| Summary Prospectus |
December 18, 2020 |
Invesco Premier U.S. Government Money Portfolio
Institutional Class: (IUGXX)
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 a high level of current income consistent with the
preservation of capital and the maintenance of 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 |
| | |
| Other Expenses |
0.00 |
| | |
| 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 U.S. Government Money
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 at least 99.5% of its total assets in cash, Government Securities, and repurchase agreements collateralized by cash or Government Securities. In addition, at least 80% of the
Fund’s net assets (plus any borrowings for investment purposes) will be invested, under normal
circumstances, in (i) direct obligations of the U.S. Treasury, (ii) other securities issued or guaranteed as to principal and interest by the U.S. Government or its agencies and instrumentalities (agency securities) and (iii)
1 Invesco Premier
U.S. Government Money Portfolio
invesco.com/usCM-PGM-SUMPRO-2
repurchase agreements secured by those obligations referenced in (i) and (ii) above. In contrast to the Fund’s 99.5% policy, the Fund’s 80% policy does not include cash or
repurchase agreements collateralized by cash. Government Security generally means any security issued or guaranteed as to principal or interest by the U.S. Government or certain of its agencies or instrumentalities; or any certificate of
deposit for any of the foregoing.
The Fund will limit investments to
those securities that are Eligible Securities as defined by applicable regulations at the time of purchase.
The Fund is a Government 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. The Fund invests in conformity with 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 the Adviser pursuant to guidelines approved by the Fund’s Board, and must be an Eligible Security.
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 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’s sponsor has no legal obligation to
provide financial support to the Fund, and you should not rely on or expect that the sponsor will enter
into support agreements or take other actions to provide financial support to the Fund or maintain the Fund’s $1.00 share price at any time. The credit quality of the Fund’s holdings can change rapidly in certain markets, and the default of a single holding could have an adverse impact on the Fund’s share price. The
Fund’s share price can also be negatively affected during periods of high redemption pressures, illiquid markets, and/or significant market volatility. While the Board of Trustees may implement procedures to impose a fee upon the sale of your shares or temporarily suspend your ability to sell shares in
the future if the Fund’s liquidity falls below required minimums because of market conditions or
other factors, the Board has not elected to do so at this time. Should the Board elect to do so, such change would only become effective after shareholders were provided with specific advance
notice of the change in the Fund’s policy and provided with the opportunity to redeem their shares in
accordance with Rule 2a-7 before the policy change became effective.
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.
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.
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.
Repurchase Agreement
Risk. If the seller of a repurchase agreement defaults or otherwise does not fulfill its obligations, the
Fund may incur delays and losses arising from selling the underlying securities, enforcing its rights, or
declining collateral value.
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.
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.
2 Invesco Premier
U.S. Government Money Portfolio
invesco.com/usCM-PGM-SUMPRO-2
Annual Total Returns
| Institutional Class |
Period Ending |
Returns |
| Year-to-date |
September 30, 2020 |
0.37% |
| Best Quarter |
June 30, 2019 |
0.57% |
| Worst Quarter |
March 31, 2015 |
0.00% |
Average Annual Total Returns (for the periods ended December 31, 2019)
| |
Inception
Date |
1
Year |
5
Years |
10
Years |
| Institutional Class |
6/28/2006 |
2.08% |
0.97% |
0.49% |
| | ||||
Management of the Fund
Investment Adviser: Invesco Advisers, Inc.
Purchase and Sale of Fund Shares
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 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 broker-dealer or other intermediary and
your salesperson or financial adviser to recommend the Fund over another investment. Ask your salesperson
or financial adviser or visit your financial intermediary’s website for more information.
3 Invesco Premier
U.S. Government Money Portfolio
invesco.com/usCM-PGM-SUMPRO-2