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 811-05460
AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust)
(Exact name of registrant as specified in charter)
11 Greenway Plaza, Suite 1000 Houston, Texas 77046
(Address of principal executive offices) (Zip code)
Sheri Morris 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: 8/31
Date of reporting period: 2/28/22
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 is as follows:
(b) Not applicable.
Semiannual Report to Shareholders | February 28, 2022 |
Investor Class
AIM Treasurer’s Series Trust
(Invesco Treasurer’s Series Trust)
Invesco Premier Portfolio
Invesco Premier U.S. Government Money Portfolio
2 | ||
3 | ||
12 | ||
15 | ||
16 | ||
22 |
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including fees and expenses. Investors should read it carefully before investing.
Unless otherwise stated, information presented in this report is as of February 28, 2022, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
Investor Class data as of 2/28/22 | ||||||||||
FUND | WEIGHTED | WEIGHTED | TOTAL | |||||||
AVERAGE | AVERAGE | NET | ||||||||
MATURITY | LIFE | ASSETS | ||||||||
Range | At | At | ||||||||
During | Reporting | Reporting | ||||||||
Reporting | Period | Period | ||||||||
Period | End | End | ||||||||
Invesco Premier1 | 27 - 54 days | 27 days | 56 days | $ | 41.7 million | |||||
Invesco Premier U.S. Government Money2 | 24 - 47 days | 36 days | 101 days | 41.7 million | ||||||
Weighted average maturity (WAM) is an average of the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes. Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions. |
|
1 | You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
2 | You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
Investor Class shares of each Fund are offered only to certain grandfathered investors. See each Fund’s prospectus for more information.
2 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
February 28, 2022
(Unaudited)
Invesco Premier Portfolio
Principal | ||||||||||||||
Interest | Maturity | Amount | ||||||||||||
Rate | Date | (000) | Value | |||||||||||
Commercial Paper-41.56%(a) | ||||||||||||||
Asset-Backed Securities - Fully Supported-2.79% | ||||||||||||||
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.) (SOFR + 0.19%)(b)(c)(d) | 0.24% | 08/08/2022 | $ | 30,000 | $ | 30,000,000 | ||||||||
| ||||||||||||||
Asset-Backed Securities - Fully Supported Bank-7.92% | ||||||||||||||
Anglesea Funding PLC (Multi - CEP’s) (OBFR + 0.10%)(b)(c)(d) | 0.17% | 05/20/2022 | 25,000 | 25,000,000 | ||||||||||
| ||||||||||||||
Bedford Row Funding Corp. (CEP - Royal Bank of Canada) | 0.20% | 09/01/2022 | 10,000 | 10,000,000 | ||||||||||
| ||||||||||||||
Ebury Finance LLC (Multi - CEP’s), (SOFR + 0.15%)(b)(c)(d) | 0.20% | 05/23/2022 | 25,000 | 25,000,000 | ||||||||||
| ||||||||||||||
Versailles Commercial Paper LLC (CEP - Natixis S.A.) (SOFR + 0.16%)(b)(c)(d) | 0.21% | 08/02/2022 | 25,000 | 25,000,000 | ||||||||||
| ||||||||||||||
85,000,000 | ||||||||||||||
| ||||||||||||||
Diversified Banks-22.48% | ||||||||||||||
Agricultural Bank of China Ltd. (SOFR + 0.20%)(b)(d) | 0.25% | 05/16/2022 | 5,000 | 5,000,000 | ||||||||||
| ||||||||||||||
Agricultural Bank of China Ltd. (SOFR + 0.20%)(b)(d) | 0.25% | 05/20/2022 | 20,000 | 20,000,000 | ||||||||||
| ||||||||||||||
ANZ New Zealand (Int’l) Ltd.(b) | 0.34% | 10/03/2022 | 10,000 | 9,979,600 | ||||||||||
| ||||||||||||||
Barclays Bank PLC(b) | 0.20% | 03/22/2022 | 30,000 | 29,996,500 | ||||||||||
| ||||||||||||||
Commonwealth Bank of Australia(b) | 0.25% | 10/14/2022 | 10,000 | 9,984,236 | ||||||||||
| ||||||||||||||
Industrial & Commercial Bank of China Ltd.(b) | 0.15% | 03/15/2022 | 20,000 | 19,998,833 | ||||||||||
| ||||||||||||||
Kookmin Bank(b) | 0.20% | 03/17/2022 | 30,000 | 29,997,333 | ||||||||||
| ||||||||||||||
Mitsubishi UFJ Trust & Banking Corp.(b) | 0.26% | 04/13/2022 | 10,000 | 9,996,895 | ||||||||||
| ||||||||||||||
Svenska Handelsbanken AB(b) | 0.23% | 04/28/2022 | 20,000 | 19,992,589 | ||||||||||
| ||||||||||||||
Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%)(b)(d) | 0.18% | 07/08/2022 | 20,000 | 20,000,000 | ||||||||||
| ||||||||||||||
Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%)(b)(d) | 0.18% | 09/06/2022 | 15,000 | 15,000,000 | ||||||||||
| ||||||||||||||
United Overseas Bank Ltd.(b) | 0.18% | 06/01/2022 | 20,000 | 19,990,800 | ||||||||||
| ||||||||||||||
Westpac Banking Corp.(b) | 0.20% | 06/17/2022 | 16,500 | 16,490,100 | ||||||||||
| ||||||||||||||
Westpac Banking Corp.(b) | 0.27% | 10/13/2022 | 15,000 | 14,974,575 | ||||||||||
| ||||||||||||||
241,401,461 | ||||||||||||||
| ||||||||||||||
Diversified Capital Markets-3.26% | ||||||||||||||
UBS AG(b) | 0.25% | 08/18/2022 | 20,000 | 19,976,389 | ||||||||||
| ||||||||||||||
UBS AG (SOFR + 0.20%)(b)(d) | 0.25% | 10/14/2022 | 15,000 | 15,000,000 | ||||||||||
| ||||||||||||||
34,976,389 | ||||||||||||||
| ||||||||||||||
Investment Banking & Brokerage-2.32% | ||||||||||||||
Goldman Sachs International(b) | 0.45% | 11/15/2022 | 25,000 | 24,919,062 | ||||||||||
| ||||||||||||||
Regional Banks-0.93% | ||||||||||||||
ASB Finance Ltd.(b) | 0.21% | 07/08/2022 | 10,000 | 9,992,475 | ||||||||||
| ||||||||||||||
Specialized Finance-1.86% | ||||||||||||||
Great Bear Funding LLC (OBFR + 0.15%)(d) | 0.22% | 07/01/2022 | 20,000 | 20,000,000 | ||||||||||
| ||||||||||||||
Total Commercial Paper (Cost $446,289,387) | 446,289,387 | |||||||||||||
| ||||||||||||||
Certificates of Deposit-26.54% | ||||||||||||||
Agricultural Bank of China Ltd. (SOFR + 0.20%)(d) | 0.25% | 05/11/2022 | 5,000 | 5,000,000 | ||||||||||
| ||||||||||||||
ANZ New Zealand (Int’l) Ltd. | 0.07% | 03/01/2022 | 30,000 | 30,000,000 | ||||||||||
| ||||||||||||||
Bank of Nova Scotia (The) (SOFR + 0.11%)(d) | 0.16% | 04/20/2022 | 10,000 | 10,000,000 | ||||||||||
| ||||||||||||||
Canadian Imperial Bank of Commerce (1 mo. FEDL + 0.10%)(d) | 0.18% | 06/08/2022 | 30,000 | 30,000,000 | ||||||||||
| ||||||||||||||
DZ Bank AG Deutsche Zentral-Genossenschaftsbank | 0.06% | 03/01/2022 | 40,000 | 40,000,000 | ||||||||||
| ||||||||||||||
Mizuho Bank Ltd. | 0.07% | 03/01/2022 | 35,000 | 35,000,000 | ||||||||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments–(continued)
February 28, 2022
(Unaudited)
Invesco Premier Portfolio–(continued)
Principal | ||||||||||||||
Interest | Maturity | Amount | ||||||||||||
Rate | Date | (000) | Value | |||||||||||
| ||||||||||||||
Nordea Bank Abp | 0.06% | 03/01/2022 | $ | 40,000 | $ | 40,000,000 | ||||||||
| ||||||||||||||
Oversea-Chinese Banking Corp. Ltd. | 0.19% | 04/20/2022 | 30,000 | 30,000,000 | ||||||||||
| ||||||||||||||
Skandinaviska Enskilda Banken AB | 0.06% | 03/01/2022 | 40,000 | 40,000,000 | ||||||||||
| ||||||||||||||
Svenska Handelsbanken AB | 0.06% | 03/01/2022 | 25,000 | 25,000,000 | ||||||||||
| ||||||||||||||
Total Certificates of Deposit (Cost $285,000,000) | 285,000,000 | |||||||||||||
| ||||||||||||||
Variable Rate Demand Notes-7.94%(e) | ||||||||||||||
Credit Enhanced-7.94% | ||||||||||||||
Boulder (County of), CO (Imagine); Series 2006, VRD RB (LOC - Wells Fargo Bank N.A.)(f) | 0.30% | 02/01/2031 | 825 | 825,000 | ||||||||||
| ||||||||||||||
Capital Area Housing Finance Corp. (Cypress Creek at River Apartments); Series 2006, VRD MFH RB (LOC - Citibank N.A.)(f)(g) | 0.23% | 10/01/2039 | 7,260 | 7,260,000 | ||||||||||
| ||||||||||||||
Clackamas (County of), OR Hospital Facility Authority (Legacy Health System); Series 2008 A, VRD RB (LOC - U.S. Bank N.A.)(f) | 0.20% | 06/01/2037 | 1,550 | 1,550,000 | ||||||||||
| ||||||||||||||
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(f) | 0.25% | 08/01/2037 | 2,145 | 2,145,000 | ||||||||||
| ||||||||||||||
Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - Northern Trust Co. (The))(f) | 0.20% | 01/01/2037 | 2,600 | 2,600,000 | ||||||||||
| ||||||||||||||
Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 B, VRD MFH RB (LOC - FHLB of Indianapolis)(f)(g) | 0.28% | 12/01/2039 | 100 | 100,000 | ||||||||||
| ||||||||||||||
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank Nederland)(f) | 0.25% | 06/01/2035 | 6,000 | 6,000,000 | ||||||||||
| ||||||||||||||
Iowa (State of) Finance Authority (CJ Bio America); Series 2021, Ref. VRD RB(b)(f) | 0.24% | 12/01/2041 | 2,195 | 2,195,000 | ||||||||||
| ||||||||||||||
Jets Stadium Development LLC; Series 2007 A-4, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(b)(f) | 0.26% | 04/01/2047 | 20,800 | 20,800,000 | ||||||||||
| ||||||||||||||
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(b)(f) | 0.26% | 04/01/2047 | 3,900 | 3,900,000 | ||||||||||
| ||||||||||||||
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)(f) | 0.22% | 05/01/2037 | 11,000 | 11,000,000 | ||||||||||
| ||||||||||||||
Marion (County of), OR Housing Authority (Residence at Marian Estates); Series 1997, VRD RB (LOC - U.S. Bank N.A.)(f)(g) | 0.24% | 07/01/2027 | 530 | 530,000 | ||||||||||
| ||||||||||||||
Metropolitan Transportation Authority; Subseries 2020 B-1, Ref. VRD RB (LOC - PNC Bank N.A.)(f) | 0.19% | 11/15/2046 | 4,900 | 4,900,000 | ||||||||||
| ||||||||||||||
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); Series 2010 E, VRD IDR | 0.22% | 12/01/2030 | 1,270 | 1,270,000 | ||||||||||
| ||||||||||||||
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)(f) | 0.28% | 07/01/2040 | 7,420 | 7,420,000 | ||||||||||
| ||||||||||||||
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2008 B, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(f) | 0.20% | 07/01/2037 | 3,850 | 3,850,000 | ||||||||||
| ||||||||||||||
Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP - FHLMC) | 0.26% | 05/01/2042 | 750 | 750,000 | ||||||||||
| ||||||||||||||
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB | 0.16% | 08/01/2045 | 8,200 | 8,200,000 | ||||||||||
| ||||||||||||||
Total Variable Rate Demand Notes (Cost $85,295,000) | 85,295,000 | |||||||||||||
| ||||||||||||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-76.04% (Cost $816,584,387) | 816,584,387 | |||||||||||||
|
Repurchase | ||||||||||||||||
Amount | ||||||||||||||||
Repurchase Agreements-24.00%(h) | ||||||||||||||||
BMO Capital Markets Corp., joint term agreement dated 02/22/2022, aggregate maturing value of $100,003,111 (collateralized by U.S government sponsored agency obligations, domestic agency and non-agency mortgage-backed securities, domestic non-agency asset-backed securities, domestic and foreign corporate obligations and U.S. Treasury obligations valued at $103,576,455; 0.00% - 8.88%; 04/25/2022 - 06/20/2071)(i) | 0.16% | 03/01/2022 | 12,000,373 | 12,000,000 | ||||||||||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments–(continued)
February 28, 2022
(Unaudited)
Invesco Premier Portfolio–(continued)
Interest | Maturity | Repurchase | ||||||||||||||
Rate | Date | Amount | Value | |||||||||||||
BMO Capital Markets Corp., joint term agreement dated 02/23/2022, aggregate maturing value of $150,004,958 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and U.S. Treasury obligations valued at $157,182,535; 0.00% - 8.20%; 02/13/2023 - 12/16/2062)(i) | 0.17% | 03/02/2022 | $ | 10,000,331 | $ | 10,000,000 | ||||||||||
| ||||||||||||||||
BMO Capital Markets Corp., joint term agreement dated 02/23/2022, aggregate maturing value of $25,001,069 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic non-agency asset-backed securities, domestic and foreign corporate obligations and U.S. Treasury obligations valued at $26,546,588; 0.00% -10.00%; 12/07/2021 - 12/20/2065)(i) | 0.22% | 03/02/2022 | 5,000,214 | 5,000,000 | ||||||||||||
| ||||||||||||||||
Citigroup Global Markets, Inc., joint open agreement dated 10/06/2021 (collateralized by domestic and foreign non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $203,598,357; 1.17% - 7.06%; 10/25/2026 -02/15/2039)(j) | 0.56% | 03/01/2022 | 7,003,020 | 7,000,000 | ||||||||||||
| ||||||||||||||||
Citigroup Global Markets, Inc., joint open agreement dated 10/06/2021 (collateralized by U.S. government sponsored agency obligations, domestic non-agency asset-backed securities, domestic commercial paper, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $286,769,733; 0.00% - 8.25%; 09/13/2022 - 02/27/2062)(j) | 0.62% | 03/01/2022 | 18,008,605 | 18,000,000 | ||||||||||||
| ||||||||||||||||
Credit Agricole Corporate & Investment Bank, joint term agreement dated 02/22/2022, aggregate maturing value of $240,006,067 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations, domestic non-agency mortgage-backed securities and U.S. Treasury obligations valued at $246,893,829; 0.00% - 7.75%; 04/07/2022 - 05/01/2079)(i) | 0.13% | 03/01/2022 | 15,000,379 | 15,000,000 | ||||||||||||
| ||||||||||||||||
Credit Suisse Securities (USA) LLC, joint term agreement dated 02/23/2022, aggregate maturing value of $90,003,500 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities and domestic and foreign corporate obligations valued at $98,998,378; 0.00% - 15.98%; 04/22/2022 - 09/27/2060)(i) | 0.20% | 03/02/2022 | 15,000,583 | 15,000,000 | ||||||||||||
| ||||||||||||||||
J.P. Morgan Securities LLC, joint open agreement dated 04/28/2020 (collateralized by domestic and corporate obligations valued at $109,999,955; 0.00% - 10.88%; 04/30/2022 - 11/03/2037)(j) | 0.37% | 03/01/2022 | 35,010,072 | 35,000,000 | ||||||||||||
| ||||||||||||||||
J.P. Morgan Securities LLC, open agreement dated 11/01/2021 (collateralized by a domestic agency mortgage-backed security and domestic non-agency mortgage-backed securities valued at $15,750,000; 0.10% - 3.50%; 02/15/2032 - 04/25/2056)(j) | 0.43% | 03/01/2022 | 15,005,004 | 15,000,000 | ||||||||||||
| ||||||||||||||||
Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 02/23/2021 (collateralized by a domestic non-agency asset-backed security, domestic and foreign corporate obligations, domestic and foreign commercial paper and a U.S. Treasury obligation valued at $51,697,846; 0.00% - 8.50%; 03/01/2022 - 01/15/2082)(j) | 0.20% | 03/01/2022 | 18,002,800 | 18,000,000 | ||||||||||||
| ||||||||||||||||
Mizuho Securities (USA) LLC, joint open agreement dated 12/30/2021 (collateralized by domestic and foreign equity securities valued at $52,500,215; 0.00%)(j) | 0.22% | 03/01/2022 | 15,000,092 | 15,000,000 | ||||||||||||
| ||||||||||||||||
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $78,729,067; 0.34% -13.00%; 03/15/2022 - 12/15/2072)(j) | 0.25% | 03/01/2022 | 28,000,194 | 28,000,000 | ||||||||||||
| ||||||||||||||||
Societe Generale, joint open agreement dated 08/20/2021 (collateralized by a domestic non-agency asset-backed security, domestic and foreign corporate obligations and a domestic non-agency mortgage-backed security valued at $91,931,202; 0.98% -10.13%; 01/05/2023 - 03/11/2061)(j) | 0.18% | 03/01/2022 | 25,000,125 | 25,000,000 | ||||||||||||
| ||||||||||||||||
Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2022, aggregate maturing value of $2,300,003,833 (collateralized by domestic agency mortgage-backed securities valued at $2,346,000,000; 2.00% - 5.00%; 12/15/2039 - 02/01/2052) | 0.06% | 03/01/2022 | 39,745,751 | 39,745,685 | ||||||||||||
| ||||||||||||||||
Total Repurchase Agreements (Cost $257,745,685) | 257,745,685 | |||||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(k)(l)-100.04% (Cost $1,074,330,072) |
| 1,074,330,072 | ||||||||||||||
| ||||||||||||||||
OTHER ASSETS LESS LIABILITIES-(0.04)% |
| (440,314 | ) | |||||||||||||
| ||||||||||||||||
NET ASSETS-100.00% |
| $ | 1,073,889,758 | |||||||||||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments–(continued)
February 28, 2022
(Unaudited)
Invesco Premier Portfolio–(continued)
Investment Abbreviations: | ||
CEP | -Credit Enhancement Provider | |
FEDL | -Federal Funds Effective Rate | |
FHLB | -Federal Home Loan Bank | |
FHLMC | -Federal Home Loan Mortgage Corp. | |
IDR | -Industrial Development Revenue Bonds | |
LOC | -Letter of Credit | |
MFH | -Multi-Family Housing | |
OBFR | -Overnight Bank Funding Rate | |
RB | -Revenue Bonds | |
Ref. | -Refunding | |
SOFR | -Secured Overnight Financing Rate | |
VRD | -Variable Rate Demand |
Notes to Schedule of Investments:
(a) | Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2022 was $453,184,387, which represented 42.20% of the Fund’s Net Assets. |
(c) | The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 14.6%; France: 13.8%; Japan: 9.6%; Sweden: 8.6%; Australia: 7.6%; other countries less than 5% each: 28.7%. |
(d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2022. |
(e) | 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, 2022. |
(f) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. (g) Security subject to the alternative minimum tax. |
(h) | Principal amount equals value at period end. See Note 1I. |
(i) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(j) | Either party may terminate the agreement upon demand. Interest rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date. |
(k) | Also represents cost for federal income tax purposes. |
(l) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each. |
Portfolio Composition by Maturity*
In days, as of 02/28/2022
1-7 | 47.8% | |||
| ||||
8-30 | 7.4 | |||
| ||||
31-60 | 13.5 | |||
| ||||
61-90 | 2.8 | |||
| ||||
91-180 | 17.5 | |||
| ||||
181+ | 11.0 | |||
|
* | 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments
February 28, 2022
(Unaudited)
Invesco Premier U.S. Government Money Portfolio
Interest Rate | Maturity Date | Principal (000) | Value | |||||||||||
U.S. Treasury Securities-40.43% | ||||||||||||||
U.S. Treasury Bills-25.49%(a) | ||||||||||||||
U.S. Treasury Bills | 0.07% | 03/10/2022 | $ | 75,000 | $ 74,998,687 | |||||||||
U.S. Treasury Bills | 0.07% | 03/29/2022 | 30,000 | 29,998,367 | ||||||||||
U.S. Treasury Bills | 0.09% | 03/31/2022 | 50,000 | 49,996,458 | ||||||||||
U.S. Treasury Bills | 0.25% | 04/12/2022 | 150,000 | 149,956,250 | ||||||||||
U.S. Treasury Bills | 0.11% | 04/26/2022 | 140,000 | 139,970,328 | ||||||||||
U.S. Treasury Bills | 0.24% | 05/05/2022 | 100,000 | 99,956,667 | ||||||||||
U.S. Treasury Bills | 0.29% | 05/12/2022 | 75,000 | 74,956,500 | ||||||||||
U.S. Treasury Bills | 0.23% | 05/17/2022 | 55,000 | 54,972,649 | ||||||||||
U.S. Treasury Bills | 0.25% | 05/24/2022 | 95,000 | 94,946,771 | ||||||||||
U.S. Treasury Bills | 0.29% | 05/31/2022 | 70,000 | 69,949,166 | ||||||||||
U.S. Treasury Bills | 0.09% | 06/02/2022 | 70,000 | 69,956,625 | ||||||||||
U.S. Treasury Bills | 0.34% | 06/07/2022 | 25,000 | 24,976,861 | ||||||||||
U.S. Treasury Bills | 0.11% | 06/09/2022 | 80,000 | 79,976,667 | ||||||||||
U.S. Treasury Bills | 0.50% | 06/14/2022 | 65,000 | 64,905,967 | ||||||||||
U.S. Treasury Bills | 0.07% | 06/16/2022 | 10,000 | 9,997,919 | ||||||||||
U.S. Treasury Bills | 0.55% | 06/21/2022 | 100,000 | 99,828,889 | ||||||||||
U.S. Treasury Bills | 0.57% | 06/28/2022 | 50,000 | 49,905,791 | ||||||||||
U.S. Treasury Bills | 0.08% | 07/14/2022 | 40,000 | 39,988,750 | ||||||||||
U.S. Treasury Bills | 0.08% | 08/11/2022 | 25,000 | 24,990,944 | ||||||||||
U.S. Treasury Bills | 0.71% | 08/25/2022 | 60,000 | 59,790,550 | ||||||||||
U.S. Treasury Bills | 0.08% | 09/08/2022 | 20,000 | 19,992,042 | ||||||||||
U.S. Treasury Bills | 0.09% | 10/06/2022 | 60,000 | 59,966,694 | ||||||||||
1,443,979,542 | ||||||||||||||
U.S. Treasury Floating Rate Notes-7.77% | ||||||||||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)(b) | 0.47% | 04/30/2022 | 20,000 | 20,002,697 | ||||||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b) | 0.42% | 10/31/2022 | 50,000 | 49,998,984 | ||||||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b) | 0.39% | 04/30/2023 | 75,000 | 75,005,368 | ||||||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b) | 0.39% | 07/31/2023 | 120,000 | 120,002,583 | ||||||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b) | 0.40% | 10/31/2023 | 175,000 | 175,000,167 | ||||||||||
440,009,799 | ||||||||||||||
U.S. Treasury Notes-7.17% | ||||||||||||||
U.S. Treasury Notes | 1.75% | 03/31/2022 | 25,000 | 25,034,472 | ||||||||||
U.S. Treasury Notes | 1.88% | 03/31/2022 | 50,000 | 50,073,641 | ||||||||||
U.S. Treasury Notes | 1.88% | 04/30/2022 | 2,012 | 2,017,930 | ||||||||||
U.S. Treasury Notes | 2.13% | 05/15/2022 | 25,000 | 25,104,210 | ||||||||||
U.S. Treasury Notes | 1.75% | 05/31/2022 | 10,000 | 10,041,507 | ||||||||||
U.S. Treasury Notes | 0.13% | 06/30/2022 | 11,667 | 11,668,721 | ||||||||||
U.S. Treasury Notes | 2.13% | 06/30/2022 | 5,000 | 5,033,929 | ||||||||||
U.S. Treasury Notes | 1.75% | 07/15/2022 | 90,000 | 90,561,559 | ||||||||||
U.S. Treasury Notes | 2.00% | 07/31/2022 | 15,000 | 15,119,284 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments–(continued)
February 28, 2022
(Unaudited)
Invesco Premier U.S. Government Money Portfolio–(continued)
Interest Rate | Maturity Date | Principal (000) | Value | |||||||||||
U.S. Treasury Notes-(continued) | ||||||||||||||
U.S. Treasury Notes | 1.50% | 08/15/2022 | $ | 30,000 | $ 30,194,748 | |||||||||
U.S. Treasury Notes | 1.88% | 08/31/2022 | 90,000 | 90,725,478 | ||||||||||
U.S. Treasury Notes | 1.50% | 09/15/2022 | 50,000 | 50,379,854 | ||||||||||
405,955,333 | ||||||||||||||
Total U.S. Treasury Securities (Cost $2,289,944,674) | 2,289,944,674 | |||||||||||||
U.S. Government Sponsored Agency Securities-15.88% | ||||||||||||||
Federal Farm Credit Bank (FFCB)-4.99% | ||||||||||||||
Federal Farm Credit Bank | 0.38% | 04/08/2022 | 3,000 | 3,000,963 | ||||||||||
Federal Farm Credit Bank | 0.30% | 04/27/2022 | 2,800 | 2,800,832 | ||||||||||
Federal Farm Credit Bank(a) | 0.06% | 06/23/2022 | 10,000 | 9,998,100 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.20%)(b) | 0.25% | 06/23/2022 | 10,000 | 10,003,957 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.15%)(b) | 0.19% | 07/28/2022 | 20,000 | 20,000,000 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.07%)(b) | 0.12% | 08/11/2022 | 20,000 | 19,999,094 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.06%)(b) | 0.11% | 10/21/2022 | 10,000 | 10,000,000 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.07%)(b) | 0.12% | 11/18/2022 | 5,000 | 5,000,000 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.06%)(b) | 0.11% | 12/01/2022 | 30,000 | 30,000,000 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.06%)(b) | 0.11% | 12/28/2022 | 30,000 | 30,000,000 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.06%)(b) | 0.11% | 02/09/2023 | 37,000 | 37,000,000 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.03%)(b) | 0.08% | 07/07/2023 | 40,000 | 40,000,000 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.03%)(b) | 0.08% | 09/18/2023 | 15,000 | 15,000,000 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.04%)(b) | 0.09% | 09/20/2023 | 10,000 | 10,000,000 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.06%)(b) | 0.10% | 11/07/2023 | 10,000 | 10,000,000 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.06%)(b) | 0.11% | 12/13/2023 | 10,000 | 10,000,000 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.06%)(b) | 0.11% | 01/10/2024 | 20,000 | 20,000,000 | ||||||||||
282,802,946 | ||||||||||||||
Federal Home Loan Bank (FHLB)-5.81% | ||||||||||||||
Federal Home Loan Bank (SOFR + 0.07%)(b) | 0.11% | 04/28/2022 | 50,000 | 50,000,000 | ||||||||||
Federal Home Loan Bank(a) | 0.27% | 05/11/2022 | 144,000 | 143,924,740 | ||||||||||
Federal Home Loan Bank(a) | 0.40% | 05/20/2022 | 50,000 | 49,956,111 | ||||||||||
Federal Home Loan Bank (SOFR + 0.13%)(b) | 0.18% | 08/05/2022 | 50,000 | 50,000,000 | ||||||||||
Federal Home Loan Bank (SOFR + 0.06%)(b) | 0.11% | 12/08/2022 | 15,000 | 15,000,000 | ||||||||||
Federal Home Loan Bank (SOFR + 0.04%)(b) | 0.09% | 05/19/2023 | 10,000 | 10,000,000 | ||||||||||
Federal Home Loan Bank (SOFR + 0.03%)(b) | 0.08% | 06/07/2023 | 10,000 | 10,000,000 | ||||||||||
328,880,851 | ||||||||||||||
Federal Home Loan Mortgage Corp. (FHLMC)-3.20% | ||||||||||||||
Federal Home Loan Mortgage Corp. | 0.13% | 07/25/2022 | 10,000 | 10,000,570 | ||||||||||
Federal Home Loan Mortgage Corp. (SOFR + 0.07%)(b) | 0.12% | 08/12/2022 | 100,000 | 100,000,000 | ||||||||||
Federal Home Loan Mortgage Corp. (SOFR + 0.10%)(b) | 0.15% | 08/19/2022 | 38,100 | 38,102,714 | ||||||||||
Federal Home Loan Mortgage Corp. (SOFR + 0.09%)(b) | 0.14% | 09/16/2022 | 30,000 | 30,000,000 | ||||||||||
Federal Home Loan Mortgage Corp.(c) | 2.60% | 10/15/2045 | 3,149 | 3,148,836 | ||||||||||
181,252,120 | ||||||||||||||
Federal National Mortgage Association (FNMA)-0.03% | ||||||||||||||
Federal National Mortgage Association | 1.88% | 04/05/2022 | 1,550 | 1,552,684 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments–(continued)
February 28, 2022
(Unaudited)
Invesco Premier U.S. Government Money Portfolio–(continued)
Interest Rate | Maturity Date | Principal (000) | Value | |||||||||||
U.S. International Development Finance Corp. (DFC)-1.85% | ||||||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.17% | 03/20/2024 | $ | 9,333 | $ 9,333,333 | |||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.17% | 06/15/2025 | 8,400 | 8,400,000 | ||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.17% | 09/15/2025 | 2,368 | 2,368,421 | ||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.20% | 11/15/2025 | 6,316 | 6,315,790 | ||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.17% | 09/15/2026 | 4,750 | 4,750,000 | ||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.17% | 09/15/2026 | 3,958 | 3,958,333 | ||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.17% | 12/15/2026 | 3,000 | 3,000,000 | ||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.19% | 06/20/2027 | 5,500 | 5,499,975 | ||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.19% | 06/20/2027 | 3,667 | 3,666,650 | ||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.17% | 08/13/2027 | 4,500 | 4,500,000 | ||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.17% | 02/15/2028 | 6,667 | 6,666,665 | ||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.17% | 06/20/2028 | 12,000 | 12,000,000 | ||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate + 0.07%)(d) | 0.17% | 08/15/2029 | 12,500 | 12,500,000 | ||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.19% | 03/15/2030 | 17,000 | 17,000,000 | ||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.17% | 10/15/2030 | 4,861 | 4,861,111 | ||||||||||
104,820,278 | ||||||||||||||
Total U.S. Government Sponsored Agency Securities | 899,308,879 | |||||||||||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-56.31% | 3,189,253,553 | |||||||||||||
Repurchase | ||||||||||||||
Amount | ||||||||||||||
Repurchase Agreements-45.97%(e) | ||||||||||||||
Bank of Montreal, joint term agreement dated 02/10/2022, aggregate maturing value of $250,014,583 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000; 2.50% - 4.50%; 11/01/2046 - 02/01/2052)(f) | 0.06% | 03/17/2022 | 125,007,292 | 125,000,000 | ||||||||||
BNP Paribas Securities Corp., joint term agreement dated 02/22/2022, aggregate maturing value of $500,004,861 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,007; 0.00% - 7.00%; 06/21/2022 - 02/01/2052)(f) | 0.05% | 03/01/2022 | 65,000,632 | 65,000,000 | ||||||||||
BofA Securities, Inc., joint agreement dated 02/28/2022, aggregate maturing value of $745,001,035 (collateralized by domestic agency mortgage-backed securities valued at $759,900,001; 0.46% - 7.50%; 09/25/2022 - 01/01/2052) | 0.05% | 03/01/2022 | 275,000,382 | 275,000,000 | ||||||||||
CIBC World Markets Corp., joint term agreement dated 01/24/2022, aggregate maturing value of $500,043,333 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 1.50% - 4.50%; 10/01/2036 - 03/01/2052)(f) | 0.06% | 03/17/2022 | 100,008,667 | 100,000,000 | ||||||||||
Citigroup Global Markets, Inc., joint agreement dated 02/28/2022, aggregate maturing value of $400,000,556 (collateralized by U.S. Treasury obligations valued at $408,000,001; 0.00% - 0.13%; 01/15/2023 - 02/15/2051) | 0.05% | 03/01/2022 | 275,000,382 | 275,000,000 | ||||||||||
Citigroup Global Markets, Inc., joint term agreement dated 02/22/2022, aggregate maturing value of $500,005,833 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,029; 0.00% - 17.46%; 07/31/2023 - 07/20/2070)(f) | 0.06% | 03/01/2022 | 100,001,167 | 100,000,000 | ||||||||||
Credit Agricole Corporate & Investment Bank, joint open agreement dated 12/01/2021 (collateralized by U.S. Treasury obligations valued at $2,032,860,462; 0.13% - 3.13%; 04/15/2024 - 11/15/2050)(g) | 0.05% | 03/01/2022 | 125,004,826 | 125,000,000 | ||||||||||
Goldman Sachs & Co., term agreement dated 02/22/2022, maturing value of $65,000,695 (collateralized by U.S. Treasury obligations valued at $66,300,073; 0.00% - 0.25%; 03/22/2022 - 11/15/2024)(f) | 0.06% | 03/01/2022 | 65,000,695 | 65,000,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments–(continued)
February 28, 2022
(Unaudited)
Invesco Premier U.S. Government Money Portfolio–(continued)
Interest Rate | Maturity Date | Repurchase Amount | Value | |||||||
ING Financial Markets, LLC, joint term agreement dated 02/22/2022, aggregate maturing value of $200,008,944 (collateralized by domestic agency mortgage-backed securities valued at $204,000,000; 1.50% - 4.50%; 10/01/2029 - 05/01/2058) | 0.07% | 03/17/2022 | $ | 35,001,565 | $ 35,000,000 | |||||
ING Financial Markets, LLC, joint term agreement dated 12/28/2021, aggregate maturing value of $350,070,000 (collateralized by U.S. government sponsored agency obligations and domestic agency mortgage-backed securities valued at $357,000,395; 0.00% - 7.50%; 12/28/2022 - 05/01/2058) | 0.08% | 03/28/2022 | 30,006,000 | 30,000,000 | ||||||
ING Financial Markets, LLC, term agreement dated 02/10/2022, maturing value of $35,001,692 (collateralized by domestic agency mortgage-backed securities valued at $35,700,000; 1.50% - 7.00%; 08/01/2028 - 01/01/2057) | 0.06% | 03/11/2022 | 35,001,692 | 35,000,000 | ||||||
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,001,467; 0.00% - 2.38%; 03/03/2022 - 05/15/2050)(g) | 0.05% | 03/01/2022 | 50,001,931 | 50,000,000 | ||||||
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2021 (collateralized by domestic agency mortgage-backed securities valued at $239,700,000; 0.47% - 6.00%; 01/01/2026 - 10/15/2061)(g) | 0.06% | 03/01/2022 | 20,000,928 | 20,000,000 | ||||||
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2021 (collateralized by domestic agency mortgage-backed securities valued at $280,500,035; 1.85% - 6.00%; 07/01/2026 - 02/20/2052)(g) | 0.07% | 03/01/2022 | 30,001,625 | 30,000,000 | ||||||
J.P. Morgan Securities LLC, joint open agreement dated 10/15/2019 (collateralized by domestic agency mortgage-backed securities valued at $382,500,005; 0.46% - 7.50%; 12/15/2026 - 02/16/2058)(g) | 0.07% | 03/01/2022 | 90,004,875 | 90,000,000 | ||||||
Metropolitan Life Insurance Co., joint term agreement dated 02/23/2022, aggregate maturing value of $350,014,295 (collateralized by U.S. Treasury obligations valued at $358,935,903; 0.00%; 08/15/2027 - 11/15/2045)(f) | 0.07% | 03/02/2022 | 40,001,426 | 40,000,881 | ||||||
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/23/2022, aggregate maturing value of $768,135,455 (collateralized by U.S. Treasury obligations valued at $788,525,747; 1.13%; 02/28/2025 - 02/28/2027)(f) | 0.07% | 03/02/2022 | 76,976,048 | 76,975,000 | ||||||
RBC Capital Markets LLC, joint term agreement dated 02/28/2022, aggregate maturing value of $750,001,875 (collateralized by U.S. government sponsored agency obligations, domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $765,000,244; 0.13% - 8.00%; 03/01/2022 - 08/20/2065)(f)(h) | 0.09% | 03/01/2022 | 100,000,250 | 100,000,000 | ||||||
RBC Dominion Securities Inc., joint term agreement dated 01/11/2022, aggregate maturing value of $500,049,167 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,022; 0.00% - 6.00%; 03/31/2022 - 01/15/2052)(f) | 0.06% | 03/11/2022 | 150,014,750 | 150,000,000 | ||||||
RBC Dominion Securities Inc., joint term agreement dated 01/19/2022, aggregate maturing value of $1,000,076,389 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $1,020,000,098; 0.00% - 5.50%; 02/15/2030 - 01/15/2052)(f) | 0.06% | 03/10/2022 | 125,009,549 | 125,000,000 | ||||||
RBC Dominion Securities Inc., joint term agreement dated 02/08/2022, aggregate maturing value of $500,016,667 (collateralized by U.S. Treasury obligations valued at $510,000,124; 0.13% - 6.00%; 07/15/2024 - 02/15/2050)(f) | 0.05% | 03/04/2022 | 100,003,333 | 100,000,000 | ||||||
Societe Generale, joint agreement dated 02/28/2022, aggregate maturing value of $1,600,002,222 (collateralized by U.S. government sponsored agency obligations, domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $1,632,000,047; 0.00% - 7.13%; 03/15/2022 - 02/01/2052) | 0.05% | 03/01/2022 | 200,000,278 | 200,000,000 | ||||||
Societe Generale, joint open agreement dated 01/05/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,098; 0.00% - 7.63%; 03/01/2022 -02/15/2052)(g) | 0.05% | 03/01/2022 | 60,000,083 | 60,000,000 | ||||||
Societe Generale, joint open agreement dated 01/12/2022 (collateralized by U.S. government sponsored agency obligations, domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $1,530,000,206; 0.00% - 7.63%; 03/01/2022 - 10/01/2051)(g) | 0.05% | 03/01/2022 | 90,000,125 | 90,000,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments–(continued)
February 28, 2022
(Unaudited)
Invesco Premier U.S. Government Money Portfolio–(continued)
Interest Rate | Maturity Date | Repurchase Amount | Value | |||||||||||||
Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2022, aggregate maturing value of $2,300,003,833 (collateralized by domestic agency mortgage-backed securities valued at $2,346,000,000; 2.00% - 5.00%; 12/15/2039 - 02/01/2052) | 0.06% | 03/01/2022 | $ | 241,314,243 | $ | 241,313,843 | ||||||||||
| ||||||||||||||||
Total Repurchase Agreements (Cost $2,603,289,724) | 2,603,289,724 | |||||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(i)-102.28% (Cost $5,792,543,277) |
| 5,792,543,277 | ||||||||||||||
| ||||||||||||||||
OTHER ASSETS LESS LIABILITIES-(2.28)% | (128,957,125 | ) | ||||||||||||||
| ||||||||||||||||
NET ASSETS-100.00% | $ | 5,663,586,152 | ||||||||||||||
|
Investment Abbreviations:
SOFR | -Secured Overnight Financing Rate |
VRD | -Variable Rate Demand |
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, 2022. |
(c) | Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on February 28, 2022. |
(d) | 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, 2022. |
(e) | Principal amount equals value at period end. See Note 1I. |
(f) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(g) | Either party may terminate the agreement upon demand. Interest rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date. |
(h) | 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. |
(i) | Also represents cost for federal income tax purposes. |
Portfolio Composition by Maturity*
In days, as of 02/28/2022
1-7 | 43.3% | |
8-30 | 3.6 | |
31-60 | 8.4 | |
61-90 | 10.0 | |
91-180 | 18.4 | |
181+ | 16.3 |
* | 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Statements of Assets and Liabilities
February 28, 2022
(Unaudited)
| Invesco Premier Portfolio | Invesco Premier U.S. Government Money Portfolio | ||||||
Assets: | ||||||||
Investments in unaffiliated securities, at value | $ | 816,584,387 | $ | 3,189,253,553 | ||||
|
|
|
|
| ||||
Repurchase agreements, at value and cost | 257,745,685 | 2,603,289,724 | ||||||
|
|
|
|
| ||||
Cash | - | 5,449 | ||||||
|
|
|
|
| ||||
Receivable for: | ||||||||
Fund shares sold | 99,217 | 5,222 | ||||||
|
|
|
|
| ||||
Interest | 104,984 | 1,699,655 | ||||||
|
|
|
|
| ||||
Fund expenses absorbed | 58,010 | - | ||||||
|
|
|
|
| ||||
Other assets | - | 27 | ||||||
|
|
|
|
| ||||
Total assets | 1,074,592,283 | 5,794,253,630 | ||||||
|
|
|
|
| ||||
Liabilities: | ||||||||
Payable for: | ||||||||
Investments purchased | - | 129,856,947 | ||||||
|
|
|
|
| ||||
Fund shares reacquired | 479,665 | 294,072 | ||||||
|
|
|
|
| ||||
Amount due custodian | 376 | - | ||||||
|
|
|
|
| ||||
Dividends | 14,480 | 19,414 | ||||||
|
|
|
|
| ||||
Accrued fees to affiliates | 207,990 | 497,045 | ||||||
|
|
|
|
| ||||
Accrued operating expenses | 14 | - | ||||||
|
|
|
|
| ||||
Total liabilities | 702,525 | 130,667,478 | ||||||
|
|
|
|
| ||||
Net assets applicable to shares outstanding | $ | 1,073,889,758 | $ | 5,663,586,152 | ||||
|
|
|
|
| ||||
Net assets consist of: | ||||||||
Shares of beneficial interest | $ | 1,073,734,194 | $ | 5,663,052,972 | ||||
|
|
|
|
| ||||
Distributable earnings | 155,564 | 533,180 | ||||||
|
|
|
|
| ||||
$ | 1,073,889,758 | $ | 5,663,586,152 | |||||
|
|
|
|
| ||||
Net Assets: | ||||||||
Investor Class | $ | 41,704,066 | $ | 41,663,573 | ||||
|
|
|
|
| ||||
Institutional Class | $ | 1,023,150,325 | $ | 5,621,922,579 | ||||
|
|
|
|
| ||||
Private Investment Class | $ | 111,973 | $ | - | ||||
|
|
|
|
| ||||
Personal Investment Class | $ | 6,073,265 | $ | - | ||||
|
|
|
|
| ||||
Reserve Class | $ | 10,293 | $ | - | ||||
|
|
|
|
| ||||
Resource Class | $ | 2,839,836 | $ | - | ||||
|
|
|
|
| ||||
Shares outstanding, no par value, | ||||||||
Investor Class | 41,687,460 | 41,636,034 | ||||||
|
|
|
|
| ||||
Institutional Class | 1,022,737,377 | 5,621,179,515 | ||||||
|
|
|
|
| ||||
Private Investment Class | 111,929 | - | ||||||
| �� |
|
|
|
| |||
Personal Investment Class | 6,071,083 | - | ||||||
|
|
|
|
| ||||
Reserve Class | 10,289 | - | ||||||
|
|
|
|
| ||||
Resource Class | 2,838,591 | - | ||||||
|
|
|
|
| ||||
Net asset value, offering and redemption price per share for each class | $ | 1.00 | $ | 1.00 | ||||
|
|
|
|
| ||||
Cost of Investments | $ | 1,074,330,072 | $ | 5,792,543,277 | ||||
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Statements of Operations
For the six months ended February 28, 2022
(Unaudited)
| Invesco Premier Portfolio | Invesco Premier U.S. Government Money Portfolio | ||||||
Investment income: | ||||||||
Interest | $ | 1,038,402 | $ | 2,531,249 | ||||
|
|
|
|
| ||||
Expenses: | ||||||||
Advisory fees | 1,409,765 | 6,913,296 | ||||||
|
|
|
|
| ||||
Distribution fees: | ||||||||
Private Investment Class | 187 | - | ||||||
|
|
|
|
| ||||
Personal Investment Class | 22,290 | - | ||||||
|
|
|
|
| ||||
Reserve Class | 45 | - | ||||||
|
|
|
|
| ||||
Resource Class | 2,478 | - | ||||||
|
|
|
|
| ||||
Total expenses | 1,434,765 | 6,913,296 | ||||||
|
|
|
|
| ||||
Less: Fees waived | (465,149) | (4,664,631) | ||||||
|
|
|
|
| ||||
Net expenses | 969,616 | 2,248,665 | ||||||
|
|
|
|
| ||||
Net investment income | 68,786 | 282,584 | ||||||
|
|
|
|
| ||||
Net realized gain from unaffiliated investment securities | 2,613 | 6,593 | ||||||
|
|
|
|
| ||||
Net increase in net assets resulting from operations | $ | 71,399 | $ | 289,177 | ||||
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Statements of Changes in Net Assets
For the six months ended February 28, 2022 and the year ended August 31, 2021
(Unaudited)
Invesco Premier Portfolio | Invesco Premier U.S. Government Money Portfolio | |||||||||||||||
| February 28, 2022 | August 31, 2021 | February 28, 2022 | August 31, 2021 | ||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 68,786 | $ | 1,038,037 | $ | 282,584 | $ | 646,437 | ||||||||
|
|
|
|
| ||||||||||||
Net realized gain | 2,613 | 2,360 | 6,593 | 134,678 | ||||||||||||
|
|
|
|
| ||||||||||||
Net increase in net assets resulting from operations | 71,399 | 1,040,397 | 289,177 | 781,115 | ||||||||||||
|
|
|
|
| ||||||||||||
Distributions to shareholders from distributable earnings: | ||||||||||||||||
Investor Class | (2,538 | ) | (49,168 | ) | (1,979 | ) | (4,503 | ) | ||||||||
|
|
|
|
| ||||||||||||
Institutional Class | (65,616 | ) | (987,703 | ) | (280,605 | ) | (641,934 | ) | ||||||||
|
|
|
|
| ||||||||||||
Private Investment Class | (8 | ) | (29 | ) | - | - | ||||||||||
|
|
|
|
| ||||||||||||
Personal Investment Class | (460 | ) | (807 | ) | - | - | ||||||||||
|
|
|
|
| ||||||||||||
Reserve Class | (2 | ) | (4 | ) | - | - | ||||||||||
|
|
|
|
| ||||||||||||
Resource Class | (162 | ) | (326 | ) | - | - | ||||||||||
|
|
|
|
| ||||||||||||
Total distributions from distributable earnings | (68,786 | ) | (1,038,037 | ) | (282,584 | ) | (646,437 | ) | ||||||||
|
|
|
|
| ||||||||||||
Share transactions-net: | ||||||||||||||||
Investor Class | (3,322,377 | ) | (48,888,463 | ) | 2,482,123 | (9,034,024 | ) | |||||||||
|
|
|
|
| ||||||||||||
Institutional Class | (159,305,972 | ) | (377,177,595 | ) | 240,685,713 | (6,306,545,258 | ) | |||||||||
|
|
|
|
| ||||||||||||
Private Investment Class | (50,068 | ) | (199,975 | ) | - | - | ||||||||||
|
|
|
|
| ||||||||||||
Personal Investment Class | (4,754,704 | ) | 2,627,209 | - | - | |||||||||||
|
|
|
|
| ||||||||||||
Resource Class | (341,355 | ) | (49,679 | ) | - | - | ||||||||||
|
|
|
|
| ||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (167,774,476 | ) | (423,688,503 | ) | 243,167,836 | (6,315,579,282 | ) | |||||||||
|
|
|
|
| ||||||||||||
Net increase (decrease) in net assets | (167,771,863 | ) | (423,686,143 | ) | 243,174,429 | (6,315,444,604 | ) | |||||||||
|
|
|
|
| ||||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 1,241,661,621 | 1,665,347,764 | 5,420,411,723 | 11,735,856,327 | ||||||||||||
|
|
|
|
| ||||||||||||
End of period | $ | 1,073,889,758 | $ | 1,241,661,621 | $ | 5,663,586,152 | $ | 5,420,411,723 | ||||||||
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
(Unaudited)
The following schedule presents financial highlights for a share of the Funds outstanding throughout the periods indicated.
Investor Class
Net asset value, beginning of period | Net investment income(a) | Net gains (losses) 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 net assets with fee waivers and/or expense reimbursements | Ratio of expenses to average net fee waivers and/or expense reimbursements | Ratio of net investment income to average net assets | |||||||||||||||||||||||||||||||||||||||||||||
Invesco Premier Portfolio |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 02/28/22 | $ | 1.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | (0.00 | ) | $ | 1.00 | 0.01 | % | $ | 41,704 | 0.17 | %(c) | 0.25 | %(c) | 0.01 | %(c) | ||||||||||||||||||||||||||||||||
Year ended 08/31/21 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | 1.00 | 0.07 | 45,025 | 0.18 | 0.25 | 0.07 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/20 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | 1.00 | 1.20 | 93,923 | 0.18 | 0.25 | 1.22 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/19 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02 | ) | 1.00 | 2.37 | 60,340 | 0.18 | 0.25 | 2.37 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/18 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02 | ) | 1.00 | 1.60 | 29,699 | 0.18 | 0.25 | 1.63 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/17 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | 1.00 | 0.84 | 30,054 | 0.18 | 0.25 | 0.63 | |||||||||||||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 02/28/22 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | 1.00 | 0.01 | 41,664 | 0.08 | (c) | 0.25 | (c) | 0.01 | (c) | ||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/21 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | 1.00 | 0.01 | 39,160 | 0.12 | 0.25 | 0.01 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/20 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | 1.00 | 0.93 | 48,190 | 0.18 | 0.25 | 0.83 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/19 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02 | ) | 1.00 | 2.21 | 32,557 | 0.18 | 0.25 | 2.21 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | 1.00 | 1.36 | 32,529 | 0.18 | 0.25 | 1.36 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/17 | 1.00 | 0.01 | (0.00 | ) | 0.01 | (0.01 | ) | 1.00 | 0.53 | 38,809 | 0.18 | 0.25 | 0.54 |
(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.
15 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
February 28, 2022
(Unaudited)
NOTE 1–Significant Accounting Policies
AIM Treasurer’s Series Trust (Invesco Treasurer’s Series 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. The Funds covered in this report are Invesco Premier Portfolio and Invesco Premier U.S. Government Money Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each portfolio 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 portfolio or class.
Invesco Premier Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity. Invesco Premier U.S. Government Money Portfolio’s investment objective is a high level of current income consistent with the preservation of capital and the maintenance of liquidity.
Invesco Premier Portfolio currently consists of six classes of shares: Investor Class, Institutional Class, Private Investment Class, Personal Investment Class, Reserve Class and Resource Class. Invesco Premier U.S. Government Money Portfolio currently consists of two classes of shares: Investor Class and Institutional Class. Investor Class shares of the Funds are available only to certain investors. Each class of shares is sold at net asset value.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services — Investment Companies.
Invesco Premier Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, and Invesco Premier U.S. Government Portfolio, a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, seek to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation.
“Retail money market funds” are required to adopt policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons. “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.
Invesco Premier Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Invesco Premier U.S. Government Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.
The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements.
A. | Security Valuations - Each Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. 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 value of the 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 and the country that has the primary market for the issuer’s securities, 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 daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually. |
16 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
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. All other expenses are allocated among the classes based on relative net assets. |
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. | 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 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 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. |
J. | Other Risks - Investments in obligations issued by agencies and instrumentalities of the U.S. Government may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Funds may not be able to recover its investment in such issuer from the U.S. Government. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of each Fund that holds securities of that entity will be adversely impacted. |
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.
K. | COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. |
The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.
NOTE 2–Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). 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 of 0.25% of such Fund’s average daily net assets. Pursuant to the master investment advisory agreement, the Adviser bears all expenses incurred by each Fund in connection with its operations, except for (1) interest, taxes and extraordinary items such as litigation costs; (2) brokers’ commissions, issue and transfer taxes, and other costs chargeable to each Fund in connection with securities transactions to which such Fund is a party or in connection with securities owned by such Fund; and (3) other expenditures which are capitalized in accordance with generally accepted accounting principles applicable to investment companies.
17 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Under the terms of a master sub-advisory agreement between the Adviser to Invesco Premier Portfolio and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Inc., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and 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 Fund, 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 the Fund based on the percentage of assets allocated to such Sub-Adviser(s).
The Adviser has contractually agreed, through at least December 31, 2022, to waive advisory fees equal to 0.07% of the average daily net assets of Invesco Premier Portfolio and Invesco Premier U.S. Government Money Portfolio.
For the six months ended February 28, 2022, the Adviser waived advisory fees and/or reimbursed Fund expenses in the following amounts:
Invesco Premier Portfolio | $ | 394,901 | ||
| ||||
Invesco Premier U.S. Government Money Portfolio | 1,935,730 | |||
|
Further, Invesco and/or Invesco Distributors, Inc. (“IDI”) voluntarily waived fees and/or reimbursed expenses in order to increase the yields of each Fund. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors. Voluntary fee waivers for the six months ended February 28, 2022 are shown below:
Private | Personal | |||||||||||||
Investment | Investment | Reserve | Resource | |||||||||||
Fund Level | Class | Class | Class | Class | ||||||||||
| ||||||||||||||
Invesco Premier Portfolio | $ | 45,340 | $187 | $22,229 | $45 | $ | 2,447 | |||||||
| ||||||||||||||
Invesco Premier U.S. Government Money Portfolio | 2,728,901 | - | - | - | - | |||||||||
|
The Trust has entered into a master administrative services agreement with Invesco to provide accounting services to each Fund. The Trust has also entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) to provide transfer agency and shareholder services to each Fund. Invesco and IIS do not charge the Funds any fees under these agreements. 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 Funds’ custodian.
The Trust has entered into master distribution agreements with IDI to serve as the distributor for the Investor Class, Institutional Class, Personal Investment Class, Private Investment Class, Reserve Class and Resource Class shares. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to Invesco Premier Portfolio’s Personal Investment Class, Private Investment Class, Reserve Class and Resource Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.55% of the Fund’s average daily net assets of Personal Investment Class shares, 0.30% of the average daily net assets of Private Investment Class shares, 0.87% of the average daily net assets of Reserve Class shares and 0.16% of the average daily net assets of Resource Class shares. 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 shares 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 the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended February 28, 2022, expenses incurred under the plans are shown in the Statement of Operations as Distribution fees.
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 or are unreliable. 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 each Fund’s own 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, 2022, 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–Security Transactions with Affiliated Funds
Each Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment
18 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. For the six months ended February 28, 2022, each Fund engaged in transactions with affiliates as listed below:
Securities Purchases | Securities Sales | Net Realized Gains | ||||
Invesco Premier Portfolio | $115,591,084 | $84,848,987 | $- |
NOTE 5–Trustees’ and Officers’ Fees and Benefits
Remuneration is paid to certain Trustees and Officers of the Trust. Trustees have the option to defer their compensation. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested.
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 that also participate in a retirement plan and receive benefits under such plan. Each Fund’s allocable portion of the remuneration paid to the Trustees, including its allocable portion of the fees and benefits of the deferred compensation plan and retirement plan are paid by Invesco and not by the Trust.
NOTE 6–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 7–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 did not have any capital loss carryforward as of August 31, 2021.
NOTE 8–Share Information
Invesco Premier Portfolio
Summary of Share Activity | ||||||||||||||||
Six months ended February 28, 2022(a) | Year ended August 31, 2021 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
| ||||||||||||||||
Sold: | ||||||||||||||||
Investor Class | 14,524,146 | $ | 14,524,146 | 50,561,292 | $ | 50,561,292 | ||||||||||
| ||||||||||||||||
Institutional Class | 306,097,474 | 306,097,474 | 1,226,387,874 | 1,226,387,874 | ||||||||||||
| ||||||||||||||||
Personal Investment Class | 1,565,654 | 1,565,654 | 10,930,201 | 10,930,201 | ||||||||||||
| ||||||||||||||||
Issued as reinvestment of dividends: | ||||||||||||||||
Investor Class | 2,311 | 2,311 | 44,582 | 44,582 | ||||||||||||
| ||||||||||||||||
Institutional Class | 56,003 | 56,003 | 987,703 | 987,703 | ||||||||||||
| ||||||||||||||||
Private Investment Class | 4 | 4 | 25 | 25 | ||||||||||||
| ||||||||||||||||
Personal Investment Class | 460 | 460 | 783 | 783 | ||||||||||||
| ||||||||||||||||
Resource Class | 162 | 162 | 321 | 321 | ||||||||||||
|
19 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
NOTE 8–Share Information-(continued)
Summary of Share Activity | ||||||||||||||||
Six months ended February 28, 2022(a) | Year ended August 31, 2021 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
| ||||||||||||||||
Reacquired: | ||||||||||||||||
Investor Class | (17,848,834 | ) | $ | (17,848,834 | ) | (99,494,337 | ) | $ | (99,494,337 | ) | ||||||
| ||||||||||||||||
Institutional Class | (465,459,449 | ) | (465,459,449 | ) | (1,604,553,172 | ) | (1,604,553,172 | ) | ||||||||
| ||||||||||||||||
Private Investment Class | (50,072 | ) | (50,072 | ) | (200,000 | ) | (200,000 | ) | ||||||||
| ||||||||||||||||
Personal Investment Class | (6,320,818 | ) | (6,320,818 | ) | (8,303,775 | ) | (8,303,775 | ) | ||||||||
| ||||||||||||||||
Resource Class | (341,517 | ) | (341,517 | ) | (50,000 | ) | (50,000 | ) | ||||||||
| ||||||||||||||||
Net increase (decrease) in share activity | (167,774,476 | ) | $ | (167,774,476 | ) | (423,688,503 | ) | $ | (423,688,503 | ) | ||||||
|
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 71% 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. |
20 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
NOTE 8–Share Information-(continued)
Invesco Premier U.S. Government Money Portfolio
Summary of Share Activity | ||||||||||||||||
Six months ended February 28, 2022(a) | Year ended August 31, 2021 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
| ||||||||||||||||
Sold: | ||||||||||||||||
Investor Class | 12,416,513 | $ | 12,416,513 | 20,387,963 | $ | 20,387,963 | ||||||||||
| ||||||||||||||||
Institutional Class | 12,158,423,989 | 12,158,423,989 | 26,463,471,526 | 26,463,471,526 | ||||||||||||
| ||||||||||||||||
Issued as reinvestment of dividends: | ||||||||||||||||
Investor Class | 1,805 | 1,805 | 4,240 | 4,240 | ||||||||||||
| ||||||||||||||||
Institutional Class | 131,122 | 131,122 | 386,414 | 386,414 | ||||||||||||
| ||||||||||||||||
Reacquired: | ||||||||||||||||
Investor Class | (9,936,195 | ) | (9,936,195 | ) | (29,426,227 | ) | (29,426,227 | ) | ||||||||
| ||||||||||||||||
Institutional Class | (11,917,869,398 | ) | (11,917,869,398 | ) | (32,770,403,198 | ) | (32,770,403,198 | ) | ||||||||
| ||||||||||||||||
Net increase (decrease) in share activity | 243,167,836 | $ | 243,167,836 | (6,315,579,282 | ) | $ | (6,315,579,282 | ) | ||||||||
|
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 69% 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. |
21 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Calculating your ongoing Fund expenses
Example
As a shareholder in the Investor Class, you incur ongoing costs, such as management fees. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2021 through February 28, 2022.
Actual expenses
The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return.
The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
ACTUAL | HYPOTHETICAL (5% annual return before expenses) | |||||||||||
Beginning | Ending | Expenses | Ending | Expenses | Annualized | |||||||
Account Value | Account Value | Paid During | Account Value | Paid During | Expense | |||||||
Investor Class | (09/01/21) | (02/28/22)1 | Period2 | (02/28/22) | Period2 | Ratio | ||||||
Invesco Premier | $1,000.00 | $1,000.10 | $0.84 | $1,023.95 | $0.85 | 0.17% | ||||||
Portfolio | ||||||||||||
Invesco Premier | 1,000.00 | 1,000.10 | 0.40 | 1,024.40 | 0.40 | 0.08 | ||||||
U.S. Government | ||||||||||||
Money Portfolio |
1 | The actual ending account value is based on the actual total return of the Funds for the period September 1, 2021 through February 28, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on each Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
2 | Expenses are equal to each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. |
22 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
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Invesco mailing information
Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
Important notice regarding delivery of security holder documents
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 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.
Fund holdings and proxy voting information
The Fund provides a complete list of its portfolio holdings in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. The most recent list of portfolio holdings is available at invesco.com/us. Shareholders can also look up the Fund’s Form N-MFP filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246, or at invesco.com/ corporate/about-us/esg. The information is also available on the SEC website, sec.gov.
Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.
SEC file numbers: 811-05460 and 033-19862 | Invesco Distributors, Inc. | CM-I-TST-SAR-1 |
Semiannual Report to Shareholders | February 28, 2022 |
Institutional Class
AIM Treasurer’s Series Trust
(Invesco Treasurer’s Series Trust)
Invesco Premier Portfolio
Invesco Premier U.S. Government Money Portfolio
2 | ||
3 | ||
12 | ||
15 | ||
16 | ||
22 |
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including fees and expenses. Investors should read it carefully before investing.
Unless otherwise stated, information presented in this report is as of February 28, 2022, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
Institutional Class data as of 2/28/22 | ||||||||
FUND | WEIGHTED | WEIGHTED | TOTAL | |||||
AVERAGE | AVERAGE | NET | ||||||
MATURITY | LIFE | ASSETS | ||||||
Range | At | At | ||||||
During | Reporting | Reporting | ||||||
Reporting | Period | Period | ||||||
Period | End | End | ||||||
Invesco Premier1 | 27 - 54 days | 27 days | 56 days | $1.0 billion | ||||
Invesco Premier U.S. Government Money2 | 24 - 47 days | 36 days | 101 days | 5.6 billion | ||||
Weighted average maturity (WAM) is an average of the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes. Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.
|
1 | You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
2 | You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time. |
2 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
February 28, 2022
(Unaudited)
Invesco Premier Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Commercial Paper-41.56%(a) | ||||||||||||||
Asset-Backed Securities - Fully Supported-2.79% | ||||||||||||||
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.) (SOFR + 0.19%)(b)(c)(d) | 0.24% | 08/08/2022 | $ | 30,000 | $ 30,000,000 | |||||||||
Asset-Backed Securities - Fully Supported Bank-7.92% | ||||||||||||||
Anglesea Funding PLC (Multi - CEP’s) (OBFR + 0.10%)(b)(c)(d) | 0.17% | 05/20/2022 | 25,000 | 25,000,000 | ||||||||||
Bedford Row Funding Corp. (CEP - Royal Bank of Canada) (1 mo. FEDL + 0.12%)(b)(c)(d) | 0.20% | 09/01/2022 | 10,000 | 10,000,000 | ||||||||||
Ebury Finance LLC (Multi - CEP’s), (SOFR + 0.15%)(b)(c)(d) | 0.20% | 05/23/2022 | 25,000 | 25,000,000 | ||||||||||
Versailles Commercial Paper LLC (CEP - Natixis S.A.) (SOFR + 0.16%)(b)(c)(d) | 0.21% | 08/02/2022 | 25,000 | 25,000,000 | ||||||||||
85,000,000 | ||||||||||||||
Diversified Banks-22.48% | ||||||||||||||
Agricultural Bank of China Ltd. (SOFR + 0.20%)(b)(d) | 0.25% | 05/16/2022 | 5,000 | 5,000,000 | ||||||||||
Agricultural Bank of China Ltd. (SOFR + 0.20%)(b)(d) | 0.25% | 05/20/2022 | 20,000 | 20,000,000 | ||||||||||
ANZ New Zealand (Int’l) Ltd.(b) | 0.34% | 10/03/2022 | 10,000 | 9,979,600 | ||||||||||
Barclays Bank PLC(b) | 0.20% | 03/22/2022 | 30,000 | 29,996,500 | ||||||||||
Commonwealth Bank of Australia(b) | 0.25% | 10/14/2022 | 10,000 | 9,984,236 | ||||||||||
Industrial & Commercial Bank of China Ltd.(b) | 0.15% | 03/15/2022 | 20,000 | 19,998,833 | ||||||||||
Kookmin Bank(b) | 0.20% | 03/17/2022 | 30,000 | 29,997,333 | ||||||||||
Mitsubishi UFJ Trust & Banking Corp.(b) | 0.26% | 04/13/2022 | 10,000 | 9,996,895 | ||||||||||
Svenska Handelsbanken AB(b) | 0.23% | 04/28/2022 | 20,000 | 19,992,589 | ||||||||||
Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%)(b)(d) | 0.18% | 07/08/2022 | 20,000 | 20,000,000 | ||||||||||
Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%)(b)(d) | 0.18% | 09/06/2022 | 15,000 | 15,000,000 | ||||||||||
United Overseas Bank Ltd.(b) | 0.18% | 06/01/2022 | 20,000 | 19,990,800 | ||||||||||
Westpac Banking Corp.(b) | 0.20% | 06/17/2022 | 16,500 | 16,490,100 | ||||||||||
Westpac Banking Corp.(b) | 0.27% | 10/13/2022 | 15,000 | 14,974,575 | ||||||||||
241,401,461 | ||||||||||||||
Diversified Capital Markets-3.26% | ||||||||||||||
UBS AG(b) | 0.25% | 08/18/2022 | 20,000 | 19,976,389 | ||||||||||
UBS AG (SOFR + 0.20%)(b)(d) | 0.25% | 10/14/2022 | 15,000 | 15,000,000 | ||||||||||
34,976,389 | ||||||||||||||
Investment Banking & Brokerage-2.32% | ||||||||||||||
Goldman Sachs International(b) | 0.45% | 11/15/2022 | 25,000 | 24,919,062 | ||||||||||
Regional Banks-0.93% | ||||||||||||||
ASB Finance Ltd.(b) | 0.21% | 07/08/2022 | 10,000 | 9,992,475 | ||||||||||
Specialized Finance-1.86% | ||||||||||||||
Great Bear Funding LLC (OBFR + 0.15%)(d) | 0.22% | 07/01/2022 | 20,000 | 20,000,000 | ||||||||||
Total Commercial Paper (Cost $446,289,387) | 446,289,387 | |||||||||||||
Certificates of Deposit-26.54% | ||||||||||||||
Agricultural Bank of China Ltd. (SOFR + 0.20%)(d) | 0.25% | 05/11/2022 | 5,000 | 5,000,000 | ||||||||||
ANZ New Zealand (Int’l) Ltd. | 0.07% | 03/01/2022 | 30,000 | 30,000,000 | ||||||||||
Bank of Nova Scotia (The) (SOFR + 0.11%)(d) | 0.16% | 04/20/2022 | 10,000 | 10,000,000 | ||||||||||
Canadian Imperial Bank of Commerce (1 mo. FEDL + 0.10%)(d) | 0.18% | 06/08/2022 | 30,000 | 30,000,000 | ||||||||||
DZ Bank AG Deutsche Zentral-Genossenschaftsbank | 0.06% | 03/01/2022 | 40,000 | 40,000,000 | ||||||||||
Mizuho Bank Ltd. | 0.07% | 03/01/2022 | 35,000 | 35,000,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments–(continued)
February 28, 2022
(Unaudited)
Invesco Premier Portfolio–(continued)
Principal | ||||||||||||||
Interest | Maturity | Amount | ||||||||||||
Rate | Date | (000) | Value | |||||||||||
Nordea Bank Abp | 0.06% | 03/01/2022 | $ | 40,000 | $ 40,000,000 | |||||||||
Oversea-Chinese Banking Corp. Ltd. | 0.19% | 04/20/2022 | 30,000 | 30,000,000 | ||||||||||
Skandinaviska Enskilda Banken AB | 0.06% | 03/01/2022 | 40,000 | 40,000,000 | ||||||||||
Svenska Handelsbanken AB | 0.06% | 03/01/2022 | 25,000 | 25,000,000 | ||||||||||
Total Certificates of Deposit (Cost $285,000,000) | 285,000,000 | |||||||||||||
Variable Rate Demand Notes-7.94%(e) | ||||||||||||||
Credit Enhanced-7.94% | ||||||||||||||
Boulder (County of), CO (Imagine); Series 2006, VRD RB (LOC - Wells Fargo Bank N.A.)(f) | 0.30% | 02/01/2031 | 825 | 825,000 | ||||||||||
Capital Area Housing Finance Corp. (Cypress Creek at River Apartments); Series 2006, VRD MFH RB (LOC - Citibank N.A.)(f)(g) | 0.23% | 10/01/2039 | 7,260 | 7,260,000 | ||||||||||
Clackamas (County of), OR Hospital Facility Authority (Legacy Health System); Series 2008 A, VRD RB (LOC - U.S. Bank N.A.)(f) | 0.20% | 06/01/2037 | 1,550 | 1,550,000 | ||||||||||
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(f) | 0.25% | 08/01/2037 | 2,145 | 2,145,000 | ||||||||||
Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - Northern Trust Co. (The))(f) | 0.20% | 01/01/2037 | 2,600 | 2,600,000 | ||||||||||
Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 B, VRD MFH RB (LOC - FHLB of Indianapolis)(f)(g) | 0.28% | 12/01/2039 | 100 | 100,000 | ||||||||||
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank Nederland)(f) | 0.25% | 06/01/2035 | 6,000 | 6,000,000 | ||||||||||
Iowa (State of) Finance Authority (CJ Bio America); Series 2021, Ref. VRD RB(b)(f) | 0.24% | 12/01/2041 | 2,195 | 2,195,000 | ||||||||||
Jets Stadium Development LLC; Series 2007 A-4, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(b)(f) | 0.26% | 04/01/2047 | 20,800 | 20,800,000 | ||||||||||
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(b)(f) | 0.26% | 04/01/2047 | 3,900 | 3,900,000 | ||||||||||
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)(f) | 0.22% | 05/01/2037 | 11,000 | 11,000,000 | ||||||||||
Marion (County of), OR Housing Authority (Residence at Marian Estates); | 0.24% | 07/01/2027 | 530 | 530,000 | ||||||||||
Metropolitan Transportation Authority; Subseries 2020 B-1, Ref. VRD RB (LOC - PNC Bank N.A.)(f) | 0.19% | 11/15/2046 | 4,900 | 4,900,000 | ||||||||||
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); Series 2010 E, VRD IDR | 0.22% | 12/01/2030 | 1,270 | 1,270,000 | ||||||||||
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)(f) | 0.28% | 07/01/2040 | 7,420 | 7,420,000 | ||||||||||
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2008 B, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(f) | 0.20% | 07/01/2037 | 3,850 | 3,850,000 | ||||||||||
Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP - FHLMC) | 0.26% | 05/01/2042 | 750 | 750,000 | ||||||||||
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB | 0.16% | 08/01/2045 | 8,200 | 8,200,000 | ||||||||||
Total Variable Rate Demand Notes (Cost $85,295,000) | 85,295,000 | |||||||||||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-76.04% | 816,584,387 | |||||||||||||
Repurchase | ||||||||||||||
Amount | ||||||||||||||
Repurchase Agreements-24.00%(h) | ||||||||||||||
BMO Capital Markets Corp., joint term agreement dated 02/22/2022, aggregate maturing value of $100,003,111 (collateralized by U.S government sponsored agency obligations, domestic agency and non-agency mortgage-backed securities, domestic non-agency asset-backed securities, domestic and foreign corporate obligations and U.S. Treasury obligations valued at $103,576,455; 0.00% - 8.88%; 04/25/2022 - 06/20/2071)(i) | 0.16% | 03/01/2022 | 12,000,373 | 12,000,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments–(continued)
February 28, 2022
(Unaudited)
Invesco Premier Portfolio–(continued)
Interest | Maturity | Repurchase | ||||||||||||||
Rate | Date | Amount | Value | |||||||||||||
| ||||||||||||||||
BMO Capital Markets Corp., joint term agreement dated 02/23/2022, aggregate maturing value of $150,004,958 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and U.S. Treasury obligations valued at $157,182,535; 0.00% - 8.20%; 02/13/2023 - 12/16/2062)(i) | 0.17% | 03/02/2022 | $ | 10,000,331 | $ | 10,000,000 | ||||||||||
| ||||||||||||||||
BMO Capital Markets Corp., joint term agreement dated 02/23/2022, aggregate maturing value of $25,001,069 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic non-agency asset-backed securities, domestic and foreign corporate obligations and U.S. Treasury obligations valued at $26,546,588; 0.00% -10.00%; 12/07/2021 - 12/20/2065)(i) | 0.22% | 03/02/2022 | 5,000,214 | 5,000,000 | ||||||||||||
| ||||||||||||||||
Citigroup Global Markets, Inc., joint open agreement dated 10/06/2021 (collateralized by domestic and foreign non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $203,598,357; 1.17% - 7.06%; 10/25/2026 -02/15/2039)(j) | 0.56% | 03/01/2022 | 7,003,020 | 7,000,000 | ||||||||||||
| ||||||||||||||||
Citigroup Global Markets, Inc., joint open agreement dated 10/06/2021 (collateralized by U.S. government sponsored agency obligations, domestic non-agency asset-backed securities, domestic commercial paper, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $286,769,733; 0.00% - 8.25%; 09/13/2022 - 02/27/2062)(j) | 0.62% | 03/01/2022 | 18,008,605 | 18,000,000 | ||||||||||||
| ||||||||||||||||
Credit Agricole Corporate & Investment Bank, joint term agreement dated 02/22/2022, aggregate maturing value of $240,006,067 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations, domestic non-agency mortgage-backed securities and U.S. Treasury obligations valued at $246,893,829; 0.00% - 7.75%; 04/07/2022 - 05/01/2079)(i) | 0.13% | 03/01/2022 | 15,000,379 | 15,000,000 | ||||||||||||
| ||||||||||||||||
Credit Suisse Securities (USA) LLC, joint term agreement dated 02/23/2022, aggregate maturing value of $90,003,500 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities and domestic and foreign corporate obligations valued at $98,998,378; 0.00% - 15.98%; 04/22/2022 - 09/27/2060)(i) | 0.20% | 03/02/2022 | 15,000,583 | 15,000,000 | ||||||||||||
| ||||||||||||||||
J.P. Morgan Securities LLC, joint open agreement dated 04/28/2020 (collateralized by domestic and corporate obligations valued at $109,999,955; 0.00% - 10.88%; 04/30/2022 - 11/03/2037)(j) | 0.37% | 03/01/2022 | 35,010,072 | 35,000,000 | ||||||||||||
| ||||||||||||||||
J.P. Morgan Securities LLC, open agreement dated 11/01/2021 (collateralized by a domestic agency mortgage-backed security and domestic non-agency mortgage-backed securities valued at $15,750,000; 0.10% - 3.50%; | 0.43% | 03/01/2022 | 15,005,004 | 15,000,000 | ||||||||||||
| ||||||||||||||||
Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 02/23/2021 (collateralized by a domestic non-agency asset-backed security, domestic and foreign corporate obligations, domestic and foreign commercial paper and a U.S. Treasury obligation valued at $51,697,846; 0.00% - 8.50%; 03/01/2022 - 01/15/2082)(j) | 0.20% | 03/01/2022 | 18,002,800 | 18,000,000 | ||||||||||||
| ||||||||||||||||
Mizuho Securities (USA) LLC, joint open agreement dated 12/30/2021 (collateralized by domestic and foreign equity securities valued at $52,500,215; 0.00%)(j) | 0.22% | 03/01/2022 | 15,000,092 | 15,000,000 | ||||||||||||
| ||||||||||||||||
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $78,729,067; 0.34% -13.00%; 03/15/2022 - 12/15/2072)(j) | 0.25% | 03/01/2022 | 28,000,194 | 28,000,000 | ||||||||||||
| ||||||||||||||||
Societe Generale, joint open agreement dated 08/20/2021 (collateralized by a domestic non-agency asset-backed security, domestic and foreign corporate obligations and a domestic non-agency mortgage-backed security valued at $91,931,202; 0.98% -10.13%; 01/05/2023 - 03/11/2061)(j) | 0.18% | 03/01/2022 | 25,000,125 | 25,000,000 | ||||||||||||
| ||||||||||||||||
Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2022, aggregate maturing value of $2,300,003,833 (collateralized by domestic agency mortgage-backed securities valued at $2,346,000,000; 2.00% - 5.00%; 12/15/2039 - 02/01/2052) | 0.06% | 03/01/2022 | 39,745,751 | 39,745,685 | ||||||||||||
| ||||||||||||||||
Total Repurchase Agreements (Cost $257,745,685) | 257,745,685 | |||||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(k)(l) -100.04% (Cost $1,074,330,072) | 1,074,330,072 | |||||||||||||||
| ||||||||||||||||
OTHER ASSETS LESS LIABILITIES-(0.04)% | (440,314 | ) | ||||||||||||||
| ||||||||||||||||
NET ASSETS-100.00% | $ | 1,073,889,758 | ||||||||||||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments–(continued)
February 28, 2022
(Unaudited)
Invesco Premier Portfolio–(continued)
Investment Abbreviations:
CEP | -Credit Enhancement Provider | |
FEDL | -Federal Funds Effective Rate | |
FHLB | -Federal Home Loan Bank | |
FHLMC | -Federal Home Loan Mortgage Corp. | |
IDR | -Industrial Development Revenue Bonds | |
LOC | -Letter of Credit | |
MFH | -Multi-Family Housing | |
OBFR | -Overnight Bank Funding Rate | |
RB | -Revenue Bonds | |
Ref. | -Refunding | |
SOFR | -Secured Overnight Financing Rate | |
VRD | -Variable Rate Demand |
Notes to Schedule of Investments:
(a) | Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2022 was $453,184,387, which represented 42.20% of the Fund’s Net Assets. |
(c) | The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 14.6%; France: 13.8%; Japan: 9.6%; Sweden: 8.6%; Australia: 7.6%; other countries less than 5% each: 28.7%. |
(d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2022. |
(e) | 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, 2022. |
(f) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. (g) Security subject to the alternative minimum tax. |
(h) | Principal amount equals value at period end. See Note 1I. |
(i) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(j) | Either party may terminate the agreement upon demand. Interest rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date. |
(k) | Also represents cost for federal income tax purposes. |
(l) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each. |
Portfolio Composition by Maturity* |
| |||
In days, as of 02/28/2022 |
| |||
1-7 | 47.8% | |||
8-30 | 7.4 | |||
31-60 | 13.5 | |||
61-90 | 2.8 | |||
91-180 | 17.5 | |||
181+ | 11.0 |
* | 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments
February 28, 2022
(Unaudited)
Invesco Premier U.S. Government Money Portfolio
Principal | ||||||||||||||
Interest | Maturity | Amount | ||||||||||||
Rate | Date | (000) | Value | |||||||||||
U.S. Treasury Securities-40.43% | ||||||||||||||
U.S. Treasury Bills-25.49%(a) | ||||||||||||||
U.S. Treasury Bills | 0.07% | 03/10/2022 | $ | 75,000 | $ 74,998,687 | |||||||||
U.S. Treasury Bills | 0.07% | 03/29/2022 | 30,000 | 29,998,367 | ||||||||||
U.S. Treasury Bills | 0.09% | 03/31/2022 | 50,000 | 49,996,458 | ||||||||||
U.S. Treasury Bills | 0.25% | 04/12/2022 | 150,000 | 149,956,250 | ||||||||||
U.S. Treasury Bills | 0.11% | 04/26/2022 | 140,000 | 139,970,328 | ||||||||||
U.S. Treasury Bills | 0.24% | 05/05/2022 | 100,000 | 99,956,667 | ||||||||||
U.S. Treasury Bills | 0.29% | 05/12/2022 | 75,000 | 74,956,500 | ||||||||||
U.S. Treasury Bills | 0.23% | 05/17/2022 | 55,000 | 54,972,649 | ||||||||||
U.S. Treasury Bills | 0.25% | 05/24/2022 | 95,000 | 94,946,771 | ||||||||||
U.S. Treasury Bills | 0.29% | 05/31/2022 | 70,000 | 69,949,166 | ||||||||||
U.S. Treasury Bills | 0.09% | 06/02/2022 | 70,000 | 69,956,625 | ||||||||||
U.S. Treasury Bills | 0.34% | 06/07/2022 | 25,000 | 24,976,861 | ||||||||||
U.S. Treasury Bills | 0.11% | 06/09/2022 | 80,000 | 79,976,667 | ||||||||||
U.S. Treasury Bills | 0.50% | 06/14/2022 | 65,000 | 64,905,967 | ||||||||||
U.S. Treasury Bills | 0.07% | 06/16/2022 | 10,000 | 9,997,919 | ||||||||||
U.S. Treasury Bills | 0.55% | 06/21/2022 | 100,000 | 99,828,889 | ||||||||||
U.S. Treasury Bills | 0.57% | 06/28/2022 | 50,000 | 49,905,791 | ||||||||||
U.S. Treasury Bills | 0.08% | 07/14/2022 | 40,000 | 39,988,750 | ||||||||||
U.S. Treasury Bills | 0.08% | 08/11/2022 | 25,000 | 24,990,944 | ||||||||||
U.S. Treasury Bills | 0.71% | 08/25/2022 | 60,000 | 59,790,550 | ||||||||||
U.S. Treasury Bills | 0.08% | 09/08/2022 | 20,000 | 19,992,042 | ||||||||||
U.S. Treasury Bills | 0.09% | 10/06/2022 | 60,000 | 59,966,694 | ||||||||||
1,443,979,542 | ||||||||||||||
U.S. Treasury Floating Rate Notes-7.77% | ||||||||||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.11%)(b) | 0.47% | 04/30/2022 | 20,000 | 20,002,697 | ||||||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.06%)(b) | 0.42% | 10/31/2022 | 50,000 | 49,998,984 | ||||||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b) | 0.39% | 04/30/2023 | 75,000 | 75,005,368 | ||||||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.03%)(b) | 0.39% | 07/31/2023 | 120,000 | 120,002,583 | ||||||||||
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + 0.04%)(b) | 0.40% | 10/31/2023 | 175,000 | 175,000,167 | ||||||||||
440,009,799 | ||||||||||||||
U.S. Treasury Notes-7.17% | ||||||||||||||
U.S. Treasury Notes | 1.75% | 03/31/2022 | 25,000 | 25,034,472 | ||||||||||
U.S. Treasury Notes | 1.88% | 03/31/2022 | 50,000 | 50,073,641 | ||||||||||
U.S. Treasury Notes | 1.88% | 04/30/2022 | 2,012 | 2,017,930 | ||||||||||
U.S. Treasury Notes | 2.13% | 05/15/2022 | 25,000 | 25,104,210 | ||||||||||
U.S. Treasury Notes | 1.75% | 05/31/2022 | 10,000 | 10,041,507 | ||||||||||
U.S. Treasury Notes | 0.13% | 06/30/2022 | 11,667 | 11,668,721 | ||||||||||
U.S. Treasury Notes | 2.13% | 06/30/2022 | 5,000 | 5,033,929 | ||||||||||
U.S. Treasury Notes | 1.75% | 07/15/2022 | 90,000 | 90,561,559 | ||||||||||
U.S. Treasury Notes | 2.00% | 07/31/2022 | 15,000 | 15,119,284 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments–(continued)
February 28, 2022
(Unaudited)
Invesco Premier U.S. Government Money Portfolio–(continued)
Principal | ||||||||||||||
Interest | Maturity | Amount | ||||||||||||
Rate | Date | (000) | Value | |||||||||||
U.S. Treasury Notes-(continued) | ||||||||||||||
U.S. Treasury Notes | 1.50% | 08/15/2022 | $ | 30,000 | $ 30,194,748 | |||||||||
U.S. Treasury Notes | 1.88% | 08/31/2022 | 90,000 | 90,725,478 | ||||||||||
U.S. Treasury Notes | 1.50% | 09/15/2022 | 50,000 | 50,379,854 | ||||||||||
405,955,333 | ||||||||||||||
Total U.S. Treasury Securities (Cost $2,289,944,674) | 2,289,944,674 | |||||||||||||
U.S. Government Sponsored Agency Securities-15.88% | ||||||||||||||
Federal Farm Credit Bank (FFCB)-4.99% | ||||||||||||||
Federal Farm Credit Bank | 0.38% | 04/08/2022 | 3,000 | 3,000,963 | ||||||||||
Federal Farm Credit Bank | 0.30% | 04/27/2022 | 2,800 | 2,800,832 | ||||||||||
Federal Farm Credit Bank(a) | 0.06% | 06/23/2022 | 10,000 | 9,998,100 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.20%)(b) | 0.25% | 06/23/2022 | 10,000 | 10,003,957 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.15%)(b) | 0.19% | 07/28/2022 | 20,000 | 20,000,000 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.07%)(b) | 0.12% | 08/11/2022 | 20,000 | 19,999,094 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.06%)(b) | 0.11% | 10/21/2022 | 10,000 | 10,000,000 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.07%)(b) | 0.12% | 11/18/2022 | 5,000 | 5,000,000 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.06%)(b) | 0.11% | 12/01/2022 | 30,000 | 30,000,000 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.06%)(b) | 0.11% | 12/28/2022 | 30,000 | 30,000,000 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.06%)(b) | 0.11% | 02/09/2023 | 37,000 | 37,000,000 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.03%)(b) | 0.08% | 07/07/2023 | 40,000 | 40,000,000 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.03%)(b) | 0.08% | 09/18/2023 | 15,000 | 15,000,000 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.04%)(b) | 0.09% | 09/20/2023 | 10,000 | 10,000,000 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.06%)(b) | 0.10% | 11/07/2023 | 10,000 | 10,000,000 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.06%)(b) | 0.11% | 12/13/2023 | 10,000 | 10,000,000 | ||||||||||
Federal Farm Credit Bank (SOFR + 0.06%)(b) | 0.11% | 01/10/2024 | 20,000 | 20,000,000 | ||||||||||
282,802,946 | ||||||||||||||
Federal Home Loan Bank (FHLB)-5.81% | ||||||||||||||
Federal Home Loan Bank (SOFR + 0.07%)(b) | 0.11% | 04/28/2022 | 50,000 | 50,000,000 | ||||||||||
Federal Home Loan Bank(a) | 0.27% | 05/11/2022 | 144,000 | 143,924,740 | ||||||||||
Federal Home Loan Bank(a) | 0.40% | 05/20/2022 | 50,000 | 49,956,111 | ||||||||||
Federal Home Loan Bank (SOFR + 0.13%)(b) | 0.18% | 08/05/2022 | 50,000 | 50,000,000 | ||||||||||
Federal Home Loan Bank (SOFR + 0.06%)(b) | 0.11% | 12/08/2022 | 15,000 | 15,000,000 | ||||||||||
Federal Home Loan Bank (SOFR + 0.04%)(b) | 0.09% | 05/19/2023 | 10,000 | 10,000,000 | ||||||||||
Federal Home Loan Bank (SOFR + 0.03%)(b) | 0.08% | 06/07/2023 | 10,000 | 10,000,000 | ||||||||||
328,880,851 | ||||||||||||||
Federal Home Loan Mortgage Corp. (FHLMC)-3.20% | ||||||||||||||
Federal Home Loan Mortgage Corp. | 0.13% | 07/25/2022 | 10,000 | 10,000,570 | ||||||||||
Federal Home Loan Mortgage Corp. (SOFR + 0.07%)(b) | 0.12% | 08/12/2022 | 100,000 | 100,000,000 | ||||||||||
Federal Home Loan Mortgage Corp. (SOFR + 0.10%)(b) | 0.15% | 08/19/2022 | 38,100 | 38,102,714 | ||||||||||
Federal Home Loan Mortgage Corp. (SOFR + 0.09%)(b) | 0.14% | 09/16/2022 | 30,000 | 30,000,000 | ||||||||||
Federal Home Loan Mortgage Corp.(c) | 2.60% | 10/15/2045 | 3,149 | 3,148,836 | ||||||||||
181,252,120 | ||||||||||||||
Federal National Mortgage Association (FNMA)-0.03% | ||||||||||||||
Federal National Mortgage Association | 1.88% | 04/05/2022 | 1,550 | 1,552,684 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments–(continued)
February 28, 2022
(Unaudited)
Invesco Premier U.S. Government Money Portfolio–(continued)
Principal | ||||||||||||||
Interest | Maturity | Amount | ||||||||||||
Rate | Date | (000) | Value | |||||||||||
U.S. International Development Finance Corp. (DFC)-1.85% | ||||||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.17% | 03/20/2024 | $ | 9,333 | $ 9,333,333 | |||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.17% | 06/15/2025 | 8,400 | 8,400,000 | ||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.17% | 09/15/2025 | 2,368 | 2,368,421 | ||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.20% | 11/15/2025 | 6,316 | 6,315,790 | ||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.17% | 09/15/2026 | 4,750 | 4,750,000 | ||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.17% | 09/15/2026 | 3,958 | 3,958,333 | ||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.17% | 12/15/2026 | 3,000 | 3,000,000 | ||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.19% | 06/20/2027 | 5,500 | 5,499,975 | ||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.19% | 06/20/2027 | 3,667 | 3,666,650 | ||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.17% | 08/13/2027 | 4,500 | 4,500,000 | ||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.17% | 02/15/2028 | 6,667 | 6,666,665 | ||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.17% | 06/20/2028 | 12,000 | 12,000,000 | ||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate + 0.07%)(d) | 0.17% | 08/15/2029 | 12,500 | 12,500,000 | ||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.19% | 03/15/2030 | 17,000 | 17,000,000 | ||||||||||
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(d) | 0.17% | 10/15/2030 | 4,861 | 4,861,111 | ||||||||||
104,820,278 | ||||||||||||||
Total U.S. Government Sponsored Agency Securities (Cost $899,308,879) |
| 899,308,879 | ||||||||||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-56.31% |
| 3,189,253,553 | ||||||||||||
Repurchase | ||||||||||||||
Amount | ||||||||||||||
Repurchase Agreements-45.97%(e) | ||||||||||||||
Bank of Montreal, joint term agreement dated 02/10/2022, aggregate maturing value of $250,014,583 (collateralized by domestic agency mortgage-backed securities valued at $255,000,000; 2.50% - 4.50%; 11/01/2046 - 02/01/2052)(f) | 0.06% | 03/17/2022 | 125,007,292 | 125,000,000 | ||||||||||
BNP Paribas Securities Corp., joint term agreement dated 02/22/2022, aggregate maturing value of $500,004,861 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,007; 0.00% - 7.00%; 06/21/2022 -02/01/2052)(f) | 0.05% | 03/01/2022 | 65,000,632 | 65,000,000 | ||||||||||
BofA Securities, Inc., joint agreement dated 02/28/2022, aggregate maturing value of $745,001,035 (collateralized by domestic agency mortgage-backed securities valued at $759,900,001; 0.46% - 7.50%; 09/25/2022 - 01/01/2052) | 0.05% | 03/01/2022 | 275,000,382 | 275,000,000 | ||||||||||
CIBC World Markets Corp., joint term agreement dated 01/24/2022, aggregate maturing value of $500,043,333 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 1.50% - 4.50%; 10/01/2036 - 03/01/2052)(f) | 0.06% | 03/17/2022 | 100,008,667 | 100,000,000 | ||||||||||
Citigroup Global Markets, Inc., joint agreement dated 02/28/2022, aggregate maturing value of $400,000,556 (collateralized by U.S. Treasury obligations valued at $408,000,001; 0.00% - 0.13%; 01/15/2023 - 02/15/2051) | 0.05% | 03/01/2022 | 275,000,382 | 275,000,000 | ||||||||||
Citigroup Global Markets, Inc., joint term agreement dated 02/22/2022, aggregate maturing value of $500,005,833 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,029; 0.00% - 17.46%; 07/31/2023 - 07/20/2070)(f) | 0.06% | 03/01/2022 | 100,001,167 | 100,000,000 | ||||||||||
Credit Agricole Corporate & Investment Bank, joint open agreement dated 12/01/2021 (collateralized by U.S. Treasury obligations valued at $2,032,860,462; 0.13% - 3.13%; 04/15/2024 - 11/15/2050)(g) | 0.05% | 03/01/2022 | 125,004,826 | 125,000,000 | ||||||||||
Goldman Sachs & Co., term agreement dated 02/22/2022, maturing value of $65,000,695 (collateralized by U.S. Treasury obligations valued at $66,300,073; 0.00% - 0.25%; 03/22/2022 - 11/15/2024)(f) | 0.06% | 03/01/2022 | 65,000,695 | 65,000,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments–(continued)
February 28, 2022
(Unaudited)
Invesco Premier U.S. Government Money Portfolio–(continued)
Interest | Maturity | Repurchase | ||||||||||||
Rate | Date | Amount | Value | |||||||||||
ING Financial Markets, LLC, joint term agreement dated 02/22/2022, aggregate maturing value of $200,008,944 (collateralized by domestic agency mortgage-backed securities valued at $204,000,000; 1.50% - 4.50%; 10/01/2029 - 05/01/2058) | 0.07% | 03/17/2022 | $ | 35,001,565 | $ 35,000,000 | |||||||||
ING Financial Markets, LLC, joint term agreement dated 12/28/2021, aggregate maturing value of $350,070,000 (collateralized by U.S. government sponsored agency obligations and domestic agency mortgage-backed securities valued at $357,000,395; 0.00% - 7.50%; 12/28/2022 - 05/01/2058) | 0.08% | 03/28/2022 | 30,006,000 | 30,000,000 | ||||||||||
ING Financial Markets, LLC, term agreement dated 02/10/2022, maturing value of $35,001,692 (collateralized by domestic agency mortgage-backed securities valued at $35,700,000; 1.50% - 7.00%; 08/01/2028 - 01/01/2057) | 0.06% | 03/11/2022 | 35,001,692 | 35,000,000 | ||||||||||
J.P. Morgan Securities LLC, joint open agreement dated 03/27/2020 (collateralized by U.S. Treasury obligations valued at $867,001,467; 0.00% - 2.38%; 03/03/2022 - 05/15/2050)(g) | 0.05% | 03/01/2022 | 50,001,931 | 50,000,000 | ||||||||||
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2021 (collateralized by domestic agency mortgage-backed securities valued at $239,700,000; 0.47% - 6.00%; 01/01/2026 - 10/15/2061)(g) | 0.06% | 03/01/2022 | 20,000,928 | 20,000,000 | ||||||||||
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2021 (collateralized by domestic agency mortgage-backed securities valued at $280,500,035; 1.85% - 6.00%; 07/01/2026 - 02/20/2052)(g) | 0.07% | 03/01/2022 | 30,001,625 | 30,000,000 | ||||||||||
J.P. Morgan Securities LLC, joint open agreement dated 10/15/2019 (collateralized by domestic agency mortgage-backed securities valued at $382,500,005; 0.46% - 7.50%; 12/15/2026 - 02/16/2058)(g) | 0.07% | 03/01/2022 | 90,004,875 | 90,000,000 | ||||||||||
Metropolitan Life Insurance Co., joint term agreement dated 02/23/2022, aggregate maturing value of $350,014,295 (collateralized by U.S. Treasury obligations valued at $358,935,903; 0.00%; 08/15/2027 - 11/15/2045)(f) | 0.07% | 03/02/2022 | 40,001,426 | 40,000,881 | ||||||||||
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/23/2022, aggregate maturing value of $768,135,455 (collateralized by U.S. Treasury obligations valued at $788,525,747; 1.13%; 02/28/2025 - 02/28/2027)(f) | 0.07% | 03/02/2022 | 76,976,048 | 76,975,000 | ||||||||||
RBC Capital Markets LLC, joint term agreement dated 02/28/2022, aggregate maturing value of $750,001,875 (collateralized by U.S. government sponsored agency obligations, domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $765,000,244; 0.13% - 8.00%; 03/01/2022 - 08/20/2065)(f)(h) | 0.09% | 03/01/2022 | 100,000,250 | 100,000,000 | ||||||||||
RBC Dominion Securities Inc., joint term agreement dated 01/11/2022, aggregate maturing value of $500,049,167 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $510,000,022; 0.00% - 6.00%; 03/31/2022 -01/15/2052)(f) | 0.06% | 03/11/2022 | 150,014,750 | 150,000,000 | ||||||||||
RBC Dominion Securities Inc., joint term agreement dated 01/19/2022, aggregate maturing value of $1,000,076,389 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $1,020,000,098; 0.00% - 5.50%; 02/15/2030 - 01/15/2052)(f) | 0.06% | 03/10/2022 | 125,009,549 | 125,000,000 | ||||||||||
RBC Dominion Securities Inc., joint term agreement dated 02/08/2022, aggregate maturing value of $500,016,667 (collateralized by U.S. Treasury obligations valued at $510,000,124; 0.13% - 6.00%; 07/15/2024 - 02/15/2050)(f) | 0.05% | 03/04/2022 | 100,003,333 | 100,000,000 | ||||||||||
Societe Generale, joint agreement dated 02/28/2022, aggregate maturing value of $1,600,002,222 (collateralized by U.S. government sponsored agency obligations, domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $1,632,000,047; 0.00% - 7.13%; 03/15/2022 - 02/01/2052) | 0.05% | 03/01/2022 | 200,000,278 | 200,000,000 | ||||||||||
Societe Generale, joint open agreement dated 01/05/2022 (collateralized by U.S. Treasury obligations valued at $1,020,000,098; 0.00% - 7.63%; 03/01/2022 - 02/15/2052)(g) | 0.05% | 03/01/2022 | 60,000,083 | 60,000,000 | ||||||||||
Societe Generale, joint open agreement dated 01/12/2022 (collateralized by U.S. government sponsored agency obligations, domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $1,530,000,206; 0.00% - 7.63%; 03/01/2022 - 10/01/2051)(g) | 0.05% | 03/01/2022 | 90,000,125 | 90,000,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments–(continued)
February 28, 2022
(Unaudited)
Invesco Premier U.S. Government Money Portfolio–(continued)
Interest | Maturity | Repurchase | ||||||||||||||
Rate | Date | Amount | Value | |||||||||||||
| ||||||||||||||||
Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2022, aggregate maturing value of $2,300,003,833 (collateralized by domestic agency mortgage-backed securities valued at $2,346,000,000; 2.00% - 5.00%; 12/15/2039 - 02/01/2052) | 0.06% | 03/01/2022 | $ | 241,314,243 | $ | 241,313,843 | ||||||||||
| ||||||||||||||||
Total Repurchase Agreements (Cost $2,603,289,724) | 2,603,289,724 | |||||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(i) -102.28% (Cost $5,792,543,277) | 5,792,543,277 | |||||||||||||||
| ||||||||||||||||
OTHER ASSETS LESS LIABILITIES-(2.28)% | (128,957,125 | ) | ||||||||||||||
| ||||||||||||||||
NET ASSETS-100.00% | $ | 5,663,586,152 | ||||||||||||||
|
Investment Abbreviations:
SOFR -Secured Overnight Financing Rate
VRD -Variable Rate Demand
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, 2022. |
(c) | Interest rate is redetermined periodically based on the cash flows generated by the pool of assets backing the security, less any applicable fees. The rate shown is the rate in effect on February 28, 2022. |
(d) | 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, 2022. |
(e) | Principal amount equals value at period end. See Note 1I. |
(f) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(g) | Either party may terminate the agreement upon demand. Interest rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date. |
(h) | 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. |
(i) | Also represents cost for federal income tax purposes. |
Portfolio Composition by Maturity* |
| |||
In days, as of 02/28/2022 | ||||
1-7 | 43.3% | |||
8-30 | 3.6 | |||
31-60 | 8.4 | |||
61-90 | 10.0 | |||
91-180 | 18.4 | |||
181+ | 16.3 |
* | 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Statements of Assets and Liabilities
February 28, 2022
(unaudited)
Invesco Premier | ||||||||
Invesco Premier | U.S. Government | |||||||
Portfolio | Money Portfolio | |||||||
|
|
|
|
| ||||
Assets: | ||||||||
Investments in unaffiliated securities, at value | $ | 816,584,387 | $ | 3,189,253,553 | ||||
�� |
|
|
|
| ||||
Repurchase agreements, at value and cost | 257,745,685 | 2,603,289,724 | ||||||
|
|
|
|
| ||||
Cash | - | 5,449 | ||||||
|
|
|
|
| ||||
Receivable for: | ||||||||
Fund shares sold | 99,217 | 5,222 | ||||||
|
|
|
|
| ||||
Interest | 104,984 | 1,699,655 | ||||||
|
|
|
|
| ||||
Fund expenses absorbed | 58,010 | - | ||||||
|
|
|
|
| ||||
Other assets | - | 27 | ||||||
|
|
|
|
| ||||
Total assets | 1,074,592,283 | 5,794,253,630 | ||||||
|
|
|
|
| ||||
Liabilities: | ||||||||
Payable for: | ||||||||
Investments purchased | - | 129,856,947 | ||||||
|
|
|
|
| ||||
Fund shares reacquired | 479,665 | 294,072 | ||||||
|
|
|
|
| ||||
Amount due custodian | 376 | - | ||||||
|
|
|
|
| ||||
Dividends | 14,480 | 19,414 | ||||||
|
|
|
|
| ||||
Accrued fees to affiliates | 207,990 | 497,045 | ||||||
|
|
|
|
| ||||
Accrued operating expenses | 14 | - | ||||||
|
|
|
|
| ||||
Total liabilities | 702,525 | 130,667,478 | ||||||
|
|
|
|
| ||||
Net assets applicable to shares outstanding | $ | 1,073,889,758 | $ | 5,663,586,152 | ||||
|
|
|
|
| ||||
Net assets consist of: | ||||||||
Shares of beneficial interest | $ | 1,073,734,194 | $ | 5,663,052,972 | ||||
|
|
|
|
| ||||
Distributable earnings | 155,564 | 533,180 | ||||||
|
|
|
|
| ||||
$ | 1,073,889,758 | $ | 5,663,586,152 | |||||
|
|
|
|
| ||||
Net Assets: | ||||||||
Investor Class | $ | 41,704,066 | $ | 41,663,573 | ||||
|
|
|
|
| ||||
Institutional Class | $ | 1,023,150,325 | $ | 5,621,922,579 | ||||
|
|
|
|
| ||||
Private Investment Class | $ | 111,973 | $ | - | ||||
|
|
|
|
| ||||
Personal Investment Class | $ | 6,073,265 | $ | - | ||||
|
|
|
|
| ||||
Reserve Class | $ | 10,293 | $ | - | ||||
|
|
|
|
| ||||
Resource Class | $ | 2,839,836 | $ | - | ||||
|
|
|
|
| ||||
Shares outstanding, no par value, | ||||||||
Investor Class | 41,687,460 | 41,636,034 | ||||||
|
|
|
|
| ||||
Institutional Class | 1,022,737,377 | 5,621,179,515 | ||||||
|
|
|
|
| ||||
Private Investment Class | 111,929 | - | ||||||
|
|
|
|
| ||||
Personal Investment Class | 6,071,083 | - | ||||||
|
|
|
|
| ||||
Reserve Class | 10,289 | - | ||||||
|
|
|
|
| ||||
Resource Class | 2,838,591 | - | ||||||
|
|
|
|
| ||||
Net asset value, offering and redemption price per share for each class | $ | 1.00 | $ | 1.00 | ||||
|
|
|
|
| ||||
Cost of Investments | $ | 1,074,330,072 | $ | 5,792,543,277 | ||||
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Statements of Operations
For the six months ended February 28, 2022
(Unaudited)
Invesco Premier | ||||||||
Invesco Premier | U.S. Government | |||||||
Portfolio | Money Portfolio | |||||||
|
|
|
|
| ||||
Investment income: | ||||||||
Interest | $ | 1,038,402 | $ | 2,531,249 | ||||
|
|
|
|
| ||||
Expenses: | ||||||||
Advisory fees | 1,409,765 | 6,913,296 | ||||||
|
|
|
|
| ||||
Distribution fees: | ||||||||
Private Investment Class | 187 | - | ||||||
|
|
|
|
| ||||
Personal Investment Class | 22,290 | - | ||||||
|
|
|
|
| ||||
Reserve Class | 45 | - | ||||||
|
|
|
|
| ||||
Resource Class | 2,478 | - | ||||||
|
|
|
|
| ||||
Total expenses | 1,434,765 | 6,913,296 | ||||||
|
|
|
|
| ||||
Less: Fees waived | (465,149 | ) | (4,664,631 | ) | ||||
|
|
|
|
| ||||
Net expenses | 969,616 | 2,248,665 | ||||||
|
|
|
|
| ||||
Net investment income | 68,786 | 282,584 | ||||||
|
|
|
|
| ||||
Net realized gain from unaffiliated investment securities | 2,613 | 6,593 | ||||||
|
|
|
|
| ||||
Net increase in net assets resulting from operations | $ | 71,399 | $ | 289,177 | ||||
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Statements of Changes in Net Assets
For the six months ended February 28, 2022 and the year ended August 31, 2021
(Unaudited)
Invesco Premier U.S. Government | ||||||||||||||||
Invesco Premier Portfolio | Money Portfolio | |||||||||||||||
February 28, | August 31, | February 28, | August 31, | |||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
|
|
|
|
| ||||||||||||
Operations: | ||||||||||||||||
Net investment income | $ | 68,786 | $ | 1,038,037 | $ | 282,584 | $ | 646,437 | ||||||||
|
|
|
|
| ||||||||||||
Net realized gain | 2,613 | 2,360 | 6,593 | 134,678 | ||||||||||||
|
|
|
|
| ||||||||||||
Net increase in net assets resulting from operations | 71,399 | 1,040,397 | 289,177 | 781,115 | ||||||||||||
|
|
|
|
| ||||||||||||
Distributions to shareholders from distributable earnings: | ||||||||||||||||
Investor Class | (2,538 | ) | (49,168 | ) | (1,979 | ) | (4,503 | ) | ||||||||
|
|
|
|
| ||||||||||||
Institutional Class | (65,616 | ) | (987,703 | ) | (280,605 | ) | (641,934 | ) | ||||||||
|
|
|
|
| ||||||||||||
Private Investment Class | (8 | ) | (29 | ) | - | - | ||||||||||
|
|
|
|
| ||||||||||||
Personal Investment Class | (460 | ) | (807 | ) | - | - | ||||||||||
|
|
|
|
| ||||||||||||
Reserve Class | (2 | ) | (4 | ) | - | - | ||||||||||
|
|
|
|
| ||||||||||||
Resource Class | (162 | ) | (326 | ) | - | - | ||||||||||
|
|
|
|
| ||||||||||||
Total distributions from distributable earnings | (68,786 | ) | (1,038,037 | ) | (282,584 | ) | (646,437 | ) | ||||||||
|
|
|
|
| ||||||||||||
Share transactions-net: | ||||||||||||||||
Investor Class | (3,322,377 | ) | (48,888,463 | ) | 2,482,123 | (9,034,024 | ) | |||||||||
|
|
|
|
| ||||||||||||
Institutional Class | (159,305,972 | ) | (377,177,595 | ) | 240,685,713 | (6,306,545,258 | ) | |||||||||
|
|
|
|
| ||||||||||||
Private Investment Class | (50,068 | ) | (199,975 | ) | - | - | ||||||||||
|
|
|
|
| ||||||||||||
Personal Investment Class | (4,754,704 | ) | 2,627,209 | - | - | |||||||||||
|
|
|
|
| ||||||||||||
Resource Class | (341,355 | ) | (49,679 | ) | - | - | ||||||||||
|
|
|
|
| ||||||||||||
Net increase (decrease) in net assets resulting from share transactions | (167,774,476 | ) | (423,688,503 | ) | 243,167,836 | (6,315,579,282 | ) | |||||||||
|
|
|
|
| ||||||||||||
Net increase (decrease) in net assets | (167,771,863 | ) | (423,686,143 | ) | 243,174,429 | (6,315,444,604 | ) | |||||||||
|
|
|
|
| ||||||||||||
Net assets: | ||||||||||||||||
Beginning of period | 1,241,661,621 | 1,665,347,764 | 5,420,411,723 | 11,735,856,327 | ||||||||||||
|
|
|
|
| ||||||||||||
End of period | $ | 1,073,889,758 | $ | 1,241,661,621 | $ | 5,663,586,152 | $ | 5,420,411,723 | ||||||||
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
(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 (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 Premier Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||
Six months ended 02/28/22 | $ | 1.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | (0.00 | ) | $ | 1.00 | 0.01 | % | $ | 1,023,150 | 0.17 | %(c) | 0.25 | %(c) | 0.01 | %(c) | |||||||||||||||||||||
Year ended 08/31/21 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | 1.00 | 0.07 | 1,182,455 | 0.18 | 0.25 | 0.07 | ||||||||||||||||||||||||||||||||
Year ended 08/31/20 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | 1.00 | 1.20 | 1,559,622 | 0.18 | 0.25 | 1.22 | ||||||||||||||||||||||||||||||||
Year ended 08/31/19 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02 | ) | 1.00 | 2.37 | 1,667,185 | 0.18 | 0.25 | 2.37 | ||||||||||||||||||||||||||||||||
Year ended 08/31/18 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02 | ) | 1.00 | 1.60 | 957,754 | 0.18 | 0.25 | 1.63 | ||||||||||||||||||||||||||||||||
Year ended 08/31/17 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | 1.00 | 0.84 | 683,734 | 0.18 | 0.25 | 0.63 | ||||||||||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||
Six months ended 02/28/22 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | 1.00 | 0.01 | 5,621,923 | 0.08 | (c) | 0.25 | (c) | 0.01 | (c) | |||||||||||||||||||||||||||||
Year ended 08/31/21 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | 1.00 | 0.01 | 5,381,252 | 0.12 | 0.25 | 0.01 | ||||||||||||||||||||||||||||||||
Year ended 08/31/20 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | 1.00 | 0.93 | 11,687,666 | 0.18 | 0.25 | 0.83 | ||||||||||||||||||||||||||||||||
Year ended 08/31/19 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02 | ) | 1.00 | 2.21 | 8,305,644 | 0.18 | 0.25 | 2.21 | ||||||||||||||||||||||||||||||||
Year ended 08/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | 1.00 | 1.36 | 6,919,466 | 0.18 | 0.25 | 1.36 | ||||||||||||||||||||||||||||||||
Year ended 08/31/17 | 1.00 | 0.01 | (0.00 | ) | 0.01 | (0.01 | ) | 1.00 | 0.53 | 5,730,975 | 0.18 | 0.25 | 0.54 |
(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.
15 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
February 28, 2022
(Unaudited)
NOTE 1–Significant Accounting Policies
AIM Treasurer’s Series Trust (Invesco Treasurer’s Series 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. The Funds covered in this report are Invesco Premier Portfolio and Invesco Premier U.S. Government Money Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each portfolio 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 portfolio or class.
Invesco Premier Portfolio’s investment objective is to provide current income consistent with preservation of capital and liquidity. Invesco Premier U.S. Government Money Portfolio’s investment objective is a high level of current income consistent with the preservation of capital and the maintenance of liquidity.
Invesco Premier Portfolio currently consists of six classes of shares: Investor Class, Institutional Class, Private Investment Class, Personal Investment Class, Reserve Class and Resource Class. Invesco Premier U.S. Government Money Portfolio currently consists of two classes of shares: Investor Class and Institutional Class. Investor Class shares of the Funds are available only to certain investors. Each class of shares is sold at net asset value.
Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
Invesco Premier Portfolio, a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, and Invesco Premier U.S. Government Portfolio, a “government money market fund” as defined in Rule 2a-7 under the 1940 Act, seek to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation.
“Retail money market funds” are required to adopt policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons. “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.
Invesco Premier Portfolio may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors. The Board of Trustees has elected not to subject Invesco Premier U.S. Government Portfolio to liquidity fee and redemption gate requirements at this time, as permitted by Rule 2a-7.
The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements.
A. | Security Valuations – Each Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. 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 value of the 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 and the country that has the primary market for the issuer’s securities, 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 daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually. |
16 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
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. All other expenses are allocated among the classes based on relative net assets. |
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. | 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 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 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. |
J. | Other Risks – Investments in obligations issued by agencies and instrumentalities of the U.S. Government may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so. In this case, if the issuer defaulted, the Funds may not be able to recover its investment in such issuer from the U.S. Government. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. Government to increase the statutory debt limit, commonly called the “debt ceiling”, could increase the risk that the U.S. Government may default on payments on certain U.S. Government securities, cause the credit rating of the U.S. Government to be downgraded, increase volatility in the stock and bond markets, result in higher interest rates, reduce prices of U.S. Treasury securities, and/or increase the costs of various kinds of debt. If a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of each Fund that holds securities of that entity will be adversely impacted. |
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.
K. | COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. |
The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Funds’ performance.
NOTE 2–Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). 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 of 0.25% of such Fund’s average daily net assets. Pursuant to the master investment advisory agreement, the Adviser bears all expenses incurred by each Fund in connection with its operations, except for (1) interest, taxes and extraordinary items such as litigation costs; (2) brokers’ commissions, issue and transfer taxes, and other costs chargeable to each Fund in connection with securities transactions to which such Fund is a party or in connection with securities owned by such Fund; and (3) other expenditures which are capitalized in accordance with generally accepted accounting principles applicable to investment companies.
17 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Under the terms of a master sub-advisory agreement between the Adviser to Invesco Premier Portfolio and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Inc., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and 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 Fund, 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 the Fund based on the percentage of assets allocated to such Sub-Adviser(s).
The Adviser has contractually agreed, through at least December 31, 2022, to waive advisory fees equal to 0.07% of the average daily net assets of Invesco Premier Portfolio and Invesco Premier U.S. Government Money Portfolio.
For the six months ended February 28, 2022, the Adviser waived advisory fees and/or reimbursed Fund expenses in the following amounts:
Invesco Premier Portfolio | $ | 394,901 | ||
Invesco Premier U.S. Government Money Portfolio | 1,935,730 |
Further, Invesco and/or Invesco Distributors, Inc. (“IDI”) voluntarily waived fees and/or reimbursed expenses in order to increase the yields of each Fund. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors. Voluntary fee waivers for the six months ended February 28, 2022 are shown below:
Private | Personal | ||||||||||||||||||||||||
Investment | Investment | Reserve | Resource | ||||||||||||||||||||||
Fund Level | Class | Class | Class | Class | |||||||||||||||||||||
Invesco Premier Portfolio | $ | 45,340 | $ | 187 | $ | 22,229 | $ | 45 | $ | 2,447 | |||||||||||||||
Invesco Premier U.S. Government Money Portfolio | 2,728,901 | - | - | - | - |
The Trust has entered into a master administrative services agreement with Invesco to provide accounting services to each Fund. The Trust has also entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) to provide transfer agency and shareholder services to each Fund. Invesco and IIS do not charge the Funds any fees under these agreements. 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 Funds’ custodian.
The Trust has entered into master distribution agreements with IDI to serve as the distributor for the Investor Class, Institutional Class, Personal Investment Class, Private Investment Class, Reserve Class and Resource Class shares. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to Invesco Premier Portfolio’s Personal Investment Class, Private Investment Class, Reserve Class and Resource Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.55% of the Fund’s average daily net assets of Personal Investment Class shares, 0.30% of the average daily net assets of Private Investment Class shares, 0.87% of the average daily net assets of Reserve Class shares and 0.16% of the average daily net assets of Resource Class shares. 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 shares 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 the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended February 28, 2022, expenses incurred under the plans are shown in the Statement of Operations as Distribution fees.
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 or are unreliable. 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 each Fund’s own 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, 2022, 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–Security Transactions with Affiliated Funds
Each Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by each Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment
18 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. For the six months ended February 28, 2022, each Fund engaged in transactions with affiliates as listed below:
Securities Purchases | Securities Sales | Net Realized Gains | |||||||||||||
Invesco Premier Portfolio | $ | 115,591,084 | $ | 84,848,987 | $ | - |
NOTE 5–Trustees’ and Officers’ Fees and Benefits
Remuneration is paid to certain Trustees and Officers of the Trust. Trustees have the option to defer their compensation. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested.
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 that also participate in a retirement plan and receive benefits under such plan. Each Fund’s allocable portion of the remuneration paid to the Trustees, including its allocable portion of the fees and benefits of the deferred compensation plan and retirement plan are paid by Invesco and not by the Trust.
NOTE 6–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 7–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 did not have any capital loss carryforward as of August 31, 2021.
NOTE 8–Share Information
Invesco Premier Portfolio
Summary of Share Activity | ||||||||||||||||
| ||||||||||||||||
Six months ended February 28, 2022(a) | Year ended August 31, 2021 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
| ||||||||||||||||
Sold: | ||||||||||||||||
Investor Class | 14,524,146 | $ | 14,524,146 | 50,561,292 | $ | 50,561,292 | ||||||||||
| ||||||||||||||||
Institutional Class | 306,097,474 | 306,097,474 | 1,226,387,874 | 1,226,387,874 | ||||||||||||
| ||||||||||||||||
Personal Investment Class | 1,565,654 | 1,565,654 | 10,930,201 | 10,930,201 | ||||||||||||
| ||||||||||||||||
Issued as reinvestment of dividends: | ||||||||||||||||
Investor Class | 2,311 | 2,311 | 44,582 | 44,582 | ||||||||||||
| ||||||||||||||||
Institutional Class | 56,003 | 56,003 | 987,703 | 987,703 | ||||||||||||
| ||||||||||||||||
Private Investment Class | 4 | 4 | 25 | 25 | ||||||||||||
| ||||||||||||||||
Personal Investment Class | 460 | 460 | 783 | 783 | ||||||||||||
| ||||||||||||||||
Resource Class | 162 | 162 | 321 | 321 | ||||||||||||
|
19 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
NOTE 8–Share Information–(continued)
Summary of Share Activity | ||||||||||||||||
| ||||||||||||||||
Six months ended February 28, 2022(a) | Year ended August 31, 2021 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
| ||||||||||||||||
Reacquired: | ||||||||||||||||
Investor Class | (17,848,834 | ) | $ | (17,848,834 | ) | (99,494,337 | ) | $ | (99,494,337 | ) | ||||||
| ||||||||||||||||
Institutional Class | (465,459,449 | ) | (465,459,449 | ) | (1,604,553,172 | ) | (1,604,553,172 | ) | ||||||||
| ||||||||||||||||
Private Investment Class | (50,072 | ) | (50,072 | ) | (200,000 | ) | (200,000 | ) | ||||||||
| ||||||||||||||||
Personal Investment Class | (6,320,818 | ) | (6,320,818 | ) | (8,303,775 | ) | (8,303,775 | ) | ||||||||
| ||||||||||||||||
Resource Class | (341,517 | ) | (341,517 | ) | (50,000 | ) | (50,000 | ) | ||||||||
| ||||||||||||||||
Net increase (decrease) in share activity | (167,774,476 | ) | $ | (167,774,476 | ) | (423,688,503 | ) | $ | (423,688,503 | ) | ||||||
|
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 71% 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. |
20 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
NOTE 8–Share Information–(continued)
Invesco Premier U.S. Government Money Portfolio
Summary of Share Activity | ||||||||||||||||
| ||||||||||||||||
Six months ended February 28, 2022(a) | Year ended August 31, 2021 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
| ||||||||||||||||
Sold: | ||||||||||||||||
Investor Class | 12,416,513 | $ | 12,416,513 | 20,387,963 | $ | 20,387,963 | ||||||||||
| ||||||||||||||||
Institutional Class | 12,158,423,989 | 12,158,423,989 | 26,463,471,526 | 26,463,471,526 | ||||||||||||
| ||||||||||||||||
Issued as reinvestment of dividends: | ||||||||||||||||
Investor Class | 1,805 | 1,805 | 4,240 | 4,240 | ||||||||||||
| ||||||||||||||||
Institutional Class | 131,122 | 131,122 | 386,414 | 386,414 | ||||||||||||
| ||||||||||||||||
Reacquired: | ||||||||||||||||
Investor Class | (9,936,195 | ) | (9,936,195 | ) | (29,426,227 | ) | (29,426,227 | ) | ||||||||
| ||||||||||||||||
Institutional Class | (11,917,869,398 | ) | (11,917,869,398 | ) | (32,770,403,198 | ) | (32,770,403,198 | ) | ||||||||
| ||||||||||||||||
Net increase (decrease) in share activity | 243,167,836 | $ | 243,167,836 | (6,315,579,282 | ) | $ | (6,315,579,282 | ) | ||||||||
|
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 69% 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. |
21 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Calculating your ongoing Fund expenses
Example
As a shareholder in the Institutional Class, you incur ongoing costs, such as management fees. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2021 through February 28, 2022.
Actual expenses
The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return.
The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
ACTUAL | HYPOTHETICAL (5% annual return before expenses) | |||||||||||||||||||||||||||||
Institutional Class | Beginning Account Value (09/01/21) | Ending Account Value (02/28/22)1 | Expenses Paid During Period2 | Ending Account Value (02/28/22) | Expenses Paid During Period2 | Annualized Expense Ratio | ||||||||||||||||||||||||
Invesco Premier Portfolio | $1,000.00 | $1,000.10 | $0.84 | $1,023.95 | $0.85 | 0.17% | ||||||||||||||||||||||||
Invesco Premier U.S. Government Money Portfolio | 1,000.00 | 1,000.10 | 0.40 | 1,024.40 | 0.40 | 0.08 |
1 | The actual ending account value is based on the actual total return of the Funds for the period September 1, 2021 through February 28, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on each Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
2 | Expenses are equal to each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. |
22 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
(This page intentionally left blank)
Invesco mailing information
Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
Important notice regarding delivery of security holder documents
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 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.
Fund holdings and proxy voting information
The Fund provides a complete list of its portfolio holdings in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-MFP filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.
Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.
SEC file numbers: 811-05460 and 033-19862 | Invesco Distributors, Inc. | CM-I-TST-SAR-2 |
Semiannual Report to Shareholders
|
| February 28, 2022
|
| |
Resource Class |
| |||
AIM Treasurer’s Series Trust |
| |||
(Invesco Treasurer’s Series Trust) |
| |||
Invesco Premier Portfolio |
|
2 | ||
3 | ||
7 | ||
10 | ||
11 | ||
15 |
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including fees and expenses. Investors should read it carefully before investing.
Unless otherwise stated, information presented in this report is as of February 28, 2022, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
Resource Class data as of 2/28/22 | ||||||||
FUND | WEIGHTED | WEIGHTED | TOTAL | |||||
AVERAGE | AVERAGE | NET | ||||||
MATURITY | LIFE | ASSETS | ||||||
Range | At | At | ||||||
During | Reporting | Reporting | ||||||
Reporting | Period | Period | ||||||
Period | End | End | ||||||
Invesco Premier | 27 - 54 days | 27 days | 56 days | $2.8 million | ||||
Weighted average maturity (WAM) is an average of the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes. | ||||||||
Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.
|
You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
2 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
February 28, 2022
(Unaudited)
Invesco Premier Portfolio
Principal | ||||||||||||||
Interest | Maturity | Amount | ||||||||||||
Rate | Date | (000) | Value | |||||||||||
Commercial Paper-41.56%(a) | ||||||||||||||
Asset-Backed Securities - Fully Supported-2.79% | ||||||||||||||
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.) (SOFR + 0.19%)(b)(c)(d) | 0.24% | 08/08/2022 | $ | 30,000 | $ 30,000,000 | |||||||||
Asset-Backed Securities - Fully Supported Bank-7.92% | ||||||||||||||
Anglesea Funding PLC (Multi - CEP’s) (OBFR + 0.10%)(b)(c)(d) | 0.17% | 05/20/2022 | 25,000 | 25,000,000 | ||||||||||
Bedford Row Funding Corp. (CEP - Royal Bank of Canada) (1 mo. FEDL + | 0.20% | 09/01/2022 | 10,000 | 10,000,000 | ||||||||||
Ebury Finance LLC (Multi - CEP’s), (SOFR + 0.15%)(b)(c)(d) | 0.20% | 05/23/2022 | 25,000 | 25,000,000 | ||||||||||
Versailles Commercial Paper LLC (CEP - Natixis S.A.) (SOFR + 0.16%)(b)(c)(d) | 0.21% | 08/02/2022 | 25,000 | 25,000,000 | ||||||||||
85,000,000 | ||||||||||||||
Diversified Banks-22.48% | ||||||||||||||
Agricultural Bank of China Ltd. (SOFR + 0.20%)(b)(d) | 0.25% | 05/16/2022 | 5,000 | 5,000,000 | ||||||||||
Agricultural Bank of China Ltd. (SOFR + 0.20%)(b)(d) | 0.25% | 05/20/2022 | 20,000 | 20,000,000 | ||||||||||
ANZ New Zealand (Int’l) Ltd.(b) | 0.34% | 10/03/2022 | 10,000 | 9,979,600 | ||||||||||
Barclays Bank PLC(b) | 0.20% | 03/22/2022 | 30,000 | 29,996,500 | ||||||||||
Commonwealth Bank of Australia(b) | 0.25% | 10/14/2022 | 10,000 | 9,984,236 | ||||||||||
Industrial & Commercial Bank of China Ltd.(b) | 0.15% | 03/15/2022 | 20,000 | 19,998,833 | ||||||||||
Kookmin Bank(b) | 0.20% | 03/17/2022 | 30,000 | 29,997,333 | ||||||||||
Mitsubishi UFJ Trust & Banking Corp.(b) | 0.26% | 04/13/2022 | 10,000 | 9,996,895 | ||||||||||
Svenska Handelsbanken AB(b) | 0.23% | 04/28/2022 | 20,000 | 19,992,589 | ||||||||||
Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%)(b)(d) | 0.18% | 07/08/2022 | 20,000 | 20,000,000 | ||||||||||
Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%)(b)(d) | 0.18% | 09/06/2022 | 15,000 | 15,000,000 | ||||||||||
United Overseas Bank Ltd.(b) | 0.18% | 06/01/2022 | 20,000 | 19,990,800 | ||||||||||
Westpac Banking Corp.(b) | 0.20% | 06/17/2022 | 16,500 | 16,490,100 | ||||||||||
Westpac Banking Corp.(b) | 0.27% | 10/13/2022 | 15,000 | 14,974,575 | ||||||||||
241,401,461 | ||||||||||||||
Diversified Capital Markets-3.26% | ||||||||||||||
UBS AG(b) | 0.25% | 08/18/2022 | 20,000 | 19,976,389 | ||||||||||
UBS AG (SOFR + 0.20%)(b)(d) | 0.25% | 10/14/2022 | 15,000 | 15,000,000 | ||||||||||
34,976,389 | ||||||||||||||
Investment Banking & Brokerage-2.32% | ||||||||||||||
Goldman Sachs International(b) | 0.45% | 11/15/2022 | 25,000 | 24,919,062 | ||||||||||
Regional Banks-0.93% | ||||||||||||||
ASB Finance Ltd.(b) | 0.21% | 07/08/2022 | 10,000 | 9,992,475 | ||||||||||
Specialized Finance-1.86% | ||||||||||||||
Great Bear Funding LLC (OBFR + 0.15%)(d) | 0.22% | 07/01/2022 | 20,000 | 20,000,000 | ||||||||||
Total Commercial Paper (Cost $446,289,387) | 446,289,387 | |||||||||||||
Certificates of Deposit-26.54% | ||||||||||||||
Agricultural Bank of China Ltd. (SOFR + 0.20%)(d) | 0.25% | 05/11/2022 | 5,000 | 5,000,000 | ||||||||||
ANZ New Zealand (Int’l) Ltd. | 0.07% | 03/01/2022 | 30,000 | 30,000,000 | ||||||||||
Bank of Nova Scotia (The) (SOFR + 0.11%)(d) | 0.16% | 04/20/2022 | 10,000 | 10,000,000 | ||||||||||
Canadian Imperial Bank of Commerce (1 mo. FEDL + 0.10%)(d) | 0.18% | 06/08/2022 | 30,000 | 30,000,000 | ||||||||||
DZ Bank AG Deutsche Zentral-Genossenschaftsbank | 0.06% | 03/01/2022 | 40,000 | 40,000,000 | ||||||||||
Mizuho Bank Ltd. | 0.07% | 03/01/2022 | 35,000 | 35,000,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments–(continued)
February 28, 2022
(Unaudited)
Invesco Premier Portfolio–(continued)
Principal | ||||||||||||||
Interest | Maturity | Amount | ||||||||||||
Rate | Date | (000) | Value | |||||||||||
Nordea Bank Abp | 0.06% | 03/01/2022 | $ | 40,000 | $ 40,000,000 | |||||||||
Oversea-Chinese Banking Corp. Ltd. | 0.19% | 04/20/2022 | 30,000 | 30,000,000 | ||||||||||
Skandinaviska Enskilda Banken AB | 0.06% | 03/01/2022 | 40,000 | 40,000,000 | ||||||||||
Svenska Handelsbanken AB | 0.06% | 03/01/2022 | 25,000 | 25,000,000 | ||||||||||
Total Certificates of Deposit (Cost $285,000,000) | 285,000,000 | |||||||||||||
Variable Rate Demand Notes-7.94%(e) | ||||||||||||||
Credit Enhanced-7.94% | ||||||||||||||
Boulder (County of), CO (Imagine); Series 2006, VRD RB (LOC - Wells Fargo Bank N.A.)(f) | 0.30% | 02/01/2031 | 825 | 825,000 | ||||||||||
Capital Area Housing Finance Corp. (Cypress Creek at River Apartments); Series 2006, VRD MFH RB (LOC - Citibank N.A.)(f)(g) | 0.23% | 10/01/2039 | 7,260 | 7,260,000 | ||||||||||
Clackamas (County of), OR Hospital Facility Authority (Legacy Health System); Series 2008 A, VRD RB (LOC - U.S. Bank N.A.)(f) | 0.20% | 06/01/2037 | 1,550 | 1,550,000 | ||||||||||
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(f) | 0.25% | 08/01/2037 | 2,145 | 2,145,000 | ||||||||||
Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - Northern Trust Co. (The))(f) | 0.20% | 01/01/2037 | 2,600 | 2,600,000 | ||||||||||
Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 B, VRD MFH RB (LOC - FHLB of Indianapolis)(f)(g) | 0.28% | 12/01/2039 | 100 | 100,000 | ||||||||||
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank Nederland)(f) | 0.25% | 06/01/2035 | 6,000 | 6,000,000 | ||||||||||
Iowa (State of) Finance Authority (CJ Bio America); Series 2021, Ref. VRD RB(b)(f) | 0.24% | 12/01/2041 | 2,195 | 2,195,000 | ||||||||||
Jets Stadium Development LLC; Series 2007 A-4, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(b)(f) | 0.26% | 04/01/2047 | 20,800 | 20,800,000 | ||||||||||
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(b)(f) | 0.26% | 04/01/2047 | 3,900 | 3,900,000 | ||||||||||
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)(f) | 0.22% | 05/01/2037 | 11,000 | 11,000,000 | ||||||||||
Marion (County of), OR Housing Authority (Residence at Marian Estates); Series 1997, VRD RB (LOC - U.S. Bank N.A.)(f)(g) | 0.24% | 07/01/2027 | 530 | 530,000 | ||||||||||
Metropolitan Transportation Authority; Subseries 2020 B-1, Ref. VRD RB (LOC - PNC Bank N.A.)(f) | 0.19% | 11/15/2046 | 4,900 | 4,900,000 | ||||||||||
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); Series 2010 E, VRD IDR | 0.22% | 12/01/2030 | 1,270 | 1,270,000 | ||||||||||
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)(f) | 0.28% | 07/01/2040 | 7,420 | 7,420,000 | ||||||||||
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2008 B, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(f) | 0.20% | 07/01/2037 | 3,850 | 3,850,000 | ||||||||||
Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP - FHLMC) | 0.26% | 05/01/2042 | 750 | 750,000 | ||||||||||
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB | 0.16% | 08/01/2045 | 8,200 | 8,200,000 | ||||||||||
Total Variable Rate Demand Notes (Cost $85,295,000) | 85,295,000 | |||||||||||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-76.04% (Cost $816,584,387) | 816,584,387 | |||||||||||||
Repurchase | ||||||||||||||
Amount | ||||||||||||||
Repurchase Agreements-24.00%(h) | ||||||||||||||
BMO Capital Markets Corp., joint term agreement dated 02/22/2022, aggregate maturing value of $100,003,111 (collateralized by U.S government sponsored agency obligations, domestic agency and non-agency mortgage-backed securities, domestic non-agency asset-backed securities, domestic and foreign corporate obligations and U.S. Treasury obligations valued at $103,576,455; 0.00% - 8.88%; 04/25/2022 - 06/20/2071)(i) | 0.16% | 03/01/2022 | 12,000,373 | 12,000,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments–(continued)
February 28, 2022
(Unaudited)
Invesco Premier Portfolio–(continued)
Interest | Maturity | Repurchase | �� | |||||||||||||
Rate | Date | Amount | Value | |||||||||||||
BMO Capital Markets Corp., joint term agreement dated 02/23/2022, aggregate maturing value of $150,004,958 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and U.S. Treasury obligations valued at $157,182,535; 0.00% - 8.20%; 02/13/2023 - 12/16/2062)(i) | 0.17% | 03/02/2022 | $ | 10,000,331 | $ | 10,000,000 | ||||||||||
| ||||||||||||||||
BMO Capital Markets Corp., joint term agreement dated 02/23/2022, aggregate maturing value of $25,001,069 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic non-agency asset-backed securities, domestic and foreign corporate obligations and U.S. Treasury obligations valued at $26,546,588; 0.00% - 10.00%; 12/07/2021 - 12/20/2065)(i) | 0.22% | 03/02/2022 | 5,000,214 | 5,000,000 | ||||||||||||
| ||||||||||||||||
Citigroup Global Markets, Inc., joint open agreement dated 10/06/2021 (collateralized by domestic and foreign non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $203,598,357; 1.17% - 7.06%; 10/25/2026 - 02/15/2039)(j) | 0.56% | 03/01/2022 | 7,003,020 | 7,000,000 | ||||||||||||
| ||||||||||||||||
Citigroup Global Markets, Inc., joint open agreement dated 10/06/2021 (collateralized by U.S. government sponsored agency obligations, domestic non-agency asset-backed securities, domestic commercial paper, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $286,769,733; 0.00% - 8.25%; 09/13/2022 - 02/27/2062)(j) | 0.62% | 03/01/2022 | 18,008,605 | 18,000,000 | ||||||||||||
| ||||||||||||||||
Credit Agricole Corporate & Investment Bank, joint term agreement dated 02/22/2022, aggregate maturing value of $240,006,067 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations, domestic non-agency mortgage-backed securities and U.S. Treasury obligations valued at $246,893,829; 0.00% - 7.75%; 04/07/2022 - 05/01/2079)(i) | 0.13% | 03/01/2022 | 15,000,379 | 15,000,000 | ||||||||||||
| ||||||||||||||||
Credit Suisse Securities (USA) LLC, joint term agreement dated 02/23/2022, aggregate maturing value of $90,003,500 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities and domestic and foreign corporate obligations valued at $98,998,378; 0.00% - 15.98%; 04/22/2022 - 09/27/2060)(i) | 0.20% | 03/02/2022 | 15,000,583 | 15,000,000 | ||||||||||||
| ||||||||||||||||
J.P. Morgan Securities LLC, joint open agreement dated 04/28/2020 (collateralized by domestic and corporate obligations valued at $109,999,955; 0.00% - 10.88%; 04/30/2022 - 11/03/2037)(j) | 0.37% | 03/01/2022 | 35,010,072 | 35,000,000 | ||||||||||||
| ||||||||||||||||
J.P. Morgan Securities LLC, open agreement dated 11/01/2021 (collateralized by a domestic agency mortgage-backed security and domestic non-agency mortgage-backed securities valued at $15,750,000; 0.10% - 3.50%; 02/15/2032 - 04/25/2056)(j) | 0.43% | 03/01/2022 | 15,005,004 | 15,000,000 | ||||||||||||
| ||||||||||||||||
Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 02/23/2021 (collateralized by a domestic non-agency asset-backed security, domestic and foreign corporate obligations, domestic and foreign commercial paper and a U.S. Treasury obligation valued at $51,697,846; 0.00% - 8.50%; 03/01/2022 - 01/15/2082)(j) | 0.20% | 03/01/2022 | 18,002,800 | 18,000,000 | ||||||||||||
| ||||||||||||||||
Mizuho Securities (USA) LLC, joint open agreement dated 12/30/2021 (collateralized by domestic and foreign equity securities valued at $52,500,215; 0.00%)(j) | 0.22% | 03/01/2022 | 15,000,092 | 15,000,000 | ||||||||||||
| ||||||||||||||||
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $78,729,067; 0.34% -13.00%; 03/15/2022 - 12/15/2072)(j) | 0.25% | 03/01/2022 | 28,000,194 | 28,000,000 | ||||||||||||
| ||||||||||||||||
Societe Generale, joint open agreement dated 08/20/2021 (collateralized by a domestic non-agency asset-backed security, domestic and foreign corporate obligations and a domestic non-agency mortgage-backed security valued at $91,931,202; 0.98% - 10.13%; 01/05/2023 - 03/11/2061)(j) | 0.18% | 03/01/2022 | 25,000,125 | 25,000,000 | ||||||||||||
| ||||||||||||||||
Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2022, aggregate maturing value of $2,300,003,833 (collateralized by domestic agency mortgage-backed securities valued at $2,346,000,000; 2.00% - 5.00%; 12/15/2039 - 02/01/2052) | 0.06% | 03/01/2022 | 39,745,751 | 39,745,685 | ||||||||||||
| ||||||||||||||||
Total Repurchase Agreements (Cost $257,745,685) | 257,745,685 | |||||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(k)(l)-100.04% (Cost $1,074,330,072) | 1,074,330,072 | |||||||||||||||
| ||||||||||||||||
OTHER ASSETS LESS LIABILITIES-(0.04)% | (440,314 | ) | ||||||||||||||
| ||||||||||||||||
NET ASSETS-100.00% | $ | 1,073,889,758 | ||||||||||||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments–(continued)
February 28, 2022
(Unaudited)
Invesco Premier Portfolio–(continued)
Investment Abbreviations: | ||
CEP | -Credit Enhancement Provider | |
FEDL | -Federal Funds Effective Rate | |
FHLB | -Federal Home Loan Bank | |
FHLMC | -Federal Home Loan Mortgage Corp. | |
IDR | -Industrial Development Revenue Bonds | |
LOC | -Letter of Credit | |
MFH | -Multi-Family Housing | |
OBFR | -Overnight Bank Funding Rate | |
RB | -Revenue Bonds | |
Ref. | -Refunding | |
SOFR | -Secured Overnight Financing Rate | |
VRD | -Variable Rate Demand |
Notes to Schedule of Investments:
(a) | Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2022 was $453,184,387, which represented 42.20% of the Fund’s Net Assets. |
(c) | The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 14.6%; France: 13.8%; Japan: 9.6%; Sweden: 8.6%; Australia: 7.6%; other countries less than 5% each: 28.7%. |
(d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2022. |
(e) | 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, 2022. |
(f) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(g) | Security subject to the alternative minimum tax. |
(h) | Principal amount equals value at period end. See Note 1I. |
(i) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(j) | Either party may terminate the agreement upon demand. Interest rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date. |
(k) | Also represents cost for federal income tax purposes. |
(l) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each. |
Portfolio Composition by Maturity*
In days, as of 02/28/2022
1-7 | 47.8% | |||
8-30 | 7.4 | |||
31-60 | 13.5 | |||
61-90 | 2.8 | |||
91-180 | 17.5 | |||
181+ | 11.0 |
* | 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Statement of Assets and Liabilities
February 28, 2022
(Unaudited)
Invesco Premier Portfolio | ||||
Assets: | ||||
Investments in unaffiliated securities, at value | $ 816,584,387 | |||
Repurchase agreements, at value and cost | 257,745,685 | |||
Receivable for: | ||||
Fund shares sold | 99,217 | |||
Interest | 104,984 | |||
Fund expenses absorbed | 58,010 | |||
Total assets | 1,074,592,283 | |||
Liabilities: | ||||
Payable for: | ||||
Fund shares reacquired | 479,665 | |||
Amount due custodian | 376 | |||
Dividends | 14,480 | |||
Accrued fees to affiliates | 207,990 | |||
Accrued operating expenses | 14 | |||
Total liabilities | 702,525 | |||
Net assets applicable to shares outstanding | $ 1,073,889,758 | |||
Net assets consist of: | ||||
Shares of beneficial interest | $ 1,073,734,194 | |||
Distributable earnings | 155,564 | |||
$ 1,073,889,758 | ||||
Net Assets: | ||||
Investor Class | $41,704,066 | |||
Institutional Class | $ 1,023,150,325 | |||
Private Investment Class | $ 111,973 | |||
Personal Investment Class | $ 6,073,265 | |||
Reserve Class | $ 10,293 | |||
Resource Class | $ 2,839,836 | |||
Shares outstanding, no par value, | ||||
Investor Class | 41,687,460 | |||
Institutional Class | 1,022,737,377 | |||
Private Investment Class | 111,929 | |||
Personal Investment Class | 6,071,083 | |||
Reserve Class | 10,289 | |||
Resource Class | 2,838,591 | |||
Net asset value, offering and redemption price per share for each class | $ 1.00 | |||
Cost of Investments | $ 1,074,330,072 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Statement of Operations
For the six months ended February 28, 2022
(Unaudited)
Invesco Premier Portfolio | ||||||
|
|
|
| |||
Investment income: | ||||||
Interest | $1,038,402 | |||||
|
|
|
| |||
Expenses: | ||||||
Advisory fees | 1,409,765 | |||||
|
|
|
| |||
Distribution fees: | ||||||
Private Investment Class | 187 | |||||
|
|
|
| |||
Personal Investment Class | 22,290 | |||||
|
|
|
| |||
Reserve Class | 45 | |||||
|
|
|
| |||
Resource Class | 2,478 | |||||
|
|
|
| |||
Total expenses | 1,434,765 | |||||
|
|
|
| |||
Less: Fees waived | (465,149 | ) | ||||
|
|
|
| |||
Net expenses | 969,616 | |||||
|
|
|
| |||
Net investment income | 68,786 | |||||
|
|
|
| |||
Net realized gain from unaffiliated investment securities | 2,613 | |||||
|
|
|
| |||
Net increase in net assets resulting from operations | $ 71,399 | |||||
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Statement of Changes in Net Assets
For the six months ended February 28, 2022 and the year ended August 31, 2021
(Unaudited)
Invesco Premier Portfolio | ||||||||||
February 28, 2022 | August 31, 2021 | |||||||||
Operations: | ||||||||||
Net investment income | $ | 68,786 | $ | 1,038,037 | ||||||
|
|
| ||||||||
Net realized gain | 2,613 | 2,360 | ||||||||
|
|
| ||||||||
Net increase in net assets resulting from operations | 71,399 | 1,040,397 | ||||||||
Distributions to shareholders from distributable earnings: | ||||||||||
Investor Class | (2,538 | ) | (49,168 | ) | ||||||
|
|
| ||||||||
Institutional Class | (65,616 | ) | (987,703 | ) | ||||||
|
|
| ||||||||
Private Investment Class | (8 | ) | (29 | ) | ||||||
|
|
| ||||||||
Personal Investment Class | (460 | ) | (807 | ) | ||||||
|
|
| ||||||||
Reserve Class | (2 | ) | (4 | ) | ||||||
|
|
| ||||||||
Resource Class | (162 | ) | (326 | ) | ||||||
|
|
| ||||||||
Total distributions from distributable earnings | (68,786 | ) | (1,038,037 | ) | ||||||
|
|
| ||||||||
Share transactions-net: | ||||||||||
Investor Class | (3,322,377 | ) | (48,888,463 | ) | ||||||
|
|
| ||||||||
Institutional Class | (159,305,972 | ) | (377,177,595 | ) | ||||||
|
|
| ||||||||
Private Investment Class | (50,068 | ) | (199,975 | ) | ||||||
|
|
| ||||||||
Personal Investment Class | (4,754,704 | ) | 2,627,209 | |||||||
|
|
| ||||||||
Resource Class | (341,355 | ) | (49,679 | ) | ||||||
|
|
| ||||||||
Net increase (decrease) in net assets resulting from share transactions | (167,774,476 | ) | (423,688,503 | ) | ||||||
|
|
| ||||||||
Net increase (decrease) in net assets | (167,771,863 | ) | (423,686,143 | ) | ||||||
|
|
| ||||||||
Net assets: | ||||||||||
Beginning of period | 1,241,661,621 | 1,665,347,764 | ||||||||
|
|
| ||||||||
End of period | $ | 1,073,889,758 | $ | 1,241,661,621 | ||||||
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
(Unaudited)
The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.
Resource Class |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income(a) | Net gains (realized) | Total from operations | Dividends from net investment income | Net asset value, end of period | Total return(b) | Net assets, (000’s omitted) | Ratio of net assets reimbursements | Ratio of expenses to average net and/or expense reimbursements | Ratio of net investment to average net assets | |||||||||||||||||||||||||||||||||||||||||||||
Invesco Premier Portfolio |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 02/28/22 | $1.00 | $0.00 | $0.00 | $0.00 | $(0.00) | $1.00 | 0.01 | % | $2,840 | | 0.17 | %(c) | | 0.41 | %(c) | | 0.01 | %(c) | |||||||||||||||||||||||||||||||||||||
Year ended 08/31/21 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | 1.00 | 0.01 | 3,181 | 0.23 | 0.41 | 0.02 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/20 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | 1.00 | 1.05 | 3,230 | 0.34 | 0.41 | 1.06 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/19 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) | 1.00 | 2.20 | 3,297 | 0.34 | 0.41 | 2.21 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | 1.00 | 1.45 | 6,699 | 0.34 | 0.41 | 1.47 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/17(d) | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | 1.00 | 0.70 | 10 | 0.34 | 0.41 | 0.47 |
(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 September 1, 2016. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
February 28, 2022
(Unaudited)
NOTE 1–Significant Accounting Policies
Invesco Premier Portfolio (the “Fund”) is a series of AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of two separate portfolios and authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of the portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting the portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.
The Fund’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund currently consists of six classes of shares: Investor Class, Institutional Class, Private Investment Class, Personal Investment Class, Reserve Class and Resource Class. Investor Class shares of the Fund are available only to certain investors. Each class of shares is sold at net asset value.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The Fund is a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, and seeks to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation. “Retail money market funds” are required to adopt policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons.
The Fund may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of their financial statements.
A. | Security Valuations – The Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. 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.
The 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 Fund 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 Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund 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 Statement of Operations and the Statement 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 the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement 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 Fund and the investment adviser.
The Fund allocates realized capital gains and losses to a class based on the relative net assets of the class. The Fund allocates income to a class based on the relative value of the settled shares of the 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 and the country that has the primary market for the issuer’s securities, 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 daily and pay dividends on the first business day of the following month. The Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually. |
E. | Federal Income Taxes – The Fund intends 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 Fund’s taxable earnings to shareholders. As such, the Fund 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 Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the 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.
11 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the 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. All other expenses are allocated among the classes based on relative net assets. |
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. | 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 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 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. |
J. | Other Risks – 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.
K. | COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. |
The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.
NOTE 2–Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). 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 of 0.25% of the Fund’s average daily net assets. Pursuant to the master investment advisory agreement, the Adviser bears all expenses incurred by the Fund in connection with its operations, except for (1) interest, taxes and extraordinary items such as litigation costs; (2) brokers’ commissions, issue and transfer taxes, and other costs chargeable to the Fund in connection with securities transactions to which the Fund is a party or in connection with securities owned by the Fund; and (3) other expenditures which are capitalized in accordance with generally accepted accounting principles applicable to investment companies.
Under the terms of a master sub-advisory agreement between the Adviser to the Fund and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Inc., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and 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 Fund, 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 the Fund based on the percentage of assets allocated to such Sub-Adviser(s).
The Adviser has contractually agreed, through at least December 31, 2022, to waive advisory fees equal to 0.07% of the average daily net assets of the Fund.
For the six months ended February 28, 2022, the Adviser waived advisory fees and/or reimbursed Fund expenses in the following amounts:
Invesco Premier Portfolio | $ | 394,901 |
12 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Further, Invesco and/or Invesco Distributors, Inc. (“IDI”) voluntarily waived fees and/or reimbursed expenses in order to increase the yields of the Fund. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors. Voluntary fee waivers for the six months ended February 28, 2022 are shown below:
Private | Personal | |||||||||
Investment | Investment | Reserve | Resource | |||||||
Fund Level | Class | Class | Class | Class | ||||||
Invesco Premier Portfolio | $45,340 | $187 | $22,229 | $45 | $2,447 |
The Trust has entered into a master administrative services agreement with Invesco to provide accounting services to the Fund. The Trust has also entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) to provide transfer agency and shareholder services to the Fund. Invesco and IIS do not charge the Fund any fees under these agreements. 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 master distribution agreements with IDI to serve as the distributor for the Investor Class, Institutional Class, Personal Investment Class, Private Investment Class, Reserve Class and Resource Class shares. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Personal Investment Class, Private Investment Class, Reserve Class and Resource Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.55% of the Fund’s average daily net assets of Personal Investment Class shares, 0.30% of the average daily net assets of Private Investment Class shares, 0.87% of the average daily net assets of Reserve Class shares and 0.16% of the average daily net assets of Resource Class shares. 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 shares 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 the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended February 28, 2022, expenses incurred under the plans are shown in the Statement of Operations as Distribution fees.
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 or are unreliable. 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 Fund’s own 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, 2022, 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–Security Transactions with Affiliated Funds
The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended February 28, 2022, the Fund engaged in securities purchases of $115,591,084 and securities sales of $84,848,987, which did not result in any net realized gains (losses).
NOTE 5–Trustees’ and Officers’ Fees and Benefits
Remuneration is paid to certain Trustees and Officers of the Trust. Trustees have the option to defer their compensation. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested.
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 that also participate in a retirement plan and receive benefits under such plan. The Fund’s allocable portion of the remuneration paid to the Trustees, including its allocable portion of the fees and benefits of the deferred compensation plan and retirement plan are paid by Invesco and not by the Trust.
13 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
NOTE 6–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 7–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 carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund did not have any capital loss carryforward as of August 31, 2021.
NOTE 8–Share Information
Invesco Premier Portfolio
Summary of Share Activity | ||||||||||||||||
Six months ended February 28, 2022(a) | Year ended August 31, 2021 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Sold: | ||||||||||||||||
Investor Class | 14,524,146 | $ | 14,524,146 | 50,561,292 | $ | 50,561,292 | ||||||||||
| ||||||||||||||||
Institutional Class | 306,097,474 | 306,097,474 | 1,226,387,874 | 1,226,387,874 | ||||||||||||
| ||||||||||||||||
Personal Investment Class | 1,565,654 | 1,565,654 | 10,930,201 | 10,930,201 | ||||||||||||
| ||||||||||||||||
Issued as reinvestment of dividends: | ||||||||||||||||
Investor Class | 2,311 | 2,311 | 44,582 | 44,582 | ||||||||||||
| ||||||||||||||||
Institutional Class | 56,003 | 56,003 | 987,703 | 987,703 | ||||||||||||
| ||||||||||||||||
Private Investment Class | 4 | 4 | 25 | 25 | ||||||||||||
| ||||||||||||||||
Personal Investment Class | 460 | 460 | 783 | 783 | ||||||||||||
| ||||||||||||||||
Resource Class | 162 | 162 | 321 | 321 | ||||||||||||
| ||||||||||||||||
Reacquired: | ||||||||||||||||
Investor Class | (17,848,834 | ) | (17,848,834 | ) | (99,494,337 | ) | (99,494,337 | ) | ||||||||
| ||||||||||||||||
Institutional Class | (465,459,449 | ) | (465,459,449 | ) | (1,604,553,172 | ) | (1,604,553,172 | ) | ||||||||
| ||||||||||||||||
Private Investment Class | (50,072 | ) | (50,072 | ) | (200,000 | ) | (200,000 | ) | ||||||||
| ||||||||||||||||
Personal Investment Class | (6,320,818 | ) | (6,320,818 | ) | (8,303,775 | ) | (8,303,775 | ) | ||||||||
| ||||||||||||||||
Resource Class | (341,517 | ) | (341,517 | ) | (50,000 | ) | (50,000 | ) | ||||||||
| ||||||||||||||||
Net increase (decrease) in share activity | (167,774,476 | ) | $ | (167,774,476 | ) | (423,688,503 | ) | $ | (423,688,503 | ) | ||||||
|
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 71% 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. |
14 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Calculating your ongoing Fund expenses
Example
As a shareholder in the Resource Class, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2021 through February 28, 2022.
Actual expenses
The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.
The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
ACTUAL | HYPOTHETICAL (5% annual return before expenses) | |||||||||||
Resource Class | Beginning Account Value (09/01/21) | Ending Account Value (02/28/22)1 | Expenses Paid During Period2 | Ending Account Value (02/28/22) | Expenses Paid During Period2 | Annualized Expense Ratio | ||||||
Invesco Premier Portfolio | $1,000.00 | $1,000.10 | $0.84 | $1,023.95 | $0.85 | 0.17% |
1 | The actual ending account value is based on the actual total return of the Fund for the period September 1, 2021 through February 28, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
2 | Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. |
15 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Invesco mailing information
Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
Important notice regarding delivery of security holder documents
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 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.
Fund holdings and proxy voting information
The Fund provides a complete list of its portfolio holdings in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-MFP filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.
Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.
SEC file numbers: 811-05460 and 033-19862 | Invesco Distributors, Inc. | CM-I-TST-SAR-4 |
Semiannual Report to Shareholders
|
| February 28, 2022
|
| |
Private Investment Class |
| |||
AIM Treasurer’s Series Trust |
| |||
(Invesco Treasurer’s Series Trust) |
| |||
Invesco Premier Portfolio |
|
2 | ||
3 | ||
7 | ||
10 | ||
11 | ||
15 |
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including fees and expenses. Investors should read it carefully before investing.
Unless otherwise stated, information presented in this report is as of February 28, 2022, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
Private Investment Class data as of 2/28/22 | ||||||||
FUND | WEIGHTED | WEIGHTED | TOTAL | |||||
AVERAGE | AVERAGE | NET | ||||||
MATURITY | LIFE | ASSETS | ||||||
Range | At | At | ||||||
During | Reporting | Reporting | ||||||
Reporting | Period | Period | ||||||
Period | End | End | ||||||
Invesco Premier | 27 - 54 days | 27 days | 56 days | $112.0 thousand | ||||
Weighted average maturity (WAM) is an average of the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes. | ||||||||
Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.
|
You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
2 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
February 28, 2022
(Unaudited)
Invesco Premier Portfolio
Principal | ||||||||||||||
Interest | Maturity | Amount | ||||||||||||
Rate | Date | (000) | Value | |||||||||||
Commercial Paper-41.56%(a) | ||||||||||||||
Asset-Backed Securities - Fully Supported-2.79% | ||||||||||||||
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.) (SOFR + 0.19%)(b)(c)(d) | 0.24% | 08/08/2022 | $ | 30,000 | $ 30,000,000 | |||||||||
Asset-Backed Securities - Fully Supported Bank-7.92% | ||||||||||||||
Anglesea Funding PLC (Multi - CEP’s) (OBFR + 0.10%)(b)(c)(d) | 0.17% | 05/20/2022 | 25,000 | 25,000,000 | ||||||||||
Bedford Row Funding Corp. (CEP - Royal Bank of Canada) (1 mo. FEDL + | 0.20% | 09/01/2022 | 10,000 | 10,000,000 | ||||||||||
Ebury Finance LLC (Multi - CEP’s), (SOFR + 0.15%)(b)(c)(d) | 0.20% | 05/23/2022 | 25,000 | 25,000,000 | ||||||||||
Versailles Commercial Paper LLC (CEP - Natixis S.A.) (SOFR + 0.16%)(b)(c)(d) | 0.21% | 08/02/2022 | 25,000 | 25,000,000 | ||||||||||
85,000,000 | ||||||||||||||
Diversified Banks-22.48% | ||||||||||||||
Agricultural Bank of China Ltd. (SOFR + 0.20%)(b)(d) | 0.25% | 05/16/2022 | 5,000 | 5,000,000 | ||||||||||
Agricultural Bank of China Ltd. (SOFR + 0.20%)(b)(d) | 0.25% | 05/20/2022 | 20,000 | 20,000,000 | ||||||||||
ANZ New Zealand (Int’l) Ltd.(b) | 0.34% | 10/03/2022 | 10,000 | 9,979,600 | ||||||||||
Barclays Bank PLC(b) | 0.20% | 03/22/2022 | 30,000 | 29,996,500 | ||||||||||
Commonwealth Bank of Australia(b) | 0.25% | 10/14/2022 | 10,000 | 9,984,236 | ||||||||||
Industrial & Commercial Bank of China Ltd.(b) | 0.15% | 03/15/2022 | 20,000 | 19,998,833 | ||||||||||
Kookmin Bank(b) | 0.20% | 03/17/2022 | 30,000 | 29,997,333 | ||||||||||
Mitsubishi UFJ Trust & Banking Corp.(b) | 0.26% | 04/13/2022 | 10,000 | 9,996,895 | ||||||||||
Svenska Handelsbanken AB(b) | 0.23% | 04/28/2022 | 20,000 | 19,992,589 | ||||||||||
Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%)(b)(d) | 0.18% | 07/08/2022 | 20,000 | 20,000,000 | ||||||||||
Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%)(b)(d) | 0.18% | 09/06/2022 | 15,000 | 15,000,000 | ||||||||||
United Overseas Bank Ltd.(b) | 0.18% | 06/01/2022 | 20,000 | 19,990,800 | ||||||||||
Westpac Banking Corp.(b) | 0.20% | 06/17/2022 | 16,500 | 16,490,100 | ||||||||||
Westpac Banking Corp.(b) | 0.27% | 10/13/2022 | 15,000 | 14,974,575 | ||||||||||
241,401,461 | ||||||||||||||
Diversified Capital Markets-3.26% | ||||||||||||||
UBS AG(b) | 0.25% | 08/18/2022 | 20,000 | 19,976,389 | ||||||||||
UBS AG (SOFR + 0.20%)(b)(d) | 0.25% | 10/14/2022 | 15,000 | 15,000,000 | ||||||||||
34,976,389 | ||||||||||||||
Investment Banking & Brokerage-2.32% | ||||||||||||||
Goldman Sachs International(b) | 0.45% | 11/15/2022 | 25,000 | 24,919,062 | ||||||||||
Regional Banks-0.93% | ||||||||||||||
ASB Finance Ltd.(b) | 0.21% | 07/08/2022 | 10,000 | 9,992,475 | ||||||||||
Specialized Finance-1.86% | ||||||||||||||
Great Bear Funding LLC (OBFR + 0.15%)(d) | 0.22% | 07/01/2022 | 20,000 | 20,000,000 | ||||||||||
Total Commercial Paper (Cost $446,289,387) | 446,289,387 | |||||||||||||
Certificates of Deposit-26.54% | ||||||||||||||
Agricultural Bank of China Ltd. (SOFR + 0.20%)(d) | 0.25% | 05/11/2022 | 5,000 | 5,000,000 | ||||||||||
ANZ New Zealand (Int’l) Ltd. | 0.07% | 03/01/2022 | 30,000 | 30,000,000 | ||||||||||
Bank of Nova Scotia (The) (SOFR + 0.11%)(d) | 0.16% | 04/20/2022 | 10,000 | 10,000,000 | ||||||||||
Canadian Imperial Bank of Commerce (1 mo. FEDL + 0.10%)(d) | 0.18% | 06/08/2022 | 30,000 | 30,000,000 | ||||||||||
DZ Bank AG Deutsche Zentral-Genossenschaftsbank | 0.06% | 03/01/2022 | 40,000 | 40,000,000 | ||||||||||
Mizuho Bank Ltd. | 0.07% | 03/01/2022 | 35,000 | 35,000,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments–(continued)
February 28, 2022
(Unaudited)
Invesco Premier Portfolio–(continued)
Principal | ||||||||||||||
Interest | Maturity | Amount | ||||||||||||
Rate | Date | (000) | Value | |||||||||||
Nordea Bank Abp | 0.06% | 03/01/2022 | $ | 40,000 | $ 40,000,000 | |||||||||
Oversea-Chinese Banking Corp. Ltd. | 0.19% | 04/20/2022 | 30,000 | 30,000,000 | ||||||||||
Skandinaviska Enskilda Banken AB | 0.06% | 03/01/2022 | 40,000 | 40,000,000 | ||||||||||
Svenska Handelsbanken AB | 0.06% | 03/01/2022 | 25,000 | 25,000,000 | ||||||||||
Total Certificates of Deposit (Cost $285,000,000) | 285,000,000 | |||||||||||||
Variable Rate Demand Notes-7.94%(e) | ||||||||||||||
Credit Enhanced-7.94% | ||||||||||||||
Boulder (County of), CO (Imagine); Series 2006, VRD RB (LOC - Wells Fargo Bank N.A.)(f) | 0.30% | 02/01/2031 | 825 | 825,000 | ||||||||||
Capital Area Housing Finance Corp. (Cypress Creek at River Apartments); Series 2006, VRD MFH RB (LOC - Citibank N.A.)(f)(g) | 0.23% | 10/01/2039 | 7,260 | 7,260,000 | ||||||||||
Clackamas (County of), OR Hospital Facility Authority (Legacy Health System); Series 2008 A, VRD RB (LOC - U.S. Bank N.A.)(f) | 0.20% | 06/01/2037 | 1,550 | 1,550,000 | ||||||||||
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(f) | 0.25% | 08/01/2037 | 2,145 | 2,145,000 | ||||||||||
Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - Northern Trust Co. (The))(f) | 0.20% | 01/01/2037 | 2,600 | 2,600,000 | ||||||||||
Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 B, VRD MFH RB (LOC - FHLB of Indianapolis)(f)(g) | 0.28% | 12/01/2039 | 100 | 100,000 | ||||||||||
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank Nederland)(f) | 0.25% | 06/01/2035 | 6,000 | 6,000,000 | ||||||||||
Iowa (State of) Finance Authority (CJ Bio America); Series 2021, Ref. VRD RB(b)(f) | 0.24% | 12/01/2041 | 2,195 | 2,195,000 | ||||||||||
Jets Stadium Development LLC; Series 2007 A-4, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(b)(f) | 0.26% | 04/01/2047 | 20,800 | 20,800,000 | ||||||||||
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(b)(f) | 0.26% | 04/01/2047 | 3,900 | 3,900,000 | ||||||||||
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)(f) | 0.22% | 05/01/2037 | 11,000 | 11,000,000 | ||||||||||
Marion (County of), OR Housing Authority (Residence at Marian Estates); Series 1997, VRD RB (LOC - U.S. Bank N.A.)(f)(g) | 0.24% | 07/01/2027 | 530 | 530,000 | ||||||||||
Metropolitan Transportation Authority; Subseries 2020 B-1, Ref. VRD RB (LOC - PNC Bank N.A.)(f) | 0.19% | 11/15/2046 | 4,900 | 4,900,000 | ||||||||||
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); Series 2010 E, VRD IDR | 0.22% | 12/01/2030 | 1,270 | 1,270,000 | ||||||||||
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)(f) | 0.28% | 07/01/2040 | 7,420 | 7,420,000 | ||||||||||
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2008 B, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(f) | 0.20% | 07/01/2037 | 3,850 | 3,850,000 | ||||||||||
Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP - FHLMC) | 0.26% | 05/01/2042 | 750 | 750,000 | ||||||||||
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB | 0.16% | 08/01/2045 | 8,200 | 8,200,000 | ||||||||||
Total Variable Rate Demand Notes (Cost $85,295,000) | 85,295,000 | |||||||||||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-76.04% (Cost $816,584,387) | 816,584,387 | |||||||||||||
Repurchase | ||||||||||||||
Amount | ||||||||||||||
Repurchase Agreements-24.00%(h) | ||||||||||||||
BMO Capital Markets Corp., joint term agreement dated 02/22/2022, aggregate maturing value of $100,003,111 (collateralized by U.S government sponsored agency obligations, domestic agency and non-agency mortgage-backed securities, domestic non-agency asset-backed securities, domestic and foreign corporate obligations and U.S. Treasury obligations valued at $103,576,455; 0.00% - 8.88%; | 0.16% | 03/01/2022 | 12,000,373 | 12,000,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments–(continued)
February 28, 2022
(Unaudited)
Invesco Premier Portfolio–(continued)
Interest | Maturity | Repurchase | ||||||||||||||
Rate | Date | Amount | Value | |||||||||||||
BMO Capital Markets Corp., joint term agreement dated 02/23/2022, aggregate maturing value of $150,004,958 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and U.S. Treasury obligations valued at $157,182,535; 0.00% - 8.20%; | 0.17% | 03/02/2022 | $ | 10,000,331 | $ | 10,000,000 | ||||||||||
| ||||||||||||||||
BMO Capital Markets Corp., joint term agreement dated 02/23/2022, aggregate maturing value of $25,001,069 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic non-agency asset-backed securities, domestic and foreign corporate obligations and U.S. Treasury obligations valued at $26,546,588; 0.00% - 10.00%; | 0.22% | 03/02/2022 | 5,000,214 | 5,000,000 | ||||||||||||
| ||||||||||||||||
Citigroup Global Markets, Inc., joint open agreement dated 10/06/2021 (collateralized by domestic and foreign non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $203,598,357; 1.17% - 7.06%; 10/25/2026 - 02/15/2039)(j) | 0.56% | 03/01/2022 | 7,003,020 | 7,000,000 | ||||||||||||
| ||||||||||||||||
Citigroup Global Markets, Inc., joint open agreement dated 10/06/2021 (collateralized by U.S. government sponsored agency obligations, domestic non-agency asset-backed securities, domestic commercial paper, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $286,769,733; 0.00% - 8.25%; | 0.62% | 03/01/2022 | 18,008,605 | 18,000,000 | ||||||||||||
| ||||||||||||||||
Credit Agricole Corporate & Investment Bank, joint term agreement dated 02/22/2022, aggregate maturing value of $240,006,067 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations, domestic non-agency mortgage-backed securities and U.S. Treasury obligations valued at $246,893,829; 0.00% - 7.75%; 04/07/2022 - 05/01/2079)(i) | 0.13% | 03/01/2022 | 15,000,379 | 15,000,000 | ||||||||||||
| ||||||||||||||||
Credit Suisse Securities (USA) LLC, joint term agreement dated 02/23/2022, aggregate maturing value of $90,003,500 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities and domestic and foreign corporate obligations valued at $98,998,378; 0.00% - 15.98%; 04/22/2022 - 09/27/2060)(i) | 0.20% | 03/02/2022 | 15,000,583 | 15,000,000 | ||||||||||||
| ||||||||||||||||
J.P. Morgan Securities LLC, joint open agreement dated 04/28/2020 (collateralized by domestic and corporate obligations valued at $109,999,955; 0.00% - 10.88%; 04/30/2022 - 11/03/2037)(j) | 0.37% | 03/01/2022 | 35,010,072 | 35,000,000 | ||||||||||||
| ||||||||||||||||
J.P. Morgan Securities LLC, open agreement dated 11/01/2021 (collateralized by a domestic agency mortgage-backed security and domestic non-agency mortgage-backed securities valued at $15,750,000; 0.10% - 3.50%; | 0.43% | 03/01/2022 | 15,005,004 | 15,000,000 | ||||||||||||
| ||||||||||||||||
Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 02/23/2021 (collateralized by a domestic non-agency asset-backed security, domestic and foreign corporate obligations, domestic and foreign commercial paper and a U.S. Treasury obligation valued at $51,697,846; 0.00% - 8.50%; | 0.20% | 03/01/2022 | 18,002,800 | 18,000,000 | ||||||||||||
| ||||||||||||||||
Mizuho Securities (USA) LLC, joint open agreement dated 12/30/2021 (collateralized by domestic and foreign equity securities valued at $52,500,215; 0.00%)(j) | 0.22% | 03/01/2022 | 15,000,092 | 15,000,000 | ||||||||||||
| ||||||||||||||||
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $78,729,067; 0.34% - 13.00%; 03/15/2022 - 12/15/2072)(j) | 0.25% | 03/01/2022 | 28,000,194 | 28,000,000 | ||||||||||||
| ||||||||||||||||
Societe Generale, joint open agreement dated 08/20/2021 (collateralized by a domestic non-agency asset-backed security, domestic and foreign corporate obligations and a domestic non-agency mortgage-backed security valued at $91,931,202; 0.98% - 10.13%; 01/05/2023 - 03/11/2061)(j) | 0.18% | 03/01/2022 | 25,000,125 | 25,000,000 | ||||||||||||
| ||||||||||||||||
Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2022, aggregate maturing value of $2,300,003,833 (collateralized by domestic agency mortgage-backed securities valued at $2,346,000,000; 2.00% - 5.00%; | 0.06% | 03/01/2022 | 39,745,751 | 39,745,685 | ||||||||||||
| ||||||||||||||||
Total Repurchase Agreements (Cost $257,745,685) | 257,745,685 | |||||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(k)(l)-100.04% | 1,074,330,072 | |||||||||||||||
| ||||||||||||||||
OTHER ASSETS LESS LIABILITIES-(0.04)% | (440,314 | ) | ||||||||||||||
| ||||||||||||||||
NET ASSETS-100.00% | $ | 1,073,889,758 | ||||||||||||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments–(continued)
February 28, 2022
(Unaudited)
Invesco Premier Portfolio–(continued)
Investment Abbreviations: | ||
CEP | -Credit Enhancement Provider | |
FEDL | -Federal Funds Effective Rate | |
FHLB | -Federal Home Loan Bank | |
FHLMC | -Federal Home Loan Mortgage Corp. | |
IDR | -Industrial Development Revenue Bonds | |
LOC | -Letter of Credit | |
MFH | -Multi-Family Housing | |
OBFR | -Overnight Bank Funding Rate | |
RB | -Revenue Bonds | |
Ref. | -Refunding | |
SOFR | -Secured Overnight Financing Rate | |
VRD | -Variable Rate Demand |
Notes to Schedule of Investments:
(a) | Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2022 was $453,184,387, which represented 42.20% of the Fund’s Net Assets. |
(c) | The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 14.6%; France: 13.8%; Japan: 9.6%; Sweden: 8.6%; Australia: 7.6%; other countries less than 5% each: 28.7%. |
(d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2022. |
(e) | 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, 2022. |
(f) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(g) | Security subject to the alternative minimum tax. |
(h) | Principal amount equals value at period end. See Note 1I. |
(i) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(j) | Either party may terminate the agreement upon demand. Interest rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date. |
(k) | Also represents cost for federal income tax purposes. |
(l) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each. |
Portfolio Composition by Maturity*
In days, as of 02/28/2022
1-7 | 47.8% | |||
8-30 | 7.4 | |||
31-60 | 13.5 | |||
61-90 | 2.8 | |||
91-180 | 17.5 | |||
181+ | 11.0 |
* | 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Statement of Assets and Liabilities
February 28, 2022
(Unaudited)
Invesco Premier Portfolio | ||||||
Assets: |
| |||||
Investments in unaffiliated securities, at value | $ | 816,584,387 | ||||
Repurchase agreements, at value and cost | 257,745,685 | |||||
Receivable for: | ||||||
Fund shares sold | 99,217 | |||||
Interest | 104,984 | |||||
Fund expenses absorbed | 58,010 | |||||
Total assets | 1,074,592,283 | |||||
Liabilities: | ||||||
Payable for: | ||||||
Fund shares reacquired | 479,665 | |||||
Amount due custodian | 376 | |||||
Dividends | 14,480 | |||||
Accrued fees to affiliates | 207,990 | |||||
Accrued operating expenses | 14 | |||||
Total liabilities | 702,525 | |||||
Net assets applicable to shares outstanding | $ | 1,073,889,758 | ||||
Net assets consist of: | ||||||
Shares of beneficial interest | $ | 1,073,734,194 | ||||
Distributable earnings | 155,564 | |||||
$ | 1,073,889,758 | |||||
Net Assets: | ||||||
Investor Class | $ | 41,704,066 | ||||
Institutional Class | $ | 1,023,150,325 | ||||
Private Investment Class | $ | 111,973 | ||||
Personal Investment Class | $ | 6,073,265 | ||||
Reserve Class | $ | 10,293 | ||||
Resource Class | $ | 2,839,836 | ||||
Shares outstanding, no par value, | ||||||
Investor Class | 41,687,460 | |||||
Institutional Class | 1,022,737,377 | |||||
Private Investment Class | 111,929 | |||||
Personal Investment Class | 6,071,083 | |||||
Reserve Class | 10,289 | |||||
Resource Class | 2,838,591 | |||||
Net asset value, offering and redemption price per share for each class | $ | 1.00 | ||||
Cost of Investments | $ | 1,074,330,072 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Statement of Operations
For the six months ended February 28, 2022
(Unaudited)
Invesco Premier Portfolio | ||||||
|
|
|
| |||
Investment income: | ||||||
Interest | $ 1,038,402 | |||||
|
|
|
| |||
Expenses: | ||||||
Advisory fees | 1,409,765 | |||||
|
|
|
| |||
Distribution fees: | ||||||
Private Investment Class | 187 | |||||
|
|
|
| |||
Personal Investment Class | �� | 22,290 | ||||
|
|
|
| |||
Reserve Class | 45 | |||||
|
|
|
| |||
Resource Class | 2,478 | |||||
|
|
|
| |||
Total expenses | 1,434,765 | |||||
|
|
|
| |||
Less: Fees waived | (465,149 | ) | ||||
|
|
|
| |||
Net expenses | 969,616 | |||||
|
|
|
| |||
Net investment income | 68,786 | |||||
|
|
|
| |||
Net realized gain from unaffiliated investment securities | 2,613 | |||||
|
|
|
| |||
Net increase in net assets resulting from operations | $ 71,399 | |||||
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Statement of Changes in Net Assets
For the six months ended February 28, 2022 and the year ended August 31, 2021
(Unaudited)
Invesco Premier Portfolio | ||||||||||
February 28, 2022 | August 31, 2021 | |||||||||
Operations: | ||||||||||
Net investment income | $ | 68,786 | $ | 1,038,037 | ||||||
|
|
| ||||||||
Net realized gain | 2,613 | 2,360 | ||||||||
|
|
| ||||||||
Net increase in net assets resulting from operations | 71,399 | 1,040,397 | ||||||||
|
|
| ||||||||
Distributions to shareholders from distributable earnings: | ||||||||||
Investor Class | (2,538 | ) | (49,168 | ) | ||||||
|
|
| ||||||||
Institutional Class | (65,616 | ) | (987,703 | ) | ||||||
|
|
| ||||||||
Private Investment Class | (8 | ) | (29 | ) | ||||||
|
|
| ||||||||
Personal Investment Class | (460 | ) | (807 | ) | ||||||
|
|
| ||||||||
Reserve Class | (2 | ) | (4 | ) | ||||||
|
|
| ||||||||
Resource Class | (162 | ) | (326 | ) | ||||||
|
|
| ||||||||
Total distributions from distributable earnings | (68,786 | ) | (1,038,037 | ) | ||||||
|
|
| ||||||||
Share transactions-net: | ||||||||||
Investor Class | (3,322,377 | ) | (48,888,463 | ) | ||||||
|
|
| ||||||||
Institutional Class | (159,305,972 | ) | (377,177,595 | ) | ||||||
|
|
| ||||||||
Private Investment Class | (50,068 | ) | (199,975 | ) | ||||||
|
|
| ||||||||
Personal Investment Class | (4,754,704 | ) | 2,627,209 | |||||||
|
|
| ||||||||
Resource Class | (341,355 | ) | (49,679 | ) | ||||||
|
|
| ||||||||
Net increase (decrease) in net assets resulting from share transactions | (167,774,476 | ) | (423,688,503 | ) | ||||||
|
|
| ||||||||
Net increase (decrease) in net assets | (167,771,863 | ) | (423,686,143 | ) | ||||||
|
|
| ||||||||
Net assets: | ||||||||||
Beginning of period | 1,241,661,621 | 1,665,347,764 | ||||||||
|
|
| ||||||||
End of period | $ | 1,073,889,758 | $ | 1,241,661,621 | ||||||
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
(Unaudited)
The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.
Private Investment Class |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset value, beginning of period | Net investment income(a) | Net gains (realized) | Total from operations | Dividends from net investment income | Net asset value, end of period | Total return(b) | Net assets, (000’s omitted) | Ratio of net assets reimbursements | Ratio of expenses to average net and/or expense reimbursements | Ratio of net investment to average net assets | |||||||||||||||||||||||||||||||||||||||||||||
Invesco Premier Portfolio |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 02/28/22 | $1.00 | $0.00 | $0.00 | $0.00 | $(0.00) | $1.00 | 0.01 | % | $ 112 | 0.17 | %(c) | 0.55 | %(c) | 0.01 | %(c) | ||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/21 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | 1.00 | 0.01 | 162 | 0.25 | 0.55 | 0.00 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/20 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | 1.00 | 0.93 | 362 | 0.47 | 0.55 | 0.93 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/19 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) | 1.00 | 2.06 | 1,000 | 0.48 | 0.55 | 2.07 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | 1.00 | 1.30 | 5,699 | 0.48 | 0.55 | 1.33 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/17(d) | 1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | 1.00 | 0.55 | 10 | 0.48 | 0.55 | 0.33 |
(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 September 1, 2016. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
February 28, 2022
(Unaudited)
NOTE 1–Significant Accounting Policies
Invesco Premier Portfolio (the “Fund”) is a series of AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of two separate portfolios and authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of the portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting the portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.
The Fund’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund currently consists of six classes of shares: Investor Class, Institutional Class, Private Investment Class, Personal Investment Class, Reserve Class and Resource Class. Investor Class shares of the Fund are available only to certain investors. Each class of shares is sold at net asset value.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The Fund is a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, and seeks to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation. “Retail money market funds” are required to adopt policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons.
The Fund may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of their financial statements.
A. | Security Valuations – The Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. 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.
The 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 Fund 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 Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund 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 Statement of Operations and the Statement 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 the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement 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 Fund and the investment adviser.
The Fund allocates realized capital gains and losses to a class based on the relative net assets of the class. The Fund allocates income to a class based on the relative value of the settled shares of the 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 and the country that has the primary market for the issuer’s securities, 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 daily and pay dividends on the first business day of the following month. The Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually. |
E. | Federal Income Taxes – The Fund intends 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 Fund’s taxable earnings to shareholders. As such, the Fund 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 Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the 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.
11 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the 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. All other expenses are allocated among the classes based on relative net assets. |
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. | 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 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 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. |
J. | Other Risks – 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.
K. | COVID-19 Risk – The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. |
The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.
NOTE 2–Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). 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 of 0.25% of the Fund’s average daily net assets. Pursuant to the master investment advisory agreement, the Adviser bears all expenses incurred by the Fund in connection with its operations, except for (1) interest, taxes and extraordinary items such as litigation costs; (2) brokers’ commissions, issue and transfer taxes, and other costs chargeable to the Fund in connection with securities transactions to which the Fund is a party or in connection with securities owned by the Fund; and (3) other expenditures which are capitalized in accordance with generally accepted accounting principles applicable to investment companies.
Under the terms of a master sub-advisory agreement between the Adviser to the Fund and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Inc., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and 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 Fund, 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 the Fund based on the percentage of assets allocated to such Sub-Adviser(s).
The Adviser has contractually agreed, through at least December 31, 2022, to waive advisory fees equal to 0.07% of the average daily net assets of the Fund.
For the six months ended February 28, 2022, the Adviser waived advisory fees and/or reimbursed Fund expenses in the following amounts:
Invesco Premier Portfolio | $ | 394,901 |
12 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Further, Invesco and/or Invesco Distributors, Inc. (“IDI”) voluntarily waived fees and/or reimbursed expenses in order to increase the yields of the Fund. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors. Voluntary fee waivers for the six months ended February 28, 2022 are shown below:
Private | Personal | |||||||||
Investment | Investment | Reserve | Resource | |||||||
Fund Level | Class | Class | Class | Class | ||||||
Invesco Premier Portfolio | $45,340 | $187 | $22,229 | $45 | $2,447 |
The Trust has entered into a master administrative services agreement with Invesco to provide accounting services to the Fund. The Trust has also entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) to provide transfer agency and shareholder services to the Fund. Invesco and IIS do not charge the Fund any fees under these agreements. 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 master distribution agreements with IDI to serve as the distributor for the Investor Class, Institutional Class, Personal Investment Class, Private Investment Class, Reserve Class and Resource Class shares. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Personal Investment Class, Private Investment Class, Reserve Class and Resource Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.55% of the Fund’s average daily net assets of Personal Investment Class shares, 0.30% of the average daily net assets of Private Investment Class shares, 0.87% of the average daily net assets of Reserve Class shares and 0.16% of the average daily net assets of Resource Class shares. 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 shares 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 the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended February 28, 2022, expenses incurred under the plans are shown in the Statement of Operations as Distribution fees.
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 or are unreliable. 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 Fund’s own 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, 2022, 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–Security Transactions with Affiliated Funds
The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended February 28, 2022, the Fund engaged in securities purchases of $115,591,084 and securities sales of $84,848,987, which did not result in any net realized gains (losses).
NOTE 5–Trustees’ and Officers’ Fees and Benefits
Remuneration is paid to certain Trustees and Officers of the Trust. Trustees have the option to defer their compensation. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested.
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 that also participate in a retirement plan and receive benefits under such plan. The Fund’s allocable portion of the remuneration paid to the Trustees, including its allocable portion of the fees and benefits of the deferred compensation plan and retirement plan are paid by Invesco and not by the Trust.
13 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
NOTE 6–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 7–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 carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund did not have any capital loss carryforward as of August 31, 2021.
NOTE 8–Share Information
Invesco Premier Portfolio
Summary of Share Activity | ||||||||||||||||
Six months ended February 28, 2022(a) | Year ended August 31, 2021 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
Sold: | ||||||||||||||||
Investor Class | 14,524,146 | $ | 14,524,146 | 50,561,292 | $ | 50,561,292 | ||||||||||
| ||||||||||||||||
Institutional Class | 306,097,474 | 306,097,474 | 1,226,387,874 | 1,226,387,874 | ||||||||||||
| ||||||||||||||||
Personal Investment Class | 1,565,654 | 1,565,654 | 10,930,201 | 10,930,201 | ||||||||||||
| ||||||||||||||||
Issued as reinvestment of dividends: | ||||||||||||||||
Investor Class | 2,311 | 2,311 | 44,582 | 44,582 | ||||||||||||
| ||||||||||||||||
Institutional Class | 56,003 | 56,003 | 987,703 | 987,703 | ||||||||||||
| ||||||||||||||||
Private Investment Class | 4 | 4 | 25 | 25 | ||||||||||||
| ||||||||||||||||
Personal Investment Class | 460 | 460 | 783 | 783 | ||||||||||||
| ||||||||||||||||
Resource Class | 162 | 162 | 321 | 321 | ||||||||||||
| ||||||||||||||||
Reacquired: | ||||||||||||||||
Investor Class | (17,848,834 | ) | (17,848,834 | ) | (99,494,337 | ) | (99,494,337 | ) | ||||||||
| ||||||||||||||||
Institutional Class | (465,459,449 | ) | (465,459,449 | ) | (1,604,553,172 | ) | (1,604,553,172 | ) | ||||||||
| ||||||||||||||||
Private Investment Class | (50,072 | ) | (50,072 | ) | (200,000 | ) | (200,000 | ) | ||||||||
| ||||||||||||||||
Personal Investment Class | (6,320,818 | ) | (6,320,818 | ) | (8,303,775 | ) | (8,303,775 | ) | ||||||||
| ||||||||||||||||
Resource Class | (341,517 | ) | (341,517 | ) | (50,000 | ) | (50,000 | ) | ||||||||
| ||||||||||||||||
Net increase (decrease) in share activity | (167,774,476 | ) | $ | (167,774,476 | ) | (423,688,503 | ) | $ | (423,688,503 | ) | ||||||
|
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 71% 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. |
14 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Calculating your ongoing Fund expenses
Example
As a shareholder in the Private Investment Class, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2021 through February 28, 2022.
Actual expenses
The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.
The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
ACTUAL | HYPOTHETICAL (5% annual return before expenses) | |||||||||||
Private Investment Class | Beginning Account Value (09/01/21) | Ending Account Value (02/28/22)1 | Expenses Paid During Period2 | Ending Account Value (02/28/22) | Expenses Paid During Period2 | Annualized Expense Ratio | ||||||
Invesco Premier Portfolio | $1,000.00 | $1,000.10 | $0.84 | $1,023.95 | $0.85 | 0.17% |
1 | The actual ending account value is based on the actual total return of the Fund for the period September 1, 2021 through February 28, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
2 | Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. |
15 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Invesco mailing information
Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
Important notice regarding delivery of security holder documents
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 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.
Fund holdings and proxy voting information
The Fund provides a complete list of its portfolio holdings in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-MFP filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.
Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.
SEC file numbers: 811-05460 and 033-19862 | Invesco Distributors, Inc. | CM-I-TST-SAR-5 |
Semiannual Report to Shareholders |
February 28, 2022 |
Personal Investment Class
AIM Treasurer’s Series Trust
(Invesco Treasurer’s Series Trust)
Invesco Premier Portfolio
2 | ||
3 | ||
7 | ||
10 | ||
11 | ||
15 |
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including fees and expenses. Investors should read it carefully before investing.
Unless otherwise stated, information presented in this report is as of February 28, 2022, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
Personal Investment Class data as of 2/28/22 | ||||||||
FUND | WEIGHTED | WEIGHTED | TOTAL | |||||
AVERAGE | AVERAGE | NET | ||||||
MATURITY | LIFE | ASSETS | ||||||
Range | At | At | ||||||
During | Reporting | Reporting | ||||||
Reporting | Period | Period | ||||||
Period | End | End | ||||||
Invesco Premier | 27 - 54 days | 27 days | 56 days | $6.1 million | ||||
Weighted average maturity (WAM) is an average of the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes. | ||||||||
Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions. |
You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
2 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
February 28, 2022
(Unaudited)
Invesco Premier Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||
Commercial Paper-41.56%(a) | ||||||||||||
Asset-Backed Securities - Fully Supported-2.79% | ||||||||||||
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.) (SOFR + | 0.24% | 08/08/2022 | $ | 30,000 | $ 30,000,000 | |||||||
Asset-Backed Securities - Fully Supported Bank-7.92% | ||||||||||||
Anglesea Funding PLC (Multi - CEP’s) (OBFR + 0.10%)(b)(c)(d) | 0.17% | 05/20/2022 | 25,000 | 25,000,000 | ||||||||
Bedford Row Funding Corp. (CEP - Royal Bank of Canada) (1 mo. FEDL + 0.12%)(b)(c)(d) | 0.20% | 09/01/2022 | 10,000 | 10,000,000 | ||||||||
Ebury Finance LLC (Multi - CEP’s), (SOFR + 0.15%)(b)(c)(d) | 0.20% | 05/23/2022 | 25,000 | 25,000,000 | ||||||||
Versailles Commercial Paper LLC (CEP - Natixis S.A.) (SOFR + | 0.21% | 08/02/2022 | 25,000 | 25,000,000 | ||||||||
85,000,000 | ||||||||||||
Diversified Banks-22.48% | ||||||||||||
Agricultural Bank of China Ltd. (SOFR + 0.20%)(b)(d) | 0.25% | 05/16/2022 | 5,000 | 5,000,000 | ||||||||
Agricultural Bank of China Ltd. (SOFR + 0.20%)(b)(d) | 0.25% | 05/20/2022 | 20,000 | 20,000,000 | ||||||||
ANZ New Zealand (Int’l) Ltd.(b) | 0.34% | 10/03/2022 | 10,000 | 9,979,600 | ||||||||
Barclays Bank PLC(b) | 0.20% | 03/22/2022 | 30,000 | 29,996,500 | ||||||||
Commonwealth Bank of Australia(b) | 0.25% | 10/14/2022 | 10,000 | 9,984,236 | ||||||||
Industrial & Commercial Bank of China Ltd.(b) | 0.15% | 03/15/2022 | 20,000 | 19,998,833 | ||||||||
Kookmin Bank(b) | 0.20% | 03/17/2022 | 30,000 | 29,997,333 | ||||||||
Mitsubishi UFJ Trust & Banking Corp.(b) | 0.26% | 04/13/2022 | 10,000 | 9,996,895 | ||||||||
Svenska Handelsbanken AB(b) | 0.23% | 04/28/2022 | 20,000 | 19,992,589 | ||||||||
Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%)(b)(d) | 0.18% | 07/08/2022 | 20,000 | 20,000,000 | ||||||||
Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%)(b)(d) | 0.18% | 09/06/2022 | 15,000 | 15,000,000 | ||||||||
United Overseas Bank Ltd.(b) | 0.18% | 06/01/2022 | 20,000 | 19,990,800 | ||||||||
Westpac Banking Corp.(b) | 0.20% | 06/17/2022 | 16,500 | 16,490,100 | ||||||||
Westpac Banking Corp.(b) | 0.27% | 10/13/2022 | 15,000 | 14,974,575 | ||||||||
241,401,461 | ||||||||||||
Diversified Capital Markets-3.26% | ||||||||||||
UBS AG(b) | 0.25% | 08/18/2022 | 20,000 | 19,976,389 | ||||||||
UBS AG (SOFR + 0.20%)(b)(d) | 0.25% | 10/14/2022 | 15,000 | 15,000,000 | ||||||||
34,976,389 | ||||||||||||
Investment Banking & Brokerage-2.32% | ||||||||||||
Goldman Sachs International(b) | 0.45% | 11/15/2022 | 25,000 | 24,919,062 | ||||||||
Regional Banks-0.93% | ||||||||||||
ASB Finance Ltd.(b) | 0.21% | 07/08/2022 | 10,000 | 9,992,475 | ||||||||
Specialized Finance-1.86% | ||||||||||||
Great Bear Funding LLC (OBFR + 0.15%)(d) | 0.22% | 07/01/2022 | 20,000 | 20,000,000 | ||||||||
Total Commercial Paper (Cost $446,289,387) | 446,289,387 | |||||||||||
Certificates of Deposit-26.54% | ||||||||||||
Agricultural Bank of China Ltd. (SOFR + 0.20%)(d) | 0.25% | 05/11/2022 | 5,000 | 5,000,000 | ||||||||
ANZ New Zealand (Int’l) Ltd. | 0.07% | 03/01/2022 | 30,000 | 30,000,000 | ||||||||
Bank of Nova Scotia (The) (SOFR + 0.11%)(d) | 0.16% | 04/20/2022 | 10,000 | 10,000,000 | ||||||||
Canadian Imperial Bank of Commerce (1 mo. FEDL + 0.10%)(d) | 0.18% | 06/08/2022 | 30,000 | 30,000,000 | ||||||||
DZ Bank AG Deutsche Zentral-Genossenschaftsbank | 0.06% | 03/01/2022 | 40,000 | 40,000,000 | ||||||||
Mizuho Bank Ltd. | 0.07% | 03/01/2022 | 35,000 | 35,000,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments–(continued)
February 28, 2022
(Unaudited)
Invesco Premier Portfolio–(continued)
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||
Nordea Bank Abp | 0.06% | 03/01/2022 | $ | 40,000 | $ 40,000,000 | |||||||
Oversea-Chinese Banking Corp. Ltd. | 0.19% | 04/20/2022 | 30,000 | 30,000,000 | ||||||||
Skandinaviska Enskilda Banken AB | 0.06% | 03/01/2022 | 40,000 | 40,000,000 | ||||||||
Svenska Handelsbanken AB | 0.06% | 03/01/2022 | 25,000 | 25,000,000 | ||||||||
Total Certificates of Deposit (Cost $285,000,000) | 285,000,000 | |||||||||||
Variable Rate Demand Notes-7.94%(e) | ||||||||||||
Credit Enhanced-7.94% | ||||||||||||
Boulder (County of), CO (Imagine); Series 2006, VRD RB (LOC - Wells Fargo Bank N.A.)(f) | 0.30% | 02/01/2031 | 825 | 825,000 | ||||||||
Capital Area Housing Finance Corp. (Cypress Creek at River Apartments); Series 2006, VRD MFH RB (LOC - Citibank N.A.)(f)(g) | 0.23% | 10/01/2039 | 7,260 | 7,260,000 | ||||||||
Clackamas (County of), OR Hospital Facility Authority (Legacy Health System); Series 2008 A, VRD RB (LOC - U.S. Bank N.A.)(f) | 0.20% | 06/01/2037 | 1,550 | 1,550,000 | ||||||||
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(f) | 0.25% | 08/01/2037 | 2,145 | 2,145,000 | ||||||||
Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - Northern Trust Co. (The))(f) | 0.20% | 01/01/2037 | 2,600 | 2,600,000 | ||||||||
Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 B, VRD MFH RB (LOC - FHLB of Indianapolis)(f)(g) | 0.28% | 12/01/2039 | 100 | 100,000 | ||||||||
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank Nederland)(f) | 0.25% | 06/01/2035 | 6,000 | 6,000,000 | ||||||||
Iowa (State of) Finance Authority (CJ Bio America); Series 2021, Ref. VRD RB(b)(f) | 0.24% | 12/01/2041 | 2,195 | 2,195,000 | ||||||||
Jets Stadium Development LLC; Series 2007 A-4, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(b)(f) | 0.26% | 04/01/2047 | 20,800 | 20,800,000 | ||||||||
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(b)(f) | 0.26% | 04/01/2047 | 3,900 | 3,900,000 | ||||||||
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)(f) | 0.22% | 05/01/2037 | 11,000 | 11,000,000 | ||||||||
Marion (County of), OR Housing Authority (Residence at Marian Estates); Series 1997, VRD RB (LOC - U.S. Bank N.A.)(f)(g) | 0.24% | 07/01/2027 | 530 | 530,000 | ||||||||
Metropolitan Transportation Authority; Subseries 2020 B-1, Ref. VRD RB (LOC - PNC Bank N.A.)(f) | 0.19% | 11/15/2046 | 4,900 | 4,900,000 | ||||||||
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); Series 2010 E, VRD IDR | 0.22% | 12/01/2030 | 1,270 | 1,270,000 | ||||||||
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)(f) | 0.28% | 07/01/2040 | 7,420 | 7,420,000 | ||||||||
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2008 B, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(f) | 0.20% | 07/01/2037 | 3,850 | 3,850,000 | ||||||||
Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP - FHLMC) | 0.26% | 05/01/2042 | 750 | 750,000 | ||||||||
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB | 0.16% | 08/01/2045 | 8,200 | 8,200,000 | ||||||||
Total Variable Rate Demand Notes (Cost $85,295,000) | 85,295,000 | |||||||||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-76.04% |
| 816,584,387 | ||||||||||
Repurchase Amount | ||||||||||||
Repurchase Agreements-24.00%(h) | ||||||||||||
BMO Capital Markets Corp., joint term agreement dated 02/22/2022, aggregate maturing value of $100,003,111 (collateralized by U.S government sponsored agency obligations, domestic agency and non-agency mortgage-backed securities, domestic non-agency asset-backed securities, domestic and foreign corporate obligations and U.S. Treasury obligations valued at $103,576,455; 0.00% - 8.88%; 04/25/2022 - 06/20/2071)(i) | 0.16% | 03/01/2022 | 12,000,373 | 12,000,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments–(continued)
February 28, 2022
(Unaudited)
Invesco Premier Portfolio–(continued)
Interest Rate | Maturity Date | Repurchase Amount | Value | |||||||||||
| ||||||||||||||
BMO Capital Markets Corp., joint term agreement dated 02/23/2022, aggregate maturing value of $150,004,958 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and U.S. Treasury obligations valued at $157,182,535; 0.00% - 8.20%; 02/13/2023 - 12/16/2062)(i) | 0.17% | 03/02/2022 | $ | 10,000,331 | $ | 10,000,000 | ||||||||
| ||||||||||||||
BMO Capital Markets Corp., joint term agreement dated 02/23/2022, aggregate maturing value of $25,001,069 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic non-agency asset-backed securities, domestic and foreign corporate obligations and U.S. Treasury obligations valued at $26,546,588; 0.00% -10.00%; 12/07/2021 - 12/20/2065)(i) | 0.22% | 03/02/2022 | 5,000,214 | 5,000,000 | ||||||||||
| ||||||||||||||
Citigroup Global Markets, Inc., joint open agreement dated 10/06/2021 (collateralized by domestic and foreign non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $203,598,357; 1.17% - 7.06%; 10/25/2026 -02/15/2039)(j) | 0.56% | 03/01/2022 | 7,003,020 | 7,000,000 | ||||||||||
| ||||||||||||||
Citigroup Global Markets, Inc., joint open agreement dated 10/06/2021 (collateralized by U.S. government sponsored agency obligations, domestic non-agency asset-backed securities, domestic commercial paper, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $286,769,733; 0.00% - 8.25%; 09/13/2022 - 02/27/2062)(j) | 0.62% | 03/01/2022 | 18,008,605 | 18,000,000 | ||||||||||
| ||||||||||||||
Credit Agricole Corporate & Investment Bank, joint term agreement dated 02/22/2022, aggregate maturing value of $240,006,067 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations, domestic non-agency mortgage-backed securities and U.S. Treasury obligations valued at $246,893,829; 0.00% - 7.75%; 04/07/2022 - 05/01/2079)(i) | 0.13% | 03/01/2022 | 15,000,379 | 15,000,000 | ||||||||||
| ||||||||||||||
Credit Suisse Securities (USA) LLC, joint term agreement dated 02/23/2022, aggregate maturing value of $90,003,500 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities and domestic and foreign corporate obligations valued at $98,998,378; 0.00% - 15.98%; 04/22/2022 - 09/27/2060)(i) | 0.20% | 03/02/2022 | 15,000,583 | 15,000,000 | ||||||||||
| ||||||||||||||
J.P. Morgan Securities LLC, joint open agreement dated 04/28/2020 (collateralized by domestic and corporate obligations valued at $109,999,955; 0.00% - 10.88%; 04/30/2022 - 11/03/2037)(j) | 0.37% | 03/01/2022 | 35,010,072 | 35,000,000 | ||||||||||
| ||||||||||||||
J.P. Morgan Securities LLC, open agreement dated 11/01/2021 (collateralized by a domestic agency mortgage-backed security and domestic non-agency mortgage-backed securities valued at $15,750,000; 0.10% - 3.50%; 02/15/2032 - 04/25/2056)(j) | 0.43% | 03/01/2022 | 15,005,004 | 15,000,000 | ||||||||||
| ||||||||||||||
Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 02/23/2021 (collateralized by a domestic non-agency asset-backed security, domestic and foreign corporate obligations, domestic and foreign commercial paper and a U.S. Treasury obligation valued at $51,697,846; 0.00% - 8.50%; 03/01/2022 - 01/15/2082)(j) | 0.20% | 03/01/2022 | 18,002,800 | 18,000,000 | ||||||||||
| ||||||||||||||
Mizuho Securities (USA) LLC, joint open agreement dated 12/30/2021 (collateralized by domestic and foreign equity securities valued at $52,500,215; 0.00%)(j) | 0.22% | 03/01/2022 | 15,000,092 | 15,000,000 | ||||||||||
| ||||||||||||||
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $78,729,067; 0.34% -13.00%; 03/15/2022 - 12/15/2072)(j) | 0.25% | 03/01/2022 | 28,000,194 | 28,000,000 | ||||||||||
| ||||||||||||||
Societe Generale, joint open agreement dated 08/20/2021 (collateralized by a domestic non-agency asset-backed security, domestic and foreign corporate obligations and a domestic non-agency mortgage-backed security valued at $91,931,202; 0.98% -10.13%; 01/05/2023 - 03/11/2061)(j) | 0.18% | 03/01/2022 | 25,000,125 | 25,000,000 | ||||||||||
| ||||||||||||||
Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2022, aggregate maturing value of $2,300,003,833 (collateralized by domestic agency mortgage-backed securities valued at $2,346,000,000; 2.00% - 5.00%; 12/15/2039 - 02/01/2052) | 0.06% | 03/01/2022 | 39,745,751 | 39,745,685 | ||||||||||
| ||||||||||||||
Total Repurchase Agreements (Cost $257,745,685) | 257,745,685 | |||||||||||||
| ||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(k)(l)-100.04% | 1,074,330,072 | |||||||||||||
| ||||||||||||||
OTHER ASSETS LESS LIABILITIES-(0.04)% | (440,314 | ) | ||||||||||||
| ||||||||||||||
NET ASSETS-100.00% | $ | 1,073,889,758 | ||||||||||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments–(continued)
February 28, 2022
(Unaudited)
Invesco Premier Portfolio–(continued)
Investment Abbreviations:
CEP | -Credit Enhancement Provider | |
FEDL | -Federal Funds Effective Rate | |
FHLB | -Federal Home Loan Bank | |
FHLMC | -Federal Home Loan Mortgage Corp. | |
IDR | -Industrial Development Revenue Bonds | |
LOC | -Letter of Credit | |
MFH | -Multi-Family Housing | |
OBFR | -Overnight Bank Funding Rate | |
RB | -Revenue Bonds | |
Ref. | -Refunding | |
SOFR | -Secured Overnight Financing Rate | |
VRD | -Variable Rate Demand |
Notes to Schedule of Investments:
(a) | Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2022 was $453,184,387, which represented 42.20% of the Fund’s Net Assets. |
(c) | The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 14.6%; France: 13.8%; Japan: 9.6%; Sweden: 8.6%; Australia: 7.6%; other countries less than 5% each: 28.7%. |
(d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2022. |
(e) | 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, 2022. |
(f) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(g) | Security subject to the alternative minimum tax. |
(h) | Principal amount equals value at period end. See Note 1I. |
(i) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(j) | Either party may terminate the agreement upon demand. Interest rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date. |
(k) | Also represents cost for federal income tax purposes. |
(l) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each. |
Portfolio Composition by Maturity*
In days, as of 02/28/2022
1-7 | 47.8 | % | ||
8-30 | 7.4 | |||
31-60 | 13.5 | |||
61-90 | 2.8 | |||
91-180 | 17.5 | |||
181+ | 11.0 |
* | 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Statement of Assets and Liabilities
February 28, 2022
(Unaudited)
Invesco Premier | ||||||||
Portfolio | ||||||||
|
|
| ||||||
Assets: | ||||||||
Investments in unaffiliated securities, at value | $ | 816,584,387 | ||||||
|
|
| ||||||
Repurchase agreements, at value and cost | 257,745,685 | |||||||
|
|
| ||||||
Receivable for: | ||||||||
Fund shares sold | 99,217 | |||||||
|
|
| ||||||
Interest | 104,984 | |||||||
|
|
| ||||||
Fund expenses absorbed | 58,010 | |||||||
|
|
| ||||||
Total assets | 1,074,592,283 | |||||||
|
|
| ||||||
Liabilities: | ||||||||
Payable for: | ||||||||
Fund shares reacquired | 479,665 | |||||||
|
|
| ||||||
Amount due custodian | 376 | |||||||
|
|
| ||||||
Dividends | 14,480 | |||||||
|
|
| ||||||
Accrued fees to affiliates | 207,990 | |||||||
|
|
| ||||||
Accrued operating expenses | 14 | |||||||
|
|
| ||||||
Total liabilities | 702,525 | |||||||
|
|
| ||||||
Net assets applicable to shares outstanding | $ | 1,073,889,758 | ||||||
|
|
| ||||||
Net assets consist of: | ||||||||
Shares of beneficial interest | $ | 1,073,734,194 | ||||||
|
|
| ||||||
Distributable earnings | 155,564 | |||||||
|
|
| ||||||
$ | 1,073,889,758 | |||||||
|
|
| ||||||
Net Assets: | ||||||||
Investor Class | $ | 41,704,066 | ||||||
|
|
| ||||||
Institutional Class | $ | 1,023,150,325 | ||||||
|
|
| ||||||
Private Investment Class | $ | 111,973 | ||||||
|
|
| ||||||
Personal Investment Class | $ | 6,073,265 | ||||||
|
|
| ||||||
Reserve Class | $ | 10,293 | ||||||
|
|
| ||||||
Resource Class | $ | 2,839,836 | ||||||
|
|
| ||||||
Shares outstanding, no par value, | ||||||||
Investor Class | 41,687,460 | |||||||
|
|
| ||||||
Institutional Class | 1,022,737,377 | |||||||
|
|
| ||||||
Private Investment Class | 111,929 | |||||||
|
|
| ||||||
Personal Investment Class | 6,071,083 | |||||||
|
|
| ||||||
Reserve Class | 10,289 | |||||||
|
|
| ||||||
Resource Class | 2,838,591 | |||||||
|
|
| ||||||
Net asset value, offering and redemption price per share for each class | $ | 1.00 | ||||||
|
|
| ||||||
Cost of Investments | $ | 1,074,330,072 | ||||||
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Statement of Operations
For the six months ended February 28, 2022
(Unaudited)
Invesco Premier | ||||||||
Portfolio | ||||||||
|
|
|
| |||||
Investment income: | ||||||||
Interest | $ | 1,038,402 | ||||||
|
|
|
| |||||
Expenses: | ||||||||
Advisory fees | 1,409,765 | |||||||
|
|
|
| |||||
Distribution fees: | ||||||||
Private Investment Class | 187 | |||||||
|
|
|
| |||||
Personal Investment Class | 22,290 | |||||||
|
|
|
| |||||
Reserve Class | 45 | |||||||
|
|
|
| |||||
Resource Class | 2,478 | |||||||
|
|
|
| |||||
Total expenses | 1,434,765 | |||||||
|
|
|
| |||||
Less: Fees waived | (465,149 | ) | ||||||
|
|
|
| |||||
Net expenses | 969,616 | |||||||
|
|
|
| |||||
Net investment income | 68,786 | |||||||
|
|
|
| |||||
Net realized gain from unaffiliated investment securities | 2,613 | |||||||
|
|
|
| |||||
Net increase in net assets resulting from operations | $ | 71,399 | ||||||
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Statement of Changes in Net Assets
For the six months ended February 28, 2022 and the year ended August 31, 2021
(Unaudited)
Invesco Premier Portfolio | ||||||||||||
February 28, 2022 | August 31, 2021 | |||||||||||
|
|
|
|
| ||||||||
Operations: | ||||||||||||
Net investment income | $ | 68,786 | $ | 1,038,037 | ||||||||
|
|
| ||||||||||
Net realized gain | 2,613 | 2,360 | ||||||||||
|
|
| ||||||||||
Net increase in net assets resulting from operations | 71,399 | 1,040,397 | ||||||||||
|
|
| ||||||||||
Distributions to shareholders from distributable earnings: | ||||||||||||
Investor Class | (2,538 | ) | (49,168 | ) | ||||||||
|
|
| ||||||||||
Institutional Class | (65,616 | ) | (987,703 | ) | ||||||||
|
|
| ||||||||||
Private Investment Class | (8 | ) | (29 | ) | ||||||||
|
|
| ||||||||||
Personal Investment Class | (460 | ) | (807 | ) | ||||||||
|
|
| ||||||||||
Reserve Class | (2 | ) | (4 | ) | ||||||||
|
|
| ||||||||||
Resource Class | (162 | ) | (326 | ) | ||||||||
|
|
| ||||||||||
Total distributions from distributable earnings | (68,786 | ) | (1,038,037 | ) | ||||||||
|
|
| ||||||||||
Share transactions-net: | ||||||||||||
Investor Class | (3,322,377 | ) | (48,888,463 | ) | ||||||||
|
|
| ||||||||||
Institutional Class | (159,305,972 | ) | (377,177,595 | ) | ||||||||
|
|
| ||||||||||
Private Investment Class | (50,068 | ) | (199,975 | ) | ||||||||
|
|
| ||||||||||
Personal Investment Class | (4,754,704 | ) | 2,627,209 | |||||||||
|
|
| ||||||||||
Resource Class | (341,355 | ) | (49,679 | ) | ||||||||
|
|
| ||||||||||
Net increase (decrease) in net assets resulting from share transactions | (167,774,476 | ) | (423,688,503 | ) | ||||||||
|
|
| ||||||||||
Net increase (decrease) in net assets | (167,771,863 | ) | (423,686,143 | ) | ||||||||
|
|
| ||||||||||
Net assets: | ||||||||||||
Beginning of period | 1,241,661,621 | 1,665,347,764 | ||||||||||
|
|
| ||||||||||
End of period | $ | 1,073,889,758 | $ | 1,241,661,621 | ||||||||
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
(Unaudited)
The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.
Personal Investment Class
Ratio of | Ratio of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
expenses | expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
to average | to average net | Ratio of net | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset | Dividends | net assets | assets without | investment | |||||||||||||||||||||||||||||||||||||||||||||||||||
value, | Net | Net gains | Total from | from net | Net asset | Net assets, | with fee waivers | fee waivers | income | ||||||||||||||||||||||||||||||||||||||||||||||
beginning | investment | on securities | investment | investment | value, end | Total | end of period | and/or expense | and/or expense | to average | |||||||||||||||||||||||||||||||||||||||||||||
of period | income(a) | (realized) | operations | income | of period | return(b) | (000’s omitted) | reimbursements | reimbursements | net assets | |||||||||||||||||||||||||||||||||||||||||||||
Invesco Premier Portfolio |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 02/28/22 | $1.00 | $0.00 | $0.00 | $0.00 | $(0.00 | ) | $1.00 | 0.01 | % | $ 6,073 | 0.17 | %(c) | 0.80 | %(c) | 0.01 | %(c) | |||||||||||||||||||||||||||||||||||||||
Year ended 08/31/21 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | 1.00 | 0.01 | 10,829 | 0.23 | 0.80 | 0.02 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/20 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | 1.00 | 0.74 | 8,201 | 0.65 | 0.80 | 0.75 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/19 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02 | ) | 1.00 | 1.81 | 13,771 | 0.73 | 0.80 | 1.82 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01 | ) | 1.00 | 1.05 | 10 | 0.73 | 0.80 | 1.08 | |||||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/17(d) | 1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | 1.00 | 0.35 | 10 | 0.68 | 0.80 | 0.13 |
(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 September 1, 2016. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
February 28, 2022
(Unaudited)
NOTE 1–Significant Accounting Policies
Invesco Premier Portfolio (the “Fund”) is a series of AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of two separate portfolios and authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of the portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting the portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.
The Fund’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund currently consists of six classes of shares: Investor Class, Institutional Class, Private Investment Class, Personal Investment Class, Reserve Class and Resource Class. Investor Class shares of the Fund are available only to certain investors. Each class of shares is sold at net asset value.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The Fund is a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, and seeks to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation. “Retail money market funds” are required to adopt policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons.
The Fund may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of their financial statements.
A. | Security Valuations – The Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. 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.
The 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 Fund 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 Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund 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 Statement of Operations and the Statement 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 the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement 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 Fund and the investment adviser.
The Fund allocates realized capital gains and losses to a class based on the relative net assets of the class. The Fund allocates income to a class based on the relative value of the settled shares of the 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 and the country that has the primary market for the issuer’s securities, 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 daily and pay dividends on the first business day of the following month. The Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually. |
E. | Federal Income Taxes – The Fund intends 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 Fund’s taxable earnings to shareholders. As such, the Fund 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 Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the 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.
11 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the 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. All other expenses are allocated among the classes based on relative net assets. |
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. | 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 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 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. |
J. | Other Risks - 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.
K. | COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. |
The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.
NOTE 2–Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). 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 of 0.25% of the Fund’s average daily net assets. Pursuant to the master investment advisory agreement, the Adviser bears all expenses incurred by the Fund in connection with its operations, except for (1) interest, taxes and extraordinary items such as litigation costs; (2) brokers’ commissions, issue and transfer taxes, and other costs chargeable to the Fund in connection with securities transactions to which the Fund is a party or in connection with securities owned by the Fund; and (3) other expenditures which are capitalized in accordance with generally accepted accounting principles applicable to investment companies.
Under the terms of a master sub-advisory agreement between the Adviser to the Fund and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Inc., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and 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 Fund, 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 the Fund based on the percentage of assets allocated to such Sub-Adviser(s).
The Adviser has contractually agreed, through at least December 31, 2022, to waive advisory fees equal to 0.07% of the average daily net assets of the Fund.
For the six months ended February 28, 2022, the Adviser waived advisory fees and/or reimbursed Fund expenses in the following amounts:
Invesco Premier Portfolio | $ | 394,901 |
12 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Further, Invesco and/or Invesco Distributors, Inc. (“IDI”) voluntarily waived fees and/or reimbursed expenses in order to increase the yields of the Fund. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors. Voluntary fee waivers for the six months ended February 28, 2022 are shown below:
Fund Level | Private Investment Class | Personal Investment Class | Reserve Class | Resource Class | ||||||
Invesco Premier Portfolio | $45,340 | $187 | $22,229 | $45 | $2,447 |
The Trust has entered into a master administrative services agreement with Invesco to provide accounting services to the Fund. The Trust has also entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) to provide transfer agency and shareholder services to the Fund. Invesco and IIS do not charge the Fund any fees under these agreements. 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 master distribution agreements with IDI to serve as the distributor for the Investor Class, Institutional Class, Personal Investment Class, Private Investment Class, Reserve Class and Resource Class shares. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Personal Investment Class, Private Investment Class, Reserve Class and Resource Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.55% of the Fund’s average daily net assets of Personal Investment Class shares, 0.30% of the average daily net assets of Private Investment Class shares, 0.87% of the average daily net assets of Reserve Class shares and 0.16% of the average daily net assets of Resource Class shares. 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 shares 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 the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended February 28, 2022, expenses incurred under the plans are shown in the Statement of Operations as Distribution fees.
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 or are unreliable. 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 Fund’s own 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, 2022, 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–Security Transactions with Affiliated Funds
The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended February 28, 2022, the Fund engaged in securities purchases of $115,591,084 and securities sales of $84,848,987, which did not result in any net realized gains (losses).
NOTE 5–Trustees’ and Officers’ Fees and Benefits
Remuneration is paid to certain Trustees and Officers of the Trust. Trustees have the option to defer their compensation. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested.
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 that also participate in a retirement plan and receive benefits under such plan. The Fund’s allocable portion of the remuneration paid to the Trustees, including its allocable portion of the fees and benefits of the deferred compensation plan and retirement plan are paid by Invesco and not by the Trust.
13 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
NOTE 6–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 7–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 carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund did not have any capital loss carryforward as of August 31, 2021.
NOTE 8–Share Information
Invesco Premier Portfolio
Summary of Share Activity | ||||||||||||||||
Six months ended February 28, 2022(a) | Year ended August 31, 2021 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
| ||||||||||||||||
Sold: | ||||||||||||||||
Investor Class | 14,524,146 | $ | 14,524,146 | 50,561,292 | $ | 50,561,292 | ||||||||||
| ||||||||||||||||
Institutional Class | 306,097,474 | 306,097,474 | 1,226,387,874 | 1,226,387,874 | ||||||||||||
| ||||||||||||||||
Personal Investment Class | 1,565,654 | 1,565,654 | 10,930,201 | 10,930,201 | ||||||||||||
| ||||||||||||||||
Issued as reinvestment of dividends: | ||||||||||||||||
Investor Class | 2,311 | 2,311 | 44,582 | 44,582 | ||||||||||||
| ||||||||||||||||
Institutional Class | 56,003 | 56,003 | 987,703 | 987,703 | ||||||||||||
| ||||||||||||||||
Private Investment Class | 4 | 4 | 25 | 25 | ||||||||||||
| ||||||||||||||||
Personal Investment Class | 460 | 460 | 783 | 783 | ||||||||||||
| ||||||||||||||||
Resource Class | 162 | 162 | 321 | 321 | ||||||||||||
| ||||||||||||||||
Reacquired: | ||||||||||||||||
Investor Class | (17,848,834 | ) | (17,848,834 | ) | (99,494,337 | ) | (99,494,337 | ) | ||||||||
| ||||||||||||||||
Institutional Class | (465,459,449 | ) | (465,459,449 | ) | (1,604,553,172 | ) | (1,604,553,172 | ) | ||||||||
| ||||||||||||||||
Private Investment Class | (50,072 | ) | (50,072 | ) | (200,000 | ) | (200,000 | ) | ||||||||
| ||||||||||||||||
Personal Investment Class | (6,320,818 | ) | (6,320,818 | ) | (8,303,775 | ) | (8,303,775 | ) | ||||||||
| ||||||||||||||||
Resource Class | (341,517 | ) | (341,517 | ) | (50,000 | ) | (50,000 | ) | ||||||||
| ||||||||||||||||
Net increase (decrease) in share activity | (167,774,476 | ) | $ | (167,774,476 | ) | (423,688,503 | ) | $ | (423,688,503 | ) | ||||||
|
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 71% 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. |
14 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Calculating your ongoing Fund expenses
Example
As a shareholder in the Personal Investment Class, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2021 through February 28, 2022.
Actual expenses
The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.
The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
ACTUAL | HYPOTHETICAL (5% annual return before expenses) | |||||||||||
Personal Investment Class | Beginning Account Value (09/01/21) | Ending Account Value | Expenses Paid During Period2 | Ending Account Value | Expenses Paid During Period2 | Annualized Expense Ratio | ||||||
Invesco Premier Portfolio | $1,000.00 | $1,000.10 | $0.84 | $1,023.95 | $0.85 | 0.17% |
1 | The actual ending account value is based on the actual total return of the Fund for the period September 1, 2021 through February 28, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
2 | Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. |
15 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Invesco mailing information
Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
Important notice regarding delivery of security holder documents
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 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.
Fund holdings and proxy voting information
The Fund provides a complete list of its portfolio holdings in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-MFP filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.
Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.
SEC file numbers: 811-05460 and 033-19862 | Invesco Distributors, Inc. | CM-I-TST-SAR-6 |
Semiannual Report to Shareholders | February 28, 2022 |
Reserve Class
AIM Treasurer’s Series Trust
(Invesco Treasurer’s Series Trust)
Invesco Premier Portfolio
2 | Fund Data | |||
3 | Schedule of Investments | |||
7 | Financial Statements | |||
10 | Financial Highlights | |||
11 | Notes to Financial Statements | |||
15 | Fund Expenses |
This report must be accompanied or preceded by a currently effective Fund prospectus, which contains more complete information, including fees and expenses. Investors should read it carefully before investing.
Unless otherwise stated, information presented in this report is as of February 28, 2022, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE |
Reserve Class data as of 2/28/22 | ||||||||
FUND | WEIGHTED | WEIGHTED | TOTAL | |||||
AVERAGE | AVERAGE | NET | ||||||
MATURITY | LIFE | ASSETS | ||||||
Range | At | At | ||||||
During | Reporting | Reporting | ||||||
Reporting | Period | Period | ||||||
Period | End | End | ||||||
Invesco Premier | 27 - 54 days | 27 days | 56 days | $10.3 thousand | ||||
Weighted average maturity (WAM) is an average of the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes. Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions. |
You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
2 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
February 28, 2022
(Unaudited)
Invesco Premier Portfolio
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Commercial Paper-41.56%(a) | ||||||||||||||
Asset-Backed Securities - Fully Supported-2.79% | ||||||||||||||
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.) (SOFR + | 0.24 | % | 08/08/2022 | $ 30,000 | $ 30,000,000 | |||||||||
Asset-Backed Securities - Fully Supported Bank-7.92% | ||||||||||||||
Anglesea Funding PLC (Multi - CEP’s) (OBFR + 0.10%)(b)(c)(d) | 0.17 | % | 05/20/2022 | 25,000 | 25,000,000 | |||||||||
Bedford Row Funding Corp. (CEP - Royal Bank of Canada) (1 mo. FEDL + 0.12%)(b)(c)(d) | 0.20 | % | 09/01/2022 | 10,000 | 10,000,000 | |||||||||
Ebury Finance LLC (Multi - CEP’s), (SOFR + 0.15%)(b)(c)(d) | 0.20 | % | 05/23/2022 | 25,000 | 25,000,000 | |||||||||
Versailles Commercial Paper LLC (CEP - Natixis S.A.) (SOFR + 0.16%)(b)(c)(d) | 0.21 | % | 08/02/2022 | 25,000 | 25,000,000 | |||||||||
85,000,000 | ||||||||||||||
Diversified Banks-22.48% | ||||||||||||||
Agricultural Bank of China Ltd. (SOFR + 0.20%)(b)(d) | 0.25 | % | 05/16/2022 | 5,000 | 5,000,000 | |||||||||
Agricultural Bank of China Ltd. (SOFR + 0.20%)(b)(d) | 0.25 | % | 05/20/2022 | 20,000 | 20,000,000 | |||||||||
ANZ New Zealand (Int’l) Ltd.(b) | 0.34 | % | 10/03/2022 | 10,000 | 9,979,600 | |||||||||
Barclays Bank PLC(b) | 0.20 | % | 03/22/2022 | 30,000 | 29,996,500 | |||||||||
Commonwealth Bank of Australia(b) | 0.25 | % | 10/14/2022 | 10,000 | 9,984,236 | |||||||||
Industrial & Commercial Bank of China Ltd.(b) | 0.15 | % | 03/15/2022 | 20,000 | 19,998,833 | |||||||||
Kookmin Bank(b) | 0.20 | % | 03/17/2022 | 30,000 | 29,997,333 | |||||||||
Mitsubishi UFJ Trust & Banking Corp.(b) | 0.26 | % | 04/13/2022 | 10,000 | 9,996,895 | |||||||||
Svenska Handelsbanken AB(b) | 0.23 | % | 04/28/2022 | 20,000 | 19,992,589 | |||||||||
Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%)(b)(d) | 0.18 | % | 07/08/2022 | 20,000 | 20,000,000 | |||||||||
Toronto-Dominion Bank (The) (1 mo. FEDL + 0.10%)(b)(d) | 0.18 | % | 09/06/2022 | 15,000 | 15,000,000 | |||||||||
United Overseas Bank Ltd.(b) | 0.18 | % | 06/01/2022 | 20,000 | 19,990,800 | |||||||||
Westpac Banking Corp.(b) | 0.20 | % | 06/17/2022 | 16,500 | 16,490,100 | |||||||||
Westpac Banking Corp.(b) | 0.27 | % | 10/13/2022 | 15,000 | 14,974,575 | |||||||||
241,401,461 | ||||||||||||||
Diversified Capital Markets-3.26% | ||||||||||||||
UBS AG(b) | 0.25 | % | 08/18/2022 | 20,000 | 19,976,389 | |||||||||
UBS AG (SOFR + 0.20%)(b)(d) | 0.25 | % | 10/14/2022 | 15,000 | 15,000,000 | |||||||||
34,976,389 | ||||||||||||||
Investment Banking & Brokerage-2.32% | ||||||||||||||
Goldman Sachs International(b) | 0.45 | % | 11/15/2022 | 25,000 | 24,919,062 | |||||||||
Regional Banks-0.93% | ||||||||||||||
ASB Finance Ltd.(b) | 0.21 | % | 07/08/2022 | 10,000 | 9,992,475 | |||||||||
Specialized Finance-1.86% | ||||||||||||||
Great Bear Funding LLC (OBFR + 0.15%)(d) | 0.22 | % | 07/01/2022 | 20,000 | 20,000,000 | |||||||||
Total Commercial Paper (Cost $446,289,387) | 446,289,387 | |||||||||||||
Certificates of Deposit-26.54% | ||||||||||||||
Agricultural Bank of China Ltd. (SOFR + 0.20%)(d) | 0.25 | % | 05/11/2022 | 5,000 | 5,000,000 | |||||||||
ANZ New Zealand (Int’l) Ltd. | 0.07 | % | 03/01/2022 | 30,000 | 30,000,000 | |||||||||
Bank of Nova Scotia (The) (SOFR + 0.11%)(d) | 0.16 | % | 04/20/2022 | 10,000 | 10,000,000 | |||||||||
Canadian Imperial Bank of Commerce (1 mo. FEDL + 0.10%)(d) | 0.18 | % | 06/08/2022 | 30,000 | 30,000,000 | |||||||||
DZ Bank AG Deutsche Zentral-Genossenschaftsbank | 0.06 | % | 03/01/2022 | 40,000 | 40,000,000 | |||||||||
Mizuho Bank Ltd. | 0.07 | % | 03/01/2022 | 35,000 | 35,000,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
3 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments–(continued)
February 28, 2022
(Unaudited)
Invesco Premier Portfolio–(continued)
Interest Rate | Maturity Date | Principal Amount (000) | Value | |||||||||||
Nordea Bank Abp | 0.06 | % | 03/01/2022 | $ | 40,000 | $ 40,000,000 | ||||||||
Oversea-Chinese Banking Corp. Ltd. | 0.19 | % | 04/20/2022 | 30,000 | 30,000,000 | |||||||||
Skandinaviska Enskilda Banken AB | 0.06 | % | 03/01/2022 | 40,000 | 40,000,000 | |||||||||
Svenska Handelsbanken AB | 0.06 | % | 03/01/2022 | 25,000 | 25,000,000 | |||||||||
Total Certificates of Deposit (Cost $285,000,000) | 285,000,000 | |||||||||||||
Variable Rate Demand Notes-7.94%(e) | ||||||||||||||
Credit Enhanced-7.94% | ||||||||||||||
Boulder (County of), CO (Imagine); Series 2006, VRD RB (LOC - Wells Fargo Bank N.A.)(f) | 0.30 | % | 02/01/2031 | 825 | 825,000 | |||||||||
Capital Area Housing Finance Corp. (Cypress Creek at River Apartments); Series 2006, VRD MFH RB (LOC - Citibank N.A.)(f)(g) | 0.23 | % | 10/01/2039 | 7,260 | 7,260,000 | |||||||||
Clackamas (County of), OR Hospital Facility Authority (Legacy Health System); Series 2008 A, VRD RB (LOC - U.S. Bank N.A.)(f) | 0.20 | % | 06/01/2037 | 1,550 | 1,550,000 | |||||||||
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(f) | 0.25 | % | 08/01/2037 | 2,145 | 2,145,000 | |||||||||
Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - Northern Trust Co. (The))(f) | 0.20 | % | 01/01/2037 | 2,600 | 2,600,000 | |||||||||
Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 B, VRD MFH RB (LOC - FHLB of Indianapolis)(f)(g) | 0.28 | % | 12/01/2039 | 100 | 100,000 | |||||||||
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank Nederland)(f) | 0.25 | % | 06/01/2035 | 6,000 | 6,000,000 | |||||||||
Iowa (State of) Finance Authority (CJ Bio America); Series 2021, Ref. VRD RB(b)(f) | 0.24 | % | 12/01/2041 | 2,195 | 2,195,000 | |||||||||
Jets Stadium Development LLC; Series 2007 A-4, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(b)(f) | 0.26 | % | 04/01/2047 | 20,800 | 20,800,000 | |||||||||
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui Banking Corp.)(b)(f) | 0.26 | % | 04/01/2047 | 3,900 | 3,900,000 | |||||||||
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank N.A.)(f) | 0.22 | % | 05/01/2037 | 11,000 | 11,000,000 | |||||||||
Marion (County of), OR Housing Authority (Residence at Marian Estates); Series 1997, VRD RB (LOC - U.S. Bank N.A.)(f)(g) | 0.24 | % | 07/01/2027 | 530 | 530,000 | |||||||||
Metropolitan Transportation Authority; Subseries 2020 B-1, Ref. VRD RB (LOC - PNC Bank N.A.)(f) | 0.19 | % | 11/15/2046 | 4,900 | 4,900,000 | |||||||||
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); Series 2010 E, VRD IDR | 0.22 | % | 12/01/2030 | 1,270 | 1,270,000 | |||||||||
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD RB (LOC - Swedbank AB)(f) | 0.28 | % | 07/01/2040 | 7,420 | 7,420,000 | |||||||||
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2008 B, Ref. VRD RB (LOC - Wells Fargo Bank N.A.)(f) | 0.20 | % | 07/01/2037 | 3,850 | 3,850,000 | |||||||||
Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD RB (CEP - FHLMC) | 0.26 | % | 05/01/2042 | 750 | 750,000 | |||||||||
University of Texas System Board of Regents; Subseries 2016 G-2, VRD RB | 0.16 | % | 08/01/2045 | 8,200 | 8,200,000 | |||||||||
Total Variable Rate Demand Notes (Cost $85,295,000) | 85,295,000 | |||||||||||||
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-76.04% |
| 816,584,387 | ||||||||||||
Repurchase Amount | ||||||||||||||
Repurchase Agreements-24.00%(h) | ||||||||||||||
BMO Capital Markets Corp., joint term agreement dated 02/22/2022, aggregate maturing value of $100,003,111 (collateralized by U.S government sponsored agency obligations, domestic agency and non-agency mortgage-backed securities, domestic non-agency asset-backed securities, domestic and foreign corporate obligations and U.S. Treasury obligations valued at $103,576,455; 0.00% - 8.88%; 04/25/2022 - 06/20/2071)(i) | 0.16 | % | 03/01/2022 | 12,000,373 | 12,000,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments–(continued)
February 28, 2022
(Unaudited)
Invesco Premier Portfolio–(continued)
Interest Rate | Maturity Date | Repurchase Amount | Value | |||||||||||||
| ||||||||||||||||
BMO Capital Markets Corp., joint term agreement dated 02/23/2022, aggregate maturing value of $150,004,958 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and U.S. Treasury obligations valued at $157,182,535; 0.00% - 8.20%; 02/13/2023 - 12/16/2062)(i) | 0.17 | % | 03/02/2022 | $ | 10,000,331 | $ | 10,000,000 | |||||||||
| ||||||||||||||||
BMO Capital Markets Corp., joint term agreement dated 02/23/2022, aggregate maturing value of $25,001,069 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic non-agency asset-backed securities, domestic and foreign corporate obligations and U.S. Treasury obligations valued at $26,546,588; 0.00% - 10.00%; 12/07/2021 - 12/20/2065)(i) | 0.22 | % | 03/02/2022 | 5,000,214 | 5,000,000 | |||||||||||
| ||||||||||||||||
Citigroup Global Markets, Inc., joint open agreement dated 10/06/2021 (collateralized by domestic and foreign non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $203,598,357; 1.17% - 7.06%; 10/25/2026 - 02/15/2039)(j) | 0.56 | % | 03/01/2022 | 7,003,020 | 7,000,000 | |||||||||||
| ||||||||||||||||
Citigroup Global Markets, Inc., joint open agreement dated 10/06/2021 (collateralized by U.S. government sponsored agency obligations, domestic non-agency asset-backed securities, domestic commercial paper, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $286,769,733; 0.00% - 8.25%; 09/13/2022 - 02/27/2062)(j) | 0.62 | % | 03/01/2022 | 18,008,605 | 18,000,000 | |||||||||||
| ||||||||||||||||
Credit Agricole Corporate & Investment Bank, joint term agreement dated 02/22/2022, aggregate maturing value of $240,006,067 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations, domestic non-agency mortgage-backed securities and U.S. Treasury obligations valued at $246,893,829; 0.00% - 7.75%; 04/07/2022 - 05/01/2079)(i) | 0.13 | % | 03/01/2022 | 15,000,379 | 15,000,000 | |||||||||||
| ||||||||||||||||
Credit Suisse Securities (USA) LLC, joint term agreement dated 02/23/2022, aggregate maturing value of $90,003,500 (collateralized by domestic agency and non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities and domestic and foreign corporate obligations valued at $98,998,378; 0.00% - 15.98%; 04/22/2022 - 09/27/2060)(i) | 0.20 | % | 03/02/2022 | 15,000,583 | 15,000,000 | |||||||||||
| ||||||||||||||||
J.P. Morgan Securities LLC, joint open agreement dated 04/28/2020 (collateralized by domestic and corporate obligations valued at $109,999,955; 0.00% - 10.88%; 04/30/2022 - 11/03/2037)(j) | 0.37 | % | 03/01/2022 | 35,010,072 | 35,000,000 | |||||||||||
| ||||||||||||||||
J.P. Morgan Securities LLC, open agreement dated 11/01/2021 (collateralized by a domestic agency mortgage-backed security and domestic non-agency mortgage-backed securities valued at $15,750,000; 0.10% - 3.50%; 02/15/2032 - 04/25/2056)(j) | 0.43 | % | 03/01/2022 | 15,005,004 | 15,000,000 | |||||||||||
| ||||||||||||||||
Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 02/23/2021 (collateralized by a domestic non-agency asset-backed security, domestic and foreign corporate obligations, domestic and foreign commercial paper and a U.S. Treasury obligation valued at $51,697,846; 0.00% - 8.50%; 03/01/2022 - 01/15/2082)(j) | 0.20 | % | 03/01/2022 | 18,002,800 | 18,000,000 | |||||||||||
| ||||||||||||||||
Mizuho Securities (USA) LLC, joint open agreement dated 12/30/2021 (collateralized by domestic and foreign equity securities valued at $52,500,215; 0.00%)(j) | 0.22 | % | 03/01/2022 | 15,000,092 | 15,000,000 | |||||||||||
| ||||||||||||||||
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic and foreign non-agency asset-backed securities, domestic and foreign corporate obligations and domestic non-agency mortgage-backed securities valued at $78,729,067; 0.34% - 13.00%; 03/15/2022 - 12/15/2072)(j) | 0.25 | % | 03/01/2022 | 28,000,194 | 28,000,000 | |||||||||||
| ||||||||||||||||
Societe Generale, joint open agreement dated 08/20/2021 (collateralized by a domestic non-agency asset-backed security, domestic and foreign corporate obligations and a domestic non-agency mortgage-backed security valued at $91,931,202; 0.98% - 10.13%; 01/05/2023 - 03/11/2061)(j) | 0.18 | % | 03/01/2022 | 25,000,125 | 25,000,000 | |||||||||||
| ||||||||||||||||
Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2022, aggregate maturing value of $2,300,003,833 (collateralized by domestic agency mortgage-backed securities valued at $2,346,000,000; 2.00% - 5.00%; 12/15/2039 - 02/01/2052) | 0.06 | % | 03/01/2022 | 39,745,751 | 39,745,685 | |||||||||||
| ||||||||||||||||
Total Repurchase Agreements (Cost $257,745,685) | 257,745,685 | |||||||||||||||
| ||||||||||||||||
TOTAL INVESTMENTS IN SECURITIES(k)(l)-100.04% (Cost $1,074,330,072) |
| 1,074,330,072 | ||||||||||||||
| ||||||||||||||||
OTHER ASSETS LESS LIABILITIES-(0.04)% | (440,314 | ) | ||||||||||||||
| ||||||||||||||||
NET ASSETS-100.00% | $ | 1,073,889,758 | ||||||||||||||
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Schedule of Investments–(continued)
February 28, 2022
(Unaudited)
Invesco Premier Portfolio–(continued)
Investment Abbreviations: | ||
CEP | -Credit Enhancement Provider | |
FEDL | -Federal Funds Effective Rate | |
FHLB | -Federal Home Loan Bank | |
FHLMC | -Federal Home Loan Mortgage Corp. | |
IDR | -Industrial Development Revenue Bonds | |
LOC | -Letter of Credit | |
MFH | -Multi-Family Housing | |
OBFR | -Overnight Bank Funding Rate | |
RB | -Revenue Bonds | |
Ref. | -Refunding | |
SOFR | -Secured Overnight Financing Rate | |
VRD | -Variable Rate Demand |
Notes to Schedule of Investments:
(a) | Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
(b) | Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at February 28, 2022 was $453,184,387, which represented 42.20% of the Fund’s Net Assets. |
(c) | The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: Canada: 14.6%; France: 13.8%; Japan: 9.6%; Sweden: 8.6%; Australia: 7.6%; other countries less than 5% each: 28.7%. |
(d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 28, 2022. |
(e) | 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, 2022. |
(f) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
(g) | Security subject to the alternative minimum tax. |
(h) | Principal amount equals value at period end. See Note 1I. |
(i) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
(j) | Either party may terminate the agreement upon demand. Interest rate, principal amount and collateral are redetermined periodically. The Maturity Date represents the next reset date, and the Repurchase Amount is calculated based on the next reset date. |
(k) | Also represents cost for federal income tax purposes. |
(l) | Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations. No concentration of any single entity was greater than 5% each. |
Portfolio Composition by Maturity*
In days, as of 02/28/2022
1-7 | 47.8 | % | ||
8-30 | 7.4 | |||
31-60 | 13.5 | |||
61-90 | 2.8 | |||
91-180 | 17.5 | |||
181+ | 11.0 |
* | 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. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Statement of Assets and Liabilities
February 28, 2022
(Unaudited)
Invesco Premier | ||||||||
Portfolio | ||||||||
|
|
| ||||||
Assets: | ||||||||
Investments in unaffiliated securities, at value | $ | 816,584,387 | ||||||
|
|
| ||||||
Repurchase agreements, at value and cost | 257,745,685 | |||||||
|
|
| ||||||
Receivable for: | ||||||||
Fund shares sold | 99,217 | |||||||
|
|
| ||||||
Interest | 104,984 | |||||||
|
|
| ||||||
Fund expenses absorbed | 58,010 | |||||||
|
|
| ||||||
Total assets | 1,074,592,283 | |||||||
|
|
| ||||||
Liabilities: | ||||||||
Payable for: | ||||||||
Fund shares reacquired | 479,665 | |||||||
|
|
| ||||||
Amount due custodian | 376 | |||||||
|
|
| ||||||
Dividends | 14,480 | |||||||
|
|
| ||||||
Accrued fees to affiliates | 207,990 | |||||||
|
|
| ||||||
Accrued operating expenses | 14 | |||||||
|
|
| ||||||
Total liabilities | 702,525 | |||||||
|
|
| ||||||
Net assets applicable to shares outstanding | $ | 1,073,889,758 | ||||||
|
|
| ||||||
Net assets consist of: | ||||||||
Shares of beneficial interest | $ | 1,073,734,194 | ||||||
|
|
| ||||||
Distributable earnings | 155,564 | |||||||
|
|
| ||||||
$ | 1,073,889,758 | |||||||
|
|
| ||||||
Net Assets: | ||||||||
Investor Class | $ | 41,704,066 | ||||||
|
|
| ||||||
Institutional Class | $ | 1,023,150,325 | ||||||
|
|
| ||||||
Private Investment Class | $ | 111,973 | ||||||
|
|
| ||||||
Personal Investment Class | $ | 6,073,265 | ||||||
|
|
| ||||||
Reserve Class | $ | 10,293 | ||||||
|
|
| ||||||
Resource Class | $ | 2,839,836 | ||||||
|
|
| ||||||
Shares outstanding, no par value, | ||||||||
Investor Class | 41,687,460 | |||||||
|
|
| ||||||
Institutional Class | 1,022,737,377 | |||||||
|
|
| ||||||
Private Investment Class | 111,929 | |||||||
|
|
| ||||||
Personal Investment Class | 6,071,083 | |||||||
|
|
| ||||||
Reserve Class | 10,289 | |||||||
|
|
| ||||||
Resource Class | 2,838,591 | |||||||
|
|
| ||||||
Net asset value, offering and redemption price per share for each class | $ | 1.00 | ||||||
|
|
| ||||||
Cost of Investments | $ | 1,074,330,072 | ||||||
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Statement of Operations
For the six months ended February 28, 2022
(Unaudited)
Invesco Premier | ||||||
Portfolio | ||||||
|
|
| ||||
Investment income: | ||||||
Interest | $ | 1,038,402 | ||||
|
|
| ||||
Expenses: | ||||||
Advisory fees | 1,409,765 | |||||
|
|
| ||||
Distribution fees: | ||||||
Private Investment Class | 187 | |||||
|
|
| ||||
Personal Investment Class | 22,290 | |||||
|
|
| ||||
Reserve Class | 45 | |||||
|
|
| ||||
Resource Class | 2,478 | |||||
|
|
| ||||
Total expenses | 1,434,765 | |||||
|
|
| ||||
Less: Fees waived | (465,149) | |||||
|
|
| ||||
Net expenses | 969,616 | |||||
|
|
| ||||
Net investment income | 68,786 | |||||
|
|
| ||||
Net realized gain from unaffiliated investment securities | 2,613 | |||||
|
|
| ||||
Net increase in net assets resulting from operations | $ | 71,399 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Statement of Changes in Net Assets
For the six months ended February 28, 2022 and the year ended August 31, 2021
(Unaudited)
Invesco Premier Portfolio | ||||||||||||
February 28, | August 31, | |||||||||||
2022 | 2021 | |||||||||||
|
|
|
|
| ||||||||
Operations: | ||||||||||||
Net investment income | $ | 68,786 | $ | 1,038,037 | ||||||||
|
|
| ||||||||||
Net realized gain | 2,613 | 2,360 | ||||||||||
|
|
| ||||||||||
Net increase in net assets resulting from operations | 71,399 | 1,040,397 | ||||||||||
|
|
| ||||||||||
Distributions to shareholders from distributable earnings: | ||||||||||||
Investor Class | (2,538 | ) | (49,168 | ) | ||||||||
|
|
| ||||||||||
Institutional Class | (65,616 | ) | (987,703 | ) | ||||||||
|
|
| ||||||||||
Private Investment Class | (8 | ) | (29 | ) | ||||||||
|
|
| ||||||||||
Personal Investment Class | (460 | ) | (807 | ) | ||||||||
|
|
| ||||||||||
Reserve Class | (2 | ) | (4 | ) | ||||||||
|
|
| ||||||||||
Resource Class | (162 | ) | (326 | ) | ||||||||
|
|
| ||||||||||
Total distributions from distributable earnings | (68,786 | ) | (1,038,037 | ) | ||||||||
|
|
| ||||||||||
Share transactions-net: | ||||||||||||
Investor Class | (3,322,377 | ) | (48,888,463 | ) | ||||||||
|
|
| ||||||||||
Institutional Class | (159,305,972 | ) | (377,177,595 | ) | ||||||||
|
|
| ||||||||||
Private Investment Class | (50,068 | ) | (199,975 | ) | ||||||||
|
|
| ||||||||||
Personal Investment Class | (4,754,704 | ) | 2,627,209 | |||||||||
|
|
| ||||||||||
Resource Class | (341,355 | ) | (49,679 | ) | ||||||||
|
|
| ||||||||||
Net increase (decrease) in net assets resulting from share transactions | (167,774,476 | ) | (423,688,503 | ) | ||||||||
|
|
| ||||||||||
Net increase (decrease) in net assets | (167,771,863 | ) | (423,686,143 | ) | ||||||||
|
|
| ||||||||||
Net assets: | ||||||||||||
Beginning of period | 1,241,661,621 | 1,665,347,764 | ||||||||||
|
|
| ||||||||||
End of period | $ | 1,073,889,758 | $ | 1,241,661,621 | ||||||||
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
(Unaudited)
The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.
Reserve Class
Ratio of | Ratio of | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
expenses | expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
to average | to average net | Ratio of net | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net asset | Dividends | net assets | assets without | investment | |||||||||||||||||||||||||||||||||||||||||||||||||||
value, | Net | Net gains | Total from | from net | Net asset | Net assets, | with fee waivers | fee waivers | income (loss) | ||||||||||||||||||||||||||||||||||||||||||||||
beginning | investment | on securities | investment | investment | value, end | Total | end of period | and/or expense | and/or expense | to average | |||||||||||||||||||||||||||||||||||||||||||||
of period | income (loss)(a) | (realized) | operations | income | of period | return(b) | (000’s omitted) | reimbursements | reimbursements | net assets | |||||||||||||||||||||||||||||||||||||||||||||
Invesco Premier Portfolio | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six months ended 02/28/22 | $1.00 | $ 0.00 | $0.00 | $0.00 | $(0.00) | $1.00 | 0.01 | % | $10 | 0.17 | %(c) | 1.12 | %(c) | 0.01 | %(c) | ||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/21 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | 1.00 | 0.01 | 10 | 0.20 | 1.12 | 0.05 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/20 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | 1.00 | 0.54 | 10 | 0.84 | 1.12 | 0.56 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/19 | 1.00 | 0.02 | 0.00 | 0.02 | (0.02) | 1.00 | 1.56 | 10 | 1.05 | 1.12 | 1.50 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/18 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | 1.00 | 0.73 | 10 | 1.05 | 1.12 | 0.76 | ||||||||||||||||||||||||||||||||||||||||||||
Year ended 08/31/17(d) | 1.00 | (0.00 | ) | 0.00 | 0.00 | (0.00) | 1.00 | 0.15 | 10 | 0.88 | 1.12 | (0.07 | ) |
(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 September 1, 2016. |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
February 28, 2022
(Unaudited)
NOTE 1–Significant Accounting Policies
Invesco Premier Portfolio (the “Fund”) is a series of AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of two separate portfolios and authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of the portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting the portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.
The Fund’s investment objective is to provide current income consistent with preservation of capital and liquidity.
The Fund currently consists of six classes of shares: Investor Class, Institutional Class, Private Investment Class, Personal Investment Class, Reserve Class and Resource Class. Investor Class shares of the Fund are available only to certain investors. Each class of shares is sold at net asset value.
The Fund is an investment company and accordingly follows the investment company accounting and reporting guidance in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 946, Financial Services – Investment Companies.
The Fund is a “retail money market fund” as defined in Rule 2a-7 under the 1940 Act, and seeks to maintain a stable or constant NAV of $1.00 per share using an amortized cost method of valuation. “Retail money market funds” are required to adopt policies and procedures reasonably designed to limit investments in the Fund to accounts beneficially owned by natural persons.
The Fund may impose a fee upon the sale of shares or may temporarily suspend the ability to sell shares if the Fund’s liquidity falls below required minimums or because of market conditions or other factors.
The following is a summary of the significant accounting policies followed by the Fund in the preparation of their financial statements.
A. | Security Valuations – The Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. 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.
The 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 Fund 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 Fund may periodically participate in litigation related to the Fund’s investments. As such, the Fund 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 Statement of Operations and the Statement 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 the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and the Statement 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 Fund and the investment adviser.
The Fund allocates realized capital gains and losses to a class based on the relative net assets of the class. The Fund allocates income to a class based on the relative value of the settled shares of the 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 and the country that has the primary market for the issuer’s securities, 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 daily and pay dividends on the first business day of the following month. The Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually. |
E. | Federal Income Taxes – The Fund intends 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 Fund’s taxable earnings to shareholders. As such, the Fund 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 Fund recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the 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.
11 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally, the 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. All other expenses are allocated among the classes based on relative net assets. |
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. | 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 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 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. |
J. | Other Risks - 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.
K. | COVID-19 Risk - The COVID-19 strain of coronavirus has resulted in instances of market closures and dislocations, extreme volatility, liquidity constraints and increased trading costs. Efforts to contain its spread have resulted in travel restrictions, disruptions of healthcare systems, business operations (including business closures) and supply chains, layoffs, lower consumer demand and employee availability, and defaults and credit downgrades, among other significant economic impacts that have disrupted global economic activity across many industries. Such economic impacts may exacerbate other pre-existing political, social and economic risks locally or globally and cause general concern and uncertainty. |
The full economic impact and ongoing effects of COVID-19 (or other future epidemics or pandemics) at the macro-level and on individual businesses are unpredictable and may result in significant and prolonged effects on the Fund’s performance.
NOTE 2–Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with Invesco Advisers, Inc. (the “Adviser” or “Invesco”). 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 of 0.25% of the Fund’s average daily net assets. Pursuant to the master investment advisory agreement, the Adviser bears all expenses incurred by the Fund in connection with its operations, except for (1) interest, taxes and extraordinary items such as litigation costs; (2) brokers’ commissions, issue and transfer taxes, and other costs chargeable to the Fund in connection with securities transactions to which the Fund is a party or in connection with securities owned by the Fund; and (3) other expenditures which are capitalized in accordance with generally accepted accounting principles applicable to investment companies.
Under the terms of a master sub-advisory agreement between the Adviser to the Fund and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Inc., Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. and 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 Fund, 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 the Fund based on the percentage of assets allocated to such Sub-Adviser(s).
The Adviser has contractually agreed, through at least December 31, 2022, to waive advisory fees equal to 0.07% of the average daily net assets of the Fund.
For the six months ended February 28, 2022, the Adviser waived advisory fees and/or reimbursed Fund expenses in the following amounts:
Invesco Premier Portfolio | $394,901 |
12 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Further, Invesco and/or Invesco Distributors, Inc. (“IDI”) voluntarily waived fees and/or reimbursed expenses in order to increase the yields of the Fund. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors. Voluntary fee waivers for the six months ended February 28, 2022 are shown below:
Private | Personal | |||||||||
Investment | Investment | Reserve | Resource | |||||||
Fund Level | Class | Class | Class | Class | ||||||
Invesco Premier Portfolio | $45,340 | $187 | $22,229 | $45 | $2,447 |
The Trust has entered into a master administrative services agreement with Invesco to provide accounting services to the Fund. The Trust has also entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) to provide transfer agency and shareholder services to the Fund. Invesco and IIS do not charge the Fund any fees under these agreements. 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 master distribution agreements with IDI to serve as the distributor for the Investor Class, Institutional Class, Personal Investment Class, Private Investment Class, Reserve Class and Resource Class shares. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Personal Investment Class, Private Investment Class, Reserve Class and Resource Class shares (collectively, the “Plans”). The Fund, pursuant to the Plans, pays IDI compensation at the annual rate of 0.55% of the Fund’s average daily net assets of Personal Investment Class shares, 0.30% of the average daily net assets of Private Investment Class shares, 0.87% of the average daily net assets of Reserve Class shares and 0.16% of the average daily net assets of Resource Class shares. 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 shares 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 the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges, that may be paid by any class of shares of the Fund. For the six months ended February 28, 2022, expenses incurred under the plans are shown in the Statement of Operations as Distribution fees.
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 or are unreliable. 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 Fund’s own 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, 2022, 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–Security Transactions with Affiliated Funds
The Fund is permitted to purchase or sell securities from or to certain other Invesco Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended February 28, 2022, the Fund engaged in securities purchases of $115,591,084 and securities sales of $84,848,987, which did not result in any net realized gains (losses).
NOTE 5–Trustees’ and Officers’ Fees and Benefits
Remuneration is paid to certain Trustees and Officers of the Trust. Trustees have the option to defer their compensation. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested.
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 that also participate in a retirement plan and receive benefits under such plan. The Fund’s allocable portion of the remuneration paid to the Trustees, including its allocable portion of the fees and benefits of the deferred compensation plan and retirement plan are paid by Invesco and not by the Trust.
13 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
NOTE 6–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 7–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 carryforwards in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.
The Fund did not have any capital loss carryforward as of August 31, 2021.
NOTE 8–Share Information
Invesco Premier Portfolio
Summary of Share Activity | ||||||||||||||||
| ||||||||||||||||
Six months ended February 28, 2022(a) | Year ended August 31, 2021 | |||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||
| ||||||||||||||||
Sold: | ||||||||||||||||
Investor Class | 14,524,146 | $ | 14,524,146 | 50,561,292 | $ | 50,561,292 | ||||||||||
| ||||||||||||||||
Institutional Class | 306,097,474 | 306,097,474 | 1,226,387,874 | 1,226,387,874 | ||||||||||||
| ||||||||||||||||
Personal Investment Class | 1,565,654 | 1,565,654 | 10,930,201 | 10,930,201 | ||||||||||||
| ||||||||||||||||
Issued as reinvestment of dividends: | ||||||||||||||||
Investor Class | 2,311 | 2,311 | 44,582 | 44,582 | ||||||||||||
| ||||||||||||||||
Institutional Class | 56,003 | 56,003 | 987,703 | 987,703 | ||||||||||||
| ||||||||||||||||
Private Investment Class | 4 | 4 | 25 | 25 | ||||||||||||
| ||||||||||||||||
Personal Investment Class | 460 | 460 | 783 | 783 | ||||||||||||
| ||||||||||||||||
Resource Class | 162 | 162 | 321 | 321 | ||||||||||||
| ||||||||||||||||
Reacquired: | ||||||||||||||||
Investor Class | (17,848,834 | ) | (17,848,834 | ) | (99,494,337 | ) | (99,494,337 | ) | ||||||||
| ||||||||||||||||
Institutional Class | (465,459,449 | ) | (465,459,449 | ) | (1,604,553,172 | ) | (1,604,553,172 | ) | ||||||||
| ||||||||||||||||
Private Investment Class | (50,072 | ) | (50,072 | ) | (200,000 | ) | (200,000 | ) | ||||||||
| ||||||||||||||||
Personal Investment Class | (6,320,818 | ) | (6,320,818 | ) | (8,303,775 | ) | (8,303,775 | ) | ||||||||
| ||||||||||||||||
Resource Class | (341,517 | ) | (341,517 | ) | (50,000 | ) | (50,000 | ) | ||||||||
| ||||||||||||||||
Net increase (decrease) in share activity | (167,774,476 | ) | $ | (167,774,476 | ) | (423,688,503 | ) | $ | (423,688,503 | ) | ||||||
|
(a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 71% 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. |
14 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Calculating your ongoing Fund expenses
Example
As a shareholder in the Reserve Class, you incur ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period September 1, 2021 through February 28, 2022.
Actual expenses
The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes
The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.
The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.
ACTUAL | HYPOTHETICAL (5% annual return before expenses) | |||||||||||
Beginning | Ending | Expenses | Ending | Expenses | Annualized | |||||||
Account Value | Account Value | Paid During | Account Value | Paid During | Expense | |||||||
Reserve Class | (09/01/21) | (02/28/22)1 | Period2 | (02/28/22) | Period2 | Ratio | ||||||
Invesco Premier | $1,000.00 | $1,000.10 | $0.84 | $1,023.95 | $0.85 | 0.17% | ||||||
Portfolio |
1 | The actual ending account value is based on the actual total return of the Fund for the period September 1, 2021 through February 28, 2022, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
2 | Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 181/365 to reflect the most recent fiscal half year. |
15 | AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust) |
Invesco mailing information
Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
Important notice regarding delivery of security holder documents
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact 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.
Fund holdings and proxy voting information
The Fund provides a complete list of its portfolio holdings in various monthly and quarterly regulatory filings. The Fund files a complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) monthly on Form N-MFP. For the second and fourth quarters, the list appears, respectively, in the Fund’s semiannual and annual reports to shareholders. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-MFP filings on the SEC website, sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/corporate/about-us/esg. The information is also available on the SEC website, sec.gov.
Information regarding how the Fund voted proxies related to its portfolio securities during the most recent 12-month period ended June 30 is available at invesco.com/proxysearch. This information is also available on the SEC website, sec.gov.
Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institutional clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail mutual funds, exchange-traded funds and institutional money market funds. Both are wholly owned, indirect subsidiaries of Invesco Ltd.
SEC file numbers: 811-05460 and 033-19862 | Invesco Distributors, Inc. | CM-I-TST-SAR-7 |
ITEM 2. | CODE OF ETHICS. |
Not applicable for a semi-annual report.
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable.
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
Not applicable.
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
ITEM 6. | SCHEDULE OF INVESTMENTS. |
Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
None.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | As of April 19, 2022, 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 Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of April 19, 2022, the Registrant’s disclosure controls and procedures were reasonably designed so as 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 12. | DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
ITEM 13. | EXHIBITS. |
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: AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust)
By: | /s/ Sheri Morris | |
Sheri Morris | ||
Principal Executive Officer | ||
Date: | May 6, 2022 |
Pursuant to the requirements of the Securities and 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/ Sheri Morris | |
Sheri Morris | ||
Principal Executive Officer | ||
Date: | May 6, 2022 |
By: | /s/ Adrien Deberghes | |
Adrien Deberghes | ||
Principal Financial Officer | ||
Date: | May 6, 2022 |