| Summary Prospectus |
December 18, 2020 |
Invesco Premier Portfolio
Institutional Class: (IPPXX)
Before you invest, you may want
to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus, reports to shareholders, and other
information about the Fund online at www.invesco.com/prospectus. You can also get this information at no cost by calling (800) 659-1005 or by sending an e-mail request to
ProspectusRequest@invesco.com. The Fund’s prospectus and statement of additional information, both dated December 18, 2020 (as each may be amended or supplemented), are
incorporated by reference into this Summary Prospectus and may be obtained, free of charge, at the website, phone number or e-mail address noted above.
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities
and Exchange Commission, paper copies of the Fund's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund
or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund's website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.
You may elect to receive all future reports in paper free of charge. If you invest
through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest
directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports
in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.
Investment Objective(s)
The Fund's investment objective is to provide current income consistent with preservation of capital and
liquidity.
Fees and Expenses of the Fund
This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees (fees paid directly from your investment)
| Class: |
Institutional |
| Maximum
Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |
None |
| | |
| Maximum
Deferred Sales Charge (Load) (as a percentage of original purchase price or redemption proceeds,
whichever is less) |
None |
| | |
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
| Class: |
Institutional |
| Management Fees |
0.25% |
| | |
| Distribution and/or Service (12b-1) Fees |
None |
| | |
| Total Annual Fund Operating Expenses |
0.25 |
| | |
| Fee Waiver and/or Expense Reimbursement1
|
0.07 |
| | |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement |
0.18 |
| | |
1
Invesco Advisers, Inc. (Invesco or the Adviser) has contractually agreed to waive advisory
fees equal to 0.07% of the average daily net assets of Invesco Premier Portfolio. Unless
Invesco continues the fee
waiver agreement, it will terminate on December 31, 2021. During its term, the fee waiver agreement cannot be terminated or amended to reduce the advisory fee waiver without
approval of the Board of Trustees.
Example. This Example is intended to help you compare
the cost of investing in the Fund with the cost of investing in other mutual funds.
The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem
all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return
each year and that the Fund’s operating expenses remain equal to the Total Annual Fund Operating
Expenses After Fee Waiver and/or Expense Reimbursement in the first year and the Total Annual Fund Operating
Expenses thereafter.
Although your actual costs may be higher or lower, based on these assumptions, your costs would
be:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Institutional Class |
18$ |
73$ |
134$ |
311$ |
| | ||||
Principal Investment Strategies of the Fund
The Fund invests primarily in high-quality U.S. dollar-denominated short-term debt obligations, including: (i) securities issued by the U.S. Government or its agencies; (ii) certificates
of deposit and time deposits from U.S. and foreign banks; (iii) repurchase agreements; (iv) commercial
paper; and (v) municipal securities.
The Fund may engage in repurchase agreement transactions that are collateralized by cash or government
securities. In addition, it may engage in repurchase agreement transactions that are collateralized by
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non-government securities such as equity securities and fixed income securities that are rated investment grade and below investment grade by nationally recognized statistical rating
organizations or unrated securities of comparable quality. The Fund considers repurchase agreements with the
Federal Reserve Bank of New York to be U.S. Government securities for purposes of the Fund’s
investment policies.
The Fund will limit investments to those securities
that are Eligible Securities as defined by applicable regulations at the time of purchase.
The Fund intends to qualify as a Retail Money Market Fund, as defined by Rule 2a-7 under the Investment Company Act of 1940, as amended (Rule 2a-7), that seeks to maintain a stable price of
$1.00 per share by using the amortized cost method to value portfolio securities and rounding the share
value to the nearest cent. Retail Money Market Funds may be beneficially owned only by natural persons, as determined in the “Shareholder Account Information – Purchasing Shares” section of this Prospectus. The Fund invests in
conformity with the U.S. Securities and Exchange Commission (SEC) rules and regulation requirements for money
market funds for the quality, maturity, diversification and liquidity of investments. The Fund invests only
in U.S. dollar-denominated securities maturing within 397 calendar days of the date of purchase, with certain
exceptions permitted by applicable regulations. The Fund maintains a dollar-weighted average portfolio
maturity of no more than 60 calendar days, and a dollar-weighted average portfolio maturity as determined
without exceptions regarding certain interest rate adjustments under Rule 2a-7 of no more than 120 calendar
days. Each investment must be determined to present minimal credit risks by Invesco Advisers, Inc. (Invesco
or the Adviser) pursuant to guidelines approved by the Fund’s Board of Trustees (the Board), and must
be an Eligible Security.
The Fund may invest in U.S. dollar-denominated
foreign securities. Some of the Fund’s investments, although U.S. dollar-denominated, may be subject
to foreign credit exposure.
The Fund may also invest in daily and weekly variable-rate demand notes. The Fund may invest in
securities that are subject to resale restrictions such as those contained in Rule 144A promulgated under the
Securities Act of 1933, as amended.
In selecting securities for the Fund’s portfolio, the portfolio managers focus on securities
that offer safety, liquidity, and a competitive yield. The Adviser conducts a credit analysis of each potential issuer prior to the purchase of its securities. The credit research process utilized by the Fund to implement its investment strategy in
pursuit of its investment objective considers factors that include, but are not limited to, an issuer’s operations, capital structure and environmental, social and governance (“ESG”) considerations. Credit quality analysis
therefore may consider whether any ESG factors pose a material financial risk or opportunity to an issuer.
The portfolio managers normally hold portfolio securities to maturity, but may sell a security when they deem it advisable, such as when market or credit factors materially change.
Principal Risks of Investing in the Fund
You could lose money by investing in the Fund. An investment in the Fund is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The risks
associated with an investment in the Fund can increase during times of significant market volatility. The
principal risks of investing in the Fund are:
Money Market Fund Risk. Although the Fund seeks to preserve the value of your investment at $1.00 per share, you may lose money by investing in the Fund. The share price of money market funds can fall below the $1.00 share price. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required
minimums because of market conditions or other factors. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not rely on
or expect that the sponsor will enter into support agreements or take other actions to provide financial
support to the Fund or maintain the Fund’s $1.00 share price at any time.
The credit quality of the
Fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s share price. The Fund’s share price can also be negatively affected during periods of high
redemption pressures, illiquid markets, and/or significant market volatility.
Debt Securities Risk. The prices of debt securities held by the Fund will be affected by changes in interest rates, the creditworthiness of the issuer and other factors. An increase in
prevailing interest rates typically causes the value of existing debt securities to fall and often has a greater impact on longer-duration debt securities and higher quality debt securities. Falling interest rates will cause the Fund to
reinvest the proceeds of debt securities that have been repaid by the issuer at lower interest rates. Falling interest rates may also reduce the Fund’s distributable income because interest payments on floating rate debt instruments
held by the Fund will decline. The Fund could lose money on investments in debt securities if the issuer or
borrower fails to meet its obligations to make interest payments and/or to repay principal in a timely
manner. Changes in an issuer’s financial strength, the market’s perception of such strength or in the credit rating of the issuer or the security may affect the value of debt securities. The Adviser’s credit analysis may fail to anticipate such
changes, which could result in buying a debt security at an inopportune time or failing to sell a debt security in advance of a price decline or other credit event.
Market Risk. The market values of the Fund’s investments, and therefore the value of the Fund’s shares, will go up and down, sometimes rapidly or unpredictably. Market risk may
affect a single issuer, industry or section of the economy, or it may affect the market as a whole. The value of the Fund’s investments may go up or down due to general market conditions which are not specifically related to
the particular issuer, such as real or perceived adverse economic conditions, changes in the general
outlook for revenues or corporate earnings, changes in interest or currency rates, regional or global
instability, natural or environmental disasters, widespread disease or other public health issues, war, acts of terrorism or adverse investor sentiment generally. During a general downturn in the financial markets, multiple asset classes may
decline in value. When markets perform well, there can be no assurance that specific investments held by
the Fund will rise in value.
Banking and Financial
Services Industry Focus Risk. From time to time, the Fund may invest more than 25% of its assets in
unsecured bank instruments, including but not limited to certificates of deposit and time deposits, or
securities that may have guarantees or credit and liquidity enhancements provided by banks, insurance companies or other financial institutions. To the extent the Fund focuses its investments in these instruments or securities, the Fund’s
performance will depend on the overall condition of those industries and the individual banks and financial
institutions in which the Fund invests (directly or indirectly), the supply of short-term financing,
changes in government regulation, changes in interest rates, and economic downturns in the United States and abroad.
Foreign Securities and Credit Exposure Risk. 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. Furthermore, the
Fund's foreign investments may be adversely affected by political and social instability, changes in
economic or taxation policies, difficulty in enforcing obligations, decreased liquidity or increased volatility. Foreign investments also involve the risk of the possible seizure, nationalization or expropriation of the issuer or foreign deposits (in which the Fund
could lose its entire investments in a certain market) and the possible adoption of foreign governmental
restrictions such as exchange controls.
Restricted Securities Risk. Limitations on the resale of restricted securities may have an adverse effect on their marketability, and may prevent the Fund from disposing of them promptly at reasonable prices. There can be no assurance that a trading market
will exist at any time for any particular restricted security. Transaction costs may be higher for
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restricted securities and such securities may be difficult to value and may have significant volatility.
Repurchase Agreement Risk. The Fund is subject to the risk that the counterparty may default on its obligation to repurchase the underlying instruments collateralizing the repurchase
agreement, which may cause the Fund to lose money. These risks are magnified to the extent that a
repurchase agreement is secured by securities other than cash or U.S. Government securities.
U.S. Government Obligations Risk. Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith and credit of the U.S. Government, which could affect the Fund’s ability to recover
should they default. No assurance can be given that the U.S. Government will provide financial support to its agencies and authorities if it is not obligated by law to do so.
Municipal Securities Risk. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Constitutional amendments, legislative enactments, executive
orders, administrative regulations, voter initiatives, and the issuer’s regional economic conditions
may affect the municipal security’s value, interest payments, repayment of principal and the
Fund’s ability to sell the security. Failure of a municipal security issuer to comply with applicable tax requirements may make income paid thereon taxable, resulting in a decline in the security’s value. In addition, there could be changes
in applicable tax laws or tax treatments that reduce or eliminate the current federal income tax exemption on
municipal securities or otherwise adversely affect the current federal or state tax status of municipal
securities.
LIBOR Transition Risk. The Fund invests in financial instruments that utilize the London Interbank Offered Rate (“LIBOR”) as the
reference or benchmark rate for variable interest rate calculations. On July 27, 2017, the head of the
United Kingdom’s Financial Conduct Authority announced a desire to phase out the use of LIBOR by the end of 2021, and it is currently anticipated that LIBOR will cease to be published after that time, although there are initiatives underway for the
discontinuation to be extended beyond 2021 for certain LIBOR rates. There remains uncertainty regarding the effect of the LIBOR transition process and therefore any impact of a transition away from LIBOR on the Fund or the instruments
in which the Fund invests cannot yet be determined. There is no assurance that the composition or
characteristics of any alternative reference rate will be similar to or produce the same value or economic
equivalence as LIBOR or that instruments using an alternative rate will have the same volume or liquidity. Any such effects of the transition away from LIBOR and the adoption of alternative reference rates could result in losses to the
Fund.
Yield Risk. The Fund’s yield will vary as the short-term securities in its portfolio mature or are sold and the proceeds are
reinvested in other securities. When interest rates are very low, the Fund’s expenses could absorb
all or a portion of the Fund’s income and yield. Additionally, inflation may outpace and diminish investment returns over time. Recent and potential future changes in monetary policy made by central banks and/or their governments may affect interest
rates.
Variable-Rate Demand Notes Risk. The absence of an active secondary market for certain variable and floating rate notes could make it difficult to
dispose of these instruments, which could result in a loss.
Environmental, Social and Governance (ESG) Considerations Risk. The ESG considerations assessed as part of a credit research process to implement the Fund’s investment strategy in
pursuit of its investment objective may vary across types of eligible investments and issuers, and not
every ESG factor may be identified or evaluated for every investment. The incorporation of ESG factors as
part of a credit analysis may affect the Fund’s exposure to certain issuers or industries and may not work as intended. Information used to evaluate such factors may not be readily available, complete or accurate, and may vary
across providers and issuers. There is no guarantee that the incorporation of ESG considerations will be
additive to the Fund’s performance.
Management
Risk. The Fund is actively managed and depends heavily on the Adviser’s judgment about markets,
interest rates or the attractiveness, relative values, liquidity, or potential appreciation of particular
investments made for the Fund’s portfolio. The Fund could experience losses if these judgments prove
to be incorrect. Additionally, legislative, regulatory, or tax developments may adversely affect management of the Fund and, therefore, the ability of the Fund to achieve its investment objective.
Performance Information
The bar chart and performance table provide an indication of the risks of investing in the Fund. The bar chart shows changes in the performance of the Fund from year to year as of December
31. The Fund's past performance is
not necessarily an indication of its future performance. Updated performance information is available on
the Fund's website at www.invesco.com/us.
Annual Total Returns
| Institutional Class |
Period Ending |
Returns |
| Year-to-date |
September 30, 2020 |
0.57% |
| Best Quarter |
March 31, 2019 |
0.62% |
| Worst Quarter |
September 30, 2014 |
0.00% |
Average Annual Total Returns (for the periods ended December 31, 2019)
| |
Inception
Date |
1
Year |
5
Years |
10
Years |
| Institutional Class |
2/25/2005 |
2.27% |
1.15% |
0.61% |
| | ||||
Management of the Fund
Investment Adviser: Invesco Advisers, Inc.
Purchase and Sale of Fund Shares
Investments in the Fund are limited to accounts beneficially owned by natural persons. You may purchase or redeem shares of the Fund on any business day the Fund is open through your
financial intermediary, by telephone at (800) 659-1005, or through Liquidity
LinkSM.
The minimum investments for Institutional Class shares for fund accounts are as follows:
| Initial Investments Per Fund Account* |
$
1,000 |
| | |
| Additional Investments Per Fund Account |
No
minimum |
| | |
*
An intermediary may aggregate its master accounts and subaccounts to satisfy the minimum investment requirement.
Tax Information
The Fund’s distributions generally are taxable to you as ordinary income, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan, 529 college savings plan or
individual retirement account. Any distributions from a 401(k) plan or individual retirement account may be
taxed when withdrawn from such plan or account.
Payments to Broker-Dealers and Other Financial
Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the
Fund, the Fund’s distributor or its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the
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