| Summary Prospectus |
December 16, 2022 |
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 16, 2022 (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 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, 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 U.S. Government Money Portfolio.
Unless Invesco continues the fee waiver agreement, it will terminate on December 31, 2023. 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 in U.S. Treasury Obligations and Government Securities maturing within 397 calendar days of the date of purchase, with certain exceptions permitted by applicable regulations,
and repurchase agreements collateralized fully by U.S. Treasury Obligations and Government Securities. The
Fund may also hold cash.
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 at least 99.5% of its total assets in cash, Government Securities, and repurchase
agreements collateralized by cash or Government Securities. 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.
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 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 the Adviser pursuant to guidelines approved by the Fund’s Board, and must be
an Eligible Security as defined by applicable regulations at the time of purchase. The Fund will limit investments to those securities that are Eligible Securities as defined by applicable regulations at the time of purchase.
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.
1 Invesco Premier U.S. Government Money Portfolio
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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.
Changing Fixed Income Market Conditions Risk. Increases in the federal funds and equivalent foreign rates or other changes to monetary policy or regulatory actions may expose fixed income
markets to heightened volatility and reduced liquidity for certain fixed income investments, particularly those with longer maturities. It is difficult to predict the impact of interest rate changes on various markets. In addition,
decreases in fixed income dealer market-making capacity may also potentially lead to heightened volatility
and reduced liquidity in the fixed income markets. As a result, the value of the Fund’s investments
may decline. Changes in central bank policies could also result in higher than normal redemptions by shareholders, which could potentially increase the Fund’s transaction costs.
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 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, military conflict, 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 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.
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
2 Invesco Premier U.S. Government Money Portfolio
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| Institutional Class |
Period Ended |
Returns |
| Year-to-date |
September 30, 2022 |
0.65% |
| Best Quarter |
June 30, 2019 |
0.57% |
| Worst Quarter |
December 31, 2021 |
0.00% |
Average Annual Total Returns (for the periods ended December 31, 2021)
| |
Inception Date |
1 Year |
5 Years |
10
Years |
| Institutional Class |
6/28/2006 |
0.01% |
0.99% |
0.53% |
| | ||||
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 our website.
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
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