| Summary Prospectus |
December 17, 2021 |
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 17, 2021 (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.
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, hold and sell 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, 2022. 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
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 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 life to 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 as defined by Rule 2a-7. The
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Fund will limit investments to those securities that are Eligible Securities as defined by applicable
regulations at the time of purchase.
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 Adviser’s credit research process considers factors that include, but are not
limited to, an issuer’s operations, capital structure and environmental, social and governance (“ESG”) considerations.
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 that 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
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
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desire to phase out the use of LIBOR by the end of 2021. Although many LIBOR rates will be phased out at the end of 2021 as originally intended, a selection of widely used USD LIBOR rates
will continue to be published until June 2023 in order to assist with the transition. 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 or negative, the Fund may not be able to
maintain a positive yield or pay Fund expenses out of current income without impairing the Fund’s ability to maintain a stable net asset value. 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 may vary across types of eligible investments and
issuers, and not every ESG factor may be identified or evaluated for every investment. 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.
Financial Markets Regulatory Risk. Policy changes by the U.S. government or its regulatory agencies and political events within the U.S. and abroad may, among other things, affect
investor and consumer confidence and increase volatility in the financial markets, perhaps suddenly and to
a significant degree, which may adversely impact the Fund’s operations, universe of potential investment options, and return potential.
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. Fund performance reflects any applicable fee waivers and expense reimbursements. Performance returns would be lower without applicable fee waivers and expense
reimbursements.
Updated performance information is
available on the Fund's website at www.invesco.com/us.
Annual Total Returns
| Institutional Class |
Period Ended |
Returns |
| Year-to-date |
September 30, 2021 |
0.03% |
| Best Quarter |
March 31, 2019 |
0.62% |
| Worst Quarter |
September 30, 2014 |
0.00% |
Average Annual Total Returns (for the periods ended December 31, 2020)
| |
Inception Date |
1 Year |
5 Years |
10 Years |
| Institutional Class |
2/25/2005 |
0.60% |
1.25% |
0.66% |
| | ||||
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 our website.
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 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.
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