Prospectus
December
15, 2023
Private Investment
Classes
Institutional
Money Market Funds
Invesco
Liquid Assets Portfolio
(LPVXX )
Invesco
STIC Prime Portfolio
(SPVXX )
Government
Money Market Funds
Invesco
Treasury Portfolio
(TPFXX )
Invesco
Government & Agency Portfolio
(GPVXX )
Invesco
Treasury Obligations Portfolio (TXPXX )
Private
Investment Classes
As with all other
mutual fund securities, the U.S. Securities and Exchange Commission (SEC) has
not approved or disapproved these securities or passed upon the adequacy of this
prospectus. Any representation to the contrary is a criminal
offense.
You could lose
money by investing in each Fund. An investment in each Fund is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other government
agency. Each Fund’s sponsor has no legal obligation to provide financial support
to the Fund, and you should not expect that the sponsor will provide financial
support to the Fund at any time. Investments in each Fund are not guaranteed by
a bank and investment is not a bank deposit.
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Back
Cover |
Short-Term
Investment Trust
Fund Summaries
The Fund’s
investment objective is to provide current income consistent with preservation
of capital and liquidity.
This table
describes the fees and expenses that you may pay if you buy, hold and sell
shares of the Fund.
|
Class: |
Private
Investment |
|
Maximum
Sales Charge (Load) Imposed on Purchases (as a percentage
of
offering price) |
|
|
| |
|
Maximum
Deferred Sales Charge (Load) (as a percentage of original
purchase
price or redemption proceeds, whichever is less) |
|
|
| |
|
Class: |
Private
Investment |
|
Management
Fees |
% |
|
| |
|
Distribution
and/or Service (12b-1) Fees |
|
|
| |
|
Other
Expenses |
|
|
| |
|
Total
Annual Fund Operating Expenses |
|
|
| |
|
Fee
Waiver and/or Expense Reimbursement1
|
|
|
| |
|
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
|
|
| |
1
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 |
|
Private
Investment Class |
$ |
$ |
$ |
$ |
|
| ||||
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 nongovernment 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 is a money market fund that rounds the Fund’s current net asset value (NAV)
per share to a minimum of the fourth decimal place. Although the Fund is a money
market fund, the NAV of the Fund’s shares “floats,” fluctuating with changes in
the values of the Fund’s portfolio securities. 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 under the Investment
Company Act of 1940, as amended (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) pursuant
to guidelines approved by the Fund's Board of Trustees (the Board).
Government Security
generally means any securities 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 up to 50% of its total assets 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.
1 Short-Term
Investment Trust
2 Short-Term
Investment Trust
All
Fund performance shown assumes the reinvestment of dividends and capital gains
and the effect of the Fund’s expenses.
Annual Total Returns
|
Private |
Period
Ended |
Returns |
|
|
|
|
|
|
|
|
|
|
|
- |
Average Annual Total Returns (for the periods ended December 31, 2022)
|
|
Inception
Date |
1
Year |
5
Years |
10
Years |
|
Private
Investment Class |
|
% |
% |
% |
|
| ||||
Management
of the Fund
Investment Adviser:
Invesco Advisers, Inc. (Invesco or the Adviser)
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 Private Investment Class 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.
The Fund’s
investment objective is to provide current income consistent with preservation
of capital and liquidity.
This table
describes the fees and expenses that you may pay if you buy, hold and sell
shares of the Fund.
|
Class: |
Private
Investment |
|
Maximum
Sales Charge (Load) Imposed on Purchases (as a percentage
of
offering price) |
|
|
| |
|
Maximum
Deferred Sales Charge (Load) (as a percentage of original
purchase
price or redemption proceeds, whichever is less) |
|
|
| |
|
Class: |
Private
Investment |
|
Management
Fees |
% |
|
| |
|
Distribution
and/or Service (12b-1) Fees |
|
|
| |
|
Other
Expenses |
|
|
| |
|
Total
Annual Fund Operating Expenses |
|
|
| |
|
Fee
Waiver and/or Expense Reimbursement1 |
|
|
| |
|
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
|
|
| |
1
3 Short-Term
Investment Trust
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 |
|
Private
Investment Class |
$ |
$ |
$ |
$ |
|
| ||||
The Fund invests in
high-quality U.S. dollar denominated obligations with maturities of 60 calendar
days or less, 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 nongovernment 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 is a money market fund that rounds the Fund’s current net asset value (NAV)
per share to a minimum of the fourth decimal place. Although the Fund is a money
market fund, the NAV of the Fund’s shares “floats,” fluctuating with changes in
the values of the Fund’s portfolio securities.
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 60 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
under the Investment Company Act of 1940, as amended (Rule 2a-7), of no more
than 60 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) pursuant to guidelines approved by the Fund's Board of Trustees (the
Board).
Government Security
generally means any securities 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.
4 Short-Term
Investment Trust
All
Fund performance shown assumes the reinvestment of dividends and capital gains
and the effect of the Fund’s
expenses.
5 Short-Term
Investment Trust
Annual Total Returns
|
Private |
Period
Ended |
Returns |
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Returns (for the periods ended December 31, 2022)
|
|
Inception
Date |
1
Year |
5
Years |
10
Years |
|
Private
Investment Class |
|
% |
% |
% |
|
| ||||
Management
of the Fund
Investment Adviser:
Invesco Advisers, Inc. (Invesco or the Adviser)
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 Private Investment Class 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.
The Fund’s
investment objective is to provide current income consistent with preservation
of capital and liquidity.
This table
describes the fees and expenses that you may pay if you buy, hold and sell
shares of the Fund.
|
Class: |
Private
Investment |
|
Maximum
Sales Charge (Load) Imposed on Purchases (as a percentage
of
offering price) |
|
|
| |
|
Maximum
Deferred Sales Charge (Load) (as a percentage of original
purchase
price or redemption proceeds, whichever is less) |
|
|
| |
|
Class: |
Private
Investment |
|
Management
Fees |
% |
|
| |
|
Distribution
and/or Service (12b-1) Fees |
|
|
| |
|
Other
Expenses |
|
|
| |
|
Total
Annual Fund Operating Expenses |
|
|
| |
|
Fee
Waiver and/or Expense Reimbursement1 |
|
|
| |
|
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
|
|
| |
1
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 |
|
Private
Investment Class |
$ |
$ |
$ |
$ |
|
| ||||
The Fund primarily
invests its assets in U.S. Treasury Obligations backed by full faith and credit
of the U.S. government maturing within 397 calendar days of the date of
purchase, with certain exceptions permitted by applicable regulations, and
repurchase agreements fully collateralized by U.S. Treasury
Obligations.
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 securities 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 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.
6 Short-Term
Investment Trust
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. 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,
and
(iii)
securities
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).
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.
7 Short-Term
Investment Trust
waivers and expense
reimbursements. Updated performance information is available on the Fund's
website at www.invesco.com/us .
All
Fund performance shown assumes the reinvestment of dividends and capital gains
and the effect of the Fund’s expenses.
Annual Total Returns
|
Private |
Period
Ended |
Returns |
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Returns (for the periods ended December 31, 2022)
|
|
Inception
Date |
1
Year |
5
Years |
10
Years |
|
Private
Investment Class |
|
% |
% |
% |
|
| ||||
Management
of the Fund
Investment Adviser:
Invesco Advisers, Inc. (Invesco or the Adviser)
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 Private Investment Class 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.
The Fund’s
investment objective is to provide current income consistent with preservation
of capital and liquidity.
This table
describes the fees and expenses that you may pay if you buy, hold and sell
shares of the Fund.
|
Class: |
Private
Investment |
|
Maximum
Sales Charge (Load) Imposed on Purchases (as a percentage
of
offering price) |
|
|
| |
|
Maximum
Deferred Sales Charge (Load) (as a percentage of original
purchase
price or redemption proceeds, whichever is less) |
|
|
| |
|
Class: |
Private
Investment |
|
Management
Fees |
% |
|
| |
|
Distribution
and/or Service (12b-1) Fees |
|
|
| |
|
Other
Expenses |
|
|
| |
|
Total
Annual Fund Operating Expenses |
|
|
| |
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 the same.
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 |
|
Private
Investment Class |
$ |
$ |
$ |
$ |
|
| ||||
The Fund primarily
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 securities 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 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 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. 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,
and
(iii)
securities
determined to present minimal
8 Short-Term
Investment Trust
credit risks by
Invesco Advisers,
Inc.
(Invesco or the
Adviser)
pursuant to
guidelines approved by the Fund's Board of Trustees (the Board).
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.
All
Fund performance shown assumes the reinvestment of dividends and capital gains
and the effect of the Fund’s
expenses.
9 Short-Term
Investment Trust
Annual Total Returns
|
Private |
Period
Ended |
Returns |
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Returns (for the periods ended December 31, 2022)
|
|
Inception
Date |
1
Year |
5
Years |
10
Years |
|
Private
Investment Class |
|
% |
% |
% |
|
| ||||
Management
of the Fund
Investment Adviser:
Invesco Advisers, Inc. (Invesco or the Adviser)
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 Private Investment Class 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.
The Fund’s
investment objective is to provide current income consistent with preservation
of capital and liquidity.
This table
describes the fees and expenses that you may pay if you buy, hold and sell
shares of the Fund.
|
Class: |
Private
Investment |
|
Maximum
Sales Charge (Load) Imposed on Purchases (as a percentage
of
offering price) |
|
|
| |
|
Maximum
Deferred Sales Charge (Load) (as a percentage of original
purchase
price or redemption proceeds, whichever is less) |
|
|
| |
|
Class: |
Private
Investment |
|
Management
Fees |
% |
|
| |
|
Distribution
and/or Service (12b-1) Fees |
|
|
| |
|
Other
Expenses |
|
|
| |
|
Total
Annual Fund Operating Expenses |
|
|
| |
|
Fee
Waiver and/or Expense Reimbursement1 |
|
|
| |
|
Total
Annual Fund Operating Expenses After Fee Waiver and/or Expense
Reimbursement |
|
|
| |
1
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 |
|
Private
Investment Class |
$ |
$ |
$ |
$ |
|
| ||||
The Fund primarily
invests its assets in U.S. Treasury Obligations backed by full faith and credit
of the U.S. government maturing within 397 calendar days of the date of
purchase, with certain exceptions permitted by applicable
regulations.
The
Fund also seeks to distribute dividends that are exempt from state and local taxation
in many states.
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 and Government Securities.
Government Security generally means any securities 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 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.
10 Short-Term
Investment Trust
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, and (iii) securities 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).
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.
All
Fund performance shown assumes the reinvestment of dividends and capital gains
and the effect of the Fund’s
expenses.
11 Short-Term
Investment Trust
Annual Total Returns
|
Private |
Period
Ended |
Returns |
|
|
|
|
|
|
|
|
|
|
|
|
Average Annual Total Returns (for the periods ended December 31, 2022)
|
|
Inception
Date |
1
Year |
5
Years |
10
Years |
|
Private
Investment Class |
|
% |
% |
% |
|
| ||||
Management
of the Fund
Investment Adviser:
Invesco Advisers, Inc. (Invesco or the Adviser)
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 Private Investment Class 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.
Investment Objective(s), Strategies, Risks and Portfolio Holdings
Invesco
Liquid Assets Portfolio
Objective(s)
and Strategies
The Fund’s
investment objective is to provide current income consistent with preservation
of capital and liquidity. The Fund’s investment objective may be changed by the
Board without shareholder approval.
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 nongovernment 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 is a money market fund that rounds the Fund’s current NAV per share to a
minimum of the fourth decimal place. Although the Fund is a money market fund,
the NAV of the Fund’s shares “floats,” fluctuating with changes in the values of
the Fund’s portfolio securities. The Fund invests in conformity with 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) pursuant to guidelines approved by the Fund's Board of Trustees (the
Board).
Government Security
generally means any securities 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 up to 50% of its total assets 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 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.
The
Fund may, from time to time, take temporary defensive positions by holding cash,
shortening the Fund’s dollar-weighted average portfolio maturity or investing in
other securities that are Eligible Securities for purchase by money market funds
as described in the Fund’s Statement of Additional Information (SAI), in
anticipation of or in response to adverse market, economic, political or other
conditions. If the Fund’s portfolio managers do so, different factors could
affect the Fund’s performance and the Fund may not achieve its investment
objective.
12 Short-Term
Investment Trust
The
Fund’s investments in the types of securities and other investments described in this
prospectus vary from time to time, and, at any time, the Fund may not be
invested in all of the types of securities and other investments described in
this prospectus. The Fund may also invest in securities and other investments
not described in this prospectus.
For
more information, see “Description of the Funds and Their Investments and
Risks” in the Fund’s SAI.
Risks
The principal risks
of investing in the Fund are:
Money
Market Fund Risk. You could lose
money by investing in the Fund. Because the share price of the Fund will
fluctuate, when you sell your shares they may be worth more or less than what
you originally paid for them. The Fund may impose a fee upon the sale of your
shares.
Effective
October
2,
2024,
the
Fund generally must impose a fee when net sales of Fund shares exceed certain
levels. 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 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. If an issuer seeks to
restructure the terms of its borrowings or the Fund is required to seek recovery
upon a default in the payment of interest or the repayment of principal, the
Fund may incur additional expenses. 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 and share price 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 and potentially lower the
Fund’s performance returns.
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, or adverse investor sentiment generally. The value of the Fund’s
investments may also go up or down due to factors that affect an individual
issuer or a particular industry or sector, such as changes in production costs
and competitive conditions within an industry. In addition, natural or
environmental disasters, widespread disease or other public health issues, war,
military conflict, acts of terrorism,
economic crisis or
other events may have a significant impact on the value of the Fund’s
investments, as well as the financial markets and global economy generally. Such
circumstances may also impact the ability of the Adviser to effectively
implement the Fund’s investment strategy. 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.
◾
Market
Disruption Risks Related to Russia-Ukraine Conflict. Following
Russia’s invasion of Ukraine in late February 2022, various countries, including
the United States, as well as North Atlantic Treaty Organization (NATO) member
countries and the European Union, issued broad-ranging economic sanctions
against Russia. The war in Ukraine (and the potential for further sanctions in
response to Russia’s continued military activity) may escalate. These and other
corresponding events, have had, and could continue to have, severe negative
effects on regional and global economic and financial markets, including
increased volatility, reduced liquidity, and overall uncertainty. The negative
impacts may be particularly acute in certain sectors including, but not limited
to, energy and financials. Russia may take additional countermeasures or
retaliatory actions (including cyberattacks), which could exacerbate negative
consequences on global financial markets. The duration of the conflict and
corresponding sanctions and related events cannot be predicted. The foregoing
may result in a negative impact on Fund performance and the value of an
investment in the Fund, even beyond any direct investment exposure the Fund may
have to Russian issuers or the adjoining geographic regions.
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. Also, restricted securities may be difficult to value
because market quotations may not be readily available, and the securities may
have significant volatility. In addition, the Fund may get only limited
information about the issuer of a restricted security and therefore may be less
able to predict a loss.
Rule
144A Securities and Other Exempt Securities Risk. The Fund may
invest in Rule 144A securities and other types of exempt securities, which are
not registered for sale pursuant to an exemption from registration under the
Securities Act of 1933, as amended. These securities while initially privately
placed, typically may be resold only to qualified institutional buyers, or in a
privately negotiated transaction, or to a limited number of purchasers, or in
limited quantities after they have been held for a specified period of time and
other conditions are met for an exemption from registration. If there are an
insufficient number of qualified institutional buyers interested in purchasing
such securities at a particular time, the Fund may have difficulty selling such
securities at a desirable time or price. As a result, the Fund’s investment in
such securities may be subject to increased liquidity risk. In addition, the
issuers of Rule 144A securities may require their qualified institutional buyers
(such as the Fund) to keep certain offering information confidential, which
could adversely affect the ability of the Fund to sell such
securities.
Repurchase
Agreement Risk. If the seller of a
repurchase agreement defaults or otherwise does not fulfill its obligations, the
Fund may
13 Short-Term
Investment Trust
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.
Municipal obligations may be more susceptible to downgrades or defaults during
recessions or similar periods of economic stress. Municipal securities
structured as revenue bonds are generally not backed by the taxing power of the
issuing municipality but rather the revenue from the particular project or
entity for which the bonds were issued. If the Internal Revenue Service
determines that an issuer of a municipal security has not complied with
applicable tax requirements, interest from the security could be treated as
taxable, which could result 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.
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 or 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). Financial
services companies may be dependent on the supply of short-term financing. The
value of bank instruments and securities of issuers in the banking and financial
services industry, or guaranteed by such issuers, can be affected by and
sensitive to changes in government regulation and interest rates and to economic
downturns in the United States and abroad. The risk of holding bank instruments
is also directly tied to the risk of insolvency or bankruptcy of the issuing
banks, which risk may be higher for larger or more complex financial
institutions that combine traditional, commercial and investment
banking.
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, and a portfolio could suffer a
loss if the issuer defaults during periods in which a portfolio is not entitled
to exercise its demand rights.
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 value of the Fund’s
foreign investments may be adversely affected by political and
social instability
in their home countries, by changes in economic or taxation policies in those
countries, or by the difficulty in enforcing obligations in those countries.
Foreign companies generally may be subject to less stringent regulations than
U.S. companies, including financial reporting requirements and auditing and
accounting controls. As a result, there generally is less publicly available
information about foreign companies than about U.S. companies. Trading in many
foreign securities may be less liquid and more volatile than U.S. securities due
to the size of the market or other factors.
Environmental,
Social and Governance (ESG) Considerations Risk. The ESG
considerations that may be assessed as part of a credit research process may
vary, 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 as
ESG is not a uniformly defined characteristic, which could negatively impact the
ability to accurately assess credit quality, which could negatively impact the
Fund’s performance. 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, changes to the monetary policy
by the Federal Reserve or other regulatory actions, the U.S. government’s
inability at times to agree on a long-term budget and deficit reduction plan or
other legislation aimed at addressing financial or economic conditions, the
threat of a federal government shutdown, and threats not to increase or suspend
the federal government’s debt limit, may affect investor and consumer
confidence, increase volatility in the financial markets, perhaps suddenly and
to a significant degree, result in higher interest rates, and even raise
concerns about the U.S. government’s credit rating and ability to service its
debt. Such changes and events 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. There can be
no guarantee that the Adviser’s investment techniques or investment decisions
will produce the desired results. Additionally, legislative, regulatory, or tax
developments may affect the investments or investment strategies available to
the Adviser in connection with managing the Fund, which may also adversely
affect the ability of the Fund to achieve its investment objective.
Invesco
STIC Prime Portfolio
Objective(s)
and Strategies
The Fund’s
investment objective is to provide current income consistent with preservation
of capital and liquidity. The Fund’s investment objective may be changed by the
Board without shareholder approval.
The
Fund invests in high-quality U.S. dollar denominated obligations with maturities of
60 calendar days or less, 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 nongovernment 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 is a money market fund that rounds the Fund’s current NAV per share to a
minimum of the fourth decimal place. Although the Fund is a
14 Short-Term
Investment Trust
money market fund,
the NAV of the Fund’s shares “floats,” fluctuating with changes in the values of
the Fund’s portfolio securities. The Fund invests in conformity with 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 60 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 60 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) pursuant to guidelines approved by the Fund's Board of Trustees (the
Board).
Government Security
generally means any securities 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 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.
The
Fund may, from time to time, take temporary defensive positions by holding cash,
shortening the Fund’s dollar-weighted average portfolio maturity or investing in
other securities that are Eligible Securities for purchase by money market funds
as described in the Fund’s Statement of Additional Information (SAI), in
anticipation of or in response to adverse market, economic, political or other
conditions. If the Fund’s portfolio managers do so, different factors could
affect the Fund’s performance and the Fund may not achieve its investment
objective.
The
Fund’s investments in the types of securities and other investments described in this
prospectus vary from time to time, and, at any time, the Fund may not be
invested in all of the types of securities and other investments described in
this prospectus. The Fund may also invest in securities and other investments
not described in this prospectus.
For
more information, see “Description of the Funds and Their Investments and
Risks” in the Fund’s SAI.
Risks
The principal risks
of investing in the Fund are:
Money
Market Fund Risk. You could lose
money by investing in the Fund. Because the share price of the Fund will
fluctuate, when you sell your shares they may be worth more or less than what
you originally paid for them. The Fund may impose a fee upon the sale of your
shares.
Effective October
2,
2024,
the
Fund generally must impose a fee when net sales of Fund shares exceed certain
levels. 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 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. If an issuer seeks to
restructure the terms of its borrowings or the Fund is required to seek recovery
upon a default in the payment of interest or the repayment of principal, the
Fund may incur additional expenses. 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 and share price 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 and potentially lower the
Fund’s performance returns.
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, or adverse investor sentiment generally.
The value of the Fund’s investments may also go up or down due to factors that
affect an individual issuer or a particular industry or sector, such as changes
in production costs and competitive conditions within an industry. In addition,
natural or environmental disasters, widespread disease or other public health
issues, war, military conflict, acts of terrorism,
economic crisis or
other events may have a significant impact on the value of the Fund’s
investments, as well as the financial markets and global economy generally. Such
circumstances may also impact the ability of the Adviser to effectively
implement the Fund’s investment strategy. 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.
15 Short-Term
Investment Trust
◾
Market
Disruption Risks Related to Russia-Ukraine Conflict. Following
Russia’s invasion of Ukraine in late February 2022, various countries, including
the United States, as well as North Atlantic Treaty Organization (NATO) member
countries and the European Union, issued broad-ranging economic sanctions
against Russia. The war in Ukraine (and the potential for further sanctions in
response to Russia’s continued military activity) may escalate. These and other
corresponding events, have had, and could continue to have, severe negative
effects on regional and global economic and financial markets, including
increased volatility, reduced liquidity, and overall uncertainty. The negative
impacts may be particularly acute in certain sectors including, but not limited
to, energy and financials. Russia may take additional countermeasures or
retaliatory actions (including cyberattacks), which could exacerbate negative
consequences on global financial markets. The duration of the conflict and
corresponding sanctions and related events cannot be predicted. The foregoing
may result in a negative impact on Fund performance and the value of an
investment in the Fund, even beyond any direct investment exposure the Fund may
have to Russian issuers or the adjoining geographic regions.
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 or 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). Financial
services companies may be dependent on the supply of short-term financing. The
value of bank instruments and securities of issuers in the banking and financial
services industry, or guaranteed by such issuers, can be affected by and
sensitive to changes in government regulation and interest rates and to economic
downturns in the United States and abroad. The risk of holding bank instruments
is also directly tied to the risk of insolvency or bankruptcy of the issuing
banks, which risk may be higher for larger or more complex financial
institutions that combine traditional, commercial and investment
banking.
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.
Rule
144A Securities and Other Exempt Securities Risk. The Fund may
invest in Rule 144A securities and other types of exempt securities, which are
not registered for sale pursuant to an exemption from registration under the
Securities Act of 1933, as amended. These securities while initially privately
placed, typically may be resold only to qualified institutional buyers, or in a
privately negotiated transaction, or to a limited number of purchasers, or in
limited quantities after they have been held for a specified period of time and
other conditions are met for an exemption from registration. If there are an
insufficient number of qualified institutional buyers interested in purchasing
such securities at a particular time, the Fund may have difficulty selling such
securities at a desirable time or price. As a result, the Fund’s investment in
such securities may be subject to increased liquidity risk. In addition, the
issuers of Rule 144A securities may require their qualified institutional buyers
(such as the Fund) to keep certain offering information confidential, which
could adversely affect the ability of the Fund to sell such
securities.
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.
Also, restricted securities may be difficult to value because market quotations
may not be readily available, and the securities may have significant
volatility. In addition, the Fund may get only limited information about the
issuer of a restricted security and therefore may be less able to predict a
loss.
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. These risks are magnified
to the extent that a repurchase agreement is secured by securities other than
cash or U.S. government securities.
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.
Municipal obligations may be more susceptible to downgrades or defaults during
recessions or similar periods of economic stress. Municipal securities
structured as revenue bonds are generally not backed by the taxing power of the
issuing municipality but rather the revenue from the particular project or
entity for which the bonds were issued. If the Internal Revenue Service
determines that an issuer of a municipal security has not complied with
applicable tax requirements, interest from the security could be treated as
taxable, which could result 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.
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, and a portfolio could suffer a
loss if the issuer defaults during periods in which a portfolio is not entitled
to exercise its demand rights.
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 value of the Fund’s
foreign investments may be adversely affected by political and social
instability in their home countries, by changes in economic or taxation policies
in those countries, or by the difficulty in enforcing obligations in those
countries. Foreign companies generally may be subject to less stringent
regulations than U.S. companies, including financial reporting requirements and
auditing and accounting controls. As a result, there generally is less publicly
available information about foreign companies than about U.S. companies. Trading
in many foreign securities may be less liquid and more volatile than U.S.
securities due to the size of the market or other factors.
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.
Environmental,
Social and Governance (ESG) Considerations Risk. The ESG
considerations that may be assessed as part of a credit research process may
vary, 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 as
ESG is not a uniformly defined characteristic, which
16 Short-Term
Investment Trust
could negatively
impact the ability to accurately assess credit quality, which could negatively
impact the Fund’s performance. 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, changes to the monetary policy
by the Federal Reserve or other regulatory actions, the U.S. government’s
inability at times to agree on a long-term budget and deficit reduction plan or
other legislation aimed at addressing financial or economic conditions, the
threat of a federal government shutdown, and threats not to increase or suspend
the federal government’s debt limit, may affect investor and consumer
confidence, increase volatility in the financial markets, perhaps suddenly and
to a significant degree, result in higher interest rates, and even raise
concerns about the U.S. government’s credit rating and ability to service its
debt. Such changes and events 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. There can be
no guarantee that the Adviser’s investment techniques or investment decisions
will produce the desired results. Additionally, legislative, regulatory, or tax
developments may affect the investments or investment strategies available to
the Adviser in connection with managing the Fund, which may also adversely
affect the ability of the Fund to achieve its investment objective.
Invesco
Treasury Portfolio
Objective(s)
and Strategies
The Fund’s
investment objective is to provide current income consistent with preservation
of capital and liquidity. The Fund’s investment objective may be changed by the
Board without shareholder approval.
The
Fund primarily invests its assets in U.S. Treasury Obligations backed by full
faith and credit of the U.S. government maturing within 397 calendar days of the
date of purchase, with certain exceptions permitted by applicable regulations,
and repurchase agreements fully collateralized by U.S. Treasury
Obligations.
The
Fund is a Government Money Market Fund as defined by Rule 2a-7. As permitted
by Rule 2a-7, the Fund 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. In addition, the Fund invests under normal
circumstances at least 80% of its net assets (plus any borrowings for investment
purposes) in direct obligations of the U.S. Treasury including bills, notes and
bonds, and repurchase agreements secured by those obligations. 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 securities 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 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 invests in conformity with 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,
and
(iii)
securities
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).
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
Fund may, from time to time, take temporary defensive positions by holding cash,
shortening the Fund’s dollar-weighted average portfolio maturity or investing in
other securities that are Eligible Securities for purchase by money market funds
as described in the Fund’s Statement of Additional Information (SAI), in
anticipation of or in response to adverse market, economic, political or other
conditions. If the Fund’s portfolio managers do so, different factors could
affect the Fund’s performance and the Fund may not achieve its investment
objective.
The
Fund’s investments in the types of securities and other investments described in this
prospectus vary from time to time, and, at any time, the Fund may not be
invested in all of the types of securities and other investments described in
this prospectus. The Fund may also invest in securities and other investments
not described in this prospectus.
For
more information, see “Description of the Funds and Their Investments and
Risks” in the Fund’s SAI.
Risks
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’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 share price 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. If an issuer seeks to
restructure the terms of its borrowings or the Fund is required to seek recovery
upon a default in the payment of interest or the repayment of principal, the
Fund may incur additional expenses. 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
17 Short-Term
Investment Trust
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 and potentially lower the
Fund’s performance returns.
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, or adverse investor sentiment generally.
The value of the Fund’s investments may also go up or down due to factors that
affect an individual issuer or a particular industry or sector, such as changes
in production costs and competitive conditions within an industry. In addition,
natural or environmental disasters, widespread disease or other public health
issues, war, military conflict, acts of terrorism,
economic crisis or
other events may have a significant impact on the value of the Fund’s
investments, as well as the financial markets and global economy generally. Such
circumstances may also impact the ability of the Adviser to effectively
implement the Fund’s investment strategy. 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.
◾
Market
Disruption Risks Related to Russia-Ukraine Conflict. Following
Russia’s invasion of Ukraine in late February 2022, various countries, including
the United States, as well as North Atlantic Treaty Organization (NATO) member
countries and the European Union, issued broad-ranging economic sanctions
against Russia. The war in Ukraine (and the potential for further sanctions in
response to Russia’s continued military activity) may escalate. These and other
corresponding events, have had, and could continue to have, severe negative
effects on regional and global economic and financial markets, including
increased volatility, reduced liquidity, and overall uncertainty. The negative
impacts may be particularly acute in certain sectors including, but not limited
to, energy and financials. Russia may take additional countermeasures or
retaliatory actions (including cyberattacks), which could exacerbate negative
consequences on global financial markets. The duration of the conflict and
corresponding sanctions and related events cannot be predicted. The foregoing
may result in a negative impact on Fund performance and the value of an
investment in the Fund, even beyond any direct investment exposure the Fund may
have to Russian issuers or the adjoining geographic regions.
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 other governmental actions
and political events within the U.S. and abroad, changes to the monetary policy
by the Federal Reserve or other regulatory actions, the U.S. government’s
inability at times to agree on a long-term budget and deficit reduction plan or
other legislation aimed at addressing financial or economic conditions, the
threat of a federal government shutdown, and threats not to increase or suspend
the federal government’s debt limit, may affect investor and consumer
confidence, increase volatility in the financial markets, perhaps suddenly and
to a significant degree, result in higher interest rates, and even raise
concerns about the U.S. government’s credit rating and ability to service its
debt. Such changes and events 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. There can be
no guarantee that the Adviser’s investment techniques or investment decisions
will produce the desired results. Additionally, legislative, regulatory, or tax
developments may affect the investments or investment strategies available to
the Adviser in connection with managing the Fund, which may also adversely
affect the ability of the Fund to achieve its investment objective.
Invesco
Government & Agency Portfolio
Objective(s)
and Strategies
The Fund’s
investment objective is to provide current income consistent with preservation
of capital and liquidity. The Fund’s investment objective may be changed by the
Board without shareholder approval.
The
Fund primarily 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. As permitted
by Rule 2a-7, the Fund 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. In addition, at least 80% of the Fund’s net
assets (plus any borrowings for investment purposes) will be invested, under
normal circumstances, in direct obligations of the U.S. Treasury and other
securities issued or guaranteed as to principal and interest by the U.S.
government or its agencies and instrumentalities, as well as repurchase
agreements secured by those obligations. Direct obligations of the U.S. Treasury
generally include bills, notes and bonds. 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 securities
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 considers
18 Short-Term
Investment Trust
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 invests in conformity with 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,
and
(iii)
securities
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).
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
Fund may, from time to time, take temporary defensive positions by holding cash,
shortening the Fund’s dollar-weighted average portfolio maturity or investing in
other securities that are Eligible Securities for purchase by money market funds
as described in the Fund’s Statement of Additional Information (SAI), in
anticipation of or in response to adverse market, economic, political or other
conditions. If the Fund’s portfolio managers do so, different factors could
affect the Fund’s performance and the Fund may not achieve its investment
objective.
The
Fund’s investments in the types of securities and other investments described in this
prospectus vary from time to time, and, at any time, the Fund may not be
invested in all of the types of securities and other investments described in
this prospectus. The Fund may also invest in securities and other investments
not described in this prospectus.
For
more information, see “Description of the Funds and Their Investments and
Risks” in the Fund’s SAI.
Risks
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’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 share price 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. If an issuer seeks to restructure the terms of its borrowings or
the Fund is required to seek recovery upon a default in the payment of interest
or the repayment of principal, the Fund may incur additional expenses. 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 and potentially lower the
Fund’s performance returns.
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, or adverse investor sentiment generally.
The value of the Fund’s investments may also go up or down due to factors that
affect an individual issuer or a particular industry or sector, such as changes
in production costs and competitive conditions within an industry. In addition,
natural or environmental disasters, widespread disease or other public health
issues, war, military conflict, acts of terrorism,
economic crisis or
other events may have a significant impact on the value of the Fund’s
investments, as well as the financial markets and global economy generally. Such
circumstances may also impact the ability of the Adviser to effectively
implement the Fund’s investment strategy. 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.
◾
Market
Disruption Risks Related to Russia-Ukraine Conflict. Following
Russia’s invasion of Ukraine in late February 2022, various countries, including
the United States, as well as North Atlantic Treaty Organization (NATO) member
countries and the European Union, issued broad-ranging economic sanctions
against Russia. The war in Ukraine (and the potential for further sanctions in
response to Russia’s continued military activity) may escalate. These and other
corresponding events, have had, and could continue to have, severe negative
effects on regional and global economic and financial markets, including
increased volatility, reduced liquidity, and overall uncertainty. The negative
impacts may be particularly acute in certain sectors including, but not limited
to, energy and financials. Russia may take additional countermeasures or
retaliatory actions (including
19 Short-Term
Investment Trust
cyberattacks),
which could exacerbate negative consequences on global financial markets. The
duration of the conflict and corresponding sanctions and related events cannot
be predicted. The foregoing may result in a negative impact on Fund performance
and the value of an investment in the Fund, even beyond any direct investment
exposure the Fund may have to Russian issuers or the adjoining geographic
regions.
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 other governmental actions
and political events within the U.S. and abroad, changes to the monetary policy
by the Federal Reserve or other regulatory actions, the U.S. government’s
inability at times to agree on a long-term budget and deficit reduction plan or
other legislation aimed at addressing financial or economic conditions, the
threat of a federal government shutdown, and threats not to increase or suspend
the federal government’s debt limit, may affect investor and consumer
confidence, increase volatility in the financial markets, perhaps suddenly and
to a significant degree, result in higher interest rates, and even raise
concerns about the U.S. government’s credit rating and ability to service its
debt. Such changes and events 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. There can be
no guarantee that the Adviser’s investment techniques or investment decisions
will produce the desired results. Additionally, legislative, regulatory, or tax
developments may affect the investments or investment strategies available to
the Adviser in connection with managing the Fund, which may also adversely
affect the ability of the Fund to achieve its investment objective.
Invesco
Treasury Obligations Portfolio
Objective(s)
and Strategies
The Fund’s
investment objective is to provide current income consistent with preservation
of capital and liquidity. The Fund’s investment objective may be changed by the
Board without shareholder approval.
The
Fund primarily invests its assets in U.S. Treasury Obligations backed by full
faith and credit of the U.S. government maturing within 397 calendar days of the
date of purchase, with certain exceptions permitted by applicable
regulations.
The
Fund also seeks to distribute dividends that are exempt from state and local taxation
in many states.
The
Fund is a Government Money Market Fund, as defined by Rule 2a-7. As permitted
by Rule 2a-7, the Fund 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 and Government Securities. Government Security generally means
any securities 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. In addition, the Fund invests, under normal
circumstances, at
least 80% of its
net assets (plus any borrowings for investment purposes) in direct obligations
of the U.S. Treasury, which include Treasury bills, notes and bonds. In contrast
to the Fund’s 99.5% policy, the Fund’s 80% policy does not include
cash.
The
Fund invests in conformity with 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,
and
(iii)
securities
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).
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
Fund may, from time to time, take temporary defensive positions by holding cash,
shortening the Fund’s dollar-weighted average portfolio maturity or investing in
other securities that are Eligible Securities for purchase by money market funds
as described in the Fund’s Statement of Additional Information (SAI), in
anticipation of or in response to adverse market, economic, political or other
conditions. If the Fund’s portfolio managers do so, different factors could
affect the Fund’s performance and the Fund may not achieve its investment
objective.
The
Fund’s investments in the types of securities and other investments described in this
prospectus vary from time to time, and, at any time, the Fund may not be
invested in all of the types of securities and other investments described in
this prospectus. The Fund may also invest in securities and other investments
not described in this prospectus.
For
more information, see “Description of the Funds and Their Investments and
Risks” in the Fund’s SAI.
Risks
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’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 share price 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
20 Short-Term
Investment Trust
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. If an issuer seeks to restructure the terms of its borrowings or
the Fund is required to seek recovery upon a default in the payment of interest
or the repayment of principal, the Fund may incur additional expenses. 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 and potentially lower the
Fund’s performance returns.
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, or adverse investor sentiment generally.
The value of the Fund’s investments may also go up or down due to factors that
affect an individual issuer or a particular industry or sector, such as changes
in production costs and competitive conditions within an industry. In addition,
natural or environmental disasters, widespread disease or other public health
issues, war, military conflict, acts of terrorism,
economic crisis or
other events may have a significant impact on the value of the Fund’s
investments, as well as the financial markets and global economy generally. Such
circumstances may also impact the ability of the Adviser to effectively
implement the Fund’s investment strategy. 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.
◾
Market
Disruption Risks Related to Russia-Ukraine Conflict. Following
Russia’s invasion of Ukraine in late February 2022, various countries, including
the United States, as well as North Atlantic Treaty Organization (NATO) member
countries and the European Union, issued broad-ranging economic sanctions
against Russia. The war in Ukraine (and the potential for further sanctions in
response to Russia’s continued military activity) may escalate. These and other
corresponding events, have had, and could continue to have, severe negative
effects on regional and global economic and financial markets, including
increased volatility, reduced liquidity, and overall uncertainty. The negative
impacts may be particularly acute in certain
sectors including,
but not limited to, energy and financials. Russia may take additional
countermeasures or retaliatory actions (including cyberattacks), which could
exacerbate negative consequences on global financial markets. The duration of
the conflict and corresponding sanctions and related events cannot be predicted.
The foregoing may result in a negative impact on Fund performance and the value
of an investment in the Fund, even beyond any direct investment exposure the
Fund may have to Russian issuers or the adjoining geographic
regions.
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 other governmental actions
and political events within the U.S. and abroad, changes to the monetary policy
by the Federal Reserve or other regulatory actions, the U.S. government’s
inability at times to agree on a long-term budget and deficit reduction plan or
other legislation aimed at addressing financial or economic conditions, the
threat of a federal government shutdown, and threats not to increase or suspend
the federal government’s debt limit, may affect investor and consumer
confidence, increase volatility in the financial markets, perhaps suddenly and
to a significant degree, result in higher interest rates, and even raise
concerns about the U.S. government’s credit rating and ability to service its
debt. Such changes and events 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. There can be
no guarantee that the Adviser’s investment techniques or investment decisions
will produce the desired results. Additionally, legislative, regulatory, or tax
developments may affect the investments or investment strategies available to
the Adviser in connection with managing the Fund, which may also adversely
affect the ability of the Fund to achieve its investment
objective.
Portfolio
Holdings
Information
concerning the Funds' portfolio holdings as well as their dollar-weighted
average portfolio maturity and dollar-weighted average life to maturity as of
the last business day or subsequent calendar day of the preceding month will be
posted on their website no later than five business days after the end of the
month and remain posted on the website for six months thereafter.
A
description of Fund policies and procedures with respect to the disclosure of Fund
portfolio holdings is available in the SAI, which is available at
www.invesco.com/us.
Fund Management
The
Adviser(s)
Invesco serves as
each Fund’s investment adviser. The Adviser manages the investment operations of
each Fund as well as other investment portfolios that encompass a broad range of
investment objectives, and has agreed to perform or arrange for the performance
of each Fund’s day-to-day management. The Adviser is located at 1331 Spring
Street, N.W., Suite 2500, Atlanta, Georgia 30309. The Adviser, as successor in
interest to multiple investment advisers, has been an investment adviser since
1976.
21 Short-Term
Investment Trust
Sub-Advisers. Invesco has
entered into one or more Sub-Advisory Agreements with certain affiliates to
serve as sub-advisers to the Funds (the Sub-Advisers). Invesco may appoint the
Sub-Advisers from time to time to provide discretionary investment management
services, investment advice, and/or order execution services to the Funds. The
Sub-Advisers and the Sub-Advisory Agreements are described in the
SAI.
Adviser
Compensation
During the fiscal
year ended August 31, 2023, the Adviser received compensation of 0.11% of
Invesco Liquid Assets Portfolio’s average daily net assets, after fee waiver
and/or expense reimbursement, if any.
During
the fiscal year ended August 31, 2023, the Adviser
received compensation of 0.06% of Invesco STIC Prime Portfolio’s average daily
net assets, after fee waiver and/or expense reimbursement, if any.
During
the fiscal year ended August 31, 2023, the Adviser
received compensation of 0.11% of Invesco Treasury Portfolio’s average daily net
assets, after fee waiver and/or expense reimbursement, if any.
During
the fiscal year ended August 31, 2023, the Adviser
received compensation of 0.10% of Invesco Government & Agency Portfolio’s
average daily net assets, after fee waiver and/or expense reimbursement, if
any.
During
the fiscal year ended August 31, 2023, the Adviser
received compensation of 0.10% of Invesco Treasury Obligations Portfolio's
average daily net assets, after fee waiver and/or expense reimbursement, if
any.
The
Adviser, Invesco Distributors, or one of their affiliates may, from time to time, at
their expense out of their own financial resources make cash payments to
financial intermediaries for marketing support and/or administrative support.
These marketing support payments and administrative support payments are in
addition to the payments by the Funds described in this prospectus. Because they
are not paid by the Funds, these marketing support payments and administrative
support payments will not change the price paid by investors for the purchase of
the Funds’ shares or the amount that a Fund will receive as proceeds from such
sales. In certain cases these cash payments could be significant to the
financial intermediaries. These cash payments may also create an incentive for a
financial intermediary to recommend or sell shares of the Funds to its
customers. Please contact your financial intermediary for details about any
payments they or their firm may receive in connection with the sale of shares of
the Funds or the provision of services to the Funds. Also, please see the Funds’
SAI for more information about these types of payments.
A
discussion regarding the basis for the Board’s approval of the investment advisory
agreement and investment sub-advisory agreements of each Fund is available in
each Fund’s most recent annual or semi-annual report to
shareholders.
Other Information
Dividends
and Distributions
Invesco Liquid
Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio,
Invesco Government & Agency Portfolio and Invesco Treasury Obligations
Portfolio expect, based on their investment objective and strategies, that their
dividends and distributions, if any, will consist primarily of ordinary
income.
Dividends
Invesco Liquid
Assets Portfolio, Invesco STIC Prime Portfolio, Invesco Treasury Portfolio,
Invesco Government & Agency Portfolio
and
Invesco Treasury Obligations Portfolio generally declare dividends, if any,
daily and pay them monthly.
Dividends
are paid on settled shares of the Invesco Treasury Portfolio and Invesco
Government & Agency Portfolio as of 5:30 p.m. Eastern Time
and
Invesco Liquid Assets Portfolio, Invesco STIC Prime Portfolio and Invesco
Treasury Obligations Portfolio as of 3:00 p.m. Eastern Time (“Settlement Time”).
If a Fund closes early on a business day, such Fund will
pay dividends on
settled shares at such earlier closing time. Generally, shareholders whose
purchase orders have been accepted by the Funds prior to the respective Fund’s
Settlement Time, or an earlier close time on any day that a Fund closes early,
are eligible to receive dividends on that business day. The dividend declared on
any day preceding a non-business day or days of a Fund will include the net
income accrued on such non-business day or days. Dividends and distributions are
reinvested in the form of additional full and fractional shares at net asset
value unless the shareholder has elected to have such dividends and
distributions paid in cash. See “Pricing of Shares -Timing of Orders” for a
description of the Fund’s business days.
Capital
Gains Distributions
Each Fund generally
distributes net realized capital gains (including net short-term capital gains),
if any, at least annually. Each Fund does not expect to realize any long-term
capital gains and losses.
22 Short-Term
Investment Trust
Financial Highlights
The financial
highlights table is intended to help you understand each Fund’s financial
performance for the past five years of the Private Investment Class shares.
Certain information reflects financial results for a single Fund
share.
The
total returns in the table represent the rate that an investor would
have
earned (or lost) on an investment in a Fund (assuming reinvestment of all
dividends and distributions).
This
information has been audited by PricewaterhouseCoopers LLP, an independent
registered public accounting firm, whose report, along with a Fund’s financial
statements, is included in each Fund’s annual report, which is available upon
request.
Private
Investment Class
|
|
Net
asset
value,
beginning
of
period |
Net
investment
income(a)
|
Net
gains
(losses)
on
securities
(both
realized
and
unrealized) |
Total
from
investment
operations |
Dividends
from
net
investment
income |
Distributions
from
net
realized
gains |
Return
of
capital |
Total
distributions |
Net
asset
value,
end
of
period |
Total
return(b)
|
Net
assets,
end
of period
(000's
omitted) |
Ratio
of
expenses
to
average
net
assets
with
fee waivers
and/or
expense
reimbursements |
Ratio
of
expenses
to
average net
assets
without
fee
waivers
and/or
expense
reimbursements |
Ratio
of net
investment
income
to
average
net
assets |
|
Invesco
Liquid Assets Portfolio | ||||||||||||||
Year
ended 08/31/23 |
$1.0002 |
$0.0414 |
$(0.0004) |
$0.0410 |
$(0.0411) |
$— |
$— |
$(0.0411) |
$1.0001 |
4.18% |
$1,059 |
0.48% |
0.52% |
4.14% |
|
Year
ended 08/31/22 |
1.0004 |
0.0037 |
(0.0002) |
0.0035 |
(0.0037) |
— |
— |
(0.0037) |
1.0002 |
0.35 |
1,073 |
0.29 |
0.52 |
0.37 |
Year
ended 08/31/21 |
1.0006 |
0.0001 |
(0.0002) |
(0.0001) |
(0.0001) |
— |
— |
(0.0001) |
1.0004 |
(0.01) |
2,892 |
0.21 |
0.52 |
0.01 |
|
Year
ended 08/31/20 |
1.0004 |
0.0098 |
(0.0006) |
0.0092 |
(0.0090) |
— |
— |
(0.0090) |
1.0006 |
0.92 |
3,542 |
0.46 |
0.52 |
0.98 |
Year
ended 08/31/19 |
1.0004 |
0.0207 |
(0.0000) |
0.0207 |
(0.0207) |
— |
— |
(0.0207) |
1.0004 |
2.09 |
4,718 |
0.48 |
0.52 |
2.07 |
|
| ||||||||||||||
|
Invesco
STIC Prime Portfolio | ||||||||||||||
|
Year
ended 08/31/23 |
1.0000 |
0.0394 |
0.0007 |
0.0401 |
(0.0400) |
— |
— |
(0.0400) |
1.0001 |
4.09 |
666 |
0.48 |
0.57 |
3.94 |
Year
ended 08/31/22 |
1.0000 |
0.0037 |
0.0000 |
0.0037 |
(0.0034) |
— |
(0.0003) |
(0.0037) |
1.0000 |
0.37 |
457 |
0.27 |
0.58 |
0.50 |
|
Year
ended 08/31/21 |
1.0000 |
0.0001 |
(0.0000) |
0.0001 |
(0.0001) |
— |
— |
(0.0001) |
1.0000 |
0.01 |
605 |
0.13 |
0.60 |
0.01 |
Year
ended 08/31/20 |
1.0001 |
0.0093 |
(0.0012) |
0.0081 |
(0.0082) |
— |
— |
(0.0082) |
1.0000 |
0.82 |
1,276 |
0.41 |
0.56 |
0.93 |
|
Year
ended 08/31/19 |
1.0001 |
0.0196 |
0.0001 |
0.0197 |
(0.0197) |
— |
— |
(0.0197) |
1.0001 |
1.99 |
1,348 |
0.48 |
0.55 |
1.96 |
|
| ||||||||||||||
|
Invesco
Treasury Portfolio | ||||||||||||||
Year
ended 08/31/23 |
1.00 |
0.04 |
0.00 |
0.04 |
(0.04) |
— |
— |
(0.04) |
1.00 |
4.06 |
1,087,038 |
0.48 |
0.52 |
4.08 |
|
Year
ended 08/31/22 |
1.00 |
0.00 |
(0.00) |
0.00 |
(0.00) |
— |
— |
(0.00) |
1.00 |
0.34 |
381,789 |
0.26 |
0.51 |
0.34 |
Year
ended 08/31/21 |
1.00 |
0.00 |
0.00 |
0.00 |
(0.00) |
— |
— |
(0.00) |
1.00 |
0.01 |
303,848 |
0.10 |
0.51 |
0.01 |
|
Year
ended 08/31/20 |
1.00 |
0.01 |
0.00 |
0.01 |
(0.01) |
(0.00) |
— |
(0.01) |
1.00 |
0.70 |
422,828 |
0.39 |
0.51 |
0.65 |
Year
ended 08/31/19 |
1.00 |
0.02 |
0.00 |
0.02 |
(0.02) |
— |
— |
(0.02) |
1.00 |
1.90 |
506,027 |
0.48 |
0.51 |
1.88 |
|
| ||||||||||||||
|
Invesco
Government & Agency Portfolio | ||||||||||||||
|
Year
ended 08/31/23 |
1.00 |
0.04 |
0.00 |
0.04 |
(0.04) |
— |
— |
(0.04) |
1.00 |
4.07 |
972,195 |
0.46 |
0.46 |
4.09 |
Year
ended 08/31/22 |
1.00 |
0.00 |
(0.00) |
0.00 |
(0.00) |
— |
— |
(0.00) |
1.00 |
0.37 |
577,941 |
0.25 |
0.46 |
0.40 |
|
Year
ended 08/31/21 |
1.00 |
0.00 |
0.00 |
0.00 |
(0.00) |
— |
— |
(0.00) |
1.00 |
0.02 |
505,970 |
0.08 |
0.46 |
0.02 |
Year
ended 08/31/20 |
1.00 |
0.01 |
(0.00) |
0.01 |
(0.01) |
(0.00) |
— |
(0.01) |
1.00 |
0.72 |
582,082 |
0.38 |
0.45 |
0.62 |
|
Year
ended 08/31/19 |
1.00 |
0.02 |
0.00 |
0.02 |
(0.02) |
— |
— |
(0.02) |
1.00 |
1.92 |
532,585 |
0.46 |
0.46 |
1.90 |
|
| ||||||||||||||
|
Invesco
Treasury Obligations Portfolio | ||||||||||||||
Year
ended 08/31/23 |
1.00 |
0.04 |
(0.00) |
0.04 |
(0.04) |
— |
— |
(0.04) |
1.00 |
3.99 |
24,057 |
0.43 |
0.45 |
3.97 |
|
Year
ended 08/31/22 |
1.00 |
0.00 |
(0.00) |
0.00 |
(0.00) |
— |
— |
(0.00) |
1.00 |
0.33 |
14,565 |
0.25 |
0.46 |
0.34 |
Year
ended 08/31/21 |
1.00 |
0.00 |
0.00 |
0.00 |
(0.00) |
— |
— |
(0.00) |
1.00 |
0.01 |
14,645 |
0.10 |
0.46 |
0.01 |
|
Year
ended 08/31/20 |
1.00 |
0.01 |
(0.00) |
0.01 |
(0.01) |
— |
— |
(0.01) |
1.00 |
0.74 |
14,424 |
0.36 |
0.45 |
0.66 |
Year
ended 08/31/19 |
1.00 |
0.02 |
0.00 |
0.02 |
(0.02) |
— |
— |
(0.02) |
1.00 |
1.92 |
9,483 |
0.43 |
0.46 |
1.90 |
|
| ||||||||||||||
|
(a) |
Calculated
using average shares outstanding. |
|
(b) |
Includes
adjustments in accordance with accounting principles generally accepted in
the United States of America. |
23 Short-Term
Investment Trust
Hypothetical Investment and Expense Information
In connection with
the final settlement reached between Invesco and certain of its affiliates with
certain regulators, including the New York Attorney General’s Office, the SEC
and the Colorado Attorney General’s Office (the settlement) arising out of
certain market timing and unfair pricing allegations made against Invesco and
certain of its affiliates, Invesco and certain of its affiliates agreed, among
other things, to disclose certain hypothetical information regarding investment
and expense information to Fund shareholders. The chart below is intended to
reflect the annual and cumulative impact of each Fund’s expenses, including
investment advisory
fees and other Fund
costs, on each Fund’s returns over a 10-year period. The example reflects the
following:
◾
You invest $10,000
in the Fund and hold it for the entire 10-year period;
◾
Your investment has
a 5% return before expenses each year; and
◾
Each Fund’s current
annual expense ratio includes, if applicable, any contractual fee waiver or
expense reimbursement that would apply for the period for which it was
committed.
There
is no assurance that the annual expense ratio will be the expense ratio for the
Funds’ classes for any of the years shown. This is only a hypothetical
presentation made to illustrate what expenses and returns would be under the
above scenarios; your actual returns and expenses are likely to differ (higher
or lower) from those shown below.
|
Invesco
Liquid Assets Portfolio —
Private
Investment Class |
Year
1 |
Year
2 |
Year
3 |
Year
4 |
Year
5 |
Year
6 |
Year
7 |
Year
8 |
Year
9 |
Year
10 |
|
Annual
Expense Ratio1
|
0.48% |
0.52% |
0.52% |
0.52% |
0.52% |
0.52% |
0.52% |
0.52% |
0.52% |
0.52% |
|
Cumulative
Return Before Expenses |
5.00% |
10.25% |
15.76% |
21.55% |
27.63% |
34.01% |
40.71% |
47.75% |
55.13% |
62.89% |
|
Cumulative
Return After Expenses |
4.52% |
9.20% |
14.09% |
19.21% |
24.55% |
30.13% |
35.96% |
42.05% |
48.41% |
55.06% |
|
End
of Year Balance |
$10,452.00 |
$10,920.25 |
$11,409.48 |
$11,920.62 |
$12,454.67 |
$13,012.63 |
$13,595.60 |
$14,204.68 |
$14,841.05 |
$15,505.93 |
|
Estimated
Annual Expenses |
$49.08 |
$55.57 |
$58.06 |
$60.66 |
$63.38 |
$66.21 |
$69.18 |
$72.28 |
$75.52 |
$78.90 |
|
| ||||||||||
|
Invesco
STIC Prime Portfolio —
Private
Investment Class |
Year
1 |
Year
2 |
Year
3 |
Year
4 |
Year
5 |
Year
6 |
Year
7 |
Year
8 |
Year
9 |
Year
10 |
|
Annual
Expense Ratio1 |
0.48% |
0.57% |
0.57% |
0.57% |
0.57% |
0.57% |
0.57% |
0.57% |
0.57% |
0.57% |
|
Cumulative
Return Before Expenses |
5.00% |
10.25% |
15.76% |
21.55% |
27.63% |
34.01% |
40.71% |
47.75% |
55.13% |
62.89% |
|
Cumulative
Return After Expenses |
4.52% |
9.15% |
13.99% |
19.04% |
24.31% |
29.82% |
35.57% |
41.57% |
47.84% |
54.39% |
|
End
of Year Balance |
$10,452.00 |
$10,915.02 |
$11,398.56 |
$11,903.52 |
$12,430.84 |
$12,981.53 |
$13,556.61 |
$14,157.17 |
$14,784.33 |
$15,439.28 |
|
Estimated
Annual Expenses |
$49.08 |
$60.90 |
$63.59 |
$66.41 |
$69.35 |
$72.43 |
$75.63 |
$78.98 |
$82.48 |
$86.14 |
|
| ||||||||||
|
Invesco
Treasury Portfolio —
Private
Investment Class |
Year
1 |
Year
2 |
Year
3 |
Year
4 |
Year
5 |
Year
6 |
Year
7 |
Year
8 |
Year
9 |
Year
10 |
|
Annual
Expense Ratio1 |
0.48% |
0.52% |
0.52% |
0.52% |
0.52% |
0.52% |
0.52% |
0.52% |
0.52% |
0.52% |
|
Cumulative
Return Before Expenses |
5.00% |
10.25% |
15.76% |
21.55% |
27.63% |
34.01% |
40.71% |
47.75% |
55.13% |
62.89% |
|
Cumulative
Return After Expenses |
4.52% |
9.20% |
14.09% |
19.21% |
24.55% |
30.13% |
35.96% |
42.05% |
48.41% |
55.06% |
|
End
of Year Balance |
$10,452.00 |
$10,920.25 |
$11,409.48 |
$11,920.62 |
$12,454.67 |
$13,012.63 |
$13,595.60 |
$14,204.68 |
$14,841.05 |
$15,505.93 |
|
Estimated
Annual Expenses |
$49.08 |
$55.57 |
$58.06 |
$60.66 |
$63.38 |
$66.21 |
$69.18 |
$72.28 |
$75.52 |
$78.90 |
|
| ||||||||||
|
Invesco
Government & Agency
Portfolio
— Private Investment
Class |
Year
1 |
Year
2 |
Year
3 |
Year
4 |
Year
5 |
Year
6 |
Year
7 |
Year
8 |
Year
9 |
Year
10 |
|
Annual
Expense Ratio1
|
0.46% |
0.46% |
0.46% |
0.46% |
0.46% |
0.46% |
0.46% |
0.46% |
0.46% |
0.46% |
|
Cumulative
Return Before Expenses |
5.00% |
10.25% |
15.76% |
21.55% |
27.63% |
34.01% |
40.71% |
47.75% |
55.13% |
62.89% |
|
Cumulative
Return After Expenses |
4.54% |
9.29% |
14.25% |
19.43% |
24.86% |
30.53% |
36.45% |
42.65% |
49.12% |
55.89% |
|
End
of Year Balance |
$10,454.00 |
$10,928.61 |
$11,424.77 |
$11,943.46 |
$12,485.69 |
$13,052.54 |
$13,645.12 |
$14,264.61 |
$14,912.23 |
$15,589.24 |
|
Estimated
Annual Expenses |
$47.04 |
$49.18 |
$51.41 |
$53.75 |
$56.19 |
$58.74 |
$61.40 |
$64.19 |
$67.11 |
$70.15 |
|
| ||||||||||
|
Invesco
Treasury Obligations
Portfolio
— Private Investment
Class |
Year
1 |
Year
2 |
Year
3 |
Year
4 |
Year
5 |
Year
6 |
Year
7 |
Year
8 |
Year
9 |
Year
10 |
|
Annual
Expense Ratio1 |
0.43% |
0.45% |
0.45% |
0.45% |
0.45% |
0.45% |
0.45% |
0.45% |
0.45% |
0.45% |
|
Cumulative
Return Before Expenses |
5.00% |
10.25% |
15.76% |
21.55% |
27.63% |
34.01% |
40.71% |
47.75% |
55.13% |
62.89% |
|
Cumulative
Return After Expenses |
4.57% |
9.33% |
14.30% |
19.50% |
24.94% |
30.63% |
36.57% |
42.78% |
49.28% |
56.07% |
|
End
of Year Balance |
$10,457.00 |
$10,932.79 |
$11,430.24 |
$11,950.31 |
$12,494.05 |
$13,062.53 |
$13,656.87 |
$14,278.26 |
$14,927.92 |
$15,607.14 |
|
Estimated
Annual Expenses |
$43.98 |
$48.13 |
$50.32 |
$52.61 |
$55.00 |
$57.50 |
$60.12 |
$62.85 |
$65.71 |
$68.70 |
|
| ||||||||||
1
Your actual
expenses may be higher or lower than those shown.
24 Short-Term
Investment Trust
Shareholder Account Information
Each Fund consists
of as many as eight classes of shares that share a common investment objective
and portfolio of investments. The eight classes differ only with respect to
distribution arrangements and any applicable associated Rule 12b-1 fees and
expenses.
Purchasing
Shares
Minimum Investments Per Fund Account
The minimum
investments for each Class 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.
How
to Purchase Shares and Shareholder Eligibility
Invesco
Treasury Portfolio and Invesco Government & Agency Portfolio
For Invesco
Treasury Portfolio and Invesco Government & Agency Portfolio, you may
purchase shares using one of the options below. Unless a Fund closes early on a
business day, the Funds’ transfer agent will generally accept any purchase order
placed until 5:00 p.m. Eastern Time on a business day and may accept a purchase
order placed until 5:30 p.m. Eastern Time on a business day. If you wish to
place an order between 5:00 p.m. and 5:30 p.m. Eastern Time on a business day,
you must place such order by telephone; however, the Funds’ transfer agent
reserves the right to reject or limit the amount of orders placed during this
time. If a Fund closes early on a business day, the Funds’ transfer agent must
receive your purchase order prior to such closing time. Purchase orders will not
be processed unless the account application and purchase payment are received in
good order. In accordance with the USA PATRIOT Act, if you fail to provide all
the required information requested in the current account application, your
purchase order will not be processed. Additionally, federal law requires that
the Funds verify and record your identifying information.
Invesco
Liquid Assets Portfolio and Invesco STIC Prime Portfolio
For Invesco Liquid
Assets Portfolio and Invesco STIC Prime Portfolio, you may purchase shares using
one of the options below. Unless a Fund closes early on a business day, the
Funds’ transfer agent will generally accept any purchase order placed until 3:00
p.m. Eastern Time on a business day. If a Fund closes early on a business day,
the Funds’ transfer agent must receive your purchase order prior to such closing
time. Purchase orders will not be processed unless the account application and
purchase payment are received in good order. In accordance with the USA PATRIOT
Act, if you fail to provide all the required information requested in the
current account application, your purchase order will not be processed.
Additionally, federal law requires that the Funds verify and record your
identifying information.
Invesco
Treasury Obligations Portfolio
For Invesco
Treasury Obligation Portfolio, you may purchase shares using one of the options
below. Unless the Fund closes early on a business day, the Funds’ transfer agent
will generally accept any purchase order placed until 2:30 p.m. Eastern Time on
a business day and may accept a purchase order placed until 3:00 p.m. Eastern
Time on a business day. If you wish to place an order between 2:30 p.m. and 3:00
p.m. Eastern Time on a business day, you must place such order by telephone;
however, the Funds’ transfer agent reserves the right to reject or limit the
amount of orders placed during this time. If the Fund closes early on a business
day, the Funds’ transfer agent must receive your purchase order prior to such
closing time. Purchase orders will not be processed unless the account
application and purchase payment are received in good order. In accordance with
the USA PATRIOT Act, if you fail to provide all the required information
requested in the current account application, your purchase order will not be
processed.
Additionally, federal law requires that the Fund verify and record your
identifying information.
|
Purchase
Options | ||
|
|
Opening
An Account |
Adding
To An Account |
|
Through
a
Financial
Intermediary |
Contact
your financial intermediary |
Same |
|
|
The
financial intermediary should forward your completed account
application
to the Funds’ transfer agent, | |
|
|
Invesco
Investment Services, Inc.
P.O.
Box 219286
Kansas
City, MO 64121-9286 | |
|
|
The
financial intermediary should call the Funds’ transfer agent at (800)
659-1005
to receive an account number. | |
|
|
The
intermediary should use the following wire
instructions: | |
|
|
The
Bank of New York
ABA/Routing
#: 021000018
DDA:
8900118377
Invesco
Investment Services, Inc. | |
|
|
For
Further Credit to Your Account # | |
|
|
If
you do not know your account # or settle on behalf of multiple accounts,
please
contact the Funds’ transfer agent for assistance. | |
|
By
Telephone |
Open
your account as described
above. |
Call
the Funds’ transfer agent at
(800)
659-1005 and wire payment
for
your purchase order in
accordance
with the wire
instructions
noted above. |
|
By
Internet |
Open
your account as described
above. |
Complete
the appropriate
agreement.
Deliver the application
and
agreement to the Funds’
transfer
agent. Once your request
for
this option has been processed,
we
will provide instructions needed
to
log in to place your order through
our
website. |
|
| ||
Automatic
Dividend and Distribution Investment
All of your
dividends and distributions may be paid in cash or reinvested in the same Fund
at net asset value. Unless you specify otherwise, your dividends and
distributions will automatically be reinvested in the same Fund in the form of
full and fractional shares at net asset value.
Redeeming
Shares
Redemption
Fees
Your broker or
financial intermediary may charge service fees for handling redemption
transactions.
How
to Redeem Shares
|
Invesco
Treasury Portfolio and Invesco Government & Agency
Portfolio | |
|
Through
a Financial
Intermediary |
If
placing a redemption request through your financial intermediary,
redemption
proceeds will be transmitted electronically to your
pre-authorized
bank account. The Funds’ transfer agent must receive
your
financial intermediary’s instructions before 5:30 p.m. Eastern
Time
on a business day in order to effect the redemption on that day.
If
the financial intermediary wishes to place a redemption order
between
5:00 p.m. Eastern Time and 5:30 p.m. Eastern Time on a
business
day, it must do so by telephone. |
|
By
Telephone |
If
placing a redemption request by telephone, a person who has been
authorized
to make account transactions must call before 5:30 p.m.
Eastern
Time on a business day to effect the redemption transaction
on
that day. |
A-1 The
Invesco Funds
INSTCL—12/23
|
Invesco
Treasury Portfolio and Invesco Government & Agency
Portfolio | |
|
By
Internet or Fax |
If
placing a redemption request by internet or fax, the Funds’ transfer
agent
must receive your redemption request before 5:00 p.m.
Eastern
Time on a business day to effect the transaction on that
day. |
|
| |
|
Invesco
Liquid Assets Portfolio and Invesco STIC Prime
Portfolio | |
|
Through
a Financial
Intermediary |
If
placing a redemption request through your financial intermediary,
redemption
proceeds will be transmitted electronically to your
pre-authorized
bank account. The Funds’ transfer agent must receive
your
financial intermediary’s instructions before 3:00 p.m. Eastern
Time
on a business day in order to effect the redemption on that
day. |
|
By
Telephone |
If
placing a redemption request by telephone, a person who has been
authorized
to make account transactions must call before 3:00 p.m.
Eastern
Time on a business day to effect the redemption transaction
on
that day. |
|
By
Internet or Fax |
If
placing a redemption request by internet or fax, the Funds’ transfer
agent
must receive your redemption request before 3:00 p.m.
Eastern
Time on a business day to effect the transaction on that
day. |
|
| |
|
Invesco
Treasury Obligations Portfolio | |
|
Through
a Financial
Intermediary |
If
placing a redemption request through your financial intermediary,
redemption
proceeds will be transmitted electronically to your
pre-authorized
bank account. The Fund’s transfer agent must receive
your
financial intermediary’s instructions before 3:00 p.m. Eastern
Time
on a business day in order to effect the redemption on that day.
If
the financial intermediary wishes to place a redemption order
between
2:30 p.m. Eastern Time and 3:00 p.m. Eastern Time on a
business
day, it must do so by telephone. |
|
By
Telephone |
If
placing a redemption request by telephone, a person who has been
authorized
to make account transactions must call before 3:00 p.m.
Eastern
Time on a business day to effect the redemption transaction
on
that day. |
|
By
Internet or Fax |
If
placing a redemption request by internet or fax, the Fund’s transfer
agent
must receive your redemption request before 2:30 p.m.
Eastern
Time on a business day to effect the transaction on that
day. |
|
| |
Payment
of Redemption Proceeds
All redemption
orders are processed at the net asset value next determined after the Funds’
transfer agent receives a redemption request in good order.
Invesco
Treasury Portfolio and Invesco Government & Agency Portfolio
For Invesco
Treasury Portfolio and Invesco Government & Agency Portfolio, the Funds’
transfer agent will normally wire payment for redemptions received prior to 5:30
p.m. Eastern Time on the business day received, and in any event no more than
seven days, after your redemption request is received in good order. However,
depending on such factors as market liquidity and the size of the redemption,
for a redemption request received by the Funds’ transfer agent between 5:00 p.m.
Eastern Time and 5:30 p.m. Eastern Time, proceeds may not be wired until the
next business day. If the Funds’ transfer agent receives a redemption request on
a business day after 5:30 p.m. Eastern Time, the redemption will be effected at
the net asset value of each Fund determined on the next business day, and the
Funds’ transfer agent will normally wire redemption proceeds on such next
business day, and in any event no more than seven days, after your redemption
request is received in good order.
If
a Fund exercises its discretion to close early on a business day, as
described in the
“Pricing of Shares—Timing of Orders” section of this prospectus, the Fund may
not provide same day settlement of redemption orders.
Dividends
payable up to the date of redemption on redeemed shares will normally be
paid or reinvested on the next dividend payment date. However, if all of the
shares in your account were redeemed, the dividends payable up to the date of
redemption will normally accompany the proceeds of the redemption. You may
request the transfer agent hold the dividends earned through the redemption date
as accruals that will be paid or reinvested on the next dividend payment
date.
Invesco
Liquid Assets Portfolio and Invesco STIC Prime Portfolio
For Invesco Liquid
Assets Portfolio and Invesco STIC Prime Portfolio, the Funds’ transfer agent
will normally wire payment for redemptions received prior to 3:00 p.m. Eastern
Time on the business day received, and in any event no more than seven days,
after your redemption request is received in good order. However, depending on
such factors as market liquidity and the size of the redemption, proceeds may
not be wired until the next business day. If the Funds’ transfer agent receives
a redemption request on a business day after 3:00 p.m. Eastern Time (for Invesco
Liquid Assets Portfolio 8:00 a.m., 12:00 p.m. and 3:00 p.m. Eastern time), the
redemption will be effected at the net asset value of each Fund next determined,
which may be on the next business day, and the Funds’ transfer agent will
normally wire redemption proceeds on such next business day, and in any event no
more than seven days, after your redemption request is received in good
order.
If
a Fund exercises its discretion to close early on a business day, as
described in the
“Pricing of Shares—Timing of Orders” section of this prospectus, the Fund may
not provide same day settlement of redemption orders.
Dividends
payable up to the date of redemption on redeemed shares will normally be
paid or reinvested on the next dividend payment date. However, if all of the
shares in your account were redeemed, the dividends payable up to the date of
redemption will normally accompany the proceeds of the redemption. You may
request the transfer agent hold the dividends earned through the redemption date
as accruals that will be paid or reinvested on the next dividend payment
date.
Invesco
Treasury Obligations Portfolio
The Fund’s transfer
agent will normally wire payment for redemptions received prior to 3:00 p.m.
Eastern Time on the business day received, and in any event no more than seven
days, after your redemption request is received in good order. However,
depending on such factors as market liquidity and the size of the redemption,
for a redemption request received by the Fund’s transfer agent between 2:30 p.m.
Eastern Time and 3:00 p.m. Eastern Time, proceeds may not be wired until the
next business day. If the Fund’s transfer agent receives a redemption request on
a business day after 3:00 p.m. Eastern Time, the redemption will be effected at
the net asset value of the Fund determined on the next business day, and the
Fund’s transfer agent will normally wire redemption proceeds on such next
business day, and in any event no more than seven days, after your redemption
request is received in good order.
If
the Fund exercises its discretion to close early on a business day, as
described in the
“Pricing of Shares—Timing of Orders” section of this prospectus, the Fund may
not provide same day settlement of redemption orders.
Dividends
payable up to the date of redemption on redeemed shares will normally be
paid or reinvested on the next dividend payment date. However, if all of the
shares in your account were redeemed, the dividends payable up to the date of
redemption will normally accompany the proceeds of the redemption. You may
request the transfer agent hold the dividends earned through the redemption date
as accruals that will be paid or reinvested on the next dividend payment
date.
Redemptions
by Telephone
If you redeem by
telephone, the Funds’ transfer agent will transmit the amount of the redemption
proceeds electronically to your pre-authorized bank account. The Funds’ transfer
agent uses reasonable procedures to confirm that instructions communicated by
telephone are genuine, and the Funds and the Funds’ transfer agent are not
liable for telephone instructions that are reasonably believed to be
genuine.
Redemptions
by Internet or Fax
If you redeem via
our website or fax, the Funds’ transfer agent will transmit your redemption
proceeds electronically to your pre-authorized bank account. The Funds and the
Funds’ transfer agent are not liable for internet or fax instructions that are
not genuine.
A-2 The
Invesco Funds
Suspension
of Redemptions
In the event that a
Fund, at the end of a business day, has invested less than 10% of its total
assets in weekly liquid assets or the Fund’s price per share as computed for the
purpose of distribution, redemption and repurchase, rounded to the nearest 1%,
has deviated from the stable price established by the Fund’s Board of Trustees
(“Board”) or the Board, including a majority of trustees who are not interested
persons as defined in the 1940 Act, determines that such a deviation is likely
to occur, and the Board, including a majority of trustees who are not interested
persons of the Fund, irrevocably has approved the liquidation of the Fund, the
Fund’s Board has the authority to suspend redemptions of Fund
shares.
Liquidity
Fees
For Invesco Liquid
Assets Portfolio and Invesco STIC Prime Portfolio, the Board, in its discretion,
may impose liquidity fees of up to 2% of the value of the shares redeemed, if
such fee is determined to be in the
best
interest of the Fund.
The
Board may delegate liquidity fee determinations to the Adviser or its officers,
subject to written guidelines.
Liquidity
fees are most likely to
be imposed, if at all, during times of extraordinary market stress. In the event
that a liquidity fee is imposed, the Board expects that for the duration of its
implementation and the day after which such fee is terminated, the Fund would
strike only one net asset value per day, at the Fund’s last scheduled net asset
value calculation time.
The
imposition and termination of a liquidity fee will be available
on the Fund’s website. In addition, a Fund will communicate such action through
a supplement to its registration statement and may further communicate such
action through a press release or by other means. If a liquidity fee is applied
by the Board, it will be charged on all redemption orders submitted after the
effective time of the imposition of the fee by the Board. Liquidity fees would
reduce the amount you receive upon redemption of your shares.
Liquidity
fees will generally be
used to assist a Fund to help preserve its market–based NAV per share. It is
possible that a liquidity fee will be returned to shareholders in the form of a
distribution. The Board may, in its discretion, terminate a liquidity fee at any
time if it believes such action to be in the best interest of a Fund. When a fee
is in place, the Fund may elect not to permit the purchase of shares or to
subject the purchase of shares to certain conditions, which may include
affirmation of the purchaser’s knowledge that a fee is in effect. When a fee is
in place, shareholders will not be permitted to exchange into or out of a
Fund.
There
is some degree of uncertainty with respect to the tax treatment of liquidity fees
received by a Fund, and such tax treatment may be the subject to future IRS
guidance. If a Fund receives liquidity fees, it will consider the appropriate
tax treatment of such fees to the Fund at such time.
Financial
intermediaries are required to promptly take the steps requested by the
Funds or their designees to impose or help to implement a liquidity fee as
requested from time to time, including the rejection of orders due to the
imposition of a fee or the prompt re-confirmation of orders following a
notification regarding the implementation of a fee. If a liquidity fee is
imposed, these steps are expected to include the submission of separate, rather
than combined, purchase and redemption orders from the time of the effectiveness
of the liquidity fee and the submission of such order information to the Fund or
its designee prior to the next calculation of a Fund’s net asset value. Unless
otherwise agreed to between a Fund and financial intermediary, the Fund will
withhold liquidity fees on behalf of financial intermediaries. With regard to
such orders, a redemption request that a Fund determines in its sole discretion
has been received in good order by the Fund or its designated agent prior to the
imposition of a liquidity fee may be paid by the Fund without the deduction of a
liquidity fee. If a liquidity fee is imposed during the day, an intermediary who
receives both purchase and redemption orders from a single account holder is not
required to net the purchase and redemption orders. However, the intermediary is
permitted to apply the liquidity fee to the net amount of redemptions (even if
the purchase order was received prior to the time the liquidity fee was
imposed).
Where
a Financial Intermediary serves as a Fund’s agent for the purpose of
receiving orders, trades that are not transmitted to the Fund by the Financial
Intermediary before the time required by the Fund or the
transfer agent may,
in the Fund’s discretion, be processed on an as-of basis, and any cost or loss
to the Fund or transfer agent or their affiliates, from such transactions shall
be borne exclusively by the Financial Intermediary.
Redemptions
by Large Shareholders
At times, the Fund
may experience adverse effects when certain large shareholders redeem large
amounts of shares of the Fund. Large redemptions may cause the Fund to sell
portfolio securities at times when it would not otherwise do so. In addition,
these transactions may also accelerate the realization of taxable income to
shareholders if such sales of investments resulted in gains and may also
increase transaction costs and/or increase in the Fund’s expense ratio. When
experiencing a redemption by a large shareholder, the Fund may delay payment of
the redemption request up to seven days to provide the investment manager with
time to determine if the Fund can redeem the request-in-kind or to consider
other alternatives to lessen the harm to remaining shareholders. Under certain
circumstances, however, the Fund may be unable to delay a redemption request,
which could result in the automatic processing of a large redemption that is
detrimental to the Fund and its remaining shareholders.
Redemptions
Initiated by the Funds
If a Fund
determines that you have not provided a correct Social Security or other tax
identification number on your account application, or the Fund is not able to
verify your identity as required by law, the Fund may, at its discretion, redeem
the account and distribute the proceeds to you.
Neither
a Fund nor its investment adviser will be responsible for any loss in an
investor’s account or tax liability resulting from an involuntary
redemption.
Rights
Reserved by the Funds
Each Fund and its
agent reserve the right at any time to:
◾
reject or cancel
all or any part of any purchase order;
◾
modify any terms or
conditions related to the purchase or redemption of shares of any Fund;
or
◾
suspend, change or
withdraw all or any part of the offering made by this prospectus.
Exchange
Policy
Exchanges into the
CAVU Securities Class are only available for clients of CAVU Securities as
defined in the prospectus offering the CAVU Securities Class. You may only
exchange shares of Invesco Government & Agency Portfolio, Invesco Treasury
Obligations Portfolio Invesco Liquid Assets Portfolio, Invesco STIC Prime
Portfolio
or
Invesco Treasury Portfolio for shares of other money market funds in Short-Term
Investments Trust and AIM Treasurer’s Series Trust (Invesco Treasurer’s Series
Trust) (except for Investor Class Shares), but may not exchange shares of such
Funds for retail shares of other Invesco Funds. Exchanges into Invesco Premier
Portfolio are available only to natural persons, but not institutional
investors.
Pricing
of Shares
Determination
of Net Asset Value
Invesco
Treasury Portfolio and Invesco Government & Agency Portfolio
The price of each
Fund’s shares is the Fund’s net asset value per share. Each Fund will generally
determine the net asset value of its shares at 5:30 p.m. Eastern
Time.
If
a Fund closes early on a business day, as described below under “Pricing of
Shares—Timing of Orders”, the Fund will calculate its net asset value as of the
time of such closing.
Each
Fund values portfolio securities on the basis of amortized cost, which approximates
market value. This method of valuation is designed to enable a Fund to price its
shares at $1.00 per share. The Funds cannot guarantee that their net asset value
will always remain at $1.00 per share.
Invesco
Liquid Assets Portfolio and Invesco STIC Prime Portfolio
The price of each
Fund’s shares is the Fund’s net asset value per share. Invesco STIC Prime
Portfolio generally determines the net asset value of its
A-3 The
Invesco Funds
shares at 3:00 p.m.
Eastern Time, and Invesco Liquid Assets Portfolio generally determines the net
asset value of its shares at 8:00 a.m., 12:00 p.m., and 3:00 p.m. Eastern
Time.
If
a Fund closes early on a business day, as described below under “Pricing of
Shares—Timing of Orders”, the Fund will calculate its net asset value as of the
time of such closing. For Funds with multiple net asset value strike times, in
the event the Fund closes early on a business day, the Fund’s last net asset
value strike time for such day will be the strike time immediately prior to the
Fund’s early close.
Each
Fund values its portfolio securities for which market quotations are
readily available
at market value, and calculates its net asset values to four decimals (e.g.,
$1.0000). Securities and other assets quoted in foreign currencies are valued in
U.S. dollars based on the prevailing exchange rates on that day. The Funds value
securities and assets for which market quotations are unavailable at their “fair
value,” which is described below.
Even
when market quotations are available, they may be stale or not representative of
market value in the Adviser’s judgement (“unreliable”) because the security is
not traded frequently, trading on the security ceased before the close of the
trading market or issuer specific events occurred after the security ceased
trading or because of the passage of time between the close of the market on
which the security trades and the close of the New York Stock Exchange (NYSE)
and when the Fund calculates its net asset value. Issuer specific events may
cause the last market quotation to be unreliable. Such events may include a
merger or insolvency, events that affect a geographical area or an industry
segment, such as political events or natural disasters, or market events, such
as a significant movement in the U.S. market. Where the Adviser determines that
the closing price of the security is stale or unreliable, the Adviser will value
the security at its fair value.
A
fair value price is an estimated price that requires consideration of all
appropriate
factors, including indications of fair value available from pricing services.
Fair value pricing involves judgment and a Fund that uses fair value
methodologies may value securities higher or lower than another Fund using
market quotations or its own fair value methodologies to price the same
securities.
Investors
who purchase or redeem Fund shares on days when the Fund is holding
fair-valued securities may receive a greater or lesser number of shares, or
higher or lower redemption proceeds, than they would have received if the Fund
had not fair-valued the security or had used a different
methodology.
The
Board has designated the Adviser to perform the daily determination of
fair value prices in accordance with Board approved policies and related
procedures, subject to the Board’s oversight. Fair value pricing methods and
pricing services can change from time to time.
The
intended effect of applying fair value pricing is to compute an NAV that accurately
reflects the value of a Fund’s portfolio at the time that the NAV is calculated.
An additional intended effect is to discourage those seeking to take advantage
of arbitrage opportunities resulting from “stale” prices and to mitigate the
dilutive impact of any such arbitrage. However, the application of fair value
pricing cannot eliminate the possibility that arbitrage opportunities will
exist.
Specific types of
securities are valued as follows:
Senior
Secured Floating Rate Loans and Senior Secured Floating Rate Debt
Securities. Senior secured
floating rate loans and senior secured floating rate debt securities are fair
valued using evaluated quotes provided by an independent pricing service.
Evaluated quotes provided by the pricing service may reflect appropriate factors
such as market quotes, ratings, tranche type, industry, company performance,
spread, individual trading characteristics, institution-size trading in similar
groups of securities and other market data.
Foreign
Securities. If market
quotations are available and reliable for foreign exchange traded equity
securities, the securities will be valued at the market quotations. Because
trading hours for certain foreign securities end before the close of the NYSE,
closing market quotations may become unreliable. If between the time trading
ends on a particular security and the close of the customary trading session on
the NYSE events occur that are significant and may make the closing price
unreliable, the Fund may fair
value the security.
If an issuer specific event has occurred that the Adviser determines, in its
judgment, is likely to have affected the closing price of a foreign security, it
will price the security at fair value. The Adviser also relies on a screening
process from a pricing vendor to indicate the degree of certainty, based on
historical data, that the closing price in the principal market where a foreign
security trades is not the current market value as of the close of the NYSE. For
foreign securities where the Adviser believes, at the approved degree of
certainty, that the price is not reflective of current market value, the Adviser
will use the indication of fair value from the pricing service to determine the
fair value of the security. The pricing vendor, pricing methodology or degree of
certainty may change from time to time. Fund securities primarily traded on
foreign markets may trade on days that are not business days of the Fund.
Because the net asset value of Fund shares is determined only on business days
of the Fund, the value of the portfolio securities of a Fund that invests in
foreign securities may change on days when you will not be able to purchase or
redeem shares of the Fund.
Fixed
Income Securities. Fixed income
securities, such as government, corporate, asset-backed and municipal bonds,
convertible securities, including high yield or junk bonds, and loans, generally
are valued on the basis of prices provided by independent pricing services.
Prices provided by the pricing services may be determined without exclusive
reliance on quoted prices, and may reflect appropriate factors such as
institution-size trading in similar groups of securities, developments related
to special securities, dividend rate, maturity and other market data. Pricing
services generally value fixed income securities assuming orderly transactions
of institutional round lot size, but a Fund may hold or transact in the same
securities in smaller, odd lot sizes. Odd lots often trade at lower prices than
institutional round lots. Prices received from pricing services are fair value
prices. In addition, if the price provided by the pricing service and
independent quoted prices are unreliable, the Adviser will fair value the
security using the valuation policy approved by the Board and related
procedures.
Short-term
Securities. The Funds value
variable rate securities that have an unconditional demand or put feature
exercisable within seven days or less at par, which reflects the market value of
such securities.
Open-end
Funds.
If a Fund invests in other open-end funds, other than open-end funds that are
exchange traded, the investing Fund will calculate its net asset value using the
net asset value of the underlying fund in which it invests, and the prospectuses
for such open-end funds explain the circumstances under which they will use fair
value pricing and the effects of using fair value pricing.
Invesco
Treasury Obligations Portfolio
The price of each
Fund’s shares is the Fund’s net asset value per share. Invesco Treasury
Obligations Portfolio will generally determine the net asset value of its shares
at 3:30 p.m. Eastern Time.
If
a Fund closes early on a business day, as described below under “Pricing of
Shares—Timing of Orders”, the Fund will calculate its net asset value as of the
time of such closing.
Each
Fund values portfolio securities on the basis of amortized cost, which approximates
market value. This method of valuation is designed to enable a Fund to price its
shares at $1.00 per share. The Funds cannot guarantee their net asset value will
always remain at $1.00 per share.
Timing
of Orders
Each Fund opens for
business at 7:30 a.m. Eastern Time. Each Fund prices purchase and redemption
orders on each business day at the net asset value calculated after the Funds’
transfer agent receives an order in good form.
A
business day is any day that (1) both the Federal Reserve Bank of New York and the
Fund’s custodian are open for business and (2) the primary trading markets for
the Fund’s portfolio instruments are open and the Fund’s management believes
there is an adequate market to meet purchase and redemption requests. Each Fund
is authorized not to open for trading on a day that is otherwise a business day
if the Securities Industry and Financial Markets Association (SIFMA) recommends
that government securities dealers not open for trading; any such day will not
be considered a business day. Each Fund also may close early on a business day
if the SIFMA recommends that government securities dealers close
early.
A-4 The
Invesco Funds
If
the financial intermediary through which you place purchase and redemption orders,
in turn, places its orders to the Funds’ transfer agent through the NSCC, the
Funds’ transfer agent may not receive those orders until the next business day
after the order has been entered into the NSCC.
Each
Fund may postpone the right of redemption under unusual circumstances, as
allowed by the SEC, such as when the NYSE restricts or suspends
trading.
Thirty
minutes prior to the Funds’ net asset value determination, Invesco Treasury Portfolio,
Invesco Government & Agency Portfolio and Invesco Treasury Obligations
Portfolio may, in their discretion, limit or refuse to accept purchase orders
and may not provide same-day payment of redemption proceeds.
If
a Fund closes early on a business day, as described in this section,
the
Fund will calculate its net asset value as of the time of such
closing.
Currently,
certain financial intermediaries may serve as agents for the Funds and accept
orders on their behalf. Where a financial intermediary serves as agent, the
order is priced at the Fund’s net asset value next calculated after it is
accepted by the financial intermediary. In such cases, if requested by a Fund,
the financial intermediary is responsible for providing information with regard
to the time that such order for purchase, redemption or exchange was received.
Orders submitted through a financial intermediary that has not received
authorization to accept orders on a Fund’s behalf are priced at the Fund’s net
asset value next calculated by the Fund after it receives the order from the
financial intermediary and accepts it, which may not occur on the day submitted
to the financial intermediary.
Frequent
Purchases and Redemptions of Fund Shares
The Board of the
Funds has not adopted any policies and procedures that would limit frequent
purchases and redemptions of the Funds’ shares. The Board does not believe that
it is appropriate to adopt any such policies and procedures for the following
reasons:
◾
Each Fund is
offered to investors as a cash management vehicle; therefore, investors should
be able to purchase and redeem shares regularly and frequently.
◾
One of the
advantages of a money market fund as compared to other investment options is
liquidity. Any policy that diminishes the liquidity of a Fund will be
detrimental to the continuing operations of the Fund.
◾
With respect to
Funds maintaining a constant net asset value, each Fund’s portfolio securities
are valued on the basis of amortized cost, and the Funds seek to maintain a
constant net asset value. As a result, the Funds are not subject to price
arbitrage opportunities.
◾
With respect to
Funds maintaining a constant net asset value, because such Funds seek to
maintain a constant net asset value, investors are more likely to expect to
receive the amount they originally invested in the Funds upon redemption than
other mutual funds. Imposition of redemption fees would run contrary to investor
expectations.
The
Board considered the risks of not having a specific policy that limits
frequent purchases
and redemptions, and it determined that those risks are minimal, especially in
light of the reasons for not having such a policy as described above.
Nonetheless, to the extent that each Fund must maintain additional cash and/or
securities with shorter-term durations than may otherwise be required, the
Fund’s yield could be negatively impacted. Moreover, excessive trading activity
in the Fund’s shares may cause the Fund to incur increased brokerage and
administrative costs.
Each
Fund and its agent reserve the right at any time to reject or cancel
any
part of any purchase order. This could occur if each Fund determines that such
purchase may disrupt the Fund’s operation or performance.
Taxes
A Fund intends to
qualify each year as a regulated investment company and, as such, is not subject
to entity-level tax on the income and gain it distributes to shareholders. If
you are a taxable investor, dividends and distributions you receive from a Fund
generally are taxable to you whether you reinvest distributions in additional
Fund shares or take them in cash. Every year, you will be sent information
showing the amount of dividends and distributions you received from a Fund
during the prior calendar year. In
addition, investors
in taxable accounts should be aware of the following basic tax points as
supplemented below where relevant:
Fund
Tax Basics
◾
A Fund earns income
generally in the form of interest on its investments. This income, less expenses
incurred in the operation of a Fund, constitutes the Fund’s net investment
income from which dividends may be paid to you. If you are a taxable investor,
distributions of net investment income generally are taxable to you as ordinary
income.
◾
Distributions of
net short-term capital gains are taxable to you as ordinary income. Because a
Fund is a money market fund, it does not anticipate realizing any long-term
capital gains.
◾
None of the
dividends paid by a Fund will qualify as qualified dividend income subject to
reduced rates of taxation in the case of non-corporate shareholders.
◾
Distributions
declared to shareholders with a record date in October, November or December—if
paid to you by the end of January—are taxable for federal income tax purposes as
if received in December.
◾
Any capital gains
realized from redemptions of Fund shares will be subject to federal income tax.
For tax purposes, an exchange of your shares for shares of another Fund is the
same as a sale. An exchange occurs when the purchase of shares of a Fund is made
using the proceeds from a redemption of shares of another Fund and is
effectuated on the same day as the redemption. Because the Funds, other than the
Invesco Liquid Assets Portfolio and the Invesco STIC Prime Portfolio, expect to
maintain a stable net asset value of $1.00 per share, investors should not have
any gain or loss on sale or exchange of Fund shares (unless the investor incurs
a liquidity fee on such sale or exchange). See, “Liquidity Fees.”
◾
Invesco Liquid
Assets Portfolio and Invesco STIC Prime Portfolio each round their current net
asset value per share to a minimum of the fourth decimal place, therefore,
investors will have gain or loss on the sale or exchange of shares of those
Funds calculated by subtracting from the gross proceeds received from the sale
or exchange your cost basis.
◾
Regarding Invesco
Liquid Assets Portfolio and Invesco STIC Prime Portfolio, because the Fund is
not expected to maintain a stable share price, a sale or exchange of Fund shares
may result in a capital gain or loss for you. Unless you choose to adopt a
simplified “NAV method” of accounting (described below), any capital gain or
loss on the sale or exchange of Fund shares (as noted above) generally will be
treated either as short-term if you held your Fund shares for one year or less,
or long-term if you held your Fund shares longer. If you elect to adopt the NAV
method of accounting, rather than computing gain or loss on every taxable
disposition of Fund shares as described above, you would determine your gain or
loss based on the change in the aggregate value of your Fund shares during a
computation period (such as your taxable year), reduced by your net investment
(purchases minus sales) in those shares during that period. Under the NAV
method, any resulting net capital gain or loss would be treated as short-term
capital gain or loss.
◾
By law, if you do
not provide a Fund with your proper taxpayer identification number and certain
required certifications, you may be subject to backup withholding on any
distributions of income, capital gains, or proceeds from the sale of your
shares. A Fund also must withhold if the Internal Revenue Service (IRS)
instructs it to do so. When withholding is required, the amount will be 24% of
any distributions or proceeds paid.
◾
You will not be
required to include the portion of dividends paid by a Fund derived from
interest on U.S. government obligations in your gross income for purposes of
personal and, in some cases, corporate income taxes in many state and local tax
jurisdictions. The percentage of dividends that constitutes dividends derived
from interest on federal obligations will be determined annually. This
percentage may differ from the actual percentage of interest received by the
Fund on federal obligations for the particular days on which you hold
shares.
◾
An additional 3.8%
Medicare tax is imposed on certain net investment income (including ordinary
dividends and capital gain distributions received from a Fund and net gains from
redemptions or other taxable
A-5 The
Invesco Funds
dispositions of
Fund shares) of U.S. individuals, estates and trusts to the extent that such
person’s “modified adjusted gross income” (in the case of an individual) or
“adjusted gross income” (in the case of an estate or trust) exceeds a threshold
amount. This Medicare tax, if applicable, is reported by you on, and paid with,
your federal income tax return.
◾
Fund distributions
and gains from sale or exchange of your Fund shares generally are subject to
state and local income taxes.
◾
Foreign investors
should be aware that U.S. withholding, special certification requirements to
avoid U.S. backup withholding and claim any treaty benefits, and estate taxes
may apply to an investment in a Fund.
◾
Under the Foreign
Account Tax Compliance Act (FATCA), a Fund will be required to withhold a 30%
tax on income dividends made by the Fund to certain foreign entities, referred
to as foreign financial institutions or non-financial foreign entities, that
fail to comply (or be deemed compliant) with extensive reporting and withholding
requirements designed to inform the U.S. Department of the Treasury of
U.S.-owned foreign investment accounts. After December 31, 2018, FATCA
withholding also would have applied to certain capital gain distributions,
return of capital distributions and the proceeds arising from the sale of Fund
shares; however, based on proposed regulations issued by the IRS, which can be
relied upon currently, such withholding is no longer required unless final
regulations provide otherwise (which is not expected). A Fund may disclose the
information that it receives from its shareholders to the IRS, non-U.S. taxing
authorities or other parties as necessary to comply with FATCA or similar laws.
Withholding also may be required if a foreign entity that is a shareholder of a
Fund fails to provide the Fund with appropriate certifications or other
documentation concerning its status under FATCA.
◾
There is some
degree of uncertainty with respect to the tax treatment of liquidity fees
received by a Fund, and such tax treatment may be the subject of future IRS
guidance. If a Fund receives liquidity fees, it will consider the appropriate
tax treatment of such fees to the Fund at such time.
The
above discussion concerning the taxability of Fund dividends and distributions and
of redemptions and exchanges of Fund shares is inapplicable to investors that
generally are exempt from federal income tax, such as retirement plans that are
qualified under Section 401 and 403 of the Code and individual retirement
accounts (IRAs) and Roth IRAs.
This
discussion of “Taxes” is for general information only and not tax advice. All
investors should consult their own tax advisers as to the federal, state, local
and foreign tax provisions applicable to them.
Important
Notice Regarding Delivery of Security Holder Documents
To reduce Fund
expenses, only one copy of most shareholder documents may be mailed to
shareholders with multiple accounts at the same address (Householding). Mailing
of your shareholder documents may be householded indefinitely unless you
instruct us otherwise. If you do not want the mailing of these documents to be
combined with those for other members of your household, please contact the
Funds’ transfer agent at 800-659-1005 or contact your financial institution. The
Funds’ transfer agent will begin sending you individual copies for each account
within thirty days after receiving your request.
Inactive
or Unclaimed Accounts
Please note that if
your account is deemed to be unclaimed or abandoned under applicable state law,
the Fund may be required to transfer (or “escheat”) the assets in that account
to the appropriate state. Some states may sell escheated shares, in which case a
shareholder may only be able to recover the amount received when the shares were
sold. For shareholders that invest through retirement accounts, the escheatment
will be treated as a taxable distribution and federal and any applicable state
income tax may be withheld. The Fund, its Board, and the Fund's transfer agent
will not be liable to shareholders for good faith compliance with state
unclaimed or abandoned property laws. To avoid these outcomes and protect their
property, shareholders that invest in the Fund through an account held directly
with the Fund's transfer agent are encouraged to routinely confirm that the
mailing address on their account is current and valid and contact the transfer
agent at least once a year by one of the following methods:
• Accessing your
account online at invesco.com/us.
• Accessing your
account balance through the automated Invesco Investor Line at 800 246
5463.
• Contacting us by
phone or in writing for any matter related to your account.
A-6 The
Invesco Funds
Obtaining Additional Information
More information
may be obtained free of charge upon request. The SAI, a current version of which
is on file with the SEC, contains more details about each Fund and is
incorporated by reference into this prospectus (is legally a part of this
prospectus). Annual and semi-annual reports to shareholders contain additional
information about each Fund’s investments. Each Fund’s annual report also
discusses the market conditions and investment strategies that significantly
affected each Fund’s performance during its last fiscal year. Each Fund also
files its complete schedule of portfolio holdings with the SEC monthly on Form
N-MFP.
If you have
questions about an Invesco Fund or your account, or you wish to obtain a free
copy of the Fund’s current SAI, annual or semi-annual reports or Form N-MFP,
please contact us.
|
By
Mail: |
Invesco
Investment Services, Inc.
P.O.
Box 219286
Kansas
City, MO 64121-9286 |
|
By
Telephone: |
(800)
659-1005 |
|
On
the Internet: |
You
can send us a request by e-mail or
download
prospectuses, SAIs, annual or
semi-annual
reports via our website:
www.invesco.com/us |
Reports and other
information about each Fund are available on the EDGAR Database on the SEC's
Internet site at http://www.sec.gov, and copies of this information may be
obtained, after paying a duplicating fee, by electronic request at the following
e-mail address: [email protected].
|
Invesco
Liquid Assets Portfolio |
Invesco
Government & Agency Portfolio |
|
Invesco
STIC Prime Portfolio |
Invesco
Treasury Obligations Portfolio |
|
Invesco
Treasury Portfolio
SEC
1940 Act file number: 811-02729 |
|
|
invesco.com/us |
CM-STIT-PRO-5 |