UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-02729
Short-Term Investments Trust
(Exact name of registrant as specified in charter)
11 Greenway Plaza, Suite 1000  Houston, Texas 77046
(Address of principal executive offices) (Zip code)
Glenn Brightman, Principal Executive Officer
11 Greenway Plaza, Suite 1000
Houston, Texas 77046
(Name and address of agent for service)
Registrant's telephone number, including area code:
(713) 626-1919
Date of fiscal year end:
August 31
Date of reporting period:
February 28, 2025
Item 1. Reports to Stockholders.
(a) The Registrant's semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the "Act") is as follows:
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Invesco Government & Agency Portfolio
Institutional Class: AGPXX
SEMI-ANNUAL SHAREHOLDER REPORT | February 28, 2025
This semi-annual shareholder report contains important information about Invesco Government & Agency Portfolio (the “Fund”) for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Government & Agency Portfolio
(Institutional Class)		 $8 0.16%
*
Annualized.
What Are Key Statistics About The Fund?
(as of February 28, 2025)
Fund net assets $77,915,095,731
Total number of portfolio holdings 166
What Comprised The Fund's Holdings?
(as of February 28, 2025)
Composition by maturity, in days
(% of total investments)*
1-7 71.6%
8-30 0.6%
31-60 3.8%
61-90 2.7%
91-180 3.2%
181+ 18.1%
* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory 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 Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
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Invesco Government & Agency Portfolio
Private Investment Class: GPVXX
SEMI-ANNUAL SHAREHOLDER REPORT | February 28, 2025
This semi-annual shareholder report contains important information about Invesco Government & Agency Portfolio (the “Fund”) for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Government & Agency Portfolio
(Private Investment Class)		 $23 0.46%
*
Annualized.
What Are Key Statistics About The Fund?
(as of February 28, 2025)
Fund net assets $77,915,095,731
Total number of portfolio holdings 166
What Comprised The Fund's Holdings?
(as of February 28, 2025)
Composition by maturity, in days
(% of total investments)*
1-7 71.6%
8-30 0.6%
31-60 3.8%
61-90 2.7%
91-180 3.2%
181+ 18.1%
* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory 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 Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
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For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
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Invesco Government & Agency Portfolio
Personal Investment Class: AGSXX
SEMI-ANNUAL SHAREHOLDER REPORT | February 28, 2025
This semi-annual shareholder report contains important information about Invesco Government & Agency Portfolio (the “Fund”) for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Government & Agency Portfolio
(Personal Investment Class)		 $36 0.71%
*
Annualized.
What Are Key Statistics About The Fund?
(as of February 28, 2025)
Fund net assets $77,915,095,731
Total number of portfolio holdings 166
What Comprised The Fund's Holdings?
(as of February 28, 2025)
Composition by maturity, in days
(% of total investments)*
1-7 71.6%
8-30 0.6%
31-60 3.8%
61-90 2.7%
91-180 3.2%
181+ 18.1%
* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory 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 Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
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Invesco Government & Agency Portfolio
Cash Management Class: AGMXX
SEMI-ANNUAL SHAREHOLDER REPORT | February 28, 2025
This semi-annual shareholder report contains important information about Invesco Government & Agency Portfolio (the “Fund”) for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Government & Agency Portfolio
(Cash Management Class)		 $12 0.24%
*
Annualized.
What Are Key Statistics About The Fund?
(as of February 28, 2025)
Fund net assets $77,915,095,731
Total number of portfolio holdings 166
What Comprised The Fund's Holdings?
(as of February 28, 2025)
Composition by maturity, in days
(% of total investments)*
1-7 71.6%
8-30 0.6%
31-60 3.8%
61-90 2.7%
91-180 3.2%
181+ 18.1%
* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory 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 Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
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For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
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Invesco Government & Agency Portfolio
Reserve Class: AGVXX
SEMI-ANNUAL SHAREHOLDER REPORT | February 28, 2025
This semi-annual shareholder report contains important information about Invesco Government & Agency Portfolio (the “Fund”) for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Government & Agency Portfolio
(Reserve Class)		 $52 1.03%
*
Annualized.
What Are Key Statistics About The Fund?
(as of February 28, 2025)
Fund net assets $77,915,095,731
Total number of portfolio holdings 166
What Comprised The Fund's Holdings?
(as of February 28, 2025)
Composition by maturity, in days
(% of total investments)*
1-7 71.6%
8-30 0.6%
31-60 3.8%
61-90 2.7%
91-180 3.2%
181+ 18.1%
* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory 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 Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
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Invesco Government & Agency Portfolio
Resource Class: AGOXX
SEMI-ANNUAL SHAREHOLDER REPORT | February 28, 2025
This semi-annual shareholder report contains important information about Invesco Government & Agency Portfolio (the “Fund”) for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Government & Agency Portfolio
(Resource Class)		 $16 0.32%
*
Annualized.
What Are Key Statistics About The Fund?
(as of February 28, 2025)
Fund net assets $77,915,095,731
Total number of portfolio holdings 166
What Comprised The Fund's Holdings?
(as of February 28, 2025)
Composition by maturity, in days
(% of total investments)*
1-7 71.6%
8-30 0.6%
31-60 3.8%
61-90 2.7%
91-180 3.2%
181+ 18.1%
* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory 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 Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
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Invesco Government & Agency Portfolio
Corporate Class: AGCXX
SEMI-ANNUAL SHAREHOLDER REPORT | February 28, 2025
This semi-annual shareholder report contains important information about Invesco Government & Agency Portfolio (the “Fund”) for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Government & Agency Portfolio
(Corporate Class)		 $10 0.19%
*
Annualized.
What Are Key Statistics About The Fund?
(as of February 28, 2025)
Fund net assets $77,915,095,731
Total number of portfolio holdings 166
What Comprised The Fund's Holdings?
(as of February 28, 2025)
Composition by maturity, in days
(% of total investments)*
1-7 71.6%
8-30 0.6%
31-60 3.8%
61-90 2.7%
91-180 3.2%
181+ 18.1%
* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory 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 Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
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Invesco Government & Agency Portfolio
CAVU Securities Class: CVGXX
SEMI-ANNUAL SHAREHOLDER REPORT | February 28, 2025
This semi-annual shareholder report contains important information about Invesco Government & Agency Portfolio (the “Fund”) for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Government & Agency Portfolio
(CAVU Securities Class)		 $8 0.16%
*
Annualized.
What Are Key Statistics About The Fund?
(as of February 28, 2025)
Fund net assets $77,915,095,731
Total number of portfolio holdings 166
What Comprised The Fund's Holdings?
(as of February 28, 2025)
Composition by maturity, in days
(% of total investments)*
1-7 71.6%
8-30 0.6%
31-60 3.8%
61-90 2.7%
91-180 3.2%
181+ 18.1%
* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory 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 Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
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For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
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Invesco Government & Agency Portfolio
Premier Class: AGIXX
SEMI-ANNUAL SHAREHOLDER REPORT | February 28, 2025
This semi-annual shareholder report contains important information about Invesco Government & Agency Portfolio (the “Fund”) for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Government & Agency Portfolio
(Premier Class)		 $6 0.12%
*
Annualized.
What Are Key Statistics About The Fund?
(as of February 28, 2025)
Fund net assets $77,915,095,731
Total number of portfolio holdings 166
What Comprised The Fund's Holdings?
(as of February 28, 2025)
Composition by maturity, in days
(% of total investments)*
1-7 71.6%
8-30 0.6%
31-60 3.8%
61-90 2.7%
91-180 3.2%
181+ 18.1%
* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory 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 Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
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Invesco Treasury Obligations Portfolio
Institutional Class: TSPXX
SEMI-ANNUAL SHAREHOLDER REPORT | February 28, 2025
This semi-annual shareholder report contains important information about Invesco Treasury Obligations Portfolio (the “Fund”) for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Treasury Obligations Portfolio
(Institutional Class)		 $9 0.18%
*
Annualized.
What Are Key Statistics About The Fund?
(as of February 28, 2025)
Fund net assets $1,310,344,209
Total number of portfolio holdings 34
What Comprised The Fund's Holdings?
(as of February 28, 2025)
Composition by maturity, in days
(% of total investments)*
1-7 7.4%
8-30 30.7%
31-60 38.0%
61-90 9.3%
91-180 2.6%
181+ 12.0%
* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory 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 Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
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For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
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Invesco Treasury Obligations Portfolio
Private Investment Class: TXPXX
SEMI-ANNUAL SHAREHOLDER REPORT | February 28, 2025
This semi-annual shareholder report contains important information about Invesco Treasury Obligations Portfolio (the “Fund”) for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Treasury Obligations Portfolio
(Private Investment Class)		 $22 0.43%
*
Annualized.
What Are Key Statistics About The Fund?
(as of February 28, 2025)
Fund net assets $1,310,344,209
Total number of portfolio holdings 34
What Comprised The Fund's Holdings?
(as of February 28, 2025)
Composition by maturity, in days
(% of total investments)*
1-7 7.4%
8-30 30.7%
31-60 38.0%
61-90 9.3%
91-180 2.6%
181+ 12.0%
* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory 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 Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
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For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
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Invesco Treasury Obligations Portfolio
Personal Investment Class: TSSXX
SEMI-ANNUAL SHAREHOLDER REPORT | February 28, 2025
This semi-annual shareholder report contains important information about Invesco Treasury Obligations Portfolio (the “Fund”) for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Treasury Obligations Portfolio
(Personal Investment Class)		 $37 0.73%
*
Annualized.
What Are Key Statistics About The Fund?
(as of February 28, 2025)
Fund net assets $1,310,344,209
Total number of portfolio holdings 34
What Comprised The Fund's Holdings?
(as of February 28, 2025)
Composition by maturity, in days
(% of total investments)*
1-7 7.4%
8-30 30.7%
31-60 38.0%
61-90 9.3%
91-180 2.6%
181+ 12.0%
* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory 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 Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
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For additional information, please scan the QR code at the left to navigate to additional material at invesco.com/reports.
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Invesco Treasury Obligations Portfolio
Cash Management Class: TSMXX
SEMI-ANNUAL SHAREHOLDER REPORT | February 28, 2025
This semi-annual shareholder report contains important information about Invesco Treasury Obligations Portfolio (the “Fund”) for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Treasury Obligations Portfolio
(Cash Management Class)		 $13 0.26%
*
Annualized.
What Are Key Statistics About The Fund?
(as of February 28, 2025)
Fund net assets $1,310,344,209
Total number of portfolio holdings 34
What Comprised The Fund's Holdings?
(as of February 28, 2025)
Composition by maturity, in days
(% of total investments)*
1-7 7.4%
8-30 30.7%
31-60 38.0%
61-90 9.3%
91-180 2.6%
181+ 12.0%
* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory 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 Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
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Invesco Treasury Obligations Portfolio
Reserve Class: TSVXX
SEMI-ANNUAL SHAREHOLDER REPORT | February 28, 2025
This semi-annual shareholder report contains important information about Invesco Treasury Obligations Portfolio (the “Fund”) for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Treasury Obligations Portfolio
(Reserve Class)		 $53 1.05%
*
Annualized.
What Are Key Statistics About The Fund?
(as of February 28, 2025)
Fund net assets $1,310,344,209
Total number of portfolio holdings 34
What Comprised The Fund's Holdings?
(as of February 28, 2025)
Composition by maturity, in days
(% of total investments)*
1-7 7.4%
8-30 30.7%
31-60 38.0%
61-90 9.3%
91-180 2.6%
181+ 12.0%
* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory 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 Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
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Invesco Treasury Obligations Portfolio
Resource Class: TSRXX
SEMI-ANNUAL SHAREHOLDER REPORT | February 28, 2025
This semi-annual shareholder report contains important information about Invesco Treasury Obligations Portfolio (the “Fund”) for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Treasury Obligations Portfolio
(Resource Class)		 $17 0.34%
*
Annualized.
What Are Key Statistics About The Fund?
(as of February 28, 2025)
Fund net assets $1,310,344,209
Total number of portfolio holdings 34
What Comprised The Fund's Holdings?
(as of February 28, 2025)
Composition by maturity, in days
(% of total investments)*
1-7 7.4%
8-30 30.7%
31-60 38.0%
61-90 9.3%
91-180 2.6%
181+ 12.0%
* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory 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 Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
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Invesco Treasury Obligations Portfolio
Corporate Class: TACXX
SEMI-ANNUAL SHAREHOLDER REPORT | February 28, 2025
This semi-annual shareholder report contains important information about Invesco Treasury Obligations Portfolio (the “Fund”) for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Treasury Obligations Portfolio
(Corporate Class)		 $11 0.21%
*
Annualized.
What Are Key Statistics About The Fund?
(as of February 28, 2025)
Fund net assets $1,310,344,209
Total number of portfolio holdings 34
What Comprised The Fund's Holdings?
(as of February 28, 2025)
Composition by maturity, in days
(% of total investments)*
1-7 7.4%
8-30 30.7%
31-60 38.0%
61-90 9.3%
91-180 2.6%
181+ 12.0%
* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory 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 Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
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Invesco Treasury Portfolio
Institutional Class: TRPXX
SEMI-ANNUAL SHAREHOLDER REPORT | February 28, 2025
This semi-annual shareholder report contains important information about Invesco Treasury Portfolio (the “Fund”) for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Treasury Portfolio
(Institutional Class)		 $9 0.18%
*
Annualized.
What Are Key Statistics About The Fund?
(as of February 28, 2025)
Fund net assets $41,662,682,980
Total number of portfolio holdings 62
What Comprised The Fund's Holdings?
(as of February 28, 2025)
Composition by maturity, in days
(% of total investments)*
1-7 64.0%
8-30 6.6%
31-60 3.4%
61-90 0.8%
91-180 4.3%
181+ 20.9%
* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory 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 Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
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Invesco Treasury Portfolio
Private Investment Class: TPFXX
SEMI-ANNUAL SHAREHOLDER REPORT | February 28, 2025
This semi-annual shareholder report contains important information about Invesco Treasury Portfolio (the “Fund”) for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Treasury Portfolio
(Private Investment Class)		 $24 0.48%
*
Annualized.
What Are Key Statistics About The Fund?
(as of February 28, 2025)
Fund net assets $41,662,682,980
Total number of portfolio holdings 62
What Comprised The Fund's Holdings?
(as of February 28, 2025)
Composition by maturity, in days
(% of total investments)*
1-7 64.0%
8-30 6.6%
31-60 3.4%
61-90 0.8%
91-180 4.3%
181+ 20.9%
* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory 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 Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
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Invesco Treasury Portfolio
Personal Investment Class: TRSXX
SEMI-ANNUAL SHAREHOLDER REPORT | February 28, 2025
This semi-annual shareholder report contains important information about Invesco Treasury Portfolio (the “Fund”) for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Treasury Portfolio
(Personal Investment Class)		 $37 0.73%
*
Annualized.
What Are Key Statistics About The Fund?
(as of February 28, 2025)
Fund net assets $41,662,682,980
Total number of portfolio holdings 62
What Comprised The Fund's Holdings?
(as of February 28, 2025)
Composition by maturity, in days
(% of total investments)*
1-7 64.0%
8-30 6.6%
31-60 3.4%
61-90 0.8%
91-180 4.3%
181+ 20.9%
* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory 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 Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
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Invesco Treasury Portfolio
Cash Management Class: TRMXX
SEMI-ANNUAL SHAREHOLDER REPORT | February 28, 2025
This semi-annual shareholder report contains important information about Invesco Treasury Portfolio (the “Fund”) for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Treasury Portfolio
(Cash Management Class)		 $13 0.26%
*
Annualized.
What Are Key Statistics About The Fund?
(as of February 28, 2025)
Fund net assets $41,662,682,980
Total number of portfolio holdings 62
What Comprised The Fund's Holdings?
(as of February 28, 2025)
Composition by maturity, in days
(% of total investments)*
1-7 64.0%
8-30 6.6%
31-60 3.4%
61-90 0.8%
91-180 4.3%
181+ 20.9%
* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory 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 Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
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Invesco Treasury Portfolio
Reserve Class: TREXX
SEMI-ANNUAL SHAREHOLDER REPORT | February 28, 2025
This semi-annual shareholder report contains important information about Invesco Treasury Portfolio (the “Fund”) for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Treasury Portfolio
(Reserve Class)		 $53 1.05%
*
Annualized.
What Are Key Statistics About The Fund?
(as of February 28, 2025)
Fund net assets $41,662,682,980
Total number of portfolio holdings 62
What Comprised The Fund's Holdings?
(as of February 28, 2025)
Composition by maturity, in days
(% of total investments)*
1-7 64.0%
8-30 6.6%
31-60 3.4%
61-90 0.8%
91-180 4.3%
181+ 20.9%
* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory 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 Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
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Invesco Treasury Portfolio
Resource Class: TRRXX
SEMI-ANNUAL SHAREHOLDER REPORT | February 28, 2025
This semi-annual shareholder report contains important information about Invesco Treasury Portfolio (the “Fund”) for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Treasury Portfolio
(Resource Class)		 $17 0.34%
*
Annualized.
What Are Key Statistics About The Fund?
(as of February 28, 2025)
Fund net assets $41,662,682,980
Total number of portfolio holdings 62
What Comprised The Fund's Holdings?
(as of February 28, 2025)
Composition by maturity, in days
(% of total investments)*
1-7 64.0%
8-30 6.6%
31-60 3.4%
61-90 0.8%
91-180 4.3%
181+ 20.9%
* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory 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 Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
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Invesco Treasury Portfolio
Corporate Class: TYCXX
SEMI-ANNUAL SHAREHOLDER REPORT | February 28, 2025
This semi-annual shareholder report contains important information about Invesco Treasury Portfolio (the “Fund”) for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Treasury Portfolio
(Corporate Class)		 $11 0.21%
*
Annualized.
What Are Key Statistics About The Fund?
(as of February 28, 2025)
Fund net assets $41,662,682,980
Total number of portfolio holdings 62
What Comprised The Fund's Holdings?
(as of February 28, 2025)
Composition by maturity, in days
(% of total investments)*
1-7 64.0%
8-30 6.6%
31-60 3.4%
61-90 0.8%
91-180 4.3%
181+ 20.9%
* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory 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 Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
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Invesco Treasury Portfolio
CAVU Securities Class: CVTXX
SEMI-ANNUAL SHAREHOLDER REPORT | February 28, 2025
This semi-annual shareholder report contains important information about Invesco Treasury Portfolio (the “Fund”) for the period September 1, 2024 to February 28, 2025. You can find additional information about the Fund at invesco.com/reports. You can also request this information by contacting us at (800) 959-4246.
What Were The Fund Costs For The Last Six Months ?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage
of a $10,000 investment*
Invesco Treasury Portfolio
(CAVU Securities Class)		 $9 0.18%
*
Annualized.
What Are Key Statistics About The Fund?
(as of February 28, 2025)
Fund net assets $41,662,682,980
Total number of portfolio holdings 62
What Comprised The Fund's Holdings?
(as of February 28, 2025)
Composition by maturity, in days
(% of total investments)*
1-7 64.0%
8-30 6.6%
31-60 3.4%
61-90 0.8%
91-180 4.3%
181+ 20.9%
* The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
Where Can I Find More Information?
You can find more information about the Fund, including the Fund's prospectus, financial information, and holdings at invesco.com/reports. Additionally, the Fund's proxy voting information can be found at invesco.com/proxy-voting.
What Should I Know About Delivery Of Important Regulatory 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 Invesco Investment Services, Inc. at (800) 959-4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
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CM-STIT-GAP-SAR-INST
Invesco Government & Agency Portfolio

(b) Not applicable.


Item 2. Code of Ethics.

Not applicable for a semi-annual report.


Item 3. Audit Committee Financial Expert.

Not applicable for a semi-annual report.


Item 4. Principal Accountant Fees and Services.

Not applicable for a semi-annual report.


Item 5. Audit Committee of Listed Registrants.

Not applicable.


Item 6. Investments.

(a) Investments in securities of unaffiliated issuers is filed under Item 7 of this Form N-CSR.

(b) Not applicable.


Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.


 
Semi-Annual Financial Statements and Other Information
February 28, 2025
Cash Management Class
Short-Term Investments Trust (STIT)
Invesco Treasury Portfolio
Invesco Government & Agency Portfolio
Invesco Treasury Obligations Portfolio 
 
2
Financial Statements
Financial Highlights
Notes to Financial Statements
Other Information Required in Form N-CSR (Items 8-11)
Schedule of Investments
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio

 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Treasury Securities-32.83%
U.S. Treasury Bills-14.35%(a)
U.S. Treasury Bills
4.76%
03/06/2025
 
$300,000
$299,806,458
U.S. Treasury Bills
4.26%
03/11/2025
 
816,439
815,475,147
U.S. Treasury Bills
4.64%
03/13/2025
 
250,000
249,622,500
U.S. Treasury Bills
4.26%-4.27%
03/18/2025
 
909,003
907,177,086
U.S. Treasury Bills
4.28%
03/20/2025
 
15,000
14,966,461
U.S. Treasury Bills
4.31%
04/03/2025
 
427,000
425,350,179
U.S. Treasury Bills
4.40%
04/10/2025
 
100,000
99,521,667
U.S. Treasury Bills
4.36%-5.21%
04/17/2025
 
890,000
884,529,853
U.S. Treasury Bills
5.02%
07/10/2025
 
175,000
171,959,253
U.S. Treasury Bills
4.11%-4.27%
10/02/2025
 
770,000
751,539,891
U.S. Treasury Bills
4.28%-4.37%
10/30/2025
 
850,000
826,222,281
U.S. Treasury Bills
4.23%-4.38%
11/28/2025
 
550,000
532,814,889
 
 
 
 
5,978,985,665
U.S. Treasury Floating Rate Notes-18.48%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.13%)(b)
4.36%
07/31/2025
 
1,100,000
1,099,791,733
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.17%)(b)
4.41%
10/31/2025
 
700,000
699,955,072
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.25%)(b)
4.48%
01/31/2026
 
1,312,809
1,313,488,917
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.15%)(b)
4.39%
04/30/2026
 
2,212,000
2,212,031,558
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.18%)(b)
4.42%
07/31/2026
 
160,000
160,120,551
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.21%)(b)
4.44%
10/31/2026
 
1,213,000
1,213,969,364
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.10%)(b)
4.34%
01/31/2027
 
1,000,000
1,000,213,139
 
 
 
 
7,699,570,334
Total U.S. Treasury Securities (Cost $13,678,555,999)
13,678,555,999
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-32.83%
(Cost $13,678,555,999)
13,678,555,999
 
 
 
Repurchase
Amount
 
Repurchase Agreements-67.17%(c)
ABN AMRO Bank N.V., agreement dated 02/28/2025, maturing value of
$250,090,625 (collateralized by U.S. Treasury obligations valued at
$255,000,002; 0.50% - 4.88%; 12/31/2025 - 05/15/2047)
4.35%
03/03/2025
 
250,090,625
250,000,000
Bank of Montreal, joint agreement dated 02/28/2025, aggregate maturing value
of $500,177,500 (collateralized by U.S. Treasury obligations valued at
$510,000,102; 0.00% - 4.75%; 04/15/2025 - 11/15/2043)
4.26%
03/03/2025
 
100,035,500
100,000,000
BNP Paribas Securities Corp., joint term agreement dated 02/10/2025,
aggregate maturing value of $1,400,518,000 (collateralized by U.S. Treasury
obligations valued at $1,428,000,149; 0.00% - 4.88%; 04/15/2025 -
02/15/2054)(d)(e)
4.44%
03/03/2025
 
490,181,300
490,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
BNP Paribas Securities Corp., joint term agreement dated 10/28/2024, aggregate
maturing value of $2,000,741,667 (collateralized by U.S. Treasury
obligations valued at $2,040,000,035; 0.00% - 6.13%; 03/31/2025 -
02/15/2045)(d)(e)
4.45%
03/03/2025
 
$1,055,391,229
$1,055,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/30/2024, aggregate
maturing value of $4,001,486,667 (collateralized by U.S. Treasury obligations
valued at $4,080,000,219; 0.00% - 6.88%; 03/27/2025 -
02/15/2055)(d)(e)
4.46%
03/03/2025
 
1,090,405,117
1,090,000,000
BofA Securities, Inc., agreement dated 02/28/2025, maturing value of
$1,000,361,667 (collateralized by U.S. Treasury obligations valued at
$1,020,000,048; 0.25% - 4.75%; 05/31/2025 - 02/15/2050)
4.34%
03/03/2025
 
1,000,361,667
1,000,000,000
BofA Securities, Inc., joint agreement dated 02/28/2025, aggregate maturing
value of $1,200,436,000 (collateralized by U.S. Treasury obligations valued
at $1,224,000,006; 0.88% - 4.75%; 10/15/2025 - 05/15/2054)
4.36%
03/03/2025
 
500,181,667
500,000,000
BofA Securities, Inc., joint term agreement dated 01/27/2025, aggregate
maturing value of $1,750,634,375 (collateralized by U.S. Treasury
obligations valued at $1,785,000,094; 1.50% - 4.50%; 10/31/2026 -
08/15/2053)(d)(e)
4.35%
03/03/2025
 
750,271,875
750,000,000
BofA Securities, Inc., term agreement dated 01/02/2025, maturing value of
$500,182,500 (collateralized by U.S. Treasury obligations valued at
$510,000,061; 1.75% - 4.25%; 03/31/2027 - 08/15/2041)(d)
4.38%
03/03/2025
 
500,182,500
500,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $1,693,006,250 (collateralized by U.S. Treasury
obligations valued at $1,708,500,103; 0.00% - 5.00%; 03/13/2025 -
08/15/2054)(e)
4.30%
03/19/2025
 
758,062,500
750,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $505,315,278 (collateralized by U.S. Treasury obligations
valued at $510,000,112; 0.00% - 5.00%; 04/15/2025 - 11/15/2053)(e)
4.30%
03/19/2025
 
202,126,111
200,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $707,608,611 (collateralized by U.S. Treasury obligations
valued at $714,000,032; 0.00% - 5.00%; 03/13/2025 - 02/15/2054)(e)
4.30%
03/20/2025
 
303,260,833
300,000,000
Citigroup Global Markets, Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $1,200,435,000 (collateralized by U.S. Treasury
obligations valued at $1,224,000,022; 0.50% - 3.63%; 02/28/2027 -
08/31/2029)
4.35%
03/03/2025
 
200,072,500
200,000,000
Citigroup Global Markets, Inc., joint term agreement dated 02/27/2025,
aggregate maturing value of $8,006,766,667 (collateralized by U.S. Treasury
obligations valued at $8,160,000,009; 0.88% - 5.25%; 06/30/2027 -
07/31/2029)(e)
4.35%
03/06/2025
 
2,502,114,583
2,500,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/30/2025, aggregate maturing value of $1,508,820,000 (collateralized
by U.S. Treasury obligations valued at $1,530,000,023; 1.25% - 4.00%;
03/31/2027 - 08/15/2031)(e)
4.32%
03/20/2025
 
502,940,000
500,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/31/2025, aggregate maturing value of $1,005,760,000 (collateralized
by U.S. Treasury obligations valued at $1,020,000,056; 1.13% - 4.50%;
08/15/2040 - 05/15/2052)(e)
4.32%
03/20/2025
 
301,728,000
300,000,000
Federal Reserve Bank of New York, joint agreement dated 02/28/2025,
aggregate maturing value of $1,100,389,583 (collateralized by U.S. Treasury
obligations valued at $1,100,389,634; 1.63% - 4.63%; 05/15/2031 -
02/15/2040)
4.25%
03/03/2025
 
500,177,083
500,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement
dated 02/28/2025, aggregate maturing value of $7,502,725,000
(collateralized by U.S. Treasury obligations valued at $7,650,000,132;
0.00% - 4.50%; 02/28/2026 - 05/15/2052)
4.36%
03/03/2025
 
2,000,726,667
2,000,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Fixed Income Clearing Corp. - Citigroup Global Markets, Inc., joint agreement dated
02/28/2025, aggregate maturing value of $1,000,363,333 (collateralized
by U.S. Treasury obligations valued at $1,020,000,066; 0.00% - 6.63%;
03/31/2025 - 02/15/2055)
4.36%
03/03/2025
 
$300,109,000
$300,000,000
Fixed Income Clearing Corp. - State Street Bank, joint agreement dated
02/28/2025, aggregate maturing value of $2,000,726,667 (collateralized
by U.S. Treasury obligations valued at $2,040,000,198; 0.88% - 4.38%;
11/15/2042 - 08/15/2053)
4.36%
03/03/2025
 
750,272,500
750,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint agreement dated
02/28/2025, aggregate maturing value of $10,153,687,833 (collateralized
by U.S. Treasury obligations valued at $10,353,000,082; 0.00% - 5.00%;
03/13/2025 - 02/15/2055)
4.36%
03/03/2025
 
2,600,944,667
2,600,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/26/2025, aggregate maturing value of $1,500,180,833 (collateralized
by U.S. Treasury obligations valued at $1,530,000,139; 0.00% - 4.75%;
08/21/2025 - 08/15/2054)(e)(f)
4.34%
03/05/2025
 
485,058,469
485,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/27/2025, aggregate maturing value of $1,951,649,375 (collateralized
by U.S. Treasury obligations valued at $1,989,000,120; 0.00% - 5.00%;
03/31/2025 - 08/15/2054)(e)
4.35%
03/06/2025
 
1,100,930,417
1,100,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., term agreement dated
02/26/2025, maturing value of $750,272,500 (collateralized by
U.S. Treasury obligations valued at $765,000,077; 0.00% - 4.63%;
03/15/2025 - 02/15/2055)(g)
4.36%
03/17/2025
 
750,272,500
750,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., term agreement dated
02/27/2025, maturing value of $350,042,389 (collateralized by
U.S. Treasury obligations valued at $357,000,005; 1.25% - 5.00%;
04/15/2026 - 08/15/2052)(f)
4.36%
04/30/2025
 
350,042,389
350,000,000
Goldman Sachs & Co., joint agreement dated 02/28/2025, aggregate maturing
value of $1,000,363,333 (collateralized by U.S. Treasury obligations valued
at $1,020,000,086; 0.00% - 4.13%; 06/30/2026 - 02/15/2055)
4.36%
03/03/2025
 
250,090,833
250,000,000
ING Financial Markets, LLC, agreement dated 02/28/2025, maturing value of
$100,036,250 (collateralized by U.S. Treasury obligations valued at
$102,000,016; 4.38% - 4.88%; 10/31/2030 - 01/31/2032)
4.35%
03/03/2025
 
100,036,250
100,000,000
Metropolitan Life Insurance Co., joint term agreement dated 02/27/2025,
aggregate maturing value of $350,300,288 (collateralized by U.S. Treasury
obligations valued at $357,540,655; 0.00%; 02/15/2043 - 08/15/2046)(e)
4.36%
03/06/2025
 
100,086,141
100,001,362
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/26/2025,
aggregate maturing value of $2,672,253,183 (collateralized by U.S. Treasury
obligations valued at $2,724,384,963; 1.00% - 4.13%; 10/15/2027 -
11/15/2040)(e)
4.34%
03/05/2025
 
579,113,295
578,625,000
Mitsubishi UFJ Trust & Banking Corp., term agreement dated 02/26/2025,
maturing value of $100,084,194 (collateralized by a U.S. Treasury obligation
valued at $102,036,759; 1.13%; 05/15/2040)(e)
4.33%
03/05/2025
 
100,084,194
100,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$1,000,361,667 (collateralized by U.S. Treasury obligations valued at
$1,035,838,452; 0.00% - 5.38%; 03/20/2025 - 11/15/2052)
4.34%
03/03/2025
 
200,072,333
200,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$500,181,250 (collateralized by U.S. Treasury obligations valued at
$516,322,299; 0.00% - 4.88%; 03/20/2025 - 08/15/2053)
4.35%
03/03/2025
 
200,072,500
200,000,000
Prudential Legacy Insurance Company of New Jersey, agreement dated
02/28/2025, maturing value of $700,055,469 (collateralized by
U.S. Treasury obligations valued at $712,964,384; 0.00% - 4.75%;
02/15/2037 - 05/15/2054)
4.37%
03/03/2025
 
700,055,469
699,800,625
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
RBC Dominion Securities Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $2,500,906,250 (collateralized by U.S. Treasury
obligations valued at $2,550,924,407; 0.00% - 4.88%; 03/20/2025 -
08/15/2054)
4.35%
03/03/2025
 
$575,208,438
$575,000,000
Royal Bank of Canada, joint agreement dated 02/28/2025, aggregate maturing
value of $1,500,545,000 (collateralized by U.S. Treasury obligations valued
at $1,530,555,913; 0.00% - 4.50%; 07/15/2025 - 02/15/2055)
4.36%
03/03/2025
 
500,181,667
500,000,000
Royal Bank of Canada, term agreement dated 06/13/2024, maturing value of
$892,597,750 (collateralized by U.S. Treasury obligations valued at
$899,556,341; 0.00% - 6.38%; 08/31/2025 - 02/15/2053)(e)
5.14%
05/30/2025
 
892,597,750
850,000,000
Societe Generale, joint agreement dated 02/28/2025, aggregate maturing value
of $2,000,726,667 (collateralized by U.S. Treasury obligations valued at
$2,040,000,093; 0.25% - 4.63%; 03/31/2025 - 02/15/2035)
4.36%
03/03/2025
 
1,000,363,333
1,000,000,000
Societe Generale, joint term agreement dated 02/25/2025, aggregate maturing
value of $1,501,260,000 (collateralized by U.S. Treasury obligations valued
at $1,530,000,001; 0.13% - 4.75%; 02/28/2027 - 11/15/2053)(e)
4.32%
03/04/2025
 
400,336,000
400,000,000
Societe Generale, joint term agreement dated 02/26/2025, aggregate maturing
value of $1,251,052,431 (collateralized by U.S. Treasury obligations valued
at $1,275,000,082; 2.88% - 4.25%; 10/31/2026 - 04/30/2029)(e)
4.33%
03/05/2025
 
550,463,069
550,000,000
Societe Generale, joint term agreement dated 02/28/2025, aggregate maturing
value of $1,000,843,889 (collateralized by U.S. Treasury obligations valued
at $1,020,000,019; 1.25% - 4.00%; 11/30/2026 - 07/31/2029)(e)
4.34%
03/07/2025
 
300,253,167
300,000,000
Standard Chartered Bank, joint agreement dated 02/28/2025, aggregate
maturing value of $2,801,017,333 (collateralized by U.S. Treasury
obligations valued at $2,857,037,767; 0.00% - 5.00%; 03/11/2025 -
02/15/2055)
4.36%
03/03/2025
 
750,272,500
750,000,000
Teacher Retirement System of Texas, joint agreement dated 02/27/2025,
aggregate maturing value of $1,548,939,146 (collateralized by U.S. Treasury
obligations valued at $1,625,780,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.47%
03/03/2025
 
754,164,631
753,883,810
Teacher Retirement System of Texas, joint agreement dated 02/28/2025,
aggregate maturing value of $1,554,446,275 (collateralized by U.S. Treasury
obligations valued at $1,631,965,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.48%
03/04/2025
 
756,979,905
756,885,714
Total Repurchase Agreements (Cost $27,984,196,511)
27,984,196,511
TOTAL INVESTMENTS IN SECURITIES-100.00% (Cost $41,662,752,510)
41,662,752,510
OTHER ASSETS LESS LIABILITIES-(0.00)%
(69,530
)
NET ASSETS-100.00%
$41,662,682,980
Notes to Schedule of Investments: 
(a)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2025.
(c)
Principal amount equals value at period end. See Note 1J.
(d)
Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.
(e)
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(f)
Interest is paid periodically at specified time intervals. The Repurchase Amount includes one day of interest due at maturity. 
(g)
Interest is paid periodically at specified time intervals. The Repurchase Amount includes three days of interest due at maturity.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Short-Term Investments Trust
Schedule of Investments
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio

 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Government Sponsored Agency Securities-15.64%
Federal Farm Credit Bank (FFCB)-11.63%
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.45%
03/07/2025
 
$25,000
$25,000,000
Federal Farm Credit Bank (SOFR + 0.18%)(a)
4.54%
03/07/2025
 
10,000
10,000,212
Federal Farm Credit Bank (SOFR + 0.04%)(a)
4.40%
05/13/2025
 
23,000
23,000,000
Federal Farm Credit Bank (SOFR + 0.12%)(a)
4.48%
05/28/2025
 
60,000
60,000,000
Federal Farm Credit Bank (SOFR + 0.12%)(a)
4.48%
05/30/2025
 
25,000
25,000,000
Federal Farm Credit Bank (SOFR + 0.11%)(a)
4.47%
06/13/2025
 
154,000
154,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
06/27/2025
 
170,000
170,000,000
Federal Farm Credit Bank (SOFR + 0.24%)(a)
4.60%
08/05/2025
 
177,500
177,614,553
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
08/13/2025
 
100,000
100,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
08/22/2025
 
175,000
175,000,000
Federal Farm Credit Bank (1 mo. EFFR + 0.15%)(a)
4.48%
09/26/2025
 
112,956
112,985,510
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
10/03/2025
 
10,000
10,000,972
Federal Farm Credit Bank (SOFR + 0.35%)(a)
4.71%
11/25/2025
 
60,000
60,114,679
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
11/28/2025
 
25,275
25,274,527
Federal Farm Credit Bank (SOFR + 0.16%)(a)
4.52%
11/28/2025
 
242,000
242,000,000
Federal Farm Credit Bank (SOFR + 0.16%)(a)
4.52%
12/01/2025
 
77,000
77,000,000
Federal Farm Credit Bank (SOFR + 0.15%)(a)
4.51%
12/15/2025
 
24,000
24,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.51%
12/29/2025
 
550,000
550,000,000
Federal Farm Credit Bank (SOFR + 0.33%)(a)
4.69%
12/29/2025
 
20,000
20,033,393
Federal Farm Credit Bank (SOFR + 0.16%)(a)
4.52%
01/23/2026
 
58,000
58,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.51%
01/29/2026
 
350,000
350,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
01/30/2026
 
170,000
170,000,000
Federal Farm Credit Bank (SOFR + 0.08%)(a)
4.44%
03/04/2026
 
250,000
250,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
03/04/2026
 
286,000
286,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
03/05/2026
 
28,000
28,000,000
Federal Farm Credit Bank (SOFR + 0.11%)(a)
4.47%
03/26/2026
 
35,000
35,000,000
Federal Farm Credit Bank (SOFR + 0.11%)(a)
4.47%
04/09/2026
 
125,000
125,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.45%
05/14/2026
 
290,000
290,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.45%
05/21/2026
 
185,000
185,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
06/03/2026
 
213,000
213,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
06/18/2026
 
240,000
240,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
06/24/2026
 
230,000
230,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
07/01/2026
 
151,000
151,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.42%
08/07/2026
 
30,000
30,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
08/26/2026
 
107,000
107,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
09/04/2026
 
175,000
175,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
09/09/2026
 
192,000
192,028,940
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
09/25/2026
 
456,000
456,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
10/01/2026
 
465,000
465,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
10/06/2026
 
47,000
47,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
10/15/2026
 
413,000
413,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
11/02/2026
 
169,000
169,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
11/18/2026
 
600,000
600,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
11/23/2026
 
197,000
197,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/02/2026
 
186,000
186,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Federal Farm Credit Bank (FFCB)-(continued)
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/09/2026
 
$204,000
$204,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/18/2026
 
500,000
500,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/30/2026
 
19,000
19,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
01/27/2027
 
215,000
215,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
02/03/2027
 
95,000
95,000,000
Federal Farm Credit Bank (SOFR + 0.12%)(a)
4.45%
02/10/2027
 
340,000
340,000,000
 
 
 
 
9,062,052,786
Federal Home Loan Bank (FHLB)-3.90%
Federal Home Loan Bank(b)
4.37%
05/01/2025
 
100,000
99,276,472
Federal Home Loan Bank (SOFR)(a)
4.36%
05/27/2025
 
350,000
350,000,000
Federal Home Loan Bank (SOFR)(a)
4.36%
06/02/2025
 
165,000
165,000,000
Federal Home Loan Bank(b)
4.27%
06/09/2025
 
100,000
98,847,222
Federal Home Loan Bank(b)
4.26%
06/16/2025
 
265,000
261,739,175
Federal Home Loan Bank (SOFR + 0.01%)(a)
4.37%
06/27/2025
 
350,000
350,000,000
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
07/24/2025
 
217,000
217,000,000
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
08/21/2025
 
11,800
11,803,206
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
08/22/2025
 
180,000
180,000,000
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
09/02/2025
 
10,000
10,003,336
Federal Home Loan Bank (SOFR + 0.10%)(a)
4.46%
10/16/2025
 
22,000
22,000,000
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
11/12/2025
 
7,000
7,001,155
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
11/17/2025
 
10,000
10,003,083
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
11/20/2025
 
115,000
115,059,740
Federal Home Loan Bank (SOFR + 0.15%)(a)
4.51%
12/08/2025
 
37,000
37,000,000
Federal Home Loan Bank (SOFR + 0.15%)(a)
4.51%
12/11/2025
 
258,000
258,000,000
Federal Home Loan Bank (SOFR + 0.12%)(a)
4.48%
12/19/2025
 
50,000
49,999,920
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.51%
01/02/2026
 
8,000
8,001,130
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
01/26/2026
 
150,000
150,000,000
Federal Home Loan Bank (SOFR + 0.13%)(a)
4.49%
03/24/2026
 
28,000
28,000,000
Federal Home Loan Bank (SOFR + 0.25%)(a)
4.61%
03/27/2026
 
35,000
35,056,652
Federal Home Loan Bank (SOFR + 0.10%)(a)
4.46%
05/13/2026
 
384,000
384,000,000
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
09/24/2026
 
193,000
193,000,000
 
 
 
 
3,040,791,091
U.S. International Development Finance Corp. (DFC)-0.11%(c)
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
2,400
2,400,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
789
789,474
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
1,750
1,750,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
2,611
2,611,114
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
34,091
34,090,909
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
5,111
5,111,111
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. International Development Finance Corp. (DFC)(c)-(continued)
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.56%
03/12/2025
 
$5,252
$5,252,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.56%
03/12/2025
 
2,917
2,916,667
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.57%
03/12/2025
 
7,650
7,650,000
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
23,625
23,625,000
 
 
 
 
86,196,275
Total U.S. Government Sponsored Agency Securities (Cost $12,189,040,152)
12,189,040,152
U.S. Treasury Securities-5.21%
U.S. Treasury Bills-4.91%(b)
U.S. Treasury Bills
4.36%
03/27/2025
 
350,000
348,920,639
U.S. Treasury Bills
4.31%
04/03/2025
 
300,000
298,840,875
U.S. Treasury Bills
4.40%
04/10/2025
 
205,000
204,019,417
U.S. Treasury Bills
4.36%-5.20%
04/17/2025
 
865,000
859,670,066
U.S. Treasury Bills
5.02%
07/10/2025
 
325,000
319,352,899
U.S. Treasury Bills
4.13%-4.27%
10/02/2025
 
947,000
924,232,187
U.S. Treasury Bills
4.28%
10/30/2025
 
100,000
97,232,500
U.S. Treasury Bills
4.38%
11/28/2025
 
800,000
774,673,778
 
 
 
 
3,826,942,361
U.S. Treasury Floating Rate Notes-0.30%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.17%)(a)
4.41%
04/30/2025
 
229,000
228,998,889
Total U.S. Treasury Securities (Cost $4,055,941,250)
4,055,941,250
U.S. Government Sponsored Agency Mortgage-Backed Securities-3.08%
Federal Home Loan Mortgage Corp. (FHLMC)-0.83%
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
09/04/2026
 
296,000
296,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
09/23/2026
 
263,625
263,629,574
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
10/16/2026
 
7,000
7,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
10/29/2026
 
82,000
82,000,000
 
 
 
 
648,629,574
Federal National Mortgage Association (FNMA)-2.25%
Federal National Mortgage Association (SOFR + 0.10%)(a)
4.46%
06/18/2026
 
170,000
170,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
08/21/2026
 
403,000
403,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
09/11/2026
 
143,000
143,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
10/23/2026
 
103,000
103,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
11/20/2026
 
105,000
105,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
12/11/2026
 
831,250
831,250,000
 
 
 
 
1,755,250,000
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $2,403,879,574)
2,403,879,574
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-23.93%
(Cost $18,648,860,976)
18,648,860,976
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Repurchase Agreements-72.82%(d)
Bank of Montreal, agreement dated 02/28/2025, maturing value of
$200,071,833 (collateralized by U.S. Treasury obligations valued at
$204,000,050; 0.00% - 4.88%; 05/15/2025 - 01/31/2027)
4.31%
03/03/2025
 
$200,071,833
$200,000,000
Bank of Montreal, joint agreement dated 02/28/2025, aggregate maturing value
of $500,177,500 (collateralized by U.S. Treasury obligations valued at
$510,000,102; 0.00% - 4.75%; 04/15/2025 - 11/15/2043)
4.26%
03/03/2025
 
400,142,000
400,000,000
Bank of Montreal, joint term agreement dated 02/13/2025, aggregate maturing
value of $250,874,028 (collateralized by agency mortgage-backed securities
valued at $255,000,001; 2.00% - 6.00%; 04/01/2037 - 03/01/2055)
(Canada)(e)
4.34%
03/14/2025
 
150,524,417
150,000,000
Bank of Nova Scotia, agreement dated 02/28/2025, maturing value of
$500,181,250 (collateralized by U.S. Treasury obligations valued at
$510,000,010; 0.00% - 6.25%; 03/18/2025 - 02/15/2054)
4.35%
03/03/2025
 
500,181,250
500,000,000
BMO Capital Markets Corp., joint term agreement dated 02/10/2025, aggregate
maturing value of $1,003,383,333 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$1,020,000,080; 0.00% - 7.00%; 03/06/2025 - 02/20/2065) (Canada)(e)
4.35%
03/10/2025
 
451,522,500
450,000,000
BMO Capital Markets Corp., joint term agreement dated 02/28/2025, aggregate
maturing value of $1,506,387,500 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$1,530,000,372; 0.00% - 9.00%; 03/11/2025 - 07/20/2070) (Canada)(e)
4.38%
04/04/2025
 
959,066,708
955,000,000
BNP Paribas Securities Corp., joint term agreement dated 02/10/2025,
aggregate maturing value of $1,400,518,000 (collateralized by U.S. Treasury
obligations valued at $1,428,000,149; 0.00% - 4.88%; 04/15/2025 -
02/15/2054)(e)(f)
4.44%
03/03/2025
 
650,240,500
650,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/28/2024, aggregate
maturing value of $2,000,741,667 (collateralized by agency mortgage-
backed securities valued at $2,040,000,000; 0.13% - 9.00%; 07/01/2026
- 11/20/2064)(e)(f)
4.45%
03/03/2025
 
1,195,443,146
1,195,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/28/2024, aggregate
maturing value of $2,000,741,667 (collateralized by U.S. Treasury
obligations valued at $2,040,000,035; 0.00% - 6.13%; 03/31/2025 -
02/15/2045)(e)(f)
4.45%
03/03/2025
 
945,350,438
945,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/30/2024, aggregate
maturing value of $4,001,486,667 (collateralized by U.S. Treasury obligations
valued at $4,080,000,219; 0.00% - 6.88%; 03/27/2025 -
02/15/2055)(e)(f)
4.46%
03/03/2025
 
2,100,780,500
2,100,000,000
BofA Securities, Inc., agreement dated 02/28/2025, maturing value of
$300,107,000 (collateralized by U.S. Treasury obligations valued at
$306,000,079; 0.88% - 4.75%; 07/31/2026 - 02/15/2041)
4.28%
03/03/2025
 
300,107,000
300,000,000
BofA Securities, Inc., joint agreement dated 02/28/2025, aggregate maturing
value of $1,200,436,000 (collateralized by U.S. Treasury obligations valued
at $1,224,000,006; 0.88% - 4.75%; 10/15/2025 - 05/15/2054)
4.36%
03/03/2025
 
700,254,333
700,000,000
BofA Securities, Inc., joint agreement dated 02/28/2025, aggregate maturing
value of $250,089,583 (collateralized by U.S. Treasury obligations valued at
$255,000,031; 3.63% - 4.88%; 02/28/2026 - 04/15/2028)
4.30%
03/03/2025
 
150,053,750
150,000,000
BofA Securities, Inc., joint term agreement dated 01/27/2025, aggregate
maturing value of $1,750,634,375 (collateralized by U.S. Treasury
obligations valued at $1,785,000,094; 1.50% - 4.50%; 10/31/2026 -
08/15/2053)(e)(f)
4.35%
03/03/2025
 
1,000,362,500
1,000,000,000
CIBC World Markets Corp., agreement dated 02/28/2025, maturing value of
$450,163,125 (collateralized by U.S. Treasury obligations valued at
$459,000,069; 0.00% - 5.00%; 03/13/2025 - 08/15/2045)
4.35%
03/03/2025
 
450,163,125
450,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $1,693,006,250 (collateralized by U.S. Treasury
obligations valued at $1,708,500,103; 0.00% - 5.00%; 03/13/2025 -
08/15/2054)(e)
4.30%
03/19/2025
 
$934,943,750
$925,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $505,315,278 (collateralized by U.S. Treasury obligations
valued at $510,000,112; 0.00% - 5.00%; 04/15/2025 - 11/15/2053)(e)
4.30%
03/19/2025
 
303,189,167
300,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $707,608,611 (collateralized by U.S. Treasury obligations
valued at $714,000,032; 0.00% - 5.00%; 03/13/2025 - 02/15/2054)(e)
4.30%
03/20/2025
 
404,347,778
400,000,000
CIBC World Markets Corp., term agreement dated 02/06/2025, maturing value of
$502,095,139 (collateralized by U.S. Treasury obligations valued at
$510,000,018; 0.00% - 4.63%; 02/15/2026 - 02/15/2053)(e)
4.31%
03/13/2025
 
502,095,139
500,000,000
CIBC World Markets Corp., term agreement dated 02/20/2025, maturing value of
$250,870,000 (collateralized by U.S. Treasury obligations and agency
mortgage-backed securities valued at $255,000,000; 0.00% - 7.02%;
02/15/2026 - 06/01/2063)(e)
4.32%
03/21/2025
 
250,870,000
250,000,000
CIBC World Markets Corp., term agreement dated 02/28/2025, maturing value of
$95,239,954 (collateralized by U.S. Treasury obligations valued at
$96,900,064; 0.00% - 5.00%; 05/22/2025 - 05/15/2054)(e)
4.33%
03/21/2025
 
95,239,954
95,000,000
Citigroup Global Markets, Inc., agreement dated 02/28/2025, maturing value of
$200,070,833 (collateralized by U.S. Treasury obligations valued at
$204,000,027; 0.50% - 4.25%; 12/15/2027 - 02/28/2029)
4.25%
03/03/2025
 
200,070,833
200,000,000
Citigroup Global Markets, Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $1,200,435,000 (collateralized by U.S. Treasury
obligations valued at $1,224,000,022; 0.50% - 3.63%; 02/28/2027 -
08/31/2029)
4.35%
03/03/2025
 
700,253,750
700,000,000
Citigroup Global Markets, Inc., joint term agreement dated 02/27/2025,
aggregate maturing value of $1,201,017,333 (collateralized by U.S. Treasury
obligations, agency mortgage-backed securities and U.S. government
sponsored agency obligations valued at $1,224,000,048; 0.00% - 8.00%;
04/28/2025 - 09/15/2065)(e)
4.36%
03/06/2025
 
360,305,200
360,000,000
Citigroup Global Markets, Inc., joint term agreement dated 02/27/2025,
aggregate maturing value of $8,006,766,667 (collateralized by U.S. Treasury
obligations valued at $8,160,000,009; 0.88% - 5.25%; 06/30/2027 -
07/31/2029)(e)
4.35%
03/06/2025
 
3,392,867,375
3,390,000,000
Credit Agricole Corporate & Investment Bank, agreement dated 02/28/2025,
maturing value of $500,181,667 (collateralized by U.S. Treasury obligations
valued at $510,000,073; 0.38% - 4.13%; 08/31/2026 - 08/15/2030)
4.36%
03/03/2025
 
500,181,667
500,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/30/2025, aggregate maturing value of $1,508,820,000 (collateralized
by U.S. Treasury obligations valued at $1,530,000,023; 1.25% - 4.00%;
03/31/2027 - 08/15/2031)(e)
4.32%
03/20/2025
 
754,410,000
750,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/31/2025, aggregate maturing value of $1,005,760,000 (collateralized
by U.S. Treasury obligations valued at $1,020,000,056; 1.13% - 4.50%;
08/15/2040 - 05/15/2052)(e)
4.32%
03/20/2025
 
442,534,400
440,000,000
Federal Reserve Bank of New York, joint agreement dated 02/28/2025,
aggregate maturing value of $1,100,389,583 (collateralized by U.S. Treasury
obligations valued at $1,100,389,634; 1.63% - 4.63%; 05/15/2031 -
02/15/2040)
4.25%
03/03/2025
 
600,212,500
600,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement
dated 02/28/2025, aggregate maturing value of $7,502,725,000
(collateralized by U.S. Treasury obligations valued at $7,650,000,132;
0.00% - 4.50%; 02/28/2026 - 05/15/2052)
4.36%
03/03/2025
 
4,076,480,583
4,075,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Fixed Income Clearing Corp. - Citigroup Global Markets, Inc., joint agreement dated
02/28/2025, aggregate maturing value of $1,000,363,333 (collateralized
by U.S. Treasury obligations valued at $1,020,000,066; 0.00% - 6.63%;
03/31/2025 - 02/15/2055)
4.36%
03/03/2025
 
$700,254,333
$700,000,000
Fixed Income Clearing Corp. - State Street Bank, joint agreement dated
02/28/2025, aggregate maturing value of $2,000,726,667 (collateralized
by U.S. Treasury obligations valued at $2,040,000,198; 0.88% - 4.38%;
11/15/2042 - 08/15/2053)
4.36%
03/03/2025
 
1,250,454,167
1,250,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint agreement dated
02/28/2025, aggregate maturing value of $10,153,687,833 (collateralized
by U.S. Treasury obligations valued at $10,353,000,082; 0.00% - 5.00%;
03/13/2025 - 02/15/2055)
4.36%
03/03/2025
 
5,602,034,667
5,600,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/26/2025, aggregate maturing value of $1,500,180,833 (collateralized
by U.S. Treasury obligations valued at $1,530,000,139; 0.00% - 4.75%;
08/21/2025 - 08/15/2054)(e)(g)
4.34%
03/05/2025
 
785,094,636
785,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/27/2025, aggregate maturing value of $1,951,649,375 (collateralized
by U.S. Treasury obligations valued at $1,989,000,120; 0.00% - 5.00%;
03/31/2025 - 08/15/2054)(e)
4.35%
03/06/2025
 
750,634,375
750,000,000
Goldman Sachs & Co., joint agreement dated 02/28/2025, aggregate maturing
value of $1,000,363,333 (collateralized by U.S. Treasury obligations valued
at $1,020,000,086; 0.00% - 4.13%; 06/30/2026 - 02/15/2055)
4.36%
03/03/2025
 
750,272,500
750,000,000
ING Financial Markets, LLC, joint term agreement dated 01/30/2025, aggregate
maturing value of $251,476,806 (collateralized by agency mortgage-backed
securities valued at $255,000,001; 2.00% - 6.50%; 07/01/2051 -
03/01/2054)
4.34%
03/20/2025
 
140,827,011
140,000,000
J.P. Morgan Securities LLC, joint open agreement dated 09/17/2024
(collateralized by a U.S. Treasury obligation and agency mortgage-backed
securities valued at $1,020,000,001; 0.00% - 8.00%; 09/15/2025 -
06/16/2063)(f)
4.40%
03/03/2025
 
888,017,113
885,000,000
Metropolitan Life Insurance Co., joint term agreement dated 02/27/2025,
aggregate maturing value of $350,300,288 (collateralized by U.S. Treasury
obligations valued at $357,540,655; 0.00%; 02/15/2043 - 08/15/2046)(e)
4.36%
03/06/2025
 
170,144,735
170,000,613
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/26/2025,
aggregate maturing value of $2,672,253,183 (collateralized by U.S. Treasury
obligations valued at $2,724,384,963; 1.00% - 4.13%; 10/15/2027 -
11/15/2040)(e)
4.34%
03/05/2025
 
1,636,805,117
1,635,425,000
Natixis, agreement dated 02/28/2025, maturing value of $500,182,083
(collateralized by U.S. Treasury obligations and agency mortgage-backed
securities valued at $510,000,031; 1.75% - 6.50%; 03/31/2027 -
03/25/2055)
4.37%
03/03/2025
 
500,182,083
500,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$1,000,361,667 (collateralized by U.S. Treasury obligations valued at
$1,035,838,452; 0.00% - 5.38%; 03/20/2025 - 11/15/2052)
4.34%
03/03/2025
 
800,289,333
800,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$500,181,250 (collateralized by U.S. Treasury obligations valued at
$516,322,299; 0.00% - 4.88%; 03/20/2025 - 08/15/2053)
4.35%
03/03/2025
 
300,108,750
300,000,000
Prudential Insurance Co. of America, agreement dated 02/28/2025, maturing
value of $731,043,625 (collateralized by U.S. Treasury obligations valued at
$744,928,528; 0.00% - 4.38%; 07/31/2026 - 11/15/2046)
4.37%
03/03/2025
 
731,043,625
730,777,500
RBC Dominion Securities Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $2,500,906,250 (collateralized by U.S. Treasury
obligations valued at $2,550,924,407; 0.00% - 4.88%; 03/20/2025 -
08/15/2054)
4.35%
03/03/2025
 
1,300,471,250
1,300,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
RBC Dominion Securities Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $2,796,017,846 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$2,851,938,203; 0.00% - 6.50%; 04/15/2026 - 02/20/2055)
4.37%
03/03/2025
 
$1,420,517,117
$1,420,000,000
Royal Bank of Canada, joint agreement dated 02/28/2025, aggregate maturing
value of $1,500,545,000 (collateralized by U.S. Treasury obligations valued
at $1,530,555,913; 0.00% - 4.50%; 07/15/2025 - 02/15/2055)
4.36%
03/03/2025
 
500,181,667
500,000,000
Royal Bank of Canada, joint agreement dated 02/28/2025, aggregate maturing
value of $1,506,548,435 (collateralized by U.S. Treasury obligations and
agency mortgage-backed securities valued at $1,536,679,471; 0.00% -
7.00%; 02/19/2026 - 02/20/2055)
4.37%
03/03/2025
 
1,100,400,583
1,100,000,000
Royal Bank of Canada, joint term agreement dated 06/13/2024, aggregate
maturing value of $3,692,889,960 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$3,721,512,552; 0.00% - 8.50%; 05/06/2025 - 11/20/2064)(e)
5.16%
05/30/2025
 
2,730,806,000
2,600,000,000
Societe Generale, joint agreement dated 02/28/2025, aggregate maturing value
of $2,000,726,667 (collateralized by U.S. Treasury obligations valued at
$2,040,000,093; 0.25% - 4.63%; 03/31/2025 - 02/15/2035)
4.36%
03/03/2025
 
850,308,833
850,000,000
Societe Generale, joint term agreement dated 02/25/2025, aggregate maturing
value of $1,501,260,000 (collateralized by U.S. Treasury obligations valued
at $1,530,000,001; 0.13% - 4.75%; 02/28/2027 - 11/15/2053)(e)
4.32%
03/04/2025
 
750,630,000
750,000,000
Societe Generale, joint term agreement dated 02/26/2025, aggregate maturing
value of $1,251,052,431 (collateralized by U.S. Treasury obligations valued
at $1,275,000,082; 2.88% - 4.25%; 10/31/2026 - 04/30/2029)(e)
4.33%
03/05/2025
 
500,420,972
500,000,000
Societe Generale, joint term agreement dated 02/26/2025, aggregate maturing
value of $750,632,917 (collateralized by agency mortgage-backed securities
valued at $765,000,950; 2.00% - 6.00%; 07/01/2050 - 02/01/2055)(e)
4.34%
03/05/2025
 
500,421,944
500,000,000
Societe Generale, joint term agreement dated 02/28/2025, aggregate maturing
value of $1,000,843,889 (collateralized by U.S. Treasury obligations valued
at $1,020,000,019; 1.25% - 4.00%; 11/30/2026 - 07/31/2029)(e)
4.34%
03/07/2025
 
380,320,678
380,000,000
Standard Chartered Bank, joint agreement dated 02/28/2025, aggregate
maturing value of $2,500,910,417 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$2,550,928,659; 0.13% - 7.50%; 11/15/2025 - 12/15/2066)
4.37%
03/03/2025
 
775,282,229
775,000,000
Standard Chartered Bank, joint agreement dated 02/28/2025, aggregate
maturing value of $2,801,017,333 (collateralized by U.S. Treasury
obligations valued at $2,857,037,767; 0.00% - 5.00%; 03/11/2025 -
02/15/2055)
4.36%
03/03/2025
 
1,012,367,693
1,012,000,000
Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2025, aggregate
maturing value of $4,301,565,917 (collateralized by agency mortgage-
backed securities valued at $4,446,469,970; 3.00% - 6.50%; 10/20/2042
- 11/20/2054)
4.37%
03/03/2025
 
1,280,166,024
1,279,700,000
Teacher Retirement System of Texas, joint agreement dated 02/27/2025,
aggregate maturing value of $1,548,939,146 (collateralized by U.S. Treasury
obligations valued at $1,625,780,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.47%
03/03/2025
 
794,774,515
794,478,571
Teacher Retirement System of Texas, joint agreement dated 02/28/2025,
aggregate maturing value of $1,554,446,275 (collateralized by U.S. Treasury
obligations valued at $1,631,965,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.48%
03/04/2025
 
797,466,371
797,367,143
Wells Fargo Securities, LLC, agreement dated 02/28/2025, maturing value of
$750,273,125 (collateralized by agency mortgage-backed securities valued at
$765,000,000; 2.00% - 7.00%; 03/20/2028 - 01/20/2055)
4.37%
03/03/2025
 
750,273,125
750,000,000
Wells Fargo Securities, LLC, joint term agreement dated 01/03/2025, aggregate
maturing value of $913,267,500 (collateralized by agency mortgage-backed
securities and U.S. government sponsored agency obligations valued at
$918,000,801; 0.00% - 7.00%; 03/07/2025 - 09/01/2057)
4.35%
05/05/2025
 
523,606,700
516,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Wells Fargo Securities, LLC, joint term agreement dated 01/15/2025, aggregate
maturing value of $2,208,816,500 (collateralized by agency mortgage-
backed securities valued at $2,228,700,000; 1.00% - 7.50%; 07/01/2025
- 01/01/2059)
4.36%
04/15/2025
 
$1,551,731,500
$1,535,000,000
Wells Fargo Securities, LLC, joint term agreement dated 02/27/2025, aggregate
maturing value of $869,417,000 (collateralized by agency mortgage-backed
securities and U.S. government sponsored agency obligations valued at
$877,200,001; 0.00% - 7.00%; 03/03/2025 - 01/01/2059)
4.38%
05/28/2025
 
758,212,500
750,000,000
Total Repurchase Agreements (Cost $56,735,748,827)
56,735,748,827
TOTAL INVESTMENTS IN SECURITIES(h)-96.75% (Cost $75,384,609,803)
75,384,609,803
OTHER ASSETS LESS LIABILITIES-3.25%
2,530,485,928
NET ASSETS-100.00%
$77,915,095,731
Investment Abbreviations: 
EFFR
-Effective Federal Funds Rate
SOFR
-Secured Overnight Financing Rate
VRD
-Variable Rate Demand
Notes to Schedule of Investments: 
(a)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2025.
(b)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(c)
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the
issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2025.
(d)
Principal amount equals value at period end. See Note 1J.
(e)
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(f)
Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.
(g)
Interest is paid periodically at specified time intervals. The Repurchase Amount includes one day of interest due at maturity. 
(h)
Also represents cost for federal income tax purposes.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13
Short-Term Investments Trust
Schedule of Investments
February 28, 2025
(Unaudited)
Invesco Treasury Obligations Portfolio

 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Treasury Securities-108.28%
U.S. Treasury Bills-96.78%(a)
U.S. Treasury Bills
4.26%-4.27%
03/04/2025
 
$80,975
$80,946,523
U.S. Treasury Bills
4.41%-4.76%
03/06/2025
 
24,500
24,484,728
U.S. Treasury Bills
4.24%-4.26%
03/11/2025
 
78,800
78,707,274
U.S. Treasury Bills
4.64%
03/13/2025
 
8,000
7,987,920
U.S. Treasury Bills
4.24%-4.44%
03/18/2025
 
185,000
184,627,091
U.S. Treasury Bills
4.34%-5.16%
03/20/2025
 
15,000
14,964,377
U.S. Treasury Bills
4.26%-4.28%
03/25/2025
 
135,000
134,617,733
U.S. Treasury Bills
4.29%
03/27/2025
 
15,000
14,954,067
U.S. Treasury Bills
4.39%
04/01/2025
 
199,500
198,796,871
U.S. Treasury Bills
4.24%-4.31%
04/03/2025
 
44,000
43,830,135
U.S. Treasury Bills
4.27%-4.38%
04/08/2025
 
79,000
78,644,927
U.S. Treasury Bills
4.40%
04/10/2025
 
10,000
9,952,167
U.S. Treasury Bills
4.26%-4.28%
04/15/2025
 
94,400
93,900,176
U.S. Treasury Bills
4.37%-5.04%
04/17/2025
 
11,000
10,934,137
U.S. Treasury Bills
4.24%-4.26%
04/22/2025
 
46,200
45,917,607
U.S. Treasury Bills
4.26%
04/29/2025
 
58,000
57,612,004
U.S. Treasury Bills
4.42%
05/01/2025
 
9,000
8,934,044
U.S. Treasury Bills
0.00%
05/08/2025
 
40,000
39,680,933
U.S. Treasury Bills
4.27%
05/13/2025
 
12,000
11,897,192
U.S. Treasury Bills
4.41%-5.18%
05/15/2025
 
19,500
19,319,075
U.S. Treasury Bills
4.22%-4.44%
05/29/2025
 
38,000
37,603,870
U.S. Treasury Bills
4.35%
06/05/2025
 
7,000
6,920,573
U.S. Treasury Bills
4.26%
06/26/2025
 
15,000
14,796,712
U.S. Treasury Bills
5.02%
07/10/2025
 
4,000
3,930,497
U.S. Treasury Bills
4.12%-4.22%
10/02/2025
 
13,000
12,688,137
U.S. Treasury Bills
4.27%-4.28%
10/30/2025
 
18,500
17,988,450
U.S. Treasury Bills
4.38%
11/28/2025
 
14,000
13,556,791
 
 
 
 
1,268,194,011
U.S. Treasury Floating Rate Notes-9.63%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.17%)(b)
4.41%
04/30/2025
 
14,200
14,199,905
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.13%)(b)
4.36%
07/31/2025
 
11,000
10,997,362
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.15%)(b)
4.39%
04/30/2026
 
15,000
14,998,713
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.18%)(b)
4.42%
07/31/2026
 
30,000
29,971,812
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.21%)(b)
4.44%
10/31/2026
 
22,000
22,029,887
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.10%)(b)
4.34%
01/31/2027
 
34,000
34,002,439
 
 
 
 
126,200,118
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Obligations Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Treasury Notes-1.87%
U.S. Treasury Note
0.25%
09/30/2025
 
$25,000
$24,426,362
TOTAL INVESTMENTS IN SECURITIES-108.28% (Cost $1,418,820,491)
1,418,820,491
OTHER ASSETS LESS LIABILITIES-(8.28)%
(108,476,282
)
NET ASSETS-100.00%
$1,310,344,209
Notes to Schedule of Investments: 
(a)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2025.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15
Short-Term Investments Trust
Statements of Assets and Liabilities
February 28, 2025
(Unaudited)

 
 
Invesco Treasury
Portfolio
Invesco Government
& Agency Portfolio
Invesco Treasury
Obligations
Portfolio
Assets:
Investments in unaffiliated securities, at value
$13,678,555,999
$18,648,860,976
$1,418,820,491
Repurchase agreements, at value and cost
27,984,196,511
56,735,748,827
-
Cash
717,352,838
3,167,174,664
91,446
Receivable for:
Fund shares sold
13,891,229
15,431,152
35,338
Interest
117,265,685
300,725,956
474,838
Fund expenses absorbed
843,745
-
33,793
Investment for trustee deferred compensation and retirement plans
2,130,138
970,478
103,550
Other assets
412,415
1,049,667
94,859
Total assets
42,514,648,560
78,869,961,720
1,419,654,315
Liabilities:
Payable for:
Investments purchased
756,885,714
797,367,143
107,518,979
Fund shares reacquired
6,743,656
5,689,628
43,365
Dividends
78,167,309
139,904,818
1,318,037
Accrued fees to affiliates
7,618,822
10,467,295
293,612
Accrued trustees’ and officers’ fees and benefits
174,171
13,896
6,202
Accrued operating expenses
83,845
285,584
18,091
Trustee deferred compensation and retirement plans
2,292,063
1,137,625
111,820
Total liabilities
851,965,580
954,865,989
109,310,106
Net assets applicable to shares outstanding
$41,662,682,980
$77,915,095,731
$1,310,344,209
Net assets consist of:
Shares of beneficial interest
$41,663,310,767
$77,935,051,112
$1,310,805,126
Distributable earnings (loss)
(627,787
)
(19,955,381
)
(460,917
)
 
$41,662,682,980
$77,915,095,731
$1,310,344,209
Net Assets:
Cash Management Class
$585,651,223
$886,813,927
$6,257,856
CAVU Securities Class
$2,014,726,613
$13,291,474,845
$-
Corporate Class
$1,839,847,692
$624,258,121
$11,859
Institutional Class
$33,944,454,781
$58,863,712,700
$1,045,068,994
Personal Investment Class
$1,204,024,846
$100,307,610
$11,413
Premier Class
$-
$2,226,904,829
$-
Private Investment Class
$1,471,590,925
$1,272,661,312
$107,319,448
Reserve Class
$571,968,755
$514,567,159
$150,486,193
Resource Class
$30,418,145
$134,395,228
$1,188,446
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16
Short-Term Investments Trust
Statements of Assets and Liabilities—(continued)
February 28, 2025
(Unaudited)
 
Invesco Treasury
Portfolio
Invesco Government
& Agency Portfolio
Invesco Treasury
Obligations
Portfolio
Shares outstanding, no par value,
unlimited number of shares authorized:
Cash Management Class
585,623,158
887,045,213
6,259,790
CAVU Securities Class
2,014,630,006
13,294,857,355
-
Corporate Class
1,839,759,553
624,416,949
11,862
Institutional Class
33,942,842,275
58,878,700,576
1,045,390,909
Personal Investment Class
1,203,967,070
100,333,108
11,417
Premier Class
-
2,227,472,117
-
Private Investment Class
1,471,520,411
1,272,985,138
107,352,630
Reserve Class
571,941,358
514,697,947
150,532,778
Resource Class
30,416,688
134,429,420
1,188,813
Net asset value, offering and redemption price per share for each class
$1.00
$1.00
$1.00
Cost of Investments
$41,662,752,510
$75,384,609,803
$1,418,820,491
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17
Short-Term Investments Trust
Statements of Operations
For the six months ended February 28, 2025
(Unaudited)

 
 
Invesco Treasury
Portfolio
Invesco Government
& Agency Portfolio
Invesco Treasury
Obligations
Portfolio
Investment income:
Interest
$806,600,528
$1,542,243,099
$33,130,190
Expenses:
Advisory fees
25,709,047
32,610,265
886,994
Administrative services fees
7,541,424
14,372,996
308,461
Custodian fees
148,908
1,832,898
793
Distribution fees:
Cash Management Class
217,622
352,646
968
Corporate Class
235,019
70,330
2
Personal Investment Class
3,150,274
284,700
31
Private Investment Class
2,082,976
1,940,422
95,450
Reserve Class
2,497,819
2,491,089
563,864
Resource Class
24,904
105,185
1,027
Transfer agent fees
1,542,685
2,935,231
63,093
Trustees’ and officers’ fees and benefits
233,567
508,006
22,938
Registration and filing fees
280,888
362,187
75,934
Reports to shareholders
39,544
37,735
5,101
Professional services fees
144,961
325,083
31,556
Other
208,784
1,112,144
46,443
Total expenses
44,058,422
59,340,917
2,102,655
Less: Fees waived and expenses reimbursed
(4,981,849
)
(2,395,545
)
(178,908
)
Net expenses
39,076,573
56,945,372
1,923,747
Net investment income
767,523,955
1,485,297,727
31,206,443
Net realized gain from unaffiliated investment securities
546,874
594,414
14,978
Net increase in net assets resulting from operations
$768,070,829
$1,485,892,141
$31,221,421
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18
Short-Term Investments Trust
Statements of Changes in Net Assets
For the six months ended February 28, 2025 and the year ended August 31, 2024
(Unaudited)

 
 
Invesco Treasury Portfolio
Invesco Government & Agency Portfolio
 
February 28,
2025
August 31,
2024
February 28,
2025
August 31,
2024
Operations:
Net investment income
$767,523,955
$1,798,523,091
$1,485,297,727
$3,528,423,714
 
Net realized gain
546,874
588,216
594,414
5,590,379
 
Net increase in net assets resulting from operations
768,070,829
1,799,111,307
1,485,892,141
3,534,014,093
 
Distributions to shareholders from distributable earnings:
Cash Management Class
(12,071,357
)
(20,301,185
)
(19,893,251
)
(28,249,324
)
 
CAVU Securities Class
(26,668,884
)
(64,820,637
)
(229,824,095
)
(524,316,880
)
 
Corporate Class
(35,314,150
)
(87,424,956
)
(10,554,043
)
(20,482,672
)
 
Institutional Class
(630,071,294
)
(1,491,466,650
)
(1,138,273,842
)
(2,850,941,667
)
 
Personal Investment Class
(22,792,103
)
(45,434,838
)
(2,092,058
)
(3,967,725
)
 
Premier Class
-
-
(43,292,710
)
(5,919,550
)
 
Private Investment Class
(29,389,015
)
(58,364,064
)
(27,813,055
)
(63,152,533
)
 
Reserve Class
(10,534,271
)
(28,547,353
)
(10,635,381
)
(22,679,822
)
 
Resource Class
(682,881
)
(2,163,408
)
(2,919,292
)
(8,713,541
)
 
Total distributions from distributable earnings
(767,523,955
)
(1,798,523,091
)
(1,485,297,727
)
(3,528,423,714
)
 
Share transactions-net:
Cash Management Class
132,607,139
274,262,107
173,947,258
77,173,596
 
CAVU Securities Class
539,049,500
209,970,253
5,251,967,110
(4,720,514,007
)
 
Corporate Class
129,748,550
147,046,591
370,859,582
(42,052,014
)
 
Institutional Class
9,077,027,967
(3,968,533,305
)
17,152,698,845
(23,954,606,903
)
 
Personal Investment Class
162,795,894
193,522,167
(1,105,231
)
14,701,368
 
Premier Class
-
-
1,155,607,482
1,071,864,635
 
Private Investment Class
197,411,453
187,049,599
(75,787,350
)
376,265,090
 
Reserve Class
49,259,836
(93,504,210
)
(14,614,560
)
86,941,326
 
Resource Class
1,636,281
(62,351,419
)
9,187,499
(40,729,025
)
 
Net increase (decrease) in net assets resulting from share
transactions
10,289,536,620
(3,112,538,217
)
24,022,760,635
(27,130,955,934
)
 
Net increase (decrease) in net assets
10,290,083,494
(3,111,950,001
)
24,023,355,049
(27,125,365,555
)
 
Net assets:
Beginning of period
31,372,599,486
34,484,549,487
53,891,740,682
81,017,106,237
 
End of period
$41,662,682,980
$31,372,599,486
$77,915,095,731
$53,891,740,682
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19
Short-Term Investments Trust
Statements of Changes in Net Assets—(continued)
For the six months ended February 28, 2025 and the year ended August 31, 2024
(Unaudited)
 
 
Invesco Treasury Obligations Portfolio
 
February 28,
2025
August 31,
2024
Operations:
Net investment income
$31,206,443
$77,226,626
 
Net realized gain
14,978
17,841
 
Net increase in net assets resulting from operations
31,221,421
77,244,467
 
Distributions to shareholders from distributable earnings:
Cash Management Class
(53,152
)
(295,678
)
 
Corporate Class
(262
)
(31,523
)
 
Institutional Class
(27,130,449
)
(69,995,123
)
 
Personal Investment Class
(227
)
(541
)
 
Private Investment Class
(1,627,141
)
(1,796,244
)
 
Reserve Class
(2,367,053
)
(4,886,532
)
 
Resource Class
(28,159
)
(220,985
)
 
Total distributions from distributable earnings
(31,206,443
)
(77,226,626
)
 
Share transactions-net:
Cash Management Class
4,224,208
(8,328,333
)
 
Corporate Class
311
(2,766,908
)
 
Institutional Class
(237,998,353
)
(200,148,453
)
 
Personal Investment Class
(563
)
1,336
 
Private Investment Class
57,590,963
25,697,808
 
Reserve Class
21,702,318
54,825,820
 
Resource Class
(356,427
)
(4,698,869
)
 
Net increase (decrease) in net assets resulting from share transactions
(154,837,543
)
(135,417,599
)
 
Net increase (decrease) in net assets
(154,822,565
)
(135,399,758
)
 
Net assets:
Beginning of period
1,465,166,774
1,600,566,532
 
End of period
$1,310,344,209
$1,465,166,774
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20
Short-Term Investments Trust
Financial Highlights
(Unaudited)
The following schedule presents financial highlights for a share of the Funds outstanding throughout the periods indicated.
Cash Management 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
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 Treasury Portfolio
Six months ended 02/28/25
$1.00
$0.02
$0.00
$0.02
$(0.02
)
$-
$(0.02
)
$1.00
2.24
%
$585,651
0.26
%(c)
0.29
%(c)
4.45
%(c)
Year ended 08/31/24
1.00
0.05
0.00
0.05
(0.05
)
-
(0.05
)
1.00
5.28
453,030
0.26
0.29
5.16
Year ended 08/31/23
1.00
0.04
0.00
0.04
(0.04
)
-
(0.04
)
1.00
4.29
178,756
0.26
0.30
4.30
Year ended 08/31/22
1.00
0.00
0.00
0.00
(0.00
)
-
(0.00
)
1.00
0.42
394,772
0.16
0.29
0.44
Year ended 08/31/21
1.00
0.00
0.00
0.00
(0.00
)
-
(0.00
)
1.00
0.01
452,222
0.10
0.29
0.01
Year ended 08/31/20
1.00
0.01
0.00
0.01
(0.01
)
(0.00
)
(0.01
)
1.00
0.84
371,958
0.26
0.29
0.78
Invesco Government & Agency Portfolio
Six months ended 02/28/25
1.00
0.02
0.00
0.02
(0.02
)
-
(0.02
)
1.00
2.26
886,814
0.24
(c)
0.25
(c)
4.49
(c)
Year ended 08/31/24
1.00
0.05
(0.00
)
0.05
(0.05
)
-
(0.05
)
1.00
5.29
712,830
0.24
0.24
5.14
Year ended 08/31/23
1.00
0.04
0.00
0.04
(0.04
)
-
(0.04
)
1.00
4.30
635,720
0.24
0.24
4.31
Year ended 08/31/22
1.00
0.01
(0.01
)
0.00
(0.00
)
-
(0.00
)
1.00
0.47
1,142,406
0.15
0.24
0.50
Year ended 08/31/21
1.00
0.00
0.00
0.00
(0.00
)
-
(0.00
)
1.00
0.02
747,956
0.08
0.24
0.02
Year ended 08/31/20
1.00
0.01
(0.00
)
0.01
(0.01
)
(0.00
)
(0.01
)
1.00
0.87
431,476
0.23
0.23
0.77
Invesco Treasury Obligations Portfolio
Six months ended 02/28/25
1.00
0.02
(0.00
)
0.02
(0.02
)
-
(0.02
)
1.00
2.23
6,258
0.26
(c)
0.29
(c)
4.47
(c)
Year ended 08/31/24
1.00
0.05
0.00
0.05
(0.05
)
-
(0.05
)
1.00
5.23
2,035
0.26
0.29
5.11
Year ended 08/31/23
1.00
0.04
0.00
0.04
(0.04
)
-
(0.04
)
1.00
4.17
10,362
0.26
0.28
4.14
Year ended 08/31/22
1.00
0.00
(0.00
)
0.00
(0.00
)
-
(0.00
)
1.00
0.40
79
0.16
0.29
0.43
Year ended 08/31/21
1.00
0.00
0.00
0.00
(0.00
)
-
(0.00
)
1.00
0.01
253
0.10
0.29
0.01
Year ended 08/31/20
1.00
0.01
(0.00
)
0.01
(0.01
)
-
(0.01
)
1.00
0.87
341
0.26
0.28
0.76
 
 
(a)
Calculated using average shares outstanding.
(b)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and is not annualized for periods less than one year.
(c)
Annualized.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21
Short-Term Investments Trust
Notes to Financial Statements
February 28, 2025
(Unaudited)
NOTE 1—Significant Accounting Policies
Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers three separate portfolios (each constituting a “Fund”). The Funds covered in this report are Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.
The investment objective of each Fund is to provide current income consistent with preservation of capital and liquidity.
Invesco Treasury Portfolio currently offers eight different classes of shares: Cash Management Class, Corporate Class, CAVU Securities Class, Institutional Class, Personal Investment Class, Private Investment Class, Reserve Class and Resource Class. Invesco Government & Agency Portfolio currently offers nine different classes of shares: Cash Management Class, Corporate Class, CAVU Securities Class, Institutional Class, Personal Investment Class, Premier Class, Private Investment Class, Reserve Class and Resource Class. Invesco Treasury Obligations Portfolio currently offers seven different classes of shares: Cash Management Class, Corporate Class, Institutional Class, Personal Investment Class, Private Investment Class, Reserve Class and Resource Class.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services — Investment Companies.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act (the "Rule"), seek to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation.
“Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/or repurchase agreements collateralized fully by cash or Government Securities.
The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio to liquidity fee requirements at this time, as permitted by the Rule.
The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements.
A.
Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities normally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations 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, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is unreliable in the Adviser’s judgment, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by the Rule. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.
Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.
B.
Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share
22
Short-Term Investments Trust
and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Funds and the investment adviser.
The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative settled shares of each class.
C.
Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Distributions - It is the policy of the Funds to declare dividends from net investment income, if any, daily and pay them monthly. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually.
E.
Federal Income Taxes - The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. Transfer agency fees and expenses attributable to CAVU Securities Class are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative settled shares.  
G.
Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.
Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.
Segment Reporting — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity’s segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds’ chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds’ financial statements. Adoption of the new standard impacted the Funds’ financial statement note disclosures only and did not affect the Funds’ financial position or the results of its operations.
J.
Repurchase Agreements - The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is typically at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is typically at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income. 
K.
Other Risks – Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith
23
Short-Term Investments Trust
and credit of the U.S. Government, which could affect a 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.
The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.
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.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively: 
 
First $250 million
Next $250 million
Over $500 million
Invesco Treasury Portfolio
0.15%
0.15%
0.15%
Invesco Government & Agency
Portfolio
0.10%
0.10%
0.10%
Invesco Treasury Obligations
Portfolio
0.20%
0.15%
0.10%
For the six months ended February 28, 2025, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below: 
Invesco Treasury Portfolio
0.15%
Invesco Government & Agency Portfolio
0.10%
Invesco Treasury Obligations Portfolio
0.13%
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, for Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).
The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) for each Fund’s shares through at least December 31, 2025 as shown in the following table (the “expense limits”): 
 
Cash
Management
Class
CAVU
Securities
Class
Corporate
Class
Institutional
Class
Personal
Investment
Class
Premier
Class
Private
Investment
Class
Reserve
Class
Resource
Class
Invesco Treasury Portfolio
0.26%
0.18%
0.21%
0.18%
0.73%
–
0.48%
1.05%
0.34%
Invesco Government & Agency Portfolio
0.26%
0.18%
0.21%
0.18%
0.73%
0.12%
0.48%
1.05%
0.34%
Invesco Treasury Obligations Portfolio
0.26%
–
0.21%
0.18%
0.73%
–
0.43%
1.05%
0.34%
In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses, and (5) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2025 for each Fund’s shares. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.
For the six months ended February 28, 2025, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below: 
 
Expense
Limitation
Invesco Treasury Portfolio
$4,981,849
Invesco Government & Agency Portfolio
2,395,545
Invesco Treasury Obligations Portfolio
178,908
The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the six months ended February 28, 2025, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as fund accountant and provides certain administrative services to the Funds. Pursuant to a custody agreement with the Trust on behalf of the Funds, BNY Mellon also serves as the Fund’s custodian.
24
Short-Term Investments Trust
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 28, 2025, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.
Under the terms of a master distribution agreement between Invesco Distributors, Inc. ("IDI") and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). Each Fund, pursuant to the Plans, pays IDI compensation up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively. 
 
Cash
Management
Class
Corporate
Class
Personal
Investment
Class
Premier
Class
Private
Investment
Class
Reserve
Class
Resource
Class
Invesco Treasury Portfolio
0.08%
0.03%
0.55%
0.12%
0.30%
0.87%
0.16%
Invesco Government & Agency Portfolio
0.08%
0.03%
0.55%
0.12%
0.30%
0.87%
0.16%
Invesco Treasury Obligations Portfolio
0.08%
0.03%
0.55%
0.12%
0.25%
0.87%
0.16%
The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. 
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
As of February 28, 2025, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
NOTE 4—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Funds may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Funds.
NOTE 5—Cash Balances
The Funds are permitted to temporarily overdraft or leave balances in their accounts with BNY Mellon, the custodian bank. Such balances, if any at period-end, are shown in the Statements of Assets and Liabilities under the payable caption Amount due custodian. To compensate BNY Mellon or the Funds for such activity, the Funds may either (1) pay to or receive from BNY Mellon compensation at a rate agreed upon by BNY Mellon and Invesco, not to exceed the contractually agreed upon rate; or (2) leave funds or overdraft funds as a compensating balance in the account so BNY Mellon or the Funds can be compensated for use of funds.
NOTE 6—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to each Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at each Fund’s fiscal year-end.
25
Short-Term Investments Trust
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had a capital loss carryforward as of August 31, 2024, as follows: 
Fund
Short-Term
Long-Term
 
Not Subject to
Expiration
Not Subject to
Expiration
Total*
Invesco Government & Agency Portfolio
$21,111,540
$-
$21,111,540
Invesco Treasury Obligations Portfolio
433,147
20,239
453,386
 
*
Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a
variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 7—Investment Transactions
The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows: 
 
At February 28, 2025
 
Federal
Tax Cost
Unrealized
Appreciation
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Invesco Treasury Obligations Portfolio
$1,418,830,456
$-
$(9,965
)
$(9,965
)
*
For Invesco Treasury Obligations Portfolio, cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end. For Invesco Treasury Portfolio and Invesco Government & Agency Portfolio, cost of investments is the same for tax and financial reporting purposes.
26
Short-Term Investments Trust
Invesco Treasury Portfolio 
 
Summary of Share Activity
 
Six months ended
February 28, 2025(a)
Year ended
August 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Cash Management Class
1,870,577,721
$1,870,577,721
2,333,007,866
$2,333,007,866
CAVU Securities Class
9,142,926,152
9,142,926,152
22,251,478,516
22,251,478,516
Corporate Class
6,182,058,893
6,182,058,893
12,354,552,252
12,354,552,252
Institutional Class
124,944,230,624
124,944,230,624
250,888,373,402
250,888,373,402
Personal Investment Class
1,663,115,163
1,663,115,163
3,726,713,615
3,726,713,615
Private Investment Class
1,591,901,152
1,591,901,152
2,799,879,705
2,799,879,705
Reserve Class
771,300,114
771,300,114
2,909,401,364
2,909,401,364
Resource Class
120,757,039
120,757,039
236,811,098
236,811,098
Issued as reinvestment of dividends:
Cash Management Class
10,440,471
10,440,471
12,027,251
12,027,251
CAVU Securities Class
9,113,387
9,113,387
22,198,536
22,198,536
Corporate Class
35,314,150
35,314,150
71,234,826
71,234,826
Institutional Class
256,626,398
256,626,398
517,626,055
517,626,055
Personal Investment Class
8,586,531
8,586,531
21,558,843
21,558,843
Private Investment Class
25,704,571
25,704,571
42,479,974
42,479,974
Reserve Class
10,534,271
10,534,271
27,172,034
27,172,034
Resource Class
682,881
682,881
2,382,216
2,382,216
Reacquired:
Cash Management Class
(1,748,411,053
)
(1,748,411,053
)
(2,070,773,010
)
(2,070,773,010
)
CAVU Securities Class
(8,612,990,039
)
(8,612,990,039
)
(22,063,706,799
)
(22,063,706,799
)
Corporate Class
(6,087,624,493
)
(6,087,624,493
)
(12,278,740,487
)
(12,278,740,487
)
Institutional Class
(116,123,829,055
)
(116,123,829,055
)
(255,374,532,762
)
(255,374,532,762
)
Personal Investment Class
(1,508,905,800
)
(1,508,905,800
)
(3,554,750,291
)
(3,554,750,291
)
Private Investment Class
(1,420,194,270
)
(1,420,194,270
)
(2,655,310,080
)
(2,655,310,080
)
Reserve Class
(732,574,549
)
(732,574,549
)
(3,030,077,608
)
(3,030,077,608
)
Resource Class
(119,803,639
)
(119,803,639
)
(301,544,733
)
(301,544,733
)
Net increase (decrease) in share activity
10,289,536,620
$10,289,536,620
(3,112,538,217
)
$(3,112,538,217
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 24% of the outstanding shares of the
Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of
interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these
entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services
such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any
portion of the shares owned of record by these entities are also owned beneficially.
27
Short-Term Investments Trust
Invesco Government & Agency Portfolio 
 
Summary of Share Activity
 
Six months ended
February 28, 2025(a)
Year ended
August 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Cash Management Class
368,295,908
$368,295,908
663,029,782
$663,029,782
CAVU Securities Class
66,158,613,340
66,158,613,340
127,354,073,926
127,354,073,926
Corporate Class
1,873,728,701
1,873,728,701
1,829,835,886
1,829,835,886
Institutional Class
210,059,718,200
210,059,718,200
605,516,883,360
605,516,883,360
Personal Investment Class
249,366,626
249,366,626
518,971,785
518,971,785
Premier Class
100,630,532,801
100,630,532,801
19,156,568,000
19,156,568,000
Private Investment Class
1,366,365,174
1,366,365,174
3,066,991,198
3,066,991,198
Reserve Class
750,218,819
750,218,819
1,575,680,738
1,575,680,738
Resource Class
717,639,000
717,639,000
1,550,521,178
1,550,521,178
Issued as reinvestment of dividends:
Cash Management Class
19,876,850
19,876,850
7,700,062
7,700,062
CAVU Securities Class
128,638,728
128,638,728
308,419,873
308,419,873
Corporate Class
5,407,624
5,407,624
11,676,386
11,676,386
Institutional Class
508,489,921
508,489,921
1,195,586,093
1,195,586,093
Personal Investment Class
1,944,961
1,944,961
3,211,362
3,211,362
Premier Class
8,992,096
8,992,096
5,765
5,765
Private Investment Class
20,465,133
20,465,133
36,498,240
36,498,240
Reserve Class
11,748,821
11,748,821
21,397,617
21,397,617
Resource Class
1,896,956
1,896,956
5,524,706
5,524,706
Reacquired:
Cash Management Class
(214,225,500
)
(214,225,500
)
(593,556,248
)
(593,556,248
)
CAVU Securities Class
(61,035,284,958
)
(61,035,284,958
)
(132,383,007,806
)
(132,383,007,806
)
Corporate Class
(1,508,276,743
)
(1,508,276,743
)
(1,883,564,286
)
(1,883,564,286
)
Institutional Class
(193,415,509,276
)
(193,415,509,276
)
(630,667,076,356
)
(630,667,076,356
)
Personal Investment Class
(252,416,818
)
(252,416,818
)
(507,481,779
)
(507,481,779
)
Premier Class
(99,483,917,415
)
(99,483,917,415
)
(18,084,709,130
)
(18,084,709,130
)
Private Investment Class
(1,462,617,657
)
(1,462,617,657
)
(2,727,224,348
)
(2,727,224,348
)
Reserve Class
(776,582,200
)
(776,582,200
)
(1,510,137,029
)
(1,510,137,029
)
Resource Class
(710,348,457
)
(710,348,457
)
(1,596,774,909
)
(1,596,774,909
)
Net increase (decrease) in share activity
24,022,760,635
$24,022,760,635
(27,130,955,934
)
$(27,130,955,934
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 27% of the outstanding shares of
the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are
considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as
securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares
owned of record by these entities are also owned beneficially.
28
Short-Term Investments Trust
Invesco Treasury Obligations Portfolio 
 
Summary of Share Activity
 
Six months ended
February 28, 2025(a)
Year ended
August 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Cash Management Class
6,026,499
$6,026,499
2,423,695
$2,423,695
Institutional Class
1,669,660,869
1,669,660,869
2,397,055,403
2,397,055,403
Personal Investment Class
-
-
800
800
Private Investment Class
114,253,749
114,253,749
49,001,788
49,001,788
Reserve Class
169,356,194
169,356,194
395,815,661
395,815,661
Resource Class
3,085,102
3,085,102
83,785,384
83,785,384
Issued as reinvestment of dividends:
Cash Management Class
62,397
62,397
316,891
316,891
Corporate Class
311
311
35,642
35,642
Institutional Class
21,464,067
21,464,067
46,124,263
46,124,263
Personal Investment Class
273
273
536
536
Private Investment Class
1,587,937
1,587,937
1,540,314
1,540,314
Reserve Class
1,334,060
1,334,060
2,043,763
2,043,763
Resource Class
34,064
34,064
200,154
200,154
Reacquired:
Cash Management Class
(1,864,688
)
(1,864,688
)
(11,068,919
)
(11,068,919
)
Corporate Class
-
-
(2,802,550
)
(2,802,550
)
Institutional Class
(1,929,123,289
)
(1,929,123,289
)
(2,643,328,119
)
(2,643,328,119
)
Personal Investment Class
(836
)
(836
)
-
-
Private Investment Class
(58,250,723
)
(58,250,723
)
(24,844,294
)
(24,844,294
)
Reserve Class
(148,987,936
)
(148,987,936
)
(343,033,604
)
(343,033,604
)
Resource Class
(3,475,593
)
(3,475,593
)
(88,684,407
)
(88,684,407
)
Net increase (decrease) in share activity
(154,837,543
)
$(154,837,543
)
(135,417,599
)
$(135,417,599
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 73% of the outstanding shares of the
Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of
interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these
entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services
such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any
portion of the shares owned of record by these entities are also owned beneficially.
 
  In addition, 22% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
29
Short-Term Investments Trust
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
Not applicable.
30
Short-Term Investments Trust
 
SEC file numbers: 811-02729 and 002-58287
Invesco Distributors, Inc.
CM-STIT-NCSRS-CM


 
Semi-Annual Financial Statements and Other Information
February 28, 2025
CAVU Securities Class
Short-Term Investments Trust (STIT)
Invesco Treasury Portfolio
Invesco Government & Agency Portfolio 
 
2
Financial Statements
Financial Highlights
Notes to Financial Statements
Other Information Required in Form N-CSR (Items 8-11)
Schedule of Investments
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio

 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Treasury Securities-32.83%
U.S. Treasury Bills-14.35%(a)
U.S. Treasury Bills
4.76%
03/06/2025
 
$300,000
$299,806,458
U.S. Treasury Bills
4.26%
03/11/2025
 
816,439
815,475,147
U.S. Treasury Bills
4.64%
03/13/2025
 
250,000
249,622,500
U.S. Treasury Bills
4.26%-4.27%
03/18/2025
 
909,003
907,177,086
U.S. Treasury Bills
4.28%
03/20/2025
 
15,000
14,966,461
U.S. Treasury Bills
4.31%
04/03/2025
 
427,000
425,350,179
U.S. Treasury Bills
4.40%
04/10/2025
 
100,000
99,521,667
U.S. Treasury Bills
4.36%-5.21%
04/17/2025
 
890,000
884,529,853
U.S. Treasury Bills
5.02%
07/10/2025
 
175,000
171,959,253
U.S. Treasury Bills
4.11%-4.27%
10/02/2025
 
770,000
751,539,891
U.S. Treasury Bills
4.28%-4.37%
10/30/2025
 
850,000
826,222,281
U.S. Treasury Bills
4.23%-4.38%
11/28/2025
 
550,000
532,814,889
 
 
 
 
5,978,985,665
U.S. Treasury Floating Rate Notes-18.48%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.13%)(b)
4.36%
07/31/2025
 
1,100,000
1,099,791,733
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.17%)(b)
4.41%
10/31/2025
 
700,000
699,955,072
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.25%)(b)
4.48%
01/31/2026
 
1,312,809
1,313,488,917
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.15%)(b)
4.39%
04/30/2026
 
2,212,000
2,212,031,558
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.18%)(b)
4.42%
07/31/2026
 
160,000
160,120,551
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.21%)(b)
4.44%
10/31/2026
 
1,213,000
1,213,969,364
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.10%)(b)
4.34%
01/31/2027
 
1,000,000
1,000,213,139
 
 
 
 
7,699,570,334
Total U.S. Treasury Securities (Cost $13,678,555,999)
13,678,555,999
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-32.83%
(Cost $13,678,555,999)
13,678,555,999
 
 
 
Repurchase
Amount
 
Repurchase Agreements-67.17%(c)
ABN AMRO Bank N.V., agreement dated 02/28/2025, maturing value of
$250,090,625 (collateralized by U.S. Treasury obligations valued at
$255,000,002; 0.50% - 4.88%; 12/31/2025 - 05/15/2047)
4.35%
03/03/2025
 
250,090,625
250,000,000
Bank of Montreal, joint agreement dated 02/28/2025, aggregate maturing value
of $500,177,500 (collateralized by U.S. Treasury obligations valued at
$510,000,102; 0.00% - 4.75%; 04/15/2025 - 11/15/2043)
4.26%
03/03/2025
 
100,035,500
100,000,000
BNP Paribas Securities Corp., joint term agreement dated 02/10/2025,
aggregate maturing value of $1,400,518,000 (collateralized by U.S. Treasury
obligations valued at $1,428,000,149; 0.00% - 4.88%; 04/15/2025 -
02/15/2054)(d)(e)
4.44%
03/03/2025
 
490,181,300
490,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
BNP Paribas Securities Corp., joint term agreement dated 10/28/2024, aggregate
maturing value of $2,000,741,667 (collateralized by U.S. Treasury
obligations valued at $2,040,000,035; 0.00% - 6.13%; 03/31/2025 -
02/15/2045)(d)(e)
4.45%
03/03/2025
 
$1,055,391,229
$1,055,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/30/2024, aggregate
maturing value of $4,001,486,667 (collateralized by U.S. Treasury obligations
valued at $4,080,000,219; 0.00% - 6.88%; 03/27/2025 -
02/15/2055)(d)(e)
4.46%
03/03/2025
 
1,090,405,117
1,090,000,000
BofA Securities, Inc., agreement dated 02/28/2025, maturing value of
$1,000,361,667 (collateralized by U.S. Treasury obligations valued at
$1,020,000,048; 0.25% - 4.75%; 05/31/2025 - 02/15/2050)
4.34%
03/03/2025
 
1,000,361,667
1,000,000,000
BofA Securities, Inc., joint agreement dated 02/28/2025, aggregate maturing
value of $1,200,436,000 (collateralized by U.S. Treasury obligations valued
at $1,224,000,006; 0.88% - 4.75%; 10/15/2025 - 05/15/2054)
4.36%
03/03/2025
 
500,181,667
500,000,000
BofA Securities, Inc., joint term agreement dated 01/27/2025, aggregate
maturing value of $1,750,634,375 (collateralized by U.S. Treasury
obligations valued at $1,785,000,094; 1.50% - 4.50%; 10/31/2026 -
08/15/2053)(d)(e)
4.35%
03/03/2025
 
750,271,875
750,000,000
BofA Securities, Inc., term agreement dated 01/02/2025, maturing value of
$500,182,500 (collateralized by U.S. Treasury obligations valued at
$510,000,061; 1.75% - 4.25%; 03/31/2027 - 08/15/2041)(d)
4.38%
03/03/2025
 
500,182,500
500,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $1,693,006,250 (collateralized by U.S. Treasury
obligations valued at $1,708,500,103; 0.00% - 5.00%; 03/13/2025 -
08/15/2054)(e)
4.30%
03/19/2025
 
758,062,500
750,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $505,315,278 (collateralized by U.S. Treasury obligations
valued at $510,000,112; 0.00% - 5.00%; 04/15/2025 - 11/15/2053)(e)
4.30%
03/19/2025
 
202,126,111
200,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $707,608,611 (collateralized by U.S. Treasury obligations
valued at $714,000,032; 0.00% - 5.00%; 03/13/2025 - 02/15/2054)(e)
4.30%
03/20/2025
 
303,260,833
300,000,000
Citigroup Global Markets, Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $1,200,435,000 (collateralized by U.S. Treasury
obligations valued at $1,224,000,022; 0.50% - 3.63%; 02/28/2027 -
08/31/2029)
4.35%
03/03/2025
 
200,072,500
200,000,000
Citigroup Global Markets, Inc., joint term agreement dated 02/27/2025,
aggregate maturing value of $8,006,766,667 (collateralized by U.S. Treasury
obligations valued at $8,160,000,009; 0.88% - 5.25%; 06/30/2027 -
07/31/2029)(e)
4.35%
03/06/2025
 
2,502,114,583
2,500,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/30/2025, aggregate maturing value of $1,508,820,000 (collateralized
by U.S. Treasury obligations valued at $1,530,000,023; 1.25% - 4.00%;
03/31/2027 - 08/15/2031)(e)
4.32%
03/20/2025
 
502,940,000
500,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/31/2025, aggregate maturing value of $1,005,760,000 (collateralized
by U.S. Treasury obligations valued at $1,020,000,056; 1.13% - 4.50%;
08/15/2040 - 05/15/2052)(e)
4.32%
03/20/2025
 
301,728,000
300,000,000
Federal Reserve Bank of New York, joint agreement dated 02/28/2025,
aggregate maturing value of $1,100,389,583 (collateralized by U.S. Treasury
obligations valued at $1,100,389,634; 1.63% - 4.63%; 05/15/2031 -
02/15/2040)
4.25%
03/03/2025
 
500,177,083
500,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement
dated 02/28/2025, aggregate maturing value of $7,502,725,000
(collateralized by U.S. Treasury obligations valued at $7,650,000,132;
0.00% - 4.50%; 02/28/2026 - 05/15/2052)
4.36%
03/03/2025
 
2,000,726,667
2,000,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Fixed Income Clearing Corp. - Citigroup Global Markets, Inc., joint agreement dated
02/28/2025, aggregate maturing value of $1,000,363,333 (collateralized
by U.S. Treasury obligations valued at $1,020,000,066; 0.00% - 6.63%;
03/31/2025 - 02/15/2055)
4.36%
03/03/2025
 
$300,109,000
$300,000,000
Fixed Income Clearing Corp. - State Street Bank, joint agreement dated
02/28/2025, aggregate maturing value of $2,000,726,667 (collateralized
by U.S. Treasury obligations valued at $2,040,000,198; 0.88% - 4.38%;
11/15/2042 - 08/15/2053)
4.36%
03/03/2025
 
750,272,500
750,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint agreement dated
02/28/2025, aggregate maturing value of $10,153,687,833 (collateralized
by U.S. Treasury obligations valued at $10,353,000,082; 0.00% - 5.00%;
03/13/2025 - 02/15/2055)
4.36%
03/03/2025
 
2,600,944,667
2,600,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/26/2025, aggregate maturing value of $1,500,180,833 (collateralized
by U.S. Treasury obligations valued at $1,530,000,139; 0.00% - 4.75%;
08/21/2025 - 08/15/2054)(e)(f)
4.34%
03/05/2025
 
485,058,469
485,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/27/2025, aggregate maturing value of $1,951,649,375 (collateralized
by U.S. Treasury obligations valued at $1,989,000,120; 0.00% - 5.00%;
03/31/2025 - 08/15/2054)(e)
4.35%
03/06/2025
 
1,100,930,417
1,100,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., term agreement dated
02/26/2025, maturing value of $750,272,500 (collateralized by
U.S. Treasury obligations valued at $765,000,077; 0.00% - 4.63%;
03/15/2025 - 02/15/2055)(g)
4.36%
03/17/2025
 
750,272,500
750,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., term agreement dated
02/27/2025, maturing value of $350,042,389 (collateralized by
U.S. Treasury obligations valued at $357,000,005; 1.25% - 5.00%;
04/15/2026 - 08/15/2052)(f)
4.36%
04/30/2025
 
350,042,389
350,000,000
Goldman Sachs & Co., joint agreement dated 02/28/2025, aggregate maturing
value of $1,000,363,333 (collateralized by U.S. Treasury obligations valued
at $1,020,000,086; 0.00% - 4.13%; 06/30/2026 - 02/15/2055)
4.36%
03/03/2025
 
250,090,833
250,000,000
ING Financial Markets, LLC, agreement dated 02/28/2025, maturing value of
$100,036,250 (collateralized by U.S. Treasury obligations valued at
$102,000,016; 4.38% - 4.88%; 10/31/2030 - 01/31/2032)
4.35%
03/03/2025
 
100,036,250
100,000,000
Metropolitan Life Insurance Co., joint term agreement dated 02/27/2025,
aggregate maturing value of $350,300,288 (collateralized by U.S. Treasury
obligations valued at $357,540,655; 0.00%; 02/15/2043 - 08/15/2046)(e)
4.36%
03/06/2025
 
100,086,141
100,001,362
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/26/2025,
aggregate maturing value of $2,672,253,183 (collateralized by U.S. Treasury
obligations valued at $2,724,384,963; 1.00% - 4.13%; 10/15/2027 -
11/15/2040)(e)
4.34%
03/05/2025
 
579,113,295
578,625,000
Mitsubishi UFJ Trust & Banking Corp., term agreement dated 02/26/2025,
maturing value of $100,084,194 (collateralized by a U.S. Treasury obligation
valued at $102,036,759; 1.13%; 05/15/2040)(e)
4.33%
03/05/2025
 
100,084,194
100,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$1,000,361,667 (collateralized by U.S. Treasury obligations valued at
$1,035,838,452; 0.00% - 5.38%; 03/20/2025 - 11/15/2052)
4.34%
03/03/2025
 
200,072,333
200,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$500,181,250 (collateralized by U.S. Treasury obligations valued at
$516,322,299; 0.00% - 4.88%; 03/20/2025 - 08/15/2053)
4.35%
03/03/2025
 
200,072,500
200,000,000
Prudential Legacy Insurance Company of New Jersey, agreement dated
02/28/2025, maturing value of $700,055,469 (collateralized by
U.S. Treasury obligations valued at $712,964,384; 0.00% - 4.75%;
02/15/2037 - 05/15/2054)
4.37%
03/03/2025
 
700,055,469
699,800,625
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
RBC Dominion Securities Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $2,500,906,250 (collateralized by U.S. Treasury
obligations valued at $2,550,924,407; 0.00% - 4.88%; 03/20/2025 -
08/15/2054)
4.35%
03/03/2025
 
$575,208,438
$575,000,000
Royal Bank of Canada, joint agreement dated 02/28/2025, aggregate maturing
value of $1,500,545,000 (collateralized by U.S. Treasury obligations valued
at $1,530,555,913; 0.00% - 4.50%; 07/15/2025 - 02/15/2055)
4.36%
03/03/2025
 
500,181,667
500,000,000
Royal Bank of Canada, term agreement dated 06/13/2024, maturing value of
$892,597,750 (collateralized by U.S. Treasury obligations valued at
$899,556,341; 0.00% - 6.38%; 08/31/2025 - 02/15/2053)(e)
5.14%
05/30/2025
 
892,597,750
850,000,000
Societe Generale, joint agreement dated 02/28/2025, aggregate maturing value
of $2,000,726,667 (collateralized by U.S. Treasury obligations valued at
$2,040,000,093; 0.25% - 4.63%; 03/31/2025 - 02/15/2035)
4.36%
03/03/2025
 
1,000,363,333
1,000,000,000
Societe Generale, joint term agreement dated 02/25/2025, aggregate maturing
value of $1,501,260,000 (collateralized by U.S. Treasury obligations valued
at $1,530,000,001; 0.13% - 4.75%; 02/28/2027 - 11/15/2053)(e)
4.32%
03/04/2025
 
400,336,000
400,000,000
Societe Generale, joint term agreement dated 02/26/2025, aggregate maturing
value of $1,251,052,431 (collateralized by U.S. Treasury obligations valued
at $1,275,000,082; 2.88% - 4.25%; 10/31/2026 - 04/30/2029)(e)
4.33%
03/05/2025
 
550,463,069
550,000,000
Societe Generale, joint term agreement dated 02/28/2025, aggregate maturing
value of $1,000,843,889 (collateralized by U.S. Treasury obligations valued
at $1,020,000,019; 1.25% - 4.00%; 11/30/2026 - 07/31/2029)(e)
4.34%
03/07/2025
 
300,253,167
300,000,000
Standard Chartered Bank, joint agreement dated 02/28/2025, aggregate
maturing value of $2,801,017,333 (collateralized by U.S. Treasury
obligations valued at $2,857,037,767; 0.00% - 5.00%; 03/11/2025 -
02/15/2055)
4.36%
03/03/2025
 
750,272,500
750,000,000
Teacher Retirement System of Texas, joint agreement dated 02/27/2025,
aggregate maturing value of $1,548,939,146 (collateralized by U.S. Treasury
obligations valued at $1,625,780,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.47%
03/03/2025
 
754,164,631
753,883,810
Teacher Retirement System of Texas, joint agreement dated 02/28/2025,
aggregate maturing value of $1,554,446,275 (collateralized by U.S. Treasury
obligations valued at $1,631,965,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.48%
03/04/2025
 
756,979,905
756,885,714
Total Repurchase Agreements (Cost $27,984,196,511)
27,984,196,511
TOTAL INVESTMENTS IN SECURITIES-100.00% (Cost $41,662,752,510)
41,662,752,510
OTHER ASSETS LESS LIABILITIES-(0.00)%
(69,530
)
NET ASSETS-100.00%
$41,662,682,980
Notes to Schedule of Investments: 
(a)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2025.
(c)
Principal amount equals value at period end. See Note 1J.
(d)
Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.
(e)
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(f)
Interest is paid periodically at specified time intervals. The Repurchase Amount includes one day of interest due at maturity. 
(g)
Interest is paid periodically at specified time intervals. The Repurchase Amount includes three days of interest due at maturity.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Short-Term Investments Trust
Schedule of Investments
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio

 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Government Sponsored Agency Securities-15.64%
Federal Farm Credit Bank (FFCB)-11.63%
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.45%
03/07/2025
 
$25,000
$25,000,000
Federal Farm Credit Bank (SOFR + 0.18%)(a)
4.54%
03/07/2025
 
10,000
10,000,212
Federal Farm Credit Bank (SOFR + 0.04%)(a)
4.40%
05/13/2025
 
23,000
23,000,000
Federal Farm Credit Bank (SOFR + 0.12%)(a)
4.48%
05/28/2025
 
60,000
60,000,000
Federal Farm Credit Bank (SOFR + 0.12%)(a)
4.48%
05/30/2025
 
25,000
25,000,000
Federal Farm Credit Bank (SOFR + 0.11%)(a)
4.47%
06/13/2025
 
154,000
154,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
06/27/2025
 
170,000
170,000,000
Federal Farm Credit Bank (SOFR + 0.24%)(a)
4.60%
08/05/2025
 
177,500
177,614,553
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
08/13/2025
 
100,000
100,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
08/22/2025
 
175,000
175,000,000
Federal Farm Credit Bank (1 mo. EFFR + 0.15%)(a)
4.48%
09/26/2025
 
112,956
112,985,510
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
10/03/2025
 
10,000
10,000,972
Federal Farm Credit Bank (SOFR + 0.35%)(a)
4.71%
11/25/2025
 
60,000
60,114,679
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
11/28/2025
 
25,275
25,274,527
Federal Farm Credit Bank (SOFR + 0.16%)(a)
4.52%
11/28/2025
 
242,000
242,000,000
Federal Farm Credit Bank (SOFR + 0.16%)(a)
4.52%
12/01/2025
 
77,000
77,000,000
Federal Farm Credit Bank (SOFR + 0.15%)(a)
4.51%
12/15/2025
 
24,000
24,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.51%
12/29/2025
 
550,000
550,000,000
Federal Farm Credit Bank (SOFR + 0.33%)(a)
4.69%
12/29/2025
 
20,000
20,033,393
Federal Farm Credit Bank (SOFR + 0.16%)(a)
4.52%
01/23/2026
 
58,000
58,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.51%
01/29/2026
 
350,000
350,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
01/30/2026
 
170,000
170,000,000
Federal Farm Credit Bank (SOFR + 0.08%)(a)
4.44%
03/04/2026
 
250,000
250,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
03/04/2026
 
286,000
286,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
03/05/2026
 
28,000
28,000,000
Federal Farm Credit Bank (SOFR + 0.11%)(a)
4.47%
03/26/2026
 
35,000
35,000,000
Federal Farm Credit Bank (SOFR + 0.11%)(a)
4.47%
04/09/2026
 
125,000
125,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.45%
05/14/2026
 
290,000
290,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.45%
05/21/2026
 
185,000
185,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
06/03/2026
 
213,000
213,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
06/18/2026
 
240,000
240,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
06/24/2026
 
230,000
230,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
07/01/2026
 
151,000
151,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.42%
08/07/2026
 
30,000
30,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
08/26/2026
 
107,000
107,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
09/04/2026
 
175,000
175,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
09/09/2026
 
192,000
192,028,940
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
09/25/2026
 
456,000
456,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
10/01/2026
 
465,000
465,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
10/06/2026
 
47,000
47,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
10/15/2026
 
413,000
413,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
11/02/2026
 
169,000
169,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
11/18/2026
 
600,000
600,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
11/23/2026
 
197,000
197,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/02/2026
 
186,000
186,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Federal Farm Credit Bank (FFCB)-(continued)
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/09/2026
 
$204,000
$204,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/18/2026
 
500,000
500,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/30/2026
 
19,000
19,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
01/27/2027
 
215,000
215,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
02/03/2027
 
95,000
95,000,000
Federal Farm Credit Bank (SOFR + 0.12%)(a)
4.45%
02/10/2027
 
340,000
340,000,000
 
 
 
 
9,062,052,786
Federal Home Loan Bank (FHLB)-3.90%
Federal Home Loan Bank(b)
4.37%
05/01/2025
 
100,000
99,276,472
Federal Home Loan Bank (SOFR)(a)
4.36%
05/27/2025
 
350,000
350,000,000
Federal Home Loan Bank (SOFR)(a)
4.36%
06/02/2025
 
165,000
165,000,000
Federal Home Loan Bank(b)
4.27%
06/09/2025
 
100,000
98,847,222
Federal Home Loan Bank(b)
4.26%
06/16/2025
 
265,000
261,739,175
Federal Home Loan Bank (SOFR + 0.01%)(a)
4.37%
06/27/2025
 
350,000
350,000,000
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
07/24/2025
 
217,000
217,000,000
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
08/21/2025
 
11,800
11,803,206
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
08/22/2025
 
180,000
180,000,000
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
09/02/2025
 
10,000
10,003,336
Federal Home Loan Bank (SOFR + 0.10%)(a)
4.46%
10/16/2025
 
22,000
22,000,000
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
11/12/2025
 
7,000
7,001,155
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
11/17/2025
 
10,000
10,003,083
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
11/20/2025
 
115,000
115,059,740
Federal Home Loan Bank (SOFR + 0.15%)(a)
4.51%
12/08/2025
 
37,000
37,000,000
Federal Home Loan Bank (SOFR + 0.15%)(a)
4.51%
12/11/2025
 
258,000
258,000,000
Federal Home Loan Bank (SOFR + 0.12%)(a)
4.48%
12/19/2025
 
50,000
49,999,920
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.51%
01/02/2026
 
8,000
8,001,130
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
01/26/2026
 
150,000
150,000,000
Federal Home Loan Bank (SOFR + 0.13%)(a)
4.49%
03/24/2026
 
28,000
28,000,000
Federal Home Loan Bank (SOFR + 0.25%)(a)
4.61%
03/27/2026
 
35,000
35,056,652
Federal Home Loan Bank (SOFR + 0.10%)(a)
4.46%
05/13/2026
 
384,000
384,000,000
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
09/24/2026
 
193,000
193,000,000
 
 
 
 
3,040,791,091
U.S. International Development Finance Corp. (DFC)-0.11%(c)
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
2,400
2,400,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
789
789,474
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
1,750
1,750,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
2,611
2,611,114
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
34,091
34,090,909
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
5,111
5,111,111
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. International Development Finance Corp. (DFC)(c)-(continued)
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.56%
03/12/2025
 
$5,252
$5,252,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.56%
03/12/2025
 
2,917
2,916,667
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.57%
03/12/2025
 
7,650
7,650,000
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
23,625
23,625,000
 
 
 
 
86,196,275
Total U.S. Government Sponsored Agency Securities (Cost $12,189,040,152)
12,189,040,152
U.S. Treasury Securities-5.21%
U.S. Treasury Bills-4.91%(b)
U.S. Treasury Bills
4.36%
03/27/2025
 
350,000
348,920,639
U.S. Treasury Bills
4.31%
04/03/2025
 
300,000
298,840,875
U.S. Treasury Bills
4.40%
04/10/2025
 
205,000
204,019,417
U.S. Treasury Bills
4.36%-5.20%
04/17/2025
 
865,000
859,670,066
U.S. Treasury Bills
5.02%
07/10/2025
 
325,000
319,352,899
U.S. Treasury Bills
4.13%-4.27%
10/02/2025
 
947,000
924,232,187
U.S. Treasury Bills
4.28%
10/30/2025
 
100,000
97,232,500
U.S. Treasury Bills
4.38%
11/28/2025
 
800,000
774,673,778
 
 
 
 
3,826,942,361
U.S. Treasury Floating Rate Notes-0.30%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.17%)(a)
4.41%
04/30/2025
 
229,000
228,998,889
Total U.S. Treasury Securities (Cost $4,055,941,250)
4,055,941,250
U.S. Government Sponsored Agency Mortgage-Backed Securities-3.08%
Federal Home Loan Mortgage Corp. (FHLMC)-0.83%
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
09/04/2026
 
296,000
296,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
09/23/2026
 
263,625
263,629,574
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
10/16/2026
 
7,000
7,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
10/29/2026
 
82,000
82,000,000
 
 
 
 
648,629,574
Federal National Mortgage Association (FNMA)-2.25%
Federal National Mortgage Association (SOFR + 0.10%)(a)
4.46%
06/18/2026
 
170,000
170,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
08/21/2026
 
403,000
403,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
09/11/2026
 
143,000
143,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
10/23/2026
 
103,000
103,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
11/20/2026
 
105,000
105,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
12/11/2026
 
831,250
831,250,000
 
 
 
 
1,755,250,000
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $2,403,879,574)
2,403,879,574
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-23.93%
(Cost $18,648,860,976)
18,648,860,976
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Repurchase Agreements-72.82%(d)
Bank of Montreal, agreement dated 02/28/2025, maturing value of
$200,071,833 (collateralized by U.S. Treasury obligations valued at
$204,000,050; 0.00% - 4.88%; 05/15/2025 - 01/31/2027)
4.31%
03/03/2025
 
$200,071,833
$200,000,000
Bank of Montreal, joint agreement dated 02/28/2025, aggregate maturing value
of $500,177,500 (collateralized by U.S. Treasury obligations valued at
$510,000,102; 0.00% - 4.75%; 04/15/2025 - 11/15/2043)
4.26%
03/03/2025
 
400,142,000
400,000,000
Bank of Montreal, joint term agreement dated 02/13/2025, aggregate maturing
value of $250,874,028 (collateralized by agency mortgage-backed securities
valued at $255,000,001; 2.00% - 6.00%; 04/01/2037 - 03/01/2055)
(Canada)(e)
4.34%
03/14/2025
 
150,524,417
150,000,000
Bank of Nova Scotia, agreement dated 02/28/2025, maturing value of
$500,181,250 (collateralized by U.S. Treasury obligations valued at
$510,000,010; 0.00% - 6.25%; 03/18/2025 - 02/15/2054)
4.35%
03/03/2025
 
500,181,250
500,000,000
BMO Capital Markets Corp., joint term agreement dated 02/10/2025, aggregate
maturing value of $1,003,383,333 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$1,020,000,080; 0.00% - 7.00%; 03/06/2025 - 02/20/2065) (Canada)(e)
4.35%
03/10/2025
 
451,522,500
450,000,000
BMO Capital Markets Corp., joint term agreement dated 02/28/2025, aggregate
maturing value of $1,506,387,500 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$1,530,000,372; 0.00% - 9.00%; 03/11/2025 - 07/20/2070) (Canada)(e)
4.38%
04/04/2025
 
959,066,708
955,000,000
BNP Paribas Securities Corp., joint term agreement dated 02/10/2025,
aggregate maturing value of $1,400,518,000 (collateralized by U.S. Treasury
obligations valued at $1,428,000,149; 0.00% - 4.88%; 04/15/2025 -
02/15/2054)(e)(f)
4.44%
03/03/2025
 
650,240,500
650,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/28/2024, aggregate
maturing value of $2,000,741,667 (collateralized by agency mortgage-
backed securities valued at $2,040,000,000; 0.13% - 9.00%; 07/01/2026
- 11/20/2064)(e)(f)
4.45%
03/03/2025
 
1,195,443,146
1,195,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/28/2024, aggregate
maturing value of $2,000,741,667 (collateralized by U.S. Treasury
obligations valued at $2,040,000,035; 0.00% - 6.13%; 03/31/2025 -
02/15/2045)(e)(f)
4.45%
03/03/2025
 
945,350,438
945,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/30/2024, aggregate
maturing value of $4,001,486,667 (collateralized by U.S. Treasury obligations
valued at $4,080,000,219; 0.00% - 6.88%; 03/27/2025 -
02/15/2055)(e)(f)
4.46%
03/03/2025
 
2,100,780,500
2,100,000,000
BofA Securities, Inc., agreement dated 02/28/2025, maturing value of
$300,107,000 (collateralized by U.S. Treasury obligations valued at
$306,000,079; 0.88% - 4.75%; 07/31/2026 - 02/15/2041)
4.28%
03/03/2025
 
300,107,000
300,000,000
BofA Securities, Inc., joint agreement dated 02/28/2025, aggregate maturing
value of $1,200,436,000 (collateralized by U.S. Treasury obligations valued
at $1,224,000,006; 0.88% - 4.75%; 10/15/2025 - 05/15/2054)
4.36%
03/03/2025
 
700,254,333
700,000,000
BofA Securities, Inc., joint agreement dated 02/28/2025, aggregate maturing
value of $250,089,583 (collateralized by U.S. Treasury obligations valued at
$255,000,031; 3.63% - 4.88%; 02/28/2026 - 04/15/2028)
4.30%
03/03/2025
 
150,053,750
150,000,000
BofA Securities, Inc., joint term agreement dated 01/27/2025, aggregate
maturing value of $1,750,634,375 (collateralized by U.S. Treasury
obligations valued at $1,785,000,094; 1.50% - 4.50%; 10/31/2026 -
08/15/2053)(e)(f)
4.35%
03/03/2025
 
1,000,362,500
1,000,000,000
CIBC World Markets Corp., agreement dated 02/28/2025, maturing value of
$450,163,125 (collateralized by U.S. Treasury obligations valued at
$459,000,069; 0.00% - 5.00%; 03/13/2025 - 08/15/2045)
4.35%
03/03/2025
 
450,163,125
450,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $1,693,006,250 (collateralized by U.S. Treasury
obligations valued at $1,708,500,103; 0.00% - 5.00%; 03/13/2025 -
08/15/2054)(e)
4.30%
03/19/2025
 
$934,943,750
$925,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $505,315,278 (collateralized by U.S. Treasury obligations
valued at $510,000,112; 0.00% - 5.00%; 04/15/2025 - 11/15/2053)(e)
4.30%
03/19/2025
 
303,189,167
300,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $707,608,611 (collateralized by U.S. Treasury obligations
valued at $714,000,032; 0.00% - 5.00%; 03/13/2025 - 02/15/2054)(e)
4.30%
03/20/2025
 
404,347,778
400,000,000
CIBC World Markets Corp., term agreement dated 02/06/2025, maturing value of
$502,095,139 (collateralized by U.S. Treasury obligations valued at
$510,000,018; 0.00% - 4.63%; 02/15/2026 - 02/15/2053)(e)
4.31%
03/13/2025
 
502,095,139
500,000,000
CIBC World Markets Corp., term agreement dated 02/20/2025, maturing value of
$250,870,000 (collateralized by U.S. Treasury obligations and agency
mortgage-backed securities valued at $255,000,000; 0.00% - 7.02%;
02/15/2026 - 06/01/2063)(e)
4.32%
03/21/2025
 
250,870,000
250,000,000
CIBC World Markets Corp., term agreement dated 02/28/2025, maturing value of
$95,239,954 (collateralized by U.S. Treasury obligations valued at
$96,900,064; 0.00% - 5.00%; 05/22/2025 - 05/15/2054)(e)
4.33%
03/21/2025
 
95,239,954
95,000,000
Citigroup Global Markets, Inc., agreement dated 02/28/2025, maturing value of
$200,070,833 (collateralized by U.S. Treasury obligations valued at
$204,000,027; 0.50% - 4.25%; 12/15/2027 - 02/28/2029)
4.25%
03/03/2025
 
200,070,833
200,000,000
Citigroup Global Markets, Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $1,200,435,000 (collateralized by U.S. Treasury
obligations valued at $1,224,000,022; 0.50% - 3.63%; 02/28/2027 -
08/31/2029)
4.35%
03/03/2025
 
700,253,750
700,000,000
Citigroup Global Markets, Inc., joint term agreement dated 02/27/2025,
aggregate maturing value of $1,201,017,333 (collateralized by U.S. Treasury
obligations, agency mortgage-backed securities and U.S. government
sponsored agency obligations valued at $1,224,000,048; 0.00% - 8.00%;
04/28/2025 - 09/15/2065)(e)
4.36%
03/06/2025
 
360,305,200
360,000,000
Citigroup Global Markets, Inc., joint term agreement dated 02/27/2025,
aggregate maturing value of $8,006,766,667 (collateralized by U.S. Treasury
obligations valued at $8,160,000,009; 0.88% - 5.25%; 06/30/2027 -
07/31/2029)(e)
4.35%
03/06/2025
 
3,392,867,375
3,390,000,000
Credit Agricole Corporate & Investment Bank, agreement dated 02/28/2025,
maturing value of $500,181,667 (collateralized by U.S. Treasury obligations
valued at $510,000,073; 0.38% - 4.13%; 08/31/2026 - 08/15/2030)
4.36%
03/03/2025
 
500,181,667
500,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/30/2025, aggregate maturing value of $1,508,820,000 (collateralized
by U.S. Treasury obligations valued at $1,530,000,023; 1.25% - 4.00%;
03/31/2027 - 08/15/2031)(e)
4.32%
03/20/2025
 
754,410,000
750,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/31/2025, aggregate maturing value of $1,005,760,000 (collateralized
by U.S. Treasury obligations valued at $1,020,000,056; 1.13% - 4.50%;
08/15/2040 - 05/15/2052)(e)
4.32%
03/20/2025
 
442,534,400
440,000,000
Federal Reserve Bank of New York, joint agreement dated 02/28/2025,
aggregate maturing value of $1,100,389,583 (collateralized by U.S. Treasury
obligations valued at $1,100,389,634; 1.63% - 4.63%; 05/15/2031 -
02/15/2040)
4.25%
03/03/2025
 
600,212,500
600,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement
dated 02/28/2025, aggregate maturing value of $7,502,725,000
(collateralized by U.S. Treasury obligations valued at $7,650,000,132;
0.00% - 4.50%; 02/28/2026 - 05/15/2052)
4.36%
03/03/2025
 
4,076,480,583
4,075,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Fixed Income Clearing Corp. - Citigroup Global Markets, Inc., joint agreement dated
02/28/2025, aggregate maturing value of $1,000,363,333 (collateralized
by U.S. Treasury obligations valued at $1,020,000,066; 0.00% - 6.63%;
03/31/2025 - 02/15/2055)
4.36%
03/03/2025
 
$700,254,333
$700,000,000
Fixed Income Clearing Corp. - State Street Bank, joint agreement dated
02/28/2025, aggregate maturing value of $2,000,726,667 (collateralized
by U.S. Treasury obligations valued at $2,040,000,198; 0.88% - 4.38%;
11/15/2042 - 08/15/2053)
4.36%
03/03/2025
 
1,250,454,167
1,250,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint agreement dated
02/28/2025, aggregate maturing value of $10,153,687,833 (collateralized
by U.S. Treasury obligations valued at $10,353,000,082; 0.00% - 5.00%;
03/13/2025 - 02/15/2055)
4.36%
03/03/2025
 
5,602,034,667
5,600,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/26/2025, aggregate maturing value of $1,500,180,833 (collateralized
by U.S. Treasury obligations valued at $1,530,000,139; 0.00% - 4.75%;
08/21/2025 - 08/15/2054)(e)(g)
4.34%
03/05/2025
 
785,094,636
785,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/27/2025, aggregate maturing value of $1,951,649,375 (collateralized
by U.S. Treasury obligations valued at $1,989,000,120; 0.00% - 5.00%;
03/31/2025 - 08/15/2054)(e)
4.35%
03/06/2025
 
750,634,375
750,000,000
Goldman Sachs & Co., joint agreement dated 02/28/2025, aggregate maturing
value of $1,000,363,333 (collateralized by U.S. Treasury obligations valued
at $1,020,000,086; 0.00% - 4.13%; 06/30/2026 - 02/15/2055)
4.36%
03/03/2025
 
750,272,500
750,000,000
ING Financial Markets, LLC, joint term agreement dated 01/30/2025, aggregate
maturing value of $251,476,806 (collateralized by agency mortgage-backed
securities valued at $255,000,001; 2.00% - 6.50%; 07/01/2051 -
03/01/2054)
4.34%
03/20/2025
 
140,827,011
140,000,000
J.P. Morgan Securities LLC, joint open agreement dated 09/17/2024
(collateralized by a U.S. Treasury obligation and agency mortgage-backed
securities valued at $1,020,000,001; 0.00% - 8.00%; 09/15/2025 -
06/16/2063)(f)
4.40%
03/03/2025
 
888,017,113
885,000,000
Metropolitan Life Insurance Co., joint term agreement dated 02/27/2025,
aggregate maturing value of $350,300,288 (collateralized by U.S. Treasury
obligations valued at $357,540,655; 0.00%; 02/15/2043 - 08/15/2046)(e)
4.36%
03/06/2025
 
170,144,735
170,000,613
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/26/2025,
aggregate maturing value of $2,672,253,183 (collateralized by U.S. Treasury
obligations valued at $2,724,384,963; 1.00% - 4.13%; 10/15/2027 -
11/15/2040)(e)
4.34%
03/05/2025
 
1,636,805,117
1,635,425,000
Natixis, agreement dated 02/28/2025, maturing value of $500,182,083
(collateralized by U.S. Treasury obligations and agency mortgage-backed
securities valued at $510,000,031; 1.75% - 6.50%; 03/31/2027 -
03/25/2055)
4.37%
03/03/2025
 
500,182,083
500,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$1,000,361,667 (collateralized by U.S. Treasury obligations valued at
$1,035,838,452; 0.00% - 5.38%; 03/20/2025 - 11/15/2052)
4.34%
03/03/2025
 
800,289,333
800,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$500,181,250 (collateralized by U.S. Treasury obligations valued at
$516,322,299; 0.00% - 4.88%; 03/20/2025 - 08/15/2053)
4.35%
03/03/2025
 
300,108,750
300,000,000
Prudential Insurance Co. of America, agreement dated 02/28/2025, maturing
value of $731,043,625 (collateralized by U.S. Treasury obligations valued at
$744,928,528; 0.00% - 4.38%; 07/31/2026 - 11/15/2046)
4.37%
03/03/2025
 
731,043,625
730,777,500
RBC Dominion Securities Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $2,500,906,250 (collateralized by U.S. Treasury
obligations valued at $2,550,924,407; 0.00% - 4.88%; 03/20/2025 -
08/15/2054)
4.35%
03/03/2025
 
1,300,471,250
1,300,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
RBC Dominion Securities Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $2,796,017,846 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$2,851,938,203; 0.00% - 6.50%; 04/15/2026 - 02/20/2055)
4.37%
03/03/2025
 
$1,420,517,117
$1,420,000,000
Royal Bank of Canada, joint agreement dated 02/28/2025, aggregate maturing
value of $1,500,545,000 (collateralized by U.S. Treasury obligations valued
at $1,530,555,913; 0.00% - 4.50%; 07/15/2025 - 02/15/2055)
4.36%
03/03/2025
 
500,181,667
500,000,000
Royal Bank of Canada, joint agreement dated 02/28/2025, aggregate maturing
value of $1,506,548,435 (collateralized by U.S. Treasury obligations and
agency mortgage-backed securities valued at $1,536,679,471; 0.00% -
7.00%; 02/19/2026 - 02/20/2055)
4.37%
03/03/2025
 
1,100,400,583
1,100,000,000
Royal Bank of Canada, joint term agreement dated 06/13/2024, aggregate
maturing value of $3,692,889,960 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$3,721,512,552; 0.00% - 8.50%; 05/06/2025 - 11/20/2064)(e)
5.16%
05/30/2025
 
2,730,806,000
2,600,000,000
Societe Generale, joint agreement dated 02/28/2025, aggregate maturing value
of $2,000,726,667 (collateralized by U.S. Treasury obligations valued at
$2,040,000,093; 0.25% - 4.63%; 03/31/2025 - 02/15/2035)
4.36%
03/03/2025
 
850,308,833
850,000,000
Societe Generale, joint term agreement dated 02/25/2025, aggregate maturing
value of $1,501,260,000 (collateralized by U.S. Treasury obligations valued
at $1,530,000,001; 0.13% - 4.75%; 02/28/2027 - 11/15/2053)(e)
4.32%
03/04/2025
 
750,630,000
750,000,000
Societe Generale, joint term agreement dated 02/26/2025, aggregate maturing
value of $1,251,052,431 (collateralized by U.S. Treasury obligations valued
at $1,275,000,082; 2.88% - 4.25%; 10/31/2026 - 04/30/2029)(e)
4.33%
03/05/2025
 
500,420,972
500,000,000
Societe Generale, joint term agreement dated 02/26/2025, aggregate maturing
value of $750,632,917 (collateralized by agency mortgage-backed securities
valued at $765,000,950; 2.00% - 6.00%; 07/01/2050 - 02/01/2055)(e)
4.34%
03/05/2025
 
500,421,944
500,000,000
Societe Generale, joint term agreement dated 02/28/2025, aggregate maturing
value of $1,000,843,889 (collateralized by U.S. Treasury obligations valued
at $1,020,000,019; 1.25% - 4.00%; 11/30/2026 - 07/31/2029)(e)
4.34%
03/07/2025
 
380,320,678
380,000,000
Standard Chartered Bank, joint agreement dated 02/28/2025, aggregate
maturing value of $2,500,910,417 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$2,550,928,659; 0.13% - 7.50%; 11/15/2025 - 12/15/2066)
4.37%
03/03/2025
 
775,282,229
775,000,000
Standard Chartered Bank, joint agreement dated 02/28/2025, aggregate
maturing value of $2,801,017,333 (collateralized by U.S. Treasury
obligations valued at $2,857,037,767; 0.00% - 5.00%; 03/11/2025 -
02/15/2055)
4.36%
03/03/2025
 
1,012,367,693
1,012,000,000
Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2025, aggregate
maturing value of $4,301,565,917 (collateralized by agency mortgage-
backed securities valued at $4,446,469,970; 3.00% - 6.50%; 10/20/2042
- 11/20/2054)
4.37%
03/03/2025
 
1,280,166,024
1,279,700,000
Teacher Retirement System of Texas, joint agreement dated 02/27/2025,
aggregate maturing value of $1,548,939,146 (collateralized by U.S. Treasury
obligations valued at $1,625,780,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.47%
03/03/2025
 
794,774,515
794,478,571
Teacher Retirement System of Texas, joint agreement dated 02/28/2025,
aggregate maturing value of $1,554,446,275 (collateralized by U.S. Treasury
obligations valued at $1,631,965,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.48%
03/04/2025
 
797,466,371
797,367,143
Wells Fargo Securities, LLC, agreement dated 02/28/2025, maturing value of
$750,273,125 (collateralized by agency mortgage-backed securities valued at
$765,000,000; 2.00% - 7.00%; 03/20/2028 - 01/20/2055)
4.37%
03/03/2025
 
750,273,125
750,000,000
Wells Fargo Securities, LLC, joint term agreement dated 01/03/2025, aggregate
maturing value of $913,267,500 (collateralized by agency mortgage-backed
securities and U.S. government sponsored agency obligations valued at
$918,000,801; 0.00% - 7.00%; 03/07/2025 - 09/01/2057)
4.35%
05/05/2025
 
523,606,700
516,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Wells Fargo Securities, LLC, joint term agreement dated 01/15/2025, aggregate
maturing value of $2,208,816,500 (collateralized by agency mortgage-
backed securities valued at $2,228,700,000; 1.00% - 7.50%; 07/01/2025
- 01/01/2059)
4.36%
04/15/2025
 
$1,551,731,500
$1,535,000,000
Wells Fargo Securities, LLC, joint term agreement dated 02/27/2025, aggregate
maturing value of $869,417,000 (collateralized by agency mortgage-backed
securities and U.S. government sponsored agency obligations valued at
$877,200,001; 0.00% - 7.00%; 03/03/2025 - 01/01/2059)
4.38%
05/28/2025
 
758,212,500
750,000,000
Total Repurchase Agreements (Cost $56,735,748,827)
56,735,748,827
TOTAL INVESTMENTS IN SECURITIES(h)-96.75% (Cost $75,384,609,803)
75,384,609,803
OTHER ASSETS LESS LIABILITIES-3.25%
2,530,485,928
NET ASSETS-100.00%
$77,915,095,731
Investment Abbreviations: 
EFFR
-Effective Federal Funds Rate
SOFR
-Secured Overnight Financing Rate
VRD
-Variable Rate Demand
Notes to Schedule of Investments: 
(a)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2025.
(b)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(c)
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the
issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2025.
(d)
Principal amount equals value at period end. See Note 1J.
(e)
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(f)
Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.
(g)
Interest is paid periodically at specified time intervals. The Repurchase Amount includes one day of interest due at maturity. 
(h)
Also represents cost for federal income tax purposes.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13
Short-Term Investments Trust
Statements of Assets and Liabilities
February 28, 2025
(Unaudited)

 
 
Invesco Treasury
Portfolio
Invesco Government
& Agency Portfolio
Assets:
Investments in unaffiliated securities, at value
$13,678,555,999
$18,648,860,976
Repurchase agreements, at value and cost
27,984,196,511
56,735,748,827
Cash
717,352,838
3,167,174,664
Receivable for:
Fund shares sold
13,891,229
15,431,152
Interest
117,265,685
300,725,956
Fund expenses absorbed
843,745
-
Investment for trustee deferred compensation and retirement plans
2,130,138
970,478
Other assets
412,415
1,049,667
Total assets
42,514,648,560
78,869,961,720
Liabilities:
Payable for:
Investments purchased
756,885,714
797,367,143
Fund shares reacquired
6,743,656
5,689,628
Dividends
78,167,309
139,904,818
Accrued fees to affiliates
7,618,822
10,467,295
Accrued trustees’ and officers’ fees and benefits
174,171
13,896
Accrued operating expenses
83,845
285,584
Trustee deferred compensation and retirement plans
2,292,063
1,137,625
Total liabilities
851,965,580
954,865,989
Net assets applicable to shares outstanding
$41,662,682,980
$77,915,095,731
Net assets consist of:
Shares of beneficial interest
$41,663,310,767
$77,935,051,112
Distributable earnings (loss)
(627,787
)
(19,955,381
)
 
$41,662,682,980
$77,915,095,731
Net Assets:
Cash Management Class
$585,651,223
$886,813,927
CAVU Securities Class
$2,014,726,613
$13,291,474,845
Corporate Class
$1,839,847,692
$624,258,121
Institutional Class
$33,944,454,781
$58,863,712,700
Personal Investment Class
$1,204,024,846
$100,307,610
Premier Class
$-
$2,226,904,829
Private Investment Class
$1,471,590,925
$1,272,661,312
Reserve Class
$571,968,755
$514,567,159
Resource Class
$30,418,145
$134,395,228
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14
Short-Term Investments Trust
Statements of Assets and Liabilities—(continued)
February 28, 2025
(Unaudited)
 
Invesco Treasury
Portfolio
Invesco Government
& Agency Portfolio
Shares outstanding, no par value,
unlimited number of shares authorized:
Cash Management Class
585,623,158
887,045,213
CAVU Securities Class
2,014,630,006
13,294,857,355
Corporate Class
1,839,759,553
624,416,949
Institutional Class
33,942,842,275
58,878,700,576
Personal Investment Class
1,203,967,070
100,333,108
Premier Class
-
2,227,472,117
Private Investment Class
1,471,520,411
1,272,985,138
Reserve Class
571,941,358
514,697,947
Resource Class
30,416,688
134,429,420
Net asset value, offering and redemption price per share for each class
$1.00
$1.00
Cost of Investments
$41,662,752,510
$75,384,609,803
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15
Short-Term Investments Trust
Statements of Operations
For the six months ended February 28, 2025
(Unaudited)

 
 
Invesco Treasury
Portfolio
Invesco Government
& Agency Portfolio
Investment income:
Interest
$806,600,528
$1,542,243,099
Expenses:
Advisory fees
25,709,047
32,610,265
Administrative services fees
7,541,424
14,372,996
Custodian fees
148,908
1,832,898
Distribution fees:
Cash Management Class
217,622
352,646
Corporate Class
235,019
70,330
Personal Investment Class
3,150,274
284,700
Private Investment Class
2,082,976
1,940,422
Reserve Class
2,497,819
2,491,089
Resource Class
24,904
105,185
Transfer agent fees
1,542,685
2,935,231
Trustees’ and officers’ fees and benefits
233,567
508,006
Registration and filing fees
280,888
362,187
Reports to shareholders
39,544
37,735
Professional services fees
144,961
325,083
Other
208,784
1,112,144
Total expenses
44,058,422
59,340,917
Less: Fees waived and expenses reimbursed
(4,981,849
)
(2,395,545
)
Net expenses
39,076,573
56,945,372
Net investment income
767,523,955
1,485,297,727
Net realized gain from unaffiliated investment securities
546,874
594,414
Net increase in net assets resulting from operations
$768,070,829
$1,485,892,141
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16
Short-Term Investments Trust
Statements of Changes in Net Assets
For the six months ended February 28, 2025 and the year ended August 31, 2024
(Unaudited)

 
 
Invesco Treasury Portfolio
Invesco Government & Agency Portfolio
 
February 28,
2025
August 31,
2024
February 28,
2025
August 31,
2024
Operations:
Net investment income
$767,523,955
$1,798,523,091
$1,485,297,727
$3,528,423,714
 
Net realized gain
546,874
588,216
594,414
5,590,379
 
Net increase in net assets resulting from operations
768,070,829
1,799,111,307
1,485,892,141
3,534,014,093
 
Distributions to shareholders from distributable earnings:
Cash Management Class
(12,071,357
)
(20,301,185
)
(19,893,251
)
(28,249,324
)
 
CAVU Securities Class
(26,668,884
)
(64,820,637
)
(229,824,095
)
(524,316,880
)
 
Corporate Class
(35,314,150
)
(87,424,956
)
(10,554,043
)
(20,482,672
)
 
Institutional Class
(630,071,294
)
(1,491,466,650
)
(1,138,273,842
)
(2,850,941,667
)
 
Personal Investment Class
(22,792,103
)
(45,434,838
)
(2,092,058
)
(3,967,725
)
 
Premier Class
-
-
(43,292,710
)
(5,919,550
)
 
Private Investment Class
(29,389,015
)
(58,364,064
)
(27,813,055
)
(63,152,533
)
 
Reserve Class
(10,534,271
)
(28,547,353
)
(10,635,381
)
(22,679,822
)
 
Resource Class
(682,881
)
(2,163,408
)
(2,919,292
)
(8,713,541
)
 
Total distributions from distributable earnings
(767,523,955
)
(1,798,523,091
)
(1,485,297,727
)
(3,528,423,714
)
 
Share transactions-net:
Cash Management Class
132,607,139
274,262,107
173,947,258
77,173,596
 
CAVU Securities Class
539,049,500
209,970,253
5,251,967,110
(4,720,514,007
)
 
Corporate Class
129,748,550
147,046,591
370,859,582
(42,052,014
)
 
Institutional Class
9,077,027,967
(3,968,533,305
)
17,152,698,845
(23,954,606,903
)
 
Personal Investment Class
162,795,894
193,522,167
(1,105,231
)
14,701,368
 
Premier Class
-
-
1,155,607,482
1,071,864,635
 
Private Investment Class
197,411,453
187,049,599
(75,787,350
)
376,265,090
 
Reserve Class
49,259,836
(93,504,210
)
(14,614,560
)
86,941,326
 
Resource Class
1,636,281
(62,351,419
)
9,187,499
(40,729,025
)
 
Net increase (decrease) in net assets resulting from share
transactions
10,289,536,620
(3,112,538,217
)
24,022,760,635
(27,130,955,934
)
 
Net increase (decrease) in net assets
10,290,083,494
(3,111,950,001
)
24,023,355,049
(27,125,365,555
)
 
Net assets:
Beginning of period
31,372,599,486
34,484,549,487
53,891,740,682
81,017,106,237
 
End of period
$41,662,682,980
$31,372,599,486
$77,915,095,731
$53,891,740,682
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17
Short-Term Investments Trust
Financial Highlights
(Unaudited)
The following schedule presents financial highlights for a share of the Funds outstanding throughout the periods indicated.
CAVU Securities 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
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 Treasury Portfolio
Six months ended 02/28/25
$1.00
$0.02
$0.00
$0.02
$(0.02
)
$1.00
2.28
%
$2,014,727
0.18
%(c)
0.21
%(c)
4.53
%(c)
Year ended 08/31/24
1.00
0.05
0.00
0.05
(0.05
)
1.00
5.37
1,475,629
0.18
0.21
5.24
Year ended 08/31/23
1.00
0.04
0.00
0.04
(0.04
)
1.00
4.38
1,265,597
0.18
0.22
4.38
Year ended 08/31/22
1.00
0.00
0.00
0.00
(0.00
)
1.00
0.46
557,217
0.13
0.21
0.47
Period ended 08/31/21(d)
1.00
0.00
0.00
0.00
(0.00
)
1.00
0.01
547,091
0.04
(c)
0.21
(c)
0.07
(c)
Invesco Government & Agency Portfolio
Six months ended 02/28/25
1.00
0.02
(0.00
)
0.02
(0.02
)
1.00
2.30
13,291,475
0.16
(c)
0.17
(c)
4.57
(c)
Year ended 08/31/24
1.00
0.05
(0.00
)
0.05
(0.05
)
1.00
5.38
8,040,037
0.16
0.16
5.22
Year ended 08/31/23
1.00
0.04
0.00
0.04
(0.04
)
1.00
4.39
12,759,306
0.16
0.16
4.39
Year ended 08/31/22
1.00
0.01
(0.00
)
0.01
(0.01
)
1.00
0.51
4,851,562
0.11
0.16
0.54
Period ended 08/31/21(d)
1.00
0.00
0.00
0.00
(0.00
)
1.00
0.02
1,441,853
0.04
(c)
0.16
(c)
0.06
(c)
 
 
(a)
Calculated using average shares outstanding.
(b)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and is not annualized for periods less than one year.
(c)
Annualized.
(d)
Commencement date of December 18, 2020.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18
Short-Term Investments Trust
Notes to Financial Statements
February 28, 2025
(Unaudited)
NOTE 1—Significant Accounting Policies
Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers three separate portfolios (each constituting a “Fund”). The Funds covered in this report are Invesco Treasury Portfolio and Invesco Government & Agency Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.
The investment objective of each Fund is to provide current income consistent with preservation of capital and liquidity.
Invesco Treasury Portfolio currently offers eight different classes of shares: Cash Management Class, Corporate Class, CAVU Securities Class, Institutional Class, Personal Investment Class, Private Investment Class, Reserve Class and Resource Class. Invesco Government & Agency Portfolio currently offers nine different classes of shares: Cash Management Class, Corporate Class, CAVU Securities Class, Institutional Class, Personal Investment Class, Premier Class, Private Investment Class, Reserve Class and Resource Class.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services — Investment Companies.
Invesco Treasury Portfolio and Invesco Government & Agency Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act (the "Rule"), seek to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation.
“Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/or repurchase agreements collateralized fully by cash or Government Securities.
The Board of Trustees has elected not to subject Invesco Treasury Portfolio and Invesco Government & Agency Portfolio to liquidity fee requirements at this time, as permitted by the Rule.
The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements.
A.
Security Valuations - Invesco Liquid Assets Portfolio’s securities normally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations 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, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is unreliable in the Adviser’s judgment, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Invesco Treasury Portfolio and Invesco Government & Agency Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by the Rule. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.
Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.
B.
Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Funds and the investment adviser.
The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative settled shares of each class.
C.
Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the
19
Short-Term Investments Trust
investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Distributions - It is the policy of the Funds to declare dividends from net investment income, if any, daily and pay them monthly. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually.
E.
Federal Income Taxes - The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. Transfer agency fees and expenses attributable to CAVU Securities Class are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative settled shares.  
G.
Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.
Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.
Segment Reporting — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity’s segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds’ chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds’ financial statements. Adoption of the new standard impacted the Funds’ financial statement note disclosures only and did not affect the Funds’ financial position or the results of its operations.
J.
Repurchase Agreements - The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is typically at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is typically at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income. 
K.
Other Risks – 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 a 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.
The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.
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.
20
Short-Term Investments Trust
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively: 
 
First $250 million
Next $250 million
Over $500 million
Invesco Treasury Portfolio
0.15%
0.15%
0.15%
Invesco Government & Agency
Portfolio
0.10%
0.10%
0.10%
For the six months ended February 28, 2025, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below: 
Invesco Treasury Portfolio
0.15%
Invesco Government & Agency Portfolio
0.10%
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, for Invesco Government & Agency Portfolio, separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).
The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) for each Fund’s shares (except Premier Class shares) through at least December 31, 2024 and for Premier Class shares through at least May 31, 2025 as shown in the following table (the “expense limits”): 
 
Cash
Management
Class
CAVU
Securities
Class
Corporate
Class
Institutional
Class
Personal
Investment
Class
Premier
Class
Private
Investment
Class
Reserve
Class
Resource
Class
Invesco Treasury Portfolio
0.26%
0.18%
0.21%
0.18%
0.73%
–
0.48%
1.05%
0.34%
Invesco Government & Agency Portfolio
0.26%
0.18%
0.21%
0.18%
0.73%
0.12%
0.48%
1.05%
0.34%
In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses, and (5) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2023. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.
For the six months ended February 28, 2025, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below: 
 
Expense
Limitation
Invesco Treasury Portfolio
$4,981,849
Invesco Government & Agency Portfolio
2,395,545
The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the six months ended February 28, 2025, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as fund accountant and provides certain administrative services to the Funds. Pursuant to a custody agreement with the Trust on behalf of the Funds, BNY Mellon also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 28, 2025, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. 
21
Short-Term Investments Trust
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
As of February 28, 2025, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
NOTE 4—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Funds may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Funds.
NOTE 5—Cash Balances
The Funds are permitted to temporarily overdraft or leave balances in their accounts with BNY Mellon, the custodian bank. Such balances, if any at period-end, are shown in the Statements of Assets and Liabilities under the payable caption Amount due custodian. To compensate BNY Mellon or the Funds for such activity, the Funds may either (1) pay to or receive from BNY Mellon compensation at a rate agreed upon by BNY Mellon and Invesco, not to exceed the contractually agreed upon rate; or (2) leave funds or overdraft funds as a compensating balance in the account so BNY Mellon or the Funds can be compensated for use of funds.
NOTE 6—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to each Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at each Fund’s fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had a capital loss carryforward as of August 31, 2024, as follows: 
Fund
Short-Term
 
Not Subject to
Expiration
Total*
Invesco Government & Agency Portfolio
$21,111,540
$21,111,540
 
*
Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a
variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
*
For Invesco Government & Agency Portfolio, cost of investments is the same for tax and financial reporting purposes.
22
Short-Term Investments Trust
Invesco Treasury Portfolio 
 
Summary of Share Activity
 
Six months ended
February 28, 2025(a)
Year ended
August 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Cash Management Class
1,870,577,721
$1,870,577,721
2,333,007,866
$2,333,007,866
CAVU Securities Class
9,142,926,152
9,142,926,152
22,251,478,516
22,251,478,516
Corporate Class
6,182,058,893
6,182,058,893
12,354,552,252
12,354,552,252
Institutional Class
124,944,230,624
124,944,230,624
250,888,373,402
250,888,373,402
Personal Investment Class
1,663,115,163
1,663,115,163
3,726,713,615
3,726,713,615
Private Investment Class
1,591,901,152
1,591,901,152
2,799,879,705
2,799,879,705
Reserve Class
771,300,114
771,300,114
2,909,401,364
2,909,401,364
Resource Class
120,757,039
120,757,039
236,811,098
236,811,098
Issued as reinvestment of dividends:
Cash Management Class
10,440,471
10,440,471
12,027,251
12,027,251
CAVU Securities Class
9,113,387
9,113,387
22,198,536
22,198,536
Corporate Class
35,314,150
35,314,150
71,234,826
71,234,826
Institutional Class
256,626,398
256,626,398
517,626,055
517,626,055
Personal Investment Class
8,586,531
8,586,531
21,558,843
21,558,843
Private Investment Class
25,704,571
25,704,571
42,479,974
42,479,974
Reserve Class
10,534,271
10,534,271
27,172,034
27,172,034
Resource Class
682,881
682,881
2,382,216
2,382,216
Reacquired:
Cash Management Class
(1,748,411,053
)
(1,748,411,053
)
(2,070,773,010
)
(2,070,773,010
)
CAVU Securities Class
(8,612,990,039
)
(8,612,990,039
)
(22,063,706,799
)
(22,063,706,799
)
Corporate Class
(6,087,624,493
)
(6,087,624,493
)
(12,278,740,487
)
(12,278,740,487
)
Institutional Class
(116,123,829,055
)
(116,123,829,055
)
(255,374,532,762
)
(255,374,532,762
)
Personal Investment Class
(1,508,905,800
)
(1,508,905,800
)
(3,554,750,291
)
(3,554,750,291
)
Private Investment Class
(1,420,194,270
)
(1,420,194,270
)
(2,655,310,080
)
(2,655,310,080
)
Reserve Class
(732,574,549
)
(732,574,549
)
(3,030,077,608
)
(3,030,077,608
)
Resource Class
(119,803,639
)
(119,803,639
)
(301,544,733
)
(301,544,733
)
Net increase (decrease) in share activity
10,289,536,620
$10,289,536,620
(3,112,538,217
)
$(3,112,538,217
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 24% of the outstanding shares of the
Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of
interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these
entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services
such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any
portion of the shares owned of record by these entities are also owned beneficially.
23
Short-Term Investments Trust
Invesco Government & Agency Portfolio 
 
Summary of Share Activity
 
Six months ended
February 28, 2025(a)
Year ended
August 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Cash Management Class
368,295,908
$368,295,908
663,029,782
$663,029,782
CAVU Securities Class
66,158,613,340
66,158,613,340
127,354,073,926
127,354,073,926
Corporate Class
1,873,728,701
1,873,728,701
1,829,835,886
1,829,835,886
Institutional Class
210,059,718,200
210,059,718,200
605,516,883,360
605,516,883,360
Personal Investment Class
249,366,626
249,366,626
518,971,785
518,971,785
Premier Class
100,630,532,801
100,630,532,801
19,156,568,000
19,156,568,000
Private Investment Class
1,366,365,174
1,366,365,174
3,066,991,198
3,066,991,198
Reserve Class
750,218,819
750,218,819
1,575,680,738
1,575,680,738
Resource Class
717,639,000
717,639,000
1,550,521,178
1,550,521,178
Issued as reinvestment of dividends:
Cash Management Class
19,876,850
19,876,850
7,700,062
7,700,062
CAVU Securities Class
128,638,728
128,638,728
308,419,873
308,419,873
Corporate Class
5,407,624
5,407,624
11,676,386
11,676,386
Institutional Class
508,489,921
508,489,921
1,195,586,093
1,195,586,093
Personal Investment Class
1,944,961
1,944,961
3,211,362
3,211,362
Premier Class
8,992,096
8,992,096
5,765
5,765
Private Investment Class
20,465,133
20,465,133
36,498,240
36,498,240
Reserve Class
11,748,821
11,748,821
21,397,617
21,397,617
Resource Class
1,896,956
1,896,956
5,524,706
5,524,706
Reacquired:
Cash Management Class
(214,225,500
)
(214,225,500
)
(593,556,248
)
(593,556,248
)
CAVU Securities Class
(61,035,284,958
)
(61,035,284,958
)
(132,383,007,806
)
(132,383,007,806
)
Corporate Class
(1,508,276,743
)
(1,508,276,743
)
(1,883,564,286
)
(1,883,564,286
)
Institutional Class
(193,415,509,276
)
(193,415,509,276
)
(630,667,076,356
)
(630,667,076,356
)
Personal Investment Class
(252,416,818
)
(252,416,818
)
(507,481,779
)
(507,481,779
)
Premier Class
(99,483,917,415
)
(99,483,917,415
)
(18,084,709,130
)
(18,084,709,130
)
Private Investment Class
(1,462,617,657
)
(1,462,617,657
)
(2,727,224,348
)
(2,727,224,348
)
Reserve Class
(776,582,200
)
(776,582,200
)
(1,510,137,029
)
(1,510,137,029
)
Resource Class
(710,348,457
)
(710,348,457
)
(1,596,774,909
)
(1,596,774,909
)
Net increase (decrease) in share activity
24,022,760,635
$24,022,760,635
(27,130,955,934
)
$(27,130,955,934
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 27% of the outstanding shares of
the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are
considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as
securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares
owned of record by these entities are also owned beneficially.
24
Short-Term Investments Trust
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
Not applicable.
25
Short-Term Investments Trust
 
SEC file numbers: 811-02729 and 002-58287
Invesco Distributors, Inc.
CM-STIT-NCSRS-CAVU


 
Semi-Annual Financial Statements and Other Information
February 28, 2025
Corporate Class
Short-Term Investments Trust (STIT)
Invesco Treasury Portfolio
Invesco Government & Agency Portfolio
Invesco Treasury Obligations Portfolio 
 
2
Financial Statements
Financial Highlights
Notes to Financial Statements
Other Information Required in Form N-CSR (Items 8-11)
Schedule of Investments
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio

 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Treasury Securities-32.83%
U.S. Treasury Bills-14.35%(a)
U.S. Treasury Bills
4.76%
03/06/2025
 
$300,000
$299,806,458
U.S. Treasury Bills
4.26%
03/11/2025
 
816,439
815,475,147
U.S. Treasury Bills
4.64%
03/13/2025
 
250,000
249,622,500
U.S. Treasury Bills
4.26%-4.27%
03/18/2025
 
909,003
907,177,086
U.S. Treasury Bills
4.28%
03/20/2025
 
15,000
14,966,461
U.S. Treasury Bills
4.31%
04/03/2025
 
427,000
425,350,179
U.S. Treasury Bills
4.40%
04/10/2025
 
100,000
99,521,667
U.S. Treasury Bills
4.36%-5.21%
04/17/2025
 
890,000
884,529,853
U.S. Treasury Bills
5.02%
07/10/2025
 
175,000
171,959,253
U.S. Treasury Bills
4.11%-4.27%
10/02/2025
 
770,000
751,539,891
U.S. Treasury Bills
4.28%-4.37%
10/30/2025
 
850,000
826,222,281
U.S. Treasury Bills
4.23%-4.38%
11/28/2025
 
550,000
532,814,889
 
 
 
 
5,978,985,665
U.S. Treasury Floating Rate Notes-18.48%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.13%)(b)
4.36%
07/31/2025
 
1,100,000
1,099,791,733
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.17%)(b)
4.41%
10/31/2025
 
700,000
699,955,072
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.25%)(b)
4.48%
01/31/2026
 
1,312,809
1,313,488,917
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.15%)(b)
4.39%
04/30/2026
 
2,212,000
2,212,031,558
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.18%)(b)
4.42%
07/31/2026
 
160,000
160,120,551
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.21%)(b)
4.44%
10/31/2026
 
1,213,000
1,213,969,364
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.10%)(b)
4.34%
01/31/2027
 
1,000,000
1,000,213,139
 
 
 
 
7,699,570,334
Total U.S. Treasury Securities (Cost $13,678,555,999)
13,678,555,999
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-32.83%
(Cost $13,678,555,999)
13,678,555,999
 
 
 
Repurchase
Amount
 
Repurchase Agreements-67.17%(c)
ABN AMRO Bank N.V., agreement dated 02/28/2025, maturing value of
$250,090,625 (collateralized by U.S. Treasury obligations valued at
$255,000,002; 0.50% - 4.88%; 12/31/2025 - 05/15/2047)
4.35%
03/03/2025
 
250,090,625
250,000,000
Bank of Montreal, joint agreement dated 02/28/2025, aggregate maturing value
of $500,177,500 (collateralized by U.S. Treasury obligations valued at
$510,000,102; 0.00% - 4.75%; 04/15/2025 - 11/15/2043)
4.26%
03/03/2025
 
100,035,500
100,000,000
BNP Paribas Securities Corp., joint term agreement dated 02/10/2025,
aggregate maturing value of $1,400,518,000 (collateralized by U.S. Treasury
obligations valued at $1,428,000,149; 0.00% - 4.88%; 04/15/2025 -
02/15/2054)(d)(e)
4.44%
03/03/2025
 
490,181,300
490,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
BNP Paribas Securities Corp., joint term agreement dated 10/28/2024, aggregate
maturing value of $2,000,741,667 (collateralized by U.S. Treasury
obligations valued at $2,040,000,035; 0.00% - 6.13%; 03/31/2025 -
02/15/2045)(d)(e)
4.45%
03/03/2025
 
$1,055,391,229
$1,055,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/30/2024, aggregate
maturing value of $4,001,486,667 (collateralized by U.S. Treasury obligations
valued at $4,080,000,219; 0.00% - 6.88%; 03/27/2025 -
02/15/2055)(d)(e)
4.46%
03/03/2025
 
1,090,405,117
1,090,000,000
BofA Securities, Inc., agreement dated 02/28/2025, maturing value of
$1,000,361,667 (collateralized by U.S. Treasury obligations valued at
$1,020,000,048; 0.25% - 4.75%; 05/31/2025 - 02/15/2050)
4.34%
03/03/2025
 
1,000,361,667
1,000,000,000
BofA Securities, Inc., joint agreement dated 02/28/2025, aggregate maturing
value of $1,200,436,000 (collateralized by U.S. Treasury obligations valued
at $1,224,000,006; 0.88% - 4.75%; 10/15/2025 - 05/15/2054)
4.36%
03/03/2025
 
500,181,667
500,000,000
BofA Securities, Inc., joint term agreement dated 01/27/2025, aggregate
maturing value of $1,750,634,375 (collateralized by U.S. Treasury
obligations valued at $1,785,000,094; 1.50% - 4.50%; 10/31/2026 -
08/15/2053)(d)(e)
4.35%
03/03/2025
 
750,271,875
750,000,000
BofA Securities, Inc., term agreement dated 01/02/2025, maturing value of
$500,182,500 (collateralized by U.S. Treasury obligations valued at
$510,000,061; 1.75% - 4.25%; 03/31/2027 - 08/15/2041)(d)
4.38%
03/03/2025
 
500,182,500
500,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $1,693,006,250 (collateralized by U.S. Treasury
obligations valued at $1,708,500,103; 0.00% - 5.00%; 03/13/2025 -
08/15/2054)(e)
4.30%
03/19/2025
 
758,062,500
750,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $505,315,278 (collateralized by U.S. Treasury obligations
valued at $510,000,112; 0.00% - 5.00%; 04/15/2025 - 11/15/2053)(e)
4.30%
03/19/2025
 
202,126,111
200,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $707,608,611 (collateralized by U.S. Treasury obligations
valued at $714,000,032; 0.00% - 5.00%; 03/13/2025 - 02/15/2054)(e)
4.30%
03/20/2025
 
303,260,833
300,000,000
Citigroup Global Markets, Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $1,200,435,000 (collateralized by U.S. Treasury
obligations valued at $1,224,000,022; 0.50% - 3.63%; 02/28/2027 -
08/31/2029)
4.35%
03/03/2025
 
200,072,500
200,000,000
Citigroup Global Markets, Inc., joint term agreement dated 02/27/2025,
aggregate maturing value of $8,006,766,667 (collateralized by U.S. Treasury
obligations valued at $8,160,000,009; 0.88% - 5.25%; 06/30/2027 -
07/31/2029)(e)
4.35%
03/06/2025
 
2,502,114,583
2,500,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/30/2025, aggregate maturing value of $1,508,820,000 (collateralized
by U.S. Treasury obligations valued at $1,530,000,023; 1.25% - 4.00%;
03/31/2027 - 08/15/2031)(e)
4.32%
03/20/2025
 
502,940,000
500,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/31/2025, aggregate maturing value of $1,005,760,000 (collateralized
by U.S. Treasury obligations valued at $1,020,000,056; 1.13% - 4.50%;
08/15/2040 - 05/15/2052)(e)
4.32%
03/20/2025
 
301,728,000
300,000,000
Federal Reserve Bank of New York, joint agreement dated 02/28/2025,
aggregate maturing value of $1,100,389,583 (collateralized by U.S. Treasury
obligations valued at $1,100,389,634; 1.63% - 4.63%; 05/15/2031 -
02/15/2040)
4.25%
03/03/2025
 
500,177,083
500,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement
dated 02/28/2025, aggregate maturing value of $7,502,725,000
(collateralized by U.S. Treasury obligations valued at $7,650,000,132;
0.00% - 4.50%; 02/28/2026 - 05/15/2052)
4.36%
03/03/2025
 
2,000,726,667
2,000,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Fixed Income Clearing Corp. - Citigroup Global Markets, Inc., joint agreement dated
02/28/2025, aggregate maturing value of $1,000,363,333 (collateralized
by U.S. Treasury obligations valued at $1,020,000,066; 0.00% - 6.63%;
03/31/2025 - 02/15/2055)
4.36%
03/03/2025
 
$300,109,000
$300,000,000
Fixed Income Clearing Corp. - State Street Bank, joint agreement dated
02/28/2025, aggregate maturing value of $2,000,726,667 (collateralized
by U.S. Treasury obligations valued at $2,040,000,198; 0.88% - 4.38%;
11/15/2042 - 08/15/2053)
4.36%
03/03/2025
 
750,272,500
750,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint agreement dated
02/28/2025, aggregate maturing value of $10,153,687,833 (collateralized
by U.S. Treasury obligations valued at $10,353,000,082; 0.00% - 5.00%;
03/13/2025 - 02/15/2055)
4.36%
03/03/2025
 
2,600,944,667
2,600,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/26/2025, aggregate maturing value of $1,500,180,833 (collateralized
by U.S. Treasury obligations valued at $1,530,000,139; 0.00% - 4.75%;
08/21/2025 - 08/15/2054)(e)(f)
4.34%
03/05/2025
 
485,058,469
485,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/27/2025, aggregate maturing value of $1,951,649,375 (collateralized
by U.S. Treasury obligations valued at $1,989,000,120; 0.00% - 5.00%;
03/31/2025 - 08/15/2054)(e)
4.35%
03/06/2025
 
1,100,930,417
1,100,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., term agreement dated
02/26/2025, maturing value of $750,272,500 (collateralized by
U.S. Treasury obligations valued at $765,000,077; 0.00% - 4.63%;
03/15/2025 - 02/15/2055)(g)
4.36%
03/17/2025
 
750,272,500
750,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., term agreement dated
02/27/2025, maturing value of $350,042,389 (collateralized by
U.S. Treasury obligations valued at $357,000,005; 1.25% - 5.00%;
04/15/2026 - 08/15/2052)(f)
4.36%
04/30/2025
 
350,042,389
350,000,000
Goldman Sachs & Co., joint agreement dated 02/28/2025, aggregate maturing
value of $1,000,363,333 (collateralized by U.S. Treasury obligations valued
at $1,020,000,086; 0.00% - 4.13%; 06/30/2026 - 02/15/2055)
4.36%
03/03/2025
 
250,090,833
250,000,000
ING Financial Markets, LLC, agreement dated 02/28/2025, maturing value of
$100,036,250 (collateralized by U.S. Treasury obligations valued at
$102,000,016; 4.38% - 4.88%; 10/31/2030 - 01/31/2032)
4.35%
03/03/2025
 
100,036,250
100,000,000
Metropolitan Life Insurance Co., joint term agreement dated 02/27/2025,
aggregate maturing value of $350,300,288 (collateralized by U.S. Treasury
obligations valued at $357,540,655; 0.00%; 02/15/2043 - 08/15/2046)(e)
4.36%
03/06/2025
 
100,086,141
100,001,362
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/26/2025,
aggregate maturing value of $2,672,253,183 (collateralized by U.S. Treasury
obligations valued at $2,724,384,963; 1.00% - 4.13%; 10/15/2027 -
11/15/2040)(e)
4.34%
03/05/2025
 
579,113,295
578,625,000
Mitsubishi UFJ Trust & Banking Corp., term agreement dated 02/26/2025,
maturing value of $100,084,194 (collateralized by a U.S. Treasury obligation
valued at $102,036,759; 1.13%; 05/15/2040)(e)
4.33%
03/05/2025
 
100,084,194
100,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$1,000,361,667 (collateralized by U.S. Treasury obligations valued at
$1,035,838,452; 0.00% - 5.38%; 03/20/2025 - 11/15/2052)
4.34%
03/03/2025
 
200,072,333
200,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$500,181,250 (collateralized by U.S. Treasury obligations valued at
$516,322,299; 0.00% - 4.88%; 03/20/2025 - 08/15/2053)
4.35%
03/03/2025
 
200,072,500
200,000,000
Prudential Legacy Insurance Company of New Jersey, agreement dated
02/28/2025, maturing value of $700,055,469 (collateralized by
U.S. Treasury obligations valued at $712,964,384; 0.00% - 4.75%;
02/15/2037 - 05/15/2054)
4.37%
03/03/2025
 
700,055,469
699,800,625
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
RBC Dominion Securities Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $2,500,906,250 (collateralized by U.S. Treasury
obligations valued at $2,550,924,407; 0.00% - 4.88%; 03/20/2025 -
08/15/2054)
4.35%
03/03/2025
 
$575,208,438
$575,000,000
Royal Bank of Canada, joint agreement dated 02/28/2025, aggregate maturing
value of $1,500,545,000 (collateralized by U.S. Treasury obligations valued
at $1,530,555,913; 0.00% - 4.50%; 07/15/2025 - 02/15/2055)
4.36%
03/03/2025
 
500,181,667
500,000,000
Royal Bank of Canada, term agreement dated 06/13/2024, maturing value of
$892,597,750 (collateralized by U.S. Treasury obligations valued at
$899,556,341; 0.00% - 6.38%; 08/31/2025 - 02/15/2053)(e)
5.14%
05/30/2025
 
892,597,750
850,000,000
Societe Generale, joint agreement dated 02/28/2025, aggregate maturing value
of $2,000,726,667 (collateralized by U.S. Treasury obligations valued at
$2,040,000,093; 0.25% - 4.63%; 03/31/2025 - 02/15/2035)
4.36%
03/03/2025
 
1,000,363,333
1,000,000,000
Societe Generale, joint term agreement dated 02/25/2025, aggregate maturing
value of $1,501,260,000 (collateralized by U.S. Treasury obligations valued
at $1,530,000,001; 0.13% - 4.75%; 02/28/2027 - 11/15/2053)(e)
4.32%
03/04/2025
 
400,336,000
400,000,000
Societe Generale, joint term agreement dated 02/26/2025, aggregate maturing
value of $1,251,052,431 (collateralized by U.S. Treasury obligations valued
at $1,275,000,082; 2.88% - 4.25%; 10/31/2026 - 04/30/2029)(e)
4.33%
03/05/2025
 
550,463,069
550,000,000
Societe Generale, joint term agreement dated 02/28/2025, aggregate maturing
value of $1,000,843,889 (collateralized by U.S. Treasury obligations valued
at $1,020,000,019; 1.25% - 4.00%; 11/30/2026 - 07/31/2029)(e)
4.34%
03/07/2025
 
300,253,167
300,000,000
Standard Chartered Bank, joint agreement dated 02/28/2025, aggregate
maturing value of $2,801,017,333 (collateralized by U.S. Treasury
obligations valued at $2,857,037,767; 0.00% - 5.00%; 03/11/2025 -
02/15/2055)
4.36%
03/03/2025
 
750,272,500
750,000,000
Teacher Retirement System of Texas, joint agreement dated 02/27/2025,
aggregate maturing value of $1,548,939,146 (collateralized by U.S. Treasury
obligations valued at $1,625,780,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.47%
03/03/2025
 
754,164,631
753,883,810
Teacher Retirement System of Texas, joint agreement dated 02/28/2025,
aggregate maturing value of $1,554,446,275 (collateralized by U.S. Treasury
obligations valued at $1,631,965,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.48%
03/04/2025
 
756,979,905
756,885,714
Total Repurchase Agreements (Cost $27,984,196,511)
27,984,196,511
TOTAL INVESTMENTS IN SECURITIES-100.00% (Cost $41,662,752,510)
41,662,752,510
OTHER ASSETS LESS LIABILITIES-(0.00)%
(69,530
)
NET ASSETS-100.00%
$41,662,682,980
Notes to Schedule of Investments: 
(a)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2025.
(c)
Principal amount equals value at period end. See Note 1J.
(d)
Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.
(e)
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(f)
Interest is paid periodically at specified time intervals. The Repurchase Amount includes one day of interest due at maturity. 
(g)
Interest is paid periodically at specified time intervals. The Repurchase Amount includes three days of interest due at maturity.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Short-Term Investments Trust
Schedule of Investments
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio

 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Government Sponsored Agency Securities-15.64%
Federal Farm Credit Bank (FFCB)-11.63%
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.45%
03/07/2025
 
$25,000
$25,000,000
Federal Farm Credit Bank (SOFR + 0.18%)(a)
4.54%
03/07/2025
 
10,000
10,000,212
Federal Farm Credit Bank (SOFR + 0.04%)(a)
4.40%
05/13/2025
 
23,000
23,000,000
Federal Farm Credit Bank (SOFR + 0.12%)(a)
4.48%
05/28/2025
 
60,000
60,000,000
Federal Farm Credit Bank (SOFR + 0.12%)(a)
4.48%
05/30/2025
 
25,000
25,000,000
Federal Farm Credit Bank (SOFR + 0.11%)(a)
4.47%
06/13/2025
 
154,000
154,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
06/27/2025
 
170,000
170,000,000
Federal Farm Credit Bank (SOFR + 0.24%)(a)
4.60%
08/05/2025
 
177,500
177,614,553
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
08/13/2025
 
100,000
100,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
08/22/2025
 
175,000
175,000,000
Federal Farm Credit Bank (1 mo. EFFR + 0.15%)(a)
4.48%
09/26/2025
 
112,956
112,985,510
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
10/03/2025
 
10,000
10,000,972
Federal Farm Credit Bank (SOFR + 0.35%)(a)
4.71%
11/25/2025
 
60,000
60,114,679
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
11/28/2025
 
25,275
25,274,527
Federal Farm Credit Bank (SOFR + 0.16%)(a)
4.52%
11/28/2025
 
242,000
242,000,000
Federal Farm Credit Bank (SOFR + 0.16%)(a)
4.52%
12/01/2025
 
77,000
77,000,000
Federal Farm Credit Bank (SOFR + 0.15%)(a)
4.51%
12/15/2025
 
24,000
24,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.51%
12/29/2025
 
550,000
550,000,000
Federal Farm Credit Bank (SOFR + 0.33%)(a)
4.69%
12/29/2025
 
20,000
20,033,393
Federal Farm Credit Bank (SOFR + 0.16%)(a)
4.52%
01/23/2026
 
58,000
58,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.51%
01/29/2026
 
350,000
350,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
01/30/2026
 
170,000
170,000,000
Federal Farm Credit Bank (SOFR + 0.08%)(a)
4.44%
03/04/2026
 
250,000
250,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
03/04/2026
 
286,000
286,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
03/05/2026
 
28,000
28,000,000
Federal Farm Credit Bank (SOFR + 0.11%)(a)
4.47%
03/26/2026
 
35,000
35,000,000
Federal Farm Credit Bank (SOFR + 0.11%)(a)
4.47%
04/09/2026
 
125,000
125,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.45%
05/14/2026
 
290,000
290,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.45%
05/21/2026
 
185,000
185,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
06/03/2026
 
213,000
213,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
06/18/2026
 
240,000
240,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
06/24/2026
 
230,000
230,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
07/01/2026
 
151,000
151,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.42%
08/07/2026
 
30,000
30,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
08/26/2026
 
107,000
107,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
09/04/2026
 
175,000
175,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
09/09/2026
 
192,000
192,028,940
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
09/25/2026
 
456,000
456,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
10/01/2026
 
465,000
465,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
10/06/2026
 
47,000
47,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
10/15/2026
 
413,000
413,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
11/02/2026
 
169,000
169,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
11/18/2026
 
600,000
600,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
11/23/2026
 
197,000
197,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/02/2026
 
186,000
186,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Federal Farm Credit Bank (FFCB)-(continued)
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/09/2026
 
$204,000
$204,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/18/2026
 
500,000
500,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/30/2026
 
19,000
19,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
01/27/2027
 
215,000
215,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
02/03/2027
 
95,000
95,000,000
Federal Farm Credit Bank (SOFR + 0.12%)(a)
4.45%
02/10/2027
 
340,000
340,000,000
 
 
 
 
9,062,052,786
Federal Home Loan Bank (FHLB)-3.90%
Federal Home Loan Bank(b)
4.37%
05/01/2025
 
100,000
99,276,472
Federal Home Loan Bank (SOFR)(a)
4.36%
05/27/2025
 
350,000
350,000,000
Federal Home Loan Bank (SOFR)(a)
4.36%
06/02/2025
 
165,000
165,000,000
Federal Home Loan Bank(b)
4.27%
06/09/2025
 
100,000
98,847,222
Federal Home Loan Bank(b)
4.26%
06/16/2025
 
265,000
261,739,175
Federal Home Loan Bank (SOFR + 0.01%)(a)
4.37%
06/27/2025
 
350,000
350,000,000
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
07/24/2025
 
217,000
217,000,000
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
08/21/2025
 
11,800
11,803,206
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
08/22/2025
 
180,000
180,000,000
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
09/02/2025
 
10,000
10,003,336
Federal Home Loan Bank (SOFR + 0.10%)(a)
4.46%
10/16/2025
 
22,000
22,000,000
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
11/12/2025
 
7,000
7,001,155
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
11/17/2025
 
10,000
10,003,083
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
11/20/2025
 
115,000
115,059,740
Federal Home Loan Bank (SOFR + 0.15%)(a)
4.51%
12/08/2025
 
37,000
37,000,000
Federal Home Loan Bank (SOFR + 0.15%)(a)
4.51%
12/11/2025
 
258,000
258,000,000
Federal Home Loan Bank (SOFR + 0.12%)(a)
4.48%
12/19/2025
 
50,000
49,999,920
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.51%
01/02/2026
 
8,000
8,001,130
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
01/26/2026
 
150,000
150,000,000
Federal Home Loan Bank (SOFR + 0.13%)(a)
4.49%
03/24/2026
 
28,000
28,000,000
Federal Home Loan Bank (SOFR + 0.25%)(a)
4.61%
03/27/2026
 
35,000
35,056,652
Federal Home Loan Bank (SOFR + 0.10%)(a)
4.46%
05/13/2026
 
384,000
384,000,000
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
09/24/2026
 
193,000
193,000,000
 
 
 
 
3,040,791,091
U.S. International Development Finance Corp. (DFC)-0.11%(c)
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
2,400
2,400,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
789
789,474
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
1,750
1,750,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
2,611
2,611,114
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
34,091
34,090,909
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
5,111
5,111,111
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. International Development Finance Corp. (DFC)(c)-(continued)
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.56%
03/12/2025
 
$5,252
$5,252,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.56%
03/12/2025
 
2,917
2,916,667
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.57%
03/12/2025
 
7,650
7,650,000
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
23,625
23,625,000
 
 
 
 
86,196,275
Total U.S. Government Sponsored Agency Securities (Cost $12,189,040,152)
12,189,040,152
U.S. Treasury Securities-5.21%
U.S. Treasury Bills-4.91%(b)
U.S. Treasury Bills
4.36%
03/27/2025
 
350,000
348,920,639
U.S. Treasury Bills
4.31%
04/03/2025
 
300,000
298,840,875
U.S. Treasury Bills
4.40%
04/10/2025
 
205,000
204,019,417
U.S. Treasury Bills
4.36%-5.20%
04/17/2025
 
865,000
859,670,066
U.S. Treasury Bills
5.02%
07/10/2025
 
325,000
319,352,899
U.S. Treasury Bills
4.13%-4.27%
10/02/2025
 
947,000
924,232,187
U.S. Treasury Bills
4.28%
10/30/2025
 
100,000
97,232,500
U.S. Treasury Bills
4.38%
11/28/2025
 
800,000
774,673,778
 
 
 
 
3,826,942,361
U.S. Treasury Floating Rate Notes-0.30%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.17%)(a)
4.41%
04/30/2025
 
229,000
228,998,889
Total U.S. Treasury Securities (Cost $4,055,941,250)
4,055,941,250
U.S. Government Sponsored Agency Mortgage-Backed Securities-3.08%
Federal Home Loan Mortgage Corp. (FHLMC)-0.83%
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
09/04/2026
 
296,000
296,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
09/23/2026
 
263,625
263,629,574
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
10/16/2026
 
7,000
7,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
10/29/2026
 
82,000
82,000,000
 
 
 
 
648,629,574
Federal National Mortgage Association (FNMA)-2.25%
Federal National Mortgage Association (SOFR + 0.10%)(a)
4.46%
06/18/2026
 
170,000
170,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
08/21/2026
 
403,000
403,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
09/11/2026
 
143,000
143,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
10/23/2026
 
103,000
103,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
11/20/2026
 
105,000
105,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
12/11/2026
 
831,250
831,250,000
 
 
 
 
1,755,250,000
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $2,403,879,574)
2,403,879,574
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-23.93%
(Cost $18,648,860,976)
18,648,860,976
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Repurchase Agreements-72.82%(d)
Bank of Montreal, agreement dated 02/28/2025, maturing value of
$200,071,833 (collateralized by U.S. Treasury obligations valued at
$204,000,050; 0.00% - 4.88%; 05/15/2025 - 01/31/2027)
4.31%
03/03/2025
 
$200,071,833
$200,000,000
Bank of Montreal, joint agreement dated 02/28/2025, aggregate maturing value
of $500,177,500 (collateralized by U.S. Treasury obligations valued at
$510,000,102; 0.00% - 4.75%; 04/15/2025 - 11/15/2043)
4.26%
03/03/2025
 
400,142,000
400,000,000
Bank of Montreal, joint term agreement dated 02/13/2025, aggregate maturing
value of $250,874,028 (collateralized by agency mortgage-backed securities
valued at $255,000,001; 2.00% - 6.00%; 04/01/2037 - 03/01/2055)
(Canada)(e)
4.34%
03/14/2025
 
150,524,417
150,000,000
Bank of Nova Scotia, agreement dated 02/28/2025, maturing value of
$500,181,250 (collateralized by U.S. Treasury obligations valued at
$510,000,010; 0.00% - 6.25%; 03/18/2025 - 02/15/2054)
4.35%
03/03/2025
 
500,181,250
500,000,000
BMO Capital Markets Corp., joint term agreement dated 02/10/2025, aggregate
maturing value of $1,003,383,333 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$1,020,000,080; 0.00% - 7.00%; 03/06/2025 - 02/20/2065) (Canada)(e)
4.35%
03/10/2025
 
451,522,500
450,000,000
BMO Capital Markets Corp., joint term agreement dated 02/28/2025, aggregate
maturing value of $1,506,387,500 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$1,530,000,372; 0.00% - 9.00%; 03/11/2025 - 07/20/2070) (Canada)(e)
4.38%
04/04/2025
 
959,066,708
955,000,000
BNP Paribas Securities Corp., joint term agreement dated 02/10/2025,
aggregate maturing value of $1,400,518,000 (collateralized by U.S. Treasury
obligations valued at $1,428,000,149; 0.00% - 4.88%; 04/15/2025 -
02/15/2054)(e)(f)
4.44%
03/03/2025
 
650,240,500
650,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/28/2024, aggregate
maturing value of $2,000,741,667 (collateralized by agency mortgage-
backed securities valued at $2,040,000,000; 0.13% - 9.00%; 07/01/2026
- 11/20/2064)(e)(f)
4.45%
03/03/2025
 
1,195,443,146
1,195,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/28/2024, aggregate
maturing value of $2,000,741,667 (collateralized by U.S. Treasury
obligations valued at $2,040,000,035; 0.00% - 6.13%; 03/31/2025 -
02/15/2045)(e)(f)
4.45%
03/03/2025
 
945,350,438
945,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/30/2024, aggregate
maturing value of $4,001,486,667 (collateralized by U.S. Treasury obligations
valued at $4,080,000,219; 0.00% - 6.88%; 03/27/2025 -
02/15/2055)(e)(f)
4.46%
03/03/2025
 
2,100,780,500
2,100,000,000
BofA Securities, Inc., agreement dated 02/28/2025, maturing value of
$300,107,000 (collateralized by U.S. Treasury obligations valued at
$306,000,079; 0.88% - 4.75%; 07/31/2026 - 02/15/2041)
4.28%
03/03/2025
 
300,107,000
300,000,000
BofA Securities, Inc., joint agreement dated 02/28/2025, aggregate maturing
value of $1,200,436,000 (collateralized by U.S. Treasury obligations valued
at $1,224,000,006; 0.88% - 4.75%; 10/15/2025 - 05/15/2054)
4.36%
03/03/2025
 
700,254,333
700,000,000
BofA Securities, Inc., joint agreement dated 02/28/2025, aggregate maturing
value of $250,089,583 (collateralized by U.S. Treasury obligations valued at
$255,000,031; 3.63% - 4.88%; 02/28/2026 - 04/15/2028)
4.30%
03/03/2025
 
150,053,750
150,000,000
BofA Securities, Inc., joint term agreement dated 01/27/2025, aggregate
maturing value of $1,750,634,375 (collateralized by U.S. Treasury
obligations valued at $1,785,000,094; 1.50% - 4.50%; 10/31/2026 -
08/15/2053)(e)(f)
4.35%
03/03/2025
 
1,000,362,500
1,000,000,000
CIBC World Markets Corp., agreement dated 02/28/2025, maturing value of
$450,163,125 (collateralized by U.S. Treasury obligations valued at
$459,000,069; 0.00% - 5.00%; 03/13/2025 - 08/15/2045)
4.35%
03/03/2025
 
450,163,125
450,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $1,693,006,250 (collateralized by U.S. Treasury
obligations valued at $1,708,500,103; 0.00% - 5.00%; 03/13/2025 -
08/15/2054)(e)
4.30%
03/19/2025
 
$934,943,750
$925,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $505,315,278 (collateralized by U.S. Treasury obligations
valued at $510,000,112; 0.00% - 5.00%; 04/15/2025 - 11/15/2053)(e)
4.30%
03/19/2025
 
303,189,167
300,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $707,608,611 (collateralized by U.S. Treasury obligations
valued at $714,000,032; 0.00% - 5.00%; 03/13/2025 - 02/15/2054)(e)
4.30%
03/20/2025
 
404,347,778
400,000,000
CIBC World Markets Corp., term agreement dated 02/06/2025, maturing value of
$502,095,139 (collateralized by U.S. Treasury obligations valued at
$510,000,018; 0.00% - 4.63%; 02/15/2026 - 02/15/2053)(e)
4.31%
03/13/2025
 
502,095,139
500,000,000
CIBC World Markets Corp., term agreement dated 02/20/2025, maturing value of
$250,870,000 (collateralized by U.S. Treasury obligations and agency
mortgage-backed securities valued at $255,000,000; 0.00% - 7.02%;
02/15/2026 - 06/01/2063)(e)
4.32%
03/21/2025
 
250,870,000
250,000,000
CIBC World Markets Corp., term agreement dated 02/28/2025, maturing value of
$95,239,954 (collateralized by U.S. Treasury obligations valued at
$96,900,064; 0.00% - 5.00%; 05/22/2025 - 05/15/2054)(e)
4.33%
03/21/2025
 
95,239,954
95,000,000
Citigroup Global Markets, Inc., agreement dated 02/28/2025, maturing value of
$200,070,833 (collateralized by U.S. Treasury obligations valued at
$204,000,027; 0.50% - 4.25%; 12/15/2027 - 02/28/2029)
4.25%
03/03/2025
 
200,070,833
200,000,000
Citigroup Global Markets, Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $1,200,435,000 (collateralized by U.S. Treasury
obligations valued at $1,224,000,022; 0.50% - 3.63%; 02/28/2027 -
08/31/2029)
4.35%
03/03/2025
 
700,253,750
700,000,000
Citigroup Global Markets, Inc., joint term agreement dated 02/27/2025,
aggregate maturing value of $1,201,017,333 (collateralized by U.S. Treasury
obligations, agency mortgage-backed securities and U.S. government
sponsored agency obligations valued at $1,224,000,048; 0.00% - 8.00%;
04/28/2025 - 09/15/2065)(e)
4.36%
03/06/2025
 
360,305,200
360,000,000
Citigroup Global Markets, Inc., joint term agreement dated 02/27/2025,
aggregate maturing value of $8,006,766,667 (collateralized by U.S. Treasury
obligations valued at $8,160,000,009; 0.88% - 5.25%; 06/30/2027 -
07/31/2029)(e)
4.35%
03/06/2025
 
3,392,867,375
3,390,000,000
Credit Agricole Corporate & Investment Bank, agreement dated 02/28/2025,
maturing value of $500,181,667 (collateralized by U.S. Treasury obligations
valued at $510,000,073; 0.38% - 4.13%; 08/31/2026 - 08/15/2030)
4.36%
03/03/2025
 
500,181,667
500,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/30/2025, aggregate maturing value of $1,508,820,000 (collateralized
by U.S. Treasury obligations valued at $1,530,000,023; 1.25% - 4.00%;
03/31/2027 - 08/15/2031)(e)
4.32%
03/20/2025
 
754,410,000
750,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/31/2025, aggregate maturing value of $1,005,760,000 (collateralized
by U.S. Treasury obligations valued at $1,020,000,056; 1.13% - 4.50%;
08/15/2040 - 05/15/2052)(e)
4.32%
03/20/2025
 
442,534,400
440,000,000
Federal Reserve Bank of New York, joint agreement dated 02/28/2025,
aggregate maturing value of $1,100,389,583 (collateralized by U.S. Treasury
obligations valued at $1,100,389,634; 1.63% - 4.63%; 05/15/2031 -
02/15/2040)
4.25%
03/03/2025
 
600,212,500
600,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement
dated 02/28/2025, aggregate maturing value of $7,502,725,000
(collateralized by U.S. Treasury obligations valued at $7,650,000,132;
0.00% - 4.50%; 02/28/2026 - 05/15/2052)
4.36%
03/03/2025
 
4,076,480,583
4,075,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Fixed Income Clearing Corp. - Citigroup Global Markets, Inc., joint agreement dated
02/28/2025, aggregate maturing value of $1,000,363,333 (collateralized
by U.S. Treasury obligations valued at $1,020,000,066; 0.00% - 6.63%;
03/31/2025 - 02/15/2055)
4.36%
03/03/2025
 
$700,254,333
$700,000,000
Fixed Income Clearing Corp. - State Street Bank, joint agreement dated
02/28/2025, aggregate maturing value of $2,000,726,667 (collateralized
by U.S. Treasury obligations valued at $2,040,000,198; 0.88% - 4.38%;
11/15/2042 - 08/15/2053)
4.36%
03/03/2025
 
1,250,454,167
1,250,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint agreement dated
02/28/2025, aggregate maturing value of $10,153,687,833 (collateralized
by U.S. Treasury obligations valued at $10,353,000,082; 0.00% - 5.00%;
03/13/2025 - 02/15/2055)
4.36%
03/03/2025
 
5,602,034,667
5,600,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/26/2025, aggregate maturing value of $1,500,180,833 (collateralized
by U.S. Treasury obligations valued at $1,530,000,139; 0.00% - 4.75%;
08/21/2025 - 08/15/2054)(e)(g)
4.34%
03/05/2025
 
785,094,636
785,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/27/2025, aggregate maturing value of $1,951,649,375 (collateralized
by U.S. Treasury obligations valued at $1,989,000,120; 0.00% - 5.00%;
03/31/2025 - 08/15/2054)(e)
4.35%
03/06/2025
 
750,634,375
750,000,000
Goldman Sachs & Co., joint agreement dated 02/28/2025, aggregate maturing
value of $1,000,363,333 (collateralized by U.S. Treasury obligations valued
at $1,020,000,086; 0.00% - 4.13%; 06/30/2026 - 02/15/2055)
4.36%
03/03/2025
 
750,272,500
750,000,000
ING Financial Markets, LLC, joint term agreement dated 01/30/2025, aggregate
maturing value of $251,476,806 (collateralized by agency mortgage-backed
securities valued at $255,000,001; 2.00% - 6.50%; 07/01/2051 -
03/01/2054)
4.34%
03/20/2025
 
140,827,011
140,000,000
J.P. Morgan Securities LLC, joint open agreement dated 09/17/2024
(collateralized by a U.S. Treasury obligation and agency mortgage-backed
securities valued at $1,020,000,001; 0.00% - 8.00%; 09/15/2025 -
06/16/2063)(f)
4.40%
03/03/2025
 
888,017,113
885,000,000
Metropolitan Life Insurance Co., joint term agreement dated 02/27/2025,
aggregate maturing value of $350,300,288 (collateralized by U.S. Treasury
obligations valued at $357,540,655; 0.00%; 02/15/2043 - 08/15/2046)(e)
4.36%
03/06/2025
 
170,144,735
170,000,613
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/26/2025,
aggregate maturing value of $2,672,253,183 (collateralized by U.S. Treasury
obligations valued at $2,724,384,963; 1.00% - 4.13%; 10/15/2027 -
11/15/2040)(e)
4.34%
03/05/2025
 
1,636,805,117
1,635,425,000
Natixis, agreement dated 02/28/2025, maturing value of $500,182,083
(collateralized by U.S. Treasury obligations and agency mortgage-backed
securities valued at $510,000,031; 1.75% - 6.50%; 03/31/2027 -
03/25/2055)
4.37%
03/03/2025
 
500,182,083
500,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$1,000,361,667 (collateralized by U.S. Treasury obligations valued at
$1,035,838,452; 0.00% - 5.38%; 03/20/2025 - 11/15/2052)
4.34%
03/03/2025
 
800,289,333
800,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$500,181,250 (collateralized by U.S. Treasury obligations valued at
$516,322,299; 0.00% - 4.88%; 03/20/2025 - 08/15/2053)
4.35%
03/03/2025
 
300,108,750
300,000,000
Prudential Insurance Co. of America, agreement dated 02/28/2025, maturing
value of $731,043,625 (collateralized by U.S. Treasury obligations valued at
$744,928,528; 0.00% - 4.38%; 07/31/2026 - 11/15/2046)
4.37%
03/03/2025
 
731,043,625
730,777,500
RBC Dominion Securities Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $2,500,906,250 (collateralized by U.S. Treasury
obligations valued at $2,550,924,407; 0.00% - 4.88%; 03/20/2025 -
08/15/2054)
4.35%
03/03/2025
 
1,300,471,250
1,300,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
RBC Dominion Securities Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $2,796,017,846 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$2,851,938,203; 0.00% - 6.50%; 04/15/2026 - 02/20/2055)
4.37%
03/03/2025
 
$1,420,517,117
$1,420,000,000
Royal Bank of Canada, joint agreement dated 02/28/2025, aggregate maturing
value of $1,500,545,000 (collateralized by U.S. Treasury obligations valued
at $1,530,555,913; 0.00% - 4.50%; 07/15/2025 - 02/15/2055)
4.36%
03/03/2025
 
500,181,667
500,000,000
Royal Bank of Canada, joint agreement dated 02/28/2025, aggregate maturing
value of $1,506,548,435 (collateralized by U.S. Treasury obligations and
agency mortgage-backed securities valued at $1,536,679,471; 0.00% -
7.00%; 02/19/2026 - 02/20/2055)
4.37%
03/03/2025
 
1,100,400,583
1,100,000,000
Royal Bank of Canada, joint term agreement dated 06/13/2024, aggregate
maturing value of $3,692,889,960 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$3,721,512,552; 0.00% - 8.50%; 05/06/2025 - 11/20/2064)(e)
5.16%
05/30/2025
 
2,730,806,000
2,600,000,000
Societe Generale, joint agreement dated 02/28/2025, aggregate maturing value
of $2,000,726,667 (collateralized by U.S. Treasury obligations valued at
$2,040,000,093; 0.25% - 4.63%; 03/31/2025 - 02/15/2035)
4.36%
03/03/2025
 
850,308,833
850,000,000
Societe Generale, joint term agreement dated 02/25/2025, aggregate maturing
value of $1,501,260,000 (collateralized by U.S. Treasury obligations valued
at $1,530,000,001; 0.13% - 4.75%; 02/28/2027 - 11/15/2053)(e)
4.32%
03/04/2025
 
750,630,000
750,000,000
Societe Generale, joint term agreement dated 02/26/2025, aggregate maturing
value of $1,251,052,431 (collateralized by U.S. Treasury obligations valued
at $1,275,000,082; 2.88% - 4.25%; 10/31/2026 - 04/30/2029)(e)
4.33%
03/05/2025
 
500,420,972
500,000,000
Societe Generale, joint term agreement dated 02/26/2025, aggregate maturing
value of $750,632,917 (collateralized by agency mortgage-backed securities
valued at $765,000,950; 2.00% - 6.00%; 07/01/2050 - 02/01/2055)(e)
4.34%
03/05/2025
 
500,421,944
500,000,000
Societe Generale, joint term agreement dated 02/28/2025, aggregate maturing
value of $1,000,843,889 (collateralized by U.S. Treasury obligations valued
at $1,020,000,019; 1.25% - 4.00%; 11/30/2026 - 07/31/2029)(e)
4.34%
03/07/2025
 
380,320,678
380,000,000
Standard Chartered Bank, joint agreement dated 02/28/2025, aggregate
maturing value of $2,500,910,417 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$2,550,928,659; 0.13% - 7.50%; 11/15/2025 - 12/15/2066)
4.37%
03/03/2025
 
775,282,229
775,000,000
Standard Chartered Bank, joint agreement dated 02/28/2025, aggregate
maturing value of $2,801,017,333 (collateralized by U.S. Treasury
obligations valued at $2,857,037,767; 0.00% - 5.00%; 03/11/2025 -
02/15/2055)
4.36%
03/03/2025
 
1,012,367,693
1,012,000,000
Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2025, aggregate
maturing value of $4,301,565,917 (collateralized by agency mortgage-
backed securities valued at $4,446,469,970; 3.00% - 6.50%; 10/20/2042
- 11/20/2054)
4.37%
03/03/2025
 
1,280,166,024
1,279,700,000
Teacher Retirement System of Texas, joint agreement dated 02/27/2025,
aggregate maturing value of $1,548,939,146 (collateralized by U.S. Treasury
obligations valued at $1,625,780,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.47%
03/03/2025
 
794,774,515
794,478,571
Teacher Retirement System of Texas, joint agreement dated 02/28/2025,
aggregate maturing value of $1,554,446,275 (collateralized by U.S. Treasury
obligations valued at $1,631,965,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.48%
03/04/2025
 
797,466,371
797,367,143
Wells Fargo Securities, LLC, agreement dated 02/28/2025, maturing value of
$750,273,125 (collateralized by agency mortgage-backed securities valued at
$765,000,000; 2.00% - 7.00%; 03/20/2028 - 01/20/2055)
4.37%
03/03/2025
 
750,273,125
750,000,000
Wells Fargo Securities, LLC, joint term agreement dated 01/03/2025, aggregate
maturing value of $913,267,500 (collateralized by agency mortgage-backed
securities and U.S. government sponsored agency obligations valued at
$918,000,801; 0.00% - 7.00%; 03/07/2025 - 09/01/2057)
4.35%
05/05/2025
 
523,606,700
516,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Wells Fargo Securities, LLC, joint term agreement dated 01/15/2025, aggregate
maturing value of $2,208,816,500 (collateralized by agency mortgage-
backed securities valued at $2,228,700,000; 1.00% - 7.50%; 07/01/2025
- 01/01/2059)
4.36%
04/15/2025
 
$1,551,731,500
$1,535,000,000
Wells Fargo Securities, LLC, joint term agreement dated 02/27/2025, aggregate
maturing value of $869,417,000 (collateralized by agency mortgage-backed
securities and U.S. government sponsored agency obligations valued at
$877,200,001; 0.00% - 7.00%; 03/03/2025 - 01/01/2059)
4.38%
05/28/2025
 
758,212,500
750,000,000
Total Repurchase Agreements (Cost $56,735,748,827)
56,735,748,827
TOTAL INVESTMENTS IN SECURITIES(h)-96.75% (Cost $75,384,609,803)
75,384,609,803
OTHER ASSETS LESS LIABILITIES-3.25%
2,530,485,928
NET ASSETS-100.00%
$77,915,095,731
Investment Abbreviations: 
EFFR
-Effective Federal Funds Rate
SOFR
-Secured Overnight Financing Rate
VRD
-Variable Rate Demand
Notes to Schedule of Investments: 
(a)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2025.
(b)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(c)
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the
issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2025.
(d)
Principal amount equals value at period end. See Note 1J.
(e)
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(f)
Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.
(g)
Interest is paid periodically at specified time intervals. The Repurchase Amount includes one day of interest due at maturity. 
(h)
Also represents cost for federal income tax purposes.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13
Short-Term Investments Trust
Schedule of Investments
February 28, 2025
(Unaudited)
Invesco Treasury Obligations Portfolio

 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Treasury Securities-108.28%
U.S. Treasury Bills-96.78%(a)
U.S. Treasury Bills
4.26%-4.27%
03/04/2025
 
$80,975
$80,946,523
U.S. Treasury Bills
4.41%-4.76%
03/06/2025
 
24,500
24,484,728
U.S. Treasury Bills
4.24%-4.26%
03/11/2025
 
78,800
78,707,274
U.S. Treasury Bills
4.64%
03/13/2025
 
8,000
7,987,920
U.S. Treasury Bills
4.24%-4.44%
03/18/2025
 
185,000
184,627,091
U.S. Treasury Bills
4.34%-5.16%
03/20/2025
 
15,000
14,964,377
U.S. Treasury Bills
4.26%-4.28%
03/25/2025
 
135,000
134,617,733
U.S. Treasury Bills
4.29%
03/27/2025
 
15,000
14,954,067
U.S. Treasury Bills
4.39%
04/01/2025
 
199,500
198,796,871
U.S. Treasury Bills
4.24%-4.31%
04/03/2025
 
44,000
43,830,135
U.S. Treasury Bills
4.27%-4.38%
04/08/2025
 
79,000
78,644,927
U.S. Treasury Bills
4.40%
04/10/2025
 
10,000
9,952,167
U.S. Treasury Bills
4.26%-4.28%
04/15/2025
 
94,400
93,900,176
U.S. Treasury Bills
4.37%-5.04%
04/17/2025
 
11,000
10,934,137
U.S. Treasury Bills
4.24%-4.26%
04/22/2025
 
46,200
45,917,607
U.S. Treasury Bills
4.26%
04/29/2025
 
58,000
57,612,004
U.S. Treasury Bills
4.42%
05/01/2025
 
9,000
8,934,044
U.S. Treasury Bills
0.00%
05/08/2025
 
40,000
39,680,933
U.S. Treasury Bills
4.27%
05/13/2025
 
12,000
11,897,192
U.S. Treasury Bills
4.41%-5.18%
05/15/2025
 
19,500
19,319,075
U.S. Treasury Bills
4.22%-4.44%
05/29/2025
 
38,000
37,603,870
U.S. Treasury Bills
4.35%
06/05/2025
 
7,000
6,920,573
U.S. Treasury Bills
4.26%
06/26/2025
 
15,000
14,796,712
U.S. Treasury Bills
5.02%
07/10/2025
 
4,000
3,930,497
U.S. Treasury Bills
4.12%-4.22%
10/02/2025
 
13,000
12,688,137
U.S. Treasury Bills
4.27%-4.28%
10/30/2025
 
18,500
17,988,450
U.S. Treasury Bills
4.38%
11/28/2025
 
14,000
13,556,791
 
 
 
 
1,268,194,011
U.S. Treasury Floating Rate Notes-9.63%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.17%)(b)
4.41%
04/30/2025
 
14,200
14,199,905
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.13%)(b)
4.36%
07/31/2025
 
11,000
10,997,362
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.15%)(b)
4.39%
04/30/2026
 
15,000
14,998,713
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.18%)(b)
4.42%
07/31/2026
 
30,000
29,971,812
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.21%)(b)
4.44%
10/31/2026
 
22,000
22,029,887
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.10%)(b)
4.34%
01/31/2027
 
34,000
34,002,439
 
 
 
 
126,200,118
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Obligations Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Treasury Notes-1.87%
U.S. Treasury Note
0.25%
09/30/2025
 
$25,000
$24,426,362
TOTAL INVESTMENTS IN SECURITIES-108.28% (Cost $1,418,820,491)
1,418,820,491
OTHER ASSETS LESS LIABILITIES-(8.28)%
(108,476,282
)
NET ASSETS-100.00%
$1,310,344,209
Notes to Schedule of Investments: 
(a)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2025.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15
Short-Term Investments Trust
Statements of Assets and Liabilities
February 28, 2025
(Unaudited)

 
 
Invesco Treasury
Portfolio
Invesco Government
& Agency Portfolio
Invesco Treasury
Obligations
Portfolio
Assets:
Investments in unaffiliated securities, at value
$13,678,555,999
$18,648,860,976
$1,418,820,491
Repurchase agreements, at value and cost
27,984,196,511
56,735,748,827
-
Cash
717,352,838
3,167,174,664
91,446
Receivable for:
Fund shares sold
13,891,229
15,431,152
35,338
Interest
117,265,685
300,725,956
474,838
Fund expenses absorbed
843,745
-
33,793
Investment for trustee deferred compensation and retirement plans
2,130,138
970,478
103,550
Other assets
412,415
1,049,667
94,859
Total assets
42,514,648,560
78,869,961,720
1,419,654,315
Liabilities:
Payable for:
Investments purchased
756,885,714
797,367,143
107,518,979
Fund shares reacquired
6,743,656
5,689,628
43,365
Dividends
78,167,309
139,904,818
1,318,037
Accrued fees to affiliates
7,618,822
10,467,295
293,612
Accrued trustees’ and officers’ fees and benefits
174,171
13,896
6,202
Accrued operating expenses
83,845
285,584
18,091
Trustee deferred compensation and retirement plans
2,292,063
1,137,625
111,820
Total liabilities
851,965,580
954,865,989
109,310,106
Net assets applicable to shares outstanding
$41,662,682,980
$77,915,095,731
$1,310,344,209
Net assets consist of:
Shares of beneficial interest
$41,663,310,767
$77,935,051,112
$1,310,805,126
Distributable earnings (loss)
(627,787
)
(19,955,381
)
(460,917
)
 
$41,662,682,980
$77,915,095,731
$1,310,344,209
Net Assets:
Cash Management Class
$585,651,223
$886,813,927
$6,257,856
CAVU Securities Class
$2,014,726,613
$13,291,474,845
$-
Corporate Class
$1,839,847,692
$624,258,121
$11,859
Institutional Class
$33,944,454,781
$58,863,712,700
$1,045,068,994
Personal Investment Class
$1,204,024,846
$100,307,610
$11,413
Premier Class
$-
$2,226,904,829
$-
Private Investment Class
$1,471,590,925
$1,272,661,312
$107,319,448
Reserve Class
$571,968,755
$514,567,159
$150,486,193
Resource Class
$30,418,145
$134,395,228
$1,188,446
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16
Short-Term Investments Trust
Statements of Assets and Liabilities—(continued)
February 28, 2025
(Unaudited)
 
Invesco Treasury
Portfolio
Invesco Government
& Agency Portfolio
Invesco Treasury
Obligations
Portfolio
Shares outstanding, no par value,
unlimited number of shares authorized:
Cash Management Class
585,623,158
887,045,213
6,259,790
CAVU Securities Class
2,014,630,006
13,294,857,355
-
Corporate Class
1,839,759,553
624,416,949
11,862
Institutional Class
33,942,842,275
58,878,700,576
1,045,390,909
Personal Investment Class
1,203,967,070
100,333,108
11,417
Premier Class
-
2,227,472,117
-
Private Investment Class
1,471,520,411
1,272,985,138
107,352,630
Reserve Class
571,941,358
514,697,947
150,532,778
Resource Class
30,416,688
134,429,420
1,188,813
Net asset value, offering and redemption price per share for each class
$1.00
$1.00
$1.00
Cost of Investments
$41,662,752,510
$75,384,609,803
$1,418,820,491
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17
Short-Term Investments Trust
Statements of Operations
For the six months ended February 28, 2025
(Unaudited)

 
 
Invesco Treasury
Portfolio
Invesco Government
& Agency Portfolio
Invesco Treasury
Obligations
Portfolio
Investment income:
Interest
$806,600,528
$1,542,243,099
$33,130,190
Expenses:
Advisory fees
25,709,047
32,610,265
886,994
Administrative services fees
7,541,424
14,372,996
308,461
Custodian fees
148,908
1,832,898
793
Distribution fees:
Cash Management Class
217,622
352,646
968
Corporate Class
235,019
70,330
2
Personal Investment Class
3,150,274
284,700
31
Private Investment Class
2,082,976
1,940,422
95,450
Reserve Class
2,497,819
2,491,089
563,864
Resource Class
24,904
105,185
1,027
Transfer agent fees
1,542,685
2,935,231
63,093
Trustees’ and officers’ fees and benefits
233,567
508,006
22,938
Registration and filing fees
280,888
362,187
75,934
Reports to shareholders
39,544
37,735
5,101
Professional services fees
144,961
325,083
31,556
Other
208,784
1,112,144
46,443
Total expenses
44,058,422
59,340,917
2,102,655
Less: Fees waived and expenses reimbursed
(4,981,849
)
(2,395,545
)
(178,908
)
Net expenses
39,076,573
56,945,372
1,923,747
Net investment income
767,523,955
1,485,297,727
31,206,443
Net realized gain from unaffiliated investment securities
546,874
594,414
14,978
Net increase in net assets resulting from operations
$768,070,829
$1,485,892,141
$31,221,421
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18
Short-Term Investments Trust
Statements of Changes in Net Assets
For the six months ended February 28, 2025 and the year ended August 31, 2024
(Unaudited)

 
 
Invesco Treasury Portfolio
Invesco Government & Agency Portfolio
 
February 28,
2025
August 31,
2024
February 28,
2025
August 31,
2024
Operations:
Net investment income
$767,523,955
$1,798,523,091
$1,485,297,727
$3,528,423,714
 
Net realized gain
546,874
588,216
594,414
5,590,379
 
Net increase in net assets resulting from operations
768,070,829
1,799,111,307
1,485,892,141
3,534,014,093
 
Distributions to shareholders from distributable earnings:
Cash Management Class
(12,071,357
)
(20,301,185
)
(19,893,251
)
(28,249,324
)
 
CAVU Securities Class
(26,668,884
)
(64,820,637
)
(229,824,095
)
(524,316,880
)
 
Corporate Class
(35,314,150
)
(87,424,956
)
(10,554,043
)
(20,482,672
)
 
Institutional Class
(630,071,294
)
(1,491,466,650
)
(1,138,273,842
)
(2,850,941,667
)
 
Personal Investment Class
(22,792,103
)
(45,434,838
)
(2,092,058
)
(3,967,725
)
 
Premier Class
-
-
(43,292,710
)
(5,919,550
)
 
Private Investment Class
(29,389,015
)
(58,364,064
)
(27,813,055
)
(63,152,533
)
 
Reserve Class
(10,534,271
)
(28,547,353
)
(10,635,381
)
(22,679,822
)
 
Resource Class
(682,881
)
(2,163,408
)
(2,919,292
)
(8,713,541
)
 
Total distributions from distributable earnings
(767,523,955
)
(1,798,523,091
)
(1,485,297,727
)
(3,528,423,714
)
 
Share transactions-net:
Cash Management Class
132,607,139
274,262,107
173,947,258
77,173,596
 
CAVU Securities Class
539,049,500
209,970,253
5,251,967,110
(4,720,514,007
)
 
Corporate Class
129,748,550
147,046,591
370,859,582
(42,052,014
)
 
Institutional Class
9,077,027,967
(3,968,533,305
)
17,152,698,845
(23,954,606,903
)
 
Personal Investment Class
162,795,894
193,522,167
(1,105,231
)
14,701,368
 
Premier Class
-
-
1,155,607,482
1,071,864,635
 
Private Investment Class
197,411,453
187,049,599
(75,787,350
)
376,265,090
 
Reserve Class
49,259,836
(93,504,210
)
(14,614,560
)
86,941,326
 
Resource Class
1,636,281
(62,351,419
)
9,187,499
(40,729,025
)
 
Net increase (decrease) in net assets resulting from share
transactions
10,289,536,620
(3,112,538,217
)
24,022,760,635
(27,130,955,934
)
 
Net increase (decrease) in net assets
10,290,083,494
(3,111,950,001
)
24,023,355,049
(27,125,365,555
)
 
Net assets:
Beginning of period
31,372,599,486
34,484,549,487
53,891,740,682
81,017,106,237
 
End of period
$41,662,682,980
$31,372,599,486
$77,915,095,731
$53,891,740,682
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19
Short-Term Investments Trust
Statements of Changes in Net Assets—(continued)
For the six months ended February 28, 2025 and the year ended August 31, 2024
(Unaudited)
 
 
Invesco Treasury Obligations Portfolio
 
February 28,
2025
August 31,
2024
Operations:
Net investment income
$31,206,443
$77,226,626
 
Net realized gain
14,978
17,841
 
Net increase in net assets resulting from operations
31,221,421
77,244,467
 
Distributions to shareholders from distributable earnings:
Cash Management Class
(53,152
)
(295,678
)
 
Corporate Class
(262
)
(31,523
)
 
Institutional Class
(27,130,449
)
(69,995,123
)
 
Personal Investment Class
(227
)
(541
)
 
Private Investment Class
(1,627,141
)
(1,796,244
)
 
Reserve Class
(2,367,053
)
(4,886,532
)
 
Resource Class
(28,159
)
(220,985
)
 
Total distributions from distributable earnings
(31,206,443
)
(77,226,626
)
 
Share transactions-net:
Cash Management Class
4,224,208
(8,328,333
)
 
Corporate Class
311
(2,766,908
)
 
Institutional Class
(237,998,353
)
(200,148,453
)
 
Personal Investment Class
(563
)
1,336
 
Private Investment Class
57,590,963
25,697,808
 
Reserve Class
21,702,318
54,825,820
 
Resource Class
(356,427
)
(4,698,869
)
 
Net increase (decrease) in net assets resulting from share transactions
(154,837,543
)
(135,417,599
)
 
Net increase (decrease) in net assets
(154,822,565
)
(135,399,758
)
 
Net assets:
Beginning of period
1,465,166,774
1,600,566,532
 
End of period
$1,310,344,209
$1,465,166,774
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20
Short-Term Investments Trust
Financial Highlights
(Unaudited)
The following schedule presents financial highlights for a share of the Funds outstanding throughout the periods indicated.
Corporate 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 Treasury Portfolio
Six months ended 02/28/25
$1.00
$0.02
$0.00
$0.02
$(0.02
)
$-
$-
$(0.02
)
$1.00
2.26
%
$1,839,848
0.21
%(c)
0.24
%(c)
4.50
%(c)
Year ended 08/31/24
1.00
0.05
0.00
0.05
(0.05
)
-
-
(0.05
)
1.00
5.33
1,710,081
0.21
0.24
5.21
Year ended 08/31/23
1.00
0.04
0.00
0.04
(0.04
)
-
-
(0.04
)
1.00
4.34
1,562,966
0.21
0.25
4.35
Year ended 08/31/22
1.00
0.00
(0.00
)
0.00
(0.00
)
-
-
(0.00
)
1.00
0.45
473,992
0.14
0.24
0.46
Year ended 08/31/21
1.00
0.00
0.00
0.00
(0.00
)
-
-
(0.00
)
1.00
0.01
266,548
0.10
0.24
0.01
Year ended 08/31/20
1.00
0.01
0.00
0.01
(0.01
)
(0.00
)
-
(0.01
)
1.00
0.88
1,133,683
0.21
0.24
0.83
Invesco Government & Agency Portfolio
Six months ended 02/28/25
1.00
0.02
(0.00
)
0.02
(0.02
)
-
-
(0.02
)
1.00
2.29
624,258
0.19
(c)
0.20
(c)
4.54
(c)
Year ended 08/31/24
1.00
0.05
(0.00
)
0.05
(0.05
)
-
-
(0.05
)
1.00
5.34
253,464
0.19
0.19
5.19
Year ended 08/31/23
1.00
0.04
0.00
0.04
(0.04
)
-
-
(0.04
)
1.00
4.35
295,514
0.19
0.19
4.36
Year ended 08/31/22
1.00
0.01
(0.01
)
0.00
(0.00
)
-
-
(0.00
)
1.00
0.49
542,615
0.12
0.19
0.53
Year ended 08/31/21
1.00
0.00
0.00
0.00
(0.00
)
-
-
(0.00
)
1.00
0.02
1,082,096
0.08
0.19
0.02
Year ended 08/31/20
1.00
0.01
(0.00
)
0.01
(0.01
)
(0.00
)
-
(0.01
)
1.00
0.92
31,268
0.18
0.18
0.82
Invesco Treasury Obligations Portfolio
Six months ended 02/28/25
1.00
0.02
(0.00
)
0.02
(0.02
)
-
-
(0.02
)
1.00
2.25
12
0.21
(c)
0.24
(c)
4.52
(c)
Year ended 08/31/24
1.00
0.05
0.00
0.05
(0.05
)
-
-
(0.05
)
1.00
5.28
12
0.21
0.24
5.16
Year ended 08/31/23
1.00
0.04
0.00
0.04
(0.04
)
-
-
(0.04
)
1.00
4.22
2,778
0.21
0.23
4.19
Year ended 08/31/22
1.00
0.00
(0.00
)
0.00
(0.00
)
-
-
(0.00
)
1.00
0.42
3,341
0.15
0.24
0.44
Year ended 08/31/21
1.00
0.00
0.00
0.00
(0.00
)
-
-
(0.00
)
1.00
0.01
5,033
0.10
0.24
0.01
Year ended 08/31/20
1.00
0.01
(0.00
)
0.01
(0.01
)
-
-
(0.01
)
1.00
0.91
10,442
0.21
0.23
0.81
 
(a)
Calculated using average shares outstanding.
(b)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and is not annualized for periods less than one year.
(c)
Annualized.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21
Short-Term Investments Trust
Notes to Financial Statements
February 28, 2025
(Unaudited)
NOTE 1—Significant Accounting Policies
Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers three separate portfolios (each constituting a “Fund”). The Funds covered in this report are Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.
The investment objective of each Fund is to provide current income consistent with preservation of capital and liquidity.
Invesco Treasury Portfolio currently offers eight different classes of shares: Cash Management Class, Corporate Class, CAVU Securities Class, Institutional Class, Personal Investment Class, Private Investment Class, Reserve Class and Resource Class. Invesco Government & Agency Portfolio currently offers nine different classes of shares: Cash Management Class, Corporate Class, CAVU Securities Class, Institutional Class, Personal Investment Class, Premier Class, Private Investment Class, Reserve Class and Resource Class. Invesco Treasury Obligations Portfolio currently offers seven different classes of shares: Cash Management Class, Corporate Class, Institutional Class, Personal Investment Class, Private Investment Class, Reserve Class and Resource Class.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services — Investment Companies.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act (the "Rule"), seek to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation.
“Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/or repurchase agreements collateralized fully by cash or Government Securities.
The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio to liquidity fee requirements at this time, as permitted by the Rule.
The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements.
A.
Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities normally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations 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, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is unreliable in the Adviser’s judgment, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by the Rule. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.
Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.
B.
Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share
22
Short-Term Investments Trust
and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Funds and the investment adviser.
The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative settled shares of each class.
C.
Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Distributions - It is the policy of the Funds to declare dividends from net investment income, if any, daily and pay them monthly. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually.
E.
Federal Income Taxes - The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. Transfer agency fees and expenses attributable to CAVU Securities Class are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative settled shares.  
G.
Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.
Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.
Segment Reporting — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity’s segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds’ chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds’ financial statements. Adoption of the new standard impacted the Funds’ financial statement note disclosures only and did not affect the Funds’ financial position or the results of its operations.
J.
Repurchase Agreements - The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is typically at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is typically at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income. 
K.
Other Risks – Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith
23
Short-Term Investments Trust
and credit of the U.S. Government, which could affect a 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.
The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.
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.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively: 
 
First $250 million
Next $250 million
Over $500 million
Invesco Treasury Portfolio
0.15%
0.15%
0.15%
Invesco Government & Agency
Portfolio
0.10%
0.10%
0.10%
Invesco Treasury Obligations
Portfolio
0.20%
0.15%
0.10%
For the six months ended February 28, 2025, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below: 
Invesco Treasury Portfolio
0.15%
Invesco Government & Agency Portfolio
0.10%
Invesco Treasury Obligations Portfolio
0.13%
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, for Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).
The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) for each Fund’s shares through at least December 31, 2025 as shown in the following table (the “expense limits”): 
 
Cash
Management
Class
CAVU
Securities
Class
Corporate
Class
Institutional
Class
Personal
Investment
Class
Premier
Class
Private
Investment
Class
Reserve
Class
Resource
Class
Invesco Treasury Portfolio
0.26%
0.18%
0.21%
0.18%
0.73%
–
0.48%
1.05%
0.34%
Invesco Government & Agency Portfolio
0.26%
0.18%
0.21%
0.18%
0.73%
0.12%
0.48%
1.05%
0.34%
Invesco Treasury Obligations Portfolio
0.26%
–
0.21%
0.18%
0.73%
–
0.43%
1.05%
0.34%
In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses, and (5) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2025 for each Fund’s shares. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.
For the six months ended February 28, 2025, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below: 
 
Expense
Limitation
Invesco Treasury Portfolio
$4,981,849
Invesco Government & Agency Portfolio
2,395,545
Invesco Treasury Obligations Portfolio
178,908
The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the six months ended February 28, 2025, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as fund accountant and provides certain administrative services to the Funds. Pursuant to a custody agreement with the Trust on behalf of the Funds, BNY Mellon also serves as the Fund’s custodian.
24
Short-Term Investments Trust
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 28, 2025, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.
Under the terms of a master distribution agreement between Invesco Distributors, Inc. ("IDI") and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). Each Fund, pursuant to the Plans, pays IDI compensation up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively. 
 
Cash
Management
Class
Corporate
Class
Personal
Investment
Class
Premier
Class
Private
Investment
Class
Reserve
Class
Resource
Class
Invesco Treasury Portfolio
0.08%
0.03%
0.55%
0.12%
0.30%
0.87%
0.16%
Invesco Government & Agency Portfolio
0.08%
0.03%
0.55%
0.12%
0.30%
0.87%
0.16%
Invesco Treasury Obligations Portfolio
0.08%
0.03%
0.55%
0.12%
0.25%
0.87%
0.16%
The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. 
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
As of February 28, 2025, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
NOTE 4—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Funds may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Funds.
NOTE 5—Cash Balances
The Funds are permitted to temporarily overdraft or leave balances in their accounts with BNY Mellon, the custodian bank. Such balances, if any at period-end, are shown in the Statements of Assets and Liabilities under the payable caption Amount due custodian. To compensate BNY Mellon or the Funds for such activity, the Funds may either (1) pay to or receive from BNY Mellon compensation at a rate agreed upon by BNY Mellon and Invesco, not to exceed the contractually agreed upon rate; or (2) leave funds or overdraft funds as a compensating balance in the account so BNY Mellon or the Funds can be compensated for use of funds.
NOTE 6—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to each Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at each Fund’s fiscal year-end.
25
Short-Term Investments Trust
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had a capital loss carryforward as of August 31, 2024, as follows: 
Fund
Short-Term
Long-Term
 
Not Subject to
Expiration
Not Subject to
Expiration
Total*
Invesco Government & Agency Portfolio
$21,111,540
$-
$21,111,540
Invesco Treasury Obligations Portfolio
433,147
20,239
453,386
 
*
Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a
variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 7—Investment Transactions
The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows: 
 
At February 28, 2025
 
Federal
Tax Cost
Unrealized
Appreciation
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Invesco Treasury Obligations Portfolio
$1,418,830,456
$-
$(9,965
)
$(9,965
)
*
For Invesco Treasury Obligations Portfolio, cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end. For Invesco Treasury Portfolio and Invesco Government & Agency Portfolio, cost of investments is the same for tax and financial reporting purposes.
26
Short-Term Investments Trust
Invesco Treasury Portfolio 
 
Summary of Share Activity
 
Six months ended
February 28, 2025(a)
Year ended
August 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Cash Management Class
1,870,577,721
$1,870,577,721
2,333,007,866
$2,333,007,866
CAVU Securities Class
9,142,926,152
9,142,926,152
22,251,478,516
22,251,478,516
Corporate Class
6,182,058,893
6,182,058,893
12,354,552,252
12,354,552,252
Institutional Class
124,944,230,624
124,944,230,624
250,888,373,402
250,888,373,402
Personal Investment Class
1,663,115,163
1,663,115,163
3,726,713,615
3,726,713,615
Private Investment Class
1,591,901,152
1,591,901,152
2,799,879,705
2,799,879,705
Reserve Class
771,300,114
771,300,114
2,909,401,364
2,909,401,364
Resource Class
120,757,039
120,757,039
236,811,098
236,811,098
Issued as reinvestment of dividends:
Cash Management Class
10,440,471
10,440,471
12,027,251
12,027,251
CAVU Securities Class
9,113,387
9,113,387
22,198,536
22,198,536
Corporate Class
35,314,150
35,314,150
71,234,826
71,234,826
Institutional Class
256,626,398
256,626,398
517,626,055
517,626,055
Personal Investment Class
8,586,531
8,586,531
21,558,843
21,558,843
Private Investment Class
25,704,571
25,704,571
42,479,974
42,479,974
Reserve Class
10,534,271
10,534,271
27,172,034
27,172,034
Resource Class
682,881
682,881
2,382,216
2,382,216
Reacquired:
Cash Management Class
(1,748,411,053
)
(1,748,411,053
)
(2,070,773,010
)
(2,070,773,010
)
CAVU Securities Class
(8,612,990,039
)
(8,612,990,039
)
(22,063,706,799
)
(22,063,706,799
)
Corporate Class
(6,087,624,493
)
(6,087,624,493
)
(12,278,740,487
)
(12,278,740,487
)
Institutional Class
(116,123,829,055
)
(116,123,829,055
)
(255,374,532,762
)
(255,374,532,762
)
Personal Investment Class
(1,508,905,800
)
(1,508,905,800
)
(3,554,750,291
)
(3,554,750,291
)
Private Investment Class
(1,420,194,270
)
(1,420,194,270
)
(2,655,310,080
)
(2,655,310,080
)
Reserve Class
(732,574,549
)
(732,574,549
)
(3,030,077,608
)
(3,030,077,608
)
Resource Class
(119,803,639
)
(119,803,639
)
(301,544,733
)
(301,544,733
)
Net increase (decrease) in share activity
10,289,536,620
$10,289,536,620
(3,112,538,217
)
$(3,112,538,217
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 24% of the outstanding shares of the
Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of
interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these
entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services
such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any
portion of the shares owned of record by these entities are also owned beneficially.
27
Short-Term Investments Trust
Invesco Government & Agency Portfolio 
 
Summary of Share Activity
 
Six months ended
February 28, 2025(a)
Year ended
August 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Cash Management Class
368,295,908
$368,295,908
663,029,782
$663,029,782
CAVU Securities Class
66,158,613,340
66,158,613,340
127,354,073,926
127,354,073,926
Corporate Class
1,873,728,701
1,873,728,701
1,829,835,886
1,829,835,886
Institutional Class
210,059,718,200
210,059,718,200
605,516,883,360
605,516,883,360
Personal Investment Class
249,366,626
249,366,626
518,971,785
518,971,785
Premier Class
100,630,532,801
100,630,532,801
19,156,568,000
19,156,568,000
Private Investment Class
1,366,365,174
1,366,365,174
3,066,991,198
3,066,991,198
Reserve Class
750,218,819
750,218,819
1,575,680,738
1,575,680,738
Resource Class
717,639,000
717,639,000
1,550,521,178
1,550,521,178
Issued as reinvestment of dividends:
Cash Management Class
19,876,850
19,876,850
7,700,062
7,700,062
CAVU Securities Class
128,638,728
128,638,728
308,419,873
308,419,873
Corporate Class
5,407,624
5,407,624
11,676,386
11,676,386
Institutional Class
508,489,921
508,489,921
1,195,586,093
1,195,586,093
Personal Investment Class
1,944,961
1,944,961
3,211,362
3,211,362
Premier Class
8,992,096
8,992,096
5,765
5,765
Private Investment Class
20,465,133
20,465,133
36,498,240
36,498,240
Reserve Class
11,748,821
11,748,821
21,397,617
21,397,617
Resource Class
1,896,956
1,896,956
5,524,706
5,524,706
Reacquired:
Cash Management Class
(214,225,500
)
(214,225,500
)
(593,556,248
)
(593,556,248
)
CAVU Securities Class
(61,035,284,958
)
(61,035,284,958
)
(132,383,007,806
)
(132,383,007,806
)
Corporate Class
(1,508,276,743
)
(1,508,276,743
)
(1,883,564,286
)
(1,883,564,286
)
Institutional Class
(193,415,509,276
)
(193,415,509,276
)
(630,667,076,356
)
(630,667,076,356
)
Personal Investment Class
(252,416,818
)
(252,416,818
)
(507,481,779
)
(507,481,779
)
Premier Class
(99,483,917,415
)
(99,483,917,415
)
(18,084,709,130
)
(18,084,709,130
)
Private Investment Class
(1,462,617,657
)
(1,462,617,657
)
(2,727,224,348
)
(2,727,224,348
)
Reserve Class
(776,582,200
)
(776,582,200
)
(1,510,137,029
)
(1,510,137,029
)
Resource Class
(710,348,457
)
(710,348,457
)
(1,596,774,909
)
(1,596,774,909
)
Net increase (decrease) in share activity
24,022,760,635
$24,022,760,635
(27,130,955,934
)
$(27,130,955,934
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 27% of the outstanding shares of
the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are
considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as
securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares
owned of record by these entities are also owned beneficially.
28
Short-Term Investments Trust
Invesco Treasury Obligations Portfolio 
 
Summary of Share Activity
 
Six months ended
February 28, 2025(a)
Year ended
August 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Cash Management Class
6,026,499
$6,026,499
2,423,695
$2,423,695
Institutional Class
1,669,660,869
1,669,660,869
2,397,055,403
2,397,055,403
Personal Investment Class
-
-
800
800
Private Investment Class
114,253,749
114,253,749
49,001,788
49,001,788
Reserve Class
169,356,194
169,356,194
395,815,661
395,815,661
Resource Class
3,085,102
3,085,102
83,785,384
83,785,384
Issued as reinvestment of dividends:
Cash Management Class
62,397
62,397
316,891
316,891
Corporate Class
311
311
35,642
35,642
Institutional Class
21,464,067
21,464,067
46,124,263
46,124,263
Personal Investment Class
273
273
536
536
Private Investment Class
1,587,937
1,587,937
1,540,314
1,540,314
Reserve Class
1,334,060
1,334,060
2,043,763
2,043,763
Resource Class
34,064
34,064
200,154
200,154
Reacquired:
Cash Management Class
(1,864,688
)
(1,864,688
)
(11,068,919
)
(11,068,919
)
Corporate Class
-
-
(2,802,550
)
(2,802,550
)
Institutional Class
(1,929,123,289
)
(1,929,123,289
)
(2,643,328,119
)
(2,643,328,119
)
Personal Investment Class
(836
)
(836
)
-
-
Private Investment Class
(58,250,723
)
(58,250,723
)
(24,844,294
)
(24,844,294
)
Reserve Class
(148,987,936
)
(148,987,936
)
(343,033,604
)
(343,033,604
)
Resource Class
(3,475,593
)
(3,475,593
)
(88,684,407
)
(88,684,407
)
Net increase (decrease) in share activity
(154,837,543
)
$(154,837,543
)
(135,417,599
)
$(135,417,599
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 73% of the outstanding shares of the
Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of
interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these
entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services
such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any
portion of the shares owned of record by these entities are also owned beneficially.
 
  In addition, 22% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
29
Short-Term Investments Trust
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
Not applicable.
30
Short-Term Investments Trust
 
SEC file numbers: 811-02729 and 002-58287
Invesco Distributors, Inc.
CM-STIT-NCSRS-CORP


 
Semi-Annual Financial Statements and Other Information
February 28, 2025
Institutional Class
Short-Term Investments Trust (STIT)
Invesco Treasury Portfolio
Invesco Government & Agency Portfolio
Invesco Treasury Obligations Portfolio 
 
2
Financial Statements
Financial Highlights
Notes to Financial Statements
Other Information Required in Form N-CSR (Items 8-11)
Schedule of Investments
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio

 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Treasury Securities-32.83%
U.S. Treasury Bills-14.35%(a)
U.S. Treasury Bills
4.76%
03/06/2025
 
$300,000
$299,806,458
U.S. Treasury Bills
4.26%
03/11/2025
 
816,439
815,475,147
U.S. Treasury Bills
4.64%
03/13/2025
 
250,000
249,622,500
U.S. Treasury Bills
4.26%-4.27%
03/18/2025
 
909,003
907,177,086
U.S. Treasury Bills
4.28%
03/20/2025
 
15,000
14,966,461
U.S. Treasury Bills
4.31%
04/03/2025
 
427,000
425,350,179
U.S. Treasury Bills
4.40%
04/10/2025
 
100,000
99,521,667
U.S. Treasury Bills
4.36%-5.21%
04/17/2025
 
890,000
884,529,853
U.S. Treasury Bills
5.02%
07/10/2025
 
175,000
171,959,253
U.S. Treasury Bills
4.11%-4.27%
10/02/2025
 
770,000
751,539,891
U.S. Treasury Bills
4.28%-4.37%
10/30/2025
 
850,000
826,222,281
U.S. Treasury Bills
4.23%-4.38%
11/28/2025
 
550,000
532,814,889
 
 
 
 
5,978,985,665
U.S. Treasury Floating Rate Notes-18.48%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.13%)(b)
4.36%
07/31/2025
 
1,100,000
1,099,791,733
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.17%)(b)
4.41%
10/31/2025
 
700,000
699,955,072
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.25%)(b)
4.48%
01/31/2026
 
1,312,809
1,313,488,917
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.15%)(b)
4.39%
04/30/2026
 
2,212,000
2,212,031,558
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.18%)(b)
4.42%
07/31/2026
 
160,000
160,120,551
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.21%)(b)
4.44%
10/31/2026
 
1,213,000
1,213,969,364
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.10%)(b)
4.34%
01/31/2027
 
1,000,000
1,000,213,139
 
 
 
 
7,699,570,334
Total U.S. Treasury Securities (Cost $13,678,555,999)
13,678,555,999
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-32.83%
(Cost $13,678,555,999)
13,678,555,999
 
 
 
Repurchase
Amount
 
Repurchase Agreements-67.17%(c)
ABN AMRO Bank N.V., agreement dated 02/28/2025, maturing value of
$250,090,625 (collateralized by U.S. Treasury obligations valued at
$255,000,002; 0.50% - 4.88%; 12/31/2025 - 05/15/2047)
4.35%
03/03/2025
 
250,090,625
250,000,000
Bank of Montreal, joint agreement dated 02/28/2025, aggregate maturing value
of $500,177,500 (collateralized by U.S. Treasury obligations valued at
$510,000,102; 0.00% - 4.75%; 04/15/2025 - 11/15/2043)
4.26%
03/03/2025
 
100,035,500
100,000,000
BNP Paribas Securities Corp., joint term agreement dated 02/10/2025,
aggregate maturing value of $1,400,518,000 (collateralized by U.S. Treasury
obligations valued at $1,428,000,149; 0.00% - 4.88%; 04/15/2025 -
02/15/2054)(d)(e)
4.44%
03/03/2025
 
490,181,300
490,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
BNP Paribas Securities Corp., joint term agreement dated 10/28/2024, aggregate
maturing value of $2,000,741,667 (collateralized by U.S. Treasury
obligations valued at $2,040,000,035; 0.00% - 6.13%; 03/31/2025 -
02/15/2045)(d)(e)
4.45%
03/03/2025
 
$1,055,391,229
$1,055,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/30/2024, aggregate
maturing value of $4,001,486,667 (collateralized by U.S. Treasury obligations
valued at $4,080,000,219; 0.00% - 6.88%; 03/27/2025 -
02/15/2055)(d)(e)
4.46%
03/03/2025
 
1,090,405,117
1,090,000,000
BofA Securities, Inc., agreement dated 02/28/2025, maturing value of
$1,000,361,667 (collateralized by U.S. Treasury obligations valued at
$1,020,000,048; 0.25% - 4.75%; 05/31/2025 - 02/15/2050)
4.34%
03/03/2025
 
1,000,361,667
1,000,000,000
BofA Securities, Inc., joint agreement dated 02/28/2025, aggregate maturing
value of $1,200,436,000 (collateralized by U.S. Treasury obligations valued
at $1,224,000,006; 0.88% - 4.75%; 10/15/2025 - 05/15/2054)
4.36%
03/03/2025
 
500,181,667
500,000,000
BofA Securities, Inc., joint term agreement dated 01/27/2025, aggregate
maturing value of $1,750,634,375 (collateralized by U.S. Treasury
obligations valued at $1,785,000,094; 1.50% - 4.50%; 10/31/2026 -
08/15/2053)(d)(e)
4.35%
03/03/2025
 
750,271,875
750,000,000
BofA Securities, Inc., term agreement dated 01/02/2025, maturing value of
$500,182,500 (collateralized by U.S. Treasury obligations valued at
$510,000,061; 1.75% - 4.25%; 03/31/2027 - 08/15/2041)(d)
4.38%
03/03/2025
 
500,182,500
500,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $1,693,006,250 (collateralized by U.S. Treasury
obligations valued at $1,708,500,103; 0.00% - 5.00%; 03/13/2025 -
08/15/2054)(e)
4.30%
03/19/2025
 
758,062,500
750,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $505,315,278 (collateralized by U.S. Treasury obligations
valued at $510,000,112; 0.00% - 5.00%; 04/15/2025 - 11/15/2053)(e)
4.30%
03/19/2025
 
202,126,111
200,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $707,608,611 (collateralized by U.S. Treasury obligations
valued at $714,000,032; 0.00% - 5.00%; 03/13/2025 - 02/15/2054)(e)
4.30%
03/20/2025
 
303,260,833
300,000,000
Citigroup Global Markets, Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $1,200,435,000 (collateralized by U.S. Treasury
obligations valued at $1,224,000,022; 0.50% - 3.63%; 02/28/2027 -
08/31/2029)
4.35%
03/03/2025
 
200,072,500
200,000,000
Citigroup Global Markets, Inc., joint term agreement dated 02/27/2025,
aggregate maturing value of $8,006,766,667 (collateralized by U.S. Treasury
obligations valued at $8,160,000,009; 0.88% - 5.25%; 06/30/2027 -
07/31/2029)(e)
4.35%
03/06/2025
 
2,502,114,583
2,500,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/30/2025, aggregate maturing value of $1,508,820,000 (collateralized
by U.S. Treasury obligations valued at $1,530,000,023; 1.25% - 4.00%;
03/31/2027 - 08/15/2031)(e)
4.32%
03/20/2025
 
502,940,000
500,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/31/2025, aggregate maturing value of $1,005,760,000 (collateralized
by U.S. Treasury obligations valued at $1,020,000,056; 1.13% - 4.50%;
08/15/2040 - 05/15/2052)(e)
4.32%
03/20/2025
 
301,728,000
300,000,000
Federal Reserve Bank of New York, joint agreement dated 02/28/2025,
aggregate maturing value of $1,100,389,583 (collateralized by U.S. Treasury
obligations valued at $1,100,389,634; 1.63% - 4.63%; 05/15/2031 -
02/15/2040)
4.25%
03/03/2025
 
500,177,083
500,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement
dated 02/28/2025, aggregate maturing value of $7,502,725,000
(collateralized by U.S. Treasury obligations valued at $7,650,000,132;
0.00% - 4.50%; 02/28/2026 - 05/15/2052)
4.36%
03/03/2025
 
2,000,726,667
2,000,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Fixed Income Clearing Corp. - Citigroup Global Markets, Inc., joint agreement dated
02/28/2025, aggregate maturing value of $1,000,363,333 (collateralized
by U.S. Treasury obligations valued at $1,020,000,066; 0.00% - 6.63%;
03/31/2025 - 02/15/2055)
4.36%
03/03/2025
 
$300,109,000
$300,000,000
Fixed Income Clearing Corp. - State Street Bank, joint agreement dated
02/28/2025, aggregate maturing value of $2,000,726,667 (collateralized
by U.S. Treasury obligations valued at $2,040,000,198; 0.88% - 4.38%;
11/15/2042 - 08/15/2053)
4.36%
03/03/2025
 
750,272,500
750,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint agreement dated
02/28/2025, aggregate maturing value of $10,153,687,833 (collateralized
by U.S. Treasury obligations valued at $10,353,000,082; 0.00% - 5.00%;
03/13/2025 - 02/15/2055)
4.36%
03/03/2025
 
2,600,944,667
2,600,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/26/2025, aggregate maturing value of $1,500,180,833 (collateralized
by U.S. Treasury obligations valued at $1,530,000,139; 0.00% - 4.75%;
08/21/2025 - 08/15/2054)(e)(f)
4.34%
03/05/2025
 
485,058,469
485,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/27/2025, aggregate maturing value of $1,951,649,375 (collateralized
by U.S. Treasury obligations valued at $1,989,000,120; 0.00% - 5.00%;
03/31/2025 - 08/15/2054)(e)
4.35%
03/06/2025
 
1,100,930,417
1,100,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., term agreement dated
02/26/2025, maturing value of $750,272,500 (collateralized by
U.S. Treasury obligations valued at $765,000,077; 0.00% - 4.63%;
03/15/2025 - 02/15/2055)(g)
4.36%
03/17/2025
 
750,272,500
750,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., term agreement dated
02/27/2025, maturing value of $350,042,389 (collateralized by
U.S. Treasury obligations valued at $357,000,005; 1.25% - 5.00%;
04/15/2026 - 08/15/2052)(f)
4.36%
04/30/2025
 
350,042,389
350,000,000
Goldman Sachs & Co., joint agreement dated 02/28/2025, aggregate maturing
value of $1,000,363,333 (collateralized by U.S. Treasury obligations valued
at $1,020,000,086; 0.00% - 4.13%; 06/30/2026 - 02/15/2055)
4.36%
03/03/2025
 
250,090,833
250,000,000
ING Financial Markets, LLC, agreement dated 02/28/2025, maturing value of
$100,036,250 (collateralized by U.S. Treasury obligations valued at
$102,000,016; 4.38% - 4.88%; 10/31/2030 - 01/31/2032)
4.35%
03/03/2025
 
100,036,250
100,000,000
Metropolitan Life Insurance Co., joint term agreement dated 02/27/2025,
aggregate maturing value of $350,300,288 (collateralized by U.S. Treasury
obligations valued at $357,540,655; 0.00%; 02/15/2043 - 08/15/2046)(e)
4.36%
03/06/2025
 
100,086,141
100,001,362
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/26/2025,
aggregate maturing value of $2,672,253,183 (collateralized by U.S. Treasury
obligations valued at $2,724,384,963; 1.00% - 4.13%; 10/15/2027 -
11/15/2040)(e)
4.34%
03/05/2025
 
579,113,295
578,625,000
Mitsubishi UFJ Trust & Banking Corp., term agreement dated 02/26/2025,
maturing value of $100,084,194 (collateralized by a U.S. Treasury obligation
valued at $102,036,759; 1.13%; 05/15/2040)(e)
4.33%
03/05/2025
 
100,084,194
100,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$1,000,361,667 (collateralized by U.S. Treasury obligations valued at
$1,035,838,452; 0.00% - 5.38%; 03/20/2025 - 11/15/2052)
4.34%
03/03/2025
 
200,072,333
200,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$500,181,250 (collateralized by U.S. Treasury obligations valued at
$516,322,299; 0.00% - 4.88%; 03/20/2025 - 08/15/2053)
4.35%
03/03/2025
 
200,072,500
200,000,000
Prudential Legacy Insurance Company of New Jersey, agreement dated
02/28/2025, maturing value of $700,055,469 (collateralized by
U.S. Treasury obligations valued at $712,964,384; 0.00% - 4.75%;
02/15/2037 - 05/15/2054)
4.37%
03/03/2025
 
700,055,469
699,800,625
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
RBC Dominion Securities Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $2,500,906,250 (collateralized by U.S. Treasury
obligations valued at $2,550,924,407; 0.00% - 4.88%; 03/20/2025 -
08/15/2054)
4.35%
03/03/2025
 
$575,208,438
$575,000,000
Royal Bank of Canada, joint agreement dated 02/28/2025, aggregate maturing
value of $1,500,545,000 (collateralized by U.S. Treasury obligations valued
at $1,530,555,913; 0.00% - 4.50%; 07/15/2025 - 02/15/2055)
4.36%
03/03/2025
 
500,181,667
500,000,000
Royal Bank of Canada, term agreement dated 06/13/2024, maturing value of
$892,597,750 (collateralized by U.S. Treasury obligations valued at
$899,556,341; 0.00% - 6.38%; 08/31/2025 - 02/15/2053)(e)
5.14%
05/30/2025
 
892,597,750
850,000,000
Societe Generale, joint agreement dated 02/28/2025, aggregate maturing value
of $2,000,726,667 (collateralized by U.S. Treasury obligations valued at
$2,040,000,093; 0.25% - 4.63%; 03/31/2025 - 02/15/2035)
4.36%
03/03/2025
 
1,000,363,333
1,000,000,000
Societe Generale, joint term agreement dated 02/25/2025, aggregate maturing
value of $1,501,260,000 (collateralized by U.S. Treasury obligations valued
at $1,530,000,001; 0.13% - 4.75%; 02/28/2027 - 11/15/2053)(e)
4.32%
03/04/2025
 
400,336,000
400,000,000
Societe Generale, joint term agreement dated 02/26/2025, aggregate maturing
value of $1,251,052,431 (collateralized by U.S. Treasury obligations valued
at $1,275,000,082; 2.88% - 4.25%; 10/31/2026 - 04/30/2029)(e)
4.33%
03/05/2025
 
550,463,069
550,000,000
Societe Generale, joint term agreement dated 02/28/2025, aggregate maturing
value of $1,000,843,889 (collateralized by U.S. Treasury obligations valued
at $1,020,000,019; 1.25% - 4.00%; 11/30/2026 - 07/31/2029)(e)
4.34%
03/07/2025
 
300,253,167
300,000,000
Standard Chartered Bank, joint agreement dated 02/28/2025, aggregate
maturing value of $2,801,017,333 (collateralized by U.S. Treasury
obligations valued at $2,857,037,767; 0.00% - 5.00%; 03/11/2025 -
02/15/2055)
4.36%
03/03/2025
 
750,272,500
750,000,000
Teacher Retirement System of Texas, joint agreement dated 02/27/2025,
aggregate maturing value of $1,548,939,146 (collateralized by U.S. Treasury
obligations valued at $1,625,780,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.47%
03/03/2025
 
754,164,631
753,883,810
Teacher Retirement System of Texas, joint agreement dated 02/28/2025,
aggregate maturing value of $1,554,446,275 (collateralized by U.S. Treasury
obligations valued at $1,631,965,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.48%
03/04/2025
 
756,979,905
756,885,714
Total Repurchase Agreements (Cost $27,984,196,511)
27,984,196,511
TOTAL INVESTMENTS IN SECURITIES-100.00% (Cost $41,662,752,510)
41,662,752,510
OTHER ASSETS LESS LIABILITIES-(0.00)%
(69,530
)
NET ASSETS-100.00%
$41,662,682,980
Notes to Schedule of Investments: 
(a)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2025.
(c)
Principal amount equals value at period end. See Note 1J.
(d)
Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.
(e)
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(f)
Interest is paid periodically at specified time intervals. The Repurchase Amount includes one day of interest due at maturity. 
(g)
Interest is paid periodically at specified time intervals. The Repurchase Amount includes three days of interest due at maturity.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Short-Term Investments Trust
Schedule of Investments
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio

 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Government Sponsored Agency Securities-15.64%
Federal Farm Credit Bank (FFCB)-11.63%
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.45%
03/07/2025
 
$25,000
$25,000,000
Federal Farm Credit Bank (SOFR + 0.18%)(a)
4.54%
03/07/2025
 
10,000
10,000,212
Federal Farm Credit Bank (SOFR + 0.04%)(a)
4.40%
05/13/2025
 
23,000
23,000,000
Federal Farm Credit Bank (SOFR + 0.12%)(a)
4.48%
05/28/2025
 
60,000
60,000,000
Federal Farm Credit Bank (SOFR + 0.12%)(a)
4.48%
05/30/2025
 
25,000
25,000,000
Federal Farm Credit Bank (SOFR + 0.11%)(a)
4.47%
06/13/2025
 
154,000
154,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
06/27/2025
 
170,000
170,000,000
Federal Farm Credit Bank (SOFR + 0.24%)(a)
4.60%
08/05/2025
 
177,500
177,614,553
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
08/13/2025
 
100,000
100,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
08/22/2025
 
175,000
175,000,000
Federal Farm Credit Bank (1 mo. EFFR + 0.15%)(a)
4.48%
09/26/2025
 
112,956
112,985,510
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
10/03/2025
 
10,000
10,000,972
Federal Farm Credit Bank (SOFR + 0.35%)(a)
4.71%
11/25/2025
 
60,000
60,114,679
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
11/28/2025
 
25,275
25,274,527
Federal Farm Credit Bank (SOFR + 0.16%)(a)
4.52%
11/28/2025
 
242,000
242,000,000
Federal Farm Credit Bank (SOFR + 0.16%)(a)
4.52%
12/01/2025
 
77,000
77,000,000
Federal Farm Credit Bank (SOFR + 0.15%)(a)
4.51%
12/15/2025
 
24,000
24,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.51%
12/29/2025
 
550,000
550,000,000
Federal Farm Credit Bank (SOFR + 0.33%)(a)
4.69%
12/29/2025
 
20,000
20,033,393
Federal Farm Credit Bank (SOFR + 0.16%)(a)
4.52%
01/23/2026
 
58,000
58,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.51%
01/29/2026
 
350,000
350,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
01/30/2026
 
170,000
170,000,000
Federal Farm Credit Bank (SOFR + 0.08%)(a)
4.44%
03/04/2026
 
250,000
250,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
03/04/2026
 
286,000
286,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
03/05/2026
 
28,000
28,000,000
Federal Farm Credit Bank (SOFR + 0.11%)(a)
4.47%
03/26/2026
 
35,000
35,000,000
Federal Farm Credit Bank (SOFR + 0.11%)(a)
4.47%
04/09/2026
 
125,000
125,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.45%
05/14/2026
 
290,000
290,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.45%
05/21/2026
 
185,000
185,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
06/03/2026
 
213,000
213,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
06/18/2026
 
240,000
240,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
06/24/2026
 
230,000
230,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
07/01/2026
 
151,000
151,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.42%
08/07/2026
 
30,000
30,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
08/26/2026
 
107,000
107,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
09/04/2026
 
175,000
175,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
09/09/2026
 
192,000
192,028,940
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
09/25/2026
 
456,000
456,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
10/01/2026
 
465,000
465,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
10/06/2026
 
47,000
47,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
10/15/2026
 
413,000
413,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
11/02/2026
 
169,000
169,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
11/18/2026
 
600,000
600,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
11/23/2026
 
197,000
197,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/02/2026
 
186,000
186,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Federal Farm Credit Bank (FFCB)-(continued)
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/09/2026
 
$204,000
$204,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/18/2026
 
500,000
500,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/30/2026
 
19,000
19,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
01/27/2027
 
215,000
215,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
02/03/2027
 
95,000
95,000,000
Federal Farm Credit Bank (SOFR + 0.12%)(a)
4.45%
02/10/2027
 
340,000
340,000,000
 
 
 
 
9,062,052,786
Federal Home Loan Bank (FHLB)-3.90%
Federal Home Loan Bank(b)
4.37%
05/01/2025
 
100,000
99,276,472
Federal Home Loan Bank (SOFR)(a)
4.36%
05/27/2025
 
350,000
350,000,000
Federal Home Loan Bank (SOFR)(a)
4.36%
06/02/2025
 
165,000
165,000,000
Federal Home Loan Bank(b)
4.27%
06/09/2025
 
100,000
98,847,222
Federal Home Loan Bank(b)
4.26%
06/16/2025
 
265,000
261,739,175
Federal Home Loan Bank (SOFR + 0.01%)(a)
4.37%
06/27/2025
 
350,000
350,000,000
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
07/24/2025
 
217,000
217,000,000
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
08/21/2025
 
11,800
11,803,206
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
08/22/2025
 
180,000
180,000,000
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
09/02/2025
 
10,000
10,003,336
Federal Home Loan Bank (SOFR + 0.10%)(a)
4.46%
10/16/2025
 
22,000
22,000,000
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
11/12/2025
 
7,000
7,001,155
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
11/17/2025
 
10,000
10,003,083
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
11/20/2025
 
115,000
115,059,740
Federal Home Loan Bank (SOFR + 0.15%)(a)
4.51%
12/08/2025
 
37,000
37,000,000
Federal Home Loan Bank (SOFR + 0.15%)(a)
4.51%
12/11/2025
 
258,000
258,000,000
Federal Home Loan Bank (SOFR + 0.12%)(a)
4.48%
12/19/2025
 
50,000
49,999,920
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.51%
01/02/2026
 
8,000
8,001,130
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
01/26/2026
 
150,000
150,000,000
Federal Home Loan Bank (SOFR + 0.13%)(a)
4.49%
03/24/2026
 
28,000
28,000,000
Federal Home Loan Bank (SOFR + 0.25%)(a)
4.61%
03/27/2026
 
35,000
35,056,652
Federal Home Loan Bank (SOFR + 0.10%)(a)
4.46%
05/13/2026
 
384,000
384,000,000
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
09/24/2026
 
193,000
193,000,000
 
 
 
 
3,040,791,091
U.S. International Development Finance Corp. (DFC)-0.11%(c)
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
2,400
2,400,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
789
789,474
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
1,750
1,750,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
2,611
2,611,114
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
34,091
34,090,909
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
5,111
5,111,111
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. International Development Finance Corp. (DFC)(c)-(continued)
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.56%
03/12/2025
 
$5,252
$5,252,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.56%
03/12/2025
 
2,917
2,916,667
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.57%
03/12/2025
 
7,650
7,650,000
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
23,625
23,625,000
 
 
 
 
86,196,275
Total U.S. Government Sponsored Agency Securities (Cost $12,189,040,152)
12,189,040,152
U.S. Treasury Securities-5.21%
U.S. Treasury Bills-4.91%(b)
U.S. Treasury Bills
4.36%
03/27/2025
 
350,000
348,920,639
U.S. Treasury Bills
4.31%
04/03/2025
 
300,000
298,840,875
U.S. Treasury Bills
4.40%
04/10/2025
 
205,000
204,019,417
U.S. Treasury Bills
4.36%-5.20%
04/17/2025
 
865,000
859,670,066
U.S. Treasury Bills
5.02%
07/10/2025
 
325,000
319,352,899
U.S. Treasury Bills
4.13%-4.27%
10/02/2025
 
947,000
924,232,187
U.S. Treasury Bills
4.28%
10/30/2025
 
100,000
97,232,500
U.S. Treasury Bills
4.38%
11/28/2025
 
800,000
774,673,778
 
 
 
 
3,826,942,361
U.S. Treasury Floating Rate Notes-0.30%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.17%)(a)
4.41%
04/30/2025
 
229,000
228,998,889
Total U.S. Treasury Securities (Cost $4,055,941,250)
4,055,941,250
U.S. Government Sponsored Agency Mortgage-Backed Securities-3.08%
Federal Home Loan Mortgage Corp. (FHLMC)-0.83%
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
09/04/2026
 
296,000
296,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
09/23/2026
 
263,625
263,629,574
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
10/16/2026
 
7,000
7,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
10/29/2026
 
82,000
82,000,000
 
 
 
 
648,629,574
Federal National Mortgage Association (FNMA)-2.25%
Federal National Mortgage Association (SOFR + 0.10%)(a)
4.46%
06/18/2026
 
170,000
170,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
08/21/2026
 
403,000
403,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
09/11/2026
 
143,000
143,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
10/23/2026
 
103,000
103,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
11/20/2026
 
105,000
105,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
12/11/2026
 
831,250
831,250,000
 
 
 
 
1,755,250,000
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $2,403,879,574)
2,403,879,574
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-23.93%
(Cost $18,648,860,976)
18,648,860,976
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Repurchase Agreements-72.82%(d)
Bank of Montreal, agreement dated 02/28/2025, maturing value of
$200,071,833 (collateralized by U.S. Treasury obligations valued at
$204,000,050; 0.00% - 4.88%; 05/15/2025 - 01/31/2027)
4.31%
03/03/2025
 
$200,071,833
$200,000,000
Bank of Montreal, joint agreement dated 02/28/2025, aggregate maturing value
of $500,177,500 (collateralized by U.S. Treasury obligations valued at
$510,000,102; 0.00% - 4.75%; 04/15/2025 - 11/15/2043)
4.26%
03/03/2025
 
400,142,000
400,000,000
Bank of Montreal, joint term agreement dated 02/13/2025, aggregate maturing
value of $250,874,028 (collateralized by agency mortgage-backed securities
valued at $255,000,001; 2.00% - 6.00%; 04/01/2037 - 03/01/2055)
(Canada)(e)
4.34%
03/14/2025
 
150,524,417
150,000,000
Bank of Nova Scotia, agreement dated 02/28/2025, maturing value of
$500,181,250 (collateralized by U.S. Treasury obligations valued at
$510,000,010; 0.00% - 6.25%; 03/18/2025 - 02/15/2054)
4.35%
03/03/2025
 
500,181,250
500,000,000
BMO Capital Markets Corp., joint term agreement dated 02/10/2025, aggregate
maturing value of $1,003,383,333 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$1,020,000,080; 0.00% - 7.00%; 03/06/2025 - 02/20/2065) (Canada)(e)
4.35%
03/10/2025
 
451,522,500
450,000,000
BMO Capital Markets Corp., joint term agreement dated 02/28/2025, aggregate
maturing value of $1,506,387,500 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$1,530,000,372; 0.00% - 9.00%; 03/11/2025 - 07/20/2070) (Canada)(e)
4.38%
04/04/2025
 
959,066,708
955,000,000
BNP Paribas Securities Corp., joint term agreement dated 02/10/2025,
aggregate maturing value of $1,400,518,000 (collateralized by U.S. Treasury
obligations valued at $1,428,000,149; 0.00% - 4.88%; 04/15/2025 -
02/15/2054)(e)(f)
4.44%
03/03/2025
 
650,240,500
650,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/28/2024, aggregate
maturing value of $2,000,741,667 (collateralized by agency mortgage-
backed securities valued at $2,040,000,000; 0.13% - 9.00%; 07/01/2026
- 11/20/2064)(e)(f)
4.45%
03/03/2025
 
1,195,443,146
1,195,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/28/2024, aggregate
maturing value of $2,000,741,667 (collateralized by U.S. Treasury
obligations valued at $2,040,000,035; 0.00% - 6.13%; 03/31/2025 -
02/15/2045)(e)(f)
4.45%
03/03/2025
 
945,350,438
945,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/30/2024, aggregate
maturing value of $4,001,486,667 (collateralized by U.S. Treasury obligations
valued at $4,080,000,219; 0.00% - 6.88%; 03/27/2025 -
02/15/2055)(e)(f)
4.46%
03/03/2025
 
2,100,780,500
2,100,000,000
BofA Securities, Inc., agreement dated 02/28/2025, maturing value of
$300,107,000 (collateralized by U.S. Treasury obligations valued at
$306,000,079; 0.88% - 4.75%; 07/31/2026 - 02/15/2041)
4.28%
03/03/2025
 
300,107,000
300,000,000
BofA Securities, Inc., joint agreement dated 02/28/2025, aggregate maturing
value of $1,200,436,000 (collateralized by U.S. Treasury obligations valued
at $1,224,000,006; 0.88% - 4.75%; 10/15/2025 - 05/15/2054)
4.36%
03/03/2025
 
700,254,333
700,000,000
BofA Securities, Inc., joint agreement dated 02/28/2025, aggregate maturing
value of $250,089,583 (collateralized by U.S. Treasury obligations valued at
$255,000,031; 3.63% - 4.88%; 02/28/2026 - 04/15/2028)
4.30%
03/03/2025
 
150,053,750
150,000,000
BofA Securities, Inc., joint term agreement dated 01/27/2025, aggregate
maturing value of $1,750,634,375 (collateralized by U.S. Treasury
obligations valued at $1,785,000,094; 1.50% - 4.50%; 10/31/2026 -
08/15/2053)(e)(f)
4.35%
03/03/2025
 
1,000,362,500
1,000,000,000
CIBC World Markets Corp., agreement dated 02/28/2025, maturing value of
$450,163,125 (collateralized by U.S. Treasury obligations valued at
$459,000,069; 0.00% - 5.00%; 03/13/2025 - 08/15/2045)
4.35%
03/03/2025
 
450,163,125
450,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $1,693,006,250 (collateralized by U.S. Treasury
obligations valued at $1,708,500,103; 0.00% - 5.00%; 03/13/2025 -
08/15/2054)(e)
4.30%
03/19/2025
 
$934,943,750
$925,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $505,315,278 (collateralized by U.S. Treasury obligations
valued at $510,000,112; 0.00% - 5.00%; 04/15/2025 - 11/15/2053)(e)
4.30%
03/19/2025
 
303,189,167
300,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $707,608,611 (collateralized by U.S. Treasury obligations
valued at $714,000,032; 0.00% - 5.00%; 03/13/2025 - 02/15/2054)(e)
4.30%
03/20/2025
 
404,347,778
400,000,000
CIBC World Markets Corp., term agreement dated 02/06/2025, maturing value of
$502,095,139 (collateralized by U.S. Treasury obligations valued at
$510,000,018; 0.00% - 4.63%; 02/15/2026 - 02/15/2053)(e)
4.31%
03/13/2025
 
502,095,139
500,000,000
CIBC World Markets Corp., term agreement dated 02/20/2025, maturing value of
$250,870,000 (collateralized by U.S. Treasury obligations and agency
mortgage-backed securities valued at $255,000,000; 0.00% - 7.02%;
02/15/2026 - 06/01/2063)(e)
4.32%
03/21/2025
 
250,870,000
250,000,000
CIBC World Markets Corp., term agreement dated 02/28/2025, maturing value of
$95,239,954 (collateralized by U.S. Treasury obligations valued at
$96,900,064; 0.00% - 5.00%; 05/22/2025 - 05/15/2054)(e)
4.33%
03/21/2025
 
95,239,954
95,000,000
Citigroup Global Markets, Inc., agreement dated 02/28/2025, maturing value of
$200,070,833 (collateralized by U.S. Treasury obligations valued at
$204,000,027; 0.50% - 4.25%; 12/15/2027 - 02/28/2029)
4.25%
03/03/2025
 
200,070,833
200,000,000
Citigroup Global Markets, Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $1,200,435,000 (collateralized by U.S. Treasury
obligations valued at $1,224,000,022; 0.50% - 3.63%; 02/28/2027 -
08/31/2029)
4.35%
03/03/2025
 
700,253,750
700,000,000
Citigroup Global Markets, Inc., joint term agreement dated 02/27/2025,
aggregate maturing value of $1,201,017,333 (collateralized by U.S. Treasury
obligations, agency mortgage-backed securities and U.S. government
sponsored agency obligations valued at $1,224,000,048; 0.00% - 8.00%;
04/28/2025 - 09/15/2065)(e)
4.36%
03/06/2025
 
360,305,200
360,000,000
Citigroup Global Markets, Inc., joint term agreement dated 02/27/2025,
aggregate maturing value of $8,006,766,667 (collateralized by U.S. Treasury
obligations valued at $8,160,000,009; 0.88% - 5.25%; 06/30/2027 -
07/31/2029)(e)
4.35%
03/06/2025
 
3,392,867,375
3,390,000,000
Credit Agricole Corporate & Investment Bank, agreement dated 02/28/2025,
maturing value of $500,181,667 (collateralized by U.S. Treasury obligations
valued at $510,000,073; 0.38% - 4.13%; 08/31/2026 - 08/15/2030)
4.36%
03/03/2025
 
500,181,667
500,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/30/2025, aggregate maturing value of $1,508,820,000 (collateralized
by U.S. Treasury obligations valued at $1,530,000,023; 1.25% - 4.00%;
03/31/2027 - 08/15/2031)(e)
4.32%
03/20/2025
 
754,410,000
750,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/31/2025, aggregate maturing value of $1,005,760,000 (collateralized
by U.S. Treasury obligations valued at $1,020,000,056; 1.13% - 4.50%;
08/15/2040 - 05/15/2052)(e)
4.32%
03/20/2025
 
442,534,400
440,000,000
Federal Reserve Bank of New York, joint agreement dated 02/28/2025,
aggregate maturing value of $1,100,389,583 (collateralized by U.S. Treasury
obligations valued at $1,100,389,634; 1.63% - 4.63%; 05/15/2031 -
02/15/2040)
4.25%
03/03/2025
 
600,212,500
600,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement
dated 02/28/2025, aggregate maturing value of $7,502,725,000
(collateralized by U.S. Treasury obligations valued at $7,650,000,132;
0.00% - 4.50%; 02/28/2026 - 05/15/2052)
4.36%
03/03/2025
 
4,076,480,583
4,075,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Fixed Income Clearing Corp. - Citigroup Global Markets, Inc., joint agreement dated
02/28/2025, aggregate maturing value of $1,000,363,333 (collateralized
by U.S. Treasury obligations valued at $1,020,000,066; 0.00% - 6.63%;
03/31/2025 - 02/15/2055)
4.36%
03/03/2025
 
$700,254,333
$700,000,000
Fixed Income Clearing Corp. - State Street Bank, joint agreement dated
02/28/2025, aggregate maturing value of $2,000,726,667 (collateralized
by U.S. Treasury obligations valued at $2,040,000,198; 0.88% - 4.38%;
11/15/2042 - 08/15/2053)
4.36%
03/03/2025
 
1,250,454,167
1,250,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint agreement dated
02/28/2025, aggregate maturing value of $10,153,687,833 (collateralized
by U.S. Treasury obligations valued at $10,353,000,082; 0.00% - 5.00%;
03/13/2025 - 02/15/2055)
4.36%
03/03/2025
 
5,602,034,667
5,600,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/26/2025, aggregate maturing value of $1,500,180,833 (collateralized
by U.S. Treasury obligations valued at $1,530,000,139; 0.00% - 4.75%;
08/21/2025 - 08/15/2054)(e)(g)
4.34%
03/05/2025
 
785,094,636
785,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/27/2025, aggregate maturing value of $1,951,649,375 (collateralized
by U.S. Treasury obligations valued at $1,989,000,120; 0.00% - 5.00%;
03/31/2025 - 08/15/2054)(e)
4.35%
03/06/2025
 
750,634,375
750,000,000
Goldman Sachs & Co., joint agreement dated 02/28/2025, aggregate maturing
value of $1,000,363,333 (collateralized by U.S. Treasury obligations valued
at $1,020,000,086; 0.00% - 4.13%; 06/30/2026 - 02/15/2055)
4.36%
03/03/2025
 
750,272,500
750,000,000
ING Financial Markets, LLC, joint term agreement dated 01/30/2025, aggregate
maturing value of $251,476,806 (collateralized by agency mortgage-backed
securities valued at $255,000,001; 2.00% - 6.50%; 07/01/2051 -
03/01/2054)
4.34%
03/20/2025
 
140,827,011
140,000,000
J.P. Morgan Securities LLC, joint open agreement dated 09/17/2024
(collateralized by a U.S. Treasury obligation and agency mortgage-backed
securities valued at $1,020,000,001; 0.00% - 8.00%; 09/15/2025 -
06/16/2063)(f)
4.40%
03/03/2025
 
888,017,113
885,000,000
Metropolitan Life Insurance Co., joint term agreement dated 02/27/2025,
aggregate maturing value of $350,300,288 (collateralized by U.S. Treasury
obligations valued at $357,540,655; 0.00%; 02/15/2043 - 08/15/2046)(e)
4.36%
03/06/2025
 
170,144,735
170,000,613
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/26/2025,
aggregate maturing value of $2,672,253,183 (collateralized by U.S. Treasury
obligations valued at $2,724,384,963; 1.00% - 4.13%; 10/15/2027 -
11/15/2040)(e)
4.34%
03/05/2025
 
1,636,805,117
1,635,425,000
Natixis, agreement dated 02/28/2025, maturing value of $500,182,083
(collateralized by U.S. Treasury obligations and agency mortgage-backed
securities valued at $510,000,031; 1.75% - 6.50%; 03/31/2027 -
03/25/2055)
4.37%
03/03/2025
 
500,182,083
500,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$1,000,361,667 (collateralized by U.S. Treasury obligations valued at
$1,035,838,452; 0.00% - 5.38%; 03/20/2025 - 11/15/2052)
4.34%
03/03/2025
 
800,289,333
800,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$500,181,250 (collateralized by U.S. Treasury obligations valued at
$516,322,299; 0.00% - 4.88%; 03/20/2025 - 08/15/2053)
4.35%
03/03/2025
 
300,108,750
300,000,000
Prudential Insurance Co. of America, agreement dated 02/28/2025, maturing
value of $731,043,625 (collateralized by U.S. Treasury obligations valued at
$744,928,528; 0.00% - 4.38%; 07/31/2026 - 11/15/2046)
4.37%
03/03/2025
 
731,043,625
730,777,500
RBC Dominion Securities Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $2,500,906,250 (collateralized by U.S. Treasury
obligations valued at $2,550,924,407; 0.00% - 4.88%; 03/20/2025 -
08/15/2054)
4.35%
03/03/2025
 
1,300,471,250
1,300,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
RBC Dominion Securities Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $2,796,017,846 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$2,851,938,203; 0.00% - 6.50%; 04/15/2026 - 02/20/2055)
4.37%
03/03/2025
 
$1,420,517,117
$1,420,000,000
Royal Bank of Canada, joint agreement dated 02/28/2025, aggregate maturing
value of $1,500,545,000 (collateralized by U.S. Treasury obligations valued
at $1,530,555,913; 0.00% - 4.50%; 07/15/2025 - 02/15/2055)
4.36%
03/03/2025
 
500,181,667
500,000,000
Royal Bank of Canada, joint agreement dated 02/28/2025, aggregate maturing
value of $1,506,548,435 (collateralized by U.S. Treasury obligations and
agency mortgage-backed securities valued at $1,536,679,471; 0.00% -
7.00%; 02/19/2026 - 02/20/2055)
4.37%
03/03/2025
 
1,100,400,583
1,100,000,000
Royal Bank of Canada, joint term agreement dated 06/13/2024, aggregate
maturing value of $3,692,889,960 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$3,721,512,552; 0.00% - 8.50%; 05/06/2025 - 11/20/2064)(e)
5.16%
05/30/2025
 
2,730,806,000
2,600,000,000
Societe Generale, joint agreement dated 02/28/2025, aggregate maturing value
of $2,000,726,667 (collateralized by U.S. Treasury obligations valued at
$2,040,000,093; 0.25% - 4.63%; 03/31/2025 - 02/15/2035)
4.36%
03/03/2025
 
850,308,833
850,000,000
Societe Generale, joint term agreement dated 02/25/2025, aggregate maturing
value of $1,501,260,000 (collateralized by U.S. Treasury obligations valued
at $1,530,000,001; 0.13% - 4.75%; 02/28/2027 - 11/15/2053)(e)
4.32%
03/04/2025
 
750,630,000
750,000,000
Societe Generale, joint term agreement dated 02/26/2025, aggregate maturing
value of $1,251,052,431 (collateralized by U.S. Treasury obligations valued
at $1,275,000,082; 2.88% - 4.25%; 10/31/2026 - 04/30/2029)(e)
4.33%
03/05/2025
 
500,420,972
500,000,000
Societe Generale, joint term agreement dated 02/26/2025, aggregate maturing
value of $750,632,917 (collateralized by agency mortgage-backed securities
valued at $765,000,950; 2.00% - 6.00%; 07/01/2050 - 02/01/2055)(e)
4.34%
03/05/2025
 
500,421,944
500,000,000
Societe Generale, joint term agreement dated 02/28/2025, aggregate maturing
value of $1,000,843,889 (collateralized by U.S. Treasury obligations valued
at $1,020,000,019; 1.25% - 4.00%; 11/30/2026 - 07/31/2029)(e)
4.34%
03/07/2025
 
380,320,678
380,000,000
Standard Chartered Bank, joint agreement dated 02/28/2025, aggregate
maturing value of $2,500,910,417 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$2,550,928,659; 0.13% - 7.50%; 11/15/2025 - 12/15/2066)
4.37%
03/03/2025
 
775,282,229
775,000,000
Standard Chartered Bank, joint agreement dated 02/28/2025, aggregate
maturing value of $2,801,017,333 (collateralized by U.S. Treasury
obligations valued at $2,857,037,767; 0.00% - 5.00%; 03/11/2025 -
02/15/2055)
4.36%
03/03/2025
 
1,012,367,693
1,012,000,000
Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2025, aggregate
maturing value of $4,301,565,917 (collateralized by agency mortgage-
backed securities valued at $4,446,469,970; 3.00% - 6.50%; 10/20/2042
- 11/20/2054)
4.37%
03/03/2025
 
1,280,166,024
1,279,700,000
Teacher Retirement System of Texas, joint agreement dated 02/27/2025,
aggregate maturing value of $1,548,939,146 (collateralized by U.S. Treasury
obligations valued at $1,625,780,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.47%
03/03/2025
 
794,774,515
794,478,571
Teacher Retirement System of Texas, joint agreement dated 02/28/2025,
aggregate maturing value of $1,554,446,275 (collateralized by U.S. Treasury
obligations valued at $1,631,965,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.48%
03/04/2025
 
797,466,371
797,367,143
Wells Fargo Securities, LLC, agreement dated 02/28/2025, maturing value of
$750,273,125 (collateralized by agency mortgage-backed securities valued at
$765,000,000; 2.00% - 7.00%; 03/20/2028 - 01/20/2055)
4.37%
03/03/2025
 
750,273,125
750,000,000
Wells Fargo Securities, LLC, joint term agreement dated 01/03/2025, aggregate
maturing value of $913,267,500 (collateralized by agency mortgage-backed
securities and U.S. government sponsored agency obligations valued at
$918,000,801; 0.00% - 7.00%; 03/07/2025 - 09/01/2057)
4.35%
05/05/2025
 
523,606,700
516,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Wells Fargo Securities, LLC, joint term agreement dated 01/15/2025, aggregate
maturing value of $2,208,816,500 (collateralized by agency mortgage-
backed securities valued at $2,228,700,000; 1.00% - 7.50%; 07/01/2025
- 01/01/2059)
4.36%
04/15/2025
 
$1,551,731,500
$1,535,000,000
Wells Fargo Securities, LLC, joint term agreement dated 02/27/2025, aggregate
maturing value of $869,417,000 (collateralized by agency mortgage-backed
securities and U.S. government sponsored agency obligations valued at
$877,200,001; 0.00% - 7.00%; 03/03/2025 - 01/01/2059)
4.38%
05/28/2025
 
758,212,500
750,000,000
Total Repurchase Agreements (Cost $56,735,748,827)
56,735,748,827
TOTAL INVESTMENTS IN SECURITIES(h)-96.75% (Cost $75,384,609,803)
75,384,609,803
OTHER ASSETS LESS LIABILITIES-3.25%
2,530,485,928
NET ASSETS-100.00%
$77,915,095,731
Investment Abbreviations: 
EFFR
-Effective Federal Funds Rate
SOFR
-Secured Overnight Financing Rate
VRD
-Variable Rate Demand
Notes to Schedule of Investments: 
(a)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2025.
(b)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(c)
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the
issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2025.
(d)
Principal amount equals value at period end. See Note 1J.
(e)
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(f)
Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.
(g)
Interest is paid periodically at specified time intervals. The Repurchase Amount includes one day of interest due at maturity. 
(h)
Also represents cost for federal income tax purposes.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13
Short-Term Investments Trust
Schedule of Investments
February 28, 2025
(Unaudited)
Invesco Treasury Obligations Portfolio

 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Treasury Securities-108.28%
U.S. Treasury Bills-96.78%(a)
U.S. Treasury Bills
4.26%-4.27%
03/04/2025
 
$80,975
$80,946,523
U.S. Treasury Bills
4.41%-4.76%
03/06/2025
 
24,500
24,484,728
U.S. Treasury Bills
4.24%-4.26%
03/11/2025
 
78,800
78,707,274
U.S. Treasury Bills
4.64%
03/13/2025
 
8,000
7,987,920
U.S. Treasury Bills
4.24%-4.44%
03/18/2025
 
185,000
184,627,091
U.S. Treasury Bills
4.34%-5.16%
03/20/2025
 
15,000
14,964,377
U.S. Treasury Bills
4.26%-4.28%
03/25/2025
 
135,000
134,617,733
U.S. Treasury Bills
4.29%
03/27/2025
 
15,000
14,954,067
U.S. Treasury Bills
4.39%
04/01/2025
 
199,500
198,796,871
U.S. Treasury Bills
4.24%-4.31%
04/03/2025
 
44,000
43,830,135
U.S. Treasury Bills
4.27%-4.38%
04/08/2025
 
79,000
78,644,927
U.S. Treasury Bills
4.40%
04/10/2025
 
10,000
9,952,167
U.S. Treasury Bills
4.26%-4.28%
04/15/2025
 
94,400
93,900,176
U.S. Treasury Bills
4.37%-5.04%
04/17/2025
 
11,000
10,934,137
U.S. Treasury Bills
4.24%-4.26%
04/22/2025
 
46,200
45,917,607
U.S. Treasury Bills
4.26%
04/29/2025
 
58,000
57,612,004
U.S. Treasury Bills
4.42%
05/01/2025
 
9,000
8,934,044
U.S. Treasury Bills
0.00%
05/08/2025
 
40,000
39,680,933
U.S. Treasury Bills
4.27%
05/13/2025
 
12,000
11,897,192
U.S. Treasury Bills
4.41%-5.18%
05/15/2025
 
19,500
19,319,075
U.S. Treasury Bills
4.22%-4.44%
05/29/2025
 
38,000
37,603,870
U.S. Treasury Bills
4.35%
06/05/2025
 
7,000
6,920,573
U.S. Treasury Bills
4.26%
06/26/2025
 
15,000
14,796,712
U.S. Treasury Bills
5.02%
07/10/2025
 
4,000
3,930,497
U.S. Treasury Bills
4.12%-4.22%
10/02/2025
 
13,000
12,688,137
U.S. Treasury Bills
4.27%-4.28%
10/30/2025
 
18,500
17,988,450
U.S. Treasury Bills
4.38%
11/28/2025
 
14,000
13,556,791
 
 
 
 
1,268,194,011
U.S. Treasury Floating Rate Notes-9.63%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.17%)(b)
4.41%
04/30/2025
 
14,200
14,199,905
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.13%)(b)
4.36%
07/31/2025
 
11,000
10,997,362
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.15%)(b)
4.39%
04/30/2026
 
15,000
14,998,713
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.18%)(b)
4.42%
07/31/2026
 
30,000
29,971,812
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.21%)(b)
4.44%
10/31/2026
 
22,000
22,029,887
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.10%)(b)
4.34%
01/31/2027
 
34,000
34,002,439
 
 
 
 
126,200,118
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Obligations Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Treasury Notes-1.87%
U.S. Treasury Note
0.25%
09/30/2025
 
$25,000
$24,426,362
TOTAL INVESTMENTS IN SECURITIES-108.28% (Cost $1,418,820,491)
1,418,820,491
OTHER ASSETS LESS LIABILITIES-(8.28)%
(108,476,282
)
NET ASSETS-100.00%
$1,310,344,209
Notes to Schedule of Investments: 
(a)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2025.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15
Short-Term Investments Trust
Statements of Assets and Liabilities
February 28, 2025
(Unaudited)

 
 
Invesco Treasury
Portfolio
Invesco Government
& Agency Portfolio
Invesco Treasury
Obligations
Portfolio
Assets:
Investments in unaffiliated securities, at value
$13,678,555,999
$18,648,860,976
$1,418,820,491
Repurchase agreements, at value and cost
27,984,196,511
56,735,748,827
-
Cash
717,352,838
3,167,174,664
91,446
Receivable for:
Fund shares sold
13,891,229
15,431,152
35,338
Interest
117,265,685
300,725,956
474,838
Fund expenses absorbed
843,745
-
33,793
Investment for trustee deferred compensation and retirement plans
2,130,138
970,478
103,550
Other assets
412,415
1,049,667
94,859
Total assets
42,514,648,560
78,869,961,720
1,419,654,315
Liabilities:
Payable for:
Investments purchased
756,885,714
797,367,143
107,518,979
Fund shares reacquired
6,743,656
5,689,628
43,365
Dividends
78,167,309
139,904,818
1,318,037
Accrued fees to affiliates
7,618,822
10,467,295
293,612
Accrued trustees’ and officers’ fees and benefits
174,171
13,896
6,202
Accrued operating expenses
83,845
285,584
18,091
Trustee deferred compensation and retirement plans
2,292,063
1,137,625
111,820
Total liabilities
851,965,580
954,865,989
109,310,106
Net assets applicable to shares outstanding
$41,662,682,980
$77,915,095,731
$1,310,344,209
Net assets consist of:
Shares of beneficial interest
$41,663,310,767
$77,935,051,112
$1,310,805,126
Distributable earnings (loss)
(627,787
)
(19,955,381
)
(460,917
)
 
$41,662,682,980
$77,915,095,731
$1,310,344,209
Net Assets:
Cash Management Class
$585,651,223
$886,813,927
$6,257,856
CAVU Securities Class
$2,014,726,613
$13,291,474,845
$-
Corporate Class
$1,839,847,692
$624,258,121
$11,859
Institutional Class
$33,944,454,781
$58,863,712,700
$1,045,068,994
Personal Investment Class
$1,204,024,846
$100,307,610
$11,413
Premier Class
$-
$2,226,904,829
$-
Private Investment Class
$1,471,590,925
$1,272,661,312
$107,319,448
Reserve Class
$571,968,755
$514,567,159
$150,486,193
Resource Class
$30,418,145
$134,395,228
$1,188,446
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16
Short-Term Investments Trust
Statements of Assets and Liabilities—(continued)
February 28, 2025
(Unaudited)
 
Invesco Treasury
Portfolio
Invesco Government
& Agency Portfolio
Invesco Treasury
Obligations
Portfolio
Shares outstanding, no par value,
unlimited number of shares authorized:
Cash Management Class
585,623,158
887,045,213
6,259,790
CAVU Securities Class
2,014,630,006
13,294,857,355
-
Corporate Class
1,839,759,553
624,416,949
11,862
Institutional Class
33,942,842,275
58,878,700,576
1,045,390,909
Personal Investment Class
1,203,967,070
100,333,108
11,417
Premier Class
-
2,227,472,117
-
Private Investment Class
1,471,520,411
1,272,985,138
107,352,630
Reserve Class
571,941,358
514,697,947
150,532,778
Resource Class
30,416,688
134,429,420
1,188,813
Net asset value, offering and redemption price per share for each class
$1.00
$1.00
$1.00
Cost of Investments
$41,662,752,510
$75,384,609,803
$1,418,820,491
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17
Short-Term Investments Trust
Statements of Operations
For the six months ended February 28, 2025
(Unaudited)

 
 
Invesco Treasury
Portfolio
Invesco Government
& Agency Portfolio
Invesco Treasury
Obligations
Portfolio
Investment income:
Interest
$806,600,528
$1,542,243,099
$33,130,190
Expenses:
Advisory fees
25,709,047
32,610,265
886,994
Administrative services fees
7,541,424
14,372,996
308,461
Custodian fees
148,908
1,832,898
793
Distribution fees:
Cash Management Class
217,622
352,646
968
Corporate Class
235,019
70,330
2
Personal Investment Class
3,150,274
284,700
31
Private Investment Class
2,082,976
1,940,422
95,450
Reserve Class
2,497,819
2,491,089
563,864
Resource Class
24,904
105,185
1,027
Transfer agent fees
1,542,685
2,935,231
63,093
Trustees’ and officers’ fees and benefits
233,567
508,006
22,938
Registration and filing fees
280,888
362,187
75,934
Reports to shareholders
39,544
37,735
5,101
Professional services fees
144,961
325,083
31,556
Other
208,784
1,112,144
46,443
Total expenses
44,058,422
59,340,917
2,102,655
Less: Fees waived and expenses reimbursed
(4,981,849
)
(2,395,545
)
(178,908
)
Net expenses
39,076,573
56,945,372
1,923,747
Net investment income
767,523,955
1,485,297,727
31,206,443
Net realized gain from unaffiliated investment securities
546,874
594,414
14,978
Net increase in net assets resulting from operations
$768,070,829
$1,485,892,141
$31,221,421
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18
Short-Term Investments Trust
Statements of Changes in Net Assets
For the six months ended February 28, 2025 and the year ended August 31, 2024
(Unaudited)

 
 
Invesco Treasury Portfolio
Invesco Government & Agency Portfolio
 
February 28,
2025
August 31,
2024
February 28,
2025
August 31,
2024
Operations:
Net investment income
$767,523,955
$1,798,523,091
$1,485,297,727
$3,528,423,714
 
Net realized gain
546,874
588,216
594,414
5,590,379
 
Net increase in net assets resulting from operations
768,070,829
1,799,111,307
1,485,892,141
3,534,014,093
 
Distributions to shareholders from distributable earnings:
Cash Management Class
(12,071,357
)
(20,301,185
)
(19,893,251
)
(28,249,324
)
 
CAVU Securities Class
(26,668,884
)
(64,820,637
)
(229,824,095
)
(524,316,880
)
 
Corporate Class
(35,314,150
)
(87,424,956
)
(10,554,043
)
(20,482,672
)
 
Institutional Class
(630,071,294
)
(1,491,466,650
)
(1,138,273,842
)
(2,850,941,667
)
 
Personal Investment Class
(22,792,103
)
(45,434,838
)
(2,092,058
)
(3,967,725
)
 
Premier Class
-
-
(43,292,710
)
(5,919,550
)
 
Private Investment Class
(29,389,015
)
(58,364,064
)
(27,813,055
)
(63,152,533
)
 
Reserve Class
(10,534,271
)
(28,547,353
)
(10,635,381
)
(22,679,822
)
 
Resource Class
(682,881
)
(2,163,408
)
(2,919,292
)
(8,713,541
)
 
Total distributions from distributable earnings
(767,523,955
)
(1,798,523,091
)
(1,485,297,727
)
(3,528,423,714
)
 
Share transactions-net:
Cash Management Class
132,607,139
274,262,107
173,947,258
77,173,596
 
CAVU Securities Class
539,049,500
209,970,253
5,251,967,110
(4,720,514,007
)
 
Corporate Class
129,748,550
147,046,591
370,859,582
(42,052,014
)
 
Institutional Class
9,077,027,967
(3,968,533,305
)
17,152,698,845
(23,954,606,903
)
 
Personal Investment Class
162,795,894
193,522,167
(1,105,231
)
14,701,368
 
Premier Class
-
-
1,155,607,482
1,071,864,635
 
Private Investment Class
197,411,453
187,049,599
(75,787,350
)
376,265,090
 
Reserve Class
49,259,836
(93,504,210
)
(14,614,560
)
86,941,326
 
Resource Class
1,636,281
(62,351,419
)
9,187,499
(40,729,025
)
 
Net increase (decrease) in net assets resulting from share
transactions
10,289,536,620
(3,112,538,217
)
24,022,760,635
(27,130,955,934
)
 
Net increase (decrease) in net assets
10,290,083,494
(3,111,950,001
)
24,023,355,049
(27,125,365,555
)
 
Net assets:
Beginning of period
31,372,599,486
34,484,549,487
53,891,740,682
81,017,106,237
 
End of period
$41,662,682,980
$31,372,599,486
$77,915,095,731
$53,891,740,682
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19
Short-Term Investments Trust
Statements of Changes in Net Assets—(continued)
For the six months ended February 28, 2025 and the year ended August 31, 2024
(Unaudited)
 
 
Invesco Treasury Obligations Portfolio
 
February 28,
2025
August 31,
2024
Operations:
Net investment income
$31,206,443
$77,226,626
 
Net realized gain
14,978
17,841
 
Net increase in net assets resulting from operations
31,221,421
77,244,467
 
Distributions to shareholders from distributable earnings:
Cash Management Class
(53,152
)
(295,678
)
 
Corporate Class
(262
)
(31,523
)
 
Institutional Class
(27,130,449
)
(69,995,123
)
 
Personal Investment Class
(227
)
(541
)
 
Private Investment Class
(1,627,141
)
(1,796,244
)
 
Reserve Class
(2,367,053
)
(4,886,532
)
 
Resource Class
(28,159
)
(220,985
)
 
Total distributions from distributable earnings
(31,206,443
)
(77,226,626
)
 
Share transactions-net:
Cash Management Class
4,224,208
(8,328,333
)
 
Corporate Class
311
(2,766,908
)
 
Institutional Class
(237,998,353
)
(200,148,453
)
 
Personal Investment Class
(563
)
1,336
 
Private Investment Class
57,590,963
25,697,808
 
Reserve Class
21,702,318
54,825,820
 
Resource Class
(356,427
)
(4,698,869
)
 
Net increase (decrease) in net assets resulting from share transactions
(154,837,543
)
(135,417,599
)
 
Net increase (decrease) in net assets
(154,822,565
)
(135,399,758
)
 
Net assets:
Beginning of period
1,465,166,774
1,600,566,532
 
End of period
$1,310,344,209
$1,465,166,774
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20
Short-Term Investments Trust
Financial Highlights
(Unaudited)
The following schedule presents financial highlights for a share of the Funds outstanding throughout the periods indicated.
Institutional 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
absorbed
Ratio of
expenses
to average net
assets without
fee waivers
and/or expense
absorbed
Ratio of net
investment
income
to average
net assets
Invesco Treasury Portfolio
Six months ended 02/28/25
$1.00
$0.02
$0.00
$0.02
$(0.02
)
$-
$-
$(0.02
)
$1.00
2.28
%
$33,944,455
0.18
%(c)
0.21
%(c)
4.53
%(c)
Year ended 08/31/24
1.00
0.05
0.00
0.05
(0.05
)
-
-
(0.05
)
1.00
5.37
24,866,992
0.18
0.21
5.24
Year ended 08/31/23
1.00
0.04
0.00
0.04
(0.04
)
-
-
(0.04
)
1.00
4.38
28,835,239
0.18
0.22
4.38
Year ended 08/31/22
1.00
0.00
(0.00
)
0.00
(0.00
)
-
-
(0.00
)
1.00
0.46
21,420,557
0.13
0.21
0.47
Year ended 08/31/21
1.00
0.00
0.00
0.00
(0.00
)
-
-
(0.00
)
1.00
0.01
17,093,039
0.10
0.21
0.01
Year ended 08/31/20
1.00
0.01
0.00
0.01
(0.01
)
(0.00
)
-
(0.01
)
1.00
0.91
19,215,805
0.18
0.21
0.86
Invesco Government & Agency Portfolio
Six months ended 02/28/25
1.00
0.02
0.00
0.02
(0.02
)
-
-
(0.02
)
1.00
2.30
58,863,713
0.16
(c)
0.17
(c)
4.57
(c)
Year ended 08/31/24
1.00
0.05
(0.00
)
0.05
(0.05
)
-
-
(0.05
)
1.00
5.38
41,709,789
0.16
0.16
5.22
Year ended 08/31/23
1.00
0.04
0.00
0.04
(0.04
)
-
-
(0.04
)
1.00
4.39
65,659,515
0.16
0.16
4.39
Year ended 08/31/22
1.00
0.01
(0.00
)
0.01
(0.01
)
-
-
(0.01
)
1.00
0.51
61,165,375
0.11
0.16
0.54
Year ended 08/31/21
1.00
0.00
0.00
0.00
(0.00
)
-
-
(0.00
)
1.00
0.03
49,464,205
0.07
0.16
0.03
Year ended 08/31/20
1.00
0.01
(0.00
)
0.01
(0.01
)
(0.00
)
-
(0.01
)
1.00
0.95
30,259,136
0.15
0.15
0.85
Invesco Treasury Obligations Portfolio
Six months ended 02/28/25
1.00
0.02
(0.00
)
0.02
(0.02
)
-
-
(0.02
)
1.00
2.27
1,045,069
0.18
(c)
0.21
(c)
4.55
(c)
Year ended 08/31/24
1.00
0.05
0.00
0.05
(0.05
)
-
-
(0.05
)
1.00
5.32
1,283,023
0.18
0.21
5.19
Year ended 08/31/23
1.00
0.04
(0.00
)
0.04
(0.04
)
-
-
(0.04
)
1.00
4.25
1,483,132
0.18
0.20
4.22
Year ended 08/31/22
1.00
0.00
(0.00
)
0.00
(0.00
)
-
-
(0.00
)
1.00
0.44
1,102,134
0.13
0.21
0.45
Year ended 08/31/21
1.00
0.00
0.00
0.00
(0.00
)
-
-
(0.00
)
1.00
0.01
1,063,312
0.10
0.21
0.01
Year ended 08/31/20
1.00
0.01
(0.00
)
0.01
(0.01
)
-
-
(0.01
)
1.00
0.94
1,370,210
0.18
0.20
0.84
 
(a)
Calculated using average shares outstanding.
(b)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and is not annualized for periods less than one year.
(c)
Annualized.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21
Short-Term Investments Trust
Notes to Financial Statements
February 28, 2025
(Unaudited)
NOTE 1—Significant Accounting Policies
Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers three separate portfolios (each constituting a “Fund”). The Funds covered in this report are Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.
The investment objective of each Fund is to provide current income consistent with preservation of capital and liquidity.
Invesco Treasury Portfolio currently offers eight different classes of shares: Cash Management Class, Corporate Class, CAVU Securities Class, Institutional Class, Personal Investment Class, Private Investment Class, Reserve Class and Resource Class. Invesco Government & Agency Portfolio currently offers nine different classes of shares: Cash Management Class, Corporate Class, CAVU Securities Class, Institutional Class, Personal Investment Class, Premier Class, Private Investment Class, Reserve Class and Resource Class. Invesco Treasury Obligations Portfolio currently offers seven different classes of shares: Cash Management Class, Corporate Class, Institutional Class, Personal Investment Class, Private Investment Class, Reserve Class and Resource Class.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services — Investment Companies.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act (the "Rule"), seek to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation.
“Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/or repurchase agreements collateralized fully by cash or Government Securities.
The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio to liquidity fee requirements at this time, as permitted by the Rule.
The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements.
A.
Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities normally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations 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, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is unreliable in the Adviser’s judgment, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by the Rule. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.
Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.
B.
Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share
22
Short-Term Investments Trust
and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Funds and the investment adviser.
The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative settled shares of each class.
C.
Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Distributions - It is the policy of the Funds to declare dividends from net investment income, if any, daily and pay them monthly. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually.
E.
Federal Income Taxes - The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. Transfer agency fees and expenses attributable to CAVU Securities Class are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative settled shares.  
G.
Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.
Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.
Segment Reporting — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity’s segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds’ chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds’ financial statements. Adoption of the new standard impacted the Funds’ financial statement note disclosures only and did not affect the Funds’ financial position or the results of its operations.
J.
Repurchase Agreements - The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is typically at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is typically at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income. 
K.
Other Risks – Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith
23
Short-Term Investments Trust
and credit of the U.S. Government, which could affect a 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.
The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.
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.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively: 
 
First $250 million
Next $250 million
Over $500 million
Invesco Treasury Portfolio
0.15%
0.15%
0.15%
Invesco Government & Agency
Portfolio
0.10%
0.10%
0.10%
Invesco Treasury Obligations
Portfolio
0.20%
0.15%
0.10%
For the six months ended February 28, 2025, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below: 
Invesco Treasury Portfolio
0.15%
Invesco Government & Agency Portfolio
0.10%
Invesco Treasury Obligations Portfolio
0.13%
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, for Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).
The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) for each Fund’s shares through at least December 31, 2025 as shown in the following table (the “expense limits”): 
 
Cash
Management
Class
CAVU
Securities
Class
Corporate
Class
Institutional
Class
Personal
Investment
Class
Premier
Class
Private
Investment
Class
Reserve
Class
Resource
Class
Invesco Treasury Portfolio
0.26%
0.18%
0.21%
0.18%
0.73%
–
0.48%
1.05%
0.34%
Invesco Government & Agency Portfolio
0.26%
0.18%
0.21%
0.18%
0.73%
0.12%
0.48%
1.05%
0.34%
Invesco Treasury Obligations Portfolio
0.26%
–
0.21%
0.18%
0.73%
–
0.43%
1.05%
0.34%
In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses, and (5) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2025 for each Fund’s shares. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.
For the six months ended February 28, 2025, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below: 
 
Expense
Limitation
Invesco Treasury Portfolio
$4,981,849
Invesco Government & Agency Portfolio
2,395,545
Invesco Treasury Obligations Portfolio
178,908
The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the six months ended February 28, 2025, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as fund accountant and provides certain administrative services to the Funds. Pursuant to a custody agreement with the Trust on behalf of the Funds, BNY Mellon also serves as the Fund’s custodian.
24
Short-Term Investments Trust
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 28, 2025, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.
Under the terms of a master distribution agreement between Invesco Distributors, Inc. ("IDI") and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). Each Fund, pursuant to the Plans, pays IDI compensation up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively. 
 
Cash
Management
Class
Corporate
Class
Personal
Investment
Class
Premier
Class
Private
Investment
Class
Reserve
Class
Resource
Class
Invesco Treasury Portfolio
0.08%
0.03%
0.55%
0.12%
0.30%
0.87%
0.16%
Invesco Government & Agency Portfolio
0.08%
0.03%
0.55%
0.12%
0.30%
0.87%
0.16%
Invesco Treasury Obligations Portfolio
0.08%
0.03%
0.55%
0.12%
0.25%
0.87%
0.16%
The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. 
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
As of February 28, 2025, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
NOTE 4—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Funds may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Funds.
NOTE 5—Cash Balances
The Funds are permitted to temporarily overdraft or leave balances in their accounts with BNY Mellon, the custodian bank. Such balances, if any at period-end, are shown in the Statements of Assets and Liabilities under the payable caption Amount due custodian. To compensate BNY Mellon or the Funds for such activity, the Funds may either (1) pay to or receive from BNY Mellon compensation at a rate agreed upon by BNY Mellon and Invesco, not to exceed the contractually agreed upon rate; or (2) leave funds or overdraft funds as a compensating balance in the account so BNY Mellon or the Funds can be compensated for use of funds.
NOTE 6—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to each Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at each Fund’s fiscal year-end.
25
Short-Term Investments Trust
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had a capital loss carryforward as of August 31, 2024, as follows: 
Fund
Short-Term
Long-Term
 
Not Subject to
Expiration
Not Subject to
Expiration
Total*
Invesco Government & Agency Portfolio
$21,111,540
$-
$21,111,540
Invesco Treasury Obligations Portfolio
433,147
20,239
453,386
 
*
Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a
variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 7—Investment Transactions
The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows: 
 
At February 28, 2025
 
Federal
Tax Cost
Unrealized
Appreciation
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Invesco Treasury Obligations Portfolio
$1,418,830,456
$-
$(9,965
)
$(9,965
)
*
For Invesco Treasury Obligations Portfolio, cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end. For Invesco Treasury Portfolio and Invesco Government & Agency Portfolio, cost of investments is the same for tax and financial reporting purposes.
26
Short-Term Investments Trust
Invesco Treasury Portfolio 
 
Summary of Share Activity
 
Six months ended
February 28, 2025(a)
Year ended
August 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Cash Management Class
1,870,577,721
$1,870,577,721
2,333,007,866
$2,333,007,866
CAVU Securities Class
9,142,926,152
9,142,926,152
22,251,478,516
22,251,478,516
Corporate Class
6,182,058,893
6,182,058,893
12,354,552,252
12,354,552,252
Institutional Class
124,944,230,624
124,944,230,624
250,888,373,402
250,888,373,402
Personal Investment Class
1,663,115,163
1,663,115,163
3,726,713,615
3,726,713,615
Private Investment Class
1,591,901,152
1,591,901,152
2,799,879,705
2,799,879,705
Reserve Class
771,300,114
771,300,114
2,909,401,364
2,909,401,364
Resource Class
120,757,039
120,757,039
236,811,098
236,811,098
Issued as reinvestment of dividends:
Cash Management Class
10,440,471
10,440,471
12,027,251
12,027,251
CAVU Securities Class
9,113,387
9,113,387
22,198,536
22,198,536
Corporate Class
35,314,150
35,314,150
71,234,826
71,234,826
Institutional Class
256,626,398
256,626,398
517,626,055
517,626,055
Personal Investment Class
8,586,531
8,586,531
21,558,843
21,558,843
Private Investment Class
25,704,571
25,704,571
42,479,974
42,479,974
Reserve Class
10,534,271
10,534,271
27,172,034
27,172,034
Resource Class
682,881
682,881
2,382,216
2,382,216
Reacquired:
Cash Management Class
(1,748,411,053
)
(1,748,411,053
)
(2,070,773,010
)
(2,070,773,010
)
CAVU Securities Class
(8,612,990,039
)
(8,612,990,039
)
(22,063,706,799
)
(22,063,706,799
)
Corporate Class
(6,087,624,493
)
(6,087,624,493
)
(12,278,740,487
)
(12,278,740,487
)
Institutional Class
(116,123,829,055
)
(116,123,829,055
)
(255,374,532,762
)
(255,374,532,762
)
Personal Investment Class
(1,508,905,800
)
(1,508,905,800
)
(3,554,750,291
)
(3,554,750,291
)
Private Investment Class
(1,420,194,270
)
(1,420,194,270
)
(2,655,310,080
)
(2,655,310,080
)
Reserve Class
(732,574,549
)
(732,574,549
)
(3,030,077,608
)
(3,030,077,608
)
Resource Class
(119,803,639
)
(119,803,639
)
(301,544,733
)
(301,544,733
)
Net increase (decrease) in share activity
10,289,536,620
$10,289,536,620
(3,112,538,217
)
$(3,112,538,217
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 24% of the outstanding shares of the
Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of
interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these
entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services
such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any
portion of the shares owned of record by these entities are also owned beneficially.
27
Short-Term Investments Trust
Invesco Government & Agency Portfolio 
 
Summary of Share Activity
 
Six months ended
February 28, 2025(a)
Year ended
August 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Cash Management Class
368,295,908
$368,295,908
663,029,782
$663,029,782
CAVU Securities Class
66,158,613,340
66,158,613,340
127,354,073,926
127,354,073,926
Corporate Class
1,873,728,701
1,873,728,701
1,829,835,886
1,829,835,886
Institutional Class
210,059,718,200
210,059,718,200
605,516,883,360
605,516,883,360
Personal Investment Class
249,366,626
249,366,626
518,971,785
518,971,785
Premier Class
100,630,532,801
100,630,532,801
19,156,568,000
19,156,568,000
Private Investment Class
1,366,365,174
1,366,365,174
3,066,991,198
3,066,991,198
Reserve Class
750,218,819
750,218,819
1,575,680,738
1,575,680,738
Resource Class
717,639,000
717,639,000
1,550,521,178
1,550,521,178
Issued as reinvestment of dividends:
Cash Management Class
19,876,850
19,876,850
7,700,062
7,700,062
CAVU Securities Class
128,638,728
128,638,728
308,419,873
308,419,873
Corporate Class
5,407,624
5,407,624
11,676,386
11,676,386
Institutional Class
508,489,921
508,489,921
1,195,586,093
1,195,586,093
Personal Investment Class
1,944,961
1,944,961
3,211,362
3,211,362
Premier Class
8,992,096
8,992,096
5,765
5,765
Private Investment Class
20,465,133
20,465,133
36,498,240
36,498,240
Reserve Class
11,748,821
11,748,821
21,397,617
21,397,617
Resource Class
1,896,956
1,896,956
5,524,706
5,524,706
Reacquired:
Cash Management Class
(214,225,500
)
(214,225,500
)
(593,556,248
)
(593,556,248
)
CAVU Securities Class
(61,035,284,958
)
(61,035,284,958
)
(132,383,007,806
)
(132,383,007,806
)
Corporate Class
(1,508,276,743
)
(1,508,276,743
)
(1,883,564,286
)
(1,883,564,286
)
Institutional Class
(193,415,509,276
)
(193,415,509,276
)
(630,667,076,356
)
(630,667,076,356
)
Personal Investment Class
(252,416,818
)
(252,416,818
)
(507,481,779
)
(507,481,779
)
Premier Class
(99,483,917,415
)
(99,483,917,415
)
(18,084,709,130
)
(18,084,709,130
)
Private Investment Class
(1,462,617,657
)
(1,462,617,657
)
(2,727,224,348
)
(2,727,224,348
)
Reserve Class
(776,582,200
)
(776,582,200
)
(1,510,137,029
)
(1,510,137,029
)
Resource Class
(710,348,457
)
(710,348,457
)
(1,596,774,909
)
(1,596,774,909
)
Net increase (decrease) in share activity
24,022,760,635
$24,022,760,635
(27,130,955,934
)
$(27,130,955,934
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 27% of the outstanding shares of
the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are
considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as
securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares
owned of record by these entities are also owned beneficially.
28
Short-Term Investments Trust
Invesco Treasury Obligations Portfolio 
 
Summary of Share Activity
 
Six months ended
February 28, 2025(a)
Year ended
August 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Cash Management Class
6,026,499
$6,026,499
2,423,695
$2,423,695
Institutional Class
1,669,660,869
1,669,660,869
2,397,055,403
2,397,055,403
Personal Investment Class
-
-
800
800
Private Investment Class
114,253,749
114,253,749
49,001,788
49,001,788
Reserve Class
169,356,194
169,356,194
395,815,661
395,815,661
Resource Class
3,085,102
3,085,102
83,785,384
83,785,384
Issued as reinvestment of dividends:
Cash Management Class
62,397
62,397
316,891
316,891
Corporate Class
311
311
35,642
35,642
Institutional Class
21,464,067
21,464,067
46,124,263
46,124,263
Personal Investment Class
273
273
536
536
Private Investment Class
1,587,937
1,587,937
1,540,314
1,540,314
Reserve Class
1,334,060
1,334,060
2,043,763
2,043,763
Resource Class
34,064
34,064
200,154
200,154
Reacquired:
Cash Management Class
(1,864,688
)
(1,864,688
)
(11,068,919
)
(11,068,919
)
Corporate Class
-
-
(2,802,550
)
(2,802,550
)
Institutional Class
(1,929,123,289
)
(1,929,123,289
)
(2,643,328,119
)
(2,643,328,119
)
Personal Investment Class
(836
)
(836
)
-
-
Private Investment Class
(58,250,723
)
(58,250,723
)
(24,844,294
)
(24,844,294
)
Reserve Class
(148,987,936
)
(148,987,936
)
(343,033,604
)
(343,033,604
)
Resource Class
(3,475,593
)
(3,475,593
)
(88,684,407
)
(88,684,407
)
Net increase (decrease) in share activity
(154,837,543
)
$(154,837,543
)
(135,417,599
)
$(135,417,599
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 73% of the outstanding shares of the
Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of
interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these
entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services
such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any
portion of the shares owned of record by these entities are also owned beneficially.
 
  In addition, 22% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
29
Short-Term Investments Trust
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
Not applicable.
30
Short-Term Investments Trust
 
SEC file numbers: 811-02729 and 002-58287
Invesco Distributors, Inc.
CM-STIT-NCSRS-INST


 
Semi-Annual Financial Statements and Other Information
February 28, 2025
Personal Investment Class
Short-Term Investments Trust (STIT)
Invesco Treasury Portfolio
Invesco Government & Agency Portfolio
Invesco Treasury Obligations Portfolio 
 
2
Financial Statements
Financial Highlights
Notes to Financial Statements
Other Information Required in Form N-CSR (Items 8-11)
Schedule of Investments
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio

 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Treasury Securities-32.83%
U.S. Treasury Bills-14.35%(a)
U.S. Treasury Bills
4.76%
03/06/2025
 
$300,000
$299,806,458
U.S. Treasury Bills
4.26%
03/11/2025
 
816,439
815,475,147
U.S. Treasury Bills
4.64%
03/13/2025
 
250,000
249,622,500
U.S. Treasury Bills
4.26%-4.27%
03/18/2025
 
909,003
907,177,086
U.S. Treasury Bills
4.28%
03/20/2025
 
15,000
14,966,461
U.S. Treasury Bills
4.31%
04/03/2025
 
427,000
425,350,179
U.S. Treasury Bills
4.40%
04/10/2025
 
100,000
99,521,667
U.S. Treasury Bills
4.36%-5.21%
04/17/2025
 
890,000
884,529,853
U.S. Treasury Bills
5.02%
07/10/2025
 
175,000
171,959,253
U.S. Treasury Bills
4.11%-4.27%
10/02/2025
 
770,000
751,539,891
U.S. Treasury Bills
4.28%-4.37%
10/30/2025
 
850,000
826,222,281
U.S. Treasury Bills
4.23%-4.38%
11/28/2025
 
550,000
532,814,889
 
 
 
 
5,978,985,665
U.S. Treasury Floating Rate Notes-18.48%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.13%)(b)
4.36%
07/31/2025
 
1,100,000
1,099,791,733
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.17%)(b)
4.41%
10/31/2025
 
700,000
699,955,072
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.25%)(b)
4.48%
01/31/2026
 
1,312,809
1,313,488,917
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.15%)(b)
4.39%
04/30/2026
 
2,212,000
2,212,031,558
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.18%)(b)
4.42%
07/31/2026
 
160,000
160,120,551
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.21%)(b)
4.44%
10/31/2026
 
1,213,000
1,213,969,364
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.10%)(b)
4.34%
01/31/2027
 
1,000,000
1,000,213,139
 
 
 
 
7,699,570,334
Total U.S. Treasury Securities (Cost $13,678,555,999)
13,678,555,999
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-32.83%
(Cost $13,678,555,999)
13,678,555,999
 
 
 
Repurchase
Amount
 
Repurchase Agreements-67.17%(c)
ABN AMRO Bank N.V., agreement dated 02/28/2025, maturing value of
$250,090,625 (collateralized by U.S. Treasury obligations valued at
$255,000,002; 0.50% - 4.88%; 12/31/2025 - 05/15/2047)
4.35%
03/03/2025
 
250,090,625
250,000,000
Bank of Montreal, joint agreement dated 02/28/2025, aggregate maturing value
of $500,177,500 (collateralized by U.S. Treasury obligations valued at
$510,000,102; 0.00% - 4.75%; 04/15/2025 - 11/15/2043)
4.26%
03/03/2025
 
100,035,500
100,000,000
BNP Paribas Securities Corp., joint term agreement dated 02/10/2025,
aggregate maturing value of $1,400,518,000 (collateralized by U.S. Treasury
obligations valued at $1,428,000,149; 0.00% - 4.88%; 04/15/2025 -
02/15/2054)(d)(e)
4.44%
03/03/2025
 
490,181,300
490,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
BNP Paribas Securities Corp., joint term agreement dated 10/28/2024, aggregate
maturing value of $2,000,741,667 (collateralized by U.S. Treasury
obligations valued at $2,040,000,035; 0.00% - 6.13%; 03/31/2025 -
02/15/2045)(d)(e)
4.45%
03/03/2025
 
$1,055,391,229
$1,055,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/30/2024, aggregate
maturing value of $4,001,486,667 (collateralized by U.S. Treasury obligations
valued at $4,080,000,219; 0.00% - 6.88%; 03/27/2025 -
02/15/2055)(d)(e)
4.46%
03/03/2025
 
1,090,405,117
1,090,000,000
BofA Securities, Inc., agreement dated 02/28/2025, maturing value of
$1,000,361,667 (collateralized by U.S. Treasury obligations valued at
$1,020,000,048; 0.25% - 4.75%; 05/31/2025 - 02/15/2050)
4.34%
03/03/2025
 
1,000,361,667
1,000,000,000
BofA Securities, Inc., joint agreement dated 02/28/2025, aggregate maturing
value of $1,200,436,000 (collateralized by U.S. Treasury obligations valued
at $1,224,000,006; 0.88% - 4.75%; 10/15/2025 - 05/15/2054)
4.36%
03/03/2025
 
500,181,667
500,000,000
BofA Securities, Inc., joint term agreement dated 01/27/2025, aggregate
maturing value of $1,750,634,375 (collateralized by U.S. Treasury
obligations valued at $1,785,000,094; 1.50% - 4.50%; 10/31/2026 -
08/15/2053)(d)(e)
4.35%
03/03/2025
 
750,271,875
750,000,000
BofA Securities, Inc., term agreement dated 01/02/2025, maturing value of
$500,182,500 (collateralized by U.S. Treasury obligations valued at
$510,000,061; 1.75% - 4.25%; 03/31/2027 - 08/15/2041)(d)
4.38%
03/03/2025
 
500,182,500
500,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $1,693,006,250 (collateralized by U.S. Treasury
obligations valued at $1,708,500,103; 0.00% - 5.00%; 03/13/2025 -
08/15/2054)(e)
4.30%
03/19/2025
 
758,062,500
750,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $505,315,278 (collateralized by U.S. Treasury obligations
valued at $510,000,112; 0.00% - 5.00%; 04/15/2025 - 11/15/2053)(e)
4.30%
03/19/2025
 
202,126,111
200,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $707,608,611 (collateralized by U.S. Treasury obligations
valued at $714,000,032; 0.00% - 5.00%; 03/13/2025 - 02/15/2054)(e)
4.30%
03/20/2025
 
303,260,833
300,000,000
Citigroup Global Markets, Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $1,200,435,000 (collateralized by U.S. Treasury
obligations valued at $1,224,000,022; 0.50% - 3.63%; 02/28/2027 -
08/31/2029)
4.35%
03/03/2025
 
200,072,500
200,000,000
Citigroup Global Markets, Inc., joint term agreement dated 02/27/2025,
aggregate maturing value of $8,006,766,667 (collateralized by U.S. Treasury
obligations valued at $8,160,000,009; 0.88% - 5.25%; 06/30/2027 -
07/31/2029)(e)
4.35%
03/06/2025
 
2,502,114,583
2,500,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/30/2025, aggregate maturing value of $1,508,820,000 (collateralized
by U.S. Treasury obligations valued at $1,530,000,023; 1.25% - 4.00%;
03/31/2027 - 08/15/2031)(e)
4.32%
03/20/2025
 
502,940,000
500,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/31/2025, aggregate maturing value of $1,005,760,000 (collateralized
by U.S. Treasury obligations valued at $1,020,000,056; 1.13% - 4.50%;
08/15/2040 - 05/15/2052)(e)
4.32%
03/20/2025
 
301,728,000
300,000,000
Federal Reserve Bank of New York, joint agreement dated 02/28/2025,
aggregate maturing value of $1,100,389,583 (collateralized by U.S. Treasury
obligations valued at $1,100,389,634; 1.63% - 4.63%; 05/15/2031 -
02/15/2040)
4.25%
03/03/2025
 
500,177,083
500,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement
dated 02/28/2025, aggregate maturing value of $7,502,725,000
(collateralized by U.S. Treasury obligations valued at $7,650,000,132;
0.00% - 4.50%; 02/28/2026 - 05/15/2052)
4.36%
03/03/2025
 
2,000,726,667
2,000,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Fixed Income Clearing Corp. - Citigroup Global Markets, Inc., joint agreement dated
02/28/2025, aggregate maturing value of $1,000,363,333 (collateralized
by U.S. Treasury obligations valued at $1,020,000,066; 0.00% - 6.63%;
03/31/2025 - 02/15/2055)
4.36%
03/03/2025
 
$300,109,000
$300,000,000
Fixed Income Clearing Corp. - State Street Bank, joint agreement dated
02/28/2025, aggregate maturing value of $2,000,726,667 (collateralized
by U.S. Treasury obligations valued at $2,040,000,198; 0.88% - 4.38%;
11/15/2042 - 08/15/2053)
4.36%
03/03/2025
 
750,272,500
750,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint agreement dated
02/28/2025, aggregate maturing value of $10,153,687,833 (collateralized
by U.S. Treasury obligations valued at $10,353,000,082; 0.00% - 5.00%;
03/13/2025 - 02/15/2055)
4.36%
03/03/2025
 
2,600,944,667
2,600,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/26/2025, aggregate maturing value of $1,500,180,833 (collateralized
by U.S. Treasury obligations valued at $1,530,000,139; 0.00% - 4.75%;
08/21/2025 - 08/15/2054)(e)(f)
4.34%
03/05/2025
 
485,058,469
485,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/27/2025, aggregate maturing value of $1,951,649,375 (collateralized
by U.S. Treasury obligations valued at $1,989,000,120; 0.00% - 5.00%;
03/31/2025 - 08/15/2054)(e)
4.35%
03/06/2025
 
1,100,930,417
1,100,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., term agreement dated
02/26/2025, maturing value of $750,272,500 (collateralized by
U.S. Treasury obligations valued at $765,000,077; 0.00% - 4.63%;
03/15/2025 - 02/15/2055)(g)
4.36%
03/17/2025
 
750,272,500
750,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., term agreement dated
02/27/2025, maturing value of $350,042,389 (collateralized by
U.S. Treasury obligations valued at $357,000,005; 1.25% - 5.00%;
04/15/2026 - 08/15/2052)(f)
4.36%
04/30/2025
 
350,042,389
350,000,000
Goldman Sachs & Co., joint agreement dated 02/28/2025, aggregate maturing
value of $1,000,363,333 (collateralized by U.S. Treasury obligations valued
at $1,020,000,086; 0.00% - 4.13%; 06/30/2026 - 02/15/2055)
4.36%
03/03/2025
 
250,090,833
250,000,000
ING Financial Markets, LLC, agreement dated 02/28/2025, maturing value of
$100,036,250 (collateralized by U.S. Treasury obligations valued at
$102,000,016; 4.38% - 4.88%; 10/31/2030 - 01/31/2032)
4.35%
03/03/2025
 
100,036,250
100,000,000
Metropolitan Life Insurance Co., joint term agreement dated 02/27/2025,
aggregate maturing value of $350,300,288 (collateralized by U.S. Treasury
obligations valued at $357,540,655; 0.00%; 02/15/2043 - 08/15/2046)(e)
4.36%
03/06/2025
 
100,086,141
100,001,362
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/26/2025,
aggregate maturing value of $2,672,253,183 (collateralized by U.S. Treasury
obligations valued at $2,724,384,963; 1.00% - 4.13%; 10/15/2027 -
11/15/2040)(e)
4.34%
03/05/2025
 
579,113,295
578,625,000
Mitsubishi UFJ Trust & Banking Corp., term agreement dated 02/26/2025,
maturing value of $100,084,194 (collateralized by a U.S. Treasury obligation
valued at $102,036,759; 1.13%; 05/15/2040)(e)
4.33%
03/05/2025
 
100,084,194
100,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$1,000,361,667 (collateralized by U.S. Treasury obligations valued at
$1,035,838,452; 0.00% - 5.38%; 03/20/2025 - 11/15/2052)
4.34%
03/03/2025
 
200,072,333
200,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$500,181,250 (collateralized by U.S. Treasury obligations valued at
$516,322,299; 0.00% - 4.88%; 03/20/2025 - 08/15/2053)
4.35%
03/03/2025
 
200,072,500
200,000,000
Prudential Legacy Insurance Company of New Jersey, agreement dated
02/28/2025, maturing value of $700,055,469 (collateralized by
U.S. Treasury obligations valued at $712,964,384; 0.00% - 4.75%;
02/15/2037 - 05/15/2054)
4.37%
03/03/2025
 
700,055,469
699,800,625
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
RBC Dominion Securities Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $2,500,906,250 (collateralized by U.S. Treasury
obligations valued at $2,550,924,407; 0.00% - 4.88%; 03/20/2025 -
08/15/2054)
4.35%
03/03/2025
 
$575,208,438
$575,000,000
Royal Bank of Canada, joint agreement dated 02/28/2025, aggregate maturing
value of $1,500,545,000 (collateralized by U.S. Treasury obligations valued
at $1,530,555,913; 0.00% - 4.50%; 07/15/2025 - 02/15/2055)
4.36%
03/03/2025
 
500,181,667
500,000,000
Royal Bank of Canada, term agreement dated 06/13/2024, maturing value of
$892,597,750 (collateralized by U.S. Treasury obligations valued at
$899,556,341; 0.00% - 6.38%; 08/31/2025 - 02/15/2053)(e)
5.14%
05/30/2025
 
892,597,750
850,000,000
Societe Generale, joint agreement dated 02/28/2025, aggregate maturing value
of $2,000,726,667 (collateralized by U.S. Treasury obligations valued at
$2,040,000,093; 0.25% - 4.63%; 03/31/2025 - 02/15/2035)
4.36%
03/03/2025
 
1,000,363,333
1,000,000,000
Societe Generale, joint term agreement dated 02/25/2025, aggregate maturing
value of $1,501,260,000 (collateralized by U.S. Treasury obligations valued
at $1,530,000,001; 0.13% - 4.75%; 02/28/2027 - 11/15/2053)(e)
4.32%
03/04/2025
 
400,336,000
400,000,000
Societe Generale, joint term agreement dated 02/26/2025, aggregate maturing
value of $1,251,052,431 (collateralized by U.S. Treasury obligations valued
at $1,275,000,082; 2.88% - 4.25%; 10/31/2026 - 04/30/2029)(e)
4.33%
03/05/2025
 
550,463,069
550,000,000
Societe Generale, joint term agreement dated 02/28/2025, aggregate maturing
value of $1,000,843,889 (collateralized by U.S. Treasury obligations valued
at $1,020,000,019; 1.25% - 4.00%; 11/30/2026 - 07/31/2029)(e)
4.34%
03/07/2025
 
300,253,167
300,000,000
Standard Chartered Bank, joint agreement dated 02/28/2025, aggregate
maturing value of $2,801,017,333 (collateralized by U.S. Treasury
obligations valued at $2,857,037,767; 0.00% - 5.00%; 03/11/2025 -
02/15/2055)
4.36%
03/03/2025
 
750,272,500
750,000,000
Teacher Retirement System of Texas, joint agreement dated 02/27/2025,
aggregate maturing value of $1,548,939,146 (collateralized by U.S. Treasury
obligations valued at $1,625,780,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.47%
03/03/2025
 
754,164,631
753,883,810
Teacher Retirement System of Texas, joint agreement dated 02/28/2025,
aggregate maturing value of $1,554,446,275 (collateralized by U.S. Treasury
obligations valued at $1,631,965,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.48%
03/04/2025
 
756,979,905
756,885,714
Total Repurchase Agreements (Cost $27,984,196,511)
27,984,196,511
TOTAL INVESTMENTS IN SECURITIES-100.00% (Cost $41,662,752,510)
41,662,752,510
OTHER ASSETS LESS LIABILITIES-(0.00)%
(69,530
)
NET ASSETS-100.00%
$41,662,682,980
Notes to Schedule of Investments: 
(a)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2025.
(c)
Principal amount equals value at period end. See Note 1J.
(d)
Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.
(e)
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(f)
Interest is paid periodically at specified time intervals. The Repurchase Amount includes one day of interest due at maturity. 
(g)
Interest is paid periodically at specified time intervals. The Repurchase Amount includes three days of interest due at maturity.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Short-Term Investments Trust
Schedule of Investments
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio

 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Government Sponsored Agency Securities-15.64%
Federal Farm Credit Bank (FFCB)-11.63%
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.45%
03/07/2025
 
$25,000
$25,000,000
Federal Farm Credit Bank (SOFR + 0.18%)(a)
4.54%
03/07/2025
 
10,000
10,000,212
Federal Farm Credit Bank (SOFR + 0.04%)(a)
4.40%
05/13/2025
 
23,000
23,000,000
Federal Farm Credit Bank (SOFR + 0.12%)(a)
4.48%
05/28/2025
 
60,000
60,000,000
Federal Farm Credit Bank (SOFR + 0.12%)(a)
4.48%
05/30/2025
 
25,000
25,000,000
Federal Farm Credit Bank (SOFR + 0.11%)(a)
4.47%
06/13/2025
 
154,000
154,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
06/27/2025
 
170,000
170,000,000
Federal Farm Credit Bank (SOFR + 0.24%)(a)
4.60%
08/05/2025
 
177,500
177,614,553
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
08/13/2025
 
100,000
100,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
08/22/2025
 
175,000
175,000,000
Federal Farm Credit Bank (1 mo. EFFR + 0.15%)(a)
4.48%
09/26/2025
 
112,956
112,985,510
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
10/03/2025
 
10,000
10,000,972
Federal Farm Credit Bank (SOFR + 0.35%)(a)
4.71%
11/25/2025
 
60,000
60,114,679
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
11/28/2025
 
25,275
25,274,527
Federal Farm Credit Bank (SOFR + 0.16%)(a)
4.52%
11/28/2025
 
242,000
242,000,000
Federal Farm Credit Bank (SOFR + 0.16%)(a)
4.52%
12/01/2025
 
77,000
77,000,000
Federal Farm Credit Bank (SOFR + 0.15%)(a)
4.51%
12/15/2025
 
24,000
24,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.51%
12/29/2025
 
550,000
550,000,000
Federal Farm Credit Bank (SOFR + 0.33%)(a)
4.69%
12/29/2025
 
20,000
20,033,393
Federal Farm Credit Bank (SOFR + 0.16%)(a)
4.52%
01/23/2026
 
58,000
58,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.51%
01/29/2026
 
350,000
350,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
01/30/2026
 
170,000
170,000,000
Federal Farm Credit Bank (SOFR + 0.08%)(a)
4.44%
03/04/2026
 
250,000
250,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
03/04/2026
 
286,000
286,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
03/05/2026
 
28,000
28,000,000
Federal Farm Credit Bank (SOFR + 0.11%)(a)
4.47%
03/26/2026
 
35,000
35,000,000
Federal Farm Credit Bank (SOFR + 0.11%)(a)
4.47%
04/09/2026
 
125,000
125,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.45%
05/14/2026
 
290,000
290,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.45%
05/21/2026
 
185,000
185,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
06/03/2026
 
213,000
213,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
06/18/2026
 
240,000
240,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
06/24/2026
 
230,000
230,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
07/01/2026
 
151,000
151,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.42%
08/07/2026
 
30,000
30,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
08/26/2026
 
107,000
107,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
09/04/2026
 
175,000
175,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
09/09/2026
 
192,000
192,028,940
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
09/25/2026
 
456,000
456,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
10/01/2026
 
465,000
465,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
10/06/2026
 
47,000
47,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
10/15/2026
 
413,000
413,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
11/02/2026
 
169,000
169,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
11/18/2026
 
600,000
600,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
11/23/2026
 
197,000
197,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/02/2026
 
186,000
186,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Federal Farm Credit Bank (FFCB)-(continued)
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/09/2026
 
$204,000
$204,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/18/2026
 
500,000
500,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/30/2026
 
19,000
19,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
01/27/2027
 
215,000
215,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
02/03/2027
 
95,000
95,000,000
Federal Farm Credit Bank (SOFR + 0.12%)(a)
4.45%
02/10/2027
 
340,000
340,000,000
 
 
 
 
9,062,052,786
Federal Home Loan Bank (FHLB)-3.90%
Federal Home Loan Bank(b)
4.37%
05/01/2025
 
100,000
99,276,472
Federal Home Loan Bank (SOFR)(a)
4.36%
05/27/2025
 
350,000
350,000,000
Federal Home Loan Bank (SOFR)(a)
4.36%
06/02/2025
 
165,000
165,000,000
Federal Home Loan Bank(b)
4.27%
06/09/2025
 
100,000
98,847,222
Federal Home Loan Bank(b)
4.26%
06/16/2025
 
265,000
261,739,175
Federal Home Loan Bank (SOFR + 0.01%)(a)
4.37%
06/27/2025
 
350,000
350,000,000
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
07/24/2025
 
217,000
217,000,000
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
08/21/2025
 
11,800
11,803,206
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
08/22/2025
 
180,000
180,000,000
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
09/02/2025
 
10,000
10,003,336
Federal Home Loan Bank (SOFR + 0.10%)(a)
4.46%
10/16/2025
 
22,000
22,000,000
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
11/12/2025
 
7,000
7,001,155
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
11/17/2025
 
10,000
10,003,083
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
11/20/2025
 
115,000
115,059,740
Federal Home Loan Bank (SOFR + 0.15%)(a)
4.51%
12/08/2025
 
37,000
37,000,000
Federal Home Loan Bank (SOFR + 0.15%)(a)
4.51%
12/11/2025
 
258,000
258,000,000
Federal Home Loan Bank (SOFR + 0.12%)(a)
4.48%
12/19/2025
 
50,000
49,999,920
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.51%
01/02/2026
 
8,000
8,001,130
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
01/26/2026
 
150,000
150,000,000
Federal Home Loan Bank (SOFR + 0.13%)(a)
4.49%
03/24/2026
 
28,000
28,000,000
Federal Home Loan Bank (SOFR + 0.25%)(a)
4.61%
03/27/2026
 
35,000
35,056,652
Federal Home Loan Bank (SOFR + 0.10%)(a)
4.46%
05/13/2026
 
384,000
384,000,000
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
09/24/2026
 
193,000
193,000,000
 
 
 
 
3,040,791,091
U.S. International Development Finance Corp. (DFC)-0.11%(c)
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
2,400
2,400,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
789
789,474
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
1,750
1,750,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
2,611
2,611,114
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
34,091
34,090,909
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
5,111
5,111,111
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. International Development Finance Corp. (DFC)(c)-(continued)
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.56%
03/12/2025
 
$5,252
$5,252,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.56%
03/12/2025
 
2,917
2,916,667
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.57%
03/12/2025
 
7,650
7,650,000
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
23,625
23,625,000
 
 
 
 
86,196,275
Total U.S. Government Sponsored Agency Securities (Cost $12,189,040,152)
12,189,040,152
U.S. Treasury Securities-5.21%
U.S. Treasury Bills-4.91%(b)
U.S. Treasury Bills
4.36%
03/27/2025
 
350,000
348,920,639
U.S. Treasury Bills
4.31%
04/03/2025
 
300,000
298,840,875
U.S. Treasury Bills
4.40%
04/10/2025
 
205,000
204,019,417
U.S. Treasury Bills
4.36%-5.20%
04/17/2025
 
865,000
859,670,066
U.S. Treasury Bills
5.02%
07/10/2025
 
325,000
319,352,899
U.S. Treasury Bills
4.13%-4.27%
10/02/2025
 
947,000
924,232,187
U.S. Treasury Bills
4.28%
10/30/2025
 
100,000
97,232,500
U.S. Treasury Bills
4.38%
11/28/2025
 
800,000
774,673,778
 
 
 
 
3,826,942,361
U.S. Treasury Floating Rate Notes-0.30%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.17%)(a)
4.41%
04/30/2025
 
229,000
228,998,889
Total U.S. Treasury Securities (Cost $4,055,941,250)
4,055,941,250
U.S. Government Sponsored Agency Mortgage-Backed Securities-3.08%
Federal Home Loan Mortgage Corp. (FHLMC)-0.83%
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
09/04/2026
 
296,000
296,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
09/23/2026
 
263,625
263,629,574
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
10/16/2026
 
7,000
7,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
10/29/2026
 
82,000
82,000,000
 
 
 
 
648,629,574
Federal National Mortgage Association (FNMA)-2.25%
Federal National Mortgage Association (SOFR + 0.10%)(a)
4.46%
06/18/2026
 
170,000
170,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
08/21/2026
 
403,000
403,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
09/11/2026
 
143,000
143,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
10/23/2026
 
103,000
103,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
11/20/2026
 
105,000
105,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
12/11/2026
 
831,250
831,250,000
 
 
 
 
1,755,250,000
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $2,403,879,574)
2,403,879,574
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-23.93%
(Cost $18,648,860,976)
18,648,860,976
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Repurchase Agreements-72.82%(d)
Bank of Montreal, agreement dated 02/28/2025, maturing value of
$200,071,833 (collateralized by U.S. Treasury obligations valued at
$204,000,050; 0.00% - 4.88%; 05/15/2025 - 01/31/2027)
4.31%
03/03/2025
 
$200,071,833
$200,000,000
Bank of Montreal, joint agreement dated 02/28/2025, aggregate maturing value
of $500,177,500 (collateralized by U.S. Treasury obligations valued at
$510,000,102; 0.00% - 4.75%; 04/15/2025 - 11/15/2043)
4.26%
03/03/2025
 
400,142,000
400,000,000
Bank of Montreal, joint term agreement dated 02/13/2025, aggregate maturing
value of $250,874,028 (collateralized by agency mortgage-backed securities
valued at $255,000,001; 2.00% - 6.00%; 04/01/2037 - 03/01/2055)
(Canada)(e)
4.34%
03/14/2025
 
150,524,417
150,000,000
Bank of Nova Scotia, agreement dated 02/28/2025, maturing value of
$500,181,250 (collateralized by U.S. Treasury obligations valued at
$510,000,010; 0.00% - 6.25%; 03/18/2025 - 02/15/2054)
4.35%
03/03/2025
 
500,181,250
500,000,000
BMO Capital Markets Corp., joint term agreement dated 02/10/2025, aggregate
maturing value of $1,003,383,333 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$1,020,000,080; 0.00% - 7.00%; 03/06/2025 - 02/20/2065) (Canada)(e)
4.35%
03/10/2025
 
451,522,500
450,000,000
BMO Capital Markets Corp., joint term agreement dated 02/28/2025, aggregate
maturing value of $1,506,387,500 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$1,530,000,372; 0.00% - 9.00%; 03/11/2025 - 07/20/2070) (Canada)(e)
4.38%
04/04/2025
 
959,066,708
955,000,000
BNP Paribas Securities Corp., joint term agreement dated 02/10/2025,
aggregate maturing value of $1,400,518,000 (collateralized by U.S. Treasury
obligations valued at $1,428,000,149; 0.00% - 4.88%; 04/15/2025 -
02/15/2054)(e)(f)
4.44%
03/03/2025
 
650,240,500
650,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/28/2024, aggregate
maturing value of $2,000,741,667 (collateralized by agency mortgage-
backed securities valued at $2,040,000,000; 0.13% - 9.00%; 07/01/2026
- 11/20/2064)(e)(f)
4.45%
03/03/2025
 
1,195,443,146
1,195,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/28/2024, aggregate
maturing value of $2,000,741,667 (collateralized by U.S. Treasury
obligations valued at $2,040,000,035; 0.00% - 6.13%; 03/31/2025 -
02/15/2045)(e)(f)
4.45%
03/03/2025
 
945,350,438
945,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/30/2024, aggregate
maturing value of $4,001,486,667 (collateralized by U.S. Treasury obligations
valued at $4,080,000,219; 0.00% - 6.88%; 03/27/2025 -
02/15/2055)(e)(f)
4.46%
03/03/2025
 
2,100,780,500
2,100,000,000
BofA Securities, Inc., agreement dated 02/28/2025, maturing value of
$300,107,000 (collateralized by U.S. Treasury obligations valued at
$306,000,079; 0.88% - 4.75%; 07/31/2026 - 02/15/2041)
4.28%
03/03/2025
 
300,107,000
300,000,000
BofA Securities, Inc., joint agreement dated 02/28/2025, aggregate maturing
value of $1,200,436,000 (collateralized by U.S. Treasury obligations valued
at $1,224,000,006; 0.88% - 4.75%; 10/15/2025 - 05/15/2054)
4.36%
03/03/2025
 
700,254,333
700,000,000
BofA Securities, Inc., joint agreement dated 02/28/2025, aggregate maturing
value of $250,089,583 (collateralized by U.S. Treasury obligations valued at
$255,000,031; 3.63% - 4.88%; 02/28/2026 - 04/15/2028)
4.30%
03/03/2025
 
150,053,750
150,000,000
BofA Securities, Inc., joint term agreement dated 01/27/2025, aggregate
maturing value of $1,750,634,375 (collateralized by U.S. Treasury
obligations valued at $1,785,000,094; 1.50% - 4.50%; 10/31/2026 -
08/15/2053)(e)(f)
4.35%
03/03/2025
 
1,000,362,500
1,000,000,000
CIBC World Markets Corp., agreement dated 02/28/2025, maturing value of
$450,163,125 (collateralized by U.S. Treasury obligations valued at
$459,000,069; 0.00% - 5.00%; 03/13/2025 - 08/15/2045)
4.35%
03/03/2025
 
450,163,125
450,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $1,693,006,250 (collateralized by U.S. Treasury
obligations valued at $1,708,500,103; 0.00% - 5.00%; 03/13/2025 -
08/15/2054)(e)
4.30%
03/19/2025
 
$934,943,750
$925,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $505,315,278 (collateralized by U.S. Treasury obligations
valued at $510,000,112; 0.00% - 5.00%; 04/15/2025 - 11/15/2053)(e)
4.30%
03/19/2025
 
303,189,167
300,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $707,608,611 (collateralized by U.S. Treasury obligations
valued at $714,000,032; 0.00% - 5.00%; 03/13/2025 - 02/15/2054)(e)
4.30%
03/20/2025
 
404,347,778
400,000,000
CIBC World Markets Corp., term agreement dated 02/06/2025, maturing value of
$502,095,139 (collateralized by U.S. Treasury obligations valued at
$510,000,018; 0.00% - 4.63%; 02/15/2026 - 02/15/2053)(e)
4.31%
03/13/2025
 
502,095,139
500,000,000
CIBC World Markets Corp., term agreement dated 02/20/2025, maturing value of
$250,870,000 (collateralized by U.S. Treasury obligations and agency
mortgage-backed securities valued at $255,000,000; 0.00% - 7.02%;
02/15/2026 - 06/01/2063)(e)
4.32%
03/21/2025
 
250,870,000
250,000,000
CIBC World Markets Corp., term agreement dated 02/28/2025, maturing value of
$95,239,954 (collateralized by U.S. Treasury obligations valued at
$96,900,064; 0.00% - 5.00%; 05/22/2025 - 05/15/2054)(e)
4.33%
03/21/2025
 
95,239,954
95,000,000
Citigroup Global Markets, Inc., agreement dated 02/28/2025, maturing value of
$200,070,833 (collateralized by U.S. Treasury obligations valued at
$204,000,027; 0.50% - 4.25%; 12/15/2027 - 02/28/2029)
4.25%
03/03/2025
 
200,070,833
200,000,000
Citigroup Global Markets, Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $1,200,435,000 (collateralized by U.S. Treasury
obligations valued at $1,224,000,022; 0.50% - 3.63%; 02/28/2027 -
08/31/2029)
4.35%
03/03/2025
 
700,253,750
700,000,000
Citigroup Global Markets, Inc., joint term agreement dated 02/27/2025,
aggregate maturing value of $1,201,017,333 (collateralized by U.S. Treasury
obligations, agency mortgage-backed securities and U.S. government
sponsored agency obligations valued at $1,224,000,048; 0.00% - 8.00%;
04/28/2025 - 09/15/2065)(e)
4.36%
03/06/2025
 
360,305,200
360,000,000
Citigroup Global Markets, Inc., joint term agreement dated 02/27/2025,
aggregate maturing value of $8,006,766,667 (collateralized by U.S. Treasury
obligations valued at $8,160,000,009; 0.88% - 5.25%; 06/30/2027 -
07/31/2029)(e)
4.35%
03/06/2025
 
3,392,867,375
3,390,000,000
Credit Agricole Corporate & Investment Bank, agreement dated 02/28/2025,
maturing value of $500,181,667 (collateralized by U.S. Treasury obligations
valued at $510,000,073; 0.38% - 4.13%; 08/31/2026 - 08/15/2030)
4.36%
03/03/2025
 
500,181,667
500,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/30/2025, aggregate maturing value of $1,508,820,000 (collateralized
by U.S. Treasury obligations valued at $1,530,000,023; 1.25% - 4.00%;
03/31/2027 - 08/15/2031)(e)
4.32%
03/20/2025
 
754,410,000
750,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/31/2025, aggregate maturing value of $1,005,760,000 (collateralized
by U.S. Treasury obligations valued at $1,020,000,056; 1.13% - 4.50%;
08/15/2040 - 05/15/2052)(e)
4.32%
03/20/2025
 
442,534,400
440,000,000
Federal Reserve Bank of New York, joint agreement dated 02/28/2025,
aggregate maturing value of $1,100,389,583 (collateralized by U.S. Treasury
obligations valued at $1,100,389,634; 1.63% - 4.63%; 05/15/2031 -
02/15/2040)
4.25%
03/03/2025
 
600,212,500
600,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement
dated 02/28/2025, aggregate maturing value of $7,502,725,000
(collateralized by U.S. Treasury obligations valued at $7,650,000,132;
0.00% - 4.50%; 02/28/2026 - 05/15/2052)
4.36%
03/03/2025
 
4,076,480,583
4,075,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Fixed Income Clearing Corp. - Citigroup Global Markets, Inc., joint agreement dated
02/28/2025, aggregate maturing value of $1,000,363,333 (collateralized
by U.S. Treasury obligations valued at $1,020,000,066; 0.00% - 6.63%;
03/31/2025 - 02/15/2055)
4.36%
03/03/2025
 
$700,254,333
$700,000,000
Fixed Income Clearing Corp. - State Street Bank, joint agreement dated
02/28/2025, aggregate maturing value of $2,000,726,667 (collateralized
by U.S. Treasury obligations valued at $2,040,000,198; 0.88% - 4.38%;
11/15/2042 - 08/15/2053)
4.36%
03/03/2025
 
1,250,454,167
1,250,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint agreement dated
02/28/2025, aggregate maturing value of $10,153,687,833 (collateralized
by U.S. Treasury obligations valued at $10,353,000,082; 0.00% - 5.00%;
03/13/2025 - 02/15/2055)
4.36%
03/03/2025
 
5,602,034,667
5,600,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/26/2025, aggregate maturing value of $1,500,180,833 (collateralized
by U.S. Treasury obligations valued at $1,530,000,139; 0.00% - 4.75%;
08/21/2025 - 08/15/2054)(e)(g)
4.34%
03/05/2025
 
785,094,636
785,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/27/2025, aggregate maturing value of $1,951,649,375 (collateralized
by U.S. Treasury obligations valued at $1,989,000,120; 0.00% - 5.00%;
03/31/2025 - 08/15/2054)(e)
4.35%
03/06/2025
 
750,634,375
750,000,000
Goldman Sachs & Co., joint agreement dated 02/28/2025, aggregate maturing
value of $1,000,363,333 (collateralized by U.S. Treasury obligations valued
at $1,020,000,086; 0.00% - 4.13%; 06/30/2026 - 02/15/2055)
4.36%
03/03/2025
 
750,272,500
750,000,000
ING Financial Markets, LLC, joint term agreement dated 01/30/2025, aggregate
maturing value of $251,476,806 (collateralized by agency mortgage-backed
securities valued at $255,000,001; 2.00% - 6.50%; 07/01/2051 -
03/01/2054)
4.34%
03/20/2025
 
140,827,011
140,000,000
J.P. Morgan Securities LLC, joint open agreement dated 09/17/2024
(collateralized by a U.S. Treasury obligation and agency mortgage-backed
securities valued at $1,020,000,001; 0.00% - 8.00%; 09/15/2025 -
06/16/2063)(f)
4.40%
03/03/2025
 
888,017,113
885,000,000
Metropolitan Life Insurance Co., joint term agreement dated 02/27/2025,
aggregate maturing value of $350,300,288 (collateralized by U.S. Treasury
obligations valued at $357,540,655; 0.00%; 02/15/2043 - 08/15/2046)(e)
4.36%
03/06/2025
 
170,144,735
170,000,613
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/26/2025,
aggregate maturing value of $2,672,253,183 (collateralized by U.S. Treasury
obligations valued at $2,724,384,963; 1.00% - 4.13%; 10/15/2027 -
11/15/2040)(e)
4.34%
03/05/2025
 
1,636,805,117
1,635,425,000
Natixis, agreement dated 02/28/2025, maturing value of $500,182,083
(collateralized by U.S. Treasury obligations and agency mortgage-backed
securities valued at $510,000,031; 1.75% - 6.50%; 03/31/2027 -
03/25/2055)
4.37%
03/03/2025
 
500,182,083
500,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$1,000,361,667 (collateralized by U.S. Treasury obligations valued at
$1,035,838,452; 0.00% - 5.38%; 03/20/2025 - 11/15/2052)
4.34%
03/03/2025
 
800,289,333
800,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$500,181,250 (collateralized by U.S. Treasury obligations valued at
$516,322,299; 0.00% - 4.88%; 03/20/2025 - 08/15/2053)
4.35%
03/03/2025
 
300,108,750
300,000,000
Prudential Insurance Co. of America, agreement dated 02/28/2025, maturing
value of $731,043,625 (collateralized by U.S. Treasury obligations valued at
$744,928,528; 0.00% - 4.38%; 07/31/2026 - 11/15/2046)
4.37%
03/03/2025
 
731,043,625
730,777,500
RBC Dominion Securities Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $2,500,906,250 (collateralized by U.S. Treasury
obligations valued at $2,550,924,407; 0.00% - 4.88%; 03/20/2025 -
08/15/2054)
4.35%
03/03/2025
 
1,300,471,250
1,300,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
RBC Dominion Securities Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $2,796,017,846 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$2,851,938,203; 0.00% - 6.50%; 04/15/2026 - 02/20/2055)
4.37%
03/03/2025
 
$1,420,517,117
$1,420,000,000
Royal Bank of Canada, joint agreement dated 02/28/2025, aggregate maturing
value of $1,500,545,000 (collateralized by U.S. Treasury obligations valued
at $1,530,555,913; 0.00% - 4.50%; 07/15/2025 - 02/15/2055)
4.36%
03/03/2025
 
500,181,667
500,000,000
Royal Bank of Canada, joint agreement dated 02/28/2025, aggregate maturing
value of $1,506,548,435 (collateralized by U.S. Treasury obligations and
agency mortgage-backed securities valued at $1,536,679,471; 0.00% -
7.00%; 02/19/2026 - 02/20/2055)
4.37%
03/03/2025
 
1,100,400,583
1,100,000,000
Royal Bank of Canada, joint term agreement dated 06/13/2024, aggregate
maturing value of $3,692,889,960 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$3,721,512,552; 0.00% - 8.50%; 05/06/2025 - 11/20/2064)(e)
5.16%
05/30/2025
 
2,730,806,000
2,600,000,000
Societe Generale, joint agreement dated 02/28/2025, aggregate maturing value
of $2,000,726,667 (collateralized by U.S. Treasury obligations valued at
$2,040,000,093; 0.25% - 4.63%; 03/31/2025 - 02/15/2035)
4.36%
03/03/2025
 
850,308,833
850,000,000
Societe Generale, joint term agreement dated 02/25/2025, aggregate maturing
value of $1,501,260,000 (collateralized by U.S. Treasury obligations valued
at $1,530,000,001; 0.13% - 4.75%; 02/28/2027 - 11/15/2053)(e)
4.32%
03/04/2025
 
750,630,000
750,000,000
Societe Generale, joint term agreement dated 02/26/2025, aggregate maturing
value of $1,251,052,431 (collateralized by U.S. Treasury obligations valued
at $1,275,000,082; 2.88% - 4.25%; 10/31/2026 - 04/30/2029)(e)
4.33%
03/05/2025
 
500,420,972
500,000,000
Societe Generale, joint term agreement dated 02/26/2025, aggregate maturing
value of $750,632,917 (collateralized by agency mortgage-backed securities
valued at $765,000,950; 2.00% - 6.00%; 07/01/2050 - 02/01/2055)(e)
4.34%
03/05/2025
 
500,421,944
500,000,000
Societe Generale, joint term agreement dated 02/28/2025, aggregate maturing
value of $1,000,843,889 (collateralized by U.S. Treasury obligations valued
at $1,020,000,019; 1.25% - 4.00%; 11/30/2026 - 07/31/2029)(e)
4.34%
03/07/2025
 
380,320,678
380,000,000
Standard Chartered Bank, joint agreement dated 02/28/2025, aggregate
maturing value of $2,500,910,417 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$2,550,928,659; 0.13% - 7.50%; 11/15/2025 - 12/15/2066)
4.37%
03/03/2025
 
775,282,229
775,000,000
Standard Chartered Bank, joint agreement dated 02/28/2025, aggregate
maturing value of $2,801,017,333 (collateralized by U.S. Treasury
obligations valued at $2,857,037,767; 0.00% - 5.00%; 03/11/2025 -
02/15/2055)
4.36%
03/03/2025
 
1,012,367,693
1,012,000,000
Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2025, aggregate
maturing value of $4,301,565,917 (collateralized by agency mortgage-
backed securities valued at $4,446,469,970; 3.00% - 6.50%; 10/20/2042
- 11/20/2054)
4.37%
03/03/2025
 
1,280,166,024
1,279,700,000
Teacher Retirement System of Texas, joint agreement dated 02/27/2025,
aggregate maturing value of $1,548,939,146 (collateralized by U.S. Treasury
obligations valued at $1,625,780,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.47%
03/03/2025
 
794,774,515
794,478,571
Teacher Retirement System of Texas, joint agreement dated 02/28/2025,
aggregate maturing value of $1,554,446,275 (collateralized by U.S. Treasury
obligations valued at $1,631,965,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.48%
03/04/2025
 
797,466,371
797,367,143
Wells Fargo Securities, LLC, agreement dated 02/28/2025, maturing value of
$750,273,125 (collateralized by agency mortgage-backed securities valued at
$765,000,000; 2.00% - 7.00%; 03/20/2028 - 01/20/2055)
4.37%
03/03/2025
 
750,273,125
750,000,000
Wells Fargo Securities, LLC, joint term agreement dated 01/03/2025, aggregate
maturing value of $913,267,500 (collateralized by agency mortgage-backed
securities and U.S. government sponsored agency obligations valued at
$918,000,801; 0.00% - 7.00%; 03/07/2025 - 09/01/2057)
4.35%
05/05/2025
 
523,606,700
516,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Wells Fargo Securities, LLC, joint term agreement dated 01/15/2025, aggregate
maturing value of $2,208,816,500 (collateralized by agency mortgage-
backed securities valued at $2,228,700,000; 1.00% - 7.50%; 07/01/2025
- 01/01/2059)
4.36%
04/15/2025
 
$1,551,731,500
$1,535,000,000
Wells Fargo Securities, LLC, joint term agreement dated 02/27/2025, aggregate
maturing value of $869,417,000 (collateralized by agency mortgage-backed
securities and U.S. government sponsored agency obligations valued at
$877,200,001; 0.00% - 7.00%; 03/03/2025 - 01/01/2059)
4.38%
05/28/2025
 
758,212,500
750,000,000
Total Repurchase Agreements (Cost $56,735,748,827)
56,735,748,827
TOTAL INVESTMENTS IN SECURITIES(h)-96.75% (Cost $75,384,609,803)
75,384,609,803
OTHER ASSETS LESS LIABILITIES-3.25%
2,530,485,928
NET ASSETS-100.00%
$77,915,095,731
Investment Abbreviations: 
EFFR
-Effective Federal Funds Rate
SOFR
-Secured Overnight Financing Rate
VRD
-Variable Rate Demand
Notes to Schedule of Investments: 
(a)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2025.
(b)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(c)
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the
issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2025.
(d)
Principal amount equals value at period end. See Note 1J.
(e)
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(f)
Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.
(g)
Interest is paid periodically at specified time intervals. The Repurchase Amount includes one day of interest due at maturity. 
(h)
Also represents cost for federal income tax purposes.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13
Short-Term Investments Trust
Schedule of Investments
February 28, 2025
(Unaudited)
Invesco Treasury Obligations Portfolio

 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Treasury Securities-108.28%
U.S. Treasury Bills-96.78%(a)
U.S. Treasury Bills
4.26%-4.27%
03/04/2025
 
$80,975
$80,946,523
U.S. Treasury Bills
4.41%-4.76%
03/06/2025
 
24,500
24,484,728
U.S. Treasury Bills
4.24%-4.26%
03/11/2025
 
78,800
78,707,274
U.S. Treasury Bills
4.64%
03/13/2025
 
8,000
7,987,920
U.S. Treasury Bills
4.24%-4.44%
03/18/2025
 
185,000
184,627,091
U.S. Treasury Bills
4.34%-5.16%
03/20/2025
 
15,000
14,964,377
U.S. Treasury Bills
4.26%-4.28%
03/25/2025
 
135,000
134,617,733
U.S. Treasury Bills
4.29%
03/27/2025
 
15,000
14,954,067
U.S. Treasury Bills
4.39%
04/01/2025
 
199,500
198,796,871
U.S. Treasury Bills
4.24%-4.31%
04/03/2025
 
44,000
43,830,135
U.S. Treasury Bills
4.27%-4.38%
04/08/2025
 
79,000
78,644,927
U.S. Treasury Bills
4.40%
04/10/2025
 
10,000
9,952,167
U.S. Treasury Bills
4.26%-4.28%
04/15/2025
 
94,400
93,900,176
U.S. Treasury Bills
4.37%-5.04%
04/17/2025
 
11,000
10,934,137
U.S. Treasury Bills
4.24%-4.26%
04/22/2025
 
46,200
45,917,607
U.S. Treasury Bills
4.26%
04/29/2025
 
58,000
57,612,004
U.S. Treasury Bills
4.42%
05/01/2025
 
9,000
8,934,044
U.S. Treasury Bills
0.00%
05/08/2025
 
40,000
39,680,933
U.S. Treasury Bills
4.27%
05/13/2025
 
12,000
11,897,192
U.S. Treasury Bills
4.41%-5.18%
05/15/2025
 
19,500
19,319,075
U.S. Treasury Bills
4.22%-4.44%
05/29/2025
 
38,000
37,603,870
U.S. Treasury Bills
4.35%
06/05/2025
 
7,000
6,920,573
U.S. Treasury Bills
4.26%
06/26/2025
 
15,000
14,796,712
U.S. Treasury Bills
5.02%
07/10/2025
 
4,000
3,930,497
U.S. Treasury Bills
4.12%-4.22%
10/02/2025
 
13,000
12,688,137
U.S. Treasury Bills
4.27%-4.28%
10/30/2025
 
18,500
17,988,450
U.S. Treasury Bills
4.38%
11/28/2025
 
14,000
13,556,791
 
 
 
 
1,268,194,011
U.S. Treasury Floating Rate Notes-9.63%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.17%)(b)
4.41%
04/30/2025
 
14,200
14,199,905
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.13%)(b)
4.36%
07/31/2025
 
11,000
10,997,362
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.15%)(b)
4.39%
04/30/2026
 
15,000
14,998,713
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.18%)(b)
4.42%
07/31/2026
 
30,000
29,971,812
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.21%)(b)
4.44%
10/31/2026
 
22,000
22,029,887
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.10%)(b)
4.34%
01/31/2027
 
34,000
34,002,439
 
 
 
 
126,200,118
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Obligations Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Treasury Notes-1.87%
U.S. Treasury Note
0.25%
09/30/2025
 
$25,000
$24,426,362
TOTAL INVESTMENTS IN SECURITIES-108.28% (Cost $1,418,820,491)
1,418,820,491
OTHER ASSETS LESS LIABILITIES-(8.28)%
(108,476,282
)
NET ASSETS-100.00%
$1,310,344,209
Notes to Schedule of Investments: 
(a)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2025.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15
Short-Term Investments Trust
Statements of Assets and Liabilities
February 28, 2025
(Unaudited)

 
 
Invesco Treasury
Portfolio
Invesco Government
& Agency Portfolio
Invesco Treasury
Obligations
Portfolio
Assets:
Investments in unaffiliated securities, at value
$13,678,555,999
$18,648,860,976
$1,418,820,491
Repurchase agreements, at value and cost
27,984,196,511
56,735,748,827
-
Cash
717,352,838
3,167,174,664
91,446
Receivable for:
Fund shares sold
13,891,229
15,431,152
35,338
Interest
117,265,685
300,725,956
474,838
Fund expenses absorbed
843,745
-
33,793
Investment for trustee deferred compensation and retirement plans
2,130,138
970,478
103,550
Other assets
412,415
1,049,667
94,859
Total assets
42,514,648,560
78,869,961,720
1,419,654,315
Liabilities:
Payable for:
Investments purchased
756,885,714
797,367,143
107,518,979
Fund shares reacquired
6,743,656
5,689,628
43,365
Dividends
78,167,309
139,904,818
1,318,037
Accrued fees to affiliates
7,618,822
10,467,295
293,612
Accrued trustees’ and officers’ fees and benefits
174,171
13,896
6,202
Accrued operating expenses
83,845
285,584
18,091
Trustee deferred compensation and retirement plans
2,292,063
1,137,625
111,820
Total liabilities
851,965,580
954,865,989
109,310,106
Net assets applicable to shares outstanding
$41,662,682,980
$77,915,095,731
$1,310,344,209
Net assets consist of:
Shares of beneficial interest
$41,663,310,767
$77,935,051,112
$1,310,805,126
Distributable earnings (loss)
(627,787
)
(19,955,381
)
(460,917
)
 
$41,662,682,980
$77,915,095,731
$1,310,344,209
Net Assets:
Cash Management Class
$585,651,223
$886,813,927
$6,257,856
CAVU Securities Class
$2,014,726,613
$13,291,474,845
$-
Corporate Class
$1,839,847,692
$624,258,121
$11,859
Institutional Class
$33,944,454,781
$58,863,712,700
$1,045,068,994
Personal Investment Class
$1,204,024,846
$100,307,610
$11,413
Premier Class
$-
$2,226,904,829
$-
Private Investment Class
$1,471,590,925
$1,272,661,312
$107,319,448
Reserve Class
$571,968,755
$514,567,159
$150,486,193
Resource Class
$30,418,145
$134,395,228
$1,188,446
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16
Short-Term Investments Trust
Statements of Assets and Liabilities—(continued)
February 28, 2025
(Unaudited)
 
Invesco Treasury
Portfolio
Invesco Government
& Agency Portfolio
Invesco Treasury
Obligations
Portfolio
Shares outstanding, no par value,
unlimited number of shares authorized:
Cash Management Class
585,623,158
887,045,213
6,259,790
CAVU Securities Class
2,014,630,006
13,294,857,355
-
Corporate Class
1,839,759,553
624,416,949
11,862
Institutional Class
33,942,842,275
58,878,700,576
1,045,390,909
Personal Investment Class
1,203,967,070
100,333,108
11,417
Premier Class
-
2,227,472,117
-
Private Investment Class
1,471,520,411
1,272,985,138
107,352,630
Reserve Class
571,941,358
514,697,947
150,532,778
Resource Class
30,416,688
134,429,420
1,188,813
Net asset value, offering and redemption price per share for each class
$1.00
$1.00
$1.00
Cost of Investments
$41,662,752,510
$75,384,609,803
$1,418,820,491
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17
Short-Term Investments Trust
Statements of Operations
For the six months ended February 28, 2025
(Unaudited)

 
 
Invesco Treasury
Portfolio
Invesco Government
& Agency Portfolio
Invesco Treasury
Obligations
Portfolio
Investment income:
Interest
$806,600,528
$1,542,243,099
$33,130,190
Expenses:
Advisory fees
25,709,047
32,610,265
886,994
Administrative services fees
7,541,424
14,372,996
308,461
Custodian fees
148,908
1,832,898
793
Distribution fees:
Cash Management Class
217,622
352,646
968
Corporate Class
235,019
70,330
2
Personal Investment Class
3,150,274
284,700
31
Private Investment Class
2,082,976
1,940,422
95,450
Reserve Class
2,497,819
2,491,089
563,864
Resource Class
24,904
105,185
1,027
Transfer agent fees
1,542,685
2,935,231
63,093
Trustees’ and officers’ fees and benefits
233,567
508,006
22,938
Registration and filing fees
280,888
362,187
75,934
Reports to shareholders
39,544
37,735
5,101
Professional services fees
144,961
325,083
31,556
Other
208,784
1,112,144
46,443
Total expenses
44,058,422
59,340,917
2,102,655
Less: Fees waived and expenses reimbursed
(4,981,849
)
(2,395,545
)
(178,908
)
Net expenses
39,076,573
56,945,372
1,923,747
Net investment income
767,523,955
1,485,297,727
31,206,443
Net realized gain from unaffiliated investment securities
546,874
594,414
14,978
Net increase in net assets resulting from operations
$768,070,829
$1,485,892,141
$31,221,421
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18
Short-Term Investments Trust
Statements of Changes in Net Assets
For the six months ended February 28, 2025 and the year ended August 31, 2024
(Unaudited)

 
 
Invesco Treasury Portfolio
Invesco Government & Agency Portfolio
 
February 28,
2025
August 31,
2024
February 28,
2025
August 31,
2024
Operations:
Net investment income
$767,523,955
$1,798,523,091
$1,485,297,727
$3,528,423,714
 
Net realized gain
546,874
588,216
594,414
5,590,379
 
Net increase in net assets resulting from operations
768,070,829
1,799,111,307
1,485,892,141
3,534,014,093
 
Distributions to shareholders from distributable earnings:
Cash Management Class
(12,071,357
)
(20,301,185
)
(19,893,251
)
(28,249,324
)
 
CAVU Securities Class
(26,668,884
)
(64,820,637
)
(229,824,095
)
(524,316,880
)
 
Corporate Class
(35,314,150
)
(87,424,956
)
(10,554,043
)
(20,482,672
)
 
Institutional Class
(630,071,294
)
(1,491,466,650
)
(1,138,273,842
)
(2,850,941,667
)
 
Personal Investment Class
(22,792,103
)
(45,434,838
)
(2,092,058
)
(3,967,725
)
 
Premier Class
-
-
(43,292,710
)
(5,919,550
)
 
Private Investment Class
(29,389,015
)
(58,364,064
)
(27,813,055
)
(63,152,533
)
 
Reserve Class
(10,534,271
)
(28,547,353
)
(10,635,381
)
(22,679,822
)
 
Resource Class
(682,881
)
(2,163,408
)
(2,919,292
)
(8,713,541
)
 
Total distributions from distributable earnings
(767,523,955
)
(1,798,523,091
)
(1,485,297,727
)
(3,528,423,714
)
 
Share transactions-net:
Cash Management Class
132,607,139
274,262,107
173,947,258
77,173,596
 
CAVU Securities Class
539,049,500
209,970,253
5,251,967,110
(4,720,514,007
)
 
Corporate Class
129,748,550
147,046,591
370,859,582
(42,052,014
)
 
Institutional Class
9,077,027,967
(3,968,533,305
)
17,152,698,845
(23,954,606,903
)
 
Personal Investment Class
162,795,894
193,522,167
(1,105,231
)
14,701,368
 
Premier Class
-
-
1,155,607,482
1,071,864,635
 
Private Investment Class
197,411,453
187,049,599
(75,787,350
)
376,265,090
 
Reserve Class
49,259,836
(93,504,210
)
(14,614,560
)
86,941,326
 
Resource Class
1,636,281
(62,351,419
)
9,187,499
(40,729,025
)
 
Net increase (decrease) in net assets resulting from share
transactions
10,289,536,620
(3,112,538,217
)
24,022,760,635
(27,130,955,934
)
 
Net increase (decrease) in net assets
10,290,083,494
(3,111,950,001
)
24,023,355,049
(27,125,365,555
)
 
Net assets:
Beginning of period
31,372,599,486
34,484,549,487
53,891,740,682
81,017,106,237
 
End of period
$41,662,682,980
$31,372,599,486
$77,915,095,731
$53,891,740,682
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19
Short-Term Investments Trust
Statements of Changes in Net Assets—(continued)
For the six months ended February 28, 2025 and the year ended August 31, 2024
(Unaudited)
 
 
Invesco Treasury Obligations Portfolio
 
February 28,
2025
August 31,
2024
Operations:
Net investment income
$31,206,443
$77,226,626
 
Net realized gain
14,978
17,841
 
Net increase in net assets resulting from operations
31,221,421
77,244,467
 
Distributions to shareholders from distributable earnings:
Cash Management Class
(53,152
)
(295,678
)
 
Corporate Class
(262
)
(31,523
)
 
Institutional Class
(27,130,449
)
(69,995,123
)
 
Personal Investment Class
(227
)
(541
)
 
Private Investment Class
(1,627,141
)
(1,796,244
)
 
Reserve Class
(2,367,053
)
(4,886,532
)
 
Resource Class
(28,159
)
(220,985
)
 
Total distributions from distributable earnings
(31,206,443
)
(77,226,626
)
 
Share transactions-net:
Cash Management Class
4,224,208
(8,328,333
)
 
Corporate Class
311
(2,766,908
)
 
Institutional Class
(237,998,353
)
(200,148,453
)
 
Personal Investment Class
(563
)
1,336
 
Private Investment Class
57,590,963
25,697,808
 
Reserve Class
21,702,318
54,825,820
 
Resource Class
(356,427
)
(4,698,869
)
 
Net increase (decrease) in net assets resulting from share transactions
(154,837,543
)
(135,417,599
)
 
Net increase (decrease) in net assets
(154,822,565
)
(135,399,758
)
 
Net assets:
Beginning of period
1,465,166,774
1,600,566,532
 
End of period
$1,310,344,209
$1,465,166,774
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20
Short-Term Investments Trust
Financial Highlights
(Unaudited)
The following schedule presents financial highlights for a share of the Funds outstanding throughout the periods indicated.
Personal 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
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 Treasury Portfolio
Six months ended 02/28/25
$1.00
$0.02
$0.00
$0.02
$(0.02
)
$-
$(0.02
)
$1.00
2.00
%
$1,204,025
0.73
%(c)
0.76
%(c)
3.98
%(c)
Year ended 08/31/24
1.00
0.05
0.00
0.05
(0.05
)
-
(0.05
)
1.00
4.79
1,041,215
0.73
0.76
4.69
Year ended 08/31/23
1.00
0.04
0.00
0.04
(0.04
)
-
(0.04
)
1.00
3.81
847,631
0.73
0.77
3.83
Year ended 08/31/22
1.00
0.00
(0.00
)
0.00
(0.00
)
-
(0.00
)
1.00
0.26
580,831
0.36
0.76
0.24
Year ended 08/31/21
1.00
0.00
0.00
0.00
(0.00
)
-
(0.00
)
1.00
0.01
265,106
0.10
0.76
0.01
Year ended 08/31/20
1.00
0.01
0.00
0.01
(0.01
)
(0.00
)
(0.01
)
1.00
0.56
281,818
0.55
0.76
0.49
Invesco Government & Agency Portfolio
Six months ended 02/28/25
1.00
0.02
0.00
0.02
(0.02
)
-
(0.02
)
1.00
2.02
100,308
0.71
(c)
0.72
(c)
4.02
(c)
Year ended 08/31/24
1.00
0.05
0.00
0.05
(0.05
)
-
(0.05
)
1.00
4.80
101,401
0.71
0.71
4.67
Year ended 08/31/23
1.00
0.04
0.00
0.04
(0.04
)
-
(0.04
)
1.00
3.81
86,709
0.71
0.71
3.84
Year ended 08/31/22
1.00
0.00
(0.00
)
0.00
(0.00
)
-
(0.00
)
1.00
0.29
39,333
0.44
0.71
0.21
Year ended 08/31/21
1.00
0.00
0.00
0.00
(0.00
)
-
(0.00
)
1.00
0.02
9,360
0.08
0.71
0.02
Year ended 08/31/20
1.00
0.01
(0.00
)
0.01
(0.01
)
(0.00
)
(0.01
)
1.00
0.58
13,530
0.50
0.70
0.50
Invesco Treasury Obligations Portfolio
Six months ended 02/28/25
1.00
0.02
(0.00
)
0.02
(0.02
)
-
(0.02
)
1.00
1.99
11
0.73
(c)
0.76
(c)
4.00
(c)
Year ended 08/31/24
1.00
0.05
0.00
0.05
(0.05
)
-
(0.05
)
1.00
4.75
12
0.73
0.76
4.64
Year ended 08/31/23
1.00
0.04
0.00
0.04
(0.04
)
-
(0.04
)
1.00
3.68
11
0.73
0.75
3.67
Year ended 08/31/22
1.00
0.00
(0.00
)
0.00
(0.00
)
-
(0.00
)
1.00
0.23
12,718
0.42
0.76
0.17
Year ended 08/31/21
1.00
0.00
0.00
0.00
(0.00
)
-
(0.00
)
1.00
0.01
3,813
0.10
0.76
0.01
Year ended 08/31/20
1.00
0.01
(0.00
)
0.01
(0.01
)
-
(0.01
)
1.00
0.56
742
0.37
0.75
0.65
 
(a)
Calculated using average shares outstanding.
(b)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and is not annualized for periods less than one year.
(c)
Annualized.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21
Short-Term Investments Trust
Notes to Financial Statements
February 28, 2025
(Unaudited)
NOTE 1—Significant Accounting Policies
Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers three separate portfolios (each constituting a “Fund”). The Funds covered in this report are Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.
The investment objective of each Fund is to provide current income consistent with preservation of capital and liquidity.
Invesco Treasury Portfolio currently offers eight different classes of shares: Cash Management Class, Corporate Class, CAVU Securities Class, Institutional Class, Personal Investment Class, Private Investment Class, Reserve Class and Resource Class. Invesco Government & Agency Portfolio currently offers nine different classes of shares: Cash Management Class, Corporate Class, CAVU Securities Class, Institutional Class, Personal Investment Class, Premier Class, Private Investment Class, Reserve Class and Resource Class. Invesco Treasury Obligations Portfolio currently offers seven different classes of shares: Cash Management Class, Corporate Class, Institutional Class, Personal Investment Class, Private Investment Class, Reserve Class and Resource Class.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services — Investment Companies.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act (the "Rule"), seek to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation.
“Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/or repurchase agreements collateralized fully by cash or Government Securities.
The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio to liquidity fee requirements at this time, as permitted by the Rule.
The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements.
A.
Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities normally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations 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, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is unreliable in the Adviser’s judgment, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by the Rule. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.
Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.
B.
Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share
22
Short-Term Investments Trust
and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Funds and the investment adviser.
The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative settled shares of each class.
C.
Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Distributions - It is the policy of the Funds to declare dividends from net investment income, if any, daily and pay them monthly. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually.
E.
Federal Income Taxes - The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. Transfer agency fees and expenses attributable to CAVU Securities Class are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative settled shares.  
G.
Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.
Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.
Segment Reporting — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity’s segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds’ chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds’ financial statements. Adoption of the new standard impacted the Funds’ financial statement note disclosures only and did not affect the Funds’ financial position or the results of its operations.
J.
Repurchase Agreements - The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is typically at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is typically at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income. 
K.
Other Risks – Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith
23
Short-Term Investments Trust
and credit of the U.S. Government, which could affect a 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.
The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.
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.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively: 
 
First $250 million
Next $250 million
Over $500 million
Invesco Treasury Portfolio
0.15%
0.15%
0.15%
Invesco Government & Agency
Portfolio
0.10%
0.10%
0.10%
Invesco Treasury Obligations
Portfolio
0.20%
0.15%
0.10%
For the six months ended February 28, 2025, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below: 
Invesco Treasury Portfolio
0.15%
Invesco Government & Agency Portfolio
0.10%
Invesco Treasury Obligations Portfolio
0.13%
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, for Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).
The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) for each Fund’s shares through at least December 31, 2025 as shown in the following table (the “expense limits”): 
 
Cash
Management
Class
CAVU
Securities
Class
Corporate
Class
Institutional
Class
Personal
Investment
Class
Premier
Class
Private
Investment
Class
Reserve
Class
Resource
Class
Invesco Treasury Portfolio
0.26%
0.18%
0.21%
0.18%
0.73%
–
0.48%
1.05%
0.34%
Invesco Government & Agency Portfolio
0.26%
0.18%
0.21%
0.18%
0.73%
0.12%
0.48%
1.05%
0.34%
Invesco Treasury Obligations Portfolio
0.26%
–
0.21%
0.18%
0.73%
–
0.43%
1.05%
0.34%
In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses, and (5) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2025 for each Fund’s shares. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.
For the six months ended February 28, 2025, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below: 
 
Expense
Limitation
Invesco Treasury Portfolio
$4,981,849
Invesco Government & Agency Portfolio
2,395,545
Invesco Treasury Obligations Portfolio
178,908
The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the six months ended February 28, 2025, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as fund accountant and provides certain administrative services to the Funds. Pursuant to a custody agreement with the Trust on behalf of the Funds, BNY Mellon also serves as the Fund’s custodian.
24
Short-Term Investments Trust
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 28, 2025, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.
Under the terms of a master distribution agreement between Invesco Distributors, Inc. ("IDI") and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). Each Fund, pursuant to the Plans, pays IDI compensation up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively. 
 
Cash
Management
Class
Corporate
Class
Personal
Investment
Class
Premier
Class
Private
Investment
Class
Reserve
Class
Resource
Class
Invesco Treasury Portfolio
0.08%
0.03%
0.55%
0.12%
0.30%
0.87%
0.16%
Invesco Government & Agency Portfolio
0.08%
0.03%
0.55%
0.12%
0.30%
0.87%
0.16%
Invesco Treasury Obligations Portfolio
0.08%
0.03%
0.55%
0.12%
0.25%
0.87%
0.16%
The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. 
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
As of February 28, 2025, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
NOTE 4—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Funds may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Funds.
NOTE 5—Cash Balances
The Funds are permitted to temporarily overdraft or leave balances in their accounts with BNY Mellon, the custodian bank. Such balances, if any at period-end, are shown in the Statements of Assets and Liabilities under the payable caption Amount due custodian. To compensate BNY Mellon or the Funds for such activity, the Funds may either (1) pay to or receive from BNY Mellon compensation at a rate agreed upon by BNY Mellon and Invesco, not to exceed the contractually agreed upon rate; or (2) leave funds or overdraft funds as a compensating balance in the account so BNY Mellon or the Funds can be compensated for use of funds.
NOTE 6—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to each Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at each Fund’s fiscal year-end.
25
Short-Term Investments Trust
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had a capital loss carryforward as of August 31, 2024, as follows: 
Fund
Short-Term
Long-Term
 
Not Subject to
Expiration
Not Subject to
Expiration
Total*
Invesco Government & Agency Portfolio
$21,111,540
$-
$21,111,540
Invesco Treasury Obligations Portfolio
433,147
20,239
453,386
 
*
Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a
variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 7—Investment Transactions
The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows: 
 
At February 28, 2025
 
Federal
Tax Cost
Unrealized
Appreciation
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Invesco Treasury Obligations Portfolio
$1,418,830,456
$-
$(9,965
)
$(9,965
)
*
For Invesco Treasury Obligations Portfolio, cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end. For Invesco Treasury Portfolio and Invesco Government & Agency Portfolio, cost of investments is the same for tax and financial reporting purposes.
26
Short-Term Investments Trust
Invesco Treasury Portfolio 
 
Summary of Share Activity
 
Six months ended
February 28, 2025(a)
Year ended
August 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Cash Management Class
1,870,577,721
$1,870,577,721
2,333,007,866
$2,333,007,866
CAVU Securities Class
9,142,926,152
9,142,926,152
22,251,478,516
22,251,478,516
Corporate Class
6,182,058,893
6,182,058,893
12,354,552,252
12,354,552,252
Institutional Class
124,944,230,624
124,944,230,624
250,888,373,402
250,888,373,402
Personal Investment Class
1,663,115,163
1,663,115,163
3,726,713,615
3,726,713,615
Private Investment Class
1,591,901,152
1,591,901,152
2,799,879,705
2,799,879,705
Reserve Class
771,300,114
771,300,114
2,909,401,364
2,909,401,364
Resource Class
120,757,039
120,757,039
236,811,098
236,811,098
Issued as reinvestment of dividends:
Cash Management Class
10,440,471
10,440,471
12,027,251
12,027,251
CAVU Securities Class
9,113,387
9,113,387
22,198,536
22,198,536
Corporate Class
35,314,150
35,314,150
71,234,826
71,234,826
Institutional Class
256,626,398
256,626,398
517,626,055
517,626,055
Personal Investment Class
8,586,531
8,586,531
21,558,843
21,558,843
Private Investment Class
25,704,571
25,704,571
42,479,974
42,479,974
Reserve Class
10,534,271
10,534,271
27,172,034
27,172,034
Resource Class
682,881
682,881
2,382,216
2,382,216
Reacquired:
Cash Management Class
(1,748,411,053
)
(1,748,411,053
)
(2,070,773,010
)
(2,070,773,010
)
CAVU Securities Class
(8,612,990,039
)
(8,612,990,039
)
(22,063,706,799
)
(22,063,706,799
)
Corporate Class
(6,087,624,493
)
(6,087,624,493
)
(12,278,740,487
)
(12,278,740,487
)
Institutional Class
(116,123,829,055
)
(116,123,829,055
)
(255,374,532,762
)
(255,374,532,762
)
Personal Investment Class
(1,508,905,800
)
(1,508,905,800
)
(3,554,750,291
)
(3,554,750,291
)
Private Investment Class
(1,420,194,270
)
(1,420,194,270
)
(2,655,310,080
)
(2,655,310,080
)
Reserve Class
(732,574,549
)
(732,574,549
)
(3,030,077,608
)
(3,030,077,608
)
Resource Class
(119,803,639
)
(119,803,639
)
(301,544,733
)
(301,544,733
)
Net increase (decrease) in share activity
10,289,536,620
$10,289,536,620
(3,112,538,217
)
$(3,112,538,217
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 24% of the outstanding shares of the
Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of
interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these
entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services
such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any
portion of the shares owned of record by these entities are also owned beneficially.
27
Short-Term Investments Trust
Invesco Government & Agency Portfolio 
 
Summary of Share Activity
 
Six months ended
February 28, 2025(a)
Year ended
August 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Cash Management Class
368,295,908
$368,295,908
663,029,782
$663,029,782
CAVU Securities Class
66,158,613,340
66,158,613,340
127,354,073,926
127,354,073,926
Corporate Class
1,873,728,701
1,873,728,701
1,829,835,886
1,829,835,886
Institutional Class
210,059,718,200
210,059,718,200
605,516,883,360
605,516,883,360
Personal Investment Class
249,366,626
249,366,626
518,971,785
518,971,785
Premier Class
100,630,532,801
100,630,532,801
19,156,568,000
19,156,568,000
Private Investment Class
1,366,365,174
1,366,365,174
3,066,991,198
3,066,991,198
Reserve Class
750,218,819
750,218,819
1,575,680,738
1,575,680,738
Resource Class
717,639,000
717,639,000
1,550,521,178
1,550,521,178
Issued as reinvestment of dividends:
Cash Management Class
19,876,850
19,876,850
7,700,062
7,700,062
CAVU Securities Class
128,638,728
128,638,728
308,419,873
308,419,873
Corporate Class
5,407,624
5,407,624
11,676,386
11,676,386
Institutional Class
508,489,921
508,489,921
1,195,586,093
1,195,586,093
Personal Investment Class
1,944,961
1,944,961
3,211,362
3,211,362
Premier Class
8,992,096
8,992,096
5,765
5,765
Private Investment Class
20,465,133
20,465,133
36,498,240
36,498,240
Reserve Class
11,748,821
11,748,821
21,397,617
21,397,617
Resource Class
1,896,956
1,896,956
5,524,706
5,524,706
Reacquired:
Cash Management Class
(214,225,500
)
(214,225,500
)
(593,556,248
)
(593,556,248
)
CAVU Securities Class
(61,035,284,958
)
(61,035,284,958
)
(132,383,007,806
)
(132,383,007,806
)
Corporate Class
(1,508,276,743
)
(1,508,276,743
)
(1,883,564,286
)
(1,883,564,286
)
Institutional Class
(193,415,509,276
)
(193,415,509,276
)
(630,667,076,356
)
(630,667,076,356
)
Personal Investment Class
(252,416,818
)
(252,416,818
)
(507,481,779
)
(507,481,779
)
Premier Class
(99,483,917,415
)
(99,483,917,415
)
(18,084,709,130
)
(18,084,709,130
)
Private Investment Class
(1,462,617,657
)
(1,462,617,657
)
(2,727,224,348
)
(2,727,224,348
)
Reserve Class
(776,582,200
)
(776,582,200
)
(1,510,137,029
)
(1,510,137,029
)
Resource Class
(710,348,457
)
(710,348,457
)
(1,596,774,909
)
(1,596,774,909
)
Net increase (decrease) in share activity
24,022,760,635
$24,022,760,635
(27,130,955,934
)
$(27,130,955,934
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 27% of the outstanding shares of
the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are
considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as
securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares
owned of record by these entities are also owned beneficially.
28
Short-Term Investments Trust
Invesco Treasury Obligations Portfolio 
 
Summary of Share Activity
 
Six months ended
February 28, 2025(a)
Year ended
August 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Cash Management Class
6,026,499
$6,026,499
2,423,695
$2,423,695
Institutional Class
1,669,660,869
1,669,660,869
2,397,055,403
2,397,055,403
Personal Investment Class
-
-
800
800
Private Investment Class
114,253,749
114,253,749
49,001,788
49,001,788
Reserve Class
169,356,194
169,356,194
395,815,661
395,815,661
Resource Class
3,085,102
3,085,102
83,785,384
83,785,384
Issued as reinvestment of dividends:
Cash Management Class
62,397
62,397
316,891
316,891
Corporate Class
311
311
35,642
35,642
Institutional Class
21,464,067
21,464,067
46,124,263
46,124,263
Personal Investment Class
273
273
536
536
Private Investment Class
1,587,937
1,587,937
1,540,314
1,540,314
Reserve Class
1,334,060
1,334,060
2,043,763
2,043,763
Resource Class
34,064
34,064
200,154
200,154
Reacquired:
Cash Management Class
(1,864,688
)
(1,864,688
)
(11,068,919
)
(11,068,919
)
Corporate Class
-
-
(2,802,550
)
(2,802,550
)
Institutional Class
(1,929,123,289
)
(1,929,123,289
)
(2,643,328,119
)
(2,643,328,119
)
Personal Investment Class
(836
)
(836
)
-
-
Private Investment Class
(58,250,723
)
(58,250,723
)
(24,844,294
)
(24,844,294
)
Reserve Class
(148,987,936
)
(148,987,936
)
(343,033,604
)
(343,033,604
)
Resource Class
(3,475,593
)
(3,475,593
)
(88,684,407
)
(88,684,407
)
Net increase (decrease) in share activity
(154,837,543
)
$(154,837,543
)
(135,417,599
)
$(135,417,599
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 73% of the outstanding shares of the
Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of
interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these
entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services
such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any
portion of the shares owned of record by these entities are also owned beneficially.
 
  In addition, 22% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
29
Short-Term Investments Trust
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
Not applicable.
30
Short-Term Investments Trust
 
SEC file numbers: 811-02729 and 002-58287
Invesco Distributors, Inc.
CM-STIT-NCSRS-PER


 
Semi-Annual Financial Statements and Other Information
February 28, 2025
Premier Class
Short-Term Investments Trust (STIT)
Invesco Government & Agency Portfolio 
 
Schedule of Investments
Financial Statements
Financial Highlights
Notes to Financial Statements
Other Information Required in Form N-CSR (Items 8-11)
Schedule of Investments
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio

 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Government Sponsored Agency Securities-15.64%
Federal Farm Credit Bank (FFCB)-11.63%
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.45%
03/07/2025
 
$25,000
$25,000,000
Federal Farm Credit Bank (SOFR + 0.18%)(a)
4.54%
03/07/2025
 
10,000
10,000,212
Federal Farm Credit Bank (SOFR + 0.04%)(a)
4.40%
05/13/2025
 
23,000
23,000,000
Federal Farm Credit Bank (SOFR + 0.12%)(a)
4.48%
05/28/2025
 
60,000
60,000,000
Federal Farm Credit Bank (SOFR + 0.12%)(a)
4.48%
05/30/2025
 
25,000
25,000,000
Federal Farm Credit Bank (SOFR + 0.11%)(a)
4.47%
06/13/2025
 
154,000
154,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
06/27/2025
 
170,000
170,000,000
Federal Farm Credit Bank (SOFR + 0.24%)(a)
4.60%
08/05/2025
 
177,500
177,614,553
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
08/13/2025
 
100,000
100,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
08/22/2025
 
175,000
175,000,000
Federal Farm Credit Bank (1 mo. EFFR + 0.15%)(a)
4.48%
09/26/2025
 
112,956
112,985,510
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
10/03/2025
 
10,000
10,000,972
Federal Farm Credit Bank (SOFR + 0.35%)(a)
4.71%
11/25/2025
 
60,000
60,114,679
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
11/28/2025
 
25,275
25,274,527
Federal Farm Credit Bank (SOFR + 0.16%)(a)
4.52%
11/28/2025
 
242,000
242,000,000
Federal Farm Credit Bank (SOFR + 0.16%)(a)
4.52%
12/01/2025
 
77,000
77,000,000
Federal Farm Credit Bank (SOFR + 0.15%)(a)
4.51%
12/15/2025
 
24,000
24,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.51%
12/29/2025
 
550,000
550,000,000
Federal Farm Credit Bank (SOFR + 0.33%)(a)
4.69%
12/29/2025
 
20,000
20,033,393
Federal Farm Credit Bank (SOFR + 0.16%)(a)
4.52%
01/23/2026
 
58,000
58,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.51%
01/29/2026
 
350,000
350,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
01/30/2026
 
170,000
170,000,000
Federal Farm Credit Bank (SOFR + 0.08%)(a)
4.44%
03/04/2026
 
250,000
250,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
03/04/2026
 
286,000
286,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
03/05/2026
 
28,000
28,000,000
Federal Farm Credit Bank (SOFR + 0.11%)(a)
4.47%
03/26/2026
 
35,000
35,000,000
Federal Farm Credit Bank (SOFR + 0.11%)(a)
4.47%
04/09/2026
 
125,000
125,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.45%
05/14/2026
 
290,000
290,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.45%
05/21/2026
 
185,000
185,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
06/03/2026
 
213,000
213,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
06/18/2026
 
240,000
240,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
06/24/2026
 
230,000
230,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
07/01/2026
 
151,000
151,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.42%
08/07/2026
 
30,000
30,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
08/26/2026
 
107,000
107,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
09/04/2026
 
175,000
175,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
09/09/2026
 
192,000
192,028,940
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
09/25/2026
 
456,000
456,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
10/01/2026
 
465,000
465,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
10/06/2026
 
47,000
47,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
10/15/2026
 
413,000
413,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
11/02/2026
 
169,000
169,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
11/18/2026
 
600,000
600,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
11/23/2026
 
197,000
197,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/02/2026
 
186,000
186,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Federal Farm Credit Bank (FFCB)-(continued)
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/09/2026
 
$204,000
$204,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/18/2026
 
500,000
500,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/30/2026
 
19,000
19,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
01/27/2027
 
215,000
215,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
02/03/2027
 
95,000
95,000,000
Federal Farm Credit Bank (SOFR + 0.12%)(a)
4.45%
02/10/2027
 
340,000
340,000,000
 
 
 
 
9,062,052,786
Federal Home Loan Bank (FHLB)-3.90%
Federal Home Loan Bank(b)
4.37%
05/01/2025
 
100,000
99,276,472
Federal Home Loan Bank (SOFR)(a)
4.36%
05/27/2025
 
350,000
350,000,000
Federal Home Loan Bank (SOFR)(a)
4.36%
06/02/2025
 
165,000
165,000,000
Federal Home Loan Bank(b)
4.27%
06/09/2025
 
100,000
98,847,222
Federal Home Loan Bank(b)
4.26%
06/16/2025
 
265,000
261,739,175
Federal Home Loan Bank (SOFR + 0.01%)(a)
4.37%
06/27/2025
 
350,000
350,000,000
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
07/24/2025
 
217,000
217,000,000
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
08/21/2025
 
11,800
11,803,206
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
08/22/2025
 
180,000
180,000,000
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
09/02/2025
 
10,000
10,003,336
Federal Home Loan Bank (SOFR + 0.10%)(a)
4.46%
10/16/2025
 
22,000
22,000,000
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
11/12/2025
 
7,000
7,001,155
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
11/17/2025
 
10,000
10,003,083
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
11/20/2025
 
115,000
115,059,740
Federal Home Loan Bank (SOFR + 0.15%)(a)
4.51%
12/08/2025
 
37,000
37,000,000
Federal Home Loan Bank (SOFR + 0.15%)(a)
4.51%
12/11/2025
 
258,000
258,000,000
Federal Home Loan Bank (SOFR + 0.12%)(a)
4.48%
12/19/2025
 
50,000
49,999,920
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.51%
01/02/2026
 
8,000
8,001,130
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
01/26/2026
 
150,000
150,000,000
Federal Home Loan Bank (SOFR + 0.13%)(a)
4.49%
03/24/2026
 
28,000
28,000,000
Federal Home Loan Bank (SOFR + 0.25%)(a)
4.61%
03/27/2026
 
35,000
35,056,652
Federal Home Loan Bank (SOFR + 0.10%)(a)
4.46%
05/13/2026
 
384,000
384,000,000
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
09/24/2026
 
193,000
193,000,000
 
 
 
 
3,040,791,091
U.S. International Development Finance Corp. (DFC)-0.11%(c)
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
2,400
2,400,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
789
789,474
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
1,750
1,750,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
2,611
2,611,114
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
34,091
34,090,909
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
5,111
5,111,111
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. International Development Finance Corp. (DFC)(c)-(continued)
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.56%
03/12/2025
 
$5,252
$5,252,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.56%
03/12/2025
 
2,917
2,916,667
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.57%
03/12/2025
 
7,650
7,650,000
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
23,625
23,625,000
 
 
 
 
86,196,275
Total U.S. Government Sponsored Agency Securities (Cost $12,189,040,152)
12,189,040,152
U.S. Treasury Securities-5.21%
U.S. Treasury Bills-4.91%(b)
U.S. Treasury Bills
4.36%
03/27/2025
 
350,000
348,920,639
U.S. Treasury Bills
4.31%
04/03/2025
 
300,000
298,840,875
U.S. Treasury Bills
4.40%
04/10/2025
 
205,000
204,019,417
U.S. Treasury Bills
4.36%-5.20%
04/17/2025
 
865,000
859,670,066
U.S. Treasury Bills
5.02%
07/10/2025
 
325,000
319,352,899
U.S. Treasury Bills
4.13%-4.27%
10/02/2025
 
947,000
924,232,187
U.S. Treasury Bills
4.28%
10/30/2025
 
100,000
97,232,500
U.S. Treasury Bills
4.38%
11/28/2025
 
800,000
774,673,778
 
 
 
 
3,826,942,361
U.S. Treasury Floating Rate Notes-0.30%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.17%)(a)
4.41%
04/30/2025
 
229,000
228,998,889
Total U.S. Treasury Securities (Cost $4,055,941,250)
4,055,941,250
U.S. Government Sponsored Agency Mortgage-Backed Securities-3.08%
Federal Home Loan Mortgage Corp. (FHLMC)-0.83%
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
09/04/2026
 
296,000
296,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
09/23/2026
 
263,625
263,629,574
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
10/16/2026
 
7,000
7,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
10/29/2026
 
82,000
82,000,000
 
 
 
 
648,629,574
Federal National Mortgage Association (FNMA)-2.25%
Federal National Mortgage Association (SOFR + 0.10%)(a)
4.46%
06/18/2026
 
170,000
170,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
08/21/2026
 
403,000
403,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
09/11/2026
 
143,000
143,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
10/23/2026
 
103,000
103,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
11/20/2026
 
105,000
105,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
12/11/2026
 
831,250
831,250,000
 
 
 
 
1,755,250,000
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $2,403,879,574)
2,403,879,574
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-23.93%
(Cost $18,648,860,976)
18,648,860,976
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Repurchase Agreements-72.82%(d)
Bank of Montreal, agreement dated 02/28/2025, maturing value of
$200,071,833 (collateralized by U.S. Treasury obligations valued at
$204,000,050; 0.00% - 4.88%; 05/15/2025 - 01/31/2027)
4.31%
03/03/2025
 
$200,071,833
$200,000,000
Bank of Montreal, joint agreement dated 02/28/2025, aggregate maturing value
of $500,177,500 (collateralized by U.S. Treasury obligations valued at
$510,000,102; 0.00% - 4.75%; 04/15/2025 - 11/15/2043)
4.26%
03/03/2025
 
400,142,000
400,000,000
Bank of Montreal, joint term agreement dated 02/13/2025, aggregate maturing
value of $250,874,028 (collateralized by agency mortgage-backed securities
valued at $255,000,001; 2.00% - 6.00%; 04/01/2037 - 03/01/2055)
(Canada)(e)
4.34%
03/14/2025
 
150,524,417
150,000,000
Bank of Nova Scotia, agreement dated 02/28/2025, maturing value of
$500,181,250 (collateralized by U.S. Treasury obligations valued at
$510,000,010; 0.00% - 6.25%; 03/18/2025 - 02/15/2054)
4.35%
03/03/2025
 
500,181,250
500,000,000
BMO Capital Markets Corp., joint term agreement dated 02/10/2025, aggregate
maturing value of $1,003,383,333 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$1,020,000,080; 0.00% - 7.00%; 03/06/2025 - 02/20/2065) (Canada)(e)
4.35%
03/10/2025
 
451,522,500
450,000,000
BMO Capital Markets Corp., joint term agreement dated 02/28/2025, aggregate
maturing value of $1,506,387,500 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$1,530,000,372; 0.00% - 9.00%; 03/11/2025 - 07/20/2070) (Canada)(e)
4.38%
04/04/2025
 
959,066,708
955,000,000
BNP Paribas Securities Corp., joint term agreement dated 02/10/2025,
aggregate maturing value of $1,400,518,000 (collateralized by U.S. Treasury
obligations valued at $1,428,000,149; 0.00% - 4.88%; 04/15/2025 -
02/15/2054)(e)(f)
4.44%
03/03/2025
 
650,240,500
650,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/28/2024, aggregate
maturing value of $2,000,741,667 (collateralized by agency mortgage-
backed securities valued at $2,040,000,000; 0.13% - 9.00%; 07/01/2026
- 11/20/2064)(e)(f)
4.45%
03/03/2025
 
1,195,443,146
1,195,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/28/2024, aggregate
maturing value of $2,000,741,667 (collateralized by U.S. Treasury
obligations valued at $2,040,000,035; 0.00% - 6.13%; 03/31/2025 -
02/15/2045)(e)(f)
4.45%
03/03/2025
 
945,350,438
945,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/30/2024, aggregate
maturing value of $4,001,486,667 (collateralized by U.S. Treasury obligations
valued at $4,080,000,219; 0.00% - 6.88%; 03/27/2025 -
02/15/2055)(e)(f)
4.46%
03/03/2025
 
2,100,780,500
2,100,000,000
BofA Securities, Inc., agreement dated 02/28/2025, maturing value of
$300,107,000 (collateralized by U.S. Treasury obligations valued at
$306,000,079; 0.88% - 4.75%; 07/31/2026 - 02/15/2041)
4.28%
03/03/2025
 
300,107,000
300,000,000
BofA Securities, Inc., joint agreement dated 02/28/2025, aggregate maturing
value of $1,200,436,000 (collateralized by U.S. Treasury obligations valued
at $1,224,000,006; 0.88% - 4.75%; 10/15/2025 - 05/15/2054)
4.36%
03/03/2025
 
700,254,333
700,000,000
BofA Securities, Inc., joint agreement dated 02/28/2025, aggregate maturing
value of $250,089,583 (collateralized by U.S. Treasury obligations valued at
$255,000,031; 3.63% - 4.88%; 02/28/2026 - 04/15/2028)
4.30%
03/03/2025
 
150,053,750
150,000,000
BofA Securities, Inc., joint term agreement dated 01/27/2025, aggregate
maturing value of $1,750,634,375 (collateralized by U.S. Treasury
obligations valued at $1,785,000,094; 1.50% - 4.50%; 10/31/2026 -
08/15/2053)(e)(f)
4.35%
03/03/2025
 
1,000,362,500
1,000,000,000
CIBC World Markets Corp., agreement dated 02/28/2025, maturing value of
$450,163,125 (collateralized by U.S. Treasury obligations valued at
$459,000,069; 0.00% - 5.00%; 03/13/2025 - 08/15/2045)
4.35%
03/03/2025
 
450,163,125
450,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $1,693,006,250 (collateralized by U.S. Treasury
obligations valued at $1,708,500,103; 0.00% - 5.00%; 03/13/2025 -
08/15/2054)(e)
4.30%
03/19/2025
 
$934,943,750
$925,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $505,315,278 (collateralized by U.S. Treasury obligations
valued at $510,000,112; 0.00% - 5.00%; 04/15/2025 - 11/15/2053)(e)
4.30%
03/19/2025
 
303,189,167
300,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $707,608,611 (collateralized by U.S. Treasury obligations
valued at $714,000,032; 0.00% - 5.00%; 03/13/2025 - 02/15/2054)(e)
4.30%
03/20/2025
 
404,347,778
400,000,000
CIBC World Markets Corp., term agreement dated 02/06/2025, maturing value of
$502,095,139 (collateralized by U.S. Treasury obligations valued at
$510,000,018; 0.00% - 4.63%; 02/15/2026 - 02/15/2053)(e)
4.31%
03/13/2025
 
502,095,139
500,000,000
CIBC World Markets Corp., term agreement dated 02/20/2025, maturing value of
$250,870,000 (collateralized by U.S. Treasury obligations and agency
mortgage-backed securities valued at $255,000,000; 0.00% - 7.02%;
02/15/2026 - 06/01/2063)(e)
4.32%
03/21/2025
 
250,870,000
250,000,000
CIBC World Markets Corp., term agreement dated 02/28/2025, maturing value of
$95,239,954 (collateralized by U.S. Treasury obligations valued at
$96,900,064; 0.00% - 5.00%; 05/22/2025 - 05/15/2054)(e)
4.33%
03/21/2025
 
95,239,954
95,000,000
Citigroup Global Markets, Inc., agreement dated 02/28/2025, maturing value of
$200,070,833 (collateralized by U.S. Treasury obligations valued at
$204,000,027; 0.50% - 4.25%; 12/15/2027 - 02/28/2029)
4.25%
03/03/2025
 
200,070,833
200,000,000
Citigroup Global Markets, Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $1,200,435,000 (collateralized by U.S. Treasury
obligations valued at $1,224,000,022; 0.50% - 3.63%; 02/28/2027 -
08/31/2029)
4.35%
03/03/2025
 
700,253,750
700,000,000
Citigroup Global Markets, Inc., joint term agreement dated 02/27/2025,
aggregate maturing value of $1,201,017,333 (collateralized by U.S. Treasury
obligations, agency mortgage-backed securities and U.S. government
sponsored agency obligations valued at $1,224,000,048; 0.00% - 8.00%;
04/28/2025 - 09/15/2065)(e)
4.36%
03/06/2025
 
360,305,200
360,000,000
Citigroup Global Markets, Inc., joint term agreement dated 02/27/2025,
aggregate maturing value of $8,006,766,667 (collateralized by U.S. Treasury
obligations valued at $8,160,000,009; 0.88% - 5.25%; 06/30/2027 -
07/31/2029)(e)
4.35%
03/06/2025
 
3,392,867,375
3,390,000,000
Credit Agricole Corporate & Investment Bank, agreement dated 02/28/2025,
maturing value of $500,181,667 (collateralized by U.S. Treasury obligations
valued at $510,000,073; 0.38% - 4.13%; 08/31/2026 - 08/15/2030)
4.36%
03/03/2025
 
500,181,667
500,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/30/2025, aggregate maturing value of $1,508,820,000 (collateralized
by U.S. Treasury obligations valued at $1,530,000,023; 1.25% - 4.00%;
03/31/2027 - 08/15/2031)(e)
4.32%
03/20/2025
 
754,410,000
750,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/31/2025, aggregate maturing value of $1,005,760,000 (collateralized
by U.S. Treasury obligations valued at $1,020,000,056; 1.13% - 4.50%;
08/15/2040 - 05/15/2052)(e)
4.32%
03/20/2025
 
442,534,400
440,000,000
Federal Reserve Bank of New York, joint agreement dated 02/28/2025,
aggregate maturing value of $1,100,389,583 (collateralized by U.S. Treasury
obligations valued at $1,100,389,634; 1.63% - 4.63%; 05/15/2031 -
02/15/2040)
4.25%
03/03/2025
 
600,212,500
600,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement
dated 02/28/2025, aggregate maturing value of $7,502,725,000
(collateralized by U.S. Treasury obligations valued at $7,650,000,132;
0.00% - 4.50%; 02/28/2026 - 05/15/2052)
4.36%
03/03/2025
 
4,076,480,583
4,075,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Fixed Income Clearing Corp. - Citigroup Global Markets, Inc., joint agreement dated
02/28/2025, aggregate maturing value of $1,000,363,333 (collateralized
by U.S. Treasury obligations valued at $1,020,000,066; 0.00% - 6.63%;
03/31/2025 - 02/15/2055)
4.36%
03/03/2025
 
$700,254,333
$700,000,000
Fixed Income Clearing Corp. - State Street Bank, joint agreement dated
02/28/2025, aggregate maturing value of $2,000,726,667 (collateralized
by U.S. Treasury obligations valued at $2,040,000,198; 0.88% - 4.38%;
11/15/2042 - 08/15/2053)
4.36%
03/03/2025
 
1,250,454,167
1,250,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint agreement dated
02/28/2025, aggregate maturing value of $10,153,687,833 (collateralized
by U.S. Treasury obligations valued at $10,353,000,082; 0.00% - 5.00%;
03/13/2025 - 02/15/2055)
4.36%
03/03/2025
 
5,602,034,667
5,600,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/26/2025, aggregate maturing value of $1,500,180,833 (collateralized
by U.S. Treasury obligations valued at $1,530,000,139; 0.00% - 4.75%;
08/21/2025 - 08/15/2054)(e)(g)
4.34%
03/05/2025
 
785,094,636
785,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/27/2025, aggregate maturing value of $1,951,649,375 (collateralized
by U.S. Treasury obligations valued at $1,989,000,120; 0.00% - 5.00%;
03/31/2025 - 08/15/2054)(e)
4.35%
03/06/2025
 
750,634,375
750,000,000
Goldman Sachs & Co., joint agreement dated 02/28/2025, aggregate maturing
value of $1,000,363,333 (collateralized by U.S. Treasury obligations valued
at $1,020,000,086; 0.00% - 4.13%; 06/30/2026 - 02/15/2055)
4.36%
03/03/2025
 
750,272,500
750,000,000
ING Financial Markets, LLC, joint term agreement dated 01/30/2025, aggregate
maturing value of $251,476,806 (collateralized by agency mortgage-backed
securities valued at $255,000,001; 2.00% - 6.50%; 07/01/2051 -
03/01/2054)
4.34%
03/20/2025
 
140,827,011
140,000,000
J.P. Morgan Securities LLC, joint open agreement dated 09/17/2024
(collateralized by a U.S. Treasury obligation and agency mortgage-backed
securities valued at $1,020,000,001; 0.00% - 8.00%; 09/15/2025 -
06/16/2063)(f)
4.40%
03/03/2025
 
888,017,113
885,000,000
Metropolitan Life Insurance Co., joint term agreement dated 02/27/2025,
aggregate maturing value of $350,300,288 (collateralized by U.S. Treasury
obligations valued at $357,540,655; 0.00%; 02/15/2043 - 08/15/2046)(e)
4.36%
03/06/2025
 
170,144,735
170,000,613
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/26/2025,
aggregate maturing value of $2,672,253,183 (collateralized by U.S. Treasury
obligations valued at $2,724,384,963; 1.00% - 4.13%; 10/15/2027 -
11/15/2040)(e)
4.34%
03/05/2025
 
1,636,805,117
1,635,425,000
Natixis, agreement dated 02/28/2025, maturing value of $500,182,083
(collateralized by U.S. Treasury obligations and agency mortgage-backed
securities valued at $510,000,031; 1.75% - 6.50%; 03/31/2027 -
03/25/2055)
4.37%
03/03/2025
 
500,182,083
500,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$1,000,361,667 (collateralized by U.S. Treasury obligations valued at
$1,035,838,452; 0.00% - 5.38%; 03/20/2025 - 11/15/2052)
4.34%
03/03/2025
 
800,289,333
800,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$500,181,250 (collateralized by U.S. Treasury obligations valued at
$516,322,299; 0.00% - 4.88%; 03/20/2025 - 08/15/2053)
4.35%
03/03/2025
 
300,108,750
300,000,000
Prudential Insurance Co. of America, agreement dated 02/28/2025, maturing
value of $731,043,625 (collateralized by U.S. Treasury obligations valued at
$744,928,528; 0.00% - 4.38%; 07/31/2026 - 11/15/2046)
4.37%
03/03/2025
 
731,043,625
730,777,500
RBC Dominion Securities Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $2,500,906,250 (collateralized by U.S. Treasury
obligations valued at $2,550,924,407; 0.00% - 4.88%; 03/20/2025 -
08/15/2054)
4.35%
03/03/2025
 
1,300,471,250
1,300,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
RBC Dominion Securities Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $2,796,017,846 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$2,851,938,203; 0.00% - 6.50%; 04/15/2026 - 02/20/2055)
4.37%
03/03/2025
 
$1,420,517,117
$1,420,000,000
Royal Bank of Canada, joint agreement dated 02/28/2025, aggregate maturing
value of $1,500,545,000 (collateralized by U.S. Treasury obligations valued
at $1,530,555,913; 0.00% - 4.50%; 07/15/2025 - 02/15/2055)
4.36%
03/03/2025
 
500,181,667
500,000,000
Royal Bank of Canada, joint agreement dated 02/28/2025, aggregate maturing
value of $1,506,548,435 (collateralized by U.S. Treasury obligations and
agency mortgage-backed securities valued at $1,536,679,471; 0.00% -
7.00%; 02/19/2026 - 02/20/2055)
4.37%
03/03/2025
 
1,100,400,583
1,100,000,000
Royal Bank of Canada, joint term agreement dated 06/13/2024, aggregate
maturing value of $3,692,889,960 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$3,721,512,552; 0.00% - 8.50%; 05/06/2025 - 11/20/2064)(e)
5.16%
05/30/2025
 
2,730,806,000
2,600,000,000
Societe Generale, joint agreement dated 02/28/2025, aggregate maturing value
of $2,000,726,667 (collateralized by U.S. Treasury obligations valued at
$2,040,000,093; 0.25% - 4.63%; 03/31/2025 - 02/15/2035)
4.36%
03/03/2025
 
850,308,833
850,000,000
Societe Generale, joint term agreement dated 02/25/2025, aggregate maturing
value of $1,501,260,000 (collateralized by U.S. Treasury obligations valued
at $1,530,000,001; 0.13% - 4.75%; 02/28/2027 - 11/15/2053)(e)
4.32%
03/04/2025
 
750,630,000
750,000,000
Societe Generale, joint term agreement dated 02/26/2025, aggregate maturing
value of $1,251,052,431 (collateralized by U.S. Treasury obligations valued
at $1,275,000,082; 2.88% - 4.25%; 10/31/2026 - 04/30/2029)(e)
4.33%
03/05/2025
 
500,420,972
500,000,000
Societe Generale, joint term agreement dated 02/26/2025, aggregate maturing
value of $750,632,917 (collateralized by agency mortgage-backed securities
valued at $765,000,950; 2.00% - 6.00%; 07/01/2050 - 02/01/2055)(e)
4.34%
03/05/2025
 
500,421,944
500,000,000
Societe Generale, joint term agreement dated 02/28/2025, aggregate maturing
value of $1,000,843,889 (collateralized by U.S. Treasury obligations valued
at $1,020,000,019; 1.25% - 4.00%; 11/30/2026 - 07/31/2029)(e)
4.34%
03/07/2025
 
380,320,678
380,000,000
Standard Chartered Bank, joint agreement dated 02/28/2025, aggregate
maturing value of $2,500,910,417 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$2,550,928,659; 0.13% - 7.50%; 11/15/2025 - 12/15/2066)
4.37%
03/03/2025
 
775,282,229
775,000,000
Standard Chartered Bank, joint agreement dated 02/28/2025, aggregate
maturing value of $2,801,017,333 (collateralized by U.S. Treasury
obligations valued at $2,857,037,767; 0.00% - 5.00%; 03/11/2025 -
02/15/2055)
4.36%
03/03/2025
 
1,012,367,693
1,012,000,000
Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2025, aggregate
maturing value of $4,301,565,917 (collateralized by agency mortgage-
backed securities valued at $4,446,469,970; 3.00% - 6.50%; 10/20/2042
- 11/20/2054)
4.37%
03/03/2025
 
1,280,166,024
1,279,700,000
Teacher Retirement System of Texas, joint agreement dated 02/27/2025,
aggregate maturing value of $1,548,939,146 (collateralized by U.S. Treasury
obligations valued at $1,625,780,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.47%
03/03/2025
 
794,774,515
794,478,571
Teacher Retirement System of Texas, joint agreement dated 02/28/2025,
aggregate maturing value of $1,554,446,275 (collateralized by U.S. Treasury
obligations valued at $1,631,965,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.48%
03/04/2025
 
797,466,371
797,367,143
Wells Fargo Securities, LLC, agreement dated 02/28/2025, maturing value of
$750,273,125 (collateralized by agency mortgage-backed securities valued at
$765,000,000; 2.00% - 7.00%; 03/20/2028 - 01/20/2055)
4.37%
03/03/2025
 
750,273,125
750,000,000
Wells Fargo Securities, LLC, joint term agreement dated 01/03/2025, aggregate
maturing value of $913,267,500 (collateralized by agency mortgage-backed
securities and U.S. government sponsored agency obligations valued at
$918,000,801; 0.00% - 7.00%; 03/07/2025 - 09/01/2057)
4.35%
05/05/2025
 
523,606,700
516,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Wells Fargo Securities, LLC, joint term agreement dated 01/15/2025, aggregate
maturing value of $2,208,816,500 (collateralized by agency mortgage-
backed securities valued at $2,228,700,000; 1.00% - 7.50%; 07/01/2025
- 01/01/2059)
4.36%
04/15/2025
 
$1,551,731,500
$1,535,000,000
Wells Fargo Securities, LLC, joint term agreement dated 02/27/2025, aggregate
maturing value of $869,417,000 (collateralized by agency mortgage-backed
securities and U.S. government sponsored agency obligations valued at
$877,200,001; 0.00% - 7.00%; 03/03/2025 - 01/01/2059)
4.38%
05/28/2025
 
758,212,500
750,000,000
Total Repurchase Agreements (Cost $56,735,748,827)
56,735,748,827
TOTAL INVESTMENTS IN SECURITIES(h)-96.75% (Cost $75,384,609,803)
75,384,609,803
OTHER ASSETS LESS LIABILITIES-3.25%
2,530,485,928
NET ASSETS-100.00%
$77,915,095,731
Investment Abbreviations: 
EFFR
-Effective Federal Funds Rate
SOFR
-Secured Overnight Financing Rate
VRD
-Variable Rate Demand
Notes to Schedule of Investments: 
(a)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2025.
(b)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(c)
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the
issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2025.
(d)
Principal amount equals value at period end. See Note 1J.
(e)
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(f)
Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.
(g)
Interest is paid periodically at specified time intervals. The Repurchase Amount includes one day of interest due at maturity. 
(h)
Also represents cost for federal income tax purposes.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Short-Term Investments Trust
Statement of Assets and Liabilities
February 28, 2025
(Unaudited)

 
Assets:
Investments in unaffiliated securities, at value
18,648,860,976
Repurchase agreements, at value and cost
56,735,748,827
Cash
3,167,174,664
Receivable for:
Fund shares sold
15,431,152
Interest
300,725,956
Investment for trustee deferred compensation and retirement plans
970,478
Other assets
1,049,667
Total assets
78,869,961,720
Liabilities:
Payable for:
Investments purchased
797,367,143
Fund shares reacquired
5,689,628
Dividends
139,904,818
Accrued fees to affiliates
10,467,295
Accrued trustees’ and officers’ fees and benefits
13,896
Accrued operating expenses
285,584
Trustee deferred compensation and retirement plans
1,137,625
Total liabilities
954,865,989
Net assets applicable to shares outstanding
77,915,095,731
Net assets consist of:
Shares of beneficial interest
77,935,051,112
Distributable earnings (loss)
(19,955,381
)
 
77,915,095,731
Net Assets:
Cash Management Class
886,813,927
CAVU Securities Class
13,291,474,845
Corporate Class
624,258,121
Institutional Class
58,863,712,700
Personal Investment Class
100,307,610
Premier Class
2,226,904,829
Private Investment Class
1,272,661,312
Reserve Class
514,567,159
Resource Class
134,395,228
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10
Short-Term Investments Trust
Statement of Assets and Liabilities—(continued)
February 28, 2025
(Unaudited)
Shares outstanding, no par value,
unlimited number of shares authorized:
Cash Management Class
887,045,213
CAVU Securities Class
13,294,857,355
Corporate Class
624,416,949
Institutional Class
58,878,700,576
Personal Investment Class
100,333,108
Premier Class
2,227,472,117
Private Investment Class
1,272,985,138
Reserve Class
514,697,947
Resource Class
134,429,420
Net asset value, offering and redemption price per share for each class
1.00
Cost of Investments
75,384,609,803
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11
Short-Term Investments Trust
Statement of Operations
For the six months ended February 28, 2025
(Unaudited)

 
Investment income:
Interest
$1,542,243,099
Expenses:
Advisory fees
32,610,265
Administrative services fees
14,372,996
Custodian fees
1,832,898
Distribution fees:
Cash Management Class
352,646
Corporate Class
70,330
Personal Investment Class
284,700
Private Investment Class
1,940,422
Reserve Class
2,491,089
Resource Class
105,185
Transfer agent fees
2,935,231
Trustees’ and officers’ fees and benefits
508,006
Registration and filing fees
362,187
Reports to shareholders
37,735
Professional services fees
325,083
Other
1,112,144
Total expenses
59,340,917
Less: Fees waived and expenses reimbursed
(2,395,545
)
Net expenses
56,945,372
Net investment income
1,485,297,727
Net realized gain from unaffiliated investment securities
594,414
Net increase in net assets resulting from operations
$1,485,892,141
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12
Short-Term Investments Trust
Statement of Changes in Net Assets
For the six months ended February 28, 2025 and the year ended August 31, 2024
(Unaudited)

 
 
February 28,
2025
August 31,
2024
Operations:
Net investment income
$1,485,297,727
$3,528,423,714
 
Net realized gain
594,414
5,590,379
 
Net increase in net assets resulting from operations
1,485,892,141
3,534,014,093
 
Distributions to shareholders from distributable earnings:
Cash Management Class
(19,893,251
)
(28,249,324
)
 
CAVU Securities Class
(229,824,095
)
(524,316,880
)
 
Corporate Class
(10,554,043
)
(20,482,672
)
 
Institutional Class
(1,138,273,842
)
(2,850,941,667
)
 
Personal Investment Class
(2,092,058
)
(3,967,725
)
 
Premier Class
(43,292,710
)
(5,919,550
)
 
Private Investment Class
(27,813,055
)
(63,152,533
)
 
Reserve Class
(10,635,381
)
(22,679,822
)
 
Resource Class
(2,919,292
)
(8,713,541
)
 
Total distributions from distributable earnings
(1,485,297,727
)
(3,528,423,714
)
 
Share transactions-net:
Cash Management Class
173,947,258
77,173,596
 
CAVU Securities Class
5,251,967,110
(4,720,514,007
)
 
Corporate Class
370,859,582
(42,052,014
)
 
Institutional Class
17,152,698,845
(23,954,606,903
)
 
Personal Investment Class
(1,105,231
)
14,701,368
 
Premier Class
1,155,607,482
1,071,864,635
 
Private Investment Class
(75,787,350
)
376,265,090
 
Reserve Class
(14,614,560
)
86,941,326
 
Resource Class
9,187,499
(40,729,025
)
 
Net increase (decrease) in net assets resulting from share transactions
24,022,760,635
(27,130,955,934
)
 
Net increase (decrease) in net assets
24,023,355,049
(27,125,365,555
)
 
Net assets:
Beginning of period
53,891,740,682
81,017,106,237
 
End of period
$77,915,095,731
$53,891,740,682
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13
Short-Term Investments Trust
Financial Highlights
(Unaudited)
The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.
Premier Class 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net asset
value,
beginning
of period
Net
investment
income(a)
Net gains
on securities
(realized)
Total from
investment
operations
Dividends
from net
investment
income
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 Government & Agency Portfolio
Six months ended 02/28/25
$1.00
$0.02
$(0.00
)
$0.02
$(0.02
)
$1.00
2.32
%
$2,226,905
0.12%(c
)
0.17
%(c)
4.61
%(c)
Period ended 08/31/24(d)
1.00
0.01
(0.00
)
0.01
(0.01
)
1.00
1.24
1,071,639
0.12%(c
)
0.17
(c)
5.26
(c)
 
 
(a)
Calculated using average shares outstanding.
(b)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and is not annualized for periods less than one year.
(c)
Annualized.
(d)
Commencement date of June 7, 2024
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14
Short-Term Investments Trust
Notes to Financial Statements
February 28, 2025
(Unaudited)
NOTE 1—Significant Accounting Policies
Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers three separate portfolios (each constituting a “Fund”). The Funds covered in this report are Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.
The investment objective of each Fund is to provide current income consistent with preservation of capital and liquidity.
Invesco Treasury Portfolio currently offers eight different classes of shares: Cash Management Class, Corporate Class, CAVU Securities Class, Institutional Class, Personal Investment Class, Private Investment Class, Reserve Class and Resource Class. Invesco Government & Agency Portfolio currently offers nine different classes of shares: Cash Management Class, Corporate Class, CAVU Securities Class, Institutional Class, Personal Investment Class, Premier Class, Private Investment Class, Reserve Class and Resource Class. Invesco Treasury Obligations Portfolio currently offers seven different classes of shares: Cash Management Class, Corporate Class, Institutional Class, Personal Investment Class, Private Investment Class, Reserve Class and Resource Class.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services — Investment Companies.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act (the "Rule"), seek to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation.
“Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/or repurchase agreements collateralized fully by cash or Government Securities.
The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio to liquidity fee requirements at this time, as permitted by the Rule.
The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements.
A.
Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities normally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations 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, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is unreliable in the Adviser’s judgment, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by the Rule. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.
Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.
B.
Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share
15
Short-Term Investments Trust
and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Funds and the investment adviser.
The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative settled shares of each class.
C.
Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Distributions - It is the policy of the Fund to declare dividends from net investment income, if any, daily and pay them monthly. The Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually.
E.
Federal Income Taxes - The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative settled shares.  
G.
Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.
Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.
Segment Reporting — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity’s segments impact overall performance. The Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Fund’s chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within the Fund. The CODM monitors the operating results as a whole, and the Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Fund’s financial statements. Adoption of the new standard impacted the Fund’s financial statement note disclosures only and did not affect the Fund’s financial position or the results of its operations.
J.
Repurchase Agreements - The Fund may enter into repurchase agreements. Collateral on repurchase agreements, including the Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by the Fund upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is typically at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is typically at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Fund might incur expenses in enforcing its rights, and could experience losses, including a decline in the value of the collateral and loss of income. 
K.
Other Risks – 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 a 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.
The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of
16
Short-Term Investments Trust
short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.
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.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, the Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on the Fund’s average daily net assets as follows, respectively: 
 
First $250 million
Next $250 million
Over $500 million
Invesco Treasury Portfolio
0.15%
0.15%
0.15%
Invesco Government & Agency
Portfolio
0.10%
0.10%
0.10%
Invesco Treasury Obligations
Portfolio
0.20%
0.15%
0.10%
For the six months ended February 28, 2025, the management fee incurred for the Fund was equivalent to the annual effective rate of the Fund’s average daily net assets, as shown below: 
Invesco Government & Agency Portfolio
0.05
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, for Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).
The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) for the Fund’s shares through at least December 31, 2025 as shown in the following table (the “expense limits”): 
 
Cash
Management
Class
CAVU
Securities
Class
Corporate
Class
Institutional
Class
Personal
Investment
Class
Premier
Class
Private
Investment
Class
Reserve
Class
Resource
Class
Invesco Government & Agency Portfolio
0.26%
0.18%
0.21%
0.18%
0.73%
0.12%
0.48%
1.05%
0.34%
In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses, and (5) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2025 for the Fund’s shares. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.
For the six months ended February 28, 2025, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below: 
 
Expense
Limitation
Invesco Government & Agency Portfolio
$2,395,545
The Trust has entered into a master administrative services agreement with Invesco pursuant to which the Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended February 28, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as fund accountant and provides certain administrative services to the Fund. Pursuant to a custody agreement with the Trust on behalf of the Fund, BNY Mellon also serves as the Fund’s custodian.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which the Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to the Fund. For the six months ended February 28, 2025, expenses incurred under the agreement are shown in the Statement of Operations as Transfer agent fees.
Under the terms of a master distribution agreement between Invesco Distributors, Inc. ("IDI") and the Trust, IDI acts as the exclusive distributor of the Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Fund, pursuant to the Plans, pays IDI compensation up to the maximum annual rate shown below of average daily net assets of such Class of the Fund, respectively. 
 
Cash
Management
Class
Corporate
Class
Personal
Investment
Class
Premier
Class
Private
Investment
Class
Reserve
Class
Resource
Class
Invesco Government & Agency Portfolio
0.08%
0.03%
0.55%
0.12%
0.30%
0.87%
0.16%
17
Short-Term Investments Trust
The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of the Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. 
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
As of February 28, 2025, all of the securities in the Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
NOTE 4—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.
NOTE 5—Cash Balances
The Fund is permitted to temporarily overdraft or leave balances in its account with BNY Mellon, the custodian bank. Such balances, if any at period-end, are shown in the Statement of Assets and Liabilities under the payable caption Amount due custodian. To compensate BNY Mellon or the Fund for such activity, the Fund may either (1) pay to or receive from BNY Mellon compensation at a rate agreed upon by BNY Mellon and Invesco, not to exceed the contractually agreed upon rate; or (2) leave funds or overdraft funds as a compensating balance in the account so BNY Mellon or the Fund can be compensated for use of funds.
NOTE 6—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund had a capital loss carryforward as of August 31, 2024, as follows: 
Fund
Short-Term
 
Not Subject to
Expiration
Total*
Invesco Government & Agency Portfolio
$21,111,540
$21,111,540
 
*
Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a
variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
18
Short-Term Investments Trust
Invesco Government & Agency Portfolio 
 
Summary of Share Activity
 
Six months ended
February 28, 2025(a)
Year ended
August 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Cash Management Class
368,295,908
$368,295,908
663,029,782
$663,029,782
CAVU Securities Class
66,158,613,340
66,158,613,340
127,354,073,926
127,354,073,926
Corporate Class
1,873,728,701
1,873,728,701
1,829,835,886
1,829,835,886
Institutional Class
210,059,718,200
210,059,718,200
605,516,883,360
605,516,883,360
Personal Investment Class
249,366,626
249,366,626
518,971,785
518,971,785
Premier Class
100,630,532,801
100,630,532,801
19,156,568,000
19,156,568,000
Private Investment Class
1,366,365,174
1,366,365,174
3,066,991,198
3,066,991,198
Reserve Class
750,218,819
750,218,819
1,575,680,738
1,575,680,738
Resource Class
717,639,000
717,639,000
1,550,521,178
1,550,521,178
Issued as reinvestment of dividends:
Cash Management Class
19,876,850
19,876,850
7,700,062
7,700,062
CAVU Securities Class
128,638,728
128,638,728
308,419,873
308,419,873
Corporate Class
5,407,624
5,407,624
11,676,386
11,676,386
Institutional Class
508,489,921
508,489,921
1,195,586,093
1,195,586,093
Personal Investment Class
1,944,961
1,944,961
3,211,362
3,211,362
Premier Class
8,992,096
8,992,096
5,765
5,765
Private Investment Class
20,465,133
20,465,133
36,498,240
36,498,240
Reserve Class
11,748,821
11,748,821
21,397,617
21,397,617
Resource Class
1,896,956
1,896,956
5,524,706
5,524,706
Reacquired:
Cash Management Class
(214,225,500
)
(214,225,500
)
(593,556,248
)
(593,556,248
)
CAVU Securities Class
(61,035,284,958
)
(61,035,284,958
)
(132,383,007,806
)
(132,383,007,806
)
Corporate Class
(1,508,276,743
)
(1,508,276,743
)
(1,883,564,286
)
(1,883,564,286
)
Institutional Class
(193,415,509,276
)
(193,415,509,276
)
(630,667,076,356
)
(630,667,076,356
)
Personal Investment Class
(252,416,818
)
(252,416,818
)
(507,481,779
)
(507,481,779
)
Premier Class
(99,483,917,415
)
(99,483,917,415
)
(18,084,709,130
)
(18,084,709,130
)
Private Investment Class
(1,462,617,657
)
(1,462,617,657
)
(2,727,224,348
)
(2,727,224,348
)
Reserve Class
(776,582,200
)
(776,582,200
)
(1,510,137,029
)
(1,510,137,029
)
Resource Class
(710,348,457
)
(710,348,457
)
(1,596,774,909
)
(1,596,774,909
)
Net increase (decrease) in share activity
24,022,760,635
$24,022,760,635
(27,130,955,934
)
$(27,130,955,934
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 27% of the outstanding shares of
the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are
considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as
securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares
owned of record by these entities are also owned beneficially.
19
Short-Term Investments Trust
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
Not applicable.
20
Short-Term Investments Trust
 
SEC file numbers: 811-02729 and 002-58287
Invesco Distributors, Inc.
CM-STIT-NCSRS-PMR


 
Semi-Annual Financial Statements and Other Information
February 28, 2025
Private Investment Class
Short-Term Investments Trust (STIT)
Invesco Treasury Portfolio
Invesco Government & Agency Portfolio
Invesco Treasury Obligations Portfolio 
 
2
Financial Statements
Financial Highlights
Notes to Financial Statements
Other Information Required in Form N-CSR (Items 8-11)
Schedule of Investments
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio

 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Treasury Securities-32.83%
U.S. Treasury Bills-14.35%(a)
U.S. Treasury Bills
4.76%
03/06/2025
 
$300,000
$299,806,458
U.S. Treasury Bills
4.26%
03/11/2025
 
816,439
815,475,147
U.S. Treasury Bills
4.64%
03/13/2025
 
250,000
249,622,500
U.S. Treasury Bills
4.26%-4.27%
03/18/2025
 
909,003
907,177,086
U.S. Treasury Bills
4.28%
03/20/2025
 
15,000
14,966,461
U.S. Treasury Bills
4.31%
04/03/2025
 
427,000
425,350,179
U.S. Treasury Bills
4.40%
04/10/2025
 
100,000
99,521,667
U.S. Treasury Bills
4.36%-5.21%
04/17/2025
 
890,000
884,529,853
U.S. Treasury Bills
5.02%
07/10/2025
 
175,000
171,959,253
U.S. Treasury Bills
4.11%-4.27%
10/02/2025
 
770,000
751,539,891
U.S. Treasury Bills
4.28%-4.37%
10/30/2025
 
850,000
826,222,281
U.S. Treasury Bills
4.23%-4.38%
11/28/2025
 
550,000
532,814,889
 
 
 
 
5,978,985,665
U.S. Treasury Floating Rate Notes-18.48%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.13%)(b)
4.36%
07/31/2025
 
1,100,000
1,099,791,733
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.17%)(b)
4.41%
10/31/2025
 
700,000
699,955,072
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.25%)(b)
4.48%
01/31/2026
 
1,312,809
1,313,488,917
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.15%)(b)
4.39%
04/30/2026
 
2,212,000
2,212,031,558
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.18%)(b)
4.42%
07/31/2026
 
160,000
160,120,551
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.21%)(b)
4.44%
10/31/2026
 
1,213,000
1,213,969,364
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.10%)(b)
4.34%
01/31/2027
 
1,000,000
1,000,213,139
 
 
 
 
7,699,570,334
Total U.S. Treasury Securities (Cost $13,678,555,999)
13,678,555,999
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-32.83%
(Cost $13,678,555,999)
13,678,555,999
 
 
 
Repurchase
Amount
 
Repurchase Agreements-67.17%(c)
ABN AMRO Bank N.V., agreement dated 02/28/2025, maturing value of
$250,090,625 (collateralized by U.S. Treasury obligations valued at
$255,000,002; 0.50% - 4.88%; 12/31/2025 - 05/15/2047)
4.35%
03/03/2025
 
250,090,625
250,000,000
Bank of Montreal, joint agreement dated 02/28/2025, aggregate maturing value
of $500,177,500 (collateralized by U.S. Treasury obligations valued at
$510,000,102; 0.00% - 4.75%; 04/15/2025 - 11/15/2043)
4.26%
03/03/2025
 
100,035,500
100,000,000
BNP Paribas Securities Corp., joint term agreement dated 02/10/2025,
aggregate maturing value of $1,400,518,000 (collateralized by U.S. Treasury
obligations valued at $1,428,000,149; 0.00% - 4.88%; 04/15/2025 -
02/15/2054)(d)(e)
4.44%
03/03/2025
 
490,181,300
490,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
BNP Paribas Securities Corp., joint term agreement dated 10/28/2024, aggregate
maturing value of $2,000,741,667 (collateralized by U.S. Treasury
obligations valued at $2,040,000,035; 0.00% - 6.13%; 03/31/2025 -
02/15/2045)(d)(e)
4.45%
03/03/2025
 
$1,055,391,229
$1,055,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/30/2024, aggregate
maturing value of $4,001,486,667 (collateralized by U.S. Treasury obligations
valued at $4,080,000,219; 0.00% - 6.88%; 03/27/2025 -
02/15/2055)(d)(e)
4.46%
03/03/2025
 
1,090,405,117
1,090,000,000
BofA Securities, Inc., agreement dated 02/28/2025, maturing value of
$1,000,361,667 (collateralized by U.S. Treasury obligations valued at
$1,020,000,048; 0.25% - 4.75%; 05/31/2025 - 02/15/2050)
4.34%
03/03/2025
 
1,000,361,667
1,000,000,000
BofA Securities, Inc., joint agreement dated 02/28/2025, aggregate maturing
value of $1,200,436,000 (collateralized by U.S. Treasury obligations valued
at $1,224,000,006; 0.88% - 4.75%; 10/15/2025 - 05/15/2054)
4.36%
03/03/2025
 
500,181,667
500,000,000
BofA Securities, Inc., joint term agreement dated 01/27/2025, aggregate
maturing value of $1,750,634,375 (collateralized by U.S. Treasury
obligations valued at $1,785,000,094; 1.50% - 4.50%; 10/31/2026 -
08/15/2053)(d)(e)
4.35%
03/03/2025
 
750,271,875
750,000,000
BofA Securities, Inc., term agreement dated 01/02/2025, maturing value of
$500,182,500 (collateralized by U.S. Treasury obligations valued at
$510,000,061; 1.75% - 4.25%; 03/31/2027 - 08/15/2041)(d)
4.38%
03/03/2025
 
500,182,500
500,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $1,693,006,250 (collateralized by U.S. Treasury
obligations valued at $1,708,500,103; 0.00% - 5.00%; 03/13/2025 -
08/15/2054)(e)
4.30%
03/19/2025
 
758,062,500
750,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $505,315,278 (collateralized by U.S. Treasury obligations
valued at $510,000,112; 0.00% - 5.00%; 04/15/2025 - 11/15/2053)(e)
4.30%
03/19/2025
 
202,126,111
200,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $707,608,611 (collateralized by U.S. Treasury obligations
valued at $714,000,032; 0.00% - 5.00%; 03/13/2025 - 02/15/2054)(e)
4.30%
03/20/2025
 
303,260,833
300,000,000
Citigroup Global Markets, Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $1,200,435,000 (collateralized by U.S. Treasury
obligations valued at $1,224,000,022; 0.50% - 3.63%; 02/28/2027 -
08/31/2029)
4.35%
03/03/2025
 
200,072,500
200,000,000
Citigroup Global Markets, Inc., joint term agreement dated 02/27/2025,
aggregate maturing value of $8,006,766,667 (collateralized by U.S. Treasury
obligations valued at $8,160,000,009; 0.88% - 5.25%; 06/30/2027 -
07/31/2029)(e)
4.35%
03/06/2025
 
2,502,114,583
2,500,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/30/2025, aggregate maturing value of $1,508,820,000 (collateralized
by U.S. Treasury obligations valued at $1,530,000,023; 1.25% - 4.00%;
03/31/2027 - 08/15/2031)(e)
4.32%
03/20/2025
 
502,940,000
500,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/31/2025, aggregate maturing value of $1,005,760,000 (collateralized
by U.S. Treasury obligations valued at $1,020,000,056; 1.13% - 4.50%;
08/15/2040 - 05/15/2052)(e)
4.32%
03/20/2025
 
301,728,000
300,000,000
Federal Reserve Bank of New York, joint agreement dated 02/28/2025,
aggregate maturing value of $1,100,389,583 (collateralized by U.S. Treasury
obligations valued at $1,100,389,634; 1.63% - 4.63%; 05/15/2031 -
02/15/2040)
4.25%
03/03/2025
 
500,177,083
500,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement
dated 02/28/2025, aggregate maturing value of $7,502,725,000
(collateralized by U.S. Treasury obligations valued at $7,650,000,132;
0.00% - 4.50%; 02/28/2026 - 05/15/2052)
4.36%
03/03/2025
 
2,000,726,667
2,000,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Fixed Income Clearing Corp. - Citigroup Global Markets, Inc., joint agreement dated
02/28/2025, aggregate maturing value of $1,000,363,333 (collateralized
by U.S. Treasury obligations valued at $1,020,000,066; 0.00% - 6.63%;
03/31/2025 - 02/15/2055)
4.36%
03/03/2025
 
$300,109,000
$300,000,000
Fixed Income Clearing Corp. - State Street Bank, joint agreement dated
02/28/2025, aggregate maturing value of $2,000,726,667 (collateralized
by U.S. Treasury obligations valued at $2,040,000,198; 0.88% - 4.38%;
11/15/2042 - 08/15/2053)
4.36%
03/03/2025
 
750,272,500
750,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint agreement dated
02/28/2025, aggregate maturing value of $10,153,687,833 (collateralized
by U.S. Treasury obligations valued at $10,353,000,082; 0.00% - 5.00%;
03/13/2025 - 02/15/2055)
4.36%
03/03/2025
 
2,600,944,667
2,600,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/26/2025, aggregate maturing value of $1,500,180,833 (collateralized
by U.S. Treasury obligations valued at $1,530,000,139; 0.00% - 4.75%;
08/21/2025 - 08/15/2054)(e)(f)
4.34%
03/05/2025
 
485,058,469
485,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/27/2025, aggregate maturing value of $1,951,649,375 (collateralized
by U.S. Treasury obligations valued at $1,989,000,120; 0.00% - 5.00%;
03/31/2025 - 08/15/2054)(e)
4.35%
03/06/2025
 
1,100,930,417
1,100,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., term agreement dated
02/26/2025, maturing value of $750,272,500 (collateralized by
U.S. Treasury obligations valued at $765,000,077; 0.00% - 4.63%;
03/15/2025 - 02/15/2055)(g)
4.36%
03/17/2025
 
750,272,500
750,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., term agreement dated
02/27/2025, maturing value of $350,042,389 (collateralized by
U.S. Treasury obligations valued at $357,000,005; 1.25% - 5.00%;
04/15/2026 - 08/15/2052)(f)
4.36%
04/30/2025
 
350,042,389
350,000,000
Goldman Sachs & Co., joint agreement dated 02/28/2025, aggregate maturing
value of $1,000,363,333 (collateralized by U.S. Treasury obligations valued
at $1,020,000,086; 0.00% - 4.13%; 06/30/2026 - 02/15/2055)
4.36%
03/03/2025
 
250,090,833
250,000,000
ING Financial Markets, LLC, agreement dated 02/28/2025, maturing value of
$100,036,250 (collateralized by U.S. Treasury obligations valued at
$102,000,016; 4.38% - 4.88%; 10/31/2030 - 01/31/2032)
4.35%
03/03/2025
 
100,036,250
100,000,000
Metropolitan Life Insurance Co., joint term agreement dated 02/27/2025,
aggregate maturing value of $350,300,288 (collateralized by U.S. Treasury
obligations valued at $357,540,655; 0.00%; 02/15/2043 - 08/15/2046)(e)
4.36%
03/06/2025
 
100,086,141
100,001,362
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/26/2025,
aggregate maturing value of $2,672,253,183 (collateralized by U.S. Treasury
obligations valued at $2,724,384,963; 1.00% - 4.13%; 10/15/2027 -
11/15/2040)(e)
4.34%
03/05/2025
 
579,113,295
578,625,000
Mitsubishi UFJ Trust & Banking Corp., term agreement dated 02/26/2025,
maturing value of $100,084,194 (collateralized by a U.S. Treasury obligation
valued at $102,036,759; 1.13%; 05/15/2040)(e)
4.33%
03/05/2025
 
100,084,194
100,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$1,000,361,667 (collateralized by U.S. Treasury obligations valued at
$1,035,838,452; 0.00% - 5.38%; 03/20/2025 - 11/15/2052)
4.34%
03/03/2025
 
200,072,333
200,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$500,181,250 (collateralized by U.S. Treasury obligations valued at
$516,322,299; 0.00% - 4.88%; 03/20/2025 - 08/15/2053)
4.35%
03/03/2025
 
200,072,500
200,000,000
Prudential Legacy Insurance Company of New Jersey, agreement dated
02/28/2025, maturing value of $700,055,469 (collateralized by
U.S. Treasury obligations valued at $712,964,384; 0.00% - 4.75%;
02/15/2037 - 05/15/2054)
4.37%
03/03/2025
 
700,055,469
699,800,625
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
RBC Dominion Securities Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $2,500,906,250 (collateralized by U.S. Treasury
obligations valued at $2,550,924,407; 0.00% - 4.88%; 03/20/2025 -
08/15/2054)
4.35%
03/03/2025
 
$575,208,438
$575,000,000
Royal Bank of Canada, joint agreement dated 02/28/2025, aggregate maturing
value of $1,500,545,000 (collateralized by U.S. Treasury obligations valued
at $1,530,555,913; 0.00% - 4.50%; 07/15/2025 - 02/15/2055)
4.36%
03/03/2025
 
500,181,667
500,000,000
Royal Bank of Canada, term agreement dated 06/13/2024, maturing value of
$892,597,750 (collateralized by U.S. Treasury obligations valued at
$899,556,341; 0.00% - 6.38%; 08/31/2025 - 02/15/2053)(e)
5.14%
05/30/2025
 
892,597,750
850,000,000
Societe Generale, joint agreement dated 02/28/2025, aggregate maturing value
of $2,000,726,667 (collateralized by U.S. Treasury obligations valued at
$2,040,000,093; 0.25% - 4.63%; 03/31/2025 - 02/15/2035)
4.36%
03/03/2025
 
1,000,363,333
1,000,000,000
Societe Generale, joint term agreement dated 02/25/2025, aggregate maturing
value of $1,501,260,000 (collateralized by U.S. Treasury obligations valued
at $1,530,000,001; 0.13% - 4.75%; 02/28/2027 - 11/15/2053)(e)
4.32%
03/04/2025
 
400,336,000
400,000,000
Societe Generale, joint term agreement dated 02/26/2025, aggregate maturing
value of $1,251,052,431 (collateralized by U.S. Treasury obligations valued
at $1,275,000,082; 2.88% - 4.25%; 10/31/2026 - 04/30/2029)(e)
4.33%
03/05/2025
 
550,463,069
550,000,000
Societe Generale, joint term agreement dated 02/28/2025, aggregate maturing
value of $1,000,843,889 (collateralized by U.S. Treasury obligations valued
at $1,020,000,019; 1.25% - 4.00%; 11/30/2026 - 07/31/2029)(e)
4.34%
03/07/2025
 
300,253,167
300,000,000
Standard Chartered Bank, joint agreement dated 02/28/2025, aggregate
maturing value of $2,801,017,333 (collateralized by U.S. Treasury
obligations valued at $2,857,037,767; 0.00% - 5.00%; 03/11/2025 -
02/15/2055)
4.36%
03/03/2025
 
750,272,500
750,000,000
Teacher Retirement System of Texas, joint agreement dated 02/27/2025,
aggregate maturing value of $1,548,939,146 (collateralized by U.S. Treasury
obligations valued at $1,625,780,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.47%
03/03/2025
 
754,164,631
753,883,810
Teacher Retirement System of Texas, joint agreement dated 02/28/2025,
aggregate maturing value of $1,554,446,275 (collateralized by U.S. Treasury
obligations valued at $1,631,965,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.48%
03/04/2025
 
756,979,905
756,885,714
Total Repurchase Agreements (Cost $27,984,196,511)
27,984,196,511
TOTAL INVESTMENTS IN SECURITIES-100.00% (Cost $41,662,752,510)
41,662,752,510
OTHER ASSETS LESS LIABILITIES-(0.00)%
(69,530
)
NET ASSETS-100.00%
$41,662,682,980
Notes to Schedule of Investments: 
(a)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2025.
(c)
Principal amount equals value at period end. See Note 1J.
(d)
Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.
(e)
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(f)
Interest is paid periodically at specified time intervals. The Repurchase Amount includes one day of interest due at maturity. 
(g)
Interest is paid periodically at specified time intervals. The Repurchase Amount includes three days of interest due at maturity.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Short-Term Investments Trust
Schedule of Investments
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio

 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Government Sponsored Agency Securities-15.64%
Federal Farm Credit Bank (FFCB)-11.63%
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.45%
03/07/2025
 
$25,000
$25,000,000
Federal Farm Credit Bank (SOFR + 0.18%)(a)
4.54%
03/07/2025
 
10,000
10,000,212
Federal Farm Credit Bank (SOFR + 0.04%)(a)
4.40%
05/13/2025
 
23,000
23,000,000
Federal Farm Credit Bank (SOFR + 0.12%)(a)
4.48%
05/28/2025
 
60,000
60,000,000
Federal Farm Credit Bank (SOFR + 0.12%)(a)
4.48%
05/30/2025
 
25,000
25,000,000
Federal Farm Credit Bank (SOFR + 0.11%)(a)
4.47%
06/13/2025
 
154,000
154,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
06/27/2025
 
170,000
170,000,000
Federal Farm Credit Bank (SOFR + 0.24%)(a)
4.60%
08/05/2025
 
177,500
177,614,553
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
08/13/2025
 
100,000
100,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
08/22/2025
 
175,000
175,000,000
Federal Farm Credit Bank (1 mo. EFFR + 0.15%)(a)
4.48%
09/26/2025
 
112,956
112,985,510
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
10/03/2025
 
10,000
10,000,972
Federal Farm Credit Bank (SOFR + 0.35%)(a)
4.71%
11/25/2025
 
60,000
60,114,679
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
11/28/2025
 
25,275
25,274,527
Federal Farm Credit Bank (SOFR + 0.16%)(a)
4.52%
11/28/2025
 
242,000
242,000,000
Federal Farm Credit Bank (SOFR + 0.16%)(a)
4.52%
12/01/2025
 
77,000
77,000,000
Federal Farm Credit Bank (SOFR + 0.15%)(a)
4.51%
12/15/2025
 
24,000
24,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.51%
12/29/2025
 
550,000
550,000,000
Federal Farm Credit Bank (SOFR + 0.33%)(a)
4.69%
12/29/2025
 
20,000
20,033,393
Federal Farm Credit Bank (SOFR + 0.16%)(a)
4.52%
01/23/2026
 
58,000
58,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.51%
01/29/2026
 
350,000
350,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
01/30/2026
 
170,000
170,000,000
Federal Farm Credit Bank (SOFR + 0.08%)(a)
4.44%
03/04/2026
 
250,000
250,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
03/04/2026
 
286,000
286,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
03/05/2026
 
28,000
28,000,000
Federal Farm Credit Bank (SOFR + 0.11%)(a)
4.47%
03/26/2026
 
35,000
35,000,000
Federal Farm Credit Bank (SOFR + 0.11%)(a)
4.47%
04/09/2026
 
125,000
125,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.45%
05/14/2026
 
290,000
290,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.45%
05/21/2026
 
185,000
185,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
06/03/2026
 
213,000
213,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
06/18/2026
 
240,000
240,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
06/24/2026
 
230,000
230,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
07/01/2026
 
151,000
151,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.42%
08/07/2026
 
30,000
30,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
08/26/2026
 
107,000
107,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
09/04/2026
 
175,000
175,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
09/09/2026
 
192,000
192,028,940
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
09/25/2026
 
456,000
456,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
10/01/2026
 
465,000
465,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
10/06/2026
 
47,000
47,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
10/15/2026
 
413,000
413,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
11/02/2026
 
169,000
169,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
11/18/2026
 
600,000
600,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
11/23/2026
 
197,000
197,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/02/2026
 
186,000
186,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Federal Farm Credit Bank (FFCB)-(continued)
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/09/2026
 
$204,000
$204,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/18/2026
 
500,000
500,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/30/2026
 
19,000
19,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
01/27/2027
 
215,000
215,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
02/03/2027
 
95,000
95,000,000
Federal Farm Credit Bank (SOFR + 0.12%)(a)
4.45%
02/10/2027
 
340,000
340,000,000
 
 
 
 
9,062,052,786
Federal Home Loan Bank (FHLB)-3.90%
Federal Home Loan Bank(b)
4.37%
05/01/2025
 
100,000
99,276,472
Federal Home Loan Bank (SOFR)(a)
4.36%
05/27/2025
 
350,000
350,000,000
Federal Home Loan Bank (SOFR)(a)
4.36%
06/02/2025
 
165,000
165,000,000
Federal Home Loan Bank(b)
4.27%
06/09/2025
 
100,000
98,847,222
Federal Home Loan Bank(b)
4.26%
06/16/2025
 
265,000
261,739,175
Federal Home Loan Bank (SOFR + 0.01%)(a)
4.37%
06/27/2025
 
350,000
350,000,000
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
07/24/2025
 
217,000
217,000,000
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
08/21/2025
 
11,800
11,803,206
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
08/22/2025
 
180,000
180,000,000
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
09/02/2025
 
10,000
10,003,336
Federal Home Loan Bank (SOFR + 0.10%)(a)
4.46%
10/16/2025
 
22,000
22,000,000
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
11/12/2025
 
7,000
7,001,155
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
11/17/2025
 
10,000
10,003,083
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
11/20/2025
 
115,000
115,059,740
Federal Home Loan Bank (SOFR + 0.15%)(a)
4.51%
12/08/2025
 
37,000
37,000,000
Federal Home Loan Bank (SOFR + 0.15%)(a)
4.51%
12/11/2025
 
258,000
258,000,000
Federal Home Loan Bank (SOFR + 0.12%)(a)
4.48%
12/19/2025
 
50,000
49,999,920
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.51%
01/02/2026
 
8,000
8,001,130
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
01/26/2026
 
150,000
150,000,000
Federal Home Loan Bank (SOFR + 0.13%)(a)
4.49%
03/24/2026
 
28,000
28,000,000
Federal Home Loan Bank (SOFR + 0.25%)(a)
4.61%
03/27/2026
 
35,000
35,056,652
Federal Home Loan Bank (SOFR + 0.10%)(a)
4.46%
05/13/2026
 
384,000
384,000,000
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
09/24/2026
 
193,000
193,000,000
 
 
 
 
3,040,791,091
U.S. International Development Finance Corp. (DFC)-0.11%(c)
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
2,400
2,400,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
789
789,474
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
1,750
1,750,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
2,611
2,611,114
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
34,091
34,090,909
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
5,111
5,111,111
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. International Development Finance Corp. (DFC)(c)-(continued)
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.56%
03/12/2025
 
$5,252
$5,252,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.56%
03/12/2025
 
2,917
2,916,667
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.57%
03/12/2025
 
7,650
7,650,000
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
23,625
23,625,000
 
 
 
 
86,196,275
Total U.S. Government Sponsored Agency Securities (Cost $12,189,040,152)
12,189,040,152
U.S. Treasury Securities-5.21%
U.S. Treasury Bills-4.91%(b)
U.S. Treasury Bills
4.36%
03/27/2025
 
350,000
348,920,639
U.S. Treasury Bills
4.31%
04/03/2025
 
300,000
298,840,875
U.S. Treasury Bills
4.40%
04/10/2025
 
205,000
204,019,417
U.S. Treasury Bills
4.36%-5.20%
04/17/2025
 
865,000
859,670,066
U.S. Treasury Bills
5.02%
07/10/2025
 
325,000
319,352,899
U.S. Treasury Bills
4.13%-4.27%
10/02/2025
 
947,000
924,232,187
U.S. Treasury Bills
4.28%
10/30/2025
 
100,000
97,232,500
U.S. Treasury Bills
4.38%
11/28/2025
 
800,000
774,673,778
 
 
 
 
3,826,942,361
U.S. Treasury Floating Rate Notes-0.30%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.17%)(a)
4.41%
04/30/2025
 
229,000
228,998,889
Total U.S. Treasury Securities (Cost $4,055,941,250)
4,055,941,250
U.S. Government Sponsored Agency Mortgage-Backed Securities-3.08%
Federal Home Loan Mortgage Corp. (FHLMC)-0.83%
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
09/04/2026
 
296,000
296,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
09/23/2026
 
263,625
263,629,574
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
10/16/2026
 
7,000
7,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
10/29/2026
 
82,000
82,000,000
 
 
 
 
648,629,574
Federal National Mortgage Association (FNMA)-2.25%
Federal National Mortgage Association (SOFR + 0.10%)(a)
4.46%
06/18/2026
 
170,000
170,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
08/21/2026
 
403,000
403,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
09/11/2026
 
143,000
143,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
10/23/2026
 
103,000
103,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
11/20/2026
 
105,000
105,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
12/11/2026
 
831,250
831,250,000
 
 
 
 
1,755,250,000
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $2,403,879,574)
2,403,879,574
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-23.93%
(Cost $18,648,860,976)
18,648,860,976
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Repurchase Agreements-72.82%(d)
Bank of Montreal, agreement dated 02/28/2025, maturing value of
$200,071,833 (collateralized by U.S. Treasury obligations valued at
$204,000,050; 0.00% - 4.88%; 05/15/2025 - 01/31/2027)
4.31%
03/03/2025
 
$200,071,833
$200,000,000
Bank of Montreal, joint agreement dated 02/28/2025, aggregate maturing value
of $500,177,500 (collateralized by U.S. Treasury obligations valued at
$510,000,102; 0.00% - 4.75%; 04/15/2025 - 11/15/2043)
4.26%
03/03/2025
 
400,142,000
400,000,000
Bank of Montreal, joint term agreement dated 02/13/2025, aggregate maturing
value of $250,874,028 (collateralized by agency mortgage-backed securities
valued at $255,000,001; 2.00% - 6.00%; 04/01/2037 - 03/01/2055)
(Canada)(e)
4.34%
03/14/2025
 
150,524,417
150,000,000
Bank of Nova Scotia, agreement dated 02/28/2025, maturing value of
$500,181,250 (collateralized by U.S. Treasury obligations valued at
$510,000,010; 0.00% - 6.25%; 03/18/2025 - 02/15/2054)
4.35%
03/03/2025
 
500,181,250
500,000,000
BMO Capital Markets Corp., joint term agreement dated 02/10/2025, aggregate
maturing value of $1,003,383,333 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$1,020,000,080; 0.00% - 7.00%; 03/06/2025 - 02/20/2065) (Canada)(e)
4.35%
03/10/2025
 
451,522,500
450,000,000
BMO Capital Markets Corp., joint term agreement dated 02/28/2025, aggregate
maturing value of $1,506,387,500 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$1,530,000,372; 0.00% - 9.00%; 03/11/2025 - 07/20/2070) (Canada)(e)
4.38%
04/04/2025
 
959,066,708
955,000,000
BNP Paribas Securities Corp., joint term agreement dated 02/10/2025,
aggregate maturing value of $1,400,518,000 (collateralized by U.S. Treasury
obligations valued at $1,428,000,149; 0.00% - 4.88%; 04/15/2025 -
02/15/2054)(e)(f)
4.44%
03/03/2025
 
650,240,500
650,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/28/2024, aggregate
maturing value of $2,000,741,667 (collateralized by agency mortgage-
backed securities valued at $2,040,000,000; 0.13% - 9.00%; 07/01/2026
- 11/20/2064)(e)(f)
4.45%
03/03/2025
 
1,195,443,146
1,195,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/28/2024, aggregate
maturing value of $2,000,741,667 (collateralized by U.S. Treasury
obligations valued at $2,040,000,035; 0.00% - 6.13%; 03/31/2025 -
02/15/2045)(e)(f)
4.45%
03/03/2025
 
945,350,438
945,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/30/2024, aggregate
maturing value of $4,001,486,667 (collateralized by U.S. Treasury obligations
valued at $4,080,000,219; 0.00% - 6.88%; 03/27/2025 -
02/15/2055)(e)(f)
4.46%
03/03/2025
 
2,100,780,500
2,100,000,000
BofA Securities, Inc., agreement dated 02/28/2025, maturing value of
$300,107,000 (collateralized by U.S. Treasury obligations valued at
$306,000,079; 0.88% - 4.75%; 07/31/2026 - 02/15/2041)
4.28%
03/03/2025
 
300,107,000
300,000,000
BofA Securities, Inc., joint agreement dated 02/28/2025, aggregate maturing
value of $1,200,436,000 (collateralized by U.S. Treasury obligations valued
at $1,224,000,006; 0.88% - 4.75%; 10/15/2025 - 05/15/2054)
4.36%
03/03/2025
 
700,254,333
700,000,000
BofA Securities, Inc., joint agreement dated 02/28/2025, aggregate maturing
value of $250,089,583 (collateralized by U.S. Treasury obligations valued at
$255,000,031; 3.63% - 4.88%; 02/28/2026 - 04/15/2028)
4.30%
03/03/2025
 
150,053,750
150,000,000
BofA Securities, Inc., joint term agreement dated 01/27/2025, aggregate
maturing value of $1,750,634,375 (collateralized by U.S. Treasury
obligations valued at $1,785,000,094; 1.50% - 4.50%; 10/31/2026 -
08/15/2053)(e)(f)
4.35%
03/03/2025
 
1,000,362,500
1,000,000,000
CIBC World Markets Corp., agreement dated 02/28/2025, maturing value of
$450,163,125 (collateralized by U.S. Treasury obligations valued at
$459,000,069; 0.00% - 5.00%; 03/13/2025 - 08/15/2045)
4.35%
03/03/2025
 
450,163,125
450,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $1,693,006,250 (collateralized by U.S. Treasury
obligations valued at $1,708,500,103; 0.00% - 5.00%; 03/13/2025 -
08/15/2054)(e)
4.30%
03/19/2025
 
$934,943,750
$925,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $505,315,278 (collateralized by U.S. Treasury obligations
valued at $510,000,112; 0.00% - 5.00%; 04/15/2025 - 11/15/2053)(e)
4.30%
03/19/2025
 
303,189,167
300,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $707,608,611 (collateralized by U.S. Treasury obligations
valued at $714,000,032; 0.00% - 5.00%; 03/13/2025 - 02/15/2054)(e)
4.30%
03/20/2025
 
404,347,778
400,000,000
CIBC World Markets Corp., term agreement dated 02/06/2025, maturing value of
$502,095,139 (collateralized by U.S. Treasury obligations valued at
$510,000,018; 0.00% - 4.63%; 02/15/2026 - 02/15/2053)(e)
4.31%
03/13/2025
 
502,095,139
500,000,000
CIBC World Markets Corp., term agreement dated 02/20/2025, maturing value of
$250,870,000 (collateralized by U.S. Treasury obligations and agency
mortgage-backed securities valued at $255,000,000; 0.00% - 7.02%;
02/15/2026 - 06/01/2063)(e)
4.32%
03/21/2025
 
250,870,000
250,000,000
CIBC World Markets Corp., term agreement dated 02/28/2025, maturing value of
$95,239,954 (collateralized by U.S. Treasury obligations valued at
$96,900,064; 0.00% - 5.00%; 05/22/2025 - 05/15/2054)(e)
4.33%
03/21/2025
 
95,239,954
95,000,000
Citigroup Global Markets, Inc., agreement dated 02/28/2025, maturing value of
$200,070,833 (collateralized by U.S. Treasury obligations valued at
$204,000,027; 0.50% - 4.25%; 12/15/2027 - 02/28/2029)
4.25%
03/03/2025
 
200,070,833
200,000,000
Citigroup Global Markets, Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $1,200,435,000 (collateralized by U.S. Treasury
obligations valued at $1,224,000,022; 0.50% - 3.63%; 02/28/2027 -
08/31/2029)
4.35%
03/03/2025
 
700,253,750
700,000,000
Citigroup Global Markets, Inc., joint term agreement dated 02/27/2025,
aggregate maturing value of $1,201,017,333 (collateralized by U.S. Treasury
obligations, agency mortgage-backed securities and U.S. government
sponsored agency obligations valued at $1,224,000,048; 0.00% - 8.00%;
04/28/2025 - 09/15/2065)(e)
4.36%
03/06/2025
 
360,305,200
360,000,000
Citigroup Global Markets, Inc., joint term agreement dated 02/27/2025,
aggregate maturing value of $8,006,766,667 (collateralized by U.S. Treasury
obligations valued at $8,160,000,009; 0.88% - 5.25%; 06/30/2027 -
07/31/2029)(e)
4.35%
03/06/2025
 
3,392,867,375
3,390,000,000
Credit Agricole Corporate & Investment Bank, agreement dated 02/28/2025,
maturing value of $500,181,667 (collateralized by U.S. Treasury obligations
valued at $510,000,073; 0.38% - 4.13%; 08/31/2026 - 08/15/2030)
4.36%
03/03/2025
 
500,181,667
500,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/30/2025, aggregate maturing value of $1,508,820,000 (collateralized
by U.S. Treasury obligations valued at $1,530,000,023; 1.25% - 4.00%;
03/31/2027 - 08/15/2031)(e)
4.32%
03/20/2025
 
754,410,000
750,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/31/2025, aggregate maturing value of $1,005,760,000 (collateralized
by U.S. Treasury obligations valued at $1,020,000,056; 1.13% - 4.50%;
08/15/2040 - 05/15/2052)(e)
4.32%
03/20/2025
 
442,534,400
440,000,000
Federal Reserve Bank of New York, joint agreement dated 02/28/2025,
aggregate maturing value of $1,100,389,583 (collateralized by U.S. Treasury
obligations valued at $1,100,389,634; 1.63% - 4.63%; 05/15/2031 -
02/15/2040)
4.25%
03/03/2025
 
600,212,500
600,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement
dated 02/28/2025, aggregate maturing value of $7,502,725,000
(collateralized by U.S. Treasury obligations valued at $7,650,000,132;
0.00% - 4.50%; 02/28/2026 - 05/15/2052)
4.36%
03/03/2025
 
4,076,480,583
4,075,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Fixed Income Clearing Corp. - Citigroup Global Markets, Inc., joint agreement dated
02/28/2025, aggregate maturing value of $1,000,363,333 (collateralized
by U.S. Treasury obligations valued at $1,020,000,066; 0.00% - 6.63%;
03/31/2025 - 02/15/2055)
4.36%
03/03/2025
 
$700,254,333
$700,000,000
Fixed Income Clearing Corp. - State Street Bank, joint agreement dated
02/28/2025, aggregate maturing value of $2,000,726,667 (collateralized
by U.S. Treasury obligations valued at $2,040,000,198; 0.88% - 4.38%;
11/15/2042 - 08/15/2053)
4.36%
03/03/2025
 
1,250,454,167
1,250,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint agreement dated
02/28/2025, aggregate maturing value of $10,153,687,833 (collateralized
by U.S. Treasury obligations valued at $10,353,000,082; 0.00% - 5.00%;
03/13/2025 - 02/15/2055)
4.36%
03/03/2025
 
5,602,034,667
5,600,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/26/2025, aggregate maturing value of $1,500,180,833 (collateralized
by U.S. Treasury obligations valued at $1,530,000,139; 0.00% - 4.75%;
08/21/2025 - 08/15/2054)(e)(g)
4.34%
03/05/2025
 
785,094,636
785,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/27/2025, aggregate maturing value of $1,951,649,375 (collateralized
by U.S. Treasury obligations valued at $1,989,000,120; 0.00% - 5.00%;
03/31/2025 - 08/15/2054)(e)
4.35%
03/06/2025
 
750,634,375
750,000,000
Goldman Sachs & Co., joint agreement dated 02/28/2025, aggregate maturing
value of $1,000,363,333 (collateralized by U.S. Treasury obligations valued
at $1,020,000,086; 0.00% - 4.13%; 06/30/2026 - 02/15/2055)
4.36%
03/03/2025
 
750,272,500
750,000,000
ING Financial Markets, LLC, joint term agreement dated 01/30/2025, aggregate
maturing value of $251,476,806 (collateralized by agency mortgage-backed
securities valued at $255,000,001; 2.00% - 6.50%; 07/01/2051 -
03/01/2054)
4.34%
03/20/2025
 
140,827,011
140,000,000
J.P. Morgan Securities LLC, joint open agreement dated 09/17/2024
(collateralized by a U.S. Treasury obligation and agency mortgage-backed
securities valued at $1,020,000,001; 0.00% - 8.00%; 09/15/2025 -
06/16/2063)(f)
4.40%
03/03/2025
 
888,017,113
885,000,000
Metropolitan Life Insurance Co., joint term agreement dated 02/27/2025,
aggregate maturing value of $350,300,288 (collateralized by U.S. Treasury
obligations valued at $357,540,655; 0.00%; 02/15/2043 - 08/15/2046)(e)
4.36%
03/06/2025
 
170,144,735
170,000,613
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/26/2025,
aggregate maturing value of $2,672,253,183 (collateralized by U.S. Treasury
obligations valued at $2,724,384,963; 1.00% - 4.13%; 10/15/2027 -
11/15/2040)(e)
4.34%
03/05/2025
 
1,636,805,117
1,635,425,000
Natixis, agreement dated 02/28/2025, maturing value of $500,182,083
(collateralized by U.S. Treasury obligations and agency mortgage-backed
securities valued at $510,000,031; 1.75% - 6.50%; 03/31/2027 -
03/25/2055)
4.37%
03/03/2025
 
500,182,083
500,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$1,000,361,667 (collateralized by U.S. Treasury obligations valued at
$1,035,838,452; 0.00% - 5.38%; 03/20/2025 - 11/15/2052)
4.34%
03/03/2025
 
800,289,333
800,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$500,181,250 (collateralized by U.S. Treasury obligations valued at
$516,322,299; 0.00% - 4.88%; 03/20/2025 - 08/15/2053)
4.35%
03/03/2025
 
300,108,750
300,000,000
Prudential Insurance Co. of America, agreement dated 02/28/2025, maturing
value of $731,043,625 (collateralized by U.S. Treasury obligations valued at
$744,928,528; 0.00% - 4.38%; 07/31/2026 - 11/15/2046)
4.37%
03/03/2025
 
731,043,625
730,777,500
RBC Dominion Securities Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $2,500,906,250 (collateralized by U.S. Treasury
obligations valued at $2,550,924,407; 0.00% - 4.88%; 03/20/2025 -
08/15/2054)
4.35%
03/03/2025
 
1,300,471,250
1,300,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
RBC Dominion Securities Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $2,796,017,846 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$2,851,938,203; 0.00% - 6.50%; 04/15/2026 - 02/20/2055)
4.37%
03/03/2025
 
$1,420,517,117
$1,420,000,000
Royal Bank of Canada, joint agreement dated 02/28/2025, aggregate maturing
value of $1,500,545,000 (collateralized by U.S. Treasury obligations valued
at $1,530,555,913; 0.00% - 4.50%; 07/15/2025 - 02/15/2055)
4.36%
03/03/2025
 
500,181,667
500,000,000
Royal Bank of Canada, joint agreement dated 02/28/2025, aggregate maturing
value of $1,506,548,435 (collateralized by U.S. Treasury obligations and
agency mortgage-backed securities valued at $1,536,679,471; 0.00% -
7.00%; 02/19/2026 - 02/20/2055)
4.37%
03/03/2025
 
1,100,400,583
1,100,000,000
Royal Bank of Canada, joint term agreement dated 06/13/2024, aggregate
maturing value of $3,692,889,960 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$3,721,512,552; 0.00% - 8.50%; 05/06/2025 - 11/20/2064)(e)
5.16%
05/30/2025
 
2,730,806,000
2,600,000,000
Societe Generale, joint agreement dated 02/28/2025, aggregate maturing value
of $2,000,726,667 (collateralized by U.S. Treasury obligations valued at
$2,040,000,093; 0.25% - 4.63%; 03/31/2025 - 02/15/2035)
4.36%
03/03/2025
 
850,308,833
850,000,000
Societe Generale, joint term agreement dated 02/25/2025, aggregate maturing
value of $1,501,260,000 (collateralized by U.S. Treasury obligations valued
at $1,530,000,001; 0.13% - 4.75%; 02/28/2027 - 11/15/2053)(e)
4.32%
03/04/2025
 
750,630,000
750,000,000
Societe Generale, joint term agreement dated 02/26/2025, aggregate maturing
value of $1,251,052,431 (collateralized by U.S. Treasury obligations valued
at $1,275,000,082; 2.88% - 4.25%; 10/31/2026 - 04/30/2029)(e)
4.33%
03/05/2025
 
500,420,972
500,000,000
Societe Generale, joint term agreement dated 02/26/2025, aggregate maturing
value of $750,632,917 (collateralized by agency mortgage-backed securities
valued at $765,000,950; 2.00% - 6.00%; 07/01/2050 - 02/01/2055)(e)
4.34%
03/05/2025
 
500,421,944
500,000,000
Societe Generale, joint term agreement dated 02/28/2025, aggregate maturing
value of $1,000,843,889 (collateralized by U.S. Treasury obligations valued
at $1,020,000,019; 1.25% - 4.00%; 11/30/2026 - 07/31/2029)(e)
4.34%
03/07/2025
 
380,320,678
380,000,000
Standard Chartered Bank, joint agreement dated 02/28/2025, aggregate
maturing value of $2,500,910,417 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$2,550,928,659; 0.13% - 7.50%; 11/15/2025 - 12/15/2066)
4.37%
03/03/2025
 
775,282,229
775,000,000
Standard Chartered Bank, joint agreement dated 02/28/2025, aggregate
maturing value of $2,801,017,333 (collateralized by U.S. Treasury
obligations valued at $2,857,037,767; 0.00% - 5.00%; 03/11/2025 -
02/15/2055)
4.36%
03/03/2025
 
1,012,367,693
1,012,000,000
Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2025, aggregate
maturing value of $4,301,565,917 (collateralized by agency mortgage-
backed securities valued at $4,446,469,970; 3.00% - 6.50%; 10/20/2042
- 11/20/2054)
4.37%
03/03/2025
 
1,280,166,024
1,279,700,000
Teacher Retirement System of Texas, joint agreement dated 02/27/2025,
aggregate maturing value of $1,548,939,146 (collateralized by U.S. Treasury
obligations valued at $1,625,780,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.47%
03/03/2025
 
794,774,515
794,478,571
Teacher Retirement System of Texas, joint agreement dated 02/28/2025,
aggregate maturing value of $1,554,446,275 (collateralized by U.S. Treasury
obligations valued at $1,631,965,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.48%
03/04/2025
 
797,466,371
797,367,143
Wells Fargo Securities, LLC, agreement dated 02/28/2025, maturing value of
$750,273,125 (collateralized by agency mortgage-backed securities valued at
$765,000,000; 2.00% - 7.00%; 03/20/2028 - 01/20/2055)
4.37%
03/03/2025
 
750,273,125
750,000,000
Wells Fargo Securities, LLC, joint term agreement dated 01/03/2025, aggregate
maturing value of $913,267,500 (collateralized by agency mortgage-backed
securities and U.S. government sponsored agency obligations valued at
$918,000,801; 0.00% - 7.00%; 03/07/2025 - 09/01/2057)
4.35%
05/05/2025
 
523,606,700
516,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Wells Fargo Securities, LLC, joint term agreement dated 01/15/2025, aggregate
maturing value of $2,208,816,500 (collateralized by agency mortgage-
backed securities valued at $2,228,700,000; 1.00% - 7.50%; 07/01/2025
- 01/01/2059)
4.36%
04/15/2025
 
$1,551,731,500
$1,535,000,000
Wells Fargo Securities, LLC, joint term agreement dated 02/27/2025, aggregate
maturing value of $869,417,000 (collateralized by agency mortgage-backed
securities and U.S. government sponsored agency obligations valued at
$877,200,001; 0.00% - 7.00%; 03/03/2025 - 01/01/2059)
4.38%
05/28/2025
 
758,212,500
750,000,000
Total Repurchase Agreements (Cost $56,735,748,827)
56,735,748,827
TOTAL INVESTMENTS IN SECURITIES(h)-96.75% (Cost $75,384,609,803)
75,384,609,803
OTHER ASSETS LESS LIABILITIES-3.25%
2,530,485,928
NET ASSETS-100.00%
$77,915,095,731
Investment Abbreviations: 
EFFR
-Effective Federal Funds Rate
SOFR
-Secured Overnight Financing Rate
VRD
-Variable Rate Demand
Notes to Schedule of Investments: 
(a)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2025.
(b)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(c)
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the
issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2025.
(d)
Principal amount equals value at period end. See Note 1J.
(e)
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(f)
Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.
(g)
Interest is paid periodically at specified time intervals. The Repurchase Amount includes one day of interest due at maturity. 
(h)
Also represents cost for federal income tax purposes.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13
Short-Term Investments Trust
Schedule of Investments
February 28, 2025
(Unaudited)
Invesco Treasury Obligations Portfolio

 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Treasury Securities-108.28%
U.S. Treasury Bills-96.78%(a)
U.S. Treasury Bills
4.26%-4.27%
03/04/2025
 
$80,975
$80,946,523
U.S. Treasury Bills
4.41%-4.76%
03/06/2025
 
24,500
24,484,728
U.S. Treasury Bills
4.24%-4.26%
03/11/2025
 
78,800
78,707,274
U.S. Treasury Bills
4.64%
03/13/2025
 
8,000
7,987,920
U.S. Treasury Bills
4.24%-4.44%
03/18/2025
 
185,000
184,627,091
U.S. Treasury Bills
4.34%-5.16%
03/20/2025
 
15,000
14,964,377
U.S. Treasury Bills
4.26%-4.28%
03/25/2025
 
135,000
134,617,733
U.S. Treasury Bills
4.29%
03/27/2025
 
15,000
14,954,067
U.S. Treasury Bills
4.39%
04/01/2025
 
199,500
198,796,871
U.S. Treasury Bills
4.24%-4.31%
04/03/2025
 
44,000
43,830,135
U.S. Treasury Bills
4.27%-4.38%
04/08/2025
 
79,000
78,644,927
U.S. Treasury Bills
4.40%
04/10/2025
 
10,000
9,952,167
U.S. Treasury Bills
4.26%-4.28%
04/15/2025
 
94,400
93,900,176
U.S. Treasury Bills
4.37%-5.04%
04/17/2025
 
11,000
10,934,137
U.S. Treasury Bills
4.24%-4.26%
04/22/2025
 
46,200
45,917,607
U.S. Treasury Bills
4.26%
04/29/2025
 
58,000
57,612,004
U.S. Treasury Bills
4.42%
05/01/2025
 
9,000
8,934,044
U.S. Treasury Bills
0.00%
05/08/2025
 
40,000
39,680,933
U.S. Treasury Bills
4.27%
05/13/2025
 
12,000
11,897,192
U.S. Treasury Bills
4.41%-5.18%
05/15/2025
 
19,500
19,319,075
U.S. Treasury Bills
4.22%-4.44%
05/29/2025
 
38,000
37,603,870
U.S. Treasury Bills
4.35%
06/05/2025
 
7,000
6,920,573
U.S. Treasury Bills
4.26%
06/26/2025
 
15,000
14,796,712
U.S. Treasury Bills
5.02%
07/10/2025
 
4,000
3,930,497
U.S. Treasury Bills
4.12%-4.22%
10/02/2025
 
13,000
12,688,137
U.S. Treasury Bills
4.27%-4.28%
10/30/2025
 
18,500
17,988,450
U.S. Treasury Bills
4.38%
11/28/2025
 
14,000
13,556,791
 
 
 
 
1,268,194,011
U.S. Treasury Floating Rate Notes-9.63%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.17%)(b)
4.41%
04/30/2025
 
14,200
14,199,905
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.13%)(b)
4.36%
07/31/2025
 
11,000
10,997,362
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.15%)(b)
4.39%
04/30/2026
 
15,000
14,998,713
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.18%)(b)
4.42%
07/31/2026
 
30,000
29,971,812
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.21%)(b)
4.44%
10/31/2026
 
22,000
22,029,887
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.10%)(b)
4.34%
01/31/2027
 
34,000
34,002,439
 
 
 
 
126,200,118
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Obligations Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Treasury Notes-1.87%
U.S. Treasury Note
0.25%
09/30/2025
 
$25,000
$24,426,362
TOTAL INVESTMENTS IN SECURITIES-108.28% (Cost $1,418,820,491)
1,418,820,491
OTHER ASSETS LESS LIABILITIES-(8.28)%
(108,476,282
)
NET ASSETS-100.00%
$1,310,344,209
Notes to Schedule of Investments: 
(a)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2025.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15
Short-Term Investments Trust
Statements of Assets and Liabilities
February 28, 2025
(Unaudited)

 
 
Invesco Treasury
Portfolio
Invesco Government
& Agency Portfolio
Invesco Treasury
Obligations
Portfolio
Assets:
Investments in unaffiliated securities, at value
$13,678,555,999
$18,648,860,976
$1,418,820,491
Repurchase agreements, at value and cost
27,984,196,511
56,735,748,827
-
Cash
717,352,838
3,167,174,664
91,446
Receivable for:
Fund shares sold
13,891,229
15,431,152
35,338
Interest
117,265,685
300,725,956
474,838
Fund expenses absorbed
843,745
-
33,793
Investment for trustee deferred compensation and retirement plans
2,130,138
970,478
103,550
Other assets
412,415
1,049,667
94,859
Total assets
42,514,648,560
78,869,961,720
1,419,654,315
Liabilities:
Payable for:
Investments purchased
756,885,714
797,367,143
107,518,979
Fund shares reacquired
6,743,656
5,689,628
43,365
Dividends
78,167,309
139,904,818
1,318,037
Accrued fees to affiliates
7,618,822
10,467,295
293,612
Accrued trustees’ and officers’ fees and benefits
174,171
13,896
6,202
Accrued operating expenses
83,845
285,584
18,091
Trustee deferred compensation and retirement plans
2,292,063
1,137,625
111,820
Total liabilities
851,965,580
954,865,989
109,310,106
Net assets applicable to shares outstanding
$41,662,682,980
$77,915,095,731
$1,310,344,209
Net assets consist of:
Shares of beneficial interest
$41,663,310,767
$77,935,051,112
$1,310,805,126
Distributable earnings (loss)
(627,787
)
(19,955,381
)
(460,917
)
 
$41,662,682,980
$77,915,095,731
$1,310,344,209
Net Assets:
Cash Management Class
$585,651,223
$886,813,927
$6,257,856
CAVU Securities Class
$2,014,726,613
$13,291,474,845
$-
Corporate Class
$1,839,847,692
$624,258,121
$11,859
Institutional Class
$33,944,454,781
$58,863,712,700
$1,045,068,994
Personal Investment Class
$1,204,024,846
$100,307,610
$11,413
Premier Class
$-
$2,226,904,829
$-
Private Investment Class
$1,471,590,925
$1,272,661,312
$107,319,448
Reserve Class
$571,968,755
$514,567,159
$150,486,193
Resource Class
$30,418,145
$134,395,228
$1,188,446
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16
Short-Term Investments Trust
Statements of Assets and Liabilities—(continued)
February 28, 2025
(Unaudited)
 
Invesco Treasury
Portfolio
Invesco Government
& Agency Portfolio
Invesco Treasury
Obligations
Portfolio
Shares outstanding, no par value,
unlimited number of shares authorized:
Cash Management Class
585,623,158
887,045,213
6,259,790
CAVU Securities Class
2,014,630,006
13,294,857,355
-
Corporate Class
1,839,759,553
624,416,949
11,862
Institutional Class
33,942,842,275
58,878,700,576
1,045,390,909
Personal Investment Class
1,203,967,070
100,333,108
11,417
Premier Class
-
2,227,472,117
-
Private Investment Class
1,471,520,411
1,272,985,138
107,352,630
Reserve Class
571,941,358
514,697,947
150,532,778
Resource Class
30,416,688
134,429,420
1,188,813
Net asset value, offering and redemption price per share for each class
$1.00
$1.00
$1.00
Cost of Investments
$41,662,752,510
$75,384,609,803
$1,418,820,491
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17
Short-Term Investments Trust
Statements of Operations
For the six months ended February 28, 2025
(Unaudited)

 
 
Invesco Treasury
Portfolio
Invesco Government
& Agency Portfolio
Invesco Treasury
Obligations
Portfolio
Investment income:
Interest
$806,600,528
$1,542,243,099
$33,130,190
Expenses:
Advisory fees
25,709,047
32,610,265
886,994
Administrative services fees
7,541,424
14,372,996
308,461
Custodian fees
148,908
1,832,898
793
Distribution fees:
Cash Management Class
217,622
352,646
968
Corporate Class
235,019
70,330
2
Personal Investment Class
3,150,274
284,700
31
Private Investment Class
2,082,976
1,940,422
95,450
Reserve Class
2,497,819
2,491,089
563,864
Resource Class
24,904
105,185
1,027
Transfer agent fees
1,542,685
2,935,231
63,093
Trustees’ and officers’ fees and benefits
233,567
508,006
22,938
Registration and filing fees
280,888
362,187
75,934
Reports to shareholders
39,544
37,735
5,101
Professional services fees
144,961
325,083
31,556
Other
208,784
1,112,144
46,443
Total expenses
44,058,422
59,340,917
2,102,655
Less: Fees waived and expenses reimbursed
(4,981,849
)
(2,395,545
)
(178,908
)
Net expenses
39,076,573
56,945,372
1,923,747
Net investment income
767,523,955
1,485,297,727
31,206,443
Net realized gain from unaffiliated investment securities
546,874
594,414
14,978
Net increase in net assets resulting from operations
$768,070,829
$1,485,892,141
$31,221,421
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18
Short-Term Investments Trust
Statements of Changes in Net Assets
For the six months ended February 28, 2025 and the year ended August 31, 2024
(Unaudited)

 
 
Invesco Treasury Portfolio
Invesco Government & Agency Portfolio
 
February 28,
2025
August 31,
2024
February 28,
2025
August 31,
2024
Operations:
Net investment income
$767,523,955
$1,798,523,091
$1,485,297,727
$3,528,423,714
 
Net realized gain
546,874
588,216
594,414
5,590,379
 
Net increase in net assets resulting from operations
768,070,829
1,799,111,307
1,485,892,141
3,534,014,093
 
Distributions to shareholders from distributable earnings:
Cash Management Class
(12,071,357
)
(20,301,185
)
(19,893,251
)
(28,249,324
)
 
CAVU Securities Class
(26,668,884
)
(64,820,637
)
(229,824,095
)
(524,316,880
)
 
Corporate Class
(35,314,150
)
(87,424,956
)
(10,554,043
)
(20,482,672
)
 
Institutional Class
(630,071,294
)
(1,491,466,650
)
(1,138,273,842
)
(2,850,941,667
)
 
Personal Investment Class
(22,792,103
)
(45,434,838
)
(2,092,058
)
(3,967,725
)
 
Premier Class
-
-
(43,292,710
)
(5,919,550
)
 
Private Investment Class
(29,389,015
)
(58,364,064
)
(27,813,055
)
(63,152,533
)
 
Reserve Class
(10,534,271
)
(28,547,353
)
(10,635,381
)
(22,679,822
)
 
Resource Class
(682,881
)
(2,163,408
)
(2,919,292
)
(8,713,541
)
 
Total distributions from distributable earnings
(767,523,955
)
(1,798,523,091
)
(1,485,297,727
)
(3,528,423,714
)
 
Share transactions-net:
Cash Management Class
132,607,139
274,262,107
173,947,258
77,173,596
 
CAVU Securities Class
539,049,500
209,970,253
5,251,967,110
(4,720,514,007
)
 
Corporate Class
129,748,550
147,046,591
370,859,582
(42,052,014
)
 
Institutional Class
9,077,027,967
(3,968,533,305
)
17,152,698,845
(23,954,606,903
)
 
Personal Investment Class
162,795,894
193,522,167
(1,105,231
)
14,701,368
 
Premier Class
-
-
1,155,607,482
1,071,864,635
 
Private Investment Class
197,411,453
187,049,599
(75,787,350
)
376,265,090
 
Reserve Class
49,259,836
(93,504,210
)
(14,614,560
)
86,941,326
 
Resource Class
1,636,281
(62,351,419
)
9,187,499
(40,729,025
)
 
Net increase (decrease) in net assets resulting from share
transactions
10,289,536,620
(3,112,538,217
)
24,022,760,635
(27,130,955,934
)
 
Net increase (decrease) in net assets
10,290,083,494
(3,111,950,001
)
24,023,355,049
(27,125,365,555
)
 
Net assets:
Beginning of period
31,372,599,486
34,484,549,487
53,891,740,682
81,017,106,237
 
End of period
$41,662,682,980
$31,372,599,486
$77,915,095,731
$53,891,740,682
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19
Short-Term Investments Trust
Statements of Changes in Net Assets—(continued)
For the six months ended February 28, 2025 and the year ended August 31, 2024
(Unaudited)
 
 
Invesco Treasury Obligations Portfolio
 
February 28,
2025
August 31,
2024
Operations:
Net investment income
$31,206,443
$77,226,626
 
Net realized gain
14,978
17,841
 
Net increase in net assets resulting from operations
31,221,421
77,244,467
 
Distributions to shareholders from distributable earnings:
Cash Management Class
(53,152
)
(295,678
)
 
Corporate Class
(262
)
(31,523
)
 
Institutional Class
(27,130,449
)
(69,995,123
)
 
Personal Investment Class
(227
)
(541
)
 
Private Investment Class
(1,627,141
)
(1,796,244
)
 
Reserve Class
(2,367,053
)
(4,886,532
)
 
Resource Class
(28,159
)
(220,985
)
 
Total distributions from distributable earnings
(31,206,443
)
(77,226,626
)
 
Share transactions-net:
Cash Management Class
4,224,208
(8,328,333
)
 
Corporate Class
311
(2,766,908
)
 
Institutional Class
(237,998,353
)
(200,148,453
)
 
Personal Investment Class
(563
)
1,336
 
Private Investment Class
57,590,963
25,697,808
 
Reserve Class
21,702,318
54,825,820
 
Resource Class
(356,427
)
(4,698,869
)
 
Net increase (decrease) in net assets resulting from share transactions
(154,837,543
)
(135,417,599
)
 
Net increase (decrease) in net assets
(154,822,565
)
(135,399,758
)
 
Net assets:
Beginning of period
1,465,166,774
1,600,566,532
 
End of period
$1,310,344,209
$1,465,166,774
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20
Short-Term Investments Trust
Financial Highlights
(Unaudited)
The following schedule presents financial highlights for a share of the Funds outstanding throughout the periods indicated.
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 Treasury Portfolio
Six months ended 02/28/25
$1.00
$0.02
$0.00
$0.02
$(0.02
)
$-
$-
$(0.02
)
$1.00
2.13
%
$1,471,591
0.48
%(c)
0.51
%(c)
4.23
%(c)
Year ended 08/31/24
1.00
0.05
0.00
0.05
(0.05
)
-
-
(0.05
)
1.00
5.05
1,274,163
0.48
0.51
4.94
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
Invesco Government & Agency Portfolio
Six months ended 02/28/25
1.00
0.02
0.00
0.02
(0.02
)
-
-
(0.02
)
1.00
2.15
1,272,661
0.46
(c)
0.47
(c)
4.27
(c)
Year ended 08/31/24
1.00
0.05
0.00
0.05
(0.05
)
-
-
(0.05
)
1.00
5.06
1,348,259
0.46
0.46
4.92
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
Invesco Treasury Obligations Portfolio
Six months ended 02/28/25
1.00
0.02
(0.00
)
0.02
(0.02
)
-
-
(0.02
)
1.00
2.14
107,319
0.43
(c)
0.46
(c)
4.30
(c)
Year ended 08/31/24
1.00
0.05
0.00
0.05
(0.05
)
-
-
(0.05
)
1.00
5.05
49,747
0.43
0.46
4.94
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
 
(a)
Calculated using average shares outstanding.
(b)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and is not annualized for periods less than one year.
(c)
Annualized.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21
Short-Term Investments Trust
Notes to Financial Statements
February 28, 2025
(Unaudited)
NOTE 1—Significant Accounting Policies
Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers three separate portfolios (each constituting a “Fund”). The Funds covered in this report are Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.
The investment objective of each Fund is to provide current income consistent with preservation of capital and liquidity.
Invesco Treasury Portfolio currently offers eight different classes of shares: Cash Management Class, Corporate Class, CAVU Securities Class, Institutional Class, Personal Investment Class, Private Investment Class, Reserve Class and Resource Class. Invesco Government & Agency Portfolio currently offers nine different classes of shares: Cash Management Class, Corporate Class, CAVU Securities Class, Institutional Class, Personal Investment Class, Premier Class, Private Investment Class, Reserve Class and Resource Class. Invesco Treasury Obligations Portfolio currently offers seven different classes of shares: Cash Management Class, Corporate Class, Institutional Class, Personal Investment Class, Private Investment Class, Reserve Class and Resource Class.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services — Investment Companies.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act (the "Rule"), seek to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation.
“Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/or repurchase agreements collateralized fully by cash or Government Securities.
The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio to liquidity fee requirements at this time, as permitted by the Rule.
The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements.
A.
Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities normally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations 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, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is unreliable in the Adviser’s judgment, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by the Rule. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.
Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.
B.
Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share
22
Short-Term Investments Trust
and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Funds and the investment adviser.
The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative settled shares of each class.
C.
Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Distributions - It is the policy of the Funds to declare dividends from net investment income, if any, daily and pay them monthly. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually.
E.
Federal Income Taxes - The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. Transfer agency fees and expenses attributable to CAVU Securities Class are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative settled shares.  
G.
Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.
Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.
Segment Reporting — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity’s segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds’ chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds’ financial statements. Adoption of the new standard impacted the Funds’ financial statement note disclosures only and did not affect the Funds’ financial position or the results of its operations.
J.
Repurchase Agreements - The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is typically at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is typically at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income. 
K.
Other Risks – Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith
23
Short-Term Investments Trust
and credit of the U.S. Government, which could affect a 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.
The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.
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.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively: 
 
First $250 million
Next $250 million
Over $500 million
Invesco Treasury Portfolio
0.15%
0.15%
0.15%
Invesco Government & Agency
Portfolio
0.10%
0.10%
0.10%
Invesco Treasury Obligations
Portfolio
0.20%
0.15%
0.10%
For the six months ended February 28, 2025, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below: 
Invesco Treasury Portfolio
0.15%
Invesco Government & Agency Portfolio
0.10%
Invesco Treasury Obligations Portfolio
0.13%
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, for Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).
The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) for each Fund’s shares through at least December 31, 2025 as shown in the following table (the “expense limits”): 
 
Cash
Management
Class
CAVU
Securities
Class
Corporate
Class
Institutional
Class
Personal
Investment
Class
Premier
Class
Private
Investment
Class
Reserve
Class
Resource
Class
Invesco Treasury Portfolio
0.26%
0.18%
0.21%
0.18%
0.73%
–
0.48%
1.05%
0.34%
Invesco Government & Agency Portfolio
0.26%
0.18%
0.21%
0.18%
0.73%
0.12%
0.48%
1.05%
0.34%
Invesco Treasury Obligations Portfolio
0.26%
–
0.21%
0.18%
0.73%
–
0.43%
1.05%
0.34%
In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses, and (5) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2025 for each Fund’s shares. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.
For the six months ended February 28, 2025, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below: 
 
Expense
Limitation
Invesco Treasury Portfolio
$4,981,849
Invesco Government & Agency Portfolio
2,395,545
Invesco Treasury Obligations Portfolio
178,908
The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the six months ended February 28, 2025, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as fund accountant and provides certain administrative services to the Funds. Pursuant to a custody agreement with the Trust on behalf of the Funds, BNY Mellon also serves as the Fund’s custodian.
24
Short-Term Investments Trust
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 28, 2025, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.
Under the terms of a master distribution agreement between Invesco Distributors, Inc. ("IDI") and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). Each Fund, pursuant to the Plans, pays IDI compensation up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively. 
 
Cash
Management
Class
Corporate
Class
Personal
Investment
Class
Premier
Class
Private
Investment
Class
Reserve
Class
Resource
Class
Invesco Treasury Portfolio
0.08%
0.03%
0.55%
0.12%
0.30%
0.87%
0.16%
Invesco Government & Agency Portfolio
0.08%
0.03%
0.55%
0.12%
0.30%
0.87%
0.16%
Invesco Treasury Obligations Portfolio
0.08%
0.03%
0.55%
0.12%
0.25%
0.87%
0.16%
The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. 
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
As of February 28, 2025, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
NOTE 4—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Funds may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Funds.
NOTE 5—Cash Balances
The Funds are permitted to temporarily overdraft or leave balances in their accounts with BNY Mellon, the custodian bank. Such balances, if any at period-end, are shown in the Statements of Assets and Liabilities under the payable caption Amount due custodian. To compensate BNY Mellon or the Funds for such activity, the Funds may either (1) pay to or receive from BNY Mellon compensation at a rate agreed upon by BNY Mellon and Invesco, not to exceed the contractually agreed upon rate; or (2) leave funds or overdraft funds as a compensating balance in the account so BNY Mellon or the Funds can be compensated for use of funds.
NOTE 6—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to each Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at each Fund’s fiscal year-end.
25
Short-Term Investments Trust
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had a capital loss carryforward as of August 31, 2024, as follows: 
Fund
Short-Term
Long-Term
 
Not Subject to
Expiration
Not Subject to
Expiration
Total*
Invesco Government & Agency Portfolio
$21,111,540
$-
$21,111,540
Invesco Treasury Obligations Portfolio
433,147
20,239
453,386
 
*
Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a
variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 7—Investment Transactions
The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows: 
 
At February 28, 2025
 
Federal
Tax Cost
Unrealized
Appreciation
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Invesco Treasury Obligations Portfolio
$1,418,830,456
$-
$(9,965
)
$(9,965
)
*
For Invesco Treasury Obligations Portfolio, cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end. For Invesco Treasury Portfolio and Invesco Government & Agency Portfolio, cost of investments is the same for tax and financial reporting purposes.
26
Short-Term Investments Trust
Invesco Treasury Portfolio 
 
Summary of Share Activity
 
Six months ended
February 28, 2025(a)
Year ended
August 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Cash Management Class
1,870,577,721
$1,870,577,721
2,333,007,866
$2,333,007,866
CAVU Securities Class
9,142,926,152
9,142,926,152
22,251,478,516
22,251,478,516
Corporate Class
6,182,058,893
6,182,058,893
12,354,552,252
12,354,552,252
Institutional Class
124,944,230,624
124,944,230,624
250,888,373,402
250,888,373,402
Personal Investment Class
1,663,115,163
1,663,115,163
3,726,713,615
3,726,713,615
Private Investment Class
1,591,901,152
1,591,901,152
2,799,879,705
2,799,879,705
Reserve Class
771,300,114
771,300,114
2,909,401,364
2,909,401,364
Resource Class
120,757,039
120,757,039
236,811,098
236,811,098
Issued as reinvestment of dividends:
Cash Management Class
10,440,471
10,440,471
12,027,251
12,027,251
CAVU Securities Class
9,113,387
9,113,387
22,198,536
22,198,536
Corporate Class
35,314,150
35,314,150
71,234,826
71,234,826
Institutional Class
256,626,398
256,626,398
517,626,055
517,626,055
Personal Investment Class
8,586,531
8,586,531
21,558,843
21,558,843
Private Investment Class
25,704,571
25,704,571
42,479,974
42,479,974
Reserve Class
10,534,271
10,534,271
27,172,034
27,172,034
Resource Class
682,881
682,881
2,382,216
2,382,216
Reacquired:
Cash Management Class
(1,748,411,053
)
(1,748,411,053
)
(2,070,773,010
)
(2,070,773,010
)
CAVU Securities Class
(8,612,990,039
)
(8,612,990,039
)
(22,063,706,799
)
(22,063,706,799
)
Corporate Class
(6,087,624,493
)
(6,087,624,493
)
(12,278,740,487
)
(12,278,740,487
)
Institutional Class
(116,123,829,055
)
(116,123,829,055
)
(255,374,532,762
)
(255,374,532,762
)
Personal Investment Class
(1,508,905,800
)
(1,508,905,800
)
(3,554,750,291
)
(3,554,750,291
)
Private Investment Class
(1,420,194,270
)
(1,420,194,270
)
(2,655,310,080
)
(2,655,310,080
)
Reserve Class
(732,574,549
)
(732,574,549
)
(3,030,077,608
)
(3,030,077,608
)
Resource Class
(119,803,639
)
(119,803,639
)
(301,544,733
)
(301,544,733
)
Net increase (decrease) in share activity
10,289,536,620
$10,289,536,620
(3,112,538,217
)
$(3,112,538,217
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 24% of the outstanding shares of the
Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of
interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these
entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services
such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any
portion of the shares owned of record by these entities are also owned beneficially.
27
Short-Term Investments Trust
Invesco Government & Agency Portfolio 
 
Summary of Share Activity
 
Six months ended
February 28, 2025(a)
Year ended
August 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Cash Management Class
368,295,908
$368,295,908
663,029,782
$663,029,782
CAVU Securities Class
66,158,613,340
66,158,613,340
127,354,073,926
127,354,073,926
Corporate Class
1,873,728,701
1,873,728,701
1,829,835,886
1,829,835,886
Institutional Class
210,059,718,200
210,059,718,200
605,516,883,360
605,516,883,360
Personal Investment Class
249,366,626
249,366,626
518,971,785
518,971,785
Premier Class
100,630,532,801
100,630,532,801
19,156,568,000
19,156,568,000
Private Investment Class
1,366,365,174
1,366,365,174
3,066,991,198
3,066,991,198
Reserve Class
750,218,819
750,218,819
1,575,680,738
1,575,680,738
Resource Class
717,639,000
717,639,000
1,550,521,178
1,550,521,178
Issued as reinvestment of dividends:
Cash Management Class
19,876,850
19,876,850
7,700,062
7,700,062
CAVU Securities Class
128,638,728
128,638,728
308,419,873
308,419,873
Corporate Class
5,407,624
5,407,624
11,676,386
11,676,386
Institutional Class
508,489,921
508,489,921
1,195,586,093
1,195,586,093
Personal Investment Class
1,944,961
1,944,961
3,211,362
3,211,362
Premier Class
8,992,096
8,992,096
5,765
5,765
Private Investment Class
20,465,133
20,465,133
36,498,240
36,498,240
Reserve Class
11,748,821
11,748,821
21,397,617
21,397,617
Resource Class
1,896,956
1,896,956
5,524,706
5,524,706
Reacquired:
Cash Management Class
(214,225,500
)
(214,225,500
)
(593,556,248
)
(593,556,248
)
CAVU Securities Class
(61,035,284,958
)
(61,035,284,958
)
(132,383,007,806
)
(132,383,007,806
)
Corporate Class
(1,508,276,743
)
(1,508,276,743
)
(1,883,564,286
)
(1,883,564,286
)
Institutional Class
(193,415,509,276
)
(193,415,509,276
)
(630,667,076,356
)
(630,667,076,356
)
Personal Investment Class
(252,416,818
)
(252,416,818
)
(507,481,779
)
(507,481,779
)
Premier Class
(99,483,917,415
)
(99,483,917,415
)
(18,084,709,130
)
(18,084,709,130
)
Private Investment Class
(1,462,617,657
)
(1,462,617,657
)
(2,727,224,348
)
(2,727,224,348
)
Reserve Class
(776,582,200
)
(776,582,200
)
(1,510,137,029
)
(1,510,137,029
)
Resource Class
(710,348,457
)
(710,348,457
)
(1,596,774,909
)
(1,596,774,909
)
Net increase (decrease) in share activity
24,022,760,635
$24,022,760,635
(27,130,955,934
)
$(27,130,955,934
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 27% of the outstanding shares of
the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are
considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as
securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares
owned of record by these entities are also owned beneficially.
28
Short-Term Investments Trust
Invesco Treasury Obligations Portfolio 
 
Summary of Share Activity
 
Six months ended
February 28, 2025(a)
Year ended
August 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Cash Management Class
6,026,499
$6,026,499
2,423,695
$2,423,695
Institutional Class
1,669,660,869
1,669,660,869
2,397,055,403
2,397,055,403
Personal Investment Class
-
-
800
800
Private Investment Class
114,253,749
114,253,749
49,001,788
49,001,788
Reserve Class
169,356,194
169,356,194
395,815,661
395,815,661
Resource Class
3,085,102
3,085,102
83,785,384
83,785,384
Issued as reinvestment of dividends:
Cash Management Class
62,397
62,397
316,891
316,891
Corporate Class
311
311
35,642
35,642
Institutional Class
21,464,067
21,464,067
46,124,263
46,124,263
Personal Investment Class
273
273
536
536
Private Investment Class
1,587,937
1,587,937
1,540,314
1,540,314
Reserve Class
1,334,060
1,334,060
2,043,763
2,043,763
Resource Class
34,064
34,064
200,154
200,154
Reacquired:
Cash Management Class
(1,864,688
)
(1,864,688
)
(11,068,919
)
(11,068,919
)
Corporate Class
-
-
(2,802,550
)
(2,802,550
)
Institutional Class
(1,929,123,289
)
(1,929,123,289
)
(2,643,328,119
)
(2,643,328,119
)
Personal Investment Class
(836
)
(836
)
-
-
Private Investment Class
(58,250,723
)
(58,250,723
)
(24,844,294
)
(24,844,294
)
Reserve Class
(148,987,936
)
(148,987,936
)
(343,033,604
)
(343,033,604
)
Resource Class
(3,475,593
)
(3,475,593
)
(88,684,407
)
(88,684,407
)
Net increase (decrease) in share activity
(154,837,543
)
$(154,837,543
)
(135,417,599
)
$(135,417,599
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 73% of the outstanding shares of the
Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of
interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these
entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services
such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any
portion of the shares owned of record by these entities are also owned beneficially.
 
  In addition, 22% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
29
Short-Term Investments Trust
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
Not applicable.
30
Short-Term Investments Trust
 
SEC file numbers: 811-02729 and 002-58287
Invesco Distributors, Inc.
CM-STIT-NCSRS-PRV


 
Semi-Annual Financial Statements and Other Information
February 28, 2025
Reserve Class
Short-Term Investments Trust (STIT)
Invesco Treasury Portfolio
Invesco Government & Agency Portfolio
Invesco Treasury Obligations Portfolio 
 
2
Financial Statements
Financial Highlights
Notes to Financial Statements
Other Information Required in Form N-CSR (Items 8-11)
Schedule of Investments
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio

 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Treasury Securities-32.83%
U.S. Treasury Bills-14.35%(a)
U.S. Treasury Bills
4.76%
03/06/2025
 
$300,000
$299,806,458
U.S. Treasury Bills
4.26%
03/11/2025
 
816,439
815,475,147
U.S. Treasury Bills
4.64%
03/13/2025
 
250,000
249,622,500
U.S. Treasury Bills
4.26%-4.27%
03/18/2025
 
909,003
907,177,086
U.S. Treasury Bills
4.28%
03/20/2025
 
15,000
14,966,461
U.S. Treasury Bills
4.31%
04/03/2025
 
427,000
425,350,179
U.S. Treasury Bills
4.40%
04/10/2025
 
100,000
99,521,667
U.S. Treasury Bills
4.36%-5.21%
04/17/2025
 
890,000
884,529,853
U.S. Treasury Bills
5.02%
07/10/2025
 
175,000
171,959,253
U.S. Treasury Bills
4.11%-4.27%
10/02/2025
 
770,000
751,539,891
U.S. Treasury Bills
4.28%-4.37%
10/30/2025
 
850,000
826,222,281
U.S. Treasury Bills
4.23%-4.38%
11/28/2025
 
550,000
532,814,889
 
 
 
 
5,978,985,665
U.S. Treasury Floating Rate Notes-18.48%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.13%)(b)
4.36%
07/31/2025
 
1,100,000
1,099,791,733
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.17%)(b)
4.41%
10/31/2025
 
700,000
699,955,072
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.25%)(b)
4.48%
01/31/2026
 
1,312,809
1,313,488,917
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.15%)(b)
4.39%
04/30/2026
 
2,212,000
2,212,031,558
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.18%)(b)
4.42%
07/31/2026
 
160,000
160,120,551
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.21%)(b)
4.44%
10/31/2026
 
1,213,000
1,213,969,364
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.10%)(b)
4.34%
01/31/2027
 
1,000,000
1,000,213,139
 
 
 
 
7,699,570,334
Total U.S. Treasury Securities (Cost $13,678,555,999)
13,678,555,999
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-32.83%
(Cost $13,678,555,999)
13,678,555,999
 
 
 
Repurchase
Amount
 
Repurchase Agreements-67.17%(c)
ABN AMRO Bank N.V., agreement dated 02/28/2025, maturing value of
$250,090,625 (collateralized by U.S. Treasury obligations valued at
$255,000,002; 0.50% - 4.88%; 12/31/2025 - 05/15/2047)
4.35%
03/03/2025
 
250,090,625
250,000,000
Bank of Montreal, joint agreement dated 02/28/2025, aggregate maturing value
of $500,177,500 (collateralized by U.S. Treasury obligations valued at
$510,000,102; 0.00% - 4.75%; 04/15/2025 - 11/15/2043)
4.26%
03/03/2025
 
100,035,500
100,000,000
BNP Paribas Securities Corp., joint term agreement dated 02/10/2025,
aggregate maturing value of $1,400,518,000 (collateralized by U.S. Treasury
obligations valued at $1,428,000,149; 0.00% - 4.88%; 04/15/2025 -
02/15/2054)(d)(e)
4.44%
03/03/2025
 
490,181,300
490,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
BNP Paribas Securities Corp., joint term agreement dated 10/28/2024, aggregate
maturing value of $2,000,741,667 (collateralized by U.S. Treasury
obligations valued at $2,040,000,035; 0.00% - 6.13%; 03/31/2025 -
02/15/2045)(d)(e)
4.45%
03/03/2025
 
$1,055,391,229
$1,055,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/30/2024, aggregate
maturing value of $4,001,486,667 (collateralized by U.S. Treasury obligations
valued at $4,080,000,219; 0.00% - 6.88%; 03/27/2025 -
02/15/2055)(d)(e)
4.46%
03/03/2025
 
1,090,405,117
1,090,000,000
BofA Securities, Inc., agreement dated 02/28/2025, maturing value of
$1,000,361,667 (collateralized by U.S. Treasury obligations valued at
$1,020,000,048; 0.25% - 4.75%; 05/31/2025 - 02/15/2050)
4.34%
03/03/2025
 
1,000,361,667
1,000,000,000
BofA Securities, Inc., joint agreement dated 02/28/2025, aggregate maturing
value of $1,200,436,000 (collateralized by U.S. Treasury obligations valued
at $1,224,000,006; 0.88% - 4.75%; 10/15/2025 - 05/15/2054)
4.36%
03/03/2025
 
500,181,667
500,000,000
BofA Securities, Inc., joint term agreement dated 01/27/2025, aggregate
maturing value of $1,750,634,375 (collateralized by U.S. Treasury
obligations valued at $1,785,000,094; 1.50% - 4.50%; 10/31/2026 -
08/15/2053)(d)(e)
4.35%
03/03/2025
 
750,271,875
750,000,000
BofA Securities, Inc., term agreement dated 01/02/2025, maturing value of
$500,182,500 (collateralized by U.S. Treasury obligations valued at
$510,000,061; 1.75% - 4.25%; 03/31/2027 - 08/15/2041)(d)
4.38%
03/03/2025
 
500,182,500
500,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $1,693,006,250 (collateralized by U.S. Treasury
obligations valued at $1,708,500,103; 0.00% - 5.00%; 03/13/2025 -
08/15/2054)(e)
4.30%
03/19/2025
 
758,062,500
750,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $505,315,278 (collateralized by U.S. Treasury obligations
valued at $510,000,112; 0.00% - 5.00%; 04/15/2025 - 11/15/2053)(e)
4.30%
03/19/2025
 
202,126,111
200,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $707,608,611 (collateralized by U.S. Treasury obligations
valued at $714,000,032; 0.00% - 5.00%; 03/13/2025 - 02/15/2054)(e)
4.30%
03/20/2025
 
303,260,833
300,000,000
Citigroup Global Markets, Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $1,200,435,000 (collateralized by U.S. Treasury
obligations valued at $1,224,000,022; 0.50% - 3.63%; 02/28/2027 -
08/31/2029)
4.35%
03/03/2025
 
200,072,500
200,000,000
Citigroup Global Markets, Inc., joint term agreement dated 02/27/2025,
aggregate maturing value of $8,006,766,667 (collateralized by U.S. Treasury
obligations valued at $8,160,000,009; 0.88% - 5.25%; 06/30/2027 -
07/31/2029)(e)
4.35%
03/06/2025
 
2,502,114,583
2,500,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/30/2025, aggregate maturing value of $1,508,820,000 (collateralized
by U.S. Treasury obligations valued at $1,530,000,023; 1.25% - 4.00%;
03/31/2027 - 08/15/2031)(e)
4.32%
03/20/2025
 
502,940,000
500,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/31/2025, aggregate maturing value of $1,005,760,000 (collateralized
by U.S. Treasury obligations valued at $1,020,000,056; 1.13% - 4.50%;
08/15/2040 - 05/15/2052)(e)
4.32%
03/20/2025
 
301,728,000
300,000,000
Federal Reserve Bank of New York, joint agreement dated 02/28/2025,
aggregate maturing value of $1,100,389,583 (collateralized by U.S. Treasury
obligations valued at $1,100,389,634; 1.63% - 4.63%; 05/15/2031 -
02/15/2040)
4.25%
03/03/2025
 
500,177,083
500,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement
dated 02/28/2025, aggregate maturing value of $7,502,725,000
(collateralized by U.S. Treasury obligations valued at $7,650,000,132;
0.00% - 4.50%; 02/28/2026 - 05/15/2052)
4.36%
03/03/2025
 
2,000,726,667
2,000,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Fixed Income Clearing Corp. - Citigroup Global Markets, Inc., joint agreement dated
02/28/2025, aggregate maturing value of $1,000,363,333 (collateralized
by U.S. Treasury obligations valued at $1,020,000,066; 0.00% - 6.63%;
03/31/2025 - 02/15/2055)
4.36%
03/03/2025
 
$300,109,000
$300,000,000
Fixed Income Clearing Corp. - State Street Bank, joint agreement dated
02/28/2025, aggregate maturing value of $2,000,726,667 (collateralized
by U.S. Treasury obligations valued at $2,040,000,198; 0.88% - 4.38%;
11/15/2042 - 08/15/2053)
4.36%
03/03/2025
 
750,272,500
750,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint agreement dated
02/28/2025, aggregate maturing value of $10,153,687,833 (collateralized
by U.S. Treasury obligations valued at $10,353,000,082; 0.00% - 5.00%;
03/13/2025 - 02/15/2055)
4.36%
03/03/2025
 
2,600,944,667
2,600,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/26/2025, aggregate maturing value of $1,500,180,833 (collateralized
by U.S. Treasury obligations valued at $1,530,000,139; 0.00% - 4.75%;
08/21/2025 - 08/15/2054)(e)(f)
4.34%
03/05/2025
 
485,058,469
485,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/27/2025, aggregate maturing value of $1,951,649,375 (collateralized
by U.S. Treasury obligations valued at $1,989,000,120; 0.00% - 5.00%;
03/31/2025 - 08/15/2054)(e)
4.35%
03/06/2025
 
1,100,930,417
1,100,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., term agreement dated
02/26/2025, maturing value of $750,272,500 (collateralized by
U.S. Treasury obligations valued at $765,000,077; 0.00% - 4.63%;
03/15/2025 - 02/15/2055)(g)
4.36%
03/17/2025
 
750,272,500
750,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., term agreement dated
02/27/2025, maturing value of $350,042,389 (collateralized by
U.S. Treasury obligations valued at $357,000,005; 1.25% - 5.00%;
04/15/2026 - 08/15/2052)(f)
4.36%
04/30/2025
 
350,042,389
350,000,000
Goldman Sachs & Co., joint agreement dated 02/28/2025, aggregate maturing
value of $1,000,363,333 (collateralized by U.S. Treasury obligations valued
at $1,020,000,086; 0.00% - 4.13%; 06/30/2026 - 02/15/2055)
4.36%
03/03/2025
 
250,090,833
250,000,000
ING Financial Markets, LLC, agreement dated 02/28/2025, maturing value of
$100,036,250 (collateralized by U.S. Treasury obligations valued at
$102,000,016; 4.38% - 4.88%; 10/31/2030 - 01/31/2032)
4.35%
03/03/2025
 
100,036,250
100,000,000
Metropolitan Life Insurance Co., joint term agreement dated 02/27/2025,
aggregate maturing value of $350,300,288 (collateralized by U.S. Treasury
obligations valued at $357,540,655; 0.00%; 02/15/2043 - 08/15/2046)(e)
4.36%
03/06/2025
 
100,086,141
100,001,362
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/26/2025,
aggregate maturing value of $2,672,253,183 (collateralized by U.S. Treasury
obligations valued at $2,724,384,963; 1.00% - 4.13%; 10/15/2027 -
11/15/2040)(e)
4.34%
03/05/2025
 
579,113,295
578,625,000
Mitsubishi UFJ Trust & Banking Corp., term agreement dated 02/26/2025,
maturing value of $100,084,194 (collateralized by a U.S. Treasury obligation
valued at $102,036,759; 1.13%; 05/15/2040)(e)
4.33%
03/05/2025
 
100,084,194
100,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$1,000,361,667 (collateralized by U.S. Treasury obligations valued at
$1,035,838,452; 0.00% - 5.38%; 03/20/2025 - 11/15/2052)
4.34%
03/03/2025
 
200,072,333
200,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$500,181,250 (collateralized by U.S. Treasury obligations valued at
$516,322,299; 0.00% - 4.88%; 03/20/2025 - 08/15/2053)
4.35%
03/03/2025
 
200,072,500
200,000,000
Prudential Legacy Insurance Company of New Jersey, agreement dated
02/28/2025, maturing value of $700,055,469 (collateralized by
U.S. Treasury obligations valued at $712,964,384; 0.00% - 4.75%;
02/15/2037 - 05/15/2054)
4.37%
03/03/2025
 
700,055,469
699,800,625
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
RBC Dominion Securities Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $2,500,906,250 (collateralized by U.S. Treasury
obligations valued at $2,550,924,407; 0.00% - 4.88%; 03/20/2025 -
08/15/2054)
4.35%
03/03/2025
 
$575,208,438
$575,000,000
Royal Bank of Canada, joint agreement dated 02/28/2025, aggregate maturing
value of $1,500,545,000 (collateralized by U.S. Treasury obligations valued
at $1,530,555,913; 0.00% - 4.50%; 07/15/2025 - 02/15/2055)
4.36%
03/03/2025
 
500,181,667
500,000,000
Royal Bank of Canada, term agreement dated 06/13/2024, maturing value of
$892,597,750 (collateralized by U.S. Treasury obligations valued at
$899,556,341; 0.00% - 6.38%; 08/31/2025 - 02/15/2053)(e)
5.14%
05/30/2025
 
892,597,750
850,000,000
Societe Generale, joint agreement dated 02/28/2025, aggregate maturing value
of $2,000,726,667 (collateralized by U.S. Treasury obligations valued at
$2,040,000,093; 0.25% - 4.63%; 03/31/2025 - 02/15/2035)
4.36%
03/03/2025
 
1,000,363,333
1,000,000,000
Societe Generale, joint term agreement dated 02/25/2025, aggregate maturing
value of $1,501,260,000 (collateralized by U.S. Treasury obligations valued
at $1,530,000,001; 0.13% - 4.75%; 02/28/2027 - 11/15/2053)(e)
4.32%
03/04/2025
 
400,336,000
400,000,000
Societe Generale, joint term agreement dated 02/26/2025, aggregate maturing
value of $1,251,052,431 (collateralized by U.S. Treasury obligations valued
at $1,275,000,082; 2.88% - 4.25%; 10/31/2026 - 04/30/2029)(e)
4.33%
03/05/2025
 
550,463,069
550,000,000
Societe Generale, joint term agreement dated 02/28/2025, aggregate maturing
value of $1,000,843,889 (collateralized by U.S. Treasury obligations valued
at $1,020,000,019; 1.25% - 4.00%; 11/30/2026 - 07/31/2029)(e)
4.34%
03/07/2025
 
300,253,167
300,000,000
Standard Chartered Bank, joint agreement dated 02/28/2025, aggregate
maturing value of $2,801,017,333 (collateralized by U.S. Treasury
obligations valued at $2,857,037,767; 0.00% - 5.00%; 03/11/2025 -
02/15/2055)
4.36%
03/03/2025
 
750,272,500
750,000,000
Teacher Retirement System of Texas, joint agreement dated 02/27/2025,
aggregate maturing value of $1,548,939,146 (collateralized by U.S. Treasury
obligations valued at $1,625,780,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.47%
03/03/2025
 
754,164,631
753,883,810
Teacher Retirement System of Texas, joint agreement dated 02/28/2025,
aggregate maturing value of $1,554,446,275 (collateralized by U.S. Treasury
obligations valued at $1,631,965,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.48%
03/04/2025
 
756,979,905
756,885,714
Total Repurchase Agreements (Cost $27,984,196,511)
27,984,196,511
TOTAL INVESTMENTS IN SECURITIES-100.00% (Cost $41,662,752,510)
41,662,752,510
OTHER ASSETS LESS LIABILITIES-(0.00)%
(69,530
)
NET ASSETS-100.00%
$41,662,682,980
Notes to Schedule of Investments: 
(a)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2025.
(c)
Principal amount equals value at period end. See Note 1J.
(d)
Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.
(e)
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(f)
Interest is paid periodically at specified time intervals. The Repurchase Amount includes one day of interest due at maturity. 
(g)
Interest is paid periodically at specified time intervals. The Repurchase Amount includes three days of interest due at maturity.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Short-Term Investments Trust
Schedule of Investments
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio

 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Government Sponsored Agency Securities-15.64%
Federal Farm Credit Bank (FFCB)-11.63%
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.45%
03/07/2025
 
$25,000
$25,000,000
Federal Farm Credit Bank (SOFR + 0.18%)(a)
4.54%
03/07/2025
 
10,000
10,000,212
Federal Farm Credit Bank (SOFR + 0.04%)(a)
4.40%
05/13/2025
 
23,000
23,000,000
Federal Farm Credit Bank (SOFR + 0.12%)(a)
4.48%
05/28/2025
 
60,000
60,000,000
Federal Farm Credit Bank (SOFR + 0.12%)(a)
4.48%
05/30/2025
 
25,000
25,000,000
Federal Farm Credit Bank (SOFR + 0.11%)(a)
4.47%
06/13/2025
 
154,000
154,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
06/27/2025
 
170,000
170,000,000
Federal Farm Credit Bank (SOFR + 0.24%)(a)
4.60%
08/05/2025
 
177,500
177,614,553
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
08/13/2025
 
100,000
100,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
08/22/2025
 
175,000
175,000,000
Federal Farm Credit Bank (1 mo. EFFR + 0.15%)(a)
4.48%
09/26/2025
 
112,956
112,985,510
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
10/03/2025
 
10,000
10,000,972
Federal Farm Credit Bank (SOFR + 0.35%)(a)
4.71%
11/25/2025
 
60,000
60,114,679
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
11/28/2025
 
25,275
25,274,527
Federal Farm Credit Bank (SOFR + 0.16%)(a)
4.52%
11/28/2025
 
242,000
242,000,000
Federal Farm Credit Bank (SOFR + 0.16%)(a)
4.52%
12/01/2025
 
77,000
77,000,000
Federal Farm Credit Bank (SOFR + 0.15%)(a)
4.51%
12/15/2025
 
24,000
24,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.51%
12/29/2025
 
550,000
550,000,000
Federal Farm Credit Bank (SOFR + 0.33%)(a)
4.69%
12/29/2025
 
20,000
20,033,393
Federal Farm Credit Bank (SOFR + 0.16%)(a)
4.52%
01/23/2026
 
58,000
58,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.51%
01/29/2026
 
350,000
350,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
01/30/2026
 
170,000
170,000,000
Federal Farm Credit Bank (SOFR + 0.08%)(a)
4.44%
03/04/2026
 
250,000
250,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
03/04/2026
 
286,000
286,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
03/05/2026
 
28,000
28,000,000
Federal Farm Credit Bank (SOFR + 0.11%)(a)
4.47%
03/26/2026
 
35,000
35,000,000
Federal Farm Credit Bank (SOFR + 0.11%)(a)
4.47%
04/09/2026
 
125,000
125,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.45%
05/14/2026
 
290,000
290,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.45%
05/21/2026
 
185,000
185,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
06/03/2026
 
213,000
213,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
06/18/2026
 
240,000
240,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
06/24/2026
 
230,000
230,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
07/01/2026
 
151,000
151,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.42%
08/07/2026
 
30,000
30,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
08/26/2026
 
107,000
107,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
09/04/2026
 
175,000
175,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
09/09/2026
 
192,000
192,028,940
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
09/25/2026
 
456,000
456,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
10/01/2026
 
465,000
465,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
10/06/2026
 
47,000
47,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
10/15/2026
 
413,000
413,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
11/02/2026
 
169,000
169,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
11/18/2026
 
600,000
600,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
11/23/2026
 
197,000
197,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/02/2026
 
186,000
186,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Federal Farm Credit Bank (FFCB)-(continued)
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/09/2026
 
$204,000
$204,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/18/2026
 
500,000
500,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/30/2026
 
19,000
19,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
01/27/2027
 
215,000
215,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
02/03/2027
 
95,000
95,000,000
Federal Farm Credit Bank (SOFR + 0.12%)(a)
4.45%
02/10/2027
 
340,000
340,000,000
 
 
 
 
9,062,052,786
Federal Home Loan Bank (FHLB)-3.90%
Federal Home Loan Bank(b)
4.37%
05/01/2025
 
100,000
99,276,472
Federal Home Loan Bank (SOFR)(a)
4.36%
05/27/2025
 
350,000
350,000,000
Federal Home Loan Bank (SOFR)(a)
4.36%
06/02/2025
 
165,000
165,000,000
Federal Home Loan Bank(b)
4.27%
06/09/2025
 
100,000
98,847,222
Federal Home Loan Bank(b)
4.26%
06/16/2025
 
265,000
261,739,175
Federal Home Loan Bank (SOFR + 0.01%)(a)
4.37%
06/27/2025
 
350,000
350,000,000
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
07/24/2025
 
217,000
217,000,000
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
08/21/2025
 
11,800
11,803,206
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
08/22/2025
 
180,000
180,000,000
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
09/02/2025
 
10,000
10,003,336
Federal Home Loan Bank (SOFR + 0.10%)(a)
4.46%
10/16/2025
 
22,000
22,000,000
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
11/12/2025
 
7,000
7,001,155
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
11/17/2025
 
10,000
10,003,083
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
11/20/2025
 
115,000
115,059,740
Federal Home Loan Bank (SOFR + 0.15%)(a)
4.51%
12/08/2025
 
37,000
37,000,000
Federal Home Loan Bank (SOFR + 0.15%)(a)
4.51%
12/11/2025
 
258,000
258,000,000
Federal Home Loan Bank (SOFR + 0.12%)(a)
4.48%
12/19/2025
 
50,000
49,999,920
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.51%
01/02/2026
 
8,000
8,001,130
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
01/26/2026
 
150,000
150,000,000
Federal Home Loan Bank (SOFR + 0.13%)(a)
4.49%
03/24/2026
 
28,000
28,000,000
Federal Home Loan Bank (SOFR + 0.25%)(a)
4.61%
03/27/2026
 
35,000
35,056,652
Federal Home Loan Bank (SOFR + 0.10%)(a)
4.46%
05/13/2026
 
384,000
384,000,000
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
09/24/2026
 
193,000
193,000,000
 
 
 
 
3,040,791,091
U.S. International Development Finance Corp. (DFC)-0.11%(c)
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
2,400
2,400,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
789
789,474
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
1,750
1,750,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
2,611
2,611,114
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
34,091
34,090,909
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
5,111
5,111,111
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. International Development Finance Corp. (DFC)(c)-(continued)
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.56%
03/12/2025
 
$5,252
$5,252,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.56%
03/12/2025
 
2,917
2,916,667
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.57%
03/12/2025
 
7,650
7,650,000
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
23,625
23,625,000
 
 
 
 
86,196,275
Total U.S. Government Sponsored Agency Securities (Cost $12,189,040,152)
12,189,040,152
U.S. Treasury Securities-5.21%
U.S. Treasury Bills-4.91%(b)
U.S. Treasury Bills
4.36%
03/27/2025
 
350,000
348,920,639
U.S. Treasury Bills
4.31%
04/03/2025
 
300,000
298,840,875
U.S. Treasury Bills
4.40%
04/10/2025
 
205,000
204,019,417
U.S. Treasury Bills
4.36%-5.20%
04/17/2025
 
865,000
859,670,066
U.S. Treasury Bills
5.02%
07/10/2025
 
325,000
319,352,899
U.S. Treasury Bills
4.13%-4.27%
10/02/2025
 
947,000
924,232,187
U.S. Treasury Bills
4.28%
10/30/2025
 
100,000
97,232,500
U.S. Treasury Bills
4.38%
11/28/2025
 
800,000
774,673,778
 
 
 
 
3,826,942,361
U.S. Treasury Floating Rate Notes-0.30%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.17%)(a)
4.41%
04/30/2025
 
229,000
228,998,889
Total U.S. Treasury Securities (Cost $4,055,941,250)
4,055,941,250
U.S. Government Sponsored Agency Mortgage-Backed Securities-3.08%
Federal Home Loan Mortgage Corp. (FHLMC)-0.83%
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
09/04/2026
 
296,000
296,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
09/23/2026
 
263,625
263,629,574
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
10/16/2026
 
7,000
7,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
10/29/2026
 
82,000
82,000,000
 
 
 
 
648,629,574
Federal National Mortgage Association (FNMA)-2.25%
Federal National Mortgage Association (SOFR + 0.10%)(a)
4.46%
06/18/2026
 
170,000
170,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
08/21/2026
 
403,000
403,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
09/11/2026
 
143,000
143,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
10/23/2026
 
103,000
103,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
11/20/2026
 
105,000
105,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
12/11/2026
 
831,250
831,250,000
 
 
 
 
1,755,250,000
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $2,403,879,574)
2,403,879,574
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-23.93%
(Cost $18,648,860,976)
18,648,860,976
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Repurchase Agreements-72.82%(d)
Bank of Montreal, agreement dated 02/28/2025, maturing value of
$200,071,833 (collateralized by U.S. Treasury obligations valued at
$204,000,050; 0.00% - 4.88%; 05/15/2025 - 01/31/2027)
4.31%
03/03/2025
 
$200,071,833
$200,000,000
Bank of Montreal, joint agreement dated 02/28/2025, aggregate maturing value
of $500,177,500 (collateralized by U.S. Treasury obligations valued at
$510,000,102; 0.00% - 4.75%; 04/15/2025 - 11/15/2043)
4.26%
03/03/2025
 
400,142,000
400,000,000
Bank of Montreal, joint term agreement dated 02/13/2025, aggregate maturing
value of $250,874,028 (collateralized by agency mortgage-backed securities
valued at $255,000,001; 2.00% - 6.00%; 04/01/2037 - 03/01/2055)
(Canada)(e)
4.34%
03/14/2025
 
150,524,417
150,000,000
Bank of Nova Scotia, agreement dated 02/28/2025, maturing value of
$500,181,250 (collateralized by U.S. Treasury obligations valued at
$510,000,010; 0.00% - 6.25%; 03/18/2025 - 02/15/2054)
4.35%
03/03/2025
 
500,181,250
500,000,000
BMO Capital Markets Corp., joint term agreement dated 02/10/2025, aggregate
maturing value of $1,003,383,333 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$1,020,000,080; 0.00% - 7.00%; 03/06/2025 - 02/20/2065) (Canada)(e)
4.35%
03/10/2025
 
451,522,500
450,000,000
BMO Capital Markets Corp., joint term agreement dated 02/28/2025, aggregate
maturing value of $1,506,387,500 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$1,530,000,372; 0.00% - 9.00%; 03/11/2025 - 07/20/2070) (Canada)(e)
4.38%
04/04/2025
 
959,066,708
955,000,000
BNP Paribas Securities Corp., joint term agreement dated 02/10/2025,
aggregate maturing value of $1,400,518,000 (collateralized by U.S. Treasury
obligations valued at $1,428,000,149; 0.00% - 4.88%; 04/15/2025 -
02/15/2054)(e)(f)
4.44%
03/03/2025
 
650,240,500
650,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/28/2024, aggregate
maturing value of $2,000,741,667 (collateralized by agency mortgage-
backed securities valued at $2,040,000,000; 0.13% - 9.00%; 07/01/2026
- 11/20/2064)(e)(f)
4.45%
03/03/2025
 
1,195,443,146
1,195,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/28/2024, aggregate
maturing value of $2,000,741,667 (collateralized by U.S. Treasury
obligations valued at $2,040,000,035; 0.00% - 6.13%; 03/31/2025 -
02/15/2045)(e)(f)
4.45%
03/03/2025
 
945,350,438
945,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/30/2024, aggregate
maturing value of $4,001,486,667 (collateralized by U.S. Treasury obligations
valued at $4,080,000,219; 0.00% - 6.88%; 03/27/2025 -
02/15/2055)(e)(f)
4.46%
03/03/2025
 
2,100,780,500
2,100,000,000
BofA Securities, Inc., agreement dated 02/28/2025, maturing value of
$300,107,000 (collateralized by U.S. Treasury obligations valued at
$306,000,079; 0.88% - 4.75%; 07/31/2026 - 02/15/2041)
4.28%
03/03/2025
 
300,107,000
300,000,000
BofA Securities, Inc., joint agreement dated 02/28/2025, aggregate maturing
value of $1,200,436,000 (collateralized by U.S. Treasury obligations valued
at $1,224,000,006; 0.88% - 4.75%; 10/15/2025 - 05/15/2054)
4.36%
03/03/2025
 
700,254,333
700,000,000
BofA Securities, Inc., joint agreement dated 02/28/2025, aggregate maturing
value of $250,089,583 (collateralized by U.S. Treasury obligations valued at
$255,000,031; 3.63% - 4.88%; 02/28/2026 - 04/15/2028)
4.30%
03/03/2025
 
150,053,750
150,000,000
BofA Securities, Inc., joint term agreement dated 01/27/2025, aggregate
maturing value of $1,750,634,375 (collateralized by U.S. Treasury
obligations valued at $1,785,000,094; 1.50% - 4.50%; 10/31/2026 -
08/15/2053)(e)(f)
4.35%
03/03/2025
 
1,000,362,500
1,000,000,000
CIBC World Markets Corp., agreement dated 02/28/2025, maturing value of
$450,163,125 (collateralized by U.S. Treasury obligations valued at
$459,000,069; 0.00% - 5.00%; 03/13/2025 - 08/15/2045)
4.35%
03/03/2025
 
450,163,125
450,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $1,693,006,250 (collateralized by U.S. Treasury
obligations valued at $1,708,500,103; 0.00% - 5.00%; 03/13/2025 -
08/15/2054)(e)
4.30%
03/19/2025
 
$934,943,750
$925,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $505,315,278 (collateralized by U.S. Treasury obligations
valued at $510,000,112; 0.00% - 5.00%; 04/15/2025 - 11/15/2053)(e)
4.30%
03/19/2025
 
303,189,167
300,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $707,608,611 (collateralized by U.S. Treasury obligations
valued at $714,000,032; 0.00% - 5.00%; 03/13/2025 - 02/15/2054)(e)
4.30%
03/20/2025
 
404,347,778
400,000,000
CIBC World Markets Corp., term agreement dated 02/06/2025, maturing value of
$502,095,139 (collateralized by U.S. Treasury obligations valued at
$510,000,018; 0.00% - 4.63%; 02/15/2026 - 02/15/2053)(e)
4.31%
03/13/2025
 
502,095,139
500,000,000
CIBC World Markets Corp., term agreement dated 02/20/2025, maturing value of
$250,870,000 (collateralized by U.S. Treasury obligations and agency
mortgage-backed securities valued at $255,000,000; 0.00% - 7.02%;
02/15/2026 - 06/01/2063)(e)
4.32%
03/21/2025
 
250,870,000
250,000,000
CIBC World Markets Corp., term agreement dated 02/28/2025, maturing value of
$95,239,954 (collateralized by U.S. Treasury obligations valued at
$96,900,064; 0.00% - 5.00%; 05/22/2025 - 05/15/2054)(e)
4.33%
03/21/2025
 
95,239,954
95,000,000
Citigroup Global Markets, Inc., agreement dated 02/28/2025, maturing value of
$200,070,833 (collateralized by U.S. Treasury obligations valued at
$204,000,027; 0.50% - 4.25%; 12/15/2027 - 02/28/2029)
4.25%
03/03/2025
 
200,070,833
200,000,000
Citigroup Global Markets, Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $1,200,435,000 (collateralized by U.S. Treasury
obligations valued at $1,224,000,022; 0.50% - 3.63%; 02/28/2027 -
08/31/2029)
4.35%
03/03/2025
 
700,253,750
700,000,000
Citigroup Global Markets, Inc., joint term agreement dated 02/27/2025,
aggregate maturing value of $1,201,017,333 (collateralized by U.S. Treasury
obligations, agency mortgage-backed securities and U.S. government
sponsored agency obligations valued at $1,224,000,048; 0.00% - 8.00%;
04/28/2025 - 09/15/2065)(e)
4.36%
03/06/2025
 
360,305,200
360,000,000
Citigroup Global Markets, Inc., joint term agreement dated 02/27/2025,
aggregate maturing value of $8,006,766,667 (collateralized by U.S. Treasury
obligations valued at $8,160,000,009; 0.88% - 5.25%; 06/30/2027 -
07/31/2029)(e)
4.35%
03/06/2025
 
3,392,867,375
3,390,000,000
Credit Agricole Corporate & Investment Bank, agreement dated 02/28/2025,
maturing value of $500,181,667 (collateralized by U.S. Treasury obligations
valued at $510,000,073; 0.38% - 4.13%; 08/31/2026 - 08/15/2030)
4.36%
03/03/2025
 
500,181,667
500,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/30/2025, aggregate maturing value of $1,508,820,000 (collateralized
by U.S. Treasury obligations valued at $1,530,000,023; 1.25% - 4.00%;
03/31/2027 - 08/15/2031)(e)
4.32%
03/20/2025
 
754,410,000
750,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/31/2025, aggregate maturing value of $1,005,760,000 (collateralized
by U.S. Treasury obligations valued at $1,020,000,056; 1.13% - 4.50%;
08/15/2040 - 05/15/2052)(e)
4.32%
03/20/2025
 
442,534,400
440,000,000
Federal Reserve Bank of New York, joint agreement dated 02/28/2025,
aggregate maturing value of $1,100,389,583 (collateralized by U.S. Treasury
obligations valued at $1,100,389,634; 1.63% - 4.63%; 05/15/2031 -
02/15/2040)
4.25%
03/03/2025
 
600,212,500
600,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement
dated 02/28/2025, aggregate maturing value of $7,502,725,000
(collateralized by U.S. Treasury obligations valued at $7,650,000,132;
0.00% - 4.50%; 02/28/2026 - 05/15/2052)
4.36%
03/03/2025
 
4,076,480,583
4,075,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Fixed Income Clearing Corp. - Citigroup Global Markets, Inc., joint agreement dated
02/28/2025, aggregate maturing value of $1,000,363,333 (collateralized
by U.S. Treasury obligations valued at $1,020,000,066; 0.00% - 6.63%;
03/31/2025 - 02/15/2055)
4.36%
03/03/2025
 
$700,254,333
$700,000,000
Fixed Income Clearing Corp. - State Street Bank, joint agreement dated
02/28/2025, aggregate maturing value of $2,000,726,667 (collateralized
by U.S. Treasury obligations valued at $2,040,000,198; 0.88% - 4.38%;
11/15/2042 - 08/15/2053)
4.36%
03/03/2025
 
1,250,454,167
1,250,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint agreement dated
02/28/2025, aggregate maturing value of $10,153,687,833 (collateralized
by U.S. Treasury obligations valued at $10,353,000,082; 0.00% - 5.00%;
03/13/2025 - 02/15/2055)
4.36%
03/03/2025
 
5,602,034,667
5,600,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/26/2025, aggregate maturing value of $1,500,180,833 (collateralized
by U.S. Treasury obligations valued at $1,530,000,139; 0.00% - 4.75%;
08/21/2025 - 08/15/2054)(e)(g)
4.34%
03/05/2025
 
785,094,636
785,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/27/2025, aggregate maturing value of $1,951,649,375 (collateralized
by U.S. Treasury obligations valued at $1,989,000,120; 0.00% - 5.00%;
03/31/2025 - 08/15/2054)(e)
4.35%
03/06/2025
 
750,634,375
750,000,000
Goldman Sachs & Co., joint agreement dated 02/28/2025, aggregate maturing
value of $1,000,363,333 (collateralized by U.S. Treasury obligations valued
at $1,020,000,086; 0.00% - 4.13%; 06/30/2026 - 02/15/2055)
4.36%
03/03/2025
 
750,272,500
750,000,000
ING Financial Markets, LLC, joint term agreement dated 01/30/2025, aggregate
maturing value of $251,476,806 (collateralized by agency mortgage-backed
securities valued at $255,000,001; 2.00% - 6.50%; 07/01/2051 -
03/01/2054)
4.34%
03/20/2025
 
140,827,011
140,000,000
J.P. Morgan Securities LLC, joint open agreement dated 09/17/2024
(collateralized by a U.S. Treasury obligation and agency mortgage-backed
securities valued at $1,020,000,001; 0.00% - 8.00%; 09/15/2025 -
06/16/2063)(f)
4.40%
03/03/2025
 
888,017,113
885,000,000
Metropolitan Life Insurance Co., joint term agreement dated 02/27/2025,
aggregate maturing value of $350,300,288 (collateralized by U.S. Treasury
obligations valued at $357,540,655; 0.00%; 02/15/2043 - 08/15/2046)(e)
4.36%
03/06/2025
 
170,144,735
170,000,613
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/26/2025,
aggregate maturing value of $2,672,253,183 (collateralized by U.S. Treasury
obligations valued at $2,724,384,963; 1.00% - 4.13%; 10/15/2027 -
11/15/2040)(e)
4.34%
03/05/2025
 
1,636,805,117
1,635,425,000
Natixis, agreement dated 02/28/2025, maturing value of $500,182,083
(collateralized by U.S. Treasury obligations and agency mortgage-backed
securities valued at $510,000,031; 1.75% - 6.50%; 03/31/2027 -
03/25/2055)
4.37%
03/03/2025
 
500,182,083
500,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$1,000,361,667 (collateralized by U.S. Treasury obligations valued at
$1,035,838,452; 0.00% - 5.38%; 03/20/2025 - 11/15/2052)
4.34%
03/03/2025
 
800,289,333
800,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$500,181,250 (collateralized by U.S. Treasury obligations valued at
$516,322,299; 0.00% - 4.88%; 03/20/2025 - 08/15/2053)
4.35%
03/03/2025
 
300,108,750
300,000,000
Prudential Insurance Co. of America, agreement dated 02/28/2025, maturing
value of $731,043,625 (collateralized by U.S. Treasury obligations valued at
$744,928,528; 0.00% - 4.38%; 07/31/2026 - 11/15/2046)
4.37%
03/03/2025
 
731,043,625
730,777,500
RBC Dominion Securities Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $2,500,906,250 (collateralized by U.S. Treasury
obligations valued at $2,550,924,407; 0.00% - 4.88%; 03/20/2025 -
08/15/2054)
4.35%
03/03/2025
 
1,300,471,250
1,300,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
RBC Dominion Securities Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $2,796,017,846 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$2,851,938,203; 0.00% - 6.50%; 04/15/2026 - 02/20/2055)
4.37%
03/03/2025
 
$1,420,517,117
$1,420,000,000
Royal Bank of Canada, joint agreement dated 02/28/2025, aggregate maturing
value of $1,500,545,000 (collateralized by U.S. Treasury obligations valued
at $1,530,555,913; 0.00% - 4.50%; 07/15/2025 - 02/15/2055)
4.36%
03/03/2025
 
500,181,667
500,000,000
Royal Bank of Canada, joint agreement dated 02/28/2025, aggregate maturing
value of $1,506,548,435 (collateralized by U.S. Treasury obligations and
agency mortgage-backed securities valued at $1,536,679,471; 0.00% -
7.00%; 02/19/2026 - 02/20/2055)
4.37%
03/03/2025
 
1,100,400,583
1,100,000,000
Royal Bank of Canada, joint term agreement dated 06/13/2024, aggregate
maturing value of $3,692,889,960 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$3,721,512,552; 0.00% - 8.50%; 05/06/2025 - 11/20/2064)(e)
5.16%
05/30/2025
 
2,730,806,000
2,600,000,000
Societe Generale, joint agreement dated 02/28/2025, aggregate maturing value
of $2,000,726,667 (collateralized by U.S. Treasury obligations valued at
$2,040,000,093; 0.25% - 4.63%; 03/31/2025 - 02/15/2035)
4.36%
03/03/2025
 
850,308,833
850,000,000
Societe Generale, joint term agreement dated 02/25/2025, aggregate maturing
value of $1,501,260,000 (collateralized by U.S. Treasury obligations valued
at $1,530,000,001; 0.13% - 4.75%; 02/28/2027 - 11/15/2053)(e)
4.32%
03/04/2025
 
750,630,000
750,000,000
Societe Generale, joint term agreement dated 02/26/2025, aggregate maturing
value of $1,251,052,431 (collateralized by U.S. Treasury obligations valued
at $1,275,000,082; 2.88% - 4.25%; 10/31/2026 - 04/30/2029)(e)
4.33%
03/05/2025
 
500,420,972
500,000,000
Societe Generale, joint term agreement dated 02/26/2025, aggregate maturing
value of $750,632,917 (collateralized by agency mortgage-backed securities
valued at $765,000,950; 2.00% - 6.00%; 07/01/2050 - 02/01/2055)(e)
4.34%
03/05/2025
 
500,421,944
500,000,000
Societe Generale, joint term agreement dated 02/28/2025, aggregate maturing
value of $1,000,843,889 (collateralized by U.S. Treasury obligations valued
at $1,020,000,019; 1.25% - 4.00%; 11/30/2026 - 07/31/2029)(e)
4.34%
03/07/2025
 
380,320,678
380,000,000
Standard Chartered Bank, joint agreement dated 02/28/2025, aggregate
maturing value of $2,500,910,417 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$2,550,928,659; 0.13% - 7.50%; 11/15/2025 - 12/15/2066)
4.37%
03/03/2025
 
775,282,229
775,000,000
Standard Chartered Bank, joint agreement dated 02/28/2025, aggregate
maturing value of $2,801,017,333 (collateralized by U.S. Treasury
obligations valued at $2,857,037,767; 0.00% - 5.00%; 03/11/2025 -
02/15/2055)
4.36%
03/03/2025
 
1,012,367,693
1,012,000,000
Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2025, aggregate
maturing value of $4,301,565,917 (collateralized by agency mortgage-
backed securities valued at $4,446,469,970; 3.00% - 6.50%; 10/20/2042
- 11/20/2054)
4.37%
03/03/2025
 
1,280,166,024
1,279,700,000
Teacher Retirement System of Texas, joint agreement dated 02/27/2025,
aggregate maturing value of $1,548,939,146 (collateralized by U.S. Treasury
obligations valued at $1,625,780,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.47%
03/03/2025
 
794,774,515
794,478,571
Teacher Retirement System of Texas, joint agreement dated 02/28/2025,
aggregate maturing value of $1,554,446,275 (collateralized by U.S. Treasury
obligations valued at $1,631,965,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.48%
03/04/2025
 
797,466,371
797,367,143
Wells Fargo Securities, LLC, agreement dated 02/28/2025, maturing value of
$750,273,125 (collateralized by agency mortgage-backed securities valued at
$765,000,000; 2.00% - 7.00%; 03/20/2028 - 01/20/2055)
4.37%
03/03/2025
 
750,273,125
750,000,000
Wells Fargo Securities, LLC, joint term agreement dated 01/03/2025, aggregate
maturing value of $913,267,500 (collateralized by agency mortgage-backed
securities and U.S. government sponsored agency obligations valued at
$918,000,801; 0.00% - 7.00%; 03/07/2025 - 09/01/2057)
4.35%
05/05/2025
 
523,606,700
516,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Wells Fargo Securities, LLC, joint term agreement dated 01/15/2025, aggregate
maturing value of $2,208,816,500 (collateralized by agency mortgage-
backed securities valued at $2,228,700,000; 1.00% - 7.50%; 07/01/2025
- 01/01/2059)
4.36%
04/15/2025
 
$1,551,731,500
$1,535,000,000
Wells Fargo Securities, LLC, joint term agreement dated 02/27/2025, aggregate
maturing value of $869,417,000 (collateralized by agency mortgage-backed
securities and U.S. government sponsored agency obligations valued at
$877,200,001; 0.00% - 7.00%; 03/03/2025 - 01/01/2059)
4.38%
05/28/2025
 
758,212,500
750,000,000
Total Repurchase Agreements (Cost $56,735,748,827)
56,735,748,827
TOTAL INVESTMENTS IN SECURITIES(h)-96.75% (Cost $75,384,609,803)
75,384,609,803
OTHER ASSETS LESS LIABILITIES-3.25%
2,530,485,928
NET ASSETS-100.00%
$77,915,095,731
Investment Abbreviations: 
EFFR
-Effective Federal Funds Rate
SOFR
-Secured Overnight Financing Rate
VRD
-Variable Rate Demand
Notes to Schedule of Investments: 
(a)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2025.
(b)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(c)
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the
issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2025.
(d)
Principal amount equals value at period end. See Note 1J.
(e)
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(f)
Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.
(g)
Interest is paid periodically at specified time intervals. The Repurchase Amount includes one day of interest due at maturity. 
(h)
Also represents cost for federal income tax purposes.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13
Short-Term Investments Trust
Schedule of Investments
February 28, 2025
(Unaudited)
Invesco Treasury Obligations Portfolio

 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Treasury Securities-108.28%
U.S. Treasury Bills-96.78%(a)
U.S. Treasury Bills
4.26%-4.27%
03/04/2025
 
$80,975
$80,946,523
U.S. Treasury Bills
4.41%-4.76%
03/06/2025
 
24,500
24,484,728
U.S. Treasury Bills
4.24%-4.26%
03/11/2025
 
78,800
78,707,274
U.S. Treasury Bills
4.64%
03/13/2025
 
8,000
7,987,920
U.S. Treasury Bills
4.24%-4.44%
03/18/2025
 
185,000
184,627,091
U.S. Treasury Bills
4.34%-5.16%
03/20/2025
 
15,000
14,964,377
U.S. Treasury Bills
4.26%-4.28%
03/25/2025
 
135,000
134,617,733
U.S. Treasury Bills
4.29%
03/27/2025
 
15,000
14,954,067
U.S. Treasury Bills
4.39%
04/01/2025
 
199,500
198,796,871
U.S. Treasury Bills
4.24%-4.31%
04/03/2025
 
44,000
43,830,135
U.S. Treasury Bills
4.27%-4.38%
04/08/2025
 
79,000
78,644,927
U.S. Treasury Bills
4.40%
04/10/2025
 
10,000
9,952,167
U.S. Treasury Bills
4.26%-4.28%
04/15/2025
 
94,400
93,900,176
U.S. Treasury Bills
4.37%-5.04%
04/17/2025
 
11,000
10,934,137
U.S. Treasury Bills
4.24%-4.26%
04/22/2025
 
46,200
45,917,607
U.S. Treasury Bills
4.26%
04/29/2025
 
58,000
57,612,004
U.S. Treasury Bills
4.42%
05/01/2025
 
9,000
8,934,044
U.S. Treasury Bills
0.00%
05/08/2025
 
40,000
39,680,933
U.S. Treasury Bills
4.27%
05/13/2025
 
12,000
11,897,192
U.S. Treasury Bills
4.41%-5.18%
05/15/2025
 
19,500
19,319,075
U.S. Treasury Bills
4.22%-4.44%
05/29/2025
 
38,000
37,603,870
U.S. Treasury Bills
4.35%
06/05/2025
 
7,000
6,920,573
U.S. Treasury Bills
4.26%
06/26/2025
 
15,000
14,796,712
U.S. Treasury Bills
5.02%
07/10/2025
 
4,000
3,930,497
U.S. Treasury Bills
4.12%-4.22%
10/02/2025
 
13,000
12,688,137
U.S. Treasury Bills
4.27%-4.28%
10/30/2025
 
18,500
17,988,450
U.S. Treasury Bills
4.38%
11/28/2025
 
14,000
13,556,791
 
 
 
 
1,268,194,011
U.S. Treasury Floating Rate Notes-9.63%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.17%)(b)
4.41%
04/30/2025
 
14,200
14,199,905
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.13%)(b)
4.36%
07/31/2025
 
11,000
10,997,362
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.15%)(b)
4.39%
04/30/2026
 
15,000
14,998,713
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.18%)(b)
4.42%
07/31/2026
 
30,000
29,971,812
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.21%)(b)
4.44%
10/31/2026
 
22,000
22,029,887
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.10%)(b)
4.34%
01/31/2027
 
34,000
34,002,439
 
 
 
 
126,200,118
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Obligations Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Treasury Notes-1.87%
U.S. Treasury Note
0.25%
09/30/2025
 
$25,000
$24,426,362
TOTAL INVESTMENTS IN SECURITIES-108.28% (Cost $1,418,820,491)
1,418,820,491
OTHER ASSETS LESS LIABILITIES-(8.28)%
(108,476,282
)
NET ASSETS-100.00%
$1,310,344,209
Notes to Schedule of Investments: 
(a)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2025.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15
Short-Term Investments Trust
Statements of Assets and Liabilities
February 28, 2025
(Unaudited)

 
 
Invesco Treasury
Portfolio
Invesco Government
& Agency Portfolio
Invesco Treasury
Obligations
Portfolio
Assets:
Investments in unaffiliated securities, at value
$13,678,555,999
$18,648,860,976
$1,418,820,491
Repurchase agreements, at value and cost
27,984,196,511
56,735,748,827
-
Cash
717,352,838
3,167,174,664
91,446
Receivable for:
Fund shares sold
13,891,229
15,431,152
35,338
Interest
117,265,685
300,725,956
474,838
Fund expenses absorbed
843,745
-
33,793
Investment for trustee deferred compensation and retirement plans
2,130,138
970,478
103,550
Other assets
412,415
1,049,667
94,859
Total assets
42,514,648,560
78,869,961,720
1,419,654,315
Liabilities:
Payable for:
Investments purchased
756,885,714
797,367,143
107,518,979
Fund shares reacquired
6,743,656
5,689,628
43,365
Dividends
78,167,309
139,904,818
1,318,037
Accrued fees to affiliates
7,618,822
10,467,295
293,612
Accrued trustees’ and officers’ fees and benefits
174,171
13,896
6,202
Accrued operating expenses
83,845
285,584
18,091
Trustee deferred compensation and retirement plans
2,292,063
1,137,625
111,820
Total liabilities
851,965,580
954,865,989
109,310,106
Net assets applicable to shares outstanding
$41,662,682,980
$77,915,095,731
$1,310,344,209
Net assets consist of:
Shares of beneficial interest
$41,663,310,767
$77,935,051,112
$1,310,805,126
Distributable earnings (loss)
(627,787
)
(19,955,381
)
(460,917
)
 
$41,662,682,980
$77,915,095,731
$1,310,344,209
Net Assets:
Cash Management Class
$585,651,223
$886,813,927
$6,257,856
CAVU Securities Class
$2,014,726,613
$13,291,474,845
$-
Corporate Class
$1,839,847,692
$624,258,121
$11,859
Institutional Class
$33,944,454,781
$58,863,712,700
$1,045,068,994
Personal Investment Class
$1,204,024,846
$100,307,610
$11,413
Premier Class
$-
$2,226,904,829
$-
Private Investment Class
$1,471,590,925
$1,272,661,312
$107,319,448
Reserve Class
$571,968,755
$514,567,159
$150,486,193
Resource Class
$30,418,145
$134,395,228
$1,188,446
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16
Short-Term Investments Trust
Statements of Assets and Liabilities—(continued)
February 28, 2025
(Unaudited)
 
Invesco Treasury
Portfolio
Invesco Government
& Agency Portfolio
Invesco Treasury
Obligations
Portfolio
Shares outstanding, no par value,
unlimited number of shares authorized:
Cash Management Class
585,623,158
887,045,213
6,259,790
CAVU Securities Class
2,014,630,006
13,294,857,355
-
Corporate Class
1,839,759,553
624,416,949
11,862
Institutional Class
33,942,842,275
58,878,700,576
1,045,390,909
Personal Investment Class
1,203,967,070
100,333,108
11,417
Premier Class
-
2,227,472,117
-
Private Investment Class
1,471,520,411
1,272,985,138
107,352,630
Reserve Class
571,941,358
514,697,947
150,532,778
Resource Class
30,416,688
134,429,420
1,188,813
Net asset value, offering and redemption price per share for each class
$1.00
$1.00
$1.00
Cost of Investments
$41,662,752,510
$75,384,609,803
$1,418,820,491
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17
Short-Term Investments Trust
Statements of Operations
For the six months ended February 28, 2025
(Unaudited)

 
 
Invesco Treasury
Portfolio
Invesco Government
& Agency Portfolio
Invesco Treasury
Obligations
Portfolio
Investment income:
Interest
$806,600,528
$1,542,243,099
$33,130,190
Expenses:
Advisory fees
25,709,047
32,610,265
886,994
Administrative services fees
7,541,424
14,372,996
308,461
Custodian fees
148,908
1,832,898
793
Distribution fees:
Cash Management Class
217,622
352,646
968
Corporate Class
235,019
70,330
2
Personal Investment Class
3,150,274
284,700
31
Private Investment Class
2,082,976
1,940,422
95,450
Reserve Class
2,497,819
2,491,089
563,864
Resource Class
24,904
105,185
1,027
Transfer agent fees
1,542,685
2,935,231
63,093
Trustees’ and officers’ fees and benefits
233,567
508,006
22,938
Registration and filing fees
280,888
362,187
75,934
Reports to shareholders
39,544
37,735
5,101
Professional services fees
144,961
325,083
31,556
Other
208,784
1,112,144
46,443
Total expenses
44,058,422
59,340,917
2,102,655
Less: Fees waived and expenses reimbursed
(4,981,849
)
(2,395,545
)
(178,908
)
Net expenses
39,076,573
56,945,372
1,923,747
Net investment income
767,523,955
1,485,297,727
31,206,443
Net realized gain from unaffiliated investment securities
546,874
594,414
14,978
Net increase in net assets resulting from operations
$768,070,829
$1,485,892,141
$31,221,421
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18
Short-Term Investments Trust
Statements of Changes in Net Assets
For the six months ended February 28, 2025 and the year ended August 31, 2024
(Unaudited)

 
 
Invesco Treasury Portfolio
Invesco Government & Agency Portfolio
 
February 28,
2025
August 31,
2024
February 28,
2025
August 31,
2024
Operations:
Net investment income
$767,523,955
$1,798,523,091
$1,485,297,727
$3,528,423,714
 
Net realized gain
546,874
588,216
594,414
5,590,379
 
Net increase in net assets resulting from operations
768,070,829
1,799,111,307
1,485,892,141
3,534,014,093
 
Distributions to shareholders from distributable earnings:
Cash Management Class
(12,071,357
)
(20,301,185
)
(19,893,251
)
(28,249,324
)
 
CAVU Securities Class
(26,668,884
)
(64,820,637
)
(229,824,095
)
(524,316,880
)
 
Corporate Class
(35,314,150
)
(87,424,956
)
(10,554,043
)
(20,482,672
)
 
Institutional Class
(630,071,294
)
(1,491,466,650
)
(1,138,273,842
)
(2,850,941,667
)
 
Personal Investment Class
(22,792,103
)
(45,434,838
)
(2,092,058
)
(3,967,725
)
 
Premier Class
-
-
(43,292,710
)
(5,919,550
)
 
Private Investment Class
(29,389,015
)
(58,364,064
)
(27,813,055
)
(63,152,533
)
 
Reserve Class
(10,534,271
)
(28,547,353
)
(10,635,381
)
(22,679,822
)
 
Resource Class
(682,881
)
(2,163,408
)
(2,919,292
)
(8,713,541
)
 
Total distributions from distributable earnings
(767,523,955
)
(1,798,523,091
)
(1,485,297,727
)
(3,528,423,714
)
 
Share transactions-net:
Cash Management Class
132,607,139
274,262,107
173,947,258
77,173,596
 
CAVU Securities Class
539,049,500
209,970,253
5,251,967,110
(4,720,514,007
)
 
Corporate Class
129,748,550
147,046,591
370,859,582
(42,052,014
)
 
Institutional Class
9,077,027,967
(3,968,533,305
)
17,152,698,845
(23,954,606,903
)
 
Personal Investment Class
162,795,894
193,522,167
(1,105,231
)
14,701,368
 
Premier Class
-
-
1,155,607,482
1,071,864,635
 
Private Investment Class
197,411,453
187,049,599
(75,787,350
)
376,265,090
 
Reserve Class
49,259,836
(93,504,210
)
(14,614,560
)
86,941,326
 
Resource Class
1,636,281
(62,351,419
)
9,187,499
(40,729,025
)
 
Net increase (decrease) in net assets resulting from share
transactions
10,289,536,620
(3,112,538,217
)
24,022,760,635
(27,130,955,934
)
 
Net increase (decrease) in net assets
10,290,083,494
(3,111,950,001
)
24,023,355,049
(27,125,365,555
)
 
Net assets:
Beginning of period
31,372,599,486
34,484,549,487
53,891,740,682
81,017,106,237
 
End of period
$41,662,682,980
$31,372,599,486
$77,915,095,731
$53,891,740,682
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19
Short-Term Investments Trust
Statements of Changes in Net Assets—(continued)
For the six months ended February 28, 2025 and the year ended August 31, 2024
(Unaudited)
 
 
Invesco Treasury Obligations Portfolio
 
February 28,
2025
August 31,
2024
Operations:
Net investment income
$31,206,443
$77,226,626
 
Net realized gain
14,978
17,841
 
Net increase in net assets resulting from operations
31,221,421
77,244,467
 
Distributions to shareholders from distributable earnings:
Cash Management Class
(53,152
)
(295,678
)
 
Corporate Class
(262
)
(31,523
)
 
Institutional Class
(27,130,449
)
(69,995,123
)
 
Personal Investment Class
(227
)
(541
)
 
Private Investment Class
(1,627,141
)
(1,796,244
)
 
Reserve Class
(2,367,053
)
(4,886,532
)
 
Resource Class
(28,159
)
(220,985
)
 
Total distributions from distributable earnings
(31,206,443
)
(77,226,626
)
 
Share transactions-net:
Cash Management Class
4,224,208
(8,328,333
)
 
Corporate Class
311
(2,766,908
)
 
Institutional Class
(237,998,353
)
(200,148,453
)
 
Personal Investment Class
(563
)
1,336
 
Private Investment Class
57,590,963
25,697,808
 
Reserve Class
21,702,318
54,825,820
 
Resource Class
(356,427
)
(4,698,869
)
 
Net increase (decrease) in net assets resulting from share transactions
(154,837,543
)
(135,417,599
)
 
Net increase (decrease) in net assets
(154,822,565
)
(135,399,758
)
 
Net assets:
Beginning of period
1,465,166,774
1,600,566,532
 
End of period
$1,310,344,209
$1,465,166,774
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20
Short-Term Investments Trust
Financial Highlights
(Unaudited)
The following schedule presents financial highlights for a share of the Funds outstanding throughout the periods indicated.
Reserve Class 
 
Net asset
value,
beginning
of period
Net
investment
income(a)
Net gains
on securities
(realized)
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 Treasury Portfolio
Six months ended 02/28/25
$1.00
$0.02
$0.00
$0.02
$(0.02
)
$-
$-
$(0.02
)
$1.00
1.84
%
$571,969
1.05
%(c)
1.08
%(c)
3.66
%(c)
Year ended 08/31/24
1.00
0.04
(0.00
)
0.04
(0.04
)
-
-
(0.04
)
1.00
4.46
522,708
1.05
1.08
4.37
Year ended 08/31/23
1.00
0.03
0.00
0.03
(0.03
)
-
-
(0.03
)
1.00
3.47
616,192
1.05
1.09
3.51
Year ended 08/31/22
1.00
0.00
0.00
0.00
(0.00
)
-
-
(0.00
)
1.00
0.19
987,384
0.39
1.08
0.21
Year ended 08/31/21
1.00
0.00
0.00
0.00
(0.00
)
-
-
(0.00
)
1.00
0.01
867,767
0.10
1.08
0.01
Year ended 08/31/20
1.00
0.00
0.00
0.00
(0.00
)
(0.00
)
-
(0.00
)
1.00
0.39
581,684
0.60
1.08
0.44
Invesco Government & Agency Portfolio
Six months ended 02/28/25
1.00
0.02
0.00
0.02
(0.02
)
-
-
(0.02
)
1.00
1.86
514,567
1.03
(c)
1.04
(c)
3.70
(c)
Year ended 08/31/24
1.00
0.04
(0.00
)
0.04
(0.04
)
-
-
(0.04
)
1.00
4.47
529,135
1.03
1.03
4.35
Year ended 08/31/23
1.00
0.03
0.00
0.03
(0.03
)
-
-
(0.03
)
1.00
3.48
442,229
1.03
1.03
3.52
Year ended 08/31/22
1.00
0.00
(0.00
)
0.00
(0.00
)
-
-
(0.00
)
1.00
0.21
598,751
0.42
1.03
0.23
Year ended 08/31/21
1.00
0.00
0.00
0.00
(0.00
)
-
-
(0.00
)
1.00
0.02
408,500
0.08
1.03
0.02
Year ended 08/31/20
1.00
0.00
(0.00
)
0.00
(0.00
)
(0.00
)
-
(0.00
)
1.00
0.40
401,438
0.63
1.02
0.37
Invesco Treasury Obligations Portfolio
Six months ended 02/28/25
1.00
0.02
(0.00
)
0.02
(0.02
)
-
-
(0.02
)
1.00
1.83
150,486
1.05
(c)
1.08
(c)
3.68
(c)
Year ended 08/31/24
1.00
0.04
0.00
0.04
(0.04
)
-
-
(0.04
)
1.00
4.41
128,794
1.05
1.08
4.32
Year ended 08/31/23
1.00
0.03
(0.00
)
0.03
(0.03
)
-
-
(0.03
)
1.00
3.35
73,984
1.05
1.07
3.35
Year ended 08/31/22
1.00
0.00
(0.00
)
(0.00
)
(0.00
)
-
-
(0.00
)
1.00
0.16
42,147
0.35
1.08
0.24
Year ended 08/31/21
1.00
0.00
0.00
0.00
(0.00
)
-
-
(0.00
)
1.00
0.01
74,495
0.10
1.08
0.01
Year ended 08/31/20
1.00
0.00
(0.00
)
0.00
(0.00
)
-
-
(0.00
)
1.00
0.38
54,585
0.75
1.07
0.27
 
(a)
Calculated using average shares outstanding.
(b)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and is not annualized for periods less than one year.
(c)
Annualized.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21
Short-Term Investments Trust
Notes to Financial Statements
February 28, 2025
(Unaudited)
NOTE 1—Significant Accounting Policies
Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers three separate portfolios (each constituting a “Fund”). The Funds covered in this report are Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.
The investment objective of each Fund is to provide current income consistent with preservation of capital and liquidity.
Invesco Treasury Portfolio currently offers eight different classes of shares: Cash Management Class, Corporate Class, CAVU Securities Class, Institutional Class, Personal Investment Class, Private Investment Class, Reserve Class and Resource Class. Invesco Government & Agency Portfolio currently offers nine different classes of shares: Cash Management Class, Corporate Class, CAVU Securities Class, Institutional Class, Personal Investment Class, Premier Class, Private Investment Class, Reserve Class and Resource Class. Invesco Treasury Obligations Portfolio currently offers seven different classes of shares: Cash Management Class, Corporate Class, Institutional Class, Personal Investment Class, Private Investment Class, Reserve Class and Resource Class.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services — Investment Companies.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act (the "Rule"), seek to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation.
“Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/or repurchase agreements collateralized fully by cash or Government Securities.
The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio to liquidity fee requirements at this time, as permitted by the Rule.
The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements.
A.
Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities normally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations 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, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is unreliable in the Adviser’s judgment, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by the Rule. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.
Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.
B.
Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share
22
Short-Term Investments Trust
and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Funds and the investment adviser.
The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative settled shares of each class.
C.
Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Distributions - It is the policy of the Funds to declare dividends from net investment income, if any, daily and pay them monthly. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually.
E.
Federal Income Taxes - The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. Transfer agency fees and expenses attributable to CAVU Securities Class are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative settled shares.  
G.
Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.
Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.
Segment Reporting — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity’s segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds’ chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds’ financial statements. Adoption of the new standard impacted the Funds’ financial statement note disclosures only and did not affect the Funds’ financial position or the results of its operations.
J.
Repurchase Agreements - The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is typically at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is typically at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income. 
K.
Other Risks – Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith
23
Short-Term Investments Trust
and credit of the U.S. Government, which could affect a 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.
The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.
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.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively: 
 
First $250 million
Next $250 million
Over $500 million
Invesco Treasury Portfolio
0.15%
0.15%
0.15%
Invesco Government & Agency
Portfolio
0.10%
0.10%
0.10%
Invesco Treasury Obligations
Portfolio
0.20%
0.15%
0.10%
For the six months ended February 28, 2025, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below: 
Invesco Treasury Portfolio
0.15%
Invesco Government & Agency Portfolio
0.10%
Invesco Treasury Obligations Portfolio
0.13%
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, for Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).
The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) for each Fund’s shares through at least December 31, 2025 as shown in the following table (the “expense limits”): 
 
Cash
Management
Class
CAVU
Securities
Class
Corporate
Class
Institutional
Class
Personal
Investment
Class
Premier
Class
Private
Investment
Class
Reserve
Class
Resource
Class
Invesco Treasury Portfolio
0.26%
0.18%
0.21%
0.18%
0.73%
–
0.48%
1.05%
0.34%
Invesco Government & Agency Portfolio
0.26%
0.18%
0.21%
0.18%
0.73%
0.12%
0.48%
1.05%
0.34%
Invesco Treasury Obligations Portfolio
0.26%
–
0.21%
0.18%
0.73%
–
0.43%
1.05%
0.34%
In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses, and (5) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2025 for each Fund’s shares. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.
For the six months ended February 28, 2025, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below: 
 
Expense
Limitation
Invesco Treasury Portfolio
$4,981,849
Invesco Government & Agency Portfolio
2,395,545
Invesco Treasury Obligations Portfolio
178,908
The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the six months ended February 28, 2025, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as fund accountant and provides certain administrative services to the Funds. Pursuant to a custody agreement with the Trust on behalf of the Funds, BNY Mellon also serves as the Fund’s custodian.
24
Short-Term Investments Trust
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 28, 2025, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.
Under the terms of a master distribution agreement between Invesco Distributors, Inc. ("IDI") and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). Each Fund, pursuant to the Plans, pays IDI compensation up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively. 
 
Cash
Management
Class
Corporate
Class
Personal
Investment
Class
Premier
Class
Private
Investment
Class
Reserve
Class
Resource
Class
Invesco Treasury Portfolio
0.08%
0.03%
0.55%
0.12%
0.30%
0.87%
0.16%
Invesco Government & Agency Portfolio
0.08%
0.03%
0.55%
0.12%
0.30%
0.87%
0.16%
Invesco Treasury Obligations Portfolio
0.08%
0.03%
0.55%
0.12%
0.25%
0.87%
0.16%
The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. 
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
As of February 28, 2025, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
NOTE 4—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Funds may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Funds.
NOTE 5—Cash Balances
The Funds are permitted to temporarily overdraft or leave balances in their accounts with BNY Mellon, the custodian bank. Such balances, if any at period-end, are shown in the Statements of Assets and Liabilities under the payable caption Amount due custodian. To compensate BNY Mellon or the Funds for such activity, the Funds may either (1) pay to or receive from BNY Mellon compensation at a rate agreed upon by BNY Mellon and Invesco, not to exceed the contractually agreed upon rate; or (2) leave funds or overdraft funds as a compensating balance in the account so BNY Mellon or the Funds can be compensated for use of funds.
NOTE 6—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to each Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at each Fund’s fiscal year-end.
25
Short-Term Investments Trust
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had a capital loss carryforward as of August 31, 2024, as follows: 
Fund
Short-Term
Long-Term
 
Not Subject to
Expiration
Not Subject to
Expiration
Total*
Invesco Government & Agency Portfolio
$21,111,540
$-
$21,111,540
Invesco Treasury Obligations Portfolio
433,147
20,239
453,386
 
*
Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a
variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 7—Investment Transactions
The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows: 
 
At February 28, 2025
 
Federal
Tax Cost
Unrealized
Appreciation
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Invesco Treasury Obligations Portfolio
$1,418,830,456
$-
$(9,965
)
$(9,965
)
*
For Invesco Treasury Obligations Portfolio, cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end. For Invesco Treasury Portfolio and Invesco Government & Agency Portfolio, cost of investments is the same for tax and financial reporting purposes.
26
Short-Term Investments Trust
Invesco Treasury Portfolio 
 
Summary of Share Activity
 
Six months ended
February 28, 2025(a)
Year ended
August 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Cash Management Class
1,870,577,721
$1,870,577,721
2,333,007,866
$2,333,007,866
CAVU Securities Class
9,142,926,152
9,142,926,152
22,251,478,516
22,251,478,516
Corporate Class
6,182,058,893
6,182,058,893
12,354,552,252
12,354,552,252
Institutional Class
124,944,230,624
124,944,230,624
250,888,373,402
250,888,373,402
Personal Investment Class
1,663,115,163
1,663,115,163
3,726,713,615
3,726,713,615
Private Investment Class
1,591,901,152
1,591,901,152
2,799,879,705
2,799,879,705
Reserve Class
771,300,114
771,300,114
2,909,401,364
2,909,401,364
Resource Class
120,757,039
120,757,039
236,811,098
236,811,098
Issued as reinvestment of dividends:
Cash Management Class
10,440,471
10,440,471
12,027,251
12,027,251
CAVU Securities Class
9,113,387
9,113,387
22,198,536
22,198,536
Corporate Class
35,314,150
35,314,150
71,234,826
71,234,826
Institutional Class
256,626,398
256,626,398
517,626,055
517,626,055
Personal Investment Class
8,586,531
8,586,531
21,558,843
21,558,843
Private Investment Class
25,704,571
25,704,571
42,479,974
42,479,974
Reserve Class
10,534,271
10,534,271
27,172,034
27,172,034
Resource Class
682,881
682,881
2,382,216
2,382,216
Reacquired:
Cash Management Class
(1,748,411,053
)
(1,748,411,053
)
(2,070,773,010
)
(2,070,773,010
)
CAVU Securities Class
(8,612,990,039
)
(8,612,990,039
)
(22,063,706,799
)
(22,063,706,799
)
Corporate Class
(6,087,624,493
)
(6,087,624,493
)
(12,278,740,487
)
(12,278,740,487
)
Institutional Class
(116,123,829,055
)
(116,123,829,055
)
(255,374,532,762
)
(255,374,532,762
)
Personal Investment Class
(1,508,905,800
)
(1,508,905,800
)
(3,554,750,291
)
(3,554,750,291
)
Private Investment Class
(1,420,194,270
)
(1,420,194,270
)
(2,655,310,080
)
(2,655,310,080
)
Reserve Class
(732,574,549
)
(732,574,549
)
(3,030,077,608
)
(3,030,077,608
)
Resource Class
(119,803,639
)
(119,803,639
)
(301,544,733
)
(301,544,733
)
Net increase (decrease) in share activity
10,289,536,620
$10,289,536,620
(3,112,538,217
)
$(3,112,538,217
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 24% of the outstanding shares of the
Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of
interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these
entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services
such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any
portion of the shares owned of record by these entities are also owned beneficially.
27
Short-Term Investments Trust
Invesco Government & Agency Portfolio 
 
Summary of Share Activity
 
Six months ended
February 28, 2025(a)
Year ended
August 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Cash Management Class
368,295,908
$368,295,908
663,029,782
$663,029,782
CAVU Securities Class
66,158,613,340
66,158,613,340
127,354,073,926
127,354,073,926
Corporate Class
1,873,728,701
1,873,728,701
1,829,835,886
1,829,835,886
Institutional Class
210,059,718,200
210,059,718,200
605,516,883,360
605,516,883,360
Personal Investment Class
249,366,626
249,366,626
518,971,785
518,971,785
Premier Class
100,630,532,801
100,630,532,801
19,156,568,000
19,156,568,000
Private Investment Class
1,366,365,174
1,366,365,174
3,066,991,198
3,066,991,198
Reserve Class
750,218,819
750,218,819
1,575,680,738
1,575,680,738
Resource Class
717,639,000
717,639,000
1,550,521,178
1,550,521,178
Issued as reinvestment of dividends:
Cash Management Class
19,876,850
19,876,850
7,700,062
7,700,062
CAVU Securities Class
128,638,728
128,638,728
308,419,873
308,419,873
Corporate Class
5,407,624
5,407,624
11,676,386
11,676,386
Institutional Class
508,489,921
508,489,921
1,195,586,093
1,195,586,093
Personal Investment Class
1,944,961
1,944,961
3,211,362
3,211,362
Premier Class
8,992,096
8,992,096
5,765
5,765
Private Investment Class
20,465,133
20,465,133
36,498,240
36,498,240
Reserve Class
11,748,821
11,748,821
21,397,617
21,397,617
Resource Class
1,896,956
1,896,956
5,524,706
5,524,706
Reacquired:
Cash Management Class
(214,225,500
)
(214,225,500
)
(593,556,248
)
(593,556,248
)
CAVU Securities Class
(61,035,284,958
)
(61,035,284,958
)
(132,383,007,806
)
(132,383,007,806
)
Corporate Class
(1,508,276,743
)
(1,508,276,743
)
(1,883,564,286
)
(1,883,564,286
)
Institutional Class
(193,415,509,276
)
(193,415,509,276
)
(630,667,076,356
)
(630,667,076,356
)
Personal Investment Class
(252,416,818
)
(252,416,818
)
(507,481,779
)
(507,481,779
)
Premier Class
(99,483,917,415
)
(99,483,917,415
)
(18,084,709,130
)
(18,084,709,130
)
Private Investment Class
(1,462,617,657
)
(1,462,617,657
)
(2,727,224,348
)
(2,727,224,348
)
Reserve Class
(776,582,200
)
(776,582,200
)
(1,510,137,029
)
(1,510,137,029
)
Resource Class
(710,348,457
)
(710,348,457
)
(1,596,774,909
)
(1,596,774,909
)
Net increase (decrease) in share activity
24,022,760,635
$24,022,760,635
(27,130,955,934
)
$(27,130,955,934
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 27% of the outstanding shares of
the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are
considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as
securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares
owned of record by these entities are also owned beneficially.
28
Short-Term Investments Trust
Invesco Treasury Obligations Portfolio 
 
Summary of Share Activity
 
Six months ended
February 28, 2025(a)
Year ended
August 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Cash Management Class
6,026,499
$6,026,499
2,423,695
$2,423,695
Institutional Class
1,669,660,869
1,669,660,869
2,397,055,403
2,397,055,403
Personal Investment Class
-
-
800
800
Private Investment Class
114,253,749
114,253,749
49,001,788
49,001,788
Reserve Class
169,356,194
169,356,194
395,815,661
395,815,661
Resource Class
3,085,102
3,085,102
83,785,384
83,785,384
Issued as reinvestment of dividends:
Cash Management Class
62,397
62,397
316,891
316,891
Corporate Class
311
311
35,642
35,642
Institutional Class
21,464,067
21,464,067
46,124,263
46,124,263
Personal Investment Class
273
273
536
536
Private Investment Class
1,587,937
1,587,937
1,540,314
1,540,314
Reserve Class
1,334,060
1,334,060
2,043,763
2,043,763
Resource Class
34,064
34,064
200,154
200,154
Reacquired:
Cash Management Class
(1,864,688
)
(1,864,688
)
(11,068,919
)
(11,068,919
)
Corporate Class
-
-
(2,802,550
)
(2,802,550
)
Institutional Class
(1,929,123,289
)
(1,929,123,289
)
(2,643,328,119
)
(2,643,328,119
)
Personal Investment Class
(836
)
(836
)
-
-
Private Investment Class
(58,250,723
)
(58,250,723
)
(24,844,294
)
(24,844,294
)
Reserve Class
(148,987,936
)
(148,987,936
)
(343,033,604
)
(343,033,604
)
Resource Class
(3,475,593
)
(3,475,593
)
(88,684,407
)
(88,684,407
)
Net increase (decrease) in share activity
(154,837,543
)
$(154,837,543
)
(135,417,599
)
$(135,417,599
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 73% of the outstanding shares of the
Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of
interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these
entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services
such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any
portion of the shares owned of record by these entities are also owned beneficially.
 
  In addition, 22% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
29
Short-Term Investments Trust
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
Not applicable.
30
Short-Term Investments Trust
 
SEC file numbers: 811-02729 and 002-58287
Invesco Distributors, Inc.
CM-STIT-NCSRS-RSV


 
Semi-Annual Financial Statements and Other Information
February 28, 2025
Resource Class
Short-Term Investments Trust (STIT)
Invesco Treasury Portfolio
Invesco Government & Agency Portfolio
Invesco Treasury Obligations Portfolio 
 
2
Financial Statements
Financial Highlights
Notes to Financial Statements
Other Information Required in Form N-CSR (Items 8-11)
Schedule of Investments
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio

 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Treasury Securities-32.83%
U.S. Treasury Bills-14.35%(a)
U.S. Treasury Bills
4.76%
03/06/2025
 
$300,000
$299,806,458
U.S. Treasury Bills
4.26%
03/11/2025
 
816,439
815,475,147
U.S. Treasury Bills
4.64%
03/13/2025
 
250,000
249,622,500
U.S. Treasury Bills
4.26%-4.27%
03/18/2025
 
909,003
907,177,086
U.S. Treasury Bills
4.28%
03/20/2025
 
15,000
14,966,461
U.S. Treasury Bills
4.31%
04/03/2025
 
427,000
425,350,179
U.S. Treasury Bills
4.40%
04/10/2025
 
100,000
99,521,667
U.S. Treasury Bills
4.36%-5.21%
04/17/2025
 
890,000
884,529,853
U.S. Treasury Bills
5.02%
07/10/2025
 
175,000
171,959,253
U.S. Treasury Bills
4.11%-4.27%
10/02/2025
 
770,000
751,539,891
U.S. Treasury Bills
4.28%-4.37%
10/30/2025
 
850,000
826,222,281
U.S. Treasury Bills
4.23%-4.38%
11/28/2025
 
550,000
532,814,889
 
 
 
 
5,978,985,665
U.S. Treasury Floating Rate Notes-18.48%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.13%)(b)
4.36%
07/31/2025
 
1,100,000
1,099,791,733
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.17%)(b)
4.41%
10/31/2025
 
700,000
699,955,072
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.25%)(b)
4.48%
01/31/2026
 
1,312,809
1,313,488,917
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.15%)(b)
4.39%
04/30/2026
 
2,212,000
2,212,031,558
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.18%)(b)
4.42%
07/31/2026
 
160,000
160,120,551
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.21%)(b)
4.44%
10/31/2026
 
1,213,000
1,213,969,364
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.10%)(b)
4.34%
01/31/2027
 
1,000,000
1,000,213,139
 
 
 
 
7,699,570,334
Total U.S. Treasury Securities (Cost $13,678,555,999)
13,678,555,999
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-32.83%
(Cost $13,678,555,999)
13,678,555,999
 
 
 
Repurchase
Amount
 
Repurchase Agreements-67.17%(c)
ABN AMRO Bank N.V., agreement dated 02/28/2025, maturing value of
$250,090,625 (collateralized by U.S. Treasury obligations valued at
$255,000,002; 0.50% - 4.88%; 12/31/2025 - 05/15/2047)
4.35%
03/03/2025
 
250,090,625
250,000,000
Bank of Montreal, joint agreement dated 02/28/2025, aggregate maturing value
of $500,177,500 (collateralized by U.S. Treasury obligations valued at
$510,000,102; 0.00% - 4.75%; 04/15/2025 - 11/15/2043)
4.26%
03/03/2025
 
100,035,500
100,000,000
BNP Paribas Securities Corp., joint term agreement dated 02/10/2025,
aggregate maturing value of $1,400,518,000 (collateralized by U.S. Treasury
obligations valued at $1,428,000,149; 0.00% - 4.88%; 04/15/2025 -
02/15/2054)(d)(e)
4.44%
03/03/2025
 
490,181,300
490,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
2
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
BNP Paribas Securities Corp., joint term agreement dated 10/28/2024, aggregate
maturing value of $2,000,741,667 (collateralized by U.S. Treasury
obligations valued at $2,040,000,035; 0.00% - 6.13%; 03/31/2025 -
02/15/2045)(d)(e)
4.45%
03/03/2025
 
$1,055,391,229
$1,055,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/30/2024, aggregate
maturing value of $4,001,486,667 (collateralized by U.S. Treasury obligations
valued at $4,080,000,219; 0.00% - 6.88%; 03/27/2025 -
02/15/2055)(d)(e)
4.46%
03/03/2025
 
1,090,405,117
1,090,000,000
BofA Securities, Inc., agreement dated 02/28/2025, maturing value of
$1,000,361,667 (collateralized by U.S. Treasury obligations valued at
$1,020,000,048; 0.25% - 4.75%; 05/31/2025 - 02/15/2050)
4.34%
03/03/2025
 
1,000,361,667
1,000,000,000
BofA Securities, Inc., joint agreement dated 02/28/2025, aggregate maturing
value of $1,200,436,000 (collateralized by U.S. Treasury obligations valued
at $1,224,000,006; 0.88% - 4.75%; 10/15/2025 - 05/15/2054)
4.36%
03/03/2025
 
500,181,667
500,000,000
BofA Securities, Inc., joint term agreement dated 01/27/2025, aggregate
maturing value of $1,750,634,375 (collateralized by U.S. Treasury
obligations valued at $1,785,000,094; 1.50% - 4.50%; 10/31/2026 -
08/15/2053)(d)(e)
4.35%
03/03/2025
 
750,271,875
750,000,000
BofA Securities, Inc., term agreement dated 01/02/2025, maturing value of
$500,182,500 (collateralized by U.S. Treasury obligations valued at
$510,000,061; 1.75% - 4.25%; 03/31/2027 - 08/15/2041)(d)
4.38%
03/03/2025
 
500,182,500
500,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $1,693,006,250 (collateralized by U.S. Treasury
obligations valued at $1,708,500,103; 0.00% - 5.00%; 03/13/2025 -
08/15/2054)(e)
4.30%
03/19/2025
 
758,062,500
750,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $505,315,278 (collateralized by U.S. Treasury obligations
valued at $510,000,112; 0.00% - 5.00%; 04/15/2025 - 11/15/2053)(e)
4.30%
03/19/2025
 
202,126,111
200,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $707,608,611 (collateralized by U.S. Treasury obligations
valued at $714,000,032; 0.00% - 5.00%; 03/13/2025 - 02/15/2054)(e)
4.30%
03/20/2025
 
303,260,833
300,000,000
Citigroup Global Markets, Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $1,200,435,000 (collateralized by U.S. Treasury
obligations valued at $1,224,000,022; 0.50% - 3.63%; 02/28/2027 -
08/31/2029)
4.35%
03/03/2025
 
200,072,500
200,000,000
Citigroup Global Markets, Inc., joint term agreement dated 02/27/2025,
aggregate maturing value of $8,006,766,667 (collateralized by U.S. Treasury
obligations valued at $8,160,000,009; 0.88% - 5.25%; 06/30/2027 -
07/31/2029)(e)
4.35%
03/06/2025
 
2,502,114,583
2,500,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/30/2025, aggregate maturing value of $1,508,820,000 (collateralized
by U.S. Treasury obligations valued at $1,530,000,023; 1.25% - 4.00%;
03/31/2027 - 08/15/2031)(e)
4.32%
03/20/2025
 
502,940,000
500,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/31/2025, aggregate maturing value of $1,005,760,000 (collateralized
by U.S. Treasury obligations valued at $1,020,000,056; 1.13% - 4.50%;
08/15/2040 - 05/15/2052)(e)
4.32%
03/20/2025
 
301,728,000
300,000,000
Federal Reserve Bank of New York, joint agreement dated 02/28/2025,
aggregate maturing value of $1,100,389,583 (collateralized by U.S. Treasury
obligations valued at $1,100,389,634; 1.63% - 4.63%; 05/15/2031 -
02/15/2040)
4.25%
03/03/2025
 
500,177,083
500,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement
dated 02/28/2025, aggregate maturing value of $7,502,725,000
(collateralized by U.S. Treasury obligations valued at $7,650,000,132;
0.00% - 4.50%; 02/28/2026 - 05/15/2052)
4.36%
03/03/2025
 
2,000,726,667
2,000,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Fixed Income Clearing Corp. - Citigroup Global Markets, Inc., joint agreement dated
02/28/2025, aggregate maturing value of $1,000,363,333 (collateralized
by U.S. Treasury obligations valued at $1,020,000,066; 0.00% - 6.63%;
03/31/2025 - 02/15/2055)
4.36%
03/03/2025
 
$300,109,000
$300,000,000
Fixed Income Clearing Corp. - State Street Bank, joint agreement dated
02/28/2025, aggregate maturing value of $2,000,726,667 (collateralized
by U.S. Treasury obligations valued at $2,040,000,198; 0.88% - 4.38%;
11/15/2042 - 08/15/2053)
4.36%
03/03/2025
 
750,272,500
750,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint agreement dated
02/28/2025, aggregate maturing value of $10,153,687,833 (collateralized
by U.S. Treasury obligations valued at $10,353,000,082; 0.00% - 5.00%;
03/13/2025 - 02/15/2055)
4.36%
03/03/2025
 
2,600,944,667
2,600,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/26/2025, aggregate maturing value of $1,500,180,833 (collateralized
by U.S. Treasury obligations valued at $1,530,000,139; 0.00% - 4.75%;
08/21/2025 - 08/15/2054)(e)(f)
4.34%
03/05/2025
 
485,058,469
485,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/27/2025, aggregate maturing value of $1,951,649,375 (collateralized
by U.S. Treasury obligations valued at $1,989,000,120; 0.00% - 5.00%;
03/31/2025 - 08/15/2054)(e)
4.35%
03/06/2025
 
1,100,930,417
1,100,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., term agreement dated
02/26/2025, maturing value of $750,272,500 (collateralized by
U.S. Treasury obligations valued at $765,000,077; 0.00% - 4.63%;
03/15/2025 - 02/15/2055)(g)
4.36%
03/17/2025
 
750,272,500
750,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., term agreement dated
02/27/2025, maturing value of $350,042,389 (collateralized by
U.S. Treasury obligations valued at $357,000,005; 1.25% - 5.00%;
04/15/2026 - 08/15/2052)(f)
4.36%
04/30/2025
 
350,042,389
350,000,000
Goldman Sachs & Co., joint agreement dated 02/28/2025, aggregate maturing
value of $1,000,363,333 (collateralized by U.S. Treasury obligations valued
at $1,020,000,086; 0.00% - 4.13%; 06/30/2026 - 02/15/2055)
4.36%
03/03/2025
 
250,090,833
250,000,000
ING Financial Markets, LLC, agreement dated 02/28/2025, maturing value of
$100,036,250 (collateralized by U.S. Treasury obligations valued at
$102,000,016; 4.38% - 4.88%; 10/31/2030 - 01/31/2032)
4.35%
03/03/2025
 
100,036,250
100,000,000
Metropolitan Life Insurance Co., joint term agreement dated 02/27/2025,
aggregate maturing value of $350,300,288 (collateralized by U.S. Treasury
obligations valued at $357,540,655; 0.00%; 02/15/2043 - 08/15/2046)(e)
4.36%
03/06/2025
 
100,086,141
100,001,362
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/26/2025,
aggregate maturing value of $2,672,253,183 (collateralized by U.S. Treasury
obligations valued at $2,724,384,963; 1.00% - 4.13%; 10/15/2027 -
11/15/2040)(e)
4.34%
03/05/2025
 
579,113,295
578,625,000
Mitsubishi UFJ Trust & Banking Corp., term agreement dated 02/26/2025,
maturing value of $100,084,194 (collateralized by a U.S. Treasury obligation
valued at $102,036,759; 1.13%; 05/15/2040)(e)
4.33%
03/05/2025
 
100,084,194
100,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$1,000,361,667 (collateralized by U.S. Treasury obligations valued at
$1,035,838,452; 0.00% - 5.38%; 03/20/2025 - 11/15/2052)
4.34%
03/03/2025
 
200,072,333
200,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$500,181,250 (collateralized by U.S. Treasury obligations valued at
$516,322,299; 0.00% - 4.88%; 03/20/2025 - 08/15/2053)
4.35%
03/03/2025
 
200,072,500
200,000,000
Prudential Legacy Insurance Company of New Jersey, agreement dated
02/28/2025, maturing value of $700,055,469 (collateralized by
U.S. Treasury obligations valued at $712,964,384; 0.00% - 4.75%;
02/15/2037 - 05/15/2054)
4.37%
03/03/2025
 
700,055,469
699,800,625
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
RBC Dominion Securities Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $2,500,906,250 (collateralized by U.S. Treasury
obligations valued at $2,550,924,407; 0.00% - 4.88%; 03/20/2025 -
08/15/2054)
4.35%
03/03/2025
 
$575,208,438
$575,000,000
Royal Bank of Canada, joint agreement dated 02/28/2025, aggregate maturing
value of $1,500,545,000 (collateralized by U.S. Treasury obligations valued
at $1,530,555,913; 0.00% - 4.50%; 07/15/2025 - 02/15/2055)
4.36%
03/03/2025
 
500,181,667
500,000,000
Royal Bank of Canada, term agreement dated 06/13/2024, maturing value of
$892,597,750 (collateralized by U.S. Treasury obligations valued at
$899,556,341; 0.00% - 6.38%; 08/31/2025 - 02/15/2053)(e)
5.14%
05/30/2025
 
892,597,750
850,000,000
Societe Generale, joint agreement dated 02/28/2025, aggregate maturing value
of $2,000,726,667 (collateralized by U.S. Treasury obligations valued at
$2,040,000,093; 0.25% - 4.63%; 03/31/2025 - 02/15/2035)
4.36%
03/03/2025
 
1,000,363,333
1,000,000,000
Societe Generale, joint term agreement dated 02/25/2025, aggregate maturing
value of $1,501,260,000 (collateralized by U.S. Treasury obligations valued
at $1,530,000,001; 0.13% - 4.75%; 02/28/2027 - 11/15/2053)(e)
4.32%
03/04/2025
 
400,336,000
400,000,000
Societe Generale, joint term agreement dated 02/26/2025, aggregate maturing
value of $1,251,052,431 (collateralized by U.S. Treasury obligations valued
at $1,275,000,082; 2.88% - 4.25%; 10/31/2026 - 04/30/2029)(e)
4.33%
03/05/2025
 
550,463,069
550,000,000
Societe Generale, joint term agreement dated 02/28/2025, aggregate maturing
value of $1,000,843,889 (collateralized by U.S. Treasury obligations valued
at $1,020,000,019; 1.25% - 4.00%; 11/30/2026 - 07/31/2029)(e)
4.34%
03/07/2025
 
300,253,167
300,000,000
Standard Chartered Bank, joint agreement dated 02/28/2025, aggregate
maturing value of $2,801,017,333 (collateralized by U.S. Treasury
obligations valued at $2,857,037,767; 0.00% - 5.00%; 03/11/2025 -
02/15/2055)
4.36%
03/03/2025
 
750,272,500
750,000,000
Teacher Retirement System of Texas, joint agreement dated 02/27/2025,
aggregate maturing value of $1,548,939,146 (collateralized by U.S. Treasury
obligations valued at $1,625,780,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.47%
03/03/2025
 
754,164,631
753,883,810
Teacher Retirement System of Texas, joint agreement dated 02/28/2025,
aggregate maturing value of $1,554,446,275 (collateralized by U.S. Treasury
obligations valued at $1,631,965,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.48%
03/04/2025
 
756,979,905
756,885,714
Total Repurchase Agreements (Cost $27,984,196,511)
27,984,196,511
TOTAL INVESTMENTS IN SECURITIES-100.00% (Cost $41,662,752,510)
41,662,752,510
OTHER ASSETS LESS LIABILITIES-(0.00)%
(69,530
)
NET ASSETS-100.00%
$41,662,682,980
Notes to Schedule of Investments: 
(a)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2025.
(c)
Principal amount equals value at period end. See Note 1J.
(d)
Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.
(e)
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(f)
Interest is paid periodically at specified time intervals. The Repurchase Amount includes one day of interest due at maturity. 
(g)
Interest is paid periodically at specified time intervals. The Repurchase Amount includes three days of interest due at maturity.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5
Short-Term Investments Trust
Schedule of Investments
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio

 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Government Sponsored Agency Securities-15.64%
Federal Farm Credit Bank (FFCB)-11.63%
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.45%
03/07/2025
 
$25,000
$25,000,000
Federal Farm Credit Bank (SOFR + 0.18%)(a)
4.54%
03/07/2025
 
10,000
10,000,212
Federal Farm Credit Bank (SOFR + 0.04%)(a)
4.40%
05/13/2025
 
23,000
23,000,000
Federal Farm Credit Bank (SOFR + 0.12%)(a)
4.48%
05/28/2025
 
60,000
60,000,000
Federal Farm Credit Bank (SOFR + 0.12%)(a)
4.48%
05/30/2025
 
25,000
25,000,000
Federal Farm Credit Bank (SOFR + 0.11%)(a)
4.47%
06/13/2025
 
154,000
154,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
06/27/2025
 
170,000
170,000,000
Federal Farm Credit Bank (SOFR + 0.24%)(a)
4.60%
08/05/2025
 
177,500
177,614,553
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
08/13/2025
 
100,000
100,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
08/22/2025
 
175,000
175,000,000
Federal Farm Credit Bank (1 mo. EFFR + 0.15%)(a)
4.48%
09/26/2025
 
112,956
112,985,510
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
10/03/2025
 
10,000
10,000,972
Federal Farm Credit Bank (SOFR + 0.35%)(a)
4.71%
11/25/2025
 
60,000
60,114,679
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
11/28/2025
 
25,275
25,274,527
Federal Farm Credit Bank (SOFR + 0.16%)(a)
4.52%
11/28/2025
 
242,000
242,000,000
Federal Farm Credit Bank (SOFR + 0.16%)(a)
4.52%
12/01/2025
 
77,000
77,000,000
Federal Farm Credit Bank (SOFR + 0.15%)(a)
4.51%
12/15/2025
 
24,000
24,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.51%
12/29/2025
 
550,000
550,000,000
Federal Farm Credit Bank (SOFR + 0.33%)(a)
4.69%
12/29/2025
 
20,000
20,033,393
Federal Farm Credit Bank (SOFR + 0.16%)(a)
4.52%
01/23/2026
 
58,000
58,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.51%
01/29/2026
 
350,000
350,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
01/30/2026
 
170,000
170,000,000
Federal Farm Credit Bank (SOFR + 0.08%)(a)
4.44%
03/04/2026
 
250,000
250,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
03/04/2026
 
286,000
286,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
03/05/2026
 
28,000
28,000,000
Federal Farm Credit Bank (SOFR + 0.11%)(a)
4.47%
03/26/2026
 
35,000
35,000,000
Federal Farm Credit Bank (SOFR + 0.11%)(a)
4.47%
04/09/2026
 
125,000
125,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.45%
05/14/2026
 
290,000
290,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.45%
05/21/2026
 
185,000
185,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
06/03/2026
 
213,000
213,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
06/18/2026
 
240,000
240,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
06/24/2026
 
230,000
230,000,000
Federal Farm Credit Bank (SOFR + 0.10%)(a)
4.46%
07/01/2026
 
151,000
151,000,000
Federal Farm Credit Bank (SOFR + 0.09%)(a)
4.42%
08/07/2026
 
30,000
30,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
08/26/2026
 
107,000
107,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
09/04/2026
 
175,000
175,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
09/09/2026
 
192,000
192,028,940
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
09/25/2026
 
456,000
456,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
10/01/2026
 
465,000
465,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
10/06/2026
 
47,000
47,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
10/15/2026
 
413,000
413,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
11/02/2026
 
169,000
169,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
11/18/2026
 
600,000
600,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
11/23/2026
 
197,000
197,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/02/2026
 
186,000
186,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
Federal Farm Credit Bank (FFCB)-(continued)
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/09/2026
 
$204,000
$204,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/18/2026
 
500,000
500,000,000
Federal Farm Credit Bank (SOFR + 0.14%)(a)
4.50%
12/30/2026
 
19,000
19,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
01/27/2027
 
215,000
215,000,000
Federal Farm Credit Bank (SOFR + 0.13%)(a)
4.49%
02/03/2027
 
95,000
95,000,000
Federal Farm Credit Bank (SOFR + 0.12%)(a)
4.45%
02/10/2027
 
340,000
340,000,000
 
 
 
 
9,062,052,786
Federal Home Loan Bank (FHLB)-3.90%
Federal Home Loan Bank(b)
4.37%
05/01/2025
 
100,000
99,276,472
Federal Home Loan Bank (SOFR)(a)
4.36%
05/27/2025
 
350,000
350,000,000
Federal Home Loan Bank (SOFR)(a)
4.36%
06/02/2025
 
165,000
165,000,000
Federal Home Loan Bank(b)
4.27%
06/09/2025
 
100,000
98,847,222
Federal Home Loan Bank(b)
4.26%
06/16/2025
 
265,000
261,739,175
Federal Home Loan Bank (SOFR + 0.01%)(a)
4.37%
06/27/2025
 
350,000
350,000,000
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
07/24/2025
 
217,000
217,000,000
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
08/21/2025
 
11,800
11,803,206
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
08/22/2025
 
180,000
180,000,000
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
09/02/2025
 
10,000
10,003,336
Federal Home Loan Bank (SOFR + 0.10%)(a)
4.46%
10/16/2025
 
22,000
22,000,000
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
11/12/2025
 
7,000
7,001,155
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
11/17/2025
 
10,000
10,003,083
Federal Home Loan Bank (SOFR + 0.16%)(a)
4.52%
11/20/2025
 
115,000
115,059,740
Federal Home Loan Bank (SOFR + 0.15%)(a)
4.51%
12/08/2025
 
37,000
37,000,000
Federal Home Loan Bank (SOFR + 0.15%)(a)
4.51%
12/11/2025
 
258,000
258,000,000
Federal Home Loan Bank (SOFR + 0.12%)(a)
4.48%
12/19/2025
 
50,000
49,999,920
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.51%
01/02/2026
 
8,000
8,001,130
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
01/26/2026
 
150,000
150,000,000
Federal Home Loan Bank (SOFR + 0.13%)(a)
4.49%
03/24/2026
 
28,000
28,000,000
Federal Home Loan Bank (SOFR + 0.25%)(a)
4.61%
03/27/2026
 
35,000
35,056,652
Federal Home Loan Bank (SOFR + 0.10%)(a)
4.46%
05/13/2026
 
384,000
384,000,000
Federal Home Loan Bank (SOFR + 0.14%)(a)
4.50%
09/24/2026
 
193,000
193,000,000
 
 
 
 
3,040,791,091
U.S. International Development Finance Corp. (DFC)-0.11%(c)
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
2,400
2,400,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
789
789,474
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
1,750
1,750,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
2,611
2,611,114
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
34,091
34,090,909
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
5,111
5,111,111
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. International Development Finance Corp. (DFC)(c)-(continued)
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.56%
03/12/2025
 
$5,252
$5,252,000
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.56%
03/12/2025
 
2,917
2,916,667
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill
Rate)
4.57%
03/12/2025
 
7,650
7,650,000
U.S. International Development Finance Corp. VRD Notes (3 mo. U.S. Treasury Bill
Rate)
4.55%
03/12/2025
 
23,625
23,625,000
 
 
 
 
86,196,275
Total U.S. Government Sponsored Agency Securities (Cost $12,189,040,152)
12,189,040,152
U.S. Treasury Securities-5.21%
U.S. Treasury Bills-4.91%(b)
U.S. Treasury Bills
4.36%
03/27/2025
 
350,000
348,920,639
U.S. Treasury Bills
4.31%
04/03/2025
 
300,000
298,840,875
U.S. Treasury Bills
4.40%
04/10/2025
 
205,000
204,019,417
U.S. Treasury Bills
4.36%-5.20%
04/17/2025
 
865,000
859,670,066
U.S. Treasury Bills
5.02%
07/10/2025
 
325,000
319,352,899
U.S. Treasury Bills
4.13%-4.27%
10/02/2025
 
947,000
924,232,187
U.S. Treasury Bills
4.28%
10/30/2025
 
100,000
97,232,500
U.S. Treasury Bills
4.38%
11/28/2025
 
800,000
774,673,778
 
 
 
 
3,826,942,361
U.S. Treasury Floating Rate Notes-0.30%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate
+ 0.17%)(a)
4.41%
04/30/2025
 
229,000
228,998,889
Total U.S. Treasury Securities (Cost $4,055,941,250)
4,055,941,250
U.S. Government Sponsored Agency Mortgage-Backed Securities-3.08%
Federal Home Loan Mortgage Corp. (FHLMC)-0.83%
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
09/04/2026
 
296,000
296,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
09/23/2026
 
263,625
263,629,574
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
10/16/2026
 
7,000
7,000,000
Federal Home Loan Mortgage Corp. (SOFR + 0.14%)(a)
4.50%
10/29/2026
 
82,000
82,000,000
 
 
 
 
648,629,574
Federal National Mortgage Association (FNMA)-2.25%
Federal National Mortgage Association (SOFR + 0.10%)(a)
4.46%
06/18/2026
 
170,000
170,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
08/21/2026
 
403,000
403,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
09/11/2026
 
143,000
143,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
10/23/2026
 
103,000
103,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
11/20/2026
 
105,000
105,000,000
Federal National Mortgage Association (SOFR + 0.14%)(a)
4.50%
12/11/2026
 
831,250
831,250,000
 
 
 
 
1,755,250,000
Total U.S. Government Sponsored Agency Mortgage-Backed Securities (Cost $2,403,879,574)
2,403,879,574
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-23.93%
(Cost $18,648,860,976)
18,648,860,976
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Repurchase Agreements-72.82%(d)
Bank of Montreal, agreement dated 02/28/2025, maturing value of
$200,071,833 (collateralized by U.S. Treasury obligations valued at
$204,000,050; 0.00% - 4.88%; 05/15/2025 - 01/31/2027)
4.31%
03/03/2025
 
$200,071,833
$200,000,000
Bank of Montreal, joint agreement dated 02/28/2025, aggregate maturing value
of $500,177,500 (collateralized by U.S. Treasury obligations valued at
$510,000,102; 0.00% - 4.75%; 04/15/2025 - 11/15/2043)
4.26%
03/03/2025
 
400,142,000
400,000,000
Bank of Montreal, joint term agreement dated 02/13/2025, aggregate maturing
value of $250,874,028 (collateralized by agency mortgage-backed securities
valued at $255,000,001; 2.00% - 6.00%; 04/01/2037 - 03/01/2055)
(Canada)(e)
4.34%
03/14/2025
 
150,524,417
150,000,000
Bank of Nova Scotia, agreement dated 02/28/2025, maturing value of
$500,181,250 (collateralized by U.S. Treasury obligations valued at
$510,000,010; 0.00% - 6.25%; 03/18/2025 - 02/15/2054)
4.35%
03/03/2025
 
500,181,250
500,000,000
BMO Capital Markets Corp., joint term agreement dated 02/10/2025, aggregate
maturing value of $1,003,383,333 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$1,020,000,080; 0.00% - 7.00%; 03/06/2025 - 02/20/2065) (Canada)(e)
4.35%
03/10/2025
 
451,522,500
450,000,000
BMO Capital Markets Corp., joint term agreement dated 02/28/2025, aggregate
maturing value of $1,506,387,500 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$1,530,000,372; 0.00% - 9.00%; 03/11/2025 - 07/20/2070) (Canada)(e)
4.38%
04/04/2025
 
959,066,708
955,000,000
BNP Paribas Securities Corp., joint term agreement dated 02/10/2025,
aggregate maturing value of $1,400,518,000 (collateralized by U.S. Treasury
obligations valued at $1,428,000,149; 0.00% - 4.88%; 04/15/2025 -
02/15/2054)(e)(f)
4.44%
03/03/2025
 
650,240,500
650,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/28/2024, aggregate
maturing value of $2,000,741,667 (collateralized by agency mortgage-
backed securities valued at $2,040,000,000; 0.13% - 9.00%; 07/01/2026
- 11/20/2064)(e)(f)
4.45%
03/03/2025
 
1,195,443,146
1,195,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/28/2024, aggregate
maturing value of $2,000,741,667 (collateralized by U.S. Treasury
obligations valued at $2,040,000,035; 0.00% - 6.13%; 03/31/2025 -
02/15/2045)(e)(f)
4.45%
03/03/2025
 
945,350,438
945,000,000
BNP Paribas Securities Corp., joint term agreement dated 10/30/2024, aggregate
maturing value of $4,001,486,667 (collateralized by U.S. Treasury obligations
valued at $4,080,000,219; 0.00% - 6.88%; 03/27/2025 -
02/15/2055)(e)(f)
4.46%
03/03/2025
 
2,100,780,500
2,100,000,000
BofA Securities, Inc., agreement dated 02/28/2025, maturing value of
$300,107,000 (collateralized by U.S. Treasury obligations valued at
$306,000,079; 0.88% - 4.75%; 07/31/2026 - 02/15/2041)
4.28%
03/03/2025
 
300,107,000
300,000,000
BofA Securities, Inc., joint agreement dated 02/28/2025, aggregate maturing
value of $1,200,436,000 (collateralized by U.S. Treasury obligations valued
at $1,224,000,006; 0.88% - 4.75%; 10/15/2025 - 05/15/2054)
4.36%
03/03/2025
 
700,254,333
700,000,000
BofA Securities, Inc., joint agreement dated 02/28/2025, aggregate maturing
value of $250,089,583 (collateralized by U.S. Treasury obligations valued at
$255,000,031; 3.63% - 4.88%; 02/28/2026 - 04/15/2028)
4.30%
03/03/2025
 
150,053,750
150,000,000
BofA Securities, Inc., joint term agreement dated 01/27/2025, aggregate
maturing value of $1,750,634,375 (collateralized by U.S. Treasury
obligations valued at $1,785,000,094; 1.50% - 4.50%; 10/31/2026 -
08/15/2053)(e)(f)
4.35%
03/03/2025
 
1,000,362,500
1,000,000,000
CIBC World Markets Corp., agreement dated 02/28/2025, maturing value of
$450,163,125 (collateralized by U.S. Treasury obligations valued at
$459,000,069; 0.00% - 5.00%; 03/13/2025 - 08/15/2045)
4.35%
03/03/2025
 
450,163,125
450,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $1,693,006,250 (collateralized by U.S. Treasury
obligations valued at $1,708,500,103; 0.00% - 5.00%; 03/13/2025 -
08/15/2054)(e)
4.30%
03/19/2025
 
$934,943,750
$925,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $505,315,278 (collateralized by U.S. Treasury obligations
valued at $510,000,112; 0.00% - 5.00%; 04/15/2025 - 11/15/2053)(e)
4.30%
03/19/2025
 
303,189,167
300,000,000
CIBC World Markets Corp., joint term agreement dated 12/19/2024, aggregate
maturing value of $707,608,611 (collateralized by U.S. Treasury obligations
valued at $714,000,032; 0.00% - 5.00%; 03/13/2025 - 02/15/2054)(e)
4.30%
03/20/2025
 
404,347,778
400,000,000
CIBC World Markets Corp., term agreement dated 02/06/2025, maturing value of
$502,095,139 (collateralized by U.S. Treasury obligations valued at
$510,000,018; 0.00% - 4.63%; 02/15/2026 - 02/15/2053)(e)
4.31%
03/13/2025
 
502,095,139
500,000,000
CIBC World Markets Corp., term agreement dated 02/20/2025, maturing value of
$250,870,000 (collateralized by U.S. Treasury obligations and agency
mortgage-backed securities valued at $255,000,000; 0.00% - 7.02%;
02/15/2026 - 06/01/2063)(e)
4.32%
03/21/2025
 
250,870,000
250,000,000
CIBC World Markets Corp., term agreement dated 02/28/2025, maturing value of
$95,239,954 (collateralized by U.S. Treasury obligations valued at
$96,900,064; 0.00% - 5.00%; 05/22/2025 - 05/15/2054)(e)
4.33%
03/21/2025
 
95,239,954
95,000,000
Citigroup Global Markets, Inc., agreement dated 02/28/2025, maturing value of
$200,070,833 (collateralized by U.S. Treasury obligations valued at
$204,000,027; 0.50% - 4.25%; 12/15/2027 - 02/28/2029)
4.25%
03/03/2025
 
200,070,833
200,000,000
Citigroup Global Markets, Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $1,200,435,000 (collateralized by U.S. Treasury
obligations valued at $1,224,000,022; 0.50% - 3.63%; 02/28/2027 -
08/31/2029)
4.35%
03/03/2025
 
700,253,750
700,000,000
Citigroup Global Markets, Inc., joint term agreement dated 02/27/2025,
aggregate maturing value of $1,201,017,333 (collateralized by U.S. Treasury
obligations, agency mortgage-backed securities and U.S. government
sponsored agency obligations valued at $1,224,000,048; 0.00% - 8.00%;
04/28/2025 - 09/15/2065)(e)
4.36%
03/06/2025
 
360,305,200
360,000,000
Citigroup Global Markets, Inc., joint term agreement dated 02/27/2025,
aggregate maturing value of $8,006,766,667 (collateralized by U.S. Treasury
obligations valued at $8,160,000,009; 0.88% - 5.25%; 06/30/2027 -
07/31/2029)(e)
4.35%
03/06/2025
 
3,392,867,375
3,390,000,000
Credit Agricole Corporate & Investment Bank, agreement dated 02/28/2025,
maturing value of $500,181,667 (collateralized by U.S. Treasury obligations
valued at $510,000,073; 0.38% - 4.13%; 08/31/2026 - 08/15/2030)
4.36%
03/03/2025
 
500,181,667
500,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/30/2025, aggregate maturing value of $1,508,820,000 (collateralized
by U.S. Treasury obligations valued at $1,530,000,023; 1.25% - 4.00%;
03/31/2027 - 08/15/2031)(e)
4.32%
03/20/2025
 
754,410,000
750,000,000
Credit Agricole Corporate & Investment Bank, joint term agreement dated
01/31/2025, aggregate maturing value of $1,005,760,000 (collateralized
by U.S. Treasury obligations valued at $1,020,000,056; 1.13% - 4.50%;
08/15/2040 - 05/15/2052)(e)
4.32%
03/20/2025
 
442,534,400
440,000,000
Federal Reserve Bank of New York, joint agreement dated 02/28/2025,
aggregate maturing value of $1,100,389,583 (collateralized by U.S. Treasury
obligations valued at $1,100,389,634; 1.63% - 4.63%; 05/15/2031 -
02/15/2040)
4.25%
03/03/2025
 
600,212,500
600,000,000
Fixed Income Clearing Corp. - Bank of New York Mellon (The), joint agreement
dated 02/28/2025, aggregate maturing value of $7,502,725,000
(collateralized by U.S. Treasury obligations valued at $7,650,000,132;
0.00% - 4.50%; 02/28/2026 - 05/15/2052)
4.36%
03/03/2025
 
4,076,480,583
4,075,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Fixed Income Clearing Corp. - Citigroup Global Markets, Inc., joint agreement dated
02/28/2025, aggregate maturing value of $1,000,363,333 (collateralized
by U.S. Treasury obligations valued at $1,020,000,066; 0.00% - 6.63%;
03/31/2025 - 02/15/2055)
4.36%
03/03/2025
 
$700,254,333
$700,000,000
Fixed Income Clearing Corp. - State Street Bank, joint agreement dated
02/28/2025, aggregate maturing value of $2,000,726,667 (collateralized
by U.S. Treasury obligations valued at $2,040,000,198; 0.88% - 4.38%;
11/15/2042 - 08/15/2053)
4.36%
03/03/2025
 
1,250,454,167
1,250,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint agreement dated
02/28/2025, aggregate maturing value of $10,153,687,833 (collateralized
by U.S. Treasury obligations valued at $10,353,000,082; 0.00% - 5.00%;
03/13/2025 - 02/15/2055)
4.36%
03/03/2025
 
5,602,034,667
5,600,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/26/2025, aggregate maturing value of $1,500,180,833 (collateralized
by U.S. Treasury obligations valued at $1,530,000,139; 0.00% - 4.75%;
08/21/2025 - 08/15/2054)(e)(g)
4.34%
03/05/2025
 
785,094,636
785,000,000
Fixed Income Clearing Corp. - Wells Fargo Bank, N.A., joint term agreement dated
02/27/2025, aggregate maturing value of $1,951,649,375 (collateralized
by U.S. Treasury obligations valued at $1,989,000,120; 0.00% - 5.00%;
03/31/2025 - 08/15/2054)(e)
4.35%
03/06/2025
 
750,634,375
750,000,000
Goldman Sachs & Co., joint agreement dated 02/28/2025, aggregate maturing
value of $1,000,363,333 (collateralized by U.S. Treasury obligations valued
at $1,020,000,086; 0.00% - 4.13%; 06/30/2026 - 02/15/2055)
4.36%
03/03/2025
 
750,272,500
750,000,000
ING Financial Markets, LLC, joint term agreement dated 01/30/2025, aggregate
maturing value of $251,476,806 (collateralized by agency mortgage-backed
securities valued at $255,000,001; 2.00% - 6.50%; 07/01/2051 -
03/01/2054)
4.34%
03/20/2025
 
140,827,011
140,000,000
J.P. Morgan Securities LLC, joint open agreement dated 09/17/2024
(collateralized by a U.S. Treasury obligation and agency mortgage-backed
securities valued at $1,020,000,001; 0.00% - 8.00%; 09/15/2025 -
06/16/2063)(f)
4.40%
03/03/2025
 
888,017,113
885,000,000
Metropolitan Life Insurance Co., joint term agreement dated 02/27/2025,
aggregate maturing value of $350,300,288 (collateralized by U.S. Treasury
obligations valued at $357,540,655; 0.00%; 02/15/2043 - 08/15/2046)(e)
4.36%
03/06/2025
 
170,144,735
170,000,613
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/26/2025,
aggregate maturing value of $2,672,253,183 (collateralized by U.S. Treasury
obligations valued at $2,724,384,963; 1.00% - 4.13%; 10/15/2027 -
11/15/2040)(e)
4.34%
03/05/2025
 
1,636,805,117
1,635,425,000
Natixis, agreement dated 02/28/2025, maturing value of $500,182,083
(collateralized by U.S. Treasury obligations and agency mortgage-backed
securities valued at $510,000,031; 1.75% - 6.50%; 03/31/2027 -
03/25/2055)
4.37%
03/03/2025
 
500,182,083
500,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$1,000,361,667 (collateralized by U.S. Treasury obligations valued at
$1,035,838,452; 0.00% - 5.38%; 03/20/2025 - 11/15/2052)
4.34%
03/03/2025
 
800,289,333
800,000,000
Natixis, joint agreement dated 02/28/2025, aggregate maturing value of
$500,181,250 (collateralized by U.S. Treasury obligations valued at
$516,322,299; 0.00% - 4.88%; 03/20/2025 - 08/15/2053)
4.35%
03/03/2025
 
300,108,750
300,000,000
Prudential Insurance Co. of America, agreement dated 02/28/2025, maturing
value of $731,043,625 (collateralized by U.S. Treasury obligations valued at
$744,928,528; 0.00% - 4.38%; 07/31/2026 - 11/15/2046)
4.37%
03/03/2025
 
731,043,625
730,777,500
RBC Dominion Securities Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $2,500,906,250 (collateralized by U.S. Treasury
obligations valued at $2,550,924,407; 0.00% - 4.88%; 03/20/2025 -
08/15/2054)
4.35%
03/03/2025
 
1,300,471,250
1,300,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
RBC Dominion Securities Inc., joint agreement dated 02/28/2025, aggregate
maturing value of $2,796,017,846 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$2,851,938,203; 0.00% - 6.50%; 04/15/2026 - 02/20/2055)
4.37%
03/03/2025
 
$1,420,517,117
$1,420,000,000
Royal Bank of Canada, joint agreement dated 02/28/2025, aggregate maturing
value of $1,500,545,000 (collateralized by U.S. Treasury obligations valued
at $1,530,555,913; 0.00% - 4.50%; 07/15/2025 - 02/15/2055)
4.36%
03/03/2025
 
500,181,667
500,000,000
Royal Bank of Canada, joint agreement dated 02/28/2025, aggregate maturing
value of $1,506,548,435 (collateralized by U.S. Treasury obligations and
agency mortgage-backed securities valued at $1,536,679,471; 0.00% -
7.00%; 02/19/2026 - 02/20/2055)
4.37%
03/03/2025
 
1,100,400,583
1,100,000,000
Royal Bank of Canada, joint term agreement dated 06/13/2024, aggregate
maturing value of $3,692,889,960 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$3,721,512,552; 0.00% - 8.50%; 05/06/2025 - 11/20/2064)(e)
5.16%
05/30/2025
 
2,730,806,000
2,600,000,000
Societe Generale, joint agreement dated 02/28/2025, aggregate maturing value
of $2,000,726,667 (collateralized by U.S. Treasury obligations valued at
$2,040,000,093; 0.25% - 4.63%; 03/31/2025 - 02/15/2035)
4.36%
03/03/2025
 
850,308,833
850,000,000
Societe Generale, joint term agreement dated 02/25/2025, aggregate maturing
value of $1,501,260,000 (collateralized by U.S. Treasury obligations valued
at $1,530,000,001; 0.13% - 4.75%; 02/28/2027 - 11/15/2053)(e)
4.32%
03/04/2025
 
750,630,000
750,000,000
Societe Generale, joint term agreement dated 02/26/2025, aggregate maturing
value of $1,251,052,431 (collateralized by U.S. Treasury obligations valued
at $1,275,000,082; 2.88% - 4.25%; 10/31/2026 - 04/30/2029)(e)
4.33%
03/05/2025
 
500,420,972
500,000,000
Societe Generale, joint term agreement dated 02/26/2025, aggregate maturing
value of $750,632,917 (collateralized by agency mortgage-backed securities
valued at $765,000,950; 2.00% - 6.00%; 07/01/2050 - 02/01/2055)(e)
4.34%
03/05/2025
 
500,421,944
500,000,000
Societe Generale, joint term agreement dated 02/28/2025, aggregate maturing
value of $1,000,843,889 (collateralized by U.S. Treasury obligations valued
at $1,020,000,019; 1.25% - 4.00%; 11/30/2026 - 07/31/2029)(e)
4.34%
03/07/2025
 
380,320,678
380,000,000
Standard Chartered Bank, joint agreement dated 02/28/2025, aggregate
maturing value of $2,500,910,417 (collateralized by U.S. Treasury
obligations and agency mortgage-backed securities valued at
$2,550,928,659; 0.13% - 7.50%; 11/15/2025 - 12/15/2066)
4.37%
03/03/2025
 
775,282,229
775,000,000
Standard Chartered Bank, joint agreement dated 02/28/2025, aggregate
maturing value of $2,801,017,333 (collateralized by U.S. Treasury
obligations valued at $2,857,037,767; 0.00% - 5.00%; 03/11/2025 -
02/15/2055)
4.36%
03/03/2025
 
1,012,367,693
1,012,000,000
Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2025, aggregate
maturing value of $4,301,565,917 (collateralized by agency mortgage-
backed securities valued at $4,446,469,970; 3.00% - 6.50%; 10/20/2042
- 11/20/2054)
4.37%
03/03/2025
 
1,280,166,024
1,279,700,000
Teacher Retirement System of Texas, joint agreement dated 02/27/2025,
aggregate maturing value of $1,548,939,146 (collateralized by U.S. Treasury
obligations valued at $1,625,780,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.47%
03/03/2025
 
794,774,515
794,478,571
Teacher Retirement System of Texas, joint agreement dated 02/28/2025,
aggregate maturing value of $1,554,446,275 (collateralized by U.S. Treasury
obligations valued at $1,631,965,500; 1.88% - 4.25%; 11/15/2044 -
02/15/2054)
4.48%
03/04/2025
 
797,466,371
797,367,143
Wells Fargo Securities, LLC, agreement dated 02/28/2025, maturing value of
$750,273,125 (collateralized by agency mortgage-backed securities valued at
$765,000,000; 2.00% - 7.00%; 03/20/2028 - 01/20/2055)
4.37%
03/03/2025
 
750,273,125
750,000,000
Wells Fargo Securities, LLC, joint term agreement dated 01/03/2025, aggregate
maturing value of $913,267,500 (collateralized by agency mortgage-backed
securities and U.S. government sponsored agency obligations valued at
$918,000,801; 0.00% - 7.00%; 03/07/2025 - 09/01/2057)
4.35%
05/05/2025
 
523,606,700
516,000,000
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Government & Agency Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Repurchase
Amount
Value
Wells Fargo Securities, LLC, joint term agreement dated 01/15/2025, aggregate
maturing value of $2,208,816,500 (collateralized by agency mortgage-
backed securities valued at $2,228,700,000; 1.00% - 7.50%; 07/01/2025
- 01/01/2059)
4.36%
04/15/2025
 
$1,551,731,500
$1,535,000,000
Wells Fargo Securities, LLC, joint term agreement dated 02/27/2025, aggregate
maturing value of $869,417,000 (collateralized by agency mortgage-backed
securities and U.S. government sponsored agency obligations valued at
$877,200,001; 0.00% - 7.00%; 03/03/2025 - 01/01/2059)
4.38%
05/28/2025
 
758,212,500
750,000,000
Total Repurchase Agreements (Cost $56,735,748,827)
56,735,748,827
TOTAL INVESTMENTS IN SECURITIES(h)-96.75% (Cost $75,384,609,803)
75,384,609,803
OTHER ASSETS LESS LIABILITIES-3.25%
2,530,485,928
NET ASSETS-100.00%
$77,915,095,731
Investment Abbreviations: 
EFFR
-Effective Federal Funds Rate
SOFR
-Secured Overnight Financing Rate
VRD
-Variable Rate Demand
Notes to Schedule of Investments: 
(a)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2025.
(b)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(c)
Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically by the
issuer or agent based on current market conditions. Rate shown is the rate in effect on February 28, 2025.
(d)
Principal amount equals value at period end. See Note 1J.
(e)
The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand.
(f)
Interest rate is redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date.
(g)
Interest is paid periodically at specified time intervals. The Repurchase Amount includes one day of interest due at maturity. 
(h)
Also represents cost for federal income tax purposes.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13
Short-Term Investments Trust
Schedule of Investments
February 28, 2025
(Unaudited)
Invesco Treasury Obligations Portfolio

 
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Treasury Securities-108.28%
U.S. Treasury Bills-96.78%(a)
U.S. Treasury Bills
4.26%-4.27%
03/04/2025
 
$80,975
$80,946,523
U.S. Treasury Bills
4.41%-4.76%
03/06/2025
 
24,500
24,484,728
U.S. Treasury Bills
4.24%-4.26%
03/11/2025
 
78,800
78,707,274
U.S. Treasury Bills
4.64%
03/13/2025
 
8,000
7,987,920
U.S. Treasury Bills
4.24%-4.44%
03/18/2025
 
185,000
184,627,091
U.S. Treasury Bills
4.34%-5.16%
03/20/2025
 
15,000
14,964,377
U.S. Treasury Bills
4.26%-4.28%
03/25/2025
 
135,000
134,617,733
U.S. Treasury Bills
4.29%
03/27/2025
 
15,000
14,954,067
U.S. Treasury Bills
4.39%
04/01/2025
 
199,500
198,796,871
U.S. Treasury Bills
4.24%-4.31%
04/03/2025
 
44,000
43,830,135
U.S. Treasury Bills
4.27%-4.38%
04/08/2025
 
79,000
78,644,927
U.S. Treasury Bills
4.40%
04/10/2025
 
10,000
9,952,167
U.S. Treasury Bills
4.26%-4.28%
04/15/2025
 
94,400
93,900,176
U.S. Treasury Bills
4.37%-5.04%
04/17/2025
 
11,000
10,934,137
U.S. Treasury Bills
4.24%-4.26%
04/22/2025
 
46,200
45,917,607
U.S. Treasury Bills
4.26%
04/29/2025
 
58,000
57,612,004
U.S. Treasury Bills
4.42%
05/01/2025
 
9,000
8,934,044
U.S. Treasury Bills
0.00%
05/08/2025
 
40,000
39,680,933
U.S. Treasury Bills
4.27%
05/13/2025
 
12,000
11,897,192
U.S. Treasury Bills
4.41%-5.18%
05/15/2025
 
19,500
19,319,075
U.S. Treasury Bills
4.22%-4.44%
05/29/2025
 
38,000
37,603,870
U.S. Treasury Bills
4.35%
06/05/2025
 
7,000
6,920,573
U.S. Treasury Bills
4.26%
06/26/2025
 
15,000
14,796,712
U.S. Treasury Bills
5.02%
07/10/2025
 
4,000
3,930,497
U.S. Treasury Bills
4.12%-4.22%
10/02/2025
 
13,000
12,688,137
U.S. Treasury Bills
4.27%-4.28%
10/30/2025
 
18,500
17,988,450
U.S. Treasury Bills
4.38%
11/28/2025
 
14,000
13,556,791
 
 
 
 
1,268,194,011
U.S. Treasury Floating Rate Notes-9.63%
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.17%)(b)
4.41%
04/30/2025
 
14,200
14,199,905
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.13%)(b)
4.36%
07/31/2025
 
11,000
10,997,362
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.15%)(b)
4.39%
04/30/2026
 
15,000
14,998,713
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.18%)(b)
4.42%
07/31/2026
 
30,000
29,971,812
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.21%)(b)
4.44%
10/31/2026
 
22,000
22,029,887
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate +
0.10%)(b)
4.34%
01/31/2027
 
34,000
34,002,439
 
 
 
 
126,200,118
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14
Short-Term Investments Trust
Schedule of Investments—(continued)
February 28, 2025
(Unaudited)
Invesco Treasury Obligations Portfolio—(continued)
 
Interest
Rate
Maturity
Date
Principal
Amount
(000)
Value
U.S. Treasury Notes-1.87%
U.S. Treasury Note
0.25%
09/30/2025
 
$25,000
$24,426,362
TOTAL INVESTMENTS IN SECURITIES-108.28% (Cost $1,418,820,491)
1,418,820,491
OTHER ASSETS LESS LIABILITIES-(8.28)%
(108,476,282
)
NET ASSETS-100.00%
$1,310,344,209
Notes to Schedule of Investments: 
(a)
Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(b)
Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2025.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15
Short-Term Investments Trust
Statements of Assets and Liabilities
February 28, 2025
(Unaudited)

 
 
Invesco Treasury
Portfolio
Invesco Government
& Agency Portfolio
Invesco Treasury
Obligations
Portfolio
Assets:
Investments in unaffiliated securities, at value
$13,678,555,999
$18,648,860,976
$1,418,820,491
Repurchase agreements, at value and cost
27,984,196,511
56,735,748,827
-
Cash
717,352,838
3,167,174,664
91,446
Receivable for:
Fund shares sold
13,891,229
15,431,152
35,338
Interest
117,265,685
300,725,956
474,838
Fund expenses absorbed
843,745
-
33,793
Investment for trustee deferred compensation and retirement plans
2,130,138
970,478
103,550
Other assets
412,415
1,049,667
94,859
Total assets
42,514,648,560
78,869,961,720
1,419,654,315
Liabilities:
Payable for:
Investments purchased
756,885,714
797,367,143
107,518,979
Fund shares reacquired
6,743,656
5,689,628
43,365
Dividends
78,167,309
139,904,818
1,318,037
Accrued fees to affiliates
7,618,822
10,467,295
293,612
Accrued trustees’ and officers’ fees and benefits
174,171
13,896
6,202
Accrued operating expenses
83,845
285,584
18,091
Trustee deferred compensation and retirement plans
2,292,063
1,137,625
111,820
Total liabilities
851,965,580
954,865,989
109,310,106
Net assets applicable to shares outstanding
$41,662,682,980
$77,915,095,731
$1,310,344,209
Net assets consist of:
Shares of beneficial interest
$41,663,310,767
$77,935,051,112
$1,310,805,126
Distributable earnings (loss)
(627,787
)
(19,955,381
)
(460,917
)
 
$41,662,682,980
$77,915,095,731
$1,310,344,209
Net Assets:
Cash Management Class
$585,651,223
$886,813,927
$6,257,856
CAVU Securities Class
$2,014,726,613
$13,291,474,845
$-
Corporate Class
$1,839,847,692
$624,258,121
$11,859
Institutional Class
$33,944,454,781
$58,863,712,700
$1,045,068,994
Personal Investment Class
$1,204,024,846
$100,307,610
$11,413
Premier Class
$-
$2,226,904,829
$-
Private Investment Class
$1,471,590,925
$1,272,661,312
$107,319,448
Reserve Class
$571,968,755
$514,567,159
$150,486,193
Resource Class
$30,418,145
$134,395,228
$1,188,446
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16
Short-Term Investments Trust
Statements of Assets and Liabilities—(continued)
February 28, 2025
(Unaudited)
 
Invesco Treasury
Portfolio
Invesco Government
& Agency Portfolio
Invesco Treasury
Obligations
Portfolio
Shares outstanding, no par value,
unlimited number of shares authorized:
Cash Management Class
585,623,158
887,045,213
6,259,790
CAVU Securities Class
2,014,630,006
13,294,857,355
-
Corporate Class
1,839,759,553
624,416,949
11,862
Institutional Class
33,942,842,275
58,878,700,576
1,045,390,909
Personal Investment Class
1,203,967,070
100,333,108
11,417
Premier Class
-
2,227,472,117
-
Private Investment Class
1,471,520,411
1,272,985,138
107,352,630
Reserve Class
571,941,358
514,697,947
150,532,778
Resource Class
30,416,688
134,429,420
1,188,813
Net asset value, offering and redemption price per share for each class
$1.00
$1.00
$1.00
Cost of Investments
$41,662,752,510
$75,384,609,803
$1,418,820,491
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17
Short-Term Investments Trust
Statements of Operations
For the six months ended February 28, 2025
(Unaudited)

 
 
Invesco Treasury
Portfolio
Invesco Government
& Agency Portfolio
Invesco Treasury
Obligations
Portfolio
Investment income:
Interest
$806,600,528
$1,542,243,099
$33,130,190
Expenses:
Advisory fees
25,709,047
32,610,265
886,994
Administrative services fees
7,541,424
14,372,996
308,461
Custodian fees
148,908
1,832,898
793
Distribution fees:
Cash Management Class
217,622
352,646
968
Corporate Class
235,019
70,330
2
Personal Investment Class
3,150,274
284,700
31
Private Investment Class
2,082,976
1,940,422
95,450
Reserve Class
2,497,819
2,491,089
563,864
Resource Class
24,904
105,185
1,027
Transfer agent fees
1,542,685
2,935,231
63,093
Trustees’ and officers’ fees and benefits
233,567
508,006
22,938
Registration and filing fees
280,888
362,187
75,934
Reports to shareholders
39,544
37,735
5,101
Professional services fees
144,961
325,083
31,556
Other
208,784
1,112,144
46,443
Total expenses
44,058,422
59,340,917
2,102,655
Less: Fees waived and expenses reimbursed
(4,981,849
)
(2,395,545
)
(178,908
)
Net expenses
39,076,573
56,945,372
1,923,747
Net investment income
767,523,955
1,485,297,727
31,206,443
Net realized gain from unaffiliated investment securities
546,874
594,414
14,978
Net increase in net assets resulting from operations
$768,070,829
$1,485,892,141
$31,221,421
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18
Short-Term Investments Trust
Statements of Changes in Net Assets
For the six months ended February 28, 2025 and the year ended August 31, 2024
(Unaudited)

 
 
Invesco Treasury Portfolio
Invesco Government & Agency Portfolio
 
February 28,
2025
August 31,
2024
February 28,
2025
August 31,
2024
Operations:
Net investment income
$767,523,955
$1,798,523,091
$1,485,297,727
$3,528,423,714
 
Net realized gain
546,874
588,216
594,414
5,590,379
 
Net increase in net assets resulting from operations
768,070,829
1,799,111,307
1,485,892,141
3,534,014,093
 
Distributions to shareholders from distributable earnings:
Cash Management Class
(12,071,357
)
(20,301,185
)
(19,893,251
)
(28,249,324
)
 
CAVU Securities Class
(26,668,884
)
(64,820,637
)
(229,824,095
)
(524,316,880
)
 
Corporate Class
(35,314,150
)
(87,424,956
)
(10,554,043
)
(20,482,672
)
 
Institutional Class
(630,071,294
)
(1,491,466,650
)
(1,138,273,842
)
(2,850,941,667
)
 
Personal Investment Class
(22,792,103
)
(45,434,838
)
(2,092,058
)
(3,967,725
)
 
Premier Class
-
-
(43,292,710
)
(5,919,550
)
 
Private Investment Class
(29,389,015
)
(58,364,064
)
(27,813,055
)
(63,152,533
)
 
Reserve Class
(10,534,271
)
(28,547,353
)
(10,635,381
)
(22,679,822
)
 
Resource Class
(682,881
)
(2,163,408
)
(2,919,292
)
(8,713,541
)
 
Total distributions from distributable earnings
(767,523,955
)
(1,798,523,091
)
(1,485,297,727
)
(3,528,423,714
)
 
Share transactions-net:
Cash Management Class
132,607,139
274,262,107
173,947,258
77,173,596
 
CAVU Securities Class
539,049,500
209,970,253
5,251,967,110
(4,720,514,007
)
 
Corporate Class
129,748,550
147,046,591
370,859,582
(42,052,014
)
 
Institutional Class
9,077,027,967
(3,968,533,305
)
17,152,698,845
(23,954,606,903
)
 
Personal Investment Class
162,795,894
193,522,167
(1,105,231
)
14,701,368
 
Premier Class
-
-
1,155,607,482
1,071,864,635
 
Private Investment Class
197,411,453
187,049,599
(75,787,350
)
376,265,090
 
Reserve Class
49,259,836
(93,504,210
)
(14,614,560
)
86,941,326
 
Resource Class
1,636,281
(62,351,419
)
9,187,499
(40,729,025
)
 
Net increase (decrease) in net assets resulting from share
transactions
10,289,536,620
(3,112,538,217
)
24,022,760,635
(27,130,955,934
)
 
Net increase (decrease) in net assets
10,290,083,494
(3,111,950,001
)
24,023,355,049
(27,125,365,555
)
 
Net assets:
Beginning of period
31,372,599,486
34,484,549,487
53,891,740,682
81,017,106,237
 
End of period
$41,662,682,980
$31,372,599,486
$77,915,095,731
$53,891,740,682
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19
Short-Term Investments Trust
Statements of Changes in Net Assets—(continued)
For the six months ended February 28, 2025 and the year ended August 31, 2024
(Unaudited)
 
 
Invesco Treasury Obligations Portfolio
 
February 28,
2025
August 31,
2024
Operations:
Net investment income
$31,206,443
$77,226,626
 
Net realized gain
14,978
17,841
 
Net increase in net assets resulting from operations
31,221,421
77,244,467
 
Distributions to shareholders from distributable earnings:
Cash Management Class
(53,152
)
(295,678
)
 
Corporate Class
(262
)
(31,523
)
 
Institutional Class
(27,130,449
)
(69,995,123
)
 
Personal Investment Class
(227
)
(541
)
 
Private Investment Class
(1,627,141
)
(1,796,244
)
 
Reserve Class
(2,367,053
)
(4,886,532
)
 
Resource Class
(28,159
)
(220,985
)
 
Total distributions from distributable earnings
(31,206,443
)
(77,226,626
)
 
Share transactions-net:
Cash Management Class
4,224,208
(8,328,333
)
 
Corporate Class
311
(2,766,908
)
 
Institutional Class
(237,998,353
)
(200,148,453
)
 
Personal Investment Class
(563
)
1,336
 
Private Investment Class
57,590,963
25,697,808
 
Reserve Class
21,702,318
54,825,820
 
Resource Class
(356,427
)
(4,698,869
)
 
Net increase (decrease) in net assets resulting from share transactions
(154,837,543
)
(135,417,599
)
 
Net increase (decrease) in net assets
(154,822,565
)
(135,399,758
)
 
Net assets:
Beginning of period
1,465,166,774
1,600,566,532
 
End of period
$1,310,344,209
$1,465,166,774
 
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20
Short-Term Investments Trust
Financial Highlights
(Unaudited)
The following schedule presents financial highlights for a share of the Funds outstanding throughout the periods indicated.
Resource 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 Treasury Portfolio
Six months ended 02/28/25
$1.00
$0.02
$0.00
$0.02
$(0.02
)
$-
$-
$(0.02
)
$1.00
2.20
%
$30,418
0.34
%(c)
0.37
%(c)
4.37
%(c)
Year ended 08/31/24
1.00
0.05
0.00
0.05
(0.05
)
-
-
(0.05
)
1.00
5.20
28,781
0.34
0.37
5.08
Year ended 08/31/23
1.00
0.04
0.00
0.04
(0.04
)
-
-
(0.04
)
1.00
4.21
91,130
0.34
0.38
4.22
Year ended 08/31/22
1.00
0.00
(0.00
)
0.00
(0.00
)
-
-
(0.00
)
1.00
0.39
77,390
0.20
0.37
0.40
Year ended 08/31/21
1.00
0.00
0.00
0.00
(0.00
)
-
-
(0.00
)
1.00
0.01
53,210
0.10
0.37
0.01
Year ended 08/31/20
1.00
0.01
0.00
0.01
(0.01
)
(0.00
)
-
(0.01
)
1.00
0.79
635,713
0.31
0.37
0.73
Invesco Government & Agency Portfolio
Six months ended 02/28/25
1.00
0.02
0.00
0.02
(0.02
)
-
-
(0.02
)
1.00
2.22
134,395
0.32
(c)
0.33
(c)
4.41
(c)
Year ended 08/31/24
1.00
0.05
(0.00
)
0.05
(0.05
)
-
-
(0.05
)
1.00
5.21
125,186
0.32
0.32
5.06
Year ended 08/31/23
1.00
0.04
0.00
0.04
(0.04
)
-
-
(0.04
)
1.00
4.22
165,918
0.32
0.32
4.23
Year ended 08/31/22
1.00
0.00
(0.00
)
0.00
(0.00
)
-
-
(0.00
)
1.00
0.43
135,003
0.20
0.32
0.45
Year ended 08/31/21
1.00
0.00
0.00
0.00
(0.00
)
-
-
(0.00
)
1.00
0.02
117,902
0.08
0.32
0.02
Year ended 08/31/20
1.00
0.01
(0.00
)
0.01
(0.01
)
(0.00
)
-
(0.01
)
1.00
0.81
143,148
0.29
0.31
0.71
Invesco Treasury Obligations Portfolio
Six months ended 02/28/25
1.00
0.02
(0.00
)
0.02
(0.02
)
-
-
(0.02
)
1.00
2.19
1,188
0.34
(c)
0.37
(c)
4.39
(c)
Year ended 08/31/24
1.00
0.05
0.00
0.05
(0.05
)
-
-
(0.05
)
1.00
5.15
1,545
0.34
0.37
5.03
Year ended 08/31/23
1.00
0.04
0.00
0.04
(0.04
)
-
-
(0.04
)
1.00
4.08
6,242
0.34
0.36
4.06
Year ended 08/31/22
1.00
0.00
(0.00
)
0.00
(0.00
)
-
-
(0.00
)
1.00
0.36
98
0.21
0.37
0.37
Year ended 08/31/21
1.00
0.00
0.00
0.00
(0.00
)
-
-
(0.00
)
1.00
0.01
98
0.10
0.37
0.01
Year ended 08/31/20
1.00
0.01
(0.00
)
0.01
(0.01
)
-
-
(0.01
)
1.00
0.80
150
0.33
0.36
0.69
 
(a)
Calculated using average shares outstanding.
(b)
Includes adjustments in accordance with accounting principles generally accepted in the United States of America and is not annualized for periods less than one year.
(c)
Annualized.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21
Short-Term Investments Trust
Notes to Financial Statements
February 28, 2025
(Unaudited)
NOTE 1—Significant Accounting Policies
Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers three separate portfolios (each constituting a “Fund”). The Funds covered in this report are Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.
The investment objective of each Fund is to provide current income consistent with preservation of capital and liquidity.
Invesco Treasury Portfolio currently offers eight different classes of shares: Cash Management Class, Corporate Class, CAVU Securities Class, Institutional Class, Personal Investment Class, Private Investment Class, Reserve Class and Resource Class. Invesco Government & Agency Portfolio currently offers nine different classes of shares: Cash Management Class, Corporate Class, CAVU Securities Class, Institutional Class, Personal Investment Class, Premier Class, Private Investment Class, Reserve Class and Resource Class. Invesco Treasury Obligations Portfolio currently offers seven different classes of shares: Cash Management Class, Corporate Class, Institutional Class, Personal Investment Class, Private Investment Class, Reserve Class and Resource Class.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services — Investment Companies.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, each a “government money market fund” as defined in Rule 2a-7 under the 1940 Act (the "Rule"), seek to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation.
“Government money market funds” are required to invest at least 99.5% of their total assets in cash, Government Securities (as defined in the 1940 Act), and/or repurchase agreements collateralized fully by cash or Government Securities.
The Board of Trustees has elected not to subject Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio to liquidity fee requirements at this time, as permitted by the Rule.
The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements.
A.
Security Valuations - Invesco Liquid Assets Portfolio’s and Invesco STIC Prime Portfolio’s securities normally are valued on the basis of prices provided by independent pricing services. Prices provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations 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, and their value may be adjusted accordingly. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities for which market quotations are not readily available are fair valued by Invesco Advisers, Inc. (the “Adviser” or “Invesco”) in accordance with Board-approved policies and related Adviser procedures (“Valuation Procedures”). If a fair value price provided by a pricing service is unreliable in the Adviser’s judgment, the Adviser will fair value the security using the Valuation Procedures. Issuer specific events, market trends, bid/ask quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security’s fair value.
Invesco Treasury Portfolio, Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio’s securities are recorded on the basis of amortized cost which approximates value as permitted by the Rule. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.
Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
Each Fund may invest in securities that are subject to interest rate risk, meaning the risk that the prices will generally fall as interest rates rise and, conversely, the prices will generally rise as interest rates fall. Specific securities differ in their sensitivity to changes in interest rates depending on their individual characteristics. Changes in interest rates may result in increased market volatility, which may affect the value and/or liquidity of certain of each Fund’s investments.
B.
Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income (net of withholding tax, if any) is recorded on the accrual basis from settlement date and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. 
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share
22
Short-Term Investments Trust
and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Funds and the investment adviser.
The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative settled shares of each class.
C.
Country Determination - For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues, the country that has the primary market for the issuer’s securities and its "country of risk" as determined by a third party service provider, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.
Distributions - It is the policy of the Funds to declare dividends from net investment income, if any, daily and pay them monthly. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually.
E.
Federal Income Taxes - The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), necessary to qualify as a regulated investment company and to distribute substantially all of the Funds’ taxable earnings to shareholders. As such, the Funds will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed each Fund’s uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.
Each Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, each Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.
Expenses - Fees provided for under the Rule 12b-1 plan of a particular class of each Fund and which are directly attributable to that class are charged to the operations of such class. Transfer agency fees and expenses attributable to CAVU Securities Class are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses of each respective Fund are allocated among the classes of such Fund based on relative settled shares.  
G.
Accounting Estimates - The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, each Fund monitors for material events or transactions that may occur or become known after the period-end date and before the date the financial statements are released to print.
H.
Indemnifications - Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of the performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts, including each Fund’s servicing agreements, that contain a variety of indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against such Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.
Segment Reporting — In November 2023, the FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), with the intent of improving reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment’s profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole, thereby enabling better understanding of how an entity’s segments impact overall performance. Each Fund represents a single operating segment. Subject to the oversight and, when applicable, approval of the Board of Trustees, the Adviser acts as the Funds’ chief operating decision maker (“CODM”), assessing performance and making decisions about resource allocation within each Fund. The CODM monitors the operating results as a whole, and each Fund’s long-term strategic asset allocation is determined in accordance with the terms of its prospectus based on a defined investment strategy. The financial information provided to and reviewed by the CODM is consistent with that presented in the Funds’ financial statements. Adoption of the new standard impacted the Funds’ financial statement note disclosures only and did not affect the Funds’ financial position or the results of its operations.
J.
Repurchase Agreements - The Funds may enter into repurchase agreements. Collateral on repurchase agreements, including each Fund’s pro-rata interest in joint repurchase agreements, is taken into possession by such Funds upon entering into the repurchase agreement. Collateral consisting of U.S. Government Securities and U.S. Government Sponsored Agency Securities is marked to market daily to ensure its market value is typically at least 102% of the sales price of the repurchase agreement. Collateral consisting of non-government securities is marked to market daily to ensure its market value is typically at least 105% of the sales price of the repurchase agreement. The investments in some repurchase agreements, pursuant to procedures approved by the Board of Trustees, are through participation with other mutual funds, private accounts and certain non-registered investment companies managed by the investment advisor or its affiliates (“Joint repurchase agreements”). The principal amount of the repurchase agreement is equal to the value at period-end. If the seller of a repurchase agreement fails to repurchase the security in accordance with the terms of the agreement, the Funds might incur expenses in enforcing their rights, and could experience losses, including a decline in the value of the collateral and loss of income. 
K.
Other Risks – Obligations of U.S. Government agencies and authorities receive varying levels of support and may not be backed by the full faith
23
Short-Term Investments Trust
and credit of the U.S. Government, which could affect a 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.
The effect on performance from investing in securities issued or guaranteed by companies in the banking and financial services industries will depend to a greater extent on the overall condition of those industries. Financial services companies are highly dependent on the supply of short-term financing. The value of securities of issuers in the banking and financial services industry can be sensitive to changes in government regulation and interest rates and to economic downturns in the United States and abroad.
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.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with the Adviser. Under the terms of the investment advisory agreement, each Fund accrues daily and pays monthly an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively: 
 
First $250 million
Next $250 million
Over $500 million
Invesco Treasury Portfolio
0.15%
0.15%
0.15%
Invesco Government & Agency
Portfolio
0.10%
0.10%
0.10%
Invesco Treasury Obligations
Portfolio
0.20%
0.15%
0.10%
For the six months ended February 28, 2025, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below: 
Invesco Treasury Portfolio
0.15%
Invesco Government & Agency Portfolio
0.10%
Invesco Treasury Obligations Portfolio
0.13%
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and, for Invesco Government & Agency Portfolio and Invesco Treasury Obligations Portfolio, separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).
The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) for each Fund’s shares through at least December 31, 2025 as shown in the following table (the “expense limits”): 
 
Cash
Management
Class
CAVU
Securities
Class
Corporate
Class
Institutional
Class
Personal
Investment
Class
Premier
Class
Private
Investment
Class
Reserve
Class
Resource
Class
Invesco Treasury Portfolio
0.26%
0.18%
0.21%
0.18%
0.73%
–
0.48%
1.05%
0.34%
Invesco Government & Agency Portfolio
0.26%
0.18%
0.21%
0.18%
0.73%
0.12%
0.48%
1.05%
0.34%
Invesco Treasury Obligations Portfolio
0.26%
–
0.21%
0.18%
0.73%
–
0.43%
1.05%
0.34%
In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) dividend expense on short sales; (4) extraordinary or non-routine items, including litigation expenses, and (5) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2025 for each Fund’s shares. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits or reduce the advisory fee waiver without approval of the Board of Trustees.
For the six months ended February 28, 2025, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below: 
 
Expense
Limitation
Invesco Treasury Portfolio
$4,981,849
Invesco Government & Agency Portfolio
2,395,545
Invesco Treasury Obligations Portfolio
178,908
The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the six months ended February 28, 2025, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees. Also, Invesco has entered into a sub-administration agreement whereby The Bank of New York Mellon (“BNY Mellon”) serves as fund accountant and provides certain administrative services to the Funds. Pursuant to a custody agreement with the Trust on behalf of the Funds, BNY Mellon also serves as the Fund’s custodian.
24
Short-Term Investments Trust
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 28, 2025, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.
Under the terms of a master distribution agreement between Invesco Distributors, Inc. ("IDI") and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). Each Fund, pursuant to the Plans, pays IDI compensation up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively. 
 
Cash
Management
Class
Corporate
Class
Personal
Investment
Class
Premier
Class
Private
Investment
Class
Reserve
Class
Resource
Class
Invesco Treasury Portfolio
0.08%
0.03%
0.55%
0.12%
0.30%
0.87%
0.16%
Invesco Government & Agency Portfolio
0.08%
0.03%
0.55%
0.12%
0.30%
0.87%
0.16%
Invesco Treasury Obligations Portfolio
0.08%
0.03%
0.55%
0.12%
0.25%
0.87%
0.16%
The fees are accrued daily and paid monthly. Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
Level 1 — Prices are determined using quoted prices in an active market for identical assets.
Level 2 — Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. 
Level 3 — Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Adviser’s assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.
As of February 28, 2025, all of the securities in each Fund were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
NOTE 4—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Funds may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Funds.
NOTE 5—Cash Balances
The Funds are permitted to temporarily overdraft or leave balances in their accounts with BNY Mellon, the custodian bank. Such balances, if any at period-end, are shown in the Statements of Assets and Liabilities under the payable caption Amount due custodian. To compensate BNY Mellon or the Funds for such activity, the Funds may either (1) pay to or receive from BNY Mellon compensation at a rate agreed upon by BNY Mellon and Invesco, not to exceed the contractually agreed upon rate; or (2) leave funds or overdraft funds as a compensating balance in the account so BNY Mellon or the Funds can be compensated for use of funds.
NOTE 6—Tax Information
The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to each Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at each Fund’s fiscal year-end.
25
Short-Term Investments Trust
Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Funds to utilize. The ability to utilize capital loss carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Funds had a capital loss carryforward as of August 31, 2024, as follows: 
Fund
Short-Term
Long-Term
 
Not Subject to
Expiration
Not Subject to
Expiration
Total*
Invesco Government & Agency Portfolio
$21,111,540
$-
$21,111,540
Invesco Treasury Obligations Portfolio
433,147
20,239
453,386
 
*
Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a
variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 7—Investment Transactions
The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows: 
 
At February 28, 2025
 
Federal
Tax Cost
Unrealized
Appreciation
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
Invesco Treasury Obligations Portfolio
$1,418,830,456
$-
$(9,965
)
$(9,965
)
*
For Invesco Treasury Obligations Portfolio, cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end. For Invesco Treasury Portfolio and Invesco Government & Agency Portfolio, cost of investments is the same for tax and financial reporting purposes.
26
Short-Term Investments Trust
Invesco Treasury Portfolio 
 
Summary of Share Activity
 
Six months ended
February 28, 2025(a)
Year ended
August 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Cash Management Class
1,870,577,721
$1,870,577,721
2,333,007,866
$2,333,007,866
CAVU Securities Class
9,142,926,152
9,142,926,152
22,251,478,516
22,251,478,516
Corporate Class
6,182,058,893
6,182,058,893
12,354,552,252
12,354,552,252
Institutional Class
124,944,230,624
124,944,230,624
250,888,373,402
250,888,373,402
Personal Investment Class
1,663,115,163
1,663,115,163
3,726,713,615
3,726,713,615
Private Investment Class
1,591,901,152
1,591,901,152
2,799,879,705
2,799,879,705
Reserve Class
771,300,114
771,300,114
2,909,401,364
2,909,401,364
Resource Class
120,757,039
120,757,039
236,811,098
236,811,098
Issued as reinvestment of dividends:
Cash Management Class
10,440,471
10,440,471
12,027,251
12,027,251
CAVU Securities Class
9,113,387
9,113,387
22,198,536
22,198,536
Corporate Class
35,314,150
35,314,150
71,234,826
71,234,826
Institutional Class
256,626,398
256,626,398
517,626,055
517,626,055
Personal Investment Class
8,586,531
8,586,531
21,558,843
21,558,843
Private Investment Class
25,704,571
25,704,571
42,479,974
42,479,974
Reserve Class
10,534,271
10,534,271
27,172,034
27,172,034
Resource Class
682,881
682,881
2,382,216
2,382,216
Reacquired:
Cash Management Class
(1,748,411,053
)
(1,748,411,053
)
(2,070,773,010
)
(2,070,773,010
)
CAVU Securities Class
(8,612,990,039
)
(8,612,990,039
)
(22,063,706,799
)
(22,063,706,799
)
Corporate Class
(6,087,624,493
)
(6,087,624,493
)
(12,278,740,487
)
(12,278,740,487
)
Institutional Class
(116,123,829,055
)
(116,123,829,055
)
(255,374,532,762
)
(255,374,532,762
)
Personal Investment Class
(1,508,905,800
)
(1,508,905,800
)
(3,554,750,291
)
(3,554,750,291
)
Private Investment Class
(1,420,194,270
)
(1,420,194,270
)
(2,655,310,080
)
(2,655,310,080
)
Reserve Class
(732,574,549
)
(732,574,549
)
(3,030,077,608
)
(3,030,077,608
)
Resource Class
(119,803,639
)
(119,803,639
)
(301,544,733
)
(301,544,733
)
Net increase (decrease) in share activity
10,289,536,620
$10,289,536,620
(3,112,538,217
)
$(3,112,538,217
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 24% of the outstanding shares of the
Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of
interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these
entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services
such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any
portion of the shares owned of record by these entities are also owned beneficially.
27
Short-Term Investments Trust
Invesco Government & Agency Portfolio 
 
Summary of Share Activity
 
Six months ended
February 28, 2025(a)
Year ended
August 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Cash Management Class
368,295,908
$368,295,908
663,029,782
$663,029,782
CAVU Securities Class
66,158,613,340
66,158,613,340
127,354,073,926
127,354,073,926
Corporate Class
1,873,728,701
1,873,728,701
1,829,835,886
1,829,835,886
Institutional Class
210,059,718,200
210,059,718,200
605,516,883,360
605,516,883,360
Personal Investment Class
249,366,626
249,366,626
518,971,785
518,971,785
Premier Class
100,630,532,801
100,630,532,801
19,156,568,000
19,156,568,000
Private Investment Class
1,366,365,174
1,366,365,174
3,066,991,198
3,066,991,198
Reserve Class
750,218,819
750,218,819
1,575,680,738
1,575,680,738
Resource Class
717,639,000
717,639,000
1,550,521,178
1,550,521,178
Issued as reinvestment of dividends:
Cash Management Class
19,876,850
19,876,850
7,700,062
7,700,062
CAVU Securities Class
128,638,728
128,638,728
308,419,873
308,419,873
Corporate Class
5,407,624
5,407,624
11,676,386
11,676,386
Institutional Class
508,489,921
508,489,921
1,195,586,093
1,195,586,093
Personal Investment Class
1,944,961
1,944,961
3,211,362
3,211,362
Premier Class
8,992,096
8,992,096
5,765
5,765
Private Investment Class
20,465,133
20,465,133
36,498,240
36,498,240
Reserve Class
11,748,821
11,748,821
21,397,617
21,397,617
Resource Class
1,896,956
1,896,956
5,524,706
5,524,706
Reacquired:
Cash Management Class
(214,225,500
)
(214,225,500
)
(593,556,248
)
(593,556,248
)
CAVU Securities Class
(61,035,284,958
)
(61,035,284,958
)
(132,383,007,806
)
(132,383,007,806
)
Corporate Class
(1,508,276,743
)
(1,508,276,743
)
(1,883,564,286
)
(1,883,564,286
)
Institutional Class
(193,415,509,276
)
(193,415,509,276
)
(630,667,076,356
)
(630,667,076,356
)
Personal Investment Class
(252,416,818
)
(252,416,818
)
(507,481,779
)
(507,481,779
)
Premier Class
(99,483,917,415
)
(99,483,917,415
)
(18,084,709,130
)
(18,084,709,130
)
Private Investment Class
(1,462,617,657
)
(1,462,617,657
)
(2,727,224,348
)
(2,727,224,348
)
Reserve Class
(776,582,200
)
(776,582,200
)
(1,510,137,029
)
(1,510,137,029
)
Resource Class
(710,348,457
)
(710,348,457
)
(1,596,774,909
)
(1,596,774,909
)
Net increase (decrease) in share activity
24,022,760,635
$24,022,760,635
(27,130,955,934
)
$(27,130,955,934
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 27% of the outstanding shares of
the Fund. IDI has an agreement with these entities to sell Fund shares. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are
considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as
securities brokerage, distribution, third party record keeping and account servicing. The Fund has no knowledge as to whether all or any portion of the shares
owned of record by these entities are also owned beneficially.
28
Short-Term Investments Trust
Invesco Treasury Obligations Portfolio 
 
Summary of Share Activity
 
Six months ended
February 28, 2025(a)
Year ended
August 31, 2024
 
Shares
Amount
Shares
Amount
Sold:
Cash Management Class
6,026,499
$6,026,499
2,423,695
$2,423,695
Institutional Class
1,669,660,869
1,669,660,869
2,397,055,403
2,397,055,403
Personal Investment Class
-
-
800
800
Private Investment Class
114,253,749
114,253,749
49,001,788
49,001,788
Reserve Class
169,356,194
169,356,194
395,815,661
395,815,661
Resource Class
3,085,102
3,085,102
83,785,384
83,785,384
Issued as reinvestment of dividends:
Cash Management Class
62,397
62,397
316,891
316,891
Corporate Class
311
311
35,642
35,642
Institutional Class
21,464,067
21,464,067
46,124,263
46,124,263
Personal Investment Class
273
273
536
536
Private Investment Class
1,587,937
1,587,937
1,540,314
1,540,314
Reserve Class
1,334,060
1,334,060
2,043,763
2,043,763
Resource Class
34,064
34,064
200,154
200,154
Reacquired:
Cash Management Class
(1,864,688
)
(1,864,688
)
(11,068,919
)
(11,068,919
)
Corporate Class
-
-
(2,802,550
)
(2,802,550
)
Institutional Class
(1,929,123,289
)
(1,929,123,289
)
(2,643,328,119
)
(2,643,328,119
)
Personal Investment Class
(836
)
(836
)
-
-
Private Investment Class
(58,250,723
)
(58,250,723
)
(24,844,294
)
(24,844,294
)
Reserve Class
(148,987,936
)
(148,987,936
)
(343,033,604
)
(343,033,604
)
Resource Class
(3,475,593
)
(3,475,593
)
(88,684,407
)
(88,684,407
)
Net increase (decrease) in share activity
(154,837,543
)
$(154,837,543
)
(135,417,599
)
$(135,417,599
)
 
(a)
There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 73% of the outstanding shares of the
Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of
interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these
entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services
such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any
portion of the shares owned of record by these entities are also owned beneficially.
 
  In addition, 22% of the outstanding shares of the Fund are owned by the Adviser or an affiliate of the Adviser.
29
Short-Term Investments Trust
Other Information Required in Form N-CSR (Items 8-11)
Changes in and Disagreements with Accountants for Open-End Management Investment Companies
Not applicable.
Proxy Disclosures for Open-End Management Investment Companies
Not applicable.
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies
The aggregate remuneration paid to directors, officers and others is disclosed within the financial statements.
Statement Regarding Basis for Approval of Investment Advisory Contracts
Not applicable.
30
Short-Term Investments Trust
 
SEC file numbers: 811-02729 and 002-58287
Invesco Distributors, Inc.
CM-STIT-NCSRS-RSC


Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.


Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.


Item 10. Remuneration Paid to Directors, Officers, and Others for Open-End Management Investment Companies.

This information is filed under Item 7 of this Form N-CSR.


Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.


Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.


Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.


Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.


Item 15. Submission of Matters to a Vote of Security Holders.

None.


Item 16. Controls and Procedures.

(a) As of a date within 90 days of the filing date of this report, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer ("PEO") and Principal Financial Officer ("PFO"), to assess the effectiveness of the Registrant's disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Act. Based on that evaluation, the Registrant's officers, including the PEO and PFO, concluded that the Registrant's disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

(b) There have been no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.


Item 17. Disclosure of Securities Lending Activity for Closed-End Management Investment Companies.

Not applicable.


Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.



  

SIGNATURES 

  

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. 

  

(Registrant) Short-Term Investments Trust 

  

By:    /s/ Glenn Brightman                                          . 

Name: Glenn Brightman 

Title:Principal Executive Officer 

  

Date: May 02, 2025  

  

  

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated. 

  

  

By:    /s/ Glenn Brightman                                          .. 

Name:Glenn Brightman 

Title:Principal Executive Officer 

Date: May 02, 2025 

  

  

  

By:       /s/ Adrien Deberghes                                             ____                                         

  

Name:Adrien Deberghes 

Title:Principal Financial Officer 

  

Date:May 02, 2025 



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