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 |
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Date of reporting period: | 2/29/20 |
|
|
Item 1. Report to Stockholders.
Semiannual Report to Shareholders | February 29, 2020 |
Investor Class
AIM Treasurer's Series Trust
(Invesco Treasurer's Series Trust)
Invesco Premier Portfolio
Invesco Premier U.S. Government Money Portfolio
Invesco Premier Tax-Exempt Portfolio
23 Notes to Financial Statements
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund's website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at invesco.com/edelivery.
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 959-4246 to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.
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 29, 2020, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
Fund Data
Investor Class data as of 2/29/20
FUND |
| WEIGHTED |
| WEIGHTED | TOTAL |
|
| AVERAGE |
| AVERAGE | NET |
|
| MATURITY |
| LIFE | ASSETS |
|
| Range | At | At |
|
|
| During | Reporting | Reporting |
|
| Reporting | Period | Period |
| |
|
| Period | End | End |
|
Invesco Premier1 | 23 | - 45 days | 38 days | 78 days | $127.1 million |
Invesco Premier U.S. Government |
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|
|
|
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Money2 | 6 | - 33 days | 24 days | 115 days | 58.0 million |
Invesco Premier Tax-Exempt3 | 7 | - 13 days | 13 days | 12 days | 14.3 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 secu- rity's percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand fea- ture 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 condi- tions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Cor- poration 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 finan- cial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
3 You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares 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 guar- anteed 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 finan- cial 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.
2AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Letters to Shareholders
Dear Fellow Shareholders:
As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco's mutual funds. We work hard to repre- sent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited
to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team's investment performance within the context of the investment strategy described in the fund's prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
We believe one of the most important services we provide our fund shareholders is the annual review of the funds' advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a rea- sonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.
Sincerely,
Bruce L. Crockett
Independent Chair
Invesco Funds Board of Trustees
Dear Shareholders:
This semiannual report covers the six-month reporting period ended February 29, 2020. As always, we thank you for investing with us. By investing in a combination of short-term securities and securi- ties with slightly longer maturities, each Fund continued to preserve safety of principal and maintain a relatively high level of liquidity while offering competitive returns.
After raising interest rates multiple times in 2018, the US Federal Reserve (the Fed) adopted a more accommodative monetary policy during 2019. During the six-month reporting period, the Fed cut the federal funds rate by 0.25% in September and October 2019, respectively. This left the fed- eral funds target range at 1.50% to 1.75% at the end of the reporting period. In the beginning of 2020, markets saw an increase in volatility as a result of the impact of the Coronavirus (COVID-19). This has caused the outlook for the Fed to shift from a neutral policy during 2020 to a higher possi-
bility of several rate cuts. Rate cuts by the Fed would likely cause yields on government money market funds to decrease as a result.
One of the major developments impacting money market funds and the money market industry during the reporting period was the volatility in the short-term funding markets. October 2019, the Fed directed the Federal Reserve Bank of New York Trading Desk (the Desk) to purchase $60 billion per month in short-term Treasury Bills at least into the second quarter of 2020 to maintain sufficient reserve balances. This resulted in the flattening of the US Treasury curve and the stabilization of the repur- chase agreement operations (repo) markets.
Invesco Global Liquidity is part of Invesco Ltd., one of the world's largest independent asset management companies. Invesco Global Liquidity takes a long-term approach to short-term investing. Our unrelenting focus on preservation of capital, daily liquid- ity and competitive yield is implemented through repeatable, time-tested processes.
Again, thank you for investing with us.
Sincerely,
Andrew Schlossberg
Head of the Americas,
Senior Managing Director, Invesco Ltd.
3AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments
February 29, 2020 (Unaudited)
Invesco Premier Portfolio
|
|
|
| Principal |
|
|
| Interest | Maturity |
| Amount |
|
|
| Rate | Date |
| (000) |
| Value |
Commercial Paper-46.20%(a) |
|
|
|
|
|
|
Asset-Backed Securities - Fully Supported-5.67% |
|
|
|
|
|
|
Atlantic Asset Securitization LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 1.65% | 07/23/2020 | $ | 44,000 | $ | 43,711,360 |
Kells Funding LLC (CEP - FMS Wertmanagement)(c) | 2.06% | 03/03/2020 |
| 10,000 |
| 9,998,867 |
Kells Funding LLC (CEP - FMS Wertmanagement)(c) | 1.71% | 05/12/2020 |
| 20,000 |
| 19,932,000 |
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)(b)(c) | 2.01% | 03/10/2020 |
| 7,500 |
| 7,496,250 |
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.) (1 mo. USD LIBOR + 0.25%)(c)(d) | 1.96% | 04/01/2020 |
| 25,000 |
| 25,000,000 |
|
|
|
|
|
| 106,138,477 |
|
|
|
|
|
|
|
Asset-Backed Securities - Fully Supported Bank-14.57% |
|
|
|
|
|
|
Anglesea Funding LLC (Multi - CEP's)(b)(c) | 1.72% | 04/02/2020 |
| 30,650 |
| 30,603,276 |
Anglesea Funding LLC (Multi - CEP's) (1 wk. USD LIBOR + 0.10%)(c)(d) | 1.68% | 08/14/2020 |
| 10,000 |
| 10,000,000 |
Bedford Row Funding Corp. (CEP - Royal Bank of Canada) (3 mo. USD LIBOR + 0.12%)(c)(d) | 2.03% | 12/07/2020 |
| 35,000 |
| 35,000,000 |
Cancara Asset Securitization LLC (CEP - Lloyds Bank LLC)(c) | 1.79% | 06/08/2020 |
| 20,000 |
| 19,902,100 |
Chesham Finance LLC (Multi - CEP's)(b)(c) | 1.62% | 03/02/2020 |
| 25,000 |
| 24,998,875 |
Crown Point Capital Co. LLC (CEP - Credit Suisse AG) (1 mo. USD LIBOR + 0.15%)(b)(c)(d) | 1.81% | 04/08/2020 |
| 35,000 |
| 35,000,000 |
Halkin Finance LLC (Multi - CEP's)(b)(c) | 1.62% | 03/02/2020 |
| 32,500 |
| 32,498,538 |
Institutional Secured Funding LLC (Multi - CEP's)(b)(c) | 1.70% | 03/02/2020 |
| 30,000 |
| 29,998,583 |
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c) | 1.95% | 04/14/2020 |
| 15,000 |
| 14,964,433 |
Mountcliff Funding LLC (Multi - CEP's)(c) | 1.95% | 05/08/2020 |
| 10,000 |
| 10,000,000 |
Mountcliff Funding LLC (Multi - CEP's)(b)(c) | 1.70% | 06/19/2020 |
| 30,000 |
| 30,000,000 |
|
|
|
|
|
| 272,965,805 |
|
|
|
|
|
|
|
Diversified Banks-20.92% |
|
|
|
|
|
|
Banco Santander S.A.(b)(c) | 1.66% | 04/21/2020 |
| 25,000 |
| 24,941,562 |
Bank of China Ltd.(c) | 2.30% | 04/02/2020 |
| 25,000 |
| 24,949,111 |
Bank of China Ltd.(c) | 2.03% | 04/07/2020 |
| 20,000 |
| 19,958,478 |
Barclays Bank PLC | 1.69% | 05/28/2020 |
| 25,000 |
| 24,897,333 |
BPCE S.A.(b)(c) | 2.02% | 05/19/2020 |
| 15,000 |
| 14,934,167 |
China Construction Bank Corp.(b)(c) | 2.26% | 04/08/2020 |
| 10,000 |
| 9,976,250 |
China Construction Bank Corp.(b)(c) | 1.95% | 04/13/2020 |
| 7,570 |
| 7,552,459 |
China Construction Bank Corp.(b)(c) | 1.91% | 05/05/2020 |
| 10,000 |
| 9,965,694 |
China Construction Bank Corp.(b)(c) | 1.93% | 05/08/2020 |
| 20,000 |
| 19,927,467 |
Commonwealth Bank of Australia (3 mo. USD LIBOR + 0.07%)(b)(c)(d) | 1.97% | 10/06/2020 |
| 15,000 |
| 15,000,000 |
Commonwealth Bank of Australia (3 mo. USD LIBOR + 0.12%)(b)(c)(d) | 1.85% | 11/09/2020 |
| 25,000 |
| 25,000,000 |
HSBC Bank PLC (3 mo. USD LIBOR + 0.07%)(c)(d) | 1.98% | 07/02/2020 |
| 50,000 |
| 50,000,000 |
Mitsubishi UFJ Trust & Banking Corp.(b)(c) | 1.71% | 05/04/2020 |
| 25,000 |
| 24,924,444 |
National Australia Bank Ltd. (3 mo. USD LIBOR + 0.12%)(c)(d) | 2.01% | 12/11/2020 |
| 50,000 |
| 50,000,000 |
Oversea-Chinese Banking Corp. Ltd.(b)(c) | 1.96% | 04/23/2020 |
| 20,000 |
| 19,942,878 |
Royal Bank of Canada (3 mo. USD LIBOR + 0.05%)(b)(c)(d) | 1.96% | 04/01/2020 |
| 20,000 |
| 20,000,000 |
Sumitomo Mitsui Trust Bank Ltd.(b)(c) | 1.69% | 04/14/2020 |
| 10,000 |
| 9,979,467 |
Toronto-Dominion Bank (The) (3 mo. USD LIBOR + 0.10%)(b)(c)(d) | 2.04% | 09/15/2020 |
| 20,000 |
| 20,000,000 |
|
|
|
|
|
| 391,949,310 |
Diversified Capital Markets-2.91% |
|
|
|
|
|
|
Glencove Funding DAC (CEP - JPMorgan Chase Bank N.A.) (3 mo. USD LIBOR + 0.12%)(c)(d) | 2.07% | 03/26/2020 |
| 30,000 |
| 30,000,000 |
UBS AG(b)(c) | 1.85% | 01/15/2021 |
| 25,000 |
| 24,595,555 |
|
|
|
|
|
| 54,595,555 |
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments—(continued)
Invesco Premier Portfolio
|
|
|
| Principal |
|
|
| Interest | Maturity |
| Amount |
|
|
| Rate | Date |
| (000) |
| Value |
Regional Banks-2.13% |
|
|
|
|
|
|
ASB Finance Ltd. (1 mo. USD LIBOR + 0.20%)(c)(d) | 2.23% | 04/14/2020 | $ | 20,000 | $ | 19,998,589 |
Banque et Caisse d'Epargne de l'Etat(c) | 2.16% | 03/02/2020 |
| 20,000 |
| 19,998,817 |
|
|
|
|
|
| 39,997,406 |
|
|
|
|
|
|
|
Total Commercial Paper (Cost $865,646,553) |
|
|
|
|
| 865,646,553 |
|
|
|
|
|
|
|
Certificates of Deposit-19.60%
Australia & New Zealand Banking Group Ltd. (3 mo. USD LIBOR + 0.05%)(c)(d) | 2.00% | 03/31/2020 | 21,000 | 20,999,966 |
Bank of Montreal (3 mo. USD LIBOR + 0.06%)(c)(d) | 1.97% | 04/01/2020 | 25,000 | 25,000,000 |
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.05%)(c)(d) | 1.96% | 04/01/2020 | 25,000 | 25,000,000 |
Bank of Nova Scotia (The) (Federal Funds Rate + 0.26%)(c)(d) | 1.85% | 06/26/2020 | 15,000 | 15,000,000 |
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.13%)(c)(d) | 1.84% | 11/13/2020 | 10,000 | 10,000,000 |
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.13%)(c)(d) | 1.82% | 11/16/2020 | 10,000 | 10,000,000 |
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.26%)(c)(d) | 1.85% | 07/01/2020 | 20,000 | 20,000,000 |
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.36%)(c)(d) | 1.95% | 09/01/2020 | 11,000 | 11,000,000 |
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.36%)(c)(d) | 1.95% | 09/18/2020 | 20,000 | 20,000,000 |
Credit Agricole Corporate & Investment Bank S.A.(c) | 1.57% | 03/02/2020 | 10,273 | 10,273,161 |
DZ Bank AG Deutsche Zentral-Genossenschaftsbank(c) | 1.73% | 08/04/2020 | 10,000 | 9,925,896 |
Industrial & Commercial Bank of China Ltd.(c) | 1.95% | 04/09/2020 | 25,000 | 25,000,000 |
Industrial & Commercial Bank of China Ltd.(c) | 1.84% | 04/29/2020 | 25,000 | 25,000,000 |
Industrial & Commercial Bank of China Ltd.(c) | 1.84% | 05/04/2020 | 10,000 | 10,000,000 |
Mizuho Bank Ltd.(c) | 1.58% | 03/02/2020 | 20,000 | 20,000,000 |
Natixis S.A. (3 mo. USD LIBOR + 0.10%)(c)(d) | 1.80% | 08/14/2020 | 15,000 | 15,000,000 |
Natixis S.A. (3 mo. USD LIBOR + 0.11%)(c)(d) | 2.02% | 10/02/2020 | 15,000 | 15,000,000 |
Norinchukin Bank (The)(c) | 1.65% | 03/11/2020 | 25,000 | 25,000,000 |
Oversea-Chinese Banking Corp. Ltd.(c) | 1.71% | 07/24/2020 | 25,000 | 25,000,974 |
Toronto-Dominion Bank (The) (Federal Funds Rate + 0.26%)(c)(d) | 1.85% | 06/30/2020 | 10,000 | 10,000,000 |
Toronto-Dominion Bank (The) (SOFR + 0.42%)(c)(d) | 2.06% | 09/30/2020 | 20,000 | 20,000,000 |
Total Certificates of Deposit (Cost $367,199,997) |
|
|
| 367,199,997 |
|
|
|
|
|
Variable Rate Demand Notes-3.19%(e)
Credit Enhanced-3.10% |
|
|
|
|
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, |
|
|
|
|
VRD RB (LOC - PNC Bank, N.A.)(f) | 1.15% | 06/01/2037 | 1,165 | 1,165,000 |
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank, |
|
|
|
|
N.A.)(f) | 1.19% | 02/15/2042 | 1,895 | 1,895,000 |
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo |
|
|
|
|
Bank, N.A.)(f) | 1.23% | 08/01/2037 | 3,160 | 3,160,000 |
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - |
|
|
|
|
Rabobank Nederland)(c)(f) | 1.35% | 06/01/2035 | 1,100 | 1,100,000 |
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui |
|
|
|
|
Banking Corp.)(b)(c)(f) | 1.36% | 04/01/2047 | 3,900 | 3,900,000 |
Jets Stadium Development LLC; Series 2014 A-4C, VRD Bonds (LOC - Sumitomo Mitsui |
|
|
|
|
Banking Corp.)(b)(c)(f) | 1.36% | 04/01/2047 | 21,000 | 21,000,000 |
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank, N.A.)(f) | 1.70% | 05/01/2037 | 11,900 | 11,900,000 |
Metropolitan Transportation Authority; Subseries 2005 D-2, VRD RB (LOC - Landesbank |
|
|
|
|
Hessen-Thueringen Girozentrale)(c)(f) | 1.32% | 11/01/2035 | 400 | 400,000 |
Minnesota (State of) Higher Education Facilities Authority (Concordia University, St. Paul); |
|
|
|
|
Series 2007 Six-Q, VRD RB (LOC - U.S. Bank N.A.)(f) | 1.33% | 04/01/2037 | 1,375 | 1,375,000 |
New York (State of) Housing Finance Agency (222 East 44th Street Housing); Series 2016 |
|
|
|
|
B-1, VRD RB (LOC - Bank of China Ltd.)(c)(f) | 1.65% | 05/01/2050 | 7,025 | 7,025,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments—(continued)
Invesco Premier Portfolio
|
|
|
| Principal |
|
|
| Interest | Maturity |
| Amount |
|
|
| Rate | Date |
| (000) |
| Value |
Credit Enhanced-(continued) |
|
|
|
|
|
|
Pinellas (County of), FL Health Facilities Authority (Baycare Health System); Series 2009 A-2, |
|
|
|
|
|
|
VRD RB (LOC - Northern Trust Co. (The))(f) | 1.15% | 11/01/2038 | $ | 3,200 | $ | 3,200,000 |
St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, |
|
|
|
|
|
|
Ref. VRD RB (CEP - FHLMC) | 1.14% | 10/01/2033 |
| 2,015 |
| 2,015,000 |
|
|
|
|
|
| 58,135,000 |
|
|
|
|
|
|
|
Other Variable Rate Demand Notes-0.09% |
|
|
|
|
|
|
East Baton Rouge (Parish of), LA Industrial Development Board, Inc. (ExxonMobil); |
|
|
|
|
|
|
Series 2010 A, VRD RB | 1.46% | 08/01/2035 |
| 1,051 |
| 1,051,000 |
Mississippi Business Finance Corp. (Chevron USA, Inc.); Series 2007 E, VRD IDR | 1.29% | 12/01/2030 |
| 595 |
| 595,000 |
|
|
|
|
|
|
|
|
|
|
|
|
| 1,646,000 |
|
|
|
|
|
|
|
Total Variable Rate Demand Notes (Cost $59,781,000) |
|
|
|
|
| 59,781,000 |
U.S. Dollar Denominated Bonds & Notes-2.34% |
|
|
|
|
|
|
Automobile Manufacturers-1.08% |
|
|
|
|
|
|
Toyota Motor Credit Corp.(c) | 4.50% | 06/17/2020 |
| 20,000 |
| 20,134,893 |
Diversified Banks-0.27% |
|
|
|
|
|
|
Westpac Banking Corp.(c) | 2.30% | 05/26/2020 |
| 5,000 |
| 4,997,412 |
Technology Hardware, Storage & Peripherals-0.99% |
|
|
|
|
|
|
Apple, Inc. | 2.25% | 02/23/2021 |
| 18,496 |
| 18,616,231 |
Total U.S. Dollar Denominated Bonds & Notes (Cost $43,748,536) |
|
|
|
|
| 43,748,536 |
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-71.33% |
|
|
|
|
|
|
(Cost $1,336,376,086) |
|
|
|
|
| 1,336,376,086 |
|
|
|
| Repurchase |
|
|
|
|
|
| Amount |
|
|
Repurchase Agreements-29.54%(g) |
|
|
|
|
|
|
Bank of Nova Scotia, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
$575,077,146 (collateralized by domestic agency mortgage-backed securities valued at |
|
|
|
|
|
|
$586,500,000; 2.46% - 6.50%; 06/01/2027 - 02/01/2050) | 1.61% | 03/02/2020 |
| 30,004,025 |
| 30,000,000 |
BMO Capital Markets Corp., joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
$50,007,000 (collateralized by domestic and foreign non-agency asset-backed |
|
|
|
|
|
|
securities, domestic agency and non-agency mortgage-backed securities and domestic and |
|
|
|
|
|
|
foreign corporate obligations valued at $52,625,311; 0% - 11.13%; 05/04/2020 - |
|
|
|
|
|
|
06/26/2056)(c) | 1.68% | 03/02/2020 |
| 10,001,400 |
| 10,000,000 |
BMO Capital Markets Corp., joint term agreement dated 02/28/2020, aggregate maturing |
|
|
|
|
|
|
value of $75,024,792 (collateralized by domestic non-agency asset-backed securities, |
|
|
|
|
|
|
domestic agency and non-agency mortgage-backed securities, U.S. goverment sponsored |
|
|
|
|
|
|
agency obligations and domestic and foreign corporate obligations valued at |
|
|
|
|
|
|
$79,369,219; 0% - 5.85%; 04/02/2020 - 11/16/2061)(c)(h) | 1.70% | 03/06/2020 |
| 15,004,958 |
| 15,000,000 |
BMO Capital Markets Corp., term agreement dated 02/21/2020, maturing value of |
|
|
|
|
|
|
$20,041,533 (collateralized by domestic non-agency asset-backed securities, domestic |
|
|
|
|
|
|
and foreign agency and non-agency mortgage-backed securities and domestic and foreign |
|
|
|
|
|
|
corporate obligations valued at $21,346,059; 0.43% - 9.00%; 03/27/2020 - |
|
|
|
|
|
|
12/15/2049)(c)(h) | 1.78% | 04/03/2020 |
| 20,041,533 |
| 20,000,000 |
Citigroup Global Markets, Inc., joint open agreement dated 09/24/2019 (collateralized by |
|
|
|
|
|
|
foreign corporate obligations valued at $143,342,596; 5.40% - 8.25%; 04/25/2021 - |
|
|
|
|
|
|
06/28/2117)(i) | 1.96% | - |
| - |
| 10,000,000 |
Citigroup Global Markets, Inc., joint open agreement dated 12/19/2019 (collateralized by |
|
|
|
|
|
|
domestic and foreign non-agency asset-backed securities, domestic and foreign corporate |
|
|
|
|
|
|
obligations and domestic non-agency mortgage-backed securities valued at |
|
|
|
|
|
|
$192,381,818; 1.27% - 10.64%; 10/17/2022 - 09/26/2067)(i) | 2.09% | - |
| - |
| 38,500,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments—(continued)
Invesco Premier Portfolio
| Interest | Maturity |
| Repurchase |
|
|
|
| Rate | Date |
| Amount |
| Value | |
Credit Suisse Securities (USA) LLC, joint term agreement dated 02/25/2020, aggregate |
|
|
|
|
|
|
|
maturing value of $30,010,383 (collateralized by domestic non-agency asset-backed |
|
|
|
|
|
|
|
securities and domestic non-agency mortgage-backed securities valued at $33,000,000; |
|
|
|
|
|
|
|
0% - 6.50%; 08/15/2035 - 03/25/2059)(c)(h) | 1.78% | 03/03/2020 | $ | 15,005,192 | $ | 15,000,000 |
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 02/25/2020, aggregate |
|
|
|
|
|
|
|
maturing value of $40,013,456 (collateralized by domestic and foreign non-agency |
|
|
|
|
|
|
|
asset-backed securities, domestic and foreign agency and non-agency mortgage-backed |
|
|
|
|
|
|
|
securities and domestic and foreign corporate obligations valued at $43,990,546; 0% - |
|
|
|
|
|
|
|
15.00%; 03/15/2020 - 07/15/2064)(c)(h) | 1.73% | 03/03/2020 |
| 10,003,364 |
| 10,000,000 |
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 02/25/2020, aggregate |
|
|
|
|
|
|
|
maturing value of $65,021,486 (collateralized by domestic and foreign non-agency |
|
|
|
|
|
|
|
asset-backed securities and domestic non-agency mortgage-backed securities valued at |
|
|
|
|
|
|
|
$68,250,001; 0.07% - 7.00%; 02/15/2029 - 08/16/2060)(c)(h) | 1.70% | 03/03/2020 |
| 12,003,967 |
| 12,000,000 |
|
ING Financial Markets, LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
|
$100,014,000 (collateralized by domestic and foreign corporate obligations valued at |
|
|
|
|
|
|
|
$105,000,739; 1.63% - 5.88%; 03/16/2020 - 11/01/2050)(c) | 1.68% | 03/02/2020 |
| 40,005,600 |
| 40,000,000 |
|
J.P. Morgan Securities LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
|
$500,067,083 (collateralized by domestic agency mortgage-backed securities and U.S. |
|
|
|
|
|
|
|
goverment sponsored agency obligations valued at $510,000,000; 0% - 6.00%; |
|
|
|
|
|
|
|
12/01/2027 - 03/01/2050) | 1.61% | 03/02/2020 |
| 100,013,417 |
| 100,000,000 |
|
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2019 (collateralized by |
|
|
|
|
|
|
|
domestic and foreign non-agency asset-backed securities, domestic and foreign corporate |
|
|
|
|
|
|
|
obligations and domestic non-agency mortgage-backed securities valued at |
|
|
|
|
|
|
|
$44,292,744; 2.50% - 6.25%; 09/15/2020 - 02/15/2068)(i) | 2.14% | - |
| - |
| 5,000,000 |
|
Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 10/21/2019 |
|
|
|
|
|
|
|
(collateralized by domestic corporate obligations valued at $21,000,002; 4.00% - |
|
|
|
|
|
|
|
7.42%; 02/15/2029 - 10/01/2043)(c)(i) | 1.71% | - |
| - |
| 10,000,000 |
|
Mizuho Securities (USA) LLC, joint open agreement dated 01/28/2020 (collateralized by |
|
|
|
|
|
|
|
domestic and foreign corporate obligations and domestic and foreign equity securities |
|
|
|
|
|
|
|
valued at $82,350,426; 0% - 7.13%; 05/01/2020 - 03/15/2049)(c)(i) | 1.68% | - |
| - |
| 30,000,000 |
|
RBC Capital Markets LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
|
$150,021,000 (collateralized by domestic and foreign corporate obligations valued at |
|
|
|
|
|
|
|
$157,500,922; 0% - 9.40%; 03/02/2020 - 07/01/2097)(c) | 1.68% | 03/02/2020 |
| 25,003,500 |
| 25,000,000 |
|
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 a domestic commercial paper valued at $109,663,521; 0% - 12.00%; 03/25/2020 |
|
|
|
|
|
|
|
- 10/07/2079)(c)(i) | 1.76% | - |
| - |
| 28,000,000 |
|
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic |
|
|
|
|
|
|
|
non-agency asset-backed securities and domestic and foreign corporate obligations valued |
|
|
|
|
|
|
|
at $91,931,496; 1.95% - 11.88%; 03/09/2020 - 03/11/2061)(c)(i) | 1.69% | - |
| - |
| 35,000,000 |
|
Wells Fargo Securities, LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
|
$500,067,083 (collateralized by domestic agency mortgage-backed securities valued at |
|
|
|
|
|
|
|
$510,000,000; 3.50% - 4.00%; 12/01/2049) | 1.61% | 03/02/2020 |
| 100,013,417 |
| 100,000,000 |
|
Wells Fargo Securities, LLC, joint term agreement dated 01/21/2020, aggregate maturing |
|
|
|
|
|
|
|
value of $221,105,500 (collateralized by domestic and foreign non-agency asset-backed |
|
|
|
|
|
|
|
securities, domestic and foreign corporate obligations and a domestic non-agency |
|
|
|
|
|
|
|
mortgage-backed security valued at $231,167,015; 0.25% - 8.25%; 11/15/2022 - |
|
|
|
|
|
|
|
11/25/2058) | 2.01% | 04/20/2020 |
| 20,100,500 |
| 20,000,000 |
|
Total Repurchase Agreements (Cost $553,500,000) |
|
|
|
|
| 553,500,000 |
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES(j)(k)-100.87% (Cost $1,889,876,086) |
|
|
|
|
| 1,889,876,086 |
|
OTHER ASSETS LESS LIABILITIES-(0.87)% |
|
|
|
|
| (16,235,805) | |
|
|
|
|
|
|
|
|
NET ASSETS-100.00% |
|
|
|
| $ | 1,873,640,281 |
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments—(continued)
Invesco Premier Portfolio
Investment Abbreviations:
CEP | -Credit Enhancement Provider |
DAC | -Designated Activity Co. |
FHLMC -Federal Home Loan Mortgage Corp. | |
IDR | -Industrial Development Revenue Bonds |
LIBOR | -London Interbank Offered Rate |
LOC | -Letter of Credit |
RB | -Revenue Bonds |
Ref. | -Refunding |
SOFR | -Secured Overnight Financing Rate |
USD | -U.S. Dollar |
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 29, 2020 was $520,911,258, which represented 27.80% 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: 16.6%; France: 14.3%; China: 9.8%; Japan: 8.8%; Netherlands: 6.8%; Australia: 6.2%; Switzerland: 5.2%; United Kingdom: 5.1%; other countries less than 5% each: 8.0%.
(d)Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2020.
(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 29, 2020.
(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)Principal amount equals value at period end. See Note 1I.
(h)The Fund may demand payment of the term repurchase agreement upon one to seven business days' notice depending on the timing of the demand.
(i)Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(j)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 obligation but may be called upon to satisfy issuer's obligations. No concentration of any single entity was greater than 5% each.
(k)Also represents cost for federal income tax purposes.
Portfolio Composition by Maturity
In days, as of 02/29/2020
1-7 | 36.8% |
8-30 | 1.7 |
|
|
31-60 | 20.1 |
61-90 | 9.0 |
91-180 | 15.8 |
|
|
181+ | 16.6 |
|
|
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.
8AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments
February 29, 2020 (Unaudited)
Invesco Premier U.S. Government Money Portfolio
|
|
|
| Principal |
|
| Interest | Maturity |
| Amount |
|
| Rate | Date |
| (000) | Value |
U.S. Government Sponsored Agency Securities-27.99% |
|
|
|
|
|
Federal Farm Credit Bank (FFCB)-1.78% |
|
|
|
|
|
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.06%)(a) | 1.57% | 03/25/2020 | $ | 26,000 | $ 25,999,263 |
Federal Farm Credit Bank (1 mo. USD LIBOR + 0.08%)(a) | 1.66% | 02/01/2021 |
| 50,000 | 50,041,069 |
Federal Farm Credit Bank (1 mo. USD LIBOR + 0.00%)(a) | 1.66% | 03/17/2021 |
| 40,000 | 40,000,000 |
Federal Farm Credit Bank (SOFR + 0.10%)(a) | 1.74% | 05/07/2021 |
| 12,000 | 12,000,000 |
Federal Farm Credit Bank (SOFR + 0.08%)(a) | 2.07% | 06/10/2021 |
| 2,000 | 2,000,000 |
Federal Farm Credit Bank (SOFR + 0.08%)(a) | 1.72% | 07/09/2021 |
| 9,000 | 9,000,000 |
Federal Farm Credit Bank (SOFR + 0.07%)(a) | 1.71% | 08/20/2021 |
| 15,000 | 15,000,000 |
|
|
|
|
| 154,040,332 |
|
|
|
|
|
|
Federal Home Loan Bank (FHLB)-20.03% |
|
|
|
|
|
Federal Home Loan Bank (1 mo. USD LIBOR - 0.07%)(a) | 1.60% | 04/06/2020 |
| 57,000 | 57,000,000 |
Federal Home Loan Bank (1 mo. USD LIBOR - 0.06%)(a) | 1.54% | 04/28/2020 |
| 20,000 | 20,000,000 |
Federal Home Loan Bank (3 mo. USD LIBOR - 0.22%)(a) | 1.67% | 06/08/2020 |
| 75,000 | 75,000,000 |
Federal Home Loan Bank (1 mo. USD LIBOR - 0.06%)(a) | 1.61% | 06/09/2020 |
| 100,000 | 100,000,000 |
Federal Home Loan Bank (3 mo. USD LIBOR - 0.22%)(a) | 1.67% | 06/09/2020 |
| 75,000 | 75,000,000 |
Federal Home Loan Bank (1 mo. USD LIBOR - 0.06%)(a) | 1.61% | 06/10/2020 |
| 100,000 | 100,000,000 |
Federal Home Loan Bank (1 mo. USD LIBOR - 0.07%)(a) | 1.59% | 06/12/2020 |
| 125,000 | 125,000,000 |
Federal Home Loan Bank (SOFR + 0.04%)(a) | 1.68% | 06/19/2020 |
| 85,000 | 85,000,000 |
Federal Home Loan Bank | 1.58% | 07/06/2020 |
| 100,000 | 99,446,492 |
|
|
|
|
|
|
Federal Home Loan Bank (SOFR + 0.10%)(a) | 1.65% | 07/17/2020 |
| 15,000 | 15,000,000 |
Federal Home Loan Bank (SOFR + 0.03%)(a) | 1.67% | 07/17/2020 |
| 47,000 | 47,000,000 |
Federal Home Loan Bank (SOFR + 0.08%)(a) | 1.72% | 07/24/2020 |
| 16,000 | 16,000,000 |
Federal Home Loan Bank (SOFR + 0.05%)(a) | 2.08% | 09/28/2020 |
| 210,000 | 210,000,000 |
Federal Home Loan Bank (SOFR + 0.11%)(a) | 5.37% | 10/01/2020 |
| 10,000 | 10,000,000 |
Federal Home Loan Bank (3 mo. USD LIBOR - 0.21%)(a) | 1.64% | 10/16/2020 |
| 50,000 | 50,000,000 |
Federal Home Loan Bank (1 mo. USD LIBOR - 0.04%)(a) | 1.62% | 11/16/2020 |
| 100,000 | 100,000,000 |
Federal Home Loan Bank (3 mo. USD LIBOR - 0.19%)(a) | 1.65% | 11/16/2020 |
| 50,000 | 50,000,000 |
Federal Home Loan Bank (1 mo. USD LIBOR - 0.04%)(a) | 1.62% | 12/18/2020 |
| 65,000 | 65,000,000 |
Federal Home Loan Bank (SOFR + 0.10%)(a) | 4.48% | 12/23/2020 |
| 60,000 | 60,000,000 |
Federal Home Loan Bank | 1.50% | 02/10/2021 |
| 7,000 | 6,996,730 |
Federal Home Loan Bank (SOFR + 0.04%)(a) | 1.68% | 02/25/2021 |
| 10,000 | 10,000,000 |
Federal Home Loan Bank (SOFR + 0.07%)(a) | 1.71% | 02/26/2021 |
| 10,000 | 10,000,000 |
Federal Home Loan Bank (3 mo. USD LIBOR - 0.11%)(a) | 1.77% | 04/09/2021 |
| 15,000 | 15,000,000 |
Federal Home Loan Bank (3 mo. USD LIBOR - 0.11%)(a) | 1.74% | 04/13/2021 |
| 50,000 | 50,000,000 |
Federal Home Loan Bank (3 mo. USD LIBOR - 0.14%)(a) | 1.70% | 04/14/2021 |
| 150,000 | 150,000,000 |
Federal Home Loan Bank (3 mo. USD LIBOR - 0.12%)(a) | 1.71% | 04/14/2021 |
| 50,000 | 50,000,000 |
Federal Home Loan Bank (3 mo. USD LIBOR - 0.14%)(a) | 1.70% | 04/19/2021 |
| 45,000 | 45,000,000 |
Federal Home Loan Bank (SOFR + 0.08%)(a) | 1.72% | 07/23/2021 |
| 7,000 | 7,000,000 |
Federal Home Loan Bank (SOFR + 0.09%)(a) | 1.73% | 09/10/2021 |
| 25,000 | 25,000,000 |
|
|
|
|
| 1,728,443,222 |
Federal Home Loan Mortgage Corp. (FHLMC)-3.61% |
|
|
|
|
|
Federal Home Loan Mortgage Corp. (SOFR + 0.04%)(a) | 1.68% | 09/10/2020 |
| 100,000 | 100,000,000 |
Federal Home Loan Mortgage Corp. (SOFR + 0.04%)(a) | 1.68% | 12/14/2020 |
| 85,000 | 85,000,000 |
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) | 1.67% | 02/24/2021 |
| 115,000 | 115,000,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments—(continued)
Invesco Premier U.S. Government Money Portfolio
|
|
|
| Principal |
|
| Interest | Maturity |
| Amount |
|
| Rate | Date |
| (000) | Value |
Federal Home Loan Mortgage Corp. (FHLMC)-(continued) |
|
|
|
|
|
Federal Home Loan Mortgage Corp. | 2.60% | 10/15/2045 | $ | 11,969 | $ 11,969,438 |
|
|
|
|
|
|
|
|
|
|
| 311,969,438 |
|
|
|
|
|
|
Federal National Mortgage Association (FNMA)-0.85% |
|
|
|
|
|
Federal National Mortgage Association (SOFR + 0.10%)(a) | 2.48% | 04/30/2020 |
| 3,800 | 3,800,433 |
Federal National Mortgage Association | 1.51% | 06/12/2020 |
| 40,000 | 39,828,333 |
|
|
|
|
|
|
Federal National Mortgage Association (SOFR + 0.06%)(a) | 1.70% | 07/30/2020 |
| 20,000 | 20,000,000 |
Federal National Mortgage Association (SOFR + 0.04%)(a) | 1.68% | 01/29/2021 |
| 10,000 | 10,000,000 |
|
|
|
|
| 73,628,766 |
|
|
|
|
|
|
U.S. International Development Finance Corp. (DFC)-1.72% |
|
|
|
|
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.30% | 03/11/2020 |
| 8,000 | 8,000,000 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.48% | 03/11/2020 |
| 7,044 | 7,044,000 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.48% | 03/11/2020 |
| 7,500 | 7,500,000 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.48% | 03/11/2020 |
| 5,200 | 5,200,000 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.48% | 03/11/2020 |
| 5,000 | 5,000,000 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate + |
|
|
|
|
|
0.07%)(b) | 1.60% | 03/11/2020 |
| 15,000 | 15,000,000 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.60% | 03/11/2020 |
| 11,200 | 11,200,000 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.60% | 09/15/2020 |
| 45,800 | 45,800,000 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.60% | 06/15/2025 |
| 12,000 | 12,000,000 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.60% | 09/15/2025 |
| 3,000 | 3,000,000 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.60% | 09/15/2026 |
| 5,000 | 5,000,000 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.60% | 09/15/2026 |
| 5,000 | 5,000,000 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.60% | 08/13/2027 |
| 4,500 | 4,500,000 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.60% | 02/15/2028 |
| 8,889 | 8,888,889 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.60% | 10/15/2030 |
| 5,000 | 5,000,000 |
|
|
|
|
| 148,132,889 |
|
|
|
|
|
|
Total U.S. Government Sponsored Agency Securities (Cost $2,416,214,647) |
|
|
|
| 2,416,214,647 |
|
|
|
|
|
|
U.S. Treasury Securities-23.46% |
|
|
|
|
|
U.S. Treasury Bills-14.50%(c) |
|
|
|
|
|
U.S. Treasury Bills | 1.57% | 03/05/2020 |
| 350,000 | 349,939,333 |
|
|
|
|
|
|
U.S. Treasury Bills | 1.88% | 03/26/2020 |
| 200,000 | 199,741,667 |
U.S. Treasury Bills | 1.81% | 04/02/2020 |
| 50,000 | 49,920,222 |
U.S. Treasury Bills | 1.69% | 04/09/2020 |
| 50,000 | 49,909,000 |
|
|
|
|
|
|
U.S. Treasury Bills | 1.62% | 04/30/2020 |
| 100,000 | 99,731,667 |
|
|
|
|
|
|
U.S. Treasury Bills | 1.58% | 06/25/2020 |
| 200,000 | 198,988,222 |
U.S. Treasury Bills | 1.57% | 07/02/2020 |
| 100,000 | 99,467,000 |
U.S. Treasury Bills | 1.78% | 08/13/2020 |
| 10,000 | 9,919,792 |
|
|
|
|
|
|
U.S. Treasury Bills | 1.52% | 08/20/2020 |
| 50,000 | 49,639,278 |
U.S. Treasury Bills | 1.45% | 08/27/2020 |
| 100,000 | 99,284,000 |
U.S. Treasury Bills | 1.47% | 12/31/2020 |
| 45,000 | 44,446,234 |
|
|
|
|
|
|
|
|
|
|
| 1,250,986,415 |
U.S. Treasury Notes-8.96% |
|
|
|
|
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + |
|
|
|
|
|
0.12%)(a) | 1.27% | 01/31/2021 |
| 245,000 | 244,939,636 |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + |
|
|
|
|
|
0.14%)(a) | 1.30% | 04/30/2021 |
| 145,000 | 144,937,029 |
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)
Invesco Premier U.S. Government Money Portfolio
|
|
|
| Principal |
|
| Interest | Maturity |
| Amount |
|
| Rate | Date |
| (000) | Value |
U.S. Treasury Notes-(continued) |
|
|
|
|
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + |
|
|
|
|
|
0.22%)(a) | 1.38% | 07/31/2021 | $ | 145,000 | $ 145,142,942 |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + |
|
|
|
|
|
0.30%)(a) | 1.46% | 10/31/2021 |
| 95,000 | 95,174,742 |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + |
|
|
|
|
|
0.15%)(a) | 1.31% | 01/31/2022 |
| 40,000 | 39,990,839 |
U.S. Treasury Notes | 1.38% | 09/15/2020 |
| 55,000 | 54,965,941 |
|
|
|
|
|
|
U.S. Treasury Notes | 2.75% | 09/30/2020 |
| 48,000 | 48,316,172 |
|
|
|
|
| 773,467,301 |
|
|
|
|
|
|
Total U.S. Treasury Securities (Cost $2,024,453,716) |
|
|
|
| 2,024,453,716 |
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-51.45% |
|
|
|
|
|
(Cost $4,440,668,363) |
|
|
|
| 4,440,668,363 |
|
|
|
| Repurchase |
|
|
|
|
| Amount |
|
Repurchase Agreements-48.54%(d) |
|
|
|
|
|
Bank of Montreal, joint term agreement dated 01/09/2020, aggregate maturing value of |
|
|
|
|
|
$250,904,931 (collateralized by U.S. Treasury obligations valued at $255,000,126; |
|
|
|
|
|
0% - 3.88%; 03/26/2020 - 02/15/2049)(e) | 1.57% | 04/01/2020 |
| 100,361,972 | 100,000,000 |
Bank of Montreal, joint term agreement dated 02/12/2020, aggregate maturing value of |
|
|
|
|
|
$250,998,472 (collateralized by U.S. Treasury obligations valued at $255,000,182; |
|
|
|
|
|
0% - 3.88%; 05/31/2020 - 11/15/2049)(e) | 1.58% | 05/14/2020 |
| 60,239,633 | 60,000,000 |
Bank of Montreal, joint term agreement dated 02/12/2020, aggregate maturing value of |
|
|
|
|
|
$251,011,111 (collateralized by domestic agency mortgage-backed securities valued at |
|
|
|
|
|
$255,000,002; 3.00% - 4.00%; 10/01/2048 - 02/01/2050)(e) | 1.60% | 05/14/2020 |
| 60,242,667 | 60,000,000 |
Bank of Nova Scotia, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
$150,019,875 (collateralized by U.S. Treasury obligations valued at $153,000,002; |
|
|
|
|
|
0% - 6.63%; 03/05/2020 - 02/15/2048) | 1.59% | 03/02/2020 |
| 50,006,625 | 50,000,000 |
Bank of Nova Scotia, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
$575,077,146 (collateralized by domestic agency mortgage-backed securities valued at |
|
|
|
|
|
$586,500,000; 2.46% - 6.50%; 06/01/2027 - 02/01/2050) | 1.61% | 03/02/2020 |
| 150,020,125 | 150,000,000 |
BMO Capital Markets Corp., joint term agreement dated 01/15/2020, aggregate maturing |
|
|
|
|
|
value of $502,040,833 (collateralized by U.S. Treasury obligations valued at |
|
|
|
|
|
$510,000,136; 0% - 8.75%; 02/29/2020 - 02/15/2050)(e) | 1.58% | 04/17/2020 |
| 150,612,250 | 150,000,000 |
BMO Capital Markets Corp., term agreement dated 01/07/2020, maturing value of |
|
|
|
|
|
$50,198,750 (collateralized by domestic agency mortgage-backed securities valued at |
|
|
|
|
|
$51,000,000; 1.86% - 10.00%; 05/15/2020 - 04/20/2063)(e) | 1.59% | 04/06/2020 |
| 50,198,750 | 50,000,000 |
BMO Capital Markets Corp., term agreement dated 01/13/2020, maturing value of |
|
|
|
|
|
$150,595,292 (collateralized by domestic agency mortgage-backed securities valued at |
|
|
|
|
|
$153,000,000; 1.90% - 7.50%; 01/01/2026 - 10/20/2069)(e) | 1.57% | 04/13/2020 |
| 150,595,292 | 150,000,000 |
BNP Paribas Securities Corp., joint term agreement dated 01/08/2020, aggregate maturing |
|
|
|
|
|
value of $1,003,950,000 (collateralized by U.S. Treasury obligations valued at |
|
|
|
|
|
$1,020,000,183; 0% - 8.75%; 03/05/2020 - 11/15/2049)(e) | 1.58% | 04/07/2020 |
| 150,592,500 | 150,000,000 |
BNP Paribas Securities Corp., joint term agreement dated 01/08/2020, aggregate maturing |
|
|
|
|
|
value of $2,364,361,125 (collateralized by U.S. Treasury obligations, a U.S. government |
|
|
|
|
|
sponsored agency obligation and domestic agency mortgage-backed securities valued at |
|
|
|
|
|
$2,402,100,000; 0% - 8.75%; 04/02/2020 - 02/25/2050)(e) | 1.59% | 04/07/2020 |
| 652,583,750 | 650,000,000 |
BNP Paribas Securities Corp., term agreement dated 12/04/2019, maturing value of |
|
|
|
|
|
$96,391,200 (collateralized by U.S. Treasury obligations and domestic agency |
|
|
|
|
|
mortgage-backed securities valued at $97,920,000; 0% - 6.50%; 06/15/2022 - |
|
|
|
|
|
01/01/2050)(e) | 1.63% | 03/03/2020 |
| 96,391,200 | 96,000,000 |
CIBC World Markets Corp., joint term agreement dated 02/13/2020, aggregate maturing |
|
|
|
|
|
value of $1,038,496,000 (collateralized by domestic agency mortgage-backed securities |
|
|
|
|
|
valued at $1,055,700,001; 2.38% - 5.00%; 10/01/2028 - 02/01/2057)(e) | 1.60% | 04/29/2020 |
| 255,861,333 | 255,000,000 |
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) |
Schedule of Investments—(continued)
Invesco Premier U.S. Government Money Portfolio
| Interest | Maturity | Repurchase |
|
| Rate | Date | Amount | Value |
CIBC World Markets Corp., joint term agreement dated 02/13/2020, aggregate maturing |
|
|
|
|
value of $582,126,183 (collateralized by U.S. Treasury obligations valued at |
|
|
|
|
$591,600,183; 0.13% - 3.63%; 12/31/2020 - 11/15/2046)(e) | 1.59% | 05/06/2020 | $100,366,583 | $ 100,000,000 |
CIBC World Markets Corp., joint term agreement dated 02/13/2020, aggregate maturing |
|
|
|
|
value of $767,074,000 (collateralized by domestic agency mortgage-backed securities |
|
|
|
|
valued at $780,300,001; 2.46% - 6.00%; 05/01/2028 - 11/01/2049)(e) | 1.60% | 04/14/2020 | 190,515,111 | 190,000,000 |
Citigroup Global Markets, Inc., joint agreement dated 02/28/2020, aggregate maturing |
|
|
|
|
value of $600,079,500 (collateralized by U.S. Treasury obligations valued at |
|
|
|
|
$612,000,025; 0% - 8.75%; 05/15/2020 - 02/15/2050) | 1.59% | 03/02/2020 | 52,845,019 | 52,838,018 |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 12/23/2019, |
|
|
|
|
aggregate maturing value of $1,004,044,444 (collateralized by U.S. Treasury obligations |
|
|
|
|
valued at $1,020,000,074; 0.40% - 2.88%; 11/15/2021 - 01/15/2027)(e) | 1.60% | 03/23/2020 | 24,097,067 | 24,000,000 |
ING Financial Markets, LLC, joint term agreement dated 02/10/2020, aggregate maturing |
|
|
|
|
value of $100,135,000 (collateralized by domestic agency mortgage-backed securities |
|
|
|
|
valued at $102,000,000; 2.50% - 5.50%; 03/01/2029 - 09/01/2057) | 1.62% | 03/11/2020 | 35,047,250 | 35,000,000 |
ING Financial Markets, LLC, term agreement dated 02/18/2020, maturing value of |
|
|
|
|
$230,954,500 (collateralized by domestic agency mortgage-backed securities valued at |
|
|
|
|
$234,600,000; 2.31% - 5.00%; 02/01/2027 - 09/01/2057) | 1.66% | 05/18/2020 | 230,954,500 | 230,000,000 |
J.P. Morgan Securities LLC, joint open agreement dated 05/02/2019 (collateralized by |
|
|
|
|
domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at |
|
|
|
|
$510,000,063; 0% - 6.00%; 06/01/2023 - 03/01/2050)(f) | 1.59% | - | - | 110,000,000 |
J.P. Morgan Securities LLC, joint open agreement dated 05/15/2019 (collateralized by |
|
|
|
|
domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at |
|
|
|
|
$295,800,032; 0% - 7.00%; 08/01/2021 - 03/01/2050)(f) | 1.63% | - | - | 30,000,000 |
J.P. Morgan Securities LLC, joint open agreement dated 07/18/2019 (collateralized by |
|
|
|
|
U.S. Treasury obligations valued at $357,000,087; 0% - 4.75%; 02/29/2020 - |
|
|
|
|
11/15/2048)(f) | 1.57% | - | - | 50,000,000 |
J.P. Morgan Securities LLC, joint open agreement dated 10/15/2019 (collateralized by |
|
|
|
|
domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at |
|
|
|
|
$408,000,056; 0% - 6.00%; 05/01/2024 - 02/20/2050)(f) | 1.60% | - | - | 90,000,000 |
J.P. Morgan Securities LLC, joint term agreement dated 12/04/2019, aggregate maturing |
|
|
|
|
value of $572,000,000 (collateralized by U.S. Treasury obligations valued at |
|
|
|
|
$583,440,393; 0% - 3.00%; 04/14/2020 - 02/15/2048)(a)(e) | 1.61% | 03/04/2020 | 145,000,000 | 145,000,000 |
Metropolitan Life Insurance Co., joint term agreement dated 02/25/2020, aggregate |
|
|
|
|
maturing value of $350,117,559 (collateralized by U.S. Treasury obligations valued at |
|
|
|
|
$367,166,166; 0% - 2.63%; 03/26/2020 - 05/15/2046)(e) | 1.61% | 03/03/2020 | 40,014,023 | 40,001,500 |
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/27/2020, aggregate |
|
|
|
|
maturing value of $1,022,822,087 (collateralized by U.S. Treasury obligations valued at |
|
|
|
|
$1,050,853,400; 2.00%; 04/30/2024)(e) | 1.62% | 03/05/2020 | 184,107,976 | 184,050,000 |
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/27/2020, aggregate |
|
|
|
|
maturing value of $100,031,306 (collateralized by U.S. Treasury obligations valued at |
|
|
|
|
$102,009,376; 2.63%; 02/15/2029)(e) | 1.61% | 03/05/2020 | 60,018,783 | 60,000,000 |
RBC Capital Markets LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
$100,013,417 (collateralized by domestic agency mortgage-backed securities and U.S. |
|
|
|
|
goverment sponsored agency obligations valued at $102,000,001; 2.05% - 5.00%; |
|
|
|
|
07/25/2024 - 07/01/2042) | 1.61% | 03/02/2020 | 50,006,709 | 50,000,000 |
RBC Capital Markets LLC, joint term agreement dated 02/28/2020, aggregate maturing value |
|
|
|
|
of $1,250,000,000 (collateralized by domestic agency mortgage-backed securities, U.S. |
|
|
|
|
goverment sponsored agency obligations and a foreign corporate obligation valued at |
|
|
|
|
$1,275,000,001; 1.70% - 8.00%; 06/15/2021 - 02/20/2067)(a)(e) | 1.64% | 04/29/2020 | 200,000,000 | 200,000,000 |
RBC Dominion Securities Inc., joint agreement dated 02/28/2020, aggregate maturing value |
|
|
|
|
of $250,033,542 (collateralized by domestic agency mortgage-backed securities valued |
|
|
|
|
at $255,000,001; 2.25% - 5.50%; 08/01/2034 - 01/20/2050) | 1.61% | 03/02/2020 | 100,013,417 | 100,000,000 |
RBC Dominion Securities Inc., joint term agreement dated 02/07/2020, aggregate maturing |
|
|
|
|
value of $350,954,819 (collateralized by domestic agency mortgage-backed securities, |
|
|
|
|
U.S. government sponsored agency obligations and U.S. Treasury obligations valued at |
|
|
|
|
$357,000,003; 0% - 5.00%; 01/28/2021 - 02/20/2050)(e) | 1.61% | 04/08/2020 | 75,204,604 | 75,000,000 |
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) |
Schedule of Investments—(continued)
Invesco Premier U.S. Government Money Portfolio
|
| Interest | Maturity | Repurchase |
|
|
|
| Rate | Date | Amount |
| Value |
Royal Bank of Canada, joint term agreement dated 12/20/2019, aggregate maturing value of |
|
|
|
|
| |
$1,004,000,000 (collateralized by domestic agency mortgage-backed securities valued |
|
|
|
|
| |
at $1,020,000,001; 1.93% - 6.00%; 01/25/2029 - 02/01/2050)(e) | 1.60% | 03/19/2020 | $225,900,000 | $ | 225,000,000 | |
Societe Generale, joint open agreement dated 06/25/2018 (collateralized by U.S. Treasury |
|
|
|
|
| |
obligations and domestic agency mortgage-backed securities valued at $510,000,011; |
|
|
|
|
| |
0% - 4.00%; 08/27/2020 - 01/01/2050)(f) | 1.61% | - | - |
| 100,000,000 | |
Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2020, aggregate maturing |
|
|
|
|
| |
value of $250,033,125 (collateralized by U.S. Treasury obligations valued at |
|
|
|
|
| |
$257,103,313; 2.38% - 2.75%; 08/15/2024 - 08/31/2025) | 1.59% | 03/02/2020 | 27,683,210 |
| 27,679,542 | |
Wells Fargo Securities, LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
| |
$500,067,083 (collateralized by domestic agency mortgage-backed securities valued at |
|
|
|
|
| |
$510,000,000; 3.50% - 4.00%; 12/01/2049) | 1.61% | 03/02/2020 | 150,020,125 |
| 150,000,000 | |
| Total Repurchase Agreements (Cost $4,189,569,060) |
|
|
|
| 4,189,569,060 |
|
|
|
|
|
| |
TOTAL INVESTMENTS IN SECURITIES(g)-99.99% (Cost $8,630,237,423) |
|
|
|
| 8,630,237,423 | |
OTHER ASSETS LESS LIABILITIES-0.01% |
|
|
|
| 546,616 | |
|
|
|
|
|
| |
NET ASSETS-100.00% |
|
|
| $ | 8,630,784,039 | |
|
|
|
|
|
| |
Investment Abbreviations: |
|
|
|
|
| |
LIBOR -London Interbank Offered Rate |
|
|
|
|
| |
SOFR | -Secured Overnight Financing Rate |
|
|
|
|
|
USD | -U.S. Dollar |
|
|
|
|
|
VRD | -Variable Rate Demand |
|
|
|
|
|
Notes to Schedule of Investments:
(a)Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2020.
(b)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 29, 2020.
(c)Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(d)Principal amount equals value at period end. See Note 1I.
(e)The Fund may demand payment of the term repurchase agreement upon one to seven business days' notice depending on the timing of the demand.
(f)Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(g)Also represents cost for federal income tax purposes.
Portfolio Composition by Maturity
In days, as of 02/29/2020
1-7 | 50.8% |
8-30 | 3.0 |
|
|
31-60 | 2.1 |
61-90 | 3.9 |
|
|
91-180 | 13.8 |
|
|
181+ | 26.4 |
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.
13 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
Schedule of Investments
February 29, 2020 (Unaudited)
Invesco Premier Tax-Exempt Portfolio
|
|
|
| Principal |
|
| Interest | Maturity |
| Amount |
|
| Rate | Date |
| (000) | Value |
Municipal Obligations-94.89% |
|
|
|
|
|
Alabama-4.52% |
|
|
|
|
|
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD |
|
|
|
|
|
RB (LOC - Swedbank AB)(a)(b)(c) | 1.24% | 07/01/2040 | $ | 3,115 | $ 3,115,000 |
Arizona-3.34% |
|
|
|
|
|
Arizona (State of) Health Facilities Authority (Catholic Healthcare West Loan Program); Series 2008 |
|
|
|
|
|
B, VRD RB (LOC - Barclays Bank PLC)(a)(b)(c) | 1.25% | 07/01/2035 |
| 2,300 | 2,300,000 |
Colorado-0.66% |
|
|
|
|
|
Boulder (County of), CO (Imagine!); Series 2006, VRD RB (LOC - Wells Fargo Bank, N.A.)(b)(c) | 1.28% | 02/01/2031 |
| 452 | 452,000 |
Delaware-1.30% |
|
|
|
|
|
Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC |
|
|
|
|
|
- PNC Bank, N.A.)(b)(c) | 1.15% | 05/01/2036 |
| 900 | 900,000 |
District of Columbia-4.18% |
|
|
|
|
|
District of Columbia (Medlantic/Helix); Series 1998 A, VRD RB (LOC - TD Bank, N.A.)(b)(c) | 1.20% | 08/15/2038 |
| 1,800 | 1,800,000 |
Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD RB (LOC - Sumitomo |
|
|
|
|
|
Mitsui Banking Corp.)(a)(b)(c) | 1.18% | 10/01/2039 |
| 1,085 | 1,085,000 |
|
|
|
|
| 2,885,000 |
|
|
|
|
|
|
Florida-2.74% |
|
|
|
|
|
Jacksonville (City of), FL (Edward Waters College, Inc.); Series 2001, VRD RB (LOC - Wells Fargo |
|
|
|
|
|
Bank, N.A.)(b)(c) | 1.28% | 10/01/2021 |
| 295 | 295,000 |
Pinellas (County of), FL Health Facilities Authority (Baycare Health System); Series 2009 A-2, VRD RB |
|
|
|
|
|
(LOC - Northern Trust Co. (The))(b)(c) | 1.15% | 11/01/2038 |
| 1,195 | 1,195,000 |
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2008 B, Ref. |
|
|
|
|
|
VRD RB (LOC - Wells Fargo Bank, N.A.)(b)(c) | 1.20% | 07/01/2037 |
| 400 | 400,000 |
|
|
|
|
| 1,890,000 |
|
|
|
|
|
|
Georgia-5.29% |
|
|
|
|
|
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - |
|
|
|
|
|
BMO Harris Bank N.A.)(b)(c) | 1.15% | 11/01/2030 |
| 345 | 345,000 |
Monroe (County of), GA Development Authority (Oglethorpe Power Corp. Scherer); Series 2010 A, |
|
|
|
|
|
Ref. VRD PCR (LOC - Bank of Montreal)(b)(c) | 1.27% | 01/01/2036 |
| 1,000 | 1,000,000 |
Private Colleges & Universities Authority (Emory University); |
|
|
|
|
|
Series 2005 B-2, VRD RB(b) | 1.12% | 09/01/2035 |
| 900 | 900,000 |
Series 2020 | 1.15% | 05/14/2020 |
| 1,300 | 1,299,701 |
|
|
|
|
|
|
Richmond (County of), GA Development Authority (St. Mary on the Hill Catholic School & Aquinas High |
|
|
|
|
|
School); Series 2000,VRD RB (LOC - Wells Fargo Bank, N.A.)(b)(c) | 1.28% | 09/01/2020 |
| 100 | 100,000 |
|
|
|
|
| 3,644,701 |
|
|
|
|
|
|
Illinois-6.55% |
|
|
|
|
|
Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(b) | 1.15% | 12/01/2046 |
| 875 | 875,000 |
Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - |
|
|
|
|
|
Northern Trust Co. (The))(b)(c) | 1.20% | 01/01/2037 |
| 1,140 | 1,140,000 |
Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 |
|
|
|
|
|
B, VRD RB (LOC - FHLB of Indianapolis)(b)(c)(d) | 1.23% | 12/01/2039 |
| 870 | 870,000 |
Morton Grove (Village of), IL (Illinois Holocaust Museum & Educational Center); Series 2006, VRD RB |
|
|
|
|
|
(LOC - Bank of America, N.A.)(b)(c) | 1.15% | 12/01/2041 |
| 1,630 | 1,630,000 |
|
|
|
|
| 4,515,000 |
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) |
Schedule of Investments—(continued)
Invesco Premier Tax-Exempt Portfolio
|
|
|
| Principal |
|
| Interest | Maturity |
| Amount |
|
| Rate | Date |
| (000) | Value |
Indiana-8.70% |
|
|
|
|
|
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank, |
|
|
|
|
|
N.A.)(b)(c) | 1.23% | 08/01/2037 | $ | 2,000 | $ 2,000,000 |
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank |
|
|
|
|
|
Nederland)(a)(b)(c) | 1.35% | 06/01/2035 |
| 2,765 | 2,765,000 |
Knox (City of), IN (J.W. Hicks, Inc.); Series 2005 A, VRD RB (LOC - BMO Harris Bank N.A.)(b)(c)(d) | 1.20% | 03/01/2022 |
| 165 | 165,000 |
Purdue University; Series 2011 A, VRD COP(b) | 1.05% | 07/01/2035 |
| 1,065 | 1,065,000 |
|
|
|
|
| 5,995,000 |
Louisiana-2.84% |
|
|
|
|
|
Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC); Series 2013 B, Ref. VRD |
|
|
|
|
|
RB (LOC - JPMorgan Chase Bank, N.A.)(b)(c) | 1.30% | 09/01/2033 |
| 1,000 | 1,000,000 |
Louisiana (State of) Public Facilities Authority (CHRISTUS Health); Series 2009 B-3, Ref. VRD RB (LOC |
|
|
|
|
|
- Bank of New York Mellon (The))(b)(c) | 1.25% | 07/01/2047 |
| 960 | 960,000 |
|
|
|
|
| 1,960,000 |
|
|
|
|
|
|
Maryland-3.34% |
|
|
|
|
|
Maryland (State of) Health & Higher Educational Facilities Authority; Series 2020-B | 1.11% | 05/21/2020 |
| 1,300 | 1,299,733 |
Montgomery (County of), MD; Series 2010 B | 1.18% | 05/14/2020 |
| 1,000 | 999,979 |
|
|
|
|
|
|
|
|
|
|
| 2,299,712 |
Massachusetts-4.21% |
|
|
|
|
|
Massachusetts (State of) Transportation Trust Fund; Series 2010 A-1, VRD RB (LOC - Citibank, |
|
|
|
|
|
N.A.)(b)(c) | 1.19% | 01/01/2037 |
| 1,500 | 1,500,000 |
Massachusetts Bay Transportation Authority; |
|
|
|
|
|
Series 2020 A | 1.00% | 03/05/2020 |
| 600 | 599,988 |
Series 2020 A | 1.15% | 04/02/2020 |
| 800 | 799,992 |
|
|
|
|
| 2,899,980 |
Michigan-4.05% |
|
|
|
|
|
Michigan State University Board of Trustees; Series 2000 A-1, VRD RB (CEP - Royal Bank of |
|
|
|
|
|
Canada)(b) | 1.28% | 08/15/2030 |
| 1,500 | 1,500,000 |
Oakland University Board of Trustees; Series 2008, Ref. VRD RB (LOC - JPMorgan Chase Bank, |
|
|
|
|
|
N.A.)(b)(c) | 1.25% | 03/01/2031 |
| 1,295 | 1,295,000 |
|
|
|
|
| 2,795,000 |
|
|
|
|
|
|
Minnesota-7.28% |
|
|
|
|
|
Minnesota (State of) Higher Education Facilities Authority (Concordia University, St. Paul); |
|
|
|
|
|
Series 2007 Six-Q, VRD RB (LOC - U.S. Bank N.A.)(b)(c) | 1.33% | 04/01/2037 |
| 400 | 400,000 |
Minnetonka (City of), MN (Minnetonka Hills Apartments); Series 2001, Ref. VRD RB (CEP - FNMA)(b) | 1.24% | 11/15/2031 |
| 2,470 | 2,470,000 |
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC)(b) | 1.14% | 11/01/2035 |
| 2,150 | 2,150,000 |
|
|
|
|
| 5,020,000 |
|
|
|
|
|
|
Mississippi-2.90% |
|
|
|
|
|
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); |
|
|
|
|
|
Series 2010 E, VRD IDR(b) | 1.24% | 12/01/2030 |
| 1,000 | 1,000,000 |
Series 2010 C, VRD IDR(b) | 1.16% | 12/01/2030 |
| 1,000 | 1,000,000 |
|
|
|
|
| 2,000,000 |
Missouri-1.44% |
|
|
|
|
|
Bridgeton (City of), MO IDA (Stolze Printing); Series 2010, VRD RB (LOC - FHLB of Chicago)(b)(c) | 1.15% | 11/01/2037 |
| 995 | 995,000 |
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) |
Schedule of Investments—(continued)
Invesco Premier Tax-Exempt Portfolio
|
|
|
| Principal |
|
|
| Interest | Maturity |
| Amount |
|
|
| Rate | Date |
| (000) |
| Value |
Nebraska-0.11% |
|
|
|
|
|
|
Nebraska (State of) Investment Finance Authority (Irvington Heights Apartments); Series 2007 B, |
|
|
|
|
|
|
VRD RB (LOC - Citibank, N.A.)(b)(c) | 1.85% | 10/01/2042 | $ | 75 | $ | 75,000 |
New York-3.06% |
|
|
|
|
|
|
New York (City of), NY; Subseries 2015 F-5, VRD GO Bonds(b) | 1.35% | 06/01/2044 |
| 1,010 |
| 1,010,000 |
New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, |
|
|
|
|
|
|
Inc.); Subseries 2005 A-2, VRD RB (LOC - Mizuho Bank, Ltd.)(a)(b)(c) | 1.23% | 05/01/2039 |
| 1,100 |
| 1,100,000 |
|
|
|
|
|
| 2,110,000 |
North Carolina-2.18% |
|
|
|
|
|
|
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1991 B, VRD |
|
|
|
|
|
|
RB(b) | 1.08% | 12/01/2021 |
| 1,500 |
| 1,500,000 |
Ohio-3.24% |
|
|
|
|
|
|
Franklin (County of), OH (CHE Trinity Health Credit Group); Series 2013, RB (SIFMA Index)(e)(f) | 1.05% | 05/01/2020 |
| 600 |
| 600,117 |
Franklin (County of), OH (OhioHealth Corp.); Series 2009 A, Ref. VRD RB(b) | 1.25% | 11/15/2041 |
| 1,500 |
| 1,500,000 |
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - |
|
|
|
|
|
|
U.S. Bank N.A.)(b)(c) | 1.15% | 08/02/2038 |
| 135 |
| 135,000 |
|
|
|
|
|
| 2,235,117 |
|
|
|
|
|
|
|
Oregon-2.52% |
|
|
|
|
|
|
Marion (County of), OR Housing Authority (Residence at Marian Estates); Series 1997, VRD RB (LOC - |
|
|
|
|
|
|
U.S. Bank, N.A.)(b)(c)(d) | 1.22% | 07/01/2027 |
| 770 |
| 770,000 |
Portland (Port of), OR (Portland International Airport); Subseries 2008 18-A, Ref. VRD RB (LOC - |
|
|
|
|
|
|
Industrial & Commercial Bank of China Ltd.)(a)(b)(c)(d) | 1.35% | 07/01/2026 |
| 965 |
| 965,000 |
|
|
|
|
|
| 1,735,000 |
|
|
|
|
|
|
|
Pennsylvania-0.36% |
|
|
|
|
|
|
Pennsylvania (State of) Economic Development Financing Authority (Greene Towne School, Inc.); |
|
|
|
|
|
|
Series 2000 I-1, VRD RB (LOC - PNC Bank, N.A.)(b)(c) | 1.15% | 12/01/2025 |
| 100 |
| 100,000 |
Pennsylvania (State of) Economic Development Financing Authority (The Kingsley Association); |
|
|
|
|
|
|
Series 2006 B-1, VRD RB (LOC - PNC Bank, N.A.)(b)(c) | 1.15% | 08/01/2026 |
| 150 |
| 150,000 |
|
|
|
|
|
| 250,000 |
|
|
|
|
|
|
|
Rhode Island-1.60% |
|
|
|
|
|
|
Rhode Island Health & Educational Building Corp. (Brown University); Series 2003 B, VRD RB(b) | 1.25% | 09/01/2043 |
| 1,100 |
| 1,100,000 |
Texas-9.30% |
|
|
|
|
|
|
Harris (County of), TX; Series 2020 C, GO Bonds | 1.10% | 05/07/2020 |
| 250 |
| 249,957 |
|
|
|
|
|
|
|
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank, |
|
|
|
|
|
|
N.A.)(b)(c) | 1.19% | 02/15/2042 |
| 1,000 |
| 1,000,000 |
Houston (City of), TX; Series 2020 | 1.05% | 03/05/2020 |
| 1,200 |
| 1,199,972 |
Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC - Sumitomo |
|
|
|
|
|
|
Mitsui Banking Corp.)(a)(b)(c) | 1.15% | 05/15/2034 |
| 1,700 |
| 1,700,000 |
Southeast Texas Housing Finance Corp. (Mansions at Moses Lake Apartments); Series 2008, VRD RB |
|
|
|
|
|
|
(CEP - FHLMC)(b)(d) | 1.21% | 06/01/2041 |
| 890 |
| 890,000 |
Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); |
|
|
|
|
|
|
Series 2009, VRD RB (CEP - FHLMC)(b) | 1.21% | 05/01/2042 |
| 375 |
| 375,000 |
University of Texas System Board of Regents; Series 2020 | 1.03% | 05/21/2020 |
| 1,000 |
| 999,612 |
|
|
|
|
|
|
|
|
|
|
|
|
| 6,414,541 |
Utah-2.04% |
|
|
|
|
|
|
Murray (City of), UT (IHC Health Services, Inc.); Series 2003 B, VRD RB(b) | 1.15% | 05/15/2036 |
| 1,405 |
| 1,405,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
Schedule of Investments—(continued)
Invesco Premier Tax-Exempt Portfolio
|
|
|
|
| Principal |
|
|
|
|
| Interest | Maturity |
| Amount |
|
|
|
|
| Rate | Date |
| (000) |
| Value | |
Virginia-1.45% |
|
|
|
|
|
|
| |
Norfolk (City of), VA; Series 2007, VRD GO Bonds(b) | 1.25% | 08/01/2037 | $ | 1,000 | $ | 1,000,000 |
| |
Washington-1.96% |
|
|
|
|
|
|
| |
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB |
|
|
|
|
|
|
| |
(LOC - FHLB of San Francisco)(b)(c) | 1.25% | 09/01/2049 |
| 1,350 |
| 1,350,000 |
| |
West Virginia-3.19% |
|
|
|
|
|
|
| |
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hosp, Inc.); Series 2008 B, |
|
|
|
|
|
|
| |
Ref. VRD RB (LOC - Branch Banking & Trust Co.)(b)(c) | 1.18% | 01/01/2034 |
| 2,200 |
| 2,200,000 |
| |
Wisconsin-0.54% |
|
|
|
|
|
|
| |
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - |
|
|
|
|
|
|
| |
FHLB of Chicago)(b)(c) | 1.15% | 10/01/2042 |
| 375 |
| 375,000 |
| |
Total Municipal Obligations (Cost $65,417,000) |
|
|
|
|
| 65,416,051 |
| |
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-94.89% |
|
|
|
|
|
|
| |
(Cost $65,417,000) |
|
|
|
|
| 65,416,051 |
| |
|
|
|
| Repurchase |
|
|
| |
|
|
|
|
| Amount |
|
|
|
Repurchase Agreements-5.36%(g) |
|
|
|
|
|
|
| |
Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
| |
$250,033,125 (collateralized by U.S. Treasury obligations valued at $257,103,313; 2.38% - |
|
|
|
|
|
|
| |
2.75%; 08/15/2024 - 08/31/2025) (Cost $3,691,769) | 1.59% | 03/02/2020 |
| 3,692,258 |
| 3,691,769 |
| |
TOTAL INVESTMENTS IN SECURITIES(h)(i)-100.25% (Cost $69,108,769) |
|
|
|
|
| 69,107,820 |
| |
OTHER ASSETS LESS LIABILITIES-(0.25)% |
|
|
|
|
| (168,983) | ||
NET ASSETS-100.00% |
|
|
|
| $68,938,837 |
| ||
|
|
|
|
|
|
|
| |
Investment Abbreviations: |
|
|
|
|
|
|
| |
CEP | - Credit Enhancement Provider |
|
|
|
|
|
|
|
COP | - Certificates of Participation |
|
|
|
|
|
|
|
FHLB | - Federal Home Loan Bank |
|
|
|
|
|
|
|
FHLMC - Federal Home Loan Mortgage Corp. |
|
|
|
|
|
|
| |
FNMA | - Federal National Mortgage Association |
|
|
|
|
|
|
|
GO | - General Obligation |
|
|
|
|
|
|
|
IDR | - Industrial Development Revenue Bonds |
|
|
|
|
|
|
|
LOC | - Letter of Credit |
|
|
|
|
|
|
|
PCR | - Pollution Control Revenue Bonds |
|
|
|
|
|
|
|
RB | - Revenue Bonds |
|
|
|
|
|
|
|
Ref. | - Refunding |
|
|
|
|
|
|
|
SIFMA | - Securities Industry and Financial Markets Association |
|
|
|
|
|
|
|
VRD | - Variable Rate Demand |
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
Schedule of Investments—(continued)
Invesco Premier Tax-Exempt Portfolio
Notes to Schedule of Investments:
(a)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: Japan: 5.6%; other countries less than 5% each: 13.3%.
(b)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 29, 2020.
(c)Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(d)Security subject to the alternative minimum tax.
(e)Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(f)Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2020.
(g)Principal amount equals value at period end. See Note 1I.
(h)Also represents cost for federal income tax purposes.
(i)This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer's obligations but may be called upon to satisfy the issuer's obligations.
Entities | Percentage |
Federal Home Loan Bank | 5.2% |
Portfolio Composition by Maturity
In days, as of 02/29/2020
1-7 | 90.9% |
8-30 | 0.0 |
31-60 | 1.2 |
61-90 | 7.9 |
|
|
91-180 | 0.0 |
181+ | 0.0 |
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.
18 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
Statements of Assets and Liabilities
February 29, 2020 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Invesco Premier | Invesco Premier | |||||||||||||
|
|
| Invesco Premier | U.S. Government |
| Tax-Exempt | ||||||||||||||||||||||||
|
|
| Portfolio |
| Money Portfolio |
| Portfolio | |||||||||||||||||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in securities, at value | $ | 1,336,376,086 | $ | 4,440,668,363 | $ | 65,416,051 |
| |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase agreements, at value and cost |
|
| 553,500,000 |
| 4,189,569,060 |
| 3,691,769 |
| ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
| 18,648,577 |
| 71,832 |
| - |
| ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivable for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund shares sold |
|
| 7,746,702 |
| 198,990 |
| 75,606 |
| ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Interest |
|
| 2,151,723 |
|
| 11,872,397 |
|
| 59,041 |
| ||||||||||||||||||||
Fund expenses absorbed |
|
| - |
|
| 26,897 |
| - |
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Other assets |
|
| - |
|
| 1,902 |
| 127 |
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total assets |
|
| 1,918,423,088 |
| 8,642,409,441 |
| 69,242,594 |
| ||||||||||||||||||||||
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payable for: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments purchased |
|
| 18,622,744 |
| - |
| - |
| ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Fund shares reacquired |
|
| 23,800,100 |
| 263,026 |
| 259,175 |
| ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Dividends |
|
| 2,354,317 |
| 11,362,376 |
| 42,043 |
| ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Accrued fees to affiliates |
|
| 5,646 |
|
| - |
|
| 4 |
| ||||||||||||||||||||
Accrued operating expenses |
|
| - |
|
| - |
| 2,535 |
| |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total liabilities |
|
| 44,782,807 |
| 11,625,402 |
| 303,757 |
| ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net assets applicable to shares outstanding | $ | 1,873,640,281 | $ | 8,630,784,039 | $68,938,837 |
| ||||||||||||||||||||||||
Net assets consist of: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares of beneficial interest | $ | 1,873,218,621 | $ | 8,630,545,648 | $68,943,374 |
| ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Distributable earnings (loss) |
|
| 421,660 |
| 238,391 |
| (4,537) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
| $ | 1,873,640,281 | $ | 8,630,784,039 | $68,938,837 |
| ||||||||||||||||||||||||
Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Class | $ | 127,110,911 | $ | 57,973,364 | $14,311,530 |
| ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Institutional Class | $1,728,184,446 | $ | 8,572,810,675 | $ | 54,627,307 |
| ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Private Investment Class |
| $ | 905,300 |
| $ | - |
| $ | - |
| ||||||||||||||||||||
Personal Investment Class | $ | 13,611,003 | $ | - | $ | - |
| |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Reserve Class | $ | 10,279 | $ | - | $ | - |
| |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Resource Class | $ | 3,818,342 | $ | - | $ | - |
| |||||||||||||||||||||||
Shares outstanding, no par value, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
unlimited number of shares authorized: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Class |
|
| 127,079,201 |
| 57,972,105 |
| 14,312,416 |
| ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||
Institutional Class |
|
| 1,727,801,100 |
|
| 8,572,601,944 |
|
| 54,630,653 |
| ||||||||||||||||||||
Private Investment Class |
|
| 905,099 |
| - |
| - |
| ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||
Personal Investment Class |
|
| 13,607,984 |
| - |
| - |
| ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Reserve Class |
|
| 10,277 |
|
| - |
|
| - |
| ||||||||||||||||||||
Resource Class |
|
| 3,817,495 |
|
| - |
|
| - |
| ||||||||||||||||||||
Net asset value, offering and redemption price per share for each class | $ | 1.00 | $ | 1.00 | $ | 0.9999 |
| |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
Cost of Investments | $ | 1,889,876,086 | $ | 8,630,237,423 | $ | 69,108,769 |
| |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
Statements of Operations
For the six months ended February 29, 2020 (Unaudited)
|
|
|
|
| Invesco Premier | Invesco Premier | |
|
| Invesco Premier | U.S. Government | Tax-Exempt | |||
|
| Portfolio | Money Portfolio | Portfolio | |||
Investment income: |
|
|
|
|
|
|
|
Interest | $18,146,603 |
|
| $82,328,010 |
| $538,612 | |
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
Advisory fees | 2,241,595 |
|
| 11,533,221 |
| 103,951 | |
|
|
|
|
|
|
|
|
Distribution fees: |
|
|
|
|
|
|
|
Private Investment Class |
| 1,826 |
|
| - |
| - |
Personal Investment Class |
| 34,620 |
|
| - |
| - |
Reserve Class | 44 |
|
| - |
| - | |
|
|
|
|
|
|
|
|
Resource Class |
| 2,871 |
|
| - |
| - |
Total expenses | 2,280,956 |
|
| 11,533,221 |
| 103,951 | |
|
|
|
|
|
|
| |
Less: Fees waived | (627,650) | (3,229,317) |
| (20,790) | |||
|
|
|
|
|
|
|
|
Net expenses |
| 1,653,306 |
|
| 8,303,904 |
| 83,161 |
Net investment income | 16,493,297 |
|
| 74,024,106 |
| 455,451 | |
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) from: |
|
|
|
|
|
|
|
Net realized gain from investment securities | 3,315 |
|
| 79,548 |
| - | |
|
|
|
|
|
|
|
|
Change in net unrealized appreciation (depreciation) of investment securities |
| - |
|
| - |
| (1,035) |
Net realized and unrealized gain (loss) | 3,315 |
|
| 79,548 |
| (1,035) | |
|
|
|
|
|
|
|
|
Net increase in net assets resulting from operations | $16,496,612 |
|
| $74,103,654 |
| $454,416 | |
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
Statements of Changes in Net Assets
For the six months ended February 29, 2020 and the year ended August 31, 2019 (Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
| Invesco Premier U.S. Government |
| Invesco Premier Tax-Exempt | ||||||||||
|
|
|
| Invesco Premier Portfolio |
|
| Money Portfolio |
|
| Portfolio | |||||||||||||||
|
|
|
| February 29, |
| August 31, |
| February 29, |
| August 31, |
| February 29, |
|
| August 31, | ||||||||||
|
|
|
| 2020 |
|
| 2019 |
|
|
|
|
| 2020 |
|
| 2019 |
|
|
| 2020 |
|
|
| 2019 |
|
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income | $ | 16,493,297 | $ | 36,825,552 | $ | 74,024,106 | $ | 168,773,321 | $ | 455,451 | $ | 1,953,847 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net realized gain |
|
|
| 3,315 |
| 2,040 |
| 79,548 |
| 43,688 |
| - |
|
| - | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Change in net unrealized appreciation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(depreciation) |
|
|
| - |
|
| - |
| - |
|
| - |
|
|
| (1,035) |
|
| 769 | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in net assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
resulting from operations |
|
|
| 16,496,612 |
| 36,827,592 |
|
| 74,103,654 |
| 168,817,009 |
|
| 454,416 |
|
| 1,954,616 |
| |||||||
Distributions to shareholders from distributable earnings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||
Investor Class |
|
|
| (948,660) |
| (1,068,632) |
|
| (301,811) |
| (714,641) |
| (68,648) |
|
| (198,168) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Institutional Class |
|
|
| (15,422,929) |
| (35,544,255) |
|
| (73,722,295) |
| (168,058,680) |
| (386,803) |
|
| (1,755,679) | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Private Investment Class |
|
|
| (9,512) |
| (83,516) |
| - |
|
| - |
|
|
| - |
|
| - | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Personal Investment Class |
|
|
| (82,021) |
| (42,811) |
| - |
|
| - |
|
|
| - |
|
| - | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Reserve Class |
|
|
| (51) |
| (152) |
| - |
|
| - |
|
|
| - |
|
| - | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Resource Class |
|
|
| (30,124) |
| (86,186) |
| - |
|
| - |
|
|
| - |
|
| - | |||||||
Total distributions from |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
distributable earnings |
|
|
| (16,493,297) |
| (36,825,552) |
|
| (74,024,106) |
| (168,773,321) |
| (455,451) |
|
| (1,953,847) | |||||||||
Share transactions-net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Class |
|
|
| 66,754,041 |
| 30,638,912 |
|
| 25,415,311 |
| 28,302 |
|
| 5,135,974 |
|
| (5,179,395) | ||||||||
Institutional Class |
|
|
| 61,013,429 |
| 709,430,303 |
|
| 267,088,351 |
| 1,386,134,388 |
|
| (42,977,542) |
|
| 20,084,867 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Private Investment Class |
|
|
| (94,431) |
| (4,697,542) |
| - |
|
| - |
|
|
| - |
|
| - | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Personal Investment Class |
|
|
| (160,041) |
| 13,757,903 |
|
| - |
|
| - |
|
|
| - |
|
| - | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Reserve Class |
|
|
| 55 |
| 151 |
|
| - |
|
| - |
|
|
| - |
|
| - | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Resource Class |
|
|
| 521,168 |
| (3,400,197) |
| - |
| - |
|
|
| - |
|
| - | ||||||||
Net increase (decrease) in net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets resulting from share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
transactions |
|
|
| 128,034,221 |
| 745,729,530 |
| 292,503,662 |
| 1,386,162,690 |
| (37,841,568) |
|
| 14,905,472 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets |
|
|
| 128,037,536 |
| 745,731,570 |
| 292,583,210 |
| 1,386,206,378 |
| (37,842,603) |
|
| 14,906,241 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
| 1,745,602,745 |
| 999,871,175 |
| 8,338,200,829 |
| 6,951,994,451 |
| 106,781,440 |
|
| 91,875,199 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of period | $1,873,640,281 | $1,745,602,745 | $ | 8,630,784,039 | $8,338,200,829 | $ | 68,938,837 | $106,781,440 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
Financial Highlights
February 29, 2020 (Unaudited)
The following schedule presents financial highlights for a share of the Funds outstanding throughout the periods indicated.
Investor Class
|
|
|
|
|
|
|
|
| Ratio of | Ratio of |
|
|
|
|
| Net gains |
|
|
|
|
| expenses | expenses |
|
|
|
|
| (losses) |
|
|
|
|
| to average | to average net | Ratio of net | |
| Net asset |
| on securities |
| Dividends |
|
|
| net assets | assets without | investment | |
| value, | Net | (both | Total from | from net | Net asset |
| Net assets, | with fee waivers | fee waivers | income | |
| beginning | investment | realized and | investment | investment | value, end | Total | end of period | and/or expense | and/or expense | to average | |
| of period | income(a) | unrealized) | operations | income | of period | return(b) | (000's omitted) | reimbursements | reimbursements | net assets |
|
Invesco Premier Portfolio |
|
|
|
|
|
|
|
| 0.18%(c) | 0.25%(c) | 1.84%(c) | |
Six months ended 02/29/20 | $ 1.00 | $ 0.01 | $ 0.00 | $ 0.01 | $ (0.01) | $ 1.00 | 0.92% | $127,111 | ||||
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 |
|
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | 1.00 | 0.30 | 39,464 | 0.18 | 0.25 | 0.30 |
|
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | 1.00 | 0.04 | 50,778 | 0.18 | 0.25 | 0.04 |
|
Invesco Premier U.S. Government Money Portfolio |
|
|
|
|
|
| 0.18(c) | 0.25(c) | 1.60(c) | |||
Six months ended 02/29/20 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | 1.00 | 0.80 | 57,973 | ||||
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 |
|
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | 1.00 | 0.17 | 30,088 | 0.17 | 0.25 | 0.18 |
|
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | 1.00 | 0.02 | 22,409 | 0.09 | 0.25 | 0.02 |
|
Invesco Premier Tax-Exempt Portfolio |
|
|
|
|
|
|
| 0.20(c) | 0.25(c) | 1.10(c) | ||
Six months ended 02/29/20 | 1.0000 | 0.0053 | (0.0001) | 0.0052 | (0.0053) | 0.9999 | 0.53 | 14,312 | ||||
Year ended 08/31/19 | 1.0000 | 0.0146 | 0.0000 | 0.0146 | (0.0146) | 1.0000 | 1.47 | 9,176 | 0.20 | 0.25 | 1.46 |
|
Year ended 08/31/18 | 1.0000 | 0.0106 | (0.0001) | 0.0105 | (0.0105) | 1.0000 | 1.05 | 14,355 | 0.20 | 0.25 | 1.06 |
|
Year ended 08/31/17 | 1.00 | 0.0058 | 0.0000 | 0.0058 | (0.0058) | 1.0000 | 0.59 | 10,815 | 0.20 | 0.25 | 0.56 |
|
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | 1.00 | 0.10 | 7,779 | 0.15 | 0.25 | 0.10 |
|
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | 1.00 | 0.01 | 8,093 | 0.06 | 0.25 | 0.03 |
|
(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)Ratios are annualized and based on average daily net assets (000's omitted) of $105,334, $38,143 and $13,193 for Invesco Premier Portfolio, Invesco Premier U.S. Government Money Portfolio and Invesco Premier Tax-Exempt Portfolio, respectively.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
Notes to Financial Statements
February 29, 2020 (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, Invesco Premier U.S. Government Money Portfolio and Invesco Premier Tax-Exempt 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 Tax-Exempt Portfolio's investment objective is to provide tax-exempt income consistent with preservation of capital and 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 and Invesco Premier Tax-Exempt Portfolio currently consist of two classes of shares: Investor Class and Institutional Class. Investor Class shares of the Fund are offered only to certain grandfathered 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 Tax-Exempt Portfolio, an "institutional money market fund", prices and transacts in its shares at a floating net asset value ("NAV") reflecting the current market-based values of its portfolio securities, except as otherwise generally permitted for securities with remaining maturities of 60 days or less, which are valued at amortized cost. Rules and regulations also require Invesco Premier Tax-Exempt Portfolio to round its NAV to four decimal places (e.g., $1.0000).
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 and Invesco Premier Tax-Exempt 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 — Invesco Premier Tax-Exempt Portfolio's securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.
Invesco Premier Portfolio and Invesco Premier U.S. Government Portfolio'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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities.
The Funds may periodically participate in litigation related to each Fund's investments. As such, the Funds may receive proceeds from litigation settlements. 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.
23 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
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.
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.
In addition, Invesco Premier Tax-Exempt Portfolio intends to invest in such municipal securities to allow it to qualify to pay shareholders "exempt interest dividends", as defined in the Internal Revenue Code.
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.
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.
The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.
24 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and each Fund's investments in municipal securities.
There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.
U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with 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.
Under the terms of a master sub-advisory agreement between the Adviser to each Fund other than Invesco Premier U.S. Government Money 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, for Invesco Premier Portfolio and Invesco Premier Tax-Exempt Portfolio, separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Funds, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).
The Adviser has contractually agreed, through at least December 31, 2020, 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. In addition, the Adviser has contractually agreed, through at least December 31, 2020, to waive advisory fees equal to 0.05% of the average daily net assets of Invesco Premier Tax-Exempt Portfolio.
For the six-month period ended February 29, 2020, the Adviser waived advisory fees and/or reimbursed Fund expenses in the following amounts:
Invesco Premier Portfolio | $ 627,650 |
Invesco Premier U.S. Government Money Portfolio | 3,229,317 |
Invesco Premier Tax-Exempt Portfolio | 20,790 |
|
|
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 custodian and fund accountant and provides certain administrative services to the Funds.
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 classes. 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-month period ended February 29, 2020, 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.
25 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
As of February 29, 2020, 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 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-month period ended February 29, 2020, each Fund engaged in transactions with affiliates as listed below:
| Securities Purchases | Securities Sales | Net Realized Gains |
Invesco Premier Portfolio | $86,957,327 | $70,568,338 | $- |
|
|
|
|
Invesco Premier Tax-Exempt Portfolio | 17,442,973 | 39,811,770 | - |
|
|
|
|
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 had a capital loss carryforward as of August 31, 2019, as follows:
| Not Subject to |
|
Fund | Expiration | Total* |
Invesco Premier U.S. Government Money Portfolio | $3,507 | $3,507 |
Invesco Premier Tax-Exempt Portfolio | 3,793 | 3,793 |
*Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 8—Investment Transactions
The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:
|
| At February 29, 2020 |
| |
|
|
|
| Net |
|
|
|
| Unrealized |
| Federal | Unrealized | Unrealized | Appreciation |
| Tax Cost* | Appreciation | (Depreciation) | (Depreciation) |
Invesco Premier Tax-Exempt Portfolio | $69,108,769 | $117 | $(1,066) | $(949) |
*For Invesco Premier Portfolio, Invesco Premier U.S. Government Money Portfolio and Invesco Premier Tax-Exempt Portfolio, cost of investments are the same for tax and financial reporting purposes.
26 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
NOTE 9—Share Information
Invesco Premier Portfolio
|
|
| Summary of Share Activity |
|
|
|
| ||
| Six months ended | Year ended | |||||||
| February 29, 2020(a) |
| August 31, 2019 |
| |||||
| Shares |
| Amount | Shares |
| Amount | |||
Sold: |
|
|
|
|
|
|
|
|
|
Investor Class | 157,381,432 | $ | 157,381,432 | 63,579,554 | $ | 63,579,554 |
| ||
|
|
|
|
|
|
|
|
| |
Institutional Class | 1,083,495,253 |
| 1,083,495,253 | 3,216,380,470 |
| 3,216,380,470 |
| ||
Private Investment Class | 400,415 |
| 400,415 | 594,675 |
| 594,675 |
|
| |
Personal Investment Class | 1,707,713 |
| 1,707,713 | 13,955,408 |
| 13,955,408 |
| ||
|
|
|
|
|
|
|
|
| |
Reserve Class | 4 |
| 4 | - |
| - |
|
| |
Resource Class | 601,044 |
| 601,044 | 814,032 |
| 814,032 |
| ||
Issued as reinvestment of dividends: |
|
|
|
|
|
|
|
|
|
Investor Class | 828,596 |
| 828,596 | 1,059,467 |
| 1,059,467 |
| ||
Institutional Class | 13,140,684 |
| 13,140,684 | 28,510,215 |
| 28,510,215 |
| ||
Private Investment Class | 9,512 |
| 9,512 | 83,516 |
| 83,516 |
|
| |
|
|
|
|
|
|
|
|
| |
Personal Investment Class | 82,021 |
| 82,021 | 23,914 |
| 23,914 |
|
| |
Reserve Class | 51 |
| 51 | 151 |
| 151 |
|
| |
Resource Class | 30,124 |
| 30,124 | 86,186 |
| 86,186 |
|
| |
|
|
|
|
|
|
|
|
|
|
Reacquired: |
|
|
|
|
|
|
|
|
|
Investor Class | (91,455,987) |
| (91,455,987) | (34,000,109) |
| (34,000,109) | |||
|
|
|
|
|
|
|
| ||
Institutional Class | (1,035,622,508) |
| (1,035,622,508) | (2,535,460,382) |
| (2,535,460,382) | |||
|
|
|
|
|
|
|
| ||
Private Investment Class | (504,358) |
| (504,358) | (5,375,733) |
| (5,375,733) | |||
|
|
|
|
|
|
|
| ||
Personal Investment Class | (1,949,775) |
| (1,949,775) | (221,419) |
| (221,419) | |||
|
|
|
|
|
|
|
| ||
Resource Class | (110,000) |
| (110,000) | (4,300,415) |
| (4,300,415) | |||
|
|
|
|
|
|
|
| ||
Net increase in share activity | 128,034,221 | $ | 128,034,221 | 745,729,530 | $ | 745,729,530 |
| ||
|
|
|
|
|
|
|
|
|
|
(a)There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 81% 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.
27 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
NOTE 9—Share Information—(continued)
Invesco Premier U.S. Government Money Portfolio
|
|
| Summary of Share Activity |
|
|
|
| ||
| Six months ended | Year ended | |||||||
| February 29, 2020(a) |
| August 31, 2019 |
| |||||
| Shares |
| Amount | Shares |
| Amount | |||
Sold: |
|
|
|
|
|
|
|
|
|
Investor Class | 41,448,452 | $ | 41,448,452 | 12,662,875 | $ | 12,662,875 |
| ||
|
|
|
|
|
|
|
|
| |
Institutional Class | 25,639,538,058 |
| 25,639,538,058 | 49,189,664,997 |
| 49,189,664,997 |
| ||
Issued as reinvestment of dividends: |
|
|
|
|
|
|
|
|
|
Investor Class | 294,563 |
| 294,563 | 692,739 |
| 692,739 |
|
| |
Institutional Class | 36,462,389 |
| 36,462,389 | 72,714,639 |
| 72,714,639 |
| ||
Reacquired: |
|
|
|
|
|
|
|
|
|
Investor Class | (16,327,704) |
| (16,327,704) | (13,327,312) |
| (13,327,312) | |||
|
|
|
|
|
|
|
| ||
Institutional Class | (25,408,912,096) |
| (25,408,912,096) | (47,876,245,248) |
| (47,876,245,248) | |||
|
|
|
|
|
|
|
| ||
Net increase in share activity | 292,503,662 | $ | 292,503,662 | 1,386,162,690 | $ | 1,386,162,690 |
|
(a)There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 83% 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.
Invesco Premier Tax-Exempt Portfolio
|
|
| Summary of Share Activity |
|
|
|
| ||
| Six months ended | Year ended | |||||||
| February 29, 2020(a) |
| August 31, 2019 |
| |||||
| Shares |
| Amount | Shares |
| Amount | |||
Sold: |
|
|
|
|
|
|
|
|
|
Investor Class | 9,242,235 | $ | 9,242,179 | 2,088,415 | $ | 2,088,415 |
| ||
|
|
|
|
|
|
|
|
| |
Institutional Class | 18,214,328 |
| 18,213,865 | 292,812,415 |
| 292,812,412 |
| ||
Issued as reinvestment of dividends: |
|
|
|
|
|
|
|
|
|
Investor Class | 66,558 |
| 66,557 | 198,168 |
| 198,168 |
|
| |
|
|
|
|
|
|
|
| ||
Institutional Class | 386,803 |
| 386,803 | 1,583,385 |
| 1,583,385 |
| ||
Reacquired: |
|
|
|
|
|
|
|
|
|
Investor Class | (4,172,837) |
| (4,172,762) | (7,465,978) |
| (7,465,978) | |||
|
|
|
|
|
|
|
| ||
Institutional Class | (61,578,732) |
| (61,578,210) | (274,310,933) |
| (274,310,930) | |||
|
|
|
|
|
|
| |||
Net increase (decrease) in share activity | (37,841,645) | $(37,841,568) | 14,905,472 | $ | 14,905,472 |
|
(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.
NOTE 10—Subsequent Event
During the first quarter of 2020, the World Health Organization declared the coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds' ability to achieve their investment objectives. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the "CARES Act," was signed into law on March 27, 2020 by President Trump. The Adviser is assessing the components of the Act, and the impacts to the Funds should be immaterial.
28 | 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, 2019 through February 29, 2020.
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.
|
|
|
| HYPOTHETICAL |
| |
|
|
| ACTUAL | (5% annual return before expenses) |
| |
| Beginning | Ending | Expenses | Ending | Expenses | Annualized |
| Account Value | Account Value | Paid During | Account Value | Paid During | Expense |
Investor Class | (09/01/19) | (02/29/20)1 | Period2 | (02/29/20) | Period2 | Ratio |
Invesco Premier | $1,000.00 | $1,009.20 | $0.90 | $1,023.97 | $0.91 | 0.18% |
Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco Premier | 1,000.00 | 1,008.00 | 0.90 | 1,023.97 | 0.91 | 0.18 |
U.S. Government |
|
|
|
|
|
|
Money Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco Premier | 1,000.00 | 1,005.30 | 1.00 | 1,023.87 | 1.01 | 0.20 |
Tax-Exempt Portfolio
1The actual ending account value is based on the actual total return of the Funds for the period September 1, 2019 through February 29, 2020, 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.
2Expenses are equal to each Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.
29 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
(This page intentionally left blank)
(This page intentionally left blank)
Go paperless with eDelivery
Visit invesco.com/edelivery to enjoy the convenience and security of anytime electronic access to your investment documents.
With eDelivery, you can elect to have any or all of the following materials delivered straight to your inbox to download, save and print from your own computer:
•Fund reports and prospectuses
•Quarterly statements
•Daily confirmations
•Tax forms
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 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 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 secu- rities is available without charge, upon request, from our Client Services Department at 800 959 4246, or at invesco.com/ proxyguidelines. 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 29, 2020 |
Institutional Class
AIM Treasurer's Series Trust
(Invesco Treasurer's Series Trust)
Invesco Premier Portfolio
Invesco Premier U.S. Government Money Portfolio
Invesco Premier Tax-Exempt Portfolio
23 Notes to Financial Statements
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund's website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank).
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 659-1005 (option1) to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.
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 29, 2020, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
Fund Data
Institutional Class data as of 2/29/20
FUND |
| WEIGHTED |
| WEIGHTED | TOTAL |
|
| AVERAGE |
| AVERAGE | NET |
|
| MATURITY |
| LIFE | ASSETS |
|
| Range | At | At |
|
|
| During | Reporting | Reporting |
|
| Reporting | Period | Period |
| |
|
| Period | End | End |
|
Invesco Premier1 | 23 | - 45 days | 38 days | 78 days | $1.7 billion |
Invesco Premier U.S. Government Money2 | 6 | - 33 days | 24 days | 115 days | 8.6 billion |
Invesco Premier Tax-Exempt3 | 7 | - 13 days | 13 days | 12 days | 54.6 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 secu- rity's percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand fea- ture 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 condi- tions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Cor- poration 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 finan- cial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.
3 You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares 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 guar- anteed 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 finan- cial support to the Fund at any time.
2AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Letters to Shareholders
Dear Fellow Shareholders:
As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco's mutual funds. We work hard to repre- sent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited
to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team's investment performance within the context of the investment strategy described in the fund's prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
We believe one of the most important services we provide our fund shareholders is the annual review of the funds' advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a rea- sonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.
Sincerely,
Bruce L. Crockett
Independent Chair
Invesco Funds Board of Trustees
Dear Shareholders:
This semiannual report covers the six-month reporting period ended February 29, 2020. As always, we thank you for investing with us. By investing in a combination of short-term securities and securi- ties with slightly longer maturities, each Fund continued to preserve safety of principal and maintain a relatively high level of liquidity while offering competitive returns.
After raising interest rates multiple times in 2018, the US Federal Reserve (the Fed) adopted a more accommodative monetary policy during 2019. During the six-month reporting period, the Fed cut the federal funds rate by 0.25% in September and October 2019, respectively. This left the fed- eral funds target range at 1.50% to 1.75% at the end of the reporting period. In the beginning of 2020, markets saw an increase in volatility as a result of the impact of the Coronavirus (COVID-19). This has caused the outlook for the Fed to shift from a neutral policy during 2020 to a higher possi-
bility of several rate cuts. Rate cuts by the Fed would likely cause yields on government money market funds to decrease as a result.
One of the major developments impacting money market funds and the money market industry during the reporting period was the volatility in the short-term funding markets. October 2019, the Fed directed the Federal Reserve Bank of New York Trading Desk (the Desk) to purchase $60 billion per month in short-term Treasury Bills at least into the second quarter of 2020 to maintain sufficient reserve balances. This resulted in the flattening of the US Treasury curve and the stabilization of the repur- chase agreement operations (repo) markets.
Invesco Global Liquidity is part of Invesco Ltd., one of the world's largest independent asset management companies. Invesco Global Liquidity takes a long-term approach to short-term investing. Our unrelenting focus on preservation of capital, daily liquid- ity and competitive yield is implemented through repeatable, time-tested processes.
Again, thank you for investing with us.
Sincerely,
Andrew Schlossberg
Head of the Americas,
Senior Managing Director, Invesco Ltd.
3AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments
February 29, 2020 (Unaudited)
Invesco Premier Portfolio
|
|
|
| Principal |
|
|
| Interest | Maturity |
| Amount |
|
|
| Rate | Date |
| (000) |
| Value |
Commercial Paper-46.20%(a) |
|
|
|
|
|
|
Asset-Backed Securities - Fully Supported-5.67% |
|
|
|
|
|
|
Atlantic Asset Securitization LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 1.65% | 07/23/2020 | $ | 44,000 | $ | 43,711,360 |
Kells Funding LLC (CEP - FMS Wertmanagement)(c) | 2.06% | 03/03/2020 |
| 10,000 |
| 9,998,867 |
Kells Funding LLC (CEP - FMS Wertmanagement)(c) | 1.71% | 05/12/2020 |
| 20,000 |
| 19,932,000 |
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)(b)(c) | 2.01% | 03/10/2020 |
| 7,500 |
| 7,496,250 |
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.) (1 mo. USD LIBOR + 0.25%)(c)(d) | 1.96% | 04/01/2020 |
| 25,000 |
| 25,000,000 |
|
|
|
|
|
| 106,138,477 |
|
|
|
|
|
|
|
Asset-Backed Securities - Fully Supported Bank-14.57% |
|
|
|
|
|
|
Anglesea Funding LLC (Multi - CEP's)(b)(c) | 1.72% | 04/02/2020 |
| 30,650 |
| 30,603,276 |
Anglesea Funding LLC (Multi - CEP's) (1 wk. USD LIBOR + 0.10%)(c)(d) | 1.68% | 08/14/2020 |
| 10,000 |
| 10,000,000 |
Bedford Row Funding Corp. (CEP - Royal Bank of Canada) (3 mo. USD LIBOR + 0.12%)(c)(d) | 2.03% | 12/07/2020 |
| 35,000 |
| 35,000,000 |
Cancara Asset Securitization LLC (CEP - Lloyds Bank LLC)(c) | 1.79% | 06/08/2020 |
| 20,000 |
| 19,902,100 |
Chesham Finance LLC (Multi - CEP's)(b)(c) | 1.62% | 03/02/2020 |
| 25,000 |
| 24,998,875 |
Crown Point Capital Co. LLC (CEP - Credit Suisse AG) (1 mo. USD LIBOR + 0.15%)(b)(c)(d) | 1.81% | 04/08/2020 |
| 35,000 |
| 35,000,000 |
Halkin Finance LLC (Multi - CEP's)(b)(c) | 1.62% | 03/02/2020 |
| 32,500 |
| 32,498,538 |
Institutional Secured Funding LLC (Multi - CEP's)(b)(c) | 1.70% | 03/02/2020 |
| 30,000 |
| 29,998,583 |
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c) | 1.95% | 04/14/2020 |
| 15,000 |
| 14,964,433 |
Mountcliff Funding LLC (Multi - CEP's)(c) | 1.95% | 05/08/2020 |
| 10,000 |
| 10,000,000 |
Mountcliff Funding LLC (Multi - CEP's)(b)(c) | 1.70% | 06/19/2020 |
| 30,000 |
| 30,000,000 |
|
|
|
|
|
| 272,965,805 |
|
|
|
|
|
|
|
Diversified Banks-20.92% |
|
|
|
|
|
|
Banco Santander S.A.(b)(c) | 1.66% | 04/21/2020 |
| 25,000 |
| 24,941,562 |
Bank of China Ltd.(c) | 2.30% | 04/02/2020 |
| 25,000 |
| 24,949,111 |
Bank of China Ltd.(c) | 2.03% | 04/07/2020 |
| 20,000 |
| 19,958,478 |
Barclays Bank PLC | 1.69% | 05/28/2020 |
| 25,000 |
| 24,897,333 |
BPCE S.A.(b)(c) | 2.02% | 05/19/2020 |
| 15,000 |
| 14,934,167 |
China Construction Bank Corp.(b)(c) | 2.26% | 04/08/2020 |
| 10,000 |
| 9,976,250 |
China Construction Bank Corp.(b)(c) | 1.95% | 04/13/2020 |
| 7,570 |
| 7,552,459 |
China Construction Bank Corp.(b)(c) | 1.91% | 05/05/2020 |
| 10,000 |
| 9,965,694 |
China Construction Bank Corp.(b)(c) | 1.93% | 05/08/2020 |
| 20,000 |
| 19,927,467 |
Commonwealth Bank of Australia (3 mo. USD LIBOR + 0.07%)(b)(c)(d) | 1.97% | 10/06/2020 |
| 15,000 |
| 15,000,000 |
Commonwealth Bank of Australia (3 mo. USD LIBOR + 0.12%)(b)(c)(d) | 1.85% | 11/09/2020 |
| 25,000 |
| 25,000,000 |
HSBC Bank PLC (3 mo. USD LIBOR + 0.07%)(c)(d) | 1.98% | 07/02/2020 |
| 50,000 |
| 50,000,000 |
Mitsubishi UFJ Trust & Banking Corp.(b)(c) | 1.71% | 05/04/2020 |
| 25,000 |
| 24,924,444 |
National Australia Bank Ltd. (3 mo. USD LIBOR + 0.12%)(c)(d) | 2.01% | 12/11/2020 |
| 50,000 |
| 50,000,000 |
Oversea-Chinese Banking Corp. Ltd.(b)(c) | 1.96% | 04/23/2020 |
| 20,000 |
| 19,942,878 |
Royal Bank of Canada (3 mo. USD LIBOR + 0.05%)(b)(c)(d) | 1.96% | 04/01/2020 |
| 20,000 |
| 20,000,000 |
Sumitomo Mitsui Trust Bank Ltd.(b)(c) | 1.69% | 04/14/2020 |
| 10,000 |
| 9,979,467 |
Toronto-Dominion Bank (The) (3 mo. USD LIBOR + 0.10%)(b)(c)(d) | 2.04% | 09/15/2020 |
| 20,000 |
| 20,000,000 |
|
|
|
|
|
| 391,949,310 |
Diversified Capital Markets-2.91% |
|
|
|
|
|
|
Glencove Funding DAC (CEP - JPMorgan Chase Bank N.A.) (3 mo. USD LIBOR + 0.12%)(c)(d) | 2.07% | 03/26/2020 |
| 30,000 |
| 30,000,000 |
UBS AG(b)(c) | 1.85% | 01/15/2021 |
| 25,000 |
| 24,595,555 |
|
|
|
|
|
| 54,595,555 |
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments—(continued)
Invesco Premier Portfolio
|
|
|
| Principal |
|
|
| Interest | Maturity |
| Amount |
|
|
| Rate | Date |
| (000) |
| Value |
Regional Banks-2.13% |
|
|
|
|
|
|
ASB Finance Ltd. (1 mo. USD LIBOR + 0.20%)(c)(d) | 2.23% | 04/14/2020 | $ | 20,000 | $ | 19,998,589 |
Banque et Caisse d'Epargne de l'Etat(c) | 2.16% | 03/02/2020 |
| 20,000 |
| 19,998,817 |
|
|
|
|
|
| 39,997,406 |
|
|
|
|
|
|
|
Total Commercial Paper (Cost $865,646,553) |
|
|
|
|
| 865,646,553 |
|
|
|
|
|
|
|
Certificates of Deposit-19.60%
Australia & New Zealand Banking Group Ltd. (3 mo. USD LIBOR + 0.05%)(c)(d) | 2.00% | 03/31/2020 | 21,000 | 20,999,966 |
Bank of Montreal (3 mo. USD LIBOR + 0.06%)(c)(d) | 1.97% | 04/01/2020 | 25,000 | 25,000,000 |
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.05%)(c)(d) | 1.96% | 04/01/2020 | 25,000 | 25,000,000 |
Bank of Nova Scotia (The) (Federal Funds Rate + 0.26%)(c)(d) | 1.85% | 06/26/2020 | 15,000 | 15,000,000 |
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.13%)(c)(d) | 1.84% | 11/13/2020 | 10,000 | 10,000,000 |
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.13%)(c)(d) | 1.82% | 11/16/2020 | 10,000 | 10,000,000 |
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.26%)(c)(d) | 1.85% | 07/01/2020 | 20,000 | 20,000,000 |
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.36%)(c)(d) | 1.95% | 09/01/2020 | 11,000 | 11,000,000 |
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.36%)(c)(d) | 1.95% | 09/18/2020 | 20,000 | 20,000,000 |
Credit Agricole Corporate & Investment Bank S.A.(c) | 1.57% | 03/02/2020 | 10,273 | 10,273,161 |
DZ Bank AG Deutsche Zentral-Genossenschaftsbank(c) | 1.73% | 08/04/2020 | 10,000 | 9,925,896 |
Industrial & Commercial Bank of China Ltd.(c) | 1.95% | 04/09/2020 | 25,000 | 25,000,000 |
Industrial & Commercial Bank of China Ltd.(c) | 1.84% | 04/29/2020 | 25,000 | 25,000,000 |
Industrial & Commercial Bank of China Ltd.(c) | 1.84% | 05/04/2020 | 10,000 | 10,000,000 |
Mizuho Bank Ltd.(c) | 1.58% | 03/02/2020 | 20,000 | 20,000,000 |
Natixis S.A. (3 mo. USD LIBOR + 0.10%)(c)(d) | 1.80% | 08/14/2020 | 15,000 | 15,000,000 |
Natixis S.A. (3 mo. USD LIBOR + 0.11%)(c)(d) | 2.02% | 10/02/2020 | 15,000 | 15,000,000 |
Norinchukin Bank (The)(c) | 1.65% | 03/11/2020 | 25,000 | 25,000,000 |
Oversea-Chinese Banking Corp. Ltd.(c) | 1.71% | 07/24/2020 | 25,000 | 25,000,974 |
Toronto-Dominion Bank (The) (Federal Funds Rate + 0.26%)(c)(d) | 1.85% | 06/30/2020 | 10,000 | 10,000,000 |
Toronto-Dominion Bank (The) (SOFR + 0.42%)(c)(d) | 2.06% | 09/30/2020 | 20,000 | 20,000,000 |
Total Certificates of Deposit (Cost $367,199,997) |
|
|
| 367,199,997 |
|
|
|
|
|
Variable Rate Demand Notes-3.19%(e)
Credit Enhanced-3.10% |
|
|
|
|
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, |
|
|
|
|
VRD RB (LOC - PNC Bank, N.A.)(f) | 1.15% | 06/01/2037 | 1,165 | 1,165,000 |
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank, |
|
|
|
|
N.A.)(f) | 1.19% | 02/15/2042 | 1,895 | 1,895,000 |
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo |
|
|
|
|
Bank, N.A.)(f) | 1.23% | 08/01/2037 | 3,160 | 3,160,000 |
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - |
|
|
|
|
Rabobank Nederland)(c)(f) | 1.35% | 06/01/2035 | 1,100 | 1,100,000 |
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui |
|
|
|
|
Banking Corp.)(b)(c)(f) | 1.36% | 04/01/2047 | 3,900 | 3,900,000 |
Jets Stadium Development LLC; Series 2014 A-4C, VRD Bonds (LOC - Sumitomo Mitsui |
|
|
|
|
Banking Corp.)(b)(c)(f) | 1.36% | 04/01/2047 | 21,000 | 21,000,000 |
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank, N.A.)(f) | 1.70% | 05/01/2037 | 11,900 | 11,900,000 |
Metropolitan Transportation Authority; Subseries 2005 D-2, VRD RB (LOC - Landesbank |
|
|
|
|
Hessen-Thueringen Girozentrale)(c)(f) | 1.32% | 11/01/2035 | 400 | 400,000 |
Minnesota (State of) Higher Education Facilities Authority (Concordia University, St. Paul); |
|
|
|
|
Series 2007 Six-Q, VRD RB (LOC - U.S. Bank N.A.)(f) | 1.33% | 04/01/2037 | 1,375 | 1,375,000 |
New York (State of) Housing Finance Agency (222 East 44th Street Housing); Series 2016 |
|
|
|
|
B-1, VRD RB (LOC - Bank of China Ltd.)(c)(f) | 1.65% | 05/01/2050 | 7,025 | 7,025,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments—(continued)
Invesco Premier Portfolio
|
|
|
| Principal |
|
|
| Interest | Maturity |
| Amount |
|
|
| Rate | Date |
| (000) |
| Value |
Credit Enhanced-(continued) |
|
|
|
|
|
|
Pinellas (County of), FL Health Facilities Authority (Baycare Health System); Series 2009 A-2, |
|
|
|
|
|
|
VRD RB (LOC - Northern Trust Co. (The))(f) | 1.15% | 11/01/2038 | $ | 3,200 | $ | 3,200,000 |
St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, |
|
|
|
|
|
|
Ref. VRD RB (CEP - FHLMC) | 1.14% | 10/01/2033 |
| 2,015 |
| 2,015,000 |
|
|
|
|
|
| 58,135,000 |
|
|
|
|
|
|
|
Other Variable Rate Demand Notes-0.09% |
|
|
|
|
|
|
East Baton Rouge (Parish of), LA Industrial Development Board, Inc. (ExxonMobil); |
|
|
|
|
|
|
Series 2010 A, VRD RB | 1.46% | 08/01/2035 |
| 1,051 |
| 1,051,000 |
Mississippi Business Finance Corp. (Chevron USA, Inc.); Series 2007 E, VRD IDR | 1.29% | 12/01/2030 |
| 595 |
| 595,000 |
|
|
|
|
|
|
|
|
|
|
|
|
| 1,646,000 |
|
|
|
|
|
|
|
Total Variable Rate Demand Notes (Cost $59,781,000) |
|
|
|
|
| 59,781,000 |
U.S. Dollar Denominated Bonds & Notes-2.34% |
|
|
|
|
|
|
Automobile Manufacturers-1.08% |
|
|
|
|
|
|
Toyota Motor Credit Corp.(c) | 4.50% | 06/17/2020 |
| 20,000 |
| 20,134,893 |
Diversified Banks-0.27% |
|
|
|
|
|
|
Westpac Banking Corp.(c) | 2.30% | 05/26/2020 |
| 5,000 |
| 4,997,412 |
Technology Hardware, Storage & Peripherals-0.99% |
|
|
|
|
|
|
Apple, Inc. | 2.25% | 02/23/2021 |
| 18,496 |
| 18,616,231 |
Total U.S. Dollar Denominated Bonds & Notes (Cost $43,748,536) |
|
|
|
|
| 43,748,536 |
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-71.33% |
|
|
|
|
|
|
(Cost $1,336,376,086) |
|
|
|
|
| 1,336,376,086 |
|
|
|
| Repurchase |
|
|
|
|
|
| Amount |
|
|
Repurchase Agreements-29.54%(g) |
|
|
|
|
|
|
Bank of Nova Scotia, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
$575,077,146 (collateralized by domestic agency mortgage-backed securities valued at |
|
|
|
|
|
|
$586,500,000; 2.46% - 6.50%; 06/01/2027 - 02/01/2050) | 1.61% | 03/02/2020 |
| 30,004,025 |
| 30,000,000 |
BMO Capital Markets Corp., joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
$50,007,000 (collateralized by domestic and foreign non-agency asset-backed |
|
|
|
|
|
|
securities, domestic agency and non-agency mortgage-backed securities and domestic and |
|
|
|
|
|
|
foreign corporate obligations valued at $52,625,311; 0% - 11.13%; 05/04/2020 - |
|
|
|
|
|
|
06/26/2056)(c) | 1.68% | 03/02/2020 |
| 10,001,400 |
| 10,000,000 |
BMO Capital Markets Corp., joint term agreement dated 02/28/2020, aggregate maturing |
|
|
|
|
|
|
value of $75,024,792 (collateralized by domestic non-agency asset-backed securities, |
|
|
|
|
|
|
domestic agency and non-agency mortgage-backed securities, U.S. goverment sponsored |
|
|
|
|
|
|
agency obligations and domestic and foreign corporate obligations valued at |
|
|
|
|
|
|
$79,369,219; 0% - 5.85%; 04/02/2020 - 11/16/2061)(c)(h) | 1.70% | 03/06/2020 |
| 15,004,958 |
| 15,000,000 |
BMO Capital Markets Corp., term agreement dated 02/21/2020, maturing value of |
|
|
|
|
|
|
$20,041,533 (collateralized by domestic non-agency asset-backed securities, domestic |
|
|
|
|
|
|
and foreign agency and non-agency mortgage-backed securities and domestic and foreign |
|
|
|
|
|
|
corporate obligations valued at $21,346,059; 0.43% - 9.00%; 03/27/2020 - |
|
|
|
|
|
|
12/15/2049)(c)(h) | 1.78% | 04/03/2020 |
| 20,041,533 |
| 20,000,000 |
Citigroup Global Markets, Inc., joint open agreement dated 09/24/2019 (collateralized by |
|
|
|
|
|
|
foreign corporate obligations valued at $143,342,596; 5.40% - 8.25%; 04/25/2021 - |
|
|
|
|
|
|
06/28/2117)(i) | 1.96% | - |
| - |
| 10,000,000 |
Citigroup Global Markets, Inc., joint open agreement dated 12/19/2019 (collateralized by |
|
|
|
|
|
|
domestic and foreign non-agency asset-backed securities, domestic and foreign corporate |
|
|
|
|
|
|
obligations and domestic non-agency mortgage-backed securities valued at |
|
|
|
|
|
|
$192,381,818; 1.27% - 10.64%; 10/17/2022 - 09/26/2067)(i) | 2.09% | - |
| - |
| 38,500,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments—(continued)
Invesco Premier Portfolio
| Interest | Maturity |
| Repurchase |
|
|
|
| Rate | Date |
| Amount |
| Value | |
Credit Suisse Securities (USA) LLC, joint term agreement dated 02/25/2020, aggregate |
|
|
|
|
|
|
|
maturing value of $30,010,383 (collateralized by domestic non-agency asset-backed |
|
|
|
|
|
|
|
securities and domestic non-agency mortgage-backed securities valued at $33,000,000; |
|
|
|
|
|
|
|
0% - 6.50%; 08/15/2035 - 03/25/2059)(c)(h) | 1.78% | 03/03/2020 | $ | 15,005,192 | $ | 15,000,000 |
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 02/25/2020, aggregate |
|
|
|
|
|
|
|
maturing value of $40,013,456 (collateralized by domestic and foreign non-agency |
|
|
|
|
|
|
|
asset-backed securities, domestic and foreign agency and non-agency mortgage-backed |
|
|
|
|
|
|
|
securities and domestic and foreign corporate obligations valued at $43,990,546; 0% - |
|
|
|
|
|
|
|
15.00%; 03/15/2020 - 07/15/2064)(c)(h) | 1.73% | 03/03/2020 |
| 10,003,364 |
| 10,000,000 |
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 02/25/2020, aggregate |
|
|
|
|
|
|
|
maturing value of $65,021,486 (collateralized by domestic and foreign non-agency |
|
|
|
|
|
|
|
asset-backed securities and domestic non-agency mortgage-backed securities valued at |
|
|
|
|
|
|
|
$68,250,001; 0.07% - 7.00%; 02/15/2029 - 08/16/2060)(c)(h) | 1.70% | 03/03/2020 |
| 12,003,967 |
| 12,000,000 |
|
ING Financial Markets, LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
|
$100,014,000 (collateralized by domestic and foreign corporate obligations valued at |
|
|
|
|
|
|
|
$105,000,739; 1.63% - 5.88%; 03/16/2020 - 11/01/2050)(c) | 1.68% | 03/02/2020 |
| 40,005,600 |
| 40,000,000 |
|
J.P. Morgan Securities LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
|
$500,067,083 (collateralized by domestic agency mortgage-backed securities and U.S. |
|
|
|
|
|
|
|
goverment sponsored agency obligations valued at $510,000,000; 0% - 6.00%; |
|
|
|
|
|
|
|
12/01/2027 - 03/01/2050) | 1.61% | 03/02/2020 |
| 100,013,417 |
| 100,000,000 |
|
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2019 (collateralized by |
|
|
|
|
|
|
|
domestic and foreign non-agency asset-backed securities, domestic and foreign corporate |
|
|
|
|
|
|
|
obligations and domestic non-agency mortgage-backed securities valued at |
|
|
|
|
|
|
|
$44,292,744; 2.50% - 6.25%; 09/15/2020 - 02/15/2068)(i) | 2.14% | - |
| - |
| 5,000,000 |
|
Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 10/21/2019 |
|
|
|
|
|
|
|
(collateralized by domestic corporate obligations valued at $21,000,002; 4.00% - |
|
|
|
|
|
|
|
7.42%; 02/15/2029 - 10/01/2043)(c)(i) | 1.71% | - |
| - |
| 10,000,000 |
|
Mizuho Securities (USA) LLC, joint open agreement dated 01/28/2020 (collateralized by |
|
|
|
|
|
|
|
domestic and foreign corporate obligations and domestic and foreign equity securities |
|
|
|
|
|
|
|
valued at $82,350,426; 0% - 7.13%; 05/01/2020 - 03/15/2049)(c)(i) | 1.68% | - |
| - |
| 30,000,000 |
|
RBC Capital Markets LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
|
$150,021,000 (collateralized by domestic and foreign corporate obligations valued at |
|
|
|
|
|
|
|
$157,500,922; 0% - 9.40%; 03/02/2020 - 07/01/2097)(c) | 1.68% | 03/02/2020 |
| 25,003,500 |
| 25,000,000 |
|
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 a domestic commercial paper valued at $109,663,521; 0% - 12.00%; 03/25/2020 |
|
|
|
|
|
|
|
- 10/07/2079)(c)(i) | 1.76% | - |
| - |
| 28,000,000 |
|
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic |
|
|
|
|
|
|
|
non-agency asset-backed securities and domestic and foreign corporate obligations valued |
|
|
|
|
|
|
|
at $91,931,496; 1.95% - 11.88%; 03/09/2020 - 03/11/2061)(c)(i) | 1.69% | - |
| - |
| 35,000,000 |
|
Wells Fargo Securities, LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
|
$500,067,083 (collateralized by domestic agency mortgage-backed securities valued at |
|
|
|
|
|
|
|
$510,000,000; 3.50% - 4.00%; 12/01/2049) | 1.61% | 03/02/2020 |
| 100,013,417 |
| 100,000,000 |
|
Wells Fargo Securities, LLC, joint term agreement dated 01/21/2020, aggregate maturing |
|
|
|
|
|
|
|
value of $221,105,500 (collateralized by domestic and foreign non-agency asset-backed |
|
|
|
|
|
|
|
securities, domestic and foreign corporate obligations and a domestic non-agency |
|
|
|
|
|
|
|
mortgage-backed security valued at $231,167,015; 0.25% - 8.25%; 11/15/2022 - |
|
|
|
|
|
|
|
11/25/2058) | 2.01% | 04/20/2020 |
| 20,100,500 |
| 20,000,000 |
|
Total Repurchase Agreements (Cost $553,500,000) |
|
|
|
|
| 553,500,000 |
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES(j)(k)-100.87% (Cost $1,889,876,086) |
|
|
|
|
| 1,889,876,086 |
|
OTHER ASSETS LESS LIABILITIES-(0.87)% |
|
|
|
|
| (16,235,805) | |
|
|
|
|
|
|
|
|
NET ASSETS-100.00% |
|
|
|
| $ | 1,873,640,281 |
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments—(continued)
Invesco Premier Portfolio
Investment Abbreviations:
CEP | -Credit Enhancement Provider |
DAC | -Designated Activity Co. |
FHLMC -Federal Home Loan Mortgage Corp. | |
IDR | -Industrial Development Revenue Bonds |
LIBOR | -London Interbank Offered Rate |
LOC | -Letter of Credit |
RB | -Revenue Bonds |
Ref. | -Refunding |
SOFR | -Secured Overnight Financing Rate |
USD | -U.S. Dollar |
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 29, 2020 was $520,911,258, which represented 27.80% 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: 16.6%; France: 14.3%; China: 9.8%; Japan: 8.8%; Netherlands: 6.8%; Australia: 6.2%; Switzerland: 5.2%; United Kingdom: 5.1%; other countries less than 5% each: 8.0%.
(d)Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2020.
(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 29, 2020.
(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)Principal amount equals value at period end. See Note 1I.
(h)The Fund may demand payment of the term repurchase agreement upon one to seven business days' notice depending on the timing of the demand.
(i)Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(j)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 obligation but may be called upon to satisfy issuer's obligations. No concentration of any single entity was greater than 5% each.
(k)Also represents cost for federal income tax purposes.
Portfolio Composition by Maturity
In days, as of 02/29/2020
1-7 | 36.8% |
8-30 | 1.7 |
|
|
31-60 | 20.1 |
61-90 | 9.0 |
91-180 | 15.8 |
|
|
181+ | 16.6 |
|
|
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.
8AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments
February 29, 2020 (Unaudited)
Invesco Premier U.S. Government Money Portfolio
|
|
|
| Principal |
|
| Interest | Maturity |
| Amount |
|
| Rate | Date |
| (000) | Value |
U.S. Government Sponsored Agency Securities-27.99% |
|
|
|
|
|
Federal Farm Credit Bank (FFCB)-1.78% |
|
|
|
|
|
Federal Farm Credit Bank (1 mo. USD LIBOR - 0.06%)(a) | 1.57% | 03/25/2020 | $ | 26,000 | $ 25,999,263 |
Federal Farm Credit Bank (1 mo. USD LIBOR + 0.08%)(a) | 1.66% | 02/01/2021 |
| 50,000 | 50,041,069 |
Federal Farm Credit Bank (1 mo. USD LIBOR + 0.00%)(a) | 1.66% | 03/17/2021 |
| 40,000 | 40,000,000 |
Federal Farm Credit Bank (SOFR + 0.10%)(a) | 1.74% | 05/07/2021 |
| 12,000 | 12,000,000 |
Federal Farm Credit Bank (SOFR + 0.08%)(a) | 2.07% | 06/10/2021 |
| 2,000 | 2,000,000 |
Federal Farm Credit Bank (SOFR + 0.08%)(a) | 1.72% | 07/09/2021 |
| 9,000 | 9,000,000 |
Federal Farm Credit Bank (SOFR + 0.07%)(a) | 1.71% | 08/20/2021 |
| 15,000 | 15,000,000 |
|
|
|
|
| 154,040,332 |
|
|
|
|
|
|
Federal Home Loan Bank (FHLB)-20.03% |
|
|
|
|
|
Federal Home Loan Bank (1 mo. USD LIBOR - 0.07%)(a) | 1.60% | 04/06/2020 |
| 57,000 | 57,000,000 |
Federal Home Loan Bank (1 mo. USD LIBOR - 0.06%)(a) | 1.54% | 04/28/2020 |
| 20,000 | 20,000,000 |
Federal Home Loan Bank (3 mo. USD LIBOR - 0.22%)(a) | 1.67% | 06/08/2020 |
| 75,000 | 75,000,000 |
Federal Home Loan Bank (1 mo. USD LIBOR - 0.06%)(a) | 1.61% | 06/09/2020 |
| 100,000 | 100,000,000 |
Federal Home Loan Bank (3 mo. USD LIBOR - 0.22%)(a) | 1.67% | 06/09/2020 |
| 75,000 | 75,000,000 |
Federal Home Loan Bank (1 mo. USD LIBOR - 0.06%)(a) | 1.61% | 06/10/2020 |
| 100,000 | 100,000,000 |
Federal Home Loan Bank (1 mo. USD LIBOR - 0.07%)(a) | 1.59% | 06/12/2020 |
| 125,000 | 125,000,000 |
Federal Home Loan Bank (SOFR + 0.04%)(a) | 1.68% | 06/19/2020 |
| 85,000 | 85,000,000 |
Federal Home Loan Bank | 1.58% | 07/06/2020 |
| 100,000 | 99,446,492 |
|
|
|
|
|
|
Federal Home Loan Bank (SOFR + 0.10%)(a) | 1.65% | 07/17/2020 |
| 15,000 | 15,000,000 |
Federal Home Loan Bank (SOFR + 0.03%)(a) | 1.67% | 07/17/2020 |
| 47,000 | 47,000,000 |
Federal Home Loan Bank (SOFR + 0.08%)(a) | 1.72% | 07/24/2020 |
| 16,000 | 16,000,000 |
Federal Home Loan Bank (SOFR + 0.05%)(a) | 2.08% | 09/28/2020 |
| 210,000 | 210,000,000 |
Federal Home Loan Bank (SOFR + 0.11%)(a) | 5.37% | 10/01/2020 |
| 10,000 | 10,000,000 |
Federal Home Loan Bank (3 mo. USD LIBOR - 0.21%)(a) | 1.64% | 10/16/2020 |
| 50,000 | 50,000,000 |
Federal Home Loan Bank (1 mo. USD LIBOR - 0.04%)(a) | 1.62% | 11/16/2020 |
| 100,000 | 100,000,000 |
Federal Home Loan Bank (3 mo. USD LIBOR - 0.19%)(a) | 1.65% | 11/16/2020 |
| 50,000 | 50,000,000 |
Federal Home Loan Bank (1 mo. USD LIBOR - 0.04%)(a) | 1.62% | 12/18/2020 |
| 65,000 | 65,000,000 |
Federal Home Loan Bank (SOFR + 0.10%)(a) | 4.48% | 12/23/2020 |
| 60,000 | 60,000,000 |
Federal Home Loan Bank | 1.50% | 02/10/2021 |
| 7,000 | 6,996,730 |
Federal Home Loan Bank (SOFR + 0.04%)(a) | 1.68% | 02/25/2021 |
| 10,000 | 10,000,000 |
Federal Home Loan Bank (SOFR + 0.07%)(a) | 1.71% | 02/26/2021 |
| 10,000 | 10,000,000 |
Federal Home Loan Bank (3 mo. USD LIBOR - 0.11%)(a) | 1.77% | 04/09/2021 |
| 15,000 | 15,000,000 |
Federal Home Loan Bank (3 mo. USD LIBOR - 0.11%)(a) | 1.74% | 04/13/2021 |
| 50,000 | 50,000,000 |
Federal Home Loan Bank (3 mo. USD LIBOR - 0.14%)(a) | 1.70% | 04/14/2021 |
| 150,000 | 150,000,000 |
Federal Home Loan Bank (3 mo. USD LIBOR - 0.12%)(a) | 1.71% | 04/14/2021 |
| 50,000 | 50,000,000 |
Federal Home Loan Bank (3 mo. USD LIBOR - 0.14%)(a) | 1.70% | 04/19/2021 |
| 45,000 | 45,000,000 |
Federal Home Loan Bank (SOFR + 0.08%)(a) | 1.72% | 07/23/2021 |
| 7,000 | 7,000,000 |
Federal Home Loan Bank (SOFR + 0.09%)(a) | 1.73% | 09/10/2021 |
| 25,000 | 25,000,000 |
|
|
|
|
| 1,728,443,222 |
Federal Home Loan Mortgage Corp. (FHLMC)-3.61% |
|
|
|
|
|
Federal Home Loan Mortgage Corp. (SOFR + 0.04%)(a) | 1.68% | 09/10/2020 |
| 100,000 | 100,000,000 |
Federal Home Loan Mortgage Corp. (SOFR + 0.04%)(a) | 1.68% | 12/14/2020 |
| 85,000 | 85,000,000 |
Federal Home Loan Mortgage Corp. (SOFR + 0.03%)(a) | 1.67% | 02/24/2021 |
| 115,000 | 115,000,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments—(continued)
Invesco Premier U.S. Government Money Portfolio
|
|
|
| Principal |
|
| Interest | Maturity |
| Amount |
|
| Rate | Date |
| (000) | Value |
Federal Home Loan Mortgage Corp. (FHLMC)-(continued) |
|
|
|
|
|
Federal Home Loan Mortgage Corp. | 2.60% | 10/15/2045 | $ | 11,969 | $ 11,969,438 |
|
|
|
|
|
|
|
|
|
|
| 311,969,438 |
|
|
|
|
|
|
Federal National Mortgage Association (FNMA)-0.85% |
|
|
|
|
|
Federal National Mortgage Association (SOFR + 0.10%)(a) | 2.48% | 04/30/2020 |
| 3,800 | 3,800,433 |
Federal National Mortgage Association | 1.51% | 06/12/2020 |
| 40,000 | 39,828,333 |
|
|
|
|
|
|
Federal National Mortgage Association (SOFR + 0.06%)(a) | 1.70% | 07/30/2020 |
| 20,000 | 20,000,000 |
Federal National Mortgage Association (SOFR + 0.04%)(a) | 1.68% | 01/29/2021 |
| 10,000 | 10,000,000 |
|
|
|
|
| 73,628,766 |
|
|
|
|
|
|
U.S. International Development Finance Corp. (DFC)-1.72% |
|
|
|
|
|
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.30% | 03/11/2020 |
| 8,000 | 8,000,000 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.48% | 03/11/2020 |
| 7,044 | 7,044,000 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.48% | 03/11/2020 |
| 7,500 | 7,500,000 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.48% | 03/11/2020 |
| 5,200 | 5,200,000 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.48% | 03/11/2020 |
| 5,000 | 5,000,000 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate + |
|
|
|
|
|
0.07%)(b) | 1.60% | 03/11/2020 |
| 15,000 | 15,000,000 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.60% | 03/11/2020 |
| 11,200 | 11,200,000 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.60% | 09/15/2020 |
| 45,800 | 45,800,000 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.60% | 06/15/2025 |
| 12,000 | 12,000,000 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.60% | 09/15/2025 |
| 3,000 | 3,000,000 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.60% | 09/15/2026 |
| 5,000 | 5,000,000 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.60% | 09/15/2026 |
| 5,000 | 5,000,000 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.60% | 08/13/2027 |
| 4,500 | 4,500,000 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.60% | 02/15/2028 |
| 8,889 | 8,888,889 |
U.S. International Development Finance Corp. VRD Bonds (3 mo. U.S. Treasury Bill Rate)(b) | 1.60% | 10/15/2030 |
| 5,000 | 5,000,000 |
|
|
|
|
| 148,132,889 |
|
|
|
|
|
|
Total U.S. Government Sponsored Agency Securities (Cost $2,416,214,647) |
|
|
|
| 2,416,214,647 |
|
|
|
|
|
|
U.S. Treasury Securities-23.46% |
|
|
|
|
|
U.S. Treasury Bills-14.50%(c) |
|
|
|
|
|
U.S. Treasury Bills | 1.57% | 03/05/2020 |
| 350,000 | 349,939,333 |
|
|
|
|
|
|
U.S. Treasury Bills | 1.88% | 03/26/2020 |
| 200,000 | 199,741,667 |
U.S. Treasury Bills | 1.81% | 04/02/2020 |
| 50,000 | 49,920,222 |
U.S. Treasury Bills | 1.69% | 04/09/2020 |
| 50,000 | 49,909,000 |
|
|
|
|
|
|
U.S. Treasury Bills | 1.62% | 04/30/2020 |
| 100,000 | 99,731,667 |
|
|
|
|
|
|
U.S. Treasury Bills | 1.58% | 06/25/2020 |
| 200,000 | 198,988,222 |
U.S. Treasury Bills | 1.57% | 07/02/2020 |
| 100,000 | 99,467,000 |
U.S. Treasury Bills | 1.78% | 08/13/2020 |
| 10,000 | 9,919,792 |
|
|
|
|
|
|
U.S. Treasury Bills | 1.52% | 08/20/2020 |
| 50,000 | 49,639,278 |
U.S. Treasury Bills | 1.45% | 08/27/2020 |
| 100,000 | 99,284,000 |
U.S. Treasury Bills | 1.47% | 12/31/2020 |
| 45,000 | 44,446,234 |
|
|
|
|
|
|
|
|
|
|
| 1,250,986,415 |
U.S. Treasury Notes-8.96% |
|
|
|
|
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + |
|
|
|
|
|
0.12%)(a) | 1.27% | 01/31/2021 |
| 245,000 | 244,939,636 |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + |
|
|
|
|
|
0.14%)(a) | 1.30% | 04/30/2021 |
| 145,000 | 144,937,029 |
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)
Invesco Premier U.S. Government Money Portfolio
|
|
|
| Principal |
|
| Interest | Maturity |
| Amount |
|
| Rate | Date |
| (000) | Value |
U.S. Treasury Notes-(continued) |
|
|
|
|
|
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + |
|
|
|
|
|
0.22%)(a) | 1.38% | 07/31/2021 | $ | 145,000 | $ 145,142,942 |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + |
|
|
|
|
|
0.30%)(a) | 1.46% | 10/31/2021 |
| 95,000 | 95,174,742 |
U.S. Treasury Floating Rate Notes (3 mo. U.S. Treasury Bill Money Market Yield Rate + |
|
|
|
|
|
0.15%)(a) | 1.31% | 01/31/2022 |
| 40,000 | 39,990,839 |
U.S. Treasury Notes | 1.38% | 09/15/2020 |
| 55,000 | 54,965,941 |
|
|
|
|
|
|
U.S. Treasury Notes | 2.75% | 09/30/2020 |
| 48,000 | 48,316,172 |
|
|
|
|
| 773,467,301 |
|
|
|
|
|
|
Total U.S. Treasury Securities (Cost $2,024,453,716) |
|
|
|
| 2,024,453,716 |
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-51.45% |
|
|
|
|
|
(Cost $4,440,668,363) |
|
|
|
| 4,440,668,363 |
|
|
|
| Repurchase |
|
|
|
|
| Amount |
|
Repurchase Agreements-48.54%(d) |
|
|
|
|
|
Bank of Montreal, joint term agreement dated 01/09/2020, aggregate maturing value of |
|
|
|
|
|
$250,904,931 (collateralized by U.S. Treasury obligations valued at $255,000,126; |
|
|
|
|
|
0% - 3.88%; 03/26/2020 - 02/15/2049)(e) | 1.57% | 04/01/2020 |
| 100,361,972 | 100,000,000 |
Bank of Montreal, joint term agreement dated 02/12/2020, aggregate maturing value of |
|
|
|
|
|
$250,998,472 (collateralized by U.S. Treasury obligations valued at $255,000,182; |
|
|
|
|
|
0% - 3.88%; 05/31/2020 - 11/15/2049)(e) | 1.58% | 05/14/2020 |
| 60,239,633 | 60,000,000 |
Bank of Montreal, joint term agreement dated 02/12/2020, aggregate maturing value of |
|
|
|
|
|
$251,011,111 (collateralized by domestic agency mortgage-backed securities valued at |
|
|
|
|
|
$255,000,002; 3.00% - 4.00%; 10/01/2048 - 02/01/2050)(e) | 1.60% | 05/14/2020 |
| 60,242,667 | 60,000,000 |
Bank of Nova Scotia, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
$150,019,875 (collateralized by U.S. Treasury obligations valued at $153,000,002; |
|
|
|
|
|
0% - 6.63%; 03/05/2020 - 02/15/2048) | 1.59% | 03/02/2020 |
| 50,006,625 | 50,000,000 |
Bank of Nova Scotia, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
$575,077,146 (collateralized by domestic agency mortgage-backed securities valued at |
|
|
|
|
|
$586,500,000; 2.46% - 6.50%; 06/01/2027 - 02/01/2050) | 1.61% | 03/02/2020 |
| 150,020,125 | 150,000,000 |
BMO Capital Markets Corp., joint term agreement dated 01/15/2020, aggregate maturing |
|
|
|
|
|
value of $502,040,833 (collateralized by U.S. Treasury obligations valued at |
|
|
|
|
|
$510,000,136; 0% - 8.75%; 02/29/2020 - 02/15/2050)(e) | 1.58% | 04/17/2020 |
| 150,612,250 | 150,000,000 |
BMO Capital Markets Corp., term agreement dated 01/07/2020, maturing value of |
|
|
|
|
|
$50,198,750 (collateralized by domestic agency mortgage-backed securities valued at |
|
|
|
|
|
$51,000,000; 1.86% - 10.00%; 05/15/2020 - 04/20/2063)(e) | 1.59% | 04/06/2020 |
| 50,198,750 | 50,000,000 |
BMO Capital Markets Corp., term agreement dated 01/13/2020, maturing value of |
|
|
|
|
|
$150,595,292 (collateralized by domestic agency mortgage-backed securities valued at |
|
|
|
|
|
$153,000,000; 1.90% - 7.50%; 01/01/2026 - 10/20/2069)(e) | 1.57% | 04/13/2020 |
| 150,595,292 | 150,000,000 |
BNP Paribas Securities Corp., joint term agreement dated 01/08/2020, aggregate maturing |
|
|
|
|
|
value of $1,003,950,000 (collateralized by U.S. Treasury obligations valued at |
|
|
|
|
|
$1,020,000,183; 0% - 8.75%; 03/05/2020 - 11/15/2049)(e) | 1.58% | 04/07/2020 |
| 150,592,500 | 150,000,000 |
BNP Paribas Securities Corp., joint term agreement dated 01/08/2020, aggregate maturing |
|
|
|
|
|
value of $2,364,361,125 (collateralized by U.S. Treasury obligations, a U.S. government |
|
|
|
|
|
sponsored agency obligation and domestic agency mortgage-backed securities valued at |
|
|
|
|
|
$2,402,100,000; 0% - 8.75%; 04/02/2020 - 02/25/2050)(e) | 1.59% | 04/07/2020 |
| 652,583,750 | 650,000,000 |
BNP Paribas Securities Corp., term agreement dated 12/04/2019, maturing value of |
|
|
|
|
|
$96,391,200 (collateralized by U.S. Treasury obligations and domestic agency |
|
|
|
|
|
mortgage-backed securities valued at $97,920,000; 0% - 6.50%; 06/15/2022 - |
|
|
|
|
|
01/01/2050)(e) | 1.63% | 03/03/2020 |
| 96,391,200 | 96,000,000 |
CIBC World Markets Corp., joint term agreement dated 02/13/2020, aggregate maturing |
|
|
|
|
|
value of $1,038,496,000 (collateralized by domestic agency mortgage-backed securities |
|
|
|
|
|
valued at $1,055,700,001; 2.38% - 5.00%; 10/01/2028 - 02/01/2057)(e) | 1.60% | 04/29/2020 |
| 255,861,333 | 255,000,000 |
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) |
Schedule of Investments—(continued)
Invesco Premier U.S. Government Money Portfolio
| Interest | Maturity | Repurchase |
|
| Rate | Date | Amount | Value |
CIBC World Markets Corp., joint term agreement dated 02/13/2020, aggregate maturing |
|
|
|
|
value of $582,126,183 (collateralized by U.S. Treasury obligations valued at |
|
|
|
|
$591,600,183; 0.13% - 3.63%; 12/31/2020 - 11/15/2046)(e) | 1.59% | 05/06/2020 | $100,366,583 | $ 100,000,000 |
CIBC World Markets Corp., joint term agreement dated 02/13/2020, aggregate maturing |
|
|
|
|
value of $767,074,000 (collateralized by domestic agency mortgage-backed securities |
|
|
|
|
valued at $780,300,001; 2.46% - 6.00%; 05/01/2028 - 11/01/2049)(e) | 1.60% | 04/14/2020 | 190,515,111 | 190,000,000 |
Citigroup Global Markets, Inc., joint agreement dated 02/28/2020, aggregate maturing |
|
|
|
|
value of $600,079,500 (collateralized by U.S. Treasury obligations valued at |
|
|
|
|
$612,000,025; 0% - 8.75%; 05/15/2020 - 02/15/2050) | 1.59% | 03/02/2020 | 52,845,019 | 52,838,018 |
Credit Agricole Corporate & Investment Bank, joint term agreement dated 12/23/2019, |
|
|
|
|
aggregate maturing value of $1,004,044,444 (collateralized by U.S. Treasury obligations |
|
|
|
|
valued at $1,020,000,074; 0.40% - 2.88%; 11/15/2021 - 01/15/2027)(e) | 1.60% | 03/23/2020 | 24,097,067 | 24,000,000 |
ING Financial Markets, LLC, joint term agreement dated 02/10/2020, aggregate maturing |
|
|
|
|
value of $100,135,000 (collateralized by domestic agency mortgage-backed securities |
|
|
|
|
valued at $102,000,000; 2.50% - 5.50%; 03/01/2029 - 09/01/2057) | 1.62% | 03/11/2020 | 35,047,250 | 35,000,000 |
ING Financial Markets, LLC, term agreement dated 02/18/2020, maturing value of |
|
|
|
|
$230,954,500 (collateralized by domestic agency mortgage-backed securities valued at |
|
|
|
|
$234,600,000; 2.31% - 5.00%; 02/01/2027 - 09/01/2057) | 1.66% | 05/18/2020 | 230,954,500 | 230,000,000 |
J.P. Morgan Securities LLC, joint open agreement dated 05/02/2019 (collateralized by |
|
|
|
|
domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at |
|
|
|
|
$510,000,063; 0% - 6.00%; 06/01/2023 - 03/01/2050)(f) | 1.59% | - | - | 110,000,000 |
J.P. Morgan Securities LLC, joint open agreement dated 05/15/2019 (collateralized by |
|
|
|
|
domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at |
|
|
|
|
$295,800,032; 0% - 7.00%; 08/01/2021 - 03/01/2050)(f) | 1.63% | - | - | 30,000,000 |
J.P. Morgan Securities LLC, joint open agreement dated 07/18/2019 (collateralized by |
|
|
|
|
U.S. Treasury obligations valued at $357,000,087; 0% - 4.75%; 02/29/2020 - |
|
|
|
|
11/15/2048)(f) | 1.57% | - | - | 50,000,000 |
J.P. Morgan Securities LLC, joint open agreement dated 10/15/2019 (collateralized by |
|
|
|
|
domestic agency mortgage-backed securities and a U.S. Treasury obligation valued at |
|
|
|
|
$408,000,056; 0% - 6.00%; 05/01/2024 - 02/20/2050)(f) | 1.60% | - | - | 90,000,000 |
J.P. Morgan Securities LLC, joint term agreement dated 12/04/2019, aggregate maturing |
|
|
|
|
value of $572,000,000 (collateralized by U.S. Treasury obligations valued at |
|
|
|
|
$583,440,393; 0% - 3.00%; 04/14/2020 - 02/15/2048)(a)(e) | 1.61% | 03/04/2020 | 145,000,000 | 145,000,000 |
Metropolitan Life Insurance Co., joint term agreement dated 02/25/2020, aggregate |
|
|
|
|
maturing value of $350,117,559 (collateralized by U.S. Treasury obligations valued at |
|
|
|
|
$367,166,166; 0% - 2.63%; 03/26/2020 - 05/15/2046)(e) | 1.61% | 03/03/2020 | 40,014,023 | 40,001,500 |
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/27/2020, aggregate |
|
|
|
|
maturing value of $1,022,822,087 (collateralized by U.S. Treasury obligations valued at |
|
|
|
|
$1,050,853,400; 2.00%; 04/30/2024)(e) | 1.62% | 03/05/2020 | 184,107,976 | 184,050,000 |
Mitsubishi UFJ Trust & Banking Corp., joint term agreement dated 02/27/2020, aggregate |
|
|
|
|
maturing value of $100,031,306 (collateralized by U.S. Treasury obligations valued at |
|
|
|
|
$102,009,376; 2.63%; 02/15/2029)(e) | 1.61% | 03/05/2020 | 60,018,783 | 60,000,000 |
RBC Capital Markets LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
$100,013,417 (collateralized by domestic agency mortgage-backed securities and U.S. |
|
|
|
|
goverment sponsored agency obligations valued at $102,000,001; 2.05% - 5.00%; |
|
|
|
|
07/25/2024 - 07/01/2042) | 1.61% | 03/02/2020 | 50,006,709 | 50,000,000 |
RBC Capital Markets LLC, joint term agreement dated 02/28/2020, aggregate maturing value |
|
|
|
|
of $1,250,000,000 (collateralized by domestic agency mortgage-backed securities, U.S. |
|
|
|
|
goverment sponsored agency obligations and a foreign corporate obligation valued at |
|
|
|
|
$1,275,000,001; 1.70% - 8.00%; 06/15/2021 - 02/20/2067)(a)(e) | 1.64% | 04/29/2020 | 200,000,000 | 200,000,000 |
RBC Dominion Securities Inc., joint agreement dated 02/28/2020, aggregate maturing value |
|
|
|
|
of $250,033,542 (collateralized by domestic agency mortgage-backed securities valued |
|
|
|
|
at $255,000,001; 2.25% - 5.50%; 08/01/2034 - 01/20/2050) | 1.61% | 03/02/2020 | 100,013,417 | 100,000,000 |
RBC Dominion Securities Inc., joint term agreement dated 02/07/2020, aggregate maturing |
|
|
|
|
value of $350,954,819 (collateralized by domestic agency mortgage-backed securities, |
|
|
|
|
U.S. government sponsored agency obligations and U.S. Treasury obligations valued at |
|
|
|
|
$357,000,003; 0% - 5.00%; 01/28/2021 - 02/20/2050)(e) | 1.61% | 04/08/2020 | 75,204,604 | 75,000,000 |
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) |
Schedule of Investments—(continued)
Invesco Premier U.S. Government Money Portfolio
|
| Interest | Maturity | Repurchase |
|
|
|
| Rate | Date | Amount |
| Value |
Royal Bank of Canada, joint term agreement dated 12/20/2019, aggregate maturing value of |
|
|
|
|
| |
$1,004,000,000 (collateralized by domestic agency mortgage-backed securities valued |
|
|
|
|
| |
at $1,020,000,001; 1.93% - 6.00%; 01/25/2029 - 02/01/2050)(e) | 1.60% | 03/19/2020 | $225,900,000 | $ | 225,000,000 | |
Societe Generale, joint open agreement dated 06/25/2018 (collateralized by U.S. Treasury |
|
|
|
|
| |
obligations and domestic agency mortgage-backed securities valued at $510,000,011; |
|
|
|
|
| |
0% - 4.00%; 08/27/2020 - 01/01/2050)(f) | 1.61% | - | - |
| 100,000,000 | |
Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2020, aggregate maturing |
|
|
|
|
| |
value of $250,033,125 (collateralized by U.S. Treasury obligations valued at |
|
|
|
|
| |
$257,103,313; 2.38% - 2.75%; 08/15/2024 - 08/31/2025) | 1.59% | 03/02/2020 | 27,683,210 |
| 27,679,542 | |
Wells Fargo Securities, LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
| |
$500,067,083 (collateralized by domestic agency mortgage-backed securities valued at |
|
|
|
|
| |
$510,000,000; 3.50% - 4.00%; 12/01/2049) | 1.61% | 03/02/2020 | 150,020,125 |
| 150,000,000 | |
| Total Repurchase Agreements (Cost $4,189,569,060) |
|
|
|
| 4,189,569,060 |
|
|
|
|
|
| |
TOTAL INVESTMENTS IN SECURITIES(g)-99.99% (Cost $8,630,237,423) |
|
|
|
| 8,630,237,423 | |
OTHER ASSETS LESS LIABILITIES-0.01% |
|
|
|
| 546,616 | |
|
|
|
|
|
| |
NET ASSETS-100.00% |
|
|
| $ | 8,630,784,039 | |
|
|
|
|
|
| |
Investment Abbreviations: |
|
|
|
|
| |
LIBOR -London Interbank Offered Rate |
|
|
|
|
| |
SOFR | -Secured Overnight Financing Rate |
|
|
|
|
|
USD | -U.S. Dollar |
|
|
|
|
|
VRD | -Variable Rate Demand |
|
|
|
|
|
Notes to Schedule of Investments:
(a)Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2020.
(b)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 29, 2020.
(c)Securities may be traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund.
(d)Principal amount equals value at period end. See Note 1I.
(e)The Fund may demand payment of the term repurchase agreement upon one to seven business days' notice depending on the timing of the demand.
(f)Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(g)Also represents cost for federal income tax purposes.
Portfolio Composition by Maturity
In days, as of 02/29/2020
1-7 | 50.8% |
8-30 | 3.0 |
|
|
31-60 | 2.1 |
61-90 | 3.9 |
|
|
91-180 | 13.8 |
|
|
181+ | 26.4 |
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.
13 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
Schedule of Investments
February 29, 2020 (Unaudited)
Invesco Premier Tax-Exempt Portfolio
|
|
|
| Principal |
|
| Interest | Maturity |
| Amount |
|
| Rate | Date |
| (000) | Value |
Municipal Obligations-94.89% |
|
|
|
|
|
Alabama-4.52% |
|
|
|
|
|
Mobile (County of), AL Industrial Development Authority (SSAB Alabama, Inc.); Series 2010 A, VRD |
|
|
|
|
|
RB (LOC - Swedbank AB)(a)(b)(c) | 1.24% | 07/01/2040 | $ | 3,115 | $ 3,115,000 |
Arizona-3.34% |
|
|
|
|
|
Arizona (State of) Health Facilities Authority (Catholic Healthcare West Loan Program); Series 2008 |
|
|
|
|
|
B, VRD RB (LOC - Barclays Bank PLC)(a)(b)(c) | 1.25% | 07/01/2035 |
| 2,300 | 2,300,000 |
Colorado-0.66% |
|
|
|
|
|
Boulder (County of), CO (Imagine!); Series 2006, VRD RB (LOC - Wells Fargo Bank, N.A.)(b)(c) | 1.28% | 02/01/2031 |
| 452 | 452,000 |
Delaware-1.30% |
|
|
|
|
|
Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC |
|
|
|
|
|
- PNC Bank, N.A.)(b)(c) | 1.15% | 05/01/2036 |
| 900 | 900,000 |
District of Columbia-4.18% |
|
|
|
|
|
District of Columbia (Medlantic/Helix); Series 1998 A, VRD RB (LOC - TD Bank, N.A.)(b)(c) | 1.20% | 08/15/2038 |
| 1,800 | 1,800,000 |
Metropolitan Washington Airports Authority; Subseries 2010 C-2, Ref. VRD RB (LOC - Sumitomo |
|
|
|
|
|
Mitsui Banking Corp.)(a)(b)(c) | 1.18% | 10/01/2039 |
| 1,085 | 1,085,000 |
|
|
|
|
| 2,885,000 |
|
|
|
|
|
|
Florida-2.74% |
|
|
|
|
|
Jacksonville (City of), FL (Edward Waters College, Inc.); Series 2001, VRD RB (LOC - Wells Fargo |
|
|
|
|
|
Bank, N.A.)(b)(c) | 1.28% | 10/01/2021 |
| 295 | 295,000 |
Pinellas (County of), FL Health Facilities Authority (Baycare Health System); Series 2009 A-2, VRD RB |
|
|
|
|
|
(LOC - Northern Trust Co. (The))(b)(c) | 1.15% | 11/01/2038 |
| 1,195 | 1,195,000 |
Sarasota (County of), FL Public Hospital District (Sarasota Memorial Hospital); Series 2008 B, Ref. |
|
|
|
|
|
VRD RB (LOC - Wells Fargo Bank, N.A.)(b)(c) | 1.20% | 07/01/2037 |
| 400 | 400,000 |
|
|
|
|
| 1,890,000 |
|
|
|
|
|
|
Georgia-5.29% |
|
|
|
|
|
Atlanta (City of), GA Georgia Development Authority (Perkins + Will, Inc.); Series 2010, VRD RB (LOC - |
|
|
|
|
|
BMO Harris Bank N.A.)(b)(c) | 1.15% | 11/01/2030 |
| 345 | 345,000 |
Monroe (County of), GA Development Authority (Oglethorpe Power Corp. Scherer); Series 2010 A, |
|
|
|
|
|
Ref. VRD PCR (LOC - Bank of Montreal)(b)(c) | 1.27% | 01/01/2036 |
| 1,000 | 1,000,000 |
Private Colleges & Universities Authority (Emory University); |
|
|
|
|
|
Series 2005 B-2, VRD RB(b) | 1.12% | 09/01/2035 |
| 900 | 900,000 |
Series 2020 | 1.15% | 05/14/2020 |
| 1,300 | 1,299,701 |
|
|
|
|
|
|
Richmond (County of), GA Development Authority (St. Mary on the Hill Catholic School & Aquinas High |
|
|
|
|
|
School); Series 2000,VRD RB (LOC - Wells Fargo Bank, N.A.)(b)(c) | 1.28% | 09/01/2020 |
| 100 | 100,000 |
|
|
|
|
| 3,644,701 |
|
|
|
|
|
|
Illinois-6.55% |
|
|
|
|
|
Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(b) | 1.15% | 12/01/2046 |
| 875 | 875,000 |
Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC - |
|
|
|
|
|
Northern Trust Co. (The))(b)(c) | 1.20% | 01/01/2037 |
| 1,140 | 1,140,000 |
Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 |
|
|
|
|
|
B, VRD RB (LOC - FHLB of Indianapolis)(b)(c)(d) | 1.23% | 12/01/2039 |
| 870 | 870,000 |
Morton Grove (Village of), IL (Illinois Holocaust Museum & Educational Center); Series 2006, VRD RB |
|
|
|
|
|
(LOC - Bank of America, N.A.)(b)(c) | 1.15% | 12/01/2041 |
| 1,630 | 1,630,000 |
|
|
|
|
| 4,515,000 |
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) |
Schedule of Investments—(continued)
Invesco Premier Tax-Exempt Portfolio
|
|
|
| Principal |
|
| Interest | Maturity |
| Amount |
|
| Rate | Date |
| (000) | Value |
Indiana-8.70% |
|
|
|
|
|
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo Bank, |
|
|
|
|
|
N.A.)(b)(c) | 1.23% | 08/01/2037 | $ | 2,000 | $ 2,000,000 |
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - Rabobank |
|
|
|
|
|
Nederland)(a)(b)(c) | 1.35% | 06/01/2035 |
| 2,765 | 2,765,000 |
Knox (City of), IN (J.W. Hicks, Inc.); Series 2005 A, VRD RB (LOC - BMO Harris Bank N.A.)(b)(c)(d) | 1.20% | 03/01/2022 |
| 165 | 165,000 |
Purdue University; Series 2011 A, VRD COP(b) | 1.05% | 07/01/2035 |
| 1,065 | 1,065,000 |
|
|
|
|
| 5,995,000 |
Louisiana-2.84% |
|
|
|
|
|
Louisiana (State of) Offshore Terminal Authority Deepwater Port (Loop LLC); Series 2013 B, Ref. VRD |
|
|
|
|
|
RB (LOC - JPMorgan Chase Bank, N.A.)(b)(c) | 1.30% | 09/01/2033 |
| 1,000 | 1,000,000 |
Louisiana (State of) Public Facilities Authority (CHRISTUS Health); Series 2009 B-3, Ref. VRD RB (LOC |
|
|
|
|
|
- Bank of New York Mellon (The))(b)(c) | 1.25% | 07/01/2047 |
| 960 | 960,000 |
|
|
|
|
| 1,960,000 |
|
|
|
|
|
|
Maryland-3.34% |
|
|
|
|
|
Maryland (State of) Health & Higher Educational Facilities Authority; Series 2020-B | 1.11% | 05/21/2020 |
| 1,300 | 1,299,733 |
Montgomery (County of), MD; Series 2010 B | 1.18% | 05/14/2020 |
| 1,000 | 999,979 |
|
|
|
|
|
|
|
|
|
|
| 2,299,712 |
Massachusetts-4.21% |
|
|
|
|
|
Massachusetts (State of) Transportation Trust Fund; Series 2010 A-1, VRD RB (LOC - Citibank, |
|
|
|
|
|
N.A.)(b)(c) | 1.19% | 01/01/2037 |
| 1,500 | 1,500,000 |
Massachusetts Bay Transportation Authority; |
|
|
|
|
|
Series 2020 A | 1.00% | 03/05/2020 |
| 600 | 599,988 |
Series 2020 A | 1.15% | 04/02/2020 |
| 800 | 799,992 |
|
|
|
|
| 2,899,980 |
Michigan-4.05% |
|
|
|
|
|
Michigan State University Board of Trustees; Series 2000 A-1, VRD RB (CEP - Royal Bank of |
|
|
|
|
|
Canada)(b) | 1.28% | 08/15/2030 |
| 1,500 | 1,500,000 |
Oakland University Board of Trustees; Series 2008, Ref. VRD RB (LOC - JPMorgan Chase Bank, |
|
|
|
|
|
N.A.)(b)(c) | 1.25% | 03/01/2031 |
| 1,295 | 1,295,000 |
|
|
|
|
| 2,795,000 |
|
|
|
|
|
|
Minnesota-7.28% |
|
|
|
|
|
Minnesota (State of) Higher Education Facilities Authority (Concordia University, St. Paul); |
|
|
|
|
|
Series 2007 Six-Q, VRD RB (LOC - U.S. Bank N.A.)(b)(c) | 1.33% | 04/01/2037 |
| 400 | 400,000 |
Minnetonka (City of), MN (Minnetonka Hills Apartments); Series 2001, Ref. VRD RB (CEP - FNMA)(b) | 1.24% | 11/15/2031 |
| 2,470 | 2,470,000 |
Oak Park Heights (City of), MN (Boutwells Landing); Series 2005, Ref. VRD RB (CEP - FHLMC)(b) | 1.14% | 11/01/2035 |
| 2,150 | 2,150,000 |
|
|
|
|
| 5,020,000 |
|
|
|
|
|
|
Mississippi-2.90% |
|
|
|
|
|
Mississippi Business Finance Corp. (Chevron U.S.A., Inc.); |
|
|
|
|
|
Series 2010 E, VRD IDR(b) | 1.24% | 12/01/2030 |
| 1,000 | 1,000,000 |
Series 2010 C, VRD IDR(b) | 1.16% | 12/01/2030 |
| 1,000 | 1,000,000 |
|
|
|
|
| 2,000,000 |
Missouri-1.44% |
|
|
|
|
|
Bridgeton (City of), MO IDA (Stolze Printing); Series 2010, VRD RB (LOC - FHLB of Chicago)(b)(c) | 1.15% | 11/01/2037 |
| 995 | 995,000 |
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) |
Schedule of Investments—(continued)
Invesco Premier Tax-Exempt Portfolio
|
|
|
| Principal |
|
|
| Interest | Maturity |
| Amount |
|
|
| Rate | Date |
| (000) |
| Value |
Nebraska-0.11% |
|
|
|
|
|
|
Nebraska (State of) Investment Finance Authority (Irvington Heights Apartments); Series 2007 B, |
|
|
|
|
|
|
VRD RB (LOC - Citibank, N.A.)(b)(c) | 1.85% | 10/01/2042 | $ | 75 | $ | 75,000 |
New York-3.06% |
|
|
|
|
|
|
New York (City of), NY; Subseries 2015 F-5, VRD GO Bonds(b) | 1.35% | 06/01/2044 |
| 1,010 |
| 1,010,000 |
New York (State of) Energy Research & Development Authority (Consolidated Edison Co. of New York, |
|
|
|
|
|
|
Inc.); Subseries 2005 A-2, VRD RB (LOC - Mizuho Bank, Ltd.)(a)(b)(c) | 1.23% | 05/01/2039 |
| 1,100 |
| 1,100,000 |
|
|
|
|
|
| 2,110,000 |
North Carolina-2.18% |
|
|
|
|
|
|
North Carolina (State of) Educational Facilities Finance Agency (Duke University); Series 1991 B, VRD |
|
|
|
|
|
|
RB(b) | 1.08% | 12/01/2021 |
| 1,500 |
| 1,500,000 |
Ohio-3.24% |
|
|
|
|
|
|
Franklin (County of), OH (CHE Trinity Health Credit Group); Series 2013, RB (SIFMA Index)(e)(f) | 1.05% | 05/01/2020 |
| 600 |
| 600,117 |
Franklin (County of), OH (OhioHealth Corp.); Series 2009 A, Ref. VRD RB(b) | 1.25% | 11/15/2041 |
| 1,500 |
| 1,500,000 |
Lorain (County of), OH Port Authority (St. Ignatius High School); Series 2008, VRD RB (LOC - |
|
|
|
|
|
|
U.S. Bank N.A.)(b)(c) | 1.15% | 08/02/2038 |
| 135 |
| 135,000 |
|
|
|
|
|
| 2,235,117 |
|
|
|
|
|
|
|
Oregon-2.52% |
|
|
|
|
|
|
Marion (County of), OR Housing Authority (Residence at Marian Estates); Series 1997, VRD RB (LOC - |
|
|
|
|
|
|
U.S. Bank, N.A.)(b)(c)(d) | 1.22% | 07/01/2027 |
| 770 |
| 770,000 |
Portland (Port of), OR (Portland International Airport); Subseries 2008 18-A, Ref. VRD RB (LOC - |
|
|
|
|
|
|
Industrial & Commercial Bank of China Ltd.)(a)(b)(c)(d) | 1.35% | 07/01/2026 |
| 965 |
| 965,000 |
|
|
|
|
|
| 1,735,000 |
|
|
|
|
|
|
|
Pennsylvania-0.36% |
|
|
|
|
|
|
Pennsylvania (State of) Economic Development Financing Authority (Greene Towne School, Inc.); |
|
|
|
|
|
|
Series 2000 I-1, VRD RB (LOC - PNC Bank, N.A.)(b)(c) | 1.15% | 12/01/2025 |
| 100 |
| 100,000 |
Pennsylvania (State of) Economic Development Financing Authority (The Kingsley Association); |
|
|
|
|
|
|
Series 2006 B-1, VRD RB (LOC - PNC Bank, N.A.)(b)(c) | 1.15% | 08/01/2026 |
| 150 |
| 150,000 |
|
|
|
|
|
| 250,000 |
|
|
|
|
|
|
|
Rhode Island-1.60% |
|
|
|
|
|
|
Rhode Island Health & Educational Building Corp. (Brown University); Series 2003 B, VRD RB(b) | 1.25% | 09/01/2043 |
| 1,100 |
| 1,100,000 |
Texas-9.30% |
|
|
|
|
|
|
Harris (County of), TX; Series 2020 C, GO Bonds | 1.10% | 05/07/2020 |
| 250 |
| 249,957 |
|
|
|
|
|
|
|
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank, |
|
|
|
|
|
|
N.A.)(b)(c) | 1.19% | 02/15/2042 |
| 1,000 |
| 1,000,000 |
Houston (City of), TX; Series 2020 | 1.05% | 03/05/2020 |
| 1,200 |
| 1,199,972 |
Houston (City of), TX (Combined Utility System); Series 2004 B-3, Ref. VRD RB (LOC - Sumitomo |
|
|
|
|
|
|
Mitsui Banking Corp.)(a)(b)(c) | 1.15% | 05/15/2034 |
| 1,700 |
| 1,700,000 |
Southeast Texas Housing Finance Corp. (Mansions at Moses Lake Apartments); Series 2008, VRD RB |
|
|
|
|
|
|
(CEP - FHLMC)(b)(d) | 1.21% | 06/01/2041 |
| 890 |
| 890,000 |
Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); |
|
|
|
|
|
|
Series 2009, VRD RB (CEP - FHLMC)(b) | 1.21% | 05/01/2042 |
| 375 |
| 375,000 |
University of Texas System Board of Regents; Series 2020 | 1.03% | 05/21/2020 |
| 1,000 |
| 999,612 |
|
|
|
|
|
|
|
|
|
|
|
|
| 6,414,541 |
Utah-2.04% |
|
|
|
|
|
|
Murray (City of), UT (IHC Health Services, Inc.); Series 2003 B, VRD RB(b) | 1.15% | 05/15/2036 |
| 1,405 |
| 1,405,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
16 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
Schedule of Investments—(continued)
Invesco Premier Tax-Exempt Portfolio
|
|
|
|
| Principal |
|
|
|
|
| Interest | Maturity |
| Amount |
|
|
|
|
| Rate | Date |
| (000) |
| Value | |
Virginia-1.45% |
|
|
|
|
|
|
| |
Norfolk (City of), VA; Series 2007, VRD GO Bonds(b) | 1.25% | 08/01/2037 | $ | 1,000 | $ | 1,000,000 |
| |
Washington-1.96% |
|
|
|
|
|
|
| |
Washington (State of) Housing Finance Commission (Kitts Corner Apartments); Series 2014, VRD RB |
|
|
|
|
|
|
| |
(LOC - FHLB of San Francisco)(b)(c) | 1.25% | 09/01/2049 |
| 1,350 |
| 1,350,000 |
| |
West Virginia-3.19% |
|
|
|
|
|
|
| |
West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hosp, Inc.); Series 2008 B, |
|
|
|
|
|
|
| |
Ref. VRD RB (LOC - Branch Banking & Trust Co.)(b)(c) | 1.18% | 01/01/2034 |
| 2,200 |
| 2,200,000 |
| |
Wisconsin-0.54% |
|
|
|
|
|
|
| |
Lima (Town of), WI (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD RB (LOC - |
|
|
|
|
|
|
| |
FHLB of Chicago)(b)(c) | 1.15% | 10/01/2042 |
| 375 |
| 375,000 |
| |
Total Municipal Obligations (Cost $65,417,000) |
|
|
|
|
| 65,416,051 |
| |
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-94.89% |
|
|
|
|
|
|
| |
(Cost $65,417,000) |
|
|
|
|
| 65,416,051 |
| |
|
|
|
| Repurchase |
|
|
| |
|
|
|
|
| Amount |
|
|
|
Repurchase Agreements-5.36%(g) |
|
|
|
|
|
|
| |
Sumitomo Mitsui Banking Corp., joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
| |
$250,033,125 (collateralized by U.S. Treasury obligations valued at $257,103,313; 2.38% - |
|
|
|
|
|
|
| |
2.75%; 08/15/2024 - 08/31/2025) (Cost $3,691,769) | 1.59% | 03/02/2020 |
| 3,692,258 |
| 3,691,769 |
| |
TOTAL INVESTMENTS IN SECURITIES(h)(i)-100.25% (Cost $69,108,769) |
|
|
|
|
| 69,107,820 |
| |
OTHER ASSETS LESS LIABILITIES-(0.25)% |
|
|
|
|
| (168,983) | ||
NET ASSETS-100.00% |
|
|
|
| $68,938,837 |
| ||
|
|
|
|
|
|
|
| |
Investment Abbreviations: |
|
|
|
|
|
|
| |
CEP | - Credit Enhancement Provider |
|
|
|
|
|
|
|
COP | - Certificates of Participation |
|
|
|
|
|
|
|
FHLB | - Federal Home Loan Bank |
|
|
|
|
|
|
|
FHLMC - Federal Home Loan Mortgage Corp. |
|
|
|
|
|
|
| |
FNMA | - Federal National Mortgage Association |
|
|
|
|
|
|
|
GO | - General Obligation |
|
|
|
|
|
|
|
IDR | - Industrial Development Revenue Bonds |
|
|
|
|
|
|
|
LOC | - Letter of Credit |
|
|
|
|
|
|
|
PCR | - Pollution Control Revenue Bonds |
|
|
|
|
|
|
|
RB | - Revenue Bonds |
|
|
|
|
|
|
|
Ref. | - Refunding |
|
|
|
|
|
|
|
SIFMA | - Securities Industry and Financial Markets Association |
|
|
|
|
|
|
|
VRD | - Variable Rate Demand |
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
Schedule of Investments—(continued)
Invesco Premier Tax-Exempt Portfolio
Notes to Schedule of Investments:
(a)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: Japan: 5.6%; other countries less than 5% each: 13.3%.
(b)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 29, 2020.
(c)Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(d)Security subject to the alternative minimum tax.
(e)Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(f)Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2020.
(g)Principal amount equals value at period end. See Note 1I.
(h)Also represents cost for federal income tax purposes.
(i)This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer's obligations but may be called upon to satisfy the issuer's obligations.
Entities | Percentage |
Federal Home Loan Bank | 5.2% |
Portfolio Composition by Maturity
In days, as of 02/29/2020
1-7 | 90.9% |
8-30 | 0.0 |
31-60 | 1.2 |
61-90 | 7.9 |
|
|
91-180 | 0.0 |
181+ | 0.0 |
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.
18 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
Statements of Assets and Liabilities
February 29, 2020 (Unaudited)
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| Invesco Premier | Invesco Premier | |||||||||||||
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| Invesco Premier | U.S. Government |
| Tax-Exempt | ||||||||||||||||||||||||
|
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| Portfolio |
| Money Portfolio |
| Portfolio | |||||||||||||||||||||||
Assets: |
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Investments in securities, at value | $ | 1,336,376,086 | $ | 4,440,668,363 | $ | 65,416,051 |
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Repurchase agreements, at value and cost |
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| 553,500,000 |
| 4,189,569,060 |
| 3,691,769 |
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Cash |
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| 18,648,577 |
| 71,832 |
| - |
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Receivable for: |
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Fund shares sold |
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| 7,746,702 |
| 198,990 |
| 75,606 |
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Interest |
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| 2,151,723 |
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| 11,872,397 |
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| 59,041 |
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Fund expenses absorbed |
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| - |
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| 26,897 |
| - |
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Other assets |
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| - |
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| 1,902 |
| 127 |
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Total assets |
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| 1,918,423,088 |
| 8,642,409,441 |
| 69,242,594 |
| ||||||||||||||||||||||
Liabilities: |
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Payable for: |
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Investments purchased |
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| 18,622,744 |
| - |
| - |
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Fund shares reacquired |
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| 23,800,100 |
| 263,026 |
| 259,175 |
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Dividends |
|
| 2,354,317 |
| 11,362,376 |
| 42,043 |
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Accrued fees to affiliates |
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| 5,646 |
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| - |
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| 4 |
| ||||||||||||||||||||
Accrued operating expenses |
|
| - |
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| - |
| 2,535 |
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Total liabilities |
|
| 44,782,807 |
| 11,625,402 |
| 303,757 |
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Net assets applicable to shares outstanding | $ | 1,873,640,281 | $ | 8,630,784,039 | $68,938,837 |
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Net assets consist of: |
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Shares of beneficial interest | $ | 1,873,218,621 | $ | 8,630,545,648 | $68,943,374 |
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Distributable earnings (loss) |
|
| 421,660 |
| 238,391 |
| (4,537) | |||||||||||||||||||||||
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| |||||||
| $ | 1,873,640,281 | $ | 8,630,784,039 | $68,938,837 |
| ||||||||||||||||||||||||
Net Assets: |
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Investor Class | $ | 127,110,911 | $ | 57,973,364 | $14,311,530 |
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Institutional Class | $1,728,184,446 | $ | 8,572,810,675 | $ | 54,627,307 |
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Private Investment Class |
| $ | 905,300 |
| $ | - |
| $ | - |
| ||||||||||||||||||||
Personal Investment Class | $ | 13,611,003 | $ | - | $ | - |
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Reserve Class | $ | 10,279 | $ | - | $ | - |
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| ||||||
Resource Class | $ | 3,818,342 | $ | - | $ | - |
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Shares outstanding, no par value, |
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unlimited number of shares authorized: |
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Investor Class |
|
| 127,079,201 |
| 57,972,105 |
| 14,312,416 |
| ||||||||||||||||||||||
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| ||||||||
Institutional Class |
|
| 1,727,801,100 |
|
| 8,572,601,944 |
|
| 54,630,653 |
| ||||||||||||||||||||
Private Investment Class |
|
| 905,099 |
| - |
| - |
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Personal Investment Class |
|
| 13,607,984 |
| - |
| - |
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Reserve Class |
|
| 10,277 |
|
| - |
|
| - |
| ||||||||||||||||||||
Resource Class |
|
| 3,817,495 |
|
| - |
|
| - |
| ||||||||||||||||||||
Net asset value, offering and redemption price per share for each class | $ | 1.00 | $ | 1.00 | $ | 0.9999 |
| |||||||||||||||||||||||
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| ||||||||||||||||||||
Cost of Investments | $ | 1,889,876,086 | $ | 8,630,237,423 | $ | 69,108,769 |
| |||||||||||||||||||||||
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See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
Statements of Operations
For the six months ended February 29, 2020 (Unaudited)
|
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| Invesco Premier | Invesco Premier | |
|
| Invesco Premier | U.S. Government | Tax-Exempt | |||
|
| Portfolio | Money Portfolio | Portfolio | |||
Investment income: |
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|
|
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|
|
Interest | $18,146,603 |
|
| $82,328,010 |
| $538,612 | |
|
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Expenses: |
|
|
|
|
|
|
|
Advisory fees | 2,241,595 |
|
| 11,533,221 |
| 103,951 | |
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|
|
Distribution fees: |
|
|
|
|
|
|
|
Private Investment Class |
| 1,826 |
|
| - |
| - |
Personal Investment Class |
| 34,620 |
|
| - |
| - |
Reserve Class | 44 |
|
| - |
| - | |
|
|
|
|
|
|
|
|
Resource Class |
| 2,871 |
|
| - |
| - |
Total expenses | 2,280,956 |
|
| 11,533,221 |
| 103,951 | |
|
|
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|
|
|
| |
Less: Fees waived | (627,650) | (3,229,317) |
| (20,790) | |||
|
|
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|
|
Net expenses |
| 1,653,306 |
|
| 8,303,904 |
| 83,161 |
Net investment income | 16,493,297 |
|
| 74,024,106 |
| 455,451 | |
|
|
|
|
|
|
|
|
Realized and unrealized gain (loss) from: |
|
|
|
|
|
|
|
Net realized gain from investment securities | 3,315 |
|
| 79,548 |
| - | |
|
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|
|
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|
|
Change in net unrealized appreciation (depreciation) of investment securities |
| - |
|
| - |
| (1,035) |
Net realized and unrealized gain (loss) | 3,315 |
|
| 79,548 |
| (1,035) | |
|
|
|
|
|
|
|
|
Net increase in net assets resulting from operations | $16,496,612 |
|
| $74,103,654 |
| $454,416 | |
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|
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|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
Statements of Changes in Net Assets
For the six months ended February 29, 2020 and the year ended August 31, 2019 (Unaudited)
|
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|
|
| Invesco Premier U.S. Government |
| Invesco Premier Tax-Exempt | ||||||||||
|
|
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| Invesco Premier Portfolio |
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| Money Portfolio |
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| Portfolio | |||||||||||||||
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|
|
| February 29, |
| August 31, |
| February 29, |
| August 31, |
| February 29, |
|
| August 31, | ||||||||||
|
|
|
| 2020 |
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| 2019 |
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| 2020 |
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| 2019 |
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| 2020 |
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| 2019 |
|
Operations: |
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Net investment income | $ | 16,493,297 | $ | 36,825,552 | $ | 74,024,106 | $ | 168,773,321 | $ | 455,451 | $ | 1,953,847 | |||||||||||||
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|
|
|
|
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| |||||
Net realized gain |
|
|
| 3,315 |
| 2,040 |
| 79,548 |
| 43,688 |
| - |
|
| - | ||||||||||
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Change in net unrealized appreciation |
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(depreciation) |
|
|
| - |
|
| - |
| - |
|
| - |
|
|
| (1,035) |
|
| 769 | ||||||
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Net increase in net assets |
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resulting from operations |
|
|
| 16,496,612 |
| 36,827,592 |
|
| 74,103,654 |
| 168,817,009 |
|
| 454,416 |
|
| 1,954,616 |
| |||||||
Distributions to shareholders from distributable earnings: |
|
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|
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|
|
|
|
|
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| |||||||||||
Investor Class |
|
|
| (948,660) |
| (1,068,632) |
|
| (301,811) |
| (714,641) |
| (68,648) |
|
| (198,168) | |||||||||
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|
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|
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| |||||
Institutional Class |
|
|
| (15,422,929) |
| (35,544,255) |
|
| (73,722,295) |
| (168,058,680) |
| (386,803) |
|
| (1,755,679) | |||||||||
|
|
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|
|
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|
|
|
|
|
|
|
|
|
|
| |||
Private Investment Class |
|
|
| (9,512) |
| (83,516) |
| - |
|
| - |
|
|
| - |
|
| - | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Personal Investment Class |
|
|
| (82,021) |
| (42,811) |
| - |
|
| - |
|
|
| - |
|
| - | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Reserve Class |
|
|
| (51) |
| (152) |
| - |
|
| - |
|
|
| - |
|
| - | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Resource Class |
|
|
| (30,124) |
| (86,186) |
| - |
|
| - |
|
|
| - |
|
| - | |||||||
Total distributions from |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
distributable earnings |
|
|
| (16,493,297) |
| (36,825,552) |
|
| (74,024,106) |
| (168,773,321) |
| (455,451) |
|
| (1,953,847) | |||||||||
Share transactions-net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Class |
|
|
| 66,754,041 |
| 30,638,912 |
|
| 25,415,311 |
| 28,302 |
|
| 5,135,974 |
|
| (5,179,395) | ||||||||
Institutional Class |
|
|
| 61,013,429 |
| 709,430,303 |
|
| 267,088,351 |
| 1,386,134,388 |
|
| (42,977,542) |
|
| 20,084,867 |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Private Investment Class |
|
|
| (94,431) |
| (4,697,542) |
| - |
|
| - |
|
|
| - |
|
| - | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Personal Investment Class |
|
|
| (160,041) |
| 13,757,903 |
|
| - |
|
| - |
|
|
| - |
|
| - | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Reserve Class |
|
|
| 55 |
| 151 |
|
| - |
|
| - |
|
|
| - |
|
| - | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Resource Class |
|
|
| 521,168 |
| (3,400,197) |
| - |
| - |
|
|
| - |
|
| - | ||||||||
Net increase (decrease) in net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets resulting from share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
transactions |
|
|
| 128,034,221 |
| 745,729,530 |
| 292,503,662 |
| 1,386,162,690 |
| (37,841,568) |
|
| 14,905,472 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase (decrease) in net |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
assets |
|
|
| 128,037,536 |
| 745,731,570 |
| 292,583,210 |
| 1,386,206,378 |
| (37,842,603) |
|
| 14,906,241 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
|
| 1,745,602,745 |
| 999,871,175 |
| 8,338,200,829 |
| 6,951,994,451 |
| 106,781,440 |
|
| 91,875,199 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
End of period | $1,873,640,281 | $1,745,602,745 | $ | 8,630,784,039 | $8,338,200,829 | $ | 68,938,837 | $106,781,440 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
21 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
Financial Highlights
February 29, 2020 (Unaudited)
The following schedule presents financial highlights for a share of the Funds outstanding throughout the periods indicated.
Institutional Class
|
|
|
|
|
|
|
|
| Ratio of | Ratio of |
|
|
|
|
| Net gains |
|
|
|
|
| expenses | expenses |
|
|
|
|
| (losses) |
|
|
|
|
| to average | to average net | Ratio of net | |
| Net asset |
| on securities |
| Dividends |
|
|
| net assets | assets without | investment | |
| value, | Net | (both | Total from | from net | Net asset |
| Net assets, | with fee waivers | fee waivers | income | |
| beginning | investment | realized and | investment | investment | value, end | Total | end of period | and/or expense | and/or expense | to average | |
| of period | income(a) | unrealized) | operations | income | of period | return(b) | (000's omitted) | reimbursements | reimbursements | net assets |
|
Invesco Premier Portfolio |
|
|
|
|
|
|
|
| 0.18%(c) | 0.25%(c) | 1.84%(c) | |
Six months ended 02/29/20 | $ 1.00 | $ 0.01 | $ (0.00) | $ 0.01 | $ (0.01) | $ 1.00 | 0.92% | $1,728,184 | ||||
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 |
|
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | 1.00 | 0.30 | 6,342,444 | 0.18 | 0.25 | 0.30 |
|
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | 1.00 | 0.04 | 6,704,767 | 0.18 | 0.25 | 0.04 |
|
Invesco Premier U.S. Government Money Portfolio |
|
|
|
|
|
| 0.18(c) | 0.25(c) | 1.60(c) | |||
Six months ended 02/29/20 | 1.00 | 0.01 | 0.00 | 0.01 | (0.01) | 1.00 | 0.80 | 8,572,811 | ||||
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 |
|
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | 1.00 | 0.17 | 2,551,750 | 0.17 | 0.25 | 0.18 |
|
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | 1.00 | 0.02 | 1,397,561 | 0.09 | 0.25 | 0.02 |
|
Invesco Premier Tax-Exempt Portfolio |
|
|
|
|
|
|
| 0.20(c) | 0.25(c) | 1.10(c) | ||
Six months ended 02/29/20 | 1.0000 | 0.0053 | (0.0001) | 0.0052 | (0.0053) | 0.9999 | 0.53 | 54,627 | ||||
Year ended 08/31/19 | 1.0000 | 0.0146 | 0.0000 | 0.0146 | (0.0146) | 1.0000 | 1.47 | 97,605 | 0.20 | 0.25 | 1.46 |
|
Year ended 08/31/18 | 1.0000 | 0.0106 | (0.0001) | 0.0105 | (0.0105) | 1.0000 | 1.05 | 77,520 | 0.20 | 0.25 | 1.06 |
|
Year ended 08/31/17 | 1.00 | 0.0058 | 0.0000 | 0.0058 | (0.0058) | 1.0000 | 0.59 | 57,297 | 0.20 | 0.25 | 0.56 |
|
Year ended 08/31/16 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | 1.00 | 0.10 | 129,818 | 0.15 | 0.25 | 0.10 |
|
Year ended 08/31/15 | 1.00 | 0.00 | 0.00 | 0.00 | (0.00) | 1.00 | 0.01 | 115,021 | 0.06 | 0.25 | 0.03 |
|
(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)Ratios are annualized and based on average daily net assets (000's omitted) of $1,680,303, $9,239,174 and $70,425 for Invesco Premier Portfolio, Invesco Premier U.S. Government Money Portfolio and Invesco Premier Tax-Exempt Portfolio, respectively.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
Notes to Financial Statements
February 29, 2020 (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, Invesco Premier U.S. Government Money Portfolio and Invesco Premier Tax-Exempt 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 Tax-Exempt Portfolio's investment objective is to provide tax-exempt income consistent with preservation of capital and 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 and Invesco Premier Tax-Exempt Portfolio currently consist of two classes of shares: Investor Class and Institutional Class. Investor Class shares of the Fund are offered only to certain grandfathered 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 Tax-Exempt Portfolio, an "institutional money market fund", prices and transacts in its shares at a floating net asset value ("NAV") reflecting the current market-based values of its portfolio securities, except as otherwise generally permitted for securities with remaining maturities of 60 days or less, which are valued at amortized cost. Rules and regulations also require Invesco Premier Tax-Exempt Portfolio to round its NAV to four decimal places (e.g., $1.0000).
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 and Invesco Premier Tax-Exempt 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 — Invesco Premier Tax-Exempt Portfolio's securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, market information from brokers and dealers, developments related to specific securities, yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Pricing services generally value debt obligations assuming orderly transactions of institutional round lot size, but a fund may hold or transact in the same securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.
Securities for which market quotations are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust's officers following procedures approved by the Board of Trustees. Issuer specific events, market trends, bid/ asked quotes of brokers and information providers and other market data may be reviewed in the course of making a good faith determination of a security's fair value.
Invesco Premier Portfolio and Invesco Premier U.S. Government Portfolio'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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities.
The Funds may periodically participate in litigation related to each Fund's investments. As such, the Funds may receive proceeds from litigation settlements. 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.
23 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
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.
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.
In addition, Invesco Premier Tax-Exempt Portfolio intends to invest in such municipal securities to allow it to qualify to pay shareholders "exempt interest dividends", as defined in the Internal Revenue Code.
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.
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.
The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.
24 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and each Fund's investments in municipal securities.
There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.
U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with 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.
Under the terms of a master sub-advisory agreement between the Adviser to each Fund other than Invesco Premier U.S. Government Money 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, for Invesco Premier Portfolio and Invesco Premier Tax-Exempt Portfolio, separate sub-advisory agreements with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the "Affiliated Sub-Advisers") the Adviser, not the Funds, will pay 40% of the fees paid to the Adviser to any such Affiliated Sub-Adviser(s) that provide(s) discretionary investment management services to each Fund based on the percentage of assets allocated to such Sub-Adviser(s).
The Adviser has contractually agreed, through at least December 31, 2020, 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. In addition, the Adviser has contractually agreed, through at least December 31, 2020, to waive advisory fees equal to 0.05% of the average daily net assets of Invesco Premier Tax-Exempt Portfolio.
For the six-month period ended February 29, 2020, the Adviser waived advisory fees and/or reimbursed Fund expenses in the following amounts:
Invesco Premier Portfolio | $ 627,650 |
Invesco Premier U.S. Government Money Portfolio | 3,229,317 |
Invesco Premier Tax-Exempt Portfolio | 20,790 |
|
|
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 custodian and fund accountant and provides certain administrative services to the Funds.
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 classes. 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-month period ended February 29, 2020, 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.
25 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
As of February 29, 2020, 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 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-month period ended February 29, 2020, each Fund engaged in transactions with affiliates as listed below:
| Securities Purchases | Securities Sales | Net Realized Gains |
Invesco Premier Portfolio | $86,957,327 | $70,568,338 | $- |
|
|
|
|
Invesco Premier Tax-Exempt Portfolio | 17,442,973 | 39,811,770 | - |
|
|
|
|
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 had a capital loss carryforward as of August 31, 2019, as follows:
| Not Subject to |
|
Fund | Expiration | Total* |
Invesco Premier U.S. Government Money Portfolio | $3,507 | $3,507 |
Invesco Premier Tax-Exempt Portfolio | 3,793 | 3,793 |
*Capital loss carryforwards are reduced for limitations, if any, to the extent required by the Internal Revenue Code and may be further limited depending upon a variety of factors, including the realization of net unrealized gains or losses as of the date of any reorganization.
NOTE 8—Investment Transactions
The aggregate cost and the net unrealized appreciation (depreciation) of investments for tax purposes are as follows:
|
| At February 29, 2020 |
| |
|
|
|
| Net |
|
|
|
| Unrealized |
| Federal | Unrealized | Unrealized | Appreciation |
| Tax Cost* | Appreciation | (Depreciation) | (Depreciation) |
Invesco Premier Tax-Exempt Portfolio | $69,108,769 | $117 | $(1,066) | $(949) |
*For Invesco Premier Portfolio, Invesco Premier U.S. Government Money Portfolio and Invesco Premier Tax-Exempt Portfolio, cost of investments are the same for tax and financial reporting purposes.
26 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
NOTE 9—Share Information
Invesco Premier Portfolio
|
|
| Summary of Share Activity |
|
|
|
| ||
| Six months ended | Year ended | |||||||
| February 29, 2020(a) |
| August 31, 2019 |
| |||||
| Shares |
| Amount | Shares |
| Amount | |||
Sold: |
|
|
|
|
|
|
|
|
|
Investor Class | 157,381,432 | $ | 157,381,432 | 63,579,554 | $ | 63,579,554 |
| ||
|
|
|
|
|
|
|
|
| |
Institutional Class | 1,083,495,253 |
| 1,083,495,253 | 3,216,380,470 |
| 3,216,380,470 |
| ||
Private Investment Class | 400,415 |
| 400,415 | 594,675 |
| 594,675 |
|
| |
Personal Investment Class | 1,707,713 |
| 1,707,713 | 13,955,408 |
| 13,955,408 |
| ||
|
|
|
|
|
|
|
|
| |
Reserve Class | 4 |
| 4 | - |
| - |
|
| |
Resource Class | 601,044 |
| 601,044 | 814,032 |
| 814,032 |
| ||
Issued as reinvestment of dividends: |
|
|
|
|
|
|
|
|
|
Investor Class | 828,596 |
| 828,596 | 1,059,467 |
| 1,059,467 |
| ||
Institutional Class | 13,140,684 |
| 13,140,684 | 28,510,215 |
| 28,510,215 |
| ||
Private Investment Class | 9,512 |
| 9,512 | 83,516 |
| 83,516 |
|
| |
|
|
|
|
|
|
|
|
| |
Personal Investment Class | 82,021 |
| 82,021 | 23,914 |
| 23,914 |
|
| |
Reserve Class | 51 |
| 51 | 151 |
| 151 |
|
| |
Resource Class | 30,124 |
| 30,124 | 86,186 |
| 86,186 |
|
| |
|
|
|
|
|
|
|
|
|
|
Reacquired: |
|
|
|
|
|
|
|
|
|
Investor Class | (91,455,987) |
| (91,455,987) | (34,000,109) |
| (34,000,109) | |||
|
|
|
|
|
|
|
| ||
Institutional Class | (1,035,622,508) |
| (1,035,622,508) | (2,535,460,382) |
| (2,535,460,382) | |||
|
|
|
|
|
|
|
| ||
Private Investment Class | (504,358) |
| (504,358) | (5,375,733) |
| (5,375,733) | |||
|
|
|
|
|
|
|
| ||
Personal Investment Class | (1,949,775) |
| (1,949,775) | (221,419) |
| (221,419) | |||
|
|
|
|
|
|
|
| ||
Resource Class | (110,000) |
| (110,000) | (4,300,415) |
| (4,300,415) | |||
|
|
|
|
|
|
|
| ||
Net increase in share activity | 128,034,221 | $ | 128,034,221 | 745,729,530 | $ | 745,729,530 |
| ||
|
|
|
|
|
|
|
|
|
|
(a)There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 81% 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.
27 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
NOTE 9—Share Information—(continued)
Invesco Premier U.S. Government Money Portfolio
|
|
| Summary of Share Activity |
|
|
|
| ||
| Six months ended | Year ended | |||||||
| February 29, 2020(a) |
| August 31, 2019 |
| |||||
| Shares |
| Amount | Shares |
| Amount | |||
Sold: |
|
|
|
|
|
|
|
|
|
Investor Class | 41,448,452 | $ | 41,448,452 | 12,662,875 | $ | 12,662,875 |
| ||
|
|
|
|
|
|
|
|
| |
Institutional Class | 25,639,538,058 |
| 25,639,538,058 | 49,189,664,997 |
| 49,189,664,997 |
| ||
Issued as reinvestment of dividends: |
|
|
|
|
|
|
|
|
|
Investor Class | 294,563 |
| 294,563 | 692,739 |
| 692,739 |
|
| |
Institutional Class | 36,462,389 |
| 36,462,389 | 72,714,639 |
| 72,714,639 |
| ||
Reacquired: |
|
|
|
|
|
|
|
|
|
Investor Class | (16,327,704) |
| (16,327,704) | (13,327,312) |
| (13,327,312) | |||
|
|
|
|
|
|
|
| ||
Institutional Class | (25,408,912,096) |
| (25,408,912,096) | (47,876,245,248) |
| (47,876,245,248) | |||
|
|
|
|
|
|
|
| ||
Net increase in share activity | 292,503,662 | $ | 292,503,662 | 1,386,162,690 | $ | 1,386,162,690 |
|
(a)There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 83% 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.
Invesco Premier Tax-Exempt Portfolio
|
|
| Summary of Share Activity |
|
|
|
| ||
| Six months ended | Year ended | |||||||
| February 29, 2020(a) |
| August 31, 2019 |
| |||||
| Shares |
| Amount | Shares |
| Amount | |||
Sold: |
|
|
|
|
|
|
|
|
|
Investor Class | 9,242,235 | $ | 9,242,179 | 2,088,415 | $ | 2,088,415 |
| ||
|
|
|
|
|
|
|
|
| |
Institutional Class | 18,214,328 |
| 18,213,865 | 292,812,415 |
| 292,812,412 |
| ||
Issued as reinvestment of dividends: |
|
|
|
|
|
|
|
|
|
Investor Class | 66,558 |
| 66,557 | 198,168 |
| 198,168 |
|
| |
|
|
|
|
|
|
|
| ||
Institutional Class | 386,803 |
| 386,803 | 1,583,385 |
| 1,583,385 |
| ||
Reacquired: |
|
|
|
|
|
|
|
|
|
Investor Class | (4,172,837) |
| (4,172,762) | (7,465,978) |
| (7,465,978) | |||
|
|
|
|
|
|
|
| ||
Institutional Class | (61,578,732) |
| (61,578,210) | (274,310,933) |
| (274,310,930) | |||
|
|
|
|
|
|
| |||
Net increase (decrease) in share activity | (37,841,645) | $(37,841,568) | 14,905,472 | $ | 14,905,472 |
|
(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.
NOTE 10—Subsequent Event
During the first quarter of 2020, the World Health Organization declared the coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Funds' ability to achieve their investment objectives. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the "CARES Act," was signed into law on March 27, 2020 by President Trump. The Adviser is assessing the components of the Act, and the impacts to the Funds should be immaterial.
28 | 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, 2019 through February 29, 2020.
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.
|
|
|
| HYPOTHETICAL |
| |
|
|
| ACTUAL | (5% annual return before expenses) |
| |
| Beginning | Ending | Expenses | Ending | Expenses | Annualized |
| Account Value | Account Value | Paid During | Account Value | Paid During | Expense |
Institutional Class | (09/01/19) | (02/29/20)1 | Period2 | (02/29/20) | Period2 | Ratio |
Invesco Premier | $1,000.00 | $1,009.20 | $0.90 | $1,023.97 | $0.91 | 0.18% |
Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco Premier | 1,000.00 | 1,008.00 | 0.90 | 1,023.97 | 0.91 | 0.18 |
U.S. Government |
|
|
|
|
|
|
Money Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
Invesco Premier | 1,000.00 | 1,005.30 | 1.00 | 1,023.87 | 1.01 | 0.20 |
Tax-Exempt Portfolio
1The actual ending account value is based on the actual total return of the Funds for the period September 1, 2019 through February 29, 2020, 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.
2Expenses are equal to each Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.
29 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
(This page intentionally left blank)
(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 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 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 pro- spective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Share- holders 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 secu- rities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/proxyguidelines. 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 29, 2020 |
Resource Class
AIM Treasurer's Series Trust
(Invesco Treasurer's Series Trust)
Invesco Premier Portfolio
13 Notes to Financial Statements
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund's website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank).
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 659-1005 (option1) to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.
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 29, 2020, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
Fund Data
Resource Class data as of 2/29/20
FUND | WEIGHTED |
| WEIGHTED | TOTAL |
| AVERAGE |
| AVERAGE | NET |
| MATURITY |
| LIFE | ASSETS |
| Range | At | At |
|
| During | Reporting | Reporting |
|
| Reporting | Period | Period |
|
| Period | End | End |
|
Invesco Premier | 23 - 45 days | 38 days | 78 days | $3.8 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 secu- rity's percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand fea- ture 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 condi- tions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corpo- ration 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.
2AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Letters to Shareholders
Dear Fellow Shareholders:
As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco's mutual funds. We work hard to repre- sent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited
to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team's investment performance within the context of the investment strategy described in the fund's prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
We believe one of the most important services we provide our fund shareholders is the annual review of the funds' advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a rea- sonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.
Sincerely,
Bruce L. Crockett
Independent Chair
Invesco Funds Board of Trustees
Dear Shareholders:
This semiannual report covers the six-month reporting period ended February 29, 2020. As always, we thank you for investing with us. By investing in a combination of short-term securities and securi- ties with slightly longer maturities, each Fund continued to preserve safety of principal and maintain a relatively high level of liquidity while offering competitive returns.
After raising interest rates multiple times in 2018, the US Federal Reserve (the Fed) adopted a more accommodative monetary policy during 2019. During the six-month reporting period, the Fed cut the federal funds rate by 0.25% in September and October 2019, respectively. This left the fed- eral funds target range at 1.50% to 1.75% at the end of the reporting period. In the beginning of 2020, markets saw an increase in volatility as a result of the impact of the Coronavirus (COVID-19). This has caused the outlook for the Fed to shift from a neutral policy during 2020 to a higher possi-
bility of several rate cuts. Rate cuts by the Fed would likely cause yields on government money market funds to decrease as a result.
One of the major developments impacting money market funds and the money market industry during the reporting period was the volatility in the short-term funding markets. October 2019, the Fed directed the Federal Reserve Bank of New York Trading Desk (the Desk) to purchase $60 billion per month in short-term Treasury Bills at least into the second quarter of 2020 to maintain sufficient reserve balances. This resulted in the flattening of the US Treasury curve and the stabilization of the repur- chase agreement operations (repo) markets.
Invesco Global Liquidity is part of Invesco Ltd., one of the world's largest independent asset management companies. Invesco Global Liquidity takes a long-term approach to short-term investing. Our unrelenting focus on preservation of capital, daily liquid- ity and competitive yield is implemented through repeatable, time-tested processes.
Again, thank you for investing with us.
Sincerely,
Andrew Schlossberg
Head of the Americas,
Senior Managing Director, Invesco Ltd.
3AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments
February 29, 2020 (Unaudited)
Invesco Premier Portfolio
|
|
|
| Principal |
|
|
| Interest | Maturity |
| Amount |
|
|
| Rate | Date |
| (000) |
| Value |
Commercial Paper-46.20%(a) |
|
|
|
|
|
|
Asset-Backed Securities - Fully Supported-5.67% |
|
|
|
|
|
|
Atlantic Asset Securitization LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 1.65% | 07/23/2020 | $ | 44,000 | $ | 43,711,360 |
Kells Funding LLC (CEP - FMS Wertmanagement)(c) | 2.06% | 03/03/2020 |
| 10,000 |
| 9,998,867 |
Kells Funding LLC (CEP - FMS Wertmanagement)(c) | 1.71% | 05/12/2020 |
| 20,000 |
| 19,932,000 |
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)(b)(c) | 2.01% | 03/10/2020 |
| 7,500 |
| 7,496,250 |
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.) (1 mo. USD LIBOR + 0.25%)(c)(d) | 1.96% | 04/01/2020 |
| 25,000 |
| 25,000,000 |
|
|
|
|
|
| 106,138,477 |
|
|
|
|
|
|
|
Asset-Backed Securities - Fully Supported Bank-14.57% |
|
|
|
|
|
|
Anglesea Funding LLC (Multi - CEP's)(b)(c) | 1.72% | 04/02/2020 |
| 30,650 |
| 30,603,276 |
Anglesea Funding LLC (Multi - CEP's) (1 wk. USD LIBOR + 0.10%)(c)(d) | 1.68% | 08/14/2020 |
| 10,000 |
| 10,000,000 |
Bedford Row Funding Corp. (CEP - Royal Bank of Canada) (3 mo. USD LIBOR + 0.12%)(c)(d) | 2.03% | 12/07/2020 |
| 35,000 |
| 35,000,000 |
Cancara Asset Securitization LLC (CEP - Lloyds Bank LLC)(c) | 1.79% | 06/08/2020 |
| 20,000 |
| 19,902,100 |
Chesham Finance LLC (Multi - CEP's)(b)(c) | 1.62% | 03/02/2020 |
| 25,000 |
| 24,998,875 |
Crown Point Capital Co. LLC (CEP - Credit Suisse AG) (1 mo. USD LIBOR + 0.15%)(b)(c)(d) | 1.81% | 04/08/2020 |
| 35,000 |
| 35,000,000 |
Halkin Finance LLC (Multi - CEP's)(b)(c) | 1.62% | 03/02/2020 |
| 32,500 |
| 32,498,538 |
Institutional Secured Funding LLC (Multi - CEP's)(b)(c) | 1.70% | 03/02/2020 |
| 30,000 |
| 29,998,583 |
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c) | 1.95% | 04/14/2020 |
| 15,000 |
| 14,964,433 |
Mountcliff Funding LLC (Multi - CEP's)(c) | 1.95% | 05/08/2020 |
| 10,000 |
| 10,000,000 |
Mountcliff Funding LLC (Multi - CEP's)(b)(c) | 1.70% | 06/19/2020 |
| 30,000 |
| 30,000,000 |
|
|
|
|
|
| 272,965,805 |
|
|
|
|
|
|
|
Diversified Banks-20.92% |
|
|
|
|
|
|
Banco Santander S.A.(b)(c) | 1.66% | 04/21/2020 |
| 25,000 |
| 24,941,562 |
Bank of China Ltd.(c) | 2.30% | 04/02/2020 |
| 25,000 |
| 24,949,111 |
Bank of China Ltd.(c) | 2.03% | 04/07/2020 |
| 20,000 |
| 19,958,478 |
Barclays Bank PLC | 1.69% | 05/28/2020 |
| 25,000 |
| 24,897,333 |
BPCE S.A.(b)(c) | 2.02% | 05/19/2020 |
| 15,000 |
| 14,934,167 |
China Construction Bank Corp.(b)(c) | 2.26% | 04/08/2020 |
| 10,000 |
| 9,976,250 |
China Construction Bank Corp.(b)(c) | 1.95% | 04/13/2020 |
| 7,570 |
| 7,552,459 |
China Construction Bank Corp.(b)(c) | 1.91% | 05/05/2020 |
| 10,000 |
| 9,965,694 |
China Construction Bank Corp.(b)(c) | 1.93% | 05/08/2020 |
| 20,000 |
| 19,927,467 |
Commonwealth Bank of Australia (3 mo. USD LIBOR + 0.07%)(b)(c)(d) | 1.97% | 10/06/2020 |
| 15,000 |
| 15,000,000 |
Commonwealth Bank of Australia (3 mo. USD LIBOR + 0.12%)(b)(c)(d) | 1.85% | 11/09/2020 |
| 25,000 |
| 25,000,000 |
HSBC Bank PLC (3 mo. USD LIBOR + 0.07%)(c)(d) | 1.98% | 07/02/2020 |
| 50,000 |
| 50,000,000 |
Mitsubishi UFJ Trust & Banking Corp.(b)(c) | 1.71% | 05/04/2020 |
| 25,000 |
| 24,924,444 |
National Australia Bank Ltd. (3 mo. USD LIBOR + 0.12%)(c)(d) | 2.01% | 12/11/2020 |
| 50,000 |
| 50,000,000 |
Oversea-Chinese Banking Corp. Ltd.(b)(c) | 1.96% | 04/23/2020 |
| 20,000 |
| 19,942,878 |
Royal Bank of Canada (3 mo. USD LIBOR + 0.05%)(b)(c)(d) | 1.96% | 04/01/2020 |
| 20,000 |
| 20,000,000 |
Sumitomo Mitsui Trust Bank Ltd.(b)(c) | 1.69% | 04/14/2020 |
| 10,000 |
| 9,979,467 |
Toronto-Dominion Bank (The) (3 mo. USD LIBOR + 0.10%)(b)(c)(d) | 2.04% | 09/15/2020 |
| 20,000 |
| 20,000,000 |
|
|
|
|
|
| 391,949,310 |
Diversified Capital Markets-2.91% |
|
|
|
|
|
|
Glencove Funding DAC (CEP - JPMorgan Chase Bank N.A.) (3 mo. USD LIBOR + 0.12%)(c)(d) | 2.07% | 03/26/2020 |
| 30,000 |
| 30,000,000 |
UBS AG(b)(c) | 1.85% | 01/15/2021 |
| 25,000 |
| 24,595,555 |
|
|
|
|
|
| 54,595,555 |
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments—(continued)
Invesco Premier Portfolio
|
|
|
| Principal |
|
|
| Interest | Maturity |
| Amount |
|
|
| Rate | Date |
| (000) |
| Value |
Regional Banks-2.13% |
|
|
|
|
|
|
ASB Finance Ltd. (1 mo. USD LIBOR + 0.20%)(c)(d) | 2.23% | 04/14/2020 | $ | 20,000 | $ | 19,998,589 |
Banque et Caisse d'Epargne de l'Etat(c) | 2.16% | 03/02/2020 |
| 20,000 |
| 19,998,817 |
|
|
|
|
|
| 39,997,406 |
|
|
|
|
|
|
|
Total Commercial Paper (Cost $865,646,553) |
|
|
|
|
| 865,646,553 |
|
|
|
|
|
|
|
Certificates of Deposit-19.60%
Australia & New Zealand Banking Group Ltd. (3 mo. USD LIBOR + 0.05%)(c)(d) | 2.00% | 03/31/2020 | 21,000 | 20,999,966 |
Bank of Montreal (3 mo. USD LIBOR + 0.06%)(c)(d) | 1.97% | 04/01/2020 | 25,000 | 25,000,000 |
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.05%)(c)(d) | 1.96% | 04/01/2020 | 25,000 | 25,000,000 |
Bank of Nova Scotia (The) (Federal Funds Rate + 0.26%)(c)(d) | 1.85% | 06/26/2020 | 15,000 | 15,000,000 |
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.13%)(c)(d) | 1.84% | 11/13/2020 | 10,000 | 10,000,000 |
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.13%)(c)(d) | 1.82% | 11/16/2020 | 10,000 | 10,000,000 |
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.26%)(c)(d) | 1.85% | 07/01/2020 | 20,000 | 20,000,000 |
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.36%)(c)(d) | 1.95% | 09/01/2020 | 11,000 | 11,000,000 |
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.36%)(c)(d) | 1.95% | 09/18/2020 | 20,000 | 20,000,000 |
Credit Agricole Corporate & Investment Bank S.A.(c) | 1.57% | 03/02/2020 | 10,273 | 10,273,161 |
DZ Bank AG Deutsche Zentral-Genossenschaftsbank(c) | 1.73% | 08/04/2020 | 10,000 | 9,925,896 |
Industrial & Commercial Bank of China Ltd.(c) | 1.95% | 04/09/2020 | 25,000 | 25,000,000 |
Industrial & Commercial Bank of China Ltd.(c) | 1.84% | 04/29/2020 | 25,000 | 25,000,000 |
Industrial & Commercial Bank of China Ltd.(c) | 1.84% | 05/04/2020 | 10,000 | 10,000,000 |
Mizuho Bank Ltd.(c) | 1.58% | 03/02/2020 | 20,000 | 20,000,000 |
Natixis S.A. (3 mo. USD LIBOR + 0.10%)(c)(d) | 1.80% | 08/14/2020 | 15,000 | 15,000,000 |
Natixis S.A. (3 mo. USD LIBOR + 0.11%)(c)(d) | 2.02% | 10/02/2020 | 15,000 | 15,000,000 |
Norinchukin Bank (The)(c) | 1.65% | 03/11/2020 | 25,000 | 25,000,000 |
Oversea-Chinese Banking Corp. Ltd.(c) | 1.71% | 07/24/2020 | 25,000 | 25,000,974 |
Toronto-Dominion Bank (The) (Federal Funds Rate + 0.26%)(c)(d) | 1.85% | 06/30/2020 | 10,000 | 10,000,000 |
Toronto-Dominion Bank (The) (SOFR + 0.42%)(c)(d) | 2.06% | 09/30/2020 | 20,000 | 20,000,000 |
Total Certificates of Deposit (Cost $367,199,997) |
|
|
| 367,199,997 |
|
|
|
|
|
Variable Rate Demand Notes-3.19%(e)
Credit Enhanced-3.10% |
|
|
|
|
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, |
|
|
|
|
VRD RB (LOC - PNC Bank, N.A.)(f) | 1.15% | 06/01/2037 | 1,165 | 1,165,000 |
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank, |
|
|
|
|
N.A.)(f) | 1.19% | 02/15/2042 | 1,895 | 1,895,000 |
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo |
|
|
|
|
Bank, N.A.)(f) | 1.23% | 08/01/2037 | 3,160 | 3,160,000 |
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - |
|
|
|
|
Rabobank Nederland)(c)(f) | 1.35% | 06/01/2035 | 1,100 | 1,100,000 |
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui |
|
|
|
|
Banking Corp.)(b)(c)(f) | 1.36% | 04/01/2047 | 3,900 | 3,900,000 |
Jets Stadium Development LLC; Series 2014 A-4C, VRD Bonds (LOC - Sumitomo Mitsui |
|
|
|
|
Banking Corp.)(b)(c)(f) | 1.36% | 04/01/2047 | 21,000 | 21,000,000 |
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank, N.A.)(f) | 1.70% | 05/01/2037 | 11,900 | 11,900,000 |
Metropolitan Transportation Authority; Subseries 2005 D-2, VRD RB (LOC - Landesbank |
|
|
|
|
Hessen-Thueringen Girozentrale)(c)(f) | 1.32% | 11/01/2035 | 400 | 400,000 |
Minnesota (State of) Higher Education Facilities Authority (Concordia University, St. Paul); |
|
|
|
|
Series 2007 Six-Q, VRD RB (LOC - U.S. Bank N.A.)(f) | 1.33% | 04/01/2037 | 1,375 | 1,375,000 |
New York (State of) Housing Finance Agency (222 East 44th Street Housing); Series 2016 |
|
|
|
|
B-1, VRD RB (LOC - Bank of China Ltd.)(c)(f) | 1.65% | 05/01/2050 | 7,025 | 7,025,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments—(continued)
Invesco Premier Portfolio
|
|
|
| Principal |
|
|
| Interest | Maturity |
| Amount |
|
|
| Rate | Date |
| (000) |
| Value |
Credit Enhanced-(continued) |
|
|
|
|
|
|
Pinellas (County of), FL Health Facilities Authority (Baycare Health System); Series 2009 A-2, |
|
|
|
|
|
|
VRD RB (LOC - Northern Trust Co. (The))(f) | 1.15% | 11/01/2038 | $ | 3,200 | $ | 3,200,000 |
St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, |
|
|
|
|
|
|
Ref. VRD RB (CEP - FHLMC) | 1.14% | 10/01/2033 |
| 2,015 |
| 2,015,000 |
|
|
|
|
|
| 58,135,000 |
|
|
|
|
|
|
|
Other Variable Rate Demand Notes-0.09% |
|
|
|
|
|
|
East Baton Rouge (Parish of), LA Industrial Development Board, Inc. (ExxonMobil); |
|
|
|
|
|
|
Series 2010 A, VRD RB | 1.46% | 08/01/2035 |
| 1,051 |
| 1,051,000 |
Mississippi Business Finance Corp. (Chevron USA, Inc.); Series 2007 E, VRD IDR | 1.29% | 12/01/2030 |
| 595 |
| 595,000 |
|
|
|
|
|
|
|
|
|
|
|
|
| 1,646,000 |
|
|
|
|
|
|
|
Total Variable Rate Demand Notes (Cost $59,781,000) |
|
|
|
|
| 59,781,000 |
U.S. Dollar Denominated Bonds & Notes-2.34% |
|
|
|
|
|
|
Automobile Manufacturers-1.08% |
|
|
|
|
|
|
Toyota Motor Credit Corp.(c) | 4.50% | 06/17/2020 |
| 20,000 |
| 20,134,893 |
Diversified Banks-0.27% |
|
|
|
|
|
|
Westpac Banking Corp.(c) | 2.30% | 05/26/2020 |
| 5,000 |
| 4,997,412 |
Technology Hardware, Storage & Peripherals-0.99% |
|
|
|
|
|
|
Apple, Inc. | 2.25% | 02/23/2021 |
| 18,496 |
| 18,616,231 |
Total U.S. Dollar Denominated Bonds & Notes (Cost $43,748,536) |
|
|
|
|
| 43,748,536 |
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-71.33% |
|
|
|
|
|
|
(Cost $1,336,376,086) |
|
|
|
|
| 1,336,376,086 |
|
|
|
| Repurchase |
|
|
|
|
|
| Amount |
|
|
Repurchase Agreements-29.54%(g) |
|
|
|
|
|
|
Bank of Nova Scotia, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
$575,077,146 (collateralized by domestic agency mortgage-backed securities valued at |
|
|
|
|
|
|
$586,500,000; 2.46% - 6.50%; 06/01/2027 - 02/01/2050) | 1.61% | 03/02/2020 |
| 30,004,025 |
| 30,000,000 |
BMO Capital Markets Corp., joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
$50,007,000 (collateralized by domestic and foreign non-agency asset-backed |
|
|
|
|
|
|
securities, domestic agency and non-agency mortgage-backed securities and domestic and |
|
|
|
|
|
|
foreign corporate obligations valued at $52,625,311; 0% - 11.13%; 05/04/2020 - |
|
|
|
|
|
|
06/26/2056)(c) | 1.68% | 03/02/2020 |
| 10,001,400 |
| 10,000,000 |
BMO Capital Markets Corp., joint term agreement dated 02/28/2020, aggregate maturing |
|
|
|
|
|
|
value of $75,024,792 (collateralized by domestic non-agency asset-backed securities, |
|
|
|
|
|
|
domestic agency and non-agency mortgage-backed securities, U.S. goverment sponsored |
|
|
|
|
|
|
agency obligations and domestic and foreign corporate obligations valued at |
|
|
|
|
|
|
$79,369,219; 0% - 5.85%; 04/02/2020 - 11/16/2061)(c)(h) | 1.70% | 03/06/2020 |
| 15,004,958 |
| 15,000,000 |
BMO Capital Markets Corp., term agreement dated 02/21/2020, maturing value of |
|
|
|
|
|
|
$20,041,533 (collateralized by domestic non-agency asset-backed securities, domestic |
|
|
|
|
|
|
and foreign agency and non-agency mortgage-backed securities and domestic and foreign |
|
|
|
|
|
|
corporate obligations valued at $21,346,059; 0.43% - 9.00%; 03/27/2020 - |
|
|
|
|
|
|
12/15/2049)(c)(h) | 1.78% | 04/03/2020 |
| 20,041,533 |
| 20,000,000 |
Citigroup Global Markets, Inc., joint open agreement dated 09/24/2019 (collateralized by |
|
|
|
|
|
|
foreign corporate obligations valued at $143,342,596; 5.40% - 8.25%; 04/25/2021 - |
|
|
|
|
|
|
06/28/2117)(i) | 1.96% | - |
| - |
| 10,000,000 |
Citigroup Global Markets, Inc., joint open agreement dated 12/19/2019 (collateralized by |
|
|
|
|
|
|
domestic and foreign non-agency asset-backed securities, domestic and foreign corporate |
|
|
|
|
|
|
obligations and domestic non-agency mortgage-backed securities valued at |
|
|
|
|
|
|
$192,381,818; 1.27% - 10.64%; 10/17/2022 - 09/26/2067)(i) | 2.09% | - |
| - |
| 38,500,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments—(continued)
Invesco Premier Portfolio
| Interest | Maturity |
| Repurchase |
|
|
|
| Rate | Date |
| Amount |
| Value | |
Credit Suisse Securities (USA) LLC, joint term agreement dated 02/25/2020, aggregate |
|
|
|
|
|
|
|
maturing value of $30,010,383 (collateralized by domestic non-agency asset-backed |
|
|
|
|
|
|
|
securities and domestic non-agency mortgage-backed securities valued at $33,000,000; |
|
|
|
|
|
|
|
0% - 6.50%; 08/15/2035 - 03/25/2059)(c)(h) | 1.78% | 03/03/2020 | $ | 15,005,192 | $ | 15,000,000 |
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 02/25/2020, aggregate |
|
|
|
|
|
|
|
maturing value of $40,013,456 (collateralized by domestic and foreign non-agency |
|
|
|
|
|
|
|
asset-backed securities, domestic and foreign agency and non-agency mortgage-backed |
|
|
|
|
|
|
|
securities and domestic and foreign corporate obligations valued at $43,990,546; 0% - |
|
|
|
|
|
|
|
15.00%; 03/15/2020 - 07/15/2064)(c)(h) | 1.73% | 03/03/2020 |
| 10,003,364 |
| 10,000,000 |
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 02/25/2020, aggregate |
|
|
|
|
|
|
|
maturing value of $65,021,486 (collateralized by domestic and foreign non-agency |
|
|
|
|
|
|
|
asset-backed securities and domestic non-agency mortgage-backed securities valued at |
|
|
|
|
|
|
|
$68,250,001; 0.07% - 7.00%; 02/15/2029 - 08/16/2060)(c)(h) | 1.70% | 03/03/2020 |
| 12,003,967 |
| 12,000,000 |
|
ING Financial Markets, LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
|
$100,014,000 (collateralized by domestic and foreign corporate obligations valued at |
|
|
|
|
|
|
|
$105,000,739; 1.63% - 5.88%; 03/16/2020 - 11/01/2050)(c) | 1.68% | 03/02/2020 |
| 40,005,600 |
| 40,000,000 |
|
J.P. Morgan Securities LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
|
$500,067,083 (collateralized by domestic agency mortgage-backed securities and U.S. |
|
|
|
|
|
|
|
goverment sponsored agency obligations valued at $510,000,000; 0% - 6.00%; |
|
|
|
|
|
|
|
12/01/2027 - 03/01/2050) | 1.61% | 03/02/2020 |
| 100,013,417 |
| 100,000,000 |
|
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2019 (collateralized by |
|
|
|
|
|
|
|
domestic and foreign non-agency asset-backed securities, domestic and foreign corporate |
|
|
|
|
|
|
|
obligations and domestic non-agency mortgage-backed securities valued at |
|
|
|
|
|
|
|
$44,292,744; 2.50% - 6.25%; 09/15/2020 - 02/15/2068)(i) | 2.14% | - |
| - |
| 5,000,000 |
|
Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 10/21/2019 |
|
|
|
|
|
|
|
(collateralized by domestic corporate obligations valued at $21,000,002; 4.00% - |
|
|
|
|
|
|
|
7.42%; 02/15/2029 - 10/01/2043)(c)(i) | 1.71% | - |
| - |
| 10,000,000 |
|
Mizuho Securities (USA) LLC, joint open agreement dated 01/28/2020 (collateralized by |
|
|
|
|
|
|
|
domestic and foreign corporate obligations and domestic and foreign equity securities |
|
|
|
|
|
|
|
valued at $82,350,426; 0% - 7.13%; 05/01/2020 - 03/15/2049)(c)(i) | 1.68% | - |
| - |
| 30,000,000 |
|
RBC Capital Markets LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
|
$150,021,000 (collateralized by domestic and foreign corporate obligations valued at |
|
|
|
|
|
|
|
$157,500,922; 0% - 9.40%; 03/02/2020 - 07/01/2097)(c) | 1.68% | 03/02/2020 |
| 25,003,500 |
| 25,000,000 |
|
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 a domestic commercial paper valued at $109,663,521; 0% - 12.00%; 03/25/2020 |
|
|
|
|
|
|
|
- 10/07/2079)(c)(i) | 1.76% | - |
| - |
| 28,000,000 |
|
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic |
|
|
|
|
|
|
|
non-agency asset-backed securities and domestic and foreign corporate obligations valued |
|
|
|
|
|
|
|
at $91,931,496; 1.95% - 11.88%; 03/09/2020 - 03/11/2061)(c)(i) | 1.69% | - |
| - |
| 35,000,000 |
|
Wells Fargo Securities, LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
|
$500,067,083 (collateralized by domestic agency mortgage-backed securities valued at |
|
|
|
|
|
|
|
$510,000,000; 3.50% - 4.00%; 12/01/2049) | 1.61% | 03/02/2020 |
| 100,013,417 |
| 100,000,000 |
|
Wells Fargo Securities, LLC, joint term agreement dated 01/21/2020, aggregate maturing |
|
|
|
|
|
|
|
value of $221,105,500 (collateralized by domestic and foreign non-agency asset-backed |
|
|
|
|
|
|
|
securities, domestic and foreign corporate obligations and a domestic non-agency |
|
|
|
|
|
|
|
mortgage-backed security valued at $231,167,015; 0.25% - 8.25%; 11/15/2022 - |
|
|
|
|
|
|
|
11/25/2058) | 2.01% | 04/20/2020 |
| 20,100,500 |
| 20,000,000 |
|
Total Repurchase Agreements (Cost $553,500,000) |
|
|
|
|
| 553,500,000 |
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES(j)(k)-100.87% (Cost $1,889,876,086) |
|
|
|
|
| 1,889,876,086 |
|
OTHER ASSETS LESS LIABILITIES-(0.87)% |
|
|
|
|
| (16,235,805) | |
|
|
|
|
|
|
|
|
NET ASSETS-100.00% |
|
|
|
| $ | 1,873,640,281 |
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments—(continued)
Invesco Premier Portfolio
Investment Abbreviations:
CEP | -Credit Enhancement Provider |
DAC | -Designated Activity Co. |
FHLMC -Federal Home Loan Mortgage Corp. | |
IDR | -Industrial Development Revenue Bonds |
LIBOR | -London Interbank Offered Rate |
LOC | -Letter of Credit |
RB | -Revenue Bonds |
Ref. | -Refunding |
SOFR | -Secured Overnight Financing Rate |
USD | -U.S. Dollar |
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 29, 2020 was $520,911,258, which represented 27.80% 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: 16.6%; France: 14.3%; China: 9.8%; Japan: 8.8%; Netherlands: 6.8%; Australia: 6.2%; Switzerland: 5.2%; United Kingdom: 5.1%; other countries less than 5% each: 8.0%.
(d)Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2020.
(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 29, 2020.
(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)Principal amount equals value at period end. See Note 1I.
(h)The Fund may demand payment of the term repurchase agreement upon one to seven business days' notice depending on the timing of the demand.
(i)Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(j)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 obligation but may be called upon to satisfy issuer's obligations. No concentration of any single entity was greater than 5% each.
(k)Also represents cost for federal income tax purposes.
Portfolio Composition by Maturity
In days, as of 02/29/2020
1-7 | 36.8% |
8-30 | 1.7 |
|
|
31-60 | 20.1 |
61-90 | 9.0 |
91-180 | 15.8 |
|
|
181+ | 16.6 |
|
|
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.
8AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Statement of Assets and Liabilities
February 29, 2020 (Unaudited)
Invesco Premier
Portfolio
Assets:
Investments in securities, at value
Repurchase agreements, at value and cost
Cash
Receivable for:
Fund shares sold
Interest
Total assets
Liabilities:
Payable for:
Investments purchased
Fund shares reacquired
Dividends
Accrued fees to affiliates
Total liabilities
Net assets applicable to shares outstanding
Net assets consist of:
Shares of beneficial interest
Distributable earnings
Net Assets:
$1,336,376,086
553,500,000
18,648,577
7,746,702
2,151,723
1,918,423,088
18,622,744
23,800,100
2,354,317
5,646
44,782,807 $1,873,640,281
$1,873,218,621 421,660 $1,873,640,281
Investor Class |
| $ | 127,110,911 |
Institutional Class |
| $1,728,184,446 | |
Private Investment Class |
| $ | 905,300 |
Personal Investment Class | $ | 13,611,003 | |
|
|
|
|
Reserve Class | $ | 10,279 | |
|
|
|
|
Resource Class | $ | 3,818,342 | |
Shares outstanding, no par value, |
|
|
|
unlimited number of shares authorized: |
|
|
|
Investor Class |
|
| 127,079,201 |
Institutional Class |
|
| 1,727,801,100 |
Private Investment Class |
|
| 905,099 |
|
|
|
|
Personal Investment Class |
|
| 13,607,984 |
|
|
|
|
Reserve Class |
|
| 10,277 |
Resource Class |
|
| 3,817,495 |
|
|
|
|
Net asset value, offering and redemption price per share for each class | $ | 1.00 | |
|
|
|
|
Cost of Investments |
| $ | 1,889,876,086 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Statement of Operations
For the six months ended February 29, 2020 (Unaudited)
|
| Invesco Premier | |
|
| Portfolio | |
Investment income: |
|
|
|
Interest | $18,146,603 |
| |
|
|
|
|
Expenses: |
|
|
|
Advisory fees | 2,241,595 |
| |
|
|
|
|
Distribution fees: |
|
|
|
Private Investment Class | 1,826 |
| |
|
|
|
|
Personal Investment Class |
| 34,620 |
|
Reserve Class | 44 |
| |
|
|
|
|
Resource Class |
| 2,871 |
|
Total expenses | 2,280,956 |
| |
|
|
|
|
Less: Fees waived | (627,650) | ||
|
|
|
|
Net expenses |
| 1,653,306 |
|
Net investment income | 16,493,297 |
| |
|
|
|
|
Net realized gain from investment securities | 3,315 |
| |
|
|
|
|
Net increase in net assets resulting from operations |
| $16,496,612 |
|
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) |
Statement of Changes in Net Assets
For the six months ended February 29, 2020 and the year ended August 31, 2019 (Unaudited)
|
|
| Invesco Premier Portfolio |
| ||||
|
|
| February 29, |
|
| August 31, | ||
|
|
| 2020 |
|
|
| 2019 |
|
Operations: |
|
|
|
|
|
|
| |
Net investment income | $ | 16,493,297 | $ | 36,825,552 | ||||
|
|
|
|
|
|
|
| |
Net realized gain |
| 3,315 |
|
| 2,040 | |||
|
|
|
|
|
|
|
| |
Net increase in net assets resulting from operations |
|
| 16,496,612 |
|
| 36,827,592 | ||
Distributions to shareholders from distributable earnings: |
|
|
|
|
|
|
|
|
Investor Class |
|
| (948,660) |
|
| (1,068,632) | ||
|
|
|
|
|
|
|
| |
Institutional Class |
|
| (15,422,929) |
|
| (35,544,255) | ||
|
|
|
|
|
|
|
| |
Private Investment Class |
|
| (9,512) |
|
| (83,516) | ||
|
|
|
|
|
|
|
| |
Personal Investment Class |
|
| (82,021) |
|
| (42,811) | ||
|
|
|
|
|
|
|
| |
Reserve Class |
| (51) |
|
| (152) | |||
|
|
|
|
|
|
|
| |
Resource Class |
|
| (30,124) |
|
| (86,186) | ||
|
|
|
|
|
|
|
| |
Total distributions from distributable earnings |
|
| (16,493,297) |
|
| (36,825,552) | ||
|
|
|
|
|
|
|
|
|
Share transactions-net: |
|
|
|
|
|
|
| |
Investor Class |
| 66,754,041 |
|
| 30,638,912 | |||
|
|
|
|
|
|
|
| |
Institutional Class |
|
| 61,013,429 |
|
| 709,430,303 | ||
|
|
|
|
|
|
|
| |
Private Investment Class |
|
| (94,431) |
|
| (4,697,542) | ||
|
|
|
|
|
|
|
| |
Personal Investment Class |
| (160,041) |
|
| 13,757,903 | |||
|
|
|
|
|
|
|
| |
Reserve Class |
|
| 55 |
|
| 151 | ||
|
|
|
|
|
|
|
| |
Resource Class |
|
| 521,168 |
|
| (3,400,197) | ||
|
|
|
|
|
|
|
| |
Net increase in net assets resulting from share transactions |
| 128,034,221 |
|
| 745,729,530 | |||
|
|
|
|
|
|
|
| |
Net increase in net assets |
|
| 128,037,536 |
|
| 745,731,570 | ||
Net assets: |
|
|
|
|
|
|
|
|
Beginning of period |
| 1,745,602,745 |
|
| 999,871,175 | |||
|
|
|
|
| ||||
End of period | $1,873,640,281 | $1,745,602,745 | ||||||
|
|
|
|
|
|
|
|
|
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) |
Financial Highlights
February 29, 2020 (Unaudited)
The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.
Resource 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 |
| Total from | from net | Net asset |
| Net assets, | with fee waivers | fee waivers | income | |
| beginning | investment | Net gains | investment | investment | value, end | Total | end of period | and/or expense | and/or expense | to average | |
| of period | income(a) | on securities | operations | income | of period | return(b) | (000's omitted) | reimbursements | reimbursements | net assets |
|
Invesco Premier Portfolio |
|
|
|
|
|
|
|
| 0.34%(c) | 0.41%(c) | 1.68%(c) | |
Six months ended 02/29/20 | $1.00 | $0.01 | $0.00 | $0.01 | $(0.01) | $1.00 | 0.84% | $3,818 | ||||
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)Ratios are annualized and based on average daily net assets (000's omitted) of $3,609.
(d)Commencement date of September 1, 2016.
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) |
Notes to Financial Statements
February 29, 2020 (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 three separate portfolios, the 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 offered only to certain grandfathered 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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities.
The Fund may periodically participate in litigation related to the Fund's investments. As such, the Fund may receive proceeds from litigation settlements. 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
13 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
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.
In addition, Invesco Premier Tax-Exempt Portfolio intends to invest in such municipal securities to allow it to qualify to pay shareholders "exempt interest dividends", as defined in the Internal Revenue Code.
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 - 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 Fund may not be able to recover its investment in such issuer from the U.S. Government.
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.
The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.
Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund's investments in municipal securities.
There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.
U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with 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, 2020, to waive advisory fees equal to 0.07% of the average daily net assets of the Fund.
For the six months ended February 29, 2020, the Adviser waived advisory fees of $627,650.
14 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
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 custodian and fund accountant and provides certain administrative services to the Fund.
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 the class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. 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 29, 2020, 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 29, 2020, 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 29, 2020, the Fund engaged in securities purchases of $86,957,327 and securities sales of $70,568,338, 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.
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.
15 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
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, 2019.
NOTE 8—Share Information
Invesco Premier Portfolio
|
|
| Summary of Share Activity |
|
|
|
| ||
| Six months ended | Year ended | |||||||
| February 29, 2020(a) |
| August 31, 2019 |
| |||||
| Shares |
| Amount | Shares |
| Amount | |||
Sold: |
|
|
|
|
|
|
|
|
|
Investor Class | 157,381,432 | $ | 157,381,432 | 63,579,554 | $ | 63,579,554 |
| ||
Institutional Class | 1,083,495,253 |
| 1,083,495,253 | 3,216,380,470 |
| 3,216,380,470 |
| ||
|
|
|
|
|
|
|
|
| |
Private Investment Class | 400,415 |
| 400,415 | 594,675 |
| 594,675 |
|
| |
Personal Investment Class | 1,707,713 |
| 1,707,713 | 13,955,408 |
| 13,955,408 |
| ||
Reserve Class | 4 |
| 4 | - |
| - |
|
| |
|
|
|
|
|
|
|
| ||
Resource Class | 601,044 |
| 601,044 | 814,032 |
| 814,032 |
| ||
Issued as reinvestment of dividends: |
|
|
|
|
|
|
|
|
|
Investor Class | 828,596 |
| 828,596 | 1,059,467 |
| 1,059,467 |
| ||
|
|
|
|
|
|
|
| ||
Institutional Class | 13,140,684 |
| 13,140,684 | 28,510,215 |
| 28,510,215 |
| ||
Private Investment Class | 9,512 |
| 9,512 | 83,516 |
| 83,516 |
|
| |
Personal Investment Class | 82,021 |
| 82,021 | 23,914 |
| 23,914 |
|
| |
|
|
|
|
|
|
|
|
| |
Reserve Class | 51 |
| 51 | 151 |
| 151 |
|
| |
Resource Class | 30,124 |
| 30,124 | 86,186 |
| 86,186 |
|
| |
Reacquired: |
|
|
|
|
|
|
|
|
|
Investor Class | (91,455,987) |
| (91,455,987) | (34,000,109) |
| (34,000,109) | |||
|
|
|
|
|
|
|
| ||
Institutional Class | (1,035,622,508) |
| (1,035,622,508) | (2,535,460,382) |
| (2,535,460,382) | |||
|
|
|
|
|
|
|
| ||
Private Investment Class | (504,358) |
| (504,358) | (5,375,733) |
| (5,375,733) | |||
|
|
|
|
|
|
|
| ||
Personal Investment Class | (1,949,775) |
| (1,949,775) | (221,419) |
| (221,419) | |||
|
|
|
|
|
|
|
| ||
Resource Class | (110,000) |
| (110,000) | (4,300,415) |
| (4,300,415) | |||
|
|
|
|
|
|
|
| ||
Net increase in share activity | 128,034,221 | $ | 128,034,221 | 745,729,530 | $ | 745,729,530 |
|
(a)There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 81% 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.
NOTE 9—Subsequent Event
During the first quarter of 2020, the World Health Organization declared the coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund's ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the "CARES Act," was signed into law on March 27, 2020 by President Trump. The Adviser is assessing the components of the Act, and the impacts to the Fund should be immaterial.
16 | 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, 2019 through February 29, 2020.
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.
|
|
|
|
| HYPOTHETICAL |
| |
|
|
| ACTUAL | (5% annual return before expenses) |
| ||
|
|
|
|
|
|
|
|
| Beginning | Ending |
| Expenses | Ending | Expenses | Annualized |
| Account Value | Account Value |
| Paid During | Account Value | Paid During | Expense |
Resource Class | (09/01/19) | (02/29/20)1 |
| Period2 | (02/29/20) | Period2 | Ratio |
Invesco Premier | $1,000.00 | $1,008.40 |
| $1.70 | $1,023.17 | $1.71 | 0.34% |
Portfolio |
|
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|
|
|
|
1The actual ending account value is based on the actual total return of the Fund for the period September 1, 2019 through February 29, 2020, 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.
2Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.
17 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
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(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 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 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 pro- spective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Share- holders 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 secu- rities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/proxyguidelines. 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 29, 2020 |
Private Investment Class
AIM Treasurer's Series Trust
(Invesco Treasurer's Series Trust)
Invesco Premier Portfolio
13 Notes to Financial Statements
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund's website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank).
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 659-1005 (option1) to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.
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 29, 2020, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
Fund Data
Private Investment Class data as of 2/29/20
FUND | WEIGHTED |
| WEIGHTED | TOTAL |
| AVERAGE |
| AVERAGE | NET |
| MATURITY |
| LIFE | ASSETS |
| Range | At | At |
|
| During | Reporting | Reporting |
|
| Reporting | Period | Period |
|
| Period | End | End |
|
Invesco Premier | 23 - 45 days | 38 days | 78 days | $905.3 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 secu- rity's percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand fea- ture 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 condi- tions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corpo- ration 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.
2AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Letters to Shareholders
Dear Fellow Shareholders:
As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco's mutual funds. We work hard to repre- sent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited
to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team's investment performance within the context of the investment strategy described in the fund's prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
We believe one of the most important services we provide our fund shareholders is the annual review of the funds' advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a rea- sonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.
Sincerely,
Bruce L. Crockett
Independent Chair
Invesco Funds Board of Trustees
Dear Shareholders:
This semiannual report covers the six-month reporting period ended February 29, 2020. As always, we thank you for investing with us. By investing in a combination of short-term securities and securi- ties with slightly longer maturities, each Fund continued to preserve safety of principal and maintain a relatively high level of liquidity while offering competitive returns.
After raising interest rates multiple times in 2018, the US Federal Reserve (the Fed) adopted a more accommodative monetary policy during 2019. During the six-month reporting period, the Fed cut the federal funds rate by 0.25% in September and October 2019, respectively. This left the fed- eral funds target range at 1.50% to 1.75% at the end of the reporting period. In the beginning of 2020, markets saw an increase in volatility as a result of the impact of the Coronavirus (COVID-19). This has caused the outlook for the Fed to shift from a neutral policy during 2020 to a higher possi-
bility of several rate cuts. Rate cuts by the Fed would likely cause yields on government money market funds to decrease as a result.
One of the major developments impacting money market funds and the money market industry during the reporting period was the volatility in the short-term funding markets. October 2019, the Fed directed the Federal Reserve Bank of New York Trading Desk (the Desk) to purchase $60 billion per month in short-term Treasury Bills at least into the second quarter of 2020 to maintain sufficient reserve balances. This resulted in the flattening of the US Treasury curve and the stabilization of the repur- chase agreement operations (repo) markets.
Invesco Global Liquidity is part of Invesco Ltd., one of the world's largest independent asset management companies. Invesco Global Liquidity takes a long-term approach to short-term investing. Our unrelenting focus on preservation of capital, daily liquid- ity and competitive yield is implemented through repeatable, time-tested processes.
Again, thank you for investing with us.
Sincerely,
Andrew Schlossberg
Head of the Americas,
Senior Managing Director, Invesco Ltd.
3AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments
February 29, 2020 (Unaudited)
Invesco Premier Portfolio
|
|
|
| Principal |
|
|
| Interest | Maturity |
| Amount |
|
|
| Rate | Date |
| (000) |
| Value |
Commercial Paper-46.20%(a) |
|
|
|
|
|
|
Asset-Backed Securities - Fully Supported-5.67% |
|
|
|
|
|
|
Atlantic Asset Securitization LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 1.65% | 07/23/2020 | $ | 44,000 | $ | 43,711,360 |
Kells Funding LLC (CEP - FMS Wertmanagement)(c) | 2.06% | 03/03/2020 |
| 10,000 |
| 9,998,867 |
Kells Funding LLC (CEP - FMS Wertmanagement)(c) | 1.71% | 05/12/2020 |
| 20,000 |
| 19,932,000 |
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)(b)(c) | 2.01% | 03/10/2020 |
| 7,500 |
| 7,496,250 |
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.) (1 mo. USD LIBOR + 0.25%)(c)(d) | 1.96% | 04/01/2020 |
| 25,000 |
| 25,000,000 |
|
|
|
|
|
| 106,138,477 |
|
|
|
|
|
|
|
Asset-Backed Securities - Fully Supported Bank-14.57% |
|
|
|
|
|
|
Anglesea Funding LLC (Multi - CEP's)(b)(c) | 1.72% | 04/02/2020 |
| 30,650 |
| 30,603,276 |
Anglesea Funding LLC (Multi - CEP's) (1 wk. USD LIBOR + 0.10%)(c)(d) | 1.68% | 08/14/2020 |
| 10,000 |
| 10,000,000 |
Bedford Row Funding Corp. (CEP - Royal Bank of Canada) (3 mo. USD LIBOR + 0.12%)(c)(d) | 2.03% | 12/07/2020 |
| 35,000 |
| 35,000,000 |
Cancara Asset Securitization LLC (CEP - Lloyds Bank LLC)(c) | 1.79% | 06/08/2020 |
| 20,000 |
| 19,902,100 |
Chesham Finance LLC (Multi - CEP's)(b)(c) | 1.62% | 03/02/2020 |
| 25,000 |
| 24,998,875 |
Crown Point Capital Co. LLC (CEP - Credit Suisse AG) (1 mo. USD LIBOR + 0.15%)(b)(c)(d) | 1.81% | 04/08/2020 |
| 35,000 |
| 35,000,000 |
Halkin Finance LLC (Multi - CEP's)(b)(c) | 1.62% | 03/02/2020 |
| 32,500 |
| 32,498,538 |
Institutional Secured Funding LLC (Multi - CEP's)(b)(c) | 1.70% | 03/02/2020 |
| 30,000 |
| 29,998,583 |
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c) | 1.95% | 04/14/2020 |
| 15,000 |
| 14,964,433 |
Mountcliff Funding LLC (Multi - CEP's)(c) | 1.95% | 05/08/2020 |
| 10,000 |
| 10,000,000 |
Mountcliff Funding LLC (Multi - CEP's)(b)(c) | 1.70% | 06/19/2020 |
| 30,000 |
| 30,000,000 |
|
|
|
|
|
| 272,965,805 |
|
|
|
|
|
|
|
Diversified Banks-20.92% |
|
|
|
|
|
|
Banco Santander S.A.(b)(c) | 1.66% | 04/21/2020 |
| 25,000 |
| 24,941,562 |
Bank of China Ltd.(c) | 2.30% | 04/02/2020 |
| 25,000 |
| 24,949,111 |
Bank of China Ltd.(c) | 2.03% | 04/07/2020 |
| 20,000 |
| 19,958,478 |
Barclays Bank PLC | 1.69% | 05/28/2020 |
| 25,000 |
| 24,897,333 |
BPCE S.A.(b)(c) | 2.02% | 05/19/2020 |
| 15,000 |
| 14,934,167 |
China Construction Bank Corp.(b)(c) | 2.26% | 04/08/2020 |
| 10,000 |
| 9,976,250 |
China Construction Bank Corp.(b)(c) | 1.95% | 04/13/2020 |
| 7,570 |
| 7,552,459 |
China Construction Bank Corp.(b)(c) | 1.91% | 05/05/2020 |
| 10,000 |
| 9,965,694 |
China Construction Bank Corp.(b)(c) | 1.93% | 05/08/2020 |
| 20,000 |
| 19,927,467 |
Commonwealth Bank of Australia (3 mo. USD LIBOR + 0.07%)(b)(c)(d) | 1.97% | 10/06/2020 |
| 15,000 |
| 15,000,000 |
Commonwealth Bank of Australia (3 mo. USD LIBOR + 0.12%)(b)(c)(d) | 1.85% | 11/09/2020 |
| 25,000 |
| 25,000,000 |
HSBC Bank PLC (3 mo. USD LIBOR + 0.07%)(c)(d) | 1.98% | 07/02/2020 |
| 50,000 |
| 50,000,000 |
Mitsubishi UFJ Trust & Banking Corp.(b)(c) | 1.71% | 05/04/2020 |
| 25,000 |
| 24,924,444 |
National Australia Bank Ltd. (3 mo. USD LIBOR + 0.12%)(c)(d) | 2.01% | 12/11/2020 |
| 50,000 |
| 50,000,000 |
Oversea-Chinese Banking Corp. Ltd.(b)(c) | 1.96% | 04/23/2020 |
| 20,000 |
| 19,942,878 |
Royal Bank of Canada (3 mo. USD LIBOR + 0.05%)(b)(c)(d) | 1.96% | 04/01/2020 |
| 20,000 |
| 20,000,000 |
Sumitomo Mitsui Trust Bank Ltd.(b)(c) | 1.69% | 04/14/2020 |
| 10,000 |
| 9,979,467 |
Toronto-Dominion Bank (The) (3 mo. USD LIBOR + 0.10%)(b)(c)(d) | 2.04% | 09/15/2020 |
| 20,000 |
| 20,000,000 |
|
|
|
|
|
| 391,949,310 |
Diversified Capital Markets-2.91% |
|
|
|
|
|
|
Glencove Funding DAC (CEP - JPMorgan Chase Bank N.A.) (3 mo. USD LIBOR + 0.12%)(c)(d) | 2.07% | 03/26/2020 |
| 30,000 |
| 30,000,000 |
UBS AG(b)(c) | 1.85% | 01/15/2021 |
| 25,000 |
| 24,595,555 |
|
|
|
|
|
| 54,595,555 |
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments—(continued)
Invesco Premier Portfolio
|
|
|
| Principal |
|
|
| Interest | Maturity |
| Amount |
|
|
| Rate | Date |
| (000) |
| Value |
Regional Banks-2.13% |
|
|
|
|
|
|
ASB Finance Ltd. (1 mo. USD LIBOR + 0.20%)(c)(d) | 2.23% | 04/14/2020 | $ | 20,000 | $ | 19,998,589 |
Banque et Caisse d'Epargne de l'Etat(c) | 2.16% | 03/02/2020 |
| 20,000 |
| 19,998,817 |
|
|
|
|
|
| 39,997,406 |
|
|
|
|
|
|
|
Total Commercial Paper (Cost $865,646,553) |
|
|
|
|
| 865,646,553 |
|
|
|
|
|
|
|
Certificates of Deposit-19.60%
Australia & New Zealand Banking Group Ltd. (3 mo. USD LIBOR + 0.05%)(c)(d) | 2.00% | 03/31/2020 | 21,000 | 20,999,966 |
Bank of Montreal (3 mo. USD LIBOR + 0.06%)(c)(d) | 1.97% | 04/01/2020 | 25,000 | 25,000,000 |
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.05%)(c)(d) | 1.96% | 04/01/2020 | 25,000 | 25,000,000 |
Bank of Nova Scotia (The) (Federal Funds Rate + 0.26%)(c)(d) | 1.85% | 06/26/2020 | 15,000 | 15,000,000 |
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.13%)(c)(d) | 1.84% | 11/13/2020 | 10,000 | 10,000,000 |
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.13%)(c)(d) | 1.82% | 11/16/2020 | 10,000 | 10,000,000 |
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.26%)(c)(d) | 1.85% | 07/01/2020 | 20,000 | 20,000,000 |
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.36%)(c)(d) | 1.95% | 09/01/2020 | 11,000 | 11,000,000 |
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.36%)(c)(d) | 1.95% | 09/18/2020 | 20,000 | 20,000,000 |
Credit Agricole Corporate & Investment Bank S.A.(c) | 1.57% | 03/02/2020 | 10,273 | 10,273,161 |
DZ Bank AG Deutsche Zentral-Genossenschaftsbank(c) | 1.73% | 08/04/2020 | 10,000 | 9,925,896 |
Industrial & Commercial Bank of China Ltd.(c) | 1.95% | 04/09/2020 | 25,000 | 25,000,000 |
Industrial & Commercial Bank of China Ltd.(c) | 1.84% | 04/29/2020 | 25,000 | 25,000,000 |
Industrial & Commercial Bank of China Ltd.(c) | 1.84% | 05/04/2020 | 10,000 | 10,000,000 |
Mizuho Bank Ltd.(c) | 1.58% | 03/02/2020 | 20,000 | 20,000,000 |
Natixis S.A. (3 mo. USD LIBOR + 0.10%)(c)(d) | 1.80% | 08/14/2020 | 15,000 | 15,000,000 |
Natixis S.A. (3 mo. USD LIBOR + 0.11%)(c)(d) | 2.02% | 10/02/2020 | 15,000 | 15,000,000 |
Norinchukin Bank (The)(c) | 1.65% | 03/11/2020 | 25,000 | 25,000,000 |
Oversea-Chinese Banking Corp. Ltd.(c) | 1.71% | 07/24/2020 | 25,000 | 25,000,974 |
Toronto-Dominion Bank (The) (Federal Funds Rate + 0.26%)(c)(d) | 1.85% | 06/30/2020 | 10,000 | 10,000,000 |
Toronto-Dominion Bank (The) (SOFR + 0.42%)(c)(d) | 2.06% | 09/30/2020 | 20,000 | 20,000,000 |
Total Certificates of Deposit (Cost $367,199,997) |
|
|
| 367,199,997 |
|
|
|
|
|
Variable Rate Demand Notes-3.19%(e)
Credit Enhanced-3.10% |
|
|
|
|
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, |
|
|
|
|
VRD RB (LOC - PNC Bank, N.A.)(f) | 1.15% | 06/01/2037 | 1,165 | 1,165,000 |
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank, |
|
|
|
|
N.A.)(f) | 1.19% | 02/15/2042 | 1,895 | 1,895,000 |
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo |
|
|
|
|
Bank, N.A.)(f) | 1.23% | 08/01/2037 | 3,160 | 3,160,000 |
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - |
|
|
|
|
Rabobank Nederland)(c)(f) | 1.35% | 06/01/2035 | 1,100 | 1,100,000 |
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui |
|
|
|
|
Banking Corp.)(b)(c)(f) | 1.36% | 04/01/2047 | 3,900 | 3,900,000 |
Jets Stadium Development LLC; Series 2014 A-4C, VRD Bonds (LOC - Sumitomo Mitsui |
|
|
|
|
Banking Corp.)(b)(c)(f) | 1.36% | 04/01/2047 | 21,000 | 21,000,000 |
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank, N.A.)(f) | 1.70% | 05/01/2037 | 11,900 | 11,900,000 |
Metropolitan Transportation Authority; Subseries 2005 D-2, VRD RB (LOC - Landesbank |
|
|
|
|
Hessen-Thueringen Girozentrale)(c)(f) | 1.32% | 11/01/2035 | 400 | 400,000 |
Minnesota (State of) Higher Education Facilities Authority (Concordia University, St. Paul); |
|
|
|
|
Series 2007 Six-Q, VRD RB (LOC - U.S. Bank N.A.)(f) | 1.33% | 04/01/2037 | 1,375 | 1,375,000 |
New York (State of) Housing Finance Agency (222 East 44th Street Housing); Series 2016 |
|
|
|
|
B-1, VRD RB (LOC - Bank of China Ltd.)(c)(f) | 1.65% | 05/01/2050 | 7,025 | 7,025,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments—(continued)
Invesco Premier Portfolio
|
|
|
| Principal |
|
|
| Interest | Maturity |
| Amount |
|
|
| Rate | Date |
| (000) |
| Value |
Credit Enhanced-(continued) |
|
|
|
|
|
|
Pinellas (County of), FL Health Facilities Authority (Baycare Health System); Series 2009 A-2, |
|
|
|
|
|
|
VRD RB (LOC - Northern Trust Co. (The))(f) | 1.15% | 11/01/2038 | $ | 3,200 | $ | 3,200,000 |
St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, |
|
|
|
|
|
|
Ref. VRD RB (CEP - FHLMC) | 1.14% | 10/01/2033 |
| 2,015 |
| 2,015,000 |
|
|
|
|
|
| 58,135,000 |
|
|
|
|
|
|
|
Other Variable Rate Demand Notes-0.09% |
|
|
|
|
|
|
East Baton Rouge (Parish of), LA Industrial Development Board, Inc. (ExxonMobil); |
|
|
|
|
|
|
Series 2010 A, VRD RB | 1.46% | 08/01/2035 |
| 1,051 |
| 1,051,000 |
Mississippi Business Finance Corp. (Chevron USA, Inc.); Series 2007 E, VRD IDR | 1.29% | 12/01/2030 |
| 595 |
| 595,000 |
|
|
|
|
|
|
|
|
|
|
|
|
| 1,646,000 |
|
|
|
|
|
|
|
Total Variable Rate Demand Notes (Cost $59,781,000) |
|
|
|
|
| 59,781,000 |
U.S. Dollar Denominated Bonds & Notes-2.34% |
|
|
|
|
|
|
Automobile Manufacturers-1.08% |
|
|
|
|
|
|
Toyota Motor Credit Corp.(c) | 4.50% | 06/17/2020 |
| 20,000 |
| 20,134,893 |
Diversified Banks-0.27% |
|
|
|
|
|
|
Westpac Banking Corp.(c) | 2.30% | 05/26/2020 |
| 5,000 |
| 4,997,412 |
Technology Hardware, Storage & Peripherals-0.99% |
|
|
|
|
|
|
Apple, Inc. | 2.25% | 02/23/2021 |
| 18,496 |
| 18,616,231 |
Total U.S. Dollar Denominated Bonds & Notes (Cost $43,748,536) |
|
|
|
|
| 43,748,536 |
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-71.33% |
|
|
|
|
|
|
(Cost $1,336,376,086) |
|
|
|
|
| 1,336,376,086 |
|
|
|
| Repurchase |
|
|
|
|
|
| Amount |
|
|
Repurchase Agreements-29.54%(g) |
|
|
|
|
|
|
Bank of Nova Scotia, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
$575,077,146 (collateralized by domestic agency mortgage-backed securities valued at |
|
|
|
|
|
|
$586,500,000; 2.46% - 6.50%; 06/01/2027 - 02/01/2050) | 1.61% | 03/02/2020 |
| 30,004,025 |
| 30,000,000 |
BMO Capital Markets Corp., joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
$50,007,000 (collateralized by domestic and foreign non-agency asset-backed |
|
|
|
|
|
|
securities, domestic agency and non-agency mortgage-backed securities and domestic and |
|
|
|
|
|
|
foreign corporate obligations valued at $52,625,311; 0% - 11.13%; 05/04/2020 - |
|
|
|
|
|
|
06/26/2056)(c) | 1.68% | 03/02/2020 |
| 10,001,400 |
| 10,000,000 |
BMO Capital Markets Corp., joint term agreement dated 02/28/2020, aggregate maturing |
|
|
|
|
|
|
value of $75,024,792 (collateralized by domestic non-agency asset-backed securities, |
|
|
|
|
|
|
domestic agency and non-agency mortgage-backed securities, U.S. goverment sponsored |
|
|
|
|
|
|
agency obligations and domestic and foreign corporate obligations valued at |
|
|
|
|
|
|
$79,369,219; 0% - 5.85%; 04/02/2020 - 11/16/2061)(c)(h) | 1.70% | 03/06/2020 |
| 15,004,958 |
| 15,000,000 |
BMO Capital Markets Corp., term agreement dated 02/21/2020, maturing value of |
|
|
|
|
|
|
$20,041,533 (collateralized by domestic non-agency asset-backed securities, domestic |
|
|
|
|
|
|
and foreign agency and non-agency mortgage-backed securities and domestic and foreign |
|
|
|
|
|
|
corporate obligations valued at $21,346,059; 0.43% - 9.00%; 03/27/2020 - |
|
|
|
|
|
|
12/15/2049)(c)(h) | 1.78% | 04/03/2020 |
| 20,041,533 |
| 20,000,000 |
Citigroup Global Markets, Inc., joint open agreement dated 09/24/2019 (collateralized by |
|
|
|
|
|
|
foreign corporate obligations valued at $143,342,596; 5.40% - 8.25%; 04/25/2021 - |
|
|
|
|
|
|
06/28/2117)(i) | 1.96% | - |
| - |
| 10,000,000 |
Citigroup Global Markets, Inc., joint open agreement dated 12/19/2019 (collateralized by |
|
|
|
|
|
|
domestic and foreign non-agency asset-backed securities, domestic and foreign corporate |
|
|
|
|
|
|
obligations and domestic non-agency mortgage-backed securities valued at |
|
|
|
|
|
|
$192,381,818; 1.27% - 10.64%; 10/17/2022 - 09/26/2067)(i) | 2.09% | - |
| - |
| 38,500,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments—(continued)
Invesco Premier Portfolio
| Interest | Maturity |
| Repurchase |
|
|
|
| Rate | Date |
| Amount |
| Value | |
Credit Suisse Securities (USA) LLC, joint term agreement dated 02/25/2020, aggregate |
|
|
|
|
|
|
|
maturing value of $30,010,383 (collateralized by domestic non-agency asset-backed |
|
|
|
|
|
|
|
securities and domestic non-agency mortgage-backed securities valued at $33,000,000; |
|
|
|
|
|
|
|
0% - 6.50%; 08/15/2035 - 03/25/2059)(c)(h) | 1.78% | 03/03/2020 | $ | 15,005,192 | $ | 15,000,000 |
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 02/25/2020, aggregate |
|
|
|
|
|
|
|
maturing value of $40,013,456 (collateralized by domestic and foreign non-agency |
|
|
|
|
|
|
|
asset-backed securities, domestic and foreign agency and non-agency mortgage-backed |
|
|
|
|
|
|
|
securities and domestic and foreign corporate obligations valued at $43,990,546; 0% - |
|
|
|
|
|
|
|
15.00%; 03/15/2020 - 07/15/2064)(c)(h) | 1.73% | 03/03/2020 |
| 10,003,364 |
| 10,000,000 |
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 02/25/2020, aggregate |
|
|
|
|
|
|
|
maturing value of $65,021,486 (collateralized by domestic and foreign non-agency |
|
|
|
|
|
|
|
asset-backed securities and domestic non-agency mortgage-backed securities valued at |
|
|
|
|
|
|
|
$68,250,001; 0.07% - 7.00%; 02/15/2029 - 08/16/2060)(c)(h) | 1.70% | 03/03/2020 |
| 12,003,967 |
| 12,000,000 |
|
ING Financial Markets, LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
|
$100,014,000 (collateralized by domestic and foreign corporate obligations valued at |
|
|
|
|
|
|
|
$105,000,739; 1.63% - 5.88%; 03/16/2020 - 11/01/2050)(c) | 1.68% | 03/02/2020 |
| 40,005,600 |
| 40,000,000 |
|
J.P. Morgan Securities LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
|
$500,067,083 (collateralized by domestic agency mortgage-backed securities and U.S. |
|
|
|
|
|
|
|
goverment sponsored agency obligations valued at $510,000,000; 0% - 6.00%; |
|
|
|
|
|
|
|
12/01/2027 - 03/01/2050) | 1.61% | 03/02/2020 |
| 100,013,417 |
| 100,000,000 |
|
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2019 (collateralized by |
|
|
|
|
|
|
|
domestic and foreign non-agency asset-backed securities, domestic and foreign corporate |
|
|
|
|
|
|
|
obligations and domestic non-agency mortgage-backed securities valued at |
|
|
|
|
|
|
|
$44,292,744; 2.50% - 6.25%; 09/15/2020 - 02/15/2068)(i) | 2.14% | - |
| - |
| 5,000,000 |
|
Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 10/21/2019 |
|
|
|
|
|
|
|
(collateralized by domestic corporate obligations valued at $21,000,002; 4.00% - |
|
|
|
|
|
|
|
7.42%; 02/15/2029 - 10/01/2043)(c)(i) | 1.71% | - |
| - |
| 10,000,000 |
|
Mizuho Securities (USA) LLC, joint open agreement dated 01/28/2020 (collateralized by |
|
|
|
|
|
|
|
domestic and foreign corporate obligations and domestic and foreign equity securities |
|
|
|
|
|
|
|
valued at $82,350,426; 0% - 7.13%; 05/01/2020 - 03/15/2049)(c)(i) | 1.68% | - |
| - |
| 30,000,000 |
|
RBC Capital Markets LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
|
$150,021,000 (collateralized by domestic and foreign corporate obligations valued at |
|
|
|
|
|
|
|
$157,500,922; 0% - 9.40%; 03/02/2020 - 07/01/2097)(c) | 1.68% | 03/02/2020 |
| 25,003,500 |
| 25,000,000 |
|
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 a domestic commercial paper valued at $109,663,521; 0% - 12.00%; 03/25/2020 |
|
|
|
|
|
|
|
- 10/07/2079)(c)(i) | 1.76% | - |
| - |
| 28,000,000 |
|
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic |
|
|
|
|
|
|
|
non-agency asset-backed securities and domestic and foreign corporate obligations valued |
|
|
|
|
|
|
|
at $91,931,496; 1.95% - 11.88%; 03/09/2020 - 03/11/2061)(c)(i) | 1.69% | - |
| - |
| 35,000,000 |
|
Wells Fargo Securities, LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
|
$500,067,083 (collateralized by domestic agency mortgage-backed securities valued at |
|
|
|
|
|
|
|
$510,000,000; 3.50% - 4.00%; 12/01/2049) | 1.61% | 03/02/2020 |
| 100,013,417 |
| 100,000,000 |
|
Wells Fargo Securities, LLC, joint term agreement dated 01/21/2020, aggregate maturing |
|
|
|
|
|
|
|
value of $221,105,500 (collateralized by domestic and foreign non-agency asset-backed |
|
|
|
|
|
|
|
securities, domestic and foreign corporate obligations and a domestic non-agency |
|
|
|
|
|
|
|
mortgage-backed security valued at $231,167,015; 0.25% - 8.25%; 11/15/2022 - |
|
|
|
|
|
|
|
11/25/2058) | 2.01% | 04/20/2020 |
| 20,100,500 |
| 20,000,000 |
|
Total Repurchase Agreements (Cost $553,500,000) |
|
|
|
|
| 553,500,000 |
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES(j)(k)-100.87% (Cost $1,889,876,086) |
|
|
|
|
| 1,889,876,086 |
|
OTHER ASSETS LESS LIABILITIES-(0.87)% |
|
|
|
|
| (16,235,805) | |
|
|
|
|
|
|
|
|
NET ASSETS-100.00% |
|
|
|
| $ | 1,873,640,281 |
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments—(continued)
Invesco Premier Portfolio
Investment Abbreviations:
CEP | -Credit Enhancement Provider |
DAC | -Designated Activity Co. |
FHLMC -Federal Home Loan Mortgage Corp. | |
IDR | -Industrial Development Revenue Bonds |
LIBOR | -London Interbank Offered Rate |
LOC | -Letter of Credit |
RB | -Revenue Bonds |
Ref. | -Refunding |
SOFR | -Secured Overnight Financing Rate |
USD | -U.S. Dollar |
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 29, 2020 was $520,911,258, which represented 27.80% 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: 16.6%; France: 14.3%; China: 9.8%; Japan: 8.8%; Netherlands: 6.8%; Australia: 6.2%; Switzerland: 5.2%; United Kingdom: 5.1%; other countries less than 5% each: 8.0%.
(d)Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2020.
(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 29, 2020.
(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)Principal amount equals value at period end. See Note 1I.
(h)The Fund may demand payment of the term repurchase agreement upon one to seven business days' notice depending on the timing of the demand.
(i)Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(j)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 obligation but may be called upon to satisfy issuer's obligations. No concentration of any single entity was greater than 5% each.
(k)Also represents cost for federal income tax purposes.
Portfolio Composition by Maturity
In days, as of 02/29/2020
1-7 | 36.8% |
8-30 | 1.7 |
|
|
31-60 | 20.1 |
61-90 | 9.0 |
91-180 | 15.8 |
|
|
181+ | 16.6 |
|
|
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.
8AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Statement of Assets and Liabilities
February 29, 2020 (Unaudited)
Invesco Premier
Portfolio
Assets:
Investments in securities, at value
Repurchase agreements, at value and cost
Cash
Receivable for:
Fund shares sold
Interest
Total assets
Liabilities:
Payable for:
Investments purchased
Fund shares reacquired
Dividends
Accrued fees to affiliates
Total liabilities
Net assets applicable to shares outstanding
Net assets consist of:
Shares of beneficial interest
Distributable earnings
Net Assets:
$1,336,376,086
553,500,000
18,648,577
7,746,702
2,151,723
1,918,423,088
18,622,744
23,800,100
2,354,317
5,646
44,782,807 $1,873,640,281
$1,873,218,621 421,660 $1,873,640,281
Investor Class |
| $ | 127,110,911 |
Institutional Class |
| $1,728,184,446 | |
Private Investment Class |
| $ | 905,300 |
Personal Investment Class | $ | 13,611,003 | |
|
|
|
|
Reserve Class | $ | 10,279 | |
|
|
|
|
Resource Class | $ | 3,818,342 | |
Shares outstanding, no par value, |
|
|
|
unlimited number of shares authorized: |
|
|
|
Investor Class |
|
| 127,079,201 |
Institutional Class |
|
| 1,727,801,100 |
Private Investment Class |
|
| 905,099 |
|
|
|
|
Personal Investment Class |
|
| 13,607,984 |
|
|
|
|
Reserve Class |
|
| 10,277 |
Resource Class |
|
| 3,817,495 |
|
|
|
|
Net asset value, offering and redemption price per share for each class | $ | 1.00 | |
|
|
|
|
Cost of Investments |
| $ | 1,889,876,086 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Statement of Operations
For the six months ended February 29, 2020 (Unaudited)
|
| Invesco Premier | |
|
| Portfolio | |
Investment income: |
|
|
|
Interest | $18,146,603 |
| |
|
|
|
|
Expenses: |
|
|
|
Advisory fees | 2,241,595 |
| |
|
|
|
|
Distribution fees: |
|
|
|
Private Investment Class | 1,826 |
| |
|
|
|
|
Personal Investment Class |
| 34,620 |
|
Reserve Class | 44 |
| |
|
|
|
|
Resource Class |
| 2,871 |
|
Total expenses | 2,280,956 |
| |
|
|
|
|
Less: Fees waived | (627,650) | ||
|
|
|
|
Net expenses |
| 1,653,306 |
|
Net investment income | 16,493,297 |
| |
|
|
|
|
Net realized gain from investment securities | 3,315 |
| |
|
|
|
|
Net increase in net assets resulting from operations |
| $16,496,612 |
|
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) |
Statement of Changes in Net Assets
For the six months ended February 29, 2020 and the year ended August 31, 2019 (Unaudited)
|
|
| Invesco Premier Portfolio |
| ||||
|
|
| February 29, |
|
| August 31, | ||
|
|
| 2020 |
|
|
| 2019 |
|
Operations: |
|
|
|
|
|
|
| |
Net investment income | $ | 16,493,297 | $ | 36,825,552 | ||||
|
|
|
|
|
|
|
| |
Net realized gain |
| 3,315 |
|
| 2,040 | |||
|
|
|
|
|
|
|
| |
Net increase in net assets resulting from operations |
|
| 16,496,612 |
|
| 36,827,592 | ||
Distributions to shareholders from distributable earnings: |
|
|
|
|
|
|
|
|
Investor Class |
|
| (948,660) |
|
| (1,068,632) | ||
|
|
|
|
|
|
|
| |
Institutional Class |
|
| (15,422,929) |
|
| (35,544,255) | ||
|
|
|
|
|
|
|
| |
Private Investment Class |
|
| (9,512) |
|
| (83,516) | ||
|
|
|
|
|
|
|
| |
Personal Investment Class |
|
| (82,021) |
|
| (42,811) | ||
|
|
|
|
|
|
|
| |
Reserve Class |
| (51) |
|
| (152) | |||
|
|
|
|
|
|
|
| |
Resource Class |
|
| (30,124) |
|
| (86,186) | ||
|
|
|
|
|
|
|
| |
Total distributions from distributable earnings |
|
| (16,493,297) |
|
| (36,825,552) | ||
|
|
|
|
|
|
|
|
|
Share transactions-net: |
|
|
|
|
|
|
| |
Investor Class |
| 66,754,041 |
|
| 30,638,912 | |||
|
|
|
|
|
|
|
| |
Institutional Class |
|
| 61,013,429 |
|
| 709,430,303 | ||
|
|
|
|
|
|
|
| |
Private Investment Class |
|
| (94,431) |
|
| (4,697,542) | ||
|
|
|
|
|
|
|
| |
Personal Investment Class |
| (160,041) |
|
| 13,757,903 | |||
|
|
|
|
|
|
|
| |
Reserve Class |
|
| 55 |
|
| 151 | ||
|
|
|
|
|
|
|
| |
Resource Class |
|
| 521,168 |
|
| (3,400,197) | ||
|
|
|
|
|
|
|
| |
Net increase in net assets resulting from share transactions |
| 128,034,221 |
|
| 745,729,530 | |||
|
|
|
|
|
|
|
| |
Net increase in net assets |
|
| 128,037,536 |
|
| 745,731,570 | ||
Net assets: |
|
|
|
|
|
|
|
|
Beginning of period |
| 1,745,602,745 |
|
| 999,871,175 | |||
|
|
|
|
| ||||
End of period | $1,873,640,281 | $1,745,602,745 | ||||||
|
|
|
|
|
|
|
|
|
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) |
Financial Highlights
February 29, 2020 (Unaudited)
The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.
Private 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 |
| Total from | from net | Net asset |
| Net assets, | with fee waivers | fee waivers | income | |
| beginning | investment | Net gains | investment | investment | value, end | Total | end of period | and/or expense | and/or expense | to average | |
| of period | income(a) | on securities | operations | income | of period | return(b) | (000's omitted) | reimbursements | reimbursements | net assets |
|
Invesco Premier Portfolio |
|
|
|
|
|
|
|
| 0.48%(c) | 0.55%(c) | 1.54%(c) | |
Six months ended 02/29/20 | $1.00 | $0.01 | $(0.00) | $0.01 | $(0.01) | $1.00 | 0.77% | $ 905 | ||||
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)Ratios are annualized and based on average daily net assets (000's omitted) of $1,224.
(d)Commencement date of September 1, 2016.
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) |
Notes to Financial Statements
February 29, 2020 (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 three separate portfolios, the 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 offered only to certain grandfathered 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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities.
The Fund may periodically participate in litigation related to the Fund's investments. As such, the Fund may receive proceeds from litigation settlements. 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
13 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
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.
In addition, Invesco Premier Tax-Exempt Portfolio intends to invest in such municipal securities to allow it to qualify to pay shareholders "exempt interest dividends", as defined in the Internal Revenue Code.
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 - 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 Fund may not be able to recover its investment in such issuer from the U.S. Government.
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.
The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.
Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund's investments in municipal securities.
There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.
U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with 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, 2020, to waive advisory fees equal to 0.07% of the average daily net assets of the Fund.
For the six months ended February 29, 2020, the Adviser waived advisory fees of $627,650.
14 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
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 custodian and fund accountant and provides certain administrative services to the Fund.
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 the class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. 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 29, 2020, 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 29, 2020, 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 29, 2020, the Fund engaged in securities purchases of $86,957,327 and securities sales of $70,568,338, 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.
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.
15 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
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, 2019.
NOTE 8—Share Information
Invesco Premier Portfolio
|
|
| Summary of Share Activity |
|
|
|
| ||
| Six months ended | Year ended | |||||||
| February 29, 2020(a) |
| August 31, 2019 |
| |||||
| Shares |
| Amount | Shares |
| Amount | |||
Sold: |
|
|
|
|
|
|
|
|
|
Investor Class | 157,381,432 | $ | 157,381,432 | 63,579,554 | $ | 63,579,554 |
| ||
Institutional Class | 1,083,495,253 |
| 1,083,495,253 | 3,216,380,470 |
| 3,216,380,470 |
| ||
|
|
|
|
|
|
|
|
| |
Private Investment Class | 400,415 |
| 400,415 | 594,675 |
| 594,675 |
|
| |
Personal Investment Class | 1,707,713 |
| 1,707,713 | 13,955,408 |
| 13,955,408 |
| ||
Reserve Class | 4 |
| 4 | - |
| - |
|
| |
|
|
|
|
|
|
|
| ||
Resource Class | 601,044 |
| 601,044 | 814,032 |
| 814,032 |
| ||
Issued as reinvestment of dividends: |
|
|
|
|
|
|
|
|
|
Investor Class | 828,596 |
| 828,596 | 1,059,467 |
| 1,059,467 |
| ||
|
|
|
|
|
|
|
| ||
Institutional Class | 13,140,684 |
| 13,140,684 | 28,510,215 |
| 28,510,215 |
| ||
Private Investment Class | 9,512 |
| 9,512 | 83,516 |
| 83,516 |
|
| |
Personal Investment Class | 82,021 |
| 82,021 | 23,914 |
| 23,914 |
|
| |
|
|
|
|
|
|
|
|
| |
Reserve Class | 51 |
| 51 | 151 |
| 151 |
|
| |
Resource Class | 30,124 |
| 30,124 | 86,186 |
| 86,186 |
|
| |
Reacquired: |
|
|
|
|
|
|
|
|
|
Investor Class | (91,455,987) |
| (91,455,987) | (34,000,109) |
| (34,000,109) | |||
|
|
|
|
|
|
|
| ||
Institutional Class | (1,035,622,508) |
| (1,035,622,508) | (2,535,460,382) |
| (2,535,460,382) | |||
|
|
|
|
|
|
|
| ||
Private Investment Class | (504,358) |
| (504,358) | (5,375,733) |
| (5,375,733) | |||
|
|
|
|
|
|
|
| ||
Personal Investment Class | (1,949,775) |
| (1,949,775) | (221,419) |
| (221,419) | |||
|
|
|
|
|
|
|
| ||
Resource Class | (110,000) |
| (110,000) | (4,300,415) |
| (4,300,415) | |||
|
|
|
|
|
|
|
| ||
Net increase in share activity | 128,034,221 | $ | 128,034,221 | 745,729,530 | $ | 745,729,530 |
|
(a)There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 81% 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.
NOTE 9—Subsequent Event
During the first quarter of 2020, the World Health Organization declared the coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund's ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the "CARES Act," was signed into law on March 27, 2020 by President Trump. The Adviser is assessing the components of the Act, and the impacts to the Fund should be immaterial.
16 | 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, 2019 through February 29, 2020.
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.
|
|
|
|
| HYPOTHETICAL |
| |
|
|
| ACTUAL | (5% annual return before expenses) |
| ||
|
|
|
|
|
|
|
|
| Beginning | Ending |
| Expenses | Ending | Expenses | Annualized |
Private Investment | Account Value | Account Value |
| Paid During | Account Value | Paid During | Expense |
Class | (09/01/19) | (02/29/20)1 |
| Period2 | (02/29/20) | Period2 | Ratio |
Invesco Premier | $1,000.00 | $1,007.70 |
| $2.40 | $1,022.48 | $2.41 | 0.48% |
Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1The actual ending account value is based on the actual total return of the Fund for the period September 1, 2019 through February 29, 2020, 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.
2Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.
17 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
(This page intentionally left blank)
(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 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 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 pro- spective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Share- holders 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 secu- rities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/proxyguidelines. 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 29, 2020 |
Personal Investment Class
AIM Treasurer's Series Trust
(Invesco Treasurer's Series Trust)
Invesco Premier Portfolio
13 Notes to Financial Statements
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund's website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank).
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 659-1005 (option1) to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.
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 29, 2020, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
Fund Data
Personal Investment Class data as of 2/29/20
FUND | WEIGHTED |
| WEIGHTED | TOTAL |
| AVERAGE |
| AVERAGE | NET |
| MATURITY |
| LIFE | ASSETS |
| Range | At | At |
|
| During | Reporting | Reporting |
|
| Reporting | Period | Period |
|
| Period | End | End |
|
Invesco Premier | 23 - 45 days | 38 days | 78 days | $13.6 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 secu- rity's percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand fea- ture 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 condi- tions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corpo- ration 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.
2AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Letters to Shareholders
Dear Fellow Shareholders:
As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco's mutual funds. We work hard to repre- sent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited
to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team's investment performance within the context of the investment strategy described in the fund's prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
We believe one of the most important services we provide our fund shareholders is the annual review of the funds' advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a rea- sonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.
Sincerely,
Bruce L. Crockett
Independent Chair
Invesco Funds Board of Trustees
Dear Shareholders:
This semiannual report covers the six-month reporting period ended February 29, 2020. As always, we thank you for investing with us. By investing in a combination of short-term securities and securi- ties with slightly longer maturities, each Fund continued to preserve safety of principal and maintain a relatively high level of liquidity while offering competitive returns.
After raising interest rates multiple times in 2018, the US Federal Reserve (the Fed) adopted a more accommodative monetary policy during 2019. During the six-month reporting period, the Fed cut the federal funds rate by 0.25% in September and October 2019, respectively. This left the fed- eral funds target range at 1.50% to 1.75% at the end of the reporting period. In the beginning of 2020, markets saw an increase in volatility as a result of the impact of the Coronavirus (COVID-19). This has caused the outlook for the Fed to shift from a neutral policy during 2020 to a higher possi-
bility of several rate cuts. Rate cuts by the Fed would likely cause yields on government money market funds to decrease as a result.
One of the major developments impacting money market funds and the money market industry during the reporting period was the volatility in the short-term funding markets. October 2019, the Fed directed the Federal Reserve Bank of New York Trading Desk (the Desk) to purchase $60 billion per month in short-term Treasury Bills at least into the second quarter of 2020 to maintain sufficient reserve balances. This resulted in the flattening of the US Treasury curve and the stabilization of the repur- chase agreement operations (repo) markets.
Invesco Global Liquidity is part of Invesco Ltd., one of the world's largest independent asset management companies. Invesco Global Liquidity takes a long-term approach to short-term investing. Our unrelenting focus on preservation of capital, daily liquid- ity and competitive yield is implemented through repeatable, time-tested processes.
Again, thank you for investing with us.
Sincerely,
Andrew Schlossberg
Head of the Americas,
Senior Managing Director, Invesco Ltd.
3AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments
February 29, 2020 (Unaudited)
Invesco Premier Portfolio
|
|
|
| Principal |
|
|
| Interest | Maturity |
| Amount |
|
|
| Rate | Date |
| (000) |
| Value |
Commercial Paper-46.20%(a) |
|
|
|
|
|
|
Asset-Backed Securities - Fully Supported-5.67% |
|
|
|
|
|
|
Atlantic Asset Securitization LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 1.65% | 07/23/2020 | $ | 44,000 | $ | 43,711,360 |
Kells Funding LLC (CEP - FMS Wertmanagement)(c) | 2.06% | 03/03/2020 |
| 10,000 |
| 9,998,867 |
Kells Funding LLC (CEP - FMS Wertmanagement)(c) | 1.71% | 05/12/2020 |
| 20,000 |
| 19,932,000 |
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)(b)(c) | 2.01% | 03/10/2020 |
| 7,500 |
| 7,496,250 |
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.) (1 mo. USD LIBOR + 0.25%)(c)(d) | 1.96% | 04/01/2020 |
| 25,000 |
| 25,000,000 |
|
|
|
|
|
| 106,138,477 |
|
|
|
|
|
|
|
Asset-Backed Securities - Fully Supported Bank-14.57% |
|
|
|
|
|
|
Anglesea Funding LLC (Multi - CEP's)(b)(c) | 1.72% | 04/02/2020 |
| 30,650 |
| 30,603,276 |
Anglesea Funding LLC (Multi - CEP's) (1 wk. USD LIBOR + 0.10%)(c)(d) | 1.68% | 08/14/2020 |
| 10,000 |
| 10,000,000 |
Bedford Row Funding Corp. (CEP - Royal Bank of Canada) (3 mo. USD LIBOR + 0.12%)(c)(d) | 2.03% | 12/07/2020 |
| 35,000 |
| 35,000,000 |
Cancara Asset Securitization LLC (CEP - Lloyds Bank LLC)(c) | 1.79% | 06/08/2020 |
| 20,000 |
| 19,902,100 |
Chesham Finance LLC (Multi - CEP's)(b)(c) | 1.62% | 03/02/2020 |
| 25,000 |
| 24,998,875 |
Crown Point Capital Co. LLC (CEP - Credit Suisse AG) (1 mo. USD LIBOR + 0.15%)(b)(c)(d) | 1.81% | 04/08/2020 |
| 35,000 |
| 35,000,000 |
Halkin Finance LLC (Multi - CEP's)(b)(c) | 1.62% | 03/02/2020 |
| 32,500 |
| 32,498,538 |
Institutional Secured Funding LLC (Multi - CEP's)(b)(c) | 1.70% | 03/02/2020 |
| 30,000 |
| 29,998,583 |
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c) | 1.95% | 04/14/2020 |
| 15,000 |
| 14,964,433 |
Mountcliff Funding LLC (Multi - CEP's)(c) | 1.95% | 05/08/2020 |
| 10,000 |
| 10,000,000 |
Mountcliff Funding LLC (Multi - CEP's)(b)(c) | 1.70% | 06/19/2020 |
| 30,000 |
| 30,000,000 |
|
|
|
|
|
| 272,965,805 |
|
|
|
|
|
|
|
Diversified Banks-20.92% |
|
|
|
|
|
|
Banco Santander S.A.(b)(c) | 1.66% | 04/21/2020 |
| 25,000 |
| 24,941,562 |
Bank of China Ltd.(c) | 2.30% | 04/02/2020 |
| 25,000 |
| 24,949,111 |
Bank of China Ltd.(c) | 2.03% | 04/07/2020 |
| 20,000 |
| 19,958,478 |
Barclays Bank PLC | 1.69% | 05/28/2020 |
| 25,000 |
| 24,897,333 |
BPCE S.A.(b)(c) | 2.02% | 05/19/2020 |
| 15,000 |
| 14,934,167 |
China Construction Bank Corp.(b)(c) | 2.26% | 04/08/2020 |
| 10,000 |
| 9,976,250 |
China Construction Bank Corp.(b)(c) | 1.95% | 04/13/2020 |
| 7,570 |
| 7,552,459 |
China Construction Bank Corp.(b)(c) | 1.91% | 05/05/2020 |
| 10,000 |
| 9,965,694 |
China Construction Bank Corp.(b)(c) | 1.93% | 05/08/2020 |
| 20,000 |
| 19,927,467 |
Commonwealth Bank of Australia (3 mo. USD LIBOR + 0.07%)(b)(c)(d) | 1.97% | 10/06/2020 |
| 15,000 |
| 15,000,000 |
Commonwealth Bank of Australia (3 mo. USD LIBOR + 0.12%)(b)(c)(d) | 1.85% | 11/09/2020 |
| 25,000 |
| 25,000,000 |
HSBC Bank PLC (3 mo. USD LIBOR + 0.07%)(c)(d) | 1.98% | 07/02/2020 |
| 50,000 |
| 50,000,000 |
Mitsubishi UFJ Trust & Banking Corp.(b)(c) | 1.71% | 05/04/2020 |
| 25,000 |
| 24,924,444 |
National Australia Bank Ltd. (3 mo. USD LIBOR + 0.12%)(c)(d) | 2.01% | 12/11/2020 |
| 50,000 |
| 50,000,000 |
Oversea-Chinese Banking Corp. Ltd.(b)(c) | 1.96% | 04/23/2020 |
| 20,000 |
| 19,942,878 |
Royal Bank of Canada (3 mo. USD LIBOR + 0.05%)(b)(c)(d) | 1.96% | 04/01/2020 |
| 20,000 |
| 20,000,000 |
Sumitomo Mitsui Trust Bank Ltd.(b)(c) | 1.69% | 04/14/2020 |
| 10,000 |
| 9,979,467 |
Toronto-Dominion Bank (The) (3 mo. USD LIBOR + 0.10%)(b)(c)(d) | 2.04% | 09/15/2020 |
| 20,000 |
| 20,000,000 |
|
|
|
|
|
| 391,949,310 |
Diversified Capital Markets-2.91% |
|
|
|
|
|
|
Glencove Funding DAC (CEP - JPMorgan Chase Bank N.A.) (3 mo. USD LIBOR + 0.12%)(c)(d) | 2.07% | 03/26/2020 |
| 30,000 |
| 30,000,000 |
UBS AG(b)(c) | 1.85% | 01/15/2021 |
| 25,000 |
| 24,595,555 |
|
|
|
|
|
| 54,595,555 |
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments—(continued)
Invesco Premier Portfolio
|
|
|
| Principal |
|
|
| Interest | Maturity |
| Amount |
|
|
| Rate | Date |
| (000) |
| Value |
Regional Banks-2.13% |
|
|
|
|
|
|
ASB Finance Ltd. (1 mo. USD LIBOR + 0.20%)(c)(d) | 2.23% | 04/14/2020 | $ | 20,000 | $ | 19,998,589 |
Banque et Caisse d'Epargne de l'Etat(c) | 2.16% | 03/02/2020 |
| 20,000 |
| 19,998,817 |
|
|
|
|
|
| 39,997,406 |
|
|
|
|
|
|
|
Total Commercial Paper (Cost $865,646,553) |
|
|
|
|
| 865,646,553 |
|
|
|
|
|
|
|
Certificates of Deposit-19.60%
Australia & New Zealand Banking Group Ltd. (3 mo. USD LIBOR + 0.05%)(c)(d) | 2.00% | 03/31/2020 | 21,000 | 20,999,966 |
Bank of Montreal (3 mo. USD LIBOR + 0.06%)(c)(d) | 1.97% | 04/01/2020 | 25,000 | 25,000,000 |
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.05%)(c)(d) | 1.96% | 04/01/2020 | 25,000 | 25,000,000 |
Bank of Nova Scotia (The) (Federal Funds Rate + 0.26%)(c)(d) | 1.85% | 06/26/2020 | 15,000 | 15,000,000 |
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.13%)(c)(d) | 1.84% | 11/13/2020 | 10,000 | 10,000,000 |
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.13%)(c)(d) | 1.82% | 11/16/2020 | 10,000 | 10,000,000 |
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.26%)(c)(d) | 1.85% | 07/01/2020 | 20,000 | 20,000,000 |
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.36%)(c)(d) | 1.95% | 09/01/2020 | 11,000 | 11,000,000 |
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.36%)(c)(d) | 1.95% | 09/18/2020 | 20,000 | 20,000,000 |
Credit Agricole Corporate & Investment Bank S.A.(c) | 1.57% | 03/02/2020 | 10,273 | 10,273,161 |
DZ Bank AG Deutsche Zentral-Genossenschaftsbank(c) | 1.73% | 08/04/2020 | 10,000 | 9,925,896 |
Industrial & Commercial Bank of China Ltd.(c) | 1.95% | 04/09/2020 | 25,000 | 25,000,000 |
Industrial & Commercial Bank of China Ltd.(c) | 1.84% | 04/29/2020 | 25,000 | 25,000,000 |
Industrial & Commercial Bank of China Ltd.(c) | 1.84% | 05/04/2020 | 10,000 | 10,000,000 |
Mizuho Bank Ltd.(c) | 1.58% | 03/02/2020 | 20,000 | 20,000,000 |
Natixis S.A. (3 mo. USD LIBOR + 0.10%)(c)(d) | 1.80% | 08/14/2020 | 15,000 | 15,000,000 |
Natixis S.A. (3 mo. USD LIBOR + 0.11%)(c)(d) | 2.02% | 10/02/2020 | 15,000 | 15,000,000 |
Norinchukin Bank (The)(c) | 1.65% | 03/11/2020 | 25,000 | 25,000,000 |
Oversea-Chinese Banking Corp. Ltd.(c) | 1.71% | 07/24/2020 | 25,000 | 25,000,974 |
Toronto-Dominion Bank (The) (Federal Funds Rate + 0.26%)(c)(d) | 1.85% | 06/30/2020 | 10,000 | 10,000,000 |
Toronto-Dominion Bank (The) (SOFR + 0.42%)(c)(d) | 2.06% | 09/30/2020 | 20,000 | 20,000,000 |
Total Certificates of Deposit (Cost $367,199,997) |
|
|
| 367,199,997 |
|
|
|
|
|
Variable Rate Demand Notes-3.19%(e)
Credit Enhanced-3.10% |
|
|
|
|
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, |
|
|
|
|
VRD RB (LOC - PNC Bank, N.A.)(f) | 1.15% | 06/01/2037 | 1,165 | 1,165,000 |
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank, |
|
|
|
|
N.A.)(f) | 1.19% | 02/15/2042 | 1,895 | 1,895,000 |
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo |
|
|
|
|
Bank, N.A.)(f) | 1.23% | 08/01/2037 | 3,160 | 3,160,000 |
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - |
|
|
|
|
Rabobank Nederland)(c)(f) | 1.35% | 06/01/2035 | 1,100 | 1,100,000 |
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui |
|
|
|
|
Banking Corp.)(b)(c)(f) | 1.36% | 04/01/2047 | 3,900 | 3,900,000 |
Jets Stadium Development LLC; Series 2014 A-4C, VRD Bonds (LOC - Sumitomo Mitsui |
|
|
|
|
Banking Corp.)(b)(c)(f) | 1.36% | 04/01/2047 | 21,000 | 21,000,000 |
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank, N.A.)(f) | 1.70% | 05/01/2037 | 11,900 | 11,900,000 |
Metropolitan Transportation Authority; Subseries 2005 D-2, VRD RB (LOC - Landesbank |
|
|
|
|
Hessen-Thueringen Girozentrale)(c)(f) | 1.32% | 11/01/2035 | 400 | 400,000 |
Minnesota (State of) Higher Education Facilities Authority (Concordia University, St. Paul); |
|
|
|
|
Series 2007 Six-Q, VRD RB (LOC - U.S. Bank N.A.)(f) | 1.33% | 04/01/2037 | 1,375 | 1,375,000 |
New York (State of) Housing Finance Agency (222 East 44th Street Housing); Series 2016 |
|
|
|
|
B-1, VRD RB (LOC - Bank of China Ltd.)(c)(f) | 1.65% | 05/01/2050 | 7,025 | 7,025,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments—(continued)
Invesco Premier Portfolio
|
|
|
| Principal |
|
|
| Interest | Maturity |
| Amount |
|
|
| Rate | Date |
| (000) |
| Value |
Credit Enhanced-(continued) |
|
|
|
|
|
|
Pinellas (County of), FL Health Facilities Authority (Baycare Health System); Series 2009 A-2, |
|
|
|
|
|
|
VRD RB (LOC - Northern Trust Co. (The))(f) | 1.15% | 11/01/2038 | $ | 3,200 | $ | 3,200,000 |
St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, |
|
|
|
|
|
|
Ref. VRD RB (CEP - FHLMC) | 1.14% | 10/01/2033 |
| 2,015 |
| 2,015,000 |
|
|
|
|
|
| 58,135,000 |
|
|
|
|
|
|
|
Other Variable Rate Demand Notes-0.09% |
|
|
|
|
|
|
East Baton Rouge (Parish of), LA Industrial Development Board, Inc. (ExxonMobil); |
|
|
|
|
|
|
Series 2010 A, VRD RB | 1.46% | 08/01/2035 |
| 1,051 |
| 1,051,000 |
Mississippi Business Finance Corp. (Chevron USA, Inc.); Series 2007 E, VRD IDR | 1.29% | 12/01/2030 |
| 595 |
| 595,000 |
|
|
|
|
|
|
|
|
|
|
|
|
| 1,646,000 |
|
|
|
|
|
|
|
Total Variable Rate Demand Notes (Cost $59,781,000) |
|
|
|
|
| 59,781,000 |
U.S. Dollar Denominated Bonds & Notes-2.34% |
|
|
|
|
|
|
Automobile Manufacturers-1.08% |
|
|
|
|
|
|
Toyota Motor Credit Corp.(c) | 4.50% | 06/17/2020 |
| 20,000 |
| 20,134,893 |
Diversified Banks-0.27% |
|
|
|
|
|
|
Westpac Banking Corp.(c) | 2.30% | 05/26/2020 |
| 5,000 |
| 4,997,412 |
Technology Hardware, Storage & Peripherals-0.99% |
|
|
|
|
|
|
Apple, Inc. | 2.25% | 02/23/2021 |
| 18,496 |
| 18,616,231 |
Total U.S. Dollar Denominated Bonds & Notes (Cost $43,748,536) |
|
|
|
|
| 43,748,536 |
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-71.33% |
|
|
|
|
|
|
(Cost $1,336,376,086) |
|
|
|
|
| 1,336,376,086 |
|
|
|
| Repurchase |
|
|
|
|
|
| Amount |
|
|
Repurchase Agreements-29.54%(g) |
|
|
|
|
|
|
Bank of Nova Scotia, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
$575,077,146 (collateralized by domestic agency mortgage-backed securities valued at |
|
|
|
|
|
|
$586,500,000; 2.46% - 6.50%; 06/01/2027 - 02/01/2050) | 1.61% | 03/02/2020 |
| 30,004,025 |
| 30,000,000 |
BMO Capital Markets Corp., joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
$50,007,000 (collateralized by domestic and foreign non-agency asset-backed |
|
|
|
|
|
|
securities, domestic agency and non-agency mortgage-backed securities and domestic and |
|
|
|
|
|
|
foreign corporate obligations valued at $52,625,311; 0% - 11.13%; 05/04/2020 - |
|
|
|
|
|
|
06/26/2056)(c) | 1.68% | 03/02/2020 |
| 10,001,400 |
| 10,000,000 |
BMO Capital Markets Corp., joint term agreement dated 02/28/2020, aggregate maturing |
|
|
|
|
|
|
value of $75,024,792 (collateralized by domestic non-agency asset-backed securities, |
|
|
|
|
|
|
domestic agency and non-agency mortgage-backed securities, U.S. goverment sponsored |
|
|
|
|
|
|
agency obligations and domestic and foreign corporate obligations valued at |
|
|
|
|
|
|
$79,369,219; 0% - 5.85%; 04/02/2020 - 11/16/2061)(c)(h) | 1.70% | 03/06/2020 |
| 15,004,958 |
| 15,000,000 |
BMO Capital Markets Corp., term agreement dated 02/21/2020, maturing value of |
|
|
|
|
|
|
$20,041,533 (collateralized by domestic non-agency asset-backed securities, domestic |
|
|
|
|
|
|
and foreign agency and non-agency mortgage-backed securities and domestic and foreign |
|
|
|
|
|
|
corporate obligations valued at $21,346,059; 0.43% - 9.00%; 03/27/2020 - |
|
|
|
|
|
|
12/15/2049)(c)(h) | 1.78% | 04/03/2020 |
| 20,041,533 |
| 20,000,000 |
Citigroup Global Markets, Inc., joint open agreement dated 09/24/2019 (collateralized by |
|
|
|
|
|
|
foreign corporate obligations valued at $143,342,596; 5.40% - 8.25%; 04/25/2021 - |
|
|
|
|
|
|
06/28/2117)(i) | 1.96% | - |
| - |
| 10,000,000 |
Citigroup Global Markets, Inc., joint open agreement dated 12/19/2019 (collateralized by |
|
|
|
|
|
|
domestic and foreign non-agency asset-backed securities, domestic and foreign corporate |
|
|
|
|
|
|
obligations and domestic non-agency mortgage-backed securities valued at |
|
|
|
|
|
|
$192,381,818; 1.27% - 10.64%; 10/17/2022 - 09/26/2067)(i) | 2.09% | - |
| - |
| 38,500,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments—(continued)
Invesco Premier Portfolio
| Interest | Maturity |
| Repurchase |
|
|
|
| Rate | Date |
| Amount |
| Value | |
Credit Suisse Securities (USA) LLC, joint term agreement dated 02/25/2020, aggregate |
|
|
|
|
|
|
|
maturing value of $30,010,383 (collateralized by domestic non-agency asset-backed |
|
|
|
|
|
|
|
securities and domestic non-agency mortgage-backed securities valued at $33,000,000; |
|
|
|
|
|
|
|
0% - 6.50%; 08/15/2035 - 03/25/2059)(c)(h) | 1.78% | 03/03/2020 | $ | 15,005,192 | $ | 15,000,000 |
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 02/25/2020, aggregate |
|
|
|
|
|
|
|
maturing value of $40,013,456 (collateralized by domestic and foreign non-agency |
|
|
|
|
|
|
|
asset-backed securities, domestic and foreign agency and non-agency mortgage-backed |
|
|
|
|
|
|
|
securities and domestic and foreign corporate obligations valued at $43,990,546; 0% - |
|
|
|
|
|
|
|
15.00%; 03/15/2020 - 07/15/2064)(c)(h) | 1.73% | 03/03/2020 |
| 10,003,364 |
| 10,000,000 |
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 02/25/2020, aggregate |
|
|
|
|
|
|
|
maturing value of $65,021,486 (collateralized by domestic and foreign non-agency |
|
|
|
|
|
|
|
asset-backed securities and domestic non-agency mortgage-backed securities valued at |
|
|
|
|
|
|
|
$68,250,001; 0.07% - 7.00%; 02/15/2029 - 08/16/2060)(c)(h) | 1.70% | 03/03/2020 |
| 12,003,967 |
| 12,000,000 |
|
ING Financial Markets, LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
|
$100,014,000 (collateralized by domestic and foreign corporate obligations valued at |
|
|
|
|
|
|
|
$105,000,739; 1.63% - 5.88%; 03/16/2020 - 11/01/2050)(c) | 1.68% | 03/02/2020 |
| 40,005,600 |
| 40,000,000 |
|
J.P. Morgan Securities LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
|
$500,067,083 (collateralized by domestic agency mortgage-backed securities and U.S. |
|
|
|
|
|
|
|
goverment sponsored agency obligations valued at $510,000,000; 0% - 6.00%; |
|
|
|
|
|
|
|
12/01/2027 - 03/01/2050) | 1.61% | 03/02/2020 |
| 100,013,417 |
| 100,000,000 |
|
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2019 (collateralized by |
|
|
|
|
|
|
|
domestic and foreign non-agency asset-backed securities, domestic and foreign corporate |
|
|
|
|
|
|
|
obligations and domestic non-agency mortgage-backed securities valued at |
|
|
|
|
|
|
|
$44,292,744; 2.50% - 6.25%; 09/15/2020 - 02/15/2068)(i) | 2.14% | - |
| - |
| 5,000,000 |
|
Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 10/21/2019 |
|
|
|
|
|
|
|
(collateralized by domestic corporate obligations valued at $21,000,002; 4.00% - |
|
|
|
|
|
|
|
7.42%; 02/15/2029 - 10/01/2043)(c)(i) | 1.71% | - |
| - |
| 10,000,000 |
|
Mizuho Securities (USA) LLC, joint open agreement dated 01/28/2020 (collateralized by |
|
|
|
|
|
|
|
domestic and foreign corporate obligations and domestic and foreign equity securities |
|
|
|
|
|
|
|
valued at $82,350,426; 0% - 7.13%; 05/01/2020 - 03/15/2049)(c)(i) | 1.68% | - |
| - |
| 30,000,000 |
|
RBC Capital Markets LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
|
$150,021,000 (collateralized by domestic and foreign corporate obligations valued at |
|
|
|
|
|
|
|
$157,500,922; 0% - 9.40%; 03/02/2020 - 07/01/2097)(c) | 1.68% | 03/02/2020 |
| 25,003,500 |
| 25,000,000 |
|
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 a domestic commercial paper valued at $109,663,521; 0% - 12.00%; 03/25/2020 |
|
|
|
|
|
|
|
- 10/07/2079)(c)(i) | 1.76% | - |
| - |
| 28,000,000 |
|
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic |
|
|
|
|
|
|
|
non-agency asset-backed securities and domestic and foreign corporate obligations valued |
|
|
|
|
|
|
|
at $91,931,496; 1.95% - 11.88%; 03/09/2020 - 03/11/2061)(c)(i) | 1.69% | - |
| - |
| 35,000,000 |
|
Wells Fargo Securities, LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
|
$500,067,083 (collateralized by domestic agency mortgage-backed securities valued at |
|
|
|
|
|
|
|
$510,000,000; 3.50% - 4.00%; 12/01/2049) | 1.61% | 03/02/2020 |
| 100,013,417 |
| 100,000,000 |
|
Wells Fargo Securities, LLC, joint term agreement dated 01/21/2020, aggregate maturing |
|
|
|
|
|
|
|
value of $221,105,500 (collateralized by domestic and foreign non-agency asset-backed |
|
|
|
|
|
|
|
securities, domestic and foreign corporate obligations and a domestic non-agency |
|
|
|
|
|
|
|
mortgage-backed security valued at $231,167,015; 0.25% - 8.25%; 11/15/2022 - |
|
|
|
|
|
|
|
11/25/2058) | 2.01% | 04/20/2020 |
| 20,100,500 |
| 20,000,000 |
|
Total Repurchase Agreements (Cost $553,500,000) |
|
|
|
|
| 553,500,000 |
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES(j)(k)-100.87% (Cost $1,889,876,086) |
|
|
|
|
| 1,889,876,086 |
|
OTHER ASSETS LESS LIABILITIES-(0.87)% |
|
|
|
|
| (16,235,805) | |
|
|
|
|
|
|
|
|
NET ASSETS-100.00% |
|
|
|
| $ | 1,873,640,281 |
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments—(continued)
Invesco Premier Portfolio
Investment Abbreviations:
CEP | -Credit Enhancement Provider |
DAC | -Designated Activity Co. |
FHLMC -Federal Home Loan Mortgage Corp. | |
IDR | -Industrial Development Revenue Bonds |
LIBOR | -London Interbank Offered Rate |
LOC | -Letter of Credit |
RB | -Revenue Bonds |
Ref. | -Refunding |
SOFR | -Secured Overnight Financing Rate |
USD | -U.S. Dollar |
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 29, 2020 was $520,911,258, which represented 27.80% 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: 16.6%; France: 14.3%; China: 9.8%; Japan: 8.8%; Netherlands: 6.8%; Australia: 6.2%; Switzerland: 5.2%; United Kingdom: 5.1%; other countries less than 5% each: 8.0%.
(d)Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2020.
(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 29, 2020.
(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)Principal amount equals value at period end. See Note 1I.
(h)The Fund may demand payment of the term repurchase agreement upon one to seven business days' notice depending on the timing of the demand.
(i)Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(j)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 obligation but may be called upon to satisfy issuer's obligations. No concentration of any single entity was greater than 5% each.
(k)Also represents cost for federal income tax purposes.
Portfolio Composition by Maturity
In days, as of 02/29/2020
1-7 | 36.8% |
8-30 | 1.7 |
|
|
31-60 | 20.1 |
61-90 | 9.0 |
91-180 | 15.8 |
|
|
181+ | 16.6 |
|
|
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.
8AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Statement of Assets and Liabilities
February 29, 2020 (Unaudited)
Invesco Premier
Portfolio
Assets:
Investments in securities, at value
Repurchase agreements, at value and cost
Cash
Receivable for:
Fund shares sold
Interest
Total assets
Liabilities:
Payable for:
Investments purchased
Fund shares reacquired
Dividends
Accrued fees to affiliates
Total liabilities
Net assets applicable to shares outstanding
Net assets consist of:
Shares of beneficial interest
Distributable earnings
Net Assets:
$1,336,376,086
553,500,000
18,648,577
7,746,702
2,151,723
1,918,423,088
18,622,744
23,800,100
2,354,317
5,646
44,782,807 $1,873,640,281
$1,873,218,621 421,660 $1,873,640,281
Investor Class |
| $ | 127,110,911 |
Institutional Class |
| $1,728,184,446 | |
Private Investment Class |
| $ | 905,300 |
Personal Investment Class | $ | 13,611,003 | |
|
|
|
|
Reserve Class | $ | 10,279 | |
|
|
|
|
Resource Class | $ | 3,818,342 | |
Shares outstanding, no par value, |
|
|
|
unlimited number of shares authorized: |
|
|
|
Investor Class |
|
| 127,079,201 |
Institutional Class |
|
| 1,727,801,100 |
Private Investment Class |
|
| 905,099 |
|
|
|
|
Personal Investment Class |
|
| 13,607,984 |
|
|
|
|
Reserve Class |
|
| 10,277 |
Resource Class |
|
| 3,817,495 |
|
|
|
|
Net asset value, offering and redemption price per share for each class | $ | 1.00 | |
|
|
|
|
Cost of Investments |
| $ | 1,889,876,086 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Statement of Operations
For the six months ended February 29, 2020 (Unaudited)
|
| Invesco Premier | |
|
| Portfolio | |
Investment income: |
|
|
|
Interest | $18,146,603 |
| |
|
|
|
|
Expenses: |
|
|
|
Advisory fees | 2,241,595 |
| |
|
|
|
|
Distribution fees: |
|
|
|
Private Investment Class | 1,826 |
| |
|
|
|
|
Personal Investment Class |
| 34,620 |
|
Reserve Class | 44 |
| |
|
|
|
|
Resource Class |
| 2,871 |
|
Total expenses | 2,280,956 |
| |
|
|
|
|
Less: Fees waived | (627,650) | ||
|
|
|
|
Net expenses |
| 1,653,306 |
|
Net investment income | 16,493,297 |
| |
|
|
|
|
Net realized gain from investment securities | 3,315 |
| |
|
|
|
|
Net increase in net assets resulting from operations |
| $16,496,612 |
|
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) |
Statement of Changes in Net Assets
For the six months ended February 29, 2020 and the year ended August 31, 2019 (Unaudited)
|
|
| Invesco Premier Portfolio |
| ||||
|
|
| February 29, |
|
| August 31, | ||
|
|
| 2020 |
|
|
| 2019 |
|
Operations: |
|
|
|
|
|
|
| |
Net investment income | $ | 16,493,297 | $ | 36,825,552 | ||||
|
|
|
|
|
|
|
| |
Net realized gain |
| 3,315 |
|
| 2,040 | |||
|
|
|
|
|
|
|
| |
Net increase in net assets resulting from operations |
|
| 16,496,612 |
|
| 36,827,592 | ||
Distributions to shareholders from distributable earnings: |
|
|
|
|
|
|
|
|
Investor Class |
|
| (948,660) |
|
| (1,068,632) | ||
|
|
|
|
|
|
|
| |
Institutional Class |
|
| (15,422,929) |
|
| (35,544,255) | ||
|
|
|
|
|
|
|
| |
Private Investment Class |
|
| (9,512) |
|
| (83,516) | ||
|
|
|
|
|
|
|
| |
Personal Investment Class |
|
| (82,021) |
|
| (42,811) | ||
|
|
|
|
|
|
|
| |
Reserve Class |
| (51) |
|
| (152) | |||
|
|
|
|
|
|
|
| |
Resource Class |
|
| (30,124) |
|
| (86,186) | ||
|
|
|
|
|
|
|
| |
Total distributions from distributable earnings |
|
| (16,493,297) |
|
| (36,825,552) | ||
|
|
|
|
|
|
|
|
|
Share transactions-net: |
|
|
|
|
|
|
| |
Investor Class |
| 66,754,041 |
|
| 30,638,912 | |||
|
|
|
|
|
|
|
| |
Institutional Class |
|
| 61,013,429 |
|
| 709,430,303 | ||
|
|
|
|
|
|
|
| |
Private Investment Class |
|
| (94,431) |
|
| (4,697,542) | ||
|
|
|
|
|
|
|
| |
Personal Investment Class |
| (160,041) |
|
| 13,757,903 | |||
|
|
|
|
|
|
|
| |
Reserve Class |
|
| 55 |
|
| 151 | ||
|
|
|
|
|
|
|
| |
Resource Class |
|
| 521,168 |
|
| (3,400,197) | ||
|
|
|
|
|
|
|
| |
Net increase in net assets resulting from share transactions |
| 128,034,221 |
|
| 745,729,530 | |||
|
|
|
|
|
|
|
| |
Net increase in net assets |
|
| 128,037,536 |
|
| 745,731,570 | ||
Net assets: |
|
|
|
|
|
|
|
|
Beginning of period |
| 1,745,602,745 |
|
| 999,871,175 | |||
|
|
|
|
| ||||
End of period | $1,873,640,281 | $1,745,602,745 | ||||||
|
|
|
|
|
|
|
|
|
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) |
Financial Highlights
February 29, 2020 (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 |
| Total from | from net | Net asset |
| Net assets, | with fee waivers | fee waivers | income | |
| beginning | investment | Net gains | investment | investment | value, end | Total | end of period | and/or expense | and/or expense | to average | |
| of period | income(a) | on securities | operations | income | of period | return(b) | (000's omitted) | reimbursements | reimbursements | net assets |
|
Invesco Premier Portfolio |
|
|
|
|
|
|
|
| 0.73%(c) | 0.80%(c) | 1.29%(c) | |
Six months ended 02/29/20 | $1.00 | $0.01 | $(0.00) | $0.01 | $(0.01) | $1.00 | 0.65% | $13,611 | ||||
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)Ratios are annualized and based on average daily net assets (000's omitted) of $12,658.
(d)Commencement date of September 1, 2016.
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) |
Notes to Financial Statements
February 29, 2020 (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 three separate portfolios, the 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 offered only to certain grandfathered 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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities.
The Fund may periodically participate in litigation related to the Fund's investments. As such, the Fund may receive proceeds from litigation settlements. 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
13 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
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.
In addition, Invesco Premier Tax-Exempt Portfolio intends to invest in such municipal securities to allow it to qualify to pay shareholders "exempt interest dividends", as defined in the Internal Revenue Code.
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 - 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 Fund may not be able to recover its investment in such issuer from the U.S. Government.
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.
The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.
Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund's investments in municipal securities.
There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.
U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with 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, 2020, to waive advisory fees equal to 0.07% of the average daily net assets of the Fund.
For the six months ended February 29, 2020, the Adviser waived advisory fees of $627,650.
14 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
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 custodian and fund accountant and provides certain administrative services to the Fund.
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 the class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. 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 29, 2020, 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 29, 2020, 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 29, 2020, the Fund engaged in securities purchases of $86,957,327 and securities sales of $70,568,338, 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.
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.
15 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
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, 2019.
NOTE 8—Share Information
Invesco Premier Portfolio
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| Summary of Share Activity |
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|
| ||
| Six months ended | Year ended | |||||||
| February 29, 2020(a) |
| August 31, 2019 |
| |||||
| Shares |
| Amount | Shares |
| Amount | |||
Sold: |
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|
|
|
|
|
|
Investor Class | 157,381,432 | $ | 157,381,432 | 63,579,554 | $ | 63,579,554 |
| ||
Institutional Class | 1,083,495,253 |
| 1,083,495,253 | 3,216,380,470 |
| 3,216,380,470 |
| ||
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|
|
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|
|
|
|
| |
Private Investment Class | 400,415 |
| 400,415 | 594,675 |
| 594,675 |
|
| |
Personal Investment Class | 1,707,713 |
| 1,707,713 | 13,955,408 |
| 13,955,408 |
| ||
Reserve Class | 4 |
| 4 | - |
| - |
|
| |
|
|
|
|
|
|
|
| ||
Resource Class | 601,044 |
| 601,044 | 814,032 |
| 814,032 |
| ||
Issued as reinvestment of dividends: |
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|
|
|
|
|
|
|
|
Investor Class | 828,596 |
| 828,596 | 1,059,467 |
| 1,059,467 |
| ||
|
|
|
|
|
|
|
| ||
Institutional Class | 13,140,684 |
| 13,140,684 | 28,510,215 |
| 28,510,215 |
| ||
Private Investment Class | 9,512 |
| 9,512 | 83,516 |
| 83,516 |
|
| |
Personal Investment Class | 82,021 |
| 82,021 | 23,914 |
| 23,914 |
|
| |
|
|
|
|
|
|
|
|
| |
Reserve Class | 51 |
| 51 | 151 |
| 151 |
|
| |
Resource Class | 30,124 |
| 30,124 | 86,186 |
| 86,186 |
|
| |
Reacquired: |
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|
|
|
|
|
|
|
|
Investor Class | (91,455,987) |
| (91,455,987) | (34,000,109) |
| (34,000,109) | |||
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|
|
|
|
|
| ||
Institutional Class | (1,035,622,508) |
| (1,035,622,508) | (2,535,460,382) |
| (2,535,460,382) | |||
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|
|
|
|
|
|
| ||
Private Investment Class | (504,358) |
| (504,358) | (5,375,733) |
| (5,375,733) | |||
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|
|
|
|
|
|
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Personal Investment Class | (1,949,775) |
| (1,949,775) | (221,419) |
| (221,419) | |||
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|
|
|
|
|
|
| ||
Resource Class | (110,000) |
| (110,000) | (4,300,415) |
| (4,300,415) | |||
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|
|
|
|
|
|
| ||
Net increase in share activity | 128,034,221 | $ | 128,034,221 | 745,729,530 | $ | 745,729,530 |
|
(a)There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 81% 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.
NOTE 9—Subsequent Event
During the first quarter of 2020, the World Health Organization declared the coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund's ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the "CARES Act," was signed into law on March 27, 2020 by President Trump. The Adviser is assessing the components of the Act, and the impacts to the Fund should be immaterial.
16 | 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, 2019 through February 29, 2020.
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.
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| HYPOTHETICAL |
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| ACTUAL | (5% annual return before expenses) |
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| Beginning | Ending |
| Expenses | Ending | Expenses | Annualized |
Personal Investment | Account Value | Account Value |
| Paid During | Account Value | Paid During | Expense |
Class | (09/01/19) | (02/29/20)1 |
| Period2 | (02/29/20) | Period2 | Ratio |
Invesco Premier | $1,000.00 | $1,006.50 |
| $3.64 | $1,021.23 | $3.67 | 0.73% |
Portfolio |
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1The actual ending account value is based on the actual total return of the Fund for the period September 1, 2019 through February 29, 2020, 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.
2Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.
17 | 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 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 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 pro- spective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Share- holders 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 secu- rities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/proxyguidelines. 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 29, 2020 |
Reserve Class
AIM Treasurer's Series Trust
(Invesco Treasurer's Series Trust)
Invesco Premier Portfolio
13 Notes to Financial Statements
Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Fund's website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.
If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary (such as a broker-dealer or bank).
You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call (800) 659-1005 (option1) to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.
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 29, 2020, and is based on total net assets. Unless otherwise stated, all data provided by Invesco.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
Fund Data
Reserve Class data as of 2/29/20
FUND | WEIGHTED |
| WEIGHTED | TOTAL |
| AVERAGE |
| AVERAGE | NET |
| MATURITY |
| LIFE | ASSETS |
| Range | At | At |
|
| During | Reporting | Reporting |
|
| Reporting | Period | Period |
|
| Period | End | End |
|
Invesco Premier | 23 - 45 days | 38 days | 78 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 secu- rity's percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand fea- ture 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 condi- tions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corpo- ration 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.
2AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Letters to Shareholders
Dear Fellow Shareholders:
As independent chair of the Invesco Funds Board, I can assure you that the members of the Board are strong advocates for the interests of investors in Invesco's mutual funds. We work hard to repre- sent your interests through oversight of the quality of the investment management services your funds receive and other matters important to your investment. This includes but is not limited
to: monitoring how the portfolio management teams of the Invesco funds are performing in light of changing economic and market conditions; assessing each portfolio management team's investment performance within the context of the investment strategy described in the fund's prospectus; and monitoring for potential conflicts of interests that may impact the nature of the services that your funds receive.
We believe one of the most important services we provide our fund shareholders is the annual review of the funds' advisory and sub-advisory contracts with Invesco Advisers and its affiliates. This review is required by the Investment Company Act of 1940 and focuses on the nature and quality of the services Invesco provides as the adviser to the Invesco funds and the reasonableness of the fees that it charges for those services. Each year, we spend months carefully reviewing information received from Invesco and a variety of independent sources, such as performance and fee data prepared by Lipper Inc. (a subsidiary of Broadridge Financial Solutions, Inc.), an independent, third-party firm widely recognized as a leader in its field. We also meet with our independent legal counsel and other independent advisers to review and help us assess the information that we have received. Our goal is to assure that you receive quality investment management services for a rea- sonable fee.
On behalf of the Board, we look forward to continuing to represent your interests and serving your needs.
Sincerely,
Bruce L. Crockett
Independent Chair
Invesco Funds Board of Trustees
Dear Shareholders:
This semiannual report covers the six-month reporting period ended February 29, 2020. As always, we thank you for investing with us. By investing in a combination of short-term securities and securi- ties with slightly longer maturities, each Fund continued to preserve safety of principal and maintain a relatively high level of liquidity while offering competitive returns.
After raising interest rates multiple times in 2018, the US Federal Reserve (the Fed) adopted a more accommodative monetary policy during 2019. During the six-month reporting period, the Fed cut the federal funds rate by 0.25% in September and October 2019, respectively. This left the fed- eral funds target range at 1.50% to 1.75% at the end of the reporting period. In the beginning of 2020, markets saw an increase in volatility as a result of the impact of the Coronavirus (COVID-19). This has caused the outlook for the Fed to shift from a neutral policy during 2020 to a higher possi-
bility of several rate cuts. Rate cuts by the Fed would likely cause yields on government money market funds to decrease as a result.
One of the major developments impacting money market funds and the money market industry during the reporting period was the volatility in the short-term funding markets. October 2019, the Fed directed the Federal Reserve Bank of New York Trading Desk (the Desk) to purchase $60 billion per month in short-term Treasury Bills at least into the second quarter of 2020 to maintain sufficient reserve balances. This resulted in the flattening of the US Treasury curve and the stabilization of the repur- chase agreement operations (repo) markets.
Invesco Global Liquidity is part of Invesco Ltd., one of the world's largest independent asset management companies. Invesco Global Liquidity takes a long-term approach to short-term investing. Our unrelenting focus on preservation of capital, daily liquid- ity and competitive yield is implemented through repeatable, time-tested processes.
Again, thank you for investing with us.
Sincerely,
Andrew Schlossberg
Head of the Americas,
Senior Managing Director, Invesco Ltd.
3AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments
February 29, 2020 (Unaudited)
Invesco Premier Portfolio
|
|
|
| Principal |
|
|
| Interest | Maturity |
| Amount |
|
|
| Rate | Date |
| (000) |
| Value |
Commercial Paper-46.20%(a) |
|
|
|
|
|
|
Asset-Backed Securities - Fully Supported-5.67% |
|
|
|
|
|
|
Atlantic Asset Securitization LLC (CEP - Credit Agricole Corporate & Investment Bank S.A.)(b)(c) | 1.65% | 07/23/2020 | $ | 44,000 | $ | 43,711,360 |
Kells Funding LLC (CEP - FMS Wertmanagement)(c) | 2.06% | 03/03/2020 |
| 10,000 |
| 9,998,867 |
Kells Funding LLC (CEP - FMS Wertmanagement)(c) | 1.71% | 05/12/2020 |
| 20,000 |
| 19,932,000 |
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.)(b)(c) | 2.01% | 03/10/2020 |
| 7,500 |
| 7,496,250 |
Ridgefield Funding Co. LLC (CEP - BNP Paribas S.A.) (1 mo. USD LIBOR + 0.25%)(c)(d) | 1.96% | 04/01/2020 |
| 25,000 |
| 25,000,000 |
|
|
|
|
|
| 106,138,477 |
|
|
|
|
|
|
|
Asset-Backed Securities - Fully Supported Bank-14.57% |
|
|
|
|
|
|
Anglesea Funding LLC (Multi - CEP's)(b)(c) | 1.72% | 04/02/2020 |
| 30,650 |
| 30,603,276 |
Anglesea Funding LLC (Multi - CEP's) (1 wk. USD LIBOR + 0.10%)(c)(d) | 1.68% | 08/14/2020 |
| 10,000 |
| 10,000,000 |
Bedford Row Funding Corp. (CEP - Royal Bank of Canada) (3 mo. USD LIBOR + 0.12%)(c)(d) | 2.03% | 12/07/2020 |
| 35,000 |
| 35,000,000 |
Cancara Asset Securitization LLC (CEP - Lloyds Bank LLC)(c) | 1.79% | 06/08/2020 |
| 20,000 |
| 19,902,100 |
Chesham Finance LLC (Multi - CEP's)(b)(c) | 1.62% | 03/02/2020 |
| 25,000 |
| 24,998,875 |
Crown Point Capital Co. LLC (CEP - Credit Suisse AG) (1 mo. USD LIBOR + 0.15%)(b)(c)(d) | 1.81% | 04/08/2020 |
| 35,000 |
| 35,000,000 |
Halkin Finance LLC (Multi - CEP's)(b)(c) | 1.62% | 03/02/2020 |
| 32,500 |
| 32,498,538 |
Institutional Secured Funding LLC (Multi - CEP's)(b)(c) | 1.70% | 03/02/2020 |
| 30,000 |
| 29,998,583 |
Mont Blanc Capital Corp. (CEP - ING Bank N.V.)(b)(c) | 1.95% | 04/14/2020 |
| 15,000 |
| 14,964,433 |
Mountcliff Funding LLC (Multi - CEP's)(c) | 1.95% | 05/08/2020 |
| 10,000 |
| 10,000,000 |
Mountcliff Funding LLC (Multi - CEP's)(b)(c) | 1.70% | 06/19/2020 |
| 30,000 |
| 30,000,000 |
|
|
|
|
|
| 272,965,805 |
|
|
|
|
|
|
|
Diversified Banks-20.92% |
|
|
|
|
|
|
Banco Santander S.A.(b)(c) | 1.66% | 04/21/2020 |
| 25,000 |
| 24,941,562 |
Bank of China Ltd.(c) | 2.30% | 04/02/2020 |
| 25,000 |
| 24,949,111 |
Bank of China Ltd.(c) | 2.03% | 04/07/2020 |
| 20,000 |
| 19,958,478 |
Barclays Bank PLC | 1.69% | 05/28/2020 |
| 25,000 |
| 24,897,333 |
BPCE S.A.(b)(c) | 2.02% | 05/19/2020 |
| 15,000 |
| 14,934,167 |
China Construction Bank Corp.(b)(c) | 2.26% | 04/08/2020 |
| 10,000 |
| 9,976,250 |
China Construction Bank Corp.(b)(c) | 1.95% | 04/13/2020 |
| 7,570 |
| 7,552,459 |
China Construction Bank Corp.(b)(c) | 1.91% | 05/05/2020 |
| 10,000 |
| 9,965,694 |
China Construction Bank Corp.(b)(c) | 1.93% | 05/08/2020 |
| 20,000 |
| 19,927,467 |
Commonwealth Bank of Australia (3 mo. USD LIBOR + 0.07%)(b)(c)(d) | 1.97% | 10/06/2020 |
| 15,000 |
| 15,000,000 |
Commonwealth Bank of Australia (3 mo. USD LIBOR + 0.12%)(b)(c)(d) | 1.85% | 11/09/2020 |
| 25,000 |
| 25,000,000 |
HSBC Bank PLC (3 mo. USD LIBOR + 0.07%)(c)(d) | 1.98% | 07/02/2020 |
| 50,000 |
| 50,000,000 |
Mitsubishi UFJ Trust & Banking Corp.(b)(c) | 1.71% | 05/04/2020 |
| 25,000 |
| 24,924,444 |
National Australia Bank Ltd. (3 mo. USD LIBOR + 0.12%)(c)(d) | 2.01% | 12/11/2020 |
| 50,000 |
| 50,000,000 |
Oversea-Chinese Banking Corp. Ltd.(b)(c) | 1.96% | 04/23/2020 |
| 20,000 |
| 19,942,878 |
Royal Bank of Canada (3 mo. USD LIBOR + 0.05%)(b)(c)(d) | 1.96% | 04/01/2020 |
| 20,000 |
| 20,000,000 |
Sumitomo Mitsui Trust Bank Ltd.(b)(c) | 1.69% | 04/14/2020 |
| 10,000 |
| 9,979,467 |
Toronto-Dominion Bank (The) (3 mo. USD LIBOR + 0.10%)(b)(c)(d) | 2.04% | 09/15/2020 |
| 20,000 |
| 20,000,000 |
|
|
|
|
|
| 391,949,310 |
Diversified Capital Markets-2.91% |
|
|
|
|
|
|
Glencove Funding DAC (CEP - JPMorgan Chase Bank N.A.) (3 mo. USD LIBOR + 0.12%)(c)(d) | 2.07% | 03/26/2020 |
| 30,000 |
| 30,000,000 |
UBS AG(b)(c) | 1.85% | 01/15/2021 |
| 25,000 |
| 24,595,555 |
|
|
|
|
|
| 54,595,555 |
|
|
|
|
|
|
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments—(continued)
Invesco Premier Portfolio
|
|
|
| Principal |
|
|
| Interest | Maturity |
| Amount |
|
|
| Rate | Date |
| (000) |
| Value |
Regional Banks-2.13% |
|
|
|
|
|
|
ASB Finance Ltd. (1 mo. USD LIBOR + 0.20%)(c)(d) | 2.23% | 04/14/2020 | $ | 20,000 | $ | 19,998,589 |
Banque et Caisse d'Epargne de l'Etat(c) | 2.16% | 03/02/2020 |
| 20,000 |
| 19,998,817 |
|
|
|
|
|
| 39,997,406 |
|
|
|
|
|
|
|
Total Commercial Paper (Cost $865,646,553) |
|
|
|
|
| 865,646,553 |
|
|
|
|
|
|
|
Certificates of Deposit-19.60%
Australia & New Zealand Banking Group Ltd. (3 mo. USD LIBOR + 0.05%)(c)(d) | 2.00% | 03/31/2020 | 21,000 | 20,999,966 |
Bank of Montreal (3 mo. USD LIBOR + 0.06%)(c)(d) | 1.97% | 04/01/2020 | 25,000 | 25,000,000 |
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.05%)(c)(d) | 1.96% | 04/01/2020 | 25,000 | 25,000,000 |
Bank of Nova Scotia (The) (Federal Funds Rate + 0.26%)(c)(d) | 1.85% | 06/26/2020 | 15,000 | 15,000,000 |
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.13%)(c)(d) | 1.84% | 11/13/2020 | 10,000 | 10,000,000 |
Bank of Nova Scotia (The) (3 mo. USD LIBOR + 0.13%)(c)(d) | 1.82% | 11/16/2020 | 10,000 | 10,000,000 |
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.26%)(c)(d) | 1.85% | 07/01/2020 | 20,000 | 20,000,000 |
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.36%)(c)(d) | 1.95% | 09/01/2020 | 11,000 | 11,000,000 |
Canadian Imperial Bank of Commerce (Federal Funds Rate + 0.36%)(c)(d) | 1.95% | 09/18/2020 | 20,000 | 20,000,000 |
Credit Agricole Corporate & Investment Bank S.A.(c) | 1.57% | 03/02/2020 | 10,273 | 10,273,161 |
DZ Bank AG Deutsche Zentral-Genossenschaftsbank(c) | 1.73% | 08/04/2020 | 10,000 | 9,925,896 |
Industrial & Commercial Bank of China Ltd.(c) | 1.95% | 04/09/2020 | 25,000 | 25,000,000 |
Industrial & Commercial Bank of China Ltd.(c) | 1.84% | 04/29/2020 | 25,000 | 25,000,000 |
Industrial & Commercial Bank of China Ltd.(c) | 1.84% | 05/04/2020 | 10,000 | 10,000,000 |
Mizuho Bank Ltd.(c) | 1.58% | 03/02/2020 | 20,000 | 20,000,000 |
Natixis S.A. (3 mo. USD LIBOR + 0.10%)(c)(d) | 1.80% | 08/14/2020 | 15,000 | 15,000,000 |
Natixis S.A. (3 mo. USD LIBOR + 0.11%)(c)(d) | 2.02% | 10/02/2020 | 15,000 | 15,000,000 |
Norinchukin Bank (The)(c) | 1.65% | 03/11/2020 | 25,000 | 25,000,000 |
Oversea-Chinese Banking Corp. Ltd.(c) | 1.71% | 07/24/2020 | 25,000 | 25,000,974 |
Toronto-Dominion Bank (The) (Federal Funds Rate + 0.26%)(c)(d) | 1.85% | 06/30/2020 | 10,000 | 10,000,000 |
Toronto-Dominion Bank (The) (SOFR + 0.42%)(c)(d) | 2.06% | 09/30/2020 | 20,000 | 20,000,000 |
Total Certificates of Deposit (Cost $367,199,997) |
|
|
| 367,199,997 |
|
|
|
|
|
Variable Rate Demand Notes-3.19%(e)
Credit Enhanced-3.10% |
|
|
|
|
Fayette (County of), PA Hospital Authority (Fayette Regional Health System); Series 2007 B, |
|
|
|
|
VRD RB (LOC - PNC Bank, N.A.)(f) | 1.15% | 06/01/2037 | 1,165 | 1,165,000 |
Harris (County of), TX Hospital District; Series 2010, Ref. VRD RB (LOC - JPMorgan Chase Bank, |
|
|
|
|
N.A.)(f) | 1.19% | 02/15/2042 | 1,895 | 1,895,000 |
Huntington (City of), IN (Huntington University); Series 2007, Ref. VRD RB (LOC - Wells Fargo |
|
|
|
|
Bank, N.A.)(f) | 1.23% | 08/01/2037 | 3,160 | 3,160,000 |
Indiana (State of) Finance Authority (Ispat Inland, Inc.); Series 2005, Ref. VRD RB (LOC - |
|
|
|
|
Rabobank Nederland)(c)(f) | 1.35% | 06/01/2035 | 1,100 | 1,100,000 |
Jets Stadium Development LLC; Series 2014 A-4B, VRD Bonds (LOC - Sumitomo Mitsui |
|
|
|
|
Banking Corp.)(b)(c)(f) | 1.36% | 04/01/2047 | 3,900 | 3,900,000 |
Jets Stadium Development LLC; Series 2014 A-4C, VRD Bonds (LOC - Sumitomo Mitsui |
|
|
|
|
Banking Corp.)(b)(c)(f) | 1.36% | 04/01/2047 | 21,000 | 21,000,000 |
Keep Memory Alive; Series 2013, VRD Bonds (LOC - PNC Bank, N.A.)(f) | 1.70% | 05/01/2037 | 11,900 | 11,900,000 |
Metropolitan Transportation Authority; Subseries 2005 D-2, VRD RB (LOC - Landesbank |
|
|
|
|
Hessen-Thueringen Girozentrale)(c)(f) | 1.32% | 11/01/2035 | 400 | 400,000 |
Minnesota (State of) Higher Education Facilities Authority (Concordia University, St. Paul); |
|
|
|
|
Series 2007 Six-Q, VRD RB (LOC - U.S. Bank N.A.)(f) | 1.33% | 04/01/2037 | 1,375 | 1,375,000 |
New York (State of) Housing Finance Agency (222 East 44th Street Housing); Series 2016 |
|
|
|
|
B-1, VRD RB (LOC - Bank of China Ltd.)(c)(f) | 1.65% | 05/01/2050 | 7,025 | 7,025,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments—(continued)
Invesco Premier Portfolio
|
|
|
| Principal |
|
|
| Interest | Maturity |
| Amount |
|
|
| Rate | Date |
| (000) |
| Value |
Credit Enhanced-(continued) |
|
|
|
|
|
|
Pinellas (County of), FL Health Facilities Authority (Baycare Health System); Series 2009 A-2, |
|
|
|
|
|
|
VRD RB (LOC - Northern Trust Co. (The))(f) | 1.15% | 11/01/2038 | $ | 3,200 | $ | 3,200,000 |
St. Paul (City of), MN Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, |
|
|
|
|
|
|
Ref. VRD RB (CEP - FHLMC) | 1.14% | 10/01/2033 |
| 2,015 |
| 2,015,000 |
|
|
|
|
|
| 58,135,000 |
|
|
|
|
|
|
|
Other Variable Rate Demand Notes-0.09% |
|
|
|
|
|
|
East Baton Rouge (Parish of), LA Industrial Development Board, Inc. (ExxonMobil); |
|
|
|
|
|
|
Series 2010 A, VRD RB | 1.46% | 08/01/2035 |
| 1,051 |
| 1,051,000 |
Mississippi Business Finance Corp. (Chevron USA, Inc.); Series 2007 E, VRD IDR | 1.29% | 12/01/2030 |
| 595 |
| 595,000 |
|
|
|
|
|
|
|
|
|
|
|
|
| 1,646,000 |
|
|
|
|
|
|
|
Total Variable Rate Demand Notes (Cost $59,781,000) |
|
|
|
|
| 59,781,000 |
U.S. Dollar Denominated Bonds & Notes-2.34% |
|
|
|
|
|
|
Automobile Manufacturers-1.08% |
|
|
|
|
|
|
Toyota Motor Credit Corp.(c) | 4.50% | 06/17/2020 |
| 20,000 |
| 20,134,893 |
Diversified Banks-0.27% |
|
|
|
|
|
|
Westpac Banking Corp.(c) | 2.30% | 05/26/2020 |
| 5,000 |
| 4,997,412 |
Technology Hardware, Storage & Peripherals-0.99% |
|
|
|
|
|
|
Apple, Inc. | 2.25% | 02/23/2021 |
| 18,496 |
| 18,616,231 |
Total U.S. Dollar Denominated Bonds & Notes (Cost $43,748,536) |
|
|
|
|
| 43,748,536 |
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES (excluding Repurchase Agreements)-71.33% |
|
|
|
|
|
|
(Cost $1,336,376,086) |
|
|
|
|
| 1,336,376,086 |
|
|
|
| Repurchase |
|
|
|
|
|
| Amount |
|
|
Repurchase Agreements-29.54%(g) |
|
|
|
|
|
|
Bank of Nova Scotia, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
$575,077,146 (collateralized by domestic agency mortgage-backed securities valued at |
|
|
|
|
|
|
$586,500,000; 2.46% - 6.50%; 06/01/2027 - 02/01/2050) | 1.61% | 03/02/2020 |
| 30,004,025 |
| 30,000,000 |
BMO Capital Markets Corp., joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
$50,007,000 (collateralized by domestic and foreign non-agency asset-backed |
|
|
|
|
|
|
securities, domestic agency and non-agency mortgage-backed securities and domestic and |
|
|
|
|
|
|
foreign corporate obligations valued at $52,625,311; 0% - 11.13%; 05/04/2020 - |
|
|
|
|
|
|
06/26/2056)(c) | 1.68% | 03/02/2020 |
| 10,001,400 |
| 10,000,000 |
BMO Capital Markets Corp., joint term agreement dated 02/28/2020, aggregate maturing |
|
|
|
|
|
|
value of $75,024,792 (collateralized by domestic non-agency asset-backed securities, |
|
|
|
|
|
|
domestic agency and non-agency mortgage-backed securities, U.S. goverment sponsored |
|
|
|
|
|
|
agency obligations and domestic and foreign corporate obligations valued at |
|
|
|
|
|
|
$79,369,219; 0% - 5.85%; 04/02/2020 - 11/16/2061)(c)(h) | 1.70% | 03/06/2020 |
| 15,004,958 |
| 15,000,000 |
BMO Capital Markets Corp., term agreement dated 02/21/2020, maturing value of |
|
|
|
|
|
|
$20,041,533 (collateralized by domestic non-agency asset-backed securities, domestic |
|
|
|
|
|
|
and foreign agency and non-agency mortgage-backed securities and domestic and foreign |
|
|
|
|
|
|
corporate obligations valued at $21,346,059; 0.43% - 9.00%; 03/27/2020 - |
|
|
|
|
|
|
12/15/2049)(c)(h) | 1.78% | 04/03/2020 |
| 20,041,533 |
| 20,000,000 |
Citigroup Global Markets, Inc., joint open agreement dated 09/24/2019 (collateralized by |
|
|
|
|
|
|
foreign corporate obligations valued at $143,342,596; 5.40% - 8.25%; 04/25/2021 - |
|
|
|
|
|
|
06/28/2117)(i) | 1.96% | - |
| - |
| 10,000,000 |
Citigroup Global Markets, Inc., joint open agreement dated 12/19/2019 (collateralized by |
|
|
|
|
|
|
domestic and foreign non-agency asset-backed securities, domestic and foreign corporate |
|
|
|
|
|
|
obligations and domestic non-agency mortgage-backed securities valued at |
|
|
|
|
|
|
$192,381,818; 1.27% - 10.64%; 10/17/2022 - 09/26/2067)(i) | 2.09% | - |
| - |
| 38,500,000 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments—(continued)
Invesco Premier Portfolio
| Interest | Maturity |
| Repurchase |
|
|
|
| Rate | Date |
| Amount |
| Value | |
Credit Suisse Securities (USA) LLC, joint term agreement dated 02/25/2020, aggregate |
|
|
|
|
|
|
|
maturing value of $30,010,383 (collateralized by domestic non-agency asset-backed |
|
|
|
|
|
|
|
securities and domestic non-agency mortgage-backed securities valued at $33,000,000; |
|
|
|
|
|
|
|
0% - 6.50%; 08/15/2035 - 03/25/2059)(c)(h) | 1.78% | 03/03/2020 | $ | 15,005,192 | $ | 15,000,000 |
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 02/25/2020, aggregate |
|
|
|
|
|
|
|
maturing value of $40,013,456 (collateralized by domestic and foreign non-agency |
|
|
|
|
|
|
|
asset-backed securities, domestic and foreign agency and non-agency mortgage-backed |
|
|
|
|
|
|
|
securities and domestic and foreign corporate obligations valued at $43,990,546; 0% - |
|
|
|
|
|
|
|
15.00%; 03/15/2020 - 07/15/2064)(c)(h) | 1.73% | 03/03/2020 |
| 10,003,364 |
| 10,000,000 |
|
Credit Suisse Securities (USA) LLC, joint term agreement dated 02/25/2020, aggregate |
|
|
|
|
|
|
|
maturing value of $65,021,486 (collateralized by domestic and foreign non-agency |
|
|
|
|
|
|
|
asset-backed securities and domestic non-agency mortgage-backed securities valued at |
|
|
|
|
|
|
|
$68,250,001; 0.07% - 7.00%; 02/15/2029 - 08/16/2060)(c)(h) | 1.70% | 03/03/2020 |
| 12,003,967 |
| 12,000,000 |
|
ING Financial Markets, LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
|
$100,014,000 (collateralized by domestic and foreign corporate obligations valued at |
|
|
|
|
|
|
|
$105,000,739; 1.63% - 5.88%; 03/16/2020 - 11/01/2050)(c) | 1.68% | 03/02/2020 |
| 40,005,600 |
| 40,000,000 |
|
J.P. Morgan Securities LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
|
$500,067,083 (collateralized by domestic agency mortgage-backed securities and U.S. |
|
|
|
|
|
|
|
goverment sponsored agency obligations valued at $510,000,000; 0% - 6.00%; |
|
|
|
|
|
|
|
12/01/2027 - 03/01/2050) | 1.61% | 03/02/2020 |
| 100,013,417 |
| 100,000,000 |
|
J.P. Morgan Securities LLC, joint open agreement dated 07/01/2019 (collateralized by |
|
|
|
|
|
|
|
domestic and foreign non-agency asset-backed securities, domestic and foreign corporate |
|
|
|
|
|
|
|
obligations and domestic non-agency mortgage-backed securities valued at |
|
|
|
|
|
|
|
$44,292,744; 2.50% - 6.25%; 09/15/2020 - 02/15/2068)(i) | 2.14% | - |
| - |
| 5,000,000 |
|
Mitsubishi UFJ Trust & Banking Corp., joint open agreement dated 10/21/2019 |
|
|
|
|
|
|
|
(collateralized by domestic corporate obligations valued at $21,000,002; 4.00% - |
|
|
|
|
|
|
|
7.42%; 02/15/2029 - 10/01/2043)(c)(i) | 1.71% | - |
| - |
| 10,000,000 |
|
Mizuho Securities (USA) LLC, joint open agreement dated 01/28/2020 (collateralized by |
|
|
|
|
|
|
|
domestic and foreign corporate obligations and domestic and foreign equity securities |
|
|
|
|
|
|
|
valued at $82,350,426; 0% - 7.13%; 05/01/2020 - 03/15/2049)(c)(i) | 1.68% | - |
| - |
| 30,000,000 |
|
RBC Capital Markets LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
|
$150,021,000 (collateralized by domestic and foreign corporate obligations valued at |
|
|
|
|
|
|
|
$157,500,922; 0% - 9.40%; 03/02/2020 - 07/01/2097)(c) | 1.68% | 03/02/2020 |
| 25,003,500 |
| 25,000,000 |
|
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 a domestic commercial paper valued at $109,663,521; 0% - 12.00%; 03/25/2020 |
|
|
|
|
|
|
|
- 10/07/2079)(c)(i) | 1.76% | - |
| - |
| 28,000,000 |
|
Societe Generale, joint open agreement dated 08/06/2019 (collateralized by domestic |
|
|
|
|
|
|
|
non-agency asset-backed securities and domestic and foreign corporate obligations valued |
|
|
|
|
|
|
|
at $91,931,496; 1.95% - 11.88%; 03/09/2020 - 03/11/2061)(c)(i) | 1.69% | - |
| - |
| 35,000,000 |
|
Wells Fargo Securities, LLC, joint agreement dated 02/28/2020, aggregate maturing value of |
|
|
|
|
|
|
|
$500,067,083 (collateralized by domestic agency mortgage-backed securities valued at |
|
|
|
|
|
|
|
$510,000,000; 3.50% - 4.00%; 12/01/2049) | 1.61% | 03/02/2020 |
| 100,013,417 |
| 100,000,000 |
|
Wells Fargo Securities, LLC, joint term agreement dated 01/21/2020, aggregate maturing |
|
|
|
|
|
|
|
value of $221,105,500 (collateralized by domestic and foreign non-agency asset-backed |
|
|
|
|
|
|
|
securities, domestic and foreign corporate obligations and a domestic non-agency |
|
|
|
|
|
|
|
mortgage-backed security valued at $231,167,015; 0.25% - 8.25%; 11/15/2022 - |
|
|
|
|
|
|
|
11/25/2058) | 2.01% | 04/20/2020 |
| 20,100,500 |
| 20,000,000 |
|
Total Repurchase Agreements (Cost $553,500,000) |
|
|
|
|
| 553,500,000 |
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN SECURITIES(j)(k)-100.87% (Cost $1,889,876,086) |
|
|
|
|
| 1,889,876,086 |
|
OTHER ASSETS LESS LIABILITIES-(0.87)% |
|
|
|
|
| (16,235,805) | |
|
|
|
|
|
|
|
|
NET ASSETS-100.00% |
|
|
|
| $ | 1,873,640,281 |
|
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Schedule of Investments—(continued)
Invesco Premier Portfolio
Investment Abbreviations:
CEP | -Credit Enhancement Provider |
DAC | -Designated Activity Co. |
FHLMC -Federal Home Loan Mortgage Corp. | |
IDR | -Industrial Development Revenue Bonds |
LIBOR | -London Interbank Offered Rate |
LOC | -Letter of Credit |
RB | -Revenue Bonds |
Ref. | -Refunding |
SOFR | -Secured Overnight Financing Rate |
USD | -U.S. Dollar |
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 29, 2020 was $520,911,258, which represented 27.80% 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: 16.6%; France: 14.3%; China: 9.8%; Japan: 8.8%; Netherlands: 6.8%; Australia: 6.2%; Switzerland: 5.2%; United Kingdom: 5.1%; other countries less than 5% each: 8.0%.
(d)Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2020.
(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 29, 2020.
(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)Principal amount equals value at period end. See Note 1I.
(h)The Fund may demand payment of the term repurchase agreement upon one to seven business days' notice depending on the timing of the demand.
(i)Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily.
(j)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 obligation but may be called upon to satisfy issuer's obligations. No concentration of any single entity was greater than 5% each.
(k)Also represents cost for federal income tax purposes.
Portfolio Composition by Maturity
In days, as of 02/29/2020
1-7 | 36.8% |
8-30 | 1.7 |
|
|
31-60 | 20.1 |
61-90 | 9.0 |
91-180 | 15.8 |
|
|
181+ | 16.6 |
|
|
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.
8AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Statement of Assets and Liabilities
February 29, 2020 (Unaudited)
Invesco Premier
Portfolio
Assets:
Investments in securities, at value
Repurchase agreements, at value and cost
Cash
Receivable for:
Fund shares sold
Interest
Total assets
Liabilities:
Payable for:
Investments purchased
Fund shares reacquired
Dividends
Accrued fees to affiliates
Total liabilities
Net assets applicable to shares outstanding
Net assets consist of:
Shares of beneficial interest
Distributable earnings
Net Assets:
$1,336,376,086
553,500,000
18,648,577
7,746,702
2,151,723
1,918,423,088
18,622,744
23,800,100
2,354,317
5,646
44,782,807 $1,873,640,281
$1,873,218,621 421,660 $1,873,640,281
Investor Class |
| $ | 127,110,911 |
Institutional Class |
| $1,728,184,446 | |
Private Investment Class |
| $ | 905,300 |
Personal Investment Class | $ | 13,611,003 | |
|
|
|
|
Reserve Class | $ | 10,279 | |
|
|
|
|
Resource Class | $ | 3,818,342 | |
Shares outstanding, no par value, |
|
|
|
unlimited number of shares authorized: |
|
|
|
Investor Class |
|
| 127,079,201 |
Institutional Class |
|
| 1,727,801,100 |
Private Investment Class |
|
| 905,099 |
|
|
|
|
Personal Investment Class |
|
| 13,607,984 |
|
|
|
|
Reserve Class |
|
| 10,277 |
Resource Class |
|
| 3,817,495 |
|
|
|
|
Net asset value, offering and redemption price per share for each class | $ | 1.00 | |
|
|
|
|
Cost of Investments |
| $ | 1,889,876,086 |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust)
Statement of Operations
For the six months ended February 29, 2020 (Unaudited)
|
| Invesco Premier | |
|
| Portfolio | |
Investment income: |
|
|
|
Interest | $18,146,603 |
| |
|
|
|
|
Expenses: |
|
|
|
Advisory fees | 2,241,595 |
| |
|
|
|
|
Distribution fees: |
|
|
|
Private Investment Class | 1,826 |
| |
|
|
|
|
Personal Investment Class |
| 34,620 |
|
Reserve Class | 44 |
| |
|
|
|
|
Resource Class |
| 2,871 |
|
Total expenses | 2,280,956 |
| |
|
|
|
|
Less: Fees waived | (627,650) | ||
|
|
|
|
Net expenses |
| 1,653,306 |
|
Net investment income | 16,493,297 |
| |
|
|
|
|
Net realized gain from investment securities | 3,315 |
| |
|
|
|
|
Net increase in net assets resulting from operations |
| $16,496,612 |
|
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) |
Statement of Changes in Net Assets
For the six months ended February 29, 2020 and the year ended August 31, 2019 (Unaudited)
|
|
| Invesco Premier Portfolio |
| ||||
|
|
| February 29, |
|
| August 31, | ||
|
|
| 2020 |
|
|
| 2019 |
|
Operations: |
|
|
|
|
|
|
| |
Net investment income | $ | 16,493,297 | $ | 36,825,552 | ||||
|
|
|
|
|
|
|
| |
Net realized gain |
| 3,315 |
|
| 2,040 | |||
|
|
|
|
|
|
|
| |
Net increase in net assets resulting from operations |
|
| 16,496,612 |
|
| 36,827,592 | ||
Distributions to shareholders from distributable earnings: |
|
|
|
|
|
|
|
|
Investor Class |
|
| (948,660) |
|
| (1,068,632) | ||
|
|
|
|
|
|
|
| |
Institutional Class |
|
| (15,422,929) |
|
| (35,544,255) | ||
|
|
|
|
|
|
|
| |
Private Investment Class |
|
| (9,512) |
|
| (83,516) | ||
|
|
|
|
|
|
|
| |
Personal Investment Class |
|
| (82,021) |
|
| (42,811) | ||
|
|
|
|
|
|
|
| |
Reserve Class |
| (51) |
|
| (152) | |||
|
|
|
|
|
|
|
| |
Resource Class |
|
| (30,124) |
|
| (86,186) | ||
|
|
|
|
|
|
|
| |
Total distributions from distributable earnings |
|
| (16,493,297) |
|
| (36,825,552) | ||
|
|
|
|
|
|
|
|
|
Share transactions-net: |
|
|
|
|
|
|
| |
Investor Class |
| 66,754,041 |
|
| 30,638,912 | |||
|
|
|
|
|
|
|
| |
Institutional Class |
|
| 61,013,429 |
|
| 709,430,303 | ||
|
|
|
|
|
|
|
| |
Private Investment Class |
|
| (94,431) |
|
| (4,697,542) | ||
|
|
|
|
|
|
|
| |
Personal Investment Class |
| (160,041) |
|
| 13,757,903 | |||
|
|
|
|
|
|
|
| |
Reserve Class |
|
| 55 |
|
| 151 | ||
|
|
|
|
|
|
|
| |
Resource Class |
|
| 521,168 |
|
| (3,400,197) | ||
|
|
|
|
|
|
|
| |
Net increase in net assets resulting from share transactions |
| 128,034,221 |
|
| 745,729,530 | |||
|
|
|
|
|
|
|
| |
Net increase in net assets |
|
| 128,037,536 |
|
| 745,731,570 | ||
Net assets: |
|
|
|
|
|
|
|
|
Beginning of period |
| 1,745,602,745 |
|
| 999,871,175 | |||
|
|
|
|
| ||||
End of period | $1,873,640,281 | $1,745,602,745 | ||||||
|
|
|
|
|
|
|
|
|
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) |
Financial Highlights
February 29, 2020 (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 |
| Total from | from net | Net asset |
| Net assets, | with fee waivers | fee waivers | income (loss) | |
| beginning | investment | Net gains | investment | investment | value, end | Total | end of period | and/or expense | and/or expense | to average | |
| of period | income (loss)(a) | on securities | operations | income | of period | return(b) | (000's omitted) | reimbursements | reimbursements | net assets | |
Invesco Premier Portfolio |
|
|
|
|
|
|
|
|
|
|
|
|
Six months ended |
|
|
|
|
|
|
|
| 1.05%(c) | 1.12%(c) | 0.97%(c) | |
02/29/20 | $1.00 | $ 0.00 | $(0.00) | $0.00 | $(0.00) | $1.00 | 0.49% | $10 | ||||
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)Ratios are annualized and based on average daily net assets (000's omitted) of $10.
(d)Commencement date of September 1, 2016.
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) |
Notes to Financial Statements
February 29, 2020 (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 three separate portfolios, the 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 offered only to certain grandfathered 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. Bond premiums and discounts are amortized and/or accreted over the lives of the respective securities.
The Fund may periodically participate in litigation related to the Fund's investments. As such, the Fund may receive proceeds from litigation settlements. 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
13 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
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.
In addition, Invesco Premier Tax-Exempt Portfolio intends to invest in such municipal securities to allow it to qualify to pay shareholders "exempt interest dividends", as defined in the Internal Revenue Code.
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 - 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 Fund may not be able to recover its investment in such issuer from the U.S. Government.
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.
The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.
Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund's investments in municipal securities.
There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.
U.S. dollar-denominated securities carrying foreign credit exposure may be affected by unfavorable political, economic or governmental developments that could affect payments of principal and interest.
NOTE 2—Advisory Fees and Other Fees Paid to Affiliates
The Trust has entered into a master investment advisory agreement with 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, 2020, to waive advisory fees equal to 0.07% of the average daily net assets of the Fund.
For the six months ended February 29, 2020, the Adviser waived advisory fees of $627,650.
14 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
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 custodian and fund accountant and provides certain administrative services to the Fund.
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 the class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. 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 29, 2020, 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 29, 2020, 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 29, 2020, the Fund engaged in securities purchases of $86,957,327 and securities sales of $70,568,338, 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.
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.
15 | AIM Treasurer's Series Trust (Invesco Treasurer's Series Trust) |
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, 2019.
NOTE 8—Share Information
Invesco Premier Portfolio
|
|
| Summary of Share Activity |
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|
| ||
| Six months ended | Year ended | |||||||
| February 29, 2020(a) |
| August 31, 2019 |
| |||||
| Shares |
| Amount | Shares |
| Amount | |||
Sold: |
|
|
|
|
|
|
|
|
|
Investor Class | 157,381,432 | $ | 157,381,432 | 63,579,554 | $ | 63,579,554 |
| ||
Institutional Class | 1,083,495,253 |
| 1,083,495,253 | 3,216,380,470 |
| 3,216,380,470 |
| ||
|
|
|
|
|
|
|
|
| |
Private Investment Class | 400,415 |
| 400,415 | 594,675 |
| 594,675 |
|
| |
Personal Investment Class | 1,707,713 |
| 1,707,713 | 13,955,408 |
| 13,955,408 |
| ||
Reserve Class | 4 |
| 4 | - |
| - |
|
| |
|
|
|
|
|
|
|
| ||
Resource Class | 601,044 |
| 601,044 | 814,032 |
| 814,032 |
| ||
Issued as reinvestment of dividends: |
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|
|
|
|
|
|
|
|
Investor Class | 828,596 |
| 828,596 | 1,059,467 |
| 1,059,467 |
| ||
|
|
|
|
|
|
|
| ||
Institutional Class | 13,140,684 |
| 13,140,684 | 28,510,215 |
| 28,510,215 |
| ||
Private Investment Class | 9,512 |
| 9,512 | 83,516 |
| 83,516 |
|
| |
Personal Investment Class | 82,021 |
| 82,021 | 23,914 |
| 23,914 |
|
| |
|
|
|
|
|
|
|
|
| |
Reserve Class | 51 |
| 51 | 151 |
| 151 |
|
| |
Resource Class | 30,124 |
| 30,124 | 86,186 |
| 86,186 |
|
| |
Reacquired: |
|
|
|
|
|
|
|
|
|
Investor Class | (91,455,987) |
| (91,455,987) | (34,000,109) |
| (34,000,109) | |||
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|
|
|
|
|
|
| ||
Institutional Class | (1,035,622,508) |
| (1,035,622,508) | (2,535,460,382) |
| (2,535,460,382) | |||
|
|
|
|
|
|
|
| ||
Private Investment Class | (504,358) |
| (504,358) | (5,375,733) |
| (5,375,733) | |||
|
|
|
|
|
|
|
| ||
Personal Investment Class | (1,949,775) |
| (1,949,775) | (221,419) |
| (221,419) | |||
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|
|
|
|
|
|
| ||
Resource Class | (110,000) |
| (110,000) | (4,300,415) |
| (4,300,415) | |||
|
|
|
|
|
|
|
| ||
Net increase in share activity | 128,034,221 | $ | 128,034,221 | 745,729,530 | $ | 745,729,530 |
|
(a)There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 81% 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.
NOTE 9—Subsequent Event
During the first quarter of 2020, the World Health Organization declared the coronavirus (COVID-19) to be a public health emergency. COVID-19 has led to increased short-term market volatility and may have adverse long-term effects on U.S. and world economies and markets in general. COVID-19 may adversely impact the Fund's ability to achieve its investment objective. Because of the uncertainties on valuation, the global economy and business operations, values reflected in these financial statements may materially differ from the value received upon actual sales of those investments.
The Coronavirus Aid, Relief, and Economic Security Act, commonly referred to as the "CARES Act," was signed into law on March 27, 2020 by President Trump. The Adviser is assessing the components of the Act, and the impacts to the Fund should be immaterial.
16 | 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, 2019 through February 29, 2020.
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.
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| HYPOTHETICAL |
| |
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| ACTUAL | (5% annual return before expenses) |
| ||
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| Beginning | Ending |
| Expenses | Ending | Expenses | Annualized |
| Account Value | Account Value |
| Paid During | Account Value | Paid During | Expense |
Reserve Class | (09/01/19) | (02/29/20)1 |
| Period2 | (02/29/20) | Period2 | Ratio |
Invesco Premier | $1,000.00 | $1,004.90 |
| $5.23 | $1,019.64 | $5.27 | 1.05% |
Portfolio |
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1The actual ending account value is based on the actual total return of the Fund for the period September 1, 2019 through February 29, 2020, 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.
2Expenses are equal to the Fund's annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year.
17 | 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 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 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 pro- spective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Share- holders 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 secu- rities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/proxyguidelines. 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 for a semi-annual report.
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 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 14, 2020, 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 14, 2020, 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. |
13(a) (1) | Not applicable. |
13(a) (2) | Certifications of principal executive officer and principal financial officer as required by |
| Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the |
| |
13(a) (3) | Not applicable. |
13(a) (4) | Not applicable. |
13(b) | Certifications of principal executive officer and principal financial officer as required by |
| Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the |
|
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, 2020 |
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, 2020 |
By: | /s/ Kelli Gallegos |
| Kelli Gallegos |
| Principal Financial Officer |
Date: | May 6, 2020 |