| Summary Prospectus |
December 15, 2023 |
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 15, 2023 (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, 2024. 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. or 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. The Fund will
limit investments to those securities that are Eligible Securities as defined by applicable regulations at
the time of purchase. Eligible Securities are (i) Government Securities, (ii) shares of other money market
funds, or (iii) securities determined to present minimal credit risks by Invesco Advisers, Inc. (Invesco or the Adviser)
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pursuant to guidelines approved by the Fund's
Board of Trustees (the Board). Government Security generally means any security issued or guaranteed as to
principal or interest by the United States, or by a person controlled or supervised by and acting as an instrumentality of the government of the United States.
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 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.
The Adviser's credit research process considers factors that may include,
but are not limited to, an issuer’s operations, capital structure and environmental, social and governance (“ESG”) considerations. The Adviser may determine that ESG considerations are not material to certain issuers or types of investments held
by the Fund. In addition, not all issuers or investments in the Fund may undergo a credit quality analysis
that considers ESG factors, and not all investments held by the Fund will rate strongly on ESG
criteria.
Principal Risks of Investing in the Fund
As with any mutual fund investment, loss of money is a risk of investing. An investment in the Fund is
not a bank account and 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. You could lose money investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will
do so. 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. The Fund’s sponsor is not required to reimburse the Fund for
losses, 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 per share at any time, including during periods of
market stress. 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. Furthermore, the SEC recently adopted amendments to money market fund regulations that, when fully implemented, could
impact the Fund’s operations, performance, yields and operating expenses.
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.
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, economic crisis 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.
Rule 144A Securities and Other Exempt Securities Risk. The market for Rule 144A and other securities exempt from certain registration requirements may be less active than the market for publicly-traded securities. Rule 144A and other exempt securities
carry the risk that their liquidity may become impaired and the Fund may be unable to dispose of the
securities at a desirable time or price.
Repurchase Agreement Risk. If the seller of a repurchase
agreement defaults or otherwise does not fulfill its obligations, the Fund may
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incur delays and losses arising from selling the
underlying securities, enforcing its rights, or declining collateral value. 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.
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 that may be 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, and not every investment or issuer may be evaluated for ESG considerations. 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 other governmental actions 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, including by adversely
impacting 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.
All Fund performance shown assumes the reinvestment of dividends and capital gains
and the effect of the Fund's expenses.
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, 2023 |
3.79% |
| Best Quarter |
December 31, 2022 |
0.92% |
| Worst Quarter |
December 31, 2021 |
0.00% |
Average Annual Total Returns (for the periods ended December 31, 2022)
| |
Inception Date |
1 Year |
5 Years |
10
Years |
| Institutional Class |
2/25/2005 |
1.64 % |
1.30 % |
0.81 % |
| | ||||
Management of the Fund
Investment Adviser: Invesco Advisers, Inc. (Invesco or the Adviser)
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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