N-CSRS 1 d469392dncsrs.htm N-CSRS N-CSRS

 

 

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: 2/28/23

 

 

 


ITEM 1.

REPORTS TO STOCKHOLDERS.

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

(b) Not applicable.

 


LOGO

 

   
Semiannual Report to Shareholders   February 28, 2023

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

 

 

     
2               Fund Data
3      Schedules of Investments
25      Financial Statements
31      Financial Highlights
32      Notes to Financial Statements
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, 2023, and is based on total net assets. Unless otherwise stated, all data is provided by Invesco.

 

 

 

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE


 

Fund Data

 

       

Institutional Class data as of 2/28/23

              
       
  FUND  

WEIGHTED

AVERAGE

MATURITY

     WEIGHTED
AVERAGE
LIFE
    

TOTAL

NET

ASSETS

 
     Range
During
Reporting
Period
     At
Reporting
Period
End
    

At

Reporting

Period

End

         

  Invesco Liquid Assets1

  12 - 48 days      41 days        47 days        $1.8 billion           

  Invesco STIC Prime1

  2 - 8 days        3 days          5 days        232.4 million          

  Invesco Treasury2

    3 - 30 days      26 days      111 days        35.5 billion           

  Invesco Government & Agency2

    8 - 30 days      23 days      109 days        71.3 billion           

  Invesco Treasury Obligations2

  29 - 53 days      45 days      103 days        1.3 billion           

  Invesco Tax-Free Cash Reserve3

    6 - 13 days        6 days          6 days        193.8 million          

 

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

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

 

 

 

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


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio

 

     Interest
Rate
     Maturity
Date
    

Principal

Amount

(000)

     Value  

 

 

Commercial Paper-51.09%(a)

           

Asset-Backed Securities - Consumer Receivables-1.09%

           

Old Line Funding LLC (1 mo. FEDL + 0.12%)(b)(c)(d)

     4.65%        05/23/2023      $     20,000      $      20,000,000  

 

 

Asset-Backed Securities - Fully Supported Bank-12.57%

           

Anglesea Funding LLC (Multi - CEP’s) (1 mo. OBFR + 0.19%)(b)(c)(d)

     4.76%        04/07/2023        40,000        40,006,000  

 

 

Concord Minutemen Capital Co. LLC (Multi - CEP’s) (SOFR + 0.35%)(b)(c)(d)

     4.66%        04/19/2023        37,108        37,117,871  

 

 

Lexington Parker Capital Co. LLC (Multi - CEP’s)(b)(c)

     4.63%        03/15/2023        20,000        19,961,875  

 

 

Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c)

     4.62%        03/17/2023        39,110        39,025,451  

 

 

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

     4.82%        05/02/2023        50,000        49,586,475  

 

 

Nieuw Amsterdam Receivables Corp B.V. (CEP - Cooperatieve Rabobank U.A.) (Netherlands)(b)(c)

     4.68%        04/11/2023        19,500        19,394,417  

 

 

Versailles Commercial Paper LLC (CEP - Natixis SA)(c)

     4.95%        05/03/2023        25,000        24,788,844  

 

 
              229,880,933  

 

 

Diversified Banks-19.40%

           

Banco Santander S.A. (Spain)(b)(c)

     4.94%        05/01/2023        25,000        24,796,778  

 

 

Banco Santander S.A. (Spain)(b)(c)

     4.96%        05/10/2023        10,000        9,906,438  

 

 

Barclays Bank PLC(b)(c)

     4.89%        05/24/2023        10,000        9,886,147  

 

 

DBS Bank Ltd. (Singapore)(b)(c)

     5.18%        06/07/2023        20,000        19,737,925  

 

 

DNB Bank ASA (Norway)(b)(c)

     5.15%        02/01/2024        25,000        23,780,149  

 

 

DZ Bank AG (Germany)(b)(c)

     4.79%        04/11/2023        30,000        29,838,405  

 

 

Lloyds Bank PLC (United Kingdom)(c)

     5.14%        08/01/2023        25,000        24,464,636  

 

 

National Australia Bank Ltd. (Australia)(b)(c)

     5.10%        11/02/2023        40,000        38,606,096  

 

 

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

     4.65%        04/03/2023        50,000        49,781,078  

 

 

Nordea Bank Abp (Finland)(b)(c)

     5.06%        07/03/2023        30,000        29,493,646  

 

 

Sumitomo Mitsui Trust Bank Ltd.(b)(c)

     4.58%        03/06/2023        50,000        49,962,083  

 

 

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

     0.00%        01/26/2024        25,000        24,934,499  

 

 

Westpac Banking Corp. (Australia)(b)(c)

     5.47%        08/03/2023        20,000        19,580,447  

 

 
              354,768,327  

 

 

Diversified Capital Markets-5.98%

           

Collateralized Commercial Paper V Co. LLC (CEP - JPMorgan Securities LLC)

     5.09%        07/12/2023        10,000        9,816,606  

 

 

Glencove Funding LLC (CEP - Standard Chartered Bank)(b)(c)

     4.80%        04/25/2023        50,000        49,635,222  

 

 

Great Bear Funding LLC (CEP - Bank of Nova Scotia) (1 mo. OBFR + 0.25%)(c)(d)

     4.82%        07/24/2023        30,000        30,005,940  

 

 

Longship Funding LLC (CEP - Nordea Bank AB)(b)(c)

     4.62%        03/17/2023        20,000        19,956,556  

 

 
              109,414,324  

 

 

Education Services-1.97%

           

Emory University

     4.68%        04/06/2023        36,000        35,983,588  

 

 

Investment Banking & Brokerage-1.62%

           

Goldman Sachs International(b)

     4.97%        05/24/2023        30,000        29,663,400  

 

 

Regional Banks-2.73%

           

Mitsubishi UFJ Trust & Banking Corp.(b)(c)

     4.59%        03/24/2023        50,000        49,848,667  

 

 

Specialized Finance-5.73%

           

Cabot Trail Funding LLC (CEP - TD Bank N.A.)(b)(c)

     4.68%        04/03/2023        25,000        24,890,208  

 

 

Caterpillar Financial Services Corp.

     4.61%        03/02/2023        50,000        49,987,478  

 

 

 

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

 

3   Short-Term Investments Trust


Schedule of Investments–(continued)

 

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio–(continued)

 

     Interest
Rate
     Maturity
Date
    

Principal

Amount

(000)

     Value  

 

 

Specialized Finance-(continued)

           

Great Bear Funding LLC (CEP - Bank of Nova Scotia) (1 mo. OBFR + 0.23%)(c)(d)

     4.80%        07/24/2023      $ 20,000      $      20,003,960  

 

 

Ontario Teachers’ Finance Trust (Canada)(b)(c)

     5.24%        05/16/2023        10,000        9,898,852  

 

 
              104,780,498  

 

 

Total Commercial Paper (Cost $934,507,127)

              934,339,737  

 

 

Certificates of Deposit-23.43%

           

Bank of America N.A.

     5.37%        08/28/2023        40,000        39,989,008  

 

 

Credit Agricole Corporate & Investment Bank S.A.(c)

     4.55%        03/01/2023        69,572        69,571,586  

 

 

DNB Bank ASA (Norway)(c)

     4.55%        03/01/2023        62,000        62,000,000  

 

 

Mizuho Bank Ltd.(c)

     4.57%        03/01/2023        86,000        86,000,000  

 

 

Oversea-Chinese Banking Corp. Ltd.(c)

     4.84%        05/31/2023        25,000        24,998,175  

 

 

Oversea-Chinese Banking Corp. Ltd.(c)

     5.13%        07/14/2023        20,000        20,009,854  

 

 

Skandinaviska Enskilda Banken AB(c)

     4.56%        03/01/2023        90,000        90,000,000  

 

 

Sumitomo Mitsui Trust Bank Ltd.(c)

     4.55%        03/01/2023        36,000        36,000,000  

 

 

Total Certificates of Deposit (Cost $428,571,465)

              428,568,623  

 

 

Variable Rate Demand Notes-4.29%(e)

           

Credit Enhanced-4.29%

           

Board of Regents of the University of Texas System; Subseries 2016 G-2, VRD RB

     4.55%        08/01/2045        67,040        67,040,000  

 

 

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

     4.90%        04/01/2047        9,100        9,099,999  

 

 

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

     4.59%        05/01/2037        2,400        2,400,000  

 

 

Total Variable Rate Demand Notes (Cost $78,539,999)

              78,539,999  

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase
Agreements)-78.81%
(Cost $1,441,618,591)

 

        1,441,448,359  

 

 
                   Repurchase
Amount
        

Repurchase Agreements-21.42%(g)

           

BMO Capital Markets Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $75,068,104 (collateralized by agency and non-agency asset-backed securities, corporate obligations, agency and non-agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $77,897,590; 0.00% - 8.59%; 09/29/2023 - 10/20/2072)(c)(h)

     4.67%        03/01/2023        5,004,540        5,000,000  

 

 

BMO Capital Markets Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $75,068,542 (collateralized by agency and non-agency asset-backed securities, corporate obligations, agency and non-agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $79,297,812; 0.00% - 11.67%; 04/01/2023 - 10/20/2072)(c)(h)

     4.70%        03/01/2023        20,018,278        20,000,000  

 

 

BNP Paribas Securities Corp., joint term agreement dated 02/23/2023, aggregate maturing value of $115,105,321 (collateralized by corporate obligations, non-agency asset-backed securities and a non-agency mortgage-backed security valued at $126,499,356; 3.75% - 11.23%; 03/15/2024 - 09/25/2047)(c)(h)

     4.71%        03/02/2023        45,041,213        45,000,000  

 

 

BNP Paribas Securities Corp., joint term agreement dated 02/23/2023, aggregate maturing value of $50,045,208 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $54,237,766; 0.00% - 6.91%; 10/21/2027 - 02/25/2068)(c)(h)

     4.65%        03/02/2023        18,016,275        18,000,000  

 

 

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $50,006,444 (collateralized by corporate obligations valued at $55,000,360; 3.63% - 10.50%; 11/15/2026 - 05/15/2031)

     4.64%        03/01/2023        25,003,222        25,000,000  

 

 

 

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

 

4   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio–(continued)

 

     Interest
Rate
   Maturity
Date
   Repurchase
Amount
     Value  

 

 

Credit Agricole Corporate & Investment Bank, joint open agreement dated 02/17/2023 (collateralized by agency and non-agency asset-backed securities, corporate obligations, non- agency mortgage-backed securities valued at $212,241,452; 0.70% - 11.75%; 05/22/2023 - 05/15/2097)(c)(i)

   4.65%    03/01/2023    $ 15,001,938      $ 15,000,000  

 

 

J.P. Morgan Securities LLC, joint open agreement dated 01/04/2023 (collateralized by corporate obligations valued at $110,000,002; 0.00% - 11.50%; 05/30/2023 - 02/01/2050)(i)

   4.87%    03/01/2023      40,150,956        40,000,000  

 

 

J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,752,093; 4.25% - 10.63%; 09/01/2023 - 03/01/2033)(i)

   4.77%    03/01/2023      7,025,873        7,000,000  

 

 

RBC Capital Markets LLC, joint term agreement dated 02/22/2023, aggregate maturing value of $150,138,542 (collateralized by corporate obligations and a non-agency mortgage-backed security valued at $160,966,520; 0.00% - 13.00%; 03/02/2023 - 01/15/2077)(c)(h)

   4.75%    03/01/2023      15,013,854        15,000,000  

 

 

Societe Generale, joint open agreement dated 01/04/2023 (collateralized by corporate obligations, a non-agency asset-backed security, a U.S. government sponsored agency obligation and U.S. Treasury obligation valued at $92,137,344; 0.00% - 7.88%; 03/15/2023 - 02/27/2063)(c)(i)

   4.68%    03/01/2023      30,003,900        30,000,000  

 

 

Societe Generale, joint open agreement dated 08/06/2019 (collateralized by corporate obligations, non-agency asset-backed securities, non-agency mortgage-backed securities, a U.S. government sponsored agency obligation and U.S. Treasury obligations valued at $61,983,453; 0.00% - 11.75%; 03/15/2023 - 08/01/2118)(c)(i)

   4.75%    03/01/2023      25,003,299        25,000,000  

 

 

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,667 (collateralized by agency mortgage-backed securities valued at $1,020,000,000; 2.00% - 3.50%; 11/01/2046 - 01/20/2052)

   4.56%    03/01/2023      146,686,663        146,668,085  

 

 

Total Repurchase Agreements (Cost $391,668,085)

              391,668,085  

 

 

TOTAL INVESTMENTS IN SECURITIES(j)(k)-100.23% (Cost $1,833,286,676)

              1,833,116,444  

 

 

OTHER ASSETS LESS LIABILITIES-(0.23)%

              (4,137,317

 

 

NET ASSETS-100.00%

            $ 1,828,979,127  

 

 

Investment Abbreviations:

 

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

 

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

 

5   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio–(continued)

 

    

Notes to Schedule of Investments:

 

(a) 

Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

(b) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2023 was $748,388,684, which represented 40.92% 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: France: 16.2%; Japan: 14.7%; Cananda: 9.3%; Netherland: 8.1%; Sweden: 6.0%; other countries less than 5% each: 21.1%.

(d)

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(e) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(f) 

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

(g) 

Principal amount equals value at period end. See Note 1I.

(h) 

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

(i) 

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

(j) 

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 issuer’s obligations. No concentration of any single entity was greater than 5% each.

(k) 

Also represents cost for federal income tax purposes.

 

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     49.6%  

 

 

8-30

     7.0     

 

 

31-60

     15.7     

 

 

61-90

     9.8     

 

 

91-180

     10.9     

 

 

181+

     7.0     

 

 
 

 

*

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.

 

6   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco STIC Prime Portfolio

 

     Interest
Rate
    Maturity
Date
    

Principal

Amount

(000)

     Value  

 

 

Certificates of Deposit-26.41%

          

Australia and New Zealand Banking Group Ltd. (Cayman Islands)(a)

     4.57%       03/01/2023      $ 9,000      $     9,000,000  

 

 

BNP Paribas S.A. (SOFR + 0.50%)(a)(b)

     4.32%       03/08/2023        2,075        2,075,195  

 

 

Credit Agricole Corporate & Investment Bank S.A.(a)

     4.55%       03/01/2023        10,428        10,428,414  

 

 

DNB Bank ASA (Norway)(a)

     4.55%       03/01/2023        8,000        8,000,000  

 

 

Mizuho Bank Ltd.(a)

     4.57%       03/01/2023        9,000        9,000,000  

 

 

Skandinaviska Enskilda Banken AB(a)

     4.56%       03/01/2023        8,000        8,000,000  

 

 

Standard Chartered Bank (SOFR + 0.30%) (United Kingdom)(a)(b)

     4.36%       03/13/2023        6,250        6,250,482  

 

 

Sumitomo Mitsui Trust Bank Ltd.(a)

     4.55%       03/01/2023        9,000        9,000,000  

 

 

Total Certificates of Deposit (Cost $61,753,946)

             61,754,091  

 

 

Commercial Paper-23.09%(c)

          

Asset-Backed Securities - Fully Supported Bank-11.56%

          

Anglesea Funding LLC (Multi - CEP’s)(a)(d)

     4.65%       03/08/2023        7,000        6,992,897  

 

 

Concord Minutemen Capital Co. LLC (Multi - CEP’s) (SOFR + 0.35%)(a)(b)(d)

     4.48%       03/16/2023        7,071        7,071,654  

 

 

Halkin Finance LLC (Multi - CEP’s)(a)(d)

     4.77%       03/30/2023        7,000        6,973,196  

 

 

Nieuw Amsterdam Receivables Corp B.V. (CEP - Cooperatieve Rabobank U.A.)(a)(d)

     4.53%       03/03/2023        6,000        5,997,708  

 

 
             27,035,455  

 

 

Diversified Banks-4.27%

          

Westpac Banking Corp. (SOFR + 0.50%) (Australia)(a)(b)(d)

     4.32%       03/21/2023        10,000        10,002,359  

 

 

Diversified Capital Markets-2.14%

          

Britannia Funding Co. LLC (CEP - Barclays Bank PLC)(a)(d)

     4.58%       03/01/2023        5,000        4,999,364  

 

 

Integrated Oil & Gas-2.99%

          

TotalEnergies Capital Canada Ltd. (Canada)(a)(d)

     4.61%       03/02/2023        7,000        6,998,250  

 

 

Specialized Finance-2.13%

          

Cabot Trail Funding LLC (CEP - TD Bank N.A.)(a)(d)

     4.68%       04/04/2023        5,000        4,977,381  

 

 

Total Commercial Paper (Cost $54,016,230)

             54,012,809  

 

 

Variable Rate Demand Notes-7.42%(e)

          

Credit Enhanced-7.42%

          

Board of Regents of the University of Texas System; Subseries 2016 G-2, VRD RB

     4.55%       08/01/2045        5,000        5,000,000  

 

 

Jets Stadium Development LLC; Series 2014 A-4C, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(a)(d)(f)

     4.90%       04/01/2047        5,000        5,000,000  

 

 

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

     4.59%       05/01/2037        2,950        2,950,000  

 

 

Ziegler Realty LLC; Series 2007, VRD Notes (LOC - Wells Fargo Bank, N.A.)(d)(f)

     4.67%       01/01/2033        4,400        4,400,000  

 

 

Total Variable Rate Demand Notes (Cost $17,350,000)

             17,350,000  

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-56.92%
(Cost $133,120,176)

             133,116,900  

 

 
                  Repurchase
Amount
        

Repurchase Agreements-43.19%(g)

          

BMO Capital Markets Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $75,068,542 (collateralized by agency and non-agency asset-backed securities, corporate obligations, agency and non-agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $79,297,812; 0.00% - 11.67%; 04/01/2023 - 10/20/2072)(a)(h)

     4.70%       03/01/2023        8,007,311        8,000,000  

 

 

 

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

 

7   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco STIC Prime Portfolio–(continued)

 

    

Interest

Rate

 

Maturity

Date

  

Repurchase

Amount

     Value  

 

 

BNP Paribas Securities Corp., joint term agreement dated 02/23/2023, aggregate maturing value of $50,045,208 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $54,237,766; 0.00% - 6.91%; 10/21/2027 - 02/25/2068)(a)(h)

   4.65%   03/02/2023    $ 5,004,521      $ 5,000,000  

 

 

BofA Securities, Inc., joint term agreement dated 02/28/2023, aggregate maturing value of $250,032,222 (collateralized by corporate obligations valued at $275,000,783; 2.30% - 11.50%; 04/15/2025 - 06/01/2052)(h)(i)

   4.64%   03/07/2023      5,000,644        5,000,000  

 

 

J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,752,093; 4.25% - 10.63%; 09/01/2023 -
03/01/2033)(j)

   4.77%   03/01/2023      8,029,569        8,000,000  

 

 

Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by agency mortgage-backed securities valued at $1,020,000,000; 0.99% - 6.50%; 01/01/2024 - 07/25/2059)

   4.55%   03/01/2023      15,001,896        15,000,000  

 

 

RBC Capital Markets LLC, joint term agreement dated 02/22/2023, aggregate maturing value of $150,138,542 (collateralized by corporate obligations and a non-agency mortgage-backed security valued at $160,966,520; 0.00% - 13.00%; 03/02/2023 - 01/15/2077)(a)(h)

   4.75%   03/01/2023      10,009,236        10,000,000  

 

 

RBC Dominion Securities Inc., joint agreement dated 02/28/2023, aggregate maturing value of $500,063,194 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,004; 0.00% - 6.00%; 07/15/2023 - 01/20/2053)

   4.55%   03/01/2023      15,001,896        15,000,000  

 

 

Societe Generale, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,020,000,098; 0.13% - 7.50%; 03/01/2027 - 03/01/2053)

   4.55%   03/01/2023      15,001,896        15,000,000  

 

 

Societe Generale, joint open agreement dated 08/06/2019 (collateralized by corporate obligations, non-agency asset-backed securities, non-agency mortgage-backed securities, a U.S. government sponsored agency obligation and U.S. Treasury obligations valued at $61,983,453; 0.00% - 11.75%; 03/15/2023 - 08/01/2118)(a)(j)

   4.75%   03/01/2023      5,000,660        5,000,000  

 

 

Wells Fargo Securities, LLC, joint agreement dated 02/28/2023, aggregate maturing value of $800,101,333 (collateralized by agency mortgage-backed securities valued at $816,000,000; 1.50% - 7.50%; 12/01/2023 - 03/01/2053)

   4.56%   03/01/2023      15,001,900        15,000,000  

 

 

Total Repurchase Agreements (Cost $101,000,000)

             101,000,000  

 

 

TOTAL INVESTMENTS IN SECURITIES(k)(l)-100.11% (Cost $234,120,176)

             234,116,900  

 

 

OTHER ASSETS LESS LIABILITIES-(0.11)%

             (258,442

 

 

NET ASSETS-100.00%

           $ 233,858,458  

 

 

Investment Abbreviations:

 

CEP   -Credit Enhancement Provider
LOC   -Letter of Credit
RB   -Revenue Bonds
SOFR   -Secured Overnight Financing Rate
VRD   -Variable Rate Demand

 

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

 

8   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco STIC Prime Portfolio–(continued)

 

    

Notes to Schedule of Investments:

 

(a) 

The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: France 18.6%; Japan 9.8%; Canada 9.8%; Australia 8.1%; Netherlands 5.6%; other countries less than 5% each: 11.6%.

(b) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(c) 

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

(d) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2023 was $63,412,809, which represented 27.12% of the Fund’s Net Assets.

(e) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(f) 

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

(g) 

Principal amount equals value at period end. See Note 1I.

(h) 

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

(i) 

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

(j) 

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

(k) 

Also represents cost for federal income tax purposes.

(l) 

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 02/28/2023

 

1-7

     81.0%  

 

 

8-30

     16.9     

 

 

31-60

     2.1     

 

 

61-90

     0.0     

 

 

91-180

     0.0     

 

 

181+

     0.0     

 

 

 

*

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

 

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

 

9   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Treasury Portfolio

 

    

Interest

Rate

     Maturity
Date
    

Principal

Amount

(000)

     Value  

 

 

U.S. Treasury Securities-44.18%

 

        

U.S. Treasury Bills-30.14%(a)

 

        

U.S. Treasury Bills

     4.55%        03/09/2023      $ 200,000      $ 199,798,889  

 

 

U.S. Treasury Bills

     4.54%        03/14/2023        700,000        698,857,445  

 

 

U.S. Treasury Bills

     4.32%        03/16/2023        550,000        549,021,458  

 

 

U.S. Treasury Bills

     4.53%-4.54%        03/21/2023        1,800,000        1,795,490,498  

 

 

U.S. Treasury Bills

     4.56%        03/28/2023        450,000        448,472,812  

 

 

U.S. Treasury Bills

     4.54%        04/04/2023        675,000        672,128,062  

 

 

U.S. Treasury Bills

     4.47%-4.63%        04/11/2023        1,200,000        1,193,758,886  

 

 

U.S. Treasury Bills

     4.51%        04/18/2023        499,000        496,045,919  

 

 

U.S. Treasury Bills

     4.49%        04/25/2023        400,000        397,295,834  

 

 

U.S. Treasury Bills

     4.63%        04/27/2023        120,000        119,130,750  

 

 

U.S. Treasury Bills

     4.62%        05/02/2023        500,000        496,081,944  

 

 

U.S. Treasury Bills

     4.65%        05/04/2023        600,000        595,098,666  

 

 

U.S. Treasury Bills

     4.64%        05/09/2023        500,000        495,620,417  

 

 

U.S. Treasury Bills

     4.64%        05/11/2023        750,000        743,210,625  

 

 

U.S. Treasury Bills

     4.68%        05/23/2023        600,000        593,622,833  

 

 

U.S. Treasury Bills

     4.69%        05/30/2023        400,000        395,379,999  

 

 

U.S. Treasury Bills

     4.70%        06/06/2023        675,000        666,588,281  

 

 

U.S. Treasury Bills

     4.75%        07/06/2023        300,000        295,094,625  

 

 

U.S. Treasury Bills

     4.78%        11/30/2023        176,500        170,380,990  

 

 

U.S. Treasury Bills

     4.73%-4.83%        12/28/2023        500,000        480,831,389  

 

 

U.S. Treasury Bills

     4.68%-4.87%        01/25/2024        950,000        910,752,917  

 

 
              12,412,663,239  

 

 

U.S. Treasury Floating Rate Notes-14.04%

 

        

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84%        07/31/2024        1,945,500        1,944,968,479  

 

 

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

     4.95%        10/31/2024        2,589,000        2,586,191,922  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%)(b)

     5.01%        01/31/2025        1,250,000        1,250,426,646  

 

 
              5,781,587,047  

 

 

Total U.S. Treasury Securities (Cost $18,194,250,286)

              18,194,250,286  

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-44.18%
(Cost $18,194,250,286)

              18,194,250,286  

 

 
                   Repurchase
Amount
        

Repurchase Agreements-54.62%(c)

 

        

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $600,066,667 (collateralized by U.S. Treasury obligations valued at $612,000,086; 0.13% - 1.13%; 01/15/2024 - 01/15/2033)

     4.00%        03/01/2023        200,022,222        200,000,000  

 

 

Citigroup Global Markets, Inc., joint term agreement dated 02/22/2023, aggregate maturing value of $3,002,654,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,083; 0.13% - 1.13%; 07/15/2023 - 01/15/2033)(d)

     4.55%        03/01/2023        1,801,592,500        1,800,000,000  

 

 

Federal Reserve Bank of New York, joint agreement dated 02/28/2023, aggregate maturing value of $50,006,319,444 (collateralized by U.S. Treasury obligations valued at $50,006,319,596; 0.25% - 4.50%; 10/31/2023 - 08/15/2039)

     4.55%        03/01/2023        12,801,617,778        12,800,000,000  

 

 

 

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

 

10   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Treasury Portfolio–(continued)

 

    

Interest

Rate

     Maturity
Date
  

Repurchase

Amount

     Value  

 

 

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $300,035,833 (collateralized by U.S. Treasury obligations valued at $306,000,095; 1.88% - 4.84%; 07/31/2023 - 02/15/2032)

     4.30%      03/01/2023    $ 100,011,944      $ 100,000,000  

 

 

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $4,000,505,556 (collateralized by U.S. Treasury obligations valued at $4,080,000,087; 0.00% - 4.38%; 06/13/2023 - 02/15/2048)

     4.55%      03/01/2023      1,500,189,583        1,500,000,000  

 

 

Fixed Income Clearing Corp. - State Street Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,065; 1.88% - 2.88%; 05/15/2051 - 05/15/2052)

     4.55%      03/01/2023      500,063,194        500,000,000  

 

 

Goldman Sachs & Co., agreement dated 02/28/2023, maturing value of $1,500,190,000 (collateralized by U.S. Treasury obligations valued at $1,530,000,003; 0.00% - 5.25%; 11/15/2023 - 08/15/2051)

     4.56%      03/01/2023      1,500,190,000        1,500,000,000  

 

 

Goldman Sachs & Co., joint agreement dated 02/28/2023, aggregate maturing value of $1,295,098,924 (collateralized by U.S. Treasury obligations valued at $1,320,900,062; 0.00% - 5.38%; 03/02/2023 - 08/15/2052)

     2.75%      03/01/2023      450,034,375        450,000,000  

 

 

ING Financial Markets, LLC, term agreement dated 02/28/2023, maturing value of $100,088,472 (collateralized by U.S. Treasury obligations valued at $102,000,049; 0.00% - 4.50%; 06/15/2023 - 11/15/2050)(d)

     4.55%      03/07/2023      100,088,472        100,000,000  

 

 

Metropolitan Life Insurance Co., joint term agreement dated 02/22/2023, aggregate maturing value of $350,316,644 (collateralized by U.S. Treasury obligations valued at $359,869,294; 0.00%; 08/15/2027 - 08/15/2046)(d)

     4.57%      03/01/2023      100,088,861        100,000,000  

 

 

Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $1,802,662,944 (collateralized by U.S. Treasury obligations valued at $1,838,431,196; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)(d)

     4.57%      03/01/2023      672,959,969        672,362,500  

 

 

Mitsubishi UFJ Trust & Banking Corp., term agreement dated 02/22/2023, maturing value of $100,088,569 (collateralized by U.S. Treasury obligations valued at $102,012,845; 0.63% - 1.25%; 08/15/2030 - 08/15/2031)(d)

     4.56%      03/01/2023      100,088,569        100,000,000  

 

 

Prudential Legacy Insurance Company of New Jersey, agreement dated 02/28/2023, maturing value of $896,209,130 (collateralized by U.S. Treasury obligations valued at $912,399,598; 0.00% - 1.75%; 05/15/2037 - 11/15/2046)

     4.56%      03/01/2023      896,209,130        896,095,625  

 

 

Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,395; 0.00% - 4.00%; 03/28/2023 - 08/15/2052)(e)

     4.55%      03/01/2023      75,009,479        75,000,000  

 

 

Societe Generale, joint term agreement dated 02/23/2023, aggregate maturing value of $1,001,773,333 (collateralized by U.S. Treasury obligations valued at $1,020,000,026; 0.13% - 4.13%; 05/31/2023 - 08/31/2029)

     4.56%      03/09/2023      400,709,333        400,000,000  

 

 

Standard Chartered Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,128,928; 0.00% - 6.00%; 05/31/2023 - 11/15/2052)

     4.55%      03/01/2023      250,031,597        250,000,000  

 

 

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $3,000,379,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,080; 0.50% - 2.63%; 03/15/2023 - 08/15/2031)

     4.55%      03/01/2023      1,045,775,475        1,045,643,317  

 

 

Total Repurchase Agreements (Cost $22,489,101,442)

              22,489,101,442  

 

 

TOTAL INVESTMENTS IN SECURITIES-98.80% (Cost $40,683,351,728)

              40,683,351,728  

 

 

OTHER ASSETS LESS LIABILITIES-1.20%

              492,409,255  

 

 

NET ASSETS-100.00%

            $ 41,175,760,983  

 

 

 

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

 

11   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Treasury Portfolio–(continued)

 

    

Notes to Schedule of Investments:

 

(a) 

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

(b) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(c) 

Principal amount equals value at period end. See Note 1I.

(d) 

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

(e) 

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

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     54.7%  

 

 

8-30

     10.0     

 

 

31-60

     7.0     

 

 

61-90

     7.1     

 

 

91-180

     3.3     

 

 

181+

     17.9     

 

 

 

*

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.

 

12   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio

 

    

Interest

Rate

  

Maturity

Date

    

Principal

Amount

(000)

    

Value

 

 

 

U.S. Treasury Securities-37.65%

        

U.S. Treasury Bills-23.42%(a)

        

U.S. Treasury Bills

              4.53%      03/21/2023      $ 827,880      $ 825,805,701  

 

 

U.S. Treasury Bills

   4.53%-4.56%      03/28/2023        2,450,000        2,441,698,905  

 

 

U.S. Treasury Bills

              4.54%      04/04/2023        2,000,000        1,991,490,553  

 

 

U.S. Treasury Bills

              4.46%      04/06/2023        470,000        467,927,300  

 

 

U.S. Treasury Bills

              4.63%      04/11/2023        2,040,000        2,029,312,660  

 

 

U.S. Treasury Bills

              4.51%      04/18/2023        2,500,000        2,485,199,998  

 

 

U.S. Treasury Bills

              4.61%      04/20/2023        1,200,000        1,192,400,000  

 

 

U.S. Treasury Bills

              4.49%      04/25/2023        1,300,000        1,291,211,460  

 

 

U.S. Treasury Bills

              4.63%      04/27/2023        1,100,000        1,092,031,875  

 

 

U.S. Treasury Bills

              4.65%      05/04/2023        2,000,000        1,983,662,221  

 

 

U.S. Treasury Bills

              4.64%      05/11/2023        1,410,000        1,397,235,975  

 

 

U.S. Treasury Bills

              4.69%      05/30/2023        445,000        439,860,249  

 

 

U.S. Treasury Bills

              4.70%      06/06/2023        1,100,000        1,086,292,014  

 

 

U.S. Treasury Bills

   4.12%-4.52%      10/05/2023        240,000        233,818,882  

 

 

U.S. Treasury Bills

              4.78%      11/30/2023        45,000        43,439,912  

 

 

U.S. Treasury Bills

              4.68%      01/25/2024        1,200,000        1,150,829,997  

 

 
              20,152,217,702  

 

 

U.S. Treasury Floating Rate Notes-14.23%

        

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

              4.84%      10/31/2023        431,679        431,694,009  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)(b)

              4.79%      01/31/2024        180,000        179,971,503  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)(b)

              4.73%      04/30/2024        3,564,000        3,561,449,655  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

              4.84%      07/31/2024        3,323,400        3,321,978,999  

 

 

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

              4.95%      10/31/2024        3,834,800        3,830,307,536  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%)(b)

              5.01%      01/31/2025        915,000        915,650,639  

 

 
              12,241,052,341  

 

 

Total U.S. Treasury Securities (Cost $32,393,270,043)

              32,393,270,043  

 

 

U.S. Government Sponsored Agency Securities-5.75%

        

Federal Farm Credit Bank (FFCB)-3.37%

        

Federal Farm Credit Bank (SOFR + 0.02%)(b)

              4.57%      06/12/2023        75,000        75,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

              4.58%      07/07/2023        143,000        143,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

              4.58%      09/08/2023        155,000        155,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

              4.58%      09/18/2023        21,500        21,500,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

              4.59%      09/20/2023        25,000        25,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

              4.58%      09/27/2023        60,000        60,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

              4.59%      12/15/2023        24,500        24,499,020  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

              4.59%      01/04/2024        229,000        229,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.06%)(b)

              4.61%      01/10/2024        75,500        75,500,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

              4.59%      01/25/2024        15,000        15,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

              4.59%      02/05/2024        100,000        100,000,000  

 

 

 

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

 

13   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

 

    

Interest

Rate

    

Maturity

        Date        

    

Principal

Amount

(000)

    

Value

 

 

 

Federal Farm Credit Bank (FFCB)-(continued)

           

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%        02/20/2024      $ 80,000      $ 80,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%        02/23/2024             162,000        162,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%        03/08/2024        95,000        95,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%        03/15/2024        431,000        431,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59%        03/18/2024        445,000        445,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%        04/04/2024        195,000        195,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%        04/25/2024        345,000        345,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%        05/09/2024        160,000        160,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%        05/24/2024        62,000        62,000,000  

 

 
              2,898,499,020  

 

 

Federal Home Loan Bank (FHLB)-2.18%(a)

 

        

Federal Home Loan Bank

     4.81%        07/14/2023        800,000        785,899,999  

 

 

Federal Home Loan Bank

     5.01%        01/12/2024        213,000        204,015,956  

 

 

Federal Home Loan Bank

     5.02%        02/09/2024        926,000        883,581,484  

 

 
              1,873,497,439  

 

 

U.S. International Development Finance Corp. (DFC)-0.20%

 

        

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.85%        06/15/2025        12,000        12,000,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.46%        07/15/2025        13,056        13,055,558  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.79%        09/15/2025        2,895        2,894,737  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.65%        09/15/2026        6,250        6,250,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.79%        09/15/2026        3,750        3,750,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.46%        09/30/2027        10,364        10,363,637  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.85%        02/15/2028        11,111        11,111,111  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     2.46%        11/15/2028        52,273        52,272,728  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     2.35%        05/15/2030        6,734        6,734,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.79%        10/15/2030        6,889        6,888,889  

 

 

U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(c)

     2.47%        07/09/2026        17,850        17,850,000  

 

 

U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(c)

     2.46%        03/15/2030        32,625        32,625,000  

 

 
              175,795,660  

 

 

Total U.S. Government Sponsored Agency Securities
(Cost $4,947,792,119)

              4,947,792,119  

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-43.40%
(Cost $37,341,062,162)

              37,341,062,162  

 

 

 

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

 

14   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

 

    

Interest

Rate

    

Maturity

Date

    

Repurchase

Amount

    

Value

 

 

 

Repurchase Agreements-56.68%(d)

           

Bank of Nova Scotia, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,032; 0.00% - 4.38%; 03/16/2023 - 02/15/2050)

     4.55%        03/01/2023      $ 924,801,150      $ 924,684,280  

 

 

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $1,195,151,035 (collateralized by agency mortgage-backed securities valued at $1,218,900,000; 1.81% - 6.50%; 10/25/2031 - 09/20/2072)

     4.55%        03/01/2023        735,092,896        735,000,000  

 

 

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $600,066,667 (collateralized by U.S. Treasury obligations valued at $612,000,086; 0.13% - 1.13%; 01/15/2024 - 01/15/2033)

     4.00%        03/01/2023        400,044,444        400,000,000  

 

 

CIBC World Markets Corp., joint term agreement dated 02/16/2023, aggregate maturing value of $501,583,333 (collateralized by agency mortgage-backed securities, U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $510,000,130; 1.50% - 8.50%; 01/01/2024 - 03/01/2053)(e)

     4.56%        03/13/2023        300,950,000        300,000,000  

 

 

Citigroup Global Markets, Inc., joint term agreement dated 02/22/2023, aggregate maturing value of $3,002,654,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,083; 0.13% - 1.13%; 07/15/2023 - 01/15/2033)(e)

     4.55%        03/01/2023        1,000,884,722        1,000,000,000  

 

 

Federal Reserve Bank of New York, joint agreement dated 02/28/2023, aggregate maturing value of $50,006,319,444 (collateralized by U.S. Treasury obligations valued at $50,006,319,596; 0.25% - 4.50%; 10/31/2023 - 08/15/2039)

     4.55%        03/01/2023        32,704,132,917        32,700,000,000  

 

 

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $300,035,833 (collateralized by U.S. Treasury obligations valued at $306,000,095; 1.88% - 4.84%; 07/31/2023 - 02/15/2032)

     4.30%        03/01/2023        200,023,889        200,000,000  

 

 

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $4,000,505,556 (collateralized by U.S. Treasury obligations valued at $4,080,000,087; 0.00% - 4.38%; 06/13/2023 - 02/15/2048)

     4.55%        03/01/2023        2,500,315,972        2,500,000,000  

 

 

Fixed Income Clearing Corp. - State Street Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,065; 1.88% - 2.88%; 05/15/2051 - 05/15/2052)

     4.55%        03/01/2023        100,012,639        100,000,000  

 

 

Goldman Sachs & Co., agreement dated 02/28/2023, maturing value of $1,500,190,000 (collateralized by U.S. Treasury obligations valued at $1,530,000,001; 0.00% - 6.25%; 03/23/2023 - 02/15/2048)

     4.56%        03/01/2023        1,500,190,000        1,500,000,000  

 

 

Goldman Sachs & Co., joint agreement dated 02/28/2023, aggregate maturing value of $1,295,098,924 (collateralized by U.S. Treasury obligations valued at $1,320,900,062; 0.00% - 5.38%; 03/02/2023 - 08/15/2052)

     2.75%        03/01/2023        845,064,549        845,000,000  

 

 

ING Financial Markets, LLC, joint term agreement dated 02/02/2023, aggregate maturing value of $251,551,667 (collateralized by agency mortgage-backed securities valued at $255,000,000; 2.00% - 6.50%; 08/01/2028 - 02/01/2053)

     4.56%        03/23/2023        85,527,567        85,000,000  

 

 

ING Financial Markets, LLC, term agreement dated 02/02/2023, maturing value of $301,862,000 (collateralized by agency mortgage-backed securities valued at $306,000,000; 2.00% - 6.00%; 11/01/2029 - 02/01/2053)

     4.56%        03/23/2023        301,862,000        300,000,000  

 

 

ING Financial Markets, LLC, term agreement dated 02/02/2023, maturing value of $503,103,333 (collateralized by agency mortgage-backed securities valued at $510,000,001; 2.00% - 7.00%; 03/01/2028 - 01/01/2057)

     4.56%        03/23/2023        503,103,333        500,000,000  

 

 

ING Financial Markets, LLC, term agreement dated 02/13/2023, maturing value of $251,205,972 (collateralized by agency mortgage-backed securities and a U.S. Treasury obligation valued at $255,000,070; 2.00% - 5.50%; 06/01/2047 - 01/01/2053)

     4.57%        03/23/2023        251,205,972        250,000,000  

 

 

 

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

 

15   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

 

    

Interest

Rate

  

Maturity

Date

  

Repurchase

Amount

    

Value

 

 

 

J.P. Morgan Securities LLC, joint open agreement dated 02/27/2023 (collateralized by agency mortgage-backed securities valued at $918,000,005; 1.38% - 7.50%; 09/01/2025 - 08/01/2056)(f)

   4.57%    03/01/2023    $ 785,199,303      $ 785,000,000  

 

 

Metropolitan Life Insurance Co., joint term agreement dated 02/22/2023, aggregate maturing value of $350,316,644 (collateralized by U.S. Treasury obligations valued at $359,869,294; 0.00%; 08/15/2027 - 08/15/2046)(e)

   4.57%    03/01/2023      170,152,002        170,000,937  

 

 

Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $1,802,662,944 (collateralized by U.S. Treasury obligations valued at $1,838,431,196; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)(e)

   4.57%    03/01/2023      952,908,513        952,062,500  

 

 

Prudential Insurance Co. of America, agreement dated 02/28/2023, maturing value of $144,194,512 (collateralized by U.S. Treasury obligations valued at $146,949,280; 0.00%; 05/15/2037 - 08/15/2042)

   4.56%    03/01/2023      144,194,512        144,176,250  

 

 

RBC Dominion Securities Inc., joint term agreement dated 02/02/2023, aggregate maturing value of $2,767,068,333 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $2,805,000,000; 0.13% - 5.50%; 03/31/2023 - 02/20/2053)(e)

   4.56%    03/23/2023      1,076,641,133        1,070,000,000  

 

 

Royal Bank of Canada, term agreement dated 02/02/2023, maturing value of $1,006,206,667 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,020,000,039; 0.00% - 6.50%; 12/31/2025 - 02/01/2053)(e)

   4.56%    03/23/2023      1,006,206,667        1,000,000,000  

 

 

Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,395; 0.00% - 4.00%; 03/28/2023 - 08/15/2052)(f)

   4.55%    03/01/2023      100,012,639        100,000,000  

 

 

Societe Generale, joint term agreement dated 02/23/2023, aggregate maturing value of $1,001,773,333 (collateralized by U.S. Treasury obligations valued at $1,020,000,026; 0.13% - 4.13%; 05/31/2023 - 08/31/2029)

   4.56%    03/09/2023      375,665,000        375,000,000  

 

 

Standard Chartered Bank, agreement dated 02/28/2023, maturing value of $150,018,958 (collateralized by agency mortgage-backed securities valued at $153,019,338; 3.00% - 4.50%; 07/20/2049 - 10/20/2052)

   4.55%    03/01/2023      150,018,958        150,000,000  

 

 

Standard Chartered Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,128,928; 0.00% - 6.00%; 05/31/2023 - 11/15/2052)

   4.55%    03/01/2023      750,094,792        750,000,000  

 

 

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $3,000,379,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,080; 0.50% - 2.63%; 03/15/2023 - 08/15/2031)

   4.55%    03/01/2023      702,085,622        701,996,897  

 

 

TD Securities (USA) LLC, joint term agreement dated 02/22/2023, aggregate maturing value of $350,309,993 (collateralized by agency mortgage-backed securities valued at $357,000,000; 2.00% - 4.00%; 05/01/2041 -
05/01/2052)(e)

   4.56%    03/01/2023      220,194,853        220,000,000  

 

 

Total Repurchase Agreements (Cost $48,757,920,864)

              48,757,920,864  

 

 

TOTAL INVESTMENTS IN SECURITIES-100.08% (Cost $86,098,983,026)

              86,098,983,026  

 

 

OTHER ASSETS LESS LIABILITIES-(0.08)%

              (64,740,455

 

 

NET ASSETS-100.00%

            $ 86,034,242,571  

 

 

Investment Abbreviations:

SOFR -Secured Overnight Financing Rate

VRD -Variable Rate Demand

 

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

 

16   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

 

    

Notes to Schedule of Investments:

 

(a) 

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

(b) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(c) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(d) 

Principal amount equals value at period end. See Note 1I.

(e) 

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

(f) 

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

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     56.1%  

 

 

8-30

     5.2     

 

 

31-60

     11.4     

 

 

61-90

     4.5     

 

 

91-180

     2.4     

 

 

181+

     20.4     

 

 

 

*

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

 

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

 

17   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Treasury Obligations Portfolio

 

    

Interest

Rate

     Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

U.S. Treasury Securities-100.83%

 

        

U.S. Treasury Bills-85.74%(a)

 

        

U.S. Treasury Bills

     4.33%        03/02/2023      $ 20,000      $ 19,997,620  

 

 

U.S. Treasury Bills

     4.34%-4.51%        03/07/2023        110,700        110,618,265  

 

 

U.S. Treasury Bills

     4.32%-4.48%        03/09/2023        9,700        9,690,542  

 

 

U.S. Treasury Bills

     4.49%-4.54%        03/14/2023        86,700        86,559,909  

 

 

U.S. Treasury Bills

     4.53%-4.55%        03/21/2023        135,900        135,559,358  

 

 

U.S. Treasury Bills

     4.53%-4.56%        03/28/2023        72,500        72,253,676  

 

 

U.S. Treasury Bills

     4.40%        03/30/2023        51,000        50,821,288  

 

 

U.S. Treasury Bills

     4.50%-4.55%        04/04/2023        111,200        110,727,059  

 

 

U.S. Treasury Bills

     4.46%        04/06/2023        50,000        49,779,500  

 

 

U.S. Treasury Bills

     4.46%-4.63%        04/11/2023        80,000        79,587,722  

 

 

U.S. Treasury Bills

     4.61%        04/13/2023        22,150        22,029,356  

 

 

U.S. Treasury Bills

     4.68%        04/18/2023        41,000        40,745,800  

 

 

U.S. Treasury Bills

     4.69%        04/25/2023        65,000        64,537,603  

 

 

U.S. Treasury Bills

     4.65%        05/04/2023        60,000        59,509,867  

 

 

U.S. Treasury Bills

     4.64%        05/09/2023        16,000        15,859,853  

 

 

U.S. Treasury Bills

     4.64%        05/11/2023        40,000        39,637,900  

 

 

U.S. Treasury Bills

     4.74%        05/18/2023        26,000        25,736,360  

 

 

U.S. Treasury Bills

     4.78%        05/25/2023        20,000        19,777,111  

 

 

U.S. Treasury Bills

     4.75%        06/01/2023        10,000        9,879,931  

 

 

U.S. Treasury Bills

     4.70%        06/06/2023        35,000        34,563,837  

 

 

U.S. Treasury Bills

     4.64%        06/08/2023        15,000        14,812,931  

 

 

U.S. Treasury Bills

     4.77%        06/13/2023        33,000        32,551,933  

 

 

U.S. Treasury Bills

     3.01%        07/13/2023        6,000        5,934,764  

 

 

U.S. Treasury Bills

     4.80%        07/20/2023        10,000        9,816,504  

 

 

U.S. Treasury Bills

     4.12%        10/05/2023        6,000        5,856,302  

 

 

U.S. Treasury Bills

     4.68%-4.86%        01/25/2024        27,500        26,364,091  

 

 
              1,153,209,082  

 

 

U.S. Treasury Floating Rate Notes-14.16%

 

        

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b)

     4.84%        04/30/2023        19,000        19,000,127  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b)

     4.84%        07/31/2023        17,500        17,500,177  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84%        10/31/2023        30,000        30,000,345  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)(b)

     4.79%        01/31/2024        8,000        7,998,734  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)(b)

     4.73%        04/30/2024        25,500        25,482,209  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84%        07/31/2024        32,000        31,984,058  

 

 

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

     4.95%        10/31/2024        49,000        48,958,037  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%)(b)

     5.01%        01/31/2025        9,500        9,506,755  

 

 
              190,430,442  

 

 

 

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

 

18   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Treasury Obligations Portfolio–(continued)

 

     Interest
Rate
   Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

U.S. Treasury Notes-0.93%

        

TOTAL INVESTMENTS IN SECURITIES-100.83% (Cost $1,356,189,593)

                                                                                     1,356,189,593  

 

 

OTHER ASSETS LESS LIABILITIES-(0.83)%

              (11,125,964

 

 

NET ASSETS-100.00%

            $ 1,345,063,629  

 

 

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, 2023.

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     9.6%  

 

 

8-30

     26.1     

 

 

31-60

     27.0     

 

 

61-90

     13.3     

 

 

91-180

     9.3     

 

 

181+

     14.7     

 

 

 

*

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

 

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

 

19   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio

 

     Interest
Rate
     Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Municipal Obligations-94.08%

           

Alabama-3.55%

           

Mobile (City of), AL Downtown Redevelopment Authority (Austal USA, LLC); Series 2011 B, Ref. VRD RB (LOC - Bank of America, N.A.)(a)(b)(c)

     2.14%        05/01/2041        $3,240      $ 3,240,000  

 

 

Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)(b)(c)(d)

     2.25%        07/01/2040        4,910        4,910,000  

 

 
              8,150,000  

 

 

Arizona-2.72%

           

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

     1.40%        01/01/2046        6,250        6,250,000  

 

 

California-0.87%

           

Los Angeles County Capital Asset Leasing Corp.; Series B, Commercial Paper Notes

     2.00%        03/01/2023        2,000        2,000,000  

 

 

Connecticut-2.47%

           

Connecticut (State of) Health & Educational Facilities Authority (Yale University); Series 2017 A, Ref. VRD RB(b)

     2.20%        07/01/2042        5,660        5,660,000  

 

 

Delaware-0.95%

           

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

     2.21%        05/01/2036        2,180        2,180,000  

 

 

District of Columbia-3.29%

           

District of Columbia; Series 2022 A, Commercial Paper Notes(d)

     2.43%        03/15/2023        3,000        3,000,000  

 

 

District of Columbia (Georgetown University);

           

Series 2007 C-2, VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.19%        04/01/2041        1,200        1,200,000  

 

 

Series 2009 C, Ref. VRD RB (LOC - Bank of Tokyo Mitsubishi UFJ)(b)(c)(d)

     2.19%        04/01/2042        3,350        3,350,000  

 

 
              7,550,000  

 

 

Florida-4.09%

           

Halifax Hospital Medical Center; Series 2008, Ref. VRD RB (LOC - JPMorgan Chase Bank, N.A.)(b)(c)

     2.25%        06/01/2048        2,485        2,485,000  

 

 

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

     2.11%        11/01/2036        2,725        2,725,000  

 

 

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

     2.23%        07/01/2032        4,175        4,175,000  

 

 
              9,385,000  

 

 

Georgia-4.54%

           

Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - BMO Harris Bank N.A.)(b)(c)(d)

     2.21%        11/01/2030        1,450        1,450,000  

 

 

Georgia (State of) Private Colleges & Universities Authority (Emory University); Series 2022 B, VRD RB (SIFMA Municipal Swap Index + 0.03%)(b)

     2.00%        09/01/2052        8,975        8,975,000  

 

 
              10,425,000  

 

 

Idaho-0.44%

           

Idaho (State of) Health Facilities Authority (St. Luke’s Health System); Series 2018 C, VRD RB (LOC - U.S. Bank N.A.)(b)(c)

     1.40%        03/01/2048        1,000        1,000,000  

 

 

Illinois-7.33%

           

Illinois (State of) Development Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)(b)(c)

     2.21%        10/01/2033        2,625        2,625,000  

 

 

Illinois (State of) Educational Facilities Authority (Augustana College); Series 2003 B, VRD RB (LOC - BMO Harris Bank N.A.)(b)(c)(d)

     2.24%        10/01/2032        1,600        1,600,000  

 

 

 

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

 

20   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

 

     Interest
Rate
     Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Illinois-(continued)

           

Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - Northern Trust Co. (The))(b)(c)

     2.15%        01/01/2037        $2,800      $ 2,800,000  

 

 

Illinois (State of) Finance Authority (University of Chicago Medical); Series 2009 D-2, VRD RB (LOC - PNC Bank, N.A.)(b)(c)

     1.50%        08/01/2043        1,000        1,000,000  

 

 

Illinois (State of) Finance Authority (YMCA of Metropolitan Chicago); Series 2004, VRD RB (LOC - BMO Harris Bank N.A.)(b)(c)(d)

     2.45%        06/01/2034        2,960        2,960,000  

 

 

Illinois (State of) Housing Development Authority (Foxview I & II Apartments); Series 2008, VRD RB (LOC - FHLMC)(b)(c)

     2.17%        01/01/2041        4,835        4,835,000  

 

 

University of Illinois (Illinois Health Services); Series 1997 B, VRD RB (LOC - Wells Fargo Bank, N.A.)(b)(c)

     2.50%        10/01/2026        1,000        1,000,000  

 

 
              16,820,000  

 

 

Indiana-3.31%

           

Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank, N.A.)(b)(c)

     2.28%        08/01/2037        4,950        4,950,000  

 

 

Indiana (State of) Finance Authority (Parkview Health System Obligated Group); Series 2009 C, VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.05%        11/01/2039        2,635        2,635,000  

 

 
              7,585,000  

 

 

Iowa-2.18%

           

Iowa (State of) Finance Authority (CJ Bio America); Series 2021, Ref. VRD RB (LOC - Korea Devlopment Bank)(a)(b)(c)(d)

     2.24%        12/01/2041        5,000        5,000,000  

 

 

Kentucky-1.61%

           

Boyle (County of), KY (Centre College); Series 2008 A, Ref. VRD RB (LOC - PNC Bank, N.A.)(b)(c)

     2.20%        06/01/2037        3,700        3,700,000  

 

 

Louisiana-3.79%

           

Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC); Series 2013 B, Ref. VRD RB (LOC - JPMorgan Chase Bank, N.A.)(b)(c)

     2.50%        09/01/2033        1,000        1,000,000  

 

 

Louisiana (State of) Public Facilities Authority (CHRISTUS Health);

           

Series 2009 B-3, Ref. VRD RB (LOC - Bank of New York Mellon (The))(b)(c)

     2.45%        07/01/2047        6,605        6,605,000  

 

 

Series 2009 B-1, Ref. VRD RB (LOC - Bank of New York Mellon (The))(b)(c)

     2.10%        07/01/2047        1,100        1,100,000  

 

 
              8,705,000  

 

 

Maryland-2.10%

           

Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System); Series 2008 D, VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.45%        07/01/2041        4,810        4,810,000  

 

 

Massachusetts-2.51%

           

Massachusetts (Commonwealth of) Development Finance Agency (Boston University);

           

Series 2008 U-6C, VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.35%        10/01/2042        700        700,000  

 

 

Series 2008 U-6E, Ref. VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.35%        10/01/2042        5,050        5,050,000  

 

 
              5,750,000  

 

 

Minnesota-3.12%

           

Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)(b)

     2.29%        10/15/2033        1,175        1,175,000  

 

 

Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC)(b)

     2.20%        11/01/2035        3,600        3,600,000  

 

 

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

     2.20%        10/01/2033        2,385        2,385,000  

 

 
              7,160,000  

 

 

Mississippi-3.97%

           

Jackson (County of), MS (Chevron U.S.A., Inc.); Series 1993, Ref. VRD RB(b)

     1.40%        06/01/2023        200        200,000  

 

 

 

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

 

21   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

 

     Interest
Rate
     Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Mississippi-(continued)

           

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

           

Series 2010 E, VRD IDR(b)

     2.04%        12/01/2030        $4,000      $ 4,000,000  

 

 

Series 2010 C, VRD IDR(b)

     1.40%        11/01/2035        595        595,000  

 

 

Series 2010 J, VRD IDR(b)

     1.38%        11/01/2035        1,000        1,000,000  

 

 

Series 2010 C, VRD IDR(b)

     1.40%        11/01/2035        3,320        3,320,000  

 

 
              9,115,000  

 

 

Missouri-2.29%

           

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

     2.23%        11/01/2037        1,175        1,175,000  

 

 

Kansas City (City of), MO (H Roe Bartle Convention Center);

           

Series 2008 F, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.24%        04/15/2025        1,915        1,915,000  

 

 

Series 2008 E, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.24%        04/15/2034        900        900,000  

 

 

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

     2.38%        08/01/2038        1,260        1,260,000  

 

 
              5,250,000  

 

 

New York-5.36%

           

Metropolitan Transportation Authority;

           

Subseries 2012 G-1, VRD RB (LOC - Barclays Bank PLC)(b)(c)(d)

     1.35%        11/01/2032        3,800        3,800,000  

 

 

Subseries 2020 B-1, Ref. VRD RB (LOC - PNC Bank, N.A.)(b)(c)

     2.20%        11/15/2046        4,510        4,510,000  

 

 

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.)(b)(c)(d)

     2.40%        05/01/2039        4,000        4,000,000  

 

 
              12,310,000  

 

 

North Carolina-5.63%

           

Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health); Series 2018 H, VRD RB(b)

     1.40%        01/15/2048        2,500        2,500,000  

 

 

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

     1.40%        01/15/2037        4,000        4,000,000  

 

 

North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 1992 A, VRD RB(b)

     2.20%        06/01/2027        6,425        6,425,000  

 

 
              12,925,000  

 

 

Ohio-1.73%

           

Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - U.S. Bank N.A.)(b)(c)

     2.20%        08/02/2038        2,650        2,650,000  

 

 

Ohio State University (The); Series 2014 B-1, VRD RB(b)

     2.41%        12/01/2039        1,310        1,310,000  

 

 
              3,960,000  

 

 

Oregon-0.49%

           

Oregon (State of) Department of Transportation; Series A-2, Commercial Paper Notes(d)

     2.80%        03/21/2023        1,000        1,000,000  

 

 

Oregon (State of) Facilities Authority (PeaceHealth); Series 2018 A, Ref. VRD RB (LOC - U.S. Bank N.A.)(b)(c)

     1.40%        08/01/2034        125        125,000  

 

 
              1,125,000  

 

 

Pennsylvania-1.74%

           

Philadelphia (City of), PA; Series A, Commercial Paper Notes(d)

     2.55%        03/23/2023        4,000        4,000,000  

 

 

 

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

 

22   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

 

     Interest
Rate
     Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Texas-17.41%

           

Board of Regents of the University of Texas System;

           

Series 2008 B, VRD RB(b)

     2.15%        08/01/2025        $1,115      $ 1,115,000  

 

 

Series 2008 A, VRD RB(b)

     2.10%        07/01/2037        2,425        2,425,000  

 

 

Series A, Commercial Paper Notes

     3.20%        03/03/2023        2,500        2,500,000  

 

 

Garland (City of), TX; Series 2021, Commercial Paper Notes(d)

     2.60%        03/01/2023        5,000        5,000,000  

 

 

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

     1.40%        11/01/2041        6,450        6,450,000  

 

 

Harris County Health Facilities Development Corp. (Methodist Hospital System); Series 2008 A-2, Ref. VRD RB(b)

     1.45%        12/01/2041        4,185        4,185,000  

 

 

Houston (City of), TX; Series H-2, Commercial Paper Notes

     2.85%        03/09/2023        7,000        7,000,000  

 

 

Lower Neches Valley Authority Industrial Development Corp. (Exxonmobil); Series 2011, VRD RB(b)

     1.36%        11/01/2051        3,182        3,182,000  

 

 

Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas); Series 2008 A, VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.45%        10/01/2041        1,480        1,480,000  

 

 

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

     2.29%        05/01/2042        3,020        3,020,000  

 

 

Texas A&M University; Series B, Commercial Paper Notes

     3.25%        04/05/2023        3,600        3,600,000  

 

 
              39,957,000  

 

 

Virginia-1.00%

           

Loudoun (County of), VA Economic Development Authority (Jack Kent Cooke Foundation); Series 2004, VRD RB (LOC - Northern Trust Co. (The))(b)(c)

     2.25%        06/01/2034        2,300        2,300,000  

 

 

Washington-1.32%

           

Washington (State of) Housing Finance Commission (Redmond Ridge Apartments); Series 2017, VRD RB (LOC - FHLB of San Francisco)(b)(c)

     2.21%        11/01/2047        3,025        3,025,000  

 

 

West Virginia-2.92%

           

Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC - Bank of America, N.A.)(b)(c)

     2.19%        07/01/2039        745        745,000  

 

 

West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008 B, Ref. VRD RB (LOC - Truist Bank)(b)(c)

     2.32%        01/01/2034        5,945        5,945,000  

 

 
              6,690,000  

 

 

Wisconsin-1.35%

           

Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - FHLB of Chicago)(b)(c)

     2.22%        10/01/2042        3,090        3,090,000  

 

 

TOTAL INVESTMENTS IN SECURITIES(e)(f)-94.08% (Cost $215,877,000)

              215,877,000  

 

 

OTHER ASSETS LESS LIABILITIES-5.92%

              13,576,124  

 

 

NET ASSETS-100.00%

            $ 229,453,124  

 

 

 

Investment Abbreviations:
CEP   - Credit Enhancement Provider
FHLB   - Federal Home Loan Bank
FHLMC   - Federal Home Loan Mortgage Corp.
FNMA   - Federal National Mortgage Association
IDR   - Industrial Development Revenue Bonds
LOC   - Letter of Credit
RB   - Revenue Bonds
Ref.   - Refunding
SIFMA   - Securities Industry and Financial Markets Association
VRD   - Variable Rate Demand

 

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

 

23   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

 

    

Notes to Schedule of Investments:

 

(a) 

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, 2023 was $8,240,000, which represented 3.59% of the Fund’s Net Assets.

(b) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(c) 

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

(d) 

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 8.3%; United Kingdom 6.9%; Japan 6.1%; Other countries less than 5% each: 4.3%.

(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.

 

Entities    Percentage  

 

 

TD Bank, N.A.

     5.6%      

 

 

Northern Trust Co. (The)

     5.6         

 

 

PNC Bank, N.A.

     5.3         

 

 

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     91.8%  

 

 

8-30

     6.6     

 

 

31-60

     1.6     

 

 

61-90

     0.0     

 

 

91-180

     0.0     

 

 

181+

     0.0     

 

 

 

*

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

 

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

 

24   Short-Term Investments Trust


Statements of Assets and Liabilities

February 28, 2023

(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 unaffiliated securities, at value

   $ 1,441,448,359     $ 133,116,900     $ 18,194,250,286     $ 37,341,062,162     $ 1,356,189,593     $ 215,877,000  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Repurchase agreements, at value and cost

     391,668,085       101,000,000       22,489,101,442       48,757,920,864       -       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash

     19,375       -       710,756       983,579       78,638       35,079  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Receivable for:

            

Investments sold

     -       -       548,668,115       -       -       13,075,000  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fund shares sold

     -       87,000       16,852,266       7,476,439       -       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Interest

     1,964,115       173,966       27,561,801       86,121,462       738,940       648,615  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fund expenses absorbed

     37,313       32,400       1,744,510       -       54,458       65,326  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Investment for trustee deferred compensation and retirement plans

     2,688,319       708,169       1,620,498       739,975       74,208       244,277  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other assets

     6,754       132,348       516,985       1,674,555       1,386       48,339  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

     1,837,832,320       235,250,783       41,281,026,659       86,195,979,036       1,357,137,223       229,993,636  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities:

            

Payable for:

            

Investments purchased

     -       -       -       -       9,879,931       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fund shares reacquired

     -       176,816       3,090,287       4,269,464       -       6,500  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amount due custodian

     -       2,848       -       -       -       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Dividends

     5,633,256       390,246       92,186,592       145,385,932       1,852,280       174,016  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accrued fees to affiliates

     290,525       44,449       7,871,710       11,084,004       238,921       65,704  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accrued trustees’ and officers ’fees and benefits

     4,481       2,926       36,205       77,012       3,868       2,679  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accrued operating expenses

     47,662       21,439       243,679       -       13,029       31,340  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Trustee deferred compensation and retirement plans

     2,877,269       753,601       1,837,203       920,053       85,565       260,273  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

     8,853,193       1,392,325       105,265,676       161,736,465       12,073,594       540,512  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net assets applicable to shares outstanding

   $ 1,828,979,127     $ 233,858,458     $ 41,175,760,983     $ 86,034,242,571     $ 1,345,063,629     $ 229,453,124  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net assets consist of:

            

Shares of beneficial interest

   $ 1,831,354,980     $ 234,441,720     $ 41,178,125,062     $ 86,059,942,124     $ 1,345,271,837     $ 229,672,837  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributable earnings (loss)

     (2,375,853     (583,262     (2,364,079     (25,699,553     (208,208     (219,713

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   $ 1,828,979,127     $ 233,858,458     $ 41,175,760,983     $ 86,034,242,571     $ 1,345,063,629     $ 229,453,124  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets:

            

Institutional Class

   $ 1,819,669,256     $ 232,387,514     $ 35,450,224,348     $ 71,325,123,345     $ 1,268,187,565     $ 193,805,989  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Private Investment Class

   $ 1,042,790     $ 332,161     $ 618,415,066     $ 742,331,579     $ 16,661,216     $ 25,307,654  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Personal Investment Class

   $ 10,252     $ 92,946     $ 388,631,121     $ 33,381,231     $ 11,961,557     $ 396,032  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash Management Class

   $ 1,676,277     $ 467,280     $ 240,742,041     $ 625,170,630     $ 80,071     $ 3,493,634  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reserve Class

   $ 171,670     $ 71,322     $ 658,815,411     $ 512,205,911     $ 44,802,872     $ 5,703,646  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Resource Class

   $ 249,687     $ 394     $ 76,755,901     $ 196,305,722     $ 115,395     $ 735,736  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Corporate Class

   $ 6,059,212     $ 506,841     $ 1,887,842,566     $ 1,565,745,767     $ 3,254,953     $ 10,433  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

CAVU Securities Class

   $ 99,983     $ -     $ 1,854,334,529     $ 11,033,978,386     $ -     $ -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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–(continued)

February 28, 2023

(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

 

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

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

 

              

Institutional Class

     1,819,297,797        232,378,976        35,450,012,600        71,346,337,427        1,268,330,132        193,784,100  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Private Investment Class

     1,042,580        332,149        618,409,608        742,552,280        16,663,105        25,304,973  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Personal Investment Class

     10,250        92,942        388,629,737        33,391,145        11,962,914        395,994  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Cash Management Class

     1,675,941        467,263        240,741,915        625,356,709        80,079        3,493,246  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Reserve Class

     171,636        71,319        658,813,165        512,358,049        44,807,951        5,703,138  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Resource Class

     249,638        394        76,755,057        196,364,021        115,408        735,656  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Corporate Class

     6,057,994        506,822        1,887,836,389        1,566,211,620        3,255,321        10,432  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

CAVU Securities Class

     99,963        -        1,854,316,343        11,037,257,584        -        -  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

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

   $ 1.0002      $ 1.0000      $ 1.00      $ 1.00      $ 1.00      $ 1.00  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Cost of Investments

   $ 1,833,286,676      $ 234,120,176      $ 40,683,351,728      $ 86,098,983,026      $ 1,356,189,593      $ 215,877,000  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

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

 

26   Short-Term Investments Trust


Statements of Operations

For the six months ended February 28, 2023

(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

   $ 33,876,133     $ 7,151,703     $ 708,212,871     $ 1,395,214,104     $ 25,472,569     $ 3,310,770  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Expenses:

            

Advisory fees

     1,298,945       287,417       26,911,965       36,209,920       863,058       269,431  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Administrative services fees

     376,482       88,649       8,043,255       16,157,749       308,915       62,708  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Custodian fees

     11,976       12,085       712,043       51,850       57,453       2,117  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distribution fees:

            

Private Investment Class

     1,566       537       667,061       972,135       19,594       29,618  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Personal Investment Class

     27       251       1,134,089       90,606       32,317       2,915  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash Management Class

     681       174       119,391       317,403       31       1,369  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reserve Class

     745       305       4,165,559       2,604,658       212,296       45,602  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Resource Class

     246       -       51,160       138,138       158       601  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Corporate Class

     245       34       191,872       167,327       1,056       2  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transfer agent fees

     77,937       17,245       1,614,718       3,258,893       60,939       12,124  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Trustees’ and officers’ fees and benefits

     12,531       8,729       92,223       203,275       10,879       8,118  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Registration and filing fees

     54,047       56,974       978,820       2,003,579       47,828       62,326  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reports to shareholders

     -       -       -       -       -       1,005  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Professional services fees

     23,255       19,395       67,575       22,179       21,273       19,076  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other

     46,174       27,959       142,190       112,996       29,592       11,719  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

     1,904,857       519,754       44,891,921       62,310,708       1,665,389       528,731  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less: Fees waived and expenses reimbursed

     (342,612     (173,553     (6,268,478     (84,156     (181,160     (179,196

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net expenses

     1,562,245       346,201       38,623,443       62,226,552       1,484,229       349,535  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

     32,313,888       6,805,502       669,589,428       1,332,987,552       23,988,340       2,961,235  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Realized and unrealized gain (loss) from:

            

Net realized gain (loss) from unaffiliated investment securities

     4,162       158       2,730,256       2,283,446       (30,165     -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in net unrealized appreciation of unaffiliated investment securities

     73,684       2,084       -       -       -       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and unrealized gain (loss)

     77,846       2,242       2,730,256       2,283,446       (30,165     -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase in net assets resulting from operations

   $ 32,391,734     $ 6,807,744     $ 672,319,684     $ 1,335,270,998     $ 23,958,175     $ 2,961,235  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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

 

27   Short-Term Investments Trust


Statements of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

 

     Invesco Liquid Assets Portfolio     Invesco STIC Prime Portfolio  
    

February 28,

2023

   

August 31,

2022

   

February 28,

2023

   

August 31,

2022

 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Operations:

        

Net investment income

   $ 32,313,888     $ 9,991,934     $ 6,805,502     $ 1,826,985  

 

  

 

 

   

 

 

 

Net realized gain

     4,162       3,959       158       624  

 

  

 

 

   

 

 

 

Change in net unrealized appreciation (depreciation)

     73,684       (406,836     2,084       (5,126

 

  

 

 

   

 

 

 

Net increase in net assets resulting from operations

     32,391,734       9,589,057       6,807,744       1,822,483  

 

  

 

 

   

 

 

 

Distributions to shareholders from distributable earnings:

        

Institutional Class

     (32,218,847     (9,973,378     (6,784,760     (1,657,807

 

  

 

 

   

 

 

 

Private Investment Class

     (17,996     (6,754     (5,822     (1,550

 

  

 

 

   

 

 

 

Personal Investment Class

     (164     (32     (1,411     (240

 

  

 

 

   

 

 

 

Cash Management Class

     (31,264     (9,759     (7,918     (1,672

 

  

 

 

   

 

 

 

Reserve Class

     (2,462     (378     (971     (130

 

  

 

 

   

 

 

 

Resource Class

     (4,383     (1,017     (8     (3

 

  

 

 

   

 

 

 

Corporate Class

     (36,909     (112     (4,612     (95

 

  

 

 

   

 

 

 

CAVU Securities Class

     (1,863     (504     -       -  

 

  

 

 

   

 

 

 

Total distributions from distributable earnings

     (32,313,888     (9,991,934     (6,805,502     (1,661,497

 

  

 

 

   

 

 

 

Return of capital:

        

Institutional Class

     -       -       -       (165,120

 

  

 

 

   

 

 

 

Private Investment Class

     -       -       -       (154

 

  

 

 

   

 

 

 

Personal Investment Class

     -       -       -       (24

 

  

 

 

   

 

 

 

Cash Management Class

     -       -       -       (167

 

  

 

 

   

 

 

 

Reserve Class

     -       -       -       (13

 

  

 

 

   

 

 

 

Resource Class

     -       -       -       (1

 

  

 

 

   

 

 

 

Corporate Class

     -       -       -       (9

 

  

 

 

   

 

 

 

Total return of capital

     -       -       -       (165,488

 

  

 

 

   

 

 

 

Total distributions

     (32,313,888     (9,991,934     (6,805,502     (1,826,985

 

  

 

 

   

 

 

 

Share transactions-net:

        

Institutional Class

     77,909,713       (614,280,688     (90,087,288     100,759,349  

 

  

 

 

   

 

 

 

Private Investment Class

     (30,196     (1,818,407     (125,154     (147,861

 

  

 

 

   

 

 

 

Personal Investment Class

     4       -       1,540       (1,448

 

  

 

 

   

 

 

 

Cash Management Class

     (43,963     (1,201,217     98,248       (127,021

 

  

 

 

   

 

 

 

Reserve Class

     (3,343     (40,550     1,057       (16,775

 

  

 

 

   

 

 

 

Resource Class

     1,735       (114,240     8       1  

 

  

 

 

   

 

 

 

Corporate Class

     6,036,928       (354     485,652       64  

 

  

 

 

   

 

 

 

CAVU Securities Class

     -       1       -       -  

 

  

 

 

   

 

 

 

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

     83,870,878       (617,455,455     (89,625,937     100,466,309  

 

  

 

 

   

 

 

 

Net increase (decrease) in net assets

     83,948,724       (617,858,332     (89,623,695     100,461,807  

 

  

 

 

   

 

 

 

Net assets:

        

Beginning of period

     1,745,030,403       2,362,888,735       323,482,153       223,020,346  

 

  

 

 

   

 

 

 

End of period

   $ 1,828,979,127     $ 1,745,030,403     $ 233,858,458     $ 323,482,153  

 

  

 

 

   

 

 

 

 

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–(continued)

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

 

    

 

     Invesco Treasury Portfolio     Invesco Government & Agency Portfolio  
    

February 28,

2023

   

August 31,

2022

   

February 28,

2023

   

August 31,

2022

 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Operations:

        

Net investment income

   $ 669,589,428     $ 96,074,616     $ 1,332,987,552     $ 325,968,052  

 

  

 

 

   

 

 

 

Net realized gain (loss)

     2,730,256       (3,886,562     2,283,446       (28,543,577

 

  

 

 

   

 

 

 

Net increase in net assets resulting from operations

     672,319,684       92,188,054       1,335,270,998       297,424,475  

 

  

 

 

   

 

 

 

Distributions to shareholders from distributable earnings:

        

Institutional Class

     (581,902,260     (85,408,911     (1,124,090,481     (295,190,284

 

  

 

 

   

 

 

 

Private Investment Class

     (7,645,428     (1,268,453     (10,946,131     (2,186,097

 

  

 

 

   

 

 

 

Personal Investment Class

     (6,320,398     (1,167,413     (501,718     (110,536

 

  

 

 

   

 

 

 

Cash Management Class

     (5,107,835     (1,843,731     (13,622,487     (3,324,668

 

  

 

 

   

 

 

 

Reserve Class

     (12,607,423     (2,122,002     (8,266,117     (1,225,131

 

  

 

 

   

 

 

 

Resource Class

     (1,108,827     (267,315     (3,057,626     (863,585

 

  

 

 

   

 

 

 

Corporate Class

     (25,353,351     (1,170,294     (21,689,739     (2,699,107

 

  

 

 

   

 

 

 

CAVU Securities Class

     (29,543,906     (2,826,497     (150,813,253     (20,368,644

 

  

 

 

   

 

 

 

Total distributions from distributable earnings

     (669,589,428     (96,074,616     (1,332,987,552     (325,968,052

 

  

 

 

   

 

 

 

Share transactions-net:

        

Institutional Class

     14,027,316,395       4,330,861,644       10,156,276,156       11,726,491,208  

 

  

 

 

   

 

 

 

Private Investment Class

     236,582,670       78,001,581       164,377,949       72,215,877  

 

  

 

 

   

 

 

 

Personal Investment Class

     (192,259,153     315,801,181       (5,957,939     29,989,058  

 

  

 

 

   

 

 

 

Cash Management Class

     (154,069,233     (57,379,422     (517,510,396     394,921,370  

 

  

 

 

   

 

 

 

Reserve Class

     (328,669,854     119,769,440       (86,634,703     190,502,067  

 

  

 

 

   

 

 

 

Resource Class

     (642,242     24,190,011       61,306,446       17,158,805  

 

  

 

 

   

 

 

 

Corporate Class

     1,413,797,274       207,510,470       1,023,377,300       (539,261,258

 

  

 

 

   

 

 

 

CAVU Securities Class

     1,297,043,776       10,231,626       6,183,737,346       3,411,670,557  

 

  

 

 

   

 

 

 

Net increase in net assets resulting from share transactions

     16,299,099,633       5,028,986,531       16,978,972,159       15,303,687,684  

 

  

 

 

   

 

 

 

Net increase in net assets

     16,301,829,889       5,025,099,969       16,981,255,605       15,275,144,107  

 

  

 

 

   

 

 

 

Net assets:

        

Beginning of period

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

 

  

 

 

   

 

 

 

End of period

   $ 41,175,760,983     $ 24,873,931,094     $ 86,034,242,571     $ 69,052,986,966  

 

  

 

 

   

 

 

 

 

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, 2023 and the year ended August 31, 2022

(Unaudited)

 

    

 

     Invesco Treasury Obligations Portfolio     Invesco Tax-Free Cash Reserve Portfolio  
    

February 28,

2023

   

August 31,

2022

   

February 28,

2023

   

August 31,

2022

 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Operations:

        

Net investment income

   $ 23,988,340     $ 4,933,278     $ 2,961,235     $ 629,361  

 

  

 

 

   

 

 

 

Net realized gain (loss)

     (30,165     (129,607     -       -  

 

  

 

 

   

 

 

 

Net increase in net assets resulting from operations

     23,958,175       4,803,671       2,961,235       629,361  

 

  

 

 

   

 

 

 

Distributions to shareholders from distributable earnings:

        

Institutional Class

     (22,764,739     (4,768,439     (2,597,193     (576,238

 

  

 

 

   

 

 

 

Private Investment Class

     (259,555     (48,742     (243,504     (26,690

 

  

 

 

   

 

 

 

Personal Investment Class

     (173,656     (29,749     (7,751     (2,178

 

  

 

 

   

 

 

 

Cash Management Class

     (1,358     (319     (37,135     (11,012

 

  

 

 

   

 

 

 

Reserve Class

     (660,979     (71,516     (67,697     (10,273

 

  

 

 

   

 

 

 

Resource Class

     (3,661     (360     (7,815     (2,938

 

  

 

 

   

 

 

 

Corporate Class

     (124,392     (14,153     (140     (32

 

  

 

 

   

 

 

 

Total distributions from distributable earnings

     (23,988,340     (4,933,278     (2,961,235     (629,361

 

  

 

 

   

 

 

 

Share transactions-net:

        

Institutional Class

     166,084,398       38,941,402       (2,953,360     78,490,605  

 

  

 

 

   

 

 

 

Private Investment Class

     2,096,826       (78,490     10,542,278       5,209,668  

 

  

 

 

   

 

 

 

Personal Investment Class

     (757,179     8,907,420       (1,414,442     133,658  

 

  

 

 

   

 

 

 

Cash Management Class

     1,491       (174,408     (250,931     (851,665

 

  

 

 

   

 

 

 

Reserve Class

     2,655,507       (32,341,061     (9,080,916     (1,439,232

 

  

 

 

   

 

 

 

Resource Class

     17,103       198       (24,302     (716,611

 

  

 

 

   

 

 

 

Corporate Class

     (86,382     (1,691,615     136       19  

 

  

 

 

   

 

 

 

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

     170,011,764       13,563,446       (3,181,537     80,826,442  

 

  

 

 

   

 

 

 

Net increase (decrease) in net assets

     169,981,599       13,433,839       (3,181,537     80,826,442  

 

  

 

 

   

 

 

 

Net assets:

        

Beginning of period

     1,175,082,030       1,161,648,191       232,634,661       151,808,219  

 

  

 

 

   

 

 

 

End of period

   $ 1,345,063,629     $ 1,175,082,030     $ 229,453,124     $ 232,634,661  

 

  

 

 

   

 

 

 

 

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

 

30   Short-Term Investments Trust


Financial Highlights

(Unaudited)

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

Institutional Class

 

                                                Ratio of   Ratio of    
            Net gains                                   expenses   expenses    
            (losses)                                   to average   to average net   Ratio of net
    Net asset       on securities       Dividends   Distributions                       net assets   assets without   investment
    value,   Net   (both   Total from   from net   from net           Net asset       Net assets,   with fee waivers   fee waivers   income
    beginning   investment   realized and   investment   investment   realized   Return of   Total   value, end   Total   end of period   and/or expense   and/or expense   to average
     of period   income(a)   unrealized)   operations   income   gains   capital   distributions   of period   return(b)   (000’s omitted)   absorbed   absorbed   net assets

Invesco Liquid Assets Portfolio

 

                           

Six months ended 02/28/23

    $ 1.0002     $ 0.0185     $ 0.0001     $ 0.0186     $ (0.0186 )     $ -     $ -     $ (0.0186 )     $ 1.0002       1.88 %     $ 1,819,669       0.18 %(c)       0.22 %(c)       3.73 %(c)

Year ended 08/31/22

      1.0004       0.0048       (0.0000 )       0.0048       (0.0050 )       -       -       (0.0050 )       1.0002       0.48       1,741,681       0.18       0.22       0.48

Year ended 08/31/21

      1.0006       0.0004       (0.0002 )       0.0002       (0.0004 )       -       -       (0.0004 )       1.0004       0.02       2,356,363       0.17       0.22       0.05

Year ended 08/31/20

      1.0004       0.0126       (0.0006 )       0.0120       (0.0118 )       -       -       (0.0118 )       1.0006       1.20       2,558,430       0.18       0.22       1.26

Year ended 08/31/19

      1.0004       0.0237       0.0000       0.0237       (0.0237 )       -       -       (0.0237 )       1.0004       2.39       2,444,253       0.18       0.22       2.37

Year ended 08/31/18

      1.0002       0.0173       (0.0011 )       0.0162       (0.0160 )       -       -       (0.0160 )       1.0004       1.63       2,343,453       0.18       0.23       1.73

Invesco STIC Prime Portfolio

 

                           

Six months ended 02/28/23

      1.0000       0.0176       0.0004       0.0180       (0.0180 )       -       -       (0.0180 )       1.0000       1.82       232,388       0.18 (c)        0.27 (c)        3.55 (c) 

Year ended 08/31/22

      1.0000       0.0050       (0.0000 )       0.0050       (0.0045 )       -       (0.0005 )       (0.0050 )       1.0000       0.50       322,473       0.15       0.28       0.61

Year ended 08/31/21

      1.0000       0.0001       (0.0000 )       0.0001       (0.0001 )       -       -       (0.0001 )       1.0000       0.01       221,718       0.13       0.30       0.01

Year ended 08/31/20

      1.0001       0.0116       (0.0012 )       0.0104       (0.0105 )       -       -       (0.0105 )       1.0000       1.05       320,753       0.18       0.26       1.16

Year ended 08/31/19

      1.0001       0.0226       0.0001       0.0227       (0.0227 )       -       -       (0.0227 )       1.0001       2.29       652,151       0.18       0.25       2.26

Year ended 08/31/18

      1.0000       0.0155       (0.0002 )       0.0153       (0.0152 )       -       -       (0.0152 )       1.0001       1.54       524,792       0.18       0.27       1.55

Invesco Treasury Portfolio

 

                           

Six months ended 02/28/23

      1.00       0.02       0.00       0.02       (0.02 )       -       -       (0.02 )       1.00       1.81       35,450,224       0.18 (c)        0.21 (c)        3.77 (c) 

Year ended 08/31/22

      1.00       0.00       (0.00 )       0.00       (0.00 )       -       -       (0.00 )       1.00       0.46       21,420,557       0.13       0.21       0.47

Year ended 08/31/21

      1.00       0.00       0.00       0.00       (0.00 )       -       -       (0.00 )       1.00       0.01       17,093,039       0.10       0.21       0.01

Year ended 08/31/20

      1.00       0.01       0.00       0.01       (0.01 )       (0.00 )       -       (0.01 )       1.00       0.91       19,215,805       0.18       0.21       0.86

Year ended 08/31/19

      1.00       0.02       0.00       0.02       (0.02 )       -       -       (0.02 )       1.00       2.20       18,717,318       0.18       0.21       2.18

Year ended 08/31/18

      1.00       0.01       0.00       0.01       (0.01 )       -       -       (0.01 )       1.00       1.37       20,231,906       0.18       0.20       1.37

Invesco Government & Agency Portfolio

 

                           

Six months ended 02/28/23

      1.00       0.02       0.00       0.02       (0.02 )       -       -       (0.02 )       1.00       1.82       71,325,123       0.16 (c)        0.16 (c)        3.69 (c) 

Year ended 08/31/22

      1.00       0.01       (0.00 )       0.01       (0.01 )       -       -       (0.01 )       1.00       0.51       61,165,375       0.11       0.16       0.54

Year ended 08/31/21

      1.00       0.00       0.00       0.00       (0.00 )       -       -       (0.00 )       1.00       0.03       49,464,205       0.07       0.16       0.03

Year ended 08/31/20

      1.00       0.01       (0.00 )       0.01       (0.01 )       (0.00 )       -       (0.01 )       1.00       0.95       30,259,136       0.15       0.15       0.85

Year ended 08/31/19

      1.00       0.02       0.00       0.02       (0.02 )       -       -       (0.02 )       1.00       2.22       30,003,319       0.16       0.16       2.20

Year ended 08/31/18

      1.00       0.01       0.00       0.01       (0.01 )       -       -       (0.01 )       1.00       1.38       22,329,969       0.15       0.15       1.35

Invesco Treasury Obligations Portfolio

 

                           

Six months ended 02/28/23

      1.00       0.02       (0.00 )       0.02       (0.02 )       -       -       (0.02 )       1.00       1.76       1,268,188       0.18 (c)        0.21 (c)        3.58 (c) 

Year ended 08/31/22

      1.00       0.00       (0.00 )       0.00       (0.00 )       -       -       (0.00 )       1.00       0.44       1,102,134       0.13       0.21       0.45

Year ended 08/31/21

      1.00       0.00       0.00       0.00       (0.00 )       -       -       (0.00 )       1.00       0.01       1,063,312       0.10       0.21       0.01

Year ended 08/31/20

      1.00       0.01       (0.00 )       0.01       (0.01 )       -       -       (0.01 )       1.00       0.94       1,370,210       0.18       0.20       0.84

Year ended 08/31/19

      1.00       0.02       0.00       0.02       (0.02 )       -       -       (0.02 )       1.00       2.18       1,045,046       0.18       0.21       2.15

Year ended 08/31/18

      1.00       0.01       0.00       0.01       (0.01 )       -       -       (0.01 )       1.00       1.35       1,280,336       0.18       0.21       1.34

Invesco Tax-Free Cash Reserve Portfolio

 

                           

Six months ended 02/28/23

      1.00       0.01       -       0.01       (0.01 )       -       -       (0.01 )       1.00       1.12       193,806       0.20 (c)        0.33 (c)        2.26 (c) 

Year ended 08/31/22

      1.00       0.00       -       0.00       (0.00 )       -       -       (0.00 )       1.00       0.32       196,760       0.15       0.37       0.38

Year ended 08/31/21

      1.00       0.00       -       0.00       (0.00 )       -       -       (0.00 )       1.00       0.01       118,267       0.07       0.40       0.01

Year ended 08/31/20

      1.00       0.01       -       0.01       (0.01 )       -       -       (0.01 )       1.00       0.76       150,997       0.19       0.34       0.76

Year ended 08/31/19

      1.00       0.01       -       0.01       (0.01 )       -       -       (0.01 )       1.00       1.39       161,039       0.20       0.35       1.38

Year ended 08/31/18

      1.00       0.01       (0.00 )       0.01       (0.01 )       -       -       (0.01 )       1.00       1.01       127,662       0.20       0.38       1.01

 

(a) 

Calculated using average shares outstanding.

(b) 

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and is not annualized for periods less than one year.

(c) 

Annualized.

 

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

 

31   Short-Term Investments Trust


Notes to Financial Statements

February 28, 2023

(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”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.

    The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio; and to provide tax-exempt income consistent with preservation of capital and liquidity for Invesco Tax-Free Cash Reserve Portfolio.

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

    Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies.

    Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio, both institutional money market funds, price and transact in their shares at a floating net asset value (“NAV”) reflecting the current market-based values of their portfolio securities, except as otherwise generally permitted for securities with remaining maturities of 60 days or less, which are valued at amortized cost. Rules and regulations also require Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).

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

    Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Invesco Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, seek to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation.

    “Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/or repurchase agreements collateralized fully by cash or Government Securities. “Retail money market funds” are required to adopt policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons.

    Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio and Invesco Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.

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

A.

Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities normally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

    Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is unreliable in the Adviser’s judgment, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

    Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

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

    Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.

B.

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

 

32   Short-Term Investments Trust


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

    The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

    Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Funds and the investment adviser.

    The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D.

Distributions - It is the policy of the Funds to declare dividends from net investment income, if any, daily and pay them monthly. 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, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H.

Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I.

Repurchase Agreements - The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income.

J.

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

 

33   Short-Term Investments Trust


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

    The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.

    The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

    Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and each Fund’s investments in municipal securities.

    There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

    U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.

K.

COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:

 

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

 

Invesco Liquid Assets Portfolio

   0.15%   0.15%   0.15%

 

Invesco STIC Prime Portfolio

   0.15%   0.15%   0.15%

 

Invesco Treasury Portfolio

   0.15%   0.15%   0.15%

 

Invesco Government & Agency Portfolio

   0.10%   0.10%   0.10%

 

Invesco Treasury Obligations Portfolio

   0.20%   0.15%   0.10%

 

Invesco Tax-Free Cash Reserve Portfolio

   0.20%   0.20%   0.20%

 

    For the six months ended February 28, 2023, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:

 

Invesco Liquid Assets Portfolio

     0.15%  

 

 

Invesco STIC Prime Portfolio

     0.15%  

 

 

Invesco Treasury Portfolio

     0.15%  

 

 

Invesco Government & Agency Portfolio

     0.10%  

 

 

Invesco Treasury Obligations Portfolio

     0.13%  

 

 

Invesco Tax-Free Cash Reserve Portfolio

     0.20%  

 

 

    Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, for Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

    The Adviser has contractually agreed, through at least December 31, 2023, 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

 

34   Short-Term Investments Trust


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

 

         Private   Personal   Cash               CAVU
     Institutional   Investment   Investment   Management   Reserve   Resource   Corporate   Securities
     Class   Class   Class   Class   Class   Class   Class   Class

 

Invesco Liquid Assets Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.38%   0.21%   0.18%

 

Invesco STIC Prime Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.34%   0.21%      -

 

Invesco Treasury Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.34%   0.21%   0.18%

 

Invesco Government & Agency Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.34%   0.21%   0.18%

 

Invesco Treasury Obligations Portfolio

   0.18%   0.43%   0.73%   0.26%   1.05%   0.34%   0.21%      -

 

Invesco Tax-Free Cash Reserve Portfolio

   0.20%   0.45%   0.75%   0.28%   1.07%   0.36%   0.23%      -

 

    The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.

    In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses, and (5) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

    For the six months ended February 28, 2023, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:

 

     Expense
Limitation
 

 

 

Invesco Liquid Assets Portfolio

   $    342,612  

 

 

Invesco STIC Prime Portfolio

     173,553  

 

 

Invesco Treasury Portfolio

     6,268,478  

 

 

Invesco Government & Agency Portfolio

     84,156  

 

 

Invesco Treasury Obligations Portfolio

     181,160  

 

 

Invesco Tax-Free Cash Reserve Portfolio

     179,196  

 

 

    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, 2023, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as fund accountant and provides certain administrative services to the Funds. Pursuant to a custody agreement with the Trust on behalf of the Funds, BNY Mellon also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 28, 2023, 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”). Each Fund, pursuant to the Plans, pays IDI compensation up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.

 

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

 

Invesco Liquid Assets Portfolio

   0.30%   0.55%   0.08%   0.87%   0.20%   0.03%

 

Invesco STIC Prime Portfolio

   0.30%   0.55%   0.08%   0.87%   0.16%   0.03%

 

Invesco Treasury Portfolio

   0.30%   0.55%   0.08%   0.87%   0.16%   0.03%

 

Invesco Government & Agency Portfolio

   0.30%   0.55%   0.08%   0.87%   0.16%   0.03%

 

Invesco Treasury Obligations Portfolio

   0.25%   0.55%   0.08%   0.87%   0.16%   0.03%

 

Invesco Tax-Free Cash Reserve Portfolio

   0.25%   0.55%   0.08%   0.87%   0.16%   0.03%

 

    The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.

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

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods,

 

35   Short-Term Investments Trust


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. 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 the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

    As of February 28, 2023, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase securities from or sell securities to certain other affiliated 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 that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the six months ended February 28, 2023, each Fund engaged in transactions with affiliates as listed below:

 

     Securities Purchases                  Securities Sales                  Net Realized Gains

 

Invesco Liquid Assets Portfolio

       $                  -             $  15,017,260         $-

 

Invesco STIC Prime Portfolio

     10,011,507            7,808,191         -

 

Invesco Tax-Free Cash Reserve Portfolio

     164,296,012            170,492,689         -

 

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 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. 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 had a capital loss carryforward as of August 31, 2022, as follows:

 

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

 

 

Invesco Liquid Assets Portfolio

     $ 9,051        $ -        $ 9,051  

 

 

Invesco Treasury Portfolio

       3,918,575          -          3,918,575  

 

 

Invesco Government & Agency Portfolio

       28,544,744          -          28,544,744  

 

 

Invesco Treasury Obligations Portfolio

       132,371          24,258          156,629  

 

 

Invesco Tax-Free Cash Reserve Portfolio

       19,092          -          19,092  

 

 

 

*

Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:

 

       At February 28, 2023  
                                  Net  
                                  Unrealized  
       Federal        Unrealized        Unrealized        Appreciation  
       Tax Cost*        Appreciation        (Depreciation)        (Depreciation)  

 

 

Invesco Liquid Assets Portfolio

     $ 1,833,286,676        $ 103,511        $ (273,743      $ (170,232)  

 

 

Invesco STIC Prime Portfolio

       234,120,176          546          (3,822        (3,276)  

 

 

Invesco Treasury Obligations Portfolio

       1,356,198,463          -          (8,870        (8,870)  

 

 

 

*

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

NOTE 9–Share Information

Invesco Liquid Assets Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended      Year ended  
     February 28, 2023(a)      August 31, 2022  
     Shares      Amount      Shares      Amount  

 

 

Sold:

           

Institutional Class

     7,575,148,001      $ 7,576,878,151        16,021,220,223      $ 16,021,997,196  

 

 

Private Investment Class

     1,140        1,140        173        173  

 

 

Cash Management Class

     6,118        6,119        1        1  

 

 

Reserve Class

     256        257        7,065        7,068  

 

 

Resource Class

     417        417        -        -  

 

 

Corporate Class

     5,998,343        6,000,042        -        -  

 

 

CAVU Securities Class

     -        -        1        1  

 

 

Issued as reinvestment of dividends:

           

Institutional Class

     4,247,510        4,248,575        331,500        331,481  

 

 

Private Investment Class

     17,991        17,996        3,597        3,597  

 

 

Personal Investment Class

     4        4        -        -  

 

 

Cash Management Class

     31,256        31,264        5,971        5,971  

 

 

Reserve Class

     2,461        2,461        174        174  

 

 

Resource Class

     4,382        4,383        599        599  

 

 

Corporate Class

     36,900        36,909        70        70  

 

 

 

37   Short-Term Investments Trust


NOTE 9–Share Information–(continued)

 

           Summary of Share Activity        

 

 
     Six months ended     Year ended  
     February 28, 2023(a)     August 31, 2022  
     Shares     Amount     Shares     Amount  

 

 

Reacquired:

        

Institutional Class

     (7,501,501,745   $ (7,503,217,013     (16,635,655,012   $ (16,636,609,365

 

 

Private Investment Class

     (49,320     (49,332     (1,822,166     (1,822,177

 

 

Cash Management Class

     (81,322     (81,346     (1,207,094     (1,207,189

 

 

Reserve Class

     (6,059     (6,061     (47,789     (47,792

 

 

Resource Class

     (3,063     (3,065     (114,803     (114,839

 

 

Corporate Class

     (23     (23     (425     (424

 

 

Net increase (decrease) in share activity

     83,853,247     $ 83,870,878       (617,277,915   $ (617,455,455

 

 

 

(a)

42% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

38   Short-Term Investments Trust


NOTE 9–Share Information–(continued)

 

Invesco STIC Prime Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     911,782,582     $ 911,783,366       1,898,258,845     $ 1,898,293,281  

 

 

Private Investment Class

     69,416       69,416       66,475       66,475  

 

 

Personal Investment Class

     129       129       45       45  

 

 

Cash Management Class

     200,511       200,511       47,921       47,925  

 

 

Reserve Class

     87       87       1       1  

 

 

Resource Class

     1       1       -       -  

 

 

Corporate Class

     611,040       611,040       -       -  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     5,147,362       5,147,362       718,725       718,729  

 

 

Private Investment Class

     5,822       5,822       961       961  

 

 

Personal Investment Class

     1,411       1,411       131       131  

 

 

Cash Management Class

     4,838       4,838       351       351  

 

 

Reserve Class

     971       971       62       62  

 

 

Resource Class

     8       8       1       1  

 

 

Corporate Class

     4,612       4,612       64       64  

 

 

Reacquired:

        

Institutional Class

     (1,007,016,975     (1,007,018,016     (1,798,225,673     (1,798,252,661

 

 

Private Investment Class

     (200,392     (200,392     (215,296     (215,297

 

 

Personal Investment Class

     -       -       (1,624     (1,624

 

 

Cash Management Class

     (107,101     (107,101     (175,291     (175,297

 

 

Reserve Class

     (1     (1     (16,836     (16,838

 

 

Resource Class

     (1     (1     -       -  

 

 

Corporate Class

     (130,000     (130,000     -       -  

 

 

Net increase (decrease) in share activity

     (89,625,680   $ (89,625,937     100,458,862     $ 100,466,309  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 62% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

 

39   Short-Term Investments Trust


NOTE 9–Share Information–(continued)

 

Invesco Treasury Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     145,004,051,458     $ 145,004,051,458       132,066,034,066     $ 132,066,034,066  

 

 

Private Investment Class

     693,606,770       693,606,770       1,001,410,898       1,001,410,898  

 

 

Personal Investment Class

     1,065,604,266       1,065,604,266       2,236,178,971       2,236,178,971  

 

 

Cash Management Class

     445,291,553       445,291,553       1,488,319,714       1,488,319,714  

 

 

Reserve Class

     2,136,575,113       2,136,575,113       3,559,612,942       3,559,612,942  

 

 

Resource Class

     154,959,401       154,959,401       215,964,855       215,964,855  

 

 

Corporate Class

     7,067,487,198       7,067,487,198       4,502,000,934       4,502,000,934  

 

 

CAVU Securities Class

     10,117,703,630       10,117,703,630       12,888,063,731       12,888,063,731  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     188,438,016       188,438,016       10,223,078       10,223,078  

 

 

Private Investment Class

     4,364,973       4,364,973       184,233       184,233  

 

 

Personal Investment Class

     5,687,699       5,687,699       398,914       398,914  

 

 

Cash Management Class

     5,107,835       5,107,835       1,071,516       1,071,516  

 

 

Reserve Class

     12,607,423       12,607,423       971,014       971,014  

 

 

Resource Class

     1,108,827       1,108,827       130,138       130,138  

 

 

Corporate Class

     9,000,585       9,000,585       261,029       261,029  

 

 

CAVU Securities Class

     17,718,130       17,718,130       1,880       1,880  

 

 

Reacquired:

        

Institutional Class

     (131,165,173,079     (131,165,173,079     (127,745,395,500     (127,745,395,500

 

 

Private Investment Class

     (461,389,073     (461,389,073     (923,593,550     (923,593,550

 

 

Personal Investment Class

     (1,263,551,118     (1,263,551,118     (1,920,776,704     (1,920,776,704

 

 

Cash Management Class

     (604,468,621     (604,468,621     (1,546,770,652     (1,546,770,652

 

 

Reserve Class

     (2,477,852,390     (2,477,852,390     (3,440,814,516     (3,440,814,516

 

 

Resource Class

     (156,710,470     (156,710,470     (191,904,982     (191,904,982

 

 

Corporate Class

     (5,662,690,509     (5,662,690,509     (4,294,751,493     (4,294,751,493

 

 

CAVU Securities Class

     (8,838,377,984     (8,838,377,984     (12,877,833,985     (12,877,833,985

 

 

Net increase in share activity

     16,299,099,633     $ 16,299,099,633       5,028,986,531     $ 5,028,986,531  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 40% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

 

40   Short-Term Investments Trust


NOTE 9–Share Information–(continued)

 

Invesco Government & Agency Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     324,869,749,338     $ 324,869,749,338       454,339,645,288     $ 454,339,645,288  

 

 

Private Investment Class

     1,126,644,425       1,126,644,425       1,778,974,054       1,778,974,054  

 

 

Personal Investment Class

     58,898,358       58,898,358       97,861,174       97,861,174  

 

 

Cash Management Class

     414,424,303       414,424,303       1,341,733,532       1,341,733,532  

 

 

Reserve Class

     807,114,011       807,114,011       2,373,222,673       2,373,222,673  

 

 

Resource Class

     826,482,205       826,482,205       1,481,464,937       1,481,464,937  

 

 

Corporate Class

     8,128,163,560       8,128,163,560       10,354,778,887       10,354,778,887  

 

 

CAVU Securities Class

     68,062,764,562       68,062,764,562       77,360,488,467       77,360,488,467  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     455,040,015       455,040,015       49,592,996       49,592,996  

 

 

Private Investment Class

     7,769,707       7,769,707       747,946       747,946  

 

 

Personal Investment Class

     501,718       501,718       55,691       55,691  

 

 

Cash Management Class

     3,325,117       3,325,117       463,867       463,867  

 

 

Reserve Class

     8,266,117       8,266,117       542,028       542,028  

 

 

Resource Class

     2,777,506       2,777,506       486,110       486,110  

 

 

Corporate Class

     11,198,615       11,198,615       1,161,309       1,161,309  

 

 

CAVU Securities Class

     99,055,148       99,055,148       7,176,754       7,176,754  

 

 

Reacquired:

        

Institutional Class

     (315,168,513,197     (315,168,513,197     (442,662,747,076     (442,662,747,076

 

 

Private Investment Class

     (970,036,183     (970,036,183     (1,707,506,123     (1,707,506,123

 

 

Personal Investment Class

     (65,358,015     (65,358,015     (67,927,807     (67,927,807

 

 

Cash Management Class

     (935,259,816     (935,259,816     (947,276,029     (947,276,029

 

 

Reserve Class

     (902,014,831     (902,014,831     (2,183,262,634     (2,183,262,634

 

 

Resource Class

     (767,953,265     (767,953,265     (1,464,792,242     (1,464,792,242

 

 

Corporate Class

     (7,115,984,875     (7,115,984,875     (10,895,201,454     (10,895,201,454

 

 

CAVU Securities Class

     (61,978,082,364     (61,978,082,364     (73,955,994,664     (73,955,994,664

 

 

Net increase in share activity

     16,978,972,159     $ 16,978,972,159       15,303,687,684     $ 15,303,687,684  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

 

41   Short-Term Investments Trust


NOTE 9–Share Information–(continued)

 

Invesco Treasury Obligations Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     2,955,044,530     $ 2,955,044,530       2,034,763,395     $ 2,034,763,395  

 

 

Private Investment Class

     5,741,484       5,741,484       4,862,034       4,862,034  

 

 

Personal Investment Class

     7,866,493       7,866,493       25,412,787       25,412,787  

 

 

Cash Management Class

     133       133       -       -  

 

 

Reserve Class

     75,864,809       75,864,809       237,156,939       237,156,939  

 

 

Resource Class

     1,257,552       1,257,552       891,607       891,607  

 

 

Corporate Class

     20,654,915       20,654,915       -       -  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     13,024,486       13,024,486       1,208,158       1,208,158  

 

 

Private Investment Class

     259,555       259,555       25,960       25,960  

 

 

Personal Investment Class

     173,656       173,656       13,163       13,163  

 

 

Cash Management Class

     1,358       1,358       185       185  

 

 

Reserve Class

     660,979       660,979       26,868       26,868  

 

 

Resource Class

     2,003       2,003       -       -  

 

 

Corporate Class

     121,810       121,810       8,385       8,385  

 

 

Reacquired:

        

Institutional Class

     (2,801,984,618     (2,801,984,618     (1,997,030,151     (1,997,030,151

 

 

Private Investment Class

     (3,904,213     (3,904,213     (4,966,484     (4,966,484

 

 

Personal Investment Class

     (8,797,328     (8,797,328     (16,518,530     (16,518,530

 

 

Cash Management Class

     -       -       (174,593     (174,593

 

 

Reserve Class

     (73,870,281     (73,870,281     (269,524,868     (269,524,868

 

 

Resource Class

     (1,242,452     (1,242,452     (891,409     (891,409

 

 

Corporate Class

     (20,863,107     (20,863,107     (1,700,000     (1,700,000

 

 

Net increase in share activity

     170,011,764     $ 170,011,764       13,563,446     $ 13,563,446  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 39% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

    In addition, 38% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

42   Short-Term Investments Trust


NOTE 9–Share Information–(continued)

 

Invesco Tax-Free Cash Reserve Portfolio

 

           Summary of Share Activity        

 

 
     Six months ended     Year ended  
     February 28, 2023(a)     August 31, 2022  
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     222,924,718     $ 222,924,718       264,322,787     $ 264,322,787  

 

 

Private Investment Class

     36,294,273       36,294,273       8,658,509       8,658,509  

 

 

Personal Investment Class

     1,707,275       1,707,275       4,144,947       4,144,947  

 

 

Cash Management Class

     2,589,877       2,589,877       4,995,075       4,995,075  

 

 

Reserve Class

     13,217,998       13,217,998       44,954,869       44,954,869  

 

 

Resource Class

     537       537       -       -  

 

 

Corporate Class

     49,490       49,490       -       -  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     1,792,239       1,792,239       203,648       203,648  

 

 

Private Investment Class

     233,864       233,864       10,734       10,734  

 

 

Personal Investment Class

     7,751       7,751       619       619  

 

 

Cash Management Class

     8,620       8,620       1,959       1,959  

 

 

Reserve Class

     67,697       67,697       2,238       2,238  

 

 

Resource Class

     7,709       7,709       1,890       1,890  

 

 

Corporate Class

     136       136       19       19  

 

 

Reacquired:

        

Institutional Class

     (227,670,317     (227,670,317     (186,035,830     (186,035,830

 

 

Private Investment Class

     (25,985,859     (25,985,859     (3,459,575     (3,459,575

 

 

Personal Investment Class

     (3,129,468     (3,129,468     (4,011,908     (4,011,908

 

 

Cash Management Class

     (2,849,428     (2,849,428     (5,848,699     (5,848,699

 

 

Reserve Class

     (22,366,611     (22,366,611     (46,396,339     (46,396,339

 

 

Resource Class

     (32,548     (32,548     (718,501     (718,501

 

 

Corporate Class

     (49,490     (49,490     -       -  

 

 

Net increase (decrease) in share activity

     (3,181,537   $ (3,181,537     80,826,442     $ 80,826,442  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 82% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 10–Significant Event

On January 19, 2023, the Board of Trustees approved a Plan of Liquidation and Dissolution, which authorizes the termination, liquidation and dissolution of Invesco Tax-Free Cash Reserve Portfolio Fund (the “Fund”). In order to effect such liquidation, the Fund closed to investments by new accounts after the close of business on February 24, 2023. The Fund is expected to liquidate on or about April 24, 2023.

 

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 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, 2022 through February 28, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

 

                        HYPOTHETICAL      
            ACTUAL      (5% annual return before expenses)          
      Beginning    Ending    Expenses    Ending    Expenses      Annualized    
        Account Value          Account Value          Paid During          Account Value          Paid During        Expense
Institutional Class    (09/01/22)    (02/28/23)1    Period2    (02/28/23)    Period2    Ratio
Invesco Liquid Assets Portfolio    $1,000.00    $1,018.80    $0.90    $1,023.90    $0.90    0.18%
Invesco STIC Prime Portfolio      1,000.00      1,018.20      0.90      1,023.90      0.90    0.18   
Invesco Treasury Portfolio      1,000.00      1,018.10      0.90      1,023.90      0.90    0.18   
Invesco Government & Agency Portfolio      1,000.00      1,018.20      0.80      1,024.00      0.80    0.16   
Invesco Treasury Obligations Portfolio      1,000.00      1,017.60      0.90      1,023.90      0.90    0.18   
Invesco Tax-Free Cash Reserve Portfolio      1,000.00      1,011.20      1.00      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, 2022 through February 28, 2023, 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


(This page intentionally left blank)

 

 


(This page intentionally left blank)

 

 


(This page intentionally left blank)

 

 


 

 

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

 

 

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

 

 

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-MFP filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

 

LOGO

 

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


LOGO

 

Semiannual Report to Shareholders    February 28, 2023

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

 

2    Fund Data
3    Schedules of Investments
25    Financial Statements
31    Financial Highlights
32    Notes to Financial Statements
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, 2023, and is based on total net assets. Unless otherwise stated, all data is provided by Invesco.

 

 

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE


 

Fund Data

 

       

Corporate Class data as of 2/28/23

              
       
  FUND   WEIGHTED
AVERAGE
MATURITY
     WEIGHTED
AVERAGE
LIFE
    

TOTAL

NET

ASSETS

     Range
During
Reporting
Period
     At
Reporting
Period
End
     At
Reporting
Period End
       

  Invesco Liquid Assets1

  12 - 48 days      41 days      47 days      $6.1 million

  Invesco STIC Prime1

  2 - 8 days      3 days      5 days      506.8 thousand

  Invesco Treasury2

  3 - 30 days      26 days      111 days      1.9 billion

  Invesco Government & Agency2

  8 - 30 days      23 days      109 days      1.6 billion

  Invesco Treasury Obligations2

  29 - 53 days      45 days      103 days      3.3 million

  Invesco Tax-Free Cash Reserve3

  6 - 13 days      6 days      6 days      10.4 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


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Commercial Paper-51.09%(a)

          

Asset-Backed Securities - Consumer Receivables-1.09%

          

Old Line Funding LLC (1 mo. FEDL + 0.12%)(b)(c)(d)

     4.65     05/23/2023      $          20,000      $      20,000,000  

 

 

Asset-Backed Securities - Fully Supported Bank-12.57%

          

Anglesea Funding LLC (Multi - CEP’s) (1 mo. OBFR + 0.19%)(b)(c)(d)

     4.76     04/07/2023        40,000        40,006,000  

 

 

Concord Minutemen Capital Co. LLC (Multi - CEP’s) (SOFR + 0.35%)(b)(c)(d)

     4.66     04/19/2023        37,108        37,117,871  

 

 

Lexington Parker Capital Co. LLC (Multi - CEP’s)(b)(c)

     4.63     03/15/2023        20,000        19,961,875  

 

 

Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c)

     4.62     03/17/2023        39,110        39,025,451  

 

 

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

     4.82     05/02/2023        50,000        49,586,475  

 

 

Nieuw Amsterdam Receivables Corp B.V. (CEP - Cooperatieve Rabobank U.A.) (Netherlands)(b)(c)

     4.68     04/11/2023        19,500        19,394,417  

 

 

Versailles Commercial Paper LLC (CEP - Natixis SA)(c)

     4.95     05/03/2023        25,000        24,788,844  

 

 
             229,880,933  

 

 

Diversified Banks-19.40%

          

Banco Santander S.A. (Spain)(b)(c)

     4.94     05/01/2023        25,000        24,796,778  

 

 

Banco Santander S.A. (Spain)(b)(c)

     4.96     05/10/2023        10,000        9,906,438  

 

 

Barclays Bank PLC(b)(c)

     4.89     05/24/2023        10,000        9,886,147  

 

 

DBS Bank Ltd. (Singapore)(b)(c)

     5.18     06/07/2023        20,000        19,737,925  

 

 

DNB Bank ASA (Norway)(b)(c)

     5.15     02/01/2024        25,000        23,780,149  

 

 

DZ Bank AG (Germany)(b)(c)

     4.79     04/11/2023        30,000        29,838,405  

 

 

Lloyds Bank PLC (United Kingdom)(c)

     5.14     08/01/2023        25,000        24,464,636  

 

 

National Australia Bank Ltd. (Australia)(b)(c)

     5.10     11/02/2023        40,000        38,606,096  

 

 

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

     4.65     04/03/2023        50,000        49,781,078  

 

 

Nordea Bank Abp (Finland)(b)(c)

     5.06     07/03/2023        30,000        29,493,646  

 

 

Sumitomo Mitsui Trust Bank Ltd.(b)(c)

     4.58     03/06/2023        50,000        49,962,083  

 

 

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

     0.00     01/26/2024        25,000        24,934,499  

 

 

Westpac Banking Corp. (Australia)(b)(c)

     5.47     08/03/2023        20,000        19,580,447  

 

 
             354,768,327  

 

 

Diversified Capital Markets-5.98%

          

Collateralized Commercial Paper V Co. LLC (CEP - JPMorgan Securities LLC)

     5.09     07/12/2023        10,000        9,816,606  

 

 

Glencove Funding LLC (CEP - Standard Chartered Bank)(b)(c)

     4.80     04/25/2023        50,000        49,635,222  

 

 

Great Bear Funding LLC (CEP - Bank of Nova Scotia) (1 mo. OBFR + 0.25%)(c)(d)

     4.82     07/24/2023        30,000        30,005,940  

 

 

Longship Funding LLC (CEP - Nordea Bank AB)(b)(c)

     4.62     03/17/2023        20,000        19,956,556  

 

 
             109,414,324  

 

 

Education Services-1.97%

          

Emory University

     4.68     04/06/2023        36,000        35,983,588  

 

 

Investment Banking & Brokerage-1.62%

          

Goldman Sachs International(b)

     4.97     05/24/2023        30,000        29,663,400  

 

 

Regional Banks-2.73%

          

Mitsubishi UFJ Trust & Banking Corp.(b)(c)

     4.59     03/24/2023        50,000        49,848,667  

 

 

Specialized Finance-5.73%

          

Cabot Trail Funding LLC (CEP - TD Bank N.A.)(b)(c)

     4.68     04/03/2023        25,000        24,890,208  

 

 

Caterpillar Financial Services Corp.

     4.61     03/02/2023        50,000        49,987,478  

 

 

 

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

 

3   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio–(continued)

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Specialized Finance-(continued)

          

Great Bear Funding LLC (CEP - Bank of Nova Scotia) (1 mo. OBFR + 0.23%)(c)(d)

     4.80%       07/24/2023      $          20,000      $      20,003,960  

 

 

Ontario Teachers’ Finance Trust (Canada)(b)(c)

     5.24%       05/16/2023        10,000        9,898,852  

 

 
             104,780,498  

 

 

Total Commercial Paper (Cost $934,507,127)

             934,339,737  

 

 

Certificates of Deposit-23.43%

          

Bank of America N.A.

     5.37%       08/28/2023        40,000        39,989,008  

 

 

Credit Agricole Corporate & Investment Bank S.A.(c)

     4.55%       03/01/2023        69,572        69,571,586  

 

 

DNB Bank ASA (Norway)(c)

     4.55%       03/01/2023        62,000        62,000,000  

 

 

Mizuho Bank Ltd.(c)

     4.57%       03/01/2023        86,000        86,000,000  

 

 

Oversea-Chinese Banking Corp. Ltd.(c)

     4.84%       05/31/2023        25,000        24,998,175  

 

 

Oversea-Chinese Banking Corp. Ltd.(c)

     5.13%       07/14/2023        20,000        20,009,854  

 

 

Skandinaviska Enskilda Banken AB(c)

     4.56%       03/01/2023        90,000        90,000,000  

 

 

Sumitomo Mitsui Trust Bank Ltd.(c)

     4.55%       03/01/2023        36,000        36,000,000  

 

 

Total Certificates of Deposit (Cost $428,571,465)

             428,568,623  

 

 

Variable Rate Demand Notes-4.29%(e)

          

Credit Enhanced-4.29%

          

Board of Regents of the University of Texas System; Subseries 2016 G-2, VRD RB

     4.55%       08/01/2045        67,040        67,040,000  

 

 

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

     4.90%       04/01/2047        9,100        9,099,999  

 

 

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

     4.59%       05/01/2037        2,400        2,400,000  

 

 

Total Variable Rate Demand Notes (Cost $78,539,999)

             78,539,999  

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-78.81% (Cost $1,441,618,591)

 

        1,441,448,359  

 

 
                  Repurchase
Amount
        

Repurchase Agreements-21.42%(g)

          

BMO Capital Markets Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $75,068,104 (collateralized by agency and non-agency asset-backed securities, corporate obligations, agency and non-agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $77,897,590; 0.00% - 8.59%;
09/29/2023 - 10/20/2072)(c)(h)

     4.67%       03/01/2023        5,004,540        5,000,000  

 

 

BMO Capital Markets Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $75,068,542 (collateralized by agency and non-agency asset-backed securities, corporate obligations, agency and non-agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $79,297,812; 0.00% - 11.67%; 04/01/2023 -
10/20/2072)(c)(h)

     4.70%       03/01/2023        20,018,278        20,000,000  

 

 

BNP Paribas Securities Corp., joint term agreement dated 02/23/2023, aggregate maturing value of $115,105,321 (collateralized by corporate obligations, non-agency asset-backed securities and a non-agency mortgage-backed security valued at $126,499,356; 3.75% - 11.23%; 03/15/2024 -
09/25/2047)(c)(h)

     4.71%       03/02/2023        45,041,213        45,000,000  

 

 

BNP Paribas Securities Corp., joint term agreement dated 02/23/2023, aggregate maturing value of $50,045,208 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $54,237,766; 0.00% - 6.91%; 10/21/2027 - 02/25/2068)(c)(h)

     4.65%       03/02/2023        18,016,275        18,000,000  

 

 

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $50,006,444 (collateralized by corporate obligations valued at $55,000,360; 3.63% - 10.50%; 11/15/2026 - 05/15/2031)

     4.64%       03/01/2023        25,003,222        25,000,000  

 

 

 

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

 

4   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio–(continued)

 

     Interest
Rate
  Maturity
Date
   Repurchase
Amount
     Value  

 

 

Credit Agricole Corporate & Investment Bank, joint open agreement dated 02/17/2023 (collateralized by agency and non-agency asset-backed securities, corporate obligations, non-agency mortgage-backed securities valued at $212,241,452; 0.70% - 11.75%; 05/22/2023 - 05/15/2097)(c)(i)

   4.65%   03/01/2023    $   15,001,938      $      15,000,000  

 

 

J.P. Morgan Securities LLC, joint open agreement dated 01/04/2023 (collateralized by corporate obligations valued at $110,000,002; 0.00% - 11.50%; 05/30/2023 -
02/01/2050)(i)

   4.87%   03/01/2023      40,150,956        40,000,000  

 

 

J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,752,093; 4.25% - 10.63%; 09/01/2023 -
03/01/2033)(i)

   4.77%   03/01/2023      7,025,873        7,000,000  

 

 

RBC Capital Markets LLC, joint term agreement dated 02/22/2023, aggregate maturing value of $150,138,542 (collateralized by corporate obligations and a non-agency mortgage-backed security valued at $160,966,520; 0.00% - 13.00%; 03/02/2023 - 01/15/2077)(c)(h)

   4.75%   03/01/2023      15,013,854        15,000,000  

 

 

Societe Generale, joint open agreement dated 01/04/2023 (collateralized by corporate obligations, a non-agency asset-backed security, a U.S. government sponsored agency obligation and U.S. Treasury obligation valued at $92,137,344; 0.00% - 7.88%; 03/15/2023 - 02/27/2063)(c)(i)

   4.68%   03/01/2023      30,003,900        30,000,000  

 

 

Societe Generale, joint open agreement dated 08/06/2019 (collateralized by corporate obligations, non-agency asset-backed securities, non-agency mortgage-backed securities, a U.S. government sponsored agency obligation and U.S. Treasury obligations valued at $61,983,453; 0.00% - 11.75%; 03/15/2023 - 08/01/2118)(c)(i)

   4.75%   03/01/2023      25,003,299        25,000,000  

 

 

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,667 (collateralized by agency mortgage-backed securities valued at $1,020,000,000; 2.00% - 3.50%; 11/01/2046 -
01/20/2052)

   4.56%   03/01/2023      146,686,663        146,668,085  

 

 

Total Repurchase Agreements (Cost $391,668,085)

             391,668,085  

 

 

TOTAL INVESTMENTS IN SECURITIES(j)(k) -100.23% (Cost $1,833,286,676)

             1,833,116,444  

 

 

OTHER ASSETS LESS LIABILITIES-(0.23)%

             (4,137,317

 

 

NET ASSETS-100.00%

           $ 1,828,979,127  

 

 

Investment Abbreviations:

 

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

 

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

 

5   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio–(continued)

 

Notes to Schedule of Investments:

 

(a) 

Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

(b) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2023 was $748,388,684, which represented 40.92% 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: France: 16.2%; Japan: 14.7%; Cananda: 9.3%; Netherland: 8.1%; Sweden: 6.0%; other countries less than 5% each: 21.1%.

(d) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(e) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(f) 

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

(g) 

Principal amount equals value at period end. See Note 1I.

(h) 

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

(i) 

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

(j) 

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 issuer’s obligations. No concentration of any single entity was greater than 5% each.

(k) 

Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     49.6%  

 

 

8-30

     7.0     

 

 

31-60

     15.7     

 

 

61-90

     9.8     

 

 

91-180

     10.9     

 

 

181+

     7.0     

 

 

 

*

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.

 

6   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco STIC Prime Portfolio

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Certificates of Deposit-26.41%

          

Australia and New Zealand Banking Group Ltd. (Cayman Islands)(a)

     4.57%       03/01/2023      $          9,000      $     9,000,000  

 

 

BNP Paribas S.A. (SOFR + 0.50%)(a)(b)

     4.32%       03/08/2023        2,075        2,075,195  

 

 

Credit Agricole Corporate & Investment Bank S.A.(a)

     4.55%       03/01/2023        10,428        10,428,414  

 

 

DNB Bank ASA (Norway)(a)

     4.55%       03/01/2023        8,000        8,000,000  

 

 

Mizuho Bank Ltd.(a)

     4.57%       03/01/2023        9,000        9,000,000  

 

 

Skandinaviska Enskilda Banken AB(a)

     4.56%       03/01/2023        8,000        8,000,000  

 

 

Standard Chartered Bank (SOFR + 0.30%) (United Kingdom)(a)(b)

     4.36%       03/13/2023        6,250        6,250,482  

 

 

Sumitomo Mitsui Trust Bank Ltd.(a)

     4.55%       03/01/2023        9,000        9,000,000  

 

 

Total Certificates of Deposit (Cost $61,753,946)

             61,754,091  

 

 

Commercial Paper-23.09%(c)

          

Asset-Backed Securities - Fully Supported Bank-11.56%

          

Anglesea Funding LLC (Multi - CEP’s)(a)(d)

     4.65%       03/08/2023        7,000        6,992,897  

 

 

Concord Minutemen Capital Co. LLC (Multi - CEP’s) (SOFR + 0.35%)(a)(b)(d)

     4.48%       03/16/2023        7,071        7,071,654  

 

 

Halkin Finance LLC (Multi - CEP’s)(a)(d)

     4.77%       03/30/2023        7,000        6,973,196  

 

 

Nieuw Amsterdam Receivables Corp B.V. (CEP - Cooperatieve Rabobank U.A.)(a)(d)

     4.53%       03/03/2023        6,000        5,997,708  

 

 
             27,035,455  

 

 

Diversified Banks-4.27%

          

Westpac Banking Corp. (SOFR + 0.50%) (Australia)(a)(b)(d)

     4.32%       03/21/2023        10,000        10,002,359  

 

 

Diversified Capital Markets-2.14%

          

Britannia Funding Co. LLC (CEP - Barclays Bank PLC)(a)(d)

     4.58%       03/01/2023        5,000        4,999,364  

 

 

Integrated Oil & Gas-2.99%

          

TotalEnergies Capital Canada Ltd. (Canada)(a)(d)

     4.61%       03/02/2023        7,000        6,998,250  

 

 

Specialized Finance-2.13%

          

Cabot Trail Funding LLC (CEP - TD Bank N.A.)(a)(d)

     4.68%       04/04/2023        5,000        4,977,381  

 

 

Total Commercial Paper (Cost $54,016,230)

             54,012,809  

 

 

Variable Rate Demand Notes-7.42%(e)

          

Credit Enhanced-7.42%

          

Board of Regents of the University of Texas System; Subseries 2016 G-2, VRD RB

     4.55%       08/01/2045        5,000        5,000,000  

 

 

Jets Stadium Development LLC; Series 2014 A-4C, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(a)(d)(f)

     4.90%       04/01/2047        5,000        5,000,000  

 

 

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

     4.59%       05/01/2037        2,950        2,950,000  

 

 

Ziegler Realty LLC; Series 2007, VRD Notes (LOC - Wells Fargo Bank, N.A.)(d)(f)

     4.67%       01/01/2033        4,400        4,400,000  

 

 

Total Variable Rate Demand Notes (Cost $17,350,000)

             17,350,000  

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-56.92% (Cost $133,120,176)

 

          133,116,900  

 

 
                  Repurchase
Amount
        

Repurchase Agreements-43.19%(g)

          

BMO Capital Markets Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $75,068,542 (collateralized by agency and non-agency asset-backed securities, corporate obligations, agency and non-agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $79,297,812; 0.00% - 11.67%; 04/01/2023 - 10/20/2072)(a)(h)

     4.70%       03/01/2023        8,007,311        8,000,000  

 

 

 

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

 

7   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco STIC Prime Portfolio–(continued)

 

     Interest
Rate
  Maturity
Date
   Repurchase
Amount
     Value  

 

 

BNP Paribas Securities Corp., joint term agreement dated 02/23/2023, aggregate maturing value of $50,045,208 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $54,237,766; 0.00% - 6.91%; 10/21/2027 - 02/25/2068)(a)(h)

   4.65%   03/02/2023    $   5,004,521      $     5,000,000  

 

 

BofA Securities, Inc., joint term agreement dated 02/28/2023, aggregate maturing value of $250,032,222 (collateralized by corporate obligations valued at $275,000,783; 2.30% - 11.50%; 04/15/2025 - 06/01/2052)(h)(i)

   4.64%   03/07/2023      5,000,644        5,000,000  

 

 

J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,752,093; 4.25% - 10.63%; 09/01/2023 -
03/01/2033)(j)

   4.77%   03/01/2023      8,029,569        8,000,000  

 

 

Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by agency mortgage-backed securities valued at $1,020,000,000; 0.99% - 6.50%; 01/01/2024 - 07/25/2059)

   4.55%   03/01/2023      15,001,896        15,000,000  

 

 

RBC Capital Markets LLC, joint term agreement dated 02/22/2023, aggregate maturing value of $150,138,542 (collateralized by corporate obligations and a non-agency mortgage-backed security valued at $160,966,520; 0.00% - 13.00%; 03/02/2023 - 01/15/2077)(a)(h)

   4.75%   03/01/2023      10,009,236        10,000,000  

 

 

RBC Dominion Securities Inc., joint agreement dated 02/28/2023, aggregate maturing value of $500,063,194 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,004; 0.00% - 6.00%; 07/15/2023 - 01/20/2053)

   4.55%   03/01/2023      15,001,896        15,000,000  

 

 

Societe Generale, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,020,000,098; 0.13% - 7.50%; 03/01/2027 - 03/01/2053)

   4.55%   03/01/2023      15,001,896        15,000,000  

 

 

Societe Generale, joint open agreement dated 08/06/2019 (collateralized by corporate obligations, non-agency asset-backed securities, non-agency mortgage-backed securities, a U.S. government sponsored agency obligation and U.S. Treasury obligations valued at $61,983,453; 0.00% - 11.75%; 03/15/2023 - 08/01/2118)(a)(j)

   4.75%   03/01/2023      5,000,660        5,000,000  

 

 

Wells Fargo Securities, LLC, joint agreement dated 02/28/2023, aggregate maturing value of $800,101,333 (collateralized by agency mortgage-backed securities valued at $816,000,000; 1.50% - 7.50%; 12/01/2023 - 03/01/2053)

   4.56%   03/01/2023      15,001,900        15,000,000  

 

 

Total Repurchase Agreements (Cost $101,000,000)

             101,000,000  

 

 

TOTAL INVESTMENTS IN SECURITIES(k)(l) -100.11% (Cost $234,120,176)

             234,116,900  

 

 

OTHER ASSETS LESS LIABILITIES-(0.11)%

             (258,442

 

 

NET ASSETS-100.00%

           $ 233,858,458  

 

 

Investment Abbreviations:

 

CEP   -Credit Enhancement Provider
LOC   -Letter of Credit
RB   -Revenue Bonds
SOFR   -Secured Overnight Financing Rate
VRD   -Variable Rate Demand

 

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

 

8   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco STIC Prime Portfolio–(continued)

 

Notes to Schedule of Investments:

 

(a) 

The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: France 18.6%; Japan 9.8%; Canada 9.8%; Australia 8.1%; Netherlands 5.6%; other countries less than 5% each: 11.6%.

(b) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(c) 

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

(d) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2023 was $63,412,809, which represented 27.12% of the Fund’s Net Assets.

(e) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(f) 

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

(g) 

Principal amount equals value at period end. See Note 1I.

(h) 

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

(i) 

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

(j) 

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

(k) 

Also represents cost for federal income tax purposes.

(l) 

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 02/28/2023

 

1-7

     81.0%  

 

 

8-30

     16.9     

 

 

31-60

     2.1     

 

 

61-90

     0.0     

 

 

91-180

     0.0     

 

 

181+

     0.0     

 

 

 

*

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

 

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

 

9   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Treasury Portfolio

 

     Interest
Rate
     Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

U.S. Treasury Securities-44.18%

 

        

U.S. Treasury Bills-30.14%(a)

 

        

U.S. Treasury Bills

     4.55%        03/09/2023      $           200,000      $      199,798,889  

 

 

U.S. Treasury Bills

     4.54%        03/14/2023        700,000        698,857,445  

 

 

U.S. Treasury Bills

     4.32%        03/16/2023        550,000        549,021,458  

 

 

U.S. Treasury Bills

     4.53%-4.54%        03/21/2023        1,800,000        1,795,490,498  

 

 

U.S. Treasury Bills

     4.56%        03/28/2023        450,000        448,472,812  

 

 

U.S. Treasury Bills

     4.54%        04/04/2023        675,000        672,128,062  

 

 

U.S. Treasury Bills

     4.47%-4.63%        04/11/2023        1,200,000        1,193,758,886  

 

 

U.S. Treasury Bills

     4.51%        04/18/2023        499,000        496,045,919  

 

 

U.S. Treasury Bills

     4.49%        04/25/2023        400,000        397,295,834  

 

 

U.S. Treasury Bills

     4.63%        04/27/2023        120,000        119,130,750  

 

 

U.S. Treasury Bills

     4.62%        05/02/2023        500,000        496,081,944  

 

 

U.S. Treasury Bills

     4.65%        05/04/2023        600,000        595,098,666  

 

 

U.S. Treasury Bills

     4.64%        05/09/2023        500,000        495,620,417  

 

 

U.S. Treasury Bills

     4.64%        05/11/2023        750,000        743,210,625  

 

 

U.S. Treasury Bills

     4.68%        05/23/2023        600,000        593,622,833  

 

 

U.S. Treasury Bills

     4.69%        05/30/2023        400,000        395,379,999  

 

 

U.S. Treasury Bills

     4.70%        06/06/2023        675,000        666,588,281  

 

 

U.S. Treasury Bills

     4.75%        07/06/2023        300,000        295,094,625  

 

 

U.S. Treasury Bills

     4.78%        11/30/2023        176,500        170,380,990  

 

 

U.S. Treasury Bills

     4.73%-4.83%        12/28/2023        500,000        480,831,389  

 

 

U.S. Treasury Bills

     4.68%-4.87%        01/25/2024        950,000        910,752,917  

 

 
              12,412,663,239  

 

 

U.S. Treasury Floating Rate Notes-14.04%

 

        

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84%        07/31/2024        1,945,500        1,944,968,479  

 

 

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

     4.95%        10/31/2024        2,589,000        2,586,191,922  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%)(b)

     5.01%        01/31/2025        1,250,000        1,250,426,646  

 

 
              5,781,587,047  

 

 

Total U.S. Treasury Securities (Cost $18,194,250,286)

 

           18,194,250,286  

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-44.18%
(Cost $18,194,250,286)

 

     18,194,250,286  

 

 
                   Repurchase
Amount
        

Repurchase Agreements-54.62%(c)

           

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $600,066,667 (collateralized by U.S. Treasury obligations valued at $612,000,086; 0.13% - 1.13%; 01/15/2024 - 01/15/2033)

     4.00%        03/01/2023        200,022,222        200,000,000  

 

 

Citigroup Global Markets, Inc., joint term agreement dated 02/22/2023, aggregate maturing value of $3,002,654,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,083; 0.13% - 1.13%; 07/15/2023 - 01/15/2033)(d)

     4.55%        03/01/2023        1,801,592,500        1,800,000,000  

 

 

Federal Reserve Bank of New York, joint agreement dated 02/28/2023, aggregate maturing value of $50,006,319,444 (collateralized by U.S. Treasury obligations valued at $50,006,319,596; 0.25% - 4.50%; 10/31/2023 - 08/15/2039)

     4.55%        03/01/2023        12,801,617,778        12,800,000,000  

 

 

 

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

 

10   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Treasury Portfolio–(continued)

 

     Interest
Rate
   Maturity
Date
   Repurchase
Amount
     Value  

 

 

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $300,035,833 (collateralized by U.S. Treasury obligations valued at $306,000,095; 1.88% - 4.84%; 07/31/2023 - 02/15/2032)

   4.30%    03/01/2023    $    100,011,944      $      100,000,000  

 

 

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $4,000,505,556 (collateralized by U.S. Treasury obligations valued at $4,080,000,087; 0.00% - 4.38%; 06/13/2023 - 02/15/2048)

   4.55%    03/01/2023      1,500,189,583        1,500,000,000  

 

 

Fixed Income Clearing Corp. - State Street Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,065; 1.88% - 2.88%; 05/15/2051 - 05/15/2052)

   4.55%    03/01/2023      500,063,194        500,000,000  

 

 

Goldman Sachs & Co., agreement dated 02/28/2023, maturing value of $1,500,190,000 (collateralized by U.S. Treasury obligations valued at $1,530,000,003; 0.00% - 5.25%; 11/15/2023 - 08/15/2051)

   4.56%    03/01/2023      1,500,190,000        1,500,000,000  

 

 

Goldman Sachs & Co., joint agreement dated 02/28/2023, aggregate maturing value of $1,295,098,924 (collateralized by U.S. Treasury obligations valued at $1,320,900,062; 0.00% - 5.38%; 03/02/2023 - 08/15/2052)

   2.75%    03/01/2023      450,034,375        450,000,000  

 

 

ING Financial Markets, LLC, term agreement dated 02/28/2023, maturing value of $100,088,472 (collateralized by U.S. Treasury obligations valued at $102,000,049; 0.00% - 4.50%; 06/15/2023 - 11/15/2050)(d)

   4.55%    03/07/2023      100,088,472        100,000,000  

 

 

Metropolitan Life Insurance Co., joint term agreement dated 02/22/2023, aggregate maturing value of $350,316,644 (collateralized by U.S. Treasury obligations valued at $359,869,294; 0.00%; 08/15/2027 - 08/15/2046)(d)

   4.57%    03/01/2023      100,088,861        100,000,000  

 

 

Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $1,802,662,944 (collateralized by U.S. Treasury obligations valued at $1,838,431,196; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)(d)

   4.57%    03/01/2023      672,959,969        672,362,500  

 

 

Mitsubishi UFJ Trust & Banking Corp., term agreement dated 02/22/2023, maturing value of $100,088,569 (collateralized by U.S. Treasury obligations valued at $102,012,845; 0.63% - 1.25%; 08/15/2030 - 08/15/2031)(d)

   4.56%    03/01/2023      100,088,569        100,000,000  

 

 

Prudential Legacy Insurance Company of New Jersey, agreement dated 02/28/2023, maturing value of $896,209,130 (collateralized by U.S. Treasury obligations valued at $912,399,598; 0.00% - 1.75%; 05/15/2037 - 11/15/2046)

   4.56%    03/01/2023      896,209,130        896,095,625  

 

 

Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,395; 0.00% - 4.00%; 03/28/2023 - 08/15/2052)(e)

   4.55%    03/01/2023      75,009,479        75,000,000  

 

 

Societe Generale, joint term agreement dated 02/23/2023, aggregate maturing value of $1,001,773,333 (collateralized by U.S. Treasury obligations valued at $1,020,000,026; 0.13% - 4.13%; 05/31/2023 - 08/31/2029)

   4.56%    03/09/2023      400,709,333        400,000,000  

 

 

Standard Chartered Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,128,928; 0.00% - 6.00%; 05/31/2023 - 11/15/2052)

   4.55%    03/01/2023      250,031,597        250,000,000  

 

 

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $3,000,379,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,080; 0.50% - 2.63%; 03/15/2023 -08/15/2031)

   4.55%    03/01/2023      1,045,775,475        1,045,643,317  

 

 

Total Repurchase Agreements (Cost $22,489,101,442)

              22,489,101,442  

 

 

TOTAL INVESTMENTS IN SECURITIES-98.80% (Cost $40,683,351,728)

              40,683,351,728  

 

 

OTHER ASSETS LESS LIABILITIES-1.20%

              492,409,255  

 

 

NET ASSETS-100.00%

            $ 41,175,760,983  

 

 

 

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

 

11   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Treasury Portfolio–(continued)

 

Notes to Schedule of Investments:

 

(a) 

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

(b) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(c) 

Principal amount equals value at period end. See Note 1I.

(d) 

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

(e) 

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

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     54.7%  

 

 

8-30

     10.0     

 

 

31-60

     7.0     

 

 

61-90

     7.1     

 

 

91-180

     3.3     

 

 

181+

     17.9     

 

 

 

*

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.

 

12   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio

 

     Interest
Rate
     Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

U.S. Treasury Securities-37.65%

           

U.S. Treasury Bills-23.42%(a)

           

U.S. Treasury Bills

     4.53%        03/21/2023      $ 827,880      $ 825,805,701  

 

 

U.S. Treasury Bills

     4.53%-4.56%        03/28/2023        2,450,000        2,441,698,905  

 

 

U.S. Treasury Bills

     4.54%        04/04/2023        2,000,000        1,991,490,553  

 

 

U.S. Treasury Bills

     4.46%        04/06/2023        470,000        467,927,300  

 

 

U.S. Treasury Bills

     4.63%        04/11/2023        2,040,000        2,029,312,660  

 

 

U.S. Treasury Bills

     4.51%        04/18/2023        2,500,000        2,485,199,998  

 

 

U.S. Treasury Bills

     4.61%        04/20/2023        1,200,000        1,192,400,000  

 

 

U.S. Treasury Bills

     4.49%        04/25/2023        1,300,000        1,291,211,460  

 

 

U.S. Treasury Bills

     4.63%        04/27/2023        1,100,000        1,092,031,875  

 

 

U.S. Treasury Bills

     4.65%        05/04/2023        2,000,000        1,983,662,221  

 

 

U.S. Treasury Bills

     4.64%        05/11/2023        1,410,000        1,397,235,975  

 

 

U.S. Treasury Bills

     4.69%        05/30/2023        445,000        439,860,249  

 

 

U.S. Treasury Bills

     4.70%        06/06/2023        1,100,000        1,086,292,014  

 

 

U.S. Treasury Bills

     4.12%-4.52%        10/05/2023        240,000        233,818,882  

 

 

U.S. Treasury Bills

     4.78%        11/30/2023        45,000        43,439,912  

 

 

U.S. Treasury Bills

     4.68%        01/25/2024        1,200,000        1,150,829,997  

 

 
              20,152,217,702  

 

 

U.S. Treasury Floating Rate Notes-14.23%

           

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84%        10/31/2023        431,679        431,694,009  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)(b)

     4.79%        01/31/2024        180,000        179,971,503  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)(b)

     4.73%        04/30/2024        3,564,000        3,561,449,655  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84%        07/31/2024        3,323,400        3,321,978,999  

 

 

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

     4.95%        10/31/2024        3,834,800        3,830,307,536  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%)(b)

     5.01%        01/31/2025        915,000        915,650,639  

 

 
              12,241,052,341  

 

 

Total U.S. Treasury Securities (Cost $32,393,270,043)

 

           32,393,270,043  

 

 

U.S. Government Sponsored Agency Securities-5.75%

           

Federal Farm Credit Bank (FFCB)-3.37%

           

Federal Farm Credit Bank (SOFR + 0.02%)(b)

     4.57%        06/12/2023        75,000        75,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58%        07/07/2023        143,000        143,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58%        09/08/2023        155,000        155,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58%        09/18/2023        21,500        21,500,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59%        09/20/2023        25,000        25,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58%        09/27/2023        60,000        60,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59%        12/15/2023        24,500        24,499,020  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59%        01/04/2024        229,000        229,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.06%)(b)

     4.61%        01/10/2024        75,500        75,500,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59%        01/25/2024        15,000        15,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59%        02/05/2024        100,000        100,000,000  

 

 

 

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

 

13   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Federal Farm Credit Bank (FFCB)-(continued)

          

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       02/20/2024      $ 80,000      $ 80,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       02/23/2024        162,000        162,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       03/08/2024        95,000        95,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       03/15/2024        431,000        431,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59%       03/18/2024        445,000        445,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       04/04/2024        195,000        195,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       04/25/2024        345,000        345,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       05/09/2024        160,000        160,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       05/24/2024        62,000        62,000,000  

 

 
             2,898,499,020  

 

 

Federal Home Loan Bank (FHLB)-2.18%(a)

          

Federal Home Loan Bank

     4.81%       07/14/2023        800,000        785,899,999  

 

 

Federal Home Loan Bank

     5.01%       01/12/2024        213,000        204,015,956  

 

 

Federal Home Loan Bank

     5.02%       02/09/2024        926,000        883,581,484  

 

 
             1,873,497,439  

 

 

U.S. International Development Finance Corp. (DFC)-0.20%

          

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.85%       06/15/2025        12,000        12,000,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.46%       07/15/2025        13,056        13,055,558  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.79%       09/15/2025        2,895        2,894,737  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.65%       09/15/2026        6,250        6,250,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.79%       09/15/2026        3,750        3,750,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.46%       09/30/2027        10,364        10,363,637  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.85%       02/15/2028        11,111        11,111,111  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     2.46%       11/15/2028        52,273        52,272,728  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     2.35%       05/15/2030        6,734        6,734,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.79%       10/15/2030        6,889        6,888,889  

 

 

U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(c)

     2.47%       07/09/2026        17,850        17,850,000  

 

 

U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(c)

     2.46%       03/15/2030        32,625        32,625,000  

 

 
             175,795,660  

 

 

Total U.S. Government Sponsored Agency Securities (Cost $4,947,792,119)

             4,947,792,119  

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-43.40%
(Cost $37,341,062,162)

 

        37,341,062,162  

 

 

 

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

 

14   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

 

     Interest
Rate
    Maturity
Date
     Repurchase
Amount
     Value  

 

 

Repurchase Agreements-56.68%(d)

          

Bank of Nova Scotia, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,032; 0.00% - 4.38%; 03/16/2023 - 02/15/2050)

     4.55%       03/01/2023      $ 924,801,150      $ 924,684,280  

 

 

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $1,195,151,035 (collateralized by agency mortgage-backed securities valued at $1,218,900,000; 1.81% - 6.50%; 10/25/2031 - 09/20/2072)

     4.55%       03/01/2023        735,092,896        735,000,000  

 

 

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $600,066,667 (collateralized by U.S. Treasury obligations valued at $612,000,086; 0.13% - 1.13%; 01/15/2024 - 01/15/2033)

     4.00%       03/01/2023        400,044,444        400,000,000  

 

 

CIBC World Markets Corp., joint term agreement dated 02/16/2023, aggregate maturing value of $501,583,333 (collateralized by agency mortgage-backed securities, U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $510,000,130; 1.50% - 8.50%; 01/01/2024 - 03/01/2053)(e)

     4.56%       03/13/2023        300,950,000        300,000,000  

 

 

Citigroup Global Markets, Inc., joint term agreement dated 02/22/2023, aggregate maturing value of $3,002,654,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,083; 0.13% - 1.13%; 07/15/2023 - 01/15/2033)(e)

     4.55%       03/01/2023        1,000,884,722        1,000,000,000  

 

 

Federal Reserve Bank of New York, joint agreement dated 02/28/2023, aggregate maturing value of $50,006,319,444 (collateralized by U.S. Treasury obligations valued at $50,006,319,596; 0.25% - 4.50%; 10/31/2023 - 08/15/2039)

     4.55%       03/01/2023        32,704,132,917        32,700,000,000  

 

 

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $300,035,833 (collateralized by U.S. Treasury obligations valued at $306,000,095; 1.88% - 4.84%; 07/31/2023 - 02/15/2032)

     4.30%       03/01/2023        200,023,889        200,000,000  

 

 

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $4,000,505,556 (collateralized by U.S. Treasury obligations valued at $4,080,000,087; 0.00% - 4.38%; 06/13/2023 - 02/15/2048)

     4.55%       03/01/2023        2,500,315,972        2,500,000,000  

 

 

Fixed Income Clearing Corp. - State Street Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,065; 1.88% - 2.88%; 05/15/2051 - 05/15/2052)

     4.55%       03/01/2023        100,012,639        100,000,000  

 

 

Goldman Sachs & Co., agreement dated 02/28/2023, maturing value of $1,500,190,000 (collateralized by U.S. Treasury obligations valued at $1,530,000,001; 0.00% - 6.25%; 03/23/2023 - 02/15/2048)

     4.56%       03/01/2023        1,500,190,000        1,500,000,000  

 

 

Goldman Sachs & Co., joint agreement dated 02/28/2023, aggregate maturing value of $1,295,098,924 (collateralized by U.S. Treasury obligations valued at $1,320,900,062; 0.00% - 5.38%; 03/02/2023 - 08/15/2052)

     2.75%       03/01/2023        845,064,549        845,000,000  

 

 

ING Financial Markets, LLC, joint term agreement dated 02/02/2023, aggregate maturing value of $251,551,667 (collateralized by agency mortgage-backed securities valued at $255,000,000; 2.00% - 6.50%; 08/01/2028 - 02/01/2053)

     4.56%       03/23/2023        85,527,567        85,000,000  

 

 

ING Financial Markets, LLC, term agreement dated 02/02/2023, maturing value of $301,862,000 (collateralized by agency mortgage-backed securities valued at $306,000,000; 2.00% - 6.00%; 11/01/2029 - 02/01/2053)

     4.56%       03/23/2023        301,862,000        300,000,000  

 

 

ING Financial Markets, LLC, term agreement dated 02/02/2023, maturing value of $503,103,333 (collateralized by agency mortgage-backed securities valued at $510,000,001; 2.00% - 7.00%; 03/01/2028 - 01/01/2057)

     4.56%       03/23/2023        503,103,333        500,000,000  

 

 

ING Financial Markets, LLC, term agreement dated 02/13/2023, maturing value of $251,205,972 (collateralized by agency mortgage-backed securities and a U.S. Treasury obligation valued at $255,000,070; 2.00% - 5.50%; 06/01/2047 - 01/01/2053)

     4.57%       03/23/2023        251,205,972        250,000,000  

 

 

 

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

 

15   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

 

     Interest   Maturity    Repurchase         
     Rate   Date    Amount      Value  

 

 

J.P. Morgan Securities LLC, joint open agreement dated 02/27/2023 (collateralized by agency mortgage-backed securities valued at $918,000,005; 1.38% - 7.50%; 09/01/2025 - 08/01/2056)(f)

   4.57%   03/01/2023    $ 785,199,303      $ 785,000,000  

 

 

Metropolitan Life Insurance Co., joint term agreement dated 02/22/2023, aggregate maturing value of $350,316,644 (collateralized by U.S. Treasury obligations valued at $359,869,294; 0.00%; 08/15/2027 -08/15/2046)(e)

   4.57%   03/01/2023      170,152,002        170,000,937  

 

 

Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $1,802,662,944 (collateralized by U.S. Treasury obligations valued at $1,838,431,196; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)(e)

   4.57%   03/01/2023      952,908,513        952,062,500  

 

 

Prudential Insurance Co. of America, agreement dated 02/28/2023, maturing value of $144,194,512 (collateralized by U.S. Treasury obligations valued at $146,949,280; 0.00%; 05/15/2037 - 08/15/2042)

   4.56%   03/01/2023      144,194,512        144,176,250  

 

 

RBC Dominion Securities Inc., joint term agreement dated 02/02/2023, aggregate maturing value of $2,767,068,333 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $2,805,000,000; 0.13% - 5.50%; 03/31/2023 - 02/20/2053)(e)

   4.56%   03/23/2023      1,076,641,133        1,070,000,000  

 

 

Royal Bank of Canada, term agreement dated 02/02/2023, maturing value of $1,006,206,667 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,020,000,039; 0.00% - 6.50%; 12/31/2025 - 02/01/2053)(e)

   4.56%   03/23/2023      1,006,206,667        1,000,000,000  

 

 

Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,395; 0.00% - 4.00%; 03/28/2023 - 08/15/2052)(f)

   4.55%   03/01/2023      100,012,639        100,000,000  

 

 

Societe Generale, joint term agreement dated 02/23/2023, aggregate maturing value of $1,001,773,333 (collateralized by U.S. Treasury obligations valued at $1,020,000,026; 0.13% - 4.13%; 05/31/2023 - 08/31/2029)

   4.56%   03/09/2023      375,665,000        375,000,000  

 

 

Standard Chartered Bank, agreement dated 02/28/2023, maturing value of $150,018,958 (collateralized by agency mortgage-backed securities valued at $153,019,338; 3.00% - 4.50%; 07/20/2049 - 10/20/2052)

   4.55%   03/01/2023      150,018,958        150,000,000  

 

 

Standard Chartered Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,128,928; 0.00% - 6.00%; 05/31/2023 - 11/15/2052)

   4.55%   03/01/2023      750,094,792        750,000,000  

 

 

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $3,000,379,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,080; 0.50% - 2.63%; 03/15/2023 - 08/15/2031)

   4.55%   03/01/2023      702,085,622        701,996,897  

 

 

TD Securities (USA) LLC, joint term agreement dated 02/22/2023, aggregate maturing value of $350,309,993 (collateralized by agency mortgage-backed securities valued at $357,000,000; 2.00% - 4.00%; 05/01/2041 -
05/01/2052)(e)

   4.56%   03/01/2023      220,194,853        220,000,000  

 

 

Total Repurchase Agreements (Cost $48,757,920,864)

             48,757,920,864  

 

 

TOTAL INVESTMENTS IN SECURITIES-100.08% (Cost $86,098,983,026)

             86,098,983,026  

 

 

OTHER ASSETS LESS LIABILITIES-(0.08)%

             (64,740,455

 

 

NET ASSETS-100.00%

           $ 86,034,242,571  

 

 

Investment Abbreviations:

SOFR -Secured Overnight Financing Rate

VRD   -Variable Rate Demand

 

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

 

16   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

 

Notes to Schedule of Investments:

 

(a) 

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

(b) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(c) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(d) 

Principal amount equals value at period end. See Note 1I.

(e) 

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

(f) 

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

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     56.1%  

 

 

8-30

     5.2     

 

 

31-60

     11.4     

 

 

61-90

     4.5     

 

 

91-180

     2.4     

 

 

181+

     20.4     

 

 

 

*

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

 

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

 

17   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Treasury Obligations Portfolio

 

     Interest
Rate
     Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

U.S. Treasury Securities-100.83%

 

        

U.S. Treasury Bills-85.74%(a)

 

        

U.S. Treasury Bills

     4.33%        03/02/2023      $ 20,000      $ 19,997,620  

 

 

U.S. Treasury Bills

     4.34%-4.51%        03/07/2023        110,700        110,618,265  

 

 

U.S. Treasury Bills

     4.32%-4.48%        03/09/2023        9,700        9,690,542  

 

 

U.S. Treasury Bills

     4.49%-4.54%        03/14/2023        86,700        86,559,909  

 

 

U.S. Treasury Bills

     4.53%-4.55%        03/21/2023        135,900        135,559,358  

 

 

U.S. Treasury Bills

     4.53%-4.56%        03/28/2023        72,500        72,253,676  

 

 

U.S. Treasury Bills

     4.40%        03/30/2023        51,000        50,821,288  

 

 

U.S. Treasury Bills

     4.50%-4.55%        04/04/2023        111,200        110,727,059  

 

 

U.S. Treasury Bills

     4.46%        04/06/2023        50,000        49,779,500  

 

 

U.S. Treasury Bills

     4.46%-4.63%        04/11/2023        80,000        79,587,722  

 

 

U.S. Treasury Bills

     4.61%        04/13/2023        22,150        22,029,356  

 

 

U.S. Treasury Bills

     4.68%        04/18/2023        41,000        40,745,800  

 

 

U.S. Treasury Bills

     4.69%        04/25/2023        65,000        64,537,603  

 

 

U.S. Treasury Bills

     4.65%        05/04/2023        60,000        59,509,867  

 

 

U.S. Treasury Bills

     4.64%        05/09/2023        16,000        15,859,853  

 

 

U.S. Treasury Bills

     4.64%        05/11/2023        40,000        39,637,900  

 

 

U.S. Treasury Bills

     4.74%        05/18/2023        26,000        25,736,360  

 

 

U.S. Treasury Bills

     4.78%        05/25/2023        20,000        19,777,111  

 

 

U.S. Treasury Bills

     4.75%        06/01/2023        10,000        9,879,931  

 

 

U.S. Treasury Bills

     4.70%        06/06/2023        35,000        34,563,837  

 

 

U.S. Treasury Bills

     4.64%        06/08/2023        15,000        14,812,931  

 

 

U.S. Treasury Bills

     4.77%        06/13/2023        33,000        32,551,933  

 

 

U.S. Treasury Bills

     3.01%        07/13/2023        6,000        5,934,764  

 

 

U.S. Treasury Bills

     4.80%        07/20/2023        10,000        9,816,504  

 

 

U.S. Treasury Bills

     4.12%        10/05/2023        6,000        5,856,302  

 

 

U.S. Treasury Bills

     4.68%-4.86%        01/25/2024        27,500        26,364,091  

 

 
                          1,153,209,082  

 

 

U.S. Treasury Floating Rate Notes-14.16%

           

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b)

     4.84%        04/30/2023        19,000        19,000,127  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b)

     4.84%        07/31/2023        17,500        17,500,177  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84%        10/31/2023        30,000        30,000,345  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)(b)

     4.79%        01/31/2024        8,000        7,998,734  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)(b)

     4.73%        04/30/2024        25,500        25,482,209  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84%        07/31/2024        32,000        31,984,058  

 

 

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

     4.95%        10/31/2024        49,000        48,958,037  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%)(b)

     5.01%        01/31/2025        9,500        9,506,755  

 

 
                          190,430,442  

 

 

 

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

 

18   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Treasury Obligations Portfolio–(continued)

 

                   Principal         
     Interest      Maturity      Amount         
     Rate      Date      (000)      Value  

 

 

U.S. Treasury Notes-0.93%

           

TOTAL INVESTMENTS IN SECURITIES-100.83% (Cost $1,356,189,593)

              1,356,189,593  

 

 

OTHER ASSETS LESS LIABILITIES-(0.83)%

              (11,125,964

 

 

NET ASSETS-100.00%

            $ 1,345,063,629  

 

 

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, 2023.

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     9.6%  

 

 

8-30

     26.1     

 

 

31-60

     27.0     

 

 

61-90

     13.3     

 

 

91-180

     9.3     

 

 

181+

     14.7     

 

 

 

*

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

 

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

 

19   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Municipal Obligations-94.08%

          

Alabama-3.55%

          

Mobile (City of), AL Downtown Redevelopment Authority (Austal USA, LLC);
Series 2011 B, Ref. VRD RB (LOC - Bank of America, N.A.)(a)(b)(c)

     2.14%       05/01/2041      $ 3,240      $ 3,240,000  

 

 

Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)(b)(c)(d)

     2.25%       07/01/2040        4,910        4,910,000  

 

 
             8,150,000  

 

 

Arizona-2.72%

          

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

     1.40%       01/01/2046        6,250        6,250,000  

 

 

California-0.87%

          

Los Angeles County Capital Asset Leasing Corp.; Series B, Commercial Paper Notes

     2.00%       03/01/2023        2,000        2,000,000  

 

 

Connecticut-2.47%

          

Connecticut (State of) Health & Educational Facilities Authority (Yale University); Series 2017 A, Ref. VRD RB(b)

     2.20%       07/01/2042        5,660        5,660,000  

 

 

Delaware-0.95%

          

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

     2.21%       05/01/2036        2,180        2,180,000  

 

 

District of Columbia-3.29%

          

District of Columbia; Series 2022 A, Commercial Paper Notes(d)

     2.43%       03/15/2023        3,000        3,000,000  

 

 

District of Columbia (Georgetown University);

          

Series 2007 C-2, VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.19%       04/01/2041        1,200        1,200,000  

 

 

Series 2009 C, Ref. VRD RB (LOC - Bank of Tokyo Mitsubishi UFJ)(b)(c)(d)

     2.19%       04/01/2042        3,350        3,350,000  

 

 
             7,550,000  

 

 

Florida-4.09%

          

Halifax Hospital Medical Center; Series 2008, Ref. VRD RB (LOC - JPMorgan Chase Bank, N.A.)(b)(c)

     2.25%       06/01/2048        2,485        2,485,000  

 

 

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

     2.11%       11/01/2036        2,725        2,725,000  

 

 

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

     2.23%       07/01/2032        4,175        4,175,000  

 

 
             9,385,000  

 

 

Georgia-4.54%

          

Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - BMO Harris Bank N.A.)(b)(c)(d)

     2.21%       11/01/2030        1,450        1,450,000  

 

 

Georgia (State of) Private Colleges & Universities Authority (Emory University); Series 2022 B, VRD RB (SIFMA Municipal Swap Index + 0.03%)(b)

     2.00%       09/01/2052        8,975        8,975,000  

 

 
             10,425,000  

 

 

Idaho-0.44%

          

Idaho (State of) Health Facilities Authority (St. Luke’s Health System); Series 2018 C, VRD RB (LOC - U.S. Bank N.A.)(b)(c)

     1.40%       03/01/2048        1,000        1,000,000  

 

 

Illinois-7.33%

          

Illinois (State of) Development Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)(b)(c)

     2.21%       10/01/2033        2,625        2,625,000  

 

 

Illinois (State of) Educational Facilities Authority (Augustana College); Series 2003 B, VRD RB (LOC - BMO Harris Bank N.A.)(b)(c)(d)

     2.24%       10/01/2032        1,600        1,600,000  

 

 

 

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

 

20   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Illinois-(continued)

          

Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - Northern Trust Co. (The))(b)(c)

     2.15%       01/01/2037      $ 2,800      $ 2,800,000  

 

 

Illinois (State of) Finance Authority (University of Chicago Medical); Series 2009 D-2, VRD RB (LOC - PNC Bank, N.A.)(b)(c)

     1.50%       08/01/2043        1,000        1,000,000  

 

 

Illinois (State of) Finance Authority (YMCA of Metropolitan Chicago); Series 2004, VRD RB (LOC - BMO Harris Bank N.A.)(b)(c)(d)

     2.45%       06/01/2034        2,960        2,960,000  

 

 

Illinois (State of) Housing Development Authority (Foxview I & II Apartments); Series 2008, VRD RB (LOC - FHLMC)(b)(c)

     2.17%       01/01/2041        4,835        4,835,000  

 

 

University of Illinois (Illinois Health Services); Series 1997 B, VRD RB (LOC - Wells Fargo Bank, N.A.)(b)(c)

     2.50%       10/01/2026        1,000        1,000,000  

 

 
             16,820,000  

 

 

Indiana-3.31%

          

Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank, N.A.)(b)(c)

     2.28%       08/01/2037        4,950        4,950,000  

 

 

Indiana (State of) Finance Authority (Parkview Health System Obligated Group); Series 2009 C, VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.05%       11/01/2039        2,635        2,635,000  

 

 
             7,585,000  

 

 

Iowa-2.18%

          

Iowa (State of) Finance Authority (CJ Bio America); Series 2021, Ref. VRD RB (LOC - Korea Devlopment Bank)(a)(b)(c)(d)

     2.24%       12/01/2041        5,000        5,000,000  

 

 

Kentucky-1.61%

          

Boyle (County of), KY (Centre College); Series 2008 A, Ref. VRD RB (LOC - PNC Bank, N.A.)(b)(c)

     2.20%       06/01/2037        3,700        3,700,000  

 

 

Louisiana-3.79%

          

Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC);
Series 2013 B, Ref. VRD RB (LOC - JPMorgan Chase Bank, N.A.)(b)(c)

     2.50%       09/01/2033        1,000        1,000,000  

 

 

Louisiana (State of) Public Facilities Authority (CHRISTUS Health);

          

Series 2009 B-3, Ref. VRD RB (LOC - Bank of New York Mellon (The))(b)(c)

     2.45%       07/01/2047        6,605        6,605,000  

 

 

Series 2009 B-1, Ref. VRD RB (LOC - Bank of New York Mellon (The))(b)(c)

     2.10%       07/01/2047        1,100        1,100,000  

 

 
             8,705,000  

 

 

Maryland-2.10%

          

Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System); Series 2008 D, VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.45%       07/01/2041        4,810        4,810,000  

 

 

Massachusetts-2.51%

          

Massachusetts (Commonwealth of) Development Finance Agency (Boston University);

          

Series 2008 U-6C, VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.35%       10/01/2042        700        700,000  

 

 

Series 2008 U-6E, Ref. VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.35%       10/01/2042        5,050        5,050,000  

 

 
             5,750,000  

 

 

Minnesota-3.12%

          

Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)(b)

     2.29%       10/15/2033        1,175        1,175,000  

 

 

Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC)(b)

     2.20%       11/01/2035        3,600        3,600,000  

 

 

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

     2.20%       10/01/2033        2,385        2,385,000  

 

 
             7,160,000  

 

 

Mississippi-3.97%

          

Jackson (County of), MS (Chevron U.S.A., Inc.); Series 1993, Ref. VRD RB(b)

     1.40%       06/01/2023        200        200,000  

 

 

 

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

 

21   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Mississippi-(continued)

          

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

          

Series 2010 E, VRD IDR(b)

     2.04%       12/01/2030      $ 4,000      $ 4,000,000  

 

 

Series 2010 C, VRD IDR(b)

     1.40%       11/01/2035        595        595,000  

 

 

Series 2010 J, VRD IDR(b)

     1.38%       11/01/2035        1,000        1,000,000  

 

 

Series 2010 C, VRD IDR(b)

     1.40%       11/01/2035        3,320        3,320,000  

 

 
             9,115,000  

 

 

Missouri-2.29%

          

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

     2.23%       11/01/2037        1,175        1,175,000  

 

 

Kansas City (City of), MO (H Roe Bartle Convention Center);

          

Series 2008 F, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.24%       04/15/2025        1,915        1,915,000  

 

 

Series 2008 E, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.24%       04/15/2034        900        900,000  

 

 

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

     2.38%       08/01/2038        1,260        1,260,000  

 

 
             5,250,000  

 

 

New York-5.36%

          

Metropolitan Transportation Authority;

          

Subseries 2012 G-1, VRD RB (LOC - Barclays Bank PLC)(b)(c)(d)

     1.35%       11/01/2032        3,800        3,800,000  

 

 

Subseries 2020 B-1, Ref. VRD RB (LOC - PNC Bank, N.A.)(b)(c)

     2.20%       11/15/2046        4,510        4,510,000  

 

 

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.)(b)(c)(d)

     2.40%       05/01/2039        4,000        4,000,000  

 

 
             12,310,000  

 

 

North Carolina-5.63%

          

Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health); Series 2018 H, VRD RB(b)

     1.40%       01/15/2048        2,500        2,500,000  

 

 

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

     1.40%       01/15/2037        4,000        4,000,000  

 

 

North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 1992 A, VRD RB(b)

     2.20%       06/01/2027        6,425        6,425,000  

 

 
             12,925,000  

 

 

Ohio-1.73%

          

Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - U.S. Bank N.A.)(b)(c)

     2.20%       08/02/2038        2,650        2,650,000  

 

 

Ohio State University (The); Series 2014 B-1, VRD RB(b)

     2.41%       12/01/2039        1,310        1,310,000  

 

 
             3,960,000  

 

 

Oregon-0.49%

          

Oregon (State of) Department of Transportation; Series A-2, Commercial Paper Notes(d)

     2.80%       03/21/2023        1,000        1,000,000  

 

 

Oregon (State of) Facilities Authority (PeaceHealth); Series 2018 A, Ref. VRD RB (LOC - U.S. Bank N.A.)(b)(c)

     1.40%       08/01/2034        125        125,000  

 

 
             1,125,000  

 

 

Pennsylvania-1.74%

          

Philadelphia (City of), PA; Series A, Commercial Paper Notes(d)

     2.55%       03/23/2023        4,000        4,000,000  

 

 

 

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

 

22   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Texas-17.41%

          

Board of Regents of the University of Texas System;

          

Series 2008 B, VRD RB(b)

     2.15%       08/01/2025      $ 1,115      $ 1,115,000  

 

 

Series 2008 A, VRD RB(b)

     2.10%       07/01/2037        2,425        2,425,000  

 

 

Series A, Commercial Paper Notes

     3.20%       03/03/2023        2,500        2,500,000  

 

 

Garland (City of), TX; Series 2021, Commercial Paper Notes(d)

     2.60%       03/01/2023        5,000        5,000,000  

 

 

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

     1.40%       11/01/2041        6,450        6,450,000  

 

 

Harris County Health Facilities Development Corp. (Methodist Hospital System); Series 2008 A-2, Ref. VRD RB(b)

     1.45%       12/01/2041        4,185        4,185,000  

 

 

Houston (City of), TX; Series H-2, Commercial Paper Notes

     2.85%       03/09/2023        7,000        7,000,000  

 

 

Lower Neches Valley Authority Industrial Development Corp. (Exxonmobil); Series 2011, VRD RB(b)

     1.36%       11/01/2051        3,182        3,182,000  

 

 

Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas); Series 2008 A, VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.45%       10/01/2041        1,480        1,480,000  

 

 

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

     2.29%       05/01/2042        3,020        3,020,000  

 

 

Texas A&M University; Series B, Commercial Paper Notes

     3.25%       04/05/2023        3,600        3,600,000  

 

 
             39,957,000  

 

 

Virginia-1.00%

          

Loudoun (County of), VA Economic Development Authority (Jack Kent Cooke Foundation); Series 2004, VRD RB (LOC - Northern Trust Co. (The))(b)(c)

     2.25%       06/01/2034        2,300        2,300,000  

 

 

Washington-1.32%

          

Washington (State of) Housing Finance Commission (Redmond Ridge Apartments); Series 2017, VRD RB (LOC - FHLB of San Francisco)(b)(c)

     2.21%       11/01/2047        3,025        3,025,000  

 

 

West Virginia-2.92%

          

Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC - Bank of America, N.A.)(b)(c)

     2.19%       07/01/2039        745        745,000  

 

 

West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008 B, Ref. VRD RB (LOC - Truist Bank)(b)(c)

     2.32%       01/01/2034        5,945        5,945,000  

 

 
             6,690,000  

 

 

Wisconsin-1.35%

          

Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - FHLB of Chicago)(b)(c)

     2.22%       10/01/2042        3,090        3,090,000  

 

 

TOTAL INVESTMENTS IN SECURITIES(e)(f) -94.08% (Cost $215,877,000)

             215,877,000  

 

 

OTHER ASSETS LESS LIABILITIES-5.92%

             13,576,124  

 

 

NET ASSETS-100.00%

           $ 229,453,124  

 

 

Investment Abbreviations:

 

CEP   - Credit Enhancement Provider
FHLB   - Federal Home Loan Bank
FHLMC   - Federal Home Loan Mortgage Corp.
FNMA   - Federal National Mortgage Association
IDR   - Industrial Development Revenue Bonds
LOC   - Letter of Credit
RB   - Revenue Bonds
Ref.   - Refunding
SIFMA   - Securities Industry and Financial Markets Association
VRD   - Variable Rate Demand

 

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

 

23   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

 

Notes to Schedule of Investments:

 

(a) 

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, 2023 was $8,240,000, which represented 3.59% of the Fund’s Net Assets.

(b) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(c)

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

(d) 

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 8.3%; United Kingdom 6.9%; Japan 6.1%; Other countries less than 5% each: 4.3%.

(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.

 

Entities    Percentage

 

TD Bank, N.A.

   5.6%

 

Northern Trust Co. (The)

   5.6   

 

PNC Bank, N.A.

   5.3   

 

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     91.8%  

 

 

8-30

     6.6     

 

 

31-60

     1.6     

 

 

61-90

     0.0     

 

 

91-180

     0.0     

 

 

181+

     0.0     

 

 

 

*

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

 

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

 

24   Short-Term Investments Trust


Statements of Assets and Liabilities

February 28, 2023

(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 unaffiliated securities, at value

   $ 1,441,448,359     $ 133,116,900     $ 18,194,250,286     $ 37,341,062,162     $ 1,356,189,593     $ 215,877,000  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Repurchase agreements, at value and cost

     391,668,085       101,000,000       22,489,101,442       48,757,920,864       -       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash

     19,375       -       710,756       983,579       78,638       35,079  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Receivable for:

            

Investments sold

     -       -       548,668,115       -       -       13,075,000  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fund shares sold

     -       87,000       16,852,266       7,476,439       -       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Interest

     1,964,115       173,966       27,561,801       86,121,462       738,940       648,615  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fund expenses absorbed

     37,313       32,400       1,744,510       -       54,458       65,326  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Investment for trustee deferred compensation and retirement plans

     2,688,319       708,169       1,620,498       739,975       74,208       244,277  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other assets

     6,754       132,348       516,985       1,674,555       1,386       48,339  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

     1,837,832,320       235,250,783       41,281,026,659       86,195,979,036       1,357,137,223       229,993,636  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities:

            

Payable for:

            

Investments purchased

     -       -       -       -       9,879,931       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fund shares reacquired

     -       176,816       3,090,287       4,269,464       -       6,500  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amount due custodian

     -       2,848       -       -       -       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Dividends

     5,633,256       390,246       92,186,592       145,385,932       1,852,280       174,016  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accrued fees to affiliates

     290,525       44,449       7,871,710       11,084,004       238,921       65,704  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accrued trustees’ and officers’ fees and benefits

     4,481       2,926       36,205       77,012       3,868       2,679  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accrued operating expenses

     47,662       21,439       243,679       -       13,029       31,340  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Trustee deferred compensation and retirement plans

     2,877,269       753,601       1,837,203       920,053       85,565       260,273  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

     8,853,193       1,392,325       105,265,676       161,736,465       12,073,594       540,512  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net assets applicable to shares outstanding

   $ 1,828,979,127     $ 233,858,458     $ 41,175,760,983     $ 86,034,242,571     $ 1,345,063,629     $ 229,453,124  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net assets consist of:

            

Shares of beneficial interest

   $ 1,831,354,980     $ 234,441,720     $ 41,178,125,062     $ 86,059,942,124     $ 1,345,271,837     $ 229,672,837  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributable earnings (loss)

     (2,375,853     (583,262     (2,364,079     (25,699,553     (208,208     (219,713

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   $ 1,828,979,127     $ 233,858,458     $ 41,175,760,983     $ 86,034,242,571     $ 1,345,063,629     $ 229,453,124  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets:

            

Institutional Class

   $ 1,819,669,256     $ 232,387,514     $ 35,450,224,348     $ 71,325,123,345     $ 1,268,187,565     $ 193,805,989  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Private Investment Class

   $ 1,042,790     $ 332,161     $ 618,415,066     $ 742,331,579     $ 16,661,216     $ 25,307,654  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Personal Investment Class

   $ 10,252     $ 92,946     $ 388,631,121     $ 33,381,231     $ 11,961,557     $ 396,032  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash Management Class

   $ 1,676,277     $ 467,280     $ 240,742,041     $ 625,170,630     $ 80,071     $ 3,493,634  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reserve Class

   $ 171,670     $ 71,322     $ 658,815,411     $ 512,205,911     $ 44,802,872     $ 5,703,646  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Resource Class

   $ 249,687     $ 394     $ 76,755,901     $ 196,305,722     $ 115,395     $ 735,736  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Corporate Class

   $ 6,059,212     $ 506,841     $ 1,887,842,566     $ 1,565,745,767     $ 3,254,953     $ 10,433  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

CAVU Securities Class

   $ 99,983     $ -     $ 1,854,334,529     $ 11,033,978,386     $ -     $ -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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–(continued)

February 28, 2023

(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
 

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

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

 

              

Institutional Class

     1,819,297,797        232,378,976        35,450,012,600        71,346,337,427        1,268,330,132        193,784,100  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Private Investment Class

     1,042,580        332,149        618,409,608        742,552,280        16,663,105        25,304,973  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Personal Investment Class

     10,250        92,942        388,629,737        33,391,145        11,962,914        395,994  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Cash Management Class

     1,675,941        467,263        240,741,915        625,356,709        80,079        3,493,246  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Reserve Class

     171,636        71,319        658,813,165        512,358,049        44,807,951        5,703,138  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Resource Class

     249,638        394        76,755,057        196,364,021        115,408        735,656  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Corporate Class

     6,057,994        506,822        1,887,836,389        1,566,211,620        3,255,321        10,432  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

CAVU Securities Class

     99,963        -        1,854,316,343        11,037,257,584        -        -  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

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

   $ 1.0002      $ 1.0000      $ 1.00      $ 1.00      $ 1.00      $ 1.00  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Cost of Investments

   $ 1,833,286,676      $ 234,120,176      $ 40,683,351,728      $ 86,098,983,026      $ 1,356,189,593      $ 215,877,000  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

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

 

26   Short-Term Investments Trust


Statements of Operations

For the six months ended February 28, 2023

(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

   $ 33,876,133     $ 7,151,703     $ 708,212,871     $ 1,395,214,104     $ 25,472,569     $ 3,310,770  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Expenses:

            

Advisory fees

     1,298,945       287,417       26,911,965       36,209,920       863,058       269,431  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Administrative services fees

     376,482       88,649       8,043,255       16,157,749       308,915       62,708  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Custodian fees

     11,976       12,085       712,043       51,850       57,453       2,117  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distribution fees:

            

Private Investment Class

     1,566       537       667,061       972,135       19,594       29,618  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Personal Investment Class

     27       251       1,134,089       90,606       32,317       2,915  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash Management Class

     681       174       119,391       317,403       31       1,369  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reserve Class

     745       305       4,165,559       2,604,658       212,296       45,602  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Resource Class

     246       -       51,160       138,138       158       601  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Corporate Class

     245       34       191,872       167,327       1,056       2  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transfer agent fees

     77,937       17,245       1,614,718       3,258,893       60,939       12,124  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Trustees’ and officers’ fees and benefits

     12,531       8,729       92,223       203,275       10,879       8,118  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Registration and filing fees

     54,047       56,974       978,820       2,003,579       47,828       62,326  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reports to shareholders

     -       -       -       -       -       1,005  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Professional services fees

     23,255       19,395       67,575       22,179       21,273       19,076  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other

     46,174       27,959       142,190       112,996       29,592       11,719  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

     1,904,857       519,754       44,891,921       62,310,708       1,665,389       528,731  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less: Fees waived and expenses reimbursed

     (342,612     (173,553     (6,268,478     (84,156     (181,160     (179,196

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net expenses

     1,562,245       346,201       38,623,443       62,226,552       1,484,229       349,535  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

     32,313,888       6,805,502       669,589,428       1,332,987,552       23,988,340       2,961,235  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Realized and unrealized gain (loss) from:

            

Net realized gain (loss) from unaffiliated investment securities

     4,162       158       2,730,256       2,283,446       (30,165     -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in net unrealized appreciation of unaffiliated investment securities

     73,684       2,084       -       -       -       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and unrealized gain (loss)

     77,846       2,242       2,730,256       2,283,446       (30,165     -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase in net assets resulting from operations

   $ 32,391,734     $ 6,807,744     $ 672,319,684     $ 1,335,270,998     $ 23,958,175     $ 2,961,235  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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

 

27   Short-Term Investments Trust


Statements of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022
(Unaudited)

 

     Invesco Liquid Assets Portfolio     Invesco STIC Prime Portfolio  
     February 28,
2023
    August 31,
2022
    February 28,
2023
    August 31,
2022
 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Operations:

        

Net investment income

   $ 32,313,888     $ 9,991,934     $ 6,805,502     $ 1,826,985  

 

  

 

 

   

 

 

 

Net realized gain

     4,162       3,959       158       624  

 

  

 

 

   

 

 

 

Change in net unrealized appreciation (depreciation)

     73,684       (406,836     2,084       (5,126

 

  

 

 

   

 

 

 

Net increase in net assets resulting from operations

     32,391,734       9,589,057       6,807,744       1,822,483  

 

  

 

 

   

 

 

 

Distributions to shareholders from distributable earnings:

        

Institutional Class

     (32,218,847     (9,973,378     (6,784,760     (1,657,807

 

  

 

 

   

 

 

 

Private Investment Class

     (17,996     (6,754     (5,822     (1,550

 

  

 

 

   

 

 

 

Personal Investment Class

     (164     (32     (1,411     (240

 

  

 

 

   

 

 

 

Cash Management Class

     (31,264     (9,759     (7,918     (1,672

 

  

 

 

   

 

 

 

Reserve Class

     (2,462     (378     (971     (130

 

  

 

 

   

 

 

 

Resource Class

     (4,383     (1,017     (8     (3

 

  

 

 

   

 

 

 

Corporate Class

     (36,909     (112     (4,612     (95

 

  

 

 

   

 

 

 

CAVU Securities Class

     (1,863     (504     -       -  

 

  

 

 

   

 

 

 

Total distributions from distributable earnings

     (32,313,888     (9,991,934     (6,805,502     (1,661,497

 

  

 

 

   

 

 

 

Return of capital:

        

Institutional Class

     -       -       -       (165,120

 

  

 

 

   

 

 

 

Private Investment Class

     -       -       -       (154

 

  

 

 

   

 

 

 

Personal Investment Class

     -       -       -       (24

 

  

 

 

   

 

 

 

Cash Management Class

     -       -       -       (167

 

  

 

 

   

 

 

 

Reserve Class

     -       -       -       (13

 

  

 

 

   

 

 

 

Resource Class

     -       -       -       (1

 

  

 

 

   

 

 

 

Corporate Class

     -       -       -       (9

 

  

 

 

   

 

 

 

Total return of capital

     -       -       -       (165,488

 

  

 

 

   

 

 

 

Total distributions

     (32,313,888     (9,991,934     (6,805,502     (1,826,985

 

  

 

 

   

 

 

 

Share transactions-net:

        

Institutional Class

     77,909,713       (614,280,688     (90,087,288     100,759,349  

 

  

 

 

   

 

 

 

Private Investment Class

     (30,196     (1,818,407     (125,154     (147,861

 

  

 

 

   

 

 

 

Personal Investment Class

     4       -       1,540       (1,448

 

  

 

 

   

 

 

 

Cash Management Class

     (43,963     (1,201,217     98,248       (127,021

 

  

 

 

   

 

 

 

Reserve Class

     (3,343     (40,550     1,057       (16,775

 

  

 

 

   

 

 

 

Resource Class

     1,735       (114,240     8       1  

 

  

 

 

   

 

 

 

Corporate Class

     6,036,928       (354     485,652       64  

 

  

 

 

   

 

 

 

CAVU Securities Class

     -       1       -       -  

 

  

 

 

   

 

 

 

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

     83,870,878       (617,455,455     (89,625,937     100,466,309  

 

  

 

 

   

 

 

 

Net increase (decrease) in net assets

     83,948,724       (617,858,332     (89,623,695     100,461,807  

 

  

 

 

   

 

 

 

Net assets:

        

Beginning of period

     1,745,030,403       2,362,888,735       323,482,153       223,020,346  

 

  

 

 

   

 

 

 

End of period

   $ 1,828,979,127     $ 1,745,030,403     $ 233,858,458     $ 323,482,153  

 

  

 

 

   

 

 

 

 

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–(continued)

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

 

     Invesco Treasury Portfolio     Invesco Government & Agency Portfolio  
     February 28,
2023
    August 31,
2022
    February 28,
2023
    August 31,
2022
 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Operations:

        

Net investment income

   $ 669,589,428     $ 96,074,616     $ 1,332,987,552     $ 325,968,052  

 

  

 

 

   

 

 

 

Net realized gain (loss)

     2,730,256       (3,886,562     2,283,446       (28,543,577

 

  

 

 

   

 

 

 

Net increase in net assets resulting from operations

     672,319,684       92,188,054       1,335,270,998       297,424,475  

 

  

 

 

   

 

 

 

Distributions to shareholders from distributable earnings:

        

Institutional Class

     (581,902,260     (85,408,911     (1,124,090,481     (295,190,284

 

  

 

 

   

 

 

 

Private Investment Class

     (7,645,428     (1,268,453     (10,946,131     (2,186,097

 

  

 

 

   

 

 

 

Personal Investment Class

     (6,320,398     (1,167,413     (501,718     (110,536

 

  

 

 

   

 

 

 

Cash Management Class

     (5,107,835     (1,843,731     (13,622,487     (3,324,668

 

  

 

 

   

 

 

 

Reserve Class

     (12,607,423     (2,122,002     (8,266,117     (1,225,131

 

  

 

 

   

 

 

 

Resource Class

     (1,108,827     (267,315     (3,057,626     (863,585

 

  

 

 

   

 

 

 

Corporate Class

     (25,353,351     (1,170,294     (21,689,739     (2,699,107

 

  

 

 

   

 

 

 

CAVU Securities Class

     (29,543,906     (2,826,497     (150,813,253     (20,368,644

 

  

 

 

   

 

 

 

Total distributions from distributable earnings

     (669,589,428     (96,074,616     (1,332,987,552     (325,968,052

 

  

 

 

   

 

 

 

Share transactions-net:

        

Institutional Class

     14,027,316,395       4,330,861,644       10,156,276,156       11,726,491,208  

 

  

 

 

   

 

 

 

Private Investment Class

     236,582,670       78,001,581       164,377,949       72,215,877  

 

  

 

 

   

 

 

 

Personal Investment Class

     (192,259,153     315,801,181       (5,957,939     29,989,058  

 

  

 

 

   

 

 

 

Cash Management Class

     (154,069,233     (57,379,422     (517,510,396     394,921,370  

 

  

 

 

   

 

 

 

Reserve Class

     (328,669,854     119,769,440       (86,634,703     190,502,067  

 

  

 

 

   

 

 

 

Resource Class

     (642,242     24,190,011       61,306,446       17,158,805  

 

  

 

 

   

 

 

 

Corporate Class

     1,413,797,274       207,510,470       1,023,377,300       (539,261,258

 

  

 

 

   

 

 

 

CAVU Securities Class

     1,297,043,776       10,231,626       6,183,737,346       3,411,670,557  

 

  

 

 

   

 

 

 

Net increase in net assets resulting from share transactions

     16,299,099,633       5,028,986,531       16,978,972,159       15,303,687,684  

 

  

 

 

   

 

 

 

Net increase in net assets

     16,301,829,889       5,025,099,969       16,981,255,605       15,275,144,107  

 

  

 

 

   

 

 

 

Net assets:

        

Beginning of period

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

 

  

 

 

   

 

 

 

End of period

   $ 41,175,760,983     $ 24,873,931,094     $ 86,034,242,571     $ 69,052,986,966  

 

  

 

 

   

 

 

 

 

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, 2023 and the year ended August 31, 2022

(Unaudited)

 

     Invesco Treasury Obligations Portfolio     Invesco Tax-Free Cash Reserve Portfolio  
     February 28,
2023
   

August 31,

2022

    February 28,
2023
    August 31,
2022
 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Operations:

        

Net investment income

   $ 23,988,340     $ 4,933,278     $ 2,961,235     $ 629,361  

 

  

 

 

   

 

 

 

Net realized gain (loss)

     (30,165     (129,607     -       -  

 

  

 

 

   

 

 

 

Net increase in net assets resulting from operations

     23,958,175       4,803,671       2,961,235       629,361  

 

  

 

 

   

 

 

 

Distributions to shareholders from distributable earnings:

        

Institutional Class

     (22,764,739     (4,768,439     (2,597,193     (576,238

 

  

 

 

   

 

 

 

Private Investment Class

     (259,555     (48,742     (243,504     (26,690

 

  

 

 

   

 

 

 

Personal Investment Class

     (173,656     (29,749     (7,751     (2,178

 

  

 

 

   

 

 

 

Cash Management Class

     (1,358     (319     (37,135     (11,012

 

  

 

 

   

 

 

 

Reserve Class

     (660,979     (71,516     (67,697     (10,273

 

  

 

 

   

 

 

 

Resource Class

     (3,661     (360     (7,815     (2,938

 

  

 

 

   

 

 

 

Corporate Class

     (124,392     (14,153     (140     (32

 

  

 

 

   

 

 

 

Total distributions from distributable earnings

     (23,988,340     (4,933,278     (2,961,235     (629,361

 

  

 

 

   

 

 

 

Share transactions-net:

        

Institutional Class

     166,084,398       38,941,402       (2,953,360     78,490,605  

 

  

 

 

   

 

 

 

Private Investment Class

     2,096,826       (78,490     10,542,278       5,209,668  

 

  

 

 

   

 

 

 

Personal Investment Class

     (757,179     8,907,420       (1,414,442     133,658  

 

  

 

 

   

 

 

 

Cash Management Class

     1,491       (174,408     (250,931     (851,665

 

  

 

 

   

 

 

 

Reserve Class

     2,655,507       (32,341,061     (9,080,916     (1,439,232

 

  

 

 

   

 

 

 

Resource Class

     17,103       198       (24,302     (716,611

 

  

 

 

   

 

 

 

Corporate Class

     (86,382     (1,691,615     136       19  

 

  

 

 

   

 

 

 

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

     170,011,764       13,563,446       (3,181,537     80,826,442  

 

  

 

 

   

 

 

 

Net increase (decrease) in net assets

     169,981,599       13,433,839       (3,181,537     80,826,442  

 

  

 

 

   

 

 

 

Net assets:

        

Beginning of period

     1,175,082,030       1,161,648,191       232,634,661       151,808,219  

 

  

 

 

   

 

 

 

End of period

   $ 1,345,063,629     $ 1,175,082,030     $ 229,453,124     $ 232,634,661  

 

  

 

 

   

 

 

 

 

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

 

30   Short-Term Investments Trust


Financial Highlights

(Unaudited)

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

Corporate Class

 

      Net asset
value,
beginning
of period
   Net
investment
income(a)
   Net gains
(losses)
on securities
(both
realized and
unrealized)
  Total from
investment
operations
   Dividends
from net
investment
income
  Distributions
from net
realized
gains
  Return of
capital
  Total
distributions
  Net asset
value, end
of period
   Total
return(b)
  Net assets,
end of period
(000’s omitted)
  

Ratio of

expenses
to average
net assets
with fee
waivers
and/or expense
reimbursements

 

Ratio of
expenses
to average net
assets without
fee waivers
and/or expense

reimbursements

  Ratio of net
investment
income
to average
net assets

Invesco Liquid Assets Portfolio

 

Six months ended 02/28/23

   $ 1.0002      $ 0.0184      $ 0.0000     $ 0.0184      $ (0.0184   $ -     $ -     $ (0.0184   $ 1.0002        1.86   $ 6,059        0.21 %(c)      0.25 %(c)      3.70 %(c) 

Year ended 08/31/22

     1.0004        0.0047        (0.0000     0.0047        (0.0049     -       -       (0.0049     1.0002        0.47       23        0.19       0.25       0.47  

Year ended 08/31/21

     1.0006        0.0003        (0.0002     0.0001        (0.0003     -       -       (0.0003     1.0004        0.01       23        0.19       0.25       0.03  

Year ended 08/31/20

     1.0004        0.0123        (0.0006     0.0117        (0.0115     -       -       (0.0115     1.0006        1.17       39        0.21       0.25       1.23  

Year ended 08/31/19

     1.0004        0.0234        (0.0000     0.0234        (0.0234     -       -       (0.0234     1.0004        2.36       327        0.21       0.25       2.34  

Year ended 08/31/18

     1.0002        0.0170        (0.0011     0.0159        (0.0157     -       -       (0.0157     1.0004        1.60       1,926        0.21       0.26       1.70  

Invesco STIC Prime Portfolio

 

Six months ended 02/28/23

     1.0000        0.0175        0.0004       0.0179        (0.0179     -       -       (0.0179     1.0000        1.80       507        0.21 (c)      0.30 (c)      3.52 (c) 

Year ended 08/31/22

     1.0000        0.0049        (0.0000     0.0049        (0.0045     -       (0.0004     (0.0049     1.0000        0.49       21        0.16       0.31       0.60  

Year ended 08/31/21

     1.0000        0.0001        (0.0000     0.0001        (0.0001     -       -       (0.0001     1.0000        0.01       21        0.13       0.33       0.01  

Year ended 08/31/20

     1.0001        0.0114        (0.0013     0.0101        (0.0102     -       -       (0.0102     1.0000        1.03       21        0.21       0.29       1.13  

Year ended 08/31/19

     1.0001        0.0224        0.0000       0.0224        (0.0224     -       -       (0.0224     1.0001        2.26       21        0.21       0.28       2.23  

Year ended 08/31/18

     1.0000        0.0152        (0.0002     0.0150        (0.0149     -       -       (0.0149     1.0001        1.51       20        0.21       0.30       1.52  

Invesco Treasury Portfolio

 

Six months ended 02/28/23

     1.00        0.02        0.00       0.02        (0.02     -       -       (0.02     1.00        1.80       1,887,843        0.21 (c)      0.24 (c)      3.74 (c) 

Year ended 08/31/22

     1.00        0.00        (0.00     0.00        (0.00     -       -       (0.00     1.00        0.45       473,992        0.14       0.24       0.46  

Year ended 08/31/21

     1.00        0.00        0.00       0.00        (0.00     -       -       (0.00     1.00        0.01       266,548        0.10       0.24       0.01  

Year ended 08/31/20

     1.00        0.01        0.00       0.01        (0.01     (0.00     -       (0.01     1.00        0.88       1,133,683        0.21       0.24       0.83  

Year ended 08/31/19

     1.00        0.02        0.00       0.02        (0.02     -       -       (0.02     1.00        2.17       429,129        0.21       0.24       2.15  

Year ended 08/31/18

     1.00        0.01        0.00       0.01        (0.01     -       -       (0.01     1.00        1.34       467,373        0.21       0.23       1.34  

Invesco Government & Agency Portfolio

 

Six months ended 02/28/23

     1.00        0.02        0.00       0.02        (0.02     -       -       (0.02     1.00        1.80       1,565,746        0.19 (c)      0.19 (c)      3.66 (c) 

Year ended 08/31/22

     1.00        0.01        (0.01     0.00        (0.00     -       -       (0.00     1.00        0.49       542,615        0.12       0.19       0.53  

Year ended 08/31/21

     1.00        0.00        0.00       0.00        (0.00     -       -       (0.00     1.00        0.02       1,082,096        0.08       0.19       0.02  

Year ended 08/31/20

     1.00        0.01        (0.00     0.01        (0.01     (0.00     -       (0.01     1.00        0.92       31,268        0.18       0.18       0.82  

Year ended 08/31/19

     1.00        0.02        0.00       0.02        (0.02     -       -       (0.02     1.00        2.19       40,349        0.19       0.19       2.17  

Year ended 08/31/18

     1.00        0.01        0.00       0.01        (0.01     -       -       (0.01     1.00        1.35       146,277        0.18       0.18       1.32  

Invesco Treasury Obligations Portfolio

 

Six months ended 02/28/23

     1.00        0.02        (0.00     0.02        (0.02     -       -       (0.02     1.00        1.75       3,255        0.21 (c)      0.24 (c)      3.55 (c) 

Year ended 08/31/22

     1.00        0.00        (0.00     0.00        (0.00     -       -       (0.00     1.00        0.42       3,341        0.15       0.24       0.44  

Year ended 08/31/21

     1.00        0.00        0.00       0.00        (0.00     -       -       (0.00     1.00        0.01       5,033        0.10       0.24       0.01  

Year ended 08/31/20

     1.00        0.01        (0.00     0.01        (0.01     -       -       (0.01     1.00        0.91       10,442        0.21       0.23       0.81  

Year ended 08/31/19

     1.00        0.02        0.00       0.02        (0.02     -       -       (0.02     1.00        2.14       10        0.21       0.24       2.12  

Year ended 08/31/18

     1.00        0.01        0.00       0.01        (0.01     -       -       (0.01     1.00        1.31       10        0.21       0.24       1.31  

Invesco Tax-Free Cash Reserve Portfolio

 

Six months ended 02/28/23

     1.00        0.01        -       0.01        (0.01     -       -       (0.01     1.00        1.10       10        0.23 (c)      0.36 (c)      2.23 (c) 

Year ended 08/31/22

     1.00        0.00        -       0.00        (0.00     -       -       (0.00     1.00        0.31       10        0.16       0.40       0.37  

Year ended 08/31/21

     1.00        0.00        -       0.00        (0.00     -       -       (0.00     1.00        0.01       10        0.07       0.43       0.01  

Year ended 08/31/20

     1.00        0.01        -       0.01        (0.01     -       -       (0.01     1.00        0.74       10        0.20       0.37       0.75  

Year ended 08/31/19

     1.00        0.01        -       0.01        (0.01     -       -       (0.01     1.00        1.35       10        0.23       0.38       1.35  

Year ended 08/31/18

     1.00        0.01        (0.00     0.01        (0.01     -       -       (0.01     1.00        0.97       10        0.23       0.41       0.98  

 

(a) 

Calculated using average shares outstanding.

(b) 

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and is not annualized for periods less than one year.

(c) 

Annualized.

 

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

 

31   Short-Term Investments Trust


Notes to Financial Statements

February 28, 2023

(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”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.

    The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio; and to provide tax-exempt income consistent with preservation of capital and liquidity for Invesco Tax-Free Cash Reserve Portfolio.

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

    Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

    Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio, both institutional money market funds, price and transact in their shares at a floating net asset value (“NAV”) reflecting the current market-based values of their portfolio securities, except as otherwise generally permitted for securities with remaining maturities of 60 days or less, which are valued at amortized cost. Rules and regulations also require Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).

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

    Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Invesco Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, seek to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation.

    “Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/or repurchase agreements collateralized fully by cash or Government Securities. “Retail money market funds” are required to adopt policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons.

    Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio and Invesco Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.

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

A.

Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities normally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

    Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is unreliable in the Adviser’s judgment, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

    Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

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

    Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.

B.

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

 

32   Short-Term Investments Trust


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

    The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

    Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Funds and the investment adviser.

    The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D.

Distributions - It is the policy of the Funds to declare dividends from net investment income, if any, daily and pay them monthly. 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, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H.

Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I.

Repurchase Agreements - The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income.

J.

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

 

33   Short-Term Investments Trust


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

    The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.

    The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

    Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and each Fund’s investments in municipal securities.

    There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

    U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.

K.

COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:

 

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

 

Invesco Liquid Assets Portfolio

   0.15%   0.15%   0.15%

 

Invesco STIC Prime Portfolio

   0.15%   0.15%   0.15%

 

Invesco Treasury Portfolio

   0.15%   0.15%   0.15%

 

Invesco Government & Agency Portfolio

   0.10%   0.10%   0.10%

 

Invesco Treasury Obligations Portfolio

   0.20%   0.15%   0.10%

 

Invesco Tax-Free Cash Reserve Portfolio

   0.20%   0.20%   0.20%

 

    For the six months ended February 28, 2023, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:

 

Invesco Liquid Assets Portfolio

     0.15%  

 

 

Invesco STIC Prime Portfolio

     0.15%  

 

 

Invesco Treasury Portfolio

     0.15%  

 

 

Invesco Government & Agency Portfolio

     0.10%  

 

 

Invesco Treasury Obligations Portfolio

     0.13%  

 

 

Invesco Tax-Free Cash Reserve Portfolio

     0.20%  

 

 

    Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, for Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

    The Adviser has contractually agreed, through at least December 31, 2023, 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

 

34   Short-Term Investments Trust


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

 

         Private   Personal   Cash               CAVU
     Institutional   Investment   Investment   Management   Reserve   Resource   Corporate   Securities
     Class   Class   Class   Class   Class   Class   Class   Class

 

Invesco Liquid Assets Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.38%   0.21%   0.18%

 

Invesco STIC Prime Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.34%   0.21%   -

 

Invesco Treasury Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.34%   0.21%   0.18%

 

Invesco Government & Agency Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.34%   0.21%   0.18%

 

Invesco Treasury Obligations Portfolio

   0.18%   0.43%   0.73%   0.26%   1.05%   0.34%   0.21%   -

 

Invesco Tax-Free Cash Reserve Portfolio

   0.20%   0.45%   0.75%   0.28%   1.07%   0.36%   0.23%   -

 

    The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.

    In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses, and (5) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

    For the six months ended February 28, 2023, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:

 

     Expense
Limitation
 

 

 

Invesco Liquid Assets Portfolio

   $    342,612  

 

 

Invesco STIC Prime Portfolio

     173,553  

 

 

Invesco Treasury Portfolio

     6,268,478  

 

 

Invesco Government & Agency Portfolio

     84,156  

 

 

Invesco Treasury Obligations Portfolio

     181,160  

 

 

Invesco Tax-Free Cash Reserve Portfolio

     179,196  

 

 

    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, 2023, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as fund accountant and provides certain administrative services to the Funds. Pursuant to a custody agreement with the Trust on behalf of the Funds, BNY Mellon also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 28, 2023, 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”). Each Fund, pursuant to the Plans, pays IDI compensation up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.

 

     Private
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,

 

35   Short-Term Investments Trust


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. 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 the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

    As of February 28, 2023, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase securities from or sell securities to certain other affiliated 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 that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the six months ended February 28, 2023, each Fund engaged in transactions with affiliates as listed below:

 

     Securities Purchases      Securities Sales      Net Realized Gains

 

Invesco Liquid Assets Portfolio

     $                    -        $  15,017,260      $-

 

Invesco STIC Prime Portfolio

     10,011,507        7,808,191      -

 

Invesco Tax-Free Cash Reserve Portfolio

     164,296,012        170,492,689      -

 

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 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. 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 had a capital loss carryforward as of August 31, 2022, as follows:

 

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

 

 

Invesco Liquid Assets Portfolio

   $ 9,051      $ -      $ 9,051  

 

 

Invesco Treasury Portfolio

     3,918,575        -        3,918,575  

 

 

Invesco Government & Agency Portfolio

     28,544,744        -        28,544,744  

 

 

Invesco Treasury Obligations Portfolio

     132,371        24,258        156,629  

 

 

Invesco Tax-Free Cash Reserve Portfolio

     19,092        -        19,092  

 

 

 

*

Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:

 

     At February 28, 2023  
                         Net  
                         Unrealized  
     Federal      Unrealized      Unrealized     Appreciation  
     Tax Cost*      Appreciation      (Depreciation)     (Depreciation)  

 

 

Invesco Liquid Assets Portfolio

   $ 1,833,286,676      $ 103,511      $ (273,743   $ (170,232

 

 

Invesco STIC Prime Portfolio

     234,120,176        546        (3,822     (3,276

 

 

Invesco Treasury Obligations Portfolio

     1,356,198,463        -        (8,870     (8,870

 

 

 

*

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

NOTE 9–Share Information

Invesco Liquid Assets Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
     Year ended
August 31, 2022
 
     Shares      Amount      Shares      Amount  

 

 

Sold:

           

Institutional Class

     7,575,148,001      $ 7,576,878,151        16,021,220,223      $ 16,021,997,196  

 

 

Private Investment Class

     1,140        1,140        173        173  

 

 

Cash Management Class

     6,118        6,119        1        1  

 

 

Reserve Class

     256        257        7,065        7,068  

 

 

Resource Class

     417        417        -        -  

 

 

Corporate Class

     5,998,343        6,000,042        -        -  

 

 

CAVU Securities Class

     -        -        1        1  

 

 

Issued as reinvestment of dividends:

           

Institutional Class

     4,247,510        4,248,575        331,500        331,481  

 

 

Private Investment Class

     17,991        17,996        3,597        3,597  

 

 

Personal Investment Class

     4        4        -        -  

 

 

Cash Management Class

     31,256        31,264        5,971        5,971  

 

 

Reserve Class

     2,461        2,461        174        174  

 

 

Resource Class

     4,382        4,383        599        599  

 

 

Corporate Class

     36,900        36,909        70        70  

 

 

 

37   Short-Term Investments Trust


NOTE 9–Share Information–(continued)

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Reacquired:

        

Institutional Class

     (7,501,501,745   $ (7,503,217,013     (16,635,655,012   $ (16,636,609,365

 

 

Private Investment Class

     (49,320     (49,332     (1,822,166     (1,822,177

 

 

Cash Management Class

     (81,322     (81,346     (1,207,094     (1,207,189

 

 

Reserve Class

     (6,059     (6,061     (47,789     (47,792

 

 

Resource Class

     (3,063     (3,065     (114,803     (114,839

 

 

Corporate Class

     (23     (23     (425     (424

 

 

Net increase (decrease) in share activity

     83,853,247     $ 83,870,878       (617,277,915   $ (617,455,455

 

 

 

(a) 

42% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

38   Short-Term Investments Trust


NOTE 9–Share Information–(continued)

 

Invesco STIC Prime Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     911,782,582     $ 911,783,366       1,898,258,845     $ 1,898,293,281  

 

 

Private Investment Class

     69,416       69,416       66,475       66,475  

 

 

Personal Investment Class

     129       129       45       45  

 

 

Cash Management Class

     200,511       200,511       47,921       47,925  

 

 

Reserve Class

     87       87       1       1  

 

 

Resource Class

     1       1       -       -  

 

 

Corporate Class

     611,040       611,040       -       -  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     5,147,362       5,147,362       718,725       718,729  

 

 

Private Investment Class

     5,822       5,822       961       961  

 

 

Personal Investment Class

     1,411       1,411       131       131  

 

 

Cash Management Class

     4,838       4,838       351       351  

 

 

Reserve Class

     971       971       62       62  

 

 

Resource Class

     8       8       1       1  

 

 

Corporate Class

     4,612       4,612       64       64  

 

 

Reacquired:

        

Institutional Class

     (1,007,016,975     (1,007,018,016     (1,798,225,673     (1,798,252,661

 

 

Private Investment Class

     (200,392     (200,392     (215,296     (215,297

 

 

Personal Investment Class

     -       -       (1,624     (1,624

 

 

Cash Management Class

     (107,101     (107,101     (175,291     (175,297

 

 

Reserve Class

     (1     (1     (16,836     (16,838

 

 

Resource Class

     (1     (1     -       -  

 

 

Corporate Class

     (130,000     (130,000     -       -  

 

 

Net increase (decrease) in share activity

     (89,625,680   $ (89,625,937     100,458,862     $ 100,466,309  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 62% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

 

39   Short-Term Investments Trust


NOTE 9–Share Information–(continued)

 

Invesco Treasury Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     145,004,051,458     $ 145,004,051,458       132,066,034,066     $ 132,066,034,066  

 

 

Private Investment Class

     693,606,770       693,606,770       1,001,410,898       1,001,410,898  

 

 

Personal Investment Class

     1,065,604,266       1,065,604,266       2,236,178,971       2,236,178,971  

 

 

Cash Management Class

     445,291,553       445,291,553       1,488,319,714       1,488,319,714  

 

 

Reserve Class

     2,136,575,113       2,136,575,113       3,559,612,942       3,559,612,942  

 

 

Resource Class

     154,959,401       154,959,401       215,964,855       215,964,855  

 

 

Corporate Class

     7,067,487,198       7,067,487,198       4,502,000,934       4,502,000,934  

 

 

CAVU Securities Class

     10,117,703,630       10,117,703,630       12,888,063,731       12,888,063,731  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     188,438,016       188,438,016       10,223,078       10,223,078  

 

 

Private Investment Class

     4,364,973       4,364,973       184,233       184,233  

 

 

Personal Investment Class

     5,687,699       5,687,699       398,914       398,914  

 

 

Cash Management Class

     5,107,835       5,107,835       1,071,516       1,071,516  

 

 

Reserve Class

     12,607,423       12,607,423       971,014       971,014  

 

 

Resource Class

     1,108,827       1,108,827       130,138       130,138  

 

 

Corporate Class

     9,000,585       9,000,585       261,029       261,029  

 

 

CAVU Securities Class

     17,718,130       17,718,130       1,880       1,880  

 

 

Reacquired:

        

Institutional Class

     (131,165,173,079     (131,165,173,079     (127,745,395,500     (127,745,395,500

 

 

Private Investment Class

     (461,389,073     (461,389,073     (923,593,550     (923,593,550

 

 

Personal Investment Class

     (1,263,551,118     (1,263,551,118     (1,920,776,704     (1,920,776,704

 

 

Cash Management Class

     (604,468,621     (604,468,621     (1,546,770,652     (1,546,770,652

 

 

Reserve Class

     (2,477,852,390     (2,477,852,390     (3,440,814,516     (3,440,814,516

 

 

Resource Class

     (156,710,470     (156,710,470     (191,904,982     (191,904,982

 

 

Corporate Class

     (5,662,690,509     (5,662,690,509     (4,294,751,493     (4,294,751,493

 

 

CAVU Securities Class

     (8,838,377,984     (8,838,377,984     (12,877,833,985     (12,877,833,985

 

 

Net increase in share activity

     16,299,099,633     $ 16,299,099,633       5,028,986,531     $ 5,028,986,531  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 40% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

 

40   Short-Term Investments Trust


NOTE 9–Share Information–(continued)

 

Invesco Government & Agency Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     324,869,749,338     $ 324,869,749,338       454,339,645,288     $ 454,339,645,288  

 

 

Private Investment Class

     1,126,644,425       1,126,644,425       1,778,974,054       1,778,974,054  

 

 

Personal Investment Class

     58,898,358       58,898,358       97,861,174       97,861,174  

 

 

Cash Management Class

     414,424,303       414,424,303       1,341,733,532       1,341,733,532  

 

 

Reserve Class

     807,114,011       807,114,011       2,373,222,673       2,373,222,673  

 

 

Resource Class

     826,482,205       826,482,205       1,481,464,937       1,481,464,937  

 

 

Corporate Class

     8,128,163,560       8,128,163,560       10,354,778,887       10,354,778,887  

 

 

CAVU Securities Class

     68,062,764,562       68,062,764,562       77,360,488,467       77,360,488,467  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     455,040,015       455,040,015       49,592,996       49,592,996  

 

 

Private Investment Class

     7,769,707       7,769,707       747,946       747,946  

 

 

Personal Investment Class

     501,718       501,718       55,691       55,691  

 

 

Cash Management Class

     3,325,117       3,325,117       463,867       463,867  

 

 

Reserve Class

     8,266,117       8,266,117       542,028       542,028  

 

 

Resource Class

     2,777,506       2,777,506       486,110       486,110  

 

 

Corporate Class

     11,198,615       11,198,615       1,161,309       1,161,309  

 

 

CAVU Securities Class

     99,055,148       99,055,148       7,176,754       7,176,754  

 

 

Reacquired:

        

Institutional Class

     (315,168,513,197     (315,168,513,197     (442,662,747,076     (442,662,747,076

 

 

Private Investment Class

     (970,036,183     (970,036,183     (1,707,506,123     (1,707,506,123

 

 

Personal Investment Class

     (65,358,015     (65,358,015     (67,927,807     (67,927,807

 

 

Cash Management Class

     (935,259,816     (935,259,816     (947,276,029     (947,276,029

 

 

Reserve Class

     (902,014,831     (902,014,831     (2,183,262,634     (2,183,262,634

 

 

Resource Class

     (767,953,265     (767,953,265     (1,464,792,242     (1,464,792,242

 

 

Corporate Class

     (7,115,984,875     (7,115,984,875     (10,895,201,454     (10,895,201,454

 

 

CAVU Securities Class

     (61,978,082,364     (61,978,082,364     (73,955,994,664     (73,955,994,664

 

 

Net increase in share activity

     16,978,972,159     $ 16,978,972,159       15,303,687,684     $ 15,303,687,684  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

 

41   Short-Term Investments Trust


NOTE 9–Share Information–(continued)

 

Invesco Treasury Obligations Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     2,955,044,530     $ 2,955,044,530       2,034,763,395     $ 2,034,763,395  

 

 

Private Investment Class

     5,741,484       5,741,484       4,862,034       4,862,034  

 

 

Personal Investment Class

     7,866,493       7,866,493       25,412,787       25,412,787  

 

 

Cash Management Class

     133       133       -       -  

 

 

Reserve Class

     75,864,809       75,864,809       237,156,939       237,156,939  

 

 

Resource Class

     1,257,552       1,257,552       891,607       891,607  

 

 

Corporate Class

     20,654,915       20,654,915       -       -  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     13,024,486       13,024,486       1,208,158       1,208,158  

 

 

Private Investment Class

     259,555       259,555       25,960       25,960  

 

 

Personal Investment Class

     173,656       173,656       13,163       13,163  

 

 

Cash Management Class

     1,358       1,358       185       185  

 

 

Reserve Class

     660,979       660,979       26,868       26,868  

 

 

Resource Class

     2,003       2,003       -       -  

 

 

Corporate Class

     121,810       121,810       8,385       8,385  

 

 

Reacquired:

        

Institutional Class

     (2,801,984,618     (2,801,984,618     (1,997,030,151     (1,997,030,151

 

 

Private Investment Class

     (3,904,213     (3,904,213     (4,966,484     (4,966,484

 

 

Personal Investment Class

     (8,797,328     (8,797,328     (16,518,530     (16,518,530

 

 

Cash Management Class

     -       -       (174,593     (174,593

 

 

Reserve Class

     (73,870,281     (73,870,281     (269,524,868     (269,524,868

 

 

Resource Class

     (1,242,452     (1,242,452     (891,409     (891,409

 

 

Corporate Class

     (20,863,107     (20,863,107     (1,700,000     (1,700,000

 

 

Net increase in share activity

     170,011,764     $ 170,011,764       13,563,446     $ 13,563,446  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 39% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 38% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

42   Short-Term Investments Trust


NOTE 9–Share Information–(continued)

 

Invesco Tax-Free Cash Reserve Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     222,924,718     $ 222,924,718       264,322,787     $ 264,322,787  

 

 

Private Investment Class

     36,294,273       36,294,273       8,658,509       8,658,509  

 

 

Personal Investment Class

     1,707,275       1,707,275       4,144,947       4,144,947  

 

 

Cash Management Class

     2,589,877       2,589,877       4,995,075       4,995,075  

 

 

Reserve Class

     13,217,998       13,217,998       44,954,869       44,954,869  

 

 

Resource Class

     537       537       -       -  

 

 

Corporate Class

     49,490       49,490       -       -  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     1,792,239       1,792,239       203,648       203,648  

 

 

Private Investment Class

     233,864       233,864       10,734       10,734  

 

 

Personal Investment Class

     7,751       7,751       619       619  

 

 

Cash Management Class

     8,620       8,620       1,959       1,959  

 

 

Reserve Class

     67,697       67,697       2,238       2,238  

 

 

Resource Class

     7,709       7,709       1,890       1,890  

 

 

Corporate Class

     136       136       19       19  

 

 

Reacquired:

        

Institutional Class

     (227,670,317     (227,670,317     (186,035,830     (186,035,830

 

 

Private Investment Class

     (25,985,859     (25,985,859     (3,459,575     (3,459,575

 

 

Personal Investment Class

     (3,129,468     (3,129,468     (4,011,908     (4,011,908

 

 

Cash Management Class

     (2,849,428     (2,849,428     (5,848,699     (5,848,699

 

 

Reserve Class

     (22,366,611     (22,366,611     (46,396,339     (46,396,339

 

 

Resource Class

     (32,548     (32,548     (718,501     (718,501

 

 

Corporate Class

     (49,490     (49,490     -       -  

 

 

Net increase (decrease) in share activity

     (3,181,537   $ (3,181,537     80,826,442     $ 80,826,442  

 

 
(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 82% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 10–Significant Event

On January 19, 2023, the Board of Trustees approved a Plan of Liquidation and Dissolution, which authorizes the termination, liquidation and dissolution of Invesco Tax-Free Cash Reserve Portfolio Fund (the “Fund”). In order to effect such liquidation, the Fund closed to investments by new accounts after the close of business on February 24, 2023. The Fund is expected to liquidate on or about April 24, 2023.

 

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, 2022 through February 28, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

 

                    HYPOTHETICAL     
          ACTUAL   (5% annual return before expenses)     
Corporate Class   Beginning
Account Value
(09/01/22)
  Ending
Account Value
(02/28/23)1
  Expenses
Paid During
Period2
  Ending
Account Value
(02/28/23)
  Expenses
Paid During
Period2
 

      Annualized      
Expense

Ratio

Invesco Liquid Assets Portfolio   $1,000.00   $1,018.60   $1.05   $1,023.75   $1.05   0.21%
Invesco STIC Prime Portfolio     1,000.00     1,018.00     1.05     1,023.75     1.05   0.21   
Invesco Treasury Portfolio     1,000.00     1,018.00     1.05     1,023.75     1.05   0.21   
Invesco Government & Agency Portfolio     1,000.00     1,018.00     0.95     1,023.85     0.95   0.19   
Invesco Treasury Obligations Portfolio     1,000.00     1,017.50     1.05     1,023.75     1.05   0.21   
  Invesco  Tax-Free Cash       Reserve Portfolio     1,000.00     1,011.00     1.15     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, 2022 through February 28, 2023, 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


(This page intentionally left blank)

 

 


(This page intentionally left blank)

 

 


(This page intentionally left blank)

 

 


 

 

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

 

 

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

 

 

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-MFP filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

 

 

LOGO      
SEC file numbers: 811-02729 and 002-58287    Invesco Distributors, Inc.    CM-STIT-SAR-2                                 


LOGO

 

Semiannual Report to Shareholders    February 28, 2023
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

    

 

   
2   Fund Data
3   Schedules of Investments
25   Financial Statements
31   Financial Highlights
32   Notes to Financial Statements
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, 2023, and is based on total net assets. Unless otherwise stated, all data is provided by Invesco.

 

 

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE


 

Fund Data

 

       

Cash Management Class data as of 2/28/23

              
       
  FUND   

WEIGHTED

AVERAGE

MATURITY

     WEIGHTED
AVERAGE
LIFE
    

TOTAL

NET

ASSETS

      Range
During
Reporting
Period
     At
Reporting
Period
End
    

At
Reporting
Period

End

       

Invesco Liquid Assets1

   12 - 48 days      41 days      47 days      $1.7 million      

Invesco STIC Prime1

   2 - 8 days      3 days      5 days      467.3 thousand    

Invesco Treasury2

   3 - 30 days      26 days      111 days          240.7 million    

Invesco Government & Agency2

   8 - 30 days      23 days      109 days      625.2 million     

Invesco Treasury Obligations2

   29 - 53 days      45 days      103 days        80.1 thousand    

Invesco Tax-Free Cash Reserve3

   6 - 13 days      6 days      6 days          3.5 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


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio

 

     Interest
Rate
    Maturity
Date
    

Principal
Amount

(000)

     Value  

 

 

Commercial Paper-51.09%(a)

          

Asset-Backed Securities - Consumer Receivables-1.09%

          

Old Line Funding LLC (1 mo. FEDL + 0.12%)(b)(c)(d)

     4.65%       05/23/2023      $          20,000      $      20,000,000  

 

 

Asset-Backed Securities - Fully Supported Bank-12.57%

          

Anglesea Funding LLC (Multi - CEP’s) (1 mo. OBFR + 0.19%)(b)(c)(d)

     4.76%       04/07/2023        40,000        40,006,000  

 

 

Concord Minutemen Capital Co. LLC (Multi - CEP’s) (SOFR + 0.35%)(b)(c)(d)

     4.66%       04/19/2023        37,108        37,117,871  

 

 

Lexington Parker Capital Co. LLC (Multi - CEP’s)(b)(c)

     4.63%       03/15/2023        20,000        19,961,875  

 

 

Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c)

     4.62%       03/17/2023        39,110        39,025,451  

 

 

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

     4.82%       05/02/2023        50,000        49,586,475  

 

 

Nieuw Amsterdam Receivables Corp B.V. (CEP - Cooperatieve Rabobank U.A.) (Netherlands)(b)(c)

     4.68%       04/11/2023        19,500        19,394,417  

 

 

Versailles Commercial Paper LLC (CEP - Natixis SA)(c)

     4.95%       05/03/2023        25,000        24,788,844  

 

 
             229,880,933  

 

 

Diversified Banks-19.40%

          

Banco Santander S.A. (Spain)(b)(c)

     4.94%       05/01/2023        25,000          24,796,778  

 

 

Banco Santander S.A. (Spain)(b)(c)

     4.96%       05/10/2023        10,000        9,906,438  

 

 

Barclays Bank PLC(b)(c)

     4.89%       05/24/2023        10,000        9,886,147  

 

 

DBS Bank Ltd. (Singapore)(b)(c)

     5.18%       06/07/2023        20,000        19,737,925  

 

 

DNB Bank ASA (Norway)(b)(c)

     5.15%       02/01/2024        25,000        23,780,149  

 

 

DZ Bank AG (Germany)(b)(c)

     4.79%       04/11/2023        30,000        29,838,405  

 

 

Lloyds Bank PLC (United Kingdom)(c)

     5.14%       08/01/2023        25,000        24,464,636  

 

 

National Australia Bank Ltd. (Australia)(b)(c)

     5.10%       11/02/2023        40,000        38,606,096  

 

 

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

     4.65%       04/03/2023        50,000        49,781,078  

 

 

Nordea Bank Abp (Finland)(b)(c)

     5.06%       07/03/2023        30,000        29,493,646  

 

 

Sumitomo Mitsui Trust Bank Ltd.(b)(c)

     4.58%       03/06/2023        50,000        49,962,083  

 

 

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

     0.00%       01/26/2024        25,000        24,934,499  

 

 

Westpac Banking Corp. (Australia)(b)(c)

     5.47%       08/03/2023        20,000        19,580,447  

 

 
             354,768,327  

 

 

Diversified Capital Markets-5.98%

          

Collateralized Commercial Paper V Co. LLC (CEP - JPMorgan Securities LLC)

     5.09%       07/12/2023        10,000        9,816,606  

 

 

Glencove Funding LLC (CEP - Standard Chartered Bank)(b)(c)

     4.80%       04/25/2023        50,000        49,635,222  

 

 

Great Bear Funding LLC (CEP - Bank of Nova Scotia) (1 mo. OBFR + 0.25%)(c)(d)

     4.82%       07/24/2023        30,000        30,005,940  

 

 

Longship Funding LLC (CEP - Nordea Bank AB)(b)(c)

     4.62%       03/17/2023        20,000        19,956,556  

 

 
             109,414,324  

 

 

Education Services-1.97%

          

Emory University

     4.68%       04/06/2023        36,000        35,983,588  

 

 

Investment Banking & Brokerage-1.62%

          

Goldman Sachs International(b)

     4.97%       05/24/2023        30,000        29,663,400  

 

 

Regional Banks-2.73%

          

Mitsubishi UFJ Trust & Banking Corp.(b)(c)

     4.59%       03/24/2023        50,000        49,848,667  

 

 

Specialized Finance-5.73%

          

Cabot Trail Funding LLC (CEP - TD Bank N.A.)(b)(c)

     4.68%       04/03/2023        25,000        24,890,208  

 

 

Caterpillar Financial Services Corp.

     4.61%       03/02/2023        50,000        49,987,478  

 

 

 

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

 

3   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio–(continued)

 

    

Interest

Rate

    Maturity
Date
    

Principal
Amount

(000)

     Value  

 

 

Specialized Finance-(continued)

          

Great Bear Funding LLC (CEP - Bank of Nova Scotia) (1 mo. OBFR + 0.23%)(c)(d)

     4.80%       07/24/2023      $ 20,000      $ 20,003,960  

 

 

Ontario Teachers’ Finance Trust (Canada)(b)(c)

     5.24%       05/16/2023        10,000        9,898,852  

 

 
             104,780,498  

 

 

Total Commercial Paper (Cost $934,507,127)

             934,339,737  

 

 

Certificates of Deposit-23.43%

          

Bank of America N.A.

     5.37%       08/28/2023        40,000        39,989,008  

 

 

Credit Agricole Corporate & Investment Bank S.A.(c)

     4.55%       03/01/2023        69,572        69,571,586  

 

 

DNB Bank ASA (Norway)(c)

     4.55%       03/01/2023        62,000        62,000,000  

 

 

Mizuho Bank Ltd.(c)

     4.57%       03/01/2023        86,000        86,000,000  

 

 

Oversea-Chinese Banking Corp. Ltd.(c)

     4.84%       05/31/2023        25,000        24,998,175  

 

 

Oversea-Chinese Banking Corp. Ltd.(c)

     5.13%       07/14/2023        20,000        20,009,854  

 

 

Skandinaviska Enskilda Banken AB(c)

     4.56%       03/01/2023        90,000        90,000,000  

 

 

Sumitomo Mitsui Trust Bank Ltd.(c)

     4.55%       03/01/2023        36,000        36,000,000  

 

 

Total Certificates of Deposit (Cost $428,571,465)

             428,568,623  

 

 

Variable Rate Demand Notes-4.29%(e)

          

Credit Enhanced-4.29%

          

Board of Regents of the University of Texas System; Subseries 2016 G-2, VRD RB

     4.55%       08/01/2045        67,040        67,040,000  

 

 

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

     4.90%       04/01/2047        9,100        9,099,999  

 

 

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

     4.59%       05/01/2037        2,400        2,400,000  

 

 

Total Variable Rate Demand Notes (Cost $78,539,999)

             78,539,999  

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-78.81%
(Cost $1,441,618,591)

 

     1,441,448,359  

 

 
                  Repurchase
Amount
        

Repurchase Agreements-21.42%(g)

          

BMO Capital Markets Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $75,068,104 (collateralized by agency and non-agency asset-backed securities, corporate obligations, agency and non-agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $77,897,590; 0.00% - 8.59%; 09/29/2023 - 10/20/2072)(c)(h)

     4.67%       03/01/2023        5,004,540        5,000,000  

 

 

BMO Capital Markets Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $75,068,542 (collateralized by agency and non-agency asset-backed securities, corporate obligations, agency and non-agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $79,297,812; 0.00% - 11.67%; 04/01/2023 - 10/20/2072)(c)(h)

     4.70%       03/01/2023        20,018,278        20,000,000  

 

 

BNP Paribas Securities Corp., joint term agreement dated 02/23/2023, aggregate maturing value of $115,105,321 (collateralized by corporate obligations, non-agency asset-backed securities and a non-agency mortgage-backed security valued at $126,499,356; 3.75% - 11.23%; 03/15/2024 - 09/25/2047)(c)(h)

     4.71%       03/02/2023        45,041,213        45,000,000  

 

 

BNP Paribas Securities Corp., joint term agreement dated 02/23/2023, aggregate maturing value of $50,045,208 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $54,237,766; 0.00% - 6.91%; 10/21/2027 - 02/25/2068)(c)(h)

     4.65%       03/02/2023        18,016,275        18,000,000  

 

 

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $50,006,444 (collateralized by corporate obligations valued at $55,000,360; 3.63% -10.50%; 11/15/2026 - 05/15/2031)

     4.64%       03/01/2023        25,003,222        25,000,000  

 

 

 

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

 

4   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio–(continued)

 

     Interest
Rate
  Maturity
Date
   Repurchase
Amount
     Value  

 

 

Credit Agricole Corporate & Investment Bank, joint open agreement dated 02/17/2023 (collateralized by agency and non-agency asset-backed securities, corporate obligations, non-agency mortgage-backed securities valued at $212,241,452; 0.70% - 11.75%; 05/22/2023 - 05/15/2097)(c)(i)

   4.65%   03/01/2023    $ 15,001,938      $ 15,000,000  

 

 

J.P. Morgan Securities LLC, joint open agreement dated 01/04/2023
(collateralized by corporate obligations valued at $110,000,002; 0.00% - 11.50%; 05/30/2023 - 02/01/2050)(i)

   4.87%   03/01/2023      40,150,956        40,000,000  

 

 

J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,752,093; 4.25% - 10.63%; 09/01/2023 - 03/01/2033)(i)

   4.77%   03/01/2023      7,025,873        7,000,000  

 

 

RBC Capital Markets LLC, joint term agreement dated 02/22/2023, aggregate maturing value of $150,138,542 (collateralized by corporate obligations and a non-agency mortgage-backed security valued at $160,966,520; 0.00% - 13.00%; 03/02/2023 - 01/15/2077)(c)(h)

   4.75%   03/01/2023      15,013,854        15,000,000  

 

 

Societe Generale, joint open agreement dated 01/04/2023 (collateralized by corporate obligations, a non-agency asset-backed security, a U.S. government sponsored agency obligation and U.S. Treasury obligation valued at $92,137,344; 0.00% - 7.88%; 03/15/2023 - 02/27/2063)(c)(i)

   4.68%   03/01/2023      30,003,900        30,000,000  

 

 

Societe Generale, joint open agreement dated 08/06/2019 (collateralized by corporate obligations, non-agency asset-backed securities, non-agency mortgage-backed securities, a U.S. government sponsored agency obligation and U.S. Treasury obligations valued at $61,983,453; 0.00% - 11.75%; 03/15/2023 - 08/01/2118)(c)(i)

   4.75%   03/01/2023      25,003,299        25,000,000  

 

 

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,667 (collateralized by agency mortgage-backed securities valued at $1,020,000,000; 2.00% - 3.50%; 11/01/2046 - 01/20/2052)

   4.56%   03/01/2023      146,686,663        146,668,085  

 

 

Total Repurchase Agreements (Cost $391,668,085)

             391,668,085  

 

 

TOTAL INVESTMENTS IN SECURITIES(j)(k) -100.23% (Cost $1,833,286,676)

             1,833,116,444  

 

 

OTHER ASSETS LESS LIABILITIES-(0.23)%

             (4,137,317

 

 

NET ASSETS-100.00%

           $ 1,828,979,127  

 

 

Investment Abbreviations:

 

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

 

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

 

5   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio–(continued)

 

Notes to Schedule of Investments:

 

(a) 

Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

(b) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2023 was $748,388,684, which represented 40.92% 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: France: 16.2%; Japan: 14.7%; Cananda: 9.3%; Netherland: 8.1%; Sweden: 6.0%; other countries less than 5% each: 21.1%.

(d) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(e) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(f) 

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

(g) 

Principal amount equals value at period end. See Note 1I.

(h) 

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

(i) 

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

(j) 

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 issuer’s obligations. No concentration of any single entity was greater than 5% each.

(k) 

Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     49.6%  

 

 

8-30

     7.0     

 

 

31-60

     15.7     

 

 

61-90

     9.8     

 

 

91-180

     10.9     

 

 

181+

     7.0     

 

 

 

*

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.

 

6   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco STIC Prime Portfolio

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Certificates of Deposit-26.41%

          

Australia and New Zealand Banking Group Ltd. (Cayman Islands)(a)

     4.57%       03/01/2023      $ 9,000      $ 9,000,000  

 

 

BNP Paribas S.A. (SOFR + 0.50%)(a)(b)

     4.32%       03/08/2023        2,075        2,075,195  

 

 

Credit Agricole Corporate & Investment Bank S.A.(a)

     4.55%       03/01/2023        10,428        10,428,414  

 

 

DNB Bank ASA (Norway)(a)

     4.55%       03/01/2023        8,000        8,000,000  

 

 

Mizuho Bank Ltd.(a)

     4.57%       03/01/2023        9,000        9,000,000  

 

 

Skandinaviska Enskilda Banken AB(a)

     4.56%       03/01/2023        8,000        8,000,000  

 

 

Standard Chartered Bank (SOFR + 0.30%) (United Kingdom)(a)(b)

     4.36%       03/13/2023        6,250        6,250,482  

 

 

Sumitomo Mitsui Trust Bank Ltd.(a)

     4.55%       03/01/2023        9,000        9,000,000  

 

 

Total Certificates of Deposit (Cost $61,753,946)

             61,754,091  

 

 

Commercial Paper-23.09%(c)

          

Asset-Backed Securities - Fully Supported Bank-11.56%

          

Anglesea Funding LLC (Multi - CEP’s)(a)(d)

     4.65%       03/08/2023        7,000        6,992,897  

 

 

Concord Minutemen Capital Co. LLC (Multi - CEP’s) (SOFR + 0.35%)(a)(b)(d)

     4.48%       03/16/2023        7,071        7,071,654  

 

 

Halkin Finance LLC (Multi - CEP’s)(a)(d)

     4.77%       03/30/2023        7,000        6,973,196  

 

 

Nieuw Amsterdam Receivables Corp B.V. (CEP - Cooperatieve Rabobank U.A.)(a)(d)

     4.53%       03/03/2023        6,000        5,997,708  

 

 
             27,035,455  

 

 

Diversified Banks-4.27%

          

Westpac Banking Corp. (SOFR + 0.50%) (Australia)(a)(b)(d)

     4.32%       03/21/2023        10,000        10,002,359  

 

 

Diversified Capital Markets-2.14%

          

Britannia Funding Co. LLC (CEP - Barclays Bank PLC)(a)(d)

     4.58%       03/01/2023        5,000        4,999,364  

 

 

Integrated Oil & Gas-2.99%

          

TotalEnergies Capital Canada Ltd. (Canada)(a)(d)

     4.61%       03/02/2023        7,000        6,998,250  

 

 

Specialized Finance-2.13%

          

Cabot Trail Funding LLC (CEP - TD Bank N.A.)(a)(d)

     4.68%       04/04/2023        5,000        4,977,381  

 

 

Total Commercial Paper (Cost $54,016,230)

             54,012,809  

 

 

Variable Rate Demand Notes-7.42%(e)

          

Credit Enhanced-7.42%

          

Board of Regents of the University of Texas System; Subseries 2016 G-2, VRD RB

     4.55%       08/01/2045        5,000        5,000,000  

 

 

Jets Stadium Development LLC; Series 2014 A-4C, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(a)(d)(f)

     4.90%       04/01/2047        5,000        5,000,000  

 

 

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

     4.59%       05/01/2037        2,950        2,950,000  

 

 

Ziegler Realty LLC; Series 2007, VRD Notes (LOC - Wells Fargo Bank, N.A.)(d)(f)

     4.67%       01/01/2033        4,400        4,400,000  

 

 

Total Variable Rate Demand Notes (Cost $17,350,000)

             17,350,000  

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-56.92%
(Cost $133,120,176)

 

     133,116,900  

 

 
                  Repurchase
Amount
        

Repurchase Agreements-43.19%(g)

          

BMO Capital Markets Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $75,068,542 (collateralized by agency and non-agency asset-backed securities, corporate obligations, agency and non-agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $79,297,812; 0.00% - 11.67%; 04/01/2023 - 10/20/2072)(a)(h)

     4.70%       03/01/2023          8,007,311        8,000,000  

 

 

 

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

 

7   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco STIC Prime Portfolio–(continued)

 

     Interest
Rate
  Maturity
Date
   Repurchase
Amount
     Value  

 

 

BNP Paribas Securities Corp., joint term agreement dated 02/23/2023, aggregate maturing value of $50,045,208 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $54,237,766; 0.00% - 6.91%; 10/21/2027 - 02/25/2068)(a)(h)

   4.65%   03/02/2023    $ 5,004,521      $ 5,000,000  

 

 

BofA Securities, Inc., joint term agreement dated 02/28/2023, aggregate maturing value of $250,032,222 (collateralized by corporate obligations valued at $275,000,783; 2.30% -11.50%; 04/15/2025 - 06/01/2052)(h)(i)

   4.64%   03/07/2023      5,000,644        5,000,000  

 

 

J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,752,093; 4.25% - 10.63%; 09/01/2023 -
03/01/2033)(j)

   4.77%   03/01/2023      8,029,569        8,000,000  

 

 

Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by agency mortgage-backed securities valued at $1,020,000,000; 0.99% - 6.50%; 01/01/2024 - 07/25/2059)

   4.55%   03/01/2023      15,001,896        15,000,000  

 

 

RBC Capital Markets LLC, joint term agreement dated 02/22/2023, aggregate maturing value of $150,138,542 (collateralized by corporate obligations and a non-agency mortgage-backed security valued at $160,966,520; 0.00% - 13.00%; 03/02/2023 - 01/15/2077)(a)(h)

   4.75%   03/01/2023      10,009,236        10,000,000  

 

 

RBC Dominion Securities Inc., joint agreement dated 02/28/2023, aggregate maturing value of $500,063,194 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,004; 0.00% - 6.00%; 07/15/2023 - 01/20/2053)

   4.55%   03/01/2023      15,001,896        15,000,000  

 

 

Societe Generale, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,020,000,098; 0.13% - 7.50%; 03/01/2027 - 03/01/2053)

   4.55%   03/01/2023      15,001,896        15,000,000  

 

 

Societe Generale, joint open agreement dated 08/06/2019 (collateralized by corporate obligations, non-agency asset-backed securities, non-agency mortgage-backed securities, a U.S. government sponsored agency obligation and U.S. Treasury obligations valued at $61,983,453; 0.00% - 11.75%; 03/15/2023 - 08/01/2118)(a)(j)

   4.75%   03/01/2023      5,000,660        5,000,000  

 

 

Wells Fargo Securities, LLC, joint agreement dated 02/28/2023, aggregate maturing value of $800,101,333 (collateralized by agency mortgage-backed securities valued at $816,000,000; 1.50% - 7.50%; 12/01/2023 - 03/01/2053)

   4.56%   03/01/2023      15,001,900        15,000,000  

 

 

Total Repurchase Agreements (Cost $101,000,000)

             101,000,000  

 

 

TOTAL INVESTMENTS IN SECURITIES(k)(l) -100.11% (Cost $234,120,176)

             234,116,900  

 

 

OTHER ASSETS LESS LIABILITIES-(0.11)%

             (258,442

 

 

NET ASSETS-100.00%

           $ 233,858,458  

 

 

Investment Abbreviations:

 

CEP   -Credit Enhancement Provider
LOC   -Letter of Credit
RB   -Revenue Bonds
SOFR   -Secured Overnight Financing Rate
VRD   -Variable Rate Demand

 

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

 

8   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023 (Unaudited)

Invesco STIC Prime Portfolio–(continued)

 

Notes to Schedule of Investments:

 

(a) 

The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: France 18.6%; Japan 9.8%; Canada 9.8%; Australia 8.1%; Netherlands 5.6%; other countries less than 5% each: 11.6%.

(b) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(c) 

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

(d) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2023 was $63,412,809, which represented 27.12% of the Fund’s Net Assets.

(e) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(f) 

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

(g) 

Principal amount equals value at period end. See Note 1I.

(h) 

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

(i) 

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

(j) 

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

(k) 

Also represents cost for federal income tax purposes.

(l)

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 02/28/2023

 

1-7

     81.0%  

 

 

8-30

     16.9     

 

 

31-60

     2.1     

 

 

61-90

     0.0     

 

 

91-180

     0.0     

 

 

181+

     0.0     

 

 

 

*

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

 

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

 

9   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Treasury Portfolio

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

U.S. Treasury Securities-44.18%

          

U.S. Treasury Bills-30.14%(a)

          

U.S. Treasury Bills

     4.55     03/09/2023      $ 200,000      $ 199,798,889  

 

 

U.S. Treasury Bills

     4.54     03/14/2023        700,000        698,857,445  

 

 

U.S. Treasury Bills

     4.32     03/16/2023        550,000        549,021,458  

 

 

U.S. Treasury Bills

     4.53%-4.54     03/21/2023        1,800,000        1,795,490,498  

 

 

U.S. Treasury Bills

     4.56     03/28/2023        450,000        448,472,812  

 

 

U.S. Treasury Bills

     4.54     04/04/2023        675,000        672,128,062  

 

 

U.S. Treasury Bills

     4.47%-4.63     04/11/2023        1,200,000        1,193,758,886  

 

 

U.S. Treasury Bills

     4.51     04/18/2023        499,000        496,045,919  

 

 

U.S. Treasury Bills

     4.49     04/25/2023        400,000        397,295,834  

 

 

U.S. Treasury Bills

     4.63     04/27/2023        120,000        119,130,750  

 

 

U.S. Treasury Bills

     4.62     05/02/2023        500,000        496,081,944  

 

 

U.S. Treasury Bills

     4.65     05/04/2023        600,000        595,098,666  

 

 

U.S. Treasury Bills

     4.64     05/09/2023        500,000        495,620,417  

 

 

U.S. Treasury Bills

     4.64     05/11/2023        750,000        743,210,625  

 

 

U.S. Treasury Bills

     4.68     05/23/2023        600,000        593,622,833  

 

 

U.S. Treasury Bills

     4.69     05/30/2023        400,000        395,379,999  

 

 

U.S. Treasury Bills

     4.70     06/06/2023        675,000        666,588,281  

 

 

U.S. Treasury Bills

     4.75     07/06/2023        300,000        295,094,625  

 

 

U.S. Treasury Bills

     4.78     11/30/2023        176,500        170,380,990  

 

 

U.S. Treasury Bills

     4.73%-4.83     12/28/2023        500,000        480,831,389  

 

 

U.S. Treasury Bills

     4.68%-4.87     01/25/2024        950,000        910,752,917  

 

 
             12,412,663,239  

 

 

U.S. Treasury Floating Rate Notes-14.04%

          

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84     07/31/2024        1,945,500        1,944,968,479  

 

 

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

     4.95     10/31/2024        2,589,000        2,586,191,922  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%)(b)

     5.01     01/31/2025        1,250,000        1,250,426,646  

 

 
             5,781,587,047  

 

 

Total U.S. Treasury Securities (Cost $18,194,250,286)

 

          18,194,250,286  

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-44.18%
(Cost $18,194,250,286)

 

     18,194,250,286  

 

 
                  Repurchase
Amount
        

Repurchase Agreements-54.62%(c)

          

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $600,066,667 (collateralized by U.S. Treasury obligations valued at $612,000,086; 0.13% - 1.13%; 01/15/2024 - 01/15/2033)

     4.00     03/01/2023        200,022,222        200,000,000  

 

 

Citigroup Global Markets, Inc., joint term agreement dated 02/22/2023, aggregate maturing value of $3,002,654,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,083; 0.13% - 1.13%; 07/15/2023 - 01/15/2033)(d)

     4.55     03/01/2023        1,801,592,500        1,800,000,000  

 

 

Federal Reserve Bank of New York, joint agreement dated 02/28/2023, aggregate maturing value of $50,006,319,444 (collateralized by U.S. Treasury obligations valued at $50,006,319,596; 0.25% - 4.50%; 10/31/2023 - 08/15/2039)

     4.55     03/01/2023        12,801,617,778        12,800,000,000  

 

 

 

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

 

10   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Treasury Portfolio–(continued)

 

     Interest   Maturity    Repurchase         
     Rate   Date    Amount      Value  

 

 

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $300,035,833 (collateralized by U.S. Treasury obligations valued at $306,000,095; 1.88% - 4.84%; 07/31/2023 - 02/15/2032)

   4.30%   03/01/2023    $ 100,011,944      $ 100,000,000  

 

 

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $4,000,505,556 (collateralized by U.S. Treasury obligations valued at $4,080,000,087; 0.00% - 4.38%; 06/13/2023 - 02/15/2048)

   4.55%   03/01/2023      1,500,189,583        1,500,000,000  

 

 

Fixed Income Clearing Corp. - State Street Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,065; 1.88% - 2.88%; 05/15/2051 - 05/15/2052)

   4.55%   03/01/2023      500,063,194        500,000,000  

 

 

Goldman Sachs & Co., agreement dated 02/28/2023, maturing value of $1,500,190,000 (collateralized by U.S. Treasury obligations valued at $1,530,000,003; 0.00% - 5.25%; 11/15/2023 - 08/15/2051)

   4.56%   03/01/2023      1,500,190,000        1,500,000,000  

 

 

Goldman Sachs & Co., joint agreement dated 02/28/2023, aggregate maturing value of $1,295,098,924 (collateralized by U.S. Treasury obligations valued at $1,320,900,062; 0.00% - 5.38%; 03/02/2023 - 08/15/2052)

   2.75%   03/01/2023      450,034,375        450,000,000  

 

 

ING Financial Markets, LLC, term agreement dated 02/28/2023, maturing value of $100,088,472 (collateralized by U.S. Treasury obligations valued at $102,000,049; 0.00% - 4.50%; 06/15/2023 - 11/15/2050)(d)

   4.55%   03/07/2023      100,088,472        100,000,000  

 

 

Metropolitan Life Insurance Co., joint term agreement dated 02/22/2023, aggregate maturing value of $350,316,644 (collateralized by U.S. Treasury obligations valued at $359,869,294; 0.00%; 08/15/2027 - 08/15/2046)(d)

   4.57%   03/01/2023      100,088,861        100,000,000  

 

 

Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $1,802,662,944 (collateralized by U.S. Treasury obligations valued at $1,838,431,196; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)(d)

   4.57%   03/01/2023      672,959,969        672,362,500  

 

 

Mitsubishi UFJ Trust & Banking Corp., term agreement dated 02/22/2023, maturing value of $100,088,569 (collateralized by U.S. Treasury obligations valued at $102,012,845; 0.63% - 1.25%; 08/15/2030 - 08/15/2031)(d)

   4.56%   03/01/2023      100,088,569        100,000,000  

 

 

Prudential Legacy Insurance Company of New Jersey, agreement dated 02/28/2023, maturing value of $896,209,130 (collateralized by U.S. Treasury obligations valued at $912,399,598; 0.00% - 1.75%; 05/15/2037 - 11/15/2046)

   4.56%   03/01/2023      896,209,130        896,095,625  

 

 

Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,395; 0.00% - 4.00%; 03/28/2023 - 08/15/2052)(e)

   4.55%   03/01/2023      75,009,479        75,000,000  

 

 

Societe Generale, joint term agreement dated 02/23/2023, aggregate maturing value of $1,001,773,333 (collateralized by U.S. Treasury obligations valued at $1,020,000,026; 0.13% - 4.13%; 05/31/2023 - 08/31/2029)

   4.56%   03/09/2023      400,709,333        400,000,000  

 

 

Standard Chartered Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,128,928; 0.00% - 6.00%; 05/31/2023 - 11/15/2052)

   4.55%   03/01/2023      250,031,597        250,000,000  

 

 

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $3,000,379,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,080; 0.50% - 2.63%; 03/15/2023 - 08/15/2031)

   4.55%   03/01/2023      1,045,775,475        1,045,643,317  

 

 

Total Repurchase Agreements (Cost $22,489,101,442)

             22,489,101,442  

 

 

TOTAL INVESTMENTS IN SECURITIES-98.80% (Cost $40,683,351,728)

             40,683,351,728  

 

 

OTHER ASSETS LESS LIABILITIES-1.20%

             492,409,255  

 

 

NET ASSETS-100.00%

           $ 41,175,760,983  

 

 

 

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

 

11   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Treasury Portfolio–(continued)

 

Notes to Schedule of Investments:

 

(a) 

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

(b)

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(c)

Principal amount equals value at period end. See Note 1I.

(d)

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

(e)

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

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     54.7%  

 

 

8-30

     10.0     

 

 

31-60

     7.0     

 

 

61-90

     7.1     

 

 

91-180

     3.3     

 

 

181+

     17.9     

 

 

 

*

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.

 

12   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

U.S. Treasury Securities-37.65%

          

U.S. Treasury Bills-23.42%(a)

          

U.S. Treasury Bills

     4.53     03/21/2023      $ 827,880      $ 825,805,701  

 

 

U.S. Treasury Bills

     4.53%-4.56     03/28/2023        2,450,000        2,441,698,905  

U.S. Treasury Bills

     4.54     04/04/2023        2,000,000        1,991,490,553  

 

 

U.S. Treasury Bills

     4.46     04/06/2023        470,000        467,927,300  

 

 

U.S. Treasury Bills

     4.63     04/11/2023                 2,040,000          2,029,312,660  

 

 

U.S. Treasury Bills

     4.51     04/18/2023        2,500,000        2,485,199,998  

 

 

U.S. Treasury Bills

     4.61     04/20/2023        1,200,000        1,192,400,000  

 

 

U.S. Treasury Bills

     4.49     04/25/2023        1,300,000        1,291,211,460  

 

 

U.S. Treasury Bills

     4.63     04/27/2023        1,100,000        1,092,031,875  

 

 

U.S. Treasury Bills

     4.65     05/04/2023        2,000,000        1,983,662,221  

 

 

U.S. Treasury Bills

     4.64     05/11/2023        1,410,000        1,397,235,975  

 

 

U.S. Treasury Bills

     4.69     05/30/2023        445,000        439,860,249  

 

 

U.S. Treasury Bills

     4.70     06/06/2023        1,100,000        1,086,292,014  

 

 

U.S. Treasury Bills

     4.12%-4.52     10/05/2023        240,000        233,818,882  

 

 

U.S. Treasury Bills

     4.78     11/30/2023        45,000        43,439,912  

 

 

U.S. Treasury Bills

     4.68     01/25/2024        1,200,000        1,150,829,997  

 

 
             20,152,217,702  

 

 

U.S. Treasury Floating Rate Notes-14.23%

          

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84     10/31/2023        431,679        431,694,009  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)(b)

     4.79     01/31/2024        180,000        179,971,503  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)(b)

     4.73     04/30/2024        3,564,000        3,561,449,655  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84     07/31/2024        3,323,400        3,321,978,999  

 

 

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

     4.95     10/31/2024        3,834,800        3,830,307,536  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%)(b)

     5.01     01/31/2025        915,000        915,650,639  

 

 
             12,241,052,341  

 

 

Total U.S. Treasury Securities (Cost $32,393,270,043)

             32,393,270,043  

 

 

U.S. Government Sponsored Agency Securities-5.75%

          

Federal Farm Credit Bank (FFCB)-3.37%

          

Federal Farm Credit Bank (SOFR + 0.02%)(b)

     4.57     06/12/2023        75,000        75,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58     07/07/2023        143,000        143,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58     09/08/2023        155,000        155,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58     09/18/2023        21,500        21,500,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59     09/20/2023        25,000        25,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58     09/27/2023        60,000        60,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59     12/15/2023        24,500        24,499,020  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59     01/04/2024        229,000        229,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.06%)(b)

     4.61     01/10/2024        75,500        75,500,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59     01/25/2024        15,000        15,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59     02/05/2024        100,000        100,000,000  

 

 

 

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

 

13   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Federal Farm Credit Bank (FFCB)-(continued)

          

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       02/20/2024      $ 80,000      $ 80,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       02/23/2024        162,000        162,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       03/08/2024        95,000        95,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       03/15/2024        431,000        431,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59%       03/18/2024                  445,000        445,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       04/04/2024        195,000        195,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       04/25/2024        345,000        345,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       05/09/2024        160,000        160,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       05/24/2024        62,000        62,000,000  

 

 
             2,898,499,020  

 

 

Federal Home Loan Bank (FHLB)-2.18%(a)

          

Federal Home Loan Bank

     4.81%       07/14/2023        800,000        785,899,999  

 

 

Federal Home Loan Bank

     5.01%       01/12/2024        213,000        204,015,956  

 

 

Federal Home Loan Bank

     5.02%       02/09/2024        926,000        883,581,484  

 

 
               1,873,497,439  

 

 

U.S. International Development Finance Corp. (DFC)-0.20%

          

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.85     06/15/2025        12,000        12,000,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.46     07/15/2025        13,056        13,055,558  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.79     09/15/2025        2,895        2,894,737  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.65     09/15/2026        6,250        6,250,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.79     09/15/2026        3,750        3,750,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.46     09/30/2027        10,364        10,363,637  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.85     02/15/2028        11,111        11,111,111  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     2.46     11/15/2028        52,273        52,272,728  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     2.35     05/15/2030        6,734        6,734,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.79     10/15/2030        6,889        6,888,889  

 

 

U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(c)

     2.47     07/09/2026        17,850        17,850,000  

 

 

U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(c)

     2.46     03/15/2030        32,625        32,625,000  

 

 
             175,795,660  

 

 

Total U.S. Government Sponsored Agency Securities (Cost $4,947,792,119)

 

        4,947,792,119  

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-43.40%
(Cost $37,341,062,162)

 

        37,341,062,162  

 

 

 

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

 

14   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

 

     Interest     Maturity      Repurchase         
     Rate     Date      Amount      Value  

 

 

Repurchase Agreements-56.68%(d)

          

Bank of Nova Scotia, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,032; 0.00% - 4.38%; 03/16/2023 - 02/15/2050)

     4.55     03/01/2023      $ 924,801,150      $ 924,684,280  

 

 

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $1,195,151,035 (collateralized by agency mortgage-backed securities valued at $1,218,900,000; 1.81% - 6.50%;
10/25/2031 - 09/20/2072)

     4.55     03/01/2023        735,092,896        735,000,000  

 

 

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $600,066,667 (collateralized by U.S. Treasury obligations valued at $612,000,086; 0.13% - 1.13%; 01/15/2024 - 01/15/2033)

     4.00     03/01/2023        400,044,444        400,000,000  

 

 

CIBC World Markets Corp., joint term agreement dated 02/16/2023, aggregate maturing value of $501,583,333 (collateralized by agency mortgage-backed securities, U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $510,000,130; 1.50% - 8.50%; 01/01/2024 - 03/01/2053)(e)

     4.56     03/13/2023        300,950,000        300,000,000  

 

 

Citigroup Global Markets, Inc., joint term agreement dated 02/22/2023, aggregate maturing value of $3,002,654,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,083; 0.13% - 1.13%; 07/15/2023 - 01/15/2033)(e)

     4.55     03/01/2023        1,000,884,722        1,000,000,000  

 

 

Federal Reserve Bank of New York, joint agreement dated 02/28/2023, aggregate maturing value of $50,006,319,444 (collateralized by U.S. Treasury obligations valued at $50,006,319,596; 0.25% - 4.50%; 10/31/2023 - 08/15/2039)

     4.55     03/01/2023        32,704,132,917        32,700,000,000  

 

 

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $300,035,833 (collateralized by U.S. Treasury obligations valued at $306,000,095; 1.88% - 4.84%; 07/31/2023 - 02/15/2032)

     4.30     03/01/2023        200,023,889        200,000,000  

 

 

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $4,000,505,556 (collateralized by U.S. Treasury obligations valued at $4,080,000,087; 0.00% - 4.38%; 06/13/2023 - 02/15/2048)

     4.55     03/01/2023        2,500,315,972        2,500,000,000  

 

 

Fixed Income Clearing Corp. - State Street Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,065; 1.88% - 2.88%; 05/15/2051 - 05/15/2052)

     4.55     03/01/2023        100,012,639        100,000,000  

 

 

Goldman Sachs & Co., agreement dated 02/28/2023, maturing value of $1,500,190,000 (collateralized by U.S. Treasury obligations valued at $1,530,000,001; 0.00% - 6.25%; 03/23/2023 - 02/15/2048)

     4.56     03/01/2023        1,500,190,000        1,500,000,000  

 

 

Goldman Sachs & Co., joint agreement dated 02/28/2023, aggregate maturing value of $1,295,098,924 (collateralized by U.S. Treasury obligations valued at $1,320,900,062; 0.00% - 5.38%; 03/02/2023 - 08/15/2052)

     2.75     03/01/2023        845,064,549        845,000,000  

 

 

ING Financial Markets, LLC, joint term agreement dated 02/02/2023, aggregate maturing value of $251,551,667 (collateralized by agency mortgage-backed securities valued at $255,000,000; 2.00% - 6.50%; 08/01/2028 - 02/01/2053)

     4.56     03/23/2023        85,527,567        85,000,000  

 

 

ING Financial Markets, LLC, term agreement dated 02/02/2023, maturing value of $301,862,000 (collateralized by agency mortgage-backed securities valued at $306,000,000; 2.00% - 6.00%; 11/01/2029 - 02/01/2053)

     4.56     03/23/2023        301,862,000        300,000,000  

 

 

ING Financial Markets, LLC, term agreement dated 02/02/2023, maturing value of $503,103,333 (collateralized by agency mortgage-backed securities valued at $510,000,001; 2.00% - 7.00%; 03/01/2028 - 01/01/2057)

     4.56     03/23/2023        503,103,333        500,000,000  

 

 

ING Financial Markets, LLC, term agreement dated 02/13/2023, maturing value of $251,205,972 (collateralized by agency mortgage-backed securities and a U.S. Treasury obligation valued at $255,000,070;
2.00% - 5.50%; 06/01/2047 - 01/01/2053)

     4.57     03/23/2023        251,205,972        250,000,000  

 

 

 

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

 

15   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

 

     Interest     Maturity      Repurchase         
     Rate     Date      Amount      Value  

 

 

J.P. Morgan Securities LLC, joint open agreement dated 02/27/2023 (collateralized by agency mortgage-backed securities valued at $918,000,005; 1.38% - 7.50%; 09/01/2025 - 08/01/2056)(f)

     4.57     03/01/2023      $ 785,199,303      $ 785,000,000  

 

 

Metropolitan Life Insurance Co., joint term agreement dated 02/22/2023, aggregate maturing value of $350,316,644 (collateralized by U.S. Treasury obligations valued at $359,869,294; 0.00%; 08/15/2027 - 08/15/2046)(e)

     4.57     03/01/2023        170,152,002        170,000,937  

 

 

Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $1,802,662,944 (collateralized by U.S. Treasury obligations valued at $1,838,431,196; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)(e)

     4.57     03/01/2023        952,908,513        952,062,500  

 

 

Prudential Insurance Co. of America, agreement dated 02/28/2023, maturing value of $144,194,512 (collateralized by U.S. Treasury obligations valued at $146,949,280; 0.00%; 05/15/2037 - 08/15/2042)

     4.56     03/01/2023        144,194,512        144,176,250  

 

 

RBC Dominion Securities Inc., joint term agreement dated 02/02/2023, aggregate maturing value of $2,767,068,333 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $2,805,000,000; 0.13% - 5.50%; 03/31/2023 - 02/20/2053)(e)

     4.56     03/23/2023          1,076,641,133        1,070,000,000  

 

 

Royal Bank of Canada, term agreement dated 02/02/2023, maturing value of $1,006,206,667 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,020,000,039; 0.00% - 6.50%; 12/31/2025 - 02/01/2053)(e)

     4.56     03/23/2023        1,006,206,667        1,000,000,000  

 

 

Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,395; 0.00% - 4.00%; 03/28/2023 - 08/15/2052)(f)

     4.55     03/01/2023        100,012,639        100,000,000  

 

 

Societe Generale, joint term agreement dated 02/23/2023, aggregate maturing value of $1,001,773,333 (collateralized by U.S. Treasury obligations valued at $1,020,000,026; 0.13% - 4.13%; 05/31/2023 - 08/31/2029)

     4.56     03/09/2023        375,665,000        375,000,000  

 

 

Standard Chartered Bank, agreement dated 02/28/2023, maturing value of $150,018,958 (collateralized by agency mortgage-backed securities valued at $153,019,338; 3.00% - 4.50%; 07/20/2049 - 10/20/2052)

     4.55     03/01/2023        150,018,958        150,000,000  

 

 

Standard Chartered Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,128,928; 0.00% - 6.00%; 05/31/2023 - 11/15/2052)

     4.55     03/01/2023        750,094,792        750,000,000  

 

 

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $3,000,379,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,080; 0.50% - 2.63%; 03/15/2023 - 08/15/2031)

     4.55     03/01/2023        702,085,622        701,996,897  

 

 

TD Securities (USA) LLC, joint term agreement dated 02/22/2023, aggregate maturing value of $350,309,993 (collateralized by agency mortgage-backed securities valued at $357,000,000; 2.00% - 4.00%; 05/01/2041 - 05/01/2052)(e)

     4.56     03/01/2023        220,194,853        220,000,000  

 

 

Total Repurchase Agreements (Cost $48,757,920,864)

 

     48,757,920,864  

 

 

TOTAL INVESTMENTS IN SECURITIES-100.08% (Cost $86,098,983,026)

 

     86,098,983,026  

 

 

OTHER ASSETS LESS LIABILITIES-(0.08)%

             (64,740,455

 

 

NET ASSETS-100.00%

           $ 86,034,242,571  

 

 

Investment Abbreviations:

SOFR -Secured Overnight Financing Rate

VRD   -Variable Rate Demand

 

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

 

16   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

 

Notes to Schedule of Investments:

 

(a) 

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

(b) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(c) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(d) 

Principal amount equals value at period end. See Note 1I.

(e) 

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

(f) 

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

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     56.1%  

 

 

8-30

     5.2     

 

 

31-60

     11.4     

 

 

61-90

     4.5     

 

 

91-180

     2.4     

 

 

181+

     20.4     

 

 

 

*

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

 

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

 

17   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Treasury Obligations Portfolio

 

     Interest
Rate
     Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

U.S. Treasury Securities-100.83%

           

U.S. Treasury Bills-85.74%(a)

           

U.S. Treasury Bills

     4.33%        03/02/2023      $ 20,000      $ 19,997,620  

 

 

U.S. Treasury Bills

     4.34%-4.51%        03/07/2023        110,700        110,618,265  

 

 

U.S. Treasury Bills

     4.32%-4.48%        03/09/2023        9,700        9,690,542  

 

 

U.S. Treasury Bills

     4.49%-4.54%        03/14/2023        86,700        86,559,909  

 

 

U.S. Treasury Bills

     4.53%-4.55%        03/21/2023        135,900        135,559,358  

 

 

U.S. Treasury Bills

     4.53%-4.56%        03/28/2023        72,500        72,253,676  

 

 

U.S. Treasury Bills

     4.40%        03/30/2023        51,000        50,821,288  

 

 

U.S. Treasury Bills

     4.50%-4.55%        04/04/2023        111,200        110,727,059  

 

 

U.S. Treasury Bills

     4.46%        04/06/2023        50,000        49,779,500  

 

 

U.S. Treasury Bills

     4.46%-4.63%        04/11/2023        80,000        79,587,722  

 

 

U.S. Treasury Bills

     4.61%        04/13/2023        22,150        22,029,356  

 

 

U.S. Treasury Bills

     4.68%        04/18/2023        41,000        40,745,800  

 

 

U.S. Treasury Bills

     4.69%        04/25/2023        65,000        64,537,603  

 

 

U.S. Treasury Bills

     4.65%        05/04/2023        60,000        59,509,867  

 

 

U.S. Treasury Bills

     4.64%        05/09/2023        16,000        15,859,853  

 

 

U.S. Treasury Bills

     4.64%        05/11/2023        40,000        39,637,900  

 

 

U.S. Treasury Bills

     4.74%        05/18/2023        26,000        25,736,360  

 

 

U.S. Treasury Bills

     4.78%        05/25/2023        20,000        19,777,111  

 

 

U.S. Treasury Bills

     4.75%        06/01/2023        10,000        9,879,931  

 

 

U.S. Treasury Bills

     4.70%        06/06/2023        35,000        34,563,837  

 

 

U.S. Treasury Bills

     4.64%        06/08/2023        15,000        14,812,931  

 

 

U.S. Treasury Bills

     4.77%        06/13/2023        33,000        32,551,933  

 

 

U.S. Treasury Bills

     3.01%        07/13/2023        6,000        5,934,764  

 

 

U.S. Treasury Bills

     4.80%        07/20/2023        10,000        9,816,504  

 

 

U.S. Treasury Bills

     4.12%        10/05/2023        6,000        5,856,302  

 

 

U.S. Treasury Bills

     4.68%-4.86%        01/25/2024        27,500        26,364,091  

 

 
              1,153,209,082  

 

 

U.S. Treasury Floating Rate Notes-14.16%

           

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b)

     4.84%        04/30/2023        19,000        19,000,127  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b)

     4.84%        07/31/2023        17,500        17,500,177  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84%        10/31/2023        30,000        30,000,345  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate -0.02%)(b)

     4.79%        01/31/2024        8,000        7,998,734  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate -0.08%)(b)

     4.73%        04/30/2024        25,500        25,482,209  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84%        07/31/2024        32,000        31,984,058  

 

 

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

     4.95%        10/31/2024        49,000        48,958,037  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%)(b)

     5.01%        01/31/2025        9,500        9,506,755  

 

 
              190,430,442  

 

 

 

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

 

18   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Treasury Obligations Portfolio–(continued)

 

                   Principal         
     Interest      Maturity      Amount         
     Rate      Date      (000)      Value  

 

 

U.S. Treasury Notes-0.93%

           

TOTAL INVESTMENTS IN SECURITIES-100.83% (Cost $1,356,189,593)

                                                                                     1,356,189,593  

 

 

OTHER ASSETS LESS LIABILITIES-(0.83)%

              (11,125,964

 

 

NET ASSETS-100.00%

            $ 1,345,063,629  

 

 

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, 2023.

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     9.6%  

 

 

8-30

     26.1     

 

 

31-60

     27.0     

 

 

61-90

     13.3     

 

 

91-180

     9.3     

 

 

181+

     14.7     

 

 

 

*

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

 

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

 

19   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Municipal Obligations-94.08%

          

Alabama-3.55%

          

Mobile (City of), AL Downtown Redevelopment Authority (Austal USA, LLC); Series 2011 B, Ref. VRD RB (LOC - Bank of America, N.A.)(a)(b)(c)

     2.14%       05/01/2041      $ 3,240      $ 3,240,000  

 

 

Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)(b)(c)(d)

     2.25%       07/01/2040        4,910        4,910,000  

 

 
                 8,150,000  

 

 

Arizona-2.72%

          

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

     1.40%       01/01/2046        6,250        6,250,000  

 

 

California-0.87%

          

Los Angeles County Capital Asset Leasing Corp.; Series B, Commercial Paper Notes

     2.00%       03/01/2023        2,000        2,000,000  

 

 

Connecticut-2.47%

          

Connecticut (State of) Health & Educational Facilities Authority (Yale University); Series 2017 A, Ref. VRD RB(b)

     2.20%       07/01/2042        5,660        5,660,000  

 

 

Delaware-0.95%

          

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

     2.21%       05/01/2036        2,180        2,180,000  

 

 

District of Columbia-3.29%

          

District of Columbia; Series 2022 A, Commercial Paper Notes(d)

     2.43%       03/15/2023        3,000        3,000,000  

 

 

District of Columbia (Georgetown University);

          

Series 2007 C-2, VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.19%       04/01/2041        1,200        1,200,000  

 

 

Series 2009 C, Ref. VRD RB (LOC - Bank of Tokyo Mitsubishi UFJ)(b)(c)(d)

     2.19%       04/01/2042        3,350        3,350,000  

 

 
             7,550,000  

 

 

Florida-4.09%

          

Halifax Hospital Medical Center; Series 2008, Ref. VRD RB (LOC - JPMorgan Chase Bank, N.A.)(b)(c)

     2.25%       06/01/2048        2,485        2,485,000  

 

 

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

     2.11%       11/01/2036        2,725        2,725,000  

 

 

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

     2.23%       07/01/2032        4,175        4,175,000  

 

 
                 9,385,000  

 

 

Georgia-4.54%

          

Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - BMO Harris Bank N.A.)(b)(c)(d)

     2.21%       11/01/2030        1,450        1,450,000  

 

 

Georgia (State of) Private Colleges & Universities Authority (Emory University); Series 2022 B, VRD RB (SIFMA Municipal Swap Index + 0.03%)(b)

     2.00%       09/01/2052        8,975        8,975,000  

 

 
             10,425,000  

 

 

Idaho-0.44%

          

Idaho (State of) Health Facilities Authority (St. Luke’s Health System); Series 2018 C, VRD RB (LOC - U.S. Bank N.A.)(b)(c)

     1.40%       03/01/2048        1,000        1,000,000  

 

 

Illinois-7.33%

          

Illinois (State of) Development Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)(b)(c)

     2.21%       10/01/2033        2,625        2,625,000  

 

 

Illinois (State of) Educational Facilities Authority (Augustana College); Series 2003 B, VRD RB (LOC - BMO Harris Bank N.A.)(b)(c)(d)

     2.24%       10/01/2032        1,600        1,600,000  

 

 

 

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

 

20   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Illinois-(continued)

          

Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - Northern Trust Co. (The))(b)(c)

     2.15%       01/01/2037      $ 2,800      $ 2,800,000  

 

 

Illinois (State of) Finance Authority (University of Chicago Medical); Series 2009 D-2, VRD RB (LOC - PNC Bank, N.A.)(b)(c)

     1.50%       08/01/2043        1,000        1,000,000  

 

 

Illinois (State of) Finance Authority (YMCA of Metropolitan Chicago); Series 2004, VRD RB (LOC - BMO Harris Bank N.A.)(b)(c)(d)

     2.45%       06/01/2034        2,960        2,960,000  

 

 

Illinois (State of) Housing Development Authority (Foxview I & II Apartments); Series 2008, VRD RB (LOC - FHLMC)(b)(c)

     2.17%       01/01/2041        4,835        4,835,000  

 

 

University of Illinois (Illinois Health Services); Series 1997 B, VRD RB (LOC - Wells Fargo Bank, N.A.)(b)(c)

     2.50%       10/01/2026        1,000        1,000,000  

 

 
               16,820,000  

 

 

Indiana-3.31%

          

Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank, N.A.)(b)(c)

     2.28%       08/01/2037        4,950        4,950,000  

 

 

Indiana (State of) Finance Authority (Parkview Health System Obligated Group); Series 2009 C, VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.05%       11/01/2039        2,635        2,635,000  

 

 
             7,585,000  

 

 

Iowa-2.18%

          

Iowa (State of) Finance Authority (CJ Bio America); Series 2021, Ref. VRD RB (LOC - Korea Devlopment Bank)(a)(b)(c)(d)

     2.24%       12/01/2041        5,000        5,000,000  

 

 

Kentucky-1.61%

          

Boyle (County of), KY (Centre College); Series 2008 A, Ref. VRD RB (LOC - PNC Bank, N.A.)(b)(c)

     2.20%       06/01/2037        3,700        3,700,000  

 

 

Louisiana-3.79%

          

Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC); Series 2013 B, Ref. VRD RB (LOC - JPMorgan Chase Bank, N.A.)(b)(c)

     2.50%       09/01/2033        1,000        1,000,000  

 

 

Louisiana (State of) Public Facilities Authority (CHRISTUS Health);

          

Series 2009 B-3, Ref. VRD RB (LOC - Bank of New York Mellon (The))(b)(c)

     2.45%       07/01/2047        6,605        6,605,000  

 

 

Series 2009 B-1, Ref. VRD RB (LOC - Bank of New York Mellon (The))(b)(c)

     2.10%       07/01/2047        1,100        1,100,000  

 

 
             8,705,000  

 

 

Maryland-2.10%

          

Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System); Series 2008 D, VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.45%       07/01/2041        4,810        4,810,000  

 

 

Massachusetts-2.51%

          

Massachusetts (Commonwealth of) Development Finance Agency (Boston University);

          

Series 2008 U-6C, VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.35%       10/01/2042        700        700,000  

 

 

Series 2008 U-6E, Ref. VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.35%       10/01/2042        5,050        5,050,000  

 

 
             5,750,000  

 

 

Minnesota-3.12%

          

Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)(b)

     2.29%       10/15/2033        1,175        1,175,000  

 

 

Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC)(b)

     2.20%       11/01/2035        3,600        3,600,000  

 

 

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

     2.20%       10/01/2033        2,385        2,385,000  

 

 
             7,160,000  

 

 

Mississippi-3.97%

          

Jackson (County of), MS (Chevron U.S.A., Inc.); Series 1993, Ref. VRD RB(b)

     1.40%       06/01/2023        200        200,000  

 

 

 

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

 

21   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Mississippi-(continued)

          

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

          

Series 2010 E, VRD IDR(b)

     2.04%       12/01/2030      $ 4,000      $ 4,000,000  

 

 

Series 2010 C, VRD IDR(b)

     1.40%       11/01/2035        595        595,000  

 

 

Series 2010 J, VRD IDR(b)

     1.38%       11/01/2035        1,000        1,000,000  

 

 

Series 2010 C, VRD IDR(b)

     1.40%       11/01/2035        3,320        3,320,000  

 

 
             9,115,000  

 

 

Missouri-2.29%

          

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

     2.23%       11/01/2037        1,175        1,175,000  

 

 

Kansas City (City of), MO (H Roe Bartle Convention Center);

          

Series 2008 F, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.24%       04/15/2025        1,915        1,915,000  

 

 

Series 2008 E, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.24%       04/15/2034        900        900,000  

 

 

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

     2.38%       08/01/2038        1,260        1,260,000  

 

 
                 5,250,000  

 

 

New York-5.36%

          

Metropolitan Transportation Authority;

          

Subseries 2012 G-1, VRD RB (LOC - Barclays Bank PLC)(b)(c)(d)

     1.35%       11/01/2032        3,800        3,800,000  

 

 

Subseries 2020 B-1, Ref. VRD RB (LOC - PNC Bank, N.A.)(b)(c)

     2.20%       11/15/2046        4,510        4,510,000  

 

 

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.)(b)(c)(d)

     2.40%       05/01/2039        4,000        4,000,000  

 

 
             12,310,000  

 

 

North Carolina-5.63%

          

Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health); Series 2018 H, VRD RB(b)

     1.40%       01/15/2048        2,500        2,500,000  

 

 

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

     1.40%       01/15/2037        4,000        4,000,000  

 

 

North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 1992 A, VRD RB(b)

     2.20%       06/01/2027        6,425        6,425,000  

 

 
             12,925,000  

 

 

Ohio-1.73%

          

Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - U.S. Bank N.A.)(b)(c)

     2.20%       08/02/2038        2,650        2,650,000  

 

 

Ohio State University (The); Series 2014 B-1, VRD RB(b)

     2.41%       12/01/2039        1,310        1,310,000  

 

 
             3,960,000  

 

 

Oregon-0.49%

          

Oregon (State of) Department of Transportation; Series A-2, Commercial Paper Notes(d)

     2.80%       03/21/2023        1,000        1,000,000  

 

 

Oregon (State of) Facilities Authority (PeaceHealth); Series 2018 A, Ref. VRD RB (LOC - U.S. Bank N.A.)(b)(c)

     1.40%       08/01/2034        125        125,000  

 

 
             1,125,000  

 

 

Pennsylvania-1.74%

          

Philadelphia (City of), PA; Series A, Commercial Paper Notes(d)

     2.55%       03/23/2023        4,000        4,000,000  

 

 

 

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

 

22   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Texas-17.41%

          

Board of Regents of the University of Texas System;

          

Series 2008 B, VRD RB(b)

     2.15%       08/01/2025      $ 1,115      $ 1,115,000  

 

 

Series 2008 A, VRD RB(b)

     2.10%       07/01/2037        2,425        2,425,000  

 

 

Series A, Commercial Paper Notes

     3.20%       03/03/2023        2,500        2,500,000  

 

 

Garland (City of), TX; Series 2021, Commercial Paper Notes(d)

     2.60%       03/01/2023        5,000        5,000,000  

 

 

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

     1.40%       11/01/2041        6,450        6,450,000  

 

 

Harris County Health Facilities Development Corp. (Methodist Hospital System); Series 2008 A-2, Ref. VRD RB(b)

     1.45%       12/01/2041        4,185        4,185,000  

 

 

Houston (City of), TX; Series H-2, Commercial Paper Notes

     2.85%       03/09/2023        7,000        7,000,000  

 

 

Lower Neches Valley Authority Industrial Development Corp. (Exxonmobil); Series 2011, VRD RB(b)

     1.36%       11/01/2051        3,182        3,182,000  

 

 

Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas); Series 2008 A, VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.45%       10/01/2041        1,480        1,480,000  

 

 

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

     2.29%       05/01/2042        3,020        3,020,000  

 

 

Texas A&M University; Series B, Commercial Paper Notes

     3.25%       04/05/2023        3,600        3,600,000  

 

 
               39,957,000  

 

 

Virginia-1.00%

          

Loudoun (County of), VA Economic Development Authority (Jack Kent Cooke Foundation); Series 2004, VRD RB (LOC - Northern Trust Co. (The))(b)(c)

     2.25%       06/01/2034        2,300        2,300,000  

 

 

Washington-1.32%

          

Washington (State of) Housing Finance Commission (Redmond Ridge Apartments); Series 2017, VRD RB (LOC - FHLB of San Francisco)(b)(c)

     2.21%       11/01/2047        3,025        3,025,000  

 

 

West Virginia-2.92%

          

Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC - Bank of America, N.A.)(b)(c)

     2.19%       07/01/2039        745        745,000  

 

 

West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008 B, Ref. VRD RB (LOC - Truist Bank)(b)(c)

     2.32%       01/01/2034        5,945        5,945,000  

 

 
             6,690,000  

 

 

Wisconsin-1.35%

          

Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - FHLB of Chicago)(b)(c)

     2.22%       10/01/2042        3,090        3,090,000  

 

 

TOTAL INVESTMENTS IN SECURITIES(e)(f) -94.08% (Cost $215,877,000)

             215,877,000  

 

 

OTHER ASSETS LESS LIABILITIES-5.92%

             13,576,124  

 

 

NET ASSETS-100.00%

           $ 229,453,124  

 

 

Investment Abbreviations:

 

CEP   - Credit Enhancement Provider
FHLB   - Federal Home Loan Bank
FHLMC   - Federal Home Loan Mortgage Corp.
FNMA   - Federal National Mortgage Association
IDR   - Industrial Development Revenue Bonds
LOC   - Letter of Credit
RB   - Revenue Bonds
Ref.   - Refunding
SIFMA   - Securities Industry and Financial Markets Association
VRD   - Variable Rate Demand

 

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

 

23   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

 

Notes to Schedule of Investments:

 

(a) 

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, 2023 was $8,240,000, which represented 3.59% of the Fund’s Net Assets.

(b) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(c) 

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

(d)

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 8.3%; United Kingdom 6.9%; Japan 6.1%; Other countries less than 5% each: 4.3%.

(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.

 

Entities    Percentage  

 

 

TD Bank, N.A.

     5.6%  

 

 

Northern Trust Co. (The)

     5.6     

 

 

PNC Bank, N.A.

     5.3     

 

 

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     91.8%  

 

 

8-30

     6.6     

 

 

31-60

     1.6     

 

 

61-90

     0.0     

 

 

91-180

     0.0     

 

 

181+

     0.0     

 

 

 

*

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

 

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

 

24   Short-Term Investments Trust


Statements of Assets and Liabilities

February 28, 2023

(Unaudited)

 

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

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Assets:

            

Investments in unaffiliated securities, at value

   $ 1,441,448,359     $ 133,116,900     $ 18,194,250,286     $ 37,341,062,162     $ 1,356,189,593     $ 215,877,000  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Repurchase agreements, at value and cost

     391,668,085       101,000,000       22,489,101,442       48,757,920,864       -       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash

     19,375       -       710,756       983,579       78,638       35,079  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Receivable for:

            

Investments sold

     -       -       548,668,115       -       -       13,075,000  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fund shares sold

     -       87,000       16,852,266       7,476,439       -       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Interest

     1,964,115       173,966       27,561,801       86,121,462       738,940       648,615  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fund expenses absorbed

     37,313       32,400       1,744,510       -       54,458       65,326  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Investment for trustee deferred compensation and retirement plans

     2,688,319       708,169       1,620,498       739,975       74,208       244,277  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other assets

     6,754       132,348       516,985       1,674,555       1,386       48,339  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

     1,837,832,320       235,250,783       41,281,026,659       86,195,979,036       1,357,137,223       229,993,636  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities:

            

Payable for:

            

Investments purchased

     -       -       -       -       9,879,931       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fund shares reacquired

     -       176,816       3,090,287       4,269,464       -       6,500  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amount due custodian

     -       2,848       -       -       -       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Dividends

     5,633,256       390,246       92,186,592       145,385,932       1,852,280       174,016  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accrued fees to affiliates

     290,525       44,449       7,871,710       11,084,004       238,921       65,704  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accrued trustees’ and officers’ fees and benefits

     4,481       2,926       36,205       77,012       3,868       2,679  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accrued operating expenses

     47,662       21,439       243,679       -       13,029       31,340  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Trustee deferred compensation and retirement plans

     2,877,269       753,601       1,837,203       920,053       85,565       260,273  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

     8,853,193       1,392,325       105,265,676       161,736,465       12,073,594       540,512  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net assets applicable to shares outstanding

   $ 1,828,979,127     $ 233,858,458     $ 41,175,760,983     $ 86,034,242,571     $ 1,345,063,629     $ 229,453,124  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net assets consist of:

            

Shares of beneficial interest

   $ 1,831,354,980     $ 234,441,720     $ 41,178,125,062     $ 86,059,942,124     $ 1,345,271,837     $ 229,672,837  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributable earnings (loss)

     (2,375,853     (583,262     (2,364,079     (25,699,553     (208,208     (219,713

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   $ 1,828,979,127     $ 233,858,458     $ 41,175,760,983     $ 86,034,242,571     $ 1,345,063,629     $ 229,453,124  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets:

            

Institutional Class

   $ 1,819,669,256     $ 232,387,514     $ 35,450,224,348     $ 71,325,123,345     $ 1,268,187,565     $ 193,805,989  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Private Investment Class

   $ 1,042,790     $ 332,161     $ 618,415,066     $ 742,331,579     $ 16,661,216     $ 25,307,654  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Personal Investment Class

   $ 10,252     $ 92,946     $ 388,631,121     $ 33,381,231     $ 11,961,557     $ 396,032  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash Management Class

   $ 1,676,277     $ 467,280     $ 240,742,041     $ 625,170,630     $ 80,071     $ 3,493,634  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reserve Class

   $ 171,670     $ 71,322     $ 658,815,411     $ 512,205,911     $ 44,802,872     $ 5,703,646  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Resource Class

   $ 249,687     $ 394     $ 76,755,901     $ 196,305,722     $ 115,395     $ 735,736  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Corporate Class

   $ 6,059,212     $ 506,841     $ 1,887,842,566     $ 1,565,745,767     $ 3,254,953     $ 10,433  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

CAVU Securities Class

   $ 99,983     $ -     $ 1,854,334,529     $ 11,033,978,386     $ -     $ -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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–(continued)

February 28, 2023

(Unaudited)

 

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

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

 

         

Institutional Class

    1,819,297,797       232,378,976       35,450,012,600       71,346,337,427       1,268,330,132       193,784,100  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Private Investment Class

    1,042,580       332,149       618,409,608       742,552,280       16,663,105       25,304,973  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Personal Investment Class

    10,250       92,942       388,629,737       33,391,145       11,962,914       395,994  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash Management Class

    1,675,941       467,263       240,741,915       625,356,709       80,079       3,493,246  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reserve Class

    171,636       71,319       658,813,165       512,358,049       44,807,951       5,703,138  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Resource Class

    249,638       394       76,755,057       196,364,021       115,408       735,656  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Corporate Class

    6,057,994       506,822       1,887,836,389       1,566,211,620       3,255,321       10,432  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

CAVU Securities Class

    99,963       -       1,854,316,343       11,037,257,584       -       -  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

  $ 1.0002     $ 1.0000     $ 1.00     $ 1.00     $ 1.00     $ 1.00  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cost of Investments

  $ 1,833,286,676     $ 234,120,176     $ 40,683,351,728     $ 86,098,983,026     $ 1,356,189,593     $ 215,877,000  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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

 

26   Short-Term Investments Trust


Statements of Operations

For the six months ended February 28, 2023

(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

   $ 33,876,133     $ 7,151,703     $ 708,212,871     $ 1,395,214,104     $ 25,472,569     $ 3,310,770  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Expenses:

            

Advisory fees

     1,298,945       287,417       26,911,965       36,209,920       863,058       269,431  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Administrative services fees

     376,482       88,649       8,043,255       16,157,749       308,915       62,708  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Custodian fees

     11,976       12,085       712,043       51,850       57,453       2,117  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distribution fees:

            

Private Investment Class

     1,566       537       667,061       972,135       19,594       29,618  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Personal Investment Class

     27       251       1,134,089       90,606       32,317       2,915  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash Management Class

     681       174       119,391       317,403       31       1,369  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reserve Class

     745       305       4,165,559       2,604,658       212,296       45,602  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Resource Class

     246       -       51,160       138,138       158       601  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Corporate Class

     245       34       191,872       167,327       1,056       2  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transfer agent fees

     77,937       17,245       1,614,718       3,258,893       60,939       12,124  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Trustees’ and officers’ fees and benefits

     12,531       8,729       92,223       203,275       10,879       8,118  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Registration and filing fees

     54,047       56,974       978,820       2,003,579       47,828       62,326  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reports to shareholders

     -       -       -       -       -       1,005  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Professional services fees

     23,255       19,395       67,575       22,179       21,273       19,076  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other

     46,174       27,959       142,190       112,996       29,592       11,719  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

     1,904,857       519,754       44,891,921       62,310,708       1,665,389       528,731  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less: Fees waived and expenses reimbursed

     (342,612     (173,553     (6,268,478     (84,156     (181,160     (179,196

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net expenses

     1,562,245       346,201       38,623,443       62,226,552       1,484,229       349,535  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

     32,313,888       6,805,502       669,589,428       1,332,987,552       23,988,340       2,961,235  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Realized and unrealized gain (loss) from:

            

Net realized gain (loss) from unaffiliated investment securities

     4,162       158       2,730,256       2,283,446       (30,165     -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in net unrealized appreciation of unaffiliated investment securities

     73,684       2,084       -       -       -       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and unrealized gain (loss)

     77,846       2,242       2,730,256       2,283,446       (30,165     -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase in net assets resulting from operations

   $ 32,391,734     $ 6,807,744     $ 672,319,684     $ 1,335,270,998     $ 23,958,175     $ 2,961,235  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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

 

27   Short-Term Investments Trust


Statements of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

 

     Invesco Liquid Assets Portfolio     Invesco STIC Prime Portfolio  
     February 28,
2023
    August 31,
2022
    February 28,
2023
    August 31,
2022
 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Operations:

        

Net investment income

   $ 32,313,888     $ 9,991,934     $ 6,805,502     $ 1,826,985  

 

  

 

 

   

 

 

 

Net realized gain

     4,162       3,959       158       624  

 

  

 

 

   

 

 

 

Change in net unrealized appreciation (depreciation)

     73,684       (406,836     2,084       (5,126

 

  

 

 

   

 

 

 

Net increase in net assets resulting from operations

     32,391,734       9,589,057       6,807,744       1,822,483  

 

  

 

 

   

 

 

 

Distributions to shareholders from distributable earnings:

        

Institutional Class

     (32,218,847     (9,973,378     (6,784,760     (1,657,807

 

  

 

 

   

 

 

 

Private Investment Class

     (17,996     (6,754     (5,822     (1,550

 

  

 

 

   

 

 

 

Personal Investment Class

     (164     (32     (1,411     (240

 

  

 

 

   

 

 

 

Cash Management Class

     (31,264     (9,759     (7,918     (1,672

 

  

 

 

   

 

 

 

Reserve Class

     (2,462     (378     (971     (130

 

  

 

 

   

 

 

 

Resource Class

     (4,383     (1,017     (8     (3

 

  

 

 

   

 

 

 

Corporate Class

     (36,909     (112     (4,612     (95

 

  

 

 

   

 

 

 

CAVU Securities Class

     (1,863     (504     -       -  

 

  

 

 

   

 

 

 

Total distributions from distributable earnings

     (32,313,888     (9,991,934     (6,805,502     (1,661,497

 

  

 

 

   

 

 

 

Return of capital:

        

Institutional Class

     -       -       -       (165,120

 

  

 

 

   

 

 

 

Private Investment Class

     -       -       -       (154

 

  

 

 

   

 

 

 

Personal Investment Class

     -       -       -       (24

 

  

 

 

   

 

 

 

Cash Management Class

     -       -       -       (167

 

  

 

 

   

 

 

 

Reserve Class

     -       -       -       (13

 

  

 

 

   

 

 

 

Resource Class

     -       -       -       (1

 

  

 

 

   

 

 

 

Corporate Class

     -       -       -       (9

 

  

 

 

   

 

 

 

Total return of capital

     -       -       -       (165,488

 

  

 

 

   

 

 

 

Total distributions

     (32,313,888     (9,991,934     (6,805,502     (1,826,985

 

  

 

 

   

 

 

 

Share transactions-net:

        

Institutional Class

     77,909,713       (614,280,688     (90,087,288     100,759,349  

 

  

 

 

   

 

 

 

Private Investment Class

     (30,196     (1,818,407     (125,154     (147,861

 

  

 

 

   

 

 

 

Personal Investment Class

     4       -       1,540       (1,448

 

  

 

 

   

 

 

 

Cash Management Class

     (43,963     (1,201,217     98,248       (127,021

 

  

 

 

   

 

 

 

Reserve Class

     (3,343     (40,550     1,057       (16,775

 

  

 

 

   

 

 

 

Resource Class

     1,735       (114,240     8       1  

 

  

 

 

   

 

 

 

Corporate Class

     6,036,928       (354     485,652       64  

 

  

 

 

   

 

 

 

CAVU Securities Class

     -       1       -       -  

 

  

 

 

   

 

 

 

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

     83,870,878       (617,455,455     (89,625,937     100,466,309  

 

  

 

 

   

 

 

 

Net increase (decrease) in net assets

     83,948,724       (617,858,332     (89,623,695     100,461,807  

 

  

 

 

   

 

 

 

Net assets:

        

Beginning of period

     1,745,030,403       2,362,888,735       323,482,153       223,020,346  

 

  

 

 

   

 

 

 

End of period

   $ 1,828,979,127     $ 1,745,030,403     $ 233,858,458     $ 323,482,153  

 

  

 

 

   

 

 

 

 

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–(continued)

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

 

     Invesco Treasury Portfolio     Invesco Government & Agency Portfolio  
     February 28,
2023
    August 31,
2022
    February 28,
2023
    August 31,
2022
 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Operations:

        

Net investment income

   $ 669,589,428     $ 96,074,616     $ 1,332,987,552     $ 325,968,052  

 

  

 

 

   

 

 

 

Net realized gain (loss)

     2,730,256       (3,886,562     2,283,446       (28,543,577

 

  

 

 

   

 

 

 

Net increase in net assets resulting from operations

     672,319,684       92,188,054       1,335,270,998       297,424,475  

 

  

 

 

   

 

 

 

Distributions to shareholders from distributable earnings:

        

Institutional Class

     (581,902,260     (85,408,911     (1,124,090,481     (295,190,284

 

  

 

 

   

 

 

 

Private Investment Class

     (7,645,428     (1,268,453     (10,946,131     (2,186,097

 

  

 

 

   

 

 

 

Personal Investment Class

     (6,320,398     (1,167,413     (501,718     (110,536

 

  

 

 

   

 

 

 

Cash Management Class

     (5,107,835     (1,843,731     (13,622,487     (3,324,668

 

  

 

 

   

 

 

 

Reserve Class

     (12,607,423     (2,122,002     (8,266,117     (1,225,131

 

  

 

 

   

 

 

 

Resource Class

     (1,108,827     (267,315     (3,057,626     (863,585

 

  

 

 

   

 

 

 

Corporate Class

     (25,353,351     (1,170,294     (21,689,739     (2,699,107

 

  

 

 

   

 

 

 

CAVU Securities Class

     (29,543,906     (2,826,497     (150,813,253     (20,368,644

 

  

 

 

   

 

 

 

Total distributions from distributable earnings

     (669,589,428     (96,074,616     (1,332,987,552     (325,968,052

 

  

 

 

   

 

 

 

Share transactions-net:

        

Institutional Class

     14,027,316,395       4,330,861,644       10,156,276,156       11,726,491,208  

 

  

 

 

   

 

 

 

Private Investment Class

     236,582,670       78,001,581       164,377,949       72,215,877  

 

  

 

 

   

 

 

 

Personal Investment Class

     (192,259,153     315,801,181       (5,957,939     29,989,058  

 

  

 

 

   

 

 

 

Cash Management Class

     (154,069,233     (57,379,422     (517,510,396     394,921,370  

 

  

 

 

   

 

 

 

Reserve Class

     (328,669,854     119,769,440       (86,634,703     190,502,067  

 

  

 

 

   

 

 

 

Resource Class

     (642,242     24,190,011       61,306,446       17,158,805  

 

  

 

 

   

 

 

 

Corporate Class

     1,413,797,274       207,510,470       1,023,377,300       (539,261,258

 

  

 

 

   

 

 

 

CAVU Securities Class

     1,297,043,776       10,231,626       6,183,737,346       3,411,670,557  

 

  

 

 

   

 

 

 

Net increase in net assets resulting from share transactions

     16,299,099,633       5,028,986,531       16,978,972,159       15,303,687,684  

 

  

 

 

   

 

 

 

Net increase in net assets

     16,301,829,889       5,025,099,969       16,981,255,605       15,275,144,107  

 

  

 

 

   

 

 

 

Net assets:

        

Beginning of period

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

 

  

 

 

   

 

 

 

End of period

   $ 41,175,760,983     $ 24,873,931,094     $ 86,034,242,571     $ 69,052,986,966  

 

  

 

 

   

 

 

 

 

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, 2023 and the year ended August 31, 2022

(Unaudited)

 

    

Invesco Treasury Obligations Portfolio

   

Invesco Tax-Free Cash Reserve  Portfolio

 
     February 28,
2023
    August 31,
2022
    February 28,
2023
    August 31,
2022
 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Operations:

        

Net investment income

   $ 23,988,340     $        4,933,278     $     2,961,235     $        629,361  

 

  

 

 

   

 

 

 

Net realized gain (loss)

     (30,165     (129,607     -       -  

 

  

 

 

   

 

 

 

Net increase in net assets resulting from operations

     23,958,175       4,803,671       2,961,235       629,361  

 

  

 

 

   

 

 

 

Distributions to shareholders from distributable earnings:

        

Institutional Class

     (22,764,739     (4,768,439     (2,597,193     (576,238

 

  

 

 

   

 

 

 

Private Investment Class

     (259,555     (48,742     (243,504     (26,690

 

  

 

 

   

 

 

 

Personal Investment Class

     (173,656     (29,749     (7,751     (2,178

 

  

 

 

   

 

 

 

Cash Management Class

     (1,358     (319     (37,135     (11,012

 

  

 

 

   

 

 

 

Reserve Class

     (660,979     (71,516     (67,697     (10,273

 

  

 

 

   

 

 

 

Resource Class

     (3,661     (360     (7,815     (2,938

 

  

 

 

   

 

 

 

Corporate Class

     (124,392     (14,153     (140     (32

 

  

 

 

   

 

 

 

Total distributions from distributable earnings

     (23,988,340     (4,933,278     (2,961,235     (629,361

 

  

 

 

   

 

 

 

Share transactions-net:

        

Institutional Class

     166,084,398       38,941,402       (2,953,360     78,490,605  

 

  

 

 

   

 

 

 

Private Investment Class

     2,096,826       (78,490     10,542,278       5,209,668  

 

  

 

 

   

 

 

 

Personal Investment Class

     (757,179     8,907,420       (1,414,442     133,658  

 

  

 

 

   

 

 

 

Cash Management Class

     1,491       (174,408     (250,931     (851,665

 

  

 

 

   

 

 

 

Reserve Class

     2,655,507       (32,341,061     (9,080,916     (1,439,232

 

  

 

 

   

 

 

 

Resource Class

     17,103       198       (24,302     (716,611

 

  

 

 

   

 

 

 

Corporate Class

     (86,382     (1,691,615     136       19  

 

  

 

 

   

 

 

 

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

     170,011,764       13,563,446       (3,181,537     80,826,442  

 

  

 

 

   

 

 

 

Net increase (decrease) in net assets

     169,981,599       13,433,839       (3,181,537     80,826,442  

 

  

 

 

   

 

 

 

Net assets:

        

Beginning of period

     1,175,082,030       1,161,648,191       232,634,661       151,808,219  

 

  

 

 

   

 

 

 

End of period

   $ 1,345,063,629     $ 1,175,082,030     $ 229,453,124     $ 232,634,661  

 

  

 

 

   

 

 

 

 

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

 

30   Short-Term Investments Trust


Financial Highlights

(Unaudited)

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

Cash Management Class

 

           

Net asset

value,

beginning

of period

  

Net

investment

income(a)

  

Net gains

(losses)

on securities

(both

realized and

unrealized)

 

Total from

investment

operations

 

Dividends

from net

investment

income

 

Distributions

from net

realized

gains

  Return of
capital
 

Total

distributions

 

Net asset

value, end

of period

  

Total

return(b)

 

Net assets,

end of period

(000’s omitted)

  

Ratio of

expenses

to average

net assets

with fee waivers

and/or expense

reimbursements

 

Ratio of

expenses

to average net

assets without

fee waivers

and/or expense

reimbursements

 

Ratio of net

investment

income

to average

net assets

Invesco Liquid Assets Portfolio

 

                   

Six months ended 02/28/23

   $ 1.0002      $ 0.0181      $ 0.0001     $ 0.0182     $ (0.0182   $ -     $ -     $ (0.0182   $ 1.0002        1.84   $ 1,676        0.26 %(c)      0.30 %(c)      3.65 %(c) 

Year ended 08/31/22

     1.0004        0.0044        (0.0000     0.0044       (0.0046     -       -       (0.0046     1.0002        0.45       1,720        0.21       0.30       0.45  

Year ended 08/31/21

     1.0006        0.0001        (0.0002     (0.0001     (0.0001     -       -       (0.0001     1.0004        (0.01     2,922        0.20       0.30       0.02  

Year ended 08/31/20

     1.0004        0.0118        (0.0006     0.0112       (0.0110     -       -       (0.0110     1.0006        1.12       2,947        0.26       0.30       1.18  

Year ended 08/31/19

     1.0004        0.0229        (0.0000     0.0229       (0.0229     -       -       (0.0229     1.0004        2.31       9,288        0.26       0.30       2.29  

Year ended 08/31/18

     1.0002        0.0165        (0.0011     0.0154       (0.0152     -       -       (0.0152     1.0004        1.55       6,181        0.26       0.31       1.65  

Invesco STIC Prime Portfolio

 

                   

Six months ended 02/28/23

     1.0000        0.0172        0.0004       0.0176       (0.0176     -       -       (0.0176     1.0000        1.78       467        0.26 (c)      0.35 (c)      3.47 (c) 

Year ended 08/31/22

     1.0000        0.0046        (0.0000     0.0046       (0.0042     -       (0.0004     (0.0046     1.0000        0.47       369        0.19       0.36       0.57  

Year ended 08/31/21

     1.0000        0.0001        (0.0000     0.0001       (0.0001     -       -       (0.0001     1.0000        0.01       496        0.13       0.38       0.01  

Year ended 08/31/20

     1.0001        0.0110        (0.0013     0.0097       (0.0098     -       -       (0.0098     1.0000        0.99       504        0.25       0.34       1.09  

Year ended 08/31/19

     1.0001        0.0218        0.0001       0.0219       (0.0219     -       -       (0.0219     1.0001        2.21       600        0.26       0.33       2.18  

Year ended 08/31/18

     1.0000        0.0147        (0.0002     0.0145       (0.0144     -       -       (0.0144     1.0001        1.46       779        0.26       0.35       1.47  

Invesco Treasury Portfolio

 

                   

Six months ended 02/28/23

     1.00        0.02        0.00       0.02       (0.02     -       -       (0.02     1.00        1.77       240,742        0.26 (c)      0.29 (c)      3.69 (c) 

Year ended 08/31/22

     1.00        0.00        0.00       0.00       (0.00     -       -       (0.00     1.00        0.42       394,772        0.16       0.29       0.44  

Year ended 08/31/21

     1.00        0.00        0.00       0.00       (0.00     -       -       (0.00     1.00        0.01       452,222        0.10       0.29       0.01  

Year ended 08/31/20

     1.00        0.01        0.00       0.01       (0.01     (0.00     -       (0.01     1.00        0.84       371,958        0.26       0.29       0.78  

Year ended 08/31/19

     1.00        0.02        0.00       0.02       (0.02     -       -       (0.02     1.00        2.12       396,685        0.26       0.29       2.10  

Year ended 08/31/18

     1.00        0.01        0.00       0.01       (0.01     -       -       (0.01     1.00        1.29       446,756        0.26       0.28       1.29  

Invesco Government & Agency Portfolio

 

                   

Six months ended 02/28/23

     1.00        0.02        0.00       0.02       (0.02     -       -       (0.02     1.00        1.78       625,171        0.24 (c)      0.24 (c)      3.61 (c) 

Year ended 08/31/22

     1.00        0.01        (0.01     0.00       (0.00     -       -       (0.00     1.00        0.47       1,142,406        0.15       0.24       0.50  

Year ended 08/31/21

     1.00        0.00        0.00       0.00       (0.00     -       -       (0.00     1.00        0.02       747,956        0.08       0.24       0.02  

Year ended 08/31/20

     1.00        0.01        (0.00     0.01       (0.01     (0.00     -       (0.01     1.00        0.87       431,476        0.23       0.23       0.77  

Year ended 08/31/19

     1.00        0.02        0.00       0.02       (0.02     -       -       (0.02     1.00        2.14       365,003        0.24       0.24       2.12  

Year ended 08/31/18

     1.00        0.01        0.00       0.01       (0.01     -       -       (0.01     1.00        1.30       333,349        0.23       0.23       1.27  

Invesco Treasury Obligations Portfolio

 

                   

Six months ended 02/28/23

     1.00        0.02        (0.00     0.02       (0.02     -       -       (0.02     1.00        1.73       80        0.26 (c)      0.29 (c)      3.50 (c) 

Year ended 08/31/22

     1.00        0.00        (0.00     0.00       (0.00     -       -       (0.00     1.00        0.40       79        0.16       0.29       0.43  

Year ended 08/31/21

     1.00        0.00        0.00       0.00       (0.00     -       -       (0.00     1.00        0.01       253        0.10       0.29       0.01  

Year ended 08/31/20

     1.00        0.01        (0.00     0.01       (0.01     -       -       (0.01     1.00        0.87       341        0.26       0.28       0.76  

Year ended 08/31/19

     1.00        0.02        0.00       0.02       (0.02     -       -       (0.02     1.00        2.10       1,894        0.26       0.29       2.07  

Year ended 08/31/18

     1.00        0.01        0.00       0.01       (0.01     -       -       (0.01     1.00        1.27       3,165        0.26       0.29       1.26  

Invesco Tax-Free Cash Reserve Portfolio

 

                   

Six months ended 02/28/23

     1.00        0.01        -       0.01       (0.01     -       -       (0.01     1.00        1.08       3,494        0.28 (c)      0.41 (c)      2.18 (c) 

Year ended 08/31/22

     1.00        0.00        -       0.00       (0.00     -       -       (0.00     1.00        0.28       3,745        0.18       0.45       0.35  

Year ended 08/31/21

     1.00        0.00        -       0.00       (0.00     -       -       (0.00     1.00        0.01       4,597        0.07       0.48       0.01  

Year ended 08/31/20

     1.00        0.01        -       0.01       (0.01     -       -       (0.01     1.00        0.70       5,490        0.26       0.42       0.69  

Year ended 08/31/19

     1.00        0.01        -       0.01       (0.01     -       -       (0.01     1.00        1.31       27,298        0.28       0.43       1.30  

Year ended 08/31/18

     1.00        0.01        (0.00     0.01       (0.01     -       -       (0.01     1.00        0.93       31,885        0.28       0.46       0.93  

(a) Calculated using average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and is not annualized for periods less than one year.

(c) Annualized.

 

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

 

31   Short-Term Investments Trust


Notes to Financial Statements

February 28, 2023

(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”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.

    The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio; and to provide tax-exempt income consistent with preservation of capital and liquidity for Invesco Tax-Free Cash Reserve Portfolio.

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

    Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

    Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio, both institutional money market funds, price and transact in their shares at a floating net asset value (“NAV”) reflecting the current market-based values of their portfolio securities, except as otherwise generally permitted for securities with remaining maturities of 60 days or less, which are valued at amortized cost. Rules and regulations also require Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).

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

    Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Invesco Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, seek to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation.

    “Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/or repurchase agreements collateralized fully by cash or Government Securities. “Retail money market funds” are required to adopt policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons.

    Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio and Invesco Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.

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

A.

Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities normally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

    Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is unreliable in the Adviser’s judgment, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

    Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

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

    Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.

B.

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

 

32   Short-Term Investments Trust


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

    The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

    Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Funds and the investment adviser.

    The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D.

Distributions - It is the policy of the Funds to declare dividends from net investment income, if any, daily and pay them monthly. 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, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H.

Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I.

Repurchase Agreements - The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income.

J.

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

 

33   Short-Term Investments Trust


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

    The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.

    The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

    Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and each Fund’s investments in municipal securities.

    There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

    U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.

K.

COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:

 

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

Invesco Liquid Assets Portfolio

   0.15%   0.15%   0.15%

Invesco STIC Prime Portfolio

   0.15%   0.15%   0.15%

Invesco Treasury Portfolio

   0.15%   0.15%   0.15%

Invesco Government & Agency Portfolio

   0.10%   0.10%   0.10%

Invesco Treasury Obligations Portfolio

   0.20%   0.15%   0.10%

Invesco Tax-Free Cash Reserve Portfolio

   0.20%   0.20%   0.20%

    For the six months ended February 28, 2023, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:

 

Invesco Liquid Assets Portfolio

     0.15

Invesco STIC Prime Portfolio

     0.15

Invesco Treasury Portfolio

     0.15

Invesco Government & Agency Portfolio

     0.10

Invesco Treasury Obligations Portfolio

     0.13

Invesco Tax-Free Cash Reserve Portfolio

     0.20

    Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, for Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

    The Adviser has contractually agreed, through at least December 31, 2023, 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

 

34   Short-Term Investments Trust


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

 

         Private   Personal   Cash               CAVU
     Institutional   Investment   Investment   Management   Reserve   Resource   Corporate   Securities
      Class   Class   Class   Class   Class   Class   Class   Class

Invesco Liquid Assets Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.38%   0.21%   0.18%

Invesco STIC Prime Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.34%   0.21%   -      

Invesco Treasury Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.34%   0.21%   0.18%

Invesco Government & Agency Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.34%   0.21%   0.18%

Invesco Treasury Obligations Portfolio

   0.18%   0.43%   0.73%   0.26%   1.05%   0.34%   0.21%   -      

Invesco Tax-Free Cash Reserve Portfolio

   0.20%   0.45%   0.75%   0.28%   1.07%   0.36%   0.23%   -      

    The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.

    In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses, and (5) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

    For the six months ended February 28, 2023, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:

 

      Expense
Limitation
 

Invesco Liquid Assets Portfolio

   $    342,612  

Invesco STIC Prime Portfolio

     173,553  

Invesco Treasury Portfolio

     6,268,478  

Invesco Government & Agency Portfolio

     84,156  

Invesco Treasury Obligations Portfolio

     181,160  

Invesco Tax-Free Cash Reserve Portfolio

     179,196  

    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, 2023, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as fund accountant and provides certain administrative services to the Funds. Pursuant to a custody agreement with the Trust on behalf of the Funds, BNY Mellon also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 28, 2023, 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”). Each Fund, pursuant to the Plans, pays IDI compensation up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.

 

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

 

 

Invesco Liquid Assets Portfolio

     0.30%           0.55%           0.08%           0.87%           0.20%           0.03%     

 

 

Invesco STIC Prime Portfolio

     0.30%           0.55%           0.08%           0.87%           0.16%           0.03%     

 

 

Invesco Treasury Portfolio

     0.30%           0.55%           0.08%           0.87%           0.16%           0.03%     

 

 

Invesco Government & Agency Portfolio

     0.30%           0.55%           0.08%           0.87%           0.16%           0.03%     

 

 

Invesco Treasury Obligations Portfolio

     0.25%           0.55%           0.08%           0.87%           0.16%           0.03%     

 

 

Invesco Tax-Free Cash Reserve Portfolio

     0.25%           0.55%           0.08%           0.87%           0.16%           0.03%     

 

 

    The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.

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

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods,

 

35   Short-Term Investments Trust


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. 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 the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

    As of February 28, 2023, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase securities from or sell securities to certain other affiliated 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 that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the six months ended February 28, 2023, each Fund engaged in transactions with affiliates as listed below:

 

      Securities Purchases          Securities Sales          Net Realized Gains

Invesco Liquid Assets Portfolio

   $                    -               $   15,017,260               $-

Invesco STIC Prime Portfolio

     10,011,507                 7,808,191               -

Invesco Tax-Free Cash Reserve Portfolio

     164,296,012                 170,492,689               -

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 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. 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 had a capital loss carryforward as of August 31, 2022, as follows:

 

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

Invesco Liquid Assets Portfolio

   $ 9,051               $ -               $ 9,051  

Invesco Treasury Portfolio

     3,918,575                 -                 3,918,575  

Invesco Government & Agency Portfolio

     28,544,744                 -                 28,544,744  

Invesco Treasury Obligations Portfolio

     132,371                 24,258                 156,629  

Invesco Tax-Free Cash Reserve Portfolio

     19,092                 -                 19,092  

 

*

Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:

 

     At February 28, 2023
                   Net
                   Unrealized
     Federal    Unrealized    Unrealized   Appreciation
      Tax Cost*    Appreciation    (Depreciation)   (Depreciation)

Invesco Liquid Assets Portfolio

     $ 1,833,286,676      $ 103,511      $ (273,743 )   $(170,232)

Invesco STIC Prime Portfolio

       234,120,176        546        (3,822 )   (3,276)

Invesco Treasury Obligations Portfolio

       1,356,198,463        -        (8,870 )   (8,870)

 

*

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

NOTE 9–Share Information

Invesco Liquid Assets Portfolio

 

      Summary of Share Activity  
     Six months ended
February 28, 2023(a)
     Year ended
August 31, 2022
 
      Shares      Amount      Shares      Amount  

Sold:

           

Institutional Class

     7,575,148,001      $ 7,576,878,151        16,021,220,223      $ 16,021,997,196  

 

 

Private Investment Class

     1,140        1,140        173        173  

 

 

Cash Management Class

     6,118        6,119        1        1  

 

 

Reserve Class

     256        257        7,065        7,068  

 

 

Resource Class

     417        417        -        -  

 

 

Corporate Class

     5,998,343        6,000,042        -        -  

 

 

CAVU Securities Class

     -        -        1        1  

 

 

Issued as reinvestment of dividends:

           

Institutional Class

     4,247,510        4,248,575        331,500        331,481  

 

 

Private Investment Class

     17,991        17,996        3,597        3,597  

 

 

Personal Investment Class

     4        4        -        -  

 

 

Cash Management Class

     31,256        31,264        5,971        5,971  

 

 

Reserve Class

     2,461        2,461        174        174  

 

 

Resource Class

     4,382        4,383        599        599  

 

 

Corporate Class

     36,900        36,909        70        70  

 

 

 

37   Short-Term Investments Trust


NOTE 9–Share Information–(continued)

 

      Summary of Share Activity  
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
      Shares     Amount     Shares     Amount  

Reacquired:

        

Institutional Class

     (7,501,501,745   $ (7,503,217,013     (16,635,655,012   $ (16,636,609,365

 

 

Private Investment Class

     (49,320     (49,332     (1,822,166     (1,822,177

 

 

Cash Management Class

     (81,322     (81,346     (1,207,094     (1,207,189

 

 

Reserve Class

     (6,059     (6,061     (47,789     (47,792

 

 

Resource Class

     (3,063     (3,065     (114,803     (114,839

 

 

Corporate Class

     (23     (23     (425     (424

 

 

Net increase (decrease) in share activity

     83,853,247     $ 83,870,878       (617,277,915   $ (617,455,455

 

 

 

(a) 

42% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

38   Short-Term Investments Trust


NOTE 9–Share Information–(continued)

 

Invesco STIC Prime Portfolio

 

      Summary of Share Activity  
     Six months ended     Year ended  
     February 28, 2023(a)     August 31, 2022  
      Shares     Amount     Shares     Amount  

Sold:

        

Institutional Class

     911,782,582     $ 911,783,366       1,898,258,845     $ 1,898,293,281  

 

 

Private Investment Class

     69,416       69,416       66,475       66,475  

 

 

Personal Investment Class

     129       129       45       45  

 

 

Cash Management Class

     200,511       200,511       47,921       47,925  

 

 

Reserve Class

     87       87       1       1  

 

 

Resource Class

     1       1       -       -  

 

 

Corporate Class

     611,040       611,040       -       -  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     5,147,362       5,147,362       718,725       718,729  

 

 

Private Investment Class

     5,822       5,822       961       961  

 

 

Personal Investment Class

     1,411       1,411       131       131  

 

 

Cash Management Class

     4,838       4,838       351       351  

 

 

Reserve Class

     971       971       62       62  

 

 

Resource Class

     8       8       1       1  

 

 

Corporate Class

     4,612       4,612       64       64  

 

 

Reacquired:

        

Institutional Class

     (1,007,016,975     (1,007,018,016     (1,798,225,673     (1,798,252,661

 

 

Private Investment Class

     (200,392     (200,392     (215,296     (215,297

 

 

Personal Investment Class

     -       -       (1,624     (1,624

 

 

Cash Management Class

     (107,101     (107,101     (175,291     (175,297

 

 

Reserve Class

     (1     (1     (16,836     (16,838

 

 

Resource Class

     (1     (1     -       -  

 

 

Corporate Class

     (130,000     (130,000     -       -  

 

 

Net increase (decrease) in share activity

     (89,625,680   $ (89,625,937     100,458,862     $ 100,466,309  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 62% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

 

39   Short-Term Investments Trust


NOTE 9–Share Information–(continued)

 

Invesco Treasury Portfolio

 

      Summary of Share Activity  
     Six months ended     Year ended  
     February 28, 2023(a)     August 31, 2022  
      Shares     Amount     Shares     Amount  

Sold:

        

Institutional Class

     145,004,051,458     $ 145,004,051,458       132,066,034,066     $ 132,066,034,066  

 

 

Private Investment Class

     693,606,770       693,606,770       1,001,410,898       1,001,410,898  

 

 

Personal Investment Class

     1,065,604,266       1,065,604,266       2,236,178,971       2,236,178,971  

 

 

Cash Management Class

     445,291,553       445,291,553       1,488,319,714       1,488,319,714  

 

 

Reserve Class

     2,136,575,113       2,136,575,113       3,559,612,942       3,559,612,942  

 

 

Resource Class

     154,959,401       154,959,401       215,964,855       215,964,855  

 

 

Corporate Class

     7,067,487,198       7,067,487,198       4,502,000,934       4,502,000,934  

 

 

CAVU Securities Class

     10,117,703,630       10,117,703,630       12,888,063,731       12,888,063,731  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     188,438,016       188,438,016       10,223,078       10,223,078  

 

 

Private Investment Class

     4,364,973       4,364,973       184,233       184,233  

 

 

Personal Investment Class

     5,687,699       5,687,699       398,914       398,914  

 

 

Cash Management Class

     5,107,835       5,107,835       1,071,516       1,071,516  

 

 

Reserve Class

     12,607,423       12,607,423       971,014       971,014  

 

 

Resource Class

     1,108,827       1,108,827       130,138       130,138  

 

 

Corporate Class

     9,000,585       9,000,585       261,029       261,029  

 

 

CAVU Securities Class

     17,718,130       17,718,130       1,880       1,880  

 

 

Reacquired:

        

Institutional Class

     (131,165,173,079     (131,165,173,079     (127,745,395,500     (127,745,395,500

 

 

Private Investment Class

     (461,389,073     (461,389,073     (923,593,550     (923,593,550

 

 

Personal Investment Class

     (1,263,551,118     (1,263,551,118     (1,920,776,704     (1,920,776,704

 

 

Cash Management Class

     (604,468,621     (604,468,621     (1,546,770,652     (1,546,770,652

 

 

Reserve Class

     (2,477,852,390     (2,477,852,390     (3,440,814,516     (3,440,814,516

 

 

Resource Class

     (156,710,470     (156,710,470     (191,904,982     (191,904,982

 

 

Corporate Class

     (5,662,690,509     (5,662,690,509     (4,294,751,493     (4,294,751,493

 

 

CAVU Securities Class

     (8,838,377,984     (8,838,377,984     (12,877,833,985     (12,877,833,985

 

 

Net increase in share activity

     16,299,099,633     $ 16,299,099,633       5,028,986,531     $ 5,028,986,531  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 40% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

 

40   Short-Term Investments Trust


NOTE 9–Share Information–(continued)

 

Invesco Government & Agency Portfolio

 

      Summary of Share Activity  
     Six months ended     Year ended  
     February 28, 2023(a)     August 31, 2022  
      Shares     Amount     Shares     Amount  

Sold:

        

Institutional Class

     324,869,749,338     $ 324,869,749,338       454,339,645,288     $ 454,339,645,288  

 

 

Private Investment Class

     1,126,644,425       1,126,644,425       1,778,974,054       1,778,974,054  

 

 

Personal Investment Class

     58,898,358       58,898,358       97,861,174       97,861,174  

 

 

Cash Management Class

     414,424,303       414,424,303       1,341,733,532       1,341,733,532  

 

 

Reserve Class

     807,114,011       807,114,011       2,373,222,673       2,373,222,673  

 

 

Resource Class

     826,482,205       826,482,205       1,481,464,937       1,481,464,937  

 

 

Corporate Class

     8,128,163,560       8,128,163,560       10,354,778,887       10,354,778,887  

 

 

CAVU Securities Class

     68,062,764,562       68,062,764,562       77,360,488,467       77,360,488,467  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     455,040,015       455,040,015       49,592,996       49,592,996  

 

 

Private Investment Class

     7,769,707       7,769,707       747,946       747,946  

 

 

Personal Investment Class

     501,718       501,718       55,691       55,691  

 

 

Cash Management Class

     3,325,117       3,325,117       463,867       463,867  

 

 

Reserve Class

     8,266,117       8,266,117       542,028       542,028  

 

 

Resource Class

     2,777,506       2,777,506       486,110       486,110  

 

 

Corporate Class

     11,198,615       11,198,615       1,161,309       1,161,309  

 

 

CAVU Securities Class

     99,055,148       99,055,148       7,176,754       7,176,754  

 

 

Reacquired:

        

Institutional Class

     (315,168,513,197     (315,168,513,197     (442,662,747,076     (442,662,747,076

 

 

Private Investment Class

     (970,036,183     (970,036,183     (1,707,506,123     (1,707,506,123

 

 

Personal Investment Class

     (65,358,015     (65,358,015     (67,927,807     (67,927,807

 

 

Cash Management Class

     (935,259,816     (935,259,816     (947,276,029     (947,276,029

 

 

Reserve Class

     (902,014,831     (902,014,831     (2,183,262,634     (2,183,262,634

 

 

Resource Class

     (767,953,265     (767,953,265     (1,464,792,242     (1,464,792,242

 

 

Corporate Class

     (7,115,984,875     (7,115,984,875     (10,895,201,454     (10,895,201,454

 

 

CAVU Securities Class

     (61,978,082,364     (61,978,082,364     (73,955,994,664     (73,955,994,664

 

 

Net increase in share activity

     16,978,972,159     $ 16,978,972,159       15,303,687,684     $ 15,303,687,684  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

 

41   Short-Term Investments Trust


NOTE 9–Share Information–(continued)

 

Invesco Treasury Obligations Portfolio

 

      Summary of Share Activity  
     Six months ended     Year ended  
     February 28, 2023(a)     August 31, 2022  
      Shares     Amount     Shares     Amount  

Sold:

        

Institutional Class

     2,955,044,530     $ 2,955,044,530       2,034,763,395     $ 2,034,763,395  

 

 

Private Investment Class

     5,741,484       5,741,484       4,862,034       4,862,034  

 

 

Personal Investment Class

     7,866,493       7,866,493       25,412,787       25,412,787  

 

 

Cash Management Class

     133       133       -       -  

 

 

Reserve Class

     75,864,809       75,864,809       237,156,939       237,156,939  

 

 

Resource Class

     1,257,552       1,257,552       891,607       891,607  

 

 

Corporate Class

     20,654,915       20,654,915       -       -  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     13,024,486       13,024,486       1,208,158       1,208,158  

 

 

Private Investment Class

     259,555       259,555       25,960       25,960  

 

 

Personal Investment Class

     173,656       173,656       13,163       13,163  

 

 

Cash Management Class

     1,358       1,358       185       185  

 

 

Reserve Class

     660,979       660,979       26,868       26,868  

 

 

Resource Class

     2,003       2,003       -       -  

 

 

Corporate Class

     121,810       121,810       8,385       8,385  

 

 

Reacquired:

        

Institutional Class

     (2,801,984,618     (2,801,984,618     (1,997,030,151     (1,997,030,151

 

 

Private Investment Class

     (3,904,213     (3,904,213     (4,966,484     (4,966,484

 

 

Personal Investment Class

     (8,797,328     (8,797,328     (16,518,530     (16,518,530

 

 

Cash Management Class

     -       -       (174,593     (174,593

 

 

Reserve Class

     (73,870,281     (73,870,281     (269,524,868     (269,524,868

 

 

Resource Class

     (1,242,452     (1,242,452     (891,409     (891,409

 

 

Corporate Class

     (20,863,107     (20,863,107     (1,700,000     (1,700,000

 

 

Net increase in share activity

     170,011,764     $ 170,011,764       13,563,446     $ 13,563,446  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 39% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 38% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

42   Short-Term Investments Trust


NOTE 9–Share Information–(continued)

 

Invesco Tax-Free Cash Reserve Portfolio

 

      Summary of Share Activity  
     Six months ended     Year ended  
     February 28, 2023(a)     August 31, 2022  
      Shares     Amount     Shares     Amount  

Sold:

        

Institutional Class

     222,924,718     $ 222,924,718       264,322,787     $ 264,322,787  

 

 

Private Investment Class

     36,294,273       36,294,273       8,658,509       8,658,509  

 

 

Personal Investment Class

     1,707,275       1,707,275       4,144,947       4,144,947  

 

 

Cash Management Class

     2,589,877       2,589,877       4,995,075       4,995,075  

 

 

Reserve Class

     13,217,998       13,217,998       44,954,869       44,954,869  

 

 

Resource Class

     537       537       -       -  

 

 

Corporate Class

     49,490       49,490       -       -  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     1,792,239       1,792,239       203,648       203,648  

 

 

Private Investment Class

     233,864       233,864       10,734       10,734  

 

 

Personal Investment Class

     7,751       7,751       619       619  

 

 

Cash Management Class

     8,620       8,620       1,959       1,959  

 

 

Reserve Class

     67,697       67,697       2,238       2,238  

 

 

Resource Class

     7,709       7,709       1,890       1,890  

 

 

Corporate Class

     136       136       19       19  

 

 

Reacquired:

        

Institutional Class

     (227,670,317     (227,670,317     (186,035,830     (186,035,830

 

 

Private Investment Class

     (25,985,859     (25,985,859     (3,459,575     (3,459,575

 

 

Personal Investment Class

     (3,129,468     (3,129,468     (4,011,908     (4,011,908

 

 

Cash Management Class

     (2,849,428     (2,849,428     (5,848,699     (5,848,699

 

 

Reserve Class

     (22,366,611     (22,366,611     (46,396,339     (46,396,339

 

 

Resource Class

     (32,548     (32,548     (718,501     (718,501

 

 

Corporate Class

     (49,490     (49,490     -       -  

 

 

Net increase (decrease) in share activity

     (3,181,537   $ (3,181,537     80,826,442     $ 80,826,442  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 82% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 10–Significant Event

On January 19, 2023, the Board of Trustees approved a Plan of Liquidation and Dissolution, which authorizes the termination, liquidation and dissolution of Invesco Tax-Free Cash Reserve Portfolio Fund (the “Fund”). In order to effect such liquidation, the Fund closed to investments by new accounts after the close of business on February 24, 2023. The Fund is expected to liquidate on or about April 24, 2023.

 

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, 2022 through February 28, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

 

                    HYPOTHETICAL     
          ACTUAL       (5% annual return before expenses)          
  Cash Management  
Class
  Beginning
  Account Value  
(09/01/22)
  Ending
  Account Value  
(02/28/23)1
  Expenses
  Paid During  
Period2
  Ending
  Account Value  
(02/28/23)
  Expenses
  Paid During  
Period2
 

  Annualized  
Expense

Ratio

Invesco Liquid Assets Portfolio   $1,000.00   $1,018.40   $1.30   $1,023.51   $1.30   0.26%
Invesco STIC Prime Portfolio     1,000.00     1,017.80     1.30     1,023.51     1.30   0.26   
Invesco Treasury Portfolio     1,000.00     1,017.70     1.30     1,023.51     1.30   0.26   
Invesco Government & Agency Portfolio     1,000.00     1,017.80     1.20     1,023.60     1.20   0.24   
Invesco Treasury Obligations Portfolio     1,000.00     1,017.30     1.30     1,023.51     1.30   0.26   
Invesco Tax-Free Cash Reserve Portfolio     1,000.00     1,010.80     1.40     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, 2022 through February 28, 2023, 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


 

(This page intentionally left blank)

 

 


 

(This page intentionally left blank)

 

 


 

(This page intentionally left blank)

 

 


 

 

 

 

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

 

 

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

 

 

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-MFP filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

 

LOGO      
SEC file numbers: 811-02729 and 002-58287    Invesco Distributors, Inc.    CM-STIT-SAR-3                                 


LOGO

 

 

Semiannual Report to Shareholders    February 28, 2023
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   

 

 

 

2

 

Fund Data

3

 

Schedules of Investments

25            

 

Financial Statements

31

 

Financial Highlights

32

 

Notes to Financial Statements

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, 2023, and is based on total net assets. Unless otherwise stated, all data is provided by Invesco.

 

 

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE


 

Fund Data

 

  Resource Class data as of 2/28/23

                       

  FUND

  

WEIGHTED

AVERAGE

MATURITY

 

 

 

   WEIGHTED AVERAGE LIFE   

TOTAL

NET

ASSETS

     

Range

During
    Reporting    
Period

  

At
    Reporting    
Period

End

    

At
    Reporting    
Period

End

     

  Invesco Liquid Assets1

    12 - 48 days      41 days      47 days      $249.7 thousand

  Invesco STIC Prime1

   2 - 8 days      3 days      5 days             0.4 thousand

  Invesco Treasury2

     3 - 30 days      26 days      111 days      76.8 million

  Invesco Government & Agency2

     8 - 30 days      23 days      109 days    196.3 million

  Invesco Treasury Obligations2

   29 - 53 days      45 days      103 days         115.4 thousand

  Invesco Tax-Free Cash Reserve3

     6 - 13 days      6 days      6 days         735.7 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


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio

 

                   Principal         
     Interest      Maturity      Amount         
     Rate      Date      (000)      Value  

 

 

Commercial Paper-51.09%(a)

           

Asset-Backed Securities - Consumer Receivables-1.09%

           

Old Line Funding LLC (1 mo. FEDL + 0.12%)(b)(c)(d)

     4.65%        05/23/2023      $           20,000      $           20,000,000  

 

 

Asset-Backed Securities - Fully Supported Bank-12.57%

           

Anglesea Funding LLC (Multi - CEP’s) (1 mo. OBFR + 0.19%)(b)(c)(d)

     4.76%        04/07/2023        40,000        40,006,000  

 

 

Concord Minutemen Capital Co. LLC (Multi - CEP’s)
(SOFR + 0.35%)(b)(c)(d)

     4.66%        04/19/2023        37,108        37,117,871  

 

 

Lexington Parker Capital Co. LLC (Multi - CEP’s)(b)(c)

     4.63%        03/15/2023        20,000        19,961,875  

 

 

Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c)

     4.62%        03/17/2023        39,110        39,025,451  

 

 

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

     4.82%        05/02/2023        50,000        49,586,475  

 

 

Nieuw Amsterdam Receivables Corp B.V. (CEP - Cooperatieve Rabobank U.A.) (Netherlands)(b)(c)

     4.68%        04/11/2023        19,500        19,394,417  

 

 

Versailles Commercial Paper LLC (CEP - Natixis SA)(c)

     4.95%        05/03/2023        25,000        24,788,844  

 

 
              229,880,933  

 

 

Diversified Banks-19.40%

           

Banco Santander S.A. (Spain)(b)(c)

     4.94%        05/01/2023        25,000        24,796,778  

 

 

Banco Santander S.A. (Spain)(b)(c)

     4.96%        05/10/2023        10,000        9,906,438  

 

 

Barclays Bank PLC(b)(c)

     4.89%        05/24/2023        10,000        9,886,147  

 

 

DBS Bank Ltd. (Singapore)(b)(c)

     5.18%        06/07/2023        20,000        19,737,925  

 

 

DNB Bank ASA (Norway)(b)(c)

     5.15%        02/01/2024        25,000        23,780,149  

 

 

DZ Bank AG (Germany)(b)(c)

     4.79%        04/11/2023        30,000        29,838,405  

 

 

Lloyds Bank PLC (United Kingdom)(c)

     5.14%        08/01/2023        25,000        24,464,636  

 

 

National Australia Bank Ltd. (Australia)(b)(c)

     5.10%        11/02/2023        40,000        38,606,096  

 

 

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

     4.65%        04/03/2023        50,000        49,781,078  

 

 

Nordea Bank Abp (Finland)(b)(c)

     5.06%        07/03/2023        30,000        29,493,646  

 

 

Sumitomo Mitsui Trust Bank Ltd.(b)(c)

     4.58%        03/06/2023        50,000        49,962,083  

 

 

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

     0.00%        01/26/2024        25,000        24,934,499  

 

 

Westpac Banking Corp. (Australia)(b)(c)

     5.47%        08/03/2023        20,000        19,580,447  

 

 
              354,768,327  

 

 

Diversified Capital Markets-5.98%

           

Collateralized Commercial Paper V Co. LLC (CEP - JPMorgan Securities LLC)

     5.09%        07/12/2023        10,000        9,816,606  

 

 

Glencove Funding LLC (CEP - Standard Chartered Bank)(b)(c)

     4.80%        04/25/2023        50,000        49,635,222  

 

 

Great Bear Funding LLC (CEP - Bank of Nova Scotia) (1 mo. OBFR + 0.25%)(c)(d)

     4.82%        07/24/2023        30,000        30,005,940  

 

 

Longship Funding LLC (CEP - Nordea Bank AB)(b)(c)

     4.62%        03/17/2023        20,000        19,956,556  

 

 
              109,414,324  

 

 

Education Services-1.97%

           

Emory University

     4.68%        04/06/2023        36,000        35,983,588  

 

 

Investment Banking & Brokerage-1.62%

           

Goldman Sachs International(b)

     4.97%        05/24/2023        30,000        29,663,400  

 

 

Regional Banks-2.73%

           

Mitsubishi UFJ Trust & Banking Corp.(b)(c)

     4.59%        03/24/2023        50,000        49,848,667  

 

 

Specialized Finance-5.73%

           

Cabot Trail Funding LLC (CEP - TD Bank N.A.)(b)(c)

     4.68%        04/03/2023        25,000        24,890,208  

 

 

Caterpillar Financial Services Corp.

     4.61%        03/02/2023        50,000        49,987,478  

 

 

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

 

3                             Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio–(continued)

 

                  Principal         
     Interest     Maturity      Amount         
      Rate     Date      (000)      Value  

Specialized Finance-(continued)

          

Great Bear Funding LLC (CEP - Bank of Nova Scotia) (1 mo. OBFR + 0.23%)(c)(d)

     4.80%       07/24/2023      $ 20,000      $         20,003,960  

 

 

Ontario Teachers’ Finance Trust (Canada)(b)(c)

     5.24%       05/16/2023        10,000        9,898,852  

 

 
             104,780,498  

 

 

Total Commercial Paper (Cost $934,507,127)

             934,339,737  

 

 

Certificates of Deposit-23.43%

          

Bank of America N.A.

     5.37%       08/28/2023        40,000        39,989,008  

 

 

Credit Agricole Corporate & Investment Bank S.A.(c)

     4.55%       03/01/2023        69,572        69,571,586  

 

 

DNB Bank ASA (Norway)(c)

     4.55%       03/01/2023        62,000        62,000,000  

 

 

Mizuho Bank Ltd.(c)

     4.57%       03/01/2023        86,000        86,000,000  

 

 

Oversea-Chinese Banking Corp. Ltd.(c)

     4.84%       05/31/2023        25,000        24,998,175  

 

 

Oversea-Chinese Banking Corp. Ltd.(c)

     5.13%       07/14/2023        20,000        20,009,854  

 

 

Skandinaviska Enskilda Banken AB(c)

     4.56%       03/01/2023        90,000        90,000,000  

 

 

Sumitomo Mitsui Trust Bank Ltd.(c)

     4.55%       03/01/2023        36,000        36,000,000  

 

 

Total Certificates of Deposit (Cost $428,571,465)

             428,568,623  

 

 

Variable Rate Demand Notes-4.29%(e)

          

Credit Enhanced-4.29%

          

Board of Regents of the University of Texas System; Subseries 2016 G-2, VRD RB

     4.55%       08/01/2045        67,040        67,040,000  

 

 

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

     4.90%       04/01/2047        9,100        9,099,999  

 

 

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

     4.59%       05/01/2037        2,400        2,400,000  

 

 

Total Variable Rate Demand Notes (Cost $78,539,999)

             78,539,999  

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-78.81%
(Cost $1,441,618,591)

 

        1,441,448,359  

 

 
                  Repurchase         
                  Amount         

Repurchase Agreements-21.42%(g)

          

BMO Capital Markets Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $75,068,104 (collateralized by agency and non-agency asset-backed securities, corporate obligations, agency and non-agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $77,897,590; 0.00% - 8.59%; 09/29/2023 - 10/20/2072)(c)(h)

     4.67%       03/01/2023        5,004,540        5,000,000  

 

 

BMO Capital Markets Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $75,068,542 (collateralized by agency and non-agency asset-backed securities, corporate obligations, agency and non-agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $79,297,812; 0.00% - 11.67%; 04/01/2023 - 10/20/2072)(c)(h)

     4.70%       03/01/2023        20,018,278        20,000,000  

 

 

BNP Paribas Securities Corp., joint term agreement dated 02/23/2023, aggregate maturing value of $115,105,321 (collateralized by corporate obligations, non-agency asset-backed securities and a non-agency mortgage-backed security valued at $126,499,356; 3.75% - 11.23%; 03/15/2024 - 09/25/2047)(c)(h)

     4.71%       03/02/2023        45,041,213        45,000,000  

 

 

BNP Paribas Securities Corp., joint term agreement dated 02/23/2023, aggregate maturing value of $50,045,208 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $54,237,766; 0.00% - 6.91%; 10/21/2027 -02/25/2068)(c)(h)

     4.65%       03/02/2023        18,016,275        18,000,000  

 

 

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $50,006,444 (collateralized by corporate obligations valued at $55,000,360; 3.63% -10.50%; 11/15/2026 - 05/15/2031)

     4.64%       03/01/2023        25,003,222        25,000,000  

 

 

 

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

4                             Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio–(continued)

 

     Interest     Maturity      Repurchase         
     Rate     Date      Amount      Value  

 

 

Credit Agricole Corporate & Investment Bank, joint open agreement dated 02/17/2023 (collateralized by agency and non-agency asset-backed securities, corporate obligations, non-agency mortgage-backed securities valued at $212,241,452; 0.70% - 11.75%; 05/22/2023 - 05/15/2097)(c)(i)

     4.65%       03/01/2023      $     15,001,938      $         15,000,000  

 

 

J.P. Morgan Securities LLC, joint open agreement dated 01/04/2023 (collateralized by corporate obligations valued at $110,000,002; 0.00% - 11.50%; 05/30/2023 -02/01/2050)(i)

     4.87%       03/01/2023        40,150,956        40,000,000  

 

 

J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,752,093; 4.25% - 10.63%; 09/01/2023 -03/01/2033)(i)

     4.77%       03/01/2023        7,025,873        7,000,000  

 

 

RBC Capital Markets LLC, joint term agreement dated 02/22/2023, aggregate maturing value of $150,138,542 (collateralized by corporate obligations and a non-agency mortgage-backed security valued at $160,966,520; 0.00% - 13.00%; 03/02/2023 -01/15/2077)(c)(h)

     4.75%       03/01/2023        15,013,854        15,000,000  

 

 

Societe Generale, joint open agreement dated 01/04/2023 (collateralized by corporate obligations, a non-agency asset-backed security, a U.S. government sponsored agency obligation and U.S. Treasury obligation valued at $92,137,344; 0.00% - 7.88%; 03/15/2023 - 02/27/2063)(c)(i)

     4.68%       03/01/2023        30,003,900        30,000,000  

 

 

Societe Generale, joint open agreement dated 08/06/2019 (collateralized by corporate obligations, non-agency asset-backed securities, non-agency mortgage-backed securities, a U.S. government sponsored agency obligation and U.S. Treasury obligations valued at $61,983,453; 0.00% - 11.75%; 03/15/2023 - 08/01/2118)(c)(i)

     4.75%       03/01/2023        25,003,299        25,000,000  

 

 

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,667 (collateralized by agency mortgage-backed securities valued at $1,020,000,000; 2.00% - 3.50%; 11/01/2046 - 01/20/2052)

     4.56%       03/01/2023        146,686,663        146,668,085  

 

 

Total Repurchase Agreements (Cost $391,668,085)

             391,668,085  

 

 

TOTAL INVESTMENTS IN SECURITIES(j)(k) -100.23% (Cost $1,833,286,676)

 

        1,833,116,444  

 

 

OTHER ASSETS LESS LIABILITIES-(0.23)%

             (4,137,317

 

 

NET ASSETS-100.00%

           $ 1,828,979,127  

 

 

Investment Abbreviations:

 

 

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

 

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

5                             Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio–(continued)

 

Notes to Schedule of Investments:

 

(a) 

Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

(b) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2023 was $748,388,684, which represented 40.92% 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: France: 16.2%; Japan: 14.7%; Cananda: 9.3%; Netherland: 8.1%; Sweden: 6.0%; other countries less than 5% each: 21.1%.

(d) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(e) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(f) 

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

(g) 

Principal amount equals value at period end. See Note 1I.

(h) 

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

(i) 

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

(j) 

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 issuer’s obligations. No concentration of any single entity was greater than 5% each.

(k) 

Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

   49.6%

 

8-30

   7.0   

 

31-60

   15.7   

 

61-90

   9.8   

 

91-180

   10.9   

 

181+

   7.0   

 

 

*

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.

6                             Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco STIC Prime Portfolio

 

                  Principal         
     Interest     Maturity      Amount         
      Rate     Date      (000)      Value  

Certificates of Deposit-26.41%

          

Australia and New Zealand Banking Group Ltd. (Cayman Islands)(a)

     4.57%       03/01/2023      $           9,000      $         9,000,000  

 

 

BNP Paribas S.A. (SOFR + 0.50%)(a)(b)

     4.32%       03/08/2023        2,075        2,075,195  

 

 

Credit Agricole Corporate & Investment Bank S.A.(a)

     4.55%       03/01/2023        10,428        10,428,414  

 

 

DNB Bank ASA (Norway)(a)

     4.55%       03/01/2023        8,000        8,000,000  

 

 

Mizuho Bank Ltd.(a)

     4.57%       03/01/2023        9,000        9,000,000  

 

 

Skandinaviska Enskilda Banken AB(a)

     4.56%       03/01/2023        8,000        8,000,000  

 

 

Standard Chartered Bank (SOFR + 0.30%) (United Kingdom)(a)(b)

     4.36%       03/13/2023        6,250        6,250,482  

 

 

Sumitomo Mitsui Trust Bank Ltd.(a)

     4.55%       03/01/2023        9,000        9,000,000  

 

 

Total Certificates of Deposit (Cost $61,753,946)

             61,754,091  

 

 

Commercial Paper-23.09%(c)

          

Asset-Backed Securities - Fully Supported Bank-11.56%

          

Anglesea Funding LLC (Multi - CEP’s)(a)(d)

     4.65%       03/08/2023        7,000        6,992,897  

 

 

Concord Minutemen Capital Co. LLC (Multi - CEP’s) (SOFR + 0.35%)(a)(b)(d)

     4.48%       03/16/2023        7,071        7,071,654  

 

 

Halkin Finance LLC (Multi - CEP’s)(a)(d)

     4.77%       03/30/2023        7,000        6,973,196  

 

 

Nieuw Amsterdam Receivables Corp B.V. (CEP - Cooperatieve Rabobank
U.A.)(a)(d)

     4.53%       03/03/2023        6,000        5,997,708  

 

 
             27,035,455  

 

 

Diversified Banks-4.27%

          

Westpac Banking Corp. (SOFR + 0.50%) (Australia)(a)(b)(d)

     4.32%       03/21/2023        10,000        10,002,359  

 

 

Diversified Capital Markets-2.14%

          

Britannia Funding Co. LLC (CEP - Barclays Bank PLC)(a)(d)

     4.58%       03/01/2023        5,000        4,999,364  

 

 

Integrated Oil & Gas-2.99%

          

TotalEnergies Capital Canada Ltd. (Canada)(a)(d)

     4.61%       03/02/2023        7,000        6,998,250  

 

 

Specialized Finance-2.13%

          

Cabot Trail Funding LLC (CEP - TD Bank N.A.)(a)(d)

     4.68%       04/04/2023        5,000        4,977,381  

 

 

Total Commercial Paper (Cost $54,016,230)

             54,012,809  

 

 

Variable Rate Demand Notes-7.42%(e)

          

Credit Enhanced-7.42%

          

Board of Regents of the University of Texas System; Subseries 2016 G-2, VRD RB

     4.55%       08/01/2045        5,000        5,000,000  

 

 

Jets Stadium Development LLC; Series 2014 A-4C, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(a)(d)(f)

     4.90%       04/01/2047        5,000        5,000,000  

 

 

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

     4.59%       05/01/2037        2,950        2,950,000  

 

 

Ziegler Realty LLC; Series 2007, VRD Notes (LOC - Wells Fargo Bank,
N.A.)(d)(f)

     4.67%       01/01/2033        4,400        4,400,000  

 

 

Total Variable Rate Demand Notes (Cost $17,350,000)

             17,350,000  

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-56.92%
(Cost $133,120,176)

 

        133,116,900  

 

 
                  Repurchase         
                  Amount         

Repurchase Agreements-43.19%(g)

          

BMO Capital Markets Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $75,068,542 (collateralized by agency and non-agency asset-backed securities, corporate obligations, agency and non-agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $79,297,812; 0.00% - 11.67%; 04/01/2023 -
10/20/2072)(a)(h)

     4.70%       03/01/2023        8,007,311        8,000,000  

 

 

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

 

7                             Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco STIC Prime Portfolio–(continued)

     Interest     Maturity      Repurchase         
     Rate     Date      Amount      Value  

 

 

BNP Paribas Securities Corp., joint term agreement dated 02/23/2023, aggregate maturing value of $50,045,208 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $54,237,766; 0.00% - 6.91%; 10/21/2027 -02/25/2068)(a)(h)

     4.65     03/02/2023      $ 5,004,521      $ 5,000,000  

 

 

BofA Securities, Inc., joint term agreement dated 02/28/2023, aggregate maturing value of $250,032,222 (collateralized by corporate obligations valued at $275,000,783; 2.30% -11.50%; 04/15/2025 - 06/01/2052)(h)(i)

     4.64     03/07/2023        5,000,644        5,000,000  

 

 

J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,752,093; 4.25% - 10.63%; 09/01/2023 - 03/01/2033)(j)

     4.77     03/01/2023        8,029,569        8,000,000  

 

 

Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by agency mortgage-backed securities valued at $1,020,000,000; 0.99% - 6.50%; 01/01/2024 - 07/25/2059)

     4.55     03/01/2023        15,001,896        15,000,000  

 

 

RBC Capital Markets LLC, joint term agreement dated 02/22/2023, aggregate maturing value of $150,138,542 (collateralized by corporate obligations and a non-agency mortgage-backed security valued at $160,966,520; 0.00% - 13.00%; 03/02/2023 - 01/15/2077)(a)(h)

     4.75     03/01/2023        10,009,236        10,000,000  

 

 

RBC Dominion Securities Inc., joint agreement dated 02/28/2023, aggregate maturing value of $500,063,194 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,004; 0.00% - 6.00%; 07/15/2023 - 01/20/2053)

     4.55     03/01/2023        15,001,896        15,000,000  

 

 

Societe Generale, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,020,000,098; 0.13% - 7.50%; 03/01/2027 - 03/01/2053)

     4.55     03/01/2023        15,001,896        15,000,000  

 

 

Societe Generale, joint open agreement dated 08/06/2019 (collateralized by corporate obligations, non-agency asset-backed securities, non-agency mortgage-backed securities, a U.S. government sponsored agency obligation and U.S. Treasury obligations valued at $61,983,453; 0.00% - 11.75%; 03/15/2023 - 08/01/2118)(a)(j)

     4.75     03/01/2023        5,000,660        5,000,000  

 

 

Wells Fargo Securities, LLC, joint agreement dated 02/28/2023, aggregate maturing value of $800,101,333 (collateralized by agency mortgage-backed securities valued at $816,000,000; 1.50% - 7.50%; 12/01/2023 - 03/01/2053)

     4.56     03/01/2023        15,001,900        15,000,000  

 

 

Total Repurchase Agreements (Cost $101,000,000)

             101,000,000  

 

 

TOTAL INVESTMENTS IN SECURITIES(k)(l) -100.11%
(Cost $234,120,176)

             234,116,900  

 

 

OTHER ASSETS LESS LIABILITIES-(0.11)%

             (258,442

 

 

NET ASSETS-100.00%

           $ 233,858,458  

 

 

Investment Abbreviations:

 

CEP   -Credit Enhancement Provider
LOC   -Letter of Credit
RB   -Revenue Bonds
SOFR   -Secured Overnight Financing Rate
VRD   -Variable Rate Demand

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

 

8                             Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco STIC Prime Portfolio–(continued)

Notes to Schedule of Investments:

 

(a) 

The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: France 18.6%; Japan 9.8%; Canada 9.8%; Australia 8.1%; Netherlands 5.6%; other countries less than 5% each: 11.6%.

(b) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(c) 

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

(d) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2023 was $63,412,809, which represented 27.12% of the Fund’s Net Assets.

(e) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(f) 

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

(g) 

Principal amount equals value at period end. See Note 1I.

(h) 

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

(i) 

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

(j) 

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

(k) 

Also represents cost for federal income tax purposes.

(l) 

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 02/28/2023

 

1-7

   81.0%

 

8-30

   16.9   

 

31-60

   2.1   

 

61-90

   0.0   

 

91-180

   0.0   

 

181+

   0.0   

 

 

*

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

 

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

9                             Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Treasury Portfolio

 

                         Principal               
     Interest      Maturity      Amount         
     Rate      Date      (000)              Value          

 

 

U.S. Treasury Securities-44.18%

           

U.S. Treasury Bills-30.14%(a)

           

U.S. Treasury Bills

     4.55%        03/09/2023      $ 200,000      $ 199,798,889  

 

 

U.S. Treasury Bills

     4.54%        03/14/2023        700,000        698,857,445  

 

 

U.S. Treasury Bills

     4.32%        03/16/2023        550,000        549,021,458  

 

 

U.S. Treasury Bills

     4.53%-4.54%        03/21/2023        1,800,000        1,795,490,498  

 

 

U.S. Treasury Bills

     4.56%        03/28/2023        450,000        448,472,812  

 

 

U.S. Treasury Bills

     4.54%        04/04/2023        675,000        672,128,062  

 

 

U.S. Treasury Bills

     4.47%-4.63%        04/11/2023        1,200,000        1,193,758,886  

 

 

U.S. Treasury Bills

     4.51%        04/18/2023        499,000        496,045,919  

 

 

U.S. Treasury Bills

     4.49%        04/25/2023        400,000        397,295,834  

 

 

U.S. Treasury Bills

     4.63%        04/27/2023        120,000        119,130,750  

 

 

U.S. Treasury Bills

     4.62%        05/02/2023        500,000        496,081,944  

 

 

U.S. Treasury Bills

     4.65%        05/04/2023        600,000        595,098,666  

 

 

U.S. Treasury Bills

     4.64%        05/09/2023        500,000        495,620,417  

 

 

U.S. Treasury Bills

     4.64%        05/11/2023        750,000        743,210,625  

 

 

U.S. Treasury Bills

     4.68%        05/23/2023        600,000        593,622,833  

 

 

U.S. Treasury Bills

     4.69%        05/30/2023        400,000        395,379,999  

 

 

U.S. Treasury Bills

     4.70%        06/06/2023        675,000        666,588,281  

 

 

U.S. Treasury Bills

     4.75%        07/06/2023        300,000        295,094,625  

 

 

U.S. Treasury Bills

     4.78%        11/30/2023        176,500        170,380,990  

 

 

U.S. Treasury Bills

     4.73%-4.83%        12/28/2023        500,000        480,831,389  

 

 

U.S. Treasury Bills

     4.68%-4.87%        01/25/2024        950,000        910,752,917  

 

 
              12,412,663,239  

 

 

U.S. Treasury Floating Rate Notes-14.04%

           

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84%        07/31/2024        1,945,500        1,944,968,479  

 

 

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

     4.95%        10/31/2024        2,589,000        2,586,191,922  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%)(b)

     5.01%        01/31/2025        1,250,000        1,250,426,646  

 

 
              5,781,587,047  

 

 

Total U.S. Treasury Securities (Cost $18,194,250,286)

 

        18,194,250,286  

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-44.18%
(Cost $18,194,250,286)

 

     18,194,250,286  

 

 
                   Repurchase         
                   Amount         

Repurchase Agreements-54.62%(c)

           

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $600,066,667 (collateralized by U.S. Treasury obligations valued at $612,000,086; 0.13% - 1.13%; 01/15/2024 - 01/15/2033)

     4.00%        03/01/2023        200,022,222        200,000,000  

 

 

Citigroup Global Markets, Inc., joint term agreement dated 02/22/2023, aggregate maturing value of $3,002,654,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,083; 0.13% - 1.13%; 07/15/2023 - 01/15/2033)(d)

     4.55%        03/01/2023        1,801,592,500        1,800,000,000  

 

 

Federal Reserve Bank of New York, joint agreement dated 02/28/2023, aggregate maturing value of $50,006,319,444 (collateralized by U.S. Treasury obligations valued at $50,006,319,596; 0.25% - 4.50%; 10/31/2023 - 08/15/2039)

     4.55%        03/01/2023        12,801,617,778        12,800,000,000  

 

 

 

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

10                             Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Treasury Portfolio–(continued)

 

     Interest     Maturity      Repurchase         
     Rate     Date      Amount              Value          

 

 

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $300,035,833 (collateralized by U.S. Treasury obligations valued at $306,000,095; 1.88% - 4.84%; 07/31/2023 - 02/15/2032)

     4.30     03/01/2023      $ 100,011,944      $ 100,000,000  

 

 

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $4,000,505,556 (collateralized by U.S. Treasury obligations valued at $4,080,000,087; 0.00% - 4.38%; 06/13/2023 - 02/15/2048)

     4.55     03/01/2023        1,500,189,583        1,500,000,000  

 

 

Fixed Income Clearing Corp. - State Street Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,065; 1.88% - 2.88%; 05/15/2051 - 05/15/2052)

     4.55     03/01/2023        500,063,194        500,000,000  

 

 

Goldman Sachs & Co., agreement dated 02/28/2023, maturing value of $1,500,190,000 (collateralized by U.S. Treasury obligations valued at $1,530,000,003; 0.00% - 5.25%; 11/15/2023 - 08/15/2051)

     4.56     03/01/2023        1,500,190,000        1,500,000,000  

 

 

Goldman Sachs & Co., joint agreement dated 02/28/2023, aggregate maturing value of $1,295,098,924 (collateralized by U.S. Treasury obligations valued at $1,320,900,062; 0.00% - 5.38%; 03/02/2023 - 08/15/2052)

     2.75     03/01/2023        450,034,375        450,000,000  

 

 

ING Financial Markets, LLC, term agreement dated 02/28/2023, maturing value of $100,088,472 (collateralized by U.S. Treasury obligations valued at $102,000,049; 0.00% - 4.50%; 06/15/2023 - 11/15/2050)(d)

     4.55     03/07/2023        100,088,472        100,000,000  

 

 

Metropolitan Life Insurance Co., joint term agreement dated 02/22/2023, aggregate maturing value of $350,316,644 (collateralized by U.S. Treasury obligations valued at $359,869,294; 0.00%; 08/15/2027 - 08/15/2046)(d)

     4.57     03/01/2023        100,088,861        100,000,000  

 

 

Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $1,802,662,944 (collateralized by U.S. Treasury obligations valued at $1,838,431,196; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)(d)

     4.57     03/01/2023        672,959,969        672,362,500  

 

 

Mitsubishi UFJ Trust & Banking Corp., term agreement dated 02/22/2023, maturing value of $100,088,569 (collateralized by U.S. Treasury obligations valued at $102,012,845; 0.63% - 1.25%; 08/15/2030 - 08/15/2031)(d)

     4.56     03/01/2023        100,088,569        100,000,000  

 

 

Prudential Legacy Insurance Company of New Jersey, agreement dated 02/28/2023, maturing value of $896,209,130 (collateralized by U.S. Treasury obligations valued at $912,399,598; 0.00% - 1.75%; 05/15/2037 - 11/15/2046)

     4.56     03/01/2023        896,209,130        896,095,625  

 

 

Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,395; 0.00% - 4.00%; 03/28/2023 - 08/15/2052)(e)

     4.55     03/01/2023        75,009,479        75,000,000  

 

 

Societe Generale, joint term agreement dated 02/23/2023, aggregate maturing value of $1,001,773,333 (collateralized by U.S. Treasury obligations valued at $1,020,000,026; 0.13% - 4.13%; 05/31/2023 - 08/31/2029)

     4.56     03/09/2023        400,709,333        400,000,000  

 

 

Standard Chartered Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,128,928; 0.00% - 6.00%; 05/31/2023 - 11/15/2052)

     4.55     03/01/2023        250,031,597        250,000,000  

 

 

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $3,000,379,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,080; 0.50% - 2.63%; 03/15/2023 - 08/15/2031)

     4.55     03/01/2023        1,045,775,475        1,045,643,317  

 

 

Total Repurchase Agreements (Cost $22,489,101,442)

             22,489,101,442  

 

 

TOTAL INVESTMENTS IN SECURITIES-98.80%
(Cost $40,683,351,728)

             40,683,351,728  

 

 

OTHER ASSETS LESS LIABILITIES-1.20%

             492,409,255  

 

 

NET ASSETS-100.00%

           $ 41,175,760,983  

 

 

 

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

11                             Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Treasury Portfolio–(continued)

Notes to Schedule of Investments:

 

(a) 

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

(b) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(c) 

Principal amount equals value at period end. See Note 1I.

(d) 

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

(e) 

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

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

   54.7%

 

8-30

   10.0    

 

31-60

   7.0    

 

61-90

   7.1    

 

91-180

   3.3    

 

181+

   17.9    

 

 

*

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.

12                             Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio

 

                         Principal               
     Interest      Maturity      Amount         
     Rate      Date      (000)              Value          

 

 

U.S. Treasury Securities-37.65%

           

U.S. Treasury Bills-23.42%(a)

           

U.S. Treasury Bills

                 4.53%        03/21/2023      $            827,880      $      825,805,701  

 

 

U.S. Treasury Bills

     4.53%-4.56%        03/28/2023        2,450,000        2,441,698,905  

 

 

U.S. Treasury Bills

     4.54%        04/04/2023        2,000,000        1,991,490,553  

 

 

U.S. Treasury Bills

     4.46%        04/06/2023        470,000        467,927,300  

 

 

U.S. Treasury Bills

     4.63%        04/11/2023        2,040,000        2,029,312,660  

 

 

U.S. Treasury Bills

     4.51%        04/18/2023        2,500,000        2,485,199,998  

 

 

U.S. Treasury Bills

     4.61%        04/20/2023        1,200,000        1,192,400,000  

 

 

U.S. Treasury Bills

     4.49%        04/25/2023        1,300,000        1,291,211,460  

 

 

U.S. Treasury Bills

     4.63%        04/27/2023        1,100,000        1,092,031,875  

 

 

U.S. Treasury Bills

     4.65%        05/04/2023        2,000,000        1,983,662,221  

 

 

U.S. Treasury Bills

     4.64%        05/11/2023        1,410,000        1,397,235,975  

 

 

U.S. Treasury Bills

     4.69%        05/30/2023        445,000        439,860,249  

 

 

U.S. Treasury Bills

     4.70%        06/06/2023        1,100,000        1,086,292,014  

 

 

U.S. Treasury Bills

     4.12%-4.52%        10/05/2023        240,000        233,818,882  

 

 

U.S. Treasury Bills

     4.78%        11/30/2023        45,000        43,439,912  

 

 

U.S. Treasury Bills

     4.68%        01/25/2024        1,200,000        1,150,829,997  

 

 
              20,152,217,702  

 

 

U.S. Treasury Floating Rate Notes-14.23%

           

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84%        10/31/2023        431,679        431,694,009  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)(b)

     4.79%        01/31/2024        180,000        179,971,503  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)(b)

     4.73%        04/30/2024        3,564,000        3,561,449,655  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84%        07/31/2024        3,323,400        3,321,978,999  

 

 

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

     4.95%        10/31/2024        3,834,800        3,830,307,536  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%)(b)

     5.01%        01/31/2025        915,000        915,650,639  

 

 
              12,241,052,341  

 

 

Total U.S. Treasury Securities (Cost $32,393,270,043)

              32,393,270,043  

 

 

U.S. Government Sponsored Agency Securities-5.75%

           

Federal Farm Credit Bank (FFCB)-3.37%

           

Federal Farm Credit Bank (SOFR + 0.02%)(b)

     4.57%        06/12/2023        75,000        75,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58%        07/07/2023        143,000        143,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58%        09/08/2023        155,000        155,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58%        09/18/2023        21,500        21,500,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59%        09/20/2023        25,000        25,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58%        09/27/2023        60,000        60,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59%        12/15/2023        24,500        24,499,020  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59%        01/04/2024        229,000        229,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.06%)(b)

     4.61%        01/10/2024        75,500        75,500,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59%        01/25/2024        15,000        15,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59%        02/05/2024        100,000        100,000,000  

 

 

 

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

13                             Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio(continued)

 

                         Principal               
     Interest      Maturity      Amount         
     Rate      Date      (000)              Value          

 

 

Federal Farm Credit Bank (FFCB)-(continued)

           

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%        02/20/2024      $             80,000      $        80,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%        02/23/2024        162,000        162,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%        03/08/2024        95,000        95,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%        03/15/2024        431,000        431,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59%        03/18/2024        445,000        445,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%        04/04/2024        195,000        195,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%        04/25/2024        345,000        345,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%        05/09/2024        160,000        160,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%        05/24/2024        62,000        62,000,000  

 

 
              2,898,499,020  

 

 

Federal Home Loan Bank (FHLB)-2.18%(a)

           

Federal Home Loan Bank

     4.81%        07/14/2023        800,000        785,899,999  

 

 

Federal Home Loan Bank

     5.01%        01/12/2024        213,000        204,015,956  

 

 

Federal Home Loan Bank

     5.02%        02/09/2024        926,000        883,581,484  

 

 
              1,873,497,439  

 

 

U.S. International Development Finance Corp. (DFC)-0.20%

           

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.85%        06/15/2025        12,000        12,000,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.46%        07/15/2025        13,056        13,055,558  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.79%        09/15/2025        2,895        2,894,737  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.65%        09/15/2026        6,250        6,250,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.79%        09/15/2026        3,750        3,750,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.46%        09/30/2027        10,364        10,363,637  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.85%        02/15/2028        11,111        11,111,111  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     2.46%        11/15/2028        52,273        52,272,728  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     2.35%        05/15/2030        6,734        6,734,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.79%        10/15/2030        6,889        6,888,889  

 

 

U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(c)

     2.47%        07/09/2026        17,850        17,850,000  

 

 

U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(c)

     2.46%        03/15/2030        32,625        32,625,000  

 

 
              175,795,660  

 

 

Total U.S. Government Sponsored Agency Securities (Cost $4,947,792,119)

 

        4,947,792,119  

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-43.40%
(Cost $37,341,062,162)

 

        37,341,062,162  

 

 

 

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

14                             Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio(continued)

 

     Interest      Maturity         Repurchase            
     Rate      Date      Amount              Value          

 

 

Repurchase Agreements-56.68%(d)

           

Bank of Nova Scotia, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,032; 0.00% - 4.38%; 03/16/2023 - 02/15/2050)

     4.55%        03/01/2023      $    924,801,150      $      924,684,280  

 

 

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $1,195,151,035 (collateralized by agency mortgage-backed securities valued at $1,218,900,000; 1.81% - 6.50%; 10/25/2031 - 09/20/2072)

     4.55%        03/01/2023        735,092,896        735,000,000  

 

 

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $600,066,667 (collateralized by U.S. Treasury obligations valued at $612,000,086; 0.13% - 1.13%; 01/15/2024 - 01/15/2033)

     4.00%        03/01/2023        400,044,444        400,000,000  

 

 

CIBC World Markets Corp., joint term agreement dated 02/16/2023, aggregate maturing value of $501,583,333 (collateralized by agency mortgage-backed securities, U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $510,000,130; 1.50% - 8.50%; 01/01/2024 -03/01/2053)(e)

     4.56%        03/13/2023        300,950,000        300,000,000  

 

 

Citigroup Global Markets, Inc., joint term agreement dated 02/22/2023, aggregate maturing value of $3,002,654,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,083; 0.13% - 1.13%; 07/15/2023 - 01/15/2033)(e)

     4.55%        03/01/2023        1,000,884,722        1,000,000,000  

 

 

Federal Reserve Bank of New York, joint agreement dated 02/28/2023, aggregate maturing value of $50,006,319,444 (collateralized by U.S. Treasury obligations valued at $50,006,319,596; 0.25% - 4.50%; 10/31/2023 - 08/15/2039)

     4.55%        03/01/2023        32,704,132,917        32,700,000,000  

 

 

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $300,035,833 (collateralized by U.S. Treasury obligations valued at $306,000,095; 1.88% - 4.84%; 07/31/2023 - 02/15/2032)

     4.30%        03/01/2023        200,023,889        200,000,000  

 

 

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $4,000,505,556 (collateralized by U.S. Treasury obligations valued at $4,080,000,087; 0.00% - 4.38%; 06/13/2023 - 02/15/2048)

     4.55%        03/01/2023        2,500,315,972        2,500,000,000  

 

 

Fixed Income Clearing Corp. - State Street Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,065; 1.88% - 2.88%; 05/15/2051 - 05/15/2052)

     4.55%        03/01/2023        100,012,639        100,000,000  

 

 

Goldman Sachs & Co., agreement dated 02/28/2023, maturing value of $1,500,190,000 (collateralized by U.S. Treasury obligations valued at $1,530,000,001; 0.00% - 6.25%; 03/23/2023 - 02/15/2048)

     4.56%        03/01/2023        1,500,190,000        1,500,000,000  

 

 

Goldman Sachs & Co., joint agreement dated 02/28/2023, aggregate maturing value of $1,295,098,924 (collateralized by U.S. Treasury obligations valued at $1,320,900,062; 0.00% - 5.38%; 03/02/2023 - 08/15/2052)

     2.75%        03/01/2023        845,064,549        845,000,000  

 

 

ING Financial Markets, LLC, joint term agreement dated 02/02/2023, aggregate maturing value of $251,551,667 (collateralized by agency mortgage-backed securities valued at $255,000,000; 2.00% - 6.50%; 08/01/2028 -02/01/2053)

     4.56%        03/23/2023        85,527,567        85,000,000  

ING Financial Markets, LLC, term agreement dated 02/02/2023, maturing value of $301,862,000 (collateralized by agency mortgage-backed securities valued at $306,000,000; 2.00% - 6.00%; 11/01/2029 - 02/01/2053)

     4.56%        03/23/2023        301,862,000        300,000,000  

 

 

ING Financial Markets, LLC, term agreement dated 02/02/2023, maturing value of $503,103,333 (collateralized by agency mortgage-backed securities valued at $510,000,001; 2.00% - 7.00%; 03/01/2028 - 01/01/2057)

     4.56%        03/23/2023        503,103,333        500,000,000  

 

 

ING Financial Markets, LLC, term agreement dated 02/13/2023, maturing value of $251,205,972 (collateralized by agency mortgage-backed securities and a U.S. Treasury obligation valued at $255,000,070; 2.00% - 5.50%; 06/01/2047 - 01/01/2053)

     4.57%        03/23/2023        251,205,972        250,000,000  

 

 

 

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

15                             Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio(continued)

 

     Interest      Maturity         Repurchase            
     Rate      Date      Amount              Value          

 

 

J.P. Morgan Securities LLC, joint open agreement dated 02/27/2023 (collateralized by agency mortgage-backed securities valued at $918,000,005; 1.38% - 7.50%; 09/01/2025 - 08/01/2056)(f)

     4.57%        03/01/2023      $ 785,199,303      $ 785,000,000  

 

 

Metropolitan Life Insurance Co., joint term agreement dated 02/22/2023, aggregate maturing value of $350,316,644 (collateralized by U.S. Treasury obligations valued at $359,869,294; 0.00%; 08/15/2027 - 08/15/2046)(e)

     4.57%        03/01/2023        170,152,002        170,000,937  

 

 

Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $1,802,662,944 (collateralized by U.S. Treasury obligations valued at $1,838,431,196; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)(e)

     4.57%        03/01/2023        952,908,513        952,062,500  

 

 

Prudential Insurance Co. of America, agreement dated 02/28/2023, maturing value of $144,194,512 (collateralized by U.S. Treasury obligations valued at $146,949,280; 0.00%; 05/15/2037 - 08/15/2042)

     4.56%        03/01/2023        144,194,512        144,176,250  

 

 

RBC Dominion Securities Inc., joint term agreement dated 02/02/2023, aggregate maturing value of $2,767,068,333 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $2,805,000,000; 0.13% - 5.50%; 03/31/2023 - 02/20/2053)(e)

     4.56%        03/23/2023        1,076,641,133        1,070,000,000  

 

 

Royal Bank of Canada, term agreement dated 02/02/2023, maturing value of $1,006,206,667 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,020,000,039; 0.00% - 6.50%; 12/31/2025 - 02/01/2053)(e)

     4.56%        03/23/2023        1,006,206,667        1,000,000,000  

 

 

Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,395; 0.00% - 4.00%; 03/28/2023 - 08/15/2052)(f)

     4.55%        03/01/2023        100,012,639        100,000,000  

 

 

Societe Generale, joint term agreement dated 02/23/2023, aggregate maturing value of $1,001,773,333 (collateralized by U.S. Treasury obligations valued at $1,020,000,026; 0.13% - 4.13%; 05/31/2023 - 08/31/2029)

     4.56%        03/09/2023        375,665,000        375,000,000  

 

 

Standard Chartered Bank, agreement dated 02/28/2023, maturing value of $150,018,958 (collateralized by agency mortgage-backed securities valued at $153,019,338; 3.00% - 4.50%; 07/20/2049 - 10/20/2052)

     4.55%        03/01/2023        150,018,958        150,000,000  

 

 

Standard Chartered Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,128,928; 0.00% - 6.00%; 05/31/2023 - 11/15/2052)

     4.55%        03/01/2023        750,094,792        750,000,000  

 

 

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $3,000,379,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,080; 0.50% - 2.63%; 03/15/2023 - 08/15/2031)

     4.55%        03/01/2023        702,085,622        701,996,897  

 

 

TD Securities (USA) LLC, joint term agreement dated 02/22/2023, aggregate maturing value of $350,309,993 (collateralized by agency mortgage-backed securities valued at $357,000,000; 2.00% - 4.00%; 05/01/2041 -
05/01/2052)(e)

     4.56%        03/01/2023        220,194,853        220,000,000  

 

 

Total Repurchase Agreements (Cost $48,757,920,864)

              48,757,920,864  

 

 

TOTAL INVESTMENTS IN SECURITIES-100.08% (Cost $86,098,983,026)

 

           86,098,983,026  

 

 

OTHER ASSETS LESS LIABILITIES-(0.08)%

              (64,740,455

 

 

NET ASSETS-100.00%

            $ 86,034,242,571  

 

 

Investment Abbreviations:

 

SOFR

 

-Secured Overnight Financing Rate

VRD

 

-Variable Rate Demand

 

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

16                             Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio(continued)

 

Notes to Schedule of Investments:

 

(a) 

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

(b) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(c) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(d) 

Principal amount equals value at period end. See Note 1I.

(e) 

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

(f) 

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

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

   56.1%

 

8-30

   5.2   

 

31-60

   11.4   

 

61-90

   4.5   

 

91-180

   2.4   

 

181+

   20.4   

 

 

*

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

 

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

17                             Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Treasury Obligations Portfolio

 

                   Principal         
     Interest      Maturity      Amount         
      Rate      Date      (000)              Value          

U.S. Treasury Securities-100.83%

           

U.S. Treasury Bills-85.74%(a)

           

U.S. Treasury Bills

     4.33%        03/02/2023          $   20,000      $       19,997,620  

U.S. Treasury Bills

     4.34%-4.51%        03/07/2023        110,700        110,618,265  

U.S. Treasury Bills

     4.32%-4.48%        03/09/2023        9,700        9,690,542  

U.S. Treasury Bills

     4.49%-4.54%        03/14/2023        86,700        86,559,909  

U.S. Treasury Bills

     4.53%-4.55%        03/21/2023        135,900        135,559,358  

U.S. Treasury Bills

     4.53%-4.56%        03/28/2023        72,500        72,253,676  

U.S. Treasury Bills

     4.40%        03/30/2023        51,000        50,821,288  

U.S. Treasury Bills

     4.50%-4.55%        04/04/2023        111,200        110,727,059  

U.S. Treasury Bills

     4.46%        04/06/2023        50,000        49,779,500  

U.S. Treasury Bills

     4.46%-4.63%        04/11/2023        80,000        79,587,722  

U.S. Treasury Bills

     4.61%        04/13/2023        22,150        22,029,356  

U.S. Treasury Bills

     4.68%        04/18/2023        41,000        40,745,800  

U.S. Treasury Bills

     4.69%        04/25/2023        65,000        64,537,603  

U.S. Treasury Bills

     4.65%        05/04/2023        60,000        59,509,867  

U.S. Treasury Bills

     4.64%        05/09/2023        16,000        15,859,853  

U.S. Treasury Bills

     4.64%        05/11/2023        40,000        39,637,900  

U.S. Treasury Bills

     4.74%        05/18/2023        26,000        25,736,360  

U.S. Treasury Bills

     4.78%        05/25/2023        20,000        19,777,111  

U.S. Treasury Bills

     4.75%        06/01/2023        10,000        9,879,931  

U.S. Treasury Bills

     4.70%        06/06/2023        35,000        34,563,837  

U.S. Treasury Bills

     4.64%        06/08/2023        15,000        14,812,931  

U.S. Treasury Bills

     4.77%        06/13/2023        33,000        32,551,933  

U.S. Treasury Bills

     3.01%        07/13/2023        6,000        5,934,764  

U.S. Treasury Bills

     4.80%        07/20/2023        10,000        9,816,504  

U.S. Treasury Bills

     4.12%        10/05/2023        6,000        5,856,302  

U.S. Treasury Bills

     4.68%-4.86%        01/25/2024        27,500        26,364,091  
                                  1,153,209,082  

U.S. Treasury Floating Rate Notes-14.16%

           

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b)

     4.84%        04/30/2023        19,000        19,000,127  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b)

     4.84%        07/31/2023        17,500        17,500,177  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84%        10/31/2023        30,000        30,000,345  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate -0.02%)(b)

     4.79%        01/31/2024        8,000        7,998,734  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate -0.08%)(b)

     4.73%        04/30/2024        25,500        25,482,209  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84%        07/31/2024        32,000        31,984,058  

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

     4.95%        10/31/2024        49,000        48,958,037  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%)(b)

     5.01%        01/31/2025        9,500        9,506,755  

 

 
              190,430,442  

 

 

 

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

18                             Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Treasury Obligations Portfolio–(continued)

 

                   Principal         
     Interest      Maturity      Amount         
      Rate      Date      (000)              Value          

 

 

U.S. Treasury Notes-0.93%

           

TOTAL INVESTMENTS IN SECURITIES-100.83% (Cost $1,356,189,593)

              1,356,189,593  

 

 

OTHER ASSETS LESS LIABILITIES-(0.83)%

              (11,125,964

 

 

NET ASSETS-100.00%

            $ 1,345,063,629  

 

 

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, 2023.

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     9.6%  

 

 

8-30

     26.1     

 

 

31-60

     27.0     

 

 

61-90

     13.3     

 

 

91-180

     9.3     

 

 

181+

     14.7     

 

 

 

*

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

 

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

19                             Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio

 

                   Principal         
     Interest      Maturity      Amount         
      Rate      Date      (000)              Value          

Municipal Obligations-94.08%

           

Alabama-3.55%

           

Mobile (City of), AL Downtown Redevelopment Authority (Austal USA, LLC); Series 2011 B, Ref. VRD RB (LOC - Bank of America, N.A.)(a)(b)(c)

     2.14%        05/01/2041        $ 3,240      $     3,240,000  

Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)(b)(c)(d)

     2.25%        07/01/2040        4,910        4,910,000  
                                  8,150,000  

Arizona-2.72%

           

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

     1.40%        01/01/2046        6,250        6,250,000  

California-0.87%

           

Los Angeles County Capital Asset Leasing Corp.; Series B, Commercial Paper Notes

     2.00%        03/01/2023        2,000        2,000,000  

Connecticut-2.47%

           

Connecticut (State of) Health & Educational Facilities Authority (Yale University); Series 2017 A, Ref. VRD RB(b)

     2.20%        07/01/2042        5,660        5,660,000  

Delaware-0.95%

           

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

     2.21%        05/01/2036        2,180        2,180,000  

District of Columbia-3.29%

           

District of Columbia; Series 2022 A, Commercial Paper Notes(d)

     2.43%        03/15/2023        3,000        3,000,000  

District of Columbia (Georgetown University);

           

Series 2007 C-2, VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.19%        04/01/2041        1,200        1,200,000  

Series 2009 C, Ref. VRD RB (LOC - Bank of Tokyo Mitsubishi UFJ)(b)(c)(d)

     2.19%        04/01/2042        3,350        3,350,000  
                                  7,550,000  

Florida-4.09%

           

Halifax Hospital Medical Center; Series 2008, Ref. VRD RB (LOC - JPMorgan Chase Bank, N.A.)(b)(c)

     2.25%        06/01/2048        2,485        2,485,000  

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

     2.11%        11/01/2036        2,725        2,725,000  

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

     2.23%        07/01/2032        4,175        4,175,000  
                                  9,385,000  

Georgia-4.54%

           

Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - BMO Harris Bank N.A.)(b)(c)(d)

     2.21%        11/01/2030        1,450        1,450,000  

Georgia (State of) Private Colleges & Universities Authority (Emory University); Series 2022 B, VRD RB (SIFMA Municipal Swap Index + 0.03%)(b)

     2.00%        09/01/2052        8,975        8,975,000  
                                  10,425,000  

Idaho-0.44%

           

Idaho (State of) Health Facilities Authority (St. Luke’s Health System); Series 2018 C, VRD RB (LOC - U.S. Bank N.A.)(b)(c)

     1.40%        03/01/2048        1,000        1,000,000  

Illinois-7.33%

           

Illinois (State of) Development Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)(b)(c)

     2.21%        10/01/2033        2,625        2,625,000  

Illinois (State of) Educational Facilities Authority (Augustana College); Series 2003 B, VRD RB (LOC - BMO Harris Bank N.A.)(b)(c)(d)

     2.24%        10/01/2032        1,600        1,600,000  

 

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

20                             Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

 

 

                   Principal         
     Interest      Maturity      Amount         
      Rate      Date      (000)              Value          

Illinois-(continued)

           

Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - Northern Trust Co. (The))(b)(c)

     2.15%        01/01/2037        $ 2,800      $     2,800,000  

Illinois (State of) Finance Authority (University of Chicago Medical); Series 2009 D-2, VRD RB (LOC - PNC Bank, N.A.)(b)(c)

     1.50%        08/01/2043        1,000        1,000,000  

Illinois (State of) Finance Authority (YMCA of Metropolitan Chicago); Series 2004, VRD RB (LOC - BMO Harris Bank N.A.)(b)(c)(d)

     2.45%        06/01/2034        2,960        2,960,000  

Illinois (State of) Housing Development Authority (Foxview I & II Apartments); Series 2008, VRD RB (LOC - FHLMC)(b)(c)

     2.17%        01/01/2041        4,835        4,835,000  

University of Illinois (Illinois Health Services); Series 1997 B, VRD RB (LOC - Wells Fargo Bank, N.A.)(b)(c)

     2.50%        10/01/2026        1,000        1,000,000  
                                  16,820,000  

Indiana-3.31%

           

Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank, N.A.)(b)(c)

     2.28%        08/01/2037        4,950        4,950,000  

Indiana (State of) Finance Authority (Parkview Health System Obligated Group); Series 2009 C, VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.05%        11/01/2039        2,635        2,635,000  
                                  7,585,000  

Iowa-2.18%

           

Iowa (State of) Finance Authority (CJ Bio America); Series 2021, Ref. VRD RB (LOC - Korea Devlopment Bank)(a)(b)(c)(d)

     2.24%        12/01/2041        5,000        5,000,000  

Kentucky-1.61%

           

Boyle (County of), KY (Centre College); Series 2008 A, Ref. VRD RB (LOC - PNC Bank, N.A.)(b)(c)

     2.20%        06/01/2037        3,700        3,700,000  

Louisiana-3.79%

           

Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC); Series 2013 B, Ref. VRD RB (LOC - JPMorgan Chase Bank, N.A.)(b)(c)

     2.50%        09/01/2033        1,000        1,000,000  

Louisiana (State of) Public Facilities Authority (CHRISTUS Health);

           

Series 2009 B-3, Ref. VRD RB (LOC - Bank of New York Mellon (The))(b)(c)

     2.45%        07/01/2047        6,605        6,605,000  

Series 2009 B-1, Ref. VRD RB (LOC - Bank of New York Mellon (The))(b)(c)

     2.10%        07/01/2047        1,100        1,100,000  
                                  8,705,000  

Maryland-2.10%

           

Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System); Series 2008 D, VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.45%        07/01/2041        4,810        4,810,000  

Massachusetts-2.51%

           

Massachusetts (Commonwealth of) Development Finance Agency (Boston University);

           

Series 2008 U-6C, VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.35%        10/01/2042        700        700,000  

Series 2008 U-6E, Ref. VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.35%        10/01/2042        5,050        5,050,000  
                                  5,750,000  

 

Minnesota-3.12%

           

Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)(b)

     2.29%        10/15/2033        1,175        1,175,000  

Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC)(b)

     2.20%        11/01/2035        3,600        3,600,000  

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

     2.20%        10/01/2033        2,385        2,385,000  
                                  7,160,000  

Mississippi-3.97%

           

Jackson (County of), MS (Chevron U.S.A., Inc.); Series 1993, Ref. VRD RB(b)

     1.40%        06/01/2023        200        200,000  

 

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

21                             Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

 

                   Principal         
     Interest      Maturity      Amount         
      Rate      Date      (000)              Value          

Mississippi-(continued)

           

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

           

Series 2010 E, VRD IDR(b)

     2.04%        12/01/2030        $ 4,000      $     4,000,000  

Series 2010 C, VRD IDR(b)

     1.40%        11/01/2035        595        595,000  

Series 2010 J, VRD IDR(b)

     1.38%        11/01/2035        1,000        1,000,000  

Series 2010 C, VRD IDR(b)

     1.40%        11/01/2035        3,320        3,320,000  
                                  9,115,000  

Missouri-2.29%

           

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

     2.23%        11/01/2037        1,175        1,175,000  

Kansas City (City of), MO (H Roe Bartle Convention Center);

           

Series 2008 F, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.24%        04/15/2025        1,915        1,915,000  

Series 2008 E, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.24%        04/15/2034        900        900,000  

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

     2.38%        08/01/2038        1,260        1,260,000  
                                  5,250,000  

New York-5.36%

           

Metropolitan Transportation Authority;

           

Subseries 2012 G-1, VRD RB (LOC - Barclays Bank PLC)(b)(c)(d)

     1.35%        11/01/2032        3,800        3,800,000  

Subseries 2020 B-1, Ref. VRD RB (LOC - PNC Bank, N.A.)(b)(c)

     2.20%        11/15/2046        4,510        4,510,000  

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.)(b)(c)(d)

     2.40%        05/01/2039        4,000        4,000,000  
                                  12,310,000  

North Carolina-5.63%

           

Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health); Series 2018 H, VRD RB(b)

     1.40%        01/15/2048        2,500        2,500,000  

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

     1.40%        01/15/2037        4,000        4,000,000  

North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 1992 A, VRD RB(b)

     2.20%        06/01/2027        6,425        6,425,000  
                                  12,925,000  

Ohio-1.73%

           

Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - U.S. Bank N.A.)(b)(c)

     2.20%        08/02/2038        2,650        2,650,000  

Ohio State University (The); Series 2014 B-1, VRD RB(b)

     2.41%        12/01/2039        1,310        1,310,000  
                                  3,960,000  

Oregon-0.49%

           

Oregon (State of) Department of Transportation; Series A-2, Commercial Paper Notes(d)

     2.80%        03/21/2023        1,000        1,000,000  

Oregon (State of) Facilities Authority (PeaceHealth); Series 2018 A, Ref. VRD RB (LOC - U.S. Bank N.A.)(b)(c)

     1.40%        08/01/2034        125        125,000  
                                  1,125,000  

Pennsylvania-1.74%

           

Philadelphia (City of), PA; Series A, Commercial Paper Notes(d)

     2.55%        03/23/2023        4,000        4,000,000  

 

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

22                             Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

 

                   Principal         
     Interest      Maturity      Amount         
      Rate      Date      (000)              Value          

Texas-17.41%

           

Board of Regents of the University of Texas System;

           

Series 2008 B, VRD RB(b)

     2.15%        08/01/2025        $ 1,115      $     1,115,000  

Series 2008 A, VRD RB(b)

     2.10%        07/01/2037        2,425        2,425,000  

Series A, Commercial Paper Notes

     3.20%        03/03/2023        2,500        2,500,000  

Garland (City of), TX; Series 2021, Commercial Paper Notes(d)

     2.60%        03/01/2023        5,000        5,000,000  

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

     1.40%        11/01/2041        6,450        6,450,000  

Harris County Health Facilities Development Corp. (Methodist Hospital System); Series 2008 A-2, Ref. VRD RB(b)

     1.45%        12/01/2041        4,185        4,185,000  

Houston (City of), TX; Series H-2, Commercial Paper Notes

     2.85%        03/09/2023        7,000        7,000,000  

Lower Neches Valley Authority Industrial Development Corp. (Exxonmobil); Series 2011, VRD RB(b)

     1.36%        11/01/2051        3,182        3,182,000  

Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas); Series 2008 A, VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.45%        10/01/2041        1,480        1,480,000  

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

     2.29%        05/01/2042        3,020        3,020,000  

Texas A&M University; Series B, Commercial Paper Notes

     3.25%        04/05/2023        3,600        3,600,000  
                                  39,957,000  

Virginia-1.00%

           

Loudoun (County of), VA Economic Development Authority (Jack Kent Cooke Foundation); Series 2004, VRD RB (LOC - Northern Trust Co. (The))(b)(c)

     2.25%        06/01/2034        2,300        2,300,000  

Washington-1.32%

           

Washington (State of) Housing Finance Commission (Redmond Ridge Apartments); Series 2017, VRD RB (LOC - FHLB of San Francisco)(b)(c)

     2.21%        11/01/2047        3,025        3,025,000  

West Virginia-2.92%

           

Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC - Bank of America, N.A.)(b)(c)

     2.19%        07/01/2039        745        745,000  

West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008 B, Ref. VRD RB (LOC - Truist Bank)(b)(c)

     2.32%        01/01/2034        5,945        5,945,000  

 

 
              6,690,000  

 

 

Wisconsin-1.35%

           

Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - FHLB of Chicago)(b)(c)

     2.22%        10/01/2042        3,090        3,090,000  

 

 

TOTAL INVESTMENTS IN SECURITIES(e)(f) -94.08% (Cost $215,877,000)

              215,877,000  

 

 

OTHER ASSETS LESS LIABILITIES-5.92%

              13,576,124  

 

 

NET ASSETS-100.00%

            $ 229,453,124  

 

 

 

Investment Abbreviations:
CEP    - Credit Enhancement Provider
FHLB    - Federal Home Loan Bank
FHLMC    - Federal Home Loan Mortgage Corp.
FNMA    - Federal National Mortgage Association
IDR    - Industrial Development Revenue Bonds
LOC    - Letter of Credit
RB    - Revenue Bonds
Ref.    - Refunding
SIFMA    - Securities Industry and Financial Markets Association
VRD    - Variable Rate Demand

 

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

23                             Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

 

Notes to Schedule of Investments:

 

(a) 

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, 2023 was $8,240,000, which represented 3.59% of the Fund’s Net Assets.

(b)

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(c)

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

(d) 

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 8.3%; United Kingdom 6.9%; Japan 6.1%; Other countries less than 5% each: 4.3%.

(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.

 

Entities    Percentage

 

TD Bank, N.A.

   5.6%

 

Northern Trust Co. (The)

   5.6   

 

PNC Bank, N.A.

   5.3   

 

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     91.8%  

 

 

8-30

     6.6     

 

 

31-60

     1.6     

 

 

61-90

     0.0     

 

 

91-180

     0.0     

 

 

181+

     0.0     

 

 

 

*

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

 

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

24                             Short-Term Investments Trust


Statements of Assets and Liabilities

February 28, 2023

(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 unaffiliated securities, at value

  $ 1,441,448,359     $ 133,116,900     $ 18,194,250,286     $ 37,341,062,162     $ 1,356,189,593     $ 215,877,000  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Repurchase agreements, at value and cost

    391,668,085       101,000,000       22,489,101,442       48,757,920,864       -       -  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash

    19,375       -       710,756       983,579       78,638       35,079  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Receivable for:

           

Investments sold

    -       -       548,668,115       -       -       13,075,000  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fund shares sold

    -       87,000       16,852,266       7,476,439       -       -  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Interest

    1,964,115       173,966       27,561,801       86,121,462       738,940       648,615  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fund expenses absorbed

    37,313       32,400       1,744,510       -       54,458       65,326  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Investment for trustee deferred compensation and retirement plans

    2,688,319       708,169       1,620,498       739,975       74,208       244,277  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other assets

    6,754       132,348       516,985       1,674,555       1,386       48,339  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

    1,837,832,320       235,250,783       41,281,026,659       86,195,979,036       1,357,137,223       229,993,636  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities:

           

Payable for:

           

Investments purchased

    -       -       -       -       9,879,931       -  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fund shares reacquired

    -       176,816       3,090,287       4,269,464       -       6,500  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amount due custodian

    -       2,848       -       -       -       -  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Dividends

    5,633,256       390,246       92,186,592       145,385,932       1,852,280       174,016  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accrued fees to affiliates

    290,525       44,449       7,871,710       11,084,004       238,921       65,704  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accrued trustees’ and officers’ fees and benefits

    4,481       2,926       36,205       77,012       3,868       2,679  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accrued operating expenses

    47,662       21,439       243,679       -       13,029       31,340  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Trustee deferred compensation and retirement plans

    2,877,269       753,601       1,837,203       920,053       85,565       260,273  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

    8,853,193       1,392,325       105,265,676       161,736,465       12,073,594       540,512  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net assets applicable to shares outstanding

  $ 1,828,979,127     $ 233,858,458     $ 41,175,760,983     $ 86,034,242,571     $ 1,345,063,629     $ 229,453,124  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net assets consist of:

           

Shares of beneficial interest

  $ 1,831,354,980     $ 234,441,720     $ 41,178,125,062     $ 86,059,942,124     $ 1,345,271,837     $ 229,672,837  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributable earnings (loss)

    (2,375,853     (583,262     (2,364,079     (25,699,553     (208,208     (219,713

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  $ 1,828,979,127     $ 233,858,458     $ 41,175,760,983     $ 86,034,242,571     $ 1,345,063,629     $ 229,453,124  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets:

           

Institutional Class

  $ 1,819,669,256     $ 232,387,514     $ 35,450,224,348     $ 71,325,123,345     $ 1,268,187,565     $ 193,805,989  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Private Investment Class

  $ 1,042,790     $ 332,161     $ 618,415,066     $ 742,331,579     $ 16,661,216     $ 25,307,654  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Personal Investment Class

  $ 10,252     $ 92,946     $ 388,631,121     $ 33,381,231     $ 11,961,557     $ 396,032  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash Management Class

  $ 1,676,277     $ 467,280     $ 240,742,041     $ 625,170,630     $ 80,071     $ 3,493,634  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reserve Class

  $ 171,670     $ 71,322     $ 658,815,411     $ 512,205,911     $ 44,802,872     $ 5,703,646  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Resource Class

  $ 249,687     $ 394     $ 76,755,901     $ 196,305,722     $ 115,395     $ 735,736  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Corporate Class

  $ 6,059,212     $ 506,841     $ 1,887,842,566     $ 1,565,745,767     $ 3,254,953     $ 10,433  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

CAVU Securities Class

  $ 99,983     $ -     $ 1,854,334,529     $ 11,033,978,386     $ -     $ -  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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–(continued)

February 28, 2023

(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
 

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

 

Institutional Class

    1,819,297,797       232,378,976       35,450,012,600       71,346,337,427       1,268,330,132       193,784,100  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Private Investment Class

    1,042,580       332,149       618,409,608       742,552,280       16,663,105       25,304,973  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Personal Investment Class

    10,250       92,942       388,629,737       33,391,145       11,962,914       395,994  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash Management Class

    1,675,941       467,263       240,741,915       625,356,709       80,079       3,493,246  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reserve Class

    171,636       71,319       658,813,165       512,358,049       44,807,951       5,703,138  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Resource Class

    249,638       394       76,755,057       196,364,021       115,408       735,656  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Corporate Class

    6,057,994       506,822       1,887,836,389       1,566,211,620       3,255,321       10,432  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

CAVU Securities Class

    99,963       -       1,854,316,343       11,037,257,584       -       -  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

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

  $ 1.0002     $ 1.0000     $ 1.00     $ 1.00     $ 1.00     $ 1.00  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cost of Investments

  $ 1,833,286,676     $ 234,120,176     $ 40,683,351,728     $ 86,098,983,026     $ 1,356,189,593     $ 215,877,000  

 

 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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

26                             Short-Term Investments Trust


Statements of Operations

For the six months ended February 28, 2023

(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

     $ 33,876,133         $ 7,151,703         $ 708,212,871         $ 1,395,214,104          $ 25,472,569          $ 3,310,770    

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Expenses:

                 

Advisory fees

     1,298,945         287,417         26,911,965         36,209,920          863,058          269,431    

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Administrative services fees

     376,482         88,649         8,043,255         16,157,749          308,915          62,708    

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Custodian fees

     11,976         12,085         712,043         51,850          57,453          2,117    

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Distribution fees:

                 

Private Investment Class

     1,566         537         667,061         972,135          19,594          29,618    

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Personal Investment Class

     27         251         1,134,089         90,606          32,317          2,915    

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Cash Management Class

     681         174         119,391         317,403          31          1,369    

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Reserve Class

     745         305         4,165,559         2,604,658          212,296          45,602    

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Resource Class

     246                51,160         138,138          158          601    

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Corporate Class

     245         34         191,872         167,327          1,056          2    

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Transfer agent fees

     77,937         17,245         1,614,718         3,258,893          60,939          12,124    

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Trustees’ and officers’ fees and benefits

     12,531         8,729         92,223         203,275          10,879          8,118    

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Registration and filing fees

     54,047         56,974         978,820         2,003,579          47,828          62,326    

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Reports to shareholders

                          -          -          1,005    

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Professional services fees

     23,255         19,395         67,575         22,179          21,273          19,076    

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Other

     46,174         27,959         142,190         112,996          29,592          11,719    

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total expenses

     1,904,857         519,754         44,891,921         62,310,708          1,665,389          528,731    

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Less: Fees waived and expenses reimbursed

     (342,612)         (173,553)         (6,268,478)         (84,156)         (181,160)         (179,196)   

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net expenses

     1,562,245         346,201         38,623,443         62,226,552          1,484,229          349,535    

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net investment income

     32,313,888         6,805,502         669,589,428         1,332,987,552          23,988,340          2,961,235    

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Realized and unrealized gain (loss) from:

                 

Net realized gain (loss) from unaffiliated investment securities

     4,162         158         2,730,256         2,283,446          (30,165)         -    

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Change in net unrealized appreciation of unaffiliated investment securities

     73,684         2,084                -          -          -    

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net realized and unrealized gain (loss)

     77,846         2,242         2,730,256         2,283,446          (30,165)         -    

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Net increase in net assets resulting from operations

     $ 32,391,734         $ 6,807,744         $ 672,319,684         $ 1,335,270,998          $ 23,958,175          $ 2,961,235    

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

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

27                             Short-Term Investments Trust


Statements of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

 

     Invesco Liquid Assets Portfolio     Invesco STIC Prime Portfolio  

 

   February 28,
2023
    August 31,
2022
    February 28,
2023
    August 31,
2022
 

Operations:

        

Net investment income

   $ 32,313,888     $ 9,991,934     $ 6,805,502     $ 1,826,985  
  

 

 

   

 

 

   

 

 

   

 

 

 

Net realized gain

     4,162       3,959       158       624  

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Change in net unrealized appreciation (depreciation)

     73,684       (406,836     2,084       (5,126

 

  

 

 

   

 

 

 

Net increase in net assets resulting from operations

     32,391,734       9,589,057       6,807,744       1,822,483  

 

  

 

 

   

 

 

 

Distributions to shareholders from distributable earnings:

        

Institutional Class

     (32,218,847     (9,973,378     (6,784,760     (1,657,807

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Private Investment Class

     (17,996     (6,754     (5,822     (1,550

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Personal Investment Class

     (164     (32     (1,411     (240

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Cash Management Class

     (31,264     (9,759     (7,918     (1,672

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Reserve Class

     (2,462     (378     (971     (130

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Resource Class

     (4,383     (1,017     (8     (3

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Corporate Class

     (36,909     (112     (4,612     (95

 

  

 

 

   

 

 

   

 

 

   

 

 

 

CAVU Securities Class

     (1,863     (504     -       -  

 

  

 

 

   

 

 

 

Total distributions from distributable earnings

     (32,313,888     (9,991,934     (6,805,502     (1,661,497

 

  

 

 

   

 

 

 

Return of capital:

        

Institutional Class

     -       -       -       (165,120

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Private Investment Class

     -       -       -       (154

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Personal Investment Class

     -       -       -       (24

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Cash Management Class

     -       -       -       (167

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Reserve Class

     -       -       -       (13

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Resource Class

     -       -       -       (1

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Corporate Class

     -       -       -       (9

 

  

 

 

   

 

 

 

Total return of capital

     -       -       -       (165,488

 

  

 

 

   

 

 

 

Total distributions

     (32,313,888     (9,991,934     (6,805,502     (1,826,985

 

  

 

 

   

 

 

 

Share transactions-net:

        

Institutional Class

     77,909,713       (614,280,688     (90,087,288     100,759,349  

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Private Investment Class

     (30,196     (1,818,407     (125,154     (147,861

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Personal Investment Class

     4       -       1,540       (1,448

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Cash Management Class

     (43,963     (1,201,217     98,248       (127,021

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Reserve Class

     (3,343     (40,550     1,057       (16,775

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Resource Class

     1,735       (114,240     8       1  

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Corporate Class

     6,036,928       (354     485,652       64  

 

  

 

 

   

 

 

   

 

 

   

 

 

 

CAVU Securities Class

     -       1       -       -  

 

  

 

 

   

 

 

 

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

     83,870,878       (617,455,455     (89,625,937     100,466,309  

 

  

 

 

   

 

 

 

Net increase (decrease) in net assets

     83,948,724       (617,858,332     (89,623,695     100,461,807  

 

  

 

 

   

 

 

 

Net assets:

        

Beginning of period

     1,745,030,403       2,362,888,735       323,482,153       223,020,346  

 

  

 

 

   

 

 

 

End of period

   $ 1,828,979,127     $ 1,745,030,403     $ 233,858,458     $ 323,482,153  

 

  

 

 

   

 

 

 

 

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–(continued)

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

 

     Invesco Treasury Portfolio     Invesco Government & Agency Portfolio  
  

 

 

   

 

 

 
    

February 28,

2023

   

August 31,

2022

   

February 28,

2023

   

August 31,

2022

 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Operations:

        

Net investment income

   $ 669,589,428     $ 96,074,616     $ 1,332,987,552     $ 325,968,052  

 

  

 

 

   

 

 

 

Net realized gain (loss)

     2,730,256       (3,886,562     2,283,446       (28,543,577

 

  

 

 

   

 

 

 

Net increase in net assets resulting from operations

     672,319,684       92,188,054       1,335,270,998       297,424,475  

 

  

 

 

   

 

 

 

Distributions to shareholders from distributable earnings:

 

Institutional Class

     (581,902,260     (85,408,911     (1,124,090,481     (295,190,284

 

  

 

 

   

 

 

 

Private Investment Class

     (7,645,428     (1,268,453     (10,946,131     (2,186,097

 

  

 

 

   

 

 

 

Personal Investment Class

     (6,320,398     (1,167,413     (501,718     (110,536

 

  

 

 

   

 

 

 

Cash Management Class

     (5,107,835     (1,843,731     (13,622,487     (3,324,668

 

  

 

 

   

 

 

 

Reserve Class

     (12,607,423     (2,122,002     (8,266,117     (1,225,131

 

  

 

 

   

 

 

 

Resource Class

     (1,108,827     (267,315     (3,057,626     (863,585

 

  

 

 

   

 

 

 

Corporate Class

     (25,353,351     (1,170,294     (21,689,739     (2,699,107

 

  

 

 

   

 

 

 

CAVU Securities Class

     (29,543,906     (2,826,497     (150,813,253     (20,368,644

 

  

 

 

   

 

 

 

Total distributions from distributable earnings

     (669,589,428     (96,074,616     (1,332,987,552     (325,968,052

 

  

 

 

   

 

 

 

Share transactions-net:

        

Institutional Class

     14,027,316,395       4,330,861,644       10,156,276,156       11,726,491,208  

 

  

 

 

   

 

 

 

Private Investment Class

     236,582,670       78,001,581       164,377,949       72,215,877  

 

  

 

 

   

 

 

 

Personal Investment Class

     (192,259,153     315,801,181       (5,957,939     29,989,058  

 

  

 

 

   

 

 

 

Cash Management Class

     (154,069,233     (57,379,422     (517,510,396     394,921,370  

 

  

 

 

   

 

 

 

Reserve Class

     (328,669,854     119,769,440       (86,634,703     190,502,067  

 

  

 

 

   

 

 

 

Resource Class

     (642,242     24,190,011       61,306,446       17,158,805  

 

  

 

 

   

 

 

 

Corporate Class

     1,413,797,274       207,510,470       1,023,377,300       (539,261,258

 

  

 

 

   

 

 

 

CAVU Securities Class

     1,297,043,776       10,231,626       6,183,737,346       3,411,670,557  

 

  

 

 

   

 

 

 

Net increase in net assets resulting from share transactions

     16,299,099,633       5,028,986,531       16,978,972,159       15,303,687,684  

 

  

 

 

   

 

 

 

Net increase in net assets

     16,301,829,889       5,025,099,969       16,981,255,605       15,275,144,107  

 

  

 

 

   

 

 

 

Net assets:

        

Beginning of period

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

 

  

 

 

   

 

 

 

End of period

   $ 41,175,760,983     $ 24,873,931,094     $ 86,034,242,571     $ 69,052,986,966  

 

  

 

 

   

 

 

 

 

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, 2023 and the year ended August 31, 2022

(Unaudited)

 

     Invesco Treasury Obligations Portfolio     Invesco Tax-Free Cash Reserve Portfolio  
  

 

 

   

 

 

 
    

February 28,

2023

   

August 31,

2022

   

February 28,

2023

   

August 31,

2022

 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Operations:

        

Net investment income

   $ 23,988,340     $ 4,933,278     $ 2,961,235     $ 629,361  

 

  

 

 

   

 

 

 

Net realized gain (loss)

     (30,165     (129,607     -       -  

 

  

 

 

   

 

 

 

Net increase in net assets resulting from operations

     23,958,175       4,803,671       2,961,235       629,361  

 

  

 

 

   

 

 

 

Distributions to shareholders from distributable earnings:

        

Institutional Class

     (22,764,739     (4,768,439     (2,597,193     (576,238

 

  

 

 

   

 

 

 

Private Investment Class

     (259,555     (48,742     (243,504     (26,690

 

  

 

 

   

 

 

 

Personal Investment Class

     (173,656     (29,749     (7,751     (2,178

 

  

 

 

   

 

 

 

Cash Management Class

     (1,358     (319     (37,135     (11,012

 

  

 

 

   

 

 

 

Reserve Class

     (660,979     (71,516     (67,697     (10,273

 

  

 

 

   

 

 

 

Resource Class

     (3,661     (360     (7,815     (2,938

 

  

 

 

   

 

 

 

Corporate Class

     (124,392     (14,153     (140     (32

 

  

 

 

   

 

 

 

Total distributions from distributable earnings

     (23,988,340     (4,933,278     (2,961,235     (629,361

 

  

 

 

   

 

 

 

Share transactions-net:

        

Institutional Class

     166,084,398       38,941,402       (2,953,360     78,490,605  

 

  

 

 

   

 

 

 

Private Investment Class

     2,096,826       (78,490     10,542,278       5,209,668  

 

  

 

 

   

 

 

 

Personal Investment Class

     (757,179     8,907,420       (1,414,442     133,658  

 

  

 

 

   

 

 

 

Cash Management Class

     1,491       (174,408     (250,931     (851,665

 

  

 

 

   

 

 

 

Reserve Class

     2,655,507       (32,341,061     (9,080,916     (1,439,232

 

  

 

 

   

 

 

 

Resource Class

     17,103       198       (24,302     (716,611

 

  

 

 

   

 

 

 

Corporate Class

     (86,382     (1,691,615     136       19  

 

  

 

 

   

 

 

 

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

     170,011,764       13,563,446       (3,181,537     80,826,442  

 

  

 

 

   

 

 

 

Net increase (decrease) in net assets

     169,981,599       13,433,839       (3,181,537     80,826,442  

 

  

 

 

   

 

 

 

Net assets:

        

Beginning of period

     1,175,082,030       1,161,648,191       232,634,661       151,808,219  

 

  

 

 

   

 

 

 

End of period

   $ 1,345,063,629     $ 1,175,082,030     $ 229,453,124     $ 232,634,661  

 

  

 

 

   

 

 

 

 

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

30                             Short-Term Investments Trust


Financial Highlights

(Unaudited)

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

Resource Class

     Net asset
value,
beginning
of period
  Net
investment
income(a)
  Net gains
(losses)
on securities
(both
realized and
unrealized)
  Total from
investment
operations
  Dividends
from net
investment
income
  Distributions
from net
realized
gains
  Return of
capital
  Total
distributions
 

Net asset
value, end

of period

  Total
return(b)
  Net assets,
end of period
(000’s omitted)
 

Ratio of
expenses

to average

net assets

with fee waivers
and/or expense
reimbursements

 

Ratio of
expenses

to average net
assets without
fee waivers

and/or expense
reimbursements

 

Ratio of net
investment
income

to average
net assets

Invesco Liquid Assets Portfolio

 

                                           

Six months ended 02/28/23

    $ 1.0002     $ 0.0175     $ 0.0001     $ 0.0176     $ (0.0176 )     $           -     $           -     $ (0.0176 )     $ 1.0002       1.78 %     $ 250       0.38%(c)          0.42%(c)          3.53%(c)   

Year ended 08/31/22

      1.0004       0.0039       (0.0000 )       0.0039       (0.0041 )       -       -       (0.0041 )       1.0002       0.39       248       0.26                0.42                0.40         

Year ended 08/31/21

      1.0006       0.0001       (0.0002 )       (0.0001 )       (0.0001 )       -       -       (0.0001 )       1.0004       (0.01 )       362       0.21                0.42                0.01         

Year ended 08/31/20

      1.0004       0.0106       (0.0006 )       0.0100       (0.0098 )       -       -       (0.0098 )       1.0006       1.01       366       0.37                0.42                1.07         

Year ended 08/31/19

      1.0004       0.0217       0.0000       0.0217       (0.0217 )       -       -       (0.0217 )       1.0004       2.19       363       0.38                0.42                2.17         

Year ended 08/31/18

      1.0002       0.0153       (0.0011 )       0.0142       (0.0140 )       -       -       (0.0140 )       1.0004       1.43       996       0.38                0.43                1.53         

Invesco STIC Prime Portfolio

 

                                           

Six months ended 02/28/23

      1.0000       0.0185       (0.0005 )       0.0180       (0.0180 )       -       -       (0.0180 )       1.0000       1.82       0       0.34(c)             0.43(c)             3.39(c)      

Year ended 08/31/22

      1.0000       0.0047       0.0000       0.0047       (0.0043 )       -       (0.0004 )       (0.0047 )       1.0000       0.47       0       0.15                0.44                0.61         

Year ended 08/31/21

      1.0000       0.0001       (0.0000 )       0.0001       (0.0001 )       -       -       (0.0001 )       1.0000       0.01       0       0.13                0.46                0.01         

Year ended 08/31/20

      1.0001       0.0104       (0.0013 )       0.0091       (0.0092 )       -       -       (0.0092 )       1.0000       0.93       123       0.31                0.42                1.03         

Year ended 08/31/19

      1.0001       0.0210       0.0001       0.0211       (0.0211 )       -       -       (0.0211 )       1.0001       2.13       123       0.34                0.41                2.10         

Year ended 08/31/18

      1.0000       0.0139       (0.0002 )       0.0137       (0.0136 )       -       -       (0.0136 )       1.0001       1.38       186       0.34                0.43                1.39         

Invesco Treasury Portfolio

 

                                           

Six months ended 02/28/23

      1.00       0.02       0.00       0.02       (0.02 )       -       -       (0.02 )       1.00       1.73       76,756       0.34(c)           0.37(c)             3.61(c)      

Year ended 08/31/22

      1.00       0.00       (0.00 )       0.00       (0.00 )       -       -       (0.00 )       1.00       0.39       77,390       0.20                0.37                0.40         

Year ended 08/31/21

      1.00       0.00       0.00       0.00       (0.00 )       -       -       (0.00 )       1.00       0.01       53,210       0.10                0.37                0.01         

Year ended 08/31/20

      1.00       0.01       0.00       0.01       (0.01 )       (0.00 )       -       (0.01 )       1.00       0.79       635,713       0.31                0.37                0.73         

Year ended 08/31/19

      1.00       0.02       (0.00 )       0.02       (0.02 )       -       -       (0.02 )       1.00       2.04       632,598       0.34                0.37                2.02         

Year ended 08/31/18

      1.00       0.01       0.00       0.01       (0.01 )       -       -       (0.01 )       1.00       1.21       525,418       0.34                0.36                1.21         

Invesco Government & Agency Portfolio

 

                                       

Six months ended 02/28/23

      1.00       0.02       0.00       0.02       (0.02 )       -       -       (0.02 )       1.00       1.74       196,306       0.32(c)             0.32(c)             3.53(c)      

Year ended 08/31/22

      1.00       0.00       (0.00 )       0.00       (0.00 )       -       -       (0.00 )       1.00       0.43       135,003       0.20                0.32                0.45         

Year ended 08/31/21

      1.00       0.00       0.00       0.00       (0.00 )       -       -       (0.00 )       1.00       0.02       117,902       0.08                0.32                0.02         

Year ended 08/31/20

      1.00       0.01       (0.00 )       0.01       (0.01 )       (0.00 )       -       (0.01 )       1.00       0.81       143,148       0.29                0.31                0.71         

Year ended 08/31/19

      1.00       0.02       0.00       0.02       (0.02 )       -       -       (0.02 )       1.00       2.06       180,617       0.32                0.32                2.04         

Year ended 08/31/18

      1.00       0.01       0.00       0.01       (0.01 )       -       -       (0.01 )       1.00       1.22       232,293       0.31                0.31                1.19         

Invesco Treasury Obligations Portfolio

 

                                           

Six months ended 02/28/23

      1.00       0.02       (0.00 )       0.02       (0.02 )       -       -       (0.02 )       1.00       1.68       115       0.34(c)             0.37(c)           3.42(c)      

Year ended 08/31/22

      1.00       0.00       (0.00 )       0.00       (0.00 )       -       -       (0.00 )       1.00       0.36       98       0.21                0.37                0.37         

Year ended 08/31/21

      1.00       0.00       0.00       0.00       (0.00 )       -       -       (0.00 )       1.00       0.01       98       0.10                0.37                0.01         

Year ended 08/31/20

      1.00       0.01       (0.00 )       0.01       (0.01 )       -       -       (0.01 )       1.00       0.80       150       0.33                0.36                0.69         

Year ended 08/31/19

      1.00       0.02       0.00       0.02       (0.02 )       -       -       (0.02 )       1.00       2.01       134       0.34                0.37                1.99         

Year ended 08/31/18

      1.00       0.01       0.00       0.01       (0.01 )       -       -       (0.01 )       1.00       1.19       95       0.34                0.37                1.18         

Invesco Tax-Free Cash Reserve Portfolio

 

                                       

Six months ended 02/28/23

      1.00       0.01       -       0.01       (0.01 )       -       -       (0.01 )       1.00       1.04       736       0.36(c)             0.49(c)             2.10(c)      

Year ended 08/31/22

      1.00       0.00       -       0.00       (0.00 )       -       -       (0.00 )       1.00       0.25       760       0.22                0.53                0.31         

Year ended 08/31/21

      1.00       0.00       -       0.00       (0.00 )       -       -       (0.00 )       1.00       0.01       1,477       0.07                0.56                0.01         

Year ended 08/31/20

      1.00       0.01       -       0.01       (0.01 )       -       -       (0.01 )       1.00       0.65       3,004       0.30                0.50                0.65         

Year ended 08/31/19

      1.00       0.01       -       0.01       (0.01 )       -       -       (0.01 )       1.00       1.22       1,117       0.36                0.51                1.22         

Year ended 08/31/18

      1.00       0.01       (0.00 )       0.01       (0.01 )       -       -       (0.01 )       1.00       0.85       2,499       0.36                0.54                0.85         

 

(a) 

Calculated using average shares outstanding.

(b) 

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and is not annualized for periods less than one year.

(c) 

Annualized.

 

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

31                             Short-Term Investments Trust


Notes to Financial Statements

February 28, 2023

(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”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.

The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio; and to provide tax-exempt income consistent with preservation of capital and liquidity for Invesco Tax-Free Cash Reserve Portfolio.

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

Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio, both institutional money market funds, price and transact in their shares at a floating net asset value (“NAV”) reflecting the current market-based values of their portfolio securities, except as otherwise generally permitted for securities with remaining maturities of 60 days or less, which are valued at amortized cost. Rules and regulations also require Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).

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

Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Invesco Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, seek to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation.

“Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/or repurchase agreements collateralized fully by cash or Government Securities. “Retail money market funds” are required to adopt policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons.

Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio and Invesco Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.

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

A.

Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities normally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is unreliable in the Adviser’s judgment, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

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

Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.

B.

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

 

32                             Short-Term Investments Trust


 

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

The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Funds and the investment adviser.

The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D.

Distributions - It is the policy of the Funds to declare dividends from net investment income, if any, daily and pay them monthly. 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, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H.

Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I.

Repurchase Agreements - The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income.

J.

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

 

33                             Short-Term Investments Trust


 

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

The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.

The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and each Fund’s investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.

K.

COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:

 

      First
$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, 2023, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:

 

Invesco Liquid Assets Portfolio

     0.15

 

 

Invesco STIC Prime Portfolio

     0.15

 

 

Invesco Treasury Portfolio

     0.15

 

 

Invesco Government & Agency Portfolio

     0.10

 

 

Invesco Treasury Obligations Portfolio

     0.13

 

 

Invesco Tax-Free Cash Reserve Portfolio

     0.20

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, for Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

The Adviser has contractually agreed, through at least December 31, 2023, 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

 

34                             Short-Term Investments Trust


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

 

      Institutional
Class
  Private
Investment
Class
  Personal
Investment
Class
  Cash
Management
Class
  Reserve
Class
  Resource
Class
  Corporate
Class
  CAVU
Securities
Class

Invesco Liquid Assets Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.38%   0.21%   0.18%

Invesco STIC Prime Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.34%   0.21%   –         

Invesco Treasury Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.34%   0.21%   0.18%

Invesco Government & Agency Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.34%   0.21%   0.18%

Invesco Treasury Obligations Portfolio

   0.18%   0.43%   0.73%   0.26%   1.05%   0.34%   0.21%   –        

Invesco Tax-Free Cash Reserve Portfolio

   0.20%   0.45%   0.75%   0.28%   1.07%   0.36%   0.23%   –        

The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.

In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses, and (5) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

For the six months ended February 28, 2023, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:

 

      Expense
  Limitation  
 

Invesco Liquid Assets Portfolio

   $ 342,612  

 

 

Invesco STIC Prime Portfolio

     173,553  

 

 

Invesco Treasury Portfolio

     6,268,478  

 

 

Invesco Government & Agency Portfolio

     84,156  

 

 

Invesco Treasury Obligations Portfolio

     181,160  

 

 

Invesco Tax-Free Cash Reserve Portfolio

     179,196  

 

 

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, 2023, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as fund accountant and provides certain administrative services to the Funds. Pursuant to a custody agreement with the Trust on behalf of the Funds, BNY Mellon also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 28, 2023, 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”). Each Fund, pursuant to the Plans, pays IDI compensation up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.

 

     Private
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,

 

35                             Short-Term Investments Trust


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. 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 the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of February 28, 2023, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase securities from or sell securities to certain other affiliated 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 that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the six months ended February 28, 2023, each Fund engaged in transactions with affiliates as listed below:

 

     Securities Purchases      Securities Sales      Net Realized Gains

 

Invesco Liquid Assets Portfolio

           $   -              $  15,017,260        $-

 

Invesco STIC Prime Portfolio

     10,011,507              7,808,191          -

 

Invesco Tax-Free Cash Reserve Portfolio

     164,296,012              170,492,689          -

 

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 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. 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 had a capital loss carryforward as of August 31, 2022, as follows:

 

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

 

 

Invesco Liquid Assets Portfolio

   $ 9,051      $ -      $ 9,051  

 

 

Invesco Treasury Portfolio

     3,918,575        -        3,918,575  

 

 

Invesco Government & Agency Portfolio

     28,544,744        -        28,544,744  

 

 

Invesco Treasury Obligations Portfolio

     132,371        24,258        156,629  

 

 

Invesco Tax-Free Cash Reserve Portfolio

     19,092        -        19,092  

 

 

 

*

Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:

 

     At February 28, 2023
      Federal
Tax Cost*
   Unrealized
Appreciation
   Unrealized
(Depreciation)
  Net
Unrealized
Appreciation
(Depreciation)

Invesco Liquid Assets Portfolio

       $1,833,286,676        $103,511        $(273,743       $(170,232

Invesco STIC Prime Portfolio

       234,120,176        546        (3,822 )       (3,276 )

Invesco Treasury Obligations Portfolio

       1,356,198,463        -        (8,870 )       (8,870 )

 

*

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

NOTE 9–Share Information

Invesco Liquid Assets Portfolio

 

            Summary of Share Activity         

 

 
     Six months ended
February 28, 2023(a)
     Year ended
August 31, 2022
 
     Shares      Amount      Shares      Amount  

 

 

Sold:

           

Institutional Class

     7,575,148,001      $  7,576,878,151        16,021,220,223      $  16,021,997,196  

 

 

Private Investment Class

     1,140        1,140        173        173  

 

 

Cash Management Class

     6,118        6,119        1        1  

 

 

Reserve Class

     256        257        7,065        7,068  

 

 

Resource Class

     417        417        -        -  

 

 

Corporate Class

     5,998,343        6,000,042        -        -  

 

 

CAVU Securities Class

     -        -        1        1  

 

 

Issued as reinvestment of dividends:

           

Institutional Class

     4,247,510        4,248,575        331,500        331,481  

 

 

Private Investment Class

     17,991        17,996        3,597        3,597  

 

 

Personal Investment Class

     4        4        —          —    

 

 

Cash Management Class

     31,256        31,264        5,971        5,971  

 

 

Reserve Class

     2,461        2,461        174        174  

 

 

Resource Class

     4,382        4,383        599        599  

 

 

Corporate Class

     36,900        36,909        70        70  

 

 

 

37                             Short-Term Investments Trust


NOTE 9–Share Information–(continued)

 

 

           Summary of Share Activity        

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Reacquired:

        

Institutional Class

     (7,501,501,745   $ (7,503,217,013     (16,635,655,012   $ (16,636,609,365

 

 

Private Investment Class

     (49,320     (49,332     (1,822,166     (1,822,177

 

 

Cash Management Class

     (81,322     (81,346     (1,207,094     (1,207,189

 

 

Reserve Class

     (6,059     (6,061     (47,789     (47,792

 

 

Resource Class

     (3,063     (3,065     (114,803     (114,839

 

 

Corporate Class

     (23     (23     (425     (424

 

 

Net increase (decrease) in share activity

     83,853,247     $ 83,870,878       (617,277,915   $ (617,455,455

 

 

 

(a) 

42% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

38                             Short-Term Investments Trust


NOTE 9–Share Information–(continued)

Invesco STIC Prime Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
 
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     911,782,582     $ 911,783,366       1,898,258,845     $ 1,898,293,281  

 

 

Private Investment Class

     69,416       69,416       66,475       66,475  

 

 

Personal Investment Class

     129       129       45       45  

 

 

Cash Management Class

     200,511       200,511       47,921       47,925  

 

 

Reserve Class

     87       87       1       1  

 

 

Resource Class

     1       1       -       -  

 

 

Corporate Class

     611,040       611,040       -       -  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     5,147,362       5,147,362       718,725       718,729  

 

 

Private Investment Class

     5,822       5,822       961       961  

 

 

Personal Investment Class

     1,411       1,411       131       131  

 

 

Cash Management Class

     4,838       4,838       351       351  

 

 

Reserve Class

     971       971       62       62  

 

 

Resource Class

     8       8       1       1  

 

 

Corporate Class

     4,612       4,612       64       64  

 

 

Reacquired:

        

Institutional Class

     (1,007,016,975     (1,007,018,016     (1,798,225,673     (1,798,252,661

 

 

Private Investment Class

     (200,392     (200,392     (215,296     (215,297

 

 

Personal Investment Class

     -       -       (1,624     (1,624

 

 

Cash Management Class

     (107,101     (107,101     (175,291     (175,297

 

 

Reserve Class

     (1     (1     (16,836     (16,838

 

 

Resource Class

     (1     (1     -       -  

 

 

Corporate Class

     (130,000     (130,000     -       -  

 

 

Net increase (decrease) in share activity

     (89,625,680   $ (89,625,937     100,458,862     $ 100,466,309  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 62% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

 

39                             Short-Term Investments Trust


NOTE 9–Share Information–(continued)

Invesco Treasury Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     145,004,051,458     $ 145,004,051,458       132,066,034,066     $ 132,066,034,066  

 

 

Private Investment Class

     693,606,770       693,606,770       1,001,410,898       1,001,410,898  

 

 

Personal Investment Class

     1,065,604,266       1,065,604,266       2,236,178,971       2,236,178,971  

 

 

Cash Management Class

     445,291,553       445,291,553       1,488,319,714       1,488,319,714  

 

 

Reserve Class

     2,136,575,113       2,136,575,113       3,559,612,942       3,559,612,942  

 

 

Resource Class

     154,959,401       154,959,401       215,964,855       215,964,855  

 

 

Corporate Class

     7,067,487,198       7,067,487,198       4,502,000,934       4,502,000,934  

 

 

CAVU Securities Class

     10,117,703,630       10,117,703,630       12,888,063,731       12,888,063,731  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     188,438,016       188,438,016       10,223,078       10,223,078  

 

 

Private Investment Class

     4,364,973       4,364,973       184,233       184,233  

 

 

Personal Investment Class

     5,687,699       5,687,699       398,914       398,914  

 

 

Cash Management Class

     5,107,835       5,107,835       1,071,516       1,071,516  

 

 

Reserve Class

     12,607,423       12,607,423       971,014       971,014  

 

 

Resource Class

     1,108,827       1,108,827       130,138       130,138  

 

 

Corporate Class

     9,000,585       9,000,585       261,029       261,029  

 

 

CAVU Securities Class

     17,718,130       17,718,130       1,880       1,880  

 

 

Reacquired:

        

Institutional Class

     (131,165,173,079     (131,165,173,079     (127,745,395,500     (127,745,395,500

 

 

Private Investment Class

     (461,389,073     (461,389,073     (923,593,550     (923,593,550

 

 

Personal Investment Class

     (1,263,551,118     (1,263,551,118     (1,920,776,704     (1,920,776,704

 

 

Cash Management Class

     (604,468,621     (604,468,621     (1,546,770,652     (1,546,770,652

 

 

Reserve Class

     (2,477,852,390     (2,477,852,390     (3,440,814,516     (3,440,814,516

 

 

Resource Class

     (156,710,470     (156,710,470     (191,904,982     (191,904,982

 

 

Corporate Class

     (5,662,690,509     (5,662,690,509     (4,294,751,493     (4,294,751,493

 

 

CAVU Securities Class

     (8,838,377,984     (8,838,377,984     (12,877,833,985     (12,877,833,985

 

 

Net increase in share activity

     16,299,099,633     $ 16,299,099,633       5,028,986,531     $ 5,028,986,531  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 40% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

 

40                             Short-Term Investments Trust


NOTE 9–Share Information–(continued)

Invesco Government & Agency Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     324,869,749,338     $ 324,869,749,338       454,339,645,288     $ 454,339,645,288  

 

 

Private Investment Class

     1,126,644,425       1,126,644,425       1,778,974,054       1,778,974,054  

 

 

Personal Investment Class

     58,898,358       58,898,358       97,861,174       97,861,174  

 

 

Cash Management Class

     414,424,303       414,424,303       1,341,733,532       1,341,733,532  

 

 

Reserve Class

     807,114,011       807,114,011       2,373,222,673       2,373,222,673  

 

 

Resource Class

     826,482,205       826,482,205       1,481,464,937       1,481,464,937  

 

 

Corporate Class

     8,128,163,560       8,128,163,560       10,354,778,887       10,354,778,887  

 

 

CAVU Securities Class

     68,062,764,562       68,062,764,562       77,360,488,467       77,360,488,467  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     455,040,015       455,040,015       49,592,996       49,592,996  

 

 

Private Investment Class

     7,769,707       7,769,707       747,946       747,946  

 

 

Personal Investment Class

     501,718       501,718       55,691       55,691  

 

 

Cash Management Class

     3,325,117       3,325,117       463,867       463,867  

 

 

Reserve Class

     8,266,117       8,266,117       542,028       542,028  

 

 

Resource Class

     2,777,506       2,777,506       486,110       486,110  

 

 

Corporate Class

     11,198,615       11,198,615       1,161,309       1,161,309  

 

 

CAVU Securities Class

     99,055,148       99,055,148       7,176,754       7,176,754  

 

 

Reacquired:

        

Institutional Class

     (315,168,513,197     (315,168,513,197     (442,662,747,076     (442,662,747,076

 

 

Private Investment Class

     (970,036,183     (970,036,183     (1,707,506,123     (1,707,506,123

 

 

Personal Investment Class

     (65,358,015     (65,358,015     (67,927,807     (67,927,807

 

 

Cash Management Class

     (935,259,816     (935,259,816     (947,276,029     (947,276,029

 

 

Reserve Class

     (902,014,831     (902,014,831     (2,183,262,634     (2,183,262,634

 

 

Resource Class

     (767,953,265     (767,953,265     (1,464,792,242     (1,464,792,242

 

 

Corporate Class

     (7,115,984,875     (7,115,984,875     (10,895,201,454     (10,895,201,454

 

 

CAVU Securities Class

     (61,978,082,364     (61,978,082,364     (73,955,994,664     (73,955,994,664

 

 

Net increase in share activity

     16,978,972,159     $ 16,978,972,159       15,303,687,684     $ 15,303,687,684  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

 

41                             Short-Term Investments Trust


NOTE 9–Share Information–(continued)

Invesco Treasury Obligations Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     2,955,044,530     $ 2,955,044,530       2,034,763,395     $ 2,034,763,395  

 

 

Private Investment Class

     5,741,484       5,741,484       4,862,034       4,862,034  

 

 

Personal Investment Class

     7,866,493       7,866,493       25,412,787       25,412,787  

 

 

Cash Management Class

     133       133       -       -  

 

 

Reserve Class

     75,864,809       75,864,809       237,156,939       237,156,939  

 

 

Resource Class

     1,257,552       1,257,552       891,607       891,607  

 

 

Corporate Class

     20,654,915       20,654,915       -       -  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     13,024,486       13,024,486       1,208,158       1,208,158  

 

 

Private Investment Class

     259,555       259,555       25,960       25,960  

 

 

Personal Investment Class

     173,656       173,656       13,163       13,163  

 

 

Cash Management Class

     1,358       1,358       185       185  

 

 

Reserve Class

     660,979       660,979       26,868       26,868  

 

 

Resource Class

     2,003       2,003       -       -  

 

 

Corporate Class

     121,810       121,810       8,385       8,385  

 

 

Reacquired:

        

Institutional Class

     (2,801,984,618     (2,801,984,618     (1,997,030,151     (1,997,030,151

 

 

Private Investment Class

     (3,904,213     (3,904,213     (4,966,484     (4,966,484

 

 

Personal Investment Class

     (8,797,328     (8,797,328     (16,518,530     (16,518,530

 

 

Cash Management Class

     -       -       (174,593     (174,593

 

 

Reserve Class

     (73,870,281     (73,870,281     (269,524,868     (269,524,868

 

 

Resource Class

     (1,242,452     (1,242,452     (891,409     (891,409

 

 

Corporate Class

     (20,863,107     (20,863,107     (1,700,000     (1,700,000

 

 

Net increase in share activity

     170,011,764     $ 170,011,764       13,563,446     $ 13,563,446  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 39% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

In addition, 38% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

42                             Short-Term Investments Trust


NOTE 9–Share Information–(continued)

Invesco Tax-Free Cash Reserve Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     222,924,718     $ 222,924,718       264,322,787     $ 264,322,787  

 

 

Private Investment Class

     36,294,273       36,294,273       8,658,509       8,658,509  

 

 

Personal Investment Class

     1,707,275       1,707,275       4,144,947       4,144,947  

 

 

Cash Management Class

     2,589,877       2,589,877       4,995,075       4,995,075  

 

 

Reserve Class

     13,217,998       13,217,998       44,954,869       44,954,869  

 

 

Resource Class

     537       537       -       -  

 

 

Corporate Class

     49,490       49,490       -       -  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     1,792,239       1,792,239       203,648       203,648  

 

 

Private Investment Class

     233,864       233,864       10,734       10,734  

 

 

Personal Investment Class

     7,751       7,751       619       619  

 

 

Cash Management Class

     8,620       8,620       1,959       1,959  

 

 

Reserve Class

     67,697       67,697       2,238       2,238  

 

 

Resource Class

     7,709       7,709       1,890       1,890  

 

 

Corporate Class

     136       136       19       19  

 

 

Reacquired:

        

Institutional Class

     (227,670,317     (227,670,317     (186,035,830     (186,035,830

 

 

Private Investment Class

     (25,985,859     (25,985,859     (3,459,575     (3,459,575

 

 

Personal Investment Class

     (3,129,468     (3,129,468     (4,011,908     (4,011,908

 

 

Cash Management Class

     (2,849,428     (2,849,428     (5,848,699     (5,848,699

 

 

Reserve Class

     (22,366,611     (22,366,611     (46,396,339     (46,396,339

 

 

Resource Class

     (32,548     (32,548     (718,501     (718,501

 

 

Corporate Class

     (49,490     (49,490     -       -  

 

 

Net increase (decrease) in share activity

     (3,181,537   $ (3,181,537     80,826,442     $ 80,826,442  

 

 

 

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 82% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 10–Significant Event

On January 19, 2023, the Board of Trustees approved a Plan of Liquidation and Dissolution, which authorizes the termination, liquidation and dissolution of Invesco Tax-Free Cash Reserve Portfolio Fund (the “Fund”). In order to effect such liquidation, the Fund closed to investments by new accounts after the close of business on February 24, 2023. The Fund is expected to liquidate on or about April 24, 2023.

 

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, 2022 through February 28, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

 

                  HYPOTHETICAL      
           ACTUAL    (5% annual return before expenses)      
Resource Class    Beginning
Account Value
(09/01/22)
   Ending
Account Value
(02/28/23)1
   Expenses
Paid During
Period2
   Ending
Account Value
(02/28/23)
   Expenses
Paid During
Period2
   Annualized
Expense
Ratio

Invesco Liquid Assets Portfolio

   $1,000.00      $1,017.80      $1.90      $1,022.91      $1.91          0.38%

Invesco STIC Prime Portfolio

   1,000.00    1,018.20    1.70    1,023.11    1.71    0.34

Invesco Treasury Portfolio

   1,000.00    1,017.30    1.70    1,023.11    1.71    0.34

Invesco Government & Agency Portfolio 

   1,000.00    1,017.40    1.60    1,023.21    1.61    0.32

Invesco Treasury Obligations Portfolio

   1,000.00    1,016.80    1.70    1,023.11    1.71    0.34

Invesco Tax-Free Cash Reserve Portfolio

   1,000.00    1,010.40    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, 2022 through February 28, 2023, 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


 

 

 

(This page intentionally left blank)


 

 

 

(This page intentionally left blank)


 

 

 

(This page intentionally left blank)


 

 

 

 

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

 

 

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

 

 

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-MFP filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

 

LOGO

 

 

SEC file numbers: 811-02729 and 002-58287    Invesco Distributors, Inc.    CM-STIT-SAR-4                     


LOGO

 

   
Semiannual Report to Shareholders   February 28, 2023

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

 

 

    

     
2               Fund Data
3      Schedules of Investments
25      Financial Statements
31      Financial Highlights
32      Notes to Financial Statements
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, 2023, and is based on total net assets. Unless otherwise stated, all data is provided by Invesco.

 

 

 

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE


 

Fund Data

 

       

Private Investment Class data as of 2/28/23

              
       
  FUND  

WEIGHTED

AVERAGE

MATURITY

     WEIGHTED
AVERAGE
LIFE
    

TOTAL

NET

ASSETS

 
     Range
During
Reporting
Period
     At
Reporting
Period
End
    

At

Reporting

Period

End

         

  Invesco Liquid Assets1

  12 - 48 days      41 days        47 days        $1.0 million          

  Invesco STIC Prime1

  2 - 8 days        3 days          5 days        332.2 thousand      

  Invesco Treasury2

    3 - 30 days      26 days      111 days        618.4 million          

  Invesco Government & Agency2

    8 - 30 days      23 days      109 days        742.3 million          

  Invesco Treasury Obligations2

  29 - 53 days      45 days      103 days        16.7 million          

  Invesco Tax-Free Cash Reserve3

    6 - 13 days        6 days          6 days        25.3 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


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio

 

     Interest
Rate
     Maturity
Date
    

Principal

Amount

(000)

     Value  

 

 

Commercial Paper-51.09%(a)

           

Asset-Backed Securities - Consumer Receivables-1.09%

           

Old Line Funding LLC (1 mo. FEDL + 0.12%)(b)(c)(d)

     4.65%        05/23/2023      $   20,000      $        20,000,000  

 

 

Asset-Backed Securities - Fully Supported Bank-12.57%

           

Anglesea Funding LLC (Multi - CEP’s) (1 mo. OBFR + 0.19%)(b)(c)(d)

     4.76%        04/07/2023        40,000        40,006,000  

 

 

Concord Minutemen Capital Co. LLC (Multi - CEP’s) (SOFR + 0.35%)(b)(c)(d)

     4.66%        04/19/2023        37,108        37,117,871  

 

 

Lexington Parker Capital Co. LLC (Multi - CEP’s)(b)(c)

     4.63%        03/15/2023        20,000        19,961,875  

 

 

Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c)

     4.62%        03/17/2023        39,110        39,025,451  

 

 

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

     4.82%        05/02/2023        50,000        49,586,475  

 

 

Nieuw Amsterdam Receivables Corp B.V. (CEP - Cooperatieve Rabobank U.A.) (Netherlands)(b)(c)

     4.68%        04/11/2023        19,500        19,394,417  

 

 

Versailles Commercial Paper LLC (CEP - Natixis SA)(c)

     4.95%        05/03/2023        25,000        24,788,844  

 

 
              229,880,933  

 

 

Diversified Banks-19.40%

           

Banco Santander S.A. (Spain)(b)(c)

     4.94%        05/01/2023        25,000        24,796,778  

 

 

Banco Santander S.A. (Spain)(b)(c)

     4.96%        05/10/2023        10,000        9,906,438  

 

 

Barclays Bank PLC(b)(c)

     4.89%        05/24/2023        10,000        9,886,147  

 

 

DBS Bank Ltd. (Singapore)(b)(c)

     5.18%        06/07/2023        20,000        19,737,925  

 

 

DNB Bank ASA (Norway)(b)(c)

     5.15%        02/01/2024        25,000        23,780,149  

 

 

DZ Bank AG (Germany)(b)(c)

     4.79%        04/11/2023        30,000        29,838,405  

 

 

Lloyds Bank PLC (United Kingdom)(c)

     5.14%        08/01/2023        25,000        24,464,636  

 

 

National Australia Bank Ltd. (Australia)(b)(c)

     5.10%        11/02/2023        40,000        38,606,096  

 

 

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

     4.65%        04/03/2023        50,000        49,781,078  

 

 

Nordea Bank Abp (Finland)(b)(c)

     5.06%        07/03/2023        30,000        29,493,646  

 

 

Sumitomo Mitsui Trust Bank Ltd.(b)(c)

     4.58%        03/06/2023        50,000        49,962,083  

 

 

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

     0.00%        01/26/2024        25,000        24,934,499  

 

 

Westpac Banking Corp. (Australia)(b)(c)

     5.47%        08/03/2023        20,000        19,580,447  

 

 
              354,768,327  

 

 

Diversified Capital Markets-5.98%

           

Collateralized Commercial Paper V Co. LLC (CEP - JPMorgan Securities LLC)

     5.09%        07/12/2023        10,000        9,816,606  

 

 

Glencove Funding LLC (CEP - Standard Chartered Bank)(b)(c)

     4.80%        04/25/2023        50,000        49,635,222  

 

 

Great Bear Funding LLC (CEP - Bank of Nova Scotia) (1 mo. OBFR + 0.25%)(c)(d)

     4.82%        07/24/2023        30,000        30,005,940  

 

 

Longship Funding LLC (CEP - Nordea Bank AB)(b)(c)

     4.62%        03/17/2023        20,000        19,956,556  

 

 
              109,414,324  

 

 

Education Services-1.97%

           

Emory University

     4.68%        04/06/2023        36,000        35,983,588  

 

 

Investment Banking & Brokerage-1.62%

           

Goldman Sachs International(b)

     4.97%        05/24/2023        30,000        29,663,400  

 

 

Regional Banks-2.73%

           

Mitsubishi UFJ Trust & Banking Corp.(b)(c)

     4.59%        03/24/2023        50,000        49,848,667  

 

 

Specialized Finance-5.73%

           

Cabot Trail Funding LLC (CEP - TD Bank N.A.)(b)(c)

     4.68%        04/03/2023        25,000        24,890,208  

 

 

Caterpillar Financial Services Corp.

     4.61%        03/02/2023        50,000        49,987,478  

 

 

 

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

 

3   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio–(continued)

 

     Interest
Rate
    Maturity
Date
    

Principal

Amount

(000)

     Value  

 

 

Specialized Finance-(continued)

          

Great Bear Funding LLC (CEP - Bank of Nova Scotia) (1 mo. OBFR +
0.23%)(c)(d)

     4.80%       07/24/2023      $   20,000      $        20,003,960  

 

 

Ontario Teachers’ Finance Trust (Canada)(b)(c)

     5.24%       05/16/2023        10,000        9,898,852  

 

 
             104,780,498  

 

 

Total Commercial Paper (Cost $934,507,127)

             934,339,737  

 

 

Certificates of Deposit-23.43%

          

Bank of America N.A.

     5.37%       08/28/2023        40,000        39,989,008  

 

 

Credit Agricole Corporate & Investment Bank S.A.(c)

     4.55%       03/01/2023        69,572        69,571,586  

 

 

DNB Bank ASA (Norway)(c)

     4.55%       03/01/2023        62,000        62,000,000  

 

 

Mizuho Bank Ltd.(c)

     4.57%       03/01/2023        86,000        86,000,000  

 

 

Oversea-Chinese Banking Corp. Ltd.(c)

     4.84%       05/31/2023        25,000        24,998,175  

 

 

Oversea-Chinese Banking Corp. Ltd.(c)

     5.13%       07/14/2023        20,000        20,009,854  

 

 

Skandinaviska Enskilda Banken AB(c)

     4.56%       03/01/2023        90,000        90,000,000  

 

 

Sumitomo Mitsui Trust Bank Ltd.(c)

     4.55%       03/01/2023        36,000        36,000,000  

 

 

Total Certificates of Deposit (Cost $428,571,465)

             428,568,623  

 

 

Variable Rate Demand Notes-4.29%(e)

          

Credit Enhanced-4.29%

          

Board of Regents of the University of Texas System; Subseries 2016 G-2, VRD RB

     4.55%       08/01/2045        67,040        67,040,000  

 

 

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

     4.90%       04/01/2047        9,100        9,099,999  

 

 

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

     4.59%       05/01/2037        2,400        2,400,000  

 

 

Total Variable Rate Demand Notes (Cost $78,539,999)

             78,539,999  

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-78.81%
(Cost $1,441,618,591)

 

        1,441,448,359  

 

 
                  Repurchase
Amount
        

Repurchase Agreements-21.42%(g)

          

BMO Capital Markets Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $75,068,104 (collateralized by agency and non-agency asset-backed securities, corporate obligations, agency and non-agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $77,897,590; 0.00% - 8.59%; 09/29/2023 -
10/20/2072)(c)(h)

     4.67%       03/01/2023        5,004,540        5,000,000  

 

 

BMO Capital Markets Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $75,068,542 (collateralized by agency and non-agency asset-backed securities, corporate obligations, agency and non-agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $79,297,812; 0.00% - 11.67%; 04/01/2023 -
10/20/2072)(c)(h)

     4.70%       03/01/2023        20,018,278        20,000,000  

 

 

BNP Paribas Securities Corp., joint term agreement dated 02/23/2023, aggregate maturing value of $115,105,321 (collateralized by corporate obligations, non-agency asset-backed securities and a non-agency mortgage-backed security valued at $126,499,356; 3.75% - 11.23%; 03/15/2024 -
09/25/2047)(c)(h)

     4.71%       03/02/2023        45,041,213        45,000,000  

 

 

BNP Paribas Securities Corp., joint term agreement dated 02/23/2023, aggregate maturing value of $50,045,208 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $54,237,766; 0.00% - 6.91%; 10/21/2027 -02/25/2068)(c)(h)

     4.65%       03/02/2023        18,016,275        18,000,000  

 

 

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $50,006,444 (collateralized by corporate obligations valued at $55,000,360; 3.63% -10.50%; 11/15/2026 - 05/15/2031)

     4.64%       03/01/2023        25,003,222        25,000,000  

 

 

 

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

 

4   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio–(continued)

 

     Interest
Rate
  Maturity
Date
  

Repurchase

Amount

     Value  

 

 

Credit Agricole Corporate & Investment Bank, joint open agreement dated 02/17/2023 (collateralized by agency and non-agency asset-backed securities, corporate obligations, non-agency mortgage-backed securities valued at $212,241,452; 0.70% - 11.75%; 05/22/2023 - 05/15/2097)(c)(i)

   4.65%   03/01/2023    $   15,001,938      $        15,000,000  

 

 

J.P. Morgan Securities LLC, joint open agreement dated 01/04/2023 (collateralized by corporate obligations valued at $110,000,002; 0.00% - 11.50%; 05/30/2023 -02/01/2050)(i)

   4.87%   03/01/2023      40,150,956        40,000,000  

 

 

J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,752,093; 4.25% - 10.63%; 09/01/2023 -03/01/2033)(i)

   4.77%   03/01/2023      7,025,873        7,000,000  

 

 

RBC Capital Markets LLC, joint term agreement dated 02/22/2023, aggregate maturing value of $150,138,542 (collateralized by corporate obligations and a non-agency mortgage-backed security valued at $160,966,520; 0.00% - 13.00%; 03/02/2023 -01/15/2077)(c)(h)

   4.75%   03/01/2023      15,013,854        15,000,000  

 

 

Societe Generale, joint open agreement dated 01/04/2023 (collateralized by corporate obligations, a non-agency asset-backed security, a U.S. government sponsored agency obligation and U.S. Treasury obligation valued at $92,137,344; 0.00% - 7.88%; 03/15/2023 - 02/27/2063)(c)(i)

   4.68%   03/01/2023      30,003,900        30,000,000  

 

 

Societe Generale, joint open agreement dated 08/06/2019 (collateralized by corporate obligations, non-agency asset-backed securities, non-agency mortgage-backed securities, a U.S. government sponsored agency obligation and U.S. Treasury obligations valued at $61,983,453; 0.00% - 11.75%; 03/15/2023 - 08/01/2118)(c)(i)

   4.75%   03/01/2023      25,003,299        25,000,000  

 

 

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,667 (collateralized by agency mortgage-backed securities valued at $1,020,000,000; 2.00% - 3.50%; 11/01/2046 - 01/20/2052)

   4.56%   03/01/2023      146,686,663        146,668,085  

 

 

Total Repurchase Agreements (Cost $391,668,085)

             391,668,085  

 

 

TOTAL INVESTMENTS IN SECURITIES(j)(k)-100.23% (Cost $1,833,286,676)

             1,833,116,444  

 

 

OTHER ASSETS LESS LIABILITIES-(0.23)%

             (4,137,317

 

 

NET ASSETS-100.00%

           $ 1,828,979,127  

 

 

Investment Abbreviations:

 

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

 

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

 

5   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio–(continued)

 

Notes to Schedule of Investments:

 

(a) 

Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

(b) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2023 was $748,388,684, which represented 40.92% 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: France: 16.2%; Japan: 14.7%; Cananda: 9.3%; Netherland: 8.1%; Sweden: 6.0%; other countries less than 5% each: 21.1%.

(d) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(e) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(f) 

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

(g) 

Principal amount equals value at period end. See Note 1I.

(h) 

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

(i) 

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

(j) 

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 issuer’s obligations. No concentration of any single entity was greater than 5% each.

(k) 

Also represents cost for federal income tax purposes.

 

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     49.6%  

 

 

8-30

     7.0     

 

 

31-60

     15.7     

 

 

61-90

     9.8     

 

 

91-180

     10.9     

 

 

181+

     7.0     

 

 
 

 

*

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.

 

6   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco STIC Prime Portfolio

 

     Interest
Rate
    Maturity
Date
    

Principal

Amount

(000)

     Value  

 

 

Certificates of Deposit-26.41%

          

Australia and New Zealand Banking Group Ltd. (Cayman Islands)(a)

     4.57%       03/01/2023      $ 9,000      $     9,000,000  

 

 

BNP Paribas S.A. (SOFR + 0.50%)(a)(b)

     4.32%       03/08/2023        2,075        2,075,195  

 

 

Credit Agricole Corporate & Investment Bank S.A.(a)

     4.55%       03/01/2023        10,428        10,428,414  

 

 

DNB Bank ASA (Norway)(a)

     4.55%       03/01/2023        8,000        8,000,000  

 

 

Mizuho Bank Ltd.(a)

     4.57%       03/01/2023        9,000        9,000,000  

 

 

Skandinaviska Enskilda Banken AB(a)

     4.56%       03/01/2023        8,000        8,000,000  

 

 

Standard Chartered Bank (SOFR + 0.30%) (United Kingdom)(a)(b)

     4.36%       03/13/2023        6,250        6,250,482  

 

 

Sumitomo Mitsui Trust Bank Ltd.(a)

     4.55%       03/01/2023        9,000        9,000,000  

 

 

Total Certificates of Deposit (Cost $61,753,946)

             61,754,091  

 

 

Commercial Paper-23.09%(c)

          

Asset-Backed Securities - Fully Supported Bank-11.56%

          

Anglesea Funding LLC (Multi - CEP’s)(a)(d)

     4.65%       03/08/2023        7,000        6,992,897  

 

 

Concord Minutemen Capital Co. LLC (Multi - CEP’s) (SOFR + 0.35%)(a)(b)(d)

     4.48%       03/16/2023        7,071        7,071,654  

 

 

Halkin Finance LLC (Multi - CEP’s)(a)(d)

     4.77%       03/30/2023        7,000        6,973,196  

 

 

Nieuw Amsterdam Receivables Corp B.V. (CEP - Cooperatieve Rabobank U.A.)(a)(d)

     4.53%       03/03/2023        6,000        5,997,708  

 

 
             27,035,455  

 

 

Diversified Banks-4.27%

          

Westpac Banking Corp. (SOFR + 0.50%) (Australia)(a)(b)(d)

     4.32%       03/21/2023        10,000        10,002,359  

 

 

Diversified Capital Markets-2.14%

          

Britannia Funding Co. LLC (CEP - Barclays Bank PLC)(a)(d)

     4.58%       03/01/2023        5,000        4,999,364  

 

 

Integrated Oil & Gas-2.99%

          

TotalEnergies Capital Canada Ltd. (Canada)(a)(d)

     4.61%       03/02/2023        7,000        6,998,250  

 

 

Specialized Finance-2.13%

          

Cabot Trail Funding LLC (CEP - TD Bank N.A.)(a)(d)

     4.68%       04/04/2023        5,000        4,977,381  

 

 

Total Commercial Paper (Cost $54,016,230)

             54,012,809  

 

 

Variable Rate Demand Notes-7.42%(e)

          

Credit Enhanced-7.42%

          

Board of Regents of the University of Texas System; Subseries 2016 G-2, VRD RB

     4.55%       08/01/2045        5,000        5,000,000  

 

 

Jets Stadium Development LLC; Series 2014 A-4C, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(a)(d)(f)

     4.90%       04/01/2047        5,000        5,000,000  

 

 

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

     4.59%       05/01/2037        2,950        2,950,000  

 

 

Ziegler Realty LLC; Series 2007, VRD Notes (LOC - Wells Fargo Bank, N.A.)(d)(f)

     4.67%       01/01/2033        4,400        4,400,000  

 

 

Total Variable Rate Demand Notes (Cost $17,350,000)

             17,350,000  

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-56.92%
(Cost $133,120,176)

             133,116,900  

 

 
                  Repurchase
Amount
        

Repurchase Agreements-43.19%(g)

          

BMO Capital Markets Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $75,068,542 (collateralized by agency and non-agency asset-backed securities, corporate obligations, agency and non-agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $79,297,812; 0.00% - 11.67%; 04/01/2023 -10/20/2072)(a)(h)

     4.70%       03/01/2023        8,007,311        8,000,000  

 

 

 

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

 

7   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco STIC Prime Portfolio–(continued)

 

     Interest
Rate
  Maturity
Date
  

Repurchase

Amount

     Value  

 

 

BNP Paribas Securities Corp., joint term agreement dated 02/23/2023, aggregate maturing value of $50,045,208 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $54,237,766; 0.00% - 6.91%; 10/21/2027 - 02/25/2068)(a)(h)

   4.65%   03/02/2023    $ 5,004,521      $ 5,000,000  

 

 

BofA Securities, Inc., joint term agreement dated 02/28/2023, aggregate maturing value of $250,032,222 (collateralized by corporate obligations valued at $275,000,783; 2.30% - 11.50%; 04/15/2025 - 06/01/2052)(h)(i)

   4.64%   03/07/2023      5,000,644        5,000,000  

 

 

J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,752,093; 4.25% - 10.63%; 09/01/2023 -
03/01/2033)(j)

   4.77%   03/01/2023      8,029,569        8,000,000  

 

 

Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by agency mortgage-backed securities valued at $1,020,000,000; 0.99% - 6.50%; 01/01/2024 - 07/25/2059)

   4.55%   03/01/2023      15,001,896        15,000,000  

 

 

RBC Capital Markets LLC, joint term agreement dated 02/22/2023, aggregate maturing value of $150,138,542 (collateralized by corporate obligations and a non-agency mortgage-backed security valued at $160,966,520; 0.00% - 13.00%; 03/02/2023 - 01/15/2077)(a)(h)

   4.75%   03/01/2023      10,009,236        10,000,000  

 

 

RBC Dominion Securities Inc., joint agreement dated 02/28/2023, aggregate maturing value of $500,063,194 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,004; 0.00% - 6.00%; 07/15/2023 - 01/20/2053)

   4.55%   03/01/2023      15,001,896        15,000,000  

 

 

Societe Generale, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,020,000,098; 0.13% - 7.50%; 03/01/2027 - 03/01/2053)

   4.55%   03/01/2023      15,001,896        15,000,000  

 

 

Societe Generale, joint open agreement dated 08/06/2019 (collateralized by corporate obligations, non-agency asset-backed securities, non-agency mortgage-backed securities, a U.S. government sponsored agency obligation and U.S. Treasury obligations valued at $61,983,453; 0.00% - 11.75%; 03/15/2023 - 08/01/2118)(a)(j)

   4.75%   03/01/2023      5,000,660        5,000,000  

 

 

Wells Fargo Securities, LLC, joint agreement dated 02/28/2023, aggregate maturing value of $800,101,333 (collateralized by agency mortgage-backed securities valued at $816,000,000; 1.50% - 7.50%; 12/01/2023 - 03/01/2053)

   4.56%   03/01/2023      15,001,900        15,000,000  

 

 

Total Repurchase Agreements (Cost $101,000,000)

             101,000,000  

 

 

TOTAL INVESTMENTS IN SECURITIES(k)(l)-100.11% (Cost $234,120,176)

             234,116,900  

 

 

OTHER ASSETS LESS LIABILITIES-(0.11)%

             (258,442

 

 

NET ASSETS-100.00%

           $ 233,858,458  

 

 

Investment Abbreviations:

 

CEP   -Credit Enhancement Provider
LOC   -Letter of Credit
RB   -Revenue Bonds
SOFR   -Secured Overnight Financing Rate
VRD   -Variable Rate Demand

 

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

 

8   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco STIC Prime Portfolio–(continued)

    

 

Notes to Schedule of Investments:

 

(a) 

The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: France 18.6%; Japan 9.8%; Canada 9.8%; Australia 8.1%; Netherlands 5.6%; other countries less than 5% each: 11.6%.

(b) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(c) 

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

(d) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2023 was $63,412,809, which represented 27.12% of the Fund’s Net Assets.

(e) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(f) 

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

(g) 

Principal amount equals value at period end. See Note 1I.

(h) 

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

(i) 

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

(j) 

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

(k) 

Also represents cost for federal income tax purposes.

(l) 

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 02/28/2023

 

1-7

     81.0%  

 

 

8-30

     16.9     

 

 

31-60

     2.1     

 

 

61-90

     0.0     

 

 

91-180

     0.0     

 

 

181+

     0.0     

 

 

 

*

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

 

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

 

9   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Treasury Portfolio

 

    

Interest

Rate

  Maturity
Date
    

Principal

Amount

(000)

     Value  

 

 

U.S. Treasury Securities-44.18%

       

U.S. Treasury Bills-30.14%(a)

       

U.S. Treasury Bills

              4.55%     03/09/2023      $ 200,000      $ 199,798,889  

 

 

U.S. Treasury Bills

              4.54%     03/14/2023        700,000        698,857,445  

 

 

U.S. Treasury Bills

              4.32%     03/16/2023        550,000        549,021,458  

 

 

U.S. Treasury Bills

   4.53%-4.54%     03/21/2023        1,800,000        1,795,490,498  

 

 

U.S. Treasury Bills

              4.56%     03/28/2023        450,000        448,472,812  

 

 

U.S. Treasury Bills

              4.54%     04/04/2023        675,000        672,128,062  

 

 

U.S. Treasury Bills

   4.47%-4.63%     04/11/2023        1,200,000        1,193,758,886  

 

 

U.S. Treasury Bills

              4.51%     04/18/2023        499,000        496,045,919  

 

 

U.S. Treasury Bills

              4.49%     04/25/2023        400,000        397,295,834  

 

 

U.S. Treasury Bills

              4.63%     04/27/2023        120,000        119,130,750  

 

 

U.S. Treasury Bills

              4.62%     05/02/2023        500,000        496,081,944  

 

 

U.S. Treasury Bills

              4.65%     05/04/2023        600,000        595,098,666  

 

 

U.S. Treasury Bills

              4.64%     05/09/2023        500,000        495,620,417  

 

 

U.S. Treasury Bills

              4.64%     05/11/2023        750,000        743,210,625  

 

 

U.S. Treasury Bills

              4.68%     05/23/2023        600,000        593,622,833  

 

 

U.S. Treasury Bills

              4.69%     05/30/2023        400,000        395,379,999  

 

 

U.S. Treasury Bills

              4.70%     06/06/2023        675,000        666,588,281  

 

 

U.S. Treasury Bills

              4.75%     07/06/2023        300,000        295,094,625  

 

 

U.S. Treasury Bills

              4.78%     11/30/2023        176,500        170,380,990  

 

 

U.S. Treasury Bills

   4.73%-4.83%     12/28/2023        500,000        480,831,389  

 

 

U.S. Treasury Bills

   4.68%-4.87%     01/25/2024        950,000        910,752,917  

 

 
             12,412,663,239  

 

 

U.S. Treasury Floating Rate Notes-14.04%

       

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

              4.84%     07/31/2024        1,945,500        1,944,968,479  

 

 

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

              4.95%     10/31/2024        2,589,000        2,586,191,922  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%)(b)

              5.01%     01/31/2025        1,250,000        1,250,426,646  

 

 
             5,781,587,047  

 

 

Total U.S. Treasury Securities (Cost $18,194,250,286)

             18,194,250,286  

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-44.18%
(Cost $18,194,250,286)

             18,194,250,286  

 

 
                Repurchase
Amount
        

Repurchase Agreements-54.62%(c)

       

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $600,066,667 (collateralized by U.S. Treasury obligations valued at $612,000,086; 0.13% - 1.13%; 01/15/2024 - 01/15/2033)

              4.00%     03/01/2023        200,022,222        200,000,000  

 

 

Citigroup Global Markets, Inc., joint term agreement dated 02/22/2023, aggregate maturing value of $3,002,654,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,083; 0.13% - 1.13%; 07/15/2023 - 01/15/2033)(d)

              4.55%     03/01/2023        1,801,592,500        1,800,000,000  

 

 

Federal Reserve Bank of New York, joint agreement dated 02/28/2023, aggregate maturing value of $50,006,319,444 (collateralized by U.S. Treasury obligations valued at $50,006,319,596; 0.25% - 4.50%; 10/31/2023 - 08/15/2039)

              4.55%     03/01/2023        12,801,617,778        12,800,000,000  

 

 

 

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

 

10   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Treasury Portfolio–(continued)

 

     Interest
Rate
  Maturity
Date
   Repurchase
Amount
     Value  

 

 

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $300,035,833 (collateralized by U.S. Treasury obligations valued at $306,000,095; 1.88% - 4.84%; 07/31/2023 - 02/15/2032)

   4.30%   03/01/2023    $ 100,011,944      $ 100,000,000  

 

 

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $4,000,505,556 (collateralized by U.S. Treasury obligations valued at $4,080,000,087; 0.00% - 4.38%; 06/13/2023 - 02/15/2048)

   4.55%   03/01/2023      1,500,189,583        1,500,000,000  

 

 

Fixed Income Clearing Corp. - State Street Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,065; 1.88% - 2.88%; 05/15/2051 - 05/15/2052)

   4.55%   03/01/2023      500,063,194        500,000,000  

 

 

Goldman Sachs & Co., agreement dated 02/28/2023, maturing value of $1,500,190,000 (collateralized by U.S. Treasury obligations valued at $1,530,000,003; 0.00% - 5.25%; 11/15/2023 - 08/15/2051)

   4.56%   03/01/2023      1,500,190,000        1,500,000,000  

 

 

Goldman Sachs & Co., joint agreement dated 02/28/2023, aggregate maturing value of $1,295,098,924 (collateralized by U.S. Treasury obligations valued at $1,320,900,062; 0.00% - 5.38%; 03/02/2023 - 08/15/2052)

   2.75%   03/01/2023      450,034,375        450,000,000  

 

 

ING Financial Markets, LLC, term agreement dated 02/28/2023, maturing value of $100,088,472 (collateralized by U.S. Treasury obligations valued at $102,000,049; 0.00% - 4.50%; 06/15/2023 - 11/15/2050)(d)

   4.55%   03/07/2023      100,088,472        100,000,000  

 

 

Metropolitan Life Insurance Co., joint term agreement dated 02/22/2023, aggregate maturing value of $350,316,644 (collateralized by U.S. Treasury obligations valued at $359,869,294; 0.00%; 08/15/2027 -08/15/2046)(d)

   4.57%   03/01/2023      100,088,861        100,000,000  

 

 

Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $1,802,662,944 (collateralized by U.S. Treasury obligations valued at $1,838,431,196; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)(d)

   4.57%   03/01/2023      672,959,969        672,362,500  

 

 

Mitsubishi UFJ Trust & Banking Corp., term agreement dated 02/22/2023, maturing value of $100,088,569 (collateralized by U.S. Treasury obligations valued at $102,012,845; 0.63% - 1.25%; 08/15/2030 - 08/15/2031)(d)

   4.56%   03/01/2023      100,088,569        100,000,000  

 

 

Prudential Legacy Insurance Company of New Jersey, agreement dated 02/28/2023, maturing value of $896,209,130 (collateralized by U.S. Treasury obligations valued at $912,399,598; 0.00% - 1.75%; 05/15/2037 - 11/15/2046)

   4.56%   03/01/2023      896,209,130        896,095,625  

 

 

Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,395; 0.00% - 4.00%; 03/28/2023 - 08/15/2052)(e)

   4.55%   03/01/2023      75,009,479        75,000,000  

 

 

Societe Generale, joint term agreement dated 02/23/2023, aggregate maturing value of $1,001,773,333 (collateralized by U.S. Treasury obligations valued at $1,020,000,026; 0.13% - 4.13%; 05/31/2023 - 08/31/2029)

   4.56%   03/09/2023      400,709,333        400,000,000  

 

 

Standard Chartered Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,128,928; 0.00% - 6.00%; 05/31/2023 -11/15/2052)

   4.55%   03/01/2023      250,031,597        250,000,000  

 

 

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $3,000,379,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,080; 0.50% - 2.63%; 03/15/2023 -08/15/2031)

   4.55%   03/01/2023      1,045,775,475        1,045,643,317  

 

 

Total Repurchase Agreements (Cost $22,489,101,442)

             22,489,101,442  

 

 

TOTAL INVESTMENTS IN SECURITIES-98.80% (Cost $40,683,351,728)

             40,683,351,728  

 

 

OTHER ASSETS LESS LIABILITIES-1.20%

             492,409,255  

 

 

NET ASSETS-100.00%

           $ 41,175,760,983  

 

 

 

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

 

11   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Treasury Portfolio–(continued)

    

 

Notes to Schedule of Investments:

 

(a) 

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

(b) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(c) 

Principal amount equals value at period end. See Note 1I.

(d) 

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

(e) 

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

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     54.7%  

 

 

8-30

     10.0     

 

 

31-60

     7.0     

 

 

61-90

     7.1     

 

 

91-180

     3.3     

 

 

181+

     17.9     

 

 

 

*

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.

 

12   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio

 

    

Interest

Rate

   

Maturity

Date

    

Principal

Amount

(000)

     Value  

 

 

U.S. Treasury Securities-37.65%

          

U.S. Treasury Bills-23.42%(a)

          

U.S. Treasury Bills

     4.53     03/21/2023      $ 827,880      $ 825,805,701  

 

 

U.S. Treasury Bills

     4.53%-4.56     03/28/2023        2,450,000        2,441,698,905  

 

 

U.S. Treasury Bills

     4.54     04/04/2023        2,000,000        1,991,490,553  

 

 

U.S. Treasury Bills

     4.46     04/06/2023        470,000        467,927,300  

 

 

U.S. Treasury Bills

     4.63     04/11/2023        2,040,000        2,029,312,660  

 

 

U.S. Treasury Bills

     4.51     04/18/2023        2,500,000        2,485,199,998  

 

 

U.S. Treasury Bills

     4.61     04/20/2023        1,200,000        1,192,400,000  

 

 

U.S. Treasury Bills

     4.49     04/25/2023        1,300,000        1,291,211,460  

 

 

U.S. Treasury Bills

     4.63     04/27/2023        1,100,000        1,092,031,875  

 

 

U.S. Treasury Bills

     4.65     05/04/2023        2,000,000        1,983,662,221  

 

 

U.S. Treasury Bills

     4.64     05/11/2023        1,410,000        1,397,235,975  

 

 

U.S. Treasury Bills

     4.69     05/30/2023        445,000        439,860,249  

 

 

U.S. Treasury Bills

     4.70     06/06/2023        1,100,000        1,086,292,014  

 

 

U.S. Treasury Bills

     4.12%-4.52     10/05/2023        240,000        233,818,882  

 

 

U.S. Treasury Bills

     4.78     11/30/2023        45,000        43,439,912  

 

 

U.S. Treasury Bills

     4.68     01/25/2024        1,200,000        1,150,829,997  

 

 
             20,152,217,702  

 

 

U.S. Treasury Floating Rate Notes-14.23%

          

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84     10/31/2023        431,679        431,694,009  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)(b)

     4.79     01/31/2024        180,000        179,971,503  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)(b)

     4.73     04/30/2024        3,564,000        3,561,449,655  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84     07/31/2024        3,323,400        3,321,978,999  

 

 

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

     4.95     10/31/2024        3,834,800        3,830,307,536  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%)(b)

     5.01     01/31/2025        915,000        915,650,639  

 

 
             12,241,052,341  

 

 

Total U.S. Treasury Securities (Cost $32,393,270,043)

             32,393,270,043  

 

 

U.S. Government Sponsored Agency Securities-5.75%

          

Federal Farm Credit Bank (FFCB)-3.37%

          

Federal Farm Credit Bank (SOFR + 0.02%)(b)

     4.57     06/12/2023        75,000        75,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58     07/07/2023        143,000        143,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58     09/08/2023        155,000        155,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58     09/18/2023        21,500        21,500,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59     09/20/2023        25,000        25,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58     09/27/2023        60,000        60,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59     12/15/2023        24,500        24,499,020  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59     01/04/2024        229,000        229,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.06%)(b)

     4.61     01/10/2024        75,500        75,500,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59     01/25/2024        15,000        15,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59     02/05/2024        100,000        100,000,000  

 

 

 

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

 

13   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Federal Farm Credit Bank (FFCB)-(continued)

          

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       02/20/2024      $ 80,000      $ 80,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       02/23/2024          162,000        162,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       03/08/2024        95,000        95,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       03/15/2024        431,000        431,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59%       03/18/2024        445,000        445,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       04/04/2024        195,000        195,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       04/25/2024        345,000        345,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       05/09/2024        160,000        160,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       05/24/2024        62,000        62,000,000  

 

 
             2,898,499,020  

 

 

Federal Home Loan Bank (FHLB)-2.18%(a)

          

Federal Home Loan Bank

     4.81%       07/14/2023        800,000        785,899,999  

 

 

Federal Home Loan Bank

     5.01%       01/12/2024        213,000        204,015,956  

 

 

Federal Home Loan Bank

     5.02%       02/09/2024        926,000        883,581,484  

 

 
             1,873,497,439  

 

 

U.S. International Development Finance Corp. (DFC)-0.20%

          

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.85%       06/15/2025        12,000        12,000,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.46%       07/15/2025        13,056        13,055,558  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.79%       09/15/2025        2,895        2,894,737  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.65%       09/15/2026        6,250        6,250,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.79%       09/15/2026        3,750        3,750,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.46%       09/30/2027        10,364        10,363,637  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.85%       02/15/2028        11,111        11,111,111  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     2.46%       11/15/2028        52,273        52,272,728  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     2.35%       05/15/2030        6,734        6,734,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.79%       10/15/2030        6,889        6,888,889  

 

 

U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(c)

     2.47%       07/09/2026        17,850        17,850,000  

 

 

U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(c)

     2.46%       03/15/2030        32,625        32,625,000  

 

 
             175,795,660  

 

 

Total U.S. Government Sponsored Agency Securities (Cost $4,947,792,119)

             4,947,792,119  

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-43.40%
(Cost $37,341,062,162)

             37,341,062,162  

 

 

 

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

 

14   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

 

     Interest
Rate
    Maturity
Date
     Repurchase
Amount
     Value  

 

 

Repurchase Agreements-56.68%(d)

          

Bank of Nova Scotia, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,032; 0.00% - 4.38%; 03/16/2023 - 02/15/2050)

     4.55%       03/01/2023      $ 924,801,150      $ 924,684,280  

 

 

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $1,195,151,035 (collateralized by agency mortgage-backed securities valued at $1,218,900,000; 1.81% - 6.50%; 10/25/2031 -09/20/2072)

     4.55%       03/01/2023        735,092,896        735,000,000  

 

 

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $600,066,667 (collateralized by U.S. Treasury obligations valued at $612,000,086; 0.13% - 1.13%; 01/15/2024 - 01/15/2033)

     4.00%       03/01/2023        400,044,444        400,000,000  

 

 

CIBC World Markets Corp., joint term agreement dated 02/16/2023, aggregate maturing value of $501,583,333 (collateralized by agency mortgage-backed securities, U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $510,000,130; 1.50% - 8.50%; 01/01/2024 -03/01/2053)(e)

     4.56%       03/13/2023        300,950,000        300,000,000  

 

 

Citigroup Global Markets, Inc., joint term agreement dated 02/22/2023, aggregate maturing value of $3,002,654,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,083; 0.13% - 1.13%; 07/15/2023 - 01/15/2033)(e)

     4.55%       03/01/2023        1,000,884,722        1,000,000,000  

 

 

Federal Reserve Bank of New York, joint agreement dated 02/28/2023, aggregate maturing value of $50,006,319,444 (collateralized by U.S. Treasury obligations valued at $50,006,319,596; 0.25% - 4.50%; 10/31/2023 - 08/15/2039)

     4.55%       03/01/2023        32,704,132,917        32,700,000,000  

 

 

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $300,035,833 (collateralized by U.S. Treasury obligations valued at $306,000,095; 1.88% - 4.84%; 07/31/2023 - 02/15/2032)

     4.30%       03/01/2023        200,023,889        200,000,000  

 

 

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $4,000,505,556 (collateralized by U.S. Treasury obligations valued at $4,080,000,087; 0.00% - 4.38%; 06/13/2023 - 02/15/2048)

     4.55%       03/01/2023        2,500,315,972        2,500,000,000  

 

 

Fixed Income Clearing Corp. - State Street Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,065; 1.88% - 2.88%; 05/15/2051 - 05/15/2052)

     4.55%       03/01/2023        100,012,639        100,000,000  

 

 

Goldman Sachs & Co., agreement dated 02/28/2023, maturing value of $1,500,190,000 (collateralized by U.S. Treasury obligations valued at $1,530,000,001; 0.00% - 6.25%; 03/23/2023 - 02/15/2048)

     4.56%       03/01/2023        1,500,190,000        1,500,000,000  

 

 

Goldman Sachs & Co., joint agreement dated 02/28/2023, aggregate maturing value of $1,295,098,924 (collateralized by U.S. Treasury obligations valued at $1,320,900,062; 0.00% - 5.38%; 03/02/2023 - 08/15/2052)

     2.75%       03/01/2023        845,064,549        845,000,000  

 

 

ING Financial Markets, LLC, joint term agreement dated 02/02/2023, aggregate maturing value of $251,551,667 (collateralized by agency mortgage-backed securities valued at $255,000,000; 2.00% - 6.50%; 08/01/2028 -02/01/2053)

     4.56%       03/23/2023        85,527,567        85,000,000  

 

 

ING Financial Markets, LLC, term agreement dated 02/02/2023, maturing value of $301,862,000 (collateralized by agency mortgage-backed securities valued at $306,000,000; 2.00% - 6.00%; 11/01/2029 - 02/01/2053)

     4.56%       03/23/2023        301,862,000        300,000,000  

 

 

ING Financial Markets, LLC, term agreement dated 02/02/2023, maturing value of $503,103,333 (collateralized by agency mortgage-backed securities valued at $510,000,001; 2.00% - 7.00%; 03/01/2028 - 01/01/2057)

     4.56%       03/23/2023        503,103,333        500,000,000  

 

 

ING Financial Markets, LLC, term agreement dated 02/13/2023, maturing value of $251,205,972 (collateralized by agency mortgage-backed securities and a U.S. Treasury obligation valued at $255,000,070; 2.00% - 5.50%; 06/01/2047 - 01/01/2053)

     4.57%       03/23/2023        251,205,972        250,000,000  

 

 

 

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

 

15   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

 

     Interest
Rate
  Maturity
Date
   Repurchase
Amount
     Value  

 

 

J.P. Morgan Securities LLC, joint open agreement dated 02/27/2023 (collateralized by agency mortgage-backed securities valued at $918,000,005; 1.38% - 7.50%; 09/01/2025 - 08/01/2056)(f)

   4.57%   03/01/2023    $ 785,199,303      $ 785,000,000  

 

 

Metropolitan Life Insurance Co., joint term agreement dated 02/22/2023, aggregate maturing value of $350,316,644 (collateralized by U.S. Treasury obligations valued at $359,869,294; 0.00%; 08/15/2027 -08/15/2046)(e)

   4.57%   03/01/2023      170,152,002        170,000,937  

 

 

Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $1,802,662,944 (collateralized by U.S. Treasury obligations valued at $1,838,431,196; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)(e)

   4.57%   03/01/2023      952,908,513        952,062,500  

 

 

Prudential Insurance Co. of America, agreement dated 02/28/2023, maturing value of $144,194,512 (collateralized by U.S. Treasury obligations valued at $146,949,280; 0.00%; 05/15/2037 - 08/15/2042)

   4.56%   03/01/2023      144,194,512        144,176,250  

 

 

RBC Dominion Securities Inc., joint term agreement dated 02/02/2023, aggregate maturing value of $2,767,068,333 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $2,805,000,000; 0.13% - 5.50%; 03/31/2023 - 02/20/2053)(e)

   4.56%   03/23/2023      1,076,641,133        1,070,000,000  

 

 

Royal Bank of Canada, term agreement dated 02/02/2023, maturing value of $1,006,206,667 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,020,000,039; 0.00% - 6.50%; 12/31/2025 - 02/01/2053)(e)

   4.56%   03/23/2023      1,006,206,667        1,000,000,000  

 

 

Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,395; 0.00% - 4.00%; 03/28/2023 - 08/15/2052)(f)

   4.55%   03/01/2023      100,012,639        100,000,000  

 

 

Societe Generale, joint term agreement dated 02/23/2023, aggregate maturing value of $1,001,773,333 (collateralized by U.S. Treasury obligations valued at $1,020,000,026; 0.13% - 4.13%; 05/31/2023 - 08/31/2029)

   4.56%   03/09/2023      375,665,000        375,000,000  

 

 

Standard Chartered Bank, agreement dated 02/28/2023, maturing value of $150,018,958 (collateralized by agency mortgage-backed securities valued at $153,019,338; 3.00% - 4.50%; 07/20/2049 - 10/20/2052)

   4.55%   03/01/2023      150,018,958        150,000,000  

 

 

Standard Chartered Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,128,928; 0.00% - 6.00%; 05/31/2023 -11/15/2052)

   4.55%   03/01/2023      750,094,792        750,000,000  

 

 

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $3,000,379,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,080; 0.50% - 2.63%; 03/15/2023 -08/15/2031)

   4.55%   03/01/2023      702,085,622        701,996,897  

 

 

TD Securities (USA) LLC, joint term agreement dated 02/22/2023, aggregate maturing value of $350,309,993 (collateralized by agency mortgage-backed securities valued at $357,000,000; 2.00% - 4.00%; 05/01/2041 -05/01/2052)(e)

   4.56%   03/01/2023      220,194,853        220,000,000  

 

 

Total Repurchase Agreements (Cost $48,757,920,864)

             48,757,920,864  

 

 

TOTAL INVESTMENTS IN SECURITIES-100.08% (Cost $86,098,983,026)

             86,098,983,026  

 

 

OTHER ASSETS LESS LIABILITIES-(0.08)%

             (64,740,455

 

 

NET ASSETS-100.00%

           $ 86,034,242,571  

 

 

Investment Abbreviations:

 

SOFR -Secured Overnight Financing Rate

VRD   -Variable Rate Demand

 

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

 

16   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

    

 

Notes to Schedule of Investments:

 

(a) 

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

(b) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(c) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(d) 

Principal amount equals value at period end. See Note 1I.

(e) 

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

(f) 

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

 

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     56.1%  

 

 

8-30

     5.2     

 

 

31-60

     11.4     

 

 

61-90

     4.5     

 

 

91-180

     2.4     

 

 

181+

     20.4     

 

 

    

 

 

*

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

 

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

 

17   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Treasury Obligations Portfolio

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

U.S. Treasury Securities-100.83%

 

       

U.S. Treasury Bills-85.74%(a)

 

       

U.S. Treasury Bills

     4.33     03/02/2023      $ 20,000      $ 19,997,620  

 

 

U.S. Treasury Bills

     4.34%-4.51     03/07/2023        110,700        110,618,265  

 

 

U.S. Treasury Bills

     4.32%-4.48     03/09/2023        9,700        9,690,542  

 

 

U.S. Treasury Bills

     4.49%-4.54     03/14/2023        86,700        86,559,909  

 

 

U.S. Treasury Bills

     4.53%-4.55     03/21/2023        135,900        135,559,358  

 

 

U.S. Treasury Bills

     4.53%-4.56     03/28/2023        72,500        72,253,676  

 

 

U.S. Treasury Bills

     4.40     03/30/2023        51,000        50,821,288  

 

 

U.S. Treasury Bills

     4.50%-4.55     04/04/2023        111,200        110,727,059  

 

 

U.S. Treasury Bills

     4.46     04/06/2023        50,000        49,779,500  

 

 

U.S. Treasury Bills

     4.46%-4.63     04/11/2023        80,000        79,587,722  

 

 

U.S. Treasury Bills

     4.61     04/13/2023        22,150        22,029,356  

 

 

U.S. Treasury Bills

     4.68     04/18/2023        41,000        40,745,800  

 

 

U.S. Treasury Bills

     4.69     04/25/2023        65,000        64,537,603  

 

 

U.S. Treasury Bills

     4.65     05/04/2023        60,000        59,509,867  

 

 

U.S. Treasury Bills

     4.64     05/09/2023        16,000        15,859,853  

 

 

U.S. Treasury Bills

     4.64     05/11/2023        40,000        39,637,900  

 

 

U.S. Treasury Bills

     4.74     05/18/2023        26,000        25,736,360  

 

 

U.S. Treasury Bills

     4.78     05/25/2023        20,000        19,777,111  

 

 

U.S. Treasury Bills

     4.75     06/01/2023        10,000        9,879,931  

 

 

U.S. Treasury Bills

     4.70     06/06/2023        35,000        34,563,837  

 

 

U.S. Treasury Bills

     4.64     06/08/2023        15,000        14,812,931  

 

 

U.S. Treasury Bills

     4.77     06/13/2023        33,000        32,551,933  

 

 

U.S. Treasury Bills

     3.01     07/13/2023        6,000        5,934,764  

 

 

U.S. Treasury Bills

     4.80     07/20/2023        10,000        9,816,504  

 

 

U.S. Treasury Bills

     4.12     10/05/2023        6,000        5,856,302  

 

 

U.S. Treasury Bills

     4.68%-4.86     01/25/2024        27,500        26,364,091  

 

 
             1,153,209,082  

 

 

U.S. Treasury Floating Rate Notes-14.16%

          

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b)

     4.84     04/30/2023        19,000        19,000,127  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b)

     4.84     07/31/2023        17,500        17,500,177  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84     10/31/2023        30,000        30,000,345  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate -0.02%)(b)

     4.79     01/31/2024        8,000        7,998,734  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate -0.08%)(b)

     4.73     04/30/2024        25,500        25,482,209  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84     07/31/2024        32,000        31,984,058  

 

 

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

     4.95     10/31/2024        49,000        48,958,037  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%)(b)

     5.01     01/31/2025        9,500        9,506,755  

 

 
             190,430,442  

 

 

 

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

 

18   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Treasury Obligations Portfolio–(continued)

 

     Interest
Rate
     Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

U.S. Treasury Notes-0.93%

           

TOTAL INVESTMENTS IN SECURITIES-100.83% (Cost $1,356,189,593)

              1,356,189,593  

 

 

OTHER ASSETS LESS LIABILITIES-(0.83)%

              (11,125,964

 

 

NET ASSETS-100.00%

            $ 1,345,063,629  

 

 

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, 2023.

 

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     9.6%  

 

 

8-30

     26.1     

 

 

31-60

     27.0     

 

 

61-90

     13.3     

 

 

91-180

     9.3     

 

 

181+

     14.7     

 

 

    

 

 

*

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

 

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

 

19   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio

 

     Interest
Rate
     Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Municipal Obligations-94.08%

           

Alabama-3.55%

           

Mobile (City of), AL Downtown Redevelopment Authority (Austal USA, LLC); Series 2011 B, Ref. VRD RB (LOC - Bank of America, N.A.)(a)(b)(c)

     2.14%        05/01/2041        $3,240      $ 3,240,000  

 

 

Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)(b)(c)(d)

     2.25%        07/01/2040        4,910        4,910,000  

 

 
              8,150,000  

 

 

Arizona-2.72%

           

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

     1.40%        01/01/2046        6,250        6,250,000  

 

 

California-0.87%

           

Los Angeles County Capital Asset Leasing Corp.; Series B, Commercial Paper Notes

     2.00%        03/01/2023        2,000        2,000,000  

 

 

Connecticut-2.47%

           

Connecticut (State of) Health & Educational Facilities Authority (Yale University); Series 2017 A, Ref. VRD RB(b)

     2.20%        07/01/2042        5,660        5,660,000  

 

 

Delaware-0.95%

           

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

     2.21%        05/01/2036        2,180        2,180,000  

 

 

District of Columbia-3.29%

           

District of Columbia; Series 2022 A, Commercial Paper Notes(d)

     2.43%        03/15/2023        3,000        3,000,000  

 

 

District of Columbia (Georgetown University);

           

Series 2007 C-2, VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.19%        04/01/2041        1,200        1,200,000  

 

 

Series 2009 C, Ref. VRD RB (LOC - Bank of Tokyo Mitsubishi UFJ)(b)(c)(d)

     2.19%        04/01/2042        3,350        3,350,000  

 

 
              7,550,000  

 

 

Florida-4.09%

           

Halifax Hospital Medical Center; Series 2008, Ref. VRD RB (LOC - JPMorgan Chase Bank, N.A.)(b)(c)

     2.25%        06/01/2048        2,485        2,485,000  

 

 

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

     2.11%        11/01/2036        2,725        2,725,000  

 

 

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

     2.23%        07/01/2032        4,175        4,175,000  

 

 
              9,385,000  

 

 

Georgia-4.54%

           

Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - BMO Harris Bank N.A.)(b)(c)(d)

     2.21%        11/01/2030        1,450        1,450,000  

 

 

Georgia (State of) Private Colleges & Universities Authority (Emory University); Series 2022 B, VRD RB (SIFMA Municipal Swap Index + 0.03%)(b)

     2.00%        09/01/2052        8,975        8,975,000  

 

 
              10,425,000  

 

 

Idaho-0.44%

           

Idaho (State of) Health Facilities Authority (St. Luke’s Health System); Series 2018 C, VRD RB (LOC - U.S. Bank N.A.)(b)(c)

     1.40%        03/01/2048        1,000        1,000,000  

 

 

Illinois-7.33%

           

Illinois (State of) Development Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)(b)(c)

     2.21%        10/01/2033        2,625        2,625,000  

 

 

Illinois (State of) Educational Facilities Authority (Augustana College); Series 2003 B, VRD RB (LOC - BMO Harris Bank N.A.)(b)(c)(d)

     2.24%        10/01/2032        1,600        1,600,000  

 

 

 

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

 

20   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Illinois-(continued)

          

Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - Northern Trust Co. (The))(b)(c)

     2.15%       01/01/2037        $2,800      $ 2,800,000  

 

 

Illinois (State of) Finance Authority (University of Chicago Medical); Series 2009 D-2, VRD RB (LOC - PNC Bank, N.A.)(b)(c)

     1.50%       08/01/2043        1,000        1,000,000  

 

 

Illinois (State of) Finance Authority (YMCA of Metropolitan Chicago); Series 2004, VRD RB (LOC - BMO Harris Bank N.A.)(b)(c)(d)

     2.45%       06/01/2034        2,960        2,960,000  

 

 

Illinois (State of) Housing Development Authority (Foxview I & II Apartments); Series 2008, VRD RB (LOC - FHLMC)(b)(c)

     2.17%       01/01/2041        4,835        4,835,000  

 

 

University of Illinois (Illinois Health Services); Series 1997 B, VRD RB (LOC - Wells Fargo Bank, N.A.)(b)(c)

     2.50%       10/01/2026        1,000        1,000,000  

 

 
             16,820,000  

 

 

Indiana-3.31%

          

Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank, N.A.)(b)(c)

     2.28%       08/01/2037        4,950        4,950,000  

 

 

Indiana (State of) Finance Authority (Parkview Health System Obligated Group); Series 2009 C, VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.05%       11/01/2039        2,635        2,635,000  

 

 
             7,585,000  

 

 

Iowa-2.18%

          

Iowa (State of) Finance Authority (CJ Bio America); Series 2021, Ref. VRD RB (LOC - Korea Devlopment Bank)(a)(b)(c)(d)

     2.24%       12/01/2041        5,000        5,000,000  

 

 

Kentucky-1.61%

          

Boyle (County of), KY (Centre College); Series 2008 A, Ref. VRD RB (LOC - PNC Bank, N.A.)(b)(c)

     2.20%       06/01/2037        3,700        3,700,000  

 

 

Louisiana-3.79%

          

Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC); Series 2013 B, Ref. VRD RB (LOC - JPMorgan Chase Bank, N.A.)(b)(c)

     2.50%       09/01/2033        1,000        1,000,000  

 

 

Louisiana (State of) Public Facilities Authority (CHRISTUS Health);

          

Series 2009 B-3, Ref. VRD RB (LOC - Bank of New York Mellon (The))(b)(c)

     2.45%       07/01/2047        6,605        6,605,000  

 

 

Series 2009 B-1, Ref. VRD RB (LOC - Bank of New York Mellon (The))(b)(c)

     2.10%       07/01/2047        1,100        1,100,000  

 

 
             8,705,000  

 

 

Maryland-2.10%

          

Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System); Series 2008 D, VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.45%       07/01/2041        4,810        4,810,000  

 

 

Massachusetts-2.51%

          

Massachusetts (Commonwealth of) Development Finance Agency (Boston University);

          

Series 2008 U-6C, VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.35%       10/01/2042        700        700,000  

 

 

Series 2008 U-6E, Ref. VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.35%       10/01/2042        5,050        5,050,000  

 

 
             5,750,000  

 

 

Minnesota-3.12%

          

Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)(b)

     2.29%       10/15/2033        1,175        1,175,000  

 

 

Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC)(b)

     2.20%       11/01/2035        3,600        3,600,000  

 

 

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

     2.20%       10/01/2033        2,385        2,385,000  

 

 
             7,160,000  

 

 

Mississippi-3.97%

          

Jackson (County of), MS (Chevron U.S.A., Inc.); Series 1993, Ref. VRD RB(b)

     1.40%       06/01/2023        200        200,000  

 

 

 

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

 

21   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Mississippi-(continued)

          

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

          

Series 2010 E, VRD IDR(b)

     2.04%       12/01/2030        $4,000      $ 4,000,000  

 

 

Series 2010 C, VRD IDR(b)

     1.40%       11/01/2035        595        595,000  

 

 

Series 2010 J, VRD IDR(b)

     1.38%       11/01/2035        1,000        1,000,000  

 

 

Series 2010 C, VRD IDR(b)

     1.40%       11/01/2035        3,320        3,320,000  

 

 
             9,115,000  

 

 

Missouri-2.29%

          

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

     2.23%       11/01/2037        1,175        1,175,000  

 

 

Kansas City (City of), MO (H Roe Bartle Convention Center);

          

Series 2008 F, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.24%       04/15/2025        1,915        1,915,000  

 

 

Series 2008 E, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.24%       04/15/2034        900        900,000  

 

 

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

     2.38%       08/01/2038        1,260        1,260,000  

 

 
             5,250,000  

 

 

New York-5.36%

          

Metropolitan Transportation Authority;

          

Subseries 2012 G-1, VRD RB (LOC - Barclays Bank PLC)(b)(c)(d)

     1.35%       11/01/2032        3,800        3,800,000  

 

 

Subseries 2020 B-1, Ref. VRD RB (LOC - PNC Bank, N.A.)(b)(c)

     2.20%       11/15/2046        4,510        4,510,000  

 

 

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.)(b)(c)(d)

     2.40%       05/01/2039        4,000        4,000,000  

 

 
             12,310,000  

 

 

North Carolina-5.63%

          

Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health); Series 2018 H, VRD RB(b)

     1.40%       01/15/2048        2,500        2,500,000  

 

 

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

     1.40%       01/15/2037        4,000        4,000,000  

 

 

North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 1992 A, VRD RB(b)

     2.20%       06/01/2027        6,425        6,425,000  

 

 
             12,925,000  

 

 

Ohio-1.73%

          

Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - U.S. Bank N.A.)(b)(c)

     2.20%       08/02/2038        2,650        2,650,000  

 

 

Ohio State University (The); Series 2014 B-1, VRD RB(b)

     2.41%       12/01/2039        1,310        1,310,000  

 

 
             3,960,000  

 

 

Oregon-0.49%

          

Oregon (State of) Department of Transportation; Series A-2, Commercial Paper Notes(d)

     2.80%       03/21/2023        1,000        1,000,000  

 

 

Oregon (State of) Facilities Authority (PeaceHealth); Series 2018 A, Ref. VRD RB (LOC - U.S. Bank N.A.)(b)(c)

     1.40%       08/01/2034        125        125,000  

 

 
             1,125,000  

 

 

Pennsylvania-1.74%

          

Philadelphia (City of), PA; Series A, Commercial Paper Notes(d)

     2.55%       03/23/2023        4,000        4,000,000  

 

 

 

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

 

22   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Texas-17.41%

          

Board of Regents of the University of Texas System;

          

Series 2008 B, VRD RB(b)

     2.15%       08/01/2025        $1,115      $ 1,115,000  

 

 

Series 2008 A, VRD RB(b)

     2.10%       07/01/2037        2,425        2,425,000  

 

 

Series A, Commercial Paper Notes

     3.20%       03/03/2023        2,500        2,500,000  

 

 

Garland (City of), TX; Series 2021, Commercial Paper Notes(d)

     2.60%       03/01/2023        5,000        5,000,000  

 

 

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

     1.40%       11/01/2041        6,450        6,450,000  

 

 

Harris County Health Facilities Development Corp. (Methodist Hospital System); Series 2008 A-2, Ref. VRD RB(b)

     1.45%       12/01/2041        4,185        4,185,000  

 

 

Houston (City of), TX; Series H-2, Commercial Paper Notes

     2.85%       03/09/2023        7,000        7,000,000  

 

 

Lower Neches Valley Authority Industrial Development Corp. (Exxonmobil); Series 2011, VRD RB(b)

     1.36%       11/01/2051        3,182        3,182,000  

 

 

Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas); Series 2008 A, VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.45%       10/01/2041        1,480        1,480,000  

 

 

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

     2.29%       05/01/2042        3,020        3,020,000  

 

 

Texas A&M University; Series B, Commercial Paper Notes

     3.25%       04/05/2023        3,600        3,600,000  

 

 
             39,957,000  

 

 

Virginia-1.00%

          

Loudoun (County of), VA Economic Development Authority (Jack Kent Cooke Foundation); Series 2004, VRD RB (LOC - Northern Trust Co. (The))(b)(c)

     2.25%       06/01/2034        2,300        2,300,000  

 

 

Washington-1.32%

          

Washington (State of) Housing Finance Commission (Redmond Ridge Apartments); Series 2017, VRD RB (LOC - FHLB of San Francisco)(b)(c)

     2.21%       11/01/2047        3,025        3,025,000  

 

 

West Virginia-2.92%

          

Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC - Bank of America, N.A.)(b)(c)

     2.19%       07/01/2039        745        745,000  

 

 

West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008 B, Ref. VRD RB (LOC - Truist Bank)(b)(c)

     2.32%       01/01/2034        5,945        5,945,000  

 

 
             6,690,000  

 

 

Wisconsin-1.35%

          

Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - FHLB of Chicago)(b)(c)

     2.22%       10/01/2042        3,090        3,090,000  

 

 

TOTAL INVESTMENTS IN SECURITIES(e)(f)-94.08% (Cost $215,877,000)

             215,877,000  

 

 

OTHER ASSETS LESS LIABILITIES-5.92%

             13,576,124  

 

 

NET ASSETS-100.00%

           $ 229,453,124  

 

 

 

Investment Abbreviations:
CEP   - Credit Enhancement Provider
FHLB   - Federal Home Loan Bank
FHLMC   - Federal Home Loan Mortgage Corp.
FNMA   - Federal National Mortgage Association
IDR   - Industrial Development Revenue Bonds
LOC   - Letter of Credit
RB   - Revenue Bonds
Ref.   - Refunding
SIFMA   - Securities Industry and Financial Markets Association
VRD   - Variable Rate Demand

 

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

 

23   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

 

Notes to Schedule of Investments:

 

(a) 

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, 2023 was $8,240,000, which represented 3.59% of the Fund’s Net Assets.

(b) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(c) 

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

(d) 

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 8.3%; United Kingdom 6.9%; Japan 6.1%; Other countries less than 5% each: 4.3%.

(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.

 

Entities    Percentage  

 

 

TD Bank, N.A.

     5.6%      

 

 

Northern Trust Co. (The)

     5.6         

 

 

PNC Bank, N.A.

     5.3         

 

 

 

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     91.8%  

 

 

8-30

     6.6     

 

 

31-60

     1.6     

 

 

61-90

     0.0     

 

 

91-180

     0.0     

 

 

181+

     0.0     

 

 

    

 

 

*

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

 

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

 

24   Short-Term Investments Trust


Statements of Assets and Liabilities

February 28, 2023

(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 unaffiliated securities, at value

   $ 1,441,448,359     $ 133,116,900     $ 18,194,250,286     $ 37,341,062,162     $ 1,356,189,593     $ 215,877,000  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Repurchase agreements, at value and cost

     391,668,085       101,000,000       22,489,101,442       48,757,920,864       -       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash

     19,375       -       710,756       983,579       78,638       35,079  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Receivable for:

            

Investments sold

     -       -       548,668,115       -       -       13,075,000  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fund shares sold

     -       87,000       16,852,266       7,476,439       -       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Interest

     1,964,115       173,966       27,561,801       86,121,462       738,940       648,615  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fund expenses absorbed

     37,313       32,400       1,744,510       -       54,458       65,326  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Investment for trustee deferred compensation and retirement plans

     2,688,319       708,169       1,620,498       739,975       74,208       244,277  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other assets

     6,754       132,348       516,985       1,674,555       1,386       48,339  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

     1,837,832,320       235,250,783       41,281,026,659       86,195,979,036       1,357,137,223       229,993,636  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities:

            

Payable for:

            

Investments purchased

     -       -       -       -       9,879,931       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fund shares reacquired

     -       176,816       3,090,287       4,269,464       -       6,500  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amount due custodian

     -       2,848       -       -       -       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Dividends

     5,633,256       390,246       92,186,592       145,385,932       1,852,280       174,016  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accrued fees to affiliates

     290,525       44,449       7,871,710       11,084,004       238,921       65,704  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accrued trustees’ and officers’ fees and benefits

     4,481       2,926       36,205       77,012       3,868       2,679  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accrued operating expenses

     47,662       21,439       243,679       -       13,029       31,340  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Trustee deferred compensation and retirement plans

     2,877,269       753,601       1,837,203       920,053       85,565       260,273  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

     8,853,193       1,392,325       105,265,676       161,736,465       12,073,594       540,512  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net assets applicable to shares outstanding

   $ 1,828,979,127     $ 233,858,458     $ 41,175,760,983     $ 86,034,242,571     $ 1,345,063,629     $ 229,453,124  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net assets consist of:

            

Shares of beneficial interest

   $ 1,831,354,980     $ 234,441,720     $ 41,178,125,062     $ 86,059,942,124     $ 1,345,271,837     $ 229,672,837  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributable earnings (loss)

     (2,375,853     (583,262     (2,364,079     (25,699,553     (208,208     (219,713

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   $ 1,828,979,127     $ 233,858,458     $ 41,175,760,983     $ 86,034,242,571     $ 1,345,063,629     $ 229,453,124  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets:

            

Institutional Class

   $ 1,819,669,256     $ 232,387,514     $ 35,450,224,348     $ 71,325,123,345     $ 1,268,187,565     $ 193,805,989  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Private Investment Class

   $ 1,042,790     $ 332,161     $ 618,415,066     $ 742,331,579     $ 16,661,216     $ 25,307,654  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Personal Investment Class

   $ 10,252     $ 92,946     $ 388,631,121     $ 33,381,231     $ 11,961,557     $ 396,032  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash Management Class

   $ 1,676,277     $ 467,280     $ 240,742,041     $ 625,170,630     $ 80,071     $ 3,493,634  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reserve Class

   $ 171,670     $ 71,322     $ 658,815,411     $ 512,205,911     $ 44,802,872     $ 5,703,646  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Resource Class

   $ 249,687     $ 394     $ 76,755,901     $ 196,305,722     $ 115,395     $ 735,736  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Corporate Class

   $ 6,059,212     $ 506,841     $ 1,887,842,566     $ 1,565,745,767     $ 3,254,953     $ 10,433  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

CAVU Securities Class

   $ 99,983     $ -     $ 1,854,334,529     $ 11,033,978,386     $ -     $ -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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–(continued)

February 28, 2023

(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
 

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

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

 

              

Institutional Class

     1,819,297,797        232,378,976        35,450,012,600        71,346,337,427        1,268,330,132        193,784,100  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Private Investment Class

     1,042,580        332,149        618,409,608        742,552,280        16,663,105        25,304,973  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Personal Investment Class

     10,250        92,942        388,629,737        33,391,145        11,962,914        395,994  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Cash Management Class

     1,675,941        467,263        240,741,915        625,356,709        80,079        3,493,246  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Reserve Class

     171,636        71,319        658,813,165        512,358,049        44,807,951        5,703,138  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Resource Class

     249,638        394        76,755,057        196,364,021        115,408        735,656  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Corporate Class

     6,057,994        506,822        1,887,836,389        1,566,211,620        3,255,321        10,432  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

CAVU Securities Class

     99,963        -        1,854,316,343        11,037,257,584        -        -  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

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

   $ 1.0002      $ 1.0000      $ 1.00      $ 1.00      $ 1.00      $ 1.00  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Cost of Investments

   $ 1,833,286,676      $ 234,120,176      $ 40,683,351,728      $ 86,098,983,026      $ 1,356,189,593      $ 215,877,000  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

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

 

26   Short-Term Investments Trust


Statements of Operations

For the six months ended February 28, 2023

(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

   $ 33,876,133     $ 7,151,703     $ 708,212,871     $ 1,395,214,104     $ 25,472,569     $ 3,310,770  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Expenses:

            

Advisory fees

     1,298,945       287,417       26,911,965       36,209,920       863,058       269,431  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Administrative services fees

     376,482       88,649       8,043,255       16,157,749       308,915       62,708  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Custodian fees

     11,976       12,085       712,043       51,850       57,453       2,117  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distribution fees:

            

Private Investment Class

     1,566       537       667,061       972,135       19,594       29,618  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Personal Investment Class

     27       251       1,134,089       90,606       32,317       2,915  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash Management Class

     681       174       119,391       317,403       31       1,369  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reserve Class

     745       305       4,165,559       2,604,658       212,296       45,602  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Resource Class

     246       -       51,160       138,138       158       601  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Corporate Class

     245       34       191,872       167,327       1,056       2  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transfer agent fees

     77,937       17,245       1,614,718       3,258,893       60,939       12,124  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Trustees’ and officers’ fees and benefits

     12,531       8,729       92,223       203,275       10,879       8,118  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Registration and filing fees

     54,047       56,974       978,820       2,003,579       47,828       62,326  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reports to shareholders

     -       -       -       -       -       1,005  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Professional services fees

     23,255       19,395       67,575       22,179       21,273       19,076  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other

     46,174       27,959       142,190       112,996       29,592       11,719  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

     1,904,857       519,754       44,891,921       62,310,708       1,665,389       528,731  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less: Fees waived and expenses reimbursed

     (342,612     (173,553     (6,268,478     (84,156     (181,160     (179,196

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net expenses

     1,562,245       346,201       38,623,443       62,226,552       1,484,229       349,535  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

     32,313,888       6,805,502       669,589,428       1,332,987,552       23,988,340       2,961,235  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Realized and unrealized gain (loss) from:

            

Net realized gain (loss) from unaffiliated investment securities

     4,162       158       2,730,256       2,283,446       (30,165     -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in net unrealized appreciation of unaffiliated investment securities

     73,684       2,084       -       -       -       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and unrealized gain (loss)

     77,846       2,242       2,730,256       2,283,446       (30,165     -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase in net assets resulting from operations

   $ 32,391,734     $ 6,807,744     $ 672,319,684     $ 1,335,270,998     $ 23,958,175     $ 2,961,235  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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

 

27   Short-Term Investments Trust


Statements of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

 

     Invesco Liquid Assets Portfolio     Invesco STIC Prime Portfolio  
    

February 28,

2023

   

August 31,

2022

   

February 28,

2023

   

August 31,

2022

 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Operations:

        

Net investment income

   $ 32,313,888     $ 9,991,934     $ 6,805,502     $ 1,826,985  

 

  

 

 

   

 

 

 

Net realized gain

     4,162       3,959       158       624  

 

  

 

 

   

 

 

 

Change in net unrealized appreciation (depreciation)

     73,684       (406,836     2,084       (5,126

 

  

 

 

   

 

 

 

Net increase in net assets resulting from operations

     32,391,734       9,589,057       6,807,744       1,822,483  

 

  

 

 

   

 

 

 

Distributions to shareholders from distributable earnings:

        

Institutional Class

     (32,218,847     (9,973,378     (6,784,760     (1,657,807

 

  

 

 

   

 

 

 

Private Investment Class

     (17,996     (6,754     (5,822     (1,550

 

  

 

 

   

 

 

 

Personal Investment Class

     (164     (32     (1,411     (240

 

  

 

 

   

 

 

 

Cash Management Class

     (31,264     (9,759     (7,918     (1,672

 

  

 

 

   

 

 

 

Reserve Class

     (2,462     (378     (971     (130

 

  

 

 

   

 

 

 

Resource Class

     (4,383     (1,017     (8     (3

 

  

 

 

   

 

 

 

Corporate Class

     (36,909     (112     (4,612     (95

 

  

 

 

   

 

 

 

CAVU Securities Class

     (1,863     (504     -       -  

 

  

 

 

   

 

 

 

Total distributions from distributable earnings

     (32,313,888     (9,991,934     (6,805,502     (1,661,497

 

  

 

 

   

 

 

 

Return of capital:

        

Institutional Class

     -       -       -       (165,120

 

  

 

 

   

 

 

 

Private Investment Class

     -       -       -       (154

 

  

 

 

   

 

 

 

Personal Investment Class

     -       -       -       (24

 

  

 

 

   

 

 

 

Cash Management Class

     -       -       -       (167

 

  

 

 

   

 

 

 

Reserve Class

     -       -       -       (13

 

  

 

 

   

 

 

 

Resource Class

     -       -       -       (1

 

  

 

 

   

 

 

 

Corporate Class

     -       -       -       (9

 

  

 

 

   

 

 

 

Total return of capital

     -       -       -       (165,488

 

  

 

 

   

 

 

 

Total distributions

     (32,313,888     (9,991,934     (6,805,502     (1,826,985

 

  

 

 

   

 

 

 

Share transactions-net:

        

Institutional Class

     77,909,713       (614,280,688     (90,087,288     100,759,349  

 

  

 

 

   

 

 

 

Private Investment Class

     (30,196     (1,818,407     (125,154     (147,861

 

  

 

 

   

 

 

 

Personal Investment Class

     4       -       1,540       (1,448

 

  

 

 

   

 

 

 

Cash Management Class

     (43,963     (1,201,217     98,248       (127,021

 

  

 

 

   

 

 

 

Reserve Class

     (3,343     (40,550     1,057       (16,775

 

  

 

 

   

 

 

 

Resource Class

     1,735       (114,240     8       1  

 

  

 

 

   

 

 

 

Corporate Class

     6,036,928       (354     485,652       64  

 

  

 

 

   

 

 

 

CAVU Securities Class

     -       1       -       -  

 

  

 

 

   

 

 

 

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

     83,870,878       (617,455,455     (89,625,937     100,466,309  

 

  

 

 

   

 

 

 

Net increase (decrease) in net assets

     83,948,724       (617,858,332     (89,623,695     100,461,807  

 

  

 

 

   

 

 

 

Net assets:

        

Beginning of period

     1,745,030,403       2,362,888,735       323,482,153       223,020,346  

 

  

 

 

   

 

 

 

End of period

   $ 1,828,979,127     $ 1,745,030,403     $ 233,858,458     $ 323,482,153  

 

  

 

 

   

 

 

 

 

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–(continued)

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

 

    

 

     Invesco Treasury Portfolio     Invesco Government & Agency Portfolio  
     February 28,
2023
   

August 31,

2022

   

February 28,

2023

   

August 31,

2022

 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Operations:

        

Net investment income

   $ 669,589,428     $ 96,074,616     $ 1,332,987,552     $ 325,968,052  

 

  

 

 

   

 

 

 

Net realized gain (loss)

     2,730,256       (3,886,562     2,283,446       (28,543,577

 

  

 

 

   

 

 

 

Net increase in net assets resulting from operations

     672,319,684       92,188,054       1,335,270,998       297,424,475  

 

  

 

 

   

 

 

 

Distributions to shareholders from distributable earnings:

        

Institutional Class

     (581,902,260     (85,408,911     (1,124,090,481     (295,190,284

 

  

 

 

   

 

 

 

Private Investment Class

     (7,645,428     (1,268,453     (10,946,131     (2,186,097

 

  

 

 

   

 

 

 

Personal Investment Class

     (6,320,398     (1,167,413     (501,718     (110,536

 

  

 

 

   

 

 

 

Cash Management Class

     (5,107,835     (1,843,731     (13,622,487     (3,324,668

 

  

 

 

   

 

 

 

Reserve Class

     (12,607,423     (2,122,002     (8,266,117     (1,225,131

 

  

 

 

   

 

 

 

Resource Class

     (1,108,827     (267,315     (3,057,626     (863,585

 

  

 

 

   

 

 

 

Corporate Class

     (25,353,351     (1,170,294     (21,689,739     (2,699,107

 

  

 

 

   

 

 

 

CAVU Securities Class

     (29,543,906     (2,826,497     (150,813,253     (20,368,644

 

  

 

 

   

 

 

 

Total distributions from distributable earnings

     (669,589,428     (96,074,616     (1,332,987,552     (325,968,052

 

  

 

 

   

 

 

 

Share transactions-net:

        

Institutional Class

     14,027,316,395       4,330,861,644       10,156,276,156       11,726,491,208  

 

  

 

 

   

 

 

 

Private Investment Class

     236,582,670       78,001,581       164,377,949       72,215,877  

 

  

 

 

   

 

 

 

Personal Investment Class

     (192,259,153     315,801,181       (5,957,939     29,989,058  

 

  

 

 

   

 

 

 

Cash Management Class

     (154,069,233     (57,379,422     (517,510,396     394,921,370  

 

  

 

 

   

 

 

 

Reserve Class

     (328,669,854     119,769,440       (86,634,703     190,502,067  

 

  

 

 

   

 

 

 

Resource Class

     (642,242     24,190,011       61,306,446       17,158,805  

 

  

 

 

   

 

 

 

Corporate Class

     1,413,797,274       207,510,470       1,023,377,300       (539,261,258

 

  

 

 

   

 

 

 

CAVU Securities Class

     1,297,043,776       10,231,626       6,183,737,346       3,411,670,557  

 

  

 

 

   

 

 

 

Net increase in net assets resulting from share transactions

     16,299,099,633       5,028,986,531       16,978,972,159       15,303,687,684  

 

  

 

 

   

 

 

 

Net increase in net assets

     16,301,829,889       5,025,099,969       16,981,255,605       15,275,144,107  

 

  

 

 

   

 

 

 

Net assets:

        

Beginning of period

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

 

  

 

 

   

 

 

 

End of period

   $ 41,175,760,983     $ 24,873,931,094     $ 86,034,242,571     $ 69,052,986,966  

 

  

 

 

   

 

 

 

 

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, 2023 and the year ended August 31, 2022

(Unaudited)

 

    

 

     Invesco Treasury Obligations Portfolio     Invesco Tax-Free Cash Reserve Portfolio  
    

February 28,

2023

   

August 31,

2022

   

February 28,

2023

   

August 31,

2022

 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Operations:

        

Net investment income

   $ 23,988,340     $ 4,933,278     $ 2,961,235     $ 629,361  

 

  

 

 

   

 

 

 

Net realized gain (loss)

     (30,165     (129,607     -       -  

 

  

 

 

   

 

 

 

Net increase in net assets resulting from operations

     23,958,175       4,803,671       2,961,235       629,361  

 

  

 

 

   

 

 

 

Distributions to shareholders from distributable earnings:

        

Institutional Class

     (22,764,739     (4,768,439     (2,597,193     (576,238

 

  

 

 

   

 

 

 

Private Investment Class

     (259,555     (48,742     (243,504     (26,690

 

  

 

 

   

 

 

 

Personal Investment Class

     (173,656     (29,749     (7,751     (2,178

 

  

 

 

   

 

 

 

Cash Management Class

     (1,358     (319     (37,135     (11,012

 

  

 

 

   

 

 

 

Reserve Class

     (660,979     (71,516     (67,697     (10,273

 

  

 

 

   

 

 

 

Resource Class

     (3,661     (360     (7,815     (2,938

 

  

 

 

   

 

 

 

Corporate Class

     (124,392     (14,153     (140     (32

 

  

 

 

   

 

 

 

Total distributions from distributable earnings

     (23,988,340     (4,933,278     (2,961,235     (629,361

 

  

 

 

   

 

 

 

Share transactions-net:

        

Institutional Class

     166,084,398       38,941,402       (2,953,360     78,490,605  

 

  

 

 

   

 

 

 

Private Investment Class

     2,096,826       (78,490     10,542,278       5,209,668  

 

  

 

 

   

 

 

 

Personal Investment Class

     (757,179     8,907,420       (1,414,442     133,658  

 

  

 

 

   

 

 

 

Cash Management Class

     1,491       (174,408     (250,931     (851,665

 

  

 

 

   

 

 

 

Reserve Class

     2,655,507       (32,341,061     (9,080,916     (1,439,232

 

  

 

 

   

 

 

 

Resource Class

     17,103       198       (24,302     (716,611

 

  

 

 

   

 

 

 

Corporate Class

     (86,382     (1,691,615     136       19  

 

  

 

 

   

 

 

 

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

     170,011,764       13,563,446       (3,181,537     80,826,442  

 

  

 

 

   

 

 

 

Net increase (decrease) in net assets

     169,981,599       13,433,839       (3,181,537     80,826,442  

 

  

 

 

   

 

 

 

Net assets:

        

Beginning of period

     1,175,082,030       1,161,648,191       232,634,661       151,808,219  

 

  

 

 

   

 

 

 

End of period

   $ 1,345,063,629     $ 1,175,082,030     $ 229,453,124     $ 232,634,661  

 

  

 

 

   

 

 

 

 

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

 

30   Short-Term Investments Trust


Financial Highlights

(Unaudited)

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

Private Investment Class

 

                                                Ratio of   Ratio of    
            Net gains                                   expenses   expenses    
            (losses)                                   to average   to average net   Ratio of net
    Net asset       on securities       Dividends   Distributions                       net assets   assets without   investment
    value,   Net   (both   Total from   from net   from net           Net asset       Net assets,   with fee waivers   fee waivers   income
    beginning   investment   realized and   investment   investment   realized   Return of   Total   value, end   Total   end of period   and/or expense   and/or expense   to average
     of period   income(a)   unrealized)   operations   income   gains   capital   distributions   of period   return(b)   (000’s omitted)   reimbursements   reimbursements   net assets

Invesco Liquid Assets Portfolio

 

                           

Six months ended 02/28/23

    $ 1.0002     $ 0.0170     $ 0.0001     $ 0.0171     $ (0.0171 )     $ -     $ -     $ (0.0171 )     $ 1.0002       1.73 %     $ 1,043       0.48 %(c)        0.52 %(c)        3.43 %(c) 

Year ended 08/31/22

      1.0004       0.0037       (0.0002 )       0.0035       (0.0037 )       -       -       (0.0037 )       1.0002       0.35       1,073       0.29       0.52       0.37

Year ended 08/31/21

      1.0006       0.0001       (0.0002 )       (0.0001 )       (0.0001 )       -       -       (0.0001 )       1.0004       (0.01 )       2,892       0.21       0.52       0.01

Year ended 08/31/20

      1.0004       0.0098       (0.0006 )       0.0092       (0.0090 )       -       -       (0.0090 )       1.0006       0.92       3,542       0.46       0.52       0.98

Year ended 08/31/19

      1.0004       0.0207       (0.0000 )       0.0207       (0.0207 )       -       -       (0.0207 )       1.0004       2.09       4,718       0.48       0.52       2.07

Year ended 08/31/18

      1.0002       0.0143       (0.0011 )       0.0132       (0.0130 )       -       -       (0.0130 )       1.0004       1.33       5,863       0.48       0.53       1.43

Invesco STIC Prime Portfolio

 

                           

Six months ended 02/28/23

      1.0000       0.0161       0.0005       0.0166       (0.0166 )       -       -       (0.0166 )       1.0000       1.67       332       0.48 (c)         0.57 (c)         3.25 (c)  

Year ended 08/31/22

      1.0000       0.0037       0.0000       0.0037       (0.0034 )       -       (0.0003 )       (0.0037 )       1.0000       0.37       457       0.27       0.58       0.50

Year ended 08/31/21

      1.0000       0.0001       (0.0000 )       0.0001       (0.0001 )       -       -       (0.0001 )       1.0000       0.01       605       0.13       0.60       0.01

Year ended 08/31/20

      1.0001       0.0093       (0.0012 )       0.0081       (0.0082 )       -       -       (0.0082 )       1.0000       0.82       1,276       0.41       0.56       0.93

Year ended 08/31/19

      1.0001       0.0196       0.0001       0.0197       (0.0197 )       -       -       (0.0197 )       1.0001       1.99       1,348       0.48       0.55       1.96

Year ended 08/31/18

      1.0000       0.0125       (0.0002 )       0.0123       (0.0122 )       -       -       (0.0122 )       1.0001       1.24       1,590       0.48       0.57       1.25

Invesco Treasury Portfolio

 

                           

Six months ended 02/28/23

      1.00       0.02       0.00       0.02       (0.02 )       -       -       (0.02 )       1.00       1.66       618,415       0.48 (c)         0.51 (c)         3.47 (c)  

Year ended 08/31/22

      1.00       0.00       (0.00 )       0.00       (0.00 )       -       -       (0.00 )       1.00       0.34       381,789       0.26       0.51       0.34

Year ended 08/31/21

      1.00       0.00       0.00       0.00       (0.00 )       -       -       (0.00 )       1.00       0.01       303,848       0.10       0.51       0.01

Year ended 08/31/20

      1.00       0.01       0.00       0.01       (0.01 )       (0.00 )       -       (0.01 )       1.00       0.70       422,828       0.39       0.51       0.65

Year ended 08/31/19

      1.00       0.02       0.00       0.02       (0.02 )       -       -       (0.02 )       1.00       1.90       506,027       0.48       0.51       1.88

Year ended 08/31/18

      1.00       0.01       0.00       0.01       (0.01 )       -       -       (0.01 )       1.00       1.07       517,728       0.48       0.50       1.07

Invesco Government & Agency Portfolio

 

                           

Six months ended 02/28/23

      1.00       0.02       0.00       0.02       (0.02 )       -       -       (0.02 )       1.00       1.66       742,332       0.46 (c)         0.46 (c)         3.39 (c)  

Year ended 08/31/22

      1.00       0.00       (0.00 )       0.00       (0.00 )       -       -       (0.00 )       1.00       0.37       577,941       0.25       0.46       0.40

Year ended 08/31/21

      1.00       0.00       0.00       0.00       (0.00 )       -       -       (0.00 )       1.00       0.02       505,970       0.08       0.46       0.02

Year ended 08/31/20

      1.00       0.01       (0.00 )       0.01       (0.01 )       (0.00 )       -       (0.01 )       1.00       0.72       582,082       0.38       0.45       0.62

Year ended 08/31/19

      1.00       0.02       0.00       0.02       (0.02 )       -       -       (0.02 )       1.00       1.92       532,585       0.46       0.46       1.90

Year ended 08/31/18

      1.00       0.01       0.00       0.01       (0.01 )       -       -       (0.01 )       1.00       1.08       425,748       0.45       0.45       1.05

Invesco Treasury Obligations Portfolio

 

                           

Six months ended 02/28/23

      1.00       0.02       (0.00 )       0.02       (0.02 )       -       -       (0.02 )       1.00       1.64       16,661       0.43 (c)         0.46 (c)         3.33 (c)  

Year ended 08/31/22

      1.00       0.00       (0.00 )       0.00       (0.00 )       -       -       (0.00 )       1.00       0.33       14,565       0.25       0.46       0.34

Year ended 08/31/21

      1.00       0.00       0.00       0.00       (0.00 )       -       -       (0.00 )       1.00       0.01       14,645       0.10       0.46       0.01

Year ended 08/31/20

      1.00       0.01       (0.00 )       0.01       (0.01 )       -       -       (0.01 )       1.00       0.74       14,424       0.36       0.45       0.66

Year ended 08/31/19

      1.00       0.02       0.00       0.02       (0.02 )       -       -       (0.02 )       1.00       1.92       9,483       0.43       0.46       1.90

Year ended 08/31/18

      1.00       0.01       0.00       0.01       (0.01 )       -       -       (0.01 )       1.00       1.10       6,084       0.43       0.46       1.09

Invesco Tax-Free Cash Reserve Portfolio

 

                           

Six months ended 02/28/23

      1.00       0.01       -       0.01       (0.01 )       -       -       (0.01 )       1.00       0.99       25,308       0.45 (c)         0.58 (c)         2.01 (c)  

Year ended 08/31/22

      1.00       0.00       -       0.00       (0.00 )       -       -       (0.00 )       1.00       0.21       14,764       0.27       0.62       0.25

Year ended 08/31/21

      1.00       0.00       -       0.00       (0.00 )       -       -       (0.00 )       1.00       0.01       9,555       0.07       0.65       0.01

Year ended 08/31/20

      1.00       0.01       -       0.01       (0.01 )       0.001       -       (0.01 )       1.00       0.60       10,135       0.38       0.59       0.57

Year ended 08/31/19

      1.00       0.01       -       0.01       (0.01 )       -       -       (0.01 )       1.00       1.13       20,489       0.45       0.60       1.13

Year ended 08/31/18

      1.00       0.01       (0.00 )       0.01       (0.01 )       -       -       (0.01 )       1.00       0.75       28,061       0.45       0.63       0.76

 

(a) 

Calculated using average shares outstanding.

(b) 

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and is not annualized for periods less than one year.

(c) 

Annualized.

 

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

 

31   Short-Term Investments Trust


Notes to Financial Statements

February 28, 2023 (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”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.

    The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio; and to provide tax-exempt income consistent with preservation of capital and liquidity for Invesco Tax-Free Cash Reserve Portfolio.

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

    Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies.

    Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio, both institutional money market funds, price and transact in their shares at a floating net asset value (“NAV”) reflecting the current market-based values of their portfolio securities, except as otherwise generally permitted for securities with remaining maturities of 60 days or less, which are valued at amortized cost. Rules and regulations also require Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).

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

    Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Invesco Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, seek to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation.

    “Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/or repurchase agreements collateralized fully by cash or Government Securities. “Retail money market funds” are required to adopt policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons.

    Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio and Invesco Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.

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

A.

Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities normally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

    Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is unreliable in the Adviser’s judgment, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

    Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

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

    Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.

B.

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

 

32   Short-Term Investments Trust


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

    The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

    Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Funds and the investment adviser.

    The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D.

Distributions - It is the policy of the Funds to declare dividends from net investment income, if any, daily and pay them monthly. 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, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H.

Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I.

Repurchase Agreements - The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income.

J.

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

 

33   Short-Term Investments Trust


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

    The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.

    The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

    Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and each Fund’s investments in municipal securities.

    There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

    U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.

K.

COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:

 

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

 

Invesco Liquid Assets Portfolio

   0.15%   0.15%   0.15%

 

Invesco STIC Prime Portfolio

   0.15%   0.15%   0.15%

 

Invesco Treasury Portfolio

   0.15%   0.15%   0.15%

 

Invesco Government & Agency Portfolio

   0.10%   0.10%   0.10%

 

Invesco Treasury Obligations Portfolio

   0.20%   0.15%   0.10%

 

Invesco Tax-Free Cash Reserve Portfolio

   0.20%   0.20%   0.20%

 

    For the six months ended February 28, 2023, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:

 

Invesco Liquid Assets Portfolio

     0.15%  

 

 

Invesco STIC Prime Portfolio

     0.15%  

 

 

Invesco Treasury Portfolio

     0.15%  

 

 

Invesco Government & Agency Portfolio

     0.10%  

 

 

Invesco Treasury Obligations Portfolio

     0.13%  

 

 

Invesco Tax-Free Cash Reserve Portfolio

     0.20%  

 

 

    Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, for Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

    The Adviser has contractually agreed, through at least December 31, 2023, 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

 

34   Short-Term Investments Trust


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

 

         Private   Personal   Cash               CAVU
     Institutional   Investment   Investment   Management   Reserve   Resource   Corporate   Securities
     Class   Class   Class   Class   Class   Class   Class   Class

 

Invesco Liquid Assets Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.38%   0.21%   0.18%

 

Invesco STIC Prime Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.34%   0.21%      -

 

Invesco Treasury Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.34%   0.21%   0.18%

 

Invesco Government & Agency Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.34%   0.21%   0.18%

 

Invesco Treasury Obligations Portfolio

   0.18%   0.43%   0.73%   0.26%   1.05%   0.34%   0.21%      -

 

Invesco Tax-Free Cash Reserve Portfolio

   0.20%   0.45%   0.75%   0.28%   1.07%   0.36%   0.23%      -

 

    The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.

    In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses, and (5) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

    For the six months ended February 28, 2023, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:

 

     Expense
Limitation
 

 

 

Invesco Liquid Assets Portfolio

   $    342,612  

 

 

Invesco STIC Prime Portfolio

     173,553  

 

 

Invesco Treasury Portfolio

     6,268,478  

 

 

Invesco Government & Agency Portfolio

     84,156  

 

 

Invesco Treasury Obligations Portfolio

     181,160  

 

 

Invesco Tax-Free Cash Reserve Portfolio

     179,196  

 

 

    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, 2023, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as fund accountant and provides certain administrative services to the Funds. Pursuant to a custody agreement with the Trust on behalf of the Funds, BNY Mellon also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 28, 2023, 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”). Each Fund, pursuant to the Plans, pays IDI compensation up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.

 

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

 

Invesco Liquid Assets Portfolio

   0.30%   0.55%   0.08%   0.87%   0.20%   0.03%

 

Invesco STIC Prime Portfolio

   0.30%   0.55%   0.08%   0.87%   0.16%   0.03%

 

Invesco Treasury Portfolio

   0.30%   0.55%   0.08%   0.87%   0.16%   0.03%

 

Invesco Government & Agency Portfolio

   0.30%   0.55%   0.08%   0.87%   0.16%   0.03%

 

Invesco Treasury Obligations Portfolio

   0.25%   0.55%   0.08%   0.87%   0.16%   0.03%

 

Invesco Tax-Free Cash Reserve Portfolio

   0.25%   0.55%   0.08%   0.87%   0.16%   0.03%

 

    The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.

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

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods,

 

35   Short-Term Investments Trust


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. 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 the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

    As of February 28, 2023, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase securities from or sell securities to certain other affiliated 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 that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the six months ended February 28, 2023, each Fund engaged in transactions with affiliates as listed below:

 

     Securities Purchases                  Securities Sales                  Net Realized Gains

 

Invesco Liquid Assets Portfolio

       $                  -             $  15,017,260         $-

 

Invesco STIC Prime Portfolio

     10,011,507            7,808,191         -

 

Invesco Tax-Free Cash Reserve Portfolio

     164,296,012            170,492,689         -

 

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and OfficersFees 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 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. 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 had a capital loss carryforward as of August 31, 2022, as follows:

 

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

 

 

Invesco Liquid Assets Portfolio

     $ 9,051        $ -        $ 9,051  

 

 

Invesco Treasury Portfolio

       3,918,575          -          3,918,575  

 

 

Invesco Government & Agency Portfolio

       28,544,744          -          28,544,744  

 

 

Invesco Treasury Obligations Portfolio

       132,371          24,258          156,629  

 

 

Invesco Tax-Free Cash Reserve Portfolio

       19,092          -          19,092  

 

 

 

*

Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:

 

       At February 28, 2023  
                                  Net  
                                  Unrealized  
       Federal        Unrealized        Unrealized        Appreciation  
       Tax Cost*        Appreciation        (Depreciation)        (Depreciation)  

 

 

Invesco Liquid Assets Portfolio

     $ 1,833,286,676        $ 103,511        $ (273,743      $ (170,232)  

 

 

Invesco STIC Prime Portfolio

       234,120,176          546          (3,822        (3,276)  

 

 

Invesco Treasury Obligations Portfolio

       1,356,198,463          -          (8,870        (8,870)  

 

 

 

*

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

NOTE 9–Share Information

Invesco Liquid Assets Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended      Year ended  
     February 28, 2023(a)      August 31, 2022  
     Shares      Amount      Shares      Amount  

 

 

Sold:

           

Institutional Class

     7,575,148,001      $ 7,576,878,151        16,021,220,223      $ 16,021,997,196  

 

 

Private Investment Class

     1,140        1,140        173        173  

 

 

Cash Management Class

     6,118        6,119        1        1  

 

 

Reserve Class

     256        257        7,065        7,068  

 

 

Resource Class

     417        417        -        -  

 

 

Corporate Class

     5,998,343        6,000,042        -        -  

 

 

CAVU Securities Class

     -        -        1        1  

 

 

Issued as reinvestment of dividends:

           

Institutional Class

     4,247,510        4,248,575        331,500        331,481  

 

 

Private Investment Class

     17,991        17,996        3,597        3,597  

 

 

Personal Investment Class

     4        4        -        -  

 

 

Cash Management Class

     31,256        31,264        5,971        5,971  

 

 

Reserve Class

     2,461        2,461        174        174  

 

 

Resource Class

     4,382        4,383        599        599  

 

 

Corporate Class

     36,900        36,909        70        70  

 

 

 

37   Short-Term Investments Trust


NOTE 9–Share Information–(continued)

 

 

           Summary of Share Activity        

 

 
     Six months ended     Year ended  
     February 28, 2023(a)     August 31, 2022  
     Shares     Amount     Shares     Amount  

 

 

Reacquired:

        

Institutional Class

     (7,501,501,745   $ (7,503,217,013     (16,635,655,012   $ (16,636,609,365

 

 

Private Investment Class

     (49,320     (49,332     (1,822,166     (1,822,177

 

 

Cash Management Class

     (81,322     (81,346     (1,207,094     (1,207,189

 

 

Reserve Class

     (6,059     (6,061     (47,789     (47,792

 

 

Resource Class

     (3,063     (3,065     (114,803     (114,839

 

 

Corporate Class

     (23     (23     (425     (424

 

 

Net increase (decrease) in share activity

     83,853,247     $ 83,870,878       (617,277,915   $ (617,455,455

 

 

 

(a) 

42% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

38   Short-Term Investments Trust


NOTE 9–Share Information(continued)

 

Invesco STIC Prime Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     911,782,582     $ 911,783,366       1,898,258,845     $ 1,898,293,281  

 

 

Private Investment Class

     69,416       69,416       66,475       66,475  

 

 

Personal Investment Class

     129       129       45       45  

 

 

Cash Management Class

     200,511       200,511       47,921       47,925  

 

 

Reserve Class

     87       87       1       1  

 

 

Resource Class

     1       1       -       -  

 

 

Corporate Class

     611,040       611,040       -       -  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     5,147,362       5,147,362       718,725       718,729  

 

 

Private Investment Class

     5,822       5,822       961       961  

 

 

Personal Investment Class

     1,411       1,411       131       131  

 

 

Cash Management Class

     4,838       4,838       351       351  

 

 

Reserve Class

     971       971       62       62  

 

 

Resource Class

     8       8       1       1  

 

 

Corporate Class

     4,612       4,612       64       64  

 

 

Reacquired:

        

Institutional Class

     (1,007,016,975     (1,007,018,016     (1,798,225,673     (1,798,252,661

 

 

Private Investment Class

     (200,392     (200,392     (215,296     (215,297

 

 

Personal Investment Class

     -       -       (1,624     (1,624

 

 

Cash Management Class

     (107,101     (107,101     (175,291     (175,297

 

 

Reserve Class

     (1     (1     (16,836     (16,838

 

 

Resource Class

     (1     (1     -       -  

 

 

Corporate Class

     (130,000     (130,000     -       -  

 

 

Net increase (decrease) in share activity

     (89,625,680   $ (89,625,937     100,458,862     $ 100,466,309  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 62% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

 

39   Short-Term Investments Trust


NOTE 9–Share Information(continued)

 

Invesco Treasury Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     145,004,051,458     $ 145,004,051,458       132,066,034,066     $ 132,066,034,066  

 

 

Private Investment Class

     693,606,770       693,606,770       1,001,410,898       1,001,410,898  

 

 

Personal Investment Class

     1,065,604,266       1,065,604,266       2,236,178,971       2,236,178,971  

 

 

Cash Management Class

     445,291,553       445,291,553       1,488,319,714       1,488,319,714  

 

 

Reserve Class

     2,136,575,113       2,136,575,113       3,559,612,942       3,559,612,942  

 

 

Resource Class

     154,959,401       154,959,401       215,964,855       215,964,855  

 

 

Corporate Class

     7,067,487,198       7,067,487,198       4,502,000,934       4,502,000,934  

 

 

CAVU Securities Class

     10,117,703,630       10,117,703,630       12,888,063,731       12,888,063,731  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     188,438,016       188,438,016       10,223,078       10,223,078  

 

 

Private Investment Class

     4,364,973       4,364,973       184,233       184,233  

 

 

Personal Investment Class

     5,687,699       5,687,699       398,914       398,914  

 

 

Cash Management Class

     5,107,835       5,107,835       1,071,516       1,071,516  

 

 

Reserve Class

     12,607,423       12,607,423       971,014       971,014  

 

 

Resource Class

     1,108,827       1,108,827       130,138       130,138  

 

 

Corporate Class

     9,000,585       9,000,585       261,029       261,029  

 

 

CAVU Securities Class

     17,718,130       17,718,130       1,880       1,880  

 

 

Reacquired:

        

Institutional Class

     (131,165,173,079     (131,165,173,079     (127,745,395,500     (127,745,395,500

 

 

Private Investment Class

     (461,389,073     (461,389,073     (923,593,550     (923,593,550

 

 

Personal Investment Class

     (1,263,551,118     (1,263,551,118     (1,920,776,704     (1,920,776,704

 

 

Cash Management Class

     (604,468,621     (604,468,621     (1,546,770,652     (1,546,770,652

 

 

Reserve Class

     (2,477,852,390     (2,477,852,390     (3,440,814,516     (3,440,814,516

 

 

Resource Class

     (156,710,470     (156,710,470     (191,904,982     (191,904,982

 

 

Corporate Class

     (5,662,690,509     (5,662,690,509     (4,294,751,493     (4,294,751,493

 

 

CAVU Securities Class

     (8,838,377,984     (8,838,377,984     (12,877,833,985     (12,877,833,985

 

 

Net increase in share activity

     16,299,099,633     $ 16,299,099,633       5,028,986,531     $ 5,028,986,531  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 40% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

 

40   Short-Term Investments Trust


NOTE 9–Share Information–(continued)

 

Invesco Government & Agency Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     324,869,749,338     $ 324,869,749,338       454,339,645,288     $ 454,339,645,288  

 

 

Private Investment Class

     1,126,644,425       1,126,644,425       1,778,974,054       1,778,974,054  

 

 

Personal Investment Class

     58,898,358       58,898,358       97,861,174       97,861,174  

 

 

Cash Management Class

     414,424,303       414,424,303       1,341,733,532       1,341,733,532  

 

 

Reserve Class

     807,114,011       807,114,011       2,373,222,673       2,373,222,673  

 

 

Resource Class

     826,482,205       826,482,205       1,481,464,937       1,481,464,937  

 

 

Corporate Class

     8,128,163,560       8,128,163,560       10,354,778,887       10,354,778,887  

 

 

CAVU Securities Class

     68,062,764,562       68,062,764,562       77,360,488,467       77,360,488,467  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     455,040,015       455,040,015       49,592,996       49,592,996  

 

 

Private Investment Class

     7,769,707       7,769,707       747,946       747,946  

 

 

Personal Investment Class

     501,718       501,718       55,691       55,691  

 

 

Cash Management Class

     3,325,117       3,325,117       463,867       463,867  

 

 

Reserve Class

     8,266,117       8,266,117       542,028       542,028  

 

 

Resource Class

     2,777,506       2,777,506       486,110       486,110  

 

 

Corporate Class

     11,198,615       11,198,615       1,161,309       1,161,309  

 

 

CAVU Securities Class

     99,055,148       99,055,148       7,176,754       7,176,754  

 

 

Reacquired:

        

Institutional Class

     (315,168,513,197     (315,168,513,197     (442,662,747,076     (442,662,747,076

 

 

Private Investment Class

     (970,036,183     (970,036,183     (1,707,506,123     (1,707,506,123

 

 

Personal Investment Class

     (65,358,015     (65,358,015     (67,927,807     (67,927,807

 

 

Cash Management Class

     (935,259,816     (935,259,816     (947,276,029     (947,276,029

 

 

Reserve Class

     (902,014,831     (902,014,831     (2,183,262,634     (2,183,262,634

 

 

Resource Class

     (767,953,265     (767,953,265     (1,464,792,242     (1,464,792,242

 

 

Corporate Class

     (7,115,984,875     (7,115,984,875     (10,895,201,454     (10,895,201,454

 

 

CAVU Securities Class

     (61,978,082,364     (61,978,082,364     (73,955,994,664     (73,955,994,664

 

 

Net increase in share activity

     16,978,972,159     $ 16,978,972,159       15,303,687,684     $ 15,303,687,684  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

 

41   Short-Term Investments Trust


NOTE 9—Share Information–(continued)

 

Invesco Treasury Obligations Portfolio

 

           Summary of Share Activity        

 

 
     Six months ended     Year ended  
     February 28, 2023(a)     August 31, 2022  
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     2,955,044,530     $ 2,955,044,530       2,034,763,395     $ 2,034,763,395  

 

 

Private Investment Class

     5,741,484       5,741,484       4,862,034       4,862,034  

 

 

Personal Investment Class

     7,866,493       7,866,493       25,412,787       25,412,787  

 

 

Cash Management Class

     133       133       -       -  

 

 

Reserve Class

     75,864,809       75,864,809       237,156,939       237,156,939  

 

 

Resource Class

     1,257,552       1,257,552       891,607       891,607  

 

 

Corporate Class

     20,654,915       20,654,915       -       -  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     13,024,486       13,024,486       1,208,158       1,208,158  

 

 

Private Investment Class

     259,555       259,555       25,960       25,960  

 

 

Personal Investment Class

     173,656       173,656       13,163       13,163  

 

 

Cash Management Class

     1,358       1,358       185       185  

 

 

Reserve Class

     660,979       660,979       26,868       26,868  

 

 

Resource Class

     2,003       2,003       -       -  

 

 

Corporate Class

     121,810       121,810       8,385       8,385  

 

 

Reacquired:

        

Institutional Class

     (2,801,984,618     (2,801,984,618     (1,997,030,151     (1,997,030,151

 

 

Private Investment Class

     (3,904,213     (3,904,213     (4,966,484     (4,966,484

 

 

Personal Investment Class

     (8,797,328     (8,797,328     (16,518,530     (16,518,530

 

 

Cash Management Class

     -       -       (174,593     (174,593

 

 

Reserve Class

     (73,870,281     (73,870,281     (269,524,868     (269,524,868

 

 

Resource Class

     (1,242,452     (1,242,452     (891,409     (891,409

 

 

Corporate Class

     (20,863,107     (20,863,107     (1,700,000     (1,700,000

 

 

Net increase in share activity

     170,011,764     $ 170,011,764       13,563,446     $ 13,563,446  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 39% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

    In addition, 38% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

42   Short-Term Investments Trust


NOTE 9–Share Information–(continued)

Invesco Tax-Free Cash Reserve Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     222,924,718     $ 222,924,718       264,322,787     $ 264,322,787  

 

 

Private Investment Class

     36,294,273       36,294,273       8,658,509       8,658,509  

 

 

Personal Investment Class

     1,707,275       1,707,275       4,144,947       4,144,947  

 

 

Cash Management Class

     2,589,877       2,589,877       4,995,075       4,995,075  

 

 

Reserve Class

     13,217,998       13,217,998       44,954,869       44,954,869  

 

 

Resource Class

     537       537       -       -  

 

 

Corporate Class

     49,490       49,490       -       -  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     1,792,239       1,792,239       203,648       203,648  

 

 

Private Investment Class

     233,864       233,864       10,734       10,734  

 

 

Personal Investment Class

     7,751       7,751       619       619  

 

 

Cash Management Class

     8,620       8,620       1,959       1,959  

 

 

Reserve Class

     67,697       67,697       2,238       2,238  

 

 

Resource Class

     7,709       7,709       1,890       1,890  

 

 

Corporate Class

     136       136       19       19  

 

 

Reacquired:

        

Institutional Class

     (227,670,317     (227,670,317     (186,035,830     (186,035,830

 

 

Private Investment Class

     (25,985,859     (25,985,859     (3,459,575     (3,459,575

 

 

Personal Investment Class

     (3,129,468     (3,129,468     (4,011,908     (4,011,908

 

 

Cash Management Class

     (2,849,428     (2,849,428     (5,848,699     (5,848,699

 

 

Reserve Class

     (22,366,611     (22,366,611     (46,396,339     (46,396,339

 

 

Resource Class

     (32,548     (32,548     (718,501     (718,501

 

 

Corporate Class

     (49,490     (49,490     -       -  

 

 

Net increase (decrease) in share activity

     (3,181,537   $ (3,181,537     80,826,442     $ 80,826,442  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 82% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 10–Significant Event

On January 19, 2023, the Board of Trustees approved a Plan of Liquidation and Dissolution, which authorizes the termination, liquidation and dissolution of Invesco Tax-Free Cash Reserve Portfolio Fund (the “Fund”). In order to effect such liquidation, the Fund closed to investments by new accounts after the close of business on February 24, 2023. The Fund is expected to liquidate on or about April 24, 2023.

 

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, 2022 through February 28, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

 

                        HYPOTHETICAL      
            ACTUAL      (5% annual return before expenses)          
      Beginning    Ending    Expenses    Ending    Expenses      Annualized    
Private Investment      Account Value          Account Value          Paid During          Account Value          Paid During        Expense
Class    (09/01/22)    (02/28/23)1    Period2    (02/28/23)    Period2    Ratio
Invesco Liquid Assets Portfolio    $1,000.00    $1,017.30    $2.40    $1,022.41    $2.41    0.48%
Invesco STIC Prime Portfolio      1,000.00      1,016.70      2.40      1,022.41      2.41    0.48   
Invesco Treasury Portfolio      1,000.00      1,016.60      2.40      1,022.41      2.41    0.48   
Invesco Government & Agency Portfolio      1,000.00      1,016.60      2.30      1,022.51      2.31    0.46   
Invesco Treasury Obligations Portfolio      1,000.00      1,016.40      2.15      1,022.66      2.16    0.43   
Invesco Tax-Free Cash Reserve Portfolio      1,000.00      1,009.90      2.24      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, 2022 through February 28, 2023, 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


(This page intentionally left blank)

 

 


(This page intentionally left blank)

 

 


(This page intentionally left blank)

 

 


 

 

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

 

 

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

 

 

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-MFP filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

 

LOGO

 

SEC file numbers: 811-02729 and 002-58287    Invesco Distributors, Inc.    CM-STIT-SAR-5                                 


LOGO

 

   
Semiannual Report to Shareholders   February 28, 2023

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

 

    

     
2               Fund Data
3      Schedules of Investments
25      Financial Statements
31      Financial Highlights
32      Notes to Financial Statements
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, 2023, and is based on total net assets. Unless otherwise stated, all data is provided by Invesco.

 

 

 

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE


 

Fund Data

 

       

Personal Investment Class data as of 2/28/23

              
       
  FUND  

WEIGHTED

AVERAGE

MATURITY

     WEIGHTED
AVERAGE
LIFE
    

TOTAL

NET

ASSETS

 
     Range
During
Reporting
Period
     At
Reporting
Period
End
    

At

Reporting

Period

End

         

  Invesco Liquid Assets1

  12 - 48 days      41 days      47 days        $10.3 thousand      

  Invesco STIC Prime1

  2 - 8 days      3 days      5 days        92.9 thousand      

  Invesco Treasury2

    3 - 30 days      26 days      111 days        388.6 million          

  Invesco Government & Agency2

    8 - 30 days      23 days      109 days        33.4 million          

  Invesco Treasury Obligations2

  29 - 53 days      45 days      103 days        12.0 million          

  Invesco Tax-Free Cash Reserve3

    6 - 13 days      6 days      6 days        396.0 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


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio

 

     Interest
Rate
     Maturity
Date
    

Principal

Amount

(000)

     Value  

 

 

Commercial Paper-51.09%(a)

           

Asset-Backed Securities - Consumer Receivables-1.09%

           

Old Line Funding LLC (1 mo. FEDL + 0.12%)(b)(c)(d)

     4.65%        05/23/2023      $ 20,000      $      20,000,000  

 

 

Asset-Backed Securities - Fully Supported Bank-12.57%

           

Anglesea Funding LLC (Multi - CEP’s) (1 mo. OBFR + 0.19%)(b)(c)(d)

     4.76%        04/07/2023        40,000        40,006,000  

 

 

Concord Minutemen Capital Co. LLC (Multi - CEP’s) (SOFR + 0.35%)(b)(c)(d)

     4.66%        04/19/2023        37,108        37,117,871  

 

 

Lexington Parker Capital Co. LLC (Multi - CEP’s)(b)(c)

     4.63%        03/15/2023        20,000        19,961,875  

 

 

Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c)

     4.62%        03/17/2023        39,110        39,025,451  

 

 

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

     4.82%        05/02/2023        50,000        49,586,475  

 

 

Nieuw Amsterdam Receivables Corp B.V. (CEP - Cooperatieve Rabobank U.A.) (Netherlands)(b)(c)

     4.68%        04/11/2023        19,500        19,394,417  

 

 

Versailles Commercial Paper LLC (CEP - Natixis SA)(c)

     4.95%        05/03/2023        25,000        24,788,844  

 

 
              229,880,933  

 

 

Diversified Banks-19.40%

           

Banco Santander S.A. (Spain)(b)(c)

     4.94%        05/01/2023        25,000        24,796,778  

 

 

Banco Santander S.A. (Spain)(b)(c)

     4.96%        05/10/2023        10,000        9,906,438  

 

 

Barclays Bank PLC(b)(c)

     4.89%        05/24/2023        10,000        9,886,147  

 

 

DBS Bank Ltd. (Singapore)(b)(c)

     5.18%        06/07/2023        20,000        19,737,925  

 

 

DNB Bank ASA (Norway)(b)(c)

     5.15%        02/01/2024        25,000        23,780,149  

 

 

DZ Bank AG (Germany)(b)(c)

     4.79%        04/11/2023        30,000        29,838,405  

 

 

Lloyds Bank PLC (United Kingdom)(c)

     5.14%        08/01/2023        25,000        24,464,636  

 

 

National Australia Bank Ltd. (Australia)(b)(c)

     5.10%        11/02/2023        40,000        38,606,096  

 

 

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

     4.65%        04/03/2023        50,000        49,781,078  

 

 

Nordea Bank Abp (Finland)(b)(c)

     5.06%        07/03/2023        30,000        29,493,646  

 

 

Sumitomo Mitsui Trust Bank Ltd.(b)(c)

     4.58%        03/06/2023        50,000        49,962,083  

 

 

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

     0.00%        01/26/2024        25,000        24,934,499  

 

 

Westpac Banking Corp. (Australia)(b)(c)

     5.47%        08/03/2023        20,000        19,580,447  

 

 
              354,768,327  

 

 

Diversified Capital Markets-5.98%

           

Collateralized Commercial Paper V Co. LLC (CEP - JPMorgan Securities LLC)

     5.09%        07/12/2023        10,000        9,816,606  

 

 

Glencove Funding LLC (CEP - Standard Chartered Bank)(b)(c)

     4.80%        04/25/2023        50,000        49,635,222  

 

 

Great Bear Funding LLC (CEP - Bank of Nova Scotia) (1 mo. OBFR + 0.25%)(c)(d)

     4.82%        07/24/2023        30,000        30,005,940  

 

 

Longship Funding LLC (CEP - Nordea Bank AB)(b)(c)

     4.62%        03/17/2023        20,000        19,956,556  

 

 
              109,414,324  

 

 

Education Services-1.97%

           

Emory University

     4.68%        04/06/2023        36,000        35,983,588  

 

 

Investment Banking & Brokerage-1.62%

           

Goldman Sachs International(b)

     4.97%        05/24/2023        30,000        29,663,400  

 

 

Regional Banks-2.73%

           

Mitsubishi UFJ Trust & Banking Corp.(b)(c)

     4.59%        03/24/2023        50,000        49,848,667  

 

 

Specialized Finance-5.73%

           

Cabot Trail Funding LLC (CEP - TD Bank N.A.)(b)(c)

     4.68%        04/03/2023        25,000        24,890,208  

 

 

Caterpillar Financial Services Corp.

     4.61%        03/02/2023        50,000        49,987,478  

 

 

 

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

 

3   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio–(continued)

 

     Interest
Rate
     Maturity
Date
    

Principal

Amount

(000)

     Value  

 

 

Specialized Finance-(continued)

           

Great Bear Funding LLC (CEP - Bank of Nova Scotia) (1 mo. OBFR +
0.23%)(c)(d)

     4.80%        07/24/2023      $ 20,000      $      20,003,960  

 

 

Ontario Teachers’ Finance Trust (Canada)(b)(c)

     5.24%        05/16/2023        10,000        9,898,852  

 

 
              104,780,498  

 

 

Total Commercial Paper (Cost $934,507,127)

              934,339,737  

 

 

Certificates of Deposit-23.43%

           

Bank of America N.A.

     5.37%        08/28/2023        40,000        39,989,008  

 

 

Credit Agricole Corporate & Investment Bank S.A.(c)

     4.55%        03/01/2023        69,572        69,571,586  

 

 

DNB Bank ASA (Norway)(c)

     4.55%        03/01/2023        62,000        62,000,000  

 

 

Mizuho Bank Ltd.(c)

     4.57%        03/01/2023        86,000        86,000,000  

 

 

Oversea-Chinese Banking Corp. Ltd.(c)

     4.84%        05/31/2023        25,000        24,998,175  

 

 

Oversea-Chinese Banking Corp. Ltd.(c)

     5.13%        07/14/2023        20,000        20,009,854  

 

 

Skandinaviska Enskilda Banken AB(c)

     4.56%        03/01/2023        90,000        90,000,000  

 

 

Sumitomo Mitsui Trust Bank Ltd.(c)

     4.55%        03/01/2023        36,000        36,000,000  

 

 

Total Certificates of Deposit (Cost $428,571,465)

              428,568,623  

 

 

Variable Rate Demand Notes-4.29%(e)

           

Credit Enhanced-4.29%

           

Board of Regents of the University of Texas System; Subseries 2016 G-2, VRD RB

     4.55%        08/01/2045        67,040        67,040,000  

 

 

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

     4.90%        04/01/2047        9,100        9,099,999  

 

 

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

     4.59%        05/01/2037        2,400        2,400,000  

 

 

Total Variable Rate Demand Notes (Cost $78,539,999)

              78,539,999  

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-78.81%
(Cost $1,441,618,591)

 

        1,441,448,359  

 

 
                   Repurchase
Amount
        

Repurchase Agreements-21.42%(g)

           

BMO Capital Markets Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $75,068,104 (collateralized by agency and non-agency asset-backed securities, corporate obligations, agency and non-agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $77,897,590; 0.00% - 8.59%; 09/29/2023 - 10/20/2072)(c)(h)

     4.67%        03/01/2023        5,004,540        5,000,000  

 

 

BMO Capital Markets Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $75,068,542 (collateralized by agency and non-agency asset-backed securities, corporate obligations, agency and non-agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $79,297,812; 0.00% - 11.67%; 04/01/2023 - 10/20/2072)(c)(h)

     4.70%        03/01/2023        20,018,278        20,000,000  

 

 

BNP Paribas Securities Corp., joint term agreement dated 02/23/2023, aggregate maturing value of $115,105,321 (collateralized by corporate obligations, non-agency asset-backed securities and a non-agency mortgage-backed security valued at $126,499,356; 3.75% - 11.23%; 03/15/2024 - 09/25/2047)(c)(h)

     4.71%        03/02/2023        45,041,213        45,000,000  

 

 

BNP Paribas Securities Corp., joint term agreement dated 02/23/2023, aggregate maturing value of $50,045,208 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $54,237,766; 0.00% - 6.91%; 10/21/2027 - 02/25/2068)(c)(h)

     4.65%        03/02/2023        18,016,275        18,000,000  

 

 

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $50,006,444 (collateralized by corporate obligations valued at $55,000,360; 3.63% - 10.50%; 11/15/2026 - 05/15/2031)

     4.64%        03/01/2023        25,003,222        25,000,000  

 

 

 

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

 

4   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio–(continued)

 

     Interest
Rate
  Maturity
Date
  

Repurchase

Amount

     Value  

 

 

Credit Agricole Corporate & Investment Bank, joint open agreement dated 02/17/2023 (collateralized by agency and non-agency asset-backed securities, corporate obligations, non- agency mortgage-backed securities valued at $212,241,452; 0.70% - 11.75%; 05/22/2023 - 05/15/2097)(c)(i)

   4.65%   03/01/2023    $ 15,001,938      $      15,000,000  

 

 

J.P. Morgan Securities LLC, joint open agreement dated 01/04/2023 (collateralized by corporate obligations valued at $110,000,002; 0.00% - 11.50%; 05/30/2023 - 02/01/2050)(i)

   4.87%   03/01/2023      40,150,956        40,000,000  

 

 

J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,752,093; 4.25% - 10.63%; 09/01/2023 - 03/01/2033)(i)

   4.77%   03/01/2023      7,025,873        7,000,000  

 

 

RBC Capital Markets LLC, joint term agreement dated 02/22/2023, aggregate maturing value of $150,138,542 (collateralized by corporate obligations and a non-agency mortgage-backed security valued at $160,966,520; 0.00% - 13.00%; 03/02/2023 - 01/15/2077)(c)(h)

   4.75%   03/01/2023      15,013,854        15,000,000  

 

 

Societe Generale, joint open agreement dated 01/04/2023 (collateralized by corporate obligations, a non-agency asset-backed security, a U.S. government sponsored agency obligation and U.S. Treasury obligation valued at $92,137,344; 0.00% - 7.88%; 03/15/2023 - 02/27/2063)(c)(i)

   4.68%   03/01/2023      30,003,900        30,000,000  

 

 

Societe Generale, joint open agreement dated 08/06/2019 (collateralized by corporate obligations, non-agency asset-backed securities, non-agency mortgage-backed securities, a U.S. government sponsored agency obligation and U.S. Treasury obligations valued at $61,983,453; 0.00% - 11.75%; 03/15/2023 - 08/01/2118)(c)(i)

   4.75%   03/01/2023      25,003,299        25,000,000  

 

 

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,667 (collateralized by agency mortgage-backed securities valued at $1,020,000,000; 2.00% - 3.50%; 11/01/2046 - 01/20/2052)

   4.56%   03/01/2023      146,686,663        146,668,085  

 

 

Total Repurchase Agreements (Cost $391,668,085)

             391,668,085  

 

 

TOTAL INVESTMENTS IN SECURITIES(j)(k)-100.23% (Cost $1,833,286,676)

             1,833,116,444  

 

 

OTHER ASSETS LESS LIABILITIES-(0.23)%

             (4,137,317

 

 

NET ASSETS-100.00%

           $ 1,828,979,127  

 

 

Investment Abbreviations:

 

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

 

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

 

5   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio–(continued)

 

Notes to Schedule of Investments:

 

(a) 

Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

(b) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2023 was $748,388,684, which represented 40.92% 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: France: 16.2%; Japan: 14.7%; Cananda: 9.3%; Netherland: 8.1%; Sweden: 6.0%; other countries less than 5% each: 21.1%.

(d) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(e) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(f) 

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

(g) 

Principal amount equals value at period end. See Note 1I.

(h) 

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

(i) 

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

(j) 

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 issuer’s obligations. No concentration of any single entity was greater than 5% each.

(k) 

Also represents cost for federal income tax purposes.

 

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     49.6%  

 

 

8-30

     7.0     

 

 

31-60

     15.7     

 

 

61-90

     9.8     

 

 

91-180

     10.9     

 

 

181+

     7.0     

 

 

    

 
*

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.

 

6   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco STIC Prime Portfolio

 

     Interest
Rate
    Maturity
Date
    

Principal

Amount

(000)

     Value  

 

 

Certificates of Deposit-26.41%

          

Australia and New Zealand Banking Group Ltd. (Cayman Islands)(a)

     4.57%       03/01/2023      $ 9,000      $     9,000,000  

 

 

BNP Paribas S.A. (SOFR + 0.50%)(a)(b)

     4.32%       03/08/2023        2,075        2,075,195  

 

 

Credit Agricole Corporate & Investment Bank S.A.(a)

     4.55%       03/01/2023        10,428        10,428,414  

 

 

DNB Bank ASA (Norway)(a)

     4.55%       03/01/2023        8,000        8,000,000  

 

 

Mizuho Bank Ltd.(a)

     4.57%       03/01/2023        9,000        9,000,000  

 

 

Skandinaviska Enskilda Banken AB(a)

     4.56%       03/01/2023        8,000        8,000,000  

 

 

Standard Chartered Bank (SOFR + 0.30%) (United Kingdom)(a)(b)

     4.36%       03/13/2023        6,250        6,250,482  

 

 

Sumitomo Mitsui Trust Bank Ltd.(a)

     4.55%       03/01/2023        9,000        9,000,000  

 

 

Total Certificates of Deposit (Cost $61,753,946)

             61,754,091  

 

 

Commercial Paper-23.09%(c)

          

Asset-Backed Securities - Fully Supported Bank-11.56%

          

Anglesea Funding LLC (Multi - CEP’s)(a)(d)

     4.65%       03/08/2023        7,000        6,992,897  

 

 

Concord Minutemen Capital Co. LLC (Multi - CEP’s) (SOFR + 0.35%)(a)(b)(d)

     4.48%       03/16/2023        7,071        7,071,654  

 

 

Halkin Finance LLC (Multi - CEP’s)(a)(d)

     4.77%       03/30/2023        7,000        6,973,196  

 

 

Nieuw Amsterdam Receivables Corp B.V. (CEP - Cooperatieve Rabobank U.A.)(a)(d)

     4.53%       03/03/2023        6,000        5,997,708  

 

 
             27,035,455  

 

 

Diversified Banks-4.27%

          

Westpac Banking Corp. (SOFR + 0.50%) (Australia)(a)(b)(d)

     4.32%       03/21/2023        10,000        10,002,359  

 

 

Diversified Capital Markets-2.14%

          

Britannia Funding Co. LLC (CEP - Barclays Bank PLC)(a)(d)

     4.58%       03/01/2023        5,000        4,999,364  

 

 

Integrated Oil & Gas-2.99%

          

TotalEnergies Capital Canada Ltd. (Canada)(a)(d)

     4.61%       03/02/2023        7,000        6,998,250  

 

 

Specialized Finance-2.13%

          

Cabot Trail Funding LLC (CEP - TD Bank N.A.)(a)(d)

     4.68%       04/04/2023        5,000        4,977,381  

 

 

Total Commercial Paper (Cost $54,016,230)

             54,012,809  

 

 

Variable Rate Demand Notes-7.42%(e)

          

Credit Enhanced-7.42%

          

Board of Regents of the University of Texas System; Subseries 2016 G-2, VRD RB

     4.55%       08/01/2045        5,000        5,000,000  

 

 

Jets Stadium Development LLC; Series 2014 A-4C, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(a)(d)(f)

     4.90%       04/01/2047        5,000        5,000,000  

 

 

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

     4.59%       05/01/2037        2,950        2,950,000  

 

 

Ziegler Realty LLC; Series 2007, VRD Notes (LOC - Wells Fargo Bank, N.A.)(d)(f)

     4.67%       01/01/2033        4,400        4,400,000  

 

 

Total Variable Rate Demand Notes (Cost $17,350,000)

             17,350,000  

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-56.92%
(Cost $133,120,176)

             133,116,900  

 

 
                  Repurchase
Amount
        

Repurchase Agreements-43.19%(g)

          

BMO Capital Markets Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $75,068,542 (collateralized by agency and non-agency asset-backed securities, corporate obligations, agency and non-agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $79,297,812; 0.00% - 11.67%; 04/01/2023 - 10/20/2072)(a)(h)

     4.70%       03/01/2023        8,007,311        8,000,000  

 

 

 

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

 

7   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco STIC Prime Portfolio–(continued)

 

     Interest
Rate
  Maturity
Date
  

Repurchase

Amount

     Value  

 

 

BNP Paribas Securities Corp., joint term agreement dated 02/23/2023, aggregate maturing value of $50,045,208 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $54,237,766; 0.00% - 6.91%; 10/21/2027 - 02/25/2068)(a)(h)

   4.65%   03/02/2023    $ 5,004,521      $ 5,000,000  

 

 

BofA Securities, Inc., joint term agreement dated 02/28/2023, aggregate maturing value of $250,032,222 (collateralized by corporate obligations valued at $275,000,783; 2.30% - 11.50%; 04/15/2025 - 06/01/2052)(h)(i)

   4.64%   03/07/2023      5,000,644        5,000,000  

 

 

J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,752,093; 4.25% - 10.63%; 09/01/2023 -
03/01/2033)(j)

   4.77%   03/01/2023      8,029,569        8,000,000  

 

 

Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by agency mortgage-backed securities valued at $1,020,000,000; 0.99% - 6.50%; 01/01/2024 - 07/25/2059)

   4.55%   03/01/2023      15,001,896        15,000,000  

 

 

RBC Capital Markets LLC, joint term agreement dated 02/22/2023, aggregate maturing value of $150,138,542 (collateralized by corporate obligations and a non-agency mortgage-backed security valued at $160,966,520; 0.00% - 13.00%; 03/02/2023 - 01/15/2077)(a)(h)

   4.75%   03/01/2023      10,009,236        10,000,000  

 

 

RBC Dominion Securities Inc., joint agreement dated 02/28/2023, aggregate maturing value of $500,063,194 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,004; 0.00% - 6.00%; 07/15/2023 - 01/20/2053)

   4.55%   03/01/2023      15,001,896        15,000,000  

 

 

Societe Generale, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,020,000,098; 0.13% - 7.50%; 03/01/2027 - 03/01/2053)

   4.55%   03/01/2023      15,001,896        15,000,000  

 

 

Societe Generale, joint open agreement dated 08/06/2019 (collateralized by corporate obligations, non-agency asset-backed securities, non-agency mortgage-backed securities, a U.S. government sponsored agency obligation and U.S. Treasury obligations valued at $61,983,453; 0.00% - 11.75%; 03/15/2023 - 08/01/2118)(a)(j)

   4.75%   03/01/2023      5,000,660        5,000,000  

 

 

Wells Fargo Securities, LLC, joint agreement dated 02/28/2023, aggregate maturing value of $800,101,333 (collateralized by agency mortgage-backed securities valued at $816,000,000; 1.50% - 7.50%; 12/01/2023 - 03/01/2053)

   4.56%   03/01/2023      15,001,900        15,000,000  

 

 

Total Repurchase Agreements (Cost $101,000,000)

             101,000,000  

 

 

TOTAL INVESTMENTS IN SECURITIES(k)(l)-100.11% (Cost $234,120,176)

             234,116,900  

 

 

OTHER ASSETS LESS LIABILITIES-(0.11)%

             (258,442

 

 

NET ASSETS-100.00%

           $ 233,858,458  

 

 

Investment Abbreviations:

 

CEP   -Credit Enhancement Provider
LOC   -Letter of Credit
RB   -Revenue Bonds
SOFR   -Secured Overnight Financing Rate
VRD   -Variable Rate Demand

 

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

 

8   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco STIC Prime Portfolio–(continued)

 

Notes to Schedule of Investments:

 

(a) 

The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: France 18.6%; Japan 9.8%; Canada 9.8%; Australia 8.1%; Netherlands 5.6%; other countries less than 5% each: 11.6%.

(b) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(c) 

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

(d) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2023 was $63,412,809, which represented 27.12% of the Fund’s Net Assets.

(e) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(f) 

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

(g) 

Principal amount equals value at period end. See Note 1I.

(h) 

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

(i) 

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

(j) 

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

(k) 

Also represents cost for federal income tax purposes.

(l) 

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 02/28/2023

 

1-7

     81.0%  

 

 

8-30

     16.9     

 

 

31-60

     2.1     

 

 

61-90

     0.0     

 

 

91-180

     0.0     

 

 

181+

     0.0     

 

 

 

*

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

 

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

 

9   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Treasury Portfolio

 

     

Interest

Rate

 

Maturity

Date

  

Principal

Amount

(000)

   Value

U.S. Treasury Securities-44.18%

 

           

U.S. Treasury Bills-30.14%(a)

 

           

U.S. Treasury Bills

       4.55 %       03/09/2023      $ 200,000    $     199,798,889

U.S. Treasury Bills

       4.54 %       03/14/2023        700,000    698,857,445

U.S. Treasury Bills

       4.32 %       03/16/2023        550,000    549,021,458

U.S. Treasury Bills

       4.53%-4.54       03/21/2023        1,800,000    1,795,490,498

U.S. Treasury Bills

       4.56 %       03/28/2023        450,000    448,472,812

U.S. Treasury Bills

       4.54 %       04/04/2023        675,000    672,128,062

U.S. Treasury Bills

       4.47%-4.63       04/11/2023        1,200,000    1,193,758,886

U.S. Treasury Bills

       4.51 %       04/18/2023        499,000    496,045,919

U.S. Treasury Bills

       4.49 %       04/25/2023        400,000    397,295,834

U.S. Treasury Bills

       4.63 %       04/27/2023        120,000    119,130,750

U.S. Treasury Bills

       4.62 %       05/02/2023        500,000    496,081,944

U.S. Treasury Bills

       4.65 %       05/04/2023        600,000    595,098,666

U.S. Treasury Bills

       4.64 %       05/09/2023        500,000    495,620,417

U.S. Treasury Bills

       4.64 %       05/11/2023        750,000    743,210,625

U.S. Treasury Bills

       4.68 %       05/23/2023        600,000    593,622,833

U.S. Treasury Bills

       4.69 %       05/30/2023        400,000    395,379,999

U.S. Treasury Bills

       4.70 %       06/06/2023        675,000    666,588,281

U.S. Treasury Bills

       4.75 %       07/06/2023        300,000    295,094,625

U.S. Treasury Bills

       4.78 %       11/30/2023        176,500    170,380,990

U.S. Treasury Bills

       4.73%-4.83       12/28/2023        500,000    480,831,389

U.S. Treasury Bills

       4.68%-4.87       01/25/2024        950,000    910,752,917
                                     12,412,663,239

U.S. Treasury Floating Rate Notes-14.04%

                

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

       4.84 %       07/31/2024        1,945,500    1,944,968,479

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

       4.95 %       10/31/2024        2,589,000    2,586,191,922

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%)(b)

       5.01 %       01/31/2025        1,250,000    1,250,426,646
                                     5,781,587,047

Total U.S. Treasury Securities (Cost $18,194,250,286)

                                   18,194,250,286

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-44.18%
(Cost $18,194,250,286)

 

                        18,194,250,286
              Repurchase
Amount
    

Repurchase Agreements-54.62%(c)

 

           

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $600,066,667 (collateralized by U.S. Treasury obligations valued at $612,000,086; 0.13% - 1.13%; 01/15/2024 - 01/15/2033)

       4.00 %       03/01/2023        200,022,222    200,000,000

Citigroup Global Markets, Inc., joint term agreement dated 02/22/2023, aggregate maturing value of $3,002,654,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,083; 0.13% - 1.13%; 07/15/2023 - 01/15/2033)(d)

       4.55 %       03/01/2023        1,801,592,500    1,800,000,000

Federal Reserve Bank of New York, joint agreement dated 02/28/2023, aggregate maturing value of $50,006,319,444 (collateralized by U.S. Treasury obligations valued at $50,006,319,596; 0.25% - 4.50%; 10/31/2023 - 08/15/2039)

       4.55 %       03/01/2023        12,801,617,778    12,800,000,000

 

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

 

10   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Treasury Portfolio–(continued)

 

     

Interest

Rate

 

Maturity

Date

  

Repurchase

Amount

   Value

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $300,035,833 (collateralized by U.S. Treasury obligations valued at $306,000,095; 1.88% - 4.84%; 07/31/2023 - 02/15/2032)

   4.30%   03/01/2023      $ 100,011,944    $     100,000,000

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $4,000,505,556 (collateralized by U.S. Treasury obligations valued at $4,080,000,087; 0.00% - 4.38%; 06/13/2023 - 02/15/2048)

   4.55%   03/01/2023        1,500,189,583    1,500,000,000

Fixed Income Clearing Corp. - State Street Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,065; 1.88% - 2.88%; 05/15/2051 - 05/15/2052)

   4.55%   03/01/2023        500,063,194    500,000,000

Goldman Sachs & Co., agreement dated 02/28/2023, maturing value of $1,500,190,000 (collateralized by U.S. Treasury obligations valued at $1,530,000,003; 0.00% - 5.25%; 11/15/2023 - 08/15/2051)

   4.56%   03/01/2023        1,500,190,000    1,500,000,000

Goldman Sachs & Co., joint agreement dated 02/28/2023, aggregate maturing value of $1,295,098,924 (collateralized by U.S. Treasury obligations valued at $1,320,900,062; 0.00% - 5.38%; 03/02/2023 - 08/15/2052)

   2.75%   03/01/2023        450,034,375    450,000,000

ING Financial Markets, LLC, term agreement dated 02/28/2023, maturing value of $100,088,472 (collateralized by U.S. Treasury obligations valued at $102,000,049; 0.00% - 4.50%; 06/15/2023 - 11/15/2050)(d)

   4.55%   03/07/2023        100,088,472    100,000,000

Metropolitan Life Insurance Co., joint term agreement dated 02/22/2023, aggregate maturing value of $350,316,644 (collateralized by U.S. Treasury obligations valued at $359,869,294; 0.00%; 08/15/2027 - 08/15/2046)(d)

   4.57%   03/01/2023        100,088,861    100,000,000

Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $1,802,662,944 (collateralized by U.S. Treasury obligations valued at $1,838,431,196; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)(d)

   4.57%   03/01/2023        672,959,969    672,362,500

Mitsubishi UFJ Trust & Banking Corp., term agreement dated 02/22/2023, maturing value of $100,088,569 (collateralized by U.S. Treasury obligations valued at $102,012,845; 0.63% - 1.25%; 08/15/2030 - 08/15/2031)(d)

   4.56%   03/01/2023        100,088,569    100,000,000

Prudential Legacy Insurance Company of New Jersey, agreement dated 02/28/2023, maturing value of $896,209,130 (collateralized by U.S. Treasury obligations valued at $912,399,598; 0.00% - 1.75%; 05/15/2037 - 11/15/2046)

   4.56%   03/01/2023        896,209,130    896,095,625

Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,395; 0.00% - 4.00%; 03/28/2023 - 08/15/2052)(e)

   4.55%   03/01/2023        75,009,479    75,000,000

Societe Generale, joint term agreement dated 02/23/2023, aggregate maturing value of $1,001,773,333 (collateralized by U.S. Treasury obligations valued at $1,020,000,026; 0.13% - 4.13%; 05/31/2023 - 08/31/2029)

   4.56%   03/09/2023        400,709,333    400,000,000

Standard Chartered Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,128,928; 0.00% - 6.00%; 05/31/2023 - 11/15/2052)

   4.55%   03/01/2023        250,031,597    250,000,000

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $3,000,379,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,080; 0.50% - 2.63%; 03/15/2023 - 08/15/2031)

   4.55%   03/01/2023        1,045,775,475    1,045,643,317

        Total Repurchase Agreements (Cost $22,489,101,442)

                       22,489,101,442

TOTAL INVESTMENTS IN SECURITIES-98.80% (Cost $40,683,351,728)

                       40,683,351,728

OTHER ASSETS LESS LIABILITIES-1.20%

                       492,409,255

NET ASSETS-100.00%

                       $41,175,760,983

 

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

 

11   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Treasury Portfolio–(continued)

 

Notes to Schedule of Investments:

 

(a) 

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

(b) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(c) 

Principal amount equals value at period end. See Note 1I.

(d) 

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

(e) 

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

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     54.7%  

 

 

8-30

     10.0     

 

 

31-60

     7.0     

 

 

61-90

     7.1     

 

 

91-180

     3.3     

 

 

181+

     17.9     

 

 

 

*

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.

 

12   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio

 

     Interest
Rate
    Maturity
Date
    

Principal

Amount

(000)

     Value  

 

 

U.S. Treasury Securities-37.65%

          

U.S. Treasury Bills-23.42%(a)

          

U.S. Treasury Bills

     4.53     03/21/2023      $ 827,880      $ 825,805,701  

 

 

U.S. Treasury Bills

     4.53%-4.56     03/28/2023                 2,450,000        2,441,698,905  

 

 

U.S. Treasury Bills

     4.54     04/04/2023        2,000,000        1,991,490,553  

 

 

U.S. Treasury Bills

     4.46     04/06/2023        470,000        467,927,300  

 

 

U.S. Treasury Bills

     4.63     04/11/2023        2,040,000        2,029,312,660  

 

 

U.S. Treasury Bills

     4.51     04/18/2023        2,500,000        2,485,199,998  

 

 

U.S. Treasury Bills

     4.61     04/20/2023        1,200,000        1,192,400,000  

 

 

U.S. Treasury Bills

     4.49     04/25/2023        1,300,000        1,291,211,460  

 

 

U.S. Treasury Bills

     4.63     04/27/2023        1,100,000        1,092,031,875  

 

 

U.S. Treasury Bills

     4.65     05/04/2023        2,000,000        1,983,662,221  

 

 

U.S. Treasury Bills

     4.64     05/11/2023        1,410,000        1,397,235,975  

 

 

U.S. Treasury Bills

     4.69     05/30/2023        445,000        439,860,249  

 

 

U.S. Treasury Bills

     4.70     06/06/2023        1,100,000        1,086,292,014  

 

 

U.S. Treasury Bills

     4.12%-4.52     10/05/2023        240,000        233,818,882  

 

 

U.S. Treasury Bills

     4.78     11/30/2023        45,000        43,439,912  

 

 

U.S. Treasury Bills

     4.68     01/25/2024        1,200,000        1,150,829,997  

 

 
             20,152,217,702  

 

 

U.S. Treasury Floating Rate Notes-14.23%

          

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84     10/31/2023        431,679        431,694,009  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)(b)

     4.79     01/31/2024        180,000        179,971,503  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)(b)

     4.73     04/30/2024        3,564,000        3,561,449,655  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84     07/31/2024        3,323,400        3,321,978,999  

 

 

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

     4.95     10/31/2024        3,834,800        3,830,307,536  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%)(b)

     5.01     01/31/2025        915,000        915,650,639  

 

 
             12,241,052,341  

 

 

Total U.S. Treasury Securities (Cost $32,393,270,043)

             32,393,270,043  

 

 

U.S. Government Sponsored Agency Securities-5.75%

          

Federal Farm Credit Bank (FFCB)-3.37%

          

Federal Farm Credit Bank (SOFR + 0.02%)(b)

     4.57     06/12/2023        75,000        75,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58     07/07/2023        143,000        143,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58     09/08/2023        155,000        155,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58     09/18/2023        21,500        21,500,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59     09/20/2023        25,000        25,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58     09/27/2023        60,000        60,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59     12/15/2023        24,500        24,499,020  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59     01/04/2024        229,000        229,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.06%)(b)

     4.61     01/10/2024        75,500        75,500,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59     01/25/2024        15,000        15,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59     02/05/2024        100,000        100,000,000  

 

 

 

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

 

13   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

 

     Interest
Rate
    Maturity
Date
    

Principal

Amount

(000)

     Value  

 

 

Federal Farm Credit Bank (FFCB)-(continued)

          

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       02/20/2024      $ 80,000      $ 80,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       02/23/2024                    162,000        162,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       03/08/2024        95,000        95,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       03/15/2024        431,000        431,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59%       03/18/2024        445,000        445,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       04/04/2024        195,000        195,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       04/25/2024        345,000        345,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       05/09/2024        160,000        160,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       05/24/2024        62,000        62,000,000  

 

 
               2,898,499,020  

 

 

Federal Home Loan Bank (FHLB)-2.18%(a)

          

Federal Home Loan Bank

     4.81%       07/14/2023        800,000        785,899,999  

 

 

Federal Home Loan Bank

     5.01%       01/12/2024        213,000        204,015,956  

 

 

Federal Home Loan Bank

     5.02%       02/09/2024        926,000        883,581,484  

 

 
             1,873,497,439  

 

 

U.S. International Development Finance Corp. (DFC)-0.20%

          

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.85%       06/15/2025        12,000        12,000,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.46%       07/15/2025        13,056        13,055,558  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.79%       09/15/2025        2,895        2,894,737  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.65%       09/15/2026        6,250        6,250,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.79%       09/15/2026        3,750        3,750,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.46%       09/30/2027        10,364        10,363,637  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.85%       02/15/2028        11,111        11,111,111  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     2.46%       11/15/2028        52,273        52,272,728  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     2.35%       05/15/2030        6,734        6,734,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.79%       10/15/2030        6,889        6,888,889  

 

 

U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(c)

     2.47%       07/09/2026        17,850        17,850,000  

 

 

U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(c)

     2.46%       03/15/2030        32,625        32,625,000  

 

 
             175,795,660  

 

 

Total U.S. Government Sponsored Agency Securities (Cost $4,947,792,119)

 

        4,947,792,119  

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-43.40%
(Cost $37,341,062,162)

 

        37,341,062,162  

 

 

 

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

 

14   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

 

     Interest
Rate
    Maturity
Date
     Repurchase
Amount
     Value  

 

 

Repurchase Agreements-56.68%(d)

          

Bank of Nova Scotia, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,032; 0.00% - 4.38%; 03/16/2023 - 02/15/2050)

     4.55%       03/01/2023      $ 924,801,150      $ 924,684,280  

 

 

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $1,195,151,035 (collateralized by agency mortgage-backed securities valued at $1,218,900,000; 1.81% - 6.50%; 10/25/2031 - 09/20/2072)

     4.55%       03/01/2023        735,092,896        735,000,000  

 

 

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $600,066,667 (collateralized by U.S. Treasury obligations valued at $612,000,086; 0.13% - 1.13%; 01/15/2024 - 01/15/2033)

     4.00%       03/01/2023        400,044,444        400,000,000  

 

 

CIBC World Markets Corp., joint term agreement dated 02/16/2023, aggregate maturing value of $501,583,333 (collateralized by agency mortgage-backed securities, U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $510,000,130; 1.50% - 8.50%; 01/01/2024 - 03/01/2053)(e)

     4.56%       03/13/2023        300,950,000        300,000,000  

 

 

Citigroup Global Markets, Inc., joint term agreement dated 02/22/2023, aggregate maturing value of $3,002,654,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,083; 0.13% - 1.13%; 07/15/2023 - 01/15/2033)(e)

     4.55%       03/01/2023        1,000,884,722        1,000,000,000  

 

 

Federal Reserve Bank of New York, joint agreement dated 02/28/2023, aggregate maturing value of $50,006,319,444 (collateralized by U.S. Treasury obligations valued at $50,006,319,596; 0.25% - 4.50%; 10/31/2023 - 08/15/2039)

     4.55%       03/01/2023        32,704,132,917        32,700,000,000  

 

 

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $300,035,833 (collateralized by U.S. Treasury obligations valued at $306,000,095; 1.88% - 4.84%; 07/31/2023 - 02/15/2032)

     4.30%       03/01/2023        200,023,889        200,000,000  

 

 

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $4,000,505,556 (collateralized by U.S. Treasury obligations valued at $4,080,000,087; 0.00% - 4.38%; 06/13/2023 - 02/15/2048)

     4.55%       03/01/2023        2,500,315,972        2,500,000,000  

 

 

Fixed Income Clearing Corp. - State Street Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,065; 1.88% - 2.88%; 05/15/2051 - 05/15/2052)

     4.55%       03/01/2023        100,012,639        100,000,000  

 

 

Goldman Sachs & Co., agreement dated 02/28/2023, maturing value of $1,500,190,000 (collateralized by U.S. Treasury obligations valued at $1,530,000,001; 0.00% - 6.25%; 03/23/2023 - 02/15/2048)

     4.56%       03/01/2023        1,500,190,000        1,500,000,000  

 

 

Goldman Sachs & Co., joint agreement dated 02/28/2023, aggregate maturing value of $1,295,098,924 (collateralized by U.S. Treasury obligations valued at $1,320,900,062; 0.00% - 5.38%; 03/02/2023 - 08/15/2052)

     2.75%       03/01/2023        845,064,549        845,000,000  

 

 

ING Financial Markets, LLC, joint term agreement dated 02/02/2023, aggregate maturing value of $251,551,667 (collateralized by agency mortgage-backed securities valued at $255,000,000; 2.00% - 6.50%; 08/01/2028 - 02/01/2053)

     4.56%       03/23/2023        85,527,567        85,000,000  

 

 

ING Financial Markets, LLC, term agreement dated 02/02/2023, maturing value of $301,862,000 (collateralized by agency mortgage-backed securities valued at $306,000,000; 2.00% - 6.00%; 11/01/2029 - 02/01/2053)

     4.56%       03/23/2023        301,862,000        300,000,000  

 

 

ING Financial Markets, LLC, term agreement dated 02/02/2023, maturing value of $503,103,333 (collateralized by agency mortgage-backed securities valued at $510,000,001; 2.00% - 7.00%; 03/01/2028 - 01/01/2057)

     4.56%       03/23/2023        503,103,333        500,000,000  

 

 

ING Financial Markets, LLC, term agreement dated 02/13/2023, maturing value of $251,205,972 (collateralized by agency mortgage-backed securities and a U.S. Treasury obligation valued at $255,000,070; 2.00% - 5.50%; 06/01/2047 - 01/01/2053)

     4.57%       03/23/2023        251,205,972        250,000,000  

 

 

 

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

 

15   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

 

     Interest
Rate
  Maturity
Date
   Repurchase
Amount
     Value  

 

 

J.P. Morgan Securities LLC, joint open agreement dated 02/27/2023 (collateralized by agency mortgage-backed securities valued at $918,000,005; 1.38% - 7.50%; 09/01/2025 - 08/01/2056)(f)

   4.57%   03/01/2023    $ 785,199,303      $ 785,000,000  

 

 

Metropolitan Life Insurance Co., joint term agreement dated 02/22/2023, aggregate maturing value of $350,316,644 (collateralized by U.S. Treasury obligations valued at $359,869,294; 0.00%; 08/15/2027 - 08/15/2046)(e)

   4.57%   03/01/2023      170,152,002        170,000,937  

 

 

Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $1,802,662,944 (collateralized by U.S. Treasury obligations valued at $1,838,431,196; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)(e)

   4.57%   03/01/2023      952,908,513        952,062,500  

 

 

Prudential Insurance Co. of America, agreement dated 02/28/2023, maturing value of $144,194,512 (collateralized by U.S. Treasury obligations valued at $146,949,280; 0.00%; 05/15/2037 - 08/15/2042)

   4.56%   03/01/2023      144,194,512        144,176,250  

 

 

RBC Dominion Securities Inc., joint term agreement dated 02/02/2023, aggregate maturing value of $2,767,068,333 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $2,805,000,000; 0.13% - 5.50%; 03/31/2023 - 02/20/2053)(e)

   4.56%   03/23/2023        1,076,641,133        1,070,000,000  

 

 

Royal Bank of Canada, term agreement dated 02/02/2023, maturing value of $1,006,206,667 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,020,000,039; 0.00% - 6.50%; 12/31/2025 - 02/01/2053)(e)

   4.56%   03/23/2023      1,006,206,667        1,000,000,000  

 

 

Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,395; 0.00% - 4.00%; 03/28/2023 - 08/15/2052)(f)

   4.55%   03/01/2023      100,012,639        100,000,000  

 

 

Societe Generale, joint term agreement dated 02/23/2023, aggregate maturing value of $1,001,773,333 (collateralized by U.S. Treasury obligations valued at $1,020,000,026; 0.13% - 4.13%; 05/31/2023 - 08/31/2029)

   4.56%   03/09/2023      375,665,000        375,000,000  

 

 

Standard Chartered Bank, agreement dated 02/28/2023, maturing value of $150,018,958 (collateralized by agency mortgage-backed securities valued at $153,019,338; 3.00% - 4.50%; 07/20/2049 - 10/20/2052)

   4.55%   03/01/2023      150,018,958        150,000,000  

 

 

Standard Chartered Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,128,928; 0.00% - 6.00%; 05/31/2023 - 11/15/2052)

   4.55%   03/01/2023      750,094,792        750,000,000  

 

 

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $3,000,379,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,080; 0.50% - 2.63%; 03/15/2023 - 08/15/2031)

   4.55%   03/01/2023      702,085,622        701,996,897  

 

 

TD Securities (USA) LLC, joint term agreement dated 02/22/2023, aggregate maturing value of $350,309,993 (collateralized by agency mortgage-backed securities valued at $357,000,000; 2.00% - 4.00%; 05/01/2041 - 05/01/2052)(e)

   4.56%   03/01/2023      220,194,853        220,000,000  

 

 

Total Repurchase Agreements (Cost $48,757,920,864)

             48,757,920,864  

 

 

TOTAL INVESTMENTS IN SECURITIES-100.08% (Cost $86,098,983,026)

             86,098,983,026  

 

 

OTHER ASSETS LESS LIABILITIES-(0.08)%

             (64,740,455

 

 

NET ASSETS-100.00%

           $ 86,034,242,571  

 

 

Investment Abbreviations:

 

SOFR -Secured Overnight Financing Rate

VRD   -Variable Rate Demand

 

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

 

16   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

 

Notes to Schedule of Investments:

 

(a) 

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

(b) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(c) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(d) 

Principal amount equals value at period end. See Note 1I.

(e) 

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

(f) 

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

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     56.1%  

 

 

8-30

     5.2     

 

 

31-60

     11.4     

 

 

61-90

     4.5     

 

 

91-180

     2.4     

 

 

181+

     20.4     

 

 

 

*

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

 

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

 

17   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Treasury Obligations Portfolio

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

U.S. Treasury Securities-100.83%

 

       

U.S. Treasury Bills-85.74%(a)

 

       

U.S. Treasury Bills

     4.33     03/02/2023      $ 20,000      $ 19,997,620  

 

 

U.S. Treasury Bills

     4.34%-4.51     03/07/2023        110,700        110,618,265  

 

 

U.S. Treasury Bills

     4.32%-4.48     03/09/2023        9,700        9,690,542  

 

 

U.S. Treasury Bills

     4.49%-4.54     03/14/2023        86,700        86,559,909  

 

 

U.S. Treasury Bills

     4.53%-4.55     03/21/2023        135,900        135,559,358  

 

 

U.S. Treasury Bills

     4.53%-4.56     03/28/2023        72,500        72,253,676  

 

 

U.S. Treasury Bills

     4.40     03/30/2023        51,000        50,821,288  

 

 

U.S. Treasury Bills

     4.50%-4.55     04/04/2023        111,200        110,727,059  

 

 

U.S. Treasury Bills

     4.46     04/06/2023        50,000        49,779,500  

 

 

U.S. Treasury Bills

     4.46%-4.63     04/11/2023        80,000        79,587,722  

 

 

U.S. Treasury Bills

     4.61     04/13/2023        22,150        22,029,356  

 

 

U.S. Treasury Bills

     4.68     04/18/2023        41,000        40,745,800  

 

 

U.S. Treasury Bills

     4.69     04/25/2023        65,000        64,537,603  

 

 

U.S. Treasury Bills

     4.65     05/04/2023        60,000        59,509,867  

 

 

U.S. Treasury Bills

     4.64     05/09/2023        16,000        15,859,853  

 

 

U.S. Treasury Bills

     4.64     05/11/2023        40,000        39,637,900  

 

 

U.S. Treasury Bills

     4.74     05/18/2023        26,000        25,736,360  

 

 

U.S. Treasury Bills

     4.78     05/25/2023        20,000        19,777,111  

 

 

U.S. Treasury Bills

     4.75     06/01/2023        10,000        9,879,931  

 

 

U.S. Treasury Bills

     4.70     06/06/2023        35,000        34,563,837  

 

 

U.S. Treasury Bills

     4.64     06/08/2023        15,000        14,812,931  

 

 

U.S. Treasury Bills

     4.77     06/13/2023        33,000        32,551,933  

 

 

U.S. Treasury Bills

     3.01     07/13/2023        6,000        5,934,764  

 

 

U.S. Treasury Bills

     4.80     07/20/2023        10,000        9,816,504  

 

 

U.S. Treasury Bills

     4.12     10/05/2023        6,000        5,856,302  

 

 

U.S. Treasury Bills

     4.68%-4.86     01/25/2024        27,500        26,364,091  

 

 
             1,153,209,082  

 

 

U.S. Treasury Floating Rate Notes-14.16%

          

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b)

     4.84     04/30/2023        19,000        19,000,127  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b)

     4.84     07/31/2023        17,500        17,500,177  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84     10/31/2023        30,000        30,000,345  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)(b)

     4.79     01/31/2024        8,000        7,998,734  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)(b)

     4.73     04/30/2024        25,500        25,482,209  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84     07/31/2024        32,000        31,984,058  

 

 

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

     4.95     10/31/2024        49,000        48,958,037  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%)(b)

     5.01     01/31/2025        9,500        9,506,755  

 

 
             190,430,442  

 

 

 

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

 

18   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Treasury Obligations Portfolio–(continued)

 

     Interest
Rate
         Maturity    
Date
         Principal    
Amount
(000)
     Value  

 

 

U.S. Treasury Notes-0.93%

           

TOTAL INVESTMENTS IN SECURITIES-100.83% (Cost $1,356,189,593)

              1,356,189,593  

 

 

OTHER ASSETS LESS LIABILITIES-(0.83)%

              (11,125,964

 

 

NET ASSETS-100.00%

            $ 1,345,063,629  

 

 

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, 2023.

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     9.6%  

 

 

8-30

     26.1     

 

 

31-60

     27.0     

 

 

61-90

     13.3     

 

 

91-180

     9.3     

 

 

181+

     14.7     

 

 

 

*

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

 

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

 

19   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Municipal Obligations-94.08%

          

Alabama-3.55%

          

Mobile (City of), AL Downtown Redevelopment Authority (Austal USA, LLC); Series 2011 B, Ref. VRD RB (LOC - Bank of America, N.A.)(a)(b)(c)

     2.14%       05/01/2041        $3,240      $ 3,240,000  

 

 

Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)(b)(c)(d)

     2.25%       07/01/2040        4,910        4,910,000  

 

 
             8,150,000  

 

 

Arizona-2.72%

          

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

     1.40%       01/01/2046        6,250        6,250,000  

 

 

California-0.87%

          

Los Angeles County Capital Asset Leasing Corp.; Series B, Commercial Paper Notes

     2.00%       03/01/2023        2,000        2,000,000  

 

 

Connecticut-2.47%

          

Connecticut (State of) Health & Educational Facilities Authority (Yale University); Series 2017 A, Ref. VRD RB(b)

     2.20%       07/01/2042        5,660        5,660,000  

 

 

Delaware-0.95%

          

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

     2.21%       05/01/2036        2,180        2,180,000  

 

 

District of Columbia-3.29%

          

District of Columbia; Series 2022 A, Commercial Paper Notes(d)

     2.43%       03/15/2023        3,000        3,000,000  

 

 

District of Columbia (Georgetown University);

          

Series 2007 C-2, VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.19%       04/01/2041        1,200        1,200,000  

 

 

Series 2009 C, Ref. VRD RB (LOC - Bank of Tokyo Mitsubishi UFJ)(b)(c)(d)

     2.19%       04/01/2042        3,350        3,350,000  

 

 
             7,550,000  

 

 

Florida-4.09%

          

Halifax Hospital Medical Center; Series 2008, Ref. VRD RB (LOC - JPMorgan Chase Bank, N.A.)(b)(c)

     2.25%       06/01/2048        2,485        2,485,000  

 

 

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

     2.11     11/01/2036        2,725        2,725,000  

 

 

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

     2.23     07/01/2032        4,175        4,175,000  

 

 
             9,385,000  

 

 

Georgia-4.54%

          

Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - BMO Harris Bank N.A.)(b)(c)(d)

     2.21%       11/01/2030        1,450        1,450,000  

 

 

Georgia (State of) Private Colleges & Universities Authority (Emory University); Series 2022 B, VRD RB (SIFMA Municipal Swap Index + 0.03%)(b)

     2.00%       09/01/2052        8,975        8,975,000  

 

 
             10,425,000  

 

 

Idaho-0.44%

          

Idaho (State of) Health Facilities Authority (St. Luke’s Health System); Series 2018 C, VRD RB (LOC - U.S. Bank N.A.)(b)(c)

     1.40%       03/01/2048        1,000        1,000,000  

 

 

Illinois-7.33%

          

Illinois (State of) Development Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)(b)(c)

     2.21%       10/01/2033        2,625        2,625,000  

 

 

Illinois (State of) Educational Facilities Authority (Augustana College); Series 2003 B, VRD RB (LOC - BMO Harris Bank N.A.)(b)(c)(d)

     2.24     10/01/2032        1,600        1,600,000  

 

 

 

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

 

20   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Illinois-(continued)

          

Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - Northern Trust Co. (The))(b)(c)

     2.15%       01/01/2037        $2,800      $ 2,800,000  

 

 

Illinois (State of) Finance Authority (University of Chicago Medical); Series 2009 D-2, VRD RB (LOC - PNC Bank, N.A.)(b)(c)

     1.50%       08/01/2043        1,000        1,000,000  

 

 

Illinois (State of) Finance Authority (YMCA of Metropolitan Chicago); Series 2004, VRD RB (LOC - BMO Harris Bank N.A.)(b)(c)(d)

     2.45%       06/01/2034        2,960        2,960,000  

 

 

Illinois (State of) Housing Development Authority (Foxview I & II Apartments); Series 2008, VRD RB (LOC - FHLMC)(b)(c)

     2.17%       01/01/2041        4,835        4,835,000  

 

 

University of Illinois (Illinois Health Services); Series 1997 B, VRD RB (LOC - Wells Fargo Bank, N.A.)(b)(c)

     2.50%       10/01/2026        1,000        1,000,000  

 

 
             16,820,000  

 

 

Indiana-3.31%

          

Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank, N.A.)(b)(c)

     2.28%       08/01/2037        4,950        4,950,000  

 

 

Indiana (State of) Finance Authority (Parkview Health System Obligated Group); Series 2009 C, VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.05%       11/01/2039        2,635        2,635,000  

 

 
             7,585,000  

 

 

Iowa-2.18%

          

Iowa (State of) Finance Authority (CJ Bio America); Series 2021, Ref. VRD RB (LOC - Korea Devlopment Bank)(a)(b)(c)(d)

     2.24%       12/01/2041        5,000        5,000,000  

 

 

Kentucky-1.61%

          

Boyle (County of), KY (Centre College); Series 2008 A, Ref. VRD RB (LOC - PNC Bank, N.A.)(b)(c)

     2.20%       06/01/2037        3,700        3,700,000  

 

 

Louisiana-3.79%

          

Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC); Series 2013 B, Ref. VRD RB (LOC - JPMorgan Chase Bank, N.A.)(b)(c)

     2.50%       09/01/2033        1,000        1,000,000  

 

 

Louisiana (State of) Public Facilities Authority (CHRISTUS Health);

          

Series 2009 B-3, Ref. VRD RB (LOC - Bank of New York Mellon (The))(b)(c)

     2.45%       07/01/2047        6,605        6,605,000  

 

 

Series 2009 B-1, Ref. VRD RB (LOC - Bank of New York Mellon (The))(b)(c)

     2.10%       07/01/2047        1,100        1,100,000  

 

 
             8,705,000  

 

 

Maryland-2.10%

          

Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System); Series 2008 D, VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.45%       07/01/2041        4,810        4,810,000  

 

 

Massachusetts-2.51%

          

Massachusetts (Commonwealth of) Development Finance Agency (Boston University);

          

Series 2008 U-6C, VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.35%       10/01/2042        700        700,000  

 

 

Series 2008 U-6E, Ref. VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.35%       10/01/2042        5,050        5,050,000  

 

 
             5,750,000  

 

 

Minnesota-3.12%

          

Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)(b)

     2.29%       10/15/2033        1,175        1,175,000  

 

 

Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC)(b)

     2.20%       11/01/2035        3,600        3,600,000  

 

 

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

     2.20%       10/01/2033        2,385        2,385,000  

 

 
             7,160,000  

 

 

Mississippi-3.97%

          

Jackson (County of), MS (Chevron U.S.A., Inc.); Series 1993, Ref. VRD RB(b)

     1.40%       06/01/2023        200        200,000  

 

 

 

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

 

21   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Mississippi-(continued)

          

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

          

Series 2010 E, VRD IDR(b)

     2.04%       12/01/2030      $ 4,000      $ 4,000,000  

 

 

Series 2010 C, VRD IDR(b)

     1.40%       11/01/2035        595        595,000  

 

 

Series 2010 J, VRD IDR(b)

     1.38%       11/01/2035        1,000        1,000,000  

 

 

Series 2010 C, VRD IDR(b)

     1.40%       11/01/2035        3,320        3,320,000  

 

 
             9,115,000  

 

 

Missouri-2.29%

          

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

     2.23%       11/01/2037        1,175        1,175,000  

 

 

Kansas City (City of), MO (H Roe Bartle Convention Center);

          

Series 2008 F, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.24%       04/15/2025        1,915        1,915,000  

 

 

Series 2008 E, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.24%       04/15/2034        900        900,000  

 

 

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

     2.38%       08/01/2038        1,260        1,260,000  

 

 
             5,250,000  

 

 

New York-5.36%

          

Metropolitan Transportation Authority;

          

Subseries 2012 G-1, VRD RB (LOC - Barclays Bank PLC)(b)(c)(d)

     1.35%       11/01/2032        3,800        3,800,000  

 

 

Subseries 2020 B-1, Ref. VRD RB (LOC - PNC Bank, N.A.)(b)(c)

     2.20%       11/15/2046        4,510        4,510,000  

 

 

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.)(b)(c)(d)

     2.40%       05/01/2039        4,000        4,000,000  

 

 
             12,310,000  

 

 

North Carolina-5.63%

          

Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health); Series 2018 H, VRD RB(b)

     1.40%       01/15/2048        2,500        2,500,000  

 

 

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

     1.40%       01/15/2037        4,000        4,000,000  

 

 

North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 1992 A, VRD RB(b)

     2.20%       06/01/2027        6,425        6,425,000  

 

 
             12,925,000  

 

 

Ohio-1.73%

          

Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - U.S. Bank N.A.)(b)(c)

     2.20%       08/02/2038        2,650        2,650,000  

 

 

Ohio State University (The); Series 2014 B-1, VRD RB(b)

     2.41%       12/01/2039        1,310        1,310,000  

 

 
             3,960,000  

 

 

Oregon-0.49%

          

Oregon (State of) Department of Transportation; Series A-2, Commercial Paper Notes(d)

     2.80%       03/21/2023        1,000        1,000,000  

 

 

Oregon (State of) Facilities Authority (PeaceHealth); Series 2018 A, Ref. VRD RB (LOC - U.S. Bank N.A.)(b)(c)

     1.40%       08/01/2034        125        125,000  

 

 
             1,125,000  

 

 

Pennsylvania-1.74%

          

Philadelphia (City of), PA; Series A, Commercial Paper Notes(d)

     2.55%       03/23/2023        4,000        4,000,000  

 

 

 

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

 

22   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Texas-17.41%

          

Board of Regents of the University of Texas System;

          

Series 2008 B, VRD RB(b)

     2.15%       08/01/2025        $1,115      $ 1,115,000  

 

 

Series 2008 A, VRD RB(b)

     2.10%       07/01/2037        2,425        2,425,000  

 

 

Series A, Commercial Paper Notes

     3.20%       03/03/2023        2,500        2,500,000  

 

 

Garland (City of), TX; Series 2021, Commercial Paper Notes(d)

     2.60%       03/01/2023        5,000        5,000,000  

 

 

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

     1.40%       11/01/2041        6,450        6,450,000  

 

 

Harris County Health Facilities Development Corp. (Methodist Hospital System); Series 2008 A-2, Ref. VRD RB(b)

     1.45%       12/01/2041        4,185        4,185,000  

 

 

Houston (City of), TX; Series H-2, Commercial Paper Notes

     2.85%       03/09/2023        7,000        7,000,000  

 

 

Lower Neches Valley Authority Industrial Development Corp. (Exxonmobil); Series 2011, VRD RB(b)

     1.36%       11/01/2051        3,182        3,182,000  

 

 

Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas); Series 2008 A, VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.45%       10/01/2041        1,480        1,480,000  

 

 

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

     2.29%       05/01/2042        3,020        3,020,000  

 

 

Texas A&M University; Series B, Commercial Paper Notes

     3.25%       04/05/2023        3,600        3,600,000  

 

 
             39,957,000  

 

 

Virginia-1.00%

          

Loudoun (County of), VA Economic Development Authority (Jack Kent Cooke Foundation); Series 2004, VRD RB (LOC - Northern Trust Co. (The))(b)(c)

     2.25%       06/01/2034        2,300        2,300,000  

 

 

Washington-1.32%

          

Washington (State of) Housing Finance Commission (Redmond Ridge Apartments); Series 2017, VRD RB (LOC - FHLB of San Francisco)(b)(c)

     2.21%       11/01/2047        3,025        3,025,000  

 

 

West Virginia-2.92%

          

Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC - Bank of America, N.A.)(b)(c)

     2.19%       07/01/2039        745        745,000  

 

 

West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008 B, Ref. VRD RB (LOC - Truist Bank)(b)(c)

     2.32%       01/01/2034        5,945        5,945,000  

 

 
             6,690,000  

 

 

Wisconsin-1.35%

          

Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - FHLB of Chicago)(b)(c)

     2.22%       10/01/2042        3,090        3,090,000  

 

 

TOTAL INVESTMENTS IN SECURITIES(e)(f)-94.08% (Cost $215,877,000)

             215,877,000  

 

 

OTHER ASSETS LESS LIABILITIES-5.92%

             13,576,124  

 

 

NET ASSETS-100.00%

           $ 229,453,124  

 

 

 

Investment Abbreviations:
CEP   - Credit Enhancement Provider
FHLB   - Federal Home Loan Bank
FHLMC   - Federal Home Loan Mortgage Corp.
FNMA   - Federal National Mortgage Association
IDR   - Industrial Development Revenue Bonds
LOC   - Letter of Credit
RB   - Revenue Bonds
Ref.   - Refunding
SIFMA   - Securities Industry and Financial Markets Association
VRD   - Variable Rate Demand

 

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

 

23   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

 

Notes to Schedule of Investments:

 

(a) 

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, 2023 was $8,240,000, which represented 3.59% of the Fund’s Net Assets.

(b) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(c) 

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

(d) 

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 8.3%; United Kingdom 6.9%; Japan 6.1%; Other countries less than 5% each: 4.3%.

(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.

 

Entities    Percentage  

 

 

TD Bank, N.A.

     5.6%      

 

 

Northern Trust Co. (The)

     5.6         

 

 

PNC Bank, N.A.

     5.3         

 

 

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     91.8%  

 

 

8-30

     6.6     

 

 

31-60

     1.6     

 

 

61-90

     0.0     

 

 

91-180

     0.0     

 

 

181+

     0.0     

 

 

 

*

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

 

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

 

24   Short-Term Investments Trust


Statements of Assets and Liabilities

February 28, 2023

(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 unaffiliated securities, at value

   $ 1,441,448,359     $ 133,116,900     $ 18,194,250,286     $ 37,341,062,162     $ 1,356,189,593     $ 215,877,000  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Repurchase agreements, at value and cost

     391,668,085       101,000,000       22,489,101,442       48,757,920,864       -       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash

     19,375       -       710,756       983,579       78,638       35,079  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Receivable for:

            

Investments sold

     -       -       548,668,115       -       -       13,075,000  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fund shares sold

     -       87,000       16,852,266       7,476,439       -       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Interest

     1,964,115       173,966       27,561,801       86,121,462       738,940       648,615  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fund expenses absorbed

     37,313       32,400       1,744,510       -       54,458       65,326  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Investment for trustee deferred compensation and retirement plans

     2,688,319       708,169       1,620,498       739,975       74,208       244,277  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other assets

     6,754       132,348       516,985       1,674,555       1,386       48,339  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

     1,837,832,320       235,250,783       41,281,026,659       86,195,979,036       1,357,137,223       229,993,636  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities:

            

Payable for:

            

Investments purchased

     -       -       -       -       9,879,931       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fund shares reacquired

     -       176,816       3,090,287       4,269,464       -       6,500  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amount due custodian

     -       2,848       -       -       -       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Dividends

     5,633,256       390,246       92,186,592       145,385,932       1,852,280       174,016  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accrued fees to affiliates

     290,525       44,449       7,871,710       11,084,004       238,921       65,704  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accrued trustees’ and officers’ fees and benefits

     4,481       2,926       36,205       77,012       3,868       2,679  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accrued operating expenses

     47,662       21,439       243,679       -       13,029       31,340  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Trustee deferred compensation and retirement plans

     2,877,269       753,601       1,837,203       920,053       85,565       260,273  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

     8,853,193       1,392,325       105,265,676       161,736,465       12,073,594       540,512  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net assets applicable to shares outstanding

   $ 1,828,979,127     $ 233,858,458     $ 41,175,760,983     $ 86,034,242,571     $ 1,345,063,629     $ 229,453,124  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net assets consist of:

            

Shares of beneficial interest

   $ 1,831,354,980     $ 234,441,720     $ 41,178,125,062     $ 86,059,942,124     $ 1,345,271,837     $ 229,672,837  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributable earnings (loss)

     (2,375,853     (583,262     (2,364,079     (25,699,553     (208,208     (219,713

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   $ 1,828,979,127     $ 233,858,458     $ 41,175,760,983     $ 86,034,242,571     $ 1,345,063,629     $ 229,453,124  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets:

            

Institutional Class

   $ 1,819,669,256     $ 232,387,514     $ 35,450,224,348     $ 71,325,123,345     $ 1,268,187,565     $ 193,805,989  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Private Investment Class

   $ 1,042,790     $ 332,161     $ 618,415,066     $ 742,331,579     $ 16,661,216     $ 25,307,654  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Personal Investment Class

   $ 10,252     $ 92,946     $ 388,631,121     $ 33,381,231     $ 11,961,557     $ 396,032  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash Management Class

   $ 1,676,277     $ 467,280     $ 240,742,041     $ 625,170,630     $ 80,071     $ 3,493,634  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reserve Class

   $ 171,670     $ 71,322     $ 658,815,411     $ 512,205,911     $ 44,802,872     $ 5,703,646  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Resource Class

   $ 249,687     $ 394     $ 76,755,901     $ 196,305,722     $ 115,395     $ 735,736  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Corporate Class

   $ 6,059,212     $ 506,841     $ 1,887,842,566     $ 1,565,745,767     $ 3,254,953     $ 10,433  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

CAVU Securities Class

   $ 99,983     $ -     $ 1,854,334,529     $ 11,033,978,386     $ -     $ -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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–(continued)

February 28, 2023

(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

 

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

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

 

              

Institutional Class

     1,819,297,797        232,378,976        35,450,012,600        71,346,337,427        1,268,330,132        193,784,100  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Private Investment Class

     1,042,580        332,149        618,409,608        742,552,280        16,663,105        25,304,973  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Personal Investment Class

     10,250        92,942        388,629,737        33,391,145        11,962,914        395,994  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Cash Management Class

     1,675,941        467,263        240,741,915        625,356,709        80,079        3,493,246  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Reserve Class

     171,636        71,319        658,813,165        512,358,049        44,807,951        5,703,138  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Resource Class

     249,638        394        76,755,057        196,364,021        115,408        735,656  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Corporate Class

     6,057,994        506,822        1,887,836,389        1,566,211,620        3,255,321        10,432  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

CAVU Securities Class

     99,963        -        1,854,316,343        11,037,257,584        -        -  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

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

   $ 1.0002      $ 1.0000      $ 1.00      $ 1.00      $ 1.00      $ 1.00  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Cost of Investments

   $ 1,833,286,676      $ 234,120,176      $ 40,683,351,728      $ 86,098,983,026      $ 1,356,189,593      $ 215,877,000  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

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

 

26   Short-Term Investments Trust


Statements of Operations

For the six months ended February 28, 2023

(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

   $ 33,876,133     $ 7,151,703     $ 708,212,871     $ 1,395,214,104     $ 25,472,569     $ 3,310,770  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Expenses:

            

Advisory fees

     1,298,945       287,417       26,911,965       36,209,920       863,058       269,431  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Administrative services fees

     376,482       88,649       8,043,255       16,157,749       308,915       62,708  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Custodian fees

     11,976       12,085       712,043       51,850       57,453       2,117  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distribution fees:

            

Private Investment Class

     1,566       537       667,061       972,135       19,594       29,618  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Personal Investment Class

     27       251       1,134,089       90,606       32,317       2,915  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash Management Class

     681       174       119,391       317,403       31       1,369  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reserve Class

     745       305       4,165,559       2,604,658       212,296       45,602  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Resource Class

     246       -       51,160       138,138       158       601  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Corporate Class

     245       34       191,872       167,327       1,056       2  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transfer agent fees

     77,937       17,245       1,614,718       3,258,893       60,939       12,124  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Trustees’ and officers’ fees and benefits

     12,531       8,729       92,223       203,275       10,879       8,118  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Registration and filing fees

     54,047       56,974       978,820       2,003,579       47,828       62,326  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reports to shareholders

     -       -       -       -       -       1,005  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Professional services fees

     23,255       19,395       67,575       22,179       21,273       19,076  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other

     46,174       27,959       142,190       112,996       29,592       11,719  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

     1,904,857       519,754       44,891,921       62,310,708       1,665,389       528,731  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less: Fees waived and expenses reimbursed

     (342,612     (173,553     (6,268,478     (84,156     (181,160     (179,196

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net expenses

     1,562,245       346,201       38,623,443       62,226,552       1,484,229       349,535  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

     32,313,888       6,805,502       669,589,428       1,332,987,552       23,988,340       2,961,235  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Realized and unrealized gain (loss) from:

            

Net realized gain (loss) from unaffiliated investment securities

     4,162       158       2,730,256       2,283,446       (30,165     -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in net unrealized appreciation of unaffiliated investment securities

     73,684       2,084       -       -       -       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and unrealized gain (loss)

     77,846       2,242       2,730,256       2,283,446       (30,165     -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase in net assets resulting from operations

   $ 32,391,734     $ 6,807,744     $ 672,319,684     $ 1,335,270,998     $ 23,958,175     $ 2,961,235  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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

 

27   Short-Term Investments Trust


Statements of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

 

     Invesco Liquid Assets Portfolio     Invesco STIC Prime Portfolio  
    

February 28,

2023

   

August 31,

2022

   

February 28,

2023

   

August 31,

2022

 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Operations:

        

Net investment income

   $ 32,313,888     $ 9,991,934     $ 6,805,502     $ 1,826,985  

 

  

 

 

   

 

 

 

Net realized gain

     4,162       3,959       158       624  

 

  

 

 

   

 

 

 

Change in net unrealized appreciation (depreciation)

     73,684       (406,836     2,084       (5,126

 

  

 

 

   

 

 

 

Net increase in net assets resulting from operations

     32,391,734       9,589,057       6,807,744       1,822,483  

 

  

 

 

   

 

 

 

Distributions to shareholders from distributable earnings:

        

Institutional Class

     (32,218,847     (9,973,378     (6,784,760     (1,657,807

 

  

 

 

   

 

 

 

Private Investment Class

     (17,996     (6,754     (5,822     (1,550

 

  

 

 

   

 

 

 

Personal Investment Class

     (164     (32     (1,411     (240

 

  

 

 

   

 

 

 

Cash Management Class

     (31,264     (9,759     (7,918     (1,672

 

  

 

 

   

 

 

 

Reserve Class

     (2,462     (378     (971     (130

 

  

 

 

   

 

 

 

Resource Class

     (4,383     (1,017     (8     (3

 

  

 

 

   

 

 

 

Corporate Class

     (36,909     (112     (4,612     (95

 

  

 

 

   

 

 

 

CAVU Securities Class

     (1,863     (504     -       -  

 

  

 

 

   

 

 

 

Total distributions from distributable earnings

     (32,313,888     (9,991,934     (6,805,502     (1,661,497

 

  

 

 

   

 

 

 

Return of capital:

        

Institutional Class

     -       -       -       (165,120

 

  

 

 

   

 

 

 

Private Investment Class

     -       -       -       (154

 

  

 

 

   

 

 

 

Personal Investment Class

     -       -       -       (24

 

  

 

 

   

 

 

 

Cash Management Class

     -       -       -       (167

 

  

 

 

   

 

 

 

Reserve Class

     -       -       -       (13

 

  

 

 

   

 

 

 

Resource Class

     -       -       -       (1

 

  

 

 

   

 

 

 

Corporate Class

     -       -       -       (9

 

  

 

 

   

 

 

 

Total return of capital

     -       -       -       (165,488

 

  

 

 

   

 

 

 

Total distributions

     (32,313,888     (9,991,934     (6,805,502     (1,826,985

 

  

 

 

   

 

 

 

Share transactions-net:

        

Institutional Class

     77,909,713       (614,280,688     (90,087,288     100,759,349  

 

  

 

 

   

 

 

 

Private Investment Class

     (30,196     (1,818,407     (125,154     (147,861

 

  

 

 

   

 

 

 

Personal Investment Class

     4       -       1,540       (1,448

 

  

 

 

   

 

 

 

Cash Management Class

     (43,963     (1,201,217     98,248       (127,021

 

  

 

 

   

 

 

 

Reserve Class

     (3,343     (40,550     1,057       (16,775

 

  

 

 

   

 

 

 

Resource Class

     1,735       (114,240     8       1  

 

  

 

 

   

 

 

 

Corporate Class

     6,036,928       (354     485,652       64  

 

  

 

 

   

 

 

 

CAVU Securities Class

     -       1       -       -  

 

  

 

 

   

 

 

 

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

     83,870,878       (617,455,455     (89,625,937     100,466,309  

 

  

 

 

   

 

 

 

Net increase (decrease) in net assets

     83,948,724       (617,858,332     (89,623,695     100,461,807  

 

  

 

 

   

 

 

 

Net assets:

        

Beginning of period

     1,745,030,403       2,362,888,735       323,482,153       223,020,346  

 

  

 

 

   

 

 

 

End of period

   $ 1,828,979,127     $ 1,745,030,403     $ 233,858,458     $ 323,482,153  

 

  

 

 

   

 

 

 

 

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–(continued)

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

 

    

 

     Invesco Treasury Portfolio     Invesco Government & Agency Portfolio  
    

February 28,

2023

   

August 31,

2022

   

February 28,

2023

   

August 31,

2022

 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Operations:

        

Net investment income

   $ 669,589,428     $ 96,074,616     $ 1,332,987,552     $ 325,968,052  

 

  

 

 

   

 

 

 

Net realized gain (loss)

     2,730,256       (3,886,562     2,283,446       (28,543,577

 

  

 

 

   

 

 

 

Net increase in net assets resulting from operations

     672,319,684       92,188,054       1,335,270,998       297,424,475  

 

  

 

 

   

 

 

 

Distributions to shareholders from distributable earnings:

        

Institutional Class

     (581,902,260     (85,408,911     (1,124,090,481     (295,190,284

 

  

 

 

   

 

 

 

Private Investment Class

     (7,645,428     (1,268,453     (10,946,131     (2,186,097

 

  

 

 

   

 

 

 

Personal Investment Class

     (6,320,398     (1,167,413     (501,718     (110,536

 

  

 

 

   

 

 

 

Cash Management Class

     (5,107,835     (1,843,731     (13,622,487     (3,324,668

 

  

 

 

   

 

 

 

Reserve Class

     (12,607,423     (2,122,002     (8,266,117     (1,225,131

 

  

 

 

   

 

 

 

Resource Class

     (1,108,827     (267,315     (3,057,626     (863,585

 

  

 

 

   

 

 

 

Corporate Class

     (25,353,351     (1,170,294     (21,689,739     (2,699,107

 

  

 

 

   

 

 

 

CAVU Securities Class

     (29,543,906     (2,826,497     (150,813,253     (20,368,644

 

  

 

 

   

 

 

 

Total distributions from distributable earnings

     (669,589,428     (96,074,616     (1,332,987,552     (325,968,052

 

  

 

 

   

 

 

 

Share transactions-net:

        

Institutional Class

     14,027,316,395       4,330,861,644       10,156,276,156       11,726,491,208  

 

  

 

 

   

 

 

 

Private Investment Class

     236,582,670       78,001,581       164,377,949       72,215,877  

 

  

 

 

   

 

 

 

Personal Investment Class

     (192,259,153     315,801,181       (5,957,939     29,989,058  

 

  

 

 

   

 

 

 

Cash Management Class

     (154,069,233     (57,379,422     (517,510,396     394,921,370  

 

  

 

 

   

 

 

 

Reserve Class

     (328,669,854     119,769,440       (86,634,703     190,502,067  

 

  

 

 

   

 

 

 

Resource Class

     (642,242     24,190,011       61,306,446       17,158,805  

 

  

 

 

   

 

 

 

Corporate Class

     1,413,797,274       207,510,470       1,023,377,300       (539,261,258

 

  

 

 

   

 

 

 

CAVU Securities Class

     1,297,043,776       10,231,626       6,183,737,346       3,411,670,557  

 

  

 

 

   

 

 

 

Net increase in net assets resulting from share transactions

     16,299,099,633       5,028,986,531       16,978,972,159       15,303,687,684  

 

  

 

 

   

 

 

 

Net increase in net assets

     16,301,829,889       5,025,099,969       16,981,255,605       15,275,144,107  

 

  

 

 

   

 

 

 

Net assets:

        

Beginning of period

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

 

  

 

 

   

 

 

 

End of period

   $ 41,175,760,983     $ 24,873,931,094     $ 86,034,242,571     $ 69,052,986,966  

 

  

 

 

   

 

 

 

 

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, 2023 and the year ended August 31, 2022

(Unaudited)

 

    

 

     Invesco Treasury Obligations Portfolio     Invesco Tax-Free Cash Reserve Portfolio  
    

February 28,

2023

   

August 31,

2022

   

February 28,

2023

   

August 31,

2022

 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Operations:

        

Net investment income

   $ 23,988,340     $ 4,933,278     $ 2,961,235     $ 629,361  

 

  

 

 

   

 

 

 

Net realized gain (loss)

     (30,165     (129,607     -       -  

 

  

 

 

   

 

 

 

Net increase in net assets resulting from operations

     23,958,175       4,803,671       2,961,235       629,361  

 

  

 

 

   

 

 

 

Distributions to shareholders from distributable earnings:

        

Institutional Class

     (22,764,739     (4,768,439     (2,597,193     (576,238

 

  

 

 

   

 

 

 

Private Investment Class

     (259,555     (48,742     (243,504     (26,690

 

  

 

 

   

 

 

 

Personal Investment Class

     (173,656     (29,749     (7,751     (2,178

 

  

 

 

   

 

 

 

Cash Management Class

     (1,358     (319     (37,135     (11,012

 

  

 

 

   

 

 

 

Reserve Class

     (660,979     (71,516     (67,697     (10,273

 

  

 

 

   

 

 

 

Resource Class

     (3,661     (360     (7,815     (2,938

 

  

 

 

   

 

 

 

Corporate Class

     (124,392     (14,153     (140     (32

 

  

 

 

   

 

 

 

Total distributions from distributable earnings

     (23,988,340     (4,933,278     (2,961,235     (629,361

 

  

 

 

   

 

 

 

Share transactions-net:

        

Institutional Class

     166,084,398       38,941,402       (2,953,360     78,490,605  

 

  

 

 

   

 

 

 

Private Investment Class

     2,096,826       (78,490     10,542,278       5,209,668  

 

  

 

 

   

 

 

 

Personal Investment Class

     (757,179     8,907,420       (1,414,442     133,658  

 

  

 

 

   

 

 

 

Cash Management Class

     1,491       (174,408     (250,931     (851,665

 

  

 

 

   

 

 

 

Reserve Class

     2,655,507       (32,341,061     (9,080,916     (1,439,232

 

  

 

 

   

 

 

 

Resource Class

     17,103       198       (24,302     (716,611

 

  

 

 

   

 

 

 

Corporate Class

     (86,382     (1,691,615     136       19  

 

  

 

 

   

 

 

 

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

     170,011,764       13,563,446       (3,181,537     80,826,442  

 

  

 

 

   

 

 

 

Net increase (decrease) in net assets

     169,981,599       13,433,839       (3,181,537     80,826,442  

 

  

 

 

   

 

 

 

Net assets:

        

Beginning of period

     1,175,082,030       1,161,648,191       232,634,661       151,808,219  

 

  

 

 

   

 

 

 

End of period

   $ 1,345,063,629     $ 1,175,082,030     $ 229,453,124     $ 232,634,661  

 

  

 

 

   

 

 

 

 

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

 

30   Short-Term Investments Trust


Financial Highlights

(Unaudited)

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

Personal Investment Class

 

                                                                      Ratio of     Ratio of        
                Net gains                                                     expenses     expenses        
                (losses)                                                     to average     to average net     Ratio of net  
    Net asset           on securities           Dividends     Distributions                                   net assets     assets without     investment  
    value,     Net     (both     Total from     from net     from net                 Net asset           Net assets,     with fee waivers     fee waivers     income  
    beginning     investment     realized and     investment     investment     realized     Return of     Total     value, end     Total     end of period     and/or expense     and/or expense     to average  
     of period     income(a)     unrealized)     operations     income     gains     capital     distributions     of period     return(b)     (000’s omitted)     reimbursements     reimbursements     net assets  

Invesco Liquid Assets Portfolio

 

             

Six months ended 02/28/23

  $ 1.0002     $ 0.0159     $ 0.0000     $ 0.0159     $ (0.0159   $ -     $ -     $ (0.0159   $ 1.0002       1.60   $ 10       0.73 %(c)      0.77 %(c)      3.18 %(c) 

Year ended 08/31/22

    1.0004       0.0029       (0.0002     0.0027       (0.0029     -       -       (0.0029     1.0002       0.27       10       0.40       0.77       0.26  

Year ended 08/31/21

    1.0006       0.0004       (0.0005     (0.0001     (0.0001     -       -       (0.0001     1.0004       (0.01     10       0.21       0.77       0.01  

Year ended 08/31/20

    1.0004       0.0081       (0.0008     0.0073       (0.0071     -       -       (0.0071     1.0006       0.74       10       0.64       0.77       0.80  

Year ended 08/31/19

    1.0004       0.0182       0.0000       0.0182       (0.0182     -       -       (0.0182     1.0004       1.83       10       0.73       0.77       1.82  

Year ended 08/31/18

    1.0002       0.0118       (0.0011     0.0107       (0.0105     -       -       (0.0105     1.0004       1.07       11       0.73       0.78       1.18  

Invesco STIC Prime Portfolio

 

             

Six months ended 02/28/23

    1.0000       0.0149       0.0004       0.0153       (0.0153     -       -       (0.0153     1.0000       1.54       93       0.73 (c)      0.82 (c)      3.00 (c) 

Year ended 08/31/22

    1.0000       0.0029       (0.0000     0.0029       (0.0026     -       (0.0003     (0.0029     1.0000       0.29       91       0.37       0.83       0.39  

Year ended 08/31/21

    1.0000       0.0001       (0.0000     0.0001       (0.0001     -       -       (0.0001     1.0000       0.01       93       0.13       0.85       0.01  

Year ended 08/31/20

    1.0001       0.0075       (0.0012     0.0063       (0.0064     -       -       (0.0064     1.0000       0.65       395       0.59       0.81       0.75  

Year ended 08/31/19

    1.0001       0.0171       0.0001       0.0172       (0.0172     -       -       (0.0172     1.0001       1.73       441       0.73       0.80       1.71  

Year ended 08/31/18

    1.0000       0.0100       (0.0002     0.0098       (0.0097     -       -       (0.0097     1.0001       0.99       616       0.73       0.82       1.00  

Invesco Treasury Portfolio

 

             

Six months ended 02/28/23

    1.00       0.02       0.00       0.02       (0.02     -       -       (0.02     1.00       1.54       388,631       0.73 (c)      0.76 (c)      3.22 (c) 

Year ended 08/31/22

    1.00       0.00       (0.00     0.00       (0.00     -       -       (0.00     1.00       0.26       580,831       0.36       0.76       0.24  

Year ended 08/31/21

    1.00       0.00       0.00       0.00       (0.00     -       -       (0.00     1.00       0.01       265,106       0.10       0.76       0.01  

Year ended 08/31/20

    1.00       0.01       0.00       0.01       (0.01     (0.00     -       (0.01     1.00       0.56       281,818       0.55       0.76       0.49  

Year ended 08/31/19

    1.00       0.02       0.00       0.02       (0.02     -       -       (0.02     1.00       1.64       360,256       0.73       0.76       1.63  

Year ended 08/31/18

    1.00       0.01       0.00       0.01       (0.01     -       -       (0.01     1.00       0.83       117,875       0.71       0.75       0.84  

Invesco Government & Agency Portfolio

 

             

Six months ended 02/28/23

    1.00       0.02       0.00       0.02       (0.02     -       -       (0.02     1.00       1.54       33,381       0.71 (c)      0.71 (c)      3.14 (c) 

Year ended 08/31/22

    1.00       0.00       (0.00     0.00       (0.00     -       -       (0.00     1.00       0.29       39,333       0.44       0.71       0.21  

Year ended 08/31/21

    1.00       0.00       0.00       0.00       (0.00     -       -       (0.00     1.00       0.02       9,360       0.08       0.71       0.02  

Year ended 08/31/20

    1.00       0.01       (0.00     0.01       (0.01     (0.00     -       (0.01     1.00       0.58       13,530       0.50       0.70       0.50  

Year ended 08/31/19

    1.00       0.02       0.00       0.02       (0.02     -       -       (0.02     1.00       1.66       15,992       0.71       0.71       1.65  

Year ended 08/31/18

    1.00       0.01       0.00       0.01       (0.01     -       -       (0.01     1.00       0.84       8,321       0.68       0.70       0.82  

Invesco Treasury Obligations Portfolio

 

             

Six months ended 02/28/23

    1.00       0.01       (0.00     0.01       (0.01     -       -       (0.01     1.00       1.49       11,962       0.73 (c)      0.76 (c)      3.03 (c) 

Year ended 08/31/22

    1.00       0.00       (0.00     0.00       (0.00     -       -       (0.00     1.00       0.23       12,718       0.42       0.76       0.17  

Year ended 08/31/21

    1.00       0.00       0.00       0.00       (0.00     -       -       (0.00     1.00       0.01       3,813       0.10       0.76       0.01  

Year ended 08/31/20

    1.00       0.01       (0.00     0.01       (0.01     -       -       (0.01     1.00       0.56       742       0.37       0.75       0.65  

Year ended 08/31/19

    1.00       0.02       0.00       0.02       (0.02     -       -       (0.02     1.00       1.62       112       0.73       0.76       1.60  

Year ended 08/31/18

    1.00       0.01       0.00       0.01       (0.01     -       -       (0.01     1.00       0.82       395       0.71       0.76       0.81  

Invesco Tax-Free Cash Reserve Portfolio

 

             

Six months ended 02/28/23

    1.00       0.01       -       0.01       (0.01     -       -       (0.01     1.00       0.84       396       0.75 (c)      0.88 (c)      1.71 (c) 

Year ended 08/31/22

    1.00       0.00       -       0.00       (0.00     -       -       (0.00     1.00       0.11       1,811       0.42       0.92       0.11  

Year ended 08/31/21

    1.00       0.00       -       0.00       (0.00     -       -       (0.00     1.00       0.01       1,677       0.07       0.95       0.01  

Year ended 08/31/20

    1.00       0.00       -       0.00       (0.00     -       -       (0.00     1.00       0.41       3,584       0.48       0.89       0.47  

Year ended 08/31/19

    1.00       0.01       -       0.01       (0.01     -       -       (0.01     1.00       0.83       2,542       0.75       0.90       0.83  

Year ended 08/31/18

    1.00       0.01       (0.00     0.01       (0.01     -       -       (0.01     1.00       0.54       10       0.60       0.93       0.61  

 

(a) 

Calculated using average shares outstanding.

(b) 

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and is not annualized for periods less than one year.

(c) 

Annualized.

 

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

 

31   Short-Term Investments Trust


Notes to Financial Statements

February 28, 2023

(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”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.

    The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio; and to provide tax-exempt income consistent with preservation of capital and liquidity for Invesco Tax-Free Cash Reserve Portfolio.

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

    Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies.

    Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio, both institutional money market funds, price and transact in their shares at a floating net asset value (“NAV”) reflecting the current market-based values of their portfolio securities, except as otherwise generally permitted for securities with remaining maturities of 60 days or less, which are valued at amortized cost. Rules and regulations also require Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).

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

    Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Invesco Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, seek to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation.

    “Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/or repurchase agreements collateralized fully by cash or Government Securities. “Retail money market funds” are required to adopt policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons.

    Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio and Invesco Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.

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

A.

Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities normally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

    Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is unreliable in the Adviser’s judgment, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

    Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

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

    Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.

B.

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

 

32   Short-Term Investments Trust


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

    The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

    Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Funds and the investment adviser.

    The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D.

Distributions - It is the policy of the Funds to declare dividends from net investment income, if any, daily and pay them monthly. 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, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H.

Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I.

Repurchase Agreements - The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income.

J.

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

 

33   Short-Term Investments Trust


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

    The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.

    The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

    Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and each Fund’s investments in municipal securities.

    There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

    U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.

K.

COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:

 

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

 

Invesco Liquid Assets Portfolio

   0.15%   0.15%   0.15%

 

Invesco STIC Prime Portfolio

   0.15%   0.15%   0.15%

 

Invesco Treasury Portfolio

   0.15%   0.15%   0.15%

 

Invesco Government & Agency Portfolio

   0.10%   0.10%   0.10%

 

Invesco Treasury Obligations Portfolio

   0.20%   0.15%   0.10%

 

Invesco Tax-Free Cash Reserve Portfolio

   0.20%   0.20%   0.20%

 

    For the six months ended February 28, 2023, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:

 

Invesco Liquid Assets Portfolio

     0.15%  

 

 

Invesco STIC Prime Portfolio

     0.15%  

 

 

Invesco Treasury Portfolio

     0.15%  

 

 

Invesco Government & Agency Portfolio

     0.10%  

 

 

Invesco Treasury Obligations Portfolio

     0.13%  

 

 

Invesco Tax-Free Cash Reserve Portfolio

     0.20%  

 

 

    Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, for Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

    The Adviser has contractually agreed, through at least December 31, 2023, 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

 

34   Short-Term Investments Trust


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

 

         Private   Personal   Cash               CAVU
     Institutional   Investment   Investment   Management   Reserve   Resource   Corporate   Securities
     Class   Class   Class   Class   Class   Class   Class   Class

 

Invesco Liquid Assets Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.38%   0.21%   0.18%

 

Invesco STIC Prime Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.34%   0.21%   -      

 

Invesco Treasury Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.34%   0.21%   0.18%

 

Invesco Government & Agency Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.34%   0.21%   0.18%

 

Invesco Treasury Obligations Portfolio

   0.18%   0.43%   0.73%   0.26%   1.05%   0.34%   0.21%   -      

 

Invesco Tax-Free Cash Reserve Portfolio

   0.20%   0.45%   0.75%   0.28%   1.07%   0.36%   0.23%   -      

 

    The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.

    In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses, and (5) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

    For the six months ended February 28, 2023, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:

 

     Expense
Limitation
 

 

 

Invesco Liquid Assets Portfolio

   $ 342,612  

 

 

Invesco STIC Prime Portfolio

     173,553  

 

 

Invesco Treasury Portfolio

     6,268,478  

 

 

Invesco Government & Agency Portfolio

     84,156  

 

 

Invesco Treasury Obligations Portfolio

     181,160  

 

 

Invesco Tax-Free Cash Reserve Portfolio

     179,196  

 

 

    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, 2023, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as fund accountant and provides certain administrative services to the Funds. Pursuant to a custody agreement with the Trust on behalf of the Funds, BNY Mellon also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 28, 2023, 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”). Each Fund, pursuant to the Plans, pays IDI compensation up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.

 

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

 

Invesco Liquid Assets Portfolio

   0.30%   0.55%   0.08%   0.87%   0.20%   0.03%

 

Invesco STIC Prime Portfolio

   0.30%   0.55%   0.08%   0.87%   0.16%   0.03%

 

Invesco Treasury Portfolio

   0.30%   0.55%   0.08%   0.87%   0.16%   0.03%

 

Invesco Government & Agency Portfolio

   0.30%   0.55%   0.08%   0.87%   0.16%   0.03%

 

Invesco Treasury Obligations Portfolio

   0.25%   0.55%   0.08%   0.87%   0.16%   0.03%

 

Invesco Tax-Free Cash Reserve Portfolio

   0.25%   0.55%   0.08%   0.87%   0.16%   0.03%

 

    The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.

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

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods,

 

35   Short-Term Investments Trust


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. 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 the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

    As of February 28, 2023, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase securities from or sell securities to certain other affiliated 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 that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the six months ended February 28, 2023, each Fund engaged in transactions with affiliates as listed below:

 

     Securities Purchases                  Securities Sales                  Net Realized Gains

 

Invesco Liquid Assets Portfolio

       $                  -             $  15,017,260           $-

 

Invesco STIC Prime Portfolio

     10,011,507            7,808,191             -

 

Invesco Tax-Free Cash Reserve Portfolio

     164,296,012            170,492,689             -

 

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 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. 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 had a capital loss carryforward as of August 31, 2022, as follows:

 

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

 

 

Invesco Liquid Assets Portfolio

     $ 9,051        $ -        $ 9,051  

 

 

Invesco Treasury Portfolio

       3,918,575          -          3,918,575  

 

 

Invesco Government & Agency Portfolio

       28,544,744          -          28,544,744  

 

 

Invesco Treasury Obligations Portfolio

       132,371          24,258          156,629  

 

 

Invesco Tax-Free Cash Reserve Portfolio

       19,092          -          19,092  

 

 

 

*

Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:

 

       At February 28, 2023  
                                  Net  
                                  Unrealized  
       Federal        Unrealized        Unrealized        Appreciation  
       Tax Cost*        Appreciation        (Depreciation)        (Depreciation)  

 

 

Invesco Liquid Assets Portfolio

     $ 1,833,286,676          $103,511        $ (273,743      $ (170,232)  

 

 

Invesco STIC Prime Portfolio

       234,120,176                   546          (3,822        (3,276)  

 

 

Invesco Treasury Obligations Portfolio

       1,356,198,463          -          (8,870        (8,870)  

 

 

 

*

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

NOTE 9–Share Information

Invesco Liquid Assets Portfolio

 

    

Summary of Share Activity

 

 

 
     Six months ended      Year ended  
     February 28, 2023(a)      August 31, 2022  
     Shares      Amount      Shares      Amount  

 

 

Sold:

           

Institutional Class

     7,575,148,001      $ 7,576,878,151        16,021,220,223      $ 16,021,997,196  

 

 

Private Investment Class

     1,140        1,140        173        173  

 

 

Cash Management Class

     6,118        6,119        1        1  

 

 

Reserve Class

     256        257        7,065        7,068  

 

 

Resource Class

     417        417        -        -  

 

 

Corporate Class

     5,998,343        6,000,042        -        -  

 

 

CAVU Securities Class

     -        -        1        1  

 

 

Issued as reinvestment of dividends:

           

Institutional Class

     4,247,510        4,248,575        331,500        331,481  

 

 

Private Investment Class

     17,991        17,996        3,597        3,597  

 

 

Personal Investment Class

     4        4        -        -  

 

 

Cash Management Class

     31,256        31,264        5,971        5,971  

 

 

Reserve Class

     2,461        2,461        174        174  

 

 

Resource Class

     4,382        4,383        599        599  

 

 

Corporate Class

     36,900        36,909        70        70  

 

 

 

37   Short-Term Investments Trust


NOTE 9–Share Information(continued)

 

           Summary of Share Activity        

 

 
     Six months ended     Year ended  
     February 28, 2023(a)     August 31, 2022  
     Shares     Amount     Shares     Amount  

 

 

Reacquired:

        

Institutional Class

     (7,501,501,745   $ (7,503,217,013     (16,635,655,012   $ (16,636,609,365

 

 

Private Investment Class

     (49,320     (49,332     (1,822,166     (1,822,177

 

 

Cash Management Class

     (81,322     (81,346     (1,207,094     (1,207,189

 

 

Reserve Class

     (6,059     (6,061     (47,789     (47,792

 

 

Resource Class

     (3,063     (3,065     (114,803     (114,839

 

 

Corporate Class

     (23     (23     (425     (424

 

 

Net increase (decrease) in share activity

     83,853,247     $ 83,870,878       (617,277,915   $ (617,455,455

 

 

 

(a) 

42% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

38   Short-Term Investments Trust


NOTE 9–Share Information–(continued)

 

Invesco STIC Prime Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     911,782,582     $ 911,783,366       1,898,258,845     $ 1,898,293,281  

 

 

Private Investment Class

     69,416       69,416       66,475       66,475  

 

 

Personal Investment Class

     129       129       45       45  

 

 

Cash Management Class

     200,511       200,511       47,921       47,925  

 

 

Reserve Class

     87       87       1       1  

 

 

Resource Class

     1       1       -       -  

 

 

Corporate Class

     611,040       611,040       -       -  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     5,147,362       5,147,362       718,725       718,729  

 

 

Private Investment Class

     5,822       5,822       961       961  

 

 

Personal Investment Class

     1,411       1,411       131       131  

 

 

Cash Management Class

     4,838       4,838       351       351  

 

 

Reserve Class

     971       971       62       62  

 

 

Resource Class

     8       8       1       1  

 

 

Corporate Class

     4,612       4,612       64       64  

 

 

Reacquired:

        

Institutional Class

     (1,007,016,975     (1,007,018,016     (1,798,225,673     (1,798,252,661

 

 

Private Investment Class

     (200,392     (200,392     (215,296     (215,297

 

 

Personal Investment Class

     -       -       (1,624     (1,624

 

 

Cash Management Class

     (107,101     (107,101     (175,291     (175,297

 

 

Reserve Class

     (1     (1     (16,836     (16,838

 

 

Resource Class

     (1     (1     -       -  

 

 

Corporate Class

     (130,000     (130,000     -       -  

 

 

Net increase (decrease) in share activity

     (89,625,680   $ (89,625,937     100,458,862     $ 100,466,309  

 

 

 

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 62% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

 

39   Short-Term Investments Trust


NOTE 9–Share Information–(continued)

 

Invesco Treasury Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     145,004,051,458     $ 145,004,051,458       132,066,034,066     $ 132,066,034,066  

 

 

Private Investment Class

     693,606,770       693,606,770       1,001,410,898       1,001,410,898  

 

 

Personal Investment Class

     1,065,604,266       1,065,604,266       2,236,178,971       2,236,178,971  

 

 

Cash Management Class

     445,291,553       445,291,553       1,488,319,714       1,488,319,714  

 

 

Reserve Class

     2,136,575,113       2,136,575,113       3,559,612,942       3,559,612,942  

 

 

Resource Class

     154,959,401       154,959,401       215,964,855       215,964,855  

 

 

Corporate Class

     7,067,487,198       7,067,487,198       4,502,000,934       4,502,000,934  

 

 

CAVU Securities Class

     10,117,703,630       10,117,703,630       12,888,063,731       12,888,063,731  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     188,438,016       188,438,016       10,223,078       10,223,078  

 

 

Private Investment Class

     4,364,973       4,364,973       184,233       184,233  

 

 

Personal Investment Class

     5,687,699       5,687,699       398,914       398,914  

 

 

Cash Management Class

     5,107,835       5,107,835       1,071,516       1,071,516  

 

 

Reserve Class

     12,607,423       12,607,423       971,014       971,014  

 

 

Resource Class

     1,108,827       1,108,827       130,138       130,138  

 

 

Corporate Class

     9,000,585       9,000,585       261,029       261,029  

 

 

CAVU Securities Class

     17,718,130       17,718,130       1,880       1,880  

 

 

Reacquired:

        

Institutional Class

     (131,165,173,079     (131,165,173,079     (127,745,395,500     (127,745,395,500

 

 

Private Investment Class

     (461,389,073     (461,389,073     (923,593,550     (923,593,550

 

 

Personal Investment Class

     (1,263,551,118     (1,263,551,118     (1,920,776,704     (1,920,776,704

 

 

Cash Management Class

     (604,468,621     (604,468,621     (1,546,770,652     (1,546,770,652

 

 

Reserve Class

     (2,477,852,390     (2,477,852,390     (3,440,814,516     (3,440,814,516

 

 

Resource Class

     (156,710,470     (156,710,470     (191,904,982     (191,904,982

 

 

Corporate Class

     (5,662,690,509     (5,662,690,509     (4,294,751,493     (4,294,751,493

 

 

CAVU Securities Class

     (8,838,377,984     (8,838,377,984     (12,877,833,985     (12,877,833,985

 

 

Net increase in share activity

     16,299,099,633     $ 16,299,099,633       5,028,986,531     $ 5,028,986,531  

 

 

 

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 40% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

 

40   Short-Term Investments Trust


NOTE 9–Share Information–(continued)

 

Invesco Government & Agency Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     324,869,749,338     $ 324,869,749,338       454,339,645,288     $ 454,339,645,288  

 

 

Private Investment Class

     1,126,644,425       1,126,644,425       1,778,974,054       1,778,974,054  

 

 

Personal Investment Class

     58,898,358       58,898,358       97,861,174       97,861,174  

 

 

Cash Management Class

     414,424,303       414,424,303       1,341,733,532       1,341,733,532  

 

 

Reserve Class

     807,114,011       807,114,011       2,373,222,673       2,373,222,673  

 

 

Resource Class

     826,482,205       826,482,205       1,481,464,937       1,481,464,937  

 

 

Corporate Class

     8,128,163,560       8,128,163,560       10,354,778,887       10,354,778,887  

 

 

CAVU Securities Class

     68,062,764,562       68,062,764,562       77,360,488,467       77,360,488,467  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     455,040,015       455,040,015       49,592,996       49,592,996  

 

 

Private Investment Class

     7,769,707       7,769,707       747,946       747,946  

 

 

Personal Investment Class

     501,718       501,718       55,691       55,691  

 

 

Cash Management Class

     3,325,117       3,325,117       463,867       463,867  

 

 

Reserve Class

     8,266,117       8,266,117       542,028       542,028  

 

 

Resource Class

     2,777,506       2,777,506       486,110       486,110  

 

 

Corporate Class

     11,198,615       11,198,615       1,161,309       1,161,309  

 

 

CAVU Securities Class

     99,055,148       99,055,148       7,176,754       7,176,754  

 

 

Reacquired:

        

Institutional Class

     (315,168,513,197     (315,168,513,197     (442,662,747,076     (442,662,747,076

 

 

Private Investment Class

     (970,036,183     (970,036,183     (1,707,506,123     (1,707,506,123

 

 

Personal Investment Class

     (65,358,015     (65,358,015     (67,927,807     (67,927,807

 

 

Cash Management Class

     (935,259,816     (935,259,816     (947,276,029     (947,276,029

 

 

Reserve Class

     (902,014,831     (902,014,831     (2,183,262,634     (2,183,262,634

 

 

Resource Class

     (767,953,265     (767,953,265     (1,464,792,242     (1,464,792,242

 

 

Corporate Class

     (7,115,984,875     (7,115,984,875     (10,895,201,454     (10,895,201,454

 

 

CAVU Securities Class

     (61,978,082,364     (61,978,082,364     (73,955,994,664     (73,955,994,664

 

 

Net increase in share activity

     16,978,972,159     $ 16,978,972,159       15,303,687,684     $ 15,303,687,684  

 

 

 

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

 

41   Short-Term Investments Trust


NOTE 9–Share Information–(continued)

 

Invesco Treasury Obligations Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     2,955,044,530     $ 2,955,044,530       2,034,763,395     $ 2,034,763,395  

 

 

Private Investment Class

     5,741,484       5,741,484       4,862,034       4,862,034  

 

 

Personal Investment Class

     7,866,493       7,866,493       25,412,787       25,412,787  

 

 

Cash Management Class

     133       133       -       -  

 

 

Reserve Class

     75,864,809       75,864,809       237,156,939       237,156,939  

 

 

Resource Class

     1,257,552       1,257,552       891,607       891,607  

 

 

Corporate Class

     20,654,915       20,654,915       -       -  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     13,024,486       13,024,486       1,208,158       1,208,158  

 

 

Private Investment Class

     259,555       259,555       25,960       25,960  

 

 

Personal Investment Class

     173,656       173,656       13,163       13,163  

 

 

Cash Management Class

     1,358       1,358       185       185  

 

 

Reserve Class

     660,979       660,979       26,868       26,868  

 

 

Resource Class

     2,003       2,003       -       -  

 

 

Corporate Class

     121,810       121,810       8,385       8,385  

 

 

Reacquired:

        

Institutional Class

     (2,801,984,618     (2,801,984,618     (1,997,030,151     (1,997,030,151

 

 

Private Investment Class

     (3,904,213     (3,904,213     (4,966,484     (4,966,484

 

 

Personal Investment Class

     (8,797,328     (8,797,328     (16,518,530     (16,518,530

 

 

Cash Management Class

     -       -       (174,593     (174,593

 

 

Reserve Class

     (73,870,281     (73,870,281     (269,524,868     (269,524,868

 

 

Resource Class

     (1,242,452     (1,242,452     (891,409     (891,409

 

 

Corporate Class

     (20,863,107     (20,863,107     (1,700,000     (1,700,000

 

 

Net increase in share activity

     170,011,764     $ 170,011,764       13,563,446     $ 13,563,446  

 

 

 

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 39% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

    In addition, 38% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

42   Short-Term Investments Trust


NOTE 9–Share Information(continued)

Invesco Tax-Free Cash Reserve Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     222,924,718     $ 222,924,718       264,322,787     $ 264,322,787  

 

 

Private Investment Class

     36,294,273       36,294,273       8,658,509       8,658,509  

 

 

Personal Investment Class

     1,707,275       1,707,275       4,144,947       4,144,947  

 

 

Cash Management Class

     2,589,877       2,589,877       4,995,075       4,995,075  

 

 

Reserve Class

     13,217,998       13,217,998       44,954,869       44,954,869  

 

 

Resource Class

     537       537       -       -  

 

 

Corporate Class

     49,490       49,490       -       -  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     1,792,239       1,792,239       203,648       203,648  

 

 

Private Investment Class

     233,864       233,864       10,734       10,734  

 

 

Personal Investment Class

     7,751       7,751       619       619  

 

 

Cash Management Class

     8,620       8,620       1,959       1,959  

 

 

Reserve Class

     67,697       67,697       2,238       2,238  

 

 

Resource Class

     7,709       7,709       1,890       1,890  

 

 

Corporate Class

     136       136       19       19  

 

 

Reacquired:

        

Institutional Class

     (227,670,317     (227,670,317     (186,035,830     (186,035,830

 

 

Private Investment Class

     (25,985,859     (25,985,859     (3,459,575     (3,459,575

 

 

Personal Investment Class

     (3,129,468     (3,129,468     (4,011,908     (4,011,908

 

 

Cash Management Class

     (2,849,428     (2,849,428     (5,848,699     (5,848,699

 

 

Reserve Class

     (22,366,611     (22,366,611     (46,396,339     (46,396,339

 

 

Resource Class

     (32,548     (32,548     (718,501     (718,501

 

 

Corporate Class

     (49,490     (49,490     -       -  

 

 

Net increase (decrease) in share activity

     (3,181,537   $ (3,181,537     80,826,442     $ 80,826,442  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 82% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 10–Significant Event

On January 19, 2023, the Board of Trustees approved a Plan of Liquidation and Dissolution, which authorizes the termination, liquidation and dissolution of Invesco Tax-Free Cash Reserve Portfolio Fund (the “Fund”). In order to effect such liquidation, the Fund closed to investments by new accounts after the close of business on February 24, 2023. The Fund is expected to liquidate on or about April 24, 2023.

 

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, 2022 through February 28, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

 

                        HYPOTHETICAL      
            ACTUAL      (5% annual return before expenses)          
      Beginning    Ending    Expenses    Ending    Expenses      Annualized    
Personal Investment      Account Value          Account Value          Paid During          Account Value          Paid During        Expense
Class    (09/01/22)    (02/28/23)1    Period2    (02/28/23)    Period2    Ratio
Invesco Liquid Assets Portfolio    $1,000.00    $1,016.00    $3.65    $1,021.17    $3.66    0.73%
Invesco STIC Prime Portfolio      1,000.00      1,015.40      3.65      1,021.17      3.66    0.73   
Invesco Treasury Portfolio      1,000.00      1,015.40      3.65      1,021.17      3.66    0.73   
Invesco Government & Agency Portfolio      1,000.00      1,015.40      3.55      1,021.27      3.56    0.71   
Invesco Treasury Obligations Portfolio      1,000.00      1,014.90      3.65      1,021.17      3.66    0.73   
Invesco Tax-Free Cash Reserve Portfolio      1,000.00      1,008.40      3.73      1,021.08      3.76    0.75   

 

1 

The actual ending account value is based on the actual total return of the Funds for the period September 1, 2022 through February 28, 2023, 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


(This page intentionally left blank)

 

 


(This page intentionally left blank)

 

 


(This page intentionally left blank)

 

 


 

 

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

 

 

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

 

 

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-MFP filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

 

LOGO

 

SEC file numbers: 811-02729 and 002-58287    Invesco Distributors, Inc.    CM-STIT-SAR-6                                     


LOGO

 

   
Semiannual Report to Shareholders    February 28, 2023

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

 

    

     
2               Fund Data
3      Schedules of Investments
25      Financial Statements
31      Financial Highlights
32      Notes to Financial Statements
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, 2023, and is based on total net assets. Unless otherwise stated, all data is provided by Invesco.

 

 

 

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE


 

Fund Data

 

       

  Reserve Class data as of 2/28/23

           
       
    FUND  

WEIGHTED

AVERAGE

MATURITY

    

WEIGHTED

AVERAGE

LIFE

    

TOTAL

NET

ASSETS

   

 

          Range
During
Reporting
Period
    

At

Reporting
Period
End

    

At
Reporting
Period

End

              
   

Invesco Liquid Assets1

  12 - 48 days      41 days      47 days        $171.7 thousand              
   

Invesco STIC Prime1

  2 - 8 days      3 days      5 days        71.3 thousand              
   

Invesco Treasury2

    3 - 30 days      26 days      111 days        658.8 million                  
   

Invesco Government & Agency2

    8 - 30 days      23 days      109 days        512.2 million                  
   

Invesco Treasury Obligations2

  29 - 53 days      45 days      103 days        44.8 million                  
   

Invesco Tax-Free Cash Reserve3

    6 - 13 days      6 days      6 days        5.7 million                  
 

 

Weighted average maturity (WAM) is an average of the maturities of all securities held in the portfolio, weighted by each

security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes.

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

 

 

 

 

 

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


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio

 

     Interest
Rate
     Maturity
Date
    

Principal

Amount

(000)

     Value  

 

 

Commercial Paper-51.09%(a)

           

Asset-Backed Securities - Consumer Receivables-1.09%

           

Old Line Funding LLC (1 mo. FEDL + 0.12%)(b)(c)(d)

     4.65%        05/23/2023      $          20,000      $      20,000,000  

 

 

Asset-Backed Securities - Fully Supported Bank-12.57%

           

Anglesea Funding LLC (Multi - CEP’s) (1 mo. OBFR + 0.19%)(b)(c)(d)

     4.76%        04/07/2023        40,000        40,006,000  

 

 

Concord Minutemen Capital Co. LLC (Multi - CEP’s) (SOFR + 0.35%)(b)(c)(d)

     4.66%        04/19/2023        37,108        37,117,871  

 

 

Lexington Parker Capital Co. LLC (Multi - CEP’s)(b)(c)

     4.63%        03/15/2023        20,000        19,961,875  

 

 

Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c)

     4.62%        03/17/2023        39,110        39,025,451  

 

 

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

     4.82%        05/02/2023        50,000        49,586,475  

 

 

Nieuw Amsterdam Receivables Corp B.V. (CEP - Cooperatieve Rabobank U.A.) (Netherlands)(b)(c)

     4.68%        04/11/2023        19,500        19,394,417  

 

 

Versailles Commercial Paper LLC (CEP - Natixis SA)(c)

     4.95%        05/03/2023        25,000        24,788,844  

 

 
              229,880,933  

 

 

Diversified Banks-19.40%

           

Banco Santander S.A. (Spain)(b)(c)

     4.94%        05/01/2023        25,000        24,796,778  

 

 

Banco Santander S.A. (Spain)(b)(c)

     4.96%        05/10/2023        10,000        9,906,438  

 

 

Barclays Bank PLC(b)(c)

     4.89%        05/24/2023        10,000        9,886,147  

 

 

DBS Bank Ltd. (Singapore)(b)(c)

     5.18%        06/07/2023        20,000        19,737,925  

 

 

DNB Bank ASA (Norway)(b)(c)

     5.15%        02/01/2024        25,000        23,780,149  

 

 

DZ Bank AG (Germany)(b)(c)

     4.79%        04/11/2023        30,000        29,838,405  

 

 

Lloyds Bank PLC (United Kingdom)(c)

     5.14%        08/01/2023        25,000        24,464,636  

 

 

National Australia Bank Ltd. (Australia)(b)(c)

     5.10%        11/02/2023        40,000        38,606,096  

 

 

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

     4.65%        04/03/2023        50,000        49,781,078  

 

 

Nordea Bank Abp (Finland)(b)(c)

     5.06%        07/03/2023        30,000        29,493,646  

 

 

Sumitomo Mitsui Trust Bank Ltd.(b)(c)

     4.58%        03/06/2023        50,000        49,962,083  

 

 

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

     0.00%        01/26/2024        25,000        24,934,499  

 

 

Westpac Banking Corp. (Australia)(b)(c)

     5.47%        08/03/2023        20,000        19,580,447  

 

 
              354,768,327  

 

 

Diversified Capital Markets-5.98%

           

Collateralized Commercial Paper V Co. LLC (CEP - JPMorgan Securities LLC)

     5.09%        07/12/2023        10,000        9,816,606  

 

 

Glencove Funding LLC (CEP - Standard Chartered Bank)(b)(c)

     4.80%        04/25/2023        50,000        49,635,222  

 

 

Great Bear Funding LLC (CEP - Bank of Nova Scotia) (1 mo. OBFR + 0.25%)(c)(d)

     4.82%        07/24/2023        30,000        30,005,940  

 

 

Longship Funding LLC (CEP - Nordea Bank AB)(b)(c)

     4.62%        03/17/2023        20,000        19,956,556  

 

 
              109,414,324  

 

 

Education Services-1.97%

           

Emory University

     4.68%        04/06/2023        36,000        35,983,588  

 

 

Investment Banking & Brokerage-1.62%

           

Goldman Sachs International(b)

     4.97%        05/24/2023        30,000        29,663,400  

 

 

Regional Banks-2.73%

           

Mitsubishi UFJ Trust & Banking Corp.(b)(c)

     4.59%        03/24/2023        50,000        49,848,667  

 

 

Specialized Finance-5.73%

           

Cabot Trail Funding LLC (CEP - TD Bank N.A.)(b)(c)

     4.68%        04/03/2023        25,000        24,890,208  

 

 

Caterpillar Financial Services Corp.

     4.61%        03/02/2023        50,000        49,987,478  

 

 

 

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

 

3   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio–(continued)

 

     Interest
Rate
    Maturity
Date
    

Principal

Amount

(000)

     Value  

 

 

Specialized Finance-(continued)

          

Great Bear Funding LLC (CEP - Bank of Nova Scotia) (1 mo. OBFR +
0.23%)(c)(d)

     4.80%       07/24/2023      $           20,000      $      20,003,960  

 

 

Ontario Teachers’ Finance Trust (Canada)(b)(c)

     5.24%       05/16/2023        10,000        9,898,852  

 

 
             104,780,498  

 

 

Total Commercial Paper (Cost $934,507,127)

             934,339,737  

 

 

Certificates of Deposit-23.43%

          

Bank of America N.A.

     5.37%       08/28/2023        40,000        39,989,008  

 

 

Credit Agricole Corporate & Investment Bank S.A.(c)

     4.55%       03/01/2023        69,572        69,571,586  

 

 

DNB Bank ASA (Norway)(c)

     4.55%       03/01/2023        62,000        62,000,000  

 

 

Mizuho Bank Ltd.(c)

     4.57%       03/01/2023        86,000        86,000,000  

 

 

Oversea-Chinese Banking Corp. Ltd.(c)

     4.84%       05/31/2023        25,000        24,998,175  

 

 

Oversea-Chinese Banking Corp. Ltd.(c)

     5.13%       07/14/2023        20,000        20,009,854  

 

 

Skandinaviska Enskilda Banken AB(c)

     4.56%       03/01/2023        90,000        90,000,000  

 

 

Sumitomo Mitsui Trust Bank Ltd.(c)

     4.55%       03/01/2023        36,000        36,000,000  

 

 

Total Certificates of Deposit (Cost $428,571,465)

             428,568,623  

 

 

Variable Rate Demand Notes-4.29%(e)

          

Credit Enhanced-4.29%

          

Board of Regents of the University of Texas System; Subseries 2016 G-2, VRD RB

     4.55%       08/01/2045        67,040        67,040,000  

 

 

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

     4.90%       04/01/2047        9,100        9,099,999  

 

 

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

     4.59%       05/01/2037        2,400        2,400,000  

 

 

Total Variable Rate Demand Notes (Cost $78,539,999)

             78,539,999  

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase
Agreements)-78.81% (Cost $1,441,618,591)

 

     1,441,448,359  

 

 
                  Repurchase
Amount
        

Repurchase Agreements-21.42%(g)

          

BMO Capital Markets Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $75,068,104 (collateralized by agency and non-agency asset-backed securities, corporate obligations, agency and non-agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $77,897,590; 0.00% - 8.59%; 09/29/2023 -
10/20/2072)(c)(h)

4.67%

03/01/2023

 

 

 

     5,004,540        5,000,000  

 

 

BMO Capital Markets Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $75,068,542 (collateralized by agency and non-agency asset-backed securities, corporate obligations, agency and non-agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $79,297,812; 0.00% - 11.67%; 04/01/2023 -
10/20/2072)(c)(h)

     4.70%       03/01/2023        20,018,278        20,000,000  

 

 

BNP Paribas Securities Corp., joint term agreement dated 02/23/2023, aggregate maturing value of $115,105,321 (collateralized by corporate obligations, non-agency asset-backed securities and a non-agency mortgage-backed security valued at $126,499,356; 3.75% - 11.23%; 03/15/2024 -
09/25/2047)(c)(h)

     4.71%       03/02/2023        45,041,213        45,000,000  

 

 

BNP Paribas Securities Corp., joint term agreement dated 02/23/2023, aggregate maturing value of $50,045,208 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $54,237,766; 0.00% - 6.91%; 10/21/2027 - 02/25/2068)(c)(h)

     4.65%       03/02/2023        18,016,275        18,000,000  

 

 

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $50,006,444 (collateralized by corporate obligations valued at $55,000,360; 3.63% - 10.50%; 11/15/2026 - 05/15/2031)

     4.64%       03/01/2023        25,003,222        25,000,000  

 

 

 

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

 

4   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio–(continued)

 

     Interest
Rate
  Maturity
Date
  

Repurchase

Amount

     Value  

 

 

Credit Agricole Corporate & Investment Bank, joint open agreement dated 02/17/2023 (collateralized by agency and non-agency asset-backed securities, corporate obligations, non-agency mortgage-backed securities valued at $212,241,452; 0.70% - 11.75%; 05/22/2023 - 05/15/2097)(c)(i)

   4.65%   03/01/2023    $   15,001,938      $      15,000,000  

 

 

J.P. Morgan Securities LLC, joint open agreement dated 01/04/2023 (collateralized by corporate obligations valued at $110,000,002; 0.00% - 11.50%; 05/30/2023 - 02/01/2050)(i)

   4.87%   03/01/2023      40,150,956        40,000,000  

 

 

J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,752,093; 4.25% - 10.63%; 09/01/2023 - 03/01/2033)(i)

   4.77%   03/01/2023      7,025,873        7,000,000  

 

 

RBC Capital Markets LLC, joint term agreement dated 02/22/2023, aggregate maturing value of $150,138,542 (collateralized by corporate obligations and a non-agency mortgage-backed security valued at $160,966,520; 0.00% - 13.00%; 03/02/2023 -01/15/2077)(c)(h)

   4.75%   03/01/2023      15,013,854        15,000,000  

 

 

Societe Generale, joint open agreement dated 01/04/2023 (collateralized by corporate obligations, a non-agency asset-backed security, a U.S. government sponsored agency obligation and U.S. Treasury obligation valued at $92,137,344; 0.00% - 7.88%; 03/15/2023 - 02/27/2063)(c)(i)

   4.68%   03/01/2023      30,003,900        30,000,000  

 

 

Societe Generale, joint open agreement dated 08/06/2019 (collateralized by corporate obligations, non-agency asset-backed securities, non-agency mortgage-backed securities, a U.S. government sponsored agency obligation and U.S. Treasury obligations valued at $61,983,453; 0.00% - 11.75%; 03/15/2023 - 08/01/2118)(c)(i)

   4.75%   03/01/2023      25,003,299        25,000,000  

 

 

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,667 (collateralized by agency mortgage-backed securities valued at $1,020,000,000; 2.00% - 3.50%; 11/01/2046 - 01/20/2052)

   4.56%   03/01/2023      146,686,663        146,668,085  

 

 

Total Repurchase Agreements (Cost $391,668,085)

             391,668,085  

 

 

TOTAL INVESTMENTS IN SECURITIES(j)(k)-100.23% (Cost $1,833,286,676)

             1,833,116,444  

 

 

OTHER ASSETS LESS LIABILITIES-(0.23)%

             (4,137,317

 

 

NET ASSETS-100.00%

           $ 1,828,979,127  

 

 

Investment Abbreviations:

 

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

 

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

 

5   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio–(continued)

    

 

Notes to Schedule of Investments:

 

(a) 

Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

(b) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2023 was $748,388,684, which represented 40.92% 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: France: 16.2%; Japan: 14.7%; Cananda: 9.3%; Netherland: 8.1%; Sweden: 6.0%; other countries less than 5% each: 21.1%.

(d) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(e) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(f) 

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

(g) 

Principal amount equals value at period end. See Note 1I.

(h) 

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

(i) 

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

(j) 

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 issuer’s obligations. No concentration of any single entity was greater than 5% each.

(k) 

Also represents cost for federal income tax purposes.

 

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     49.6%  

 

 

8-30

     7.0     

 

 

31-60

     15.7     

 

 

61-90

     9.8     

 

 

91-180

     10.9     

 

 

181+

     7.0     

 

 

    

 
*

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.

 

6   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco STIC Prime Portfolio

 

     Interest
Rate
    Maturity
Date
    

Principal

Amount

(000)

     Value  

 

 

Certificates of Deposit-26.41%

          

Australia and New Zealand Banking Group Ltd. (Cayman Islands)(a)

     4.57%       03/01/2023      $ 9,000      $     9,000,000  

 

 

BNP Paribas S.A. (SOFR + 0.50%)(a)(b)

     4.32%       03/08/2023        2,075        2,075,195  

 

 

Credit Agricole Corporate & Investment Bank S.A.(a)

     4.55%       03/01/2023        10,428        10,428,414  

 

 

DNB Bank ASA (Norway)(a)

     4.55%       03/01/2023        8,000        8,000,000  

 

 

Mizuho Bank Ltd.(a)

     4.57%       03/01/2023        9,000        9,000,000  

 

 

Skandinaviska Enskilda Banken AB(a)

     4.56%       03/01/2023        8,000        8,000,000  

 

 

Standard Chartered Bank (SOFR + 0.30%) (United Kingdom)(a)(b)

     4.36%       03/13/2023        6,250        6,250,482  

 

 

Sumitomo Mitsui Trust Bank Ltd.(a)

     4.55%       03/01/2023        9,000        9,000,000  

 

 

Total Certificates of Deposit (Cost $61,753,946)

             61,754,091  

 

 

Commercial Paper-23.09%(c)

          

Asset-Backed Securities - Fully Supported Bank-11.56%

          

Anglesea Funding LLC (Multi - CEP’s)(a)(d)

     4.65%       03/08/2023        7,000        6,992,897  

 

 

Concord Minutemen Capital Co. LLC (Multi - CEP’s) (SOFR + 0.35%)(a)(b)(d)

     4.48%       03/16/2023        7,071        7,071,654  

 

 

Halkin Finance LLC (Multi - CEP’s)(a)(d)

     4.77%       03/30/2023        7,000        6,973,196  

 

 

Nieuw Amsterdam Receivables Corp B.V. (CEP - Cooperatieve Rabobank U.A.)(a)(d)

     4.53%       03/03/2023        6,000        5,997,708  

 

 
             27,035,455  

 

 

Diversified Banks-4.27%

          

Westpac Banking Corp. (SOFR + 0.50%) (Australia)(a)(b)(d)

     4.32%       03/21/2023        10,000        10,002,359  

 

 

Diversified Capital Markets-2.14%

          

Britannia Funding Co. LLC (CEP - Barclays Bank PLC)(a)(d)

     4.58%       03/01/2023        5,000        4,999,364  

 

 

Integrated Oil & Gas-2.99%

          

TotalEnergies Capital Canada Ltd. (Canada)(a)(d)

     4.61%       03/02/2023        7,000        6,998,250  

 

 

Specialized Finance-2.13%

          

Cabot Trail Funding LLC (CEP - TD Bank N.A.)(a)(d)

     4.68%       04/04/2023        5,000        4,977,381  

 

 

Total Commercial Paper (Cost $54,016,230)

             54,012,809  

 

 

Variable Rate Demand Notes-7.42%(e)

          

Credit Enhanced-7.42%

          

Board of Regents of the University of Texas System; Subseries 2016 G-2, VRD RB

     4.55%       08/01/2045        5,000        5,000,000  

 

 

Jets Stadium Development LLC; Series 2014 A-4C, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(a)(d)(f)

     4.90%       04/01/2047        5,000        5,000,000  

 

 

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

     4.59%       05/01/2037        2,950        2,950,000  

 

 

Ziegler Realty LLC; Series 2007, VRD Notes (LOC - Wells Fargo Bank, N.A.)(d)(f)

     4.67%       01/01/2033        4,400        4,400,000  

 

 

Total Variable Rate Demand Notes (Cost $17,350,000)

             17,350,000  

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase
Agreements)-56.92% (Cost $133,120,176)

 

     133,116,900  

 

 
                  Repurchase
Amount
        

Repurchase Agreements-43.19%(g)

          

BMO Capital Markets Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $75,068,542 (collateralized by agency and non-agency asset-backed securities, corporate obligations, agency and non-agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $79,297,812; 0.00% - 11.67%; 04/01/2023 - 10/20/2072)(a)(h)

     4.70%       03/01/2023        8,007,311        8,000,000  

 

 

 

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

 

7   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco STIC Prime Portfolio–(continued)

 

     Interest
Rate
  Maturity
Date
  

Repurchase

Amount

     Value  

 

 

BNP Paribas Securities Corp., joint term agreement dated 02/23/2023, aggregate maturing value of $50,045,208 (collateralized by corporate obligations and non-agency mortgage-backed securities valued at $54,237,766; 0.00% - 6.91%; 10/21/2027 - 02/25/2068)(a)(h)

   4.65%   03/02/2023    $ 5,004,521      $ 5,000,000  

 

 

BofA Securities, Inc., joint term agreement dated 02/28/2023, aggregate maturing value of $250,032,222 (collateralized by corporate obligations valued at $275,000,783; 2.30% - 11.50%; 04/15/2025 - 06/01/2052)(h)(i)

   4.64%   03/07/2023      5,000,644        5,000,000  

 

 

J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,752,093; 4.25% - 10.63%; 09/01/2023 -
03/01/2033)(j)

   4.77%   03/01/2023      8,029,569        8,000,000  

 

 

Mitsubishi UFJ Trust & Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by agency mortgage-backed securities valued at $1,020,000,000; 0.99% - 6.50%; 01/01/2024 - 07/25/2059)

   4.55%   03/01/2023      15,001,896        15,000,000  

 

 

RBC Capital Markets LLC, joint term agreement dated 02/22/2023, aggregate maturing value of $150,138,542 (collateralized by corporate obligations and a non-agency mortgage-backed security valued at $160,966,520; 0.00% - 13.00%; 03/02/2023 - 01/15/2077)(a)(h)

   4.75%   03/01/2023      10,009,236        10,000,000  

 

 

RBC Dominion Securities Inc., joint agreement dated 02/28/2023, aggregate maturing value of $500,063,194 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,004; 0.00% - 6.00%; 07/15/2023 - 01/20/2053)

   4.55%   03/01/2023      15,001,896        15,000,000  

 

 

Societe Generale, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,020,000,098; 0.13% - 7.50%; 03/01/2027 - 03/01/2053)

   4.55%   03/01/2023      15,001,896        15,000,000  

 

 

Societe Generale, joint open agreement dated 08/06/2019 (collateralized by corporate obligations, non-agency asset-backed securities, non-agency mortgage-backed securities, a U.S. government sponsored agency obligation and U.S. Treasury obligations valued at $61,983,453; 0.00% - 11.75%; 03/15/2023 - 08/01/2118)(a)(j)

   4.75%   03/01/2023      5,000,660        5,000,000  

 

 

Wells Fargo Securities, LLC, joint agreement dated 02/28/2023, aggregate maturing value of $800,101,333 (collateralized by agency mortgage-backed securities valued at $816,000,000; 1.50% - 7.50%; 12/01/2023 - 03/01/2053)

   4.56%   03/01/2023      15,001,900        15,000,000  

 

 

Total Repurchase Agreements (Cost $101,000,000)

             101,000,000  

 

 

TOTAL INVESTMENTS IN SECURITIES(k)(l)-100.11% (Cost $234,120,176)

             234,116,900  

 

 

OTHER ASSETS LESS LIABILITIES-(0.11)%

             (258,442

 

 

NET ASSETS-100.00%

           $ 233,858,458  

 

 

Investment Abbreviations:

 

CEP   -Credit Enhancement Provider
LOC   -Letter of Credit
RB   -Revenue Bonds
SOFR   -Secured Overnight Financing Rate
VRD   -Variable Rate Demand

 

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

 

8   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco STIC Prime Portfolio–(continued)

    

 

Notes to Schedule of Investments:

 

(a) 

The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: France 18.6%; Japan 9.8%; Canada 9.8%; Australia 8.1%; Netherlands 5.6%; other countries less than 5% each: 11.6%.

(b) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(c) 

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

(d) 

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2023 was $63,412,809, which represented 27.12% of the Fund’s Net Assets.

(e) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(f) 

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

(g) 

Principal amount equals value at period end. See Note 1I.

(h) 

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

(i) 

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

(j) 

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

(k) 

Also represents cost for federal income tax purposes.

(l) 

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 02/28/2023

 

1-7

     81.0%  

 

 

8-30

     16.9     

 

 

31-60

     2.1     

 

 

61-90

     0.0     

 

 

91-180

     0.0     

 

 

181+

     0.0     

 

 

    

 
*

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

 

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

 

9   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Treasury Portfolio

 

    

Interest

Rate

  Maturity
Date
    

Principal

Amount

(000)

     Value  

 

 

U.S. Treasury Securities-44.18%

       

U.S. Treasury Bills-30.14%(a)

       

U.S. Treasury Bills

              4.55%     03/09/2023      $ 200,000      $ 199,798,889  

 

 

U.S. Treasury Bills

              4.54%     03/14/2023        700,000        698,857,445  

 

 

U.S. Treasury Bills

              4.32%     03/16/2023        550,000        549,021,458  

 

 

U.S. Treasury Bills

   4.53%-4.54%     03/21/2023        1,800,000        1,795,490,498  

 

 

U.S. Treasury Bills

              4.56%     03/28/2023        450,000        448,472,812  

 

 

U.S. Treasury Bills

              4.54%     04/04/2023        675,000        672,128,062  

 

 

U.S. Treasury Bills

   4.47%-4.63%     04/11/2023        1,200,000        1,193,758,886  

 

 

U.S. Treasury Bills

              4.51%     04/18/2023        499,000        496,045,919  

 

 

U.S. Treasury Bills

              4.49%     04/25/2023        400,000        397,295,834  

 

 

U.S. Treasury Bills

              4.63%     04/27/2023        120,000        119,130,750  

 

 

U.S. Treasury Bills

              4.62%     05/02/2023        500,000        496,081,944  

 

 

U.S. Treasury Bills

              4.65%     05/04/2023        600,000        595,098,666  

 

 

U.S. Treasury Bills

              4.64%     05/09/2023        500,000        495,620,417  

 

 

U.S. Treasury Bills

              4.64%     05/11/2023        750,000        743,210,625  

 

 

U.S. Treasury Bills

              4.68%     05/23/2023        600,000        593,622,833  

 

 

U.S. Treasury Bills

              4.69%     05/30/2023        400,000        395,379,999  

 

 

U.S. Treasury Bills

              4.70%     06/06/2023        675,000        666,588,281  

 

 

U.S. Treasury Bills

              4.75%     07/06/2023        300,000        295,094,625  

 

 

U.S. Treasury Bills

              4.78%     11/30/2023        176,500        170,380,990  

 

 

U.S. Treasury Bills

   4.73%-4.83%     12/28/2023        500,000        480,831,389  

 

 

U.S. Treasury Bills

   4.68%-4.87%     01/25/2024        950,000        910,752,917  

 

 
             12,412,663,239  

 

 

U.S. Treasury Floating Rate Notes-14.04%

       

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

              4.84%     07/31/2024        1,945,500        1,944,968,479  

 

 

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

              4.95%     10/31/2024        2,589,000        2,586,191,922  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%)(b)

              5.01%     01/31/2025        1,250,000        1,250,426,646  

 

 
             5,781,587,047  

 

 

Total U.S. Treasury Securities (Cost $18,194,250,286)

             18,194,250,286  

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase
Agreements)-44.18% (Cost $18,194,250,286)

 

     18,194,250,286  

 

 
                Repurchase
Amount
        

Repurchase Agreements-54.62%(c)

       

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $600,066,667 (collateralized by U.S. Treasury obligations valued at $612,000,086; 0.13% - 1.13%; 01/15/2024 - 01/15/2033)

              4.00%     03/01/2023        200,022,222        200,000,000  

 

 

Citigroup Global Markets, Inc., joint term agreement dated 02/22/2023, aggregate maturing value of $3,002,654,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,083; 0.13% - 1.13%; 07/15/2023 - 01/15/2033)(d)

              4.55%     03/01/2023        1,801,592,500        1,800,000,000  

 

 

Federal Reserve Bank of New York, joint agreement dated 02/28/2023, aggregate maturing value of $50,006,319,444 (collateralized by U.S. Treasury obligations valued at $50,006,319,596; 0.25% - 4.50%; 10/31/2023 - 08/15/2039)

              4.55%     03/01/2023        12,801,617,778        12,800,000,000  

 

 

 

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

 

10   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Treasury Portfolio–(continued)

 

     Interest
Rate
  Maturity
Date
   Repurchase
Amount
     Value  

 

 

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $300,035,833 (collateralized by U.S. Treasury obligations valued at $306,000,095; 1.88% - 4.84%; 07/31/2023 - 02/15/2032)

   4.30%   03/01/2023    $ 100,011,944      $ 100,000,000  

 

 

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $4,000,505,556 (collateralized by U.S. Treasury obligations valued at $4,080,000,087; 0.00% - 4.38%; 06/13/2023 - 02/15/2048)

   4.55%   03/01/2023      1,500,189,583        1,500,000,000  

 

 

Fixed Income Clearing Corp. - State Street Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,065; 1.88% - 2.88%; 05/15/2051 - 05/15/2052)

   4.55%   03/01/2023      500,063,194        500,000,000  

 

 

Goldman Sachs & Co., agreement dated 02/28/2023, maturing value of $1,500,190,000 (collateralized by U.S. Treasury obligations valued at $1,530,000,003; 0.00% - 5.25%; 11/15/2023 - 08/15/2051)

   4.56%   03/01/2023      1,500,190,000        1,500,000,000  

 

 

Goldman Sachs & Co., joint agreement dated 02/28/2023, aggregate maturing value of $1,295,098,924 (collateralized by U.S. Treasury obligations valued at $1,320,900,062; 0.00% - 5.38%; 03/02/2023 - 08/15/2052)

   2.75%   03/01/2023      450,034,375        450,000,000  

 

 

ING Financial Markets, LLC, term agreement dated 02/28/2023, maturing value of $100,088,472 (collateralized by U.S. Treasury obligations valued at $102,000,049; 0.00% - 4.50%; 06/15/2023 - 11/15/2050)(d)

   4.55%   03/07/2023      100,088,472        100,000,000  

 

 

Metropolitan Life Insurance Co., joint term agreement dated 02/22/2023, aggregate maturing value of $350,316,644 (collateralized by U.S. Treasury obligations valued at $359,869,294; 0.00%; 08/15/2027 -08/15/2046)(d)

   4.57%   03/01/2023      100,088,861        100,000,000  

 

 

Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $1,802,662,944 (collateralized by U.S. Treasury obligations valued at $1,838,431,196; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)(d)

   4.57%   03/01/2023      672,959,969        672,362,500  

 

 

Mitsubishi UFJ Trust & Banking Corp., term agreement dated 02/22/2023, maturing value of $100,088,569 (collateralized by U.S. Treasury obligations valued at $102,012,845; 0.63% - 1.25%; 08/15/2030 - 08/15/2031)(d)

   4.56%   03/01/2023      100,088,569        100,000,000  

 

 

Prudential Legacy Insurance Company of New Jersey, agreement dated 02/28/2023, maturing value of $896,209,130 (collateralized by U.S. Treasury obligations valued at $912,399,598; 0.00% - 1.75%; 05/15/2037 - 11/15/2046)

   4.56%   03/01/2023      896,209,130        896,095,625  

 

 

Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,395; 0.00% - 4.00%; 03/28/2023 - 08/15/2052)(e)

   4.55%   03/01/2023      75,009,479        75,000,000  

 

 

Societe Generale, joint term agreement dated 02/23/2023, aggregate maturing value of $1,001,773,333 (collateralized by U.S. Treasury obligations valued at $1,020,000,026; 0.13% - 4.13%; 05/31/2023 - 08/31/2029)

   4.56%   03/09/2023      400,709,333        400,000,000  

 

 

Standard Chartered Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,128,928; 0.00% - 6.00%; 05/31/2023 - 11/15/2052)

   4.55%   03/01/2023      250,031,597        250,000,000  

 

 

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $3,000,379,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,080; 0.50% - 2.63%; 03/15/2023 - 08/15/2031)

   4.55%   03/01/2023      1,045,775,475        1,045,643,317  

 

 

Total Repurchase Agreements (Cost $22,489,101,442)

             22,489,101,442  

 

 

TOTAL INVESTMENTS IN SECURITIES-98.80% (Cost $40,683,351,728)

             40,683,351,728  

 

 

OTHER ASSETS LESS LIABILITIES-1.20%

             492,409,255  

 

 

NET ASSETS-100.00%

           $ 41,175,760,983  

 

 

 

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

 

11   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Treasury Portfolio–(continued)

    

 

Notes to Schedule of Investments:

 

(a) 

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

(b) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(c) 

Principal amount equals value at period end. See Note 1I.

(d) 

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

(e) 

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

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     54.7%  

 

 

8-30

     10.0     

 

 

31-60

     7.0     

 

 

61-90

     7.1     

 

 

91-180

     3.3     

 

 

181+

     17.9     

 

 

 

*

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.

 

12   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio

 

    

Interest

Rate

   

Maturity

Date

    

Principal

Amount

(000)

     Value  

 

 

U.S. Treasury Securities-37.65%

          

U.S. Treasury Bills-23.42%(a)

          

U.S. Treasury Bills

     4.53     03/21/2023      $ 827,880      $ 825,805,701  

 

 

U.S. Treasury Bills

     4.53%-4.56     03/28/2023               2,450,000       

.

  2,441,698,905

 

 

 

 

U.S. Treasury Bills

     4.54     04/04/2023        2,000,000        1,991,490,553  

 

 

U.S. Treasury Bills

     4.46     04/06/2023        470,000        467,927,300  

 

 

U.S. Treasury Bills

     4.63     04/11/2023        2,040,000        2,029,312,660  

 

 

U.S. Treasury Bills

     4.51     04/18/2023        2,500,000        2,485,199,998  

 

 

U.S. Treasury Bills

     4.61     04/20/2023        1,200,000        1,192,400,000  

 

 

U.S. Treasury Bills

     4.49     04/25/2023        1,300,000        1,291,211,460  

 

 

U.S. Treasury Bills

     4.63     04/27/2023        1,100,000        1,092,031,875  

 

 

U.S. Treasury Bills

     4.65     05/04/2023        2,000,000        1,983,662,221  

 

 

U.S. Treasury Bills

     4.64     05/11/2023        1,410,000        1,397,235,975  

 

 

U.S. Treasury Bills

     4.69     05/30/2023        445,000        439,860,249  

 

 

U.S. Treasury Bills

     4.70     06/06/2023        1,100,000        1,086,292,014  

 

 

U.S. Treasury Bills

     4.12%-4.52     10/05/2023        240,000        233,818,882  

 

 

U.S. Treasury Bills

     4.78     11/30/2023        45,000        43,439,912  

 

 

U.S. Treasury Bills

     4.68     01/25/2024        1,200,000        1,150,829,997  

 

 
             20,152,217,702  

 

 

U.S. Treasury Floating Rate Notes-14.23%

          

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84     10/31/2023        431,679        431,694,009  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)(b)

     4.79     01/31/2024        180,000        179,971,503  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)(b)

     4.73     04/30/2024        3,564,000        3,561,449,655  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84     07/31/2024        3,323,400        3,321,978,999  

 

 

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

     4.95     10/31/2024        3,834,800        3,830,307,536  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%)(b)

     5.01     01/31/2025        915,000        915,650,639  

 

 
             12,241,052,341  

 

 

Total U.S. Treasury Securities (Cost $32,393,270,043)

             32,393,270,043  

 

 

U.S. Government Sponsored Agency Securities-5.75%

          

Federal Farm Credit Bank (FFCB)-3.37%

          

Federal Farm Credit Bank (SOFR + 0.02%)(b)

     4.57     06/12/2023        75,000        75,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58     07/07/2023        143,000        143,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58     09/08/2023        155,000        155,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58     09/18/2023        21,500        21,500,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59     09/20/2023        25,000        25,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58     09/27/2023        60,000        60,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59     12/15/2023        24,500        24,499,020  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59     01/04/2024        229,000        229,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.06%)(b)

     4.61     01/10/2024        75,500        75,500,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59     01/25/2024        15,000        15,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59     02/05/2024        100,000        100,000,000  

 

 

 

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

 

13   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

 

     Interest
Rate
    Maturity
Date
     Principal
Amount (000)
     Value  

 

 

Federal Farm Credit Bank (FFCB)-(continued)

          

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       02/20/2024      $ 80,000      $ 80,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       02/23/2024                  162,000        162,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       03/08/2024        95,000        95,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       03/15/2024        431,000        431,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59%       03/18/2024        445,000        445,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       04/04/2024        195,000        195,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       04/25/2024        345,000        345,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       05/09/2024        160,000        160,000,000  

 

 

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%       05/24/2024        62,000        62,000,000  

 

 
             2,898,499,020  

 

 

Federal Home Loan Bank (FHLB)-2.18%(a)

          

Federal Home Loan Bank

     4.81%       07/14/2023        800,000        785,899,999  

 

 

Federal Home Loan Bank

     5.01%       01/12/2024        213,000        204,015,956  

 

 

Federal Home Loan Bank

     5.02%       02/09/2024        926,000        883,581,484  

 

 
               1,873,497,439  

 

 

U.S. International Development Finance Corp. (DFC)-0.20%

          

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.85%       06/15/2025        12,000        12,000,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.46%       07/15/2025        13,056        13,055,558  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.79%       09/15/2025        2,895        2,894,737  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.65%       09/15/2026        6,250        6,250,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.79%       09/15/2026        3,750        3,750,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.46%       09/30/2027        10,364        10,363,637  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.85%       02/15/2028        11,111        11,111,111  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     2.46%       11/15/2028        52,273        52,272,728  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     2.35%       05/15/2030        6,734        6,734,000  

 

 

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.79%       10/15/2030        6,889        6,888,889  

 

 

U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(c)

     2.47%       07/09/2026        17,850        17,850,000  

 

 

U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(c)

     2.46%       03/15/2030        32,625        32,625,000  

 

 
             175,795,660  

 

 

Total U.S. Government Sponsored Agency Securities
(Cost $4,947,792,119)

             4,947,792,119  

 

 

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase
Agreements)-43.40% (Cost $37,341,062,162)

 

        37,341,062,162  

 

 

 

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

 

14   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

 

     Interest
Rate
    Maturity
Date
     Repurchase
Amount
     Value  

 

 

Repurchase Agreements-56.68%(d)

          

Bank of Nova Scotia, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,032; 0.00% - 4.38%; 03/16/2023 - 02/15/2050)

     4.55%       03/01/2023      $ 924,801,150      $ 924,684,280  

 

 

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $1,195,151,035 (collateralized by agency mortgage-backed securities valued at $1,218,900,000; 1.81% - 6.50%; 10/25/2031 - 09/20/2072)

     4.55%       03/01/2023        735,092,896        735,000,000  

 

 

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $600,066,667 (collateralized by U.S. Treasury obligations valued at $612,000,086; 0.13% - 1.13%; 01/15/2024 - 01/15/2033)

     4.00%       03/01/2023        400,044,444        400,000,000  

 

 

CIBC World Markets Corp., joint term agreement dated 02/16/2023, aggregate maturing value of $501,583,333 (collateralized by agency mortgage-backed securities, U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $510,000,130; 1.50% - 8.50%; 01/01/2024 - 03/01/2053)(e)

     4.56%       03/13/2023        300,950,000        300,000,000  

 

 

Citigroup Global Markets, Inc., joint term agreement dated 02/22/2023, aggregate maturing value of $3,002,654,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,083; 0.13% - 1.13%; 07/15/2023 - 01/15/2033)(e)

     4.55%       03/01/2023        1,000,884,722        1,000,000,000  

 

 

Federal Reserve Bank of New York, joint agreement dated 02/28/2023, aggregate maturing value of $50,006,319,444 (collateralized by U.S. Treasury obligations valued at $50,006,319,596; 0.25% - 4.50%; 10/31/2023 - 08/15/2039)

     4.55%       03/01/2023        32,704,132,917        32,700,000,000  

 

 

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $300,035,833 (collateralized by U.S. Treasury obligations valued at $306,000,095; 1.88% - 4.84%; 07/31/2023 - 02/15/2032)

     4.30%       03/01/2023        200,023,889        200,000,000  

 

 

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $4,000,505,556 (collateralized by U.S. Treasury obligations valued at $4,080,000,087; 0.00% - 4.38%; 06/13/2023 - 02/15/2048)

     4.55%       03/01/2023        2,500,315,972        2,500,000,000  

 

 

Fixed Income Clearing Corp. - State Street Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,065; 1.88% - 2.88%; 05/15/2051 - 05/15/2052)

     4.55%       03/01/2023        100,012,639        100,000,000  

 

 

Goldman Sachs & Co., agreement dated 02/28/2023, maturing value of $1,500,190,000 (collateralized by U.S. Treasury obligations valued at $1,530,000,001; 0.00% - 6.25%; 03/23/2023 - 02/15/2048)

     4.56%       03/01/2023        1,500,190,000        1,500,000,000  

 

 

Goldman Sachs & Co., joint agreement dated 02/28/2023, aggregate maturing value of $1,295,098,924 (collateralized by U.S. Treasury obligations valued at $1,320,900,062; 0.00% - 5.38%; 03/02/2023 - 08/15/2052)

     2.75%       03/01/2023        845,064,549        845,000,000  

 

 

ING Financial Markets, LLC, joint term agreement dated 02/02/2023, aggregate maturing value of $251,551,667 (collateralized by agency mortgage-backed securities valued at $255,000,000; 2.00% - 6.50%; 08/01/2028 - 02/01/2053)

     4.56%       03/23/2023        85,527,567        85,000,000  

 

 

ING Financial Markets, LLC, term agreement dated 02/02/2023, maturing value of $301,862,000 (collateralized by agency mortgage-backed securities valued at $306,000,000; 2.00% - 6.00%; 11/01/2029 - 02/01/2053)

     4.56%       03/23/2023        301,862,000        300,000,000  

 

 

ING Financial Markets, LLC, term agreement dated 02/02/2023, maturing value of $503,103,333 (collateralized by agency mortgage-backed securities valued at $510,000,001; 2.00% - 7.00%; 03/01/2028 - 01/01/2057)

     4.56%       03/23/2023        503,103,333        500,000,000  

 

 

ING Financial Markets, LLC, term agreement dated 02/13/2023, maturing value of $251,205,972 (collateralized by agency mortgage-backed securities and a U.S. Treasury obligation valued at $255,000,070; 2.00% - 5.50%; 06/01/2047 - 01/01/2053)

     4.57%       03/23/2023        251,205,972        250,000,000  

 

 

 

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

 

15   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

 

     Interest
Rate
  Maturity
Date
   Repurchase
Amount
     Value  

 

 

J.P. Morgan Securities LLC, joint open agreement dated 02/27/2023 (collateralized by agency mortgage-backed securities valued at $918,000,005; 1.38% - 7.50%; 09/01/2025 - 08/01/2056)(f)

   4.57%   03/01/2023    $ 785,199,303      $ 785,000,000  

 

 

Metropolitan Life Insurance Co., joint term agreement dated 02/22/2023, aggregate maturing value of $350,316,644 (collateralized by U.S. Treasury obligations valued at $359,869,294; 0.00%; 08/15/2027 - 08/15/2046)(e)

   4.57%   03/01/2023      170,152,002        170,000,937  

 

 

Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $1,802,662,944 (collateralized by U.S. Treasury obligations valued at $1,838,431,196; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)(e)

   4.57%   03/01/2023      952,908,513        952,062,500  

 

 

Prudential Insurance Co. of America, agreement dated 02/28/2023, maturing value of $144,194,512 (collateralized by U.S. Treasury obligations valued at $146,949,280; 0.00%; 05/15/2037 - 08/15/2042)

   4.56%   03/01/2023      144,194,512        144,176,250  

 

 

RBC Dominion Securities Inc., joint term agreement dated 02/02/2023, aggregate maturing value of $2,767,068,333 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $2,805,000,000; 0.13% - 5.50%; 03/31/2023 - 02/20/2053)(e)

   4.56%   03/23/2023      1,076,641,133        1,070,000,000  

 

 

Royal Bank of Canada, term agreement dated 02/02/2023, maturing value of $1,006,206,667 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,020,000,039; 0.00% - 6.50%; 12/31/2025 - 02/01/2053)(e)

   4.56%   03/23/2023      1,006,206,667        1,000,000,000  

 

 

Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,395; 0.00% - 4.00%; 03/28/2023 - 08/15/2052)(f)

   4.55%   03/01/2023      100,012,639        100,000,000  

 

 

Societe Generale, joint term agreement dated 02/23/2023, aggregate maturing value of $1,001,773,333 (collateralized by U.S. Treasury obligations valued at $1,020,000,026; 0.13% - 4.13%; 05/31/2023 - 08/31/2029)

   4.56%   03/09/2023      375,665,000        375,000,000  

 

 

Standard Chartered Bank, agreement dated 02/28/2023, maturing value of $150,018,958 (collateralized by agency mortgage-backed securities valued at $153,019,338; 3.00% - 4.50%; 07/20/2049 - 10/20/2052)

   4.55%   03/01/2023      150,018,958        150,000,000  

 

 

Standard Chartered Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,128,928; 0.00% - 6.00%; 05/31/2023 - 11/15/2052)

   4.55%   03/01/2023      750,094,792        750,000,000  

 

 

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $3,000,379,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,080; 0.50% - 2.63%; 03/15/2023 - 08/15/2031)

   4.55%   03/01/2023      702,085,622        701,996,897  

 

 

TD Securities (USA) LLC, joint term agreement dated 02/22/2023, aggregate maturing value of $350,309,993 (collateralized by agency mortgage-backed securities valued at $357,000,000; 2.00% - 4.00%; 05/01/2041 - 05/01/2052)(e)

   4.56%   03/01/2023      220,194,853        220,000,000  

 

 

Total Repurchase Agreements (Cost $48,757,920,864)

             48,757,920,864  

 

 

TOTAL INVESTMENTS IN SECURITIES-100.08% (Cost $86,098,983,026)

             86,098,983,026  

 

 

OTHER ASSETS LESS LIABILITIES-(0.08)%

             (64,740,455

 

 

NET ASSETS-100.00%

           $ 86,034,242,571  

 

 

Investment Abbreviations:

 

SOFR -Secured Overnight Financing Rate

VRD   -Variable Rate Demand

 

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

 

16   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

    

 

Notes to Schedule of Investments:

 

(a) 

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

(b) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(c) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(d) 

Principal amount equals value at period end. See Note 1I.

(e) 

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

(f) 

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

 

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     56.1%  

 

 

8-30

     5.2     

 

 

31-60

     11.4     

 

 

61-90

     4.5     

 

 

91-180

     2.4     

 

 

181+

     20.4     

 

 

    

 
*

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

 

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

 

17   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Treasury Obligations Portfolio

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

U.S. Treasury Securities-100.83%

 

       

U.S. Treasury Bills-85.74%(a)

 

       

U.S. Treasury Bills

     4.33     03/02/2023      $ 20,000      $ 19,997,620  

 

 

U.S. Treasury Bills

     4.34%-4.51     03/07/2023        110,700        110,618,265  

 

 

U.S. Treasury Bills

     4.32%-4.48     03/09/2023        9,700        9,690,542  

 

 

U.S. Treasury Bills

     4.49%-4.54     03/14/2023        86,700        86,559,909  

 

 

U.S. Treasury Bills

     4.53%-4.55     03/21/2023        135,900        135,559,358  

 

 

U.S. Treasury Bills

     4.53%-4.56     03/28/2023        72,500        72,253,676  

 

 

U.S. Treasury Bills

     4.40     03/30/2023        51,000        50,821,288  

 

 

U.S. Treasury Bills

     4.50%-4.55     04/04/2023        111,200        110,727,059  

 

 

U.S. Treasury Bills

     4.46     04/06/2023        50,000        49,779,500  

 

 

U.S. Treasury Bills

     4.46%-4.63     04/11/2023        80,000        79,587,722  

 

 

U.S. Treasury Bills

     4.61     04/13/2023        22,150        22,029,356  

 

 

U.S. Treasury Bills

     4.68     04/18/2023        41,000        40,745,800  

 

 

U.S. Treasury Bills

     4.69     04/25/2023        65,000        64,537,603  

 

 

U.S. Treasury Bills

     4.65     05/04/2023        60,000        59,509,867  

 

 

U.S. Treasury Bills

     4.64     05/09/2023        16,000        15,859,853  

 

 

U.S. Treasury Bills

     4.64     05/11/2023        40,000        39,637,900  

 

 

U.S. Treasury Bills

     4.74     05/18/2023        26,000        25,736,360  

 

 

U.S. Treasury Bills

     4.78     05/25/2023        20,000        19,777,111  

 

 

U.S. Treasury Bills

     4.75     06/01/2023        10,000        9,879,931  

 

 

U.S. Treasury Bills

     4.70     06/06/2023        35,000        34,563,837  

 

 

U.S. Treasury Bills

     4.64     06/08/2023        15,000        14,812,931  

 

 

U.S. Treasury Bills

     4.77     06/13/2023        33,000        32,551,933  

 

 

U.S. Treasury Bills

     3.01     07/13/2023        6,000        5,934,764  

 

 

U.S. Treasury Bills

     4.80     07/20/2023        10,000        9,816,504  

 

 

U.S. Treasury Bills

     4.12     10/05/2023        6,000        5,856,302  

 

 

U.S. Treasury Bills

     4.68%-4.86     01/25/2024        27,500        26,364,091  

 

 
             1,153,209,082  

 

 

U.S. Treasury Floating Rate Notes-14.16%

          

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b)

     4.84     04/30/2023        19,000        19,000,127  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b)

     4.84     07/31/2023        17,500        17,500,177  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84     10/31/2023        30,000        30,000,345  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate -0.02%)(b)

     4.79     01/31/2024        8,000        7,998,734  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate -0.08%)(b)

     4.73     04/30/2024        25,500        25,482,209  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84     07/31/2024        32,000        31,984,058  

 

 

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

     4.95     10/31/2024        49,000        48,958,037  

 

 

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%)(b)

     5.01     01/31/2025        9,500        9,506,755  

 

 
             190,430,442  

 

 

 

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

 

18   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Treasury Obligations Portfolio–(continued)

 

         Interest    
Rate
         Maturity  
Date
      Principal 
Amount
(000)
     Value  

 

 

U.S. Treasury Notes-0.93%

           

TOTAL INVESTMENTS IN SECURITIES-100.83% (Cost $1,356,189,593)

              1,356,189,593  

 

 

OTHER ASSETS LESS LIABILITIES-(0.83)%

              (11,125,964

 

 

NET ASSETS-100.00%

            $ 1,345,063,629  

 

 

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, 2023.

 

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     9.6%  

 

 

8-30

     26.1     

 

 

31-60

     27.0     

 

 

61-90

     13.3     

 

 

91-180

     9.3     

 

 

181+

     14.7     

 

 

    

 
*

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

 

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

 

19   Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio

 

     Interest
Rate
     Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Municipal Obligations-94.08%

           

Alabama-3.55%

           

Mobile (City of), AL Downtown Redevelopment Authority (Austal USA, LLC); Series 2011 B, Ref. VRD RB (LOC - Bank of America, N.A.)(a)(b)(c)

     2.14%        05/01/2041        $3,240      $      3,240,000  

 

 

Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)(b)(c)(d)

     2.25%        07/01/2040        4,910        4,910,000  

 

 
              8,150,000  

 

 

Arizona-2.72%

           

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

     1.40%        01/01/2046        6,250        6,250,000  

 

 

California-0.87%

           

Los Angeles County Capital Asset Leasing Corp.; Series B, Commercial Paper Notes

     2.00%        03/01/2023        2,000        2,000,000  

 

 

Connecticut-2.47%

           

Connecticut (State of) Health & Educational Facilities Authority (Yale University); Series 2017 A, Ref. VRD RB(b)

     2.20%        07/01/2042        5,660        5,660,000  

 

 

Delaware-0.95%

           

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

     2.21%        05/01/2036        2,180        2,180,000  

 

 

District of Columbia-3.29%

           

District of Columbia; Series 2022 A, Commercial Paper Notes(d)

     2.43%        03/15/2023        3,000        3,000,000  

 

 

District of Columbia (Georgetown University);

           

Series 2007 C-2, VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.19%        04/01/2041        1,200        1,200,000  

 

 

Series 2009 C, Ref. VRD RB (LOC - Bank of Tokyo Mitsubishi UFJ)(b)(c)(d)

     2.19%        04/01/2042        3,350        3,350,000  

 

 
              7,550,000  

 

 

Florida-4.09%

           

Halifax Hospital Medical Center; Series 2008, Ref. VRD RB (LOC - JPMorgan Chase Bank, N.A.)(b)(c)

     2.25%        06/01/2048        2,485        2,485,000  

 

 

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

     2.11%        11/01/2036        2,725        2,725,000  

 

 

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

     2.23%        07/01/2032        4,175        4,175,000  

 

 
              9,385,000  

 

 

Georgia-4.54%

           

Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - BMO Harris Bank N.A.)(b)(c)(d)

     2.21%        11/01/2030        1,450        1,450,000  

 

 

Georgia (State of) Private Colleges & Universities Authority (Emory University); Series 2022 B, VRD RB (SIFMA Municipal Swap Index + 0.03%)(b)

     2.00%        09/01/2052        8,975        8,975,000  

 

 
              10,425,000  

 

 

Idaho-0.44%

           

Idaho (State of) Health Facilities Authority (St. Luke’s Health System); Series 2018 C, VRD RB (LOC - U.S. Bank N.A.)(b)(c)

     1.40%        03/01/2048        1,000        1,000,000  

 

 

Illinois-7.33%

           

Illinois (State of) Development Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC - U.S. Bank N.A.)(b)(c)

     2.21%        10/01/2033        2,625        2,625,000  

 

 

Illinois (State of) Educational Facilities Authority (Augustana College); Series 2003 B, VRD RB (LOC - BMO Harris Bank N.A.)(b)(c)(d)

     2.24%        10/01/2032        1,600        1,600,000  

 

 

 

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

 

20   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Illinois-(continued)

          

Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - Northern Trust Co. (The))(b)(c)

     2.15%       01/01/2037        $2,800      $     2,800,000  

 

 

Illinois (State of) Finance Authority (University of Chicago Medical); Series 2009 D-2, VRD RB (LOC - PNC Bank, N.A.)(b)(c)

     1.50%       08/01/2043        1,000        1,000,000  

 

 

Illinois (State of) Finance Authority (YMCA of Metropolitan Chicago); Series 2004, VRD RB (LOC - BMO Harris Bank N.A.)(b)(c)(d)

     2.45%       06/01/2034        2,960        2,960,000  

 

 

Illinois (State of) Housing Development Authority (Foxview I & II Apartments); Series 2008, VRD RB (LOC - FHLMC)(b)(c)

     2.17%       01/01/2041        4,835        4,835,000  

 

 

University of Illinois (Illinois Health Services); Series 1997 B, VRD RB (LOC - Wells Fargo Bank, N.A.)(b)(c)

     2.50%       10/01/2026        1,000        1,000,000  

 

 
             16,820,000  

 

 

Indiana-3.31%

          

Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank, N.A.)(b)(c)

     2.28%       08/01/2037        4,950        4,950,000  

 

 

Indiana (State of) Finance Authority (Parkview Health System Obligated Group); Series 2009 C, VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.05%       11/01/2039        2,635        2,635,000  

 

 
             7,585,000  

 

 

Iowa-2.18%

          

Iowa (State of) Finance Authority (CJ Bio America); Series 2021, Ref. VRD RB (LOC - Korea Devlopment Bank)(a)(b)(c)(d)

     2.24%       12/01/2041        5,000        5,000,000  

 

 

Kentucky-1.61%

          

Boyle (County of), KY (Centre College); Series 2008 A, Ref. VRD RB (LOC - PNC Bank, N.A.)(b)(c)

     2.20%       06/01/2037        3,700        3,700,000  

 

 

Louisiana-3.79%

          

Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC); Series 2013 B, Ref. VRD RB (LOC - JPMorgan Chase Bank, N.A.)(b)(c)

     2.50%       09/01/2033        1,000        1,000,000  

 

 

Louisiana (State of) Public Facilities Authority (CHRISTUS Health);

          

Series 2009 B-3, Ref. VRD RB (LOC - Bank of New York Mellon (The))(b)(c)

     2.45%       07/01/2047        6,605        6,605,000  

 

 

Series 2009 B-1, Ref. VRD RB (LOC - Bank of New York Mellon (The))(b)(c)

     2.10%       07/01/2047        1,100        1,100,000  

 

 
             8,705,000  

 

 

Maryland-2.10%

          

Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System); Series 2008 D, VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.45%       07/01/2041        4,810        4,810,000  

 

 

Massachusetts-2.51%

          

Massachusetts (Commonwealth of) Development Finance Agency (Boston University);

          

Series 2008 U-6C, VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.35%       10/01/2042        700        700,000  

 

 

Series 2008 U-6E, Ref. VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.35%       10/01/2042        5,050        5,050,000  

 

 
             5,750,000  

 

 

Minnesota-3.12%

          

Burnsville (City of), MN (Bridgeway Apartments L.P.); Series 2003, Ref. VRD RB (CEP - FNMA)(b)

     2.29%       10/15/2033        1,175        1,175,000  

 

 

Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC)(b)

     2.20%       11/01/2035        3,600        3,600,000  

 

 

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

     2.20%       10/01/2033        2,385        2,385,000  

 

 
             7,160,000  

 

 

Mississippi-3.97%

          

Jackson (County of), MS (Chevron U.S.A., Inc.); Series 1993, Ref. VRD RB(b)

     1.40%       06/01/2023        200        200,000  

 

 

 

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

 

21   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Mississippi-(continued)

          

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

          

Series 2010 E, VRD IDR(b)

     2.04%       12/01/2030        $4,000      $     4,000,000  

 

 

Series 2010 C, VRD IDR(b)

     1.40%       11/01/2035        595        595,000  

 

 

Series 2010 J, VRD IDR(b)

     1.38%       11/01/2035        1,000        1,000,000  

 

 

Series 2010 C, VRD IDR(b)

     1.40%       11/01/2035        3,320        3,320,000  

 

 
             9,115,000  

 

 

Missouri-2.29%

          

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

     2.23%       11/01/2037        1,175        1,175,000  

 

 

Kansas City (City of), MO (H Roe Bartle Convention Center);

          

Series 2008 F, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.24%       04/15/2025        1,915        1,915,000  

 

 

Series 2008 E, Ref. VRD RB (LOC - Sumitomo Mitsui Banking Corp.)(b)(c)(d)

     2.24%       04/15/2034        900        900,000  

 

 

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

     2.38%       08/01/2038        1,260        1,260,000  

 

 
             5,250,000  

 

 

New York-5.36%

          

Metropolitan Transportation Authority;

          

Subseries 2012 G-1, VRD RB (LOC - Barclays Bank PLC)(b)(c)(d)

     1.35%       11/01/2032        3,800        3,800,000  

 

 

Subseries 2020 B-1, Ref. VRD RB (LOC - PNC Bank, N.A.)(b)(c)

     2.20%       11/15/2046        4,510        4,510,000  

 

 

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.)(b)(c)(d)

     2.40%       05/01/2039        4,000        4,000,000  

 

 
             12,310,000  

 

 

North Carolina-5.63%

          

Charlotte-Mecklenburg Hospital Authority (The) (Atrium Health); Series 2018 H, VRD RB(b)

     1.40%       01/15/2048        2,500        2,500,000  

 

 

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

     1.40%       01/15/2037        4,000        4,000,000  

 

 

North Carolina (State of) Capital Facilities Finance Agency (Duke University); Series 1992 A, VRD RB(b)

     2.20%       06/01/2027        6,425        6,425,000  

 

 
             12,925,000  

 

 

Ohio-1.73%

          

Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - U.S. Bank N.A.)(b)(c)

     2.20%       08/02/2038        2,650        2,650,000  

 

 

Ohio State University (The); Series 2014 B-1, VRD RB(b)

     2.41%       12/01/2039        1,310        1,310,000  

 

 
             3,960,000  

 

 

Oregon-0.49%

          

Oregon (State of) Department of Transportation; Series A-2, Commercial Paper Notes(d)

     2.80%       03/21/2023        1,000        1,000,000  

 

 

Oregon (State of) Facilities Authority (PeaceHealth); Series 2018 A, Ref. VRD RB (LOC - U.S. Bank N.A.)(b)(c)

     1.40%       08/01/2034        125        125,000  

 

 
             1,125,000  

 

 

Pennsylvania-1.74%

          

Philadelphia (City of), PA; Series A, Commercial Paper Notes(d)

     2.55%       03/23/2023        4,000        4,000,000  

 

 

 

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

 

22   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

 

     Interest
Rate
    Maturity
Date
     Principal
Amount
(000)
     Value  

 

 

Texas-17.41%

          

Board of Regents of the University of Texas System;

          

Series 2008 B, VRD RB(b)

     2.15%       08/01/2025        $1,115      $ 1,115,000  

 

 

Series 2008 A, VRD RB(b)

     2.10%       07/01/2037        2,425        2,425,000  

 

 

Series A, Commercial Paper Notes

     3.20%       03/03/2023        2,500        2,500,000  

 

 

Garland (City of), TX; Series 2021, Commercial Paper Notes(d)

     2.60%       03/01/2023        5,000        5,000,000  

 

 

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

     1.40%       11/01/2041        6,450        6,450,000  

 

 

Harris County Health Facilities Development Corp. (Methodist Hospital System); Series 2008 A-2, Ref. VRD RB(b)

     1.45%       12/01/2041        4,185        4,185,000  

 

 

Houston (City of), TX; Series H-2, Commercial Paper Notes

     2.85%       03/09/2023        7,000        7,000,000  

 

 

Lower Neches Valley Authority Industrial Development Corp. (Exxonmobil); Series 2011, VRD RB(b)

     1.36%       11/01/2051        3,182        3,182,000  

 

 

Tarrant County Cultural Education Facilities Finance Corp. (Methodist Hospitals of Dallas); Series 2008 A, VRD RB (LOC - TD Bank, N.A.)(b)(c)(d)

     1.45%       10/01/2041        1,480        1,480,000  

 

 

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

     2.29%       05/01/2042        3,020        3,020,000  

 

 

Texas A&M University; Series B, Commercial Paper Notes

     3.25%       04/05/2023        3,600        3,600,000  

 

 
             39,957,000  

 

 

Virginia-1.00%

          

Loudoun (County of), VA Economic Development Authority (Jack Kent Cooke Foundation); Series 2004, VRD RB (LOC - Northern Trust Co. (The))(b)(c)

     2.25%       06/01/2034        2,300        2,300,000  

 

 

Washington-1.32%

          

Washington (State of) Housing Finance Commission (Redmond Ridge Apartments); Series 2017, VRD RB (LOC - FHLB of San Francisco)(b)(c)

     2.21%       11/01/2047        3,025        3,025,000  

 

 

West Virginia-2.92%

          

Cabell (County of), WV (Provident Group - Marshall Properties LLC - Marshall University); Series 2010 A, VRD RB (LOC - Bank of America, N.A.)(b)(c)

     2.19%       07/01/2039        745        745,000  

 

 

West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008 B, Ref. VRD RB (LOC - Truist Bank)(b)(c)

     2.32%       01/01/2034        5,945        5,945,000  

 

 
             6,690,000  

 

 

Wisconsin-1.35%

          

Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - FHLB of Chicago)(b)(c)

     2.22%       10/01/2042        3,090        3,090,000  

 

 

TOTAL INVESTMENTS IN SECURITIES(e)(f)-94.08% (Cost $215,877,000)

             215,877,000  

 

 

OTHER ASSETS LESS LIABILITIES-5.92%

             13,576,124  

 

 

NET ASSETS-100.00%

           $ 229,453,124  

 

 

Investment Abbreviations:

 

CEP   - Credit Enhancement Provider
FHLB   - Federal Home Loan Bank
FHLMC   - Federal Home Loan Mortgage Corp.
FNMA   - Federal National Mortgage Association
IDR   - Industrial Development Revenue Bonds
LOC   - Letter of Credit
RB   - Revenue Bonds
Ref.   - Refunding
SIFMA   - Securities Industry and Financial Markets Association
VRD   - Variable Rate Demand

 

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

 

23   Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Tax-Free Cash Reserve Portfolio–(continued)

    

 

Notes to Schedule of Investments:

 

(a) 

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, 2023 was $8,240,000, which represented 3.59% of the Fund’s Net Assets.

(b) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(c) 

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

(d) 

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 8.3%; United Kingdom 6.9%; Japan 6.1%; Other countries less than 5% each: 4.3%.

(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.

 

Entities    Percentage  

 

 

TD Bank, N.A.

     5.6%      

 

 

Northern Trust Co. (The)

     5.6         

 

 

PNC Bank, N.A.

     5.3         

 

 

 

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     91.8%  

 

 

8-30

     6.6     

 

 

31-60

     1.6     

 

 

61-90

     0.0     

 

 

91-180

     0.0     

 

 

181+

     0.0     

 

 

    

 
*

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

 

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

 

24   Short-Term Investments Trust


Statements of Assets and Liabilities

February 28, 2023

(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 unaffiliated securities, at value

   $ 1,441,448,359     $ 133,116,900     $ 18,194,250,286     $ 37,341,062,162     $ 1,356,189,593     $ 215,877,000  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Repurchase agreements, at value and cost

     391,668,085       101,000,000       22,489,101,442       48,757,920,864       -       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash

     19,375       -       710,756       983,579       78,638       35,079  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Receivable for:

            

Investments sold

     -       -       548,668,115       -       -       13,075,000  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fund shares sold

     -       87,000       16,852,266       7,476,439       -       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Interest

     1,964,115       173,966       27,561,801       86,121,462       738,940       648,615  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fund expenses absorbed

     37,313       32,400       1,744,510       -       54,458       65,326  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Investment for trustee deferred compensation and retirement plans

     2,688,319       708,169       1,620,498       739,975       74,208       244,277  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other assets

     6,754       132,348       516,985       1,674,555       1,386       48,339  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

     1,837,832,320       235,250,783       41,281,026,659       86,195,979,036       1,357,137,223       229,993,636  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities:

            

Payable for:

            

Investments purchased

     -       -       -       -       9,879,931       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Fund shares reacquired

     -       176,816       3,090,287       4,269,464       -       6,500  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amount due custodian

     -       2,848       -       -       -       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Dividends

     5,633,256       390,246       92,186,592       145,385,932       1,852,280       174,016  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accrued fees to affiliates

     290,525       44,449       7,871,710       11,084,004       238,921       65,704  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accrued trustees’ and officers’ fees and benefits

     4,481       2,926       36,205       77,012       3,868       2,679  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accrued operating expenses

     47,662       21,439       243,679       -       13,029       31,340  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Trustee deferred compensation and retirement plans

     2,877,269       753,601       1,837,203       920,053       85,565       260,273  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

     8,853,193       1,392,325       105,265,676       161,736,465       12,073,594       540,512  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net assets applicable to shares outstanding

   $ 1,828,979,127     $ 233,858,458     $ 41,175,760,983     $ 86,034,242,571     $ 1,345,063,629     $ 229,453,124  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net assets consist of:

            

Shares of beneficial interest

   $ 1,831,354,980     $ 234,441,720     $ 41,178,125,062     $ 86,059,942,124     $ 1,345,271,837     $ 229,672,837  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distributable earnings (loss)

     (2,375,853     (583,262     (2,364,079     (25,699,553     (208,208     (219,713

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
   $ 1,828,979,127     $ 233,858,458     $ 41,175,760,983     $ 86,034,242,571     $ 1,345,063,629     $ 229,453,124  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net Assets:

            

Institutional Class

   $ 1,819,669,256     $ 232,387,514     $ 35,450,224,348     $ 71,325,123,345     $ 1,268,187,565     $ 193,805,989  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Private Investment Class

   $ 1,042,790     $ 332,161     $ 618,415,066     $ 742,331,579     $ 16,661,216     $ 25,307,654  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Personal Investment Class

   $ 10,252     $ 92,946     $ 388,631,121     $ 33,381,231     $ 11,961,557     $ 396,032  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash Management Class

   $ 1,676,277     $ 467,280     $ 240,742,041     $ 625,170,630     $ 80,071     $ 3,493,634  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reserve Class

   $ 171,670     $ 71,322     $ 658,815,411     $ 512,205,911     $ 44,802,872     $ 5,703,646  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Resource Class

   $ 249,687     $ 394     $ 76,755,901     $ 196,305,722     $ 115,395     $ 735,736  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Corporate Class

   $ 6,059,212     $ 506,841     $ 1,887,842,566     $ 1,565,745,767     $ 3,254,953     $ 10,433  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

CAVU Securities Class

   $ 99,983     $ -     $ 1,854,334,529     $ 11,033,978,386     $ -     $ -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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–(continued)

February 28, 2023

(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
 

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

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

 

           

Institutional Class

     1,819,297,797        232,378,976        35,450,012,600        71,346,337,427        1,268,330,132        193,784,100  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Private Investment Class

     1,042,580        332,149        618,409,608        742,552,280        16,663,105        25,304,973  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Personal Investment Class

     10,250        92,942        388,629,737        33,391,145        11,962,914        395,994  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Cash Management Class

     1,675,941        467,263        240,741,915        625,356,709        80,079        3,493,246  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Reserve Class

     171,636        71,319        658,813,165        512,358,049        44,807,951        5,703,138  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Resource Class

     249,638        394        76,755,057        196,364,021        115,408        735,656  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Corporate Class

     6,057,994        506,822        1,887,836,389        1,566,211,620        3,255,321        10,432  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

CAVU Securities Class

     99,963        -        1,854,316,343        11,037,257,584        -        -  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

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

   $ 1.0002      $ 1.0000      $ 1.00      $ 1.00      $ 1.00      $ 1.00  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Cost of Investments

   $ 1,833,286,676      $ 234,120,176      $ 40,683,351,728      $ 86,098,983,026      $ 1,356,189,593      $ 215,877,000  

 

  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

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

 

26   Short-Term Investments Trust


Statements of Operations

For the six months ended February 28, 2023

(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

   $ 33,876,133     $ 7,151,703     $ 708,212,871     $ 1,395,214,104     $ 25,472,569     $ 3,310,770  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Expenses:

            

Advisory fees

     1,298,945       287,417       26,911,965       36,209,920       863,058       269,431  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Administrative services fees

     376,482       88,649       8,043,255       16,157,749       308,915       62,708  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Custodian fees

     11,976       12,085       712,043       51,850       57,453       2,117  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Distribution fees:

            

Private Investment Class

     1,566       537       667,061       972,135       19,594       29,618  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Personal Investment Class

     27       251       1,134,089       90,606       32,317       2,915  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Cash Management Class

     681       174       119,391       317,403       31       1,369  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reserve Class

     745       305       4,165,559       2,604,658       212,296       45,602  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Resource Class

     246       -       51,160       138,138       158       601  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Corporate Class

     245       34       191,872       167,327       1,056       2  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Transfer agent fees

     77,937       17,245       1,614,718       3,258,893       60,939       12,124  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Trustees’ and officers’ fees and benefits

     12,531       8,729       92,223       203,275       10,879       8,118  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Registration and filing fees

     54,047       56,974       978,820       2,003,579       47,828       62,326  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Reports to shareholders

     -       -       -       -       -       1,005  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Professional services fees

     23,255       19,395       67,575       22,179       21,273       19,076  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Other

     46,174       27,959       142,190       112,996       29,592       11,719  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total expenses

     1,904,857       519,754       44,891,921       62,310,708       1,665,389       528,731  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Less: Fees waived and expenses reimbursed

     (342,612     (173,553     (6,268,478     (84,156     (181,160     (179,196

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net expenses

     1,562,245       346,201       38,623,443       62,226,552       1,484,229       349,535  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net investment income

     32,313,888       6,805,502       669,589,428       1,332,987,552       23,988,340       2,961,235  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Realized and unrealized gain (loss) from:

            

Net realized gain (loss) from unaffiliated investment securities

     4,162       158       2,730,256       2,283,446       (30,165     -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Change in net unrealized appreciation of unaffiliated investment securities

     73,684       2,084       -       -       -       -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net realized and unrealized gain (loss)

     77,846       2,242       2,730,256       2,283,446       (30,165     -  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net increase in net assets resulting from operations

   $ 32,391,734     $ 6,807,744     $ 672,319,684     $ 1,335,270,998     $ 23,958,175     $ 2,961,235  

 

  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

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

 

27   Short-Term Investments Trust


Statements of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

 

     Invesco Liquid Assets Portfolio     Invesco STIC Prime Portfolio  
    

February 28,

2023

   

August 31,

2022

   

February 28,

2023

   

August 31,

2022

 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Operations:

        

Net investment income

   $ 32,313,888     $ 9,991,934     $ 6,805,502     $ 1,826,985  

 

  

 

 

   

 

 

 

Net realized gain

     4,162       3,959       158       624  

 

  

 

 

   

 

 

 

Change in net unrealized appreciation (depreciation)

     73,684       (406,836     2,084       (5,126

 

  

 

 

   

 

 

 

Net increase in net assets resulting from operations

     32,391,734       9,589,057       6,807,744       1,822,483  

 

  

 

 

   

 

 

 

Distributions to shareholders from distributable earnings:

        

Institutional Class

     (32,218,847     (9,973,378     (6,784,760     (1,657,807

 

  

 

 

   

 

 

 

Private Investment Class

     (17,996     (6,754     (5,822     (1,550

 

  

 

 

   

 

 

 

Personal Investment Class

     (164     (32     (1,411     (240

 

  

 

 

   

 

 

 

Cash Management Class

     (31,264     (9,759     (7,918     (1,672

 

  

 

 

   

 

 

 

Reserve Class

     (2,462     (378     (971     (130

 

  

 

 

   

 

 

 

Resource Class

     (4,383     (1,017     (8     (3

 

  

 

 

   

 

 

 

Corporate Class

     (36,909     (112     (4,612     (95

 

  

 

 

   

 

 

 

CAVU Securities Class

     (1,863     (504     -       -  

 

  

 

 

   

 

 

 

Total distributions from distributable earnings

     (32,313,888     (9,991,934     (6,805,502     (1,661,497

 

  

 

 

   

 

 

 

Return of capital:

        

Institutional Class

     -       -       -       (165,120

 

  

 

 

   

 

 

 

Private Investment Class

     -       -       -       (154

 

  

 

 

   

 

 

 

Personal Investment Class

     -       -       -       (24

 

  

 

 

   

 

 

 

Cash Management Class

     -       -       -       (167

 

  

 

 

   

 

 

 

Reserve Class

     -       -       -       (13

 

  

 

 

   

 

 

 

Resource Class

     -       -       -       (1

 

  

 

 

   

 

 

 

Corporate Class

     -       -       -       (9

 

  

 

 

   

 

 

 

Total return of capital

     -       -       -       (165,488

 

  

 

 

   

 

 

 

Total distributions

     (32,313,888     (9,991,934     (6,805,502     (1,826,985

 

  

 

 

   

 

 

 

Share transactions-net:

        

Institutional Class

     77,909,713       (614,280,688     (90,087,288     100,759,349  

 

  

 

 

   

 

 

 

Private Investment Class

     (30,196     (1,818,407     (125,154     (147,861

 

  

 

 

   

 

 

 

Personal Investment Class

     4       -       1,540       (1,448

 

  

 

 

   

 

 

 

Cash Management Class

     (43,963     (1,201,217     98,248       (127,021

 

  

 

 

   

 

 

 

Reserve Class

     (3,343     (40,550     1,057       (16,775

 

  

 

 

   

 

 

 

Resource Class

     1,735       (114,240     8       1  

 

  

 

 

   

 

 

 

Corporate Class

     6,036,928       (354     485,652       64  

 

  

 

 

   

 

 

 

CAVU Securities Class

     -       1       -       -  

 

  

 

 

   

 

 

 

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

     83,870,878       (617,455,455     (89,625,937     100,466,309  

 

  

 

 

   

 

 

 

Net increase (decrease) in net assets

     83,948,724       (617,858,332     (89,623,695     100,461,807  

 

  

 

 

   

 

 

 

Net assets:

        

Beginning of period

     1,745,030,403       2,362,888,735       323,482,153       223,020,346  

 

  

 

 

   

 

 

 

End of period

   $ 1,828,979,127     $ 1,745,030,403     $ 233,858,458     $ 323,482,153  

 

  

 

 

   

 

 

 

 

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–(continued)

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

 

     Invesco Treasury Portfolio     Invesco Government & Agency Portfolio  
     February 28,
2023
   

August 31,

2022

   

February 28,

2023

   

August 31,

2022

 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Operations:

        

Net investment income

   $ 669,589,428     $ 96,074,616     $ 1,332,987,552     $ 325,968,052  

 

  

 

 

   

 

 

 

Net realized gain (loss)

     2,730,256       (3,886,562     2,283,446       (28,543,577

 

  

 

 

   

 

 

 

Net increase in net assets resulting from operations

     672,319,684       92,188,054       1,335,270,998       297,424,475  

 

  

 

 

   

 

 

 

Distributions to shareholders from distributable earnings:

        

Institutional Class

     (581,902,260     (85,408,911     (1,124,090,481     (295,190,284

 

  

 

 

   

 

 

 

Private Investment Class

     (7,645,428     (1,268,453     (10,946,131     (2,186,097

 

  

 

 

   

 

 

 

Personal Investment Class

     (6,320,398     (1,167,413     (501,718     (110,536

 

  

 

 

   

 

 

 

Cash Management Class

     (5,107,835     (1,843,731     (13,622,487     (3,324,668

 

  

 

 

   

 

 

 

Reserve Class

     (12,607,423     (2,122,002     (8,266,117     (1,225,131

 

  

 

 

   

 

 

 

Resource Class

     (1,108,827     (267,315     (3,057,626     (863,585

 

  

 

 

   

 

 

 

Corporate Class

     (25,353,351     (1,170,294     (21,689,739     (2,699,107

 

  

 

 

   

 

 

 

CAVU Securities Class

     (29,543,906     (2,826,497     (150,813,253     (20,368,644

 

  

 

 

   

 

 

 

Total distributions from distributable earnings

     (669,589,428     (96,074,616     (1,332,987,552     (325,968,052

 

  

 

 

   

 

 

 

Share transactions-net:

        

Institutional Class

     14,027,316,395       4,330,861,644       10,156,276,156       11,726,491,208  

 

  

 

 

   

 

 

 

Private Investment Class

     236,582,670       78,001,581       164,377,949       72,215,877  

 

  

 

 

   

 

 

 

Personal Investment Class

     (192,259,153     315,801,181       (5,957,939     29,989,058  

 

  

 

 

   

 

 

 

Cash Management Class

     (154,069,233     (57,379,422     (517,510,396     394,921,370  

 

  

 

 

   

 

 

 

Reserve Class

     (328,669,854     119,769,440       (86,634,703     190,502,067  

 

  

 

 

   

 

 

 

Resource Class

     (642,242     24,190,011       61,306,446       17,158,805  

 

  

 

 

   

 

 

 

Corporate Class

     1,413,797,274       207,510,470       1,023,377,300       (539,261,258

 

  

 

 

   

 

 

 

CAVU Securities Class

     1,297,043,776       10,231,626       6,183,737,346       3,411,670,557  

 

  

 

 

   

 

 

 

Net increase in net assets resulting from share transactions

     16,299,099,633       5,028,986,531       16,978,972,159       15,303,687,684  

 

  

 

 

   

 

 

 

Net increase in net assets

     16,301,829,889       5,025,099,969       16,981,255,605       15,275,144,107  

 

  

 

 

   

 

 

 

Net assets:

        

Beginning of period

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

 

  

 

 

   

 

 

 

End of period

   $ 41,175,760,983     $ 24,873,931,094     $ 86,034,242,571     $ 69,052,986,966  

 

  

 

 

   

 

 

 

 

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, 2023 and the year ended August 31, 2022

(Unaudited)

 

     Invesco Treasury Obligations Portfolio     Invesco Tax-Free Cash Reserve Portfolio  
    

February 28,

2023

   

August 31,

2022

   

February 28,

2023

   

August 31,

2022

 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

Operations:

        

Net investment income

   $ 23,988,340     $ 4,933,278     $ 2,961,235     $ 629,361  

 

  

 

 

   

 

 

 

Net realized gain (loss)

     (30,165     (129,607     -       -  

 

  

 

 

   

 

 

 

Net increase in net assets resulting from operations

     23,958,175       4,803,671       2,961,235       629,361  

 

  

 

 

   

 

 

 

Distributions to shareholders from distributable earnings:

        

Institutional Class

     (22,764,739     (4,768,439     (2,597,193     (576,238

 

  

 

 

   

 

 

 

Private Investment Class

     (259,555     (48,742     (243,504     (26,690

 

  

 

 

   

 

 

 

Personal Investment Class

     (173,656     (29,749     (7,751     (2,178

 

  

 

 

   

 

 

 

Cash Management Class

     (1,358     (319     (37,135     (11,012

 

  

 

 

   

 

 

 

Reserve Class

     (660,979     (71,516     (67,697     (10,273

 

  

 

 

   

 

 

 

Resource Class

     (3,661     (360     (7,815     (2,938

 

  

 

 

   

 

 

 

Corporate Class

     (124,392     (14,153     (140     (32

 

  

 

 

   

 

 

 

Total distributions from distributable earnings

     (23,988,340     (4,933,278     (2,961,235     (629,361

 

  

 

 

   

 

 

 

Share transactions-net:

        

Institutional Class

     166,084,398       38,941,402       (2,953,360     78,490,605  

 

  

 

 

   

 

 

 

Private Investment Class

     2,096,826       (78,490     10,542,278       5,209,668  

 

  

 

 

   

 

 

 

Personal Investment Class

     (757,179     8,907,420       (1,414,442     133,658  

 

  

 

 

   

 

 

 

Cash Management Class

     1,491       (174,408     (250,931     (851,665

 

  

 

 

   

 

 

 

Reserve Class

     2,655,507       (32,341,061     (9,080,916     (1,439,232

 

  

 

 

   

 

 

 

Resource Class

     17,103       198       (24,302     (716,611

 

  

 

 

   

 

 

 

Corporate Class

     (86,382     (1,691,615     136       19  

 

  

 

 

   

 

 

 

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

     170,011,764       13,563,446       (3,181,537     80,826,442  

 

  

 

 

   

 

 

 

Net increase (decrease) in net assets

     169,981,599       13,433,839       (3,181,537     80,826,442  

 

  

 

 

   

 

 

 

Net assets:

        

Beginning of period

     1,175,082,030       1,161,648,191       232,634,661       151,808,219  

 

  

 

 

   

 

 

 

End of period

   $ 1,345,063,629     $ 1,175,082,030     $ 229,453,124     $ 232,634,661  

 

  

 

 

   

 

 

 

 

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

 

30   Short-Term Investments Trust


Financial Highlights

(Unaudited)

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

Reserve Class

 

    

Net asset

value,

beginning

of period

 

Net

investment

income(a)

 

Net gains

(losses)

on securities

(both

realized and

unrealized)

 

Total from

investment

operations

 

Dividends

from net

investment

income

 

Distributions

from net

realized

gains

 

Return of

capital

 

Total

distributions

 

Net asset

value, end

of period

 

Total

return(b)

 

Net assets,

end of period

(000’s omitted)

 

Ratio of

expenses

to average

net assets

with fee waivers

and/or expense

reimbursements

 

Ratio of

expenses

to average net

assets without

fee waivers

and/or expense

reimbursements

 

Ratio of net

investment

income

to average

net assets

Invesco Liquid Assets Portfolio

 

                           

Six months ended 02/28/23

    $ 1.0002     $ 0.0142     $ 0.0001     $ 0.0143     $ (0.0143 )     $ -     $ -     $ (0.0143 )     $ 1.0002       1.44 %     $ 172       1.05 %(c)       1.09 %(c)       2.86 %(c)

Year ended 08/31/22

      1.0004       0.0019       (0.0001 )       0.0018       (0.0020 )       -       -       (0.0020 )       1.0002       0.18       175       0.46       1.09       0.20

Year ended 08/31/21

      1.0006       0.0001       (0.0002 )       (0.0001 )       (0.0001 )       -       -       (0.0001 )       1.0004       (0.01 )       216       0.21       1.09       0.01

Year ended 08/31/20

      1.0004       0.0059       (0.0006 )       0.0053       (0.0051 )       -       -       (0.0051 )       1.0006       0.53       278       0.85       1.09       0.59

Year ended 08/31/19

      1.0004       0.0150       0.0000       0.0150       (0.0150 )       -       -       (0.0150 )       1.0004       1.51       303       1.05       1.09       1.50

Year ended 08/31/18

      1.0002       0.0092       (0.0012 )       0.0080       (0.0078 )       -       -       (0.0078 )       1.0004       0.80       418       0.99       1.10       0.92

Invesco STIC Prime Portfolio

 

                           

Six months ended 02/28/23

      1.0000       0.0133       0.0005       0.0138       (0.0138 )       -       -       (0.0138 )       1.0000       1.39       71       1.05 (c)        1.14 (c)        2.68 (c) 

Year ended 08/31/22

      1.0000       0.0020       0.0000       0.0020       (0.0018 )       -       (0.0002 )       (0.0020 )       1.0000       0.20       70       0.42       1.15       0.34

Year ended 08/31/21

      1.0000       0.0001       (0.0000 )       0.0001       (0.0001 )       -       -       (0.0001 )       1.0000       0.01       87       0.13       1.17       0.01

Year ended 08/31/20

      1.0001       0.0045       (0.0001 )       0.0044       (0.0045 )       -       -       (0.0045 )       1.0000       0.45       105       0.90       1.13       0.44

Year ended 08/31/19

      1.0001       0.0139       0.0001       0.0140       (0.0140 )       -       -       (0.0140 )       1.0001       1.41       273       1.05       1.12       1.39

Year ended 08/31/18

      1.0000       0.0083       (0.0005 )       0.0078       (0.0077 )       -       -       (0.0077 )       1.0001       0.78       270       0.90       1.14       0.83

Invesco Treasury Portfolio

 

                           

Six months ended 02/28/23

      1.00       0.01       0.00       0.01       (0.01 )       -       -       (0.01 )       1.00       1.38       658,815       1.05 (c)        1.08 (c)        2.90 (c) 

Year ended 08/31/22

      1.00       0.00       0.00       0.00       (0.00 )       -       -       (0.00 )       1.00       0.19       987,384       0.39       1.08       0.21

Year ended 08/31/21

      1.00       0.00       0.00       0.00       (0.00 )       -       -       (0.00 )       1.00       0.01       867,767       0.10       1.08       0.01

Year ended 08/31/20

      1.00       0.00       0.00       0.00       (0.00 )       (0.00 )       -       (0.00 )       1.00       0.39       581,684       0.60       1.08       0.44

Year ended 08/31/19

      1.00       0.01       0.00       0.01       (0.01 )       -       -       (0.01 )       1.00       1.32       289,625       1.05       1.08       1.31

Year ended 08/31/18

      1.00       0.01       0.00       0.01       (0.01 )       -       -       (0.01 )       1.00       0.64       228,520       0.88       1.07       0.67

Invesco Government & Agency Portfolio

 

                           

Six months ended 02/28/23

      1.00       0.01       0.00       0.01       (0.01 )       -       -       (0.01 )       1.00       1.38       512,206       1.03 (c)        1.03 (c)        2.82 (c) 

Year ended 08/31/22

      1.00       0.00       (0.00 )       0.00       (0.00 )       -       -       (0.00 )       1.00       0.21       598,751       0.42       1.03       0.23

Year ended 08/31/21

      1.00       0.00       0.00       0.00       (0.00 )       -       -       (0.00 )       1.00       0.02       408,500       0.08       1.03       0.02

Year ended 08/31/20

      1.00       0.00       (0.00 )       0.00       (0.00 )       (0.00 )       -       (0.00 )       1.00       0.40       401,438       0.63       1.02       0.37

Year ended 08/31/19

      1.00       0.01       0.00       0.01       (0.01 )       -       -       (0.01 )       1.00       1.34       297,787       1.03       1.03       1.33

Year ended 08/31/18

      1.00       0.01       0.00       0.01       (0.01 )       -       -       (0.01 )       1.00       0.66       209,629       0.86       1.02       0.64

Invesco Treasury Obligations Portfolio

 

                           

Six months ended 02/28/23

      1.00       0.01       (0.00 )       0.01       (0.01 )       -       -       (0.01 )       1.00       1.33       44,803       1.05 (c)        1.08 (c)        2.71 (c) 

Year ended 08/31/22

      1.00       0.00       (0.00 )       (0.00 )       (0.00 )       -       -       (0.00 )       1.00       0.16       42,147       0.35       1.08       0.24

Year ended 08/31/21

      1.00       0.00       0.00       0.00       (0.00 )       -       -       (0.00 )       1.00       0.01       74,495       0.10       1.08       0.01

Year ended 08/31/20

      1.00       0.00       (0.00 )       0.00       (0.00 )       -       -       (0.00 )       1.00       0.38       54,585       0.75       1.07       0.27

Year ended 08/31/19

      1.00       0.01       0.00       0.01       (0.01 )       -       -       (0.01 )       1.00       1.29       54,711       1.05       1.08       1.28

Year ended 08/31/18

      1.00       0.01       0.00       0.01       (0.01 )       -       -       (0.01 )       1.00       0.65       33,396       0.88       1.08       0.64

Invesco Tax-Free Cash Reserve Portfolio

 

                           

Six months ended 02/28/23

      1.00       0.01       -       0.01       (0.01 )       -       -       (0.01 )       1.00       0.68       5,704       1.07 (c)        1.20 (c)        1.39 (c) 

Year ended 08/31/22

      1.00       0.00       -       0.00       (0.00 )       -       -       (0.00 )       1.00       0.06       14,785       0.41       1.24       0.12

Year ended 08/31/21

      1.00       0.00       -       0.00       (0.00 )       -       -       (0.00 )       1.00       0.01       16,226       0.07       1.27       0.01

Year ended 08/31/20

      1.00       0.00       -       0.00       (0.000 )       -       -       (0.00 )       1.00       0.23       26,823       0.69       1.21       0.26

Year ended 08/31/19

      1.00       0.01       -       0.01       (0.01 )       -       -       (0.01 )       1.00       0.52       20,002       1.07       1.22       0.51

Year ended 08/31/18

      1.00       0.00       (0.00 )       0.00       (0.00 )       -       -       (0.00 )       1.00       0.42       14,151       0.77       1.25       0.44

 

(a) 

Calculated using average shares outstanding.

(b) 

Includes adjustments in accordance with accounting principles generally accepted in the United States of America and is not annualized for periods less than one year.

(c) 

Annualized.

 

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

 

31   Short-Term Investments Trust


Notes to Financial Statements

February 28, 2023

(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”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.

    The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio; and to provide tax-exempt income consistent with preservation of capital and liquidity for Invesco Tax-Free Cash Reserve Portfolio.

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

    Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

    Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio, both institutional money market funds, price and transact in their shares at a floating net asset value (“NAV”) reflecting the current market-based values of their portfolio securities, except as otherwise generally permitted for securities with remaining maturities of 60 days or less, which are valued at amortized cost. Rules and regulations also require Invesco Liquid Assets Portfolio and Invesco STIC Prime Portfolio to round their NAVs to four decimal places (e.g., $1.0000).

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

    Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, and Invesco Tax-Free Cash Reserve Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, seek to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation.

    “Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/or repurchase agreements collateralized fully by cash or Government Securities. “Retail money market funds” are required to adopt policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons.

    Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio and Invesco Tax-Free Cash Reserve Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.

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

A.

Security Valuations – Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities normally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

    Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is unreliable in the Adviser’s judgment, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

    Invesco Treasury Portfolio, Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

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

    Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.

B.

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

 

32   Short-Term Investments Trust


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

    The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

    Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Funds and the investment adviser.

    The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.

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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D.

Distributions – It is the policy of the Funds to declare dividends from net investment income, if any, daily and pay them monthly. 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, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H.

Indemnifications – Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I.

Repurchase Agreements – The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income.

J.

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

 

33   Short-Term Investments Trust


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

    The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.

    The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

    Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and each Fund’s investments in municipal securities.

    There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

    U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.

K.

COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:

 

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

 

Invesco Liquid Assets Portfolio

   0.15%   0.15%   0.15%

 

Invesco STIC Prime Portfolio

   0.15%   0.15%   0.15%

 

Invesco Treasury Portfolio

   0.15%   0.15%   0.15%

 

Invesco Government & Agency Portfolio

   0.10%   0.10%   0.10%

 

Invesco Treasury Obligations Portfolio

   0.20%   0.15%   0.10%

 

Invesco Tax-Free Cash Reserve Portfolio

   0.20%   0.20%   0.20%

 

    For the six months ended February 28, 2023, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:

 

Invesco Liquid Assets Portfolio

     0.15%  

 

 

Invesco STIC Prime Portfolio

     0.15%  

 

 

Invesco Treasury Portfolio

     0.15%  

 

 

Invesco Government & Agency Portfolio

     0.10%  

 

 

Invesco Treasury Obligations Portfolio

     0.13%  

 

 

Invesco Tax-Free Cash Reserve Portfolio

     0.20%  

 

 

    Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, for Invesco Government & Agency Portfolio, Invesco Treasury Obligations Portfolio and Invesco Tax-Free Cash Reserve Portfolio, separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

    The Adviser has contractually agreed, through at least December 31, 2023, 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

 

34   Short-Term Investments Trust


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

 

         Private   Personal   Cash               CAVU
     Institutional   Investment   Investment   Management   Reserve   Resource   Corporate   Securities
     Class   Class   Class   Class   Class   Class   Class   Class

 

Invesco Liquid Assets Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.38%   0.21%   0.18%

 

Invesco STIC Prime Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.34%   0.21%      –

 

Invesco Treasury Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.34%   0.21%   0.18%

 

Invesco Government & Agency Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.34%   0.21%   0.18%

 

Invesco Treasury Obligations Portfolio

   0.18%   0.43%   0.73%   0.26%   1.05%   0.34%   0.21%      –

 

Invesco Tax-Free Cash Reserve Portfolio

   0.20%   0.45%   0.75%   0.28%   1.07%   0.36%   0.23%      –

 

    The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.

    In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses, and (5) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.

    For the six months ended February 28, 2023, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:

 

     Expense
Limitation
 

 

 

Invesco Liquid Assets Portfolio

   $    342,612  

 

 

Invesco STIC Prime Portfolio

     173,553  

 

 

Invesco Treasury Portfolio

     6,268,478  

 

 

Invesco Government & Agency Portfolio

     84,156  

 

 

Invesco Treasury Obligations Portfolio

     181,160  

 

 

Invesco Tax-Free Cash Reserve Portfolio

     179,196  

 

 

    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, 2023, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as fund accountant and provides certain administrative services to the Funds. Pursuant to a custody agreement with the Trust on behalf of the Funds, BNY Mellon also serves as the Fund’s custodian.

    The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 28, 2023, 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”). Each Fund, pursuant to the Plans, pays IDI compensation up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.

 

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

 

Invesco Liquid Assets Portfolio

   0.30%   0.55%   0.08%   0.87%   0.20%   0.03%

 

Invesco STIC Prime Portfolio

   0.30%   0.55%   0.08%   0.87%   0.16%   0.03%

 

Invesco Treasury Portfolio

   0.30%   0.55%   0.08%   0.87%   0.16%   0.03%

 

Invesco Government & Agency Portfolio

   0.30%   0.55%   0.08%   0.87%   0.16%   0.03%

 

Invesco Treasury Obligations Portfolio

   0.25%   0.55%   0.08%   0.87%   0.16%   0.03%

 

Invesco Tax-Free Cash Reserve Portfolio

   0.25%   0.55%   0.08%   0.87%   0.16%   0.03%

 

    The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.

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

NOTE 3–Additional Valuation Information

GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods,

 

35   Short-Term Investments Trust


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. 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 the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

    As of February 28, 2023, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase securities from or sell securities to certain other affiliated 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 that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the six months ended February 28, 2023, each Fund engaged in transactions with affiliates as listed below:

 

     Securities Purchases                  Securities Sales                  Net Realized Gains

 

Invesco Liquid Assets Portfolio

       $                  -                 $  15,017,260         $-  

 

Invesco STIC Prime Portfolio

     10,011,507                7,808,191         -

 

Invesco Tax-Free Cash Reserve Portfolio

     164,296,012                170,492,689         -

 

NOTE 5–Trustees’ and Officers’ Fees and Benefits

Trustees’ and OfficersFees 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 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. 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 had a capital loss carryforward as of August 31, 2022, as follows:

 

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

 

 

Invesco Liquid Assets Portfolio

     $ 9,051            $ -            $ 9,051  

 

 

Invesco Treasury Portfolio

       3,918,575          -              3,918,575  

 

 

Invesco Government & Agency Portfolio

       28,544,744          -              28,544,744  

 

 

Invesco Treasury Obligations Portfolio

       132,371          24,258              156,629  

 

 

Invesco Tax-Free Cash Reserve Portfolio

       19,092          -              19,092  

 

 

 

*

Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:

 

       At February 28, 2023  
                                  Net  
                                  Unrealized  
       Federal        Unrealized        Unrealized        Appreciation  
       Tax Cost*        Appreciation        (Depreciation)        (Depreciation)  

 

 

Invesco Liquid Assets Portfolio

     $ 1,833,286,676            $ 103,511                $ (273,743)              $ (170,232)  

 

 

Invesco STIC Prime Portfolio

       234,120,176          546              (3,822)              (3,276)  

 

 

Invesco Treasury Obligations Portfolio

       1,356,198,463          -              (8,870)              (8,870)  

 

 

 

*

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

NOTE 9–Share Information

Invesco Liquid Assets Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended      Year ended  
     February 28, 2023(a)      August 31, 2022  
     Shares      Amount      Shares      Amount  

 

 

Sold:

           

Institutional Class

     7,575,148,001      $ 7,576,878,151        16,021,220,223      $ 16,021,997,196  

 

 

Private Investment Class

     1,140        1,140        173        173  

 

 

Cash Management Class

     6,118        6,119        1        1  

 

 

Reserve Class

     256        257        7,065        7,068  

 

 

Resource Class

     417        417        -        -  

 

 

Corporate Class

     5,998,343        6,000,042        -        -  

 

 

CAVU Securities Class

     -        -        1        1  

 

 

Issued as reinvestment of dividends:

           

Institutional Class

     4,247,510        4,248,575        331,500        331,481  

 

 

Private Investment Class

     17,991        17,996        3,597        3,597  

 

 

Personal Investment Class

     4        4        -        -  

 

 

Cash Management Class

     31,256        31,264        5,971        5,971  

 

 

Reserve Class

     2,461        2,461        174        174  

 

 

Resource Class

     4,382        4,383        599        599  

 

 

Corporate Class

     36,900        36,909        70        70  

 

 

 

37   Short-Term Investments Trust


NOTE 9–Share Information–(continued)

 

           Summary of Share Activity        

 

 
     Six months ended     Year ended  
     February 28, 2023(a)     August 31, 2022  
     Shares     Amount     Shares     Amount  

 

 

Reacquired:

        

Institutional Class

     (7,501,501,745   $ (7,503,217,013     (16,635,655,012   $ (16,636,609,365

 

 

Private Investment Class

     (49,320     (49,332     (1,822,166     (1,822,177

 

 

Cash Management Class

     (81,322     (81,346     (1,207,094     (1,207,189

 

 

Reserve Class

     (6,059     (6,061     (47,789     (47,792

 

 

Resource Class

     (3,063     (3,065     (114,803     (114,839

 

 

Corporate Class

     (23     (23     (425     (424

 

 

Net increase (decrease) in share activity

     83,853,247     $ 83,870,878       (617,277,915   $ (617,455,455

 

 

 

(a) 

42% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

38   Short-Term Investments Trust


NOTE 9–Share Information(continued)

 

Invesco STIC Prime Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     911,782,582     $ 911,783,366       1,898,258,845     $ 1,898,293,281  

 

 

Private Investment Class

     69,416       69,416       66,475       66,475  

 

 

Personal Investment Class

     129       129       45       45  

 

 

Cash Management Class

     200,511       200,511       47,921       47,925  

 

 

Reserve Class

     87       87       1       1  

 

 

Resource Class

     1       1       -       -  

 

 

Corporate Class

     611,040       611,040       -       -  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     5,147,362       5,147,362       718,725       718,729  

 

 

Private Investment Class

     5,822       5,822       961       961  

 

 

Personal Investment Class

     1,411       1,411       131       131  

 

 

Cash Management Class

     4,838       4,838       351       351  

 

 

Reserve Class

     971       971       62       62  

 

 

Resource Class

     8       8       1       1  

 

 

Corporate Class

     4,612       4,612       64       64  

 

 

Reacquired:

        

Institutional Class

     (1,007,016,975     (1,007,018,016     (1,798,225,673     (1,798,252,661

 

 

Private Investment Class

     (200,392     (200,392     (215,296     (215,297

 

 

Personal Investment Class

     -       -       (1,624     (1,624

 

 

Cash Management Class

     (107,101     (107,101     (175,291     (175,297

 

 

Reserve Class

     (1     (1     (16,836     (16,838

 

 

Resource Class

     (1     (1     -       -  

 

 

Corporate Class

     (130,000     (130,000     -       -  

 

 

Net increase (decrease) in share activity

     (89,625,680   $ (89,625,937     100,458,862     $ 100,466,309  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 62% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

 

39   Short-Term Investments Trust


NOTE 9–Share Information(continued)

 

Invesco Treasury Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     145,004,051,458     $ 145,004,051,458       132,066,034,066     $ 132,066,034,066  

 

 

Private Investment Class

     693,606,770       693,606,770       1,001,410,898       1,001,410,898  

 

 

Personal Investment Class

     1,065,604,266       1,065,604,266       2,236,178,971       2,236,178,971  

 

 

Cash Management Class

     445,291,553       445,291,553       1,488,319,714       1,488,319,714  

 

 

Reserve Class

     2,136,575,113       2,136,575,113       3,559,612,942       3,559,612,942  

 

 

Resource Class

     154,959,401       154,959,401       215,964,855       215,964,855  

 

 

Corporate Class

     7,067,487,198       7,067,487,198       4,502,000,934       4,502,000,934  

 

 

CAVU Securities Class

     10,117,703,630       10,117,703,630       12,888,063,731       12,888,063,731  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     188,438,016       188,438,016       10,223,078       10,223,078  

 

 

Private Investment Class

     4,364,973       4,364,973       184,233       184,233  

 

 

Personal Investment Class

     5,687,699       5,687,699       398,914       398,914  

 

 

Cash Management Class

     5,107,835       5,107,835       1,071,516       1,071,516  

 

 

Reserve Class

     12,607,423       12,607,423       971,014       971,014  

 

 

Resource Class

     1,108,827       1,108,827       130,138       130,138  

 

 

Corporate Class

     9,000,585       9,000,585       261,029       261,029  

 

 

CAVU Securities Class

     17,718,130       17,718,130       1,880       1,880  

 

 

Reacquired:

        

Institutional Class

     (131,165,173,079     (131,165,173,079     (127,745,395,500     (127,745,395,500

 

 

Private Investment Class

     (461,389,073     (461,389,073     (923,593,550     (923,593,550

 

 

Personal Investment Class

     (1,263,551,118     (1,263,551,118     (1,920,776,704     (1,920,776,704

 

 

Cash Management Class

     (604,468,621     (604,468,621     (1,546,770,652     (1,546,770,652

 

 

Reserve Class

     (2,477,852,390     (2,477,852,390     (3,440,814,516     (3,440,814,516

 

 

Resource Class

     (156,710,470     (156,710,470     (191,904,982     (191,904,982

 

 

Corporate Class

     (5,662,690,509     (5,662,690,509     (4,294,751,493     (4,294,751,493

 

 

CAVU Securities Class

     (8,838,377,984     (8,838,377,984     (12,877,833,985     (12,877,833,985

 

 

Net increase in share activity

     16,299,099,633     $ 16,299,099,633       5,028,986,531     $ 5,028,986,531  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 40% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

 

40   Short-Term Investments Trust


NOTE 9–Share Information–(continued)

 

Invesco Government & Agency Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     324,869,749,338     $ 324,869,749,338       454,339,645,288     $ 454,339,645,288  

 

 

Private Investment Class

     1,126,644,425       1,126,644,425       1,778,974,054       1,778,974,054  

 

 

Personal Investment Class

     58,898,358       58,898,358       97,861,174       97,861,174  

 

 

Cash Management Class

     414,424,303       414,424,303       1,341,733,532       1,341,733,532  

 

 

Reserve Class

     807,114,011       807,114,011       2,373,222,673       2,373,222,673  

 

 

Resource Class

     826,482,205       826,482,205       1,481,464,937       1,481,464,937  

 

 

Corporate Class

     8,128,163,560       8,128,163,560       10,354,778,887       10,354,778,887  

 

 

CAVU Securities Class

     68,062,764,562       68,062,764,562       77,360,488,467       77,360,488,467  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     455,040,015       455,040,015       49,592,996       49,592,996  

 

 

Private Investment Class

     7,769,707       7,769,707       747,946       747,946  

 

 

Personal Investment Class

     501,718       501,718       55,691       55,691  

 

 

Cash Management Class

     3,325,117       3,325,117       463,867       463,867  

 

 

Reserve Class

     8,266,117       8,266,117       542,028       542,028  

 

 

Resource Class

     2,777,506       2,777,506       486,110       486,110  

 

 

Corporate Class

     11,198,615       11,198,615       1,161,309       1,161,309  

 

 

CAVU Securities Class

     99,055,148       99,055,148       7,176,754       7,176,754  

 

 

Reacquired:

        

Institutional Class

     (315,168,513,197     (315,168,513,197     (442,662,747,076     (442,662,747,076

 

 

Private Investment Class

     (970,036,183     (970,036,183     (1,707,506,123     (1,707,506,123

 

 

Personal Investment Class

     (65,358,015     (65,358,015     (67,927,807     (67,927,807

 

 

Cash Management Class

     (935,259,816     (935,259,816     (947,276,029     (947,276,029

 

 

Reserve Class

     (902,014,831     (902,014,831     (2,183,262,634     (2,183,262,634

 

 

Resource Class

     (767,953,265     (767,953,265     (1,464,792,242     (1,464,792,242

 

 

Corporate Class

     (7,115,984,875     (7,115,984,875     (10,895,201,454     (10,895,201,454

 

 

CAVU Securities Class

     (61,978,082,364     (61,978,082,364     (73,955,994,664     (73,955,994,664

 

 

Net increase in share activity

     16,978,972,159     $ 16,978,972,159       15,303,687,684     $ 15,303,687,684  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

 

41   Short-Term Investments Trust


NOTE 9—Share Information–(continued)

 

Invesco Treasury Obligations Portfolio

 

           Summary of Share Activity        

 

 
     Six months ended     Year ended  
     February 28, 2023(a)     August 31, 2022  
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     2,955,044,530     $ 2,955,044,530       2,034,763,395     $ 2,034,763,395  

 

 

Private Investment Class

     5,741,484       5,741,484       4,862,034       4,862,034  

 

 

Personal Investment Class

     7,866,493       7,866,493       25,412,787       25,412,787  

 

 

Cash Management Class

     133       133       -       -  

 

 

Reserve Class

     75,864,809       75,864,809       237,156,939       237,156,939  

 

 

Resource Class

     1,257,552       1,257,552       891,607       891,607  

 

 

Corporate Class

     20,654,915       20,654,915       -       -  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     13,024,486       13,024,486       1,208,158       1,208,158  

 

 

Private Investment Class

     259,555       259,555       25,960       25,960  

 

 

Personal Investment Class

     173,656       173,656       13,163       13,163  

 

 

Cash Management Class

     1,358       1,358       185       185  

 

 

Reserve Class

     660,979       660,979       26,868       26,868  

 

 

Resource Class

     2,003       2,003       -       -  

 

 

Corporate Class

     121,810       121,810       8,385       8,385  

 

 

Reacquired:

        

Institutional Class

     (2,801,984,618     (2,801,984,618     (1,997,030,151     (1,997,030,151

 

 

Private Investment Class

     (3,904,213     (3,904,213     (4,966,484     (4,966,484

 

 

Personal Investment Class

     (8,797,328     (8,797,328     (16,518,530     (16,518,530

 

 

Cash Management Class

     -       -       (174,593     (174,593

 

 

Reserve Class

     (73,870,281     (73,870,281     (269,524,868     (269,524,868

 

 

Resource Class

     (1,242,452     (1,242,452     (891,409     (891,409

 

 

Corporate Class

     (20,863,107     (20,863,107     (1,700,000     (1,700,000

 

 

Net increase in share activity

     170,011,764     $ 170,011,764       13,563,446     $ 13,563,446  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 39% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

    In addition, 38% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

42   Short-Term Investments Trust


NOTE 9—Share Information–(continued)

 

Invesco Tax-Free Cash Reserve Portfolio

 

     Summary of Share Activity  

 

 
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
     Shares     Amount     Shares     Amount  

 

 

Sold:

        

Institutional Class

     222,924,718     $ 222,924,718       264,322,787     $ 264,322,787  

 

 

Private Investment Class

     36,294,273       36,294,273       8,658,509       8,658,509  

 

 

Personal Investment Class

     1,707,275       1,707,275       4,144,947       4,144,947  

 

 

Cash Management Class

     2,589,877       2,589,877       4,995,075       4,995,075  

 

 

Reserve Class

     13,217,998       13,217,998       44,954,869       44,954,869  

 

 

Resource Class

     537       537       -       -  

 

 

Corporate Class

     49,490       49,490       -       -  

 

 

Issued as reinvestment of dividends:

        

Institutional Class

     1,792,239       1,792,239       203,648       203,648  

 

 

Private Investment Class

     233,864       233,864       10,734       10,734  

 

 

Personal Investment Class

     7,751       7,751       619       619  

 

 

Cash Management Class

     8,620       8,620       1,959       1,959  

 

 

Reserve Class

     67,697       67,697       2,238       2,238  

 

 

Resource Class

     7,709       7,709       1,890       1,890  

 

 

Corporate Class

     136       136       19       19  

 

 

Reacquired:

        

Institutional Class

     (227,670,317     (227,670,317     (186,035,830     (186,035,830

 

 

Private Investment Class

     (25,985,859     (25,985,859     (3,459,575     (3,459,575

 

 

Personal Investment Class

     (3,129,468     (3,129,468     (4,011,908     (4,011,908

 

 

Cash Management Class

     (2,849,428     (2,849,428     (5,848,699     (5,848,699

 

 

Reserve Class

     (22,366,611     (22,366,611     (46,396,339     (46,396,339

 

 

Resource Class

     (32,548     (32,548     (718,501     (718,501

 

 

Corporate Class

     (49,490     (49,490     -       -  

 

 

Net increase (decrease) in share activity

     (3,181,537   $ (3,181,537     80,826,442     $ 80,826,442  

 

 

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 82% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

NOTE 10–Significant Event

On January 19, 2023, the Board of Trustees approved a Plan of Liquidation and Dissolution, which authorizes the termination, liquidation and dissolution of Invesco Tax-Free Cash Reserve Portfolio Fund (the “Fund”). In order to effect such liquidation, the Fund closed to investments by new accounts after the close of business on February 24, 2023. The Fund is expected to liquidate on or about April 24, 2023.

 

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, 2022 through February 28, 2023.

Actual expenses

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

Hypothetical example for comparison purposes

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

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

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

 

                        HYPOTHETICAL      
            ACTUAL      (5% annual return before expenses)          
      Beginning    Ending    Expenses    Ending    Expenses      Annualized    
        Account Value          Account Value          Paid During          Account Value          Paid During        Expense
Reserve Class    (09/01/22)    (02/28/23)1    Period2    (02/28/23)    Period2    Ratio
Invesco Liquid Assets Portfolio    $1,000.00    $1,014.40    $5.24    $1,019.59    $5.26    1.05%
Invesco STIC Prime Portfolio       1,000.00      1,013.90      5.24      1,019.59      5.26    1.05   
Invesco Treasury Portfolio      1,000.00      1,013.80      5.24      1,019.59      5.26    1.05   
Invesco Government & Agency Portfolio      1,000.00      1,013.80      5.14      1,019.69      5.16    1.03   
Invesco Treasury Obligations Portfolio      1,000.00      1,013.30      5.24      1,019.59      5.26    1.05   
Invesco Tax-Free Cash Reserve Portfolio      1,000.00      1,006.80      5.32      1,019.49      5.36    1.07   

 

1 

The actual ending account value is based on the actual total return of the Funds for the period September 1, 2022 through February 28, 2023, 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


(This page intentionally left blank)

 

 


(This page intentionally left blank)

 

 


(This page intentionally left blank)

 

 


 

 

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

 

 

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

 

 

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-MFP filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

    A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

    Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

    Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

 

LOGO

 

SEC file numbers: 811-02729 and 002-58287    Invesco Distributors, Inc.    CM-STIT-SAR-7                                 


LOGO

 

 

 

Semiannual Report to Shareholders   February 28, 2023

CAVU Securities Class

Short-Term Investments Trust (STIT)

Invesco Liquid Assets Portfolio

Invesco Treasury Portfolio

Invesco Government & Agency Portfolio

 

 

2   

Fund Data

  
3   

Schedules of Investments

  
15   

Financial Statements

  
20   

Financial Highlights

  
21   

Notes to Financial Statements

  
29   

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. Only clients of CAVU Securities, LLC (CAVU) are eligible to purchase the Funds’ CAVU Securities Class. CAVU is a veteran and minority owned firm that measures the success of the firm not only based on financial performance, but also by the positive contributions it makes in giving back to the community, our country and those who have served our country. The CAVU Securities Class may not be purchased directly by individuals. In order to be a shareholder of the CAVU Securities Class, an individual generally needs to have a brokerage account with CAVU or its affiliates or another intermediary authorized by CAVU to offer the Fund’s CAVU Securities Class.

Unless otherwise stated, information presented in this report is as of February 28, 2023, and is based on total net assets. Unless otherwise stated, all data is provided by Invesco.

 

 

NOT FDIC INSURED  |  MAY LOSE VALUE  |  NO BANK GUARANTEE


 

Fund Data

 

CAVU Securities Class data as of 2/28/23
FUND   

WEIGHTED

AVERAGE

MATURITY

  

WEIGHTED
AVERAGE

LIFE

  

TOTAL

NET

ASSETS

     Range    At    At     
     During            Reporting                  Reporting           
             Reporting            Period    Period     
     Period    End    End     

Invesco Liquid Assets1

   12 - 48 days    41 days   

47 days

  

    $100.0 thousand    

Invesco Treasury2

   3 - 30 days    26 days    111 days       1.9 billion          

Invesco Government & Agency2

   8 - 30 days    23 days    109 days    11.0 billion          

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

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

 

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.

 

2                    Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio

 

      Interest
Rate
     Maturity
Date
         Principal    
Amount
(000)
     Value  

Commercial Paper-51.09%(a)

           

Asset-Backed Securities - Consumer Receivables-1.09%

           

Old Line Funding LLC (1 mo. FEDL + 0.12%)(b)(c)(d)

     4.65%        05/23/2023      $ 20,000      $ 20,000,000  

Asset-Backed Securities - Fully Supported Bank-12.57%

           

Anglesea Funding LLC (Multi - CEP’s) (1 mo. OBFR + 0.19%)(b)(c)(d)

     4.76%        04/07/2023        40,000        40,006,000  

Concord Minutemen Capital Co. LLC (Multi - CEP’s) (SOFR + 0.35%)(b)(c)(d)

     4.66%        04/19/2023        37,108        37,117,871  

Lexington Parker Capital Co. LLC (Multi - CEP’s)(b)(c)

     4.63%        03/15/2023        20,000        19,961,875  

Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c)

     4.62%        03/17/2023        39,110        39,025,451  

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

     4.82%        05/02/2023        50,000        49,586,475  

Nieuw Amsterdam Receivables Corp B.V. (CEP - Cooperatieve Rabobank U.A.) (Netherlands)(b)(c)

     4.68%        04/11/2023        19,500        19,394,417  

Versailles Commercial Paper LLC (CEP - Natixis SA)(c)

     4.95%        05/03/2023        25,000        24,788,844  
                                  229,880,933  

Diversified Banks-19.40%

           

Banco Santander S.A. (Spain)(b)(c)

     4.94%        05/01/2023        25,000        24,796,778  

Banco Santander S.A. (Spain)(b)(c)

     4.96%        05/10/2023        10,000        9,906,438  

Barclays Bank PLC(b)(c)

     4.89%        05/24/2023        10,000        9,886,147  

DBS Bank Ltd. (Singapore)(b)(c)

     5.18%        06/07/2023        20,000        19,737,925  

DNB Bank ASA (Norway)(b)(c)

     5.15%        02/01/2024        25,000        23,780,149  

DZ Bank AG (Germany)(b)(c)

     4.79%        04/11/2023        30,000        29,838,405  

Lloyds Bank PLC (United Kingdom)(c)

     5.14%        08/01/2023        25,000        24,464,636  

National Australia Bank Ltd. (Australia)(b)(c)

     5.10%        11/02/2023        40,000        38,606,096  

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

     4.65%        04/03/2023        50,000        49,781,078  

Nordea Bank Abp (Finland)(b)(c)

     5.06%        07/03/2023        30,000        29,493,646  

Sumitomo Mitsui Trust Bank Ltd.(b)(c)

     4.58%        03/06/2023        50,000        49,962,083  

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

     0.00%        01/26/2024        25,000        24,934,499  

Westpac Banking Corp. (Australia)(b)(c)

     5.47%        08/03/2023        20,000        19,580,447  
                                  354,768,327  

Diversified Capital Markets-5.98%

           

Collateralized Commercial Paper V Co. LLC (CEP - JPMorgan Securities LLC)

     5.09%        07/12/2023        10,000        9,816,606  

Glencove Funding LLC (CEP - Standard Chartered Bank)(b)(c)

     4.80%        04/25/2023        50,000        49,635,222  

Great Bear Funding LLC (CEP - Bank of Nova Scotia) (1 mo. OBFR + 0.25%)(c)(d)

     4.82%        07/24/2023        30,000        30,005,940  

Longship Funding LLC (CEP - Nordea Bank AB)(b)(c)

     4.62%        03/17/2023        20,000        19,956,556  
                                  109,414,324  

Education Services-1.97%

           

Emory University

     4.68%        04/06/2023        36,000        35,983,588  

Investment Banking & Brokerage-1.62%

           

Goldman Sachs International(b)

     4.97%        05/24/2023        30,000        29,663,400  

Regional Banks-2.73%

           

Mitsubishi UFJ Trust & Banking Corp.(b)(c)

     4.59%        03/24/2023        50,000        49,848,667  

Specialized Finance-5.73%

           

Cabot Trail Funding LLC (CEP - TD Bank N.A.)(b)(c)

     4.68%        04/03/2023        25,000        24,890,208  

Caterpillar Financial Services Corp.

     4.61%        03/02/2023        50,000        49,987,478  

 

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

 

3                    Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio–(continued)

 

      Interest
Rate
    Maturity
Date
         Principal    
Amount
(000)
     Value  

Specialized Finance-(continued)

          

Great Bear Funding LLC (CEP - Bank of Nova Scotia) (1 mo. OBFR +
0.23%)(c)(d)

     4.80%       07/24/2023      $ 20,000      $ 20,003,960  

Ontario Teachers’ Finance Trust (Canada)(b)(c)

     5.24%       05/16/2023        10,000        9,898,852  
                                 104,780,498  

Total Commercial Paper (Cost $934,507,127)

                               934,339,737  

Certificates of Deposit-23.43%

          

Bank of America N.A.

     5.37%       08/28/2023        40,000        39,989,008  

Credit Agricole Corporate & Investment Bank S.A.(c)

     4.55%       03/01/2023        69,572        69,571,586  

DNB Bank ASA (Norway)(c)

     4.55%       03/01/2023        62,000        62,000,000  

Mizuho Bank Ltd.(c)

     4.57%       03/01/2023        86,000        86,000,000  

Oversea-Chinese Banking Corp. Ltd.(c)

     4.84%       05/31/2023        25,000        24,998,175  

Oversea-Chinese Banking Corp. Ltd.(c)

     5.13%       07/14/2023        20,000        20,009,854  

Skandinaviska Enskilda Banken AB(c)

     4.56%       03/01/2023        90,000        90,000,000  

Sumitomo Mitsui Trust Bank Ltd.(c)

     4.55%       03/01/2023        36,000        36,000,000  

Total Certificates of Deposit (Cost $428,571,465)

                               428,568,623  

Variable Rate Demand Notes-4.29%(e)

          

Credit Enhanced-4.29%

          

Board of Regents of the University of Texas System; Subseries 2016 G-2, VRD RB

     4.55%       08/01/2045        67,040        67,040,000  

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

     4.90%       04/01/2047        9,100        9,099,999  

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

     4.59%       05/01/2037        2,400        2,400,000  

Total Variable Rate Demand Notes (Cost $78,539,999)

                               78,539,999  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-78.81% (Cost $1,441,618,591)

                               1,441,448,359  
                  Repurchase
Amount
        

Repurchase Agreements-21.42%(g)

          

BMO Capital Markets Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $75,068,104 (collateralized by agency and non-agency asset-backed securities,corporate obligations, agency and non-agency mortgage-backed securities and U.S.government sponsored agency obligations valued at $77,897,590; 0.00% - 8.59%;
09/29/2023 -10/20/2072)(c)(h)

     4.67     03/01/2023        5,004,540        5,000,000  

BMO Capital Markets Corp., joint term agreement dated 02/22/2023, aggregate maturing value of $75,068,542 (collateralized by agency and non-agency asset-backed securities,corporate obligations, agency and non-agency mortgage-backed securities and U.S.government sponsored agency obligations valued at $79,297,812; 0.00% - 11.67%;
04/01/2023 - 10/20/2072)(c)(h)

     4.70     03/01/2023        20,018,278        20,000,000  

BNP Paribas Securities Corp., joint term agreement dated 02/23/2023, aggregate maturing value of $115,105,321 (collateralized by corporate obligations, non-agency asset-backed securities and a non-agency mortgage-backed security valued at
$126,499,356; 3.75% - 11.23%; 03/15/2024 - 09/25/2047)(c)(h)

     4.71     03/02/2023        45,041,213        45,000,000  

BNP Paribas Securities Corp., joint term agreement dated 02/23/2023, aggregate maturing value of $50,045,208 (collateralized by corporate obligations and non-agencymortgage-backed securities valued at $54,237,766; 0.00% - 6.91%; 10/21/2027 - 02/25/2068)(c)(h)

     4.65     03/02/2023        18,016,275        18,000,000  

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $50,006,444 (collateralized by corporate obligations valued at $55,000,360; 3.63% - 10.50%; 11/15/2026 - 05/15/2031)

     4.64     03/01/2023        25,003,222        25,000,000  

 

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

 

4                    Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio–(continued)

 

      Interest
Rate
    Maturity
Date
     Repurchase
Amount
     Value  

Credit Agricole Corporate & Investment Bank, joint open agreement dated 02/17/2023 (collateralized by agency and non-agency asset-backed securities, corporate obligations,non-agency mortgage-backed securities valued at $212,241,452; 0.70% - 11.75%; 05/22/2023 - 05/15/2097)(c)(i)

     4.65     03/01/2023      $ 15,001,938      $ 15,000,000  

J.P. Morgan Securities LLC, joint open agreement dated 01/04/2023 (collateralized by corporate obligations valued at $110,000,002; 0.00% - 11.50%; 05/30/2023 - 02/01/2050)(i)

     4.87     03/01/2023        40,150,956        40,000,000  

J.P. Morgan Securities LLC, joint open agreement dated 09/18/2020 (collateralized by equity securities valued at $15,752,093; 4.25% - 10.63%; 09/01/2023 - 03/01/2033)(i)

     4.77     03/01/2023        7,025,873        7,000,000  

RBC Capital Markets LLC, joint term agreement dated 02/22/2023, aggregate maturing value of $150,138,542 (collateralized by corporate obligations and a non-agency mortgage-backed security valued at $160,966,520; 0.00% - 13.00%; 03/02/2023 - 01/15/2077)(c)(h)

     4.75     03/01/2023        15,013,854        15,000,000  

Societe Generale, joint open agreement dated 01/04/2023 (collateralized by corporate obligations, a non-agency asset-backed security, a U.S. government sponsored agencyobligation and U.S. Treasury obligation valued at $92,137,344; 0.00% - 7.88%; 03/15/2023 - 02/27/2063)(c)(i)

     4.68     03/01/2023        30,003,900        30,000,000  

Societe Generale, joint open agreement dated 08/06/2019 (collateralized by corporate obligations, non-agency asset-backed securities, non-agency mortgage-backed securities,a U.S. government sponsored agency obligation and U.S. Treasury obligations valued at $61,983,453; 0.00% -11.75%; 03/15/2023 - 08/01/2118)(c)(i)

     4.75     03/01/2023        25,003,299        25,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,667 (collateralized by agency mortgage-backed securities valued at $1,020,000,000; 2.00% - 3.50%; 11/01/2046 - 01/20/2052)

     4.56     03/01/2023        146,686,663        146,668,085  

Total Repurchase Agreements (Cost $391,668,085)

             391,668,085  

 

 

TOTAL INVESTMENTS IN SECURITIES(j)(k) -100.23%
(Cost $1,833,286,676)

                               1,833,116,444  

 

 

OTHER ASSETS LESS LIABILITIES-(0.23)%

                               (4,137,317

 

 

NET ASSETS-100.00%

                             $ 1,828,979,127  

 

Investment Abbreviations:
CEP    -Credit Enhancement Provider
FEDL    -Federal Funds Effective Rate
LOC    -Letter of Credit
OBFR    -Overnight Bank Funding Rate
RB    -Revenue Bonds
SOFR    -Secured Overnight Financing Rate
VRD    -Variable Rate Demand

 

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

 

5                    Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Liquid Assets Portfolio–(continued)

 

Notes to Schedule of Investments:

 

(a)

Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.

(b)

Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2023 was $748,388,684, which represented 40.92% 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: France: 16.2%; Japan: 14.7%; Cananda: 9.3%; Netherland: 8.1%; Sweden: 6.0%; other countries less than 5% each: 21.1%.

(d) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(e) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(f) 

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

(g)

Principal amount equals value at period end. See Note 1I.

(h) 

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

(i) 

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

(j) 

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 issuer’s obligations. No concentration of any single entity was greater than 5% each.

(k) 

Also represents cost for federal income tax purposes.

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     49.6

8-30

     7.0  

31-60

     15.7  

61-90

     9.8  

91-180

     10.9  

181+

     7.0  

 

*

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.

 

6                    Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Treasury Portfolio

 

     

Interest

Rate

   Maturity
Date
    

    Principal    
Amount

(000)

     Value  

U.S. Treasury Securities-44.18%

           

U.S. Treasury Bills-30.14%(a)

           

U.S. Treasury Bills

   4.55%      03/09/2023      $ 200,000      $ 199,798,889  

U.S. Treasury Bills

   4.54%      03/14/2023        700,000        698,857,445  

U.S. Treasury Bills

   4.32%      03/16/2023        550,000        549,021,458  

U.S. Treasury Bills

   4.53%-4.54%      03/21/2023        1,800,000        1,795,490,498  

U.S. Treasury Bills

   4.56%      03/28/2023        450,000        448,472,812  

U.S. Treasury Bills

   4.54%      04/04/2023        675,000        672,128,062  

U.S. Treasury Bills

   4.47%-4.63%      04/11/2023        1,200,000        1,193,758,886  

U.S. Treasury Bills

   4.51%      04/18/2023        499,000        496,045,919  

U.S. Treasury Bills

   4.49%      04/25/2023        400,000        397,295,834  

U.S. Treasury Bills

   4.63%      04/27/2023        120,000        119,130,750  

U.S. Treasury Bills

   4.62%      05/02/2023        500,000        496,081,944  

U.S. Treasury Bills

   4.65%      05/04/2023        600,000        595,098,666  

U.S. Treasury Bills

   4.64%      05/09/2023        500,000        495,620,417  

U.S. Treasury Bills

   4.64%      05/11/2023        750,000        743,210,625  

U.S. Treasury Bills

   4.68%      05/23/2023        600,000        593,622,833  

U.S. Treasury Bills

   4.69%      05/30/2023        400,000        395,379,999  

U.S. Treasury Bills

   4.70%      06/06/2023        675,000        666,588,281  

U.S. Treasury Bills

   4.75%      07/06/2023        300,000        295,094,625  

U.S. Treasury Bills

   4.78%      11/30/2023        176,500        170,380,990  

U.S. Treasury Bills

   4.73%-4.83%      12/28/2023        500,000        480,831,389  

U.S. Treasury Bills

   4.68%-4.87%      01/25/2024        950,000        910,752,917  
                              12,412,663,239  

U.S. Treasury Floating Rate Notes-14.04%

           

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

   4.84%      07/31/2024        1,945,500        1,944,968,479  

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

   4.95%      10/31/2024        2,589,000        2,586,191,922  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%)(b)

   5.01%      01/31/2025        1,250,000        1,250,426,646  
                              5,781,587,047  

Total U.S. Treasury Securities (Cost $18,194,250,286)

                            18,194,250,286  

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-44.18%
(Cost $18,194,250,286)

 

              18,194,250,286  
                 Repurchase
Amount
        

Repurchase Agreements-54.62%(c)

           

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $600,066,667 (collateralized by U.S. Treasury obligations valued at $612,000,086; 0.13% -1.13%; 01/15/2024 - 01/15/2033)

   4.00%      03/01/2023        200,022,222        200,000,000  

Citigroup Global Markets, Inc., joint term agreement dated 02/22/2023,aggregate maturing value of $3,002,654,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,083; 0.13% - 1.13%; 07/15/2023 - 01/15/2033)(d)

   4.55%      03/01/2023        1,801,592,500        1,800,000,000  

Federal Reserve Bank of New York, joint agreement dated 02/28/2023,aggregate maturing value of $50,006,319,444 (collateralized by U.S. Treasury obligations valued at $50,006,319,596; 0.25% - 4.50%; 10/31/2023 - 08/15/2039)

   4.55%      03/01/2023        12,801,617,778        12,800,000,000  

 

 

 

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

 

7                    Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Treasury Portfolio—(continued)

 

      Interest
Rate
     Maturity
Date
     Repurchase
Amount
     Value  

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $300,035,833 (collateralized by U.S. Treasury obligations valued at $306,000,095; 1.88% - 4.84%; 07/31/2023 - 02/15/2032)

     4.30%        03/01/2023      $ 100,011,944      $ 100,000,000  

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $4,000,505,556 (collateralized by U.S. Treasury obligations valued at $4,080,000,087; 0.00% - 4.38%; 06/13/2023 - 02/15/2048)

     4.55%        03/01/2023        1,500,189,583        1,500,000,000  

Fixed Income Clearing Corp. - State Street Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,065; 1.88% - 2.88%; 05/15/2051 - 05/15/2052)

     4.55%        03/01/2023        500,063,194        500,000,000  

Goldman Sachs & Co., agreement dated 02/28/2023, maturing value of $1,500,190,000 (collateralized by U.S. Treasury obligations valued at $1,530,000,003; 0.00% - 5.25%; 11/15/2023 - 08/15/2051)

     4.56%        03/01/2023        1,500,190,000        1,500,000,000  

Goldman Sachs & Co., joint agreement dated 02/28/2023, aggregate maturing value of $1,295,098,924 (collateralized by U.S. Treasury obligations valued at $1,320,900,062; 0.00% - 5.38%; 03/02/2023 - 08/15/2052)

     2.75%        03/01/2023        450,034,375        450,000,000  

ING Financial Markets, LLC, term agreement dated 02/28/2023, maturing value of $100,088,472 (collateralized by U.S. Treasury obligations valued at $102,000,049; 0.00% - 4.50%; 06/15/2023 - 11/15/2050)(d)

     4.55%        03/07/2023        100,088,472        100,000,000  

Metropolitan Life Insurance Co., joint term agreement dated 02/22/2023,aggregate maturing value of $350,316,644 (collateralized by U.S. Treasury obligations valued at $359,869,294; 0.00%; 08/15/2027 - 08/15/2046)(d)

     4.57%        03/01/2023        100,088,861        100,000,000  

Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/22/2023,aggregate maturing value of $1,802,662,944 (collateralized by U.S. Treasury obligations valued at $1,838,431,196; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)(d)

     4.57%        03/01/2023        672,959,969        672,362,500  

Mitsubishi UFJ Trust & Banking Corp., term agreement dated 02/22/2023,maturing value of $100,088,569 (collateralized by U.S. Treasury obligations valued at $102,012,845; 0.63% - 1.25%; 08/15/2030 - 08/15/2031)(d)

     4.56%        03/01/2023        100,088,569        100,000,000  

Prudential Legacy Insurance Company of New Jersey, agreement dated 02/28/2023, maturing value of $896,209,130 (collateralized by U.S. Treasury obligations valued at $912,399,598; 0.00% - 1.75%; 05/15/2037 - 11/15/2046)

     4.56%        03/01/2023        896,209,130        896,095,625  

Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,395; 0.00% - 4.00%; 03/28/2023 - 08/15/2052)(e)

     4.55%        03/01/2023        75,009,479        75,000,000  

Societe Generale, joint term agreement dated 02/23/2023, aggregate maturing value of $1,001,773,333 (collateralized by U.S. Treasury obligations valued at $1,020,000,026; 0.13% - 4.13%; 05/31/2023 - 08/31/2029)

     4.56%        03/09/2023        400,709,333        400,000,000  

Standard Chartered Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,128,928; 0.00% - 6.00%; 05/31/2023 - 11/15/2052)

     4.55%        03/01/2023        250,031,597        250,000,000  

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $3,000,379,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,080; 0.50% - 2.63%; 03/15/2023 - 08/15/2031)

     4.55%        03/01/2023        1,045,775,475        1,045,643,317  

Total Repurchase Agreements (Cost $22,489,101,442)

                                22,489,101,442  

TOTAL INVESTMENTS IN SECURITIES-98.80% (Cost $40,683,351,728)

                                40,683,351,728  

OTHER ASSETS LESS LIABILITIES-1.20%

                                492,409,255  

NET ASSETS-100.00%

                              $ 41,175,760,983  

 

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

 

8                    Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Treasury Portfolio–(continued)

 

Notes to Schedule of Investments:

 

(a)

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

(b) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(c)

Principal amount equals value at period end. See Note 1I.

(d) 

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

(e)

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

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     54.7

8-30

     10.0  

31-60

     7.0  

61-90

     7.1  

91-180

     3.3  

181+

     17.9  

 

*

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.

 

9                    Short-Term Investments Trust


Schedule of Investments

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio

 

     

    Interest    

Rate

   

Maturity

Date

    

    Principal    

Amount

(000)

     Value  

U.S. Treasury Securities-37.65%

          

U.S. Treasury Bills-23.42%(a)

          

U.S. Treasury Bills

     4.53%       03/21/2023      $ 827,880      $ 825,805,701  

U.S. Treasury Bills

     4.53%-4.56%       03/28/2023        2,450,000        2,441,698,905  

U.S. Treasury Bills

     4.54%       04/04/2023        2,000,000        1,991,490,553  

U.S. Treasury Bills

     4.46%       04/06/2023        470,000        467,927,300  

U.S. Treasury Bills

     4.63%       04/11/2023        2,040,000        2,029,312,660  

U.S. Treasury Bills

     4.51%       04/18/2023        2,500,000        2,485,199,998  

U.S. Treasury Bills

     4.61%       04/20/2023        1,200,000        1,192,400,000  

U.S. Treasury Bills

     4.49%       04/25/2023        1,300,000        1,291,211,460  

U.S. Treasury Bills

     4.63%       04/27/2023        1,100,000        1,092,031,875  

U.S. Treasury Bills

     4.65%       05/04/2023        2,000,000        1,983,662,221  

U.S. Treasury Bills

     4.64%       05/11/2023        1,410,000        1,397,235,975  

U.S. Treasury Bills

     4.69%       05/30/2023        445,000        439,860,249  

U.S. Treasury Bills

     4.70%       06/06/2023        1,100,000        1,086,292,014  

U.S. Treasury Bills

     4.12%-4.52%       10/05/2023        240,000        233,818,882  

U.S. Treasury Bills

     4.78%       11/30/2023        45,000        43,439,912  

U.S. Treasury Bills

     4.68%       01/25/2024        1,200,000        1,150,829,997  
                                 20,152,217,702  

U.S. Treasury Floating Rate Notes-14.23%

          

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84%       10/31/2023        431,679        431,694,009  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.02%)(b)

     4.79%       01/31/2024        180,000        179,971,503  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate - 0.08%)(b)

     4.73%       04/30/2024        3,564,000        3,561,449,655  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b)

     4.84%       07/31/2024        3,323,400        3,321,978,999  

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

     4.95%       10/31/2024        3,834,800        3,830,307,536  

U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.20%)(b)

     5.01%       01/31/2025        915,000        915,650,639  
                                 12,241,052,341  

Total U.S. Treasury Securities (Cost $32,393,270,043)

                               32,393,270,043  

U.S. Government Sponsored Agency Securities-5.75%

          

Federal Farm Credit Bank (FFCB)-3.37%

          

Federal Farm Credit Bank (SOFR + 0.02%)(b)

     4.57     06/12/2023        75,000        75,000,000  

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58     07/07/2023        143,000        143,000,000  

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58     09/08/2023        155,000        155,000,000  

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58     09/18/2023        21,500        21,500,000  

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59     09/20/2023        25,000        25,000,000  

Federal Farm Credit Bank (SOFR + 0.03%)(b)

     4.58     09/27/2023        60,000        60,000,000  

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59     12/15/2023        24,500        24,499,020  

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59     01/04/2024        229,000        229,000,000  

Federal Farm Credit Bank (SOFR + 0.06%)(b)

     4.61     01/10/2024        75,500        75,500,000  

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59     01/25/2024        15,000        15,000,000  

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59     02/05/2024        100,000        100,000,000  

 

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

 

10                    Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

 

          Interest    
Rate
     Maturity
Date
         Principal    
Amount
(000)
     Value

Federal Farm Credit Bank (FFCB)-(continued)

           

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%        02/20/2024      $ 80,000      $     80,000,000

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%        02/23/2024        162,000      162,000,000

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%        03/08/2024        95,000      95,000,000

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%        03/15/2024        431,000      431,000,000

Federal Farm Credit Bank (SOFR + 0.04%)(b)

     4.59%        03/18/2024        445,000      445,000,000

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%        04/04/2024        195,000      195,000,000

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%        04/25/2024        345,000      345,000,000

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%        05/09/2024        160,000      160,000,000

Federal Farm Credit Bank (SOFR + 0.05%)(b)

     4.60%        05/24/2024        62,000      62,000,000
                                2,898,499,020

Federal Home Loan Bank (FHLB)-2.18%(a)

           

Federal Home Loan Bank

     4.81%        07/14/2023        800,000      785,899,999

Federal Home Loan Bank

     5.01%        01/12/2024        213,000      204,015,956

Federal Home Loan Bank

     5.02%        02/09/2024        926,000      883,581,484
                                1,873,497,439

U.S. International Development Finance Corp. (DFC)-0.20%

           

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.85%        06/15/2025        12,000      12,000,000

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.46%        07/15/2025        13,056      13,055,558

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.79%        09/15/2025        2,895      2,894,737

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.65%        09/15/2026        6,250      6,250,000

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.79%        09/15/2026        3,750      3,750,000

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.46%        09/30/2027        10,364      10,363,637

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.85%        02/15/2028        11,111      11,111,111

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     2.46%        11/15/2028        52,273      52,272,728

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     2.35%        05/15/2030        6,734      6,734,000

U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(c)

     4.79%        10/15/2030        6,889      6,888,889

U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(c)

     2.47%        07/09/2026        17,850      17,850,000

U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill Rate)(c)

     2.46%        03/15/2030        32,625      32,625,000
                                175,795,660

Total U.S. Government Sponsored Agency Securities (Cost $4,947,792,119)

 

            4,947,792,119

TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-43.40%
(Cost $37,341,062,162)

 

            37,341,062,162

 

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

 

11                    Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

 

      Interest
Rate
     Maturity
Date
     Repurchase
Amount
     Value

Repurchase Agreements-56.68%(d)

           

Bank of Nova Scotia, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,032; 0.00% - 4.38%; 03/16/2023 - 02/15/2050)

     4.55%        03/01/2023      $ 924,801,150      $     924,684,280

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $1,195,151,035 (collateralized by agency mortgage-backed securities valued at $1,218,900,000; 1.81% - 6.50%; 10/25/2031 - 09/20/2072)

     4.55%        03/01/2023        735,092,896      735,000,000

BofA Securities, Inc., joint agreement dated 02/28/2023, aggregate maturing value of $600,066,667 (collateralized by U.S. Treasury obligations valued at $612,000,086; 0.13% - 1.13%; 01/15/2024 - 01/15/2033)

     4.00%        03/01/2023        400,044,444      400,000,000

CIBC World Markets Corp., joint term agreement dated 02/16/2023, aggregate maturing value of $501,583,333 (collateralized by agency mortgage-backed securities, U.S. government sponsored agency obligations and U.S. Treasury obligations valued at $510,000,130; 1.50% - 8.50%; 01/01/2024 - 03/01/2053)(e)

     4.56%        03/13/2023        300,950,000      300,000,000

Citigroup Global Markets, Inc., joint term agreement dated 02/22/2023,aggregate maturing value of $3,002,654,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,083; 0.13% - 1.13%; 07/15/2023 - 01/15/2033)(e)

     4.55%        03/01/2023        1,000,884,722      1,000,000,000

Federal Reserve Bank of New York, joint agreement dated 02/28/2023,aggregate maturing value of $50,006,319,444 (collateralized by U.S. Treasury obligations valued at $50,006,319,596; 0.25% - 4.50%; 10/31/2023 - 08/15/2039)

     4.55%        03/01/2023        32,704,132,917      32,700,000,000

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $300,035,833 (collateralized by U.S. Treasury obligations valued at $306,000,095; 1.88% - 4.84%; 07/31/2023 - 02/15/2032)

     4.30%        03/01/2023        200,023,889      200,000,000

Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement dated 02/28/2023, aggregate maturing value of $4,000,505,556 (collateralized by U.S. Treasury obligations valued at $4,080,000,087; 0.00% - 4.38%; 06/13/2023 - 02/15/2048)

     4.55%        03/01/2023        2,500,315,972      2,500,000,000

Fixed Income Clearing Corp. - State Street Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,000,065; 1.88% - 2.88%; 05/15/2051 - 05/15/2052)

     4.55%        03/01/2023        100,012,639      100,000,000

Goldman Sachs & Co., agreement dated 02/28/2023, maturing value of $1,500,190,000 (collateralized by U.S. Treasury obligations valued at $1,530,000,001; 0.00% - 6.25%; 03/23/2023 - 02/15/2048)

     4.56%        03/01/2023        1,500,190,000      1,500,000,000

Goldman Sachs & Co., joint agreement dated 02/28/2023, aggregate maturing value of $1,295,098,924 (collateralized by U.S. Treasury obligations valued at $1,320,900,062; 0.00% - 5.38%; 03/02/2023 - 08/15/2052)

     2.75%        03/01/2023        845,064,549      845,000,000

ING Financial Markets, LLC, joint term agreement dated 02/02/2023, aggregate maturing value of $251,551,667 (collateralized by agency mortgage-backed securities valued at $255,000,000; 2.00% - 6.50%; 08/01/2028 - 02/01/2053)

     4.56%        03/23/2023        85,527,567      85,000,000

ING Financial Markets, LLC, term agreement dated 02/02/2023, maturing value of $301,862,000 (collateralized by agency mortgage-backed securities valued at $306,000,000; 2.00% - 6.00%; 11/01/2029 - 02/01/2053)

     4.56%        03/23/2023        301,862,000      300,000,000

ING Financial Markets, LLC, term agreement dated 02/02/2023, maturing value of $503,103,333 (collateralized by agency mortgage-backed securities valued at $510,000,001; 2.00% - 7.00%; 03/01/2028 - 01/01/2057)

     4.56%        03/23/2023        503,103,333      500,000,000

ING Financial Markets, LLC, term agreement dated 02/13/2023, maturing value of $251,205,972 (collateralized by agency mortgage-backed securities and a U.S. Treasury obligation valued at $255,000,070; 2.00% - 5.50%; 06/01/2047 - 01/01/2053)

     4.57%        03/23/2023        251,205,972      250,000,000

 

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

 

12                    Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

 

      Interest
Rate
     Maturity
Date
     Repurchase
Amount
     Value

J.P. Morgan Securities LLC, joint open agreement dated 02/27/2023 (collateralized by agency mortgage-backed securities valued at $918,000,005; 1.38% - 7.50%; 09/01/2025 - 08/01/2056)(f)

     4.57%        03/01/2023      $ 785,199,303      $     785,000,000

Metropolitan Life Insurance Co., joint term agreement dated 02/22/2023,aggregate maturing value of $350,316,644 (collateralized by U.S. Treasury obligations valued at $359,869,294; 0.00%; 08/15/2027 - 08/15/2046)(e)

     4.57%        03/01/2023        170,152,002      170,000,937

Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/22/2023,aggregate maturing value of $1,802,662,944 (collateralized by U.S. Treasury obligations valued at $1,838,431,196; 0.50% - 1.38%; 02/28/2025 - 11/15/2040)(e)

     4.57%        03/01/2023        952,908,513      952,062,500

Prudential Insurance Co. of America, agreement dated 02/28/2023, maturing value of $144,194,512 (collateralized by U.S. Treasury obligations valued at $146,949,280; 0.00%; 05/15/2037 - 08/15/2042)

     4.56%        03/01/2023        144,194,512      144,176,250

RBC Dominion Securities Inc., joint term agreement dated 02/02/2023,aggregate maturing value of $2,767,068,333 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $2,805,000,000; 0.13% - 5.50%; 03/31/2023 - 02/20/2053)(e)

     4.56%        03/23/2023        1,076,641,133      1,070,000,000

Royal Bank of Canada, term agreement dated 02/02/2023, maturing value of $1,006,206,667 (collateralized by agency mortgage-backed securities and U.S. Treasury obligations valued at $1,020,000,039; 0.00% - 6.50%; 12/31/2025 - 02/01/2053)(e)

     4.56%        03/23/2023        1,006,206,667      1,000,000,000

Societe Generale, joint open agreement dated 08/26/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,395; 0.00% - 4.00%; 03/28/2023 - 08/15/2052)(f)

     4.55%        03/01/2023        100,012,639      100,000,000

Societe Generale, joint term agreement dated 02/23/2023, aggregate maturing value of $1,001,773,333 (collateralized by U.S. Treasury obligations valued at $1,020,000,026; 0.13% - 4.13%; 05/31/2023 - 08/31/2029)

     4.56%        03/09/2023        375,665,000      375,000,000

Standard Chartered Bank, agreement dated 02/28/2023, maturing value of $150,018,958 (collateralized by agency mortgage-backed securities valued at $153,019,338; 3.00% - 4.50%; 07/20/2049 - 10/20/2052)

     4.55%        03/01/2023        150,018,958      150,000,000

Standard Chartered Bank, joint agreement dated 02/28/2023, aggregate maturing value of $1,000,126,389 (collateralized by U.S. Treasury obligations valued at $1,020,128,928; 0.00% - 6.00%; 05/31/2023 - 11/15/2052)

     4.55%        03/01/2023        750,094,792      750,000,000

Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2023, aggregate maturing value of $3,000,379,167 (collateralized by U.S. Treasury obligations valued at $3,060,000,080; 0.50% - 2.63%; 03/15/2023 - 08/15/2031)

     4.55%        03/01/2023        702,085,622      701,996,897

TD Securities (USA) LLC, joint term agreement dated 02/22/2023, aggregate maturing value of $350,309,993 (collateralized by agency mortgage-backed securities valued at $357,000,000; 2.00% - 4.00%; 05/01/2041 -
05/01/2052)(e)

     4.56%        03/01/2023        220,194,853      220,000,000

Total Repurchase Agreements (Cost $48,757,920,864)

                              48,757,920,864

TOTAL INVESTMENTS IN SECURITIES-100.08% (Cost $86,098,983,026)

                              86,098,983,026

OTHER ASSETS LESS LIABILITIES-(0.08)%

                              (64,740,455)

NET ASSETS-100.00%

                              $86,034,242,571

Investment Abbreviations:

 

SOFR

-Secured Overnight Financing Rate

VRD

-Variable Rate Demand

 

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

 

13                    Short-Term Investments Trust


Schedule of Investments–(continued)

February 28, 2023

(Unaudited)

Invesco Government & Agency Portfolio–(continued)

 

Notes to Schedule of Investments:

 

(a) 

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

(b) 

Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2023.

(c) 

Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2023.

(d) 

Principal amount equals value at period end. See Note 1I.

(e) 

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

(f) 

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

Portfolio Composition by Maturity*

In days, as of 02/28/2023

 

1-7

     56.1

8-30

     5.2  

31-60

     11.4  

61-90

     4.5  

91-180

     2.4  

181+

     20.4  

 

*

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.

 

14                    Short-Term Investments Trust


Statements of Assets and Liabilities

February 28, 2023

(Unaudited)

 

     Invesco Liquid
  Assets Portfolio  
      Invesco Treasury  
Portfolio
      Invesco Government  
& Agency Portfolio
 

 

  

 

 

   

 

 

   

 

 

 

Assets:

      

Investments in unaffiliated securities, at value

   $ 1,441,448,359     $ 18,194,250,286     $ 37,341,062,162  

 

  

 

 

   

 

 

   

 

 

 

Repurchase agreements, at value and cost

     391,668,085       22,489,101,442       48,757,920,864  

 

  

 

 

   

 

 

   

 

 

 

Cash

     19,375       710,756       983,579  

 

  

 

 

   

 

 

   

 

 

 

Receivable for:

      

Investments sold

     -       548,668,115       -  

 

  

 

 

   

 

 

   

 

 

 

Fund shares sold

     -       16,852,266       7,476,439  

 

  

 

 

   

 

 

   

 

 

 

Interest

     1,964,115       27,561,801       86,121,462  

 

  

 

 

   

 

 

   

 

 

 

Fund expenses absorbed

     37,313       1,744,510       -  

 

  

 

 

   

 

 

   

 

 

 

Investment for trustee deferred compensation and retirement plans

     2,688,319       1,620,498       739,975  

 

  

 

 

   

 

 

   

 

 

 

Other assets

     6,754       516,985       1,674,555  

 

  

 

 

   

 

 

   

 

 

 

Total assets

     1,837,832,320       41,281,026,659       86,195,979,036  

 

  

 

 

   

 

 

   

 

 

 

Liabilities:

      

Payable for:

      

Fund shares reacquired

     -       3,090,287       4,269,464  

 

  

 

 

   

 

 

   

 

 

 

Dividends

     5,633,256       92,186,592       145,385,932  

 

  

 

 

   

 

 

   

 

 

 

Accrued fees to affiliates

     290,525       7,871,710       11,084,004  

 

  

 

 

   

 

 

   

 

 

 

Accrued trustees’ and officers’ fees and benefits

     4,481       36,205       77,012  

 

  

 

 

   

 

 

   

 

 

 

Accrued operating expenses

     47,662       243,679       -  

 

  

 

 

   

 

 

   

 

 

 

Trustee deferred compensation and retirement plans

     2,877,269       1,837,203       920,053  

 

  

 

 

   

 

 

   

 

 

 

Total liabilities

     8,853,193       105,265,676       161,736,465  

 

  

 

 

   

 

 

   

 

 

 

Net assets applicable to shares outstanding

   $ 1,828,979,127     $ 41,175,760,983     $ 86,034,242,571  

 

  

 

 

   

 

 

   

 

 

 

Net assets consist of:

      

Shares of beneficial interest

   $ 1,831,354,980     $ 41,178,125,062     $ 86,059,942,124  

 

  

 

 

   

 

 

   

 

 

 

Distributable earnings (loss)

     (2,375,853     (2,364,079     (25,699,553

 

  

 

 

   

 

 

   

 

 

 
   $ 1,828,979,127     $ 41,175,760,983     $ 86,034,242,571  

 

  

 

 

   

 

 

   

 

 

 

Net Assets:

      

Institutional Class

   $ 1,819,669,256     $ 35,450,224,348     $ 71,325,123,345  

 

  

 

 

   

 

 

   

 

 

 

Private Investment Class

   $ 1,042,790     $ 618,415,066     $ 742,331,579  

 

  

 

 

   

 

 

   

 

 

 

Personal Investment Class

   $ 10,252     $ 388,631,121     $ 33,381,231  

 

  

 

 

   

 

 

   

 

 

 

Cash Management Class

   $ 1,676,277     $ 240,742,041     $ 625,170,630  

 

  

 

 

   

 

 

   

 

 

 

Reserve Class

   $ 171,670     $ 658,815,411     $ 512,205,911  

 

  

 

 

   

 

 

   

 

 

 

Resource Class

   $ 249,687     $ 76,755,901     $ 196,305,722  

 

  

 

 

   

 

 

   

 

 

 

Corporate Class

   $ 6,059,212     $ 1,887,842,566     $ 1,565,745,767  

 

  

 

 

   

 

 

   

 

 

 

CAVU Securities Class

   $ 99,983     $ 1,854,334,529     $ 11,033,978,386  

 

  

 

 

   

 

 

   

 

 

 

 

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

 

15                    Short-Term Investments Trust


Statements of Assets and Liabilities–(continued)

February 28, 2023

(Unaudited)

 

     Invesco Liquid
  Assets Portfolio  
       Invesco Treasury  
Portfolio
       Invesco Government  
& Agency Portfolio
 

 

  

 

 

    

 

 

    

 

 

 

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

        

Institutional Class

     1,819,297,797        35,450,012,600        71,346,337,427  

 

  

 

 

    

 

 

    

 

 

 

Private Investment Class

     1,042,580        618,409,608        742,552,280  

 

  

 

 

    

 

 

    

 

 

 

Personal Investment Class

     10,250        388,629,737        33,391,145  

 

  

 

 

    

 

 

    

 

 

 

Cash Management Class

     1,675,941        240,741,915        625,356,709  

 

  

 

 

    

 

 

    

 

 

 

Reserve Class

     171,636        658,813,165        512,358,049  

 

  

 

 

    

 

 

    

 

 

 

Resource Class

     249,638        76,755,057        196,364,021  

 

  

 

 

    

 

 

    

 

 

 

Corporate Class

     6,057,994        1,887,836,389        1,566,211,620  

 

  

 

 

    

 

 

    

 

 

 

CAVU Securities Class

     99,963        1,854,316,343        11,037,257,584  

 

  

 

 

    

 

 

    

 

 

 

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

   $ 1.0002      $ 1.00      $ 1.00  

 

  

 

 

    

 

 

    

 

 

 

Cost of Investments

   $ 1,833,286,676      $ 40,683,351,728      $ 86,098,983,026  

 

  

 

 

    

 

 

    

 

 

 

 

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

 

16                    Short-Term Investments Trust


Statements of Operations

For the six months ended February 28, 2023

(Unaudited)

 

     Invesco Liquid
Assets Portfolio
    Invesco Treasury
Portfolio
    Invesco Government
& Agency Portfolio
 

 

  

 

 

   

 

 

   

 

 

 

Investment income:

      

Interest

   $ 33,876,133     $ 708,212,871     $ 1,395,214,104  

 

  

 

 

   

 

 

   

 

 

 

 

Expenses:

      

Advisory fees

     1,298,945       26,911,965       36,209,920  

 

  

 

 

   

 

 

   

 

 

 

Administrative services fees

     376,482       8,043,255       16,157,749  

 

  

 

 

   

 

 

   

 

 

 

Custodian fees

     11,976       712,043       51,850  

 

  

 

 

   

 

 

   

 

 

 

Distribution fees:

      

Private Investment Class

     1,566       667,061       972,135  

 

  

 

 

   

 

 

   

 

 

 

Personal Investment Class

     27       1,134,089       90,606  

 

  

 

 

   

 

 

   

 

 

 

Cash Management Class

     681       119,391       317,403  

 

  

 

 

   

 

 

   

 

 

 

Reserve Class

     745       4,165,559       2,604,658  

 

  

 

 

   

 

 

   

 

 

 

Resource Class

     246       51,160       138,138  

 

  

 

 

   

 

 

   

 

 

 

Corporate Class

     245       191,872       167,327  

 

  

 

 

   

 

 

   

 

 

 

Transfer agent fees

     77,937       1,614,718       3,258,893  

 

  

 

 

   

 

 

   

 

 

 

Trustees’ and officers’ fees and benefits

     12,531       92,223       203,275  

 

  

 

 

   

 

 

   

 

 

 

Registration and filing fees

     54,047       978,820       2,003,579  

 

  

 

 

   

 

 

   

 

 

 

Professional services fees

     23,255       67,575       22,179  

 

  

 

 

   

 

 

   

 

 

 

Other

     46,174       142,190       112,996  

 

  

 

 

   

 

 

   

 

 

 

Total expenses

     1,904,857       44,891,921       62,310,708  

 

  

 

 

   

 

 

   

 

 

 

Less: Fees waived and expenses reimbursed

     (342,612     (6,268,478     (84,156

 

  

 

 

   

 

 

   

 

 

 

Net expenses

     1,562,245       38,623,443       62,226,552  

 

  

 

 

   

 

 

   

 

 

 

Net investment income

     32,313,888       669,589,428       1,332,987,552  

 

  

 

 

   

 

 

   

 

 

 

Realized and unrealized gain from:

      

Net realized gain from unaffiliated investment securities

     4,162       2,730,256       2,283,446  

 

  

 

 

   

 

 

   

 

 

 

Change in net unrealized appreciation of unaffiliated investment securities

     73,684       -       -  

 

  

 

 

   

 

 

   

 

 

 

Net realized and unrealized gain

     77,846       2,730,256       2,283,446  

 

  

 

 

   

 

 

   

 

 

 

Net increase in net assets resulting from operations

   $ 32,391,734     $ 672,319,684     $ 1,335,270,998  

 

  

 

 

   

 

 

   

 

 

 

 

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

 

17                    Short-Term Investments Trust


Statements of Changes in Net Assets

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

 

     Invesco Liquid Assets Portfolio     Invesco Treasury Portfolio  
    

February 28,

2023

   

August 31,

2022

   

February 28,

2023

   

August 31,

2022

 

 

  

 

 

   

 

 

   

 

 

   

 

 

 

 

Operations:

        

 

Net investment income

   $ 32,313,888     $ 9,991,934     $ 669,589,428     $ 96,074,616  

 

  

 

 

   

 

 

 

Net realized gain (loss)

     4,162       3,959       2,730,256       (3,886,562

 

  

 

 

   

 

 

 

Change in net unrealized appreciation (depreciation)

     73,684       (406,836     -       -  

 

  

 

 

   

 

 

 

Net increase in net assets resulting from operations

     32,391,734       9,589,057       672,319,684       92,188,054  

 

  

 

 

   

 

 

 

Distributions to shareholders from distributable earnings:

        

 

Institutional Class

     (32,218,847     (9,973,378     (581,902,260     (85,408,911

 

  

 

 

   

 

 

 

Private Investment Class

     (17,996     (6,754     (7,645,428     (1,268,453

 

  

 

 

   

 

 

 

Personal Investment Class

     (164     (32     (6,320,398     (1,167,413

 

  

 

 

   

 

 

 

Cash Management Class

     (31,264     (9,759     (5,107,835     (1,843,731

 

  

 

 

   

 

 

 

Reserve Class

     (2,462     (378     (12,607,423     (2,122,002

 

  

 

 

   

 

 

 

Resource Class

     (4,383     (1,017     (1,108,827     (267,315

 

  

 

 

   

 

 

 

Corporate Class

     (36,909     (112     (25,353,351     (1,170,294

 

  

 

 

   

 

 

 

CAVU Securities Class

     (1,863     (504     (29,543,906     (2,826,497

 

  

 

 

   

 

 

 

Total distributions from distributable earnings

     (32,313,888     (9,991,934     (669,589,428     (96,074,616

 

  

 

 

   

 

 

 

Share transactions-net:

        

 

Institutional Class

     77,909,713       (614,280,688     14,027,316,395       4,330,861,644  

 

  

 

 

   

 

 

 

Private Investment Class

     (30,196     (1,818,407     236,582,670       78,001,581  

 

  

 

 

   

 

 

 

Personal Investment Class

     4       -       (192,259,153     315,801,181  

 

  

 

 

   

 

 

 

Cash Management Class

     (43,963     (1,201,217     (154,069,233     (57,379,422

 

  

 

 

   

 

 

 

Reserve Class

     (3,343     (40,550     (328,669,854     119,769,440  

 

  

 

 

   

 

 

 

Resource Class

     1,735       (114,240     (642,242     24,190,011  

 

  

 

 

   

 

 

 

Corporate Class

     6,036,928       (354     1,413,797,274       207,510,470  

 

  

 

 

   

 

 

 

CAVU Securities Class

     -       1       1,297,043,776       10,231,626  

 

  

 

 

   

 

 

 

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

     83,870,878       (617,455,455     16,299,099,633       5,028,986,531  

 

  

 

 

   

 

 

 

Net increase (decrease) in net assets

     83,948,724       (617,858,332     16,301,829,889       5,025,099,969  

 

  

 

 

   

 

 

 

Net assets:

        

 

Beginning of period

     1,745,030,403       2,362,888,735       24,873,931,094       19,848,831,125  

 

  

 

 

   

 

 

 

End of period

   $ 1,828,979,127     $ 1,745,030,403     $ 41,175,760,983     $ 24,873,931,094  

 

  

 

 

   

 

 

 

 

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

 

18                    Short-Term Investments Trust


Statements of Changes in Net Assets–(continued)

For the six months ended February 28, 2023 and the year ended August 31, 2022

(Unaudited)

 

     Invesco Government & Agency Portfolio  
    

February 28,

2023

   

August 31,

2022

 

 

  

 

 

   

 

 

 

Operations:

    

 

Net investment income

   $ 1,332,987,552     $ 325,968,052  

 

  

 

 

 

Net realized gain (loss)

     2,283,446       (28,543,577

 

  

 

 

 

Net increase in net assets resulting from operations

     1,335,270,998       297,424,475  

 

  

 

 

 

Distributions to shareholders from distributable earnings:

    

 

Institutional Class

     (1,124,090,481     (295,190,284

 

  

 

 

 

Private Investment Class

     (10,946,131     (2,186,097

 

  

 

 

 

Personal Investment Class

     (501,718     (110,536

 

  

 

 

 

Cash Management Class

     (13,622,487     (3,324,668

 

  

 

 

 

Reserve Class

     (8,266,117     (1,225,131

 

  

 

 

 

Resource Class

     (3,057,626     (863,585

 

  

 

 

 

Corporate Class

     (21,689,739     (2,699,107

 

  

 

 

 

CAVU Securities Class

     (150,813,253     (20,368,644

 

  

 

 

 

Total distributions from distributable earnings

     (1,332,987,552     (325,968,052

 

  

 

 

 

Share transactions-net:

    

Institutional Class

     10,156,276,156       11,726,491,208  

 

  

 

 

 

Private Investment Class

     164,377,949       72,215,877  

 

  

 

 

 

Personal Investment Class

     (5,957,939     29,989,058  

 

  

 

 

 

Cash Management Class

     (517,510,396     394,921,370  

 

  

 

 

 

Reserve Class

     (86,634,703     190,502,067  

 

  

 

 

 

Resource Class

     61,306,446       17,158,805  

 

  

 

 

 

Corporate Class

     1,023,377,300       (539,261,258

 

  

 

 

 

CAVU Securities Class

     6,183,737,346       3,411,670,557  

 

  

 

 

 

Net increase in net assets resulting from share transactions

     16,978,972,159       15,303,687,684  

 

  

 

 

 

Net increase in net assets

     16,981,255,605       15,275,144,107  

 

  

 

 

 

Net assets:

    

 

Beginning of period

     69,052,986,966       53,777,842,859  

 

  

 

 

 

End of period

   $ 86,034,242,571     $ 69,052,986,966  

 

  

 

 

 

 

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

 

19                    Short-Term Investments Trust


Financial Highlights

(Unaudited)

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

CAVU Securities Class

 

     Net asset
value,
beginning
of period
  Net
investment
income(a)
  Net gains
(losses)
on securities
(both
realized and
unrealized)
  Total from
investment
operations
  Dividends
from net
investment
income
  Net asset
value, end
of period
  Total
return(b)
  Net assets,
end of period
(000’s omitted)
  Ratio of
expenses
to average
net assets
with fee waivers
and/or expense
reimbursements
  Ratio of
expenses
to average net
assets without
fee waivers
and/or expense
reimbursements
  Ratio of net
investment
income
to average
net assets

Invesco Liquid Assets Portfolio

 

                               

Six months ended 02/28/23

    $ 1.0002     $ 0.0185     $ 0.0001     $ 0.0186     $ (0.0186 )     $ 1.0002       1.88     $ 100       0.18 %(c)        0.22 %(c)        3.73 %(c) 

Year ended 08/31/22

      1.0004       0.0048       (0.0000 )       0.0048       (0.0050 )       1.0002       0.49         100       0.18         0.22         0.48  

Period ended 08/31/21(d)

      1.0004       0.0002       (0.0000 )       0.0002       (0.0002 )       1.0004       0.02       100       0.17 (c)        0.22 (c)        0.05 (c) 

Invesco Treasury Portfolio

 

                               

Six months ended 02/28/23

      1.00       0.02       0.00       0.02       (0.02 )       1.00       1.81       1,854,335       0.18 (c)        0.21 (c)        3.77 (c) 

Year ended 08/31/22

      1.00       0.00       0.00       0.00       (0.00 )       1.00       0.46       557,217       0.13       0.21       0.47

Period ended 08/31/21(d)

      1.00       0.00       0.00       0.00       (0.00 )       1.00       0.01       547,091       0.04 (c)        0.21 (c)        0.07 (c) 

Invesco Government & Agency Portfolio

 

                               

Six months ended 02/28/23

      1.00       0.02       0.00       0.02       (0.02 )       1.00       1.82       11,033,978       0.16 (c)        0.16 (c)        3.69 (c) 

Year ended 08/31/22

      1.00       0.01       (0.00 )       0.01       (0.01 )       1.00       0.51       4,851,562       0.11       0.16       0.54

Period ended 08/31/21(d)

      1.00       0.00       0.00       0.00       (0.00 )       1.00       0.02       1,441,853       0.04 (c)        0.16 (c)        0.06 (c) 

 

(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) 

Annualized.

(d) 

Commencement date of December 18, 2020.

 

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

 

20                    Short-Term Investments Trust


Notes to Financial Statements

February 28, 2023

(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 Treasury Portfolio and Invesco Government & Agency Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.

The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Invesco Liquid Assets Portfolio, Invesco Treasury Portfolio and Invesco Government & Agency Portfolio.

Each Fund currently offers eight different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class, Corporate Class and CAVU Securities Class.

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 ServicesInvestment Companies.

Invesco Liquid Assets Portfolio, an institutional money market fund, prices and transacts in its shares at a floating net asset value (“NAV”) reflecting the current market-based values of its portfolio securities, except as otherwise generally permitted for securities with remaining maturities of 60 days or less, which are valued at amortized cost. Rules and regulations also require Invesco Liquid Assets Portfolio to round its NAV to four decimal places (e.g., $1.0000).

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

Invesco Treasury Portfolio and Invesco Government & Agency Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, seek to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation.

“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 may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below the required minimum or because of market conditions or other factors. The Board of Trustees has elected not to subject Invesco Treasury Portfolio and Invesco Government & Agency Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.

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

A.

Security Valuations - Invesco Liquid Assets Portfolio’s securities normally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is unreliable in the Adviser’s judgment, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.

Invesco Treasury Portfolio and Invesco Government & Agency Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.

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

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 and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and,

 

21                    Short-Term Investments Trust


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, the country that has the primary market for the issuer’s securities and its “country of risk” as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

D.

Distributions - It is the policy of the Funds to declare dividends from net investment income, if any, daily and pay them monthly. 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.

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, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.

H.

Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.

I.

Repurchase Agreements - The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income.

 

J.

Other Risks – Investments in obligations issued by agencies and instrumentalities of the U.S. Government may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Funds may not be able to recover its investment in such issuer from the U.S. Government. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of each Fund that holds securities of that entity will be adversely impacted.

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.

 

22                    Short-Term Investments Trust


The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and each Fund’s investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.

K.

COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.

NOTE 2–Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:

 

     

First

    $250 million    

  

Next

    $250 million    

  

Over

    $500 million    

Invesco Liquid Assets Portfolio

   0.15%    0.15%    0.15%

Invesco Treasury Portfolio

   0.15%    0.15%    0.15%

Invesco Government & Agency Portfolio

   0.10%    0.10%    0.10%

For the six months ended February 28, 2023, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:

 

Invesco Liquid Assets Portfolio

     0.15

Invesco Treasury Portfolio

     0.15

Invesco Government & Agency Portfolio

     0.10

Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, for Invesco Government & Agency Portfolio, separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).

The Adviser has contractually agreed, through at least December 31, 2023, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class, Corporate Class and CAVU Securities Class shares for each Fund as shown in the following table (the “expense limits”):

 

      Institutional
Class
  Private
Investment
Class
  Personal
Investment
Class
  Cash
Management
Class
  Reserve
Class
  Resource
Class
  Corporate
Class
  CAVU
Securities
Class

Invesco Liquid Assets Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.38%   0.21%   0.18%

Invesco Treasury Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.34%   0.21%   0.18%

Invesco Government & Agency Portfolio

   0.18%   0.48%   0.73%   0.26%   1.05%   0.34%   0.21%   0.18%

The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”).

In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses, and (5) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2023. 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.

 

23                    Short-Term Investments Trust


For the six months ended February 28, 2023, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:

 

     

Expense

Limitation

 

Invesco Liquid Assets Portfolio

   $ 342,612  

Invesco Treasury Portfolio

     6,268,478  

Invesco Government & Agency Portfolio

     84,156  

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, 2023, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as fund accountant and provides certain administrative services to the Funds. Pursuant to a custody agreement with the Trust on behalf of the Funds, BNY Mellon also serves as the Fund’s custodian.

The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 28, 2023, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.

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. 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 the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of February 28, 2023, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 4–Security Transactions with Affiliated Funds

Each Fund is permitted to purchase securities from or sell securities to certain other affiliated 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 that is or could be considered an “affiliated person” by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers is made in reliance on Rule 17a-7 of the 1940 Act and, to the extent applicable, related SEC staff positions. Each such transaction is effected at the security’s “current market price”, as provided for in these procedures and Rule 17a-7. Pursuant to these procedures, for the six months ended February 28, 2023, each Fund engaged in transactions with affiliates as listed below:

 

      Securities Purchases    Securities Sales    Net Realized Gains

Invesco Liquid Assets Portfolio

   $-    $15,017,260    $-

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 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.

 

24                    Short-Term Investments Trust


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. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

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

     Short-Term         
Fund    Not Subject to
Expiration
     Total*  

Invesco Liquid Assets Portfolio

   $ 9,051      $ 9,051  

Invesco Treasury Portfolio

     3,918,575        3,918,575  

Invesco Government & Agency Portfolio

     28,544,744        28,544,744  

 

*

Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.

NOTE 8–Investment Transactions

The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:

 

    

At February 28, 2023

     

Federal

Tax Cost*

   Unrealized
    Appreciation    
   Unrealized
    (Depreciation)    
       Net
    Unrealized
    Appreciation
(Depreciation)

Invesco Liquid Assets Portfolio

   $1,833,286,676    $103,511    $(273,743)    $(170,232)

 

*

For Invesco Liquid Assets Portfolio, Invesco Treasury Portfolio and Invesco Government & Agency Portfolio, cost of investments are the same for tax and financial reporting purposes.

NOTE 9–Share Information

Invesco Liquid Assets Portfolio

 

     

Summary of Share Activity

 
     Six months ended
February 28, 2023(a)
     Year ended
August 31, 2022
 
      Shares      Amount      Shares      Amount  

Sold:

 

           

Institutional Class

     7,575,148,001      $ 7,576,878,151        16,021,220,223      $ 16,021,997,196  

Private Investment Class

     1,140        1,140        173        173  

Cash Management Class

     6,118        6,119        1        1  

Reserve Class

     256        257        7,065        7,068  

Resource Class

     417        417        -        -  

Corporate Class

     5,998,343        6,000,042        -        -  

CAVU Securities Class

     -        -        1        1  

Issued as reinvestment of dividends:

           

Institutional Class

     4,247,510        4,248,575        331,500        331,481  

Private Investment Class

     17,991        17,996        3,597        3,597  

Personal Investment Class

     4        4        -        -  

Cash Management Class

     31,256        31,264        5,971        5,971  

Reserve Class

     2,461        2,461        174        174  

Resource Class

     4,382        4,383        599        599  

Corporate Class

     36,900        36,909        70        70  

 

25                    Short-Term Investments Trust


NOTE 9–Share Information(continued)

 

      Summary of Share Activity  
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
      Shares     Amount     Shares     Amount  

Reacquired:

        

Institutional Class

     (7,501,501,745   $ (7,503,217,013     (16,635,655,012   $ (16,636,609,365

Private Investment Class

     (49,320     (49,332     (1,822,166     (1,822,177

Cash Management Class

     (81,322     (81,346     (1,207,094     (1,207,189

Reserve Class

     (6,059     (6,061     (47,789     (47,792

Resource Class

     (3,063     (3,065     (114,803     (114,839

Corporate Class

     (23     (23     (425     (424

Net increase (decrease) in share activity

     83,853,247     $ 83,870,878       (617,277,915   $ (617,455,455

 

(a) 

42% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.

 

26                    Short-Term Investments Trust


NOTE 9–Share Information(continued)

Invesco Treasury Portfolio

 

      Summary of Share Activity  
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
      Shares     Amount     Shares     Amount  

Sold:

        

Institutional Class

     145,004,051,458     $ 145,004,051,458       132,066,034,066     $ 132,066,034,066  

Private Investment Class

     693,606,770       693,606,770       1,001,410,898       1,001,410,898  

Personal Investment Class

     1,065,604,266       1,065,604,266       2,236,178,971       2,236,178,971  

Cash Management Class

     445,291,553       445,291,553       1,488,319,714       1,488,319,714  

Reserve Class

     2,136,575,113       2,136,575,113       3,559,612,942       3,559,612,942  

Resource Class

     154,959,401       154,959,401       215,964,855       215,964,855  

Corporate Class

     7,067,487,198       7,067,487,198       4,502,000,934       4,502,000,934  

CAVU Securities Class

     10,117,703,630       10,117,703,630       12,888,063,731       12,888,063,731  

 

Issued as reinvestment of dividends:

        

Institutional Class

     188,438,016       188,438,016       10,223,078       10,223,078  

Private Investment Class

     4,364,973       4,364,973       184,233       184,233  

Personal Investment Class

     5,687,699       5,687,699       398,914       398,914  

Cash Management Class

     5,107,835       5,107,835       1,071,516       1,071,516  

Reserve Class

     12,607,423       12,607,423       971,014       971,014  

Resource Class

     1,108,827       1,108,827       130,138       130,138  

Corporate Class

     9,000,585       9,000,585       261,029       261,029  

CAVU Securities Class

     17,718,130       17,718,130       1,880       1,880  

 

Reacquired:

        

Institutional Class

     (131,165,173,079     (131,165,173,079     (127,745,395,500     (127,745,395,500

Private Investment Class

     (461,389,073     (461,389,073     (923,593,550     (923,593,550

Personal Investment Class

     (1,263,551,118     (1,263,551,118     (1,920,776,704     (1,920,776,704

Cash Management Class

     (604,468,621     (604,468,621     (1,546,770,652     (1,546,770,652

Reserve Class

     (2,477,852,390     (2,477,852,390     (3,440,814,516     (3,440,814,516

Resource Class

     (156,710,470     (156,710,470     (191,904,982     (191,904,982

Corporate Class

     (5,662,690,509     (5,662,690,509     (4,294,751,493     (4,294,751,493

CAVU Securities Class

     (8,838,377,984     (8,838,377,984     (12,877,833,985     (12,877,833,985

Net increase in share activity

     16,299,099,633     $ 16,299,099,633       5,028,986,531     $ 5,028,986,531  

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 40% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

 

27                    Short-Term Investments Trust


NOTE 9–Share Information(continued)

Invesco Government & Agency Portfolio

 

      Summary of Share Activity  
     Six months ended
February 28, 2023(a)
    Year ended
August 31, 2022
 
      Shares     Amount     Shares     Amount  

Sold:

        

Institutional Class

     324,869,749,338     $ 324,869,749,338       454,339,645,288     $ 454,339,645,288  

Private Investment Class

     1,126,644,425       1,126,644,425       1,778,974,054       1,778,974,054  

Personal Investment Class

     58,898,358       58,898,358       97,861,174       97,861,174  

Cash Management Class

     414,424,303       414,424,303       1,341,733,532       1,341,733,532  

Reserve Class

     807,114,011       807,114,011       2,373,222,673       2,373,222,673  

Resource Class

     826,482,205       826,482,205       1,481,464,937       1,481,464,937  

Corporate Class

     8,128,163,560       8,128,163,560       10,354,778,887       10,354,778,887  

CAVU Securities Class

     68,062,764,562       68,062,764,562       77,360,488,467       77,360,488,467  

 

Issued as reinvestment of dividends:

        

Institutional Class

     455,040,015       455,040,015       49,592,996       49,592,996  

Private Investment Class

     7,769,707       7,769,707       747,946       747,946  

Personal Investment Class

     501,718       501,718       55,691       55,691  

Cash Management Class

     3,325,117       3,325,117       463,867       463,867  

Reserve Class

     8,266,117       8,266,117       542,028       542,028  

Resource Class

     2,777,506       2,777,506       486,110       486,110  

Corporate Class

     11,198,615       11,198,615       1,161,309       1,161,309  

CAVU Securities Class

     99,055,148       99,055,148       7,176,754       7,176,754  

 

Reacquired:

        

Institutional Class

     (315,168,513,197     (315,168,513,197     (442,662,747,076     (442,662,747,076

Private Investment Class

     (970,036,183     (970,036,183     (1,707,506,123     (1,707,506,123

Personal Investment Class

     (65,358,015     (65,358,015     (67,927,807     (67,927,807

Cash Management Class

     (935,259,816     (935,259,816     (947,276,029     (947,276,029

Reserve Class

     (902,014,831     (902,014,831     (2,183,262,634     (2,183,262,634

Resource Class

     (767,953,265     (767,953,265     (1,464,792,242     (1,464,792,242

Corporate Class

     (7,115,984,875     (7,115,984,875     (10,895,201,454     (10,895,201,454

CAVU Securities Class

     (61,978,082,364     (61,978,082,364     (73,955,994,664     (73,955,994,664

Net increase in share activity

     16,978,972,159     $ 16,978,972,159       15,303,687,684     $ 15,303,687,684  

 

(a) 

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 33% of the outstanding shares of the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

 

28                    Short-Term Investments Trust


Calculating your ongoing Fund expenses

Example

As a shareholder in the CAVU Securities Class, you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2022 through February 28, 2023.

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.

 

CAVU Securities Class

 

Beginning
    Account Value    
(09/01/22)

 

ACTUAL

 

HYPOTHETICAL

(5% annual return before expenses)

 

    Annualized    
Expense

Ratio

 

Ending

    Account Value    
(02/28/23)1

 

Expenses

    Paid During    
Period2

 

Ending

    Account Value    
(02/28/23)

 

Expenses

    Paid During    
Period2

Invesco Liquid Assets   Portfolio

    $ 1,000.00     $ 1,018.80     $ 0.90     $ 1,023.90     $ 0.90       0.18 %

Invesco Treasury Portfolio

      1,000.00       1,018.10       0.90       1,023.90       0.90       0.18

Invesco Government   & Agency Portfolio

      1,000.00       1,018.20       0.80       1,024.00       0.80       0.16

 

1 

The actual ending account value is based on the actual total return of the Funds for the period September 1, 2022 through February 28, 2023, 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.

 

29                    Short-Term Investments Trust


 

 

 

 

(This page intentionally left blank)


 

 

 

 

(This page intentionally left blank)


 

 

 

 

Invesco mailing information

Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.

 

 

Important notice regarding delivery of security holder documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.

 

 

Fund holdings and proxy voting information

The Fund provides a complete list of its portfolio holdings in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-MFP filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.

Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.

 

LOGO

 

SEC file numbers: 811-02729 and 002-58287    Invesco Distributors, Inc.    CM-STIT-SAR-8   


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.

Not applicable.

 

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 April 19, 2023, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and PFO, to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of April 19, 2023, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

 

  (b)

There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

ITEM 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

 

ITEM 13.

EXHIBITS.

 

  13 (a) (1)    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 and Section 302 of the Sarbanes-Oxley Act of 2002.
  13 (a) (3)    Not applicable.
  13 (a) (4)    Not applicable.
  13 (b)    Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002.

 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant:    Short-Term Investments Trust

 

By:   /s/ Sheri Morris
  Sheri Morris
  Principal Executive Officer
Date:   May 3, 2023

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 3, 2023

 

By:   /s/ Adrien Deberghes
  Adrien Deberghes
  Principal Financial Officer
Date:   May 3, 2023