.S. Treasury obligations valued at $2,358,620,162;
1.63%-2.25%; 08/31/2022-02/15/2027)(e)

     1.40 %      03/07/2018        1,074,729,986        1,074,437,500  

National Australia Bank Ltd., joint term agreement dated 02/27/2018, aggregate maturing value of $500,133,194 (collateralized by U.S. Treasury obligations valued at $509,532,574; 0.13%-2.13%; 04/15/2019-11/30/2023)(e)

     1.37 %      03/06/2018        250,066,597        250,000,000  

Prudential Insurance Co. of America, agreement dated 02/28/2018, maturing value of $365,536,918 (collateralized by U.S. Treasury obligations valued at $375,976,160; 0%; 02/15/2026-05/15/2045)

     1.42 %      03/01/2018        365,539,918        365,522,500  

Prudential Legacy Insurance Company of New Jersey, agreement dated 02/28/2018, maturing value of $60,377,381 (collateralized by U.S. Treasury obligations valued at $61,868,000; 0%; 08/15/2033)

     1.42 %      03/01/2018        60,377,381        60,375,000  

RBC Capital Markets LLC, joint term agreement dated 02/28/2018, aggregate maturing value of $1,000,000,000 (collateralized by U.S. government sponsored agency obligations valued at $1,020,000,000;
0%-7.50%; 03/25/2018-11/25/2057)(a)(e)

     1.42 %      04/30/2018        590,000,000        590,000,000  

Royal Bank of Canada, joint term agreement dated 02/08/2018, aggregate maturing value of $1,101,339,556 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,122,000,000;
1.88%-7.00%; 01/31/2022-11/15/2057)(e)

     1.37 %      03/12/2018        891,083,822        890,000,000  

Royal Bank of Canada, term agreement dated 02/23/2018, maturing value of $75,019,833 (collateralized by domestic agency mortgage-backed securities valued at $76,500,000; 3.50%-4.50%; 02/01/2029-01/01/2048)(e)

     1.36 %      03/02/2018        75,019,833        75,000,000  

Societe Generale, joint open agreement dated 04/27/2017 (collateralized by U.S. Government sponsered agency obligations and U.S. Treasury obligations valued at $1,530,000,152; 0%-7.63%; 03/29/2018-11/20/2064)(f)

     1.34 %      —        —        1,115,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $1,000,038,056 (collateralized by U.S. Treasury obligations valued at $1,020,099,558; 3.63%; 02/15/2020)

     1.37 %      03/01/2018        453,965,864        453,948,589  

 

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

 

17                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $3,000,115,833 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $3,060,002,122; 1.13%-4.00%; 07/31/2021-10/20/2047)

     1.39 %      03/01/2018      $ 1,274,728,301      $ 1,274,679,084  

Wells Fargo Securities, LLC, joint agreement dated 02/28/2018, aggregate maturing value of $760,028,922 (collateralized by U.S. government sponsored agency obligations valued at $775,200,000; 4.00%; 07/01/2047-03/01/2048)

     1.37 %      03/01/2018        725,027,590        725,000,000  

Total Repurchase Agreements (Cost $12,438,963,798)

                               12,438,963,798  

TOTAL INVESTMENTS IN SECURITIES(g)–103.44% (Cost $27,377,163,104)

                               27,377,163,104  

OTHER ASSETS LESS LIABILITIES–(3.44)%

                               (910,581,357 ) 

NET ASSETS–100.00%

                             $ 26,466,581,747  

Investment Abbreviations:

 

COP  

– Certificates of Participation

Disc.  

– Discounted

Gtd.  

– Guaranteed

LIBOR  

– London Interbank Offered Rate

Sec.  

– Secured

Sr.  

– Senior

Unsec.  

– Unsecured

USD  

– U.S. Dollar

VRD  

– Variable Rate Demand

Notes to Schedule of Investments:

 

(a)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.
(b)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(c)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(d)  Principal amount equals value at period end. See Note 1I.
(e)  The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(f)  Either party may terminate the agreement upon demand. Interest rates, principal amounts and collateral are redetermined daily.
(g)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     44.7 % 

8-30

     14.7  

31-60

     6.7  

61-90

     2.5  

91-180

     8.9  

181+

     22.5  

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.

 

18                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco Treasury Obligations Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–110.23%

          
U.S. Treasury Bills–88.61%(a)          

U.S. Treasury Bills

     1.15 %      03/01/2018      $ 75,000      $ 75,000,000  

U.S. Treasury Bills

     1.16 %      03/01/2018        65,400        65,400,000  

U.S. Treasury Bills

     1.23 %      03/08/2018        5,000        4,998,809  

U.S. Treasury Bills

     1.28 %      03/08/2018        40,700        40,690,040  

U.S. Treasury Bills

     1.29 %      03/08/2018        3,900        3,899,022  

U.S. Treasury Bills

     1.14 %      03/15/2018        18,900        18,891,651  

U.S. Treasury Bills

     1.31 %      03/15/2018        3,300        3,298,325  

U.S. Treasury Bills

     1.32 %      03/15/2018        5,000        4,997,433  

U.S. Treasury Bills

     1.38 %      03/15/2018        123,000        122,933,990  

U.S. Treasury Bills

     1.36 %      03/22/2018        160,800        160,672,463  

U.S. Treasury Bills

     1.37 %      03/22/2018        24,800        24,780,181  

U.S. Treasury Bills

     1.18 %      03/29/2018        9,309        9,300,529  

U.S. Treasury Bills

     1.50 %      03/29/2018        100,000        99,883,722  

U.S. Treasury Bills

     1.20 %      04/05/2018        10,000        9,988,431  

U.S. Treasury Bills

     1.31 %      04/05/2018        600        599,236  

U.S. Treasury Bills

     1.43 %      04/05/2018        26,000        25,963,979  

U.S. Treasury Bills

     1.46 %      04/05/2018        39,500        39,444,269  

U.S. Treasury Bills

     1.23 %      04/12/2018        10,000        9,985,766  

U.S. Treasury Bills

     1.44 %      04/12/2018        15,000        14,974,975  

U.S. Treasury Bills

     1.48 %      04/12/2018        17,400        17,369,936  

U.S. Treasury Bills

     1.51 %      04/12/2018        32,100        32,043,432  

U.S. Treasury Bills

     1.56 %      04/12/2018        100,000        99,818,000  

U.S. Treasury Bills

     1.25 %      04/19/2018        10,000        9,983,122  

U.S. Treasury Bills

     1.41 %      04/19/2018        8,700        8,683,363  

U.S. Treasury Bills

     1.46 %      04/19/2018        10,000        9,980,223  

U.S. Treasury Bills

     1.48 %      04/19/2018        15,000        14,969,885  

U.S. Treasury Bills

     1.44 %      04/26/2018        30,000        29,933,267  

U.S. Treasury Bills

     1.51 %      05/10/2018        30,000        29,912,500  

U.S. Treasury Bills

     1.55 %      05/10/2018        20,000        19,940,111  

U.S. Treasury Bills

     1.64 %      05/24/2018        20,000        19,923,700  

U.S. Treasury Bills

     1.65 %      05/31/2018        30,000        29,875,633  

U.S. Treasury Bills

     1.54 %      06/28/2018        30,000        29,848,275  

U.S. Treasury Bills

     1.59 %      07/12/2018        40,000        39,767,065  

U.S. Treasury Bills

     1.61 %      07/19/2018        40,000        39,751,111  

U.S. Treasury Bills

     1.61 %      07/26/2018        10,000        9,934,830  

U.S. Treasury Bills

     1.63 %      07/26/2018        15,000        14,901,081  

U.S. Treasury Bills

     1.64 %      08/02/2018        15,000        14,895,729  

U.S. Treasury Bills

     1.83 %      08/30/2018        10,000        9,907,863  
                                1,217,141,947  
U.S. Treasury Notes–21.62%          

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.19%)(b)

     1.84 %      04/30/2018        40,000        40,019,016  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.83 %      07/31/2018        53,000        53,004,957  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.82 %      10/31/2018        35,000        35,000,667  

 

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

 

19                         Short-Term Investments Trust

Invesco Treasury Obligations Portfolio

 

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

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b)

     1.79 %      01/31/2019      $ 49,000      $ 49,009,376  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.07%)(b)

     1.72 %      04/30/2019        38,000        38,003,128  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b)

     1.71 %      07/31/2019        19,000        18,999,279  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)(b)

     1.70 %      10/31/2019        47,000        47,005,869  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate)(b)

     1.65 %      01/31/2020        16,000        15,997,955  
                                297,040,247  

TOTAL INVESTMENTS IN SECURITES–110.23% (Cost $1,514,182,194)

                               1,514,182,194  

OTHER ASSETS LESS LIABILITIES–(10.23)%

                               (140,545,490 ) 

NET ASSETS–100.00%

                             $ 1,373,636,704  

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, 2018.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     9.3 % 

8-30

     32.6  

31-60

     21.4  

61-90

     7.3  

91-180

     15.3  

181+

     14.1  

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.

 

20                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

 

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

Municipal Obligations–98.89%

 

Alabama–4.19%  

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

     1.09 %      07/01/2040      $ 8,405      $ 8,405,000  
Arizona–1.80%  

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

     1.09 %      06/15/2031        1,975        1,975,000  

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

     1.09 %      06/15/2031        1,640        1,640,000  
                                3,615,000  
California–3.43%  

California (State of); Series 2004 A-9, Ref. VRD Unlimited Tax GO Bonds (LOC–State Street Bank & Trust Co.)(a)(b)

     0.97 %      05/01/2034        4,170        4,170,000  

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

     1.03 %      08/01/2042        2,700        2,700,000  
                                6,870,000  
Colorado–0.82%  

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

     1.22 %      02/01/2031        908        908,000  

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

     1.22 %      07/01/2034        735        735,000  
                                1,643,000  
Delaware–2.04%  

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

     1.11 %      09/01/2036        3,085        3,085,000  

Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(a)(b)

     1.09 %      05/01/2036        1,005        1,005,000  
                                4,090,000  
District of Columbia–1.50%  

Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD Airport System RB (LOC–Sumitomo Mitsui Banking Corp.)(a)(b)

     1.09 %      10/01/2039        3,000        3,000,000  
Florida–5.96%  

Miami-Dade (County of); Series 2014 A, VRD Seaport RB (LOC–Bank of Tokyo–Mitsubishi UFJ, Ltd. (The))(a)(b)

     1.09 %      10/01/2050        3,800        3,800,000  

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

     1.15 %      11/01/2036        2,445        2,445,000  

Palm Beach (County of) (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC–Northern Trust Co. (The))(a)(b)

     1.12 %      07/01/2032        1,735        1,735,000  

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

     1.13 %      11/01/2038        3,960        3,960,000  
                                11,940,000  
Georgia–5.14%  

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

     1.01 %      09/01/2035        4,190        4,190,000  

Monroe (County of) Development Authority (Oglethorpe Power Corp. Scherer);

          

Series 2009 A, VRD PCR (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     1.07 %      01/01/2030        2,000        2,000,000  

Series 2010 A, Ref. VRD PCR (LOC–Bank of Montreal)(a)(b)

     1.12 %      01/01/2036        3,000        3,000,000  

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)

     1.22 %      09/01/2020        1,100        1,100,000  
                                10,290,000  

 

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

 

21                         Short-Term Investments Trust

Invesco Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  
Illinois–4.16%  

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

     1.17 %      08/01/2030      $ 3,400      $ 3,400,000  

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

     1.05 %      12/01/2046        4,935        4,935,000  
                                8,335,000  
Indiana–8.09%  

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

     1.22 %      08/01/2037        5,240        5,240,000  

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

     1.23 %      06/01/2035        7,385        7,385,000  

Purdue University; Series 2011 A, VRD COP(a)

     1.04 %      07/01/2035        3,082        3,081,500  

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

     1.09 %      10/01/2019        500        500,000  
                                16,206,500  
Louisiana–1.52%  

Louisiana (State of) Public Facilities Authority (CHRISTUS Health); Series 2009 B-3, Ref. VRD RB (LOC–Bank of New York Mellon (The))(a)(b)

     1.07 %      07/01/2047        1,490        1,490,000  

New Orleans (Port of) Board of Commissioners; Series 2010, Ref. VRD Subordinate Lien RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     1.12 %      06/01/2034        625        625,000  

St. James (Parish of) (NuStar Logistics, L.P.); Series 2010 B, VRD RB (LOC–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(a)(b)

     1.13 %      12/01/2040        930        930,000  
                                3,045,000  
Massachusetts–1.72%  

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

     1.10 %      10/01/2038        1,650        1,650,000  

Massachusetts (State of); Series 2017 B, Limited Tax GO RAN

     2.00 %      05/21/2018        1,800        1,804,523  
                                3,454,523  
Michigan–1.16%  

Kent (County of) Hospital Finance Authority (Spectrum Health System); Series 2008 C, Ref. VRD RB (LOC–Bank of New York Mellon (The))(a)(b)

     1.10 %      01/15/2026        445        445,000  

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

     1.10 %      03/01/2031        1,885        1,885,000  
                                2,330,000  
Minnesota–4.47%  

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

     1.17 %      10/15/2033        1,175        1,175,000  

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

     1.18 %      11/15/2031        3,465        3,465,000  

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

     1.07 %      11/01/2035        4,180        4,180,000  

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

     1.07 %      10/01/2033        138        138,000  
                                8,958,000  
Mississippi–3.94%  

Mississippi Business Finance Corp. (Chevron U.S.A. Inc.);

          

Series 2007 A, VRD Gulf Opportunity Zone IDR(a)

     1.15 %      12/01/2030        150        150,000  

Series 2010 C, VRD Gulf Opportunity Zone IDR(a)

     1.09 %      12/01/2030        2,035        2,035,000  

Series 2010 E, VRD Gulf Opportunity Zone IDR(a)

     1.09 %      12/01/2030        5,700        5,700,000  
                                7,885,000  
Missouri–3.11%  

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

     1.09 %      11/01/2037        525        525,000  

Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC–FHLB of Chicago)(a)(b)

     1.10 %      08/01/2038        1,245        1,245,000  

 

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

 

22                         Short-Term Investments Trust

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

Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2000, VRD RB (LOC–Bank of America, N.A.)(a)(b)

     1.14 %      02/01/2031      $ 3,860      $ 3,860,000  

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

     1.19 %      12/01/2019        595        595,000  
                                6,225,000  
Nevada–2.02%  

Truckee Meadows Water Authority; Series 2006 B, Commercial Paper Notes (LOC–Bank of Tokyo–Mitsubishi UFJ, Ltd. (The))(b)

     1.25 %      05/15/2018        4,050        4,050,000  
New York–7.90%  

Metropolitan Transportation Authority;

          

Subseries 2005 D-1, VRD RB (LOC–Landesbank Hessen-Thueringen Girozentrale)(a)(b)

     1.13 %      11/01/2035        4,980        4,980,000  

Subseries 2005 D-2, VRD RB (LOC–Landesbank Hessen-Thueringen Girozentrale)(a)(b)

     1.11 %      11/01/2035        3,290        3,290,000  

New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.); Subseries 2005 A-2, VRD RB (LOC–Mizuho Bank, Ltd.)(a)(b)

     1.07 %      05/01/2039        2,000        2,000,000  

New York (State of) Housing Finance Agency (222 East 44th Street Housing); Series 2015 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)

     1.18 %      05/01/2050        1,000        1,000,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2015 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)(c)

     1.17 %      11/01/2049        4,550        4,550,000  
                                15,820,000  
North Carolina–0.90%  

Raleigh & Durham (Cities of) Airport Authority; Series 2008 C, Ref. VRD RB (LOC–TD Bank,
N.A.)(a)(b)(c)

     1.05 %      05/01/2036        1,800        1,800,000  
Oregon–1.72%  

Oregon (State of) Facilities Authority (PeaceHealth); Series 2008 A, Ref. VRD RB (LOC–U.S. Bank, N.A.)(a)(b)

     1.12 %      08/01/2034        3,450        3,450,000  
Pennsylvania–4.05%  

Crawford (County of) Industrial Development Authority (Allegheny College); Series 2009 B, VRD College RB (LOC–PNC Bank, N.A.)(a)(b)

     1.11 %      11/01/2039        422        422,000  

Derry (Township of) Industrial & Commercial Development Authority (Hershey Arena); Series 2000 A, VRD Hotel Tax RB (LOC–PNC Bank, N. A.)(a)(b)

     1.10 %      11/01/2030        500        500,000  

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

     1.09 %      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)

     1.11 %      10/15/2025        1,370        1,370,000  

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

     1.10 %      09/01/2028        1,886        1,886,000  

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

     1.09 %      11/01/2029        600        600,000  

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

     1.10 %      07/01/2027        550        550,000  
                                8,123,000  
Texas–13.64%  

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

     1.11 %      08/01/2035        6,405        6,405,000  

Gulf Coast Industrial Development Authority (ExxonMobil); Series 2012, VRD RB(a)

     1.10 %      11/01/2041        1,300        1,300,000  

Harris (County of) Hospital District; Series 2010, Ref. VRD Sr. Lien RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     1.12 %      02/15/2042        635        635,000  

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

     1.09 %      01/01/2049        4,215        4,215,000  

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

     1.09 %      04/01/2026        2,722        2,722,000  

Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments);
Series 2009, VRD MFH RB (CEP–FHLMC)(a)

     1.09 %      05/01/2042        2,150        2,150,000  

Texas (State of); Series 2017, TRAN

     4.00 %      08/30/2018        5,700        5,786,681  

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

     0.98 %      08/01/2025        4,120        4,120,000  
                                27,333,681  

 

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

 

23                         Short-Term Investments Trust

Invesco Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  
Utah–3.25%  

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

     1.13 %      11/01/2024      $ 3,612      $ 3,612,000  

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

     1.15 %      04/01/2042        2,900        2,900,000  
                                6,512,000  
Virginia–2.99%  

Norfolk (City of); Series 2007, VRD Unlimited Tax GO Bonds(a)

     1.10 %      08/01/2037        2,500        2,500,000  

University of Virginia; Series 2018 A, Commercial Paper Notes

     1.12 %      03/08/2018        3,500        3,500,000  
                                6,000,000  
Washington–2.10%  

Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD MFH RB (LOC–FHLB of San Francisco)(a)(b)

     1.13 %      09/01/2049        4,200        4,200,000  
West Virginia–2.09%  

Cabell (County of) (Provident Group — Marshall Properties LLC — Marshall University); Series 2010 A, VRD University Facilities RB (LOC–Bank of America, N.A.)(a)(b)

     1.15 %      07/01/2039        1,050        1,050,000  

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

     1.12 %      01/01/2034        3,130        3,130,000  
                                4,180,000  
Wisconsin–3.18%  

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

     1.11 %      10/01/2042        4,220        4,220,000  

Milwaukee (City of); Series 2017 M-11, School RAN

     5.00 %      09/27/2018        2,100        2,147,828  
                                6,367,828  
Wyoming–2.00%  

Lincoln (County of) (ExxonMobil); Series 2014, Ref. VRD PCR(a)

     1.14 %      10/01/2044        4,000        4,000,000  

TOTAL INVESTMENTS IN SECURITIES(e)(f)–98.89% (Cost $198,128,532)

                               198,128,532  

OTHER ASSETS LESS LIABILITIES–1.11%

                               2,218,294  

NET ASSETS–100.00%

                             $ 200,346,826  

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

RAN  

– Revenue Anticipation Notes

RB  

– Revenue Bonds

Ref.  

– Refunding

Sr.  

– Senior

TRAN  

– Tax and Revenue Anticipation Notes

VRD  

– Variable Rate Demand

 

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

 

24                         Short-Term Investments Trust

Invesco Tax-Free Cash Reserve Portfolio

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 based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(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. No concentration of any single foreign country was greater than 5%.
(d)  Security purchased or received in 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 value of this security at February 28, 2018 represented 1.70% of the Fund’s Net Assets.
(e)  Also represents cost for federal income tax purposes.
(f)  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.

 

Entity    Percentage  

Federal Home Loan Bank

      5.4 % 

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     91.2 % 

8-30

     1.8  

31-60

     —  

61-90

     3.0  

91-180

     —  

181+

     4.0  

 

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

 

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

 

25                         Short-Term Investments Trust

Statements of Assets and Liabilities

February 28, 2018

(Unaudited)

 

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

Assets:

                          

Investments in securities, at value

      $ 1,909,330,734       $ 289,991,202       $ 13,540,190,048        $ 14,938,199,306       $ 1,514,182,194       $ 198,128,532  

Repurchase agreements

        669,390,695         131,158,323         16,074,454,248          12,438,963,798         —         —  

Receivable for:

                          

Investments sold

        —         —         —          —         —         2,005,054  

Interest

        1,213,123         169,887         6,559,557          12,936,490         398,418         334,292  

Fund expenses absorbed

        —         —         192,515          65,153         20,469         5,441  

Investment for trustee deferred compensation and retirement plans

        3,820,079         1,063,222         2,266,349          1,031,485         131,441         378,349  

Other assets

        40,994         179,475         118,329          422,732         52,131         73,560  

Total assets

        2,583,795,625         422,562,109         29,623,781,046          27,391,618,964         1,514,784,653         200,925,228  

Liabilities:

                          

Payable for:

                          

Investments purchased

        —         —         3,060,086,427          896,538,207         139,667,218         —  

Amount due custodian

        —         —         6,512,475          927,423         6,660         —  

Dividends

        3,053,548         453,959         24,912,470          25,692,274         1,264,683         116,102  

Accrued fees to affiliates

        34,807         2,535         684,843          572,024         31,362         15,740  

Accrued trustees’ and officer’s fees and benefits

        3,986         4,082         52,471          56,456         6,003         4,238  

Accrued operating expenses

        102,202         37,920         210,418          20,051         25,744         23,275  

Trustee deferred compensation and retirement plans

        4,294,659         1,181,861         2,617,311          1,230,782         146,279         419,048  

Total liabilities

        7,489,202         1,680,357         3,095,076,415          925,037,217         141,147,949         578,403  

Net assets applicable to shares outstanding

      $ 2,576,306,423       $ 420,881,752       $ 26,528,704,631        $ 26,466,581,747       $ 1,373,636,704       $ 200,346,825  

Net assets consist of:

                          

Shares of beneficial interest

      $ 2,576,230,027       $ 420,112,540       $ 26,528,016,990        $ 26,466,509,242       $ 1,373,702,289       $ 200,509,685  

Undistributed net investment income

        125,723         768,843         445,995          208,988         (12,543 )        (104,955 ) 

Undistributed net realized gain (loss)

        8,085         1,942         241,646          (136,483 )        (53,042 )        (57,905 ) 

Net unrealized appreciation (depreciation)

        (57,412 )        (1,573 )        —          —         —         —  
       $ 2,576,306,423       $ 420,881,752       $ 26,528,704,631        $ 26,466,581,747       $ 1,373,636,704       $ 200,346,825  

Cost of Investments

      $ 2,578,778,842       $ 421,151,098       $ 29,614,644,296        $ 27,377,163,104       $ 1,514,182,194       $ 198,128,532  

 

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

 

26                         Short-Term Investments Trust

Statements of Assets and Liabilities—(continued)

February 28, 2018

(Unaudited)

 

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

Net Assets:

 

     

Institutional Class

      $ 2,545,619,200        $ 416,671,336        $ 24,044,592,088        $ 25,046,080,286        $ 1,328,658,137        $ 112,865,021  

Private Investment Class

      $ 6,410,598        $ 1,862,844        $ 630,268,529        $ 393,539,939        $ 1,259,294        $ 37,329,458  

Personal Investment Class

      $ 11,224        $ 612,548        $ 150,315,301        $ 8,429,471        $ 70,230        $ 10,004  

Cash Management Class

      $ 14,111,801        $ 1,061,449        $ 469,528,618        $ 265,460,441        $ 1,617,958        $ 24,123,366  

Reserve Class

      $ 776,448        $ 468,867        $ 283,039,048        $ 324,550,598        $ 41,926,357        $ 17,381,439  

Resource Class

      $ 1,061,004        $ 184,485        $ 582,365,227        $ 234,625,399        $ 94,604        $ 8,627,532  

Corporate Class

      $ 8,316,148        $ 20,223        $ 368,595,820        $ 193,895,613        $ 10,124        $ 10,005  

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

 

Institutional Class

        2,545,292,041          416,671,862          24,043,288,291          25,045,904,613          1,328,666,526          112,850,643  

Private Investment Class

        6,409,785          1,862,847          630,235,060          393,537,172          1,259,260          37,324,700  

Personal Investment Class

        11,223          612,549          150,307,355          8,429,412          70,229          10,003  

Cash Management Class

        14,110,000          1,061,451          469,502,604          265,458,683          1,617,970          24,120,300  

Reserve Class

        776,345          468,868          283,024,039          324,548,299          41,926,649          17,379,371  

Resource Class

        1,060,868          184,485          582,334,204          234,623,690          94,604          8,626,218  

Corporate Class

        8,315,087          20,224          368,576,267          193,894,082          10,124          10,005  

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

      $ 1.0001        $ 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.

 

27                         Short-Term Investments Trust

Statements of Operations

For the six months ended February 28, 2018

(Unaudited)

 

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

Investment income:

                         

Interest

      $ 11,016,787       $ 2,782,344       $ 152,502,051       $ 171,997,536       $ 7,950,097       $ 1,017,866  

Expenses:

                         

Advisory fees

        1,038,391         294,246         18,484,180         14,169,879         843,473         193,582  

Administrative services fees

        381,775         118,844         4,304,547         4,914,088         363,359         53,832  

Custodian fees

        3,995         5,506         63,739         331,945         2,899         488  

Distribution fees:

                         

Private Investment Class

        10,191         2,724         759,434         600,499         2,913         40,447  

Personal Investment Class

        31         1,668         399,413         43,543         299         3,819  

Cash Management Class

        3,580         445         170,211         96,285         647         10,291  

Reserve Class

        3,649         2,120         1,347,297         1,184,560         164,678         68,708  

Resource Class

        1,235         146         391,772         248,797         75         5,818  

Corporate Class

        1,709         3         59,385         21,709         2         —  

Transfer agent fees

        62,303         17,655         1,109,051         1,470,965         60,045         8,711  

Trustees’ and officers’ fees and benefits

        11,833         12,636         175,506         212,567         18,876         11,592  

Registration and filing fees

        45,173         50,695         73,378         116,679         45,087         51,989  

Reports to shareholders

        29,746         7,818         30,074         39,521         6,028         5,221  

Professional services fees

        31,190         26,385         145,917         115,866         29,398         26,590  

Other

        64,042         30,000         165,297         166,749         23,060         14,919  

Total expenses

        1,688,843         570,891         27,679,201         23,733,652         1,560,839         496,007  

Less: Fees waived

        (422,815 )        (211,259 )        (2,839,649 )        (380,199 )        (273,935 )        (204,538 ) 

Net expenses

        1,266,028         359,632         24,839,552         23,353,453         1,286,904         291,469  

Net investment income

        9,750,759         2,422,712         127,662,499         148,644,083         6,663,193         726,397  

Realized and unrealized gain (loss) from:

                         

Net realized gain (loss) from investment securities

        8,085         1,571         508,617         394,818         19,166         (4,370 ) 

Change in net unrealized appreciation (depreciation) of investment securities

        (88,330 )        (11,112 )        —         —         —         —  

Net increase in net assets resulting from operations

      $ 9,670,514       $ 2,413,171       $ 128,171,116       $ 149,038,901       $ 6,682,359       $ 722,027  

 

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

 

28                         Short-Term Investments Trust

Statements of Changes in Net Assets

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

 

            Invesco Liquid Assets Portfolio           Invesco STIC Prime Portfolio  
         February 28,
2018		     August 31,
2017		           February 28,
2018		     August 31,
2017		  

Operations:

             

Net investment income

      $ 9,750,759     $ 4,871,296       $ 2,422,712     $ 3,235,998  

Net realized gain

        8,085       284,449         1,571       371  

Change in net unrealized appreciation (depreciation)

        (88,330 )      30,918         (11,112 )      9,539  

Net increase in net assets resulting from operations

        9,670,514       5,186,663         2,413,171       3,245,908  

Distributions to shareholders from net investment income:

             

Institutional Class

        (9,578,395 )      (4,489,048 )        (2,403,076 )      (3,118,898 ) 

Private Investment Class

        (33,722 )      (84,531 )        (8,559 )      (18,217 ) 

Personal Investment Class

        (41 )      (1,713 )        (2,094 )      (26,443 ) 

Cash Management Class

        (55,476 )      (138,836 )        (6,413 )      (59,666 ) 

Reserve Class

        (2,220 )      (6,618 )        (1,465 )      (5,654 ) 

Resource Class

        (6,695 )      (8,281 )        (985 )      (6,995 ) 

Corporate Class

        (74,210 )      (142,269 )        (120 )      (125 ) 

Total distributions from net investment income

        (9,750,759 )      (4,871,296 )        (2,422,712 )      (3,235,998 ) 

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

        —       (1,213 )        —       —  

Corporate Class

        —       (67,014 )        —       —  

Total distributions from net realized gains

        —       (3,200,085 )        —       —  

Share transactions–net:

             

Institutional Class

        2,249,521,185       (10,122,727,290 )        (7,250,126 )      (1,183,946,896 ) 

Private Investment Class

        (570,719 )      (234,302,026 )        18,028       (139,216,079 ) 

Personal Investment Class

        4       (29,230,918 )        1,928       (116,863,502 ) 

Cash Management Class

        6,374,743       (242,827,588 )        (86,623 )      (166,722,672 ) 

Reserve Class

        (167,937 )      (99,217,916 )        (31,777 )      (20,973,659 ) 

Resource Class

        (265,872 )      (5,919,518 )        937       (16,683,703 ) 

Corporate Class

        (1,164,553 )      (160,159,887 )        116       11,449  

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

        2,253,726,851       (10,894,385,143 )        (7,347,517 )      (1,644,395,062 ) 

Net increase (decrease) in net assets

        2,253,646,606       (10,897,269,861 )        (7,357,058 )      (1,644,385,152 ) 

Net assets:

             

Beginning of period

        322,659,817       11,219,929,678         428,238,810       2,072,623,962  

End of period*

      $ 2,576,306,423     $ 322,659,817       $ 420,881,752     $ 428,238,810  

* Includes accumulated undistributed net investment income

      $ 125,723     $ 125,723       $ 768,843     $ 768,843  

 

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

 

29                         Short-Term Investments Trust

Statements of Changes in Net Assets—(continued)

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

 

            Invesco Treasury Portfolio           Invesco Government & Agency Portfolio  
         February 28,
2018		     August 31,
2017		           February 28,
2018		     August 31,
2017		  

Operations:

             

Net investment income

      $ 127,662,499     $ 112,926,205       $ 148,644,083     $ 139,006,726  

Net realized gain (loss)

        508,617       39,369         394,818       (531,300 ) 

Net increase in net assets resulting from operations

        128,171,116       112,965,574         149,038,901       138,475,426  

Distributions to shareholders from net investment income:

             

Institutional Class

        (118,310,761 )      (103,892,394 )        (142,980,682 )      (133,552,021 ) 

Private Investment Class

        (1,938,276 )      (1,423,813 )        (1,537,809 )      (1,460,534 ) 

Personal Investment Class

        (382,722 )      (253,848 )        (40,763 )      (41,168 ) 

Cash Management Class

        (2,084,384 )      (1,754,490 )        (1,201,885 )      (705,201 ) 

Reserve Class

        (741,181 )      (324,958 )        (702,464 )      (661,922 ) 

Resource Class

        (2,196,137 )      (1,659,524 )        (1,389,284 )      (1,330,994 ) 

Corporate Class

        (2,009,038 )      (3,617,178 )        (791,196 )      (1,254,886 ) 

Total distributions from net investment income

        (127,662,499 )      (112,926,205 )        (148,644,083 )      (139,006,726 ) 

Share transactions–net:

             

Institutional Class

        1,240,152,310       2,935,444,591         (2,645,710,477 )      16,975,145,658  

Private Investment Class

        55,446,106       14,784,721         (116,955,166 )      169,627,850  

Personal Investment Class

        10,077,226       17,413,815         (12,699,768 )      13,622,071  

Cash Management Class

        (9,879,470 )      75,974,874         96,430,410       18,926,896  

Reserve Class

        32,305,446       91,599,025         153,592,510       (144,921,764 ) 

Resource Class

        105,534,153       (6,111,394 )        (107,521,673 )      246,458,843  

Corporate Class

        (239,228,636 )      (565,402,977 )        (130,544,107 )      8,002,319  

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

        1,194,407,135       2,563,702,655         (2,763,408,271 )      17,286,861,873  

Net increase (decrease) in net assets

        1,194,915,752       2,563,742,024         (2,763,013,453 )      17,286,330,573  

Net assets:

             

Beginning of period

        25,333,788,879       22,770,046,855         29,229,595,200       11,943,264,627  

End of period*

      $ 26,528,704,631     $ 25,333,788,879       $ 26,466,581,747     $ 29,229,595,200  

* Includes accumulated undistributed net investment income

      $ 445,995     $ 445,995       $ 208,988     $ 208,988  

 

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

 

30                         Short-Term Investments Trust

Statements of Changes in Net Assets—(continued)

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

 

            Invesco Treasury Obligations
Portfolio		           Invesco Tax-Free Cash Reserve
Portfolio		  
         February 28,
2018		     August 31,
2017		           February 28,
2018		     August 31,
2017		  

Operations:

             

Net investment income

      $ 6,663,193     $ 5,625,681       $ 726,397     $ 978,198  

Net realized gain (loss)

        19,166       (69,048 )        (4,370 )      (14,722 ) 

Net increase in net assets resulting from operations

        6,682,359       5,556,633         722,027       963,476  

Distributions to shareholders from net investment income:

             

Institutional Class

        (6,549,109 )      (5,499,185 )        (469,501 )      (638,667 ) 

Private Investment Class

        (8,553 )      (6,562 )        (100,490 )      (82,433 ) 

Personal Investment Class

        (303 )      (821 )        (2,768 )      (6,683 ) 

Cash Management Class

        (7,663 )      (6,763 )        (97,555 )      (164,964 ) 

Reserve Class

        (97,108 )      (111,357 )        (30,206 )      (71,643 ) 

Resource Class

        (407 )      (601 )        (25,867 )      (13,707 ) 

Corporate Class

        (50 )      (392 )        (10 )      (101 ) 

Total distributions from net investment income

        (6,663,193 )      (5,625,681 )        (726,397 )      (978,198 ) 

Share transactions–net:

             

Institutional Class

        22,269,267       1,185,273,759         2,051,387       (339,954,549 ) 

Private Investment Class

        (1,964,788 )      (2,936,998 )        9,977,201       2,881,656  

Personal Investment Class

        22,388       (2,559,557 )        (1,995,769 )      (390,938 ) 

Cash Management Class

        336       (29,769,108 )        (3,491,496 )      (3,056,555 ) 

Reserve Class

        6,301,235       (1,007,763 )        3,723,349       (7,877,273 ) 

Resource Class

        422       (99,477 )        2,628,012       3,587,633  

Corporate Class

        47       (2,933,744 )        10,004       (32,063 ) 

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

        26,628,907       1,145,967,112         12,902,688       (344,842,089 ) 

Net increase (decrease) in net assets

        26,648,073       1,145,898,064         12,898,318       (344,856,811 ) 

Net assets:

             

Beginning of period

        1,346,988,631       201,090,567         187,448,507       532,305,318  

End of period*

      $ 1,373,636,704     $ 1,346,988,631       $ 200,346,825     $ 187,448,507  

* Includes accumulated undistributed net investment income

      $ (12,543 )    $ (12,543 )      $ (104,955 )    $ (104,955 ) 

Notes to Financial Statements

February 28, 2018

(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 Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio (collectively, the “Funds”) (formerly Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio and Tax-Free Cash Reserve Portfolio). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.

The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio; and to provide tax-exempt income consistent with preservation of capital and liquidity for Invesco Tax-Free Cash Reserve Portfolio.

Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies.

 

31                         Short-Term Investments Trust

On October 12, 2016, pursuant to new rules and regulations effective October 14, 2016, Invesco Liquid Assets Portfolio and Invesco 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 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 Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).

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

Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Invesco Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, 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.

Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, and Invesco Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, and Invesco Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.

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

A. Security Valuations — Invesco Liquid Asset Portfolio’s and Invesco STIC Prime Portfolio’s securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

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

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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,

 

32                         Short-Term Investments Trust

  the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D. Distributions — It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually.
E. Federal Income Taxes — The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, Invesco Tax-Free Cash Reserve Portfolio intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative net assets.
G. Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, 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.

U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.

 

33                         Short-Term Investments Trust

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:

 

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

Invesco Liquid Assets Portfolio

     0.15%          0.15%          0.15%  

Invesco STIC Prime Portfolio

     0.15%          0.15%          0.15%  

Invesco Treasury Portfolio

     0.15%          0.15%          0.15%  

Invesco Government & Agency Portfolio

     0.10%          0.10%          0.10%  

Invesco Treasury Obligations Portfolio

     0.20%          0.15%          0.10%  

Invesco Tax-Free Cash Reserve Portfolio

     0.20%          0.20%          0.20%  

For the six months ended February 28, 2018, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:

 

Invesco Liquid Assets Portfolio

     0.15%  

Invesco STIC Prime Portfolio

     0.15%  

Invesco Treasury Portfolio

     0.15%  

Invesco Government & Agency Portfolio

     0.10%  

Invesco Treasury Obligations Portfolio

     0.13%  

Invesco Tax-Free Cash Reserve Portfolio

     0.20%  

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, for Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, separate sub-advisory agreements with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

The Adviser has contractually agreed, through at least December 31, 2018, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):

 

     Institutional
Class		      Private
Investment
Class		      Personal
Investment
Class		      Cash
Management
Class		      Reserve
Class		      Resource
Class		      Corporate
Class		  

Invesco Liquid Assets Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.38 %       0.21 % 

Invesco STIC Prime Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Treasury Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Government & Agency Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Treasury Obligations Portfolio

     0.18 %       0.43 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Tax-Free Cash Reserve Portfolio

     0.20 %       0.45 %       0.75 %       0.28 %       1.07 %       0.36 %       0.23 % 

The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Invesco 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

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.

 

34                         Short-Term Investments Trust

For the six months ended February 28, 2018, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:

 

     Expense
Limitation		        Yield
Waivers		  

Invesco Liquid Assets Portfolio

   $ 422,362        $ —  

Invesco STIC Prime Portfolio

     210,685          —  

Invesco Treasury Portfolio

     2,371,330          —  

Invesco Government & Agency Portfolio

     —          —  

Invesco Treasury Obligations Portfolio

     208,699          —  

Invesco Tax-Free Cash Reserve Portfolio

     172,374          —  

Voluntary fee waivers for the six months ended February 28, 2018 are shown below:

 

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

Invesco Liquid Assets Portfolio

   $ —        $ —        $ —        $ 453        $ —        $ —  

Invesco STIC Prime Portfolio

     —          3          —          571          —          —  

Invesco Treasury Portfolio

     —          16,362          —          451,957          —          —  

Invesco Government & Agency Portfolio

     —          2,465          —          377,734          —          —  

Invesco Treasury Obligations Portfolio

     —          25          —          65,211          —          —  

Invesco Tax-Free Cash Reserve Portfolio

     —          1,033          —          31,131          —          —  

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, 2018, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees.

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, 2018, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.

Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.

 

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

Invesco Liquid Assets Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.20 %       0.03 % 

Invesco STIC Prime Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Treasury Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Government & Agency Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Treasury Obligations Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Tax-Free Cash Reserve Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.

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

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to 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.

 

35                         Short-Term Investments Trust

As of February 28, 2018, 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.

Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended February 28, 2018, there were no material transfers between valuation levels.

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, 2018, each Fund engaged in transactions with affiliates as listed below:

 

     Securities Purchases        Securities Sales        Net Realized Gains  

Invesco Liquid Assets Portfolio

   $ 79,891,007        $ 80,918,865        $ 0  

Invesco STIC Prime Portfolio

     27,262,215          51,275,067          0  

Invesco Government & Agency Portfolio

     10,879,508          0          0  

Invesco Tax-Free Cash Reserve Portfolio

     96,952,920          84,223,004          0  

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.

 

36                         Short-Term Investments Trust

The Funds below had a capital loss carryforward as of August 31, 2017, which expires as follows:

 

    Short-Term        Not Subject to
Expiration		           
Fund   2018        2019             Total*  

Invesco Liquid Assets Portfolio

   $ —        $ —        $ —        $ —  

Invesco STIC Prime Portfolio

     —          —          —          —  

Invesco Treasury Portfolio

     —          —          266,972          266,972  

Invesco Government & Agency Portfolio

     —          —          531,300          531,300  

Invesco Treasury Obligations Portfolio

     —          —          61,535          61,535  

Invesco Tax-Free Cash Reserve Portfolio

     8,740          30,074          14,721          53,535  

 

* 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 Transactions

The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:

 

    At February 28, 2018  
     Federal Tax
Cost*		        Unrealized
Appreciation		        Unrealized
(Depreciation)		        Net Unrealized
Appreciation
(Depreciation)		  

Invesco Treasury Obligations Portfolio

   $ 1,514,192,867        $ —        $ (10,673 )       $ (10,673 ) 

 

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

NOTE 9—Share Information

Invesco Liquid Assets Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017(b)		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     6,098,292,161      $ 6,099,222,676        8,846,205,589      $ 8,846,379,006  

Private Investment Class

     100,828        100,848        73,675,959        73,675,968  

Personal Investment Class

     —        —        8,382,621        8,382,870  

Cash Management Class

     23,866,792        23,869,986        352,257,569        352,272,331  

Reserve Class

     27,958        27,964        3,766,999        3,767,196  

Resource Class

     —        —        132,559        132,558  

Corporate Class

     31,435,900        31,441,187        244,330,733        244,348,194  

Issued as reinvestment of dividends:

           

Institutional Class

     735,033        735,171        4,398,518        4,398,873  

Private Investment Class

     27,730        27,735        43,468        43,475  

Personal Investment Class

     3        4        1,713        1,713  

Cash Management Class

     34,494        34,500        93,656        93,666  

Reserve Class

     2,188        2,188        6,617        6,618  

Resource Class

     6,634        6,635        8,279        8,281  

Corporate Class

     56,917        56,928        142,251        142,269  

Reacquired:

           

Institutional Class

     (3,849,837,505 )       (3,850,436,662 )       (18,973,148,113 )       (18,973,505,169 ) 

Private Investment Class

     (699,204 )       (699,302 )       (308,001,404 )       (308,021,469 ) 

Personal Investment Class

     —        —        (37,614,403 )       (37,615,501 ) 

Cash Management Class

     (17,527,274 )       (17,529,743 )       (595,177,024 )       (595,193,585 ) 

Reserve Class

     (198,056 )       (198,089 )       (102,991,361 )       (102,991,730 ) 

Resource Class

     (272,453 )       (272,507 )       (6,060,265 )       (6,060,357 ) 

Corporate Class

     (32,658,671 )       (32,662,668 )       (404,609,206 )       (404,650,350 ) 

Net increase (decrease) in share activity

     2,253,393,475      $ 2,253,726,851        (10,894,155,245 )     $ (10,894,385,143 ) 

 

(a)  90% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
(b)  Effective October 12, 2016, Invesco Liquid Assets Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

37                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco STIC Prime Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017(b)		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     671,033,784      $ 671,033,402        1,181,673,896      $ 1,181,705,357  

Private Investment Class

     106,000        106,004        32,477,987        32,477,991  

Personal Investment Class

     —        —        118,187,308        118,187,309  

Cash Management Class

     408,572        408,574        132,025,201        132,025,203  

Reserve Class

     5        5        12,104,481        12,104,533  

Resource Class

     —        —        54,163,813        54,163,819  

Corporate Class

     —        —        23,501        23,503  

Issued as reinvestment of dividends:

           

Institutional Class

     1,185,345        1,185,326        1,319,248        1,319,283  

Private Investment Class

     8,153        8,153        12,756        12,757  

Personal Investment Class

     1,955        1,955        16,252        16,252  

Cash Management Class

     4,156        4,156        59,666        59,666  

Reserve Class

     1,444        1,444        5,653        5,654  

Resource Class

     937        937        6,994        6,995  

Corporate Class

     116        116        126        125  

Reacquired:

           

Institutional Class

     (679,472,584 )       (679,468,854 )       (2,366,923,911 )       (2,366,971,536 ) 

Private Investment Class

     (96,129 )       (96,129 )       (171,705,890 )       (171,706,827 ) 

Personal Investment Class

     (27 )       (27 )       (235,067,018 )       (235,067,063 ) 

Cash Management Class

     (499,353 )       (499,353 )       (298,807,504 )       (298,807,541 ) 

Reserve Class

     (33,226 )       (33,226 )       (33,083,675 )       (33,083,846 ) 

Resource Class

     —        —        (70,853,614 )       (70,854,517 ) 

Corporate Class

     —        —        (12,179 )       (12,179 ) 

Net increase (decrease) in share activity

     (7,350,852 )     $ (7,347,517 )       (1,644,376,909 )     $ (1,644,395,062 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 95% 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, Invesco STIC Prime Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

38                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco Treasury Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     83,870,920,011      $ 83,870,920,011        104,978,321,526      $ 104,978,321,526  

Private Investment Class

     679,734,166        679,734,166        1,389,145,628        1,389,145,628  

Personal Investment Class

     505,175,240        505,175,240        959,511,379        959,511,379  

Cash Management Class

     1,643,623,471        1,643,623,471        2,685,419,118        2,685,419,118  

Reserve Class

     410,729,899        410,729,899        386,663,928        386,663,928  

Resource Class

     440,940,439        440,940,439        575,122,878        575,122,878  

Corporate Class

     2,212,293,713        2,212,293,713        9,826,990,863        9,826,990,863  

Issued as reinvestment of dividends:

           

Institutional Class

     23,836,828        23,836,828        16,234,515        16,234,515  

Private Investment Class

     248,510        248,510        249,491        249,491  

Personal Investment Class

     340,891        340,891        202,723        202,723  

Cash Management Class

     1,698,617        1,698,617        1,178,232        1,178,232  

Reserve Class

     651,740        651,740        254,629        254,629  

Resource Class

     504,629        504,629        346,994        346,994  

Corporate Class

     1,725,825        1,725,825        2,990,987        2,990,987  

Reacquired:

           

Institutional Class

     (82,654,604,529 )       (82,654,604,529 )       (102,059,111,450 )       (102,059,111,450 ) 

Private Investment Class

     (624,536,570 )       (624,536,570 )       (1,374,610,398 )       (1,374,610,398 ) 

Personal Investment Class

     (495,438,905 )       (495,438,905 )       (942,300,287 )       (942,300,287 ) 

Cash Management Class

     (1,655,201,558 )       (1,655,201,558 )       (2,610,622,476 )       (2,610,622,476 ) 

Reserve Class

     (379,076,193 )       (379,076,193 )       (295,319,532 )       (295,319,532 ) 

Resource Class

     (335,910,915 )       (335,910,915 )       (581,581,266 )       (581,581,266 ) 

Corporate Class

     (2,453,248,174 )       (2,453,248,174 )       (10,395,384,827 )       (10,395,384,827 ) 

Net increase in share activity

     1,194,407,135      $ 1,194,407,135        2,563,702,655      $ 2,563,702,655  

 

(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, 15% 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)

Invesco Government & Agency Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     124,484,185,519      $ 124,484,185,519        208,396,167,421      $ 208,396,167,421  

Private Investment Class

     708,079,249        708,079,249        1,423,015,874        1,423,015,874  

Personal Investment Class

     13,087,606        13,087,606        72,491,907        72,491,907  

Cash Management Class

     618,043,130        618,043,130        936,923,184        936,923,184  

Reserve Class

     586,521,963        586,521,963        850,197,770        850,197,770  

Resource Class

     1,220,430,797        1,220,430,797        2,809,077,121        2,809,077,121  

Corporate Class

     1,168,124,291        1,168,124,291        4,691,887,919        4,691,887,919  

Issued as reinvestment of dividends:

           

Institutional Class

     27,926,219        27,926,219        19,317,518        19,317,518  

Private Investment Class

     500,392        500,392        318,477        318,477  

Personal Investment Class

     23,820        23,820        12,576        12,576  

Cash Management Class

     806,065        806,065        418,891        418,891  

Reserve Class

     573,192        573,192        513,904        513,904  

Resource Class

     1,045,321        1,045,321        796,073        796,073  

Corporate Class

     318,197        318,197        795,308        795,308  

Reacquired:

           

Institutional Class

     (127,157,822,215 )       (127,157,822,215 )       (191,440,339,281 )       (191,440,339,281 ) 

Private Investment Class

     (825,534,807 )       (825,534,807 )       (1,253,706,501 )       (1,253,706,501 ) 

Personal Investment Class

     (25,811,194 )       (25,811,194 )       (58,882,412 )       (58,882,412 ) 

Cash Management Class

     (522,418,785 )       (522,418,785 )       (918,415,179 )       (918,415,179 ) 

Reserve Class

     (433,502,645 )       (433,502,645 )       (995,633,438 )       (995,633,438 ) 

Resource Class

     (1,328,997,791 )       (1,328,997,791 )       (2,563,414,351 )       (2,563,414,351 ) 

Corporate Class

     (1,298,986,595 )       (1,298,986,595 )       (4,684,680,908 )       (4,684,680,908 ) 

Net increase (decrease) in share activity

     (2,763,408,271 )     $ (2,763,408,271 )       17,286,861,873      $ 17,286,861,873  

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 24% of the outstanding shares of the Fund. 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, 16% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

40                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco Treasury Obligations Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     569,994,076      $ 569,994,076        1,882,109,152      $ 1,882,109,152  

Private Investment Class

     154,318        154,318        10,041,615        10,041,615  

Personal Investment Class

     1,263,767        1,263,767        2,009,181        2,009,181  

Cash Management Class

     1,610,000        1,610,000        7,657        7,657  

Reserve Class

     42,740,773        42,740,773        140,006,781        140,006,781  

Resource Class

     422        422        94,706        94,706  

Corporate Class

     —        —        659,929        659,929  

Issued as reinvestment of dividends:

           

Institutional Class

     138,972        138,972        116,704        116,704  

Private Investment Class

     8,812        8,812        4,830        4,830  

Personal Investment Class

     3        3        6,763        6,763  

Cash Management Class

     7,229        7,229        89,662        89,662  

Reserve Class

     90,443        90,443        —        —  

Corporate Class

     47        47        299        299  

Reacquired:

           

Institutional Class

     (547,863,781 )       (547,863,781 )       (696,952,097 )       (696,952,097 ) 

Private Investment Class

     (2,127,918 )       (2,127,918 )       (12,983,443 )       (12,983,443 ) 

Personal Investment Class

     (1,241,382 )       (1,241,382 )       (4,568,738 )       (4,568,738 ) 

Cash Management Class

     (1,616,893 )       (1,616,893 )       (29,783,528 )       (29,783,528 ) 

Reserve Class

     (36,529,981 )       (36,529,981 )       (141,104,206 )       (141,104,206 ) 

Resource Class

     —        —        (194,183 )       (194,183 ) 

Corporate Class

     —        —        (3,593,972 )       (3,593,972 ) 

Net increase in share activity

     26,628,907      $ 26,628,907        1,145,967,112      $ 1,145,967,112  

 

(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 6% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.
         In addition, 86% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

41                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco Tax-Free Cash Reserve Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     59,262,860      $ 59,262,860        216,245,353      $ 216,245,353  

Private Investment Class

     45,477,298        45,477,298        49,632,970        49,632,970  

Personal Investment Class

     10,391        10,391        2,005,100        2,005,100  

Cash Management Class

     3,192,742        3,192,742        45,537,104        45,537,104  

Reserve Class

     37,083,918        37,083,918        111,932,405        111,932,405  

Resource Class

     4,550,024        4,550,024        4,058,371        4,058,371  

Corporate Class

     10,000        10,000        32,101        32,101  

Issued as reinvestment of dividends:

           

Institutional Class

     221,438        221,438        221,692        221,692  

Private Investment Class

     83,737        83,737        68,844        68,844  

Personal Investment Class

     2,768        2,768        5,772        5,772  

Cash Management Class

     79,721        79,721        134,904        134,904  

Reserve Class

     27,866        27,866        64,807        64,807  

Resource Class

     22,290        22,290        11,483        11,483  

Corporate Class

     4        4        97        97  

Reacquired:

           

Institutional Class

     (57,432,911 )       (57,432,911 )       (556,421,594 )       (556,421,594 ) 

Private Investment Class

     (35,583,834 )       (35,583,834 )       (46,820,158 )       (46,820,158 ) 

Personal Investment Class

     (2,008,928 )       (2,008,928 )       (2,401,810 )       (2,401,810 ) 

Cash Management Class

     (6,763,959 )       (6,763,959 )       (48,728,563 )       (48,728,563 ) 

Reserve Class

     (33,388,435 )       (33,388,435 )       (119,874,485 )       (119,874,485 ) 

Resource Class

     (1,944,302 )       (1,944,302 )       (482,221 )       (482,221 ) 

Corporate Class

     —        —        (64,261 )       (64,261 ) 

Net increase (decrease) in share activity

     12,902,688      $ 12,902,688        (344,842,089 )     $ (344,842,089 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 91% of the outstanding shares of the Fund. 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.

 

42                         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		  

Invesco Liquid Assets Portfolio

 

Six months ended 02/28/18

   $ 1.0002     $ 0.0032     $ (0.0007 )    $ 0.0025     $ (0.0026 )    $ —     $ (0.0026 )    $ 1.0001       0.25 %    $ 776       0.94 %(c)      1.11 %(c)      0.65 %(c) 

Year ended 08/31/17

     1.00       0.0016       0.0015       0.0031       (0.0024 )      (0.0005 )      (0.0029 )      1.0002       0.30       944       0.53       1.13       0.16  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.07       100,187       0.41       1.16       0.08  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.01       156,216       0.21       1.17       0.01  

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  

Invesco STIC Prime Portfolio

 

Six months ended 02/28/18

     1.0000       0.0030       (0.0000 )      0.0030       (0.0030 )      —       (0.0030 )      1.0000       0.30       469       0.82 (c)      1.16 (c)      0.60 (c) 

Year ended 08/31/17

     1.00       0.0040       (0.0008 )      0.0032       (0.0032 )      —       (0.0032 )      1.0000       0.32       501       0.40       1.14       0.40  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.15       21,474       0.25       1.19       0.15  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.04       50,400       0.07       1.19       0.10  

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  

Invesco Treasury Portfolio

 

Six months ended 02/28/18

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.24       283,039       0.76 (c)      1.07 (c)      0.48 (c) 

Year ended 08/31/17

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.20       250,728       0.50       1.07       0.20  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.07       159,126       0.27       1.14       0.04  

Year ended 08/31/15

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.01       35,604       0.06       1.17       0.02  

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  

Invesco Government & Agency Portfolio

 

Six months ended 02/28/18

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.25       324,551       0.74 (c)      1.02 (c)      0.47 (c) 

Year ended 08/31/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.23       170,955       0.45       1.02       0.28  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.09       315,886       0.23       1.12       0.10  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.02       307,529       0.08       1.13       0.02  

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  

Invesco Treasury Obligations Portfolio

 

Six months ended 02/28/18

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.25       41,926       0.70 (c)      1.08 (c)      0.51 (c) 

Year ended 08/31/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.21       35,625       0.40       1.09       0.26  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.09       36,641       0.18       1.34       0.07  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.02       5,876       0.00       1.33       0.08  

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  

Invesco Tax-Free Cash Reserve Portfolio

 

Six months ended 02/28/18

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.19       17,381       0.68 (c)      1.25 (c)      0.37 (c) 

Year ended 08/31/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.33       13,658       0.43       1.24       0.33  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.05       21,535       0.15       1.29       0.07  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.01       21,775       0.03       1.31       0.04  

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  

 

(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 $846, $491, $312,290, $274,569, $38,171 and $15,926 for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, respectively.

 

43                         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, 2017 through February 28, 2018.

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
(09/01/17)		      ACTUAL     

HYPOTHETICAL

(5% annual return before
expenses)

      Annualized
Expense
Ratio		  
      Ending
Account Value
(02/28/18)1		      Expenses
Paid During
Period2		     

Ending

Account Value
(02/28/18)

      Expenses
Paid During
Period2		     

Invesco Liquid Assets Portfolio

    $ 1,000.00      $ 1,002.50      $ 4.67      $ 1,020.13      $ 4.71        0.94 % 

Invesco STIC Prime Portfolio

      1,000.00        1,003.00        4.07        1,020.73        4.11        0.82  

Invesco Treasury Portfolio

      1,000.00        1,002.40        3.77        1,021.03        3.81        0.76  

Invesco Government & Agency Portfolio

      1,000.00        1,002.50        3.67        1,021.12        3.71        0.74  

Invesco Treasury Obligations Portfolio

      1,000.00        1,002.50        3.48        1,021.32        3.51        0.70  

Invesco Tax-Free Cash Reserve Portfolio

      1,000.00        1,001.90        3.38        1,021.42        3.41        0.68  

 

1  The actual ending account value is based on the actual total return of the Funds for the period September 1, 2017, through February 28, 2018, 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.

 

44                         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-I-STIT-SAR-7    04262018    0814

  

 

LOGO

  

Semiannual Report to Shareholders

 

   

February 28, 2018

 

  

 

Resource Class

Short-Term Investments Trust (STIT)

Invesco Liquid Assets Portfolio

Invesco STIC Prime Portfolio

Invesco Treasury Portfolio

Invesco Government & Agency Portfolio

Invesco Treasury Obligations Portfolio

Invesco Tax-Free Cash Reserve Portfolio

 

Effective December 15, 2017, Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio and Tax-Free Cash Reserve Portfolio were renamed Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, respectively.

  

 

 

LOGO

 

  

 

  

 

2

     

 

Fund Data

  

 

3

     

 

Letters to Shareholders

  

 

4

     

 

Schedule of Investments

  

 

26

     

 

Financial Statements

  

31

 

     

 

Notes to Financial Statements

  

43

 

     

 

Financial Highlights

  

44

 

     

 

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, 2018, 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 2/28/18

 

 

  FUND     

WEIGHTED

AVERAGE

MATURITY

       

WEIGHTED

AVERAGE

LIFE

   

TOTAL

NET

ASSETS

  
       Range
During
Reporting
Period		       

At

Reporting

Period

End

                

Invesco Liquid Assets1

        10 - 37 days          18 days        67 days      $1.1 million        

Invesco STIC Prime1

        11 - 19 days          11 days        12 days      184.5 thousand   

Invesco Treasury2

        10 - 31 days          30 days        84 days      582.4 million        

Invesco Government & Agency2

        16 - 25 days          23 days        106 days      234.6 million        

Invesco Treasury Obligations2

        33 - 51 days          36 days        103 days      94.6 thousand   

Invesco Tax-Free Cash Reserve3

        16 - 31 days          16 days        16 days      8.6 million        

 

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

 

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

 

 

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

 

 

 

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:

This semiannual report covers the six-month reporting period ended February 28, 2018. As always, we thank you for investing with us. By investing in a combination of short-term securities and securities with slightly longer maturities, each Fund continued to preserve safety of principal and maintain a relatively high level of liquidity while offering competitive returns.

    The US Federal Reserve (the Fed) raised interest rates by 0.25% in December 2017, bringing the key fed funds target rate to a range of 1.25% to 1.50% as of February 28, 2018.1 The December increase was the latest in a series of interest rate increases the Fed implemented in response to a moderately expanding US economy and relatively benign inflation levels. These increases benefited money market investors. At the close of the reporting period, additional Fed rate increases were widely expected later in 2018 – potentially faster than previously expected.

Most major central banks around the world continued to maintain interest rates at, near or below zero in an effort to spur economic growth and inflation.

    In early February, Jerome Powell assumed the chairmanship of the Fed. Powell, a member of the Fed’s board of governors since 2012, is largely expected to stay the course with regard to monetary policy as he largely voted in line with former Fed Chair Janet Yellen during her years leading the Fed.

    Invesco Global Liquidity is part of Invesco Ltd., one of the world’s largest independent asset management companies. Invesco Global Liquidity takes a long-term approach to short-term investing. Our vision is grounded in our rigorous investment philosophy, high-quality products and tradition of excellent client service. Our unrelenting focus on preservation of capital, daily liquidity and competitive yield is implemented through repeatable, time-tested processes.

    Again, 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, 2018

(Unaudited)

Invesco Liquid Assets Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  

Commercial Paper–44.78%(a)

          
Asset-Backed Securities — Fully Supported–5.91%          

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

     1.76 %      04/03/2018      $ 75,000      $ 74,878,028  

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

     1.83 %      04/23/2018        20,000        19,943,090  

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

     1.42 %      03/01/2018        2,500        2,499,899  

Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.) (1 mo. USD LIBOR + 0.21%)(b)(c)(d)

     1.80 %      05/21/2018        5,000        5,002,088  

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

     1.81 %      03/15/2018        50,000        49,967,815  
                                152,290,920  
Asset-Backed Securities — Fully Supported Bank–14.81%          

Anglesea Funding LLC (Multi–CEP’s) (1 mo. USD LIBOR + 0.27%)(c)(d)

     1.85 %      06/29/2018        25,000        25,000,323  

Anglesea Funding LLC (Multi–CEP’s) (1 mo. USD LIBOR + 0.27%)(b)(c)(d)

     1.85 %      06/04/2018        60,000        60,000,702  

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

     1.81 %      03/20/2018        50,000        49,956,610  

Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC)

     1.93 %      06/14/2018        70,000        69,560,778  

Ebury Finance LLC (Multi–CEP’s)(b)(c)

     1.45 %      03/01/2018        30,000        29,998,758  

Gotham Funding Corp. (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(b)(c)

     1.84 %      03/22/2018        30,000        29,970,648  

Halkin Finance LLC (Multi–CEP’s)(b)(c)

     1.45 %      03/01/2018        40,000        39,998,344  

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

     1.54 %      03/06/2018        55,000        54,986,151  

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

     1.71 %      03/05/2018        22,000        21,995,395  
                                381,467,709  
Asset-Backed Securities — Multi-Purpose–3.29%          

CRC Funding, LLC(b)

     1.81 %      05/11/2018        5,000        4,980,750  

Nieuw Amsterdam Receivables Corp.(b)(c)

     1.82 %      05/09/2018        35,000        34,865,590  

Nieuw Amsterdam Receivables Corp.(b)(c)

     1.83 %      04/11/2018        45,000        44,904,186  
                                84,750,526  
Consumer Finance–0.10%          

Toyota Motor Credit Corp. (1 mo. USD LIBOR + 0.20%)(c)(d)

     1.78 %      05/04/2018        2,500        2,501,075  
Diversified Banks–11.71%          

Bank of Nova Scotia(b)(c)

     1.81 %      04/02/2018        50,000        49,926,115  

Commonwealth Bank of Australia (1 mo. USD LIBOR + 0.22%)(b)(c)(d)

     1.80 %      12/07/2018        50,000        49,989,035  

DBS Bank Ltd.(b)(c)

     2.01 %      05/21/2018        45,000        44,796,744  

First Abu Dhabi Bank PJSC(b)(c)

     1.50 %      03/02/2018        60,000        59,995,032  

J.P. Morgan Securities LLC

     1.88 %      06/01/2018        5,000        4,973,043  

Oversea-Chinese Banking Corp. Ltd. (1 mo. USD LIBOR + 0.15%)(b)(c)(d)

     1.74 %      05/18/2018        12,000        12,003,536  

Toronto-Dominion Bank (The)(b)(c)

     1.76 %      03/22/2018        50,000        49,952,580  

Toronto-Dominion Bank (The) (1 mo. USD LIBOR + 0.23%)(b)(c)(d)

     1.88 %      11/30/2018        30,000        29,995,050  
                                301,631,135  
Diversified Capital Markets–2.33%          

UBS AG (1 mo. USD LIBOR + 0.33%)(b)(c)(d)

     1.91 %      01/02/2019        30,000        30,016,650  

UBS AG (1 mo. USD LIBOR + 0.33%)(b)(c)(d)

     1.91 %      12/28/2018        30,000        30,016,506  
                                60,033,156  
Other Diversified Financial Services–0.30%          

ABN AMRO Funding USA LLC(b)(c)

     1.54 %      03/06/2018        7,625        7,623,043  

 

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

 

4                         Short-Term Investments Trust

Invesco Liquid Assets Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  
Regional Banks–2.46%          

Banque et Caisse d’Epargne de l’Etat(c)

     1.86 %      06/01/2018      $ 33,750      $ 33,583,211  

Banque et Caisse d’Epargne de l’Etat(c)

     1.87 %      06/11/2018        30,000        29,833,482  
                                63,416,693  
Specialized Finance–3.87%          

Caisse des Depots et Consignations(b)(c)

     1.81 %      03/01/2018        50,000        49,998,100  

Nederlandse Waterschapsbank N.V.(b)(c)

     1.78 %      05/02/2018        50,000        49,841,275  
                                99,839,375  

Total Commercial Paper (Cost $1,153,614,060)

                               1,153,553,632  

Certificates of Deposit–24.16%

          

Bank of Montreal(c)

     1.75 %      03/20/2018        20,000        20,001,246  

Bank of Montreal (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      12/07/2018        25,000        24,996,848  

Bank of Nova Scotia (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      12/11/2018        50,000        49,993,910  

China Construction Bank Corp.(c)

     1.77 %      03/08/2018        25,000        25,000,750  

China Construction Bank Corp.(c)

     1.77 %      03/09/2018        20,000        20,000,648  

China Construction Bank Corp.(c)

     1.82 %      03/26/2018        45,000        45,002,560  

KBC Bank N.V. (Belgium)(c)

     1.80 %      03/06/2018        25,000        24,993,168  

KBC Bank N.V. (Belgium)(c)

     1.80 %      04/19/2018        25,000        24,999,181  

Mitsubishi UFJ Trust & Banking Corp. (1 mo. USD LIBOR + 0.20%)(c)(d)

     1.85 %      05/30/2018        20,000        20,007,510  

Mitsubishi UFJ Trust & Banking Corp. (1 mo. USD LIBOR + 0.22%)(c)(d)

     1.79 %      06/01/2018        7,500        7,503,342  

Mizuho Bank, Ltd.(c)

     1.40 %      03/01/2018        85,000        85,000,000  

Mizuho Bank, Ltd.(c)

     1.45 %      03/06/2018        35,000        34,999,772  

Royal Bank of Canada (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      12/07/2018        50,000        49,992,785  

Sumitomo Mitsui Trust Bank Ltd.(c)

     1.43 %      03/02/2018        70,000        70,000,021  

Wells Fargo Bank, N.A. (1 mo. USD LIBOR + 0.24%)(d)

     1.82 %      12/05/2018        50,000        49,999,640  

Wells Fargo Bank, N.A. (1 mo. USD LIBOR + 0.25%)(d)

     1.83 %      01/04/2019        10,000        9,999,706  

Wells Fargo Bank, N.A. (3 mo. USD LIBOR + 0.15%)(d)

     1.89 %      01/18/2019        10,000        10,017,386  

Westpac Banking Corp. (1 mo. USD LIBOR + 0.23%)(c)(d)

     1.81 %      01/08/2019        50,000        49,988,630  

Total Certificates of Deposit (Cost $622,494,088)

                               622,497,103  

Variable Rate Demand Notes–5.17%(e)

          
Credit Enhanced–5.17%          

Blair (County of), Pennsylvania IDA (Altoona-Blair County Development Corp.); Series 2008, Ref. VRD RB (LOC–PNC Bank, N.A.)(f)

     1.50 %      10/01/2028        8,625        8,625,000  

Derry (Township of), Pennsylvania Industrial & Commercial Development Authority (GIANT Center); Series 2001, VRD Facility Taxable RB (LOC–PNC Bank, N.A.)(f)

     1.50 %      11/01/2030        2,220        2,220,000  

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

     1.70 %      04/01/2047        9,500        9,499,999  

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

     1.51 %      05/01/2037        2,900        2,900,000  

New York (State of) Housing Finance Agency (222 East 44th Street Housing);
Series 2016, VRD RB (LOC–Bank of China Ltd.)(f)

     1.52 %      05/01/2050        11,035        11,035,000  

New York (State of) Housing Finance Agency (222 East 44th Street Housing);
Series 2017 A, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      05/01/2050        15,000        15,000,000  

New York (State of) Housing Finance Agency (572 11th Ave.); Series 2017 A, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      11/01/2049        20,500        20,500,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);
Series 2015 B-1, VRD Taxable RB (LOC–Bank of China Ltd.)(f)

     1.75 %      11/01/2049        5,000        5,000,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);
Series 2016 B-1, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      11/01/2049        5,340        5,340,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);
Series 2016 B-2, VRD RB (LOC–Bank of China Ltd.)(f)

     1.65 %      11/01/2049        1,500        1,500,000  

 

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

 

5                         Short-Term Investments Trust

Invesco Liquid Assets Portfolio

 

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

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

     1.65 %      07/01/2040      $ 1,660      $ 1,660,000  

University of Texas System Board of Regents; Series 2016 G-1, VRD Financing System RB

     1.50 %      08/01/2045        50,000        50,000,000  

Total Variable Rate Demand Notes (Cost $133,279,999)

                               133,279,999  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)–74.11% (Cost $1,909,388,147)

                               1,909,330,734  
                 Repurchase
Amount		         

Repurchase Agreements–25.98%(g)

          

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $9,000,380 (collateralized by a U.S. Treasury obligation and a foreign corporate obligation valued at $9,180,070; 1.25%-1.75%; 07/26/2019-12/31/2020)(c)

     1.52 %      03/01/2018        9,000,380        9,000,000  

BMO Capital Markets Corp., agreement dated 02/28/2018, maturing value of $45,001,900 (collateralized by U.S. government sponsored agency obligations and domestic and foreign corporate obligations valued at $47,566,190;
0%-9.70%; 04/17/2018-07/22/2028)(c)

     1.52 %      03/01/2018        45,001,900        45,000,000  

BMO Capital Markets Corp., term agreement dated 01/03/2018, maturing value of $30,080,317 (collateralized by domestic and foreign corporate obligations valued at $32,093,218; 1.45%-10.00%; 05/14/2018-12/15/2032)(c)(h)

     1.58 %      03/05/2018        30,080,317        30,000,000  

Citigroup Global Markets, Inc., joint open agreement dated 12/21/2017 (collateralized by U.S. Treasury obligations, domestic and foreign agency mortgage-backed securities and a foreign corporate obligation valued at $100,980,182;
1.63%-8.50%; 11/30/2020-12/25/2035)(i)

     2.48 %      —        —        56,500,000  

Credit Agricole Corporate & Investment Bank, joint agreement dated 02/28/2018, aggregate maturing value of $247,009,400 (collateralized by U.S. Treasury obligations valued at $251,940,215; 1.63%; 05/15/2026)

     1.37 %      03/01/2018        37,892,137        37,890,695  

Credit Suisse Securities (USA) LLC, joint term agreement dated 02/27/2018, aggregate maturing value of $20,006,300 (collateralized by domestic agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $21,751,458; 0.24%-7.07%; 02/10/2022- 09/25/2043)(c)(h)

     1.62 %      03/06/2018        15,004,725        15,000,000  

Credit Suisse Securities (USA) LLC, joint term agreement dated 02/27/2018, aggregate maturing value of $55,016,469 (collateralized by domestic commercial paper and domestic agency mortgage-backed securities valued at $57,756,717;
0.06%-2.14%; 03/08/2018-10/15/2039)(c)(h)

     1.54 %      03/06/2018        15,004,492        15,000,000  

Credit Suisse Securities (USA) LLC, joint term agreement dated 02/27/2018, aggregate maturing value of $75,022,896 (collateralized by a domestic agency mortgage-backed security, a domestic commercial paper and domestic non-agency asset-backed securities valued at $80,707,397; 0.31%-7.07%; 08/17/2018-05/25/2037)(c)(h)

     1.57 %      03/06/2018        35,010,685        35,000,000  

ING Financial Markets, LLC, agreement dated 02/28/2018, maturing value of $46,002,070 (collateralized by domestic and foreign corporate obligations valued at $50,600,437; 2.95%-9.88%; 03/01/2019-03/01/2097)(c)

     1.62 %      03/01/2018        46,002,070        46,000,000  

J.P. Morgan Securities LLC, open agreement dated 12/05/2017 (collateralized by domestic agency mortgage-backed securities valued at $33,000,121;
0%-7.00%; 03/25/2035-10/15/2048)(i)

     2.14 %      —        —        25,000,000  

RBC Capital Markets LLC, agreement dated 02/28/2018, maturing value of $60,002,533 (collateralized by domestic and foreign corporate obligations valued at $63,000,279; 0%-6.15%; 04/30/2018-11/15/2048)(c)

     1.52 %      03/01/2018        60,002,533        60,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $3,000,115,833 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $3,060,002,122;
1.13%-4.00%; 07/31/2021-10/20/2047)

     1.39 %      03/01/2018        250,009,653        250,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2018, maturing value of $35,001,478 (collateralized by foreign corporate obligations valued at $35,700,903; 1.75%-2.13%; 01/18/2022-09/14/2022)

     1.52 %      03/01/2018        35,001,478        35,000,000  

 

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

 

6                         Short-Term Investments Trust

Invesco Liquid Assets Portfolio

 

     Interest
Rate		     Maturity
Date		      Repurchase
Amount		      Value  

Wells Fargo Securities, LLC, joint term agreement dated 01/05/2018, aggregate maturing value of $20,072,334 (collateralized by domestic non-agency mortgage-backed securities and domestic corporate obligations valued at $20,598,104;
0%-3.00%; 05/16/2019-05/15/2027)

     2.10 %      03/08/2018      $ 10,036,167      $ 10,000,000  

Total Repurchase Agreements (Cost $669,390,695)

                               669,390,695  

TOTAL INVESTMENTS IN SECURITIES(j)(k)–100.09% (Cost $2,578,778,842)

                               2,578,721,429  

OTHER ASSETS LESS LIABILITIES–(0.09)%

                               (2,415,006 ) 

NET ASSETS–100.00%

                             $ 2,576,306,423  

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

FHLB  

– Federal Home Loan Bank

LIBOR  

– London Interbank Offered Rate

LOC  

– Letter of Credit

RB  

– Revenue Bonds

USD  

– U.S. Dollar

VRD  

– Variable Rate Demand

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, 2018 was $945,145,210, which represented 36.69% of the Fund’s Net Assets.
(c)  The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 16.3%; Netherlands: 12.6%; France: 10.2%; Japan: 10.1%; other countries less than 5% each: 24.4%.
(d)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.
(e)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(f)  Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(g)  Principal amount equals value at period end. See Note 1I.
(h)  The Fund may demand prepayment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(i)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(j)  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 issuers obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     46.4 % 

8-30

     11.6  

31-60

     8.3  

61-90

     6.9  

91-180

     11.9  

181+

     14.9  

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.

 

7                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco STIC Prime Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Commercial Paper–42.22%(a)

          
Asset-Backed Securities — Fully Supported–2.91%          

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

     1.60 %      03/01/2018      $ 10,000      $ 9,999,595  

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

     1.74 %      04/02/2018        2,250        2,246,376  
                                12,245,971  
Asset-Backed Securities — Fully Supported Bank–21.55%          

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

     1.96 %      04/23/2018        5,000        4,987,108  

Anglesea Funding (Multi–CEP’s)(b)(c)

     1.66 %      03/01/2018        15,000        14,999,395  

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

     1.77 %      04/12/2018        5,000        4,989,548  

Concord Minutemen Capital Co., LLC (Multi–CEP’s)(b)(c)

     1.55 %      03/01/2018        5,000        4,999,793  

Ebury Finance LLC (Multi–CEP’s)(b)(c)

     1.45 %      03/01/2018        12,000        11,999,503  

Gotham Funding Corp. (CEP–Bank of Tokyo–Mitsubishi UFJ, Ltd. (The))(b)(c)

     1.69 %      04/03/2018        10,000        9,983,859  

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

     1.54 %      03/06/2018        5,000        4,998,741  

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

     1.73 %      04/03/2018        7,000        6,988,748  

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

     1.65 %      03/01/2018        6,270        6,269,726  

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

     1.68 %      03/01/2018        2,500        2,499,891  

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

     1.71 %      03/05/2018        8,000        7,998,326  

Nieuw Amsterdam Receivables Corp. (CEP–Cooperatieve Rabobank UA)(b)(c)

     1.63 %      03/21/2018        10,000        9,990,544  
                                90,705,182  
Asset-Backed Securities — Multi-Purpose–3.84%          

CAFCO, LLC(b)

     1.72 %      04/09/2018        10,000        9,981,311  

CHARTA, LLC(b)

     1.71 %      04/02/2018        2,100        2,096,730  

CHARTA, LLC(b)

     1.73 %      04/02/2018        1,500        1,497,664  

Versailles Commercial Paper LLC(b)

     1.90 %      04/11/2018        2,600        2,594,573  
                                16,170,278  
Diversified Banks–5.84%          

First Abu Dhabi Bank PJSC(b)(c)

     1.50 %      03/02/2018        10,000        9,999,172  

NRW Bank(b)(c)

     1.87 %      04/23/2018        6,385        6,368,038  

Societe Generale S.A.(b)(c)

     1.63 %      03/05/2018        5,225        5,223,900  

Standard Chartered Bank(b)(c)

     1.75 %      03/23/2018        3,000        2,996,994  
                                24,588,104  
Other Diversified Financial Services–0.48%          

ABN AMRO Funding USA LLC(b)(c)

     1.65 %      03/08/2018        2,000        1,999,311  
Regional Banks–4.75%          

Danske Corp.(b)(c)

     1.65 %      03/13/2018        15,000        14,991,577  

Landesbank Hessen-Thueringen Girozentrale(b)(c)

     1.63 %      03/20/2018        5,000        4,995,659  
                                19,987,236  
Specialized Finance–2.85%          

CDP Financial Inc.(b)(c)

     1.60 %      03/08/2018        2,000        1,999,342  

Nederlandse Waterschapsbank N.V.(b)(c)

     1.71 %      04/06/2018        10,000        9,982,589  
                                11,981,931  

Total Commercial Paper (Cost $177,681,262)

                               177,678,013  

 

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

 

8                         Short-Term Investments Trust

Invesco STIC Prime Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

Certificates of Deposit–14.61%

          

BMO Harris Bank N.A.(c)

     1.68 %      03/19/2018      $ 10,000      $ 9,999,884  

China Construction Bank Corp.(c)

     1.77 %      03/09/2018        5,000        5,000,162  

China Construction Bank Corp.(c)

     1.82 %      03/26/2018        8,000        8,000,455  

Mizuho Bank, Ltd.(c)

     1.40 %      03/01/2018        14,000        14,000,000  

Mizuho Bank, Ltd.(c)

     1.45 %      03/06/2018        5,000        4,999,968  

Norinchukin Bank (The)(c)

     1.50 %      04/09/2018        9,500        9,497,661  

Oversea-Chinese Banking Corp. Ltd.(c)

     1.64 %      03/19/2018        10,000        10,000,058  

Total Certificates of Deposit (Cost $61,496,512)

                               61,498,188  

Variable Rate Demand Notes–12.07%(d)

          
Credit Enhanced–12.07%          

Derry (Township of), Pennsylvania Industrial & Commercial Development Authority (GIANT Center); Series 2001, VRD Facility Taxable RB (LOC–PNC Bank, N.A.)(e)

     1.50 %      11/01/2030        2,485        2,485,000  

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

     1.60 %      04/01/2047        8,000        8,000,000  

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

     1.51 %      05/01/2037        3,605        3,605,000  

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

     1.57 %      01/01/2033        5,115        5,115,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing);

          

Series 2015 B-1, VRD Taxable RB (LOC–Bank of China Ltd.)(e)

     1.75 %      11/01/2049        13,000        13,000,001  

Series 2016 B-1, VRD RB (LOC–Bank of China Ltd.)(e)

     1.65 %      11/01/2049        2,910        2,910,000  

University of Texas System Board of Regents; Subseries 2016 G-1, VRD Financing System RB

     1.50 %      08/01/2045        10,000        10,000,000  

Ziegler Realty LLC; Series 2007, VRD Notes (LOC–Wells Fargo Bank, N.A.)(b)(e)

     1.60 %      01/01/2033        5,700        5,700,000  

Total Variable Rate Demand Notes (Cost $50,815,001)

                               50,815,001  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)–68.90% (Cost $289,992,775)

                               289,991,202  
                 Repurchase
Amount		         

Repurchase Agreements–31.16%(f)

          

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $15,000,633 (collateralized by a U.S. Treasury obligation and a foreign corporate obligation valued at $15,300,033; 1.25%-1.75%; 07/26/2019-12/31/2020)(c)

     1.52 %      03/01/2018        15,000,633        15,000,000  

BMO Capital Markets Corp., agreement dated 02/28/2018, maturing value of $9,000,380 (collateralized by U.S. government sponsored agency obligations and domestic and foreign corporate obligations valued at $9,594,527; 0%-9.70%; 04/17/2018-12/15/2032)(c)

     1.52 %      03/01/2018        9,000,380        9,000,000  

Credit Suisse Securities (USA) LLC, term agreement dated 02/28/2018, maturing value of $10,000,000 (collateralized by domestic commercial paper valued at $10,500,311; 1.41%-2.14%; 03/02/2018-09/10/2018)(c)(g)

     1.97 %      04/04/2018        10,000,000        10,000,000  

ING Financial Markets, LLC, agreement dated 02/28/2018, maturing value of $20,000,900 (collateralized by domestic corporate obligations valued at $22,001,059;
2.95%-10.75%; 03/01/2019-01/15/2043)(c)

     1.62 %      03/01/2018        20,000,900        20,000,000  

J.P. Morgan Securities LLC, open agreement dated 09/08/2017 (collateralized by domestic and foreign equity securities valued at $15,751,633; 0%-7.63%; 05/01/2020)(h)

     1.62 %      —        —        15,000,000  

RBC Capital Markets LLC, agreement dated 02/28/2018, maturing value of $20,000,844 (collateralized by domestic and foreign corporate obligations valued at $21,000,837; 0%-8.10%; 10/18/2019-01/10/2047)(c)

     1.52 %      03/01/2018        20,000,844        20,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $3,000,115,833 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $3,060,002,122;
1.13%-4.00%; 07/31/2021-10/20/2047)

     1.39 %      03/01/2018        32,159,565        32,158,323  

Wells Fargo Securities, LLC, agreement dated 02/28/2018, maturing value of $10,000,422 (collateralized by a foreign corporate obligation valued at $10,200,092; 2.13%; 01/18/2022)

     1.52 %      03/01/2018        10,000,422        10,000,000  

Total Repurchase Agreements (Cost $131,158,323)

                               131,158,323  

TOTAL INVESTMENTS IN SECURITIES(i)(j)–100.06% (Cost $421,151,098)

                               421,149,525  

OTHER ASSETS LESS LIABILITIES–(0.06)%

                               (267,773 ) 

NET ASSETS–100.00%

                             $ 420,881,752  

 

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

 

9                         Short-Term Investments Trust

Invesco STIC Prime Portfolio

Investment Abbreviations:

 

CEP  

– Credit Enhancement Provider

LOC  

– Letter of Credit

RB  

– Revenue Bonds

RN  

– Revenue Notes

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, 2018 was $186,516,357, which represented 44.32% 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: 14.7%; Japan: 13.9%; Canada: 13.3%; France: 8.1%; China: 5.9%; other countries less than 5% each: 16.5%.
(d)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(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)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.
(h)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(i)  Also represents cost for federal income tax purposes.
(j)  Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations, but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     64.1 % 

8-30

     16.6  

31-60

     19.3  

61-90

     —  

91-180

     —  

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.

 

10                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco Treasury Portfolio

 

     Interest
Rate		    

Maturity

Date

     

Principal

Amount

(000)

      Value  

U.S. Treasury Securities–51.04%

 

U.S. Treasury Bills–35.60%(a)  

U.S. Treasury Bills

     1.38 %      03/15/2018      $ 640,000      $ 639,657,351  

U.S. Treasury Bills

     1.39 %      03/15/2018        65,000        64,964,990  

U.S. Treasury Bills

     1.35 %      03/22/2018        150,000        149,881,787  

U.S. Treasury Bills

     1.36 %      03/22/2018        850,000        849,325,295  

U.S. Treasury Bills

     1.52 %      03/29/2018        1,030,000        1,028,802,337  

U.S. Treasury Bills

     1.46 %      04/05/2018        378,000        377,466,696  

U.S. Treasury Bills

     1.43 %      04/12/2018        40,000        39,933,500  

U.S. Treasury Bills

     1.44 %      04/12/2018        385,000        384,357,692  

U.S. Treasury Bills

     1.46 %      04/19/2018        190,000        189,624,238  

U.S. Treasury Bills

     1.43 %      04/26/2018        250,000        249,446,610  

U.S. Treasury Bills

     1.44 %      04/26/2018        170,000        169,621,845  

U.S. Treasury Bills

     1.44 %      05/03/2018        425,000        423,936,351  

U.S. Treasury Bills

     1.64 %      05/24/2018        335,000        333,721,974  

U.S. Treasury Bills

     1.67 %      05/31/2018        1,015,000        1,010,790,939  

U.S. Treasury Bills

     1.54 %      06/28/2018        72,660        72,292,522  

U.S. Treasury Bills

     1.59 %      07/12/2018        600,000        596,500,991  

U.S. Treasury Bills

     1.60 %      07/19/2018        250,000        248,452,223  

U.S. Treasury Bills

     1.61 %      07/19/2018        625,000        621,112,083  

U.S. Treasury Bills

     1.63 %      07/26/2018        480,000        476,834,601  

U.S. Treasury Bills

     1.64 %      08/02/2018        500,000        496,523,877  

U.S. Treasury Bills

     1.86 %      08/30/2018        530,000        525,118,986  

U.S. Treasury Bills

     1.87 %      08/30/2018        500,000        495,374,166  
                                9,443,741,054  
U.S. Treasury Notes–15.44%  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.83 %      07/31/2018        429,240        429,239,586  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.82 %      10/31/2018        695,000        694,946,742  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b)

     1.79 %      01/31/2019        550,000        550,115,929  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.07%)(b)

     1.72 %      04/30/2019        1,282,000        1,282,077,118  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b)

     1.71 %      07/31/2019        800,000        799,996,787  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)(b)

     1.70 %      10/31/2019        340,000        340,072,832  
                                4,096,448,994  

Total U.S. Treasury Securities (Cost $13,540,190,048)

                               13,540,190,048  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)–51.04% (Cost $13,540,190,048)

                               13,540,190,048  
                 Repurchase
Amount		         

Repurchase Agreements–60.59%(c)

          

ABN AMRO Bank N.V., agreement dated 02/28/2018, maturing value of $800,030,222 (collateralized by U.S. Treasury obligations valued at $816,000,089;
1.00%-3.13%; 08/31/2018-05/15/2047)

     1.36 %      03/01/2018        800,030,222        800,000,000  

 

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

 

11                         Short-Term Investments Trust

Invesco Treasury Portfolio

 

     Interest
Rate		    

Maturity

Date

      Repurchase
Amount		      Value  

Bank of Montreal, joint term agreement dated 02/08/2018, aggregate maturing value of $500,656,250 (collateralized by U.S. Treasury obligations valued at $510,000,011; 0%-3.75%; 03/15/2018-11/15/2047)(d)

     1.35 %      03/15/2018      $ 220,288,750      $ 220,000,000  

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $1,250,047,222 (collateralized by U.S. Treasury obligations valued at $1,275,000,002; 0.13%-6.88%; 03/15/2018-05/15/2046)

     1.36 %      03/01/2018        1,250,047,222        1,250,000,000  

CIBC World Markets Corp., agreement dated 02/28/2018, maturing value of $1,000,037,778 (collateralized by U.S. Treasury obligations valued at $1,020,000,109; 1.38%-4.63%; 04/30/2020-11/15/2046)

     1.36 %      03/01/2018        1,000,037,778        1,000,000,000  

Citigroup Global Markets, Inc., term agreement dated 02/22/2018, maturing value of $500,129,306 (collateralized by U.S. Treasury obligations valued at $510,000,000; 0%-4.25%; 05/15/2018-11/15/2047)(d)

     1.33 %      03/01/2018        500,129,306        500,000,000  

Credit Agricole Corporate & Investment Bank, term agreement dated 02/23/2018, maturing value of $400,105,000 (collateralized by U.S. Treasury obligations valued at $408,000,089; 0.75%-3.13%; 10/31/2018-08/15/2044)(d)

     1.35 %      03/02/2018        400,105,000        400,000,000  

Credit Agricole Corporate & Investment Bank, term agreement dated 02/27/2018, maturing value of $500,131,250 (collateralized by U.S. Treasury Obligations valued at $510,000,022; 0%-2.50%; 05/31/2018-01/31/2025)(d)

     1.35 %      03/06/2018        500,131,250        500,000,000  

DNB Bank ASA, agreement dated 02/28/2018, maturing value of $1,100,041,861 (collateralized by U.S. Treasury obligations valued at $1,122,000,043;
1.50%-2.50%; 08/31/2018-11/15/2024)

     1.37 %      03/01/2018        1,100,041,861        1,100,000,000  

Fixed Income Clearing Corp. — Bank of New York Mellon (The), agreement dated 02/28/2018, maturing value of $400,015,222 (collateralized by U.S. Treasury obligations valued at $408,000,094; 1.38%-2.25%; 06/30/2023-05/15/2025)

     1.37 %      03/01/2018        400,015,222        400,000,000  

HSBC Securities (USA) Inc., term agreement dated 02/27/2018, maturing value of $400,105,000 (collateralized by U.S. Treasury Obligations valued at $408,003,950; 0.13%; 04/15/2020-04/15/2021)(d)

     1.35 %      03/06/2018        400,105,000        400,000,000  

ING Financial Markets, LLC, term agreement dated 02/23/2018, maturing value of $100,026,056 (collateralized by U.S. Treasury obligations valued at $102,000,037; 0.50%-4.38%; 06/30/2019-11/15/2047)(d)

     1.34 %      03/02/2018        100,026,056        100,000,000  

J.P. Morgan Securities LLC, agreement dated 02/28/2018, maturing value of $250,009,444 (collateralized by U.S. Treasury obligations valued at $255,003,742; 1.50%-2.00%; 05/31/2020-02/15/2022)

     1.36 %      03/01/2018        250,009,444        250,000,000  

Lloyds Bank PLC, joint term agreement dated 01/17/2018, aggregate maturing value of $501,286,250 (collateralized by U.S. Treasury obligations valued at $506,502,144; 1.00%-7.63%; 11/30/2019-02/15/2026)

     1.47 %      03/22/2018        210,540,225        210,000,000  

Lloyds Bank PLC, joint term agreement dated 02/23/2018, aggregate maturing value of $500,575,556 (collateralized by U.S. Treasury obligations valued at $509,956,295; 0.88%-7.50%; 07/15/2018-11/15/2024)

     1.48 %      03/26/2018        205,235,978        205,000,000  

Lloyds Bank PLC, term agreement dated 02/16/2018, maturing value of $250,287,778 (collateralized by U.S. Treasury obligations valued at $255,090,769; 1.50%-2.13%; 05/31/2020-11/15/2022)

     1.48 %      03/20/2018        250,287,778        250,000,000  

Lloyds Bank PLC, term agreement dated 02/20/2018, maturing value of $300,357,667 (collateralized by U.S. Treasury obligations valued at $305,996,254; 1.75%-2.63%; 10/31/2020-08/15/2025)

     1.48 %      03/22/2018        300,357,667        300,000,000  

Merrill Lynch, Pierce, Fenner & Smith, Inc., agreement dated 02/28/2018, maturing value of $150,005,708 (collateralized by a U.S. Treasury obligation valued at $153,000,074; 1.63%; 11/15/2022)

     1.37 %      03/01/2018        150,005,708        150,000,000  

Metropolitan Life Insurance Co., joint term agreement dated 02/28/2018, aggregate maturing value of $1,200,334,267 (collateralized by U.S. Treasury obligations valued at $1,233,979,365; 0%-4.50%; 03/29/2018-02/15/2043)(d)

     1.39 %      03/07/2018        510,139,930        510,002,087  

Mitsubishi UFJ Trust and Banking Corp., joint term agreement dated 02/28/2018, aggregate maturing value of $2,308,440,738 (collateralized by U.S. Treasury obligations valued at $2,358,620,162;
1.63%-2.25%; 08/31/2022-02/15/2027)(d)

     1.40 %      03/07/2018        941,818,814        941,562,500  

National Australia Bank Ltd., joint term agreement dated 02/27/2018, aggregate maturing value of $500,133,194 (collateralized by U.S. Treasury obligations valued at $509,532,574; 0.13%-2.13%; 04/15/2019-11/30/2023)(d)

     1.37 %      03/06/2018        250,066,597        250,000,000  

Natixis, agreement dated 02/28/2018, maturing value of $750,028,333 (collateralized by U.S. Treasury obligations valued at $765,000,038; 0%—8.50%; 04/15/2018—08/15/2047)

     1.36 %      03/01/2018        750,028,333        750,000,000  

 

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

 

12                         Short-Term Investments Trust

Invesco Treasury Portfolio

 

     Interest
Rate		    

Maturity

Date

      Repurchase
Amount		      Value  

Natixis, term agreement dated 02/23/2018, maturing value of $500,130,278 (collateralized by U.S. Treasury obligations valued at $510,000,040;
0%-8.75%; 04/15/2018-08/15/2047)(d)

     1.34 %      03/02/2018      $ 500,130,278      $ 500,000,000  

Natixis, term agreement dated 02/28/2018, maturing value of $750,201,250 (collateralized by U.S. Treasury obligations valued at $765,000,007;
0.13%-8.75%; 05/31/2018-05/15/2045)(d)

     1.38 %      03/07/2018        750,201,250        750,000,000  

Prudential Insurance Co. of America, agreement dated 02/28/2018, maturing value of $313,663,122 (collateralized by U.S. Treasury obligations valued at $321,638,491; 0%-2.50%; 11/15/2025-02/15/2045)

     1.42 %      03/01/2018        313,663,122        313,650,750  

Prudential Legacy Insurance Company of New Jersey, agreement dated 02/28/2018, maturing value of $113,191,965 (collateralized by U.S. Treasury obligations valued at $116,584,000; 0%; 08/15/2033-02/15/2045)

     1.42 %      03/01/2018        113,191,965        113,187,500  

Royal Bank of Canada, agreement dated 02/28/2018, maturing value of $50,001,889 (collateralized by a U.S. Treasury obligation valued at $51,000,055; 1.13%; 02/28/2021)

     1.36 %      03/01/2018        50,001,889        50,000,000  

Royal Bank of Canada, term agreement dated 02/09/2018, maturing value of $751,161,667 (collateralized by U.S. Treasury obligations valued at $765,000,045; 0.13%-7.63%; 04/15/2019-05/15/2046)(d)

     1.36 %      03/22/2018        751,161,667        750,000,000  

Societe Generale, open agreement dated 04/27/2017 (collateralized by U.S. Treasury Obligations valued at $1,020,000,025; 0%-7.63%; 03/29/2018-02/15/2048)(e)

     1.32 %      —        —        1,000,000,000  

Societe Generale, term agreement dated 01/19/2018, maturing value of $200,482,222 (collateralized by U.S. Treasury obligations valued at $204,000,031; 0%-3.13%; 07/12/2018-02/15/2048)

     1.40 %      03/22/2018        200,482,222        200,000,000  

Societe Generale, term agreement dated 02/22/2018, maturing value of $100,026,444 (collateralized by U.S. Treasury obligations valued at $102,000,096; 0%-7.63%; 03/29/2018-05/15/2047)(d)

     1.36 %      03/01/2018        100,026,444        100,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $1,000,038,056 (collateralized by U.S. Treasury obligations valued at $1,020,099,558; 3.63%; 02/15/2020)

     1.37 %      03/01/2018        546,072,192        546,051,411  

TD Securities (USA) LLC, agreement dated 02/28/2018, maturing value of $500,018,750 (collateralized by U.S. Treasury obligations valued at $510,000,055; 0%-4.75%; 03/01/2018-08/15/2047)

     1.35 %      03/01/2018        500,018,750        500,000,000  

Wells Fargo Securities, LLC, agreement dated 02/28/2018, maturing value of $565,021,188 (collateralized by U.S. Treasury obligations valued at $576,300,016; 0%-2.75%; 06/28/2018-02/28/2025)

     1.35 %      03/01/2018        565,021,188        565,000,000  

Wells Fargo Securities, LLC, term agreement dated 02/23/2018, maturing value of $200,052,111 (collateralized by U.S. Treasury obligations valued at $204,000,092; 0.13%-9.13%; 05/15/2018-05/15/2044)(d)

     1.34 %      03/02/2018        200,052,111        200,000,000  

Total Repurchase Agreements (Cost $16,074,454,248)

                               16,074,454,248  

TOTAL INVESTMENTS IN SECURITIES(f)–111.63% (Cost $29,614,644,296)

                               29,614,644,296  

OTHER ASSETS LESS LIABILITIES–(11.63)%

                               (3,085,939,665 ) 

NET ASSETS–100.00%

                             $ 26,528,704,631  

Notes to Schedule of Investments:

 

(a)  Securities 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, 2018.
(c)  Principal amount equals value at period end. See Note 1I.
(d)  The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(e)  Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(f)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     44.6 % 

8-30

     14.7  

31-60

     5.3  

61-90

     2.9  

91-180

     14.9  

181+

     17.6  

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

 

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

 

13                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco Government & Agency Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Government Sponsored Agency Securities–34.70%

          
Federal Farm Credit Bank (FFCB)–2.81%          

Unsec. Bonds (1 mo. USD LIBOR + 0.12%)(a)

     1.71 %      03/21/2018      $ 20,000      $ 20,000,503  

Unsec. Bonds (1 mo. USD LIBOR - 0.06%)(a)

     1.52 %      12/04/2019        125,000        124,994,253  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.51 %      12/16/2019        120,000        120,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.52 %      09/25/2019        110,000        109,990,654  

Unsec. Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.46 %      12/06/2018        100,000        100,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.45 %      04/11/2019        75,000        75,000,000  

Unsec. Bonds (3 mo. USD LIBOR)(a)

     1.80 %      05/09/2018        9,500        9,503,327  

Unsec. Bonds (3 mo. USD LIBOR - 0.03%)(a)

     1.46 %      03/02/2018        40,000        40,000,179  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.53 %      08/28/2019        145,000        144,978,793  
                                744,467,709  
Federal Home Loan Bank (FHLB)–29.28%          

Unsec. Bonds (1 mo. USD LIBOR - 0.06%)(a)

     1.53 %      09/18/2019        50,000        50,016,548  

Unsec. Bonds (1 mo. USD LIBOR - 0.07%)(a)

     1.52 %      02/15/2019        280,000        280,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.07%)(a)

     1.52 %      02/19/2019        75,000        75,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.57 %      02/28/2019        235,000        235,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.50 %      03/06/2019        246,000        246,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.52 %      08/22/2019        100,000        100,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.49 %      01/11/2019        25,000        25,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      01/14/2019        50,000        50,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.53 %      01/25/2019        125,000        125,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      05/17/2019        210,000        210,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      06/06/2019        150,000        150,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      06/14/2019        120,000        120,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      07/17/2019        72,000        72,001,467  

Unsec. Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      08/14/2019        125,000        125,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.10%)(a)

     1.49 %      12/21/2018        200,000        200,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.10%)(a)

     1.49 %      04/18/2019        85,000        85,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.52 %      07/26/2018        100,000        100,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.47 %      08/01/2018        200,000        200,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.11%)(a)

     1.49 %      04/22/2019        285,000        285,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.47 %      12/14/2018        404,000        404,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.45 %      10/10/2018        210,000        210,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.49 %      10/26/2018        193,000        193,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.45 %      11/05/2018        115,000        115,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.45 %      11/09/2018        210,000        210,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.46 %      11/15/2018        220,000        220,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.44 %      07/03/2018        300,000        300,000,044  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.45 %      10/12/2018        120,000        120,000,000  

Unsec. Bonds (1 mo. USD LIBOR - 0.14%)(a)

     1.46 %      10/19/2018        200,000        200,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.17%)(a)

     1.34 %      03/06/2018        225,000        225,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.17%)(a)

     1.37 %      03/09/2018        100,000        100,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.18%)(a)

     1.43 %      03/19/2018        145,000        145,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.22%)(a)

     1.39 %      03/19/2018        175,000        175,000,000  

 

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

 

14                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

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

Unsec. Bonds (3 mo. USD LIBOR - 0.22%)(a)

     1.39 %      03/19/2018      $ 100,000      $ 100,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.26%)(a)

     1.45 %      04/12/2018        220,000        220,000,000  

Unsec. Bonds (3 mo. USD LIBOR - 0.26%)(a)

     1.46 %      04/13/2018        225,000        224,999,928  

Unsec. Bonds (3 mo. USD LIBOR - 0.27%)(a)

     1.48 %      04/20/2018        86,000        85,999,083  

Unsec. Bonds (3 mo. USD LIBOR - 0.27%)(a)

     1.47 %      04/23/2018        140,000        139,998,964  

Unsec. Bonds (3 mo. USD LIBOR - 0.31%)(a)

     1.53 %      08/15/2018        58,000        57,990,091  

Unsec. Bonds (3 mo. USD LIBOR - 0.35%)(a)

     1.44 %      05/08/2018        230,000        230,000,349  

Unsec. Disc. Notes(b)

     1.40 %      03/16/2018        45,267        45,240,594  

Unsec. Disc. Notes(b)

     1.59 %      04/13/2018        10,800        10,779,489  

Unsec. Disc. Notes(b)

     1.59 %      04/17/2018        50,000        49,896,209  

Unsec. Disc. Notes(b)

     1.60 %      04/18/2018        51,400        51,290,960  

Unsec. Disc. Notes(b)

     1.60 %      04/20/2018        33,300        33,226,024  

Unsec. Disc. Notes(b)

     1.61 %      04/25/2018        100,000        99,755,097  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.05%)(a)

     1.53 %      07/12/2018        200,000        200,026,232  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.08%)(a)

     1.50 %      03/01/2019        165,000        165,002,873  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.50 %      06/14/2019        30,000        30,000,000  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.09%)(a)

     1.49 %      07/08/2019        150,000        150,009,428  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.12%)(a)

     1.47 %      12/21/2018        150,000        150,000,000  

Unsec. Global Bonds (1 mo. USD LIBOR - 0.13%)(a)

     1.47 %      11/19/2018        120,000        120,000,000  

Unsec. Global Bonds (3 mo. USD LIBOR - 0.22%)(a)

     1.48 %      04/06/2018        136,000        136,000,000  

Unsec. Global Bonds (3 mo. USD LIBOR - 0.35%)(a)

     1.45 %      05/09/2018        100,000        100,000,000  
                                7,750,233,380  
Federal Home Loan Mortgage Corp. (FHLMC)–0.79%          

Unsec. Disc. Notes(b)

     1.38 %      03/19/2018        160,000        159,889,600  

Unsec. Medium-Term Notes (1 mo. USD LIBOR - 0.10%)(a)

     1.48 %      08/08/2019        50,000        50,000,000  
                                209,889,600  
Federal National Mortgage Association (FNMA)–0.49%          

Unsec. Disc. Notes(b)

     1.38 %      03/14/2018        130,000        129,935,217  
Overseas Private Investment Corp. (OPIC)–1.33%          

Sec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      11/15/2028        97,727        97,727,273  

Sr. Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      06/15/2025        24,000        24,000,000  

Sr. Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      02/15/2028        20,000        20,000,000  

Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      09/15/2020        116,000        116,000,000  

Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.71 %      07/15/2025        39,167        39,166,667  

Unsec. Gtd. VRD COP Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     1.70 %      05/15/2030        10,452        10,452,000  

Unsec. Gtd. VRD COP Notes (3 mo. U.S. Treasury Bill Rate)(c)

     1.62 %      07/09/2026        43,350        43,350,000  
                                350,695,940  

Total U.S. Government Sponsored Agency Securities (Cost $9,185,221,846)

                               9,185,221,846  

U.S. Treasury Securities–21.74%

          
U.S. Treasury Bills–20.11%(b)          

U.S. Treasury Bills

     1.14 %      03/15/2018        350,000        349,845,378  

U.S. Treasury Bills

     1.32 %      03/15/2018        160,000        159,917,866  

U.S. Treasury Bills

     1.38 %      03/15/2018        687,000        686,632,127  

U.S. Treasury Bills

     1.39 %      03/15/2018        120,000        119,935,367  

U.S. Treasury Bills

     1.35 %      03/22/2018        150,000        149,881,787  

U.S. Treasury Bills

     1.36 %      03/22/2018        250,000        249,801,615  

 

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

 

15                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

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

U.S. Treasury Bills

     1.50 %      03/29/2018      $ 600,000      $ 599,302,332  

U.S. Treasury Bills

     1.43 %      04/05/2018        178,000        177,753,396  

U.S. Treasury Bills

     1.46 %      04/05/2018        210,000        209,703,720  

U.S. Treasury Bills

     1.23 %      04/12/2018        400,000        399,430,667  

U.S. Treasury Bills

     1.64 %      05/24/2018        335,000        333,721,974  

U.S. Treasury Bills

     1.59 %      07/12/2018        400,000        397,666,958  

U.S. Treasury Bills

     1.60 %      07/19/2018        125,000        124,226,111  

U.S. Treasury Bills

     1.61 %      07/19/2018        375,000        372,667,639  

U.S. Treasury Bills

     1.63 %      07/26/2018        300,000        298,021,626  

U.S. Treasury Bills

     1.64 %      08/02/2018        400,000        397,219,038  

U.S. Treasury Bills

     1.85 %      08/30/2018        300,000        297,235,875  
                                5,322,963,476  
U.S. Treasury Notes–1.63%          

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield
Rate)(a)

     1.65 %      01/31/2020        60,000        59,998,850  

U.S. Treasury Floating Rate Notes
(3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(a)

     1.71 %      07/31/2019        370,000        370,015,134  
                                430,013,984  

Total U.S. Treasury Securities (Cost $5,752,977,460)

                               5,752,977,460  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements) (Cost $14,938,199,306)

                               14,938,199,306  
                 Repurchase
Amount		         

Repurchase Agreements–47.00%(d)

          

ABN AMRO Bank N.V., agreement dated 02/28/2018, maturing value of $700,026,833 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $714,000,032; 1.25%-6.50%; 10/31/2018-12/01/2047)

     1.38 %      03/01/2018        700,026,833        700,000,000  

Bank of Montreal, joint term agreement dated 02/08/2018, aggregate maturing value of $500,656,250 (collateralized by U.S. Treasury obligations valued at $510,000,011; 0%-3.75%; 03/15/2018-11/15/2047)(e)

     1.35 %      03/15/2018        220,288,750        220,000,000  

Bank of Nova Scotia, agreement dated 02/28/2018, maturing value of $200,007,667 (collateralized by U.S. government sponsored agency obligations valued at $204,000,000; 2.65%-4.50%; 05/01/2035-09/01/2047)

     1.38 %      03/01/2018        200,007,667        200,000,000  

CIBC World Markets Corp., agreement dated 02/28/2018, maturing value of $1,075,041,208 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,096,500,092;
1.38%-5.50%; 04/30/2020-01/01/2048)

     1.38 %      03/01/2018        1,075,041,208        1,075,000,000  

Citigroup Global Markets, Inc., joint agreement dated 02/28/2018, aggregate maturing value of $400,015,111 (collateralized by U.S. Treasury obligations valued at $408,000,000; 0%; 11/15/2018-08/15/2045)

     1.36 %      03/01/2018        200,007,556        200,000,000  

Credit Agricole Corporate & Investment Bank, joint term agreement dated 02/22/2018, aggregate maturing value of $250,066,111 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $255,000,007; 1.50%-3.50%; 05/31/2020-08/01/2047)(e)

     1.36 %      03/01/2018        135,035,700        135,000,000  

Credit Agricole Corporate & Investment Bank, joint term agreement dated 02/23/2018, aggregate maturing value of $500,133,194 (collateralized by U.S. government sponsored agency obligations valued at $510,000,000;
3.00%-5.00%; 04/01/2027-03/01/2048)(e)

     1.37 %      03/02/2018        250,066,597        250,000,000  

Credit Agricole Corporate & Investment Bank, term agreement dated 02/27/2018, maturing value of $250,066,111 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $255,000,062;
1.88%-3.50%; 08/31/2022-02/01/2048)(e)

     1.36 %      03/06/2018        250,066,111        250,000,000  

DNB Bank ASA, agreement dated 02/28/2018, maturing value of $300,011,417 (collateralized by U.S. Treasury obligations valued at $306,000,088;
0.13%-1.88%; 06/15/2020-05/31/2022)

     1.37 %      03/01/2018        300,011,417        300,000,000  

 

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

 

16                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Fixed Income Clearing Corp. — Bank of New York Mellon (The), agreement dated 02/28/2018, maturing value of $400,015,222 (collateralized by U.S. Treasury obligations valued at $408,000,078; 2.00%-3.00%; 02/15/2022-05/15/2047)

     1.37 %      03/01/2018      $ 400,015,222      $ 400,000,000  

ING Financial Markets, LLC, joint agreement dated 02/28/2018, aggregate maturing value of $100,003,833 (collateralized by domestic agency mortgage-backed securities valued at $102,000,000; 2.50%-4.50%; 09/01/2018-02/01/2048)

     1.38 %      03/01/2018        60,002,300        60,000,000  

ING Financial Markets, LLC, joint term agreement dated 02/23/2018, aggregate maturing value of $250,066,111 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000;
2.00%-5.50%; 02/01/2021-01/01/2048)(e)

     1.36 %      03/02/2018        85,022,478        85,000,000  

ING Financial Markets, LLC, joint term agreement dated 12/14/2017, maturing value of $376,429,167 (collateralized by U.S. government sponsored agency obligations valued at $382,500,001; 2.00%-5.50%; 04/01/2020-02/01/2048)

     1.40 %      03/22/2018        306,162,389        305,000,000  

ING Financial Markets, LLC, term agreement dated 12/15/2017, maturing value of $75,285,833 (collateralized by domestic agency mortgage-backed securities valued at $76,500,000; 1.70%-4.50%; 10/01/2027-02/01/2048)

     1.40 %      03/23/2018        75,285,833        75,000,000  

Lloyds Bank PLC, joint term agreement dated 01/17/2018, aggregate maturing value of $501,286,250 (collateralized by U.S. Treasury obligations valued at $506,502,144; 1.00%-7.63%; 11/30/2019-02/15/2026)

     1.47 %      03/22/2018        225,578,813        225,000,000  

Lloyds Bank PLC, joint term agreement dated 02/23/2018, aggregate maturing value of $500,575,556 (collateralized by U.S. Treasury obligations valued at $509,956,295; 0.88%-7.50%; 07/15/2018-11/15/2024)

     1.48 %      03/26/2018        225,259,000        225,000,000  

Lloyds Bank PLC, joint term agreement dated 12/04/2017, aggregate maturing value of $501,794,722 (collateralized by U.S. Treasury obligations valued at $513,607,959; 1.38%-6.13%; 06/30/2020-11/15/2027)

     1.42 %      03/05/2018        361,292,200        360,000,000  

Metropolitan Life Insurance Co., joint term agreement dated 02/28/2018, aggregate maturing value of $1,200,334,267 (collateralized by U.S. Treasury obligations valued at $1,233,979,365; 0%-4.50%; 03/29/2018-02/15/2043)(e)

     1.39 %      03/07/2018        500,136,264        500,001,125  

Mitsubishi UFJ Trust and Banking Corp., joint term agreement dated 02/28/2018, aggregate maturing value of $2,308,440,738 (collateralized by U.S. Treasury obligations valued at $2,358,620,162;
1.63%-2.25%; 08/31/2022-02/15/2027)(e)

     1.40 %      03/07/2018        1,074,729,986        1,074,437,500  

National Australia Bank Ltd., joint term agreement dated 02/27/2018, aggregate maturing value of $500,133,194 (collateralized by U.S. Treasury obligations valued at $509,532,574; 0.13%-2.13%; 04/15/2019-11/30/2023)(e)

     1.37 %      03/06/2018        250,066,597        250,000,000  

Prudential Insurance Co. of America, agreement dated 02/28/2018, maturing value of $365,536,918 (collateralized by U.S. Treasury obligations valued at $375,976,160; 0%; 02/15/2026-05/15/2045)

     1.42 %      03/01/2018        365,539,918        365,522,500  

Prudential Legacy Insurance Company of New Jersey, agreement dated 02/28/2018, maturing value of $60,377,381 (collateralized by U.S. Treasury obligations valued at $61,868,000; 0%; 08/15/2033)

     1.42 %      03/01/2018        60,377,381        60,375,000  

RBC Capital Markets LLC, joint term agreement dated 02/28/2018, aggregate maturing value of $1,000,000,000 (collateralized by U.S. government sponsored agency obligations valued at $1,020,000,000;
0%-7.50%; 03/25/2018-11/25/2057)(a)(e)

     1.42 %      04/30/2018        590,000,000        590,000,000  

Royal Bank of Canada, joint term agreement dated 02/08/2018, aggregate maturing value of $1,101,339,556 (collateralized by U.S. Treasury obligations and domestic agency mortgage-backed securities valued at $1,122,000,000;
1.88%-7.00%; 01/31/2022-11/15/2057)(e)

     1.37 %      03/12/2018        891,083,822        890,000,000  

Royal Bank of Canada, term agreement dated 02/23/2018, maturing value of $75,019,833 (collateralized by domestic agency mortgage-backed securities valued at $76,500,000; 3.50%-4.50%; 02/01/2029-01/01/2048)(e)

     1.36 %      03/02/2018        75,019,833        75,000,000  

Societe Generale, joint open agreement dated 04/27/2017 (collateralized by U.S. Government sponsered agency obligations and U.S. Treasury obligations valued at $1,530,000,152; 0%-7.63%; 03/29/2018-11/20/2064)(f)

     1.34 %      —        —        1,115,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $1,000,038,056 (collateralized by U.S. Treasury obligations valued at $1,020,099,558; 3.63%; 02/15/2020)

     1.37 %      03/01/2018        453,965,864        453,948,589  

 

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

 

17                         Short-Term Investments Trust

Invesco Government & Agency Portfolio

 

     Interest
Rate		     Maturity
Date		      Repurchase
Amount		     
Value		  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2018, aggregate maturing value of $3,000,115,833 (collateralized by U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $3,060,002,122; 1.13%-4.00%; 07/31/2021-10/20/2047)

     1.39 %      03/01/2018      $ 1,274,728,301      $ 1,274,679,084  

Wells Fargo Securities, LLC, joint agreement dated 02/28/2018, aggregate maturing value of $760,028,922 (collateralized by U.S. government sponsored agency obligations valued at $775,200,000; 4.00%; 07/01/2047-03/01/2048)

     1.37 %      03/01/2018        725,027,590        725,000,000  

Total Repurchase Agreements (Cost $12,438,963,798)

                               12,438,963,798  

TOTAL INVESTMENTS IN SECURITIES(g)–103.44% (Cost $27,377,163,104)

                               27,377,163,104  

OTHER ASSETS LESS LIABILITIES–(3.44)%

                               (910,581,357 ) 

NET ASSETS–100.00%

                             $ 26,466,581,747  

Investment Abbreviations:

 

COP  

– Certificates of Participation

Disc.  

– Discounted

Gtd.  

– Guaranteed

LIBOR  

– London Interbank Offered Rate

Sec.  

– Secured

Sr.  

– Senior

Unsec.  

– Unsecured

USD  

– U.S. Dollar

VRD  

– Variable Rate Demand

Notes to Schedule of Investments:

 

(a)  Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2018.
(b)  Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(c)  Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(d)  Principal amount equals value at period end. See Note 1I.
(e)  The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(f)  Either party may terminate the agreement upon demand. Interest rates, principal amounts and collateral are redetermined daily.
(g)  Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     44.7 % 

8-30

     14.7  

31-60

     6.7  

61-90

     2.5  

91-180

     8.9  

181+

     22.5  

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.

 

18                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

Invesco Treasury Obligations Portfolio

 

     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		     
Value		  

U.S. Treasury Securities–110.23%

          
U.S. Treasury Bills–88.61%(a)          

U.S. Treasury Bills

     1.15 %      03/01/2018      $ 75,000      $ 75,000,000  

U.S. Treasury Bills

     1.16 %      03/01/2018        65,400        65,400,000  

U.S. Treasury Bills

     1.23 %      03/08/2018        5,000        4,998,809  

U.S. Treasury Bills

     1.28 %      03/08/2018        40,700        40,690,040  

U.S. Treasury Bills

     1.29 %      03/08/2018        3,900        3,899,022  

U.S. Treasury Bills

     1.14 %      03/15/2018        18,900        18,891,651  

U.S. Treasury Bills

     1.31 %      03/15/2018        3,300        3,298,325  

U.S. Treasury Bills

     1.32 %      03/15/2018        5,000        4,997,433  

U.S. Treasury Bills

     1.38 %      03/15/2018        123,000        122,933,990  

U.S. Treasury Bills

     1.36 %      03/22/2018        160,800        160,672,463  

U.S. Treasury Bills

     1.37 %      03/22/2018        24,800        24,780,181  

U.S. Treasury Bills

     1.18 %      03/29/2018        9,309        9,300,529  

U.S. Treasury Bills

     1.50 %      03/29/2018        100,000        99,883,722  

U.S. Treasury Bills

     1.20 %      04/05/2018        10,000        9,988,431  

U.S. Treasury Bills

     1.31 %      04/05/2018        600        599,236  

U.S. Treasury Bills

     1.43 %      04/05/2018        26,000        25,963,979  

U.S. Treasury Bills

     1.46 %      04/05/2018        39,500        39,444,269  

U.S. Treasury Bills

     1.23 %      04/12/2018        10,000        9,985,766  

U.S. Treasury Bills

     1.44 %      04/12/2018        15,000        14,974,975  

U.S. Treasury Bills

     1.48 %      04/12/2018        17,400        17,369,936  

U.S. Treasury Bills

     1.51 %      04/12/2018        32,100        32,043,432  

U.S. Treasury Bills

     1.56 %      04/12/2018        100,000        99,818,000  

U.S. Treasury Bills

     1.25 %      04/19/2018        10,000        9,983,122  

U.S. Treasury Bills

     1.41 %      04/19/2018        8,700        8,683,363  

U.S. Treasury Bills

     1.46 %      04/19/2018        10,000        9,980,223  

U.S. Treasury Bills

     1.48 %      04/19/2018        15,000        14,969,885  

U.S. Treasury Bills

     1.44 %      04/26/2018        30,000        29,933,267  

U.S. Treasury Bills

     1.51 %      05/10/2018        30,000        29,912,500  

U.S. Treasury Bills

     1.55 %      05/10/2018        20,000        19,940,111  

U.S. Treasury Bills

     1.64 %      05/24/2018        20,000        19,923,700  

U.S. Treasury Bills

     1.65 %      05/31/2018        30,000        29,875,633  

U.S. Treasury Bills

     1.54 %      06/28/2018        30,000        29,848,275  

U.S. Treasury Bills

     1.59 %      07/12/2018        40,000        39,767,065  

U.S. Treasury Bills

     1.61 %      07/19/2018        40,000        39,751,111  

U.S. Treasury Bills

     1.61 %      07/26/2018        10,000        9,934,830  

U.S. Treasury Bills

     1.63 %      07/26/2018        15,000        14,901,081  

U.S. Treasury Bills

     1.64 %      08/02/2018        15,000        14,895,729  

U.S. Treasury Bills

     1.83 %      08/30/2018        10,000        9,907,863  
                                1,217,141,947  
U.S. Treasury Notes–21.62%          

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.19%)(b)

     1.84 %      04/30/2018        40,000        40,019,016  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.83 %      07/31/2018        53,000        53,004,957  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.17%)(b)

     1.82 %      10/31/2018        35,000        35,000,667  

 

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

 

19                         Short-Term Investments Trust

Invesco Treasury Obligations Portfolio

 

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

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.14%)(b)

     1.79 %      01/31/2019      $ 49,000      $ 49,009,376  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.07%)(b)

     1.72 %      04/30/2019        38,000        38,003,128  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b)

     1.71 %      07/31/2019        19,000        18,999,279  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.05%)(b)

     1.70 %      10/31/2019        47,000        47,005,869  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate)(b)

     1.65 %      01/31/2020        16,000        15,997,955  
                                297,040,247  

TOTAL INVESTMENTS IN SECURITES–110.23% (Cost $1,514,182,194)

                               1,514,182,194  

OTHER ASSETS LESS LIABILITIES–(10.23)%

                               (140,545,490 ) 

NET ASSETS–100.00%

                             $ 1,373,636,704  

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, 2018.

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     9.3 % 

8-30

     32.6  

31-60

     21.4  

61-90

     7.3  

91-180

     15.3  

181+

     14.1  

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.

 

20                         Short-Term Investments Trust

Schedule of Investments

February 28, 2018

(Unaudited)

 

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

Municipal Obligations–98.89%

 

Alabama–4.19%  

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

     1.09 %      07/01/2040      $ 8,405      $ 8,405,000  
Arizona–1.80%  

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

     1.09 %      06/15/2031        1,975        1,975,000  

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

     1.09 %      06/15/2031        1,640        1,640,000  
                                3,615,000  
California–3.43%  

California (State of); Series 2004 A-9, Ref. VRD Unlimited Tax GO Bonds (LOC–State Street Bank & Trust Co.)(a)(b)

     0.97 %      05/01/2034        4,170        4,170,000  

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

     1.03 %      08/01/2042        2,700        2,700,000  
                                6,870,000  
Colorado–0.82%  

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

     1.22 %      02/01/2031        908        908,000  

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

     1.22 %      07/01/2034        735        735,000  
                                1,643,000  
Delaware–2.04%  

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

     1.11 %      09/01/2036        3,085        3,085,000  

Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(a)(b)

     1.09 %      05/01/2036        1,005        1,005,000  
                                4,090,000  
District of Columbia–1.50%  

Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD Airport System RB (LOC–Sumitomo Mitsui Banking Corp.)(a)(b)

     1.09 %      10/01/2039        3,000        3,000,000  
Florida–5.96%  

Miami-Dade (County of); Series 2014 A, VRD Seaport RB (LOC–Bank of Tokyo–Mitsubishi UFJ, Ltd. (The))(a)(b)

     1.09 %      10/01/2050        3,800        3,800,000  

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

     1.15 %      11/01/2036        2,445        2,445,000  

Palm Beach (County of) (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC–Northern Trust Co. (The))(a)(b)

     1.12 %      07/01/2032        1,735        1,735,000  

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

     1.13 %      11/01/2038        3,960        3,960,000  
                                11,940,000  
Georgia–5.14%  

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

     1.01 %      09/01/2035        4,190        4,190,000  

Monroe (County of) Development Authority (Oglethorpe Power Corp. Scherer);

          

Series 2009 A, VRD PCR (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     1.07 %      01/01/2030        2,000        2,000,000  

Series 2010 A, Ref. VRD PCR (LOC–Bank of Montreal)(a)(b)

     1.12 %      01/01/2036        3,000        3,000,000  

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)

     1.22 %      09/01/2020        1,100        1,100,000  
                                10,290,000  

 

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

 

21                         Short-Term Investments Trust

Invesco Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  
Illinois–4.16%  

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

     1.17 %      08/01/2030      $ 3,400      $ 3,400,000  

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

     1.05 %      12/01/2046        4,935        4,935,000  
                                8,335,000  
Indiana–8.09%  

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

     1.22 %      08/01/2037        5,240        5,240,000  

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

     1.23 %      06/01/2035        7,385        7,385,000  

Purdue University; Series 2011 A, VRD COP(a)

     1.04 %      07/01/2035        3,082        3,081,500  

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

     1.09 %      10/01/2019        500        500,000  
                                16,206,500  
Louisiana–1.52%  

Louisiana (State of) Public Facilities Authority (CHRISTUS Health); Series 2009 B-3, Ref. VRD RB (LOC–Bank of New York Mellon (The))(a)(b)

     1.07 %      07/01/2047        1,490        1,490,000  

New Orleans (Port of) Board of Commissioners; Series 2010, Ref. VRD Subordinate Lien RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     1.12 %      06/01/2034        625        625,000  

St. James (Parish of) (NuStar Logistics, L.P.); Series 2010 B, VRD RB (LOC–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(a)(b)

     1.13 %      12/01/2040        930        930,000  
                                3,045,000  
Massachusetts–1.72%  

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

     1.10 %      10/01/2038        1,650        1,650,000  

Massachusetts (State of); Series 2017 B, Limited Tax GO RAN

     2.00 %      05/21/2018        1,800        1,804,523  
                                3,454,523  
Michigan–1.16%  

Kent (County of) Hospital Finance Authority (Spectrum Health System); Series 2008 C, Ref. VRD RB (LOC–Bank of New York Mellon (The))(a)(b)

     1.10 %      01/15/2026        445        445,000  

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

     1.10 %      03/01/2031        1,885        1,885,000  
                                2,330,000  
Minnesota–4.47%  

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

     1.17 %      10/15/2033        1,175        1,175,000  

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

     1.18 %      11/15/2031        3,465        3,465,000  

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

     1.07 %      11/01/2035        4,180        4,180,000  

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

     1.07 %      10/01/2033        138        138,000  
                                8,958,000  
Mississippi–3.94%  

Mississippi Business Finance Corp. (Chevron U.S.A. Inc.);

          

Series 2007 A, VRD Gulf Opportunity Zone IDR(a)

     1.15 %      12/01/2030        150        150,000  

Series 2010 C, VRD Gulf Opportunity Zone IDR(a)

     1.09 %      12/01/2030        2,035        2,035,000  

Series 2010 E, VRD Gulf Opportunity Zone IDR(a)

     1.09 %      12/01/2030        5,700        5,700,000  
                                7,885,000  
Missouri–3.11%  

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

     1.09 %      11/01/2037        525        525,000  

Missouri (State of) Development Finance Board (Kopytek Printing); Series 2010, VRD IDR (LOC–FHLB of Chicago)(a)(b)

     1.10 %      08/01/2038        1,245        1,245,000  

 

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

 

22                         Short-Term Investments Trust

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

Missouri (State of) Health & Educational Facilities Authority (Lutheran Senior Services); Series 2000, VRD RB (LOC–Bank of America, N.A.)(a)(b)

     1.14 %      02/01/2031      $ 3,860      $ 3,860,000  

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

     1.19 %      12/01/2019        595        595,000  
                                6,225,000  
Nevada–2.02%  

Truckee Meadows Water Authority; Series 2006 B, Commercial Paper Notes (LOC–Bank of Tokyo–Mitsubishi UFJ, Ltd. (The))(b)

     1.25 %      05/15/2018        4,050        4,050,000  
New York–7.90%  

Metropolitan Transportation Authority;

          

Subseries 2005 D-1, VRD RB (LOC–Landesbank Hessen-Thueringen Girozentrale)(a)(b)

     1.13 %      11/01/2035        4,980        4,980,000  

Subseries 2005 D-2, VRD RB (LOC–Landesbank Hessen-Thueringen Girozentrale)(a)(b)

     1.11 %      11/01/2035        3,290        3,290,000  

New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, Inc.); Subseries 2005 A-2, VRD RB (LOC–Mizuho Bank, Ltd.)(a)(b)

     1.07 %      05/01/2039        2,000        2,000,000  

New York (State of) Housing Finance Agency (222 East 44th Street Housing); Series 2015 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)

     1.18 %      05/01/2050        1,000        1,000,000  

New York (State of) Housing Finance Agency (Manhattan West Residential Housing); Series 2015 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)(c)

     1.17 %      11/01/2049        4,550        4,550,000  
                                15,820,000  
North Carolina–0.90%  

Raleigh & Durham (Cities of) Airport Authority; Series 2008 C, Ref. VRD RB (LOC–TD Bank,
N.A.)(a)(b)(c)

     1.05 %      05/01/2036        1,800        1,800,000  
Oregon–1.72%  

Oregon (State of) Facilities Authority (PeaceHealth); Series 2008 A, Ref. VRD RB (LOC–U.S. Bank, N.A.)(a)(b)

     1.12 %      08/01/2034        3,450        3,450,000  
Pennsylvania–4.05%  

Crawford (County of) Industrial Development Authority (Allegheny College); Series 2009 B, VRD College RB (LOC–PNC Bank, N.A.)(a)(b)

     1.11 %      11/01/2039        422        422,000  

Derry (Township of) Industrial & Commercial Development Authority (Hershey Arena); Series 2000 A, VRD Hotel Tax RB (LOC–PNC Bank, N. A.)(a)(b)

     1.10 %      11/01/2030        500        500,000  

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

     1.09 %      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)

     1.11 %      10/15/2025        1,370        1,370,000  

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

     1.10 %      09/01/2028        1,886        1,886,000  

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

     1.09 %      11/01/2029        600        600,000  

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

     1.10 %      07/01/2027        550        550,000  
                                8,123,000  
Texas–13.64%  

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

     1.11 %      08/01/2035        6,405        6,405,000  

Gulf Coast Industrial Development Authority (ExxonMobil); Series 2012, VRD RB(a)

     1.10 %      11/01/2041        1,300        1,300,000  

Harris (County of) Hospital District; Series 2010, Ref. VRD Sr. Lien RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)

     1.12 %      02/15/2042        635        635,000  

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

     1.09 %      01/01/2049        4,215        4,215,000  

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

     1.09 %      04/01/2026        2,722        2,722,000  

Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments);
Series 2009, VRD MFH RB (CEP–FHLMC)(a)

     1.09 %      05/01/2042        2,150        2,150,000  

Texas (State of); Series 2017, TRAN

     4.00 %      08/30/2018        5,700        5,786,681  

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

     0.98 %      08/01/2025        4,120        4,120,000  
                                27,333,681  

 

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

 

23                         Short-Term Investments Trust

Invesco Tax-Free Cash Reserve Portfolio                          
     Interest
Rate		     Maturity
Date		      Principal
Amount
(000)		      Value  
Utah–3.25%  

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

     1.13 %      11/01/2024      $ 3,612      $ 3,612,000  

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

     1.15 %      04/01/2042        2,900        2,900,000  
                                6,512,000  
Virginia–2.99%  

Norfolk (City of); Series 2007, VRD Unlimited Tax GO Bonds(a)

     1.10 %      08/01/2037        2,500        2,500,000  

University of Virginia; Series 2018 A, Commercial Paper Notes

     1.12 %      03/08/2018        3,500        3,500,000  
                                6,000,000  
Washington–2.10%  

Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD MFH RB (LOC–FHLB of San Francisco)(a)(b)

     1.13 %      09/01/2049        4,200        4,200,000  
West Virginia–2.09%  

Cabell (County of) (Provident Group — Marshall Properties LLC — Marshall University); Series 2010 A, VRD University Facilities RB (LOC–Bank of America, N.A.)(a)(b)

     1.15 %      07/01/2039        1,050        1,050,000  

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

     1.12 %      01/01/2034        3,130        3,130,000  
                                4,180,000  
Wisconsin–3.18%  

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

     1.11 %      10/01/2042        4,220        4,220,000  

Milwaukee (City of); Series 2017 M-11, School RAN

     5.00 %      09/27/2018        2,100        2,147,828  
                                6,367,828  
Wyoming–2.00%  

Lincoln (County of) (ExxonMobil); Series 2014, Ref. VRD PCR(a)

     1.14 %      10/01/2044        4,000        4,000,000  

TOTAL INVESTMENTS IN SECURITIES(e)(f)–98.89% (Cost $198,128,532)

                               198,128,532  

OTHER ASSETS LESS LIABILITIES–1.11%

                               2,218,294  

NET ASSETS–100.00%

                             $ 200,346,826  

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

RAN  

– Revenue Anticipation Notes

RB  

– Revenue Bonds

Ref.  

– Refunding

Sr.  

– Senior

TRAN  

– Tax and Revenue Anticipation Notes

VRD  

– Variable Rate Demand

 

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

 

24                         Short-Term Investments Trust

Invesco Tax-Free Cash Reserve Portfolio

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 based on current market interest rates. Rate shown is the rate in effect on February 28, 2018.
(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. No concentration of any single foreign country was greater than 5%.
(d)  Security purchased or received in 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 value of this security at February 28, 2018 represented 1.70% of the Fund’s Net Assets.
(e)  Also represents cost for federal income tax purposes.
(f)  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.

 

Entity    Percentage  

Federal Home Loan Bank

      5.4 % 

Portfolio Composition by Maturity

In days, as of 02/28/2018

 

1-7

     91.2 % 

8-30

     1.8  

31-60

     —  

61-90

     3.0  

91-180

     —  

181+

     4.0  

 

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

 

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

 

25                         Short-Term Investments Trust

Statements of Assets and Liabilities

February 28, 2018

(Unaudited)

 

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

Assets:

                          

Investments in securities, at value

      $ 1,909,330,734       $ 289,991,202       $ 13,540,190,048        $ 14,938,199,306       $ 1,514,182,194       $ 198,128,532  

Repurchase agreements

        669,390,695         131,158,323         16,074,454,248          12,438,963,798         —         —  

Receivable for:

                          

Investments sold

        —         —         —          —         —         2,005,054  

Interest

        1,213,123         169,887         6,559,557          12,936,490         398,418         334,292  

Fund expenses absorbed

        —         —         192,515          65,153         20,469         5,441  

Investment for trustee deferred compensation and retirement plans

        3,820,079         1,063,222         2,266,349          1,031,485         131,441         378,349  

Other assets

        40,994         179,475         118,329          422,732         52,131         73,560  

Total assets

        2,583,795,625         422,562,109         29,623,781,046          27,391,618,964         1,514,784,653         200,925,228  

Liabilities:

                          

Payable for:

                          

Investments purchased

        —         —         3,060,086,427          896,538,207         139,667,218         —  

Amount due custodian

        —         —         6,512,475          927,423         6,660         —  

Dividends

        3,053,548         453,959         24,912,470          25,692,274         1,264,683         116,102  

Accrued fees to affiliates

        34,807         2,535         684,843          572,024         31,362         15,740  

Accrued trustees’ and officer’s fees and benefits

        3,986         4,082         52,471          56,456         6,003         4,238  

Accrued operating expenses

        102,202         37,920         210,418          20,051         25,744         23,275  

Trustee deferred compensation and retirement plans

        4,294,659         1,181,861         2,617,311          1,230,782         146,279         419,048  

Total liabilities

        7,489,202         1,680,357         3,095,076,415          925,037,217         141,147,949         578,403  

Net assets applicable to shares outstanding

      $ 2,576,306,423       $ 420,881,752       $ 26,528,704,631        $ 26,466,581,747       $ 1,373,636,704       $ 200,346,825  

Net assets consist of:

                          

Shares of beneficial interest

      $ 2,576,230,027       $ 420,112,540       $ 26,528,016,990        $ 26,466,509,242       $ 1,373,702,289       $ 200,509,685  

Undistributed net investment income

        125,723         768,843         445,995          208,988         (12,543 )        (104,955 ) 

Undistributed net realized gain (loss)

        8,085         1,942         241,646          (136,483 )        (53,042 )        (57,905 ) 

Net unrealized appreciation (depreciation)

        (57,412 )        (1,573 )        —          —         —         —  
       $ 2,576,306,423       $ 420,881,752       $ 26,528,704,631        $ 26,466,581,747       $ 1,373,636,704       $ 200,346,825  

Cost of Investments

      $ 2,578,778,842       $ 421,151,098       $ 29,614,644,296        $ 27,377,163,104       $ 1,514,182,194       $ 198,128,532  

 

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

 

26                         Short-Term Investments Trust

Statements of Assets and Liabilities—(continued)

February 28, 2018

(Unaudited)

 

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

Net Assets:

 

     

Institutional Class

      $ 2,545,619,200        $ 416,671,336        $ 24,044,592,088        $ 25,046,080,286        $ 1,328,658,137        $ 112,865,021  

Private Investment Class

      $ 6,410,598        $ 1,862,844        $ 630,268,529        $ 393,539,939        $ 1,259,294        $ 37,329,458  

Personal Investment Class

      $ 11,224        $ 612,548        $ 150,315,301        $ 8,429,471        $ 70,230        $ 10,004  

Cash Management Class

      $ 14,111,801        $ 1,061,449        $ 469,528,618        $ 265,460,441        $ 1,617,958        $ 24,123,366  

Reserve Class

      $ 776,448        $ 468,867        $ 283,039,048        $ 324,550,598        $ 41,926,357        $ 17,381,439  

Resource Class

      $ 1,061,004        $ 184,485        $ 582,365,227        $ 234,625,399        $ 94,604        $ 8,627,532  

Corporate Class

      $ 8,316,148        $ 20,223        $ 368,595,820        $ 193,895,613        $ 10,124        $ 10,005  

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

 

Institutional Class

        2,545,292,041          416,671,862          24,043,288,291          25,045,904,613          1,328,666,526          112,850,643  

Private Investment Class

        6,409,785          1,862,847          630,235,060          393,537,172          1,259,260          37,324,700  

Personal Investment Class

        11,223          612,549          150,307,355          8,429,412          70,229          10,003  

Cash Management Class

        14,110,000          1,061,451          469,502,604          265,458,683          1,617,970          24,120,300  

Reserve Class

        776,345          468,868          283,024,039          324,548,299          41,926,649          17,379,371  

Resource Class

        1,060,868          184,485          582,334,204          234,623,690          94,604          8,626,218  

Corporate Class

        8,315,087          20,224          368,576,267          193,894,082          10,124          10,005  

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

      $ 1.0001        $ 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.

 

27                         Short-Term Investments Trust

Statements of Operations

For the six months ended February 28, 2018

(Unaudited)

 

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

Investment income:

                         

Interest

      $ 11,016,787       $ 2,782,344       $ 152,502,051       $ 171,997,536       $ 7,950,097       $ 1,017,866  

Expenses:

                         

Advisory fees

        1,038,391         294,246         18,484,180         14,169,879         843,473         193,582  

Administrative services fees

        381,775         118,844         4,304,547         4,914,088         363,359         53,832  

Custodian fees

        3,995         5,506         63,739         331,945         2,899         488  

Distribution fees:

                         

Private Investment Class

        10,191         2,724         759,434         600,499         2,913         40,447  

Personal Investment Class

        31         1,668         399,413         43,543         299         3,819  

Cash Management Class

        3,580         445         170,211         96,285         647         10,291  

Reserve Class

        3,649         2,120         1,347,297         1,184,560         164,678         68,708  

Resource Class

        1,235         146         391,772         248,797         75         5,818  

Corporate Class

        1,709         3         59,385         21,709         2         —  

Transfer agent fees

        62,303         17,655         1,109,051         1,470,965         60,045         8,711  

Trustees’ and officers’ fees and benefits

        11,833         12,636         175,506         212,567         18,876         11,592  

Registration and filing fees

        45,173         50,695         73,378         116,679         45,087         51,989  

Reports to shareholders

        29,746         7,818         30,074         39,521         6,028         5,221  

Professional services fees

        31,190         26,385         145,917         115,866         29,398         26,590  

Other

        64,042         30,000         165,297         166,749         23,060         14,919  

Total expenses

        1,688,843         570,891         27,679,201         23,733,652         1,560,839         496,007  

Less: Fees waived

        (422,815 )        (211,259 )        (2,839,649 )        (380,199 )        (273,935 )        (204,538 ) 

Net expenses

        1,266,028         359,632         24,839,552         23,353,453         1,286,904         291,469  

Net investment income

        9,750,759         2,422,712         127,662,499         148,644,083         6,663,193         726,397  

Realized and unrealized gain (loss) from:

                         

Net realized gain (loss) from investment securities

        8,085         1,571         508,617         394,818         19,166         (4,370 ) 

Change in net unrealized appreciation (depreciation) of investment securities

        (88,330 )        (11,112 )        —         —         —         —  

Net increase in net assets resulting from operations

      $ 9,670,514       $ 2,413,171       $ 128,171,116       $ 149,038,901       $ 6,682,359       $ 722,027  

 

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

 

28                         Short-Term Investments Trust

Statements of Changes in Net Assets

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

 

            Invesco Liquid Assets Portfolio           Invesco STIC Prime Portfolio  
         February 28,
2018		     August 31,
2017		           February 28,
2018		     August 31,
2017		  

Operations:

             

Net investment income

      $ 9,750,759     $ 4,871,296       $ 2,422,712     $ 3,235,998  

Net realized gain

        8,085       284,449         1,571       371  

Change in net unrealized appreciation (depreciation)

        (88,330 )      30,918         (11,112 )      9,539  

Net increase in net assets resulting from operations

        9,670,514       5,186,663         2,413,171       3,245,908  

Distributions to shareholders from net investment income:

             

Institutional Class

        (9,578,395 )      (4,489,048 )        (2,403,076 )      (3,118,898 ) 

Private Investment Class

        (33,722 )      (84,531 )        (8,559 )      (18,217 ) 

Personal Investment Class

        (41 )      (1,713 )        (2,094 )      (26,443 ) 

Cash Management Class

        (55,476 )      (138,836 )        (6,413 )      (59,666 ) 

Reserve Class

        (2,220 )      (6,618 )        (1,465 )      (5,654 ) 

Resource Class

        (6,695 )      (8,281 )        (985 )      (6,995 ) 

Corporate Class

        (74,210 )      (142,269 )        (120 )      (125 ) 

Total distributions from net investment income

        (9,750,759 )      (4,871,296 )        (2,422,712 )      (3,235,998 ) 

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

        —       (1,213 )        —       —  

Corporate Class

        —       (67,014 )        —       —  

Total distributions from net realized gains

        —       (3,200,085 )        —       —  

Share transactions–net:

             

Institutional Class

        2,249,521,185       (10,122,727,290 )        (7,250,126 )      (1,183,946,896 ) 

Private Investment Class

        (570,719 )      (234,302,026 )        18,028       (139,216,079 ) 

Personal Investment Class

        4       (29,230,918 )        1,928       (116,863,502 ) 

Cash Management Class

        6,374,743       (242,827,588 )        (86,623 )      (166,722,672 ) 

Reserve Class

        (167,937 )      (99,217,916 )        (31,777 )      (20,973,659 ) 

Resource Class

        (265,872 )      (5,919,518 )        937       (16,683,703 ) 

Corporate Class

        (1,164,553 )      (160,159,887 )        116       11,449  

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

        2,253,726,851       (10,894,385,143 )        (7,347,517 )      (1,644,395,062 ) 

Net increase (decrease) in net assets

        2,253,646,606       (10,897,269,861 )        (7,357,058 )      (1,644,385,152 ) 

Net assets:

             

Beginning of period

        322,659,817       11,219,929,678         428,238,810       2,072,623,962  

End of period*

      $ 2,576,306,423     $ 322,659,817       $ 420,881,752     $ 428,238,810  

* Includes accumulated undistributed net investment income

      $ 125,723     $ 125,723       $ 768,843     $ 768,843  

 

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

 

29                         Short-Term Investments Trust

Statements of Changes in Net Assets—(continued)

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

 

            Invesco Treasury Portfolio           Invesco Government & Agency Portfolio  
         February 28,
2018		     August 31,
2017		           February 28,
2018		     August 31,
2017		  

Operations:

             

Net investment income

      $ 127,662,499     $ 112,926,205       $ 148,644,083     $ 139,006,726  

Net realized gain (loss)

        508,617       39,369         394,818       (531,300 ) 

Net increase in net assets resulting from operations

        128,171,116       112,965,574         149,038,901       138,475,426  

Distributions to shareholders from net investment income:

             

Institutional Class

        (118,310,761 )      (103,892,394 )        (142,980,682 )      (133,552,021 ) 

Private Investment Class

        (1,938,276 )      (1,423,813 )        (1,537,809 )      (1,460,534 ) 

Personal Investment Class

        (382,722 )      (253,848 )        (40,763 )      (41,168 ) 

Cash Management Class

        (2,084,384 )      (1,754,490 )        (1,201,885 )      (705,201 ) 

Reserve Class

        (741,181 )      (324,958 )        (702,464 )      (661,922 ) 

Resource Class

        (2,196,137 )      (1,659,524 )        (1,389,284 )      (1,330,994 ) 

Corporate Class

        (2,009,038 )      (3,617,178 )        (791,196 )      (1,254,886 ) 

Total distributions from net investment income

        (127,662,499 )      (112,926,205 )        (148,644,083 )      (139,006,726 ) 

Share transactions–net:

             

Institutional Class

        1,240,152,310       2,935,444,591         (2,645,710,477 )      16,975,145,658  

Private Investment Class

        55,446,106       14,784,721         (116,955,166 )      169,627,850  

Personal Investment Class

        10,077,226       17,413,815         (12,699,768 )      13,622,071  

Cash Management Class

        (9,879,470 )      75,974,874         96,430,410       18,926,896  

Reserve Class

        32,305,446       91,599,025         153,592,510       (144,921,764 ) 

Resource Class

        105,534,153       (6,111,394 )        (107,521,673 )      246,458,843  

Corporate Class

        (239,228,636 )      (565,402,977 )        (130,544,107 )      8,002,319  

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

        1,194,407,135       2,563,702,655         (2,763,408,271 )      17,286,861,873  

Net increase (decrease) in net assets

        1,194,915,752       2,563,742,024         (2,763,013,453 )      17,286,330,573  

Net assets:

             

Beginning of period

        25,333,788,879       22,770,046,855         29,229,595,200       11,943,264,627  

End of period*

      $ 26,528,704,631     $ 25,333,788,879       $ 26,466,581,747     $ 29,229,595,200  

* Includes accumulated undistributed net investment income

      $ 445,995     $ 445,995       $ 208,988     $ 208,988  

 

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

 

30                         Short-Term Investments Trust

Statements of Changes in Net Assets—(continued)

For the six months ended February 28, 2018 and the year ended August 31, 2017

(Unaudited)

 

            Invesco Treasury Obligations
Portfolio		           Invesco Tax-Free Cash Reserve
Portfolio		  
         February 28,
2018		     August 31,
2017		           February 28,
2018		     August 31,
2017		  

Operations:

             

Net investment income

      $ 6,663,193     $ 5,625,681       $ 726,397     $ 978,198  

Net realized gain (loss)

        19,166       (69,048 )        (4,370 )      (14,722 ) 

Net increase in net assets resulting from operations

        6,682,359       5,556,633         722,027       963,476  

Distributions to shareholders from net investment income:

             

Institutional Class

        (6,549,109 )      (5,499,185 )        (469,501 )      (638,667 ) 

Private Investment Class

        (8,553 )      (6,562 )        (100,490 )      (82,433 ) 

Personal Investment Class

        (303 )      (821 )        (2,768 )      (6,683 ) 

Cash Management Class

        (7,663 )      (6,763 )        (97,555 )      (164,964 ) 

Reserve Class

        (97,108 )      (111,357 )        (30,206 )      (71,643 ) 

Resource Class

        (407 )      (601 )        (25,867 )      (13,707 ) 

Corporate Class

        (50 )      (392 )        (10 )      (101 ) 

Total distributions from net investment income

        (6,663,193 )      (5,625,681 )        (726,397 )      (978,198 ) 

Share transactions–net:

             

Institutional Class

        22,269,267       1,185,273,759         2,051,387       (339,954,549 ) 

Private Investment Class

        (1,964,788 )      (2,936,998 )        9,977,201       2,881,656  

Personal Investment Class

        22,388       (2,559,557 )        (1,995,769 )      (390,938 ) 

Cash Management Class

        336       (29,769,108 )        (3,491,496 )      (3,056,555 ) 

Reserve Class

        6,301,235       (1,007,763 )        3,723,349       (7,877,273 ) 

Resource Class

        422       (99,477 )        2,628,012       3,587,633  

Corporate Class

        47       (2,933,744 )        10,004       (32,063 ) 

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

        26,628,907       1,145,967,112         12,902,688       (344,842,089 ) 

Net increase (decrease) in net assets

        26,648,073       1,145,898,064         12,898,318       (344,856,811 ) 

Net assets:

             

Beginning of period

        1,346,988,631       201,090,567         187,448,507       532,305,318  

End of period*

      $ 1,373,636,704     $ 1,346,988,631       $ 200,346,825     $ 187,448,507  

* Includes accumulated undistributed net investment income

      $ (12,543 )    $ (12,543 )      $ (104,955 )    $ (104,955 ) 

Notes to Financial Statements

February 28, 2018

(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 Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio (collectively, the “Funds”) (formerly Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Treasury Obligations Portfolio and Tax-Free Cash Reserve Portfolio). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.

The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio; and to provide tax-exempt income consistent with preservation of capital and liquidity for Invesco Tax-Free Cash Reserve Portfolio.

Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies.

 

31                         Short-Term Investments Trust

On October 12, 2016, pursuant to new rules and regulations effective October 14, 2016, Invesco Liquid Assets Portfolio and Invesco 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 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 Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).

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

Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Invesco Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, 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.

Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, and Invesco Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, and Invesco Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.

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

A. Security Valuations — Invesco Liquid Asset Portfolio’s and Invesco STIC Prime Portfolio’s securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

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

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.

B. Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities. Pay-in-kind interest income and non-cash dividend income received in the form of securities in-lieu of cash are recorded at the fair value of the securities received. 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,

 

32                         Short-Term Investments Trust

  the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D. Distributions — It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually.
E. Federal Income Taxes — The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

In addition, Invesco Tax-Free Cash Reserve Portfolio intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.

Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.

F. Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative net assets.
G. Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, 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.

U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.

 

33                         Short-Term Investments Trust

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). Under the terms of the investment advisory agreement, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:

 

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

Invesco Liquid Assets Portfolio

     0.15%          0.15%          0.15%  

Invesco STIC Prime Portfolio

     0.15%          0.15%          0.15%  

Invesco Treasury Portfolio

     0.15%          0.15%          0.15%  

Invesco Government & Agency Portfolio

     0.10%          0.10%          0.10%  

Invesco Treasury Obligations Portfolio

     0.20%          0.15%          0.10%  

Invesco Tax-Free Cash Reserve Portfolio

     0.20%          0.20%          0.20%  

For the six months ended February 28, 2018, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:

 

Invesco Liquid Assets Portfolio

     0.15%  

Invesco STIC Prime Portfolio

     0.15%  

Invesco Treasury Portfolio

     0.15%  

Invesco Government & Agency Portfolio

     0.10%  

Invesco Treasury Obligations Portfolio

     0.13%  

Invesco Tax-Free Cash Reserve Portfolio

     0.20%  

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, for Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, separate sub-advisory agreements with Invesco PowerShares Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

The Adviser has contractually agreed, through at least December 31, 2018, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):

 

     Institutional
Class		      Private
Investment
Class		      Personal
Investment
Class		      Cash
Management
Class		      Reserve
Class		      Resource
Class		      Corporate
Class		  

Invesco Liquid Assets Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.38 %       0.21 % 

Invesco STIC Prime Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Treasury Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Government & Agency Portfolio

     0.18 %       0.48 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Treasury Obligations Portfolio

     0.18 %       0.43 %       0.73 %       0.26 %       1.05 %       0.34 %       0.21 % 

Invesco Tax-Free Cash Reserve Portfolio

     0.20 %       0.45 %       0.75 %       0.28 %       1.07 %       0.36 %       0.23 % 

The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Invesco 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, 2018. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.

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.

 

34                         Short-Term Investments Trust

For the six months ended February 28, 2018, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:

 

     Expense
Limitation		        Yield
Waivers		  

Invesco Liquid Assets Portfolio

   $ 422,362        $ —  

Invesco STIC Prime Portfolio

     210,685          —  

Invesco Treasury Portfolio

     2,371,330          —  

Invesco Government & Agency Portfolio

     —          —  

Invesco Treasury Obligations Portfolio

     208,699          —  

Invesco Tax-Free Cash Reserve Portfolio

     172,374          —  

Voluntary fee waivers for the six months ended February 28, 2018 are shown below:

 

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

Invesco Liquid Assets Portfolio

   $ —        $ —        $ —        $ 453        $ —        $ —  

Invesco STIC Prime Portfolio

     —          3          —          571          —          —  

Invesco Treasury Portfolio

     —          16,362          —          451,957          —          —  

Invesco Government & Agency Portfolio

     —          2,465          —          377,734          —          —  

Invesco Treasury Obligations Portfolio

     —          25          —          65,211          —          —  

Invesco Tax-Free Cash Reserve Portfolio

     —          1,033          —          31,131          —          —  

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, 2018, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees.

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, 2018, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.

Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.

 

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

Invesco Liquid Assets Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.20 %       0.03 % 

Invesco STIC Prime Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Treasury Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Government & Agency Portfolio

     0.30 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Treasury Obligations Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

Invesco Tax-Free Cash Reserve Portfolio

     0.25 %       0.55 %       0.08 %       0.87 %       0.16 %       0.03 % 

The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.

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

NOTE 3—Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to 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.

 

35                         Short-Term Investments Trust

As of February 28, 2018, 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.

Each Fund’s policy is to recognize transfers in and out of the valuation levels as of the end of the reporting period. During the six months ended February 28, 2018, there were no material transfers between valuation levels.

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, 2018, each Fund engaged in transactions with affiliates as listed below:

 

     Securities Purchases        Securities Sales        Net Realized Gains  

Invesco Liquid Assets Portfolio

   $ 79,891,007        $ 80,918,865        $ 0  

Invesco STIC Prime Portfolio

     27,262,215          51,275,067          0  

Invesco Government & Agency Portfolio

     10,879,508          0          0  

Invesco Tax-Free Cash Reserve Portfolio

     96,952,920          84,223,004          0  

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.

 

36                         Short-Term Investments Trust

The Funds below had a capital loss carryforward as of August 31, 2017, which expires as follows:

 

    Short-Term        Not Subject to
Expiration		           
Fund   2018        2019             Total*  

Invesco Liquid Assets Portfolio

   $ —        $ —        $ —        $ —  

Invesco STIC Prime Portfolio

     —          —          —          —  

Invesco Treasury Portfolio

     —          —          266,972          266,972  

Invesco Government & Agency Portfolio

     —          —          531,300          531,300  

Invesco Treasury Obligations Portfolio

     —          —          61,535          61,535  

Invesco Tax-Free Cash Reserve Portfolio

     8,740          30,074          14,721          53,535  

 

* 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 Transactions

The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:

 

    At February 28, 2018  
     Federal Tax
Cost*		        Unrealized
Appreciation		        Unrealized
(Depreciation)		        Net Unrealized
Appreciation
(Depreciation)		  

Invesco Treasury Obligations Portfolio

   $ 1,514,192,867        $ —        $ (10,673 )       $ (10,673 ) 

 

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

NOTE 9—Share Information

Invesco Liquid Assets Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017(b)		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     6,098,292,161      $ 6,099,222,676        8,846,205,589      $ 8,846,379,006  

Private Investment Class

     100,828        100,848        73,675,959        73,675,968  

Personal Investment Class

     —        —        8,382,621        8,382,870  

Cash Management Class

     23,866,792        23,869,986        352,257,569        352,272,331  

Reserve Class

     27,958        27,964        3,766,999        3,767,196  

Resource Class

     —        —        132,559        132,558  

Corporate Class

     31,435,900        31,441,187        244,330,733        244,348,194  

Issued as reinvestment of dividends:

           

Institutional Class

     735,033        735,171        4,398,518        4,398,873  

Private Investment Class

     27,730        27,735        43,468        43,475  

Personal Investment Class

     3        4        1,713        1,713  

Cash Management Class

     34,494        34,500        93,656        93,666  

Reserve Class

     2,188        2,188        6,617        6,618  

Resource Class

     6,634        6,635        8,279        8,281  

Corporate Class

     56,917        56,928        142,251        142,269  

Reacquired:

           

Institutional Class

     (3,849,837,505 )       (3,850,436,662 )       (18,973,148,113 )       (18,973,505,169 ) 

Private Investment Class

     (699,204 )       (699,302 )       (308,001,404 )       (308,021,469 ) 

Personal Investment Class

     —        —        (37,614,403 )       (37,615,501 ) 

Cash Management Class

     (17,527,274 )       (17,529,743 )       (595,177,024 )       (595,193,585 ) 

Reserve Class

     (198,056 )       (198,089 )       (102,991,361 )       (102,991,730 ) 

Resource Class

     (272,453 )       (272,507 )       (6,060,265 )       (6,060,357 ) 

Corporate Class

     (32,658,671 )       (32,662,668 )       (404,609,206 )       (404,650,350 ) 

Net increase (decrease) in share activity

     2,253,393,475      $ 2,253,726,851        (10,894,155,245 )     $ (10,894,385,143 ) 

 

(a)  90% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
(b)  Effective October 12, 2016, Invesco Liquid Assets Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

37                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco STIC Prime Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017(b)		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     671,033,784      $ 671,033,402        1,181,673,896      $ 1,181,705,357  

Private Investment Class

     106,000        106,004        32,477,987        32,477,991  

Personal Investment Class

     —        —        118,187,308        118,187,309  

Cash Management Class

     408,572        408,574        132,025,201        132,025,203  

Reserve Class

     5        5        12,104,481        12,104,533  

Resource Class

     —        —        54,163,813        54,163,819  

Corporate Class

     —        —        23,501        23,503  

Issued as reinvestment of dividends:

           

Institutional Class

     1,185,345        1,185,326        1,319,248        1,319,283  

Private Investment Class

     8,153        8,153        12,756        12,757  

Personal Investment Class

     1,955        1,955        16,252        16,252  

Cash Management Class

     4,156        4,156        59,666        59,666  

Reserve Class

     1,444        1,444        5,653        5,654  

Resource Class

     937        937        6,994        6,995  

Corporate Class

     116        116        126        125  

Reacquired:

           

Institutional Class

     (679,472,584 )       (679,468,854 )       (2,366,923,911 )       (2,366,971,536 ) 

Private Investment Class

     (96,129 )       (96,129 )       (171,705,890 )       (171,706,827 ) 

Personal Investment Class

     (27 )       (27 )       (235,067,018 )       (235,067,063 ) 

Cash Management Class

     (499,353 )       (499,353 )       (298,807,504 )       (298,807,541 ) 

Reserve Class

     (33,226 )       (33,226 )       (33,083,675 )       (33,083,846 ) 

Resource Class

     —        —        (70,853,614 )       (70,854,517 ) 

Corporate Class

     —        —        (12,179 )       (12,179 ) 

Net increase (decrease) in share activity

     (7,350,852 )     $ (7,347,517 )       (1,644,376,909 )     $ (1,644,395,062 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 95% 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, Invesco STIC Prime Portfolio’s shares sold, reinvested, and reacquired began transacting at each class’ floating NAV per share calculated to four decimal places.

 

38                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco Treasury Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     83,870,920,011      $ 83,870,920,011        104,978,321,526      $ 104,978,321,526  

Private Investment Class

     679,734,166        679,734,166        1,389,145,628        1,389,145,628  

Personal Investment Class

     505,175,240        505,175,240        959,511,379        959,511,379  

Cash Management Class

     1,643,623,471        1,643,623,471        2,685,419,118        2,685,419,118  

Reserve Class

     410,729,899        410,729,899        386,663,928        386,663,928  

Resource Class

     440,940,439        440,940,439        575,122,878        575,122,878  

Corporate Class

     2,212,293,713        2,212,293,713        9,826,990,863        9,826,990,863  

Issued as reinvestment of dividends:

           

Institutional Class

     23,836,828        23,836,828        16,234,515        16,234,515  

Private Investment Class

     248,510        248,510        249,491        249,491  

Personal Investment Class

     340,891        340,891        202,723        202,723  

Cash Management Class

     1,698,617        1,698,617        1,178,232        1,178,232  

Reserve Class

     651,740        651,740        254,629        254,629  

Resource Class

     504,629        504,629        346,994        346,994  

Corporate Class

     1,725,825        1,725,825        2,990,987        2,990,987  

Reacquired:

           

Institutional Class

     (82,654,604,529 )       (82,654,604,529 )       (102,059,111,450 )       (102,059,111,450 ) 

Private Investment Class

     (624,536,570 )       (624,536,570 )       (1,374,610,398 )       (1,374,610,398 ) 

Personal Investment Class

     (495,438,905 )       (495,438,905 )       (942,300,287 )       (942,300,287 ) 

Cash Management Class

     (1,655,201,558 )       (1,655,201,558 )       (2,610,622,476 )       (2,610,622,476 ) 

Reserve Class

     (379,076,193 )       (379,076,193 )       (295,319,532 )       (295,319,532 ) 

Resource Class

     (335,910,915 )       (335,910,915 )       (581,581,266 )       (581,581,266 ) 

Corporate Class

     (2,453,248,174 )       (2,453,248,174 )       (10,395,384,827 )       (10,395,384,827 ) 

Net increase in share activity

     1,194,407,135      $ 1,194,407,135        2,563,702,655      $ 2,563,702,655  

 

(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, 15% 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)

Invesco Government & Agency Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     124,484,185,519      $ 124,484,185,519        208,396,167,421      $ 208,396,167,421  

Private Investment Class

     708,079,249        708,079,249        1,423,015,874        1,423,015,874  

Personal Investment Class

     13,087,606        13,087,606        72,491,907        72,491,907  

Cash Management Class

     618,043,130        618,043,130        936,923,184        936,923,184  

Reserve Class

     586,521,963        586,521,963        850,197,770        850,197,770  

Resource Class

     1,220,430,797        1,220,430,797        2,809,077,121        2,809,077,121  

Corporate Class

     1,168,124,291        1,168,124,291        4,691,887,919        4,691,887,919  

Issued as reinvestment of dividends:

           

Institutional Class

     27,926,219        27,926,219        19,317,518        19,317,518  

Private Investment Class

     500,392        500,392        318,477        318,477  

Personal Investment Class

     23,820        23,820        12,576        12,576  

Cash Management Class

     806,065        806,065        418,891        418,891  

Reserve Class

     573,192        573,192        513,904        513,904  

Resource Class

     1,045,321        1,045,321        796,073        796,073  

Corporate Class

     318,197        318,197        795,308        795,308  

Reacquired:

           

Institutional Class

     (127,157,822,215 )       (127,157,822,215 )       (191,440,339,281 )       (191,440,339,281 ) 

Private Investment Class

     (825,534,807 )       (825,534,807 )       (1,253,706,501 )       (1,253,706,501 ) 

Personal Investment Class

     (25,811,194 )       (25,811,194 )       (58,882,412 )       (58,882,412 ) 

Cash Management Class

     (522,418,785 )       (522,418,785 )       (918,415,179 )       (918,415,179 ) 

Reserve Class

     (433,502,645 )       (433,502,645 )       (995,633,438 )       (995,633,438 ) 

Resource Class

     (1,328,997,791 )       (1,328,997,791 )       (2,563,414,351 )       (2,563,414,351 ) 

Corporate Class

     (1,298,986,595 )       (1,298,986,595 )       (4,684,680,908 )       (4,684,680,908 ) 

Net increase (decrease) in share activity

     (2,763,408,271 )     $ (2,763,408,271 )       17,286,861,873      $ 17,286,861,873  

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 24% of the outstanding shares of the Fund. 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, 16% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

40                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco Treasury Obligations Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     569,994,076      $ 569,994,076        1,882,109,152      $ 1,882,109,152  

Private Investment Class

     154,318        154,318        10,041,615        10,041,615  

Personal Investment Class

     1,263,767        1,263,767        2,009,181        2,009,181  

Cash Management Class

     1,610,000        1,610,000        7,657        7,657  

Reserve Class

     42,740,773        42,740,773        140,006,781        140,006,781  

Resource Class

     422        422        94,706        94,706  

Corporate Class

     —        —        659,929        659,929  

Issued as reinvestment of dividends:

           

Institutional Class

     138,972        138,972        116,704        116,704  

Private Investment Class

     8,812        8,812        4,830        4,830  

Personal Investment Class

     3        3        6,763        6,763  

Cash Management Class

     7,229        7,229        89,662        89,662  

Reserve Class

     90,443        90,443        —        —  

Corporate Class

     47        47        299        299  

Reacquired:

           

Institutional Class

     (547,863,781 )       (547,863,781 )       (696,952,097 )       (696,952,097 ) 

Private Investment Class

     (2,127,918 )       (2,127,918 )       (12,983,443 )       (12,983,443 ) 

Personal Investment Class

     (1,241,382 )       (1,241,382 )       (4,568,738 )       (4,568,738 ) 

Cash Management Class

     (1,616,893 )       (1,616,893 )       (29,783,528 )       (29,783,528 ) 

Reserve Class

     (36,529,981 )       (36,529,981 )       (141,104,206 )       (141,104,206 ) 

Resource Class

     —        —        (194,183 )       (194,183 ) 

Corporate Class

     —        —        (3,593,972 )       (3,593,972 ) 

Net increase in share activity

     26,628,907      $ 26,628,907        1,145,967,112      $ 1,145,967,112  

 

(a)  There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund and owns 6% of the outstanding shares of the Fund. IDI has an agreement with this entity to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by this entity are also owned beneficially.
         In addition, 86% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

41                         Short-Term Investments Trust

NOTE 9—Share Information—(continued)

Invesco Tax-Free Cash Reserve Portfolio

 

     Summary of Share Activity  
    Six months ended
February 28, 2018(a)		      Year ended
August 31, 2017		  
     Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     59,262,860      $ 59,262,860        216,245,353      $ 216,245,353  

Private Investment Class

     45,477,298        45,477,298        49,632,970        49,632,970  

Personal Investment Class

     10,391        10,391        2,005,100        2,005,100  

Cash Management Class

     3,192,742        3,192,742        45,537,104        45,537,104  

Reserve Class

     37,083,918        37,083,918        111,932,405        111,932,405  

Resource Class

     4,550,024        4,550,024        4,058,371        4,058,371  

Corporate Class

     10,000        10,000        32,101        32,101  

Issued as reinvestment of dividends:

           

Institutional Class

     221,438        221,438        221,692        221,692  

Private Investment Class

     83,737        83,737        68,844        68,844  

Personal Investment Class

     2,768        2,768        5,772        5,772  

Cash Management Class

     79,721        79,721        134,904        134,904  

Reserve Class

     27,866        27,866        64,807        64,807  

Resource Class

     22,290        22,290        11,483        11,483  

Corporate Class

     4        4        97        97  

Reacquired:

           

Institutional Class

     (57,432,911 )       (57,432,911 )       (556,421,594 )       (556,421,594 ) 

Private Investment Class

     (35,583,834 )       (35,583,834 )       (46,820,158 )       (46,820,158 ) 

Personal Investment Class

     (2,008,928 )       (2,008,928 )       (2,401,810 )       (2,401,810 ) 

Cash Management Class

     (6,763,959 )       (6,763,959 )       (48,728,563 )       (48,728,563 ) 

Reserve Class

     (33,388,435 )       (33,388,435 )       (119,874,485 )       (119,874,485 ) 

Resource Class

     (1,944,302 )       (1,944,302 )       (482,221 )       (482,221 ) 

Corporate Class

     —        —        (64,261 )       (64,261 ) 

Net increase (decrease) in share activity

     12,902,688      $ 12,902,688        (344,842,089 )     $ (344,842,089 ) 

 

(a)  There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 91% of the outstanding shares of the Fund. 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.

 

42                         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		  

Invesco Liquid Assets Portfolio

 

Six months ended 02/28/18

   $ 1.0002     $ 0.0060     $ (0.0007 )    $ 0.0053     $ (0.0054 )    $ —     $ (0.0054 )    $ 1.0001       0.53 %    $ 1,061       0.38 %(c)      0.44 %(c)      1.21 %(c) 

Year ended 08/31/17

     1.00       0.0031       0.0036       0.0067       (0.0060 )      (0.0005 )      (0.0065 )      1.0002       0.64       1,327       0.38       0.46       0.31  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.15       7,248       0.32       0.38       0.17  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.01       72,686       0.21       0.37       0.01  

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  

Invesco STIC Prime Portfolio

 

Six months ended 02/28/18

     1.0000       0.0054       (0.0000 )      0.0054       (0.0054 )      —       (0.0054 )      1.0000       0.54       184       0.34 (c)      0.45 (c)      1.08 (c) 

Year ended 08/31/17

     1.00       0.0046       0.0008       0.0054       (0.0054 )      —       (0.0054 )      1.0000       0.54       184       0.34       0.43       0.46  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.16       16,866       0.25       0.40       0.15  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.04       19,710       0.07       0.39       0.10  

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  

Invesco Treasury Portfolio

 

Six months ended 02/28/18

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.44       582,365       0.34 (c)      0.36 (c)      0.90 (c) 

Year ended 08/31/17

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.36       476,818       0.33       0.36       0.37  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.07       482,931       0.24       0.37       0.07  

Year ended 08/31/15

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.01       324,480       0.06       0.37       0.02  

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  

Invesco Government & Agency Portfolio

 

Six months ended 02/28/18

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.45       234,625       0.31 (c)      0.31 (c)      0.90 (c) 

Year ended 08/31/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.40       342,143       0.31       0.31       0.42  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.10       95,689       0.23       0.34       0.10  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.02       97,907       0.08       0.33       0.02  

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  

Invesco Treasury Obligations Portfolio

 

Six months ended 02/28/18

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.43       95       0.34 (c)      0.37 (c)      0.87 (c) 

Year ended 08/31/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.32       94       0.30       0.38       0.36  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.09       194       0.16       0.56       0.09  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.02       2,372       0.00       0.53       0.08  

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  

Invesco Tax-Free Cash Reserve Portfolio

 

Six months ended 02/28/18

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.34       8,628       0.36 (c)      0.54 (c)      0.69 (c) 

Year ended 08/31/17

     1.00       0.00       (0.00 )      0.00       (0.00 )      —       (0.00 )      1.00       0.42       5,999       0.35       0.53       0.41  

Year ended 08/31/16

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.05       2,411       0.14       0.51       0.08  

Year ended 08/31/15

     1.00       0.00       0.00       0.00       (0.00 )      —       (0.00 )      1.00       0.01       4,526       0.03       0.51       0.04  

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  

 

(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 $1,246, $184, $493,774, $313,574, $94 and $7,333 for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, respectively.

 

43                         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, 2017 through February 28, 2018.

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
(09/01/17)		      ACTUAL     

HYPOTHETICAL

(5% annual return before
expenses)

      Annualized
Expense
Ratio		  
      Ending
Account Value
(02/28/18)1		      Expenses
Paid During
Period2		     

Ending

Account Value
(02/28/18)

      Expenses
Paid During
Period2		     

Invesco Liquid Assets Portfolio

    $ 1,000.00      $ 1,005.30      $ 1.89      $ 1,022.91      $ 1.91        0.38 % 

Invesco STIC Prime Portfolio

      1,000.00        1,005.40        1.69        1,023.11        1.71        0.34  

Invesco Treasury Portfolio

      1,000.00        1,004.40        1.69        1,023.11        1.71        0.34  

Invesco Government & Agency Portfolio

      1,000.00        1,004.50        1.54        1,023.26        1.56        0.31  

Invesco Treasury Obligations Portfolio

      1,000.00        1,004.30        1.69        1,023.11        1.71        0.34  

Invesco Tax-Free Cash Reserve Portfolio

      1,000.00        1,003.40        1.79        1,023.01        1.81        0.36  

 

1  The actual ending account value is based on the actual total return of the Funds for the period September 1, 2017, through February 28, 2018, 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.

 

44                         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        04262018    0811

ITEM 2. CODE OF ETHICS.

Not applicable for a semi-annual 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. The SEC no-action relief was initially set to expire 18 months from issuance but has been extended by the SEC without an expiration date, except that the no-action letter will be withdrawn upon the effectiveness of any amendments to the Loan Rule designed to address the concerns expressed in the letter.

 

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 14, 2018, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of February 14, 2018, 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. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

 

ITEM 13. EXHIBITS.

 

13(a) (1)    Not applicable.
13(a) (2)    Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.
13(a) (3)    Not applicable.
13(a) (4)    Not applicable.

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 7, 2018

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 7, 2018
By:  

/s/ Kelli Gallegos

  Kelli Gallegos
  Principal Financial Officer
Date:       May 7, 2018

 

EXHIBIT INDEX

 

13(a) (1)    Not applicable.
13(a) (2)    Certifications of principal executive officer and Principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.
13(a) (3)    Not applicable.
13(a) (4)    Not applicable.