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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
| Investment Company Act file number |
811-02729 | |
| Short-Term Investments Trust | ||
| (Exact name of registrant as specified in charter) | ||
| 11 Greenway Plaza, Suite 1000 Houston, Texas 77046 | ||
| (Address of principal executive offices) (Zip code) | ||
| Sheri Morris 11 Greenway Plaza, Suite 1000 Houston, Texas 77046 | ||
| (Name and address of agent for service) | ||
Registrant’s telephone number, including area code: (713) 626-1919
Date of fiscal year end: 8/31
Date of reporting period: 2/29/16
Item 1. Report to Stockholders.
Fund Data
Cash Management Class data as of 2/29/16
| FUND | WEIGHTED AVERAGE MATURITY |
WEIGHTED LIFE |
TOTAL NET ASSETS | |||||||||||||||||
| Range During Reporting Period |
At Reporting Period End |
At Reporting Period End |
||||||||||||||||||
| Liquid Assets | 14 - 42 days | 33 days | 52 days | $ | 236.1 million | |||||||||||||||
| STIC Prime | 7 - 19 days | 11 days | 13 days | 396.5 million | ||||||||||||||||
| Treasury | 29 - 54 days | 49 days | 113 days | 4.3 billion | ||||||||||||||||
| Government & Agency | 24 - 52 days | 40 days | 115 days | 138.5 million | ||||||||||||||||
| Government TaxAdvantage | 25 - 58 days | 35 days | 55 days | 45.6 million | ||||||||||||||||
| Tax-Free Cash Reserve | 24 - 38 days | 29 days | 29 days | 42.4 million | ||||||||||||||||
Weighted average maturity (WAM) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes.
Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.
2 Short-Term Investments Trust
Letters to Shareholders
|
Bruce Crockett |
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 represent 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., 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 reasonable fee. As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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
|
Karen Dunn Kelley |
Dear Shareholders: Money market investors cheered in December when the US Federal Reserve raised the federal funds target rate after holding it near zero for seven years in the aftermath of the financial crisis. Moderate economic growth, improvement in employment and the need to remove “emergency accommodation” were the primary reasons for the Fed’s action. More rate hikes are expected, but at a slower pace than past Fed regimes. The money market fund industry in the US continued to move ahead with plans to adopt the new money market fund regulations announced in 2014, which are set to be fully implemented on October 14, 2016. Invesco, along with many in the industry, continues to focus on successfully meeting all reform requirements in a timely fashion. We will continue to keep you |
and all our valued money market fund investors informed about money market fund reform through public announcements as updates are available.
For more than 30 years, Invesco Global Liquidity has worked to gain and keep the trust of our investors through our deep industry knowledge and our investment expertise. Our primary goal through the money market fund reform process is to provide our investors with a full suite of liquidity management solutions to meet their investing needs with the least amount of disruption while remaining focused on our disciplined investment process. For Invesco Global Liquidity, safety is of paramount importance in the investment process for all our money market funds. Our conservative investment philosophy has always focused on providing safety, liquidity, and yield – in that order – to our money market fund investors.
Invesco Global Liquidity is dedicated to the future of this industry – and to yours. Thank you for investing with us.
Sincerely,
Karen Dunn Kelley
Senior Managing Director, Investments
3 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Commercial Paper–40.38%(a) |
|
|||||||||||||||
| Asset-Backed Securities — Consumer Receivables–3.51% | ||||||||||||||||
| Old Line Funding, LLC(b) |
0.65 | % | 04/18/2016 | $ | 43,000 | $ | 42,962,733 | |||||||||
| Old Line Funding, LLC(b) |
0.65 | % | 04/25/2016 | 66,000 | 65,934,458 | |||||||||||
| Old Line Funding, LLC(b) |
0.73 | % | 05/26/2016 | 190,000 | 189,668,662 | |||||||||||
| Old Line Funding, LLC(b) |
0.77 | % | 05/09/2016 | 85,000 | 84,874,554 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.64 | % | 05/18/2016 | 115,000 | 114,840,533 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.65 | % | 04/18/2016 | 95,000 | 94,917,667 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.65 | % | 04/18/2016 | 65,000 | 64,943,667 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.72 | % | 06/01/2016 | 91,000 | 90,832,560 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.77 | % | 05/12/2016 | 40,000 | 39,938,400 | |||||||||||
| 788,913,234 | ||||||||||||||||
| Asset-Backed Securities — Fully Supported–2.41% | ||||||||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 04/04/2016 | 75,000 | 74,956,083 | |||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 04/06/2016 | 148,000 | 147,908,240 | |||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 04/18/2016 | 33,000 | 32,972,720 | |||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 05/19/2016 | 100,000 | 99,863,945 | |||||||||||
| Kells Funding LLC (CEP–FMS Wertmanagement)(b)(c) |
0.60 | % | 04/20/2016 | 75,000 | 74,937,500 | |||||||||||
| Kells Funding LLC (CEP–FMS Wertmanagement)(b)(c) |
0.61 | % | 06/02/2016 | 110,000 | 109,826,658 | |||||||||||
| 540,465,146 | ||||||||||||||||
| Asset-Backed Securities — Fully Supported Bank–12.88% | ||||||||||||||||
| Anglesea Funding LLC (Multi-CEP’s)(b)(c)(d) |
0.70 | % | 07/06/2016 | 25,000 | 25,000,000 | |||||||||||
| Anglesea Funding LLC (Multi-CEP’s)(b)(c)(d) |
0.70 | % | 07/18/2016 | 133,000 | 133,000,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A)(b)(c)(d) |
0.61 | % | 07/07/2016 | 75,000 | 75,000,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.62 | % | 04/06/2016 | 50,000 | 49,969,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.63 | % | 05/11/2016 | 100,000 | 99,875,750 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.62 | % | 04/01/2016 | 49,000 | 48,973,839 | |||||||||||
| Bennington Stark Capital Co. (CEP–Societe Generale S.A.)(b)(c) |
0.67 | % | 04/01/2016 | 50,000 | 49,971,153 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.62 | % | 04/18/2016 | 50,000 | 49,958,667 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.66 | % | 05/03/2016 | 31,500 | 31,463,617 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.50 | % | 03/16/2016 | 48,000 | 47,990,000 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.63 | % | 04/04/2016 | 170,000 | 169,898,850 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.63 | % | 04/13/2016 | 66,000 | 65,950,335 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC)(d) |
0.68 | % | 07/14/2016 | 97,000 | 97,000,000 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC)(d) |
0.78 | % | 08/22/2016 | 73,000 | 73,000,000 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC) |
0.81 | % | 08/05/2016 | 100,000 | 99,646,750 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC) |
0.48 | % | 04/25/2016 | 100,000 | 99,926,667 | |||||||||||
| Collateralized Commercial Paper II Co., LLC (CEP–JPMorgan Securities LLC)(b) |
0.48 | % | 04/20/2016 | 100,000 | 99,933,333 | |||||||||||
| Collateralized Commercial Paper II Co., LLC (CEP–JPMorgan Securities LLC)(b)(d) |
0.63 | % | 03/01/2016 | 15,000 | 15,000,000 | |||||||||||
| Collateralized Commercial Paper II Co., LLC (CEP–JPMorgan Securities LLC)(b)(d) |
0.68 | % | 07/22/2016 | 60,000 | 60,000,000 | |||||||||||
| Crown Point Capital Co., LLC, Series A (Multi-CEP’s)(b)(c)(d) |
0.94 | % | 07/28/2016 | 50,000 | 50,000,000 | |||||||||||
| Gotham Funding Corp. (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(b)(c) |
0.60 | % | 05/25/2016 | 180,000 | 179,745,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Asset-Backed Securities — Fully Supported Bank–(continued) | ||||||||||||||||
| Institutional Secured Funding Ltd (Multi-CEP’s)(b)(c) |
0.60 | % | 03/08/2016 | $ | 21,000 | $ | 20,997,550 | |||||||||
| Institutional Secured Funding Ltd (Multi-CEP’s)(b)(c) |
0.70 | % | 04/21/2016 | 20,000 | 19,980,167 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.68 | % | 06/21/2016 | 44,000 | 43,906,915 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.62 | % | 04/11/2016 | 64,000 | 63,954,809 | |||||||||||
| LMA Americas LLC (CEP–Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.65 | % | 04/12/2016 | 105,000 | 104,920,375 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.50 | % | 04/04/2016 | 62,500 | 62,470,486 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.54 | % | 03/14/2016 | 50,359 | 50,349,180 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.52 | % | 03/08/2016 | 49,595 | 49,589,985 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.67 | % | 04/13/2016 | 35,500 | 35,471,590 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.67 | % | 04/14/2016 | 22,000 | 21,981,985 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.67 | % | 04/18/2016 | 36,000 | 35,967,840 | |||||||||||
| Matchpoint Finance PLC (CEP–BNP Paribas S.A)(b)(c) |
0.45 | % | 03/01/2016 | 70,000 | 70,000,000 | |||||||||||
| Mountcliff Funding LLC (Multi-CEP’s)(b)(c) |
0.63 | % | 04/04/2016 | 59,000 | 58,964,895 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.37 | % | 03/04/2016 | 135,000 | 134,995,838 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/30/2016 | 76,106 | 76,079,637 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/21/2016 | 100,000 | 99,976,111 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/29/2016 | 120,000 | 119,959,866 | |||||||||||
| Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c) |
0.62 | % | 04/26/2016 | 75,000 | 74,927,667 | |||||||||||
| Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)(d) |
0.78 | % | 07/06/2016 | 25,000 | 25,000,000 | |||||||||||
| Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)(d) |
0.78 | % | 07/07/2016 | 99,750 | 99,750,000 | |||||||||||
| 2,890,547,857 | ||||||||||||||||
| Asset-Backed Securities — Multi-Purpose–1.97% | ||||||||||||||||
| CHARTA, LLC(b) |
0.83 | % | 07/06/2016 | 66,000 | 65,806,748 | |||||||||||
| CRC Funding, LLC(b) |
0.45 | % | 03/23/2016 | 25,000 | 24,993,125 | |||||||||||
| CRC Funding, LLC(b) |
0.45 | % | 03/24/2016 | 50,000 | 49,985,625 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.60 | % | 04/05/2016 | 35,000 | 34,979,583 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.52 | % | 04/07/2016 | 65,000 | 64,965,261 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.60 | % | 04/29/2016 | 72,000 | 71,929,200 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.47 | % | 03/09/2016 | 28,750 | 28,746,997 | |||||||||||
| Versailles Commercial Paper LLC(b)(d) |
0.58 | % | 10/14/2016 | 100,000 | 100,000,000 | |||||||||||
| 441,406,539 | ||||||||||||||||
| Consumer Finance–0.44% | ||||||||||||||||
| Toyota Motor Credit Corp.(c) |
0.71 | % | 08/10/2016 | 100,000 | 99,680,500 | |||||||||||
| Diversified Banks–10.23% | ||||||||||||||||
| ANZ New Zealand Int’l Ltd.(b)(c) |
0.33 | % | 03/18/2016 | 144,150 | 144,127,537 | |||||||||||
| BNP Paribas S.A.(c) |
0.38 | % | 03/03/2016 | 250,000 | 249,994,722 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.78 | % | 08/22/2016 | 73,000 | 73,000,000 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.56 | % | 05/13/2016 | 20,000 | 19,999,544 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.56 | % | 05/20/2016 | 50,000 | 50,000,000 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.57 | % | 05/19/2016 | 46,000 | 45,999,106 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.58 | % | 05/26/2016 | 40,000 | 39,995,713 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.60 | % | 03/07/2016 | 40,000 | 40,000,000 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.60 | % | 03/04/2016 | 28,000 | 28,000,000 | |||||||||||
| Credit Agricole Corporate & Investment Bank(c) |
0.30 | % | 03/01/2016 | 65,000 | 65,000,000 | |||||||||||
| ING (US) Funding LLC(c) |
0.60 | % | 04/01/2016 | 32,300 | 32,283,312 | |||||||||||
| ING (US) Funding LLC(c) |
0.61 | % | 04/05/2016 | 70,000 | 69,958,486 | |||||||||||
| ING (US) Funding LLC(c) |
0.61 | % | 04/12/2016 | 110,000 | 109,921,717 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Diversified Banks–(continued) | ||||||||||||||||
| ING (US) Funding LLC(c) |
0.67 | % | 06/01/2016 | $ | 135,000 | $ | 134,769,655 | |||||||||
| ING (US) Funding LLC(c) |
0.67 | % | 06/13/2016 | 90,000 | 89,825,800 | |||||||||||
| Mizuho Bank Ltd.(b)(c) |
0.61 | % | 05/23/2016 | 150,000 | 149,789,041 | |||||||||||
| Natixis(c) |
0.65 | % | 04/06/2016 | 300,000 | 299,805,000 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.62 | % | 04/18/2016 | 100,000 | 99,917,333 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.70 | % | 05/27/2016 | 145,000 | 144,754,708 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.42 | % | 03/01/2016 | 109,000 | 109,000,000 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.50 | % | 03/21/2016 | 140,000 | 139,961,111 | |||||||||||
| Swedbank AB(c) |
0.36 | % | 03/07/2016 | 70,000 | 69,995,800 | |||||||||||
| Westpac Banking Corp.(b)(c)(d) |
0.74 | % | 08/08/2016 | 91,000 | 91,000,000 | |||||||||||
| 2,297,098,585 | ||||||||||||||||
| Integrated Oil & Gas–0.53% | ||||||||||||||||
| Exxon Mobil Corp. |
0.46 | % | 03/15/2016 | 120,000 | 119,978,533 | |||||||||||
| Regional Banks–4.75% | ||||||||||||||||
| ASB Finance Ltd.(b) |
0.33 | % | 03/04/2016 | 100,000 | 99,997,292 | |||||||||||
| Banque et Caisse d’Epargne de l’Etat(c) |
0.51 | % | 04/01/2016 | 30,000 | 29,986,825 | |||||||||||
| BNZ International Funding Ltd.(b)(c) |
0.46 | % | 04/22/2016 | 61,300 | 61,259,270 | |||||||||||
| Danske Corp.(b)(c) |
0.55 | % | 05/02/2016 | 95,000 | 94,910,014 | |||||||||||
| Danske Corp.(b)(c) |
0.62 | % | 05/02/2016 | 50,000 | 49,947,042 | |||||||||||
| Danske Corp.(b)(c) |
0.62 | % | 05/03/2016 | 100,000 | 99,892,375 | |||||||||||
| HSBC Bank PLC(b)(c) |
0.82 | % | 08/09/2016 | 100,000 | 99,635,514 | |||||||||||
| HSBC Bank PLC(b)(c)(d) |
0.83 | % | 09/06/2016 | 85,000 | 85,000,000 | |||||||||||
| Landesbank Hessen-Thueringen Girozentrale(b)(c) |
0.52 | % | 03/14/2016 | 145,000 | 144,972,772 | |||||||||||
| Macquarie Bank Ltd.(b)(c) |
0.62 | % | 05/10/2016 | 84,500 | 84,398,130 | |||||||||||
| Macquarie Bank Ltd.(b)(c) |
0.64 | % | 05/03/2016 | 18,250 | 18,229,560 | |||||||||||
| Macquarie Bank Ltd.(b)(c) |
0.75 | % | 06/29/2016 | 145,000 | 144,637,500 | |||||||||||
| Mitsubishi UFJ Trust & Banking Corp.(c) |
0.67 | % | 04/19/2016 | 52,950 | 52,901,713 | |||||||||||
| 1,065,768,007 | ||||||||||||||||
| Specialized Finance–3.21% | ||||||||||||||||
| Caisse des Depots et Consignations(b)(c) |
0.59 | % | 05/25/2016 | 178,400 | 178,151,479 | |||||||||||
| Caisse des Depots et Consignations(b)(c) |
0.40 | % | 03/03/2016 | 100,000 | 99,997,778 | |||||||||||
| CDP Financial Inc.(b)(c) |
0.59 | % | 04/20/2016 | 85,000 | 84,930,347 | |||||||||||
| CDP Financial Inc.(b)(c) |
0.39 | % | 03/01/2016 | 40,000 | 40,000,000 | |||||||||||
| KfW(b)(c) |
0.29 | % | 03/01/2016 | 20,000 | 20,000,000 | |||||||||||
| Nederlandse Waterschapsbank N.V.(b)(c) |
0.58 | % | 04/13/2016 | 65,000 | 64,954,969 | |||||||||||
| Nederlandse Waterschapsbank N.V.(b)(c) |
0.59 | % | 05/11/2016 | 72,000 | 71,916,220 | |||||||||||
| Nederlandse Waterschapsbank N.V.(b)(c) |
0.35 | % | 03/14/2016 | 159,700 | 159,679,816 | |||||||||||
| 719,630,609 | ||||||||||||||||
| Thrifts & Mortgage Finance–0.45% | ||||||||||||||||
| Nationwide Building Society(b)(c) |
0.62 | % | 05/18/2016 | 100,000 | 99,865,667 | |||||||||||
| Total Commercial Paper (Cost $9,063,354,677) |
9,063,354,677 | |||||||||||||||
| Certificates of Deposit–30.66% |
||||||||||||||||
| Bank of Montreal(c) |
0.58 | % | 04/08/2016 | 48,750 | 48,753,078 | |||||||||||
| Bank of Montreal(c)(d) |
0.79 | % | 11/10/2016 | 200,000 | 200,000,000 | |||||||||||
| Bank of Montreal(c) |
0.44 | % | 03/22/2016 | 59,400 | 59,400,000 | |||||||||||
| Bank of Nova Scotia(c) |
0.43 | % | 04/01/2016 | 111,000 | 111,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Bank of Nova Scotia(c)(d) |
0.57 | % | 03/09/2016 | $ | 56,000 | $ | 56,000,000 | |||||||||
| Bank of Nova Scotia(c)(d) |
0.78 | % | 09/09/2016 | 100,000 | 100,000,000 | |||||||||||
| Bank of Nova Scotia(c)(d) |
0.79 | % | 09/30/2016 | 120,100 | 120,100,000 | |||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(c) |
0.37 | % | 03/03/2016 | 355,000 | 355,000,000 | |||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(c) |
0.37 | % | 03/07/2016 | 125,000 | 125,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(c) |
0.85 | % | 08/25/2016 | 65,000 | 65,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(c) |
0.28 | % | 03/01/2016 | 72,000 | 72,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(c) |
0.36 | % | 03/03/2016 | 340,000 | 340,000,000 | |||||||||||
| Citibank, N.A. |
0.82 | % | 08/12/2016 | 100,000 | 100,000,000 | |||||||||||
| Citibank, N.A. |
0.58 | % | 04/21/2016 | 185,000 | 185,000,000 | |||||||||||
| Citibank, N.A. |
0.65 | % | 05/23/2016 | 110,000 | 110,000,000 | |||||||||||
| Citibank, N.A. |
0.63 | % | 06/06/2016 | 95,000 | 95,000,000 | |||||||||||
| Credit Industriel et Commercial(c) |
0.37 | % | 03/02/2016 | 325,000 | 325,000,000 | |||||||||||
| Credit Industriel et Commercial(c) |
0.38 | % | 03/01/2016 | 160,000 | 160,000,000 | |||||||||||
| Dexia Credit Local S.A.(c)(d) |
0.58 | % | 03/23/2016 | 80,000 | 80,000,440 | |||||||||||
| Dexia Credit Local S.A.(c)(d) |
0.78 | % | 08/10/2016 | 100,000 | 100,000,000 | |||||||||||
| Dexia Credit Local S.A.(c)(d) |
0.58 | % | 03/24/2016 | 82,000 | 82,000,750 | |||||||||||
| DNB Bank ASA(c) |
0.28 | % | 03/01/2016 | 148,000 | 148,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.60 | % | 04/22/2016 | 110,000 | 110,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.44 | % | 03/07/2016 | 60,000 | 60,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.60 | % | 05/18/2016 | 100,000 | 100,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.66 | % | 06/06/2016 | 135,000 | 135,000,000 | |||||||||||
| KBC Bank N.V.(c) |
0.38 | % | 03/01/2016 | 215,000 | 215,000,000 | |||||||||||
| KBC Bank N.V.(c) |
0.38 | % | 03/03/2016 | 340,000 | 340,000,000 | |||||||||||
| Landesbank Hessen-Thueringen Girozentrale(c) |
0.51 | % | 03/11/2016 | 66,000 | 66,000,000 | |||||||||||
| Mitsubishi UFJ Trust & Banking Corp.(c) |
0.63 | % | 04/25/2016 | 185,000 | 185,000,000 | |||||||||||
| Mizuho Bank Ltd.(c) |
0.50 | % | 03/09/2016 | 95,000 | 95,001,679 | |||||||||||
| Mizuho Bank Ltd.(c) |
0.61 | % | 04/20/2016 | 50,000 | 50,000,000 | |||||||||||
| Mizuho Bank Ltd.(c) |
0.66 | % | 04/18/2016 | 200,000 | 200,000,000 | |||||||||||
| Nordea Bank Finland PLC(c) |
0.28 | % | 03/01/2016 | 106,000 | 106,000,000 | |||||||||||
| Royal Bank of Canada(c)(d) |
0.77 | % | 10/03/2016 | 300,000 | 300,000,000 | |||||||||||
| Skandinaviska Enskilda Banken AB(c) |
0.29 | % | 03/01/2016 | 198,000 | 198,000,000 | |||||||||||
| Societe Generale S.A.(c) |
0.62 | % | 05/05/2016 | 164,000 | 164,000,000 | |||||||||||
| Standard Chartered Bank(c)(d) |
0.63 | % | 03/08/2016 | 52,000 | 52,000,000 | |||||||||||
| Standard Chartered Bank(c) |
0.64 | % | 05/02/2016 | 100,000 | 100,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.65 | % | 03/14/2016 | 130,000 | 130,006,079 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.67 | % | 04/04/2016 | 63,000 | 63,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.67 | % | 04/19/2016 | 140,000 | 140,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.68 | % | 04/11/2016 | 100,000 | 100,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.70 | % | 04/28/2016 | 90,000 | 90,008,643 | |||||||||||
| Swedbank AB(c) |
0.36 | % | 03/03/2016 | 340,000 | 340,000,000 | |||||||||||
| Swedbank AB(c) |
0.37 | % | 03/01/2016 | 46,500 | 46,500,000 | |||||||||||
| Toronto-Dominion Bank (The)(c) |
0.46 | % | 04/29/2016 | 148,000 | 148,000,000 | |||||||||||
| Toronto-Dominion Bank (The)(c)(d) |
0.68 | % | 06/06/2016 | 50,000 | 50,000,000 | |||||||||||
| Toronto-Dominion Bank (The)(c)(d) |
0.68 | % | 08/17/2016 | 30,000 | 30,000,000 | |||||||||||
| UBS AG(c) |
0.68 | % | 05/31/2016 | 145,000 | 145,000,000 | |||||||||||
| UBS AG(c) |
0.85 | % | 08/05/2016 | 85,000 | 85,000,000 | |||||||||||
| Total Certificates of Deposit (Cost $6,880,770,669) |
6,880,770,669 | |||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Variable Rate Demand Notes–1.02%(e) |
||||||||||||||||
| Credit Enhanced–0.98% | ||||||||||||||||
| A Mining Group, LLC; Series 2006, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f) |
0.43 | % | 06/01/2029 | $ | 500 | $ | 500,000 | |||||||||
| Appleton (City of), Wisconsin (Great Northern Corp.); Series 2002 A, VRD IDR (LOC–Wells Fargo Bank, N.A.)(f) |
0.18 | % | 09/01/2019 | 2,785 | 2,785,000 | |||||||||||
| Atlanta (City of), Georgia Housing Authority (Villages of East Lake Phase II); Series 1999, VRD MFH RB (LOC–Bank of America, N.A.)(b)(f) |
0.14 | % | 01/01/2029 | 1,300 | 1,300,000 | |||||||||||
| Benjamin Rose Institute (The) (Kethley House); Series 2005, VRD Taxable Notes (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.43 | % | 12/01/2028 | 900 | 900,000 | |||||||||||
| Burnsville (City of), Minnesota (Bridgeway Apartments LP); Series 2003, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 10/15/2033 | 1,175 | 1,175,000 | |||||||||||
| Calcasieu (Parish of), Louisiana Public Trust Authority (WPT Corp.); Series 1997, VRD Solid Waste Disposal RB (LOC–Bank of America, N.A.)(f) |
0.08 | % | 12/01/2027 | 2,000 | 2,000,000 | |||||||||||
| Capital Markets Access Co. LC (SEUP Real Estate LLC); Series 2008, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f) |
0.41 | % | 07/01/2038 | 800 | 800,000 | |||||||||||
| Carson City (City of), Nevada (Carson-Tahoe Hospital); Series 2003 B, Hospital RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 09/01/2033 | 18,910 | 18,910,000 | |||||||||||
| Centerville (City of), Ohio (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 B, VRD Health Care RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 11/01/2040 | 6,300 | 6,300,000 | |||||||||||
| Chicago (City of), Illinois (Churchview Supportive Living Facility); Series 2003, VRD MFH RB (LOC–BMO Harris N.A.)(b)(f) |
0.10 | % | 03/01/2033 | 2,600 | 2,600,000 | |||||||||||
| Cleveland (City of) & Cuyahoga (County of), Ohio Port Authority (Carnegie/96th Research Building LLC); Series 2003, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 01/01/2033 | 22,390 | 22,390,000 | |||||||||||
| Columbus (City of), Ohio Regional Airport Authority (OASBO Expanded Asset Pooled Financing Program); Sr. Series 2004 A, VRD Capital Funding RB (LOC–U.S. Bank, N.A.)(f) |
0.02 | % | 03/01/2034 | 5,800 | 5,800,000 | |||||||||||
| Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 05/01/2036 | 1,915 | 1,915,000 | |||||||||||
| District of Columbia (The Pew Charitable Trusts); Series 2008 A, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 0/01/2038 | 12,890 | 12,890,000 | |||||||||||
| Fayette (County of), Pennsylvania Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 06/01/2037 | 2,380 | 2,380,000 | |||||||||||
| Gainesville (City of) & Hall (County of), Georgia Development Authority (Squirrel Creek Basin); Series 2002, Ref. VRD RB (LOC–Rabobank Nederland)(c)(f) |
0.10 | % | 08/01/2027 | 1,000 | 1,000,000 | |||||||||||
| Glendale Heights (Village of), Illinois (Glendale Lakes); Series 2000, Ref. VRD MFH RB (CEP–FHLMC) |
0.01 | % | 03/01/2030 | 1,110 | 1,110,000 | |||||||||||
| Hamilton (County of), Ohio (Elizabeth Gamble Deaconess Home Association); Series 2002 B, VRD Hospital Facilities RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 06/01/2027 | 8,500 | 8,500,000 | |||||||||||
| Heard (County of), Georgia Development Authority (Oglethorpe Power Corp. Wansley); Series 2009 A, VRD PCR (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.01 | % | 01/01/2038 | 2,300 | 2,300,000 | |||||||||||
| Illinois (State of) Finance Authority (Elmhurst College); Series 2007, VRD RB (LOC–BMO Harris N.A.)(f) |
0.01 | % | 02/01/2042 | 3,650 | 3,650,000 | |||||||||||
| Illinois (State of) Finance Authority (National-Louis University); Series 1999 B, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.01 | % | 06/01/2029 | 1,320 | 1,320,000 | |||||||||||
| Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC–Northern Trust Co.)(f) |
0.01 | % | 01/01/2037 | 3,450 | 3,450,000 | |||||||||||
| Illinois (State of) Housing Development Authority (Brainard Landings II Apartments); Series 2007, VRD MFH RB (LOC–U.S. Bank, N.A.)(f) |
0.03 | % | 05/01/2042 | 2,525 | 2,525,000 | |||||||||||
| Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 B, VRD MFH RB (LOC–FHLB of Indianapolis)(f) |
0.30 | % | 12/01/2039 | 735 | 735,000 | |||||||||||
| Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc.); Series 2008 G, Ref. VRD Health System RB (LOC–Wells Fargo Bank N.A.)(f) |
0.02 | % | 09/01/2048 | 9,565 | 9,565,000 | |||||||||||
| Kansas (State of) Development Finance Authority (Chesapeake Apartments JV GP LLC); Series 2000 M, Ref. VRD MFH RB (CEP–FHLMC) |
0.01 | % | 07/01/2030 | 600 | 600,000 | |||||||||||
| Luzerne (County of), Pennsylvania Convention Center Authority; Series 1998 A, VRD Hotel Room Rental Tax RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 09/01/2028 | 4,700 | 4,700,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Credit Enhanced–(continued) | ||||||||||||||||
| Massachusetts (State of) Development Finance Agency (Milton Academy); Series 2009 B, VRD Taxable RB (LOC–TD Bank, N.A.)(f) |
0.38 | % | 03/01/2039 | $ | 1,900 | $ | 1,900,000 | |||||||||
| Massachusetts (State of) Health & Educational Facilities Authority (Harrington Memorial Hospital, Inc.); Series 2008 A, VRD RB (LOC–TD Bank, N.A.)(f) |
0.01 | % | 07/01/2038 | 3,100 | 3,100,000 | |||||||||||
| Milwaukee (City of), Wisconsin Redevelopment Authority (University of Wisconsin-Milwaukee Kenilworth); Series 2005, VRD Lease RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 09/01/2040 | 5,515 | 5,515,000 | |||||||||||
| Minnetonka (City of), Minnesota (Minnesota Hills Apartments); Series 2001, Ref. VRD MFH RB (CEP–FNMA) |
0.02 | % | 11/15/2031 | 4,000 | 4,000,000 | |||||||||||
| Mississippi (State of) Business Finance Corp. (CPX Gulfport ES OPAG, LLC); Series 2007 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.01 | % | 04/01/2037 | 6,800 | 6,800,000 | |||||||||||
| Mississippi (State of) Business Finance Corp. (CPX Gulfport OPAG, LLC); Series 2007 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.01 | % | 04/01/2037 | 1,500 | 1,500,000 | |||||||||||
| Montgomery (County of), Pennsylvania Industrial Development Authority (Friends’ Central School Corp.); Series 2002, VRD School RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.02 | % | 03/01/2032 | 1,005 | 1,005,000 | |||||||||||
| New Jersey (State of) Economic Development Authority (Job Haines Home for Aged People); Series 1998, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 02/01/2028 | 620 | 620,000 | |||||||||||
| Oregon (State of) Housing & Community Services Department (Redwood Park Apartments LLC); Series 2005 F, VRD Housing Development RB (CEP–FNMA) |
0.03 | % | 10/15/2038 | 4,000 | 4,000,000 | |||||||||||
| Palm Beach (County of), Florida Housing Finance Authority (Azalea Place Apartments); Series 1999 A, VRD MFH RB (CEP–FHLMC)(b) |
0.03 | % | 12/01/2032 | 4,606 | 4,606,000 | |||||||||||
| S&L Capital, LLC (J&L Development of Holland, LLC); Series 2005 A, VRD Taxable Notes (LOC–FHLB of Indianapolis)(f) |
0.48 | % | 07/01/2040 | 1,970 | 1,970,000 | |||||||||||
| Shelby (County of), Tennessee Health, Educational & Housing Facility Board (Providence Place Apartments); Series 2007, Ref. VRD MFH RB (CEP–FNMA) |
0.02 | % | 12/15/2042 | 500 | 500,000 | |||||||||||
| Sierra Vista (City of), Arizona Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 06/15/2031 | 3,345 | 3,345,000 | |||||||||||
| Southeast Texas Housing Finance Corp. (Mansions at Moses Lake Apartments); Series 2008, VRD MFH RB (CEP–FHLMC) |
0.03 | % | 06/01/2041 | 7,090 | 7,090,000 | |||||||||||
| St. Charles (County of), Missouri Industrial Development Authority (Westchester Village Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 04/15/2027 | 5,600 | 5,600,000 | |||||||||||
| St. Joseph (City of), Missouri Industrial Development Authority (Heartland Regional Medical Center); Series 2009 A, VRD Health Facilities RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 11/15/2043 | 14,950 | 14,950,000 | |||||||||||
| St. Louis (County of), Missouri Industrial Development Authority (Sugar Pines Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 04/15/2027 | 7,870 | 7,870,000 | |||||||||||
| Texas (State of) Department of Housing & Community Affairs (Champions Crossing Apartments); Series 2006, Ref. VRD MFH Mortgage RB (CEP–FNMA)(b) |
0.03 | % | 09/15/2036 | 4,475 | 4,475,000 | |||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (Norwich University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(f) |
0.01 | % | 09/01/2038 | 5,125 | 5,125,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Inglenook Court); Series 1995, VRD MFH Mortgage RB (CEP–FHLMC) |
0.03 | % | 07/01/2025 | 8,300 | 8,300,000 | |||||||||||
| Westmoreland (County of), Pennsylvania Industrial Development Authority (Excela Health); Series 2005 A, VRD Health System RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 07/01/2027 | 1,500 | 1,500,000 | |||||||||||
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital); Series 2004, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.01 | % | 08/15/2034 | 5,105 | 5,105,000 | |||||||||||
| 220,976,000 | ||||||||||||||||
| Other Variable Rate Demand Notes–0.04% | ||||||||||||||||
| Federal Home Loan Mortgage Corp., Series M028, Class A, VRD MFH Ctfs. |
0.03 | % | 09/15/2024 | 8,480 | 8,480,000 | |||||||||||
| Total Variable Rate Demand Notes (Cost $229,456,000) |
229,456,000 | |||||||||||||||
| Other Bonds & Notes–3.66% |
||||||||||||||||
| Bank of Nova Scotia, Sr. Unsec. Notes(c) |
2.90 | % | 03/29/2016 | 40,000 | 40,073,515 | |||||||||||
| GE Capital International Funding Co., Sr. Unsec. Gtd. Notes(b) |
0.96 | % | 04/15/2016 | 97,236 | 97,291,775 | |||||||||||
| New York Life Global Funding, Sec. Floating Rate Notes(b)(d) |
0.67 | % | 08/05/2016 | 73,000 | 73,000,033 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Wells Fargo Bank, N.A., |
||||||||||||||||
| Sr. Unsec. Medium-Term Floating Rate Notes(d) |
0.68 | % | 10/19/2016 | $ | 235,000 | $ | 235,000,000 | |||||||||
| Unsec. Medium-Term Floating Rate Notes(d) |
0.74 | % | 10/29/2016 | 225,000 | 225,000,000 | |||||||||||
| Westpac Banking Corp., Sr. Unsec. Floating Rate Notes(b)(c)(d) |
0.87 | % | 11/07/2016 | 150,000 | 150,000,000 | |||||||||||
| Total Other Bonds & Notes (Cost $820,365,323) |
820,365,323 | |||||||||||||||
| U.S. Treasury Securities–0.67%(a) |
||||||||||||||||
| U.S. Treasury Bills (Cost $149,636,000) |
0.49 | % | 09/01/2016 | 150,000,000 | 149,636,000 | |||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)–76.39% (Cost $17,143,582,669) |
17,143,582,669 | |||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–24.33%(g) |
||||||||||||||||
| Bank of Nova Scotia (The), agreement dated 02/29/2016, maturing value of $200,001,778 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $204,000,000; 0.90%-5.00%, 04/25/2017-01/01/2046) |
0.32 | % | 03/01/2016 | 200,001,778 | 200,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint agreement dated 02/29/2016, aggregate maturing value of $250,002,153 (collateralized by U.S. government sponsored agency obligations valued at $255,000,425; 0%-6.25%, 03/08/2017-01/15/2030) |
0.31 | % | 03/01/2016 | 125,001,077 | 125,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint agreement dated 02/29/2016, aggregate maturing value of $400,003,333 (collateralized by U.S. Treasury obligations valued at $408,000,044; 1.63%-2.25%, 06/30/2019-11/15/2025) |
0.30 | % | 03/01/2016 | 158,739,106 | 158,737,783 | |||||||||||
| Citigroup Global Markets Inc., term agreement dated 12/03/2015, maturing value of $60,596,167 (collateralized by domestic and foreign non-agency asset-backed securities valued at $66,000,000; 0%-1.05%, 04/01/2030-11/19/2051) |
0.98 | % | 12/02/2016 | 60,596,167 | 60,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, agreement dated 02/29/2016, maturing value of $200,001,778 (collateralized by domestic agency mortgage-backed securities valued at $204,000,000; 3.50%-4.50%, 05/20/2045-02/01/2046) |
0.32 | % | 03/01/2016 | 200,001,778 | 200,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, joint agreement dated 02/29/2016, aggregate maturing value of $600,005,000 (collateralized by U.S. Treasury obligations valued at $612,000,064; 2.63%-3.63%, 08/15/2020-08/15/2043) |
0.30 | % | 03/01/2016 | 93,000,775 | 93,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, open agreement dated 10/07/2015, (collateralized by domestic non-agency mortgage-backed securities valued at $456,502,402; 1.59%-6.00%, 07/27/2037-12/25/2065)(c)(h) |
0.98 | % | — | — | 415,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/23/2016, maturing value of $135,013,913 (collateralized by domestic and foreign non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $141,754,333; 0%-7.14%, 03/22/2017-04/10/2049)(c)(i) |
0.53 | % | 03/01/2016 | 135,013,913 | 135,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/23/2016, maturing value of $75,009,188 (collateralized by domestic and foreign corporate obligations valued at $82,501,090; 0%-10.00%, 02/25/2018-10/29/2049)(c)(i) |
0.63 | % | 03/01/2016 | 75,009,188 | 75,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/24/2016, maturing value of $165,020,213 (collateralized by domestic non-agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $181,503,082; 0%-3.82%, 03/15/2017-03/31/2045)(c)(i) |
0.63 | % | 03/02/2016 | 165,020,213 | 165,000,000 | |||||||||||
| ING Financial Markets, LLC, agreement dated 02/29/2016, maturing value $75,001,063 (collateralized by domestic and foreign corporate obligations valued at $82,211,752; 1.95%-10.50%, 03/15/2018-03/15/2038)(c) |
0.51 | % | 03/01/2016 | 75,001,063 | 75,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., agreement dated 02/29/2016, maturing value of $100,000,889 (collateralized by domestic agency mortgage-backed securities valued at $102,000,001; 0%-4.00%, 01/01/2034-02/01/2046) |
0.32 | % | 03/01/2016 | 100,000,889 | 100,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., joint agreement dated 02/29/2016, aggregate maturing value of $950,007,917 (collateralized by U.S. Treasury obligations valued at $969,000,085; 0.43%-4.50%, 09/30/2016-02/15/2036) |
0.30 | % | 03/01/2016 | 656,057,629 | 656,052,162 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/26/2016, maturing value of $348,452,400 (collateralized by domestic agency mortgage-backed securities, a domestic non-agency mortgage-backed security, a domestic non-agency asset-backed security and municipal obligations valued at $361,340,310; 0%-11.08%, 06/15/2016-04/25/2055)(i) |
0.78 | % | 04/26/2016 | 348,452,400 | 348,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Repurchase Amount |
Value | |||||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/29/2016, maturing value of $350,316,458 (collateralized by U.S. government sponsored agency obligations, a domestic agency mortgage-backed security, domestic non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities and domestic and foreign corporate obligations valued at $370,590,324; 0%-11.08%, 10/06/2016-06/05/2115) |
0.93 | % | 04/04/2016 | $ | 350,316,458 | $ | 350,000,000 | |||||||||
| Mitsubishi UFJ Securities (USA) Inc., agreement dated 02/29/2016, maturing value of $200,001,778 (collateralized by domestic agency mortgage-backed securities valued at $204,000,000; 0.75%-8.00%, 09/01/2023-01/20/2066) |
0.32 | % | 03/01/2016 | 200,001,778 | 200,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 02/23/2016, maturing value of $150,015,458 (collateralized by U.S. government sponsored agency obligations and domestic agency mortgage-backed securities valued at $153,000,000; 0%-15.63%, 02/01/2028-09/20/2063)(c)(i) |
0.53 | % | 03/01/2016 | 150,015,458 | 150,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 02/26/2016, maturing value of $180,094,400 (collateralized by U.S. government sponsored agency obligations, domestic agency mortgage-backed securities and domestic and foreign corporate obligations valued at $184,804,920; 0.80%-49.49%, 06/01/2017-09/20/2063)(c)(i) |
0.59 | % | 03/29/2016 | 180,094,400 | 180,000,000 | |||||||||||
| Societe Generale, agreement dated 02/29/2016, maturing value of $150,001,500 (collateralized by domestic agency mortgage-backed securities and a U.S. government sponsored agency obligation valued at $153,000,000; 0.87%-6.50%, 05/01/2018-01/20/2062) |
0.36 | % | 03/01/2016 | 150,001,500 | 150,000,000 | |||||||||||
| TD Securities (USA) LLC, joint agreement dated 02/29/2016, aggregate maturing value of $600,005,000 (collateralized by U.S. Treasury obligations valued at $612,000,050; 0%-9.00%, 03/03/2016-05/15/2045) |
0.30 | % | 03/01/2016 | 500,004,167 | 500,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $100,001,056 (collateralized by domestic corporate obligations valued at $105,000,001; 0%-2.00%, 03/01/2016-01/24/2028) |
0.38 | % | 03/01/2016 | 100,001,056 | 100,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $500,004,583 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.50%-3.50%, 04/01/2030-09/01/2045) |
0.33 | % | 03/01/2016 | 500,004,583 | 500,000,000 | |||||||||||
| Wells Fargo Securities, LLC, joint agreement dated 02/29/2016, aggregate maturing value of $550,005,042 (collateralized by U.S. government sponsored agency obligations valued at $561,000,000; 0.64%-4.00%, 07/15/2021-03/25/2055) |
0.33 | % | 03/01/2016 | 349,738,534 | 349,735,328 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/26/2016, maturing value of $175,017,354 (collateralized by U.S. government sponsored agency obligations, domestic corporate obligations and sovereign debt valued at $179,495,120; 0%-10.13%, 03/01/2016-01/21/2045)(i) |
0.51 | % | 03/04/2016 | 175,017,354 | 175,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $5,460,525,273) |
5,460,525,273 | |||||||||||||||
| TOTAL INVESTMENTS(j)(k)–100.72% (Cost $22,604,107,942) |
22,604,107,942 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(0.72)% |
(160,487,731 | ) | ||||||||||||||
| NET ASSETS–100.00% |
$ | 22,443,620,211 | ||||||||||||||
Investment Abbreviations:
| CEP | – Credit Enhancement Provider | |
| Ctfs. | – Certificates | |
| FHLB | – Federal Home Loan Bank | |
| FHLMC | – Federal Home Loan Mortgage Corp. | |
| FNMA | – Federal National Mortgage Association | |
| Gtd. | – Guaranteed | |
| IDR | – Industrial Development Revenue Bonds | |
| LOC | – Letter of Credit | |
| MFH | – Multi-Family Housing | |
| PCR | – Pollution Control Revenue Bonds | |
| RB | – Revenue Bonds | |
| Ref. | – Refunding | |
| Sec. | – Secured | |
| Sr. | – Senior | |
| Unsec. | – Unsecured | |
| VRD | – Variable Rate Demand |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 Short-Term Investments Trust
Liquid Assets Portfolio
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, 2016 was $7,237,690,536, which represented 32.25% 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: France: 11.8%; Canada: 10.3%; Japan: 10.1%; United Kingdom: 8.4%; other countries less than 5% each: 26.9%. |
| (d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (e) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (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) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (i) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (j) | Also represents cost for federal income tax purposes. |
| (k) | 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 issuers obligations. No concentration of any single entity was greater than 5% each. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
38.6 | % | ||
| 8-30 |
8.6 | |||
| 31-60 |
21.7 | |||
| 61-90 |
11.5 | |||
| 91-180 |
12.7 | |||
| 181+ |
6.9 |
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| STIC Prime Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Commercial Paper–49.74%(a) |
|
|||||||||||||||
| Asset-Backed Securities — Fully Supported–2.93% | ||||||||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.47 | % | 04/05/2016 | $ | 30,000 | $ | 29,986,292 | |||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.48 | % | 04/12/2016 | 25,000 | 24,986,000 | |||||||||||
| Kells Funding LLC (CEP–FMS Wertmanagement)(b)(c) |
0.42 | % | 03/03/2016 | 25,000 | 24,999,416 | |||||||||||
| 79,971,708 | ||||||||||||||||
| Asset-Backed Securities — Fully Supported Bank–22.85% | ||||||||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.50 | % | 04/07/2016 | 25,000 | 24,987,153 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c)(d) |
0.61 | % | 07/06/2016 | 77,000 | 77,000,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c)(d) |
0.61 | % | 07/05/2016 | 10,000 | 10,000,000 | |||||||||||
| Cancara Asset Securitisation LLC (CEP–Lloyds Bank PLC)(b) |
0.52 | % | 03/07/2016 | 50,000 | 49,995,667 | |||||||||||
| Gotham Funding Corp. (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(b)(c) |
0.53 | % | 03/15/2016 | 40,000 | 39,991,756 | |||||||||||
| Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) |
0.60 | % | 03/07/2016 | 12,000 | 11,998,800 | |||||||||||
| Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) |
0.60 | % | 03/01/2016 | 25,000 | 25,000,000 | |||||||||||
| Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) |
0.61 | % | 03/21/2016 | 32,943 | 32,931,836 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.48 | % | 04/22/2016 | 40,000 | 39,972,267 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.52 | % | 03/11/2016 | 50,000 | 49,992,778 | |||||||||||
| Manhattan Asset Funding Co., LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.48 | % | 03/24/2016 | 37,500 | 37,488,500 | |||||||||||
| Matchpoint Finance PLC, Series A (CEP–BNP Paribas S.A.)(b)(c) |
0.45 | % | 03/01/2016 | 100,000 | 100,000,000 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/14/2016 | 13,000 | 12,997,981 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/21/2016 | 80,000 | 79,980,889 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/29/2016 | 10,000 | 9,996,655 | |||||||||||
| Working Capital Management Co. (CEP–Mizuho Bank, Ltd.)(b)(c) |
0.51 | % | 04/18/2016 | 22,520 | 22,504,686 | |||||||||||
| 624,838,968 | ||||||||||||||||
| Asset-Backed Securities — Multi-Purpose–2.74% | ||||||||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.45 | % | 04/18/2016 | 25,000 | 24,985,000 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.47 | % | 03/09/2016 | 50,000 | 49,994,778 | |||||||||||
| 74,979,778 | ||||||||||||||||
| Diversified Banks–5.49% | ||||||||||||||||
| DBS Bank Ltd.(b)(c) |
0.45 | % | 03/18/2016 | 115,000 | 114,975,563 | |||||||||||
| Swedbank AB(b) |
0.36 | % | 03/07/2016 | 35,000 | 34,997,900 | |||||||||||
| 149,973,463 | ||||||||||||||||
| Integrated Oil & Gas–1.83% | ||||||||||||||||
| Chevron Corp.(c) |
0.43 | % | 04/01/2016 | 9,500 | 9,496,482 | |||||||||||
| Exxon Mobil Corp. |
0.46 | % | 03/15/2016 | 17,000 | 16,996,959 | |||||||||||
| Total Capital Canada Ltd.(b)(c) |
0.43 | % | 03/21/2016 | 23,500 | 23,494,386 | |||||||||||
| 49,987,827 | ||||||||||||||||
| Life & Health Insurance–3.15% | ||||||||||||||||
| MetLife Short Term Funding LLC(c) |
0.41 | % | 03/02/2016 | 76,120 | 76,119,133 | |||||||||||
| MetLife Short Term Funding LLC(c) |
0.42 | % | 03/04/2016 | 10,000 | 9,999,650 | |||||||||||
| 86,118,783 | ||||||||||||||||
| Regional Banks–8.01% | ||||||||||||||||
| Banque et Caisse d’Epargne de l’Etat(b) |
0.45 | % | 03/18/2016 | 79,000 | 78,983,213 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 Short-Term Investments Trust
| STIC Prime Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Regional Banks–(continued) | ||||||||||||||||
| Banque et Caisse d’Epargne de l’Etat(b) |
0.45 | % | 03/23/2016 | $ | 40,000 | $ | 39,989,000 | |||||||||
| Landesbank Hessen-Thueringen Girozentrale(b)(c) |
0.45 | % | 04/18/2016 | 100,000 | 99,940,000 | |||||||||||
| 218,912,213 | ||||||||||||||||
| Specialized Finance–2.74% | ||||||||||||||||
| CDP Financial Inc.(b)(c) |
0.50 | % | 03/01/2016 | 75,000 | 75,000,000 | |||||||||||
| Total Commercial Paper (Cost $1,359,782,740) |
1,359,782,740 | |||||||||||||||
| Certificates of Deposit–29.65% |
||||||||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(b) |
0.37 | % | 03/03/2016 | 20,000 | 20,000,000 | |||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(b) |
0.37 | % | 03/07/2016 | 45,000 | 45,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(b) |
0.28 | % | 03/01/2016 | 25,000 | 25,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(b) |
0.36 | % | 03/03/2016 | 40,000 | 40,000,000 | |||||||||||
| Credit Industriel et Commercial(b) |
0.37 | % | 03/02/2016 | 40,000 | 40,000,000 | |||||||||||
| Credit Industriel et Commercial(b) |
0.38 | % | 03/01/2016 | 20,000 | 20,000,000 | |||||||||||
| DNB Bank ASA(b) |
0.28 | % | 03/01/2016 | 137,000 | 137,000,000 | |||||||||||
| KBC Bank N.V.(b) |
0.38 | % | 03/01/2016 | 30,000 | 30,000,000 | |||||||||||
| KBC Bank N.V.(b) |
0.38 | % | 03/03/2016 | 40,000 | 40,000,000 | |||||||||||
| Nordea Bank Finland PLC(b) |
0.28 | % | 03/01/2016 | 137,000 | 137,000,000 | |||||||||||
| Oversea-Chinese Banking Corp. Ltd.(b) |
0.48 | % | 04/08/2016 | 50,000 | 50,000,000 | |||||||||||
| Oversea-Chinese Banking Corp. Ltd.(b) |
0.50 | % | 03/17/2016 | 49,750 | 49,750,000 | |||||||||||
| Skandinaviska Enskilda Banken AB(b) |
0.29 | % | 03/01/2016 | 137,000 | 137,000,000 | |||||||||||
| Swedbank AB(b) |
0.36 | % | 03/03/2016 | 40,000 | 40,000,000 | |||||||||||
| Total Certificates of Deposit (Cost $810,750,000) |
|
810,750,000 | ||||||||||||||
| Variable Rate Demand Notes–3.21%(e) |
||||||||||||||||
| Credit Enhanced–3.21% | ||||||||||||||||
| A Mining Group, LLC; Series 2006, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f) |
0.43 | % | 06/01/2029 | 2,095 | 2,095,000 | |||||||||||
| Benjamin Rose Institute (The) (Kethley House); Series 2005, VRD Taxable Notes (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.43 | % | 12/01/2028 | 2,200 | 2,200,000 | |||||||||||
| Centerville (City of), Ohio (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 B, VRD Health Care RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 11/01/2040 | 5,800 | 5,800,000 | |||||||||||
| Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 05/01/2036 | 4,335 | 4,335,000 | |||||||||||
| Grand Valley State University Board of Trustees; Series 2008 B, Ref. VRD General RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 06/01/2019 | 7,155 | 7,155,000 | |||||||||||
| Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc.); Series 2008 G, Ref. VRD Health System RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.02 | % | 09/01/2048 | 1,510 | 1,510,000 | |||||||||||
| Jets Stadium Development, LLC; Series 2007 A-4C, Project RB (LOC–Sumitomo Mitsui Banking Corp.)(b)(c)(f) |
0.38 | % | 04/01/2047 | 51,400 | 51,400,000 | |||||||||||
| Mississippi (State of) Business Finance Corp. (CPX Gulfport ES OPAG, LLC); Series 2007 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.01 | % | 04/01/2037 | 5,500 | 5,500,000 | |||||||||||
| Montgomery (County of), Pennsylvania Redevelopment Authority (Forge Gate Apartments); Series 2001 A, VRD MFH RB (CEP–FNMA) |
0.01 | % | 08/15/2031 | 700 | 700,000 | |||||||||||
| Oregon (State of) Housing & Community Services Department (Redwood Park Apartments LLC); Series 2005 F, VRD Housing Development RB (CEP–FNMA) |
0.03 | % | 10/15/2038 | 1,600 | 1,600,000 | |||||||||||
| St. Louis (County of), Missouri Industrial Development Authority (Westport Station Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 04/15/2027 | 2,600 | 2,600,000 | |||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (Norwich University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(f) |
0.01 | % | 09/01/2038 | 2,825 | 2,825,000 | |||||||||||
| Total Variable Rate Demand Notes (Cost $87,720,000) |
|
87,720,000 | ||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 Short-Term Investments Trust
| STIC Prime Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| U.S. Government Sponsored Agency Securities–0.95% |
||||||||||||||||
| Overseas Private Investment Corp. (OPIC)–0.95%(e) | ||||||||||||||||
| Unsec. Gtd. VRD COP Bonds |
0.36 | % | 05/15/2030 | $ | 11,960 | $ | 11,960,000 | |||||||||
| Unsec. Gtd. VRD COP Bonds |
0.40 | % | 09/20/2022 | 4,000 | 4,000,000 | |||||||||||
| Unsec. Gtd. VRD COP Notes |
0.40 | % | 09/15/2022 | 10,000 | 10,000,000 | |||||||||||
| Total U.S. Government Sponsored Agency Securities (Cost $25,960,000) |
|
25,960,000 | ||||||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)–83.55% (Cost $2,284,212,740) |
|
2,284,212,740 | ||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–16.47%(g) |
|
|||||||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/23/2016, maturing value of $15,001,546 (collateralized by a domestic non-agency asset-backed security valued at $15,751,736; 0%, 11/01/2047)(b)(h) |
0.53 | % | 03/01/2016 | 15,001,546 | 15,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/24/2016, maturing value of $115,014,088 (collateralized by domestic non-agency mortgage-backed securities and a domestic non-agency asset-backed security valued at $120,750,185; 0%-3.88%, 10/27/2034-12/25/2056)(b)(h) |
0.63 | % | 03/02/2016 | 115,014,088 | 115,000,000 | |||||||||||
| ING Financial Markets, LLC, agreement dated 02/29/2016, maturing value $10,000,142 (collateralized by a foreign corporate obligation valued at $10,602,967; 2.20%, 09/23/2019)(b) |
0.51 | % | 03/01/2016 | 10,000,142 | 10,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., joint agreement dated 02/29/2016, aggregate maturing value of $950,007,917 (collateralized by U.S. Treasury obligations valued at $969,000,085; 0.43%-4.50%, 09/30/2016-02/15/2036) |
0.30 | % | 03/01/2016 | 65,370,280 | 65,369,735 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/26/2016, maturing value of $80,104,000 (collateralized by a domestic non-agency asset-backed security valued at $88,000,001; 0%, 10/03/2039)(h) |
0.78 | % | 04/26/2016 | 80,104,000 | 80,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/29/2016, maturing value of $20,018,083 (collateralized by a domestic non-agency mortgage-backed security and domestic non-agency asset-backed securities valued at $22,000,000; 0%-5.84%, 10/26/2039-06/12/2050) |
0.93 | % | 04/04/2016 | 20,018,083 | 20,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 02/26/2016, maturing value of $120,062,933 (collateralized by U.S. government sponsored agency obligations valued at $122,400,000; 0%-10.86%, 05/15/2027-01/20/2046)(b)(h) |
0.59 | % | 03/29/2016 | 120,062,933 | 120,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/26/2016, maturing value of $25,002,479 (collateralized by domestic corporate obligations valued at $26,250,000; 0%, 03/10/2016- 03/11/2016)(h) |
0.51 | % | 03/04/2016 | 25,002,479 | 25,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $450,369,735) |
450,369,735 | |||||||||||||||
| TOTAL INVESTMENTS(i)(j)–100.02% (Cost $2,734,582,475) |
|
2,734,582,475 | ||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(0.02)% |
|
(620,917 | ) | |||||||||||||
| NET ASSETS–100.00% |
|
$ | 2,733,961,558 | |||||||||||||
Investment Abbreviations:
| CEP | – Credit Enhancement Provider | |
| COP | – Certificates of Participation | |
| FNMA | – Federal National Mortgage Association | |
| Gtd. | – Guaranteed | |
| LOC | – Letter of Credit | |
| MFH | – Multi-Family Housing | |
| RB | – Revenue Bonds | |
| Ref. | – Refunding | |
| Unsec. | – Unsecured | |
| VRD | – Variable Rate Demand |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 Short-Term Investments Trust
STIC Prime Portfolio
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) | 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: France: 12.8%; Canada: 12.8%; Sweden: 12.8%; Japan: 7.9%; Singapore: 7.9%; Netherlands: 5.7%; United Kingdom: 5.6%; Norway: 5.0%; other countries less than 5% each: 16.2%. |
| (c) | 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, 2016 was $1,190,220,001, which represented 43.53% of the Fund’s Net Assets. |
| (d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (e) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (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) | Also represents cost for federal income tax purposes. |
| (j) | 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 | |||
| DNB Bank ASA |
5.0 | % | ||
| Nordea Bank AB |
5.0 | |||
| Skandinaviska Enskilda Banken AB |
5.0 | |||
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
60.3 | % | ||
| 8-30 |
23.8 | |||
| 31-60 |
15.9 | |||
| 61-90 |
0.0 | |||
| 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.
16 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Treasury Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value |
|||||||||||||
| U.S. Treasury Securities–41.96% |
||||||||||||||||
| U.S. Treasury Bills–27.77%(a) | ||||||||||||||||
| U.S. Treasury Bills |
0.34 | % | 05/05/2016 | $ | 600,000 | $ | 599,640,874 | |||||||||
| U.S. Treasury Bills |
0.33 | % | 05/26/2016 | 500,000 | 499,617,778 | |||||||||||
| U.S. Treasury Bills |
0.42 | % | 06/02/2016 | 130,300 | 130,161,822 | |||||||||||
| U.S. Treasury Bills |
0.49 | % | 06/02/2016 | 149,700 | 149,513,985 | |||||||||||
| U.S. Treasury Bills |
0.38 | % | 06/09/2016 | 100,000 | 99,897,222 | |||||||||||
| U.S. Treasury Bills |
0.59 | % | 06/16/2016 | 179,725 | 179,416,510 | |||||||||||
| U.S. Treasury Bills |
0.52 | % | 06/23/2016 | 100,000 | 99,836,758 | |||||||||||
| U.S. Treasury Bills |
0.54 | % | 06/30/2016 | 55,450 | 55,351,222 | |||||||||||
| U.S. Treasury Bills |
0.51 | % | 07/07/2016 | 225,000 | 224,600,000 | |||||||||||
| U.S. Treasury Bills |
0.52 | % | 07/14/2016 | 115,250 | 115,030,449 | |||||||||||
| U.S. Treasury Bills |
0.42 | % | 08/18/2016 | 250,000 | 249,515,972 | |||||||||||
| U.S. Treasury Bills |
0.45 | % | 08/18/2016 | 200,000 | 199,582,556 | |||||||||||
| U.S. Treasury Bills |
0.45 | % | 08/25/2016 | 250,000 | 249,452,406 | |||||||||||
| U.S. Treasury Bills |
0.46 | % | 08/25/2016 | 200,000 | 199,560,450 | |||||||||||
| U.S. Treasury Bills |
0.23 | % | 09/15/2016 | 300,000 | 299,628,750 | |||||||||||
| U.S. Treasury Bills |
0.24 | % | 09/15/2016 | 200,000 | 199,738,200 | |||||||||||
| 3,550,544,954 | ||||||||||||||||
| U.S. Treasury Notes–14.19% | ||||||||||||||||
| U.S. Treasury Floating Rate Notes(b) |
0.40 | % | 07/31/2017 | 350,000 | 349,999,282 | |||||||||||
| U.S. Treasury Floating Rate Notes(b) |
0.49 | % | 10/31/2017 | 706,250 | 705,969,689 | |||||||||||
| U.S. Treasury Floating Rate Notes(b) |
0.59 | % | 01/31/2018 | 300,000 | 300,217,593 | |||||||||||
| U.S. Treasury Notes |
1.00 | % | 09/30/2016 | 150,000 | 150,408,452 | |||||||||||
| U.S. Treasury Notes |
3.13 | % | 10/31/2016 | 152,492 | 155,138,037 | |||||||||||
| U.S. Treasury Notes |
2.75 | % | 11/30/2016 | 150,000 | 152,450,452 | |||||||||||
| 1,814,183,505 | ||||||||||||||||
| Total U.S. Treasury Securities (Cost $5,364,728,459) |
5,364,728,459 | |||||||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)–41.96% (Cost $5,364,728,459) |
5,364,728,459 | |||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–58.02%(c) |
||||||||||||||||
| BNP Paribas Securities Corp., term agreement dated 02/25/2016, maturing value of $880,059,889 (collateralized by U.S. Treasury obligations valued at $897,549,096; 1.38%-8.13%, 08/15/2019-09/30/2020)(d) |
0.35 | % | 03/03/2016 | 880,059,889 | 880,000,000 | |||||||||||
| CIBC World Markets Corp., joint agreement dated 02/29/2016, aggregate maturing value of $100,000,833 (collateralized by U.S. Treasury obligations valued at $102,001,586; 1.13%-2.50%, 07/31/2019-02/15/2046) |
0.30 | % | 03/01/2016 | 76,960,419 | 76,959,778 | |||||||||||
| Citigroup Global Markets Inc., term agreement dated 02/25/2016, maturing value of $500,031,111 (collateralized by U.S. Treasury obligations valued at $510,000,061; 0.38%-2.00%, 03/15/2016-08/31/2021)(d) |
0.32 | % | 03/03/2016 | 500,031,111 | 500,000,000 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/25/2016, maturing value of $790,131,183 (collateralized by U.S. Treasury obligations valued at $806,199,875; 2.25%-3.75%, 11/15/2024-11/15/2043)(d) |
0.36 | % | 03/03/2016 | 790,131,183 | 790,075,878 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/26/2016, maturing value of $220,015,600 (collateralized by a U.S. Treasury obligation valued at $224,490,000; 2.25%, 11/15/2025)(d) |
0.36 | % | 03/04/2016 | 220,015,600 | 220,000,200 | |||||||||||
| Prudential Financial, Inc., agreement dated 02/29/2016, maturing value of $475,682,757 (collateralized by U.S. Treasury obligations valued at $484,802,967; 0%, 08/15/2027-08/15/2043) |
0.36 | % | 03/01/2016 | 475,682,757 | 475,678,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 Short-Term Investments Trust
| Treasury Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Repurchase Amount |
Value |
|||||||||||||
| RBC Capital Markets Corp., term agreement dated 10/14/2015, maturing value of $250,170,139 (collateralized by U.S. Treasury obligations valued at $255,000,006; 0%-9.00%, 03/17/2016-05/15/2045)(d) |
0.14 | % | 04/06/2016 | $ | 250,170,139 | $ | 250,000,000 | |||||||||
| RBC Capital Markets Corp., term agreement dated 10/13/2015, maturing value of $250,173,056 (collateralized by U.S. Treasury obligations valued at $255,000,009; 0%-8.75%, 04/14/2016-02/15/2045)(d) |
0.14 | % | 04/08/2016 | 250,173,056 | 250,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 10/21/2015, maturing value of $500,400,000 (collateralized by U.S. Treasury obligations valued at $510,000,074; 0%-8.00%, 03/03/2016-08/15/2043)(d) |
0.16 | % | 04/18/2016 | 500,400,000 | 500,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 10/22/2015, maturing value of $500,400,000 (collateralized by U.S. Treasury obligations valued at $510,000,078; 0.13%-8.75%, 03/15/2016-02/15/2043)(d) |
0.16 | % | 04/19/2016 | 500,400,000 | 500,000,000 | |||||||||||
| Societe Generale, agreement dated 02/29/2016, maturing value of $500,004,722 (collateralized by U.S. Treasury obligations valued at $510,000,000; 0%-8.50%, 04/07/2016-02/15/2042) |
0.34 | % | 03/01/2016 | 500,004,722 | 500,000,000 | |||||||||||
| Societe Generale, term agreement dated 02/03/2016, maturing value of $550,176,458 (collateralized by U.S. Treasury obligations valued at $561,000,092; 0.13%-8.50%, 11/30/2016-02/15/2044)(d) |
0.35 | % | 03/07/2016 | 550,176,458 | 550,000,000 | |||||||||||
| Societe Generale, term agreement dated 02/08/2016, maturing value of $400,116,000 (collateralized by U.S. Treasury obligations valued at $408,000,015; 0%-4.63%, 04/07/2016-02/15/2044)(d) |
0.36 | % | 03/08/2016 | 400,116,000 | 400,000,000 | |||||||||||
| Societe Generale, term agreement dated 02/16/2016, maturing value of $250,068,056 (collateralized by U.S. Treasury obligations valued at $255,000,001; 0.13%-7.25%, 02/15/2017-07/15/2024) (d) |
0.35 | % | 03/15/2016 | 250,068,556 | 250,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $325,002,799 (collateralized by U.S. Treasury obligations valued at $331,500,025; 3.00%, 05/15/2042-11/15/2045) |
0.31 | % | 03/01/2016 | 325,002,799 | 325,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $425,003,660 (collateralized by a U.S. Treasury obligation valued at $433,500,058; 1.38%, 04/30/2020) |
0.31 | % | 03/01/2016 | 425,003,660 | 425,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 01/19/2016, maturing value of $125,051,042 (collateralized by U.S. Treasury obligations valued at $127,500,058; 3.00%-8.88%, 05/15/2017-08/15/2044) |
0.35 | % | 03/01/2016 | 125,051,042 | 125,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/04/2016, maturing value of $200,220,000 (collateralized by a U.S. Treasury obligation valued at $204,000,063; 1.38%, 04/30/2020) |
0.44 | % | 05/04/2016 | 200,220,000 | 200,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/08/2016, maturing value of $200,227,500 (collateralized by U.S. Treasury obligations valued at $204,000,063; 0.42%-3.75%, 04/30/2016-11/15/2023) |
0.45 | % | 05/09/2016 | 200,227,500 | 200,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $7,417,713,856) |
7,417,713,856 | |||||||||||||||
| TOTAL INVESTMENTS(e)–99.98% (Cost $12,782,442,315) |
12,782,442,315 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–0.02% |
|
2,745,666 | ||||||||||||||
| NET ASSETS–100.00% |
|
$ | 12,785,187,981 | |||||||||||||
Notes to Schedule of Investments:
| (a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (c) | Principal amount equals value at period end. See Note 1I. |
| (d) | The Fund may demand prepayment of the term repurchase agreement upon one to seven business days notice depending on the timing of the demand. |
| (e) | Also represents cost for federal income tax purposes. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
54.9 | % | ||
| 8-30 |
0.0 | |||
| 31-60 |
0.0 | |||
| 61-90 |
11.7 | |||
| 91-180 |
15.3 | |||
| 181+ |
18.1 |
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Government & Agency Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| U.S. Government Sponsored Agency Securities–40.86% |
||||||||||||||||
| Federal Farm Credit Bank (FFCB)–7.53% | ||||||||||||||||
| Unsec. Bonds(a) |
0.40 | % | 04/21/2016 | $ | 33,000 | $ | 32,999,788 | |||||||||
| Unsec. Bonds(a) |
0.41 | % | 05/05/2016 | 145,000 | 144,998,742 | |||||||||||
| Unsec. Bonds(a) |
0.46 | % | 06/20/2017 | 39,325 | 39,281,437 | |||||||||||
| Unsec. Bonds(a) |
0.58 | % | 07/21/2017 | 45,000 | 44,999,903 | |||||||||||
| Unsec. Bonds(a) |
0.47 | % | 07/25/2017 | 35,600 | 35,624,024 | |||||||||||
| Unsec. Bonds(a) |
0.46 | % | 10/02/2017 | 41,400 | 41,370,334 | |||||||||||
| Unsec. Bonds(a) |
0.48 | % | 11/13/2017 | 8,000 | 7,986,928 | |||||||||||
| Unsec. Bonds(a) |
0.45 | % | 12/27/2017 | 30,000 | 29,928,524 | |||||||||||
| 377,189,680 | ||||||||||||||||
| Federal Home Loan Bank (FHLB)–23.20% | ||||||||||||||||
| Unsec. Bonds(a) |
0.37 | % | 05/18/2016 | 70,000 | 70,000,000 | |||||||||||
| Unsec. Disc. Notes(b) |
0.44 | % | 03/11/2016 | 5,000 | 4,999,389 | |||||||||||
| Unsec. Disc. Notes(b) |
0.44 | % | 03/16/2016 | 5,000 | 4,999,083 | |||||||||||
| Unsec. Disc. Notes(b) |
0.46 | % | 03/16/2016 | 50,000 | 49,990,417 | |||||||||||
| Unsec. Disc. Notes(b) |
0.44 | % | 03/18/2016 | 91,320 | 91,301,026 | |||||||||||
| Unsec. Disc. Notes(b) |
0.40 | % | 05/06/2016 | 75,000 | 74,944,450 | |||||||||||
| Unsec. Disc. Notes(b) |
0.47 | % | 08/12/2016 | 100,000 | 99,788,622 | |||||||||||
| Unsec. Disc. Notes(b) |
0.47 | % | 08/17/2016 | 150,000 | 149,669,042 | |||||||||||
| Unsec. Disc. Notes(b) |
0.49 | % | 08/19/2016 | 120,000 | 119,720,700 | |||||||||||
| Unsec. Disc. Notes(b) |
0.49 | % | 08/24/2016 | 110,000 | 109,738,567 | |||||||||||
| Unsec. Disc. Notes(b) |
0.50 | % | 08/24/2016 | 167,500 | 167,094,650 | |||||||||||
| Unsec. Global Bonds(a) |
0.37 | % | 08/18/2016 | 80,000 | 79,998,121 | |||||||||||
| Unsec. Global Bonds(a) |
0.38 | % | 01/17/2017 | 80,000 | 79,901,075 | |||||||||||
| Unsec. Global Bonds(a) |
0.52 | % | 01/23/2017 | 50,000 | 50,000,000 | |||||||||||
| Unsec. Global Bonds(a) |
0.45 | % | 04/21/2017 | 10,000 | 9,994,865 | |||||||||||
| 1,162,140,007 | ||||||||||||||||
| Federal Home Loan Mortgage Corp. (FHLMC)–2.43% | ||||||||||||||||
| Unsec. Disc. Notes(b) |
0.46 | % | 08/12/2016 | 47,500 | 47,401,543 | |||||||||||
| Unsec. Global Notes(a) |
0.43 | % | 01/13/2017 | 10,000 | 10,004,009 | |||||||||||
| Unsec. Global Notes(a) |
0.44 | % | 04/20/2017 | 30,000 | 29,994,783 | |||||||||||
| Unsec. Global Notes(a) |
0.47 | % | 04/27/2017 | 14,000 | 13,991,079 | |||||||||||
| Unsec. Global Notes(a) |
0.56 | % | 07/21/2017 | 20,000 | 19,997,142 | |||||||||||
| 121,388,556 | ||||||||||||||||
| Federal National Mortgage Association (FNMA)–3.95% | ||||||||||||||||
| Unsec. Disc. Notes(b) |
0.45 | % | 08/17/2016 | 45,000 | 44,904,515 | |||||||||||
| Unsec. Disc. Notes(b) |
0.46 | % | 08/17/2016 | 5,000 | 4,989,320 | |||||||||||
| Unsec. Global Notes(a) |
0.44 | % | 09/08/2017 | 35,000 | 34,948,231 | |||||||||||
| Unsec. Global Notes(a) |
0.44 | % | 10/05/2017 | 112,815 | 112,735,213 | |||||||||||
| 197,577,279 | ||||||||||||||||
| Overseas Private Investment Corp. (OPIC)–3.75% | ||||||||||||||||
| Unsec. Gtd., VRD COP Bonds(c) |
0.42 | % | 07/15/2025 | 37,000 | 37,000,000 | |||||||||||
| Unsec. Gtd., VRD COP Bonds(c) |
0.40 | % | 07/09/2026 | 51,000 | 51,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 Short-Term Investments Trust
| Government & Agency Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Overseas Private Investment Corp. (OPIC)–(continued) | ||||||||||||||||
| Gtd., VRD COP Bonds(c) |
0.42 | % | 11/15/2028 | $ | 100,000 | $ | 100,000,000 | |||||||||
| 188,000,000 | ||||||||||||||||
| Total U.S. Government Sponsored Agency Securities (Cost $2,046,295,522) |
2,046,295,522 | |||||||||||||||
| U.S. Treasury Securities–6.94% |
||||||||||||||||
| U.S. Treasury Bills–3.95%(b) | ||||||||||||||||
| U.S. Treasury Bills |
0.11 | % | 03/03/2016 | 2,900 | 2,899,982 | |||||||||||
| U.S. Treasury Bills |
0.22 | % | 03/03/2016 | 10,262 | 10,261,877 | |||||||||||
| U.S. Treasury Bills |
0.42 | % | 08/18/2016 | 70,000 | 69,864,472 | |||||||||||
| U.S. Treasury Bills |
0.44 | % | 08/18/2016 | 5,000 | 4,989,717 | |||||||||||
| U.S. Treasury Bills |
0.45 | % | 08/25/2016 | 60,000 | 59,868,577 | |||||||||||
| U.S. Treasury Bills |
0.49 | % | 09/01/2016 | 50,000 | 49,878,667 | |||||||||||
| 197,763,292 | ||||||||||||||||
| U.S. Treasury Notes–2.99% | ||||||||||||||||
| U.S. Treasury Floating Rate Notes(a) |
0.49 | % | 10/31/2017 | 150,000 | 149,931,786 | |||||||||||
| Total U.S. Treasury Securities (Cost $347,695,078) |
347,695,078 | |||||||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)- 47.80% (Cost $2,393,990,600) |
2,393,990,600 | |||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–53.21%(d) |
||||||||||||||||
| Bank of Nova Scotia (The), joint agreement dated 02/29/2016, aggregate maturing value of $500,004,167 (collateralized by U.S. Treasury obligations valued at $510,000,071; 0%-8.88%, 03/15/2016-08/15/2044) |
0.30 | % | 03/01/2016 | 250,002,083 | 250,000,000 | |||||||||||
| BNP Paribas Securities Corp., term agreement dated 02/25/2016, maturing value of $300,020,417 (collateralized by U.S. Treasury obligations valued at $306,000,000; 1.38%-1.63%, 09/30/2016-09/30/2020)(e) |
0.35 | % | 03/03/2016 | 300,020,417 | 300,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint agreement dated 02/29/2016, aggregate maturing value of $250,002,153 (collateralized by U.S. government sponsored agency obligations valued at $255,000,425; 0%-6.25%, 03/08/2017-01/15/2030) |
0.31 | % | 03/01/2016 | 25,000,215 | 25,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint term agreement dated 02/26/2016, aggregate maturing value of $250,015,556 (collateralized by U.S. government sponsored agency obligations valued at $255,000,073; 0%-8.25%, 06/01/2016-09/15/2065)(e) |
0.32 | % | 03/04/2016 | 175,010,889 | 175,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, joint agreement dated 02/29/2016, aggregate maturing value of $600,005,000 (collateralized by U.S. Treasury obligations valued at $612,000,064; 2.63%-3.63%, 08/15/2020-08/15/2043) |
0.30 | % | 03/01/2016 | 150,001,250 | 150,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, joint term agreement dated 02/24/2016, aggregate maturing value of $375,024,792 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $382,500,000; 0.75%-4.75%, 09/15/2017-10/01/2045)(e) |
0.34 | % | 03/02/2016 | 300,019,833 | 300,000,000 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/16/2016, maturing value of $100,060,000 (collateralized by domestic agency mortgage-backed securities valued at $102,002,164; 1.84%-4.00%, 08/01/2026-12/01/2042) |
0.45 | % | 04/04/2016 | 100,060,000 | 100,000,000 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/25/2016, maturing value of $310,101,913 (collateralized by U.S. Treasury obligations valued at $316,408,375; 0.38%-1.38%, 06/30/2018-07/15/2025)(e) |
0.36 | % | 03/03/2016 | 310,101,913 | 310,080,208 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/26/2016, maturing value of $100,025,801 (collateralized by a U.S. Treasury obligation valued at $102,060,000; 2.25%, 11/15/2025)(e) |
0.36 | % | 03/04/2016 | 100,025,801 | 100,018,800 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., joint agreement dated 02/29/2016, aggregate maturing value of $950,007,917 (collateralized by U.S. Treasury obligations valued at $969,000,085; 0.43%-4.50%, 09/30/2016-02/15/2036) |
0.30 | % | 03/01/2016 | 12,090,809 | 12,090,707 | |||||||||||
| Prudential Financial, Inc., agreement dated 02/29/2016, maturing value of $233,016,080 (collateralized by U.S. Treasury obligations valued at $237,502,363; 0%, 11/15/2026-08/15/2039) |
0.36 | % | 03/01/2016 | 233,016,080 | 233,013,750 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 Short-Term Investments Trust
| Government & Agency Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Repurchase Amount |
Value | |||||||||||||
| RBC Capital Markets Corp., joint term agreement dated 10/27/2015, aggregate maturing value of $200,158,222 (collateralized by U.S. Treasury obligations valued at $204,000,068; 1.00%-8.75%, 05/15/2017-02/15/2046)(e) |
0.16 | % | 04/22/2016 | $ | 160,126,578 | $ | 160,000,000 | |||||||||
| Societe Generale, joint term agreement dated 02/04/2016, aggregate maturing value of $250,076,528 (collateralized by U.S. government sponsored agency obligations and domestic agency mortgage-backed securities valued at $255,000,000; 0%-5.50%, 05/12/2017-01/20/2046)(e) |
0.38 | % | 03/04/2016 | 225,068,875 | 225,000,000 | |||||||||||
| Societe Generale, joint term agreement dated 02/17/2016, aggregate maturing value of $200,061,222 (collateralized by domestic agency mortgage-backed securities valued at $204,000,000; 0%-7.50%, 06/01/2017-04/20/2065)(e) |
0.38 | % | 03/17/2016 | 150,045,917 | 150,000,000 | |||||||||||
| Societe Generale, joint term agreement dated 02/23/2016, aggregate maturing value of $115,007,603 (collateralized by domestic agency mortgage-backed securities valued at $117,300,001; 0.57%-4.50%, 09/15/2022-12/01/2045)(e) |
0.34 | % | 03/01/2016 | 75,004,958 | 75,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/08/2016, maturing value of $100,113,750 (collateralized by domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $102,000,000; 0%-4.00%, 05/11/2016-12/25/2046) |
0.45 | % | 05/09/2016 | 100,113,750 | 100,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $2,665,203,465) |
2,665,203,465 | |||||||||||||||
| TOTAL INVESTMENTS(f)–101.01% (Cost $5,059,194,065) |
5,059,194,065 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(1.01)% |
|
(50,486,136 | ) | |||||||||||||
| NET ASSETS–100.00% |
|
$ | 5,008,707,929 | |||||||||||||
Investment Abbreviations:
| COP | – Certificates of Participation | |
| Disc. | – Discounted | |
| Gtd. | – Guaranteed | |
| Unsec. | – Unsecured | |
| 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, 2016. |
| (b) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (c) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (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) | Also represents cost for federal income tax purposes. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
52.2 | % | ||
| 8-30 |
3.0 | |||
| 31-60 |
2.7 | |||
| 61-90 |
7.8 | |||
| 91-180 |
19.1 | |||
| 181+ |
15.2 |
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.
21 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Government TaxAdvantage Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| U.S. Government Sponsored Agency Securities–68.42% |
||||||||||||||||
| Federal Farm Credit Bank (FFCB)–33.29% | ||||||||||||||||
| Disc. Notes(a) |
0.23 | % | 03/24/2016 | $ | 5,000 | $ | 4,999,281 | |||||||||
| Disc. Notes(a) |
0.25 | % | 05/03/2016 | 4,700 | 4,697,985 | |||||||||||
| Disc. Notes(a) |
0.33 | % | 05/27/2016 | 8,000 | 7,993,717 | |||||||||||
| Unsec. Bonds(b) |
0.45 | % | 04/06/2016 | 8,000 | 8,000,325 | |||||||||||
| Unsec. Bonds(b) |
0.50 | % | 04/20/2016 | 4,820 | 4,820,606 | |||||||||||
| Unsec. Bonds(b) |
0.41 | % | 05/05/2016 | 5,000 | 4,999,956 | |||||||||||
| Unsec. Bonds(b) |
0.40 | % | 05/06/2016 | 4,275 | 4,274,945 | |||||||||||
| Unsec. Bonds(b) |
0.46 | % | 10/11/2016 | 4,085 | 4,083,173 | |||||||||||
| Unsec. Bonds(b) |
0.47 | % | 02/13/2017 | 2,850 | 2,850,848 | |||||||||||
| 46,720,836 | ||||||||||||||||
| Federal Home Loan Bank (FHLB)–31.57% | ||||||||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/01/2016 | 1,100 | 1,100,000 | |||||||||||
| Unsec. Disc. Notes(a) |
0.30 | % | 03/02/2016 | 7,000 | 6,999,942 | |||||||||||
| Unsec. Disc. Notes(a) |
0.32 | % | 03/02/2016 | 1,300 | 1,299,988 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/03/2016 | 1,400 | 1,399,976 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/08/2016 | 2,548 | 2,547,846 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/09/2016 | 2,460 | 2,459,831 | |||||||||||
| Unsec. Disc. Notes(a) |
0.30 | % | 03/11/2016 | 9,985 | 9,984,168 | |||||||||||
| Unsec. Disc. Notes(a) |
0.32 | % | 03/15/2016 | 8,504 | 8,502,942 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/17/2016 | 10,000 | 9,998,622 | |||||||||||
| 44,293,315 | ||||||||||||||||
| Tennessee Valley Authority (TVA)–3.56% | ||||||||||||||||
| Sr. Unsec. Disc. Notes(a) |
0.30 | % | 03/08/2016 | 5,000 | 4,999,708 | |||||||||||
| Total U.S. Government Sponsored Agency Securities (Cost $96,013,859) |
96,013,859 | |||||||||||||||
| U.S. Treasury Securities–31.57% |
||||||||||||||||
| U.S. Treasury Bills–31.57%(a) | ||||||||||||||||
| U.S. Treasury Bills |
0.11 | % | 03/03/2016 | 7,100 | 7,099,956 | |||||||||||
| U.S. Treasury Bills |
0.22 | % | 03/03/2016 | 2,738 | 2,737,967 | |||||||||||
| U.S. Treasury Bills |
0.20 | % | 04/28/2016 | 7,500 | 7,497,632 | |||||||||||
| U.S. Treasury Bills |
0.27 | % | 05/05/2016 | 5,000 | 4,997,567 | |||||||||||
| U.S. Treasury Bills |
0.31 | % | 05/26/2016 | 2,000 | 1,998,557 | |||||||||||
| U.S. Treasury Bills |
0.40 | % | 06/02/2016 | 15,000 | 14,984,694 | |||||||||||
| U.S. Treasury Bills |
0.24 | % | 06/23/2016 | 5,000 | 4,996,200 | |||||||||||
| Total U.S. Treasury Securities (Cost $44,312,573) |
44,312,573 | |||||||||||||||
| TOTAL INVESTMENTS(c)–99.99% (Cost $140,326,432) |
140,326,432 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–0.01% |
7,879 | |||||||||||||||
| NET ASSETS–100.00% |
$ | 140,334,311 | ||||||||||||||
Investment Abbreviations:
| Disc. | – Discounted | |
| Sr. | – Senior | |
| Unsec. | – Unsecured |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 Short-Term Investments Trust
Government TaxAdvantage Portfolio
Notes to Schedule of Investments:
| (a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (c) | Also represents cost for federal income tax purposes. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
14.8 | % | ||
| 8-30 |
31.0 | |||
| 31-60 |
14.5 | |||
| 61-90 |
20.6 | |||
| 91-180 |
14.2 | |||
| 181+ |
4.9 |
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Municipal Obligations–101.46% |
| |||||||||||||||
| Alabama–4.65% | ||||||||||||||||
| Alabama (State of); Series 2010 C, Ref. Unlimited Tax GO Bonds |
5.00 | % | 06/01/2016 | $ | 775 | $ | 784,269 | |||||||||
| Mobile (County of) Industrial Development Authority (SSAB Alabama Inc.); Series 2010 A, VRD Recovery Zone Facility RB (LOC–Swedbank AB)(a)(b)(c) |
0.02 | % | 07/01/2040 | 11,100 | 11,100,000 | |||||||||||
| Tuscaloosa (County of) Industrial Development Authority (Hunt Refining Co.); |
|
|||||||||||||||
| Series 2011 G, VRD Gulf Opportunity Zone RB (LOC–Bank of Nova Scotia)(a)(b)(c) |
0.01 | % | 04/01/2028 | 10,000 | 10,000,000 | |||||||||||
| Series 2011 J, VRD Gulf Opportunity Zone RB (LOC–Bank of Nova Scotia)(a)(b)(c) |
0.01 | % | 04/01/2028 | 10,000 | 10,000,000 | |||||||||||
| 31,884,269 | ||||||||||||||||
| Arizona–1.02% | ||||||||||||||||
| Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, VRD RB (LOC–Bank of America, N.A.)(a)(b) |
0.01 | % | 01/01/2046 | 1,630 | 1,630,000 | |||||||||||
| Casa Grande (City of) Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.01 | % | 06/15/2031 | 2,685 | 2,685,000 | |||||||||||
| Maricopa (County of) Industrial Development Authority (Gran Victoria Housing LLC); Series 2000 A, VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 04/15/2030 | 2,700 | 2,700,000 | |||||||||||
| 7,015,000 | ||||||||||||||||
| California–6.64% | ||||||||||||||||
| California (State of) (Kindergarten-University Public Education Facilities); Series 2004 B3, VRD Unlimited Tax GO Bonds (LOC–Citibank N.A.)(a)(b) |
0.01 | % | 05/01/2034 | 2,200 | 2,200,000 | |||||||||||
| California Infrastructure & Economic Development Bank (Pacific Gas & Electric Co.); Series 2009 C, Ref. VRD RB (LOC–Sumitomo Mitsui Banking Corp.)(a)(b)(c) |
0.01 | % | 12/01/2016 | 17,300 | 17,300,000 | |||||||||||
| Los Angeles (City of); Series 2015, Unlimited Tax GO TRAN |
2.00 | % | 06/30/2016 | 950 | 955,411 | |||||||||||
| Riverside (City of); Series 2011 A, Ref. Floating Rate Water RB(d) |
0.16 | % | 10/01/2035 | 5,800 | 5,800,000 | |||||||||||
| Southern California Metropolitan Water District; Series 2009 A-2, Ref. Floating Rate RB(d) |
0.21 | % | 07/01/2030 | 11,800 | 11,800,000 | |||||||||||
| Torrance (City of); Series 2015, Unlimited Tax GO TRAN |
1.50 | % | 06/30/2016 | 7,450 | 7,479,270 | |||||||||||
| 45,534,681 | ||||||||||||||||
| Colorado–3.90% | ||||||||||||||||
| Boulder (County of) (Imagine!); Series 2006, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 02/01/2031 | 1,525 | 1,525,000 | |||||||||||
| Colorado (State of) Educational & Cultural Facilities Authority (Denver Seminary); Series 2004, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 07/01/2034 | 2,000 | 2,000,000 | |||||||||||
| Colorado (State of) Health Facilities Authority (Arapahoe House); Series 2004 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 04/01/2024 | 770 | 770,000 | |||||||||||
| Colorado (State of) Housing & Finance Authority (Woodstream Village); Series 1985, VRD MFH RB (CEP–FNMA)(a) |
0.13 | % | 02/01/2031 | 6,600 | 6,600,000 | |||||||||||
| Colorado Springs (City of) (Cook Communications Ministries); Series 2002, VRD IDR (LOC–Bank of America, N.A.)(a)(b) |
0.14 | % | 03/01/2017 | 7,100 | 7,100,000 | |||||||||||
| EagleBend Affordable Housing Corp.; Series 2006 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.03 | % | 07/01/2021 | 3,485 | 3,485,000 | |||||||||||
| Pitkin (County of) (Centennial-Aspen II L.P.); Series 1996 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.02 | % | 12/01/2024 | 5,235 | 5,235,000 | |||||||||||
| 26,715,000 | ||||||||||||||||
| Delaware–0.81% | ||||||||||||||||
| Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 09/01/2036 | 2,695 | 2,695,000 | |||||||||||
| Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 05/01/2036 | 2,850 | 2,850,000 | |||||||||||
| 5,545,000 | ||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| District of Columbia–0.23% | ||||||||||||||||
| District of Columbia; Series 1998 A, VRD Pooled Loan
Program RB (LOC–Bank of America, |
0.21 | % | 01/01/2029 | $ | 1,557 | $ | 1,557,000 | |||||||||
| Florida–3.59% | ||||||||||||||||
| Florida (State of) Board of Education; |
|
|||||||||||||||
| Series 2008 C, Ref. Public Education Capital Outlay Unlimited Tax GO Bonds |
5.00 | % | 06/01/2016 | 3,420 | 3,461,450 | |||||||||||
| Series 2012 A, Ref. Public Education Capital Outlay Unlimited Tax GO Bonds |
5.00 | % | 06/01/2016 | 1,000 | 1,012,000 | |||||||||||
| JPMorgan Chase PUTTERs (Palm Beach (County of) Solid Waste Authority); Series 2009-3419, VRD Improvement RB (INS–BHAC)(a)(e)(f)(g) |
0.02 | % | 04/01/2017 | 2,275 | 2,275,000 | |||||||||||
| Orange (County of) Housing Finance Authority (Post Fountains at Lee Vista); Series 1997 E, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.03 | % | 06/01/2025 | 500 | 500,000 | |||||||||||
| Palm Beach (County of) (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 11/01/2036 | 2,925 | 2,925,000 | |||||||||||
| Palm Beach (County of) (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.02 | % | 07/01/2032 | 14,415 | 14,415,000 | |||||||||||
| 24,588,450 | ||||||||||||||||
| Georgia–1.73% | ||||||||||||||||
| Columbia County School District; Series 2011, Unlimited Tax GO Bonds |
5.00 | % | 04/01/2016 | 1,000 | 1,004,069 | |||||||||||
| DeKalb (County of) Housing Authority (Clairmont Crest); Series 1995, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.01 | % | 06/15/2025 | 6,340 | 6,340,000 | |||||||||||
| Fulton (County of) Development Authority (Friends of High Meadows, Inc.); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 01/01/2020 | 900 | 900,000 | |||||||||||
| Georgia (State of); Series 2012 A, Unlimited Tax GO Bonds |
5.00 | % | 07/01/2016 | 1,375 | 1,396,447 | |||||||||||
| Private Colleges & Universities Authority (Emory University); Series 2005 B-2, VRD RB(a) |
0.01 | % | 09/01/2035 | 500 | 500,000 | |||||||||||
| Richmond (County of) Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 09/01/2020 | 1,700 | 1,700,000 | |||||||||||
| 11,840,516 | ||||||||||||||||
| Illinois–9.21% | ||||||||||||||||
| Glendale Heights (Village of) (Glendale Lakes); Series 2000, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.01 | % | 03/01/2030 | 10,845 | 10,845,000 | |||||||||||
| Illinois (State of) Finance Authority (Chicago Symphony Orchestra); Series 1994, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 12/01/2028 | 8,500 | 8,500,000 | |||||||||||
| Illinois (State of) Finance Authority (Elmhurst College); Series 2007, VRD RB (LOC–BMO
Harris, |
0.01 | % | 02/01/2042 | 7,150 | 7,150,000 | |||||||||||
| Illinois (State of) Finance Authority (Foundation for Safety & Health); Series 1992, VRD Safety Education RB (LOC–BMO Harris, N.A.)(a)(b)(e) |
0.10 | % | 10/01/2017 | 400 | 400,000 | |||||||||||
| Illinois (State of) Finance Authority (Garrett-Evangelical Theological Seminary); Series 2010, VRD RB (LOC–FHLB of Chicago)(a)(b) |
0.01 | % | 06/01/2040 | 3,280 | 3,280,000 | |||||||||||
| Illinois (State of) Finance Authority (Institute of Gas Technology); Series 1999, VRD IDR (LOC–BMO Harris, N.A.)(a)(b) |
0.08 | % | 09/01/2024 | 600 | 600,000 | |||||||||||
| Illinois (State of) Finance Authority (James Jordan Boys & Girls Club & Family Life Center); Series 1995, VRD RB (LOC–Bank of America, N.A.)(a)(b)(e) |
0.11 | % | 08/01/2030 | 4,700 | 4,700,000 | |||||||||||
| Illinois (State of) Finance Authority (National-Louis University); Series 1999 B, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 06/01/2029 | 1,170 | 1,170,000 | |||||||||||
| Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(a) |
0.01 | % | 12/01/2046 | 7,700 | 7,700,000 | |||||||||||
| Illinois (State of) Finance Authority (Radiological Society of North America, Inc.); Series 1997, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)(e) |
0.11 | % | 06/01/2017 | 670 | 670,000 | |||||||||||
| Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 01/01/2037 | 1,720 | 1,720,000 | |||||||||||
| Illinois (State of) Finance Authority (The Teachers Academy for Mathematics & Science); Series 2001, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.30 | % | 02/01/2021 | 800 | 800,000 | |||||||||||
| Illinois (State of) Finance Authority (Uhlich Children’s Advantage); Series 2006, VRD RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.08 | % | 05/01/2036 | 2,335 | 2,335,000 | |||||||||||
| Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC–U.S. Bank, N.A.)(a)(b) |
0.08 | % | 10/01/2033 | 4,000 | 4,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Illinois–(continued) | ||||||||||||||||
| Illinois (State of) Finance Authority (YMCA of Metropolitan Chicago); Series 2004, VRD RB (LOC–BMO Harris, N.A.)(a)(b) |
0.01 | % | 06/01/2034 | $ | 4,200 | $ | 4,200,000 | |||||||||
| Monmouth (City of) (Monmouth College); Series 2005, VRD IDR (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 06/01/2035 | 5,120 | 5,120,000 | |||||||||||
| 63,190,000 | ||||||||||||||||
| Indiana–4.49% | ||||||||||||||||
| Fort Wayne (City of) (University of Saint Francis); Series 2008, VRD Economic Development RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.03 | % | 08/01/2028 | 1,300 | 1,300,000 | |||||||||||
| Huntington (City of) (Huntington University, Inc.); Series 2007, Ref. VRD Economic Development & Improvement RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 08/01/2037 | 5,500 | 5,500,000 | |||||||||||
| Indiana (State of) Finance Authority (Duke Energy Indiana, Inc.); Series 2009 A-5, Ref. VRD Environmental RB (LOC–Sumitomo Mitsui Banking Corp.)(a)(b)(c) |
0.01 | % | 10/01/2040 | 2,000 | 2,000,000 | |||||||||||
| Indiana (State of) Finance Authority (Howard Regional Health System); Series 2005 B, VRD Hospital RB (LOC–BMO Harris, N.A.)(a)(b) |
0.01 | % | 01/01/2035 | 3,215 | 3,215,000 | |||||||||||
| Indiana (State of) Finance Authority (Ispat Inland Inc.); Series 2005, Ref. VRD Environmental Improvement RB (LOC–Rabobank Nederland)(a)(b)(c) |
0.01 | % | 06/01/2035 | 10,000 | 10,000,000 | |||||||||||
| Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc.); Series 2008 G, Ref. VRD Health System RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 09/01/2048 | 7,925 | 7,925,000 | |||||||||||
| University of Southern Indiana; Series 1999 G, VRD Student Fee RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.11 | % | 10/01/2019 | 880 | 880,000 | |||||||||||
| 30,820,000 | ||||||||||||||||
| Iowa–0.29% | ||||||||||||||||
| Iowa (State of) Finance Authority (Cedarwood Hills Apartments); Series 2001 A, VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 05/01/2031 | 2,000 | 2,000,000 | |||||||||||
| Kansas–0.64% | ||||||||||||||||
| Wichita (City of); Series 2015-272, Unlimited Tax GO Temporary Notes |
2.00 | % | 04/15/2016 | 4,400 | 4,409,482 | |||||||||||
| Kentucky–0.22% | ||||||||||||||||
| Louisville (City of) & Jefferson (County of) Metropolitan Sewer District; Series 2009 A, Ref. Sewer & Drainage System RB |
5.00 | % | 05/15/2016 | 1,475 | 1,489,880 | |||||||||||
| Louisiana–0.30% | ||||||||||||||||
| Bossier Parishwide School District; Series 2012, Ref. School Improvement Unlimited Tax GO Bonds |
4.00 | % | 03/01/2016 | 950 | 950,000 | |||||||||||
| Louisiana (State of); Series 2012 A-1, Ref. Gasoline & Fuels Tax RB |
5.00 | % | 05/01/2016 | 1,110 | 1,118,580 | |||||||||||
| 2,068,580 | ||||||||||||||||
| Maryland–3.33% | ||||||||||||||||
| Maryland (State of) (State & Local Facilities Loan of 2013); First Series 2013 A, Unlimited Tax GO Bonds |
5.00 | % | 03/01/2016 | 925 | 925,000 | |||||||||||
| Maryland (State of) Health & Higher Educational Facilities Authority (Gaudenzia Foundation Issue); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 07/01/2028 | 2,760 | 2,760,000 | |||||||||||
| Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 04/01/2035 | 7,500 | 7,500,000 | |||||||||||
| Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System); Series 2008 D, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 07/01/2041 | 8,635 | 8,635,000 | |||||||||||
| Montgomery (County of); Series 2005 A, Ref. Consolidated Public Improvement Unlimited Tax GO Bonds |
5.00 | % | 07/01/2016 | 3,000 | 3,047,968 | |||||||||||
| 22,867,968 | ||||||||||||||||
| Massachusetts–0.99% | ||||||||||||||||
| Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 10/01/2038 | 6,090 | 6,090,000 | |||||||||||
| Massachusetts (State of) Development Finance Agency (Harrington Memorial Hospital, Inc.); Series 2008 A, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 07/01/2038 | 715 | 715,000 | |||||||||||
| 6,805,000 | ||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Michigan–1.54% | ||||||||||||||||
| Southfield (City of) Economic Development Corp. (Lawrence Technological University); Series 2001, VRD Limited Obligation RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 10/01/2031 | $ | 5,305 | $ | 5,305,000 | |||||||||
| West Shore Medical Center; Series 2001, VRD Health Facilities RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 04/01/2022 | 5,280 | 5,280,000 | |||||||||||
| 10,585,000 | ||||||||||||||||
| Minnesota–3.65% | ||||||||||||||||
| Minnesota (State of); Series 2014 E, Ref. State Trunk Highway Unlimited Tax GO Bonds |
3.00 | % | 08/01/2016 | 7,000 | 7,081,440 | |||||||||||
| Minnesota (State of) Higher Educational Facilities Authority (Concordia University, St. Paul); Series 2007 Six-Q, VRD RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.03 | % | 04/01/2037 | 9,135 | 9,135,000 | |||||||||||
| Minnesota (State of) Midwest Consortium of Municipal Utilities (Minnesota Municipal Utilities Association Financing Program); Series 2005 A, VRD RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.07 | % | 01/01/2025 | 290 | 290,000 | |||||||||||
| Oak Park Heights (City of) (Boutswell Landing); Series 2005, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 11/01/2035 | 1,355 | 1,355,000 | |||||||||||
| St. Paul (City of) Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 10/01/2033 | 7,175 | 7,175,000 | |||||||||||
| 25,036,440 | ||||||||||||||||
| Missouri–1.84% | ||||||||||||||||
| Bridgeton (City of) Industrial Development Authority (Stolze Printing); Series 2010, VRD IDR (LOC–FHLB of Chicago)(a)(b) |
0.02 | % | 11/01/2037 | 1,125 | 1,125,000 | |||||||||||
| Missouri (State of) Health & Educational Facilities Authority (BJC Health Systems); Series 2013 C, VRD RB(a) |
0.21 | % | 01/01/2050 | 6,450 | 6,450,000 | |||||||||||
| Springfield (City of) Industrial Development Authority (Pebblecreek Apartments); Series 1994, Ref. VRD MFH RB (LOC–FHLB of Des Moines)(a)(b) |
0.12 | % | 12/01/2019 | 1,060 | 1,060,000 | |||||||||||
| St. Joseph (City of) Industrial Development Authority (Heartland Regional Medical Center); Series 2009 A, VRD Health Facilities RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.01 | % | 11/15/2043 | 1,600 | 1,600,000 | |||||||||||
| St. Louis (County of) Industrial Development Authority (Westport Station Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) (a) |
0.01 | % | 04/15/2027 | 2,370 | 2,370,000 | |||||||||||
| 12,605,000 | ||||||||||||||||
| Nevada–0.93% | ||||||||||||||||
| Carson City (City of) (Carson-Tahoe Hospital); Series 2003 B, VRD Hospital RB (LOC–U.S.
Bank, |
0.01 | % | 09/01/2033 | 5,300 | 5,300,000 | |||||||||||
| Reno (City of) (Renown Regional Medical Center); Series 2009 A, Ref. VRD Hospital RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.03 | % | 06/01/2039 | 1,085 | 1,085,000 | |||||||||||
| 6,385,000 | ||||||||||||||||
| New Hampshire–1.04% | ||||||||||||||||
| New Hampshire (State of) Health & Education Facilities Authority (Moore Center Services, Inc.); Series 2007, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.02 | % | 09/01/2037 | 3,625 | 3,625,000 | |||||||||||
| New Hampshire (State of) Health & Education Facilities Authority (Riverbend Community Mental Health, Inc.); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.02 | % | 07/01/2038 | 3,500 | 3,500,000 | |||||||||||
| 7,125,000 | ||||||||||||||||
| New Mexico–1.25% | ||||||||||||||||
| Albuquerque (City of) & Bernalillo (County of) Water Utility Authority; Series 2009 A-1, Ref. Joint Water & Sewer System Improvement RB |
5.00 | % | 07/01/2016 | 1,250 | 1,269,554 | |||||||||||
| New Mexico (State of); Series 2010 A, Severance Tax RB |
5.00 | % | 07/01/2016 | 5,075 | 5,155,782 | |||||||||||
| New Mexico (State of) Finance Authority (Public Project Revolving Fund Program); Series 2016 A, Sr. Lien RB |
2.00 | % | 06/01/2016 | 2,150 | 2,159,722 | |||||||||||
| 8,585,058 | ||||||||||||||||
| New York–5.68% | ||||||||||||||||
| New York (State of) Dormitory Authority; Series 2009 B, VRD Samaritan Medical Center RB (LOC–HSBC Bank USA N.A.)(a)(b)(c) |
0.01 | % | 11/01/2036 | 8,130 | 8,130,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| New York–(continued) | ||||||||||||||||
| New York (State of) Housing Finance Agency (Manhattan West Residential Housing); |
||||||||||||||||
| Series 2014 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)(c) |
0.07 | % | 11/01/2049 | $ | 9,600 | $ | 9,600,000 | |||||||||
| Series 2015 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)(c) |
0.07 | % | 11/01/2049 | 8,200 | 8,200,000 | |||||||||||
| New York (State of) Housing Finance Agency (Riverside Center 2 Housing); Series 2015 A-1, VRD RB (LOC–Bank of America, N.A.)(a)(b) |
0.01 | % | 11/01/2046 | 9,000 | 9,000,000 | |||||||||||
| Triborough Bridge & Tunnel Authority; Series 2002 F, Ref. VRD General RB (LOC–Landesbank Hessen-Thüringen Girozentrale)(a)(b)(c) |
0.01 | % | 11/01/2032 | 4,000 | 4,000,000 | |||||||||||
| 38,930,000 | ||||||||||||||||
| North Carolina–2.97% | ||||||||||||||||
| Charlotte-Mecklenburg Hospital Authority (The) (Carolinas HealthCare Systems); Series 2007 C, Ref. VRD RB(a) |
0.01 | % | 01/15/2037 | 9,300 | 9,300,000 | |||||||||||
| Greensboro (City of) (Combined Enterprise System); Series 2012 A, Ref. RB |
5.00 | % | 06/01/2016 | 1,260 | 1,274,790 | |||||||||||
| Guilford (County of); Series 2012 A, Public Improvement Unlimited Tax GO Bonds |
5.00 | % | 03/01/2016 | 2,350 | 2,350,000 | |||||||||||
| Mecklenburg (County of); Series 2009 C, Ref. Unlimited Tax GO Bonds |
5.00 | % | 03/01/2016 | 1,020 | 1,020,000 | |||||||||||
| North Carolina (State of) Capital Facilities Finance Agency (Roman Catholic Diocese of Charlotte); Series 2000, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.05 | % | 06/01/2017 | 2,335 | 2,335,000 | |||||||||||
| Raleigh (City of) (Combined Enterprise System); Series 2006 A, RB |
5.00 | % | 03/01/2016 | 1,150 | 1,150,000 | |||||||||||
| Raleigh (City of); Series 2012 B, Public Improvement Unlimited Tax GO Bonds |
5.00 | % | 04/01/2016 | 2,950 | 2,962,005 | |||||||||||
| 20,391,795 | ||||||||||||||||
| Ohio–3.54% | ||||||||||||||||
| Centerville (City of) (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 B, VRD Health Care RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 11/01/2040 | 1,385 | 1,385,000 | |||||||||||
| Franklin (County of) (Ohio Health Corp.); Series 2011 C, Ref. Hospital Facilities Floating Rate RB(d) |
0.05 | % | 11/15/2033 | 2,900 | 2,900,000 | |||||||||||
| Franklin (County of) (U.S. Health Corp. of Columbus); Series 1996 A, Ref. VRD Hospital Facilities & Improvement RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 12/01/2021 | 7,125 | 7,125,000 | |||||||||||
| Montgomery (County of) (The Dayton Art Institute); Series 1996, VRD Economic Development RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.02 | % | 05/01/2026 | 8,400 | 8,400,000 | |||||||||||
| Ohio (State of) (Goodwill Industries of the Miami Valley); Series 2003, VRD Economic Development RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 06/01/2023 | 4,495 | 4,495,000 | |||||||||||
| 24,305,000 | ||||||||||||||||
| Oklahoma–0.13% | ||||||||||||||||
| Tulsa County Independent School District No. 9 (Union Board of Education); Series 2014, Combined Purpose Unlimited Tax GO Bonds |
1.00 | % | 04/01/2016 | 900 | 900,530 | |||||||||||
| Pennsylvania–4.22% | ||||||||||||||||
| Allegheny (County of) Industrial Development Authority (United Jewish Federation of Greater Pittsburgh); Series 1995 B, VRD RB (LOC–PNC Bank, N.A.)(a)(b)(e) |
0.03 | % | 10/01/2025 | 1,200 | 1,200,000 | |||||||||||
| Haverford Township School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank, |
0.02 | % | 03/01/2030 | 2,235 | 2,235,000 | |||||||||||
| Lebanon (County of) Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 10/15/2025 | 5,505 | 5,505,000 | |||||||||||
| Luzerne (County of) Convention Center Authority; Series 1998 A, VRD Hotel Room Rental Tax RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 09/01/2028 | 2,220 | 2,220,000 | |||||||||||
| Montgomery (County of) Redevelopment Authority (Forge Gate Apartments); Series 2001 A, VRD MFH RB (CEP–FNMA)(a) |
0.01 | % | 08/15/2031 | 3,990 | 3,990,000 | |||||||||||
| Pennsylvania (State of) Higher Educational Facilities Authority (Association of Independent Colleges & Universities of Pennsylvania Financing Program-Moore College of Art & Design); Series 2000 F-1, VRD RB (LOC–PNC Bank, N.A.)(a)(b)(e) |
0.03 | % | 05/01/2020 | 1,950 | 1,950,000 | |||||||||||
| Quakertown (Borough of) General Authority (Pooled Financing Program); Series 1996 A, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 07/01/2026 | 1,715 | 1,715,000 | |||||||||||
| Ridley School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank, N.A.)(a)(b) |
0.02 | % | 11/01/2029 | 2,600 | 2,600,000 | |||||||||||
| Westmoreland (County of) Industrial Development Authority (Excela Health); Series 2005 A, VRD Health System RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 07/01/2027 | 7,525 | 7,525,000 | |||||||||||
| 28,940,000 | ||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| South Carolina–2.02% | ||||||||||||||||
| Brookland-Cayce School District No. 2; Series 2015 C, Unlimited Tax GO Bonds |
3.00 | % | 03/01/2016 | $ | 8,705 | $ | 8,705,000 | |||||||||
| South Carolina (State of) Educational Facilities Authority for Private Non-Profit Institutions of Higher Learning (Morris College); Series 1997, VRD RB (LOC–Bank of America, N.A.)(a)(b)(e) |
0.16 | % | 07/01/2017 | 590 | 590,000 | |||||||||||
| South Carolina (State of) Jobs-Economic Development Authority (YMCA of Greenville); Series 2007, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 03/01/2028 | 2,702 | 2,702,000 | |||||||||||
| Spartanburg County School District No. 7; Series 2015 A, Unlimited Tax GO Bonds |
4.00 | % | 03/01/2016 | 1,830 | 1,830,000 | |||||||||||
| 13,827,000 | ||||||||||||||||
| Tennessee–2.56% | ||||||||||||||||
| Nashville (City of) & Davidson (County of) Metropolitan Government Industrial Development Board (Summit Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 07/15/2036 | 7,575 | 7,575,000 | |||||||||||
| Nashville (City of) & Davidson (County of) Metropolitan Government Health & Educational Facilities Board (Ascension Health Credit Group); Series 2001 B-1, VRD RB(a) |
0.19 | % | 11/15/2031 | 10,000 | 10,000,000 | |||||||||||
| 17,575,000 | ||||||||||||||||
| Texas–9.22% | ||||||||||||||||
| Aledo Independent School District; Series 2006 A, VRD School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program)(a) |
0.02 | % | 08/01/2035 | 14,615 | 14,615,000 | |||||||||||
| Austin Community College District ; Series 2015, Limited Tax GO Bonds |
3.00 | % | 08/01/2016 | 1,260 | 1,273,898 | |||||||||||
| Denton (County of); Series 2013, Limited Tax GO Notes |
3.00 | % | 04/15/2016 | 1,020 | 1,023,354 | |||||||||||
| Fort Bend Independent School District; Series 2008, Ref. School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program) |
5.00 | % | 08/15/2016 | 1,300 | 1,328,235 | |||||||||||
| Lewisville Independent School District; Series 2014 A, School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program) |
3.00 | % | 08/15/2016 | 1,095 | 1,108,749 | |||||||||||
| San Antonio Independent School District; Series 2011, Ref. Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program) |
5.00 | % | 08/15/2016 | 1,000 | 1,021,719 | |||||||||||
| San Gabriel (City of) Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 04/01/2026 | 1,100 | 1,100,000 | |||||||||||
| Tarrant (County of) Cultural Education Facilities Finance Corp. (Baylor Health Care System); Series 2011 C, VRD Hospital RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 11/15/2050 | 3,500 | 3,500,000 | |||||||||||
| Tarrant (County of) Housing Finance Corp. (Remington Hill Development); Series 1998, VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 02/15/2028 | 1,750 | 1,750,000 | |||||||||||
| Tarrant (County of) Housing Finance Corp. (Sierra Springs Apartments); Series 1999, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.03 | % | 02/15/2027 | 5,860 | 5,860,000 | |||||||||||
| Tarrant (County of) Regional Water District; |
||||||||||||||||
| Series 2012 A, Ref. RB |
5.00 | % | 03/01/2016 | 3,500 | 3,500,000 | |||||||||||
| Series 2012, Ref. & Improvement RB |
5.00 | % | 03/01/2016 | 1,130 | 1,130,000 | |||||||||||
| Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD MFH RB (CEP–FHLMC)(a) |
0.01 | % | 05/01/2042 | 10,865 | 10,865,000 | |||||||||||
| Travis (County of); Series 2013, Limited Tax GO Ctfs. |
3.38 | % | 03/01/2016 | 1,970 | 1,970,000 | |||||||||||
| University of Texas System Board of Regents; Series 2008 B, VRD Financing System RB(a) |
0.01 | % | 08/01/2025 | 13,180 | 13,180,000 | |||||||||||
| 63,225,955 | ||||||||||||||||
| Utah–2.91% | ||||||||||||||||
| Utah (County of) (IHC Health Services, Inc.); Series 2014 B, VRD Hospital RB(a) |
0.21 | % | 05/15/2049 | 6,525 | 6,525,000 | |||||||||||
| Utah (State of) Associated Municipal Power Systems (Horse Butte Wind); Series 2012 B, VRD RB (LOC–Bank of Montreal)(a)(b)(c) |
0.01 | % | 09/01/2032 | 11,000 | 11,000,000 | |||||||||||
| Utah (State of) Housing Corp. (Timbergate Apartments); Series 2009 A, VRD MFH RB (CEP–FHLMC)(a) |
0.06 | % | 04/01/2042 | 2,450 | 2,450,000 | |||||||||||
| 19,975,000 | ||||||||||||||||
| Vermont–0.84% | ||||||||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (North Country Hospital); Series 2007 A, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 10/01/2034 | 700 | 700,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Vermont–(continued) | ||||||||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (Norwich University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 09/01/2038 | $ | 5,055 | $ | 5,055,000 | |||||||||
| 5,755,000 | ||||||||||||||||
| Virginia–4.90% | ||||||||||||||||
| Alexandria (City of); Series 2011, Capital Improvement Unlimited Tax GO Bonds |
5.00 | % | 07/15/2016 | 2,115 | 2,152,876 | |||||||||||
| Capital Beltway Funding Corp. of Virginia (I-495 Hot Lanes); Series 2010 C, Ref. VRD Sr. Lien Multi-Modal Toll RB (LOC–National Australia Bank Ltd.)(a)(b)(c) |
0.01 | % | 12/31/2047 | 27,600 | 27,600,000 | |||||||||||
| Fairfax (County of) Water Authority; Series 2013 A, Ref. RB |
3.00 | % | 04/01/2016 | 915 | 917,212 | |||||||||||
| Louisa (County of) Industrial Development Authority (University of Virginia Health Services Foundation); Series 2000, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 10/01/2030 | 2,700 | 2,700,000 | |||||||||||
| Suffolk (City of) Redevelopment & Housing Authority (Oak Springs Apartments, LLC); Series 1999, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.03 | % | 12/01/2019 | 200 | 200,000 | |||||||||||
| 33,570,088 | ||||||||||||||||
| Washington–3.61% | ||||||||||||||||
| Seattle (City of); Series 2014, Ref. Drainage & Wastewater Improvement RB |
4.00 | % | 05/01/2016 | 1,100 | 1,106,935 | |||||||||||
| Seattle (City of) Housing Authority (Bayview Manor); Series 1994 B, VRD Low-Income Housing Assistance RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.02 | % | 05/01/2019 | 1,170 | 1,170,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Lake City Senior Apartments); Series 2009, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 07/01/2044 | 8,000 | 8,000,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Panorama City); Series 2008, VRD Non-Profit RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 04/01/2043 | 12,000 | 12,000,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Valley View Apartments); Series 2002, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 09/15/2020 | 2,475 | 2,475,000 | |||||||||||
| 24,751,935 | ||||||||||||||||
| West Virginia–0.88% | ||||||||||||||||
| West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008, Ref. VRD Improvement RB (LOC–Branch Banking & Trust Co.)(a)(b) |
0.02 | % | 01/01/2034 | 6,000 | 6,000,000 | |||||||||||
| Wisconsin–5.69% | ||||||||||||||||
| Lima (Town of) (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD Development RB (LOC–FHLB of Chicago)(a)(b) |
0.01 | % | 10/01/2042 | 2,380 | 2,380,000 | |||||||||||
| Milwaukee (City of); Series 2015 M7, School RAN |
2.00 | % | 06/30/2016 | 11,500 | 11,568,747 | |||||||||||
| Oneida Tribe of Indians of Wisconsin; Series 2001, VRD Health Facilities RB (LOC–Bank of America, N.A.)(a)(b) |
0.08 | % | 07/01/2016 | 1,955 | 1,955,000 | |||||||||||
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital, Inc.); Series 2004, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 08/15/2034 | 7,095 | 7,095,000 | |||||||||||
| Wisconsin (State of) Health & Educational Facilities Authority (University of Wisconsin Medical Foundation, Inc.); Series 2000, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.03 | % | 05/01/2030 | 15,410 | 15,410,000 | |||||||||||
| Wisconsin (State of); Series 2012 2, Ref. Clean Water RB |
5.00 | % | 06/01/2016 | 600 | 607,256 | |||||||||||
| 39,016,003 | ||||||||||||||||
| TOTAL INVESTMENTS(h)(i)–101.46% (Cost $695,815,630) |
695,815,630 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(1.46)% |
|
(10,011,598 | ) | |||||||||||||
| NET ASSETS–100.00% |
|
$ | 685,804,032 | |||||||||||||
Investment Abbreviations:
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 Short-Term Investments Trust
Tax-Free Cash Reserve Portfolio
Notes to Schedule of Investments:
| (a) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (b) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (c) | The security is credit guaranteed, enhanced or has credit risk by a foreign entity. No concentration of any single foreign country was greater than 5%. |
| (d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (e) | 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, 2016 was $13,342,000, which represented 1.95% of the Fund’s Net Assets. |
| (f) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (g) | Synthetic municipal instruments; involves the deposit into a trust of one or more long-term tax-exempt bonds or notes (“Underlying Bonds.”), a sale of certificates evidencing interests in the trust to investors such as the Fund. The trustee receives the long-term fixed interest payments on the Underlying Bonds, and pays certificate holders variable rate interest payments based upon a short-term reset periodically. |
| (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 | |||
| PNC Bank, N.A. |
6.4 | % | ||
| Federal Home Loan Mortgage Corp. |
6.2 | |||
| Federal National Mortgage Association |
6.2 | |||
| Wells Fargo Bank, N.A. |
5.9 | |||
| U.S. Bank, N.A. |
5.9 | |||
| TD Bank, N.A. |
5.8 | |||
| Northern Trust Co. |
5.5 | |||
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
83.9 | % | ||
| 8-30 |
0.0 | |||
| 31-60 |
1.6 | |||
| 61-90 |
0.5 | |||
| 91-180 |
8.2 | |||
| 181+ |
5.8 |
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.
31 Short-Term Investments Trust
Statement of Assets and Liabilities
February 29, 2016
(Unaudited)
| Liquid Assets Portfolio |
STIC Prime Portfolio |
Treasury Portfolio |
Government & Agency Portfolio |
Government TaxAdvantage Portfolio |
Tax-Free Cash Reserve Portfolio |
|||||||||||||||||||||||||||||||
| Assets: |
||||||||||||||||||||||||||||||||||||
| Investments, at value and cost |
$ | 17,143,582,669 | $ | 2,284,212,740 | $ | 5,364,728,459 | $ | 2,393,990,600 | $ | 140,326,432 | $ | 695,815,630 | ||||||||||||||||||||||||
| Repurchase agreements, at value and cost |
5,460,525,273 | 450,369,735 | 7,417,713,856 | 2,665,203,465 | — | — | ||||||||||||||||||||||||||||||
| Total investments, at value and cost |
22,604,107,942 | 2,734,582,475 | 12,782,442,315 | 5,059,194,065 | 140,326,432 | 695,815,630 | ||||||||||||||||||||||||||||||
| Cash |
— | — | — | 23,844,931 | 67,220 | — | ||||||||||||||||||||||||||||||
| Receivable for: |
||||||||||||||||||||||||||||||||||||
| Investments sold |
2,401,485 | 5,000 | 27,854,897 | — | — | 665,002 | ||||||||||||||||||||||||||||||
| Interest |
5,382,282 | 171,078 | 5,105,215 | 570,392 | 7,233 | 1,058,923 | ||||||||||||||||||||||||||||||
| Fund expenses absorbed |
190,236 | 130,334 | 353,087 | — | 61,215 | 159,924 | ||||||||||||||||||||||||||||||
| Investment for trustee deferred compensation and retirement plans |
3,090,011 | 878,999 | 1,828,060 | 829,073 | 111,179 | 312,793 | ||||||||||||||||||||||||||||||
| Other assets |
116,445 | 191,396 | 140,305 | 63,693 | 31,836 | 47,960 | ||||||||||||||||||||||||||||||
| Total assets |
22,615,288,401 | 2,735,959,282 | 12,817,723,879 | 5,084,502,154 | 140,605,115 | 698,060,232 | ||||||||||||||||||||||||||||||
| Liabilities: |
||||||||||||||||||||||||||||||||||||
| Payable for: |
||||||||||||||||||||||||||||||||||||
| Investments purchased |
149,636,000 | — | — | 73,723,601 | — | 11,800,009 | ||||||||||||||||||||||||||||||
| Amount due custodian |
10,641,150 | 10,431 | 27,464,210 | — | — | 15,936 | ||||||||||||||||||||||||||||||
| Dividends |
7,042,735 | 703,092 | 1,832,254 | 891,457 | 23,824 | 5,279 | ||||||||||||||||||||||||||||||
| Accrued fees to affiliates |
461,383 | 199,974 | 907,894 | 145,660 | 93,525 | 43,000 | ||||||||||||||||||||||||||||||
| Accrued trustees’ and officer’s fees and benefits |
32,185 | 6,556 | 26,492 | 11,596 | 3,599 | 3,324 | ||||||||||||||||||||||||||||||
| Accrued operating expenses |
111,886 | 36,339 | 75,287 | 11,169 | 21,059 | 20,337 | ||||||||||||||||||||||||||||||
| Trustee deferred compensation and retirement plans |
3,742,851 | 1,041,332 | 2,229,761 | 1,010,742 | 128,797 | 368,315 | ||||||||||||||||||||||||||||||
| Total liabilities |
171,668,190 | 1,997,724 | 32,535,898 | 75,794,225 | 270,804 | 12,256,200 | ||||||||||||||||||||||||||||||
| Net assets applicable to shares outstanding |
$ | 22,443,620,211 | $ | 2,733,961,558 | $ | 12,785,187,981 | $ | 5,008,707,929 | $ | 140,334,311 | $ | 685,804,032 | ||||||||||||||||||||||||
| Net assets consist of: |
||||||||||||||||||||||||||||||||||||
| Shares of beneficial interest |
$ | 22,441,059,834 | $ | 2,733,087,812 | $ | 12,784,855,040 | $ | 5,008,598,424 | $ | 140,351,885 | $ | 685,953,788 | ||||||||||||||||||||||||
| Undistributed net investment income |
2,468,855 | 872,258 | (21,274 | ) | (26,177 | ) | (9,046 | ) | (104,955 | ) | ||||||||||||||||||||||||||
| Undistributed net realized gain (loss) |
91,522 | 1,488 | 354,215 | 135,682 | (8,528 | ) | (44,801 | ) | ||||||||||||||||||||||||||||
| $ | 22,443,620,211 | $ | 2,733,961,558 | $ | 12,785,187,981 | $ | 5,008,707,929 | $ | 140,334,311 | $ | 685,804,032 | |||||||||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32 Short-Term Investments Trust
Statement of Assets and Liabilities—(continued)
February 29, 2016
(Unaudited)
| Liquid Assets Portfolio |
STIC Prime Portfolio |
Treasury Portfolio |
Government & Agency Portfolio |
Government TaxAdvantage Portfolio |
Tax-Free Cash Reserve Portfolio |
|||||||||||||||||||||||||||||||
| Net Assets: |
|
|||||||||||||||||||||||||||||||||||
| Institutional Class |
$ | 19,350,616,042 | $ | 1,917,283,674 | $ | 6,273,721,419 | $ | 3,295,982,076 | $ | 17,000,000 | $ | 576,781,735 | ||||||||||||||||||||||||
| Private Investment Class |
$ | 209,874,644 | $ | 137,321,595 | $ | 464,674,210 | $ | 503,979,238 | $ | 4,402,797 | $ | 29,889,915 | ||||||||||||||||||||||||
| Personal Investment Class |
$ | 58,065,383 | $ | 99,353,189 | $ | 147,223,145 | $ | 8,943,577 | $ | 1,879,098 | $ | 2,731,245 | ||||||||||||||||||||||||
| Cash Management Class |
$ | 236,125,452 | $ | 396,501,369 | $ | 4,362,496,379 | $ | 138,578,152 | $ | 45,617,025 | $ | 42,442,594 | ||||||||||||||||||||||||
| Reserve Class |
$ | 130,755,458 | $ | 26,622,307 | $ | 30,685,986 | $ | 286,180,378 | $ | 68,883,100 | $ | 30,177,389 | ||||||||||||||||||||||||
| Resource Class |
$ | 10,543,447 | $ | 19,391,271 | $ | 331,809,997 | $ | 60,155,218 | $ | 2,372,701 | $ | 2,573,547 | ||||||||||||||||||||||||
| Corporate Class |
$ | 2,447,639,785 | $ | 137,488,153 | $ | 1,174,576,845 | $ | 714,889,290 | $ | 179,590 | $ | 1,207,607 | ||||||||||||||||||||||||
| Shares outstanding, $0.01 par value per share, |
| |||||||||||||||||||||||||||||||||||
| Institutional Class |
19,348,405,760 | 1,917,274,456 | 6,273,196,808 | 3,295,833,750 | 16,995,722 | 576,749,244 | ||||||||||||||||||||||||||||||
| Private Investment Class |
209,850,210 | 137,320,975 | 464,636,651 | 503,957,597 | 4,401,677 | 29,888,222 | ||||||||||||||||||||||||||||||
| Personal Investment Class |
58,058,765 | 99,352,712 | 147,212,225 | 8,943,175 | 1,878,605 | 2,731,090 | ||||||||||||||||||||||||||||||
| Cash Management Class |
236,097,591 | 396,499,479 | 4,362,121,141 | 138,567,299 | 45,605,336 | 42,440,171 | ||||||||||||||||||||||||||||||
| Reserve Class |
130,740,969 | 26,622,133 | 30,683,432 | 286,168,646 | 68,865,475 | 30,175,675 | ||||||||||||||||||||||||||||||
| Resource Class |
10,542,271 | 19,391,182 | 331,782,803 | 60,152,501 | 2,372,098 | 2,573,402 | ||||||||||||||||||||||||||||||
| Corporate Class |
2,447,363,765 | 137,487,515 | 1,174,472,810 | 714,862,165 | 179,545 | 1,207,539 | ||||||||||||||||||||||||||||||
| Net asset value, offering and redemption price per share for each class |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
33 Short-Term Investments Trust
Statement of Operations
For the six months ended February 29, 2016
(Unaudited)
| Liquid Assets Portfolio |
STIC Prime Portfolio |
Treasury Portfolio |
Government & Agency |
Government TaxAdvantage Portfolio |
Tax-Free Cash Reserve Portfolio |
|||||||||||||||||||||||||||||||
| Investment income: |
||||||||||||||||||||||||||||||||||||
| Interest |
$ | 39,276,066 | $ | 4,406,046 | $ | 14,445,597 | $ | 6,349,758 | $ | 226,027 | $ | 209,757 | ||||||||||||||||||||||||
| Expenses: |
||||||||||||||||||||||||||||||||||||
| Advisory fees |
15,055,521 | 2,112,022 | 10,414,744 | 2,793,476 | 212,182 | 770,759 | ||||||||||||||||||||||||||||||
| Administrative services fees |
539,799 | 272,550 | 446,983 | 322,493 | 24,863 | 89,259 | ||||||||||||||||||||||||||||||
| Custodian fees |
90,387 | 19,308 | 61,293 | 66,159 | 8,066 | 8,856 | ||||||||||||||||||||||||||||||
| Distribution fees: |
||||||||||||||||||||||||||||||||||||
| Private Investment Class |
516,818 | 392,494 | 1,097,942 | 1,228,129 | 12,881 | 75,725 | ||||||||||||||||||||||||||||||
| Personal Investment Class |
316,705 | 396,028 | 573,977 | 61,800 | 14,162 | 9,266 | ||||||||||||||||||||||||||||||
| Cash Management Class |
196,916 | 220,789 | 2,548,900 | 123,111 | 26,533 | 23,462 | ||||||||||||||||||||||||||||||
| Reserve Class |
786,255 | 212,190 | 172,936 | 1,424,173 | 202,217 | 114,830 | ||||||||||||||||||||||||||||||
| Resource Class |
17,620 | 20,456 | 332,053 | 83,474 | 2,360 | 3,686 | ||||||||||||||||||||||||||||||
| Corporate Class |
285,966 | 14,022 | 209,063 | 96,980 | 400 | 2,502 | ||||||||||||||||||||||||||||||
| Transfer agent fees |
903,446 | 126,721 | 624,885 | 257,048 | 9,157 | 29,090 | ||||||||||||||||||||||||||||||
| Trustees’ and officers’ fees and benefits |
345,156 | 77,804 | 241,846 | 106,704 | 15,253 | 29,684 | ||||||||||||||||||||||||||||||
| Registration and filing fees |
61,425 | 46,305 | 63,360 | 81,282 | 37,833 | 38,847 | ||||||||||||||||||||||||||||||
| Other |
437,772 | 115,293 | 279,353 | 340,129 | 47,262 | 50,329 | ||||||||||||||||||||||||||||||
| Total expenses |
19,553,786 | 4,025,982 | 17,067,335 | 6,984,958 | 613,169 | 1,246,295 | ||||||||||||||||||||||||||||||
| Less: Fees waived |
(4,368,663 | ) | (1,944,878 | ) | (7,116,608 | ) | (3,104,997 | ) | (462,359 | ) | (1,068,465 | ) | ||||||||||||||||||||||||
| Net expenses |
15,185,123 | 2,081,104 | 9,950,727 | 3,879,961 | 150,810 | 177,830 | ||||||||||||||||||||||||||||||
| Net investment income |
24,090,943 | 2,324,942 | 4,494,870 | 2,469,797 | 75,217 | 31,927 | ||||||||||||||||||||||||||||||
| Realized and unrealized gain from: |
||||||||||||||||||||||||||||||||||||
| Net realized gain from Investment securities |
15,642 | 544 | 416,712 | 19,165 | 9,917 | — | ||||||||||||||||||||||||||||||
| Net increase in net assets resulting from operations |
$ | 24,106,585 | $ | 2,325,486 | $ | 4,911,582 | $ | 2,488,962 | $ | 85,134 | $ | 31,927 | ||||||||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
34 Short-Term Investments Trust
Statement of Changes in Net Assets
For the six months ended February 29, 2016 and the year ended August 31, 2015
(Unaudited)
| Liquid Assets Portfolio | STIC Prime Portfolio | |||||||||||||||||||
| February 29, 2016 |
August 31, 2015 |
February 29, 2016 |
August 31, 2015 |
|||||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income |
$ | 24,090,943 | $ | 14,869,394 | $ | 2,324,942 | $ | 2,593,491 | ||||||||||||
| Net realized gain |
15,642 | 164,146 | 544 | 944 | ||||||||||||||||
| Net increase in net assets resulting from operations |
24,106,585 | 15,033,540 | 2,325,486 | 2,594,435 | ||||||||||||||||
| Distributions to shareholders from net investment income: |
||||||||||||||||||||
| Institutional Class |
(21,603,070 | ) | (14,147,500 | ) | (1,761,348 | ) | (1,854,672 | ) | ||||||||||||
| Private Investment Class |
(34,987 | ) | (30,767 | ) | (80,356 | ) | (132,350 | ) | ||||||||||||
| Personal Investment Class |
(9,541 | ) | (13,561 | ) | (54,963 | ) | (110,282 | ) | ||||||||||||
| Cash Management Class |
(306,028 | ) | (77,398 | ) | (302,379 | ) | (376,417 | ) | ||||||||||||
| Reserve Class |
(18,224 | ) | (14,433 | ) | (21,613 | ) | (18,513 | ) | ||||||||||||
| Resource Class |
(4,310 | ) | (12,035 | ) | (11,761 | ) | (20,138 | ) | ||||||||||||
| Corporate Class |
(2,114,783 | ) | (573,700 | ) | (92,498 | ) | (81,119 | ) | ||||||||||||
| Total distributions from net investment income |
(24,090,943 | ) | (14,869,394 | ) | (2,324,918 | ) | (2,593,491 | ) | ||||||||||||
| Share transactions–net: |
||||||||||||||||||||
| Institutional Class |
3,376,529,292 | (2,640,861,091 | ) | 152,620,931 | (148,752,146 | ) | ||||||||||||||
| Private Investment Class |
(73,584,196 | ) | (61,736,842 | ) | (24,894,329 | ) | 10,083,327 | |||||||||||||
| Personal Investment Class |
(57,334,039 | ) | (65,018,703 | ) | (18,219,967 | ) | (40,437,932 | ) | ||||||||||||
| Cash Management Class |
(221,844,735 | ) | (226,421,761 | ) | (87,093,375 | ) | 29,823,610 | |||||||||||||
| Reserve Class |
(25,452,945 | ) | (23,801,101 | ) | (23,778,069 | ) | 34,768,990 | |||||||||||||
| Resource Class |
(62,133,047 | ) | (62,863,904 | ) | (319,045 | ) | (12,328,636 | ) | ||||||||||||
| Corporate Class |
1,393,208,709 | 383,540,344 | 60,444,479 | 17,489,399 | ||||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
4,329,389,039 | (2,697,163,058 | ) | 58,760,625 | (109,353,388 | ) | ||||||||||||||
| Net increase (decrease) in net assets |
4,329,404,681 | (2,696,998,912 | ) | 58,761,193 | (109,352,444 | ) | ||||||||||||||
| Net assets: |
||||||||||||||||||||
| Beginning of period |
18,114,215,530 | 20,811,214,442 | 2,675,200,365 | 2,784,552,809 | ||||||||||||||||
| End of period* |
$ | 22,443,620,211 | $ | 18,114,215,530 | $ | 2,733,961,558 | $ | 2,675,200,365 | ||||||||||||
| * Includes accumulated undistributed net investment income |
$ | 2,468,855 | $ | 2,468,855 | $ | 872,258 | $ | 872,234 | ||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
35 Short-Term Investments Trust
Statement of Changes in Net Assets—(continued)
For the six months ended February 29, 2016 and the year ended August 31, 2015
(Unaudited)
| Treasury Portfolio | Government & Agency Portfolio | |||||||||||||||||||
| February 29, 2016 |
August 31, 2015 |
February 29, 2016 |
August 31, 2015 |
|||||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income |
$ | 4,494,870 | $ | 3,320,415 | $ | 2,469,797 | $ | 1,741,840 | ||||||||||||
| Net realized gain (loss) |
416,712 | (62,497 | ) | 19,165 | 116,517 | |||||||||||||||
| Net increase in net assets resulting from operations |
4,911,582 | 3,257,918 | 2,488,962 | 1,858,357 | ||||||||||||||||
| Distributions to shareholders from net investment income: |
||||||||||||||||||||
| Institutional Class |
(2,661,142 | ) | (1,478,709 | ) | (1,883,035 | ) | (1,159,579 | ) | ||||||||||||
| Private Investment Class |
(80,956 | ) | (102,223 | ) | (138,874 | ) | (126,468 | ) | ||||||||||||
| Personal Investment Class |
(26,968 | ) | (29,788 | ) | (4,096 | ) | (12,667 | ) | ||||||||||||
| Cash Management Class |
(1,193,495 | ) | (1,317,452 | ) | (80,858 | ) | (167,941 | ) | ||||||||||||
| Reserve Class |
(6,664 | ) | (11,073 | ) | (79,656 | ) | (108,700 | ) | ||||||||||||
| Resource Class |
(60,366 | ) | (68,891 | ) | (21,523 | ) | (38,869 | ) | ||||||||||||
| Corporate Class |
(465,279 | ) | (312,279 | ) | (261,755 | ) | (127,616 | ) | ||||||||||||
| Total distributions from net investment income |
(4,494,870 | ) | (3,320,415 | ) | (2,469,797 | ) | (1,741,840 | ) | ||||||||||||
| Share transactions–net: |
||||||||||||||||||||
| Institutional Class |
(1,576,572,464 | ) | 369,868,233 | (923,881,457 | ) | 891,380,297 | ||||||||||||||
| Private Investment Class |
3,525,513 | (63,444,289 | ) | 81,408,389 | 75,509,267 | |||||||||||||||
| Personal Investment Class |
(14,835,299 | ) | (350,960 | ) | (28,223,425 | ) | (3,981,249 | ) | ||||||||||||
| Cash Management Class |
(941,979,421 | ) | (2,293,402,486 | ) | (84,274,931 | ) | (247,006,196 | ) | ||||||||||||
| Reserve Class |
(4,919,263 | ) | (151,761,502 | ) | (21,349,198 | ) | (3,594,120 | ) | ||||||||||||
| Resource Class |
7,316,221 | (49,445,822 | ) | (37,751,805 | ) | (6,672,798 | ) | |||||||||||||
| Corporate Class |
(596,102,256 | ) | 346,906,945 | 83,692,317 | (28,642,460 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
(3,123,566,969 | ) | (1,841,629,881 | ) | (930,380,110 | ) | 676,992,741 | |||||||||||||
| Net increase (decrease) in net assets |
(3,123,150,257 | ) | (1,841,692,378 | ) | (930,360,945 | ) | 677,109,258 | |||||||||||||
| Net assets: |
||||||||||||||||||||
| Beginning of period |
15,908,338,238 | 17,750,030,616 | 5,939,068,874 | 5,261,959,616 | ||||||||||||||||
| End of period* |
$ | 12,785,187,981 | $ | 15,908,338,238 | $ | 5,008,707,929 | $ | 5,939,068,874 | ||||||||||||
| * Includes accumulated undistributed net investment income |
$ | (21,274 | ) | $ | (21,274 | ) | $ | (26,177 | ) | $ | (26,177 | ) | ||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
36 Short-Term Investments Trust
Statement of Changes in Net Assets—(continued)
For the six months ended February 29, 2016 and the year ended August 31, 2015
(Unaudited)
| Government TaxAdvantage Portfolio | Tax-Free Cash Reserve Portfolio | |||||||||||||||||||
| February 29, 2016 |
August 31, 2015 |
February 29, 2016 |
August 31, 2015 |
|||||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income |
$ | 75,217 | $ | 152,172 | $ | 31,927 | $ | 320,850 | ||||||||||||
| Net realized gain |
9,917 | 5,675 | — | 17,500 | ||||||||||||||||
| Net increase in net assets resulting from operations |
85,134 | 157,847 | 31,927 | 338,350 | ||||||||||||||||
| Distributions to shareholders from net investment income: |
||||||||||||||||||||
| Institutional Class |
(42,884 | ) | (109,398 | ) | (25,982 | ) | (243,361 | ) | ||||||||||||
| Private Investment Class |
(1,366 | ) | (5,768 | ) | (1,487 | ) | (14,944 | ) | ||||||||||||
| Personal Investment Class |
(1,007 | ) | (2,191 | ) | (122 | ) | (1,433 | ) | ||||||||||||
| Cash Management Class |
(15,296 | ) | (25,467 | ) | (2,317 | ) | (29,656 | ) | ||||||||||||
| Reserve Class |
(13,250 | ) | (1,334 | ) | (1,135 | ) | (13,465 | ) | ||||||||||||
| Resource Class |
(646 | ) | (3,530 | ) | (181 | ) | (2,416 | ) | ||||||||||||
| Corporate Class |
(768 | ) | (4,484 | ) | (703 | ) | (15,575 | ) | ||||||||||||
| Total distributions from net investment income |
(75,217 | ) | (152,172 | ) | (31,927 | ) | (320,850 | ) | ||||||||||||
| Share transactions–net: |
||||||||||||||||||||
| Institutional Class |
(88,546,410 | ) | (22,147,472 | ) | 120,751,861 | (68,021,232 | ) | |||||||||||||
| Private Investment Class |
(1,581,623 | ) | (9,595,904 | ) | (579,080 | ) | (3,807,802 | ) | ||||||||||||
| Personal Investment Class |
(76,406 | ) | (1,843,611 | ) | (892,435 | ) | (98,681 | ) | ||||||||||||
| Cash Management Class |
585,020 | (3,080,076 | ) | (8,574,246 | ) | (9,705,701 | ) | |||||||||||||
| Reserve Class |
62,990,375 | 5,171,160 | 8,402,532 | (5,865,164 | ) | |||||||||||||||
| Resource Class |
504 | (1,336,302 | ) | (1,952,773 | ) | (989,440 | ) | |||||||||||||
| Corporate Class |
(27,830,485 | ) | (22,499,992 | ) | (25,269,735 | ) | (5,044,078 | ) | ||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
(54,459,025 | ) | (55,332,197 | ) | 91,886,124 | (93,532,098 | ) | |||||||||||||
| Net increase (decrease) in net assets |
(54,449,108 | ) | (55,326,522 | ) | 91,886,124 | (93,514,598 | ) | |||||||||||||
| Net assets: |
||||||||||||||||||||
| Beginning of period |
194,783,419 | 250,109,941 | 593,917,908 | 687,432,506 | ||||||||||||||||
| End of period* |
$ | 140,334,311 | $ | 194,783,419 | $ | 685,804,032 | $ | 593,917,908 | ||||||||||||
| * Includes accumulated undistributed net investment income |
$ | (9,046 | ) | $ | (9,046 | ) | $ | (104,955 | ) | $ | (104,955 | ) | ||||||||
Notes to Financial Statements
February 29, 2016
(Unaudited)
NOTE 1—Significant Accounting Policies
Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers six separate portfolios, (each constituting a “Fund”). The Funds covered in this report are Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Government TaxAdvantage Portfolio and Tax-Free Cash Reserve Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.
The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio and Government TaxAdvantage Portfolio; and to provide tax-exempt income consistent with the preservation of capital and liquidity for Tax-Free Cash Reserve Portfolio.
Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.
The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements.
| A. | Security Valuations — Each Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts. |
37 Short-Term Investments Trust
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), adjusted for amortization of premiums and accretion of discounts on investments, is recorded on the accrual basis from settlement date. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Funds and the investment adviser.
The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.
| C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. | Distributions — It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually. |
| 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, Tax-Free Cash Reserve 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 of each respective Fund are allocated among the classes of such Fund 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 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 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- |
38 Short-Term Investments Trust
| 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 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.
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 pays an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:
| First $250 million |
Next $250 million |
Over $500 million |
||||||||||
| Liquid Assets Portfolio |
0.15% | 0.15% | 0.15% | |||||||||
| STIC Prime Portfolio |
0.15% | 0.15% | 0.15% | |||||||||
| Treasury Portfolio |
0.15% | 0.15% | 0.15% | |||||||||
| Government & Agency Portfolio |
0.10% | 0.10% | 0.10% | |||||||||
| Government TaxAdvantage Portfolio |
0.20% | 0.15% | 0.10% | |||||||||
| Tax-Free Cash Reserve Portfolio |
0.25% | 0.25% | 0.20% | |||||||||
For the six months ended February 29, 2016, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:
| Liquid Assets Portfolio |
0.15% | |||
| STIC Prime Portfolio |
0.15% | |||
| Treasury Portfolio |
0.15% | |||
| Government & Agency Portfolio |
0.10% | |||
| Government TaxAdvantage Portfolio |
0.20% | |||
| Tax-Free Cash Reserve Portfolio |
0.24% |
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, may 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, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):
| Institutional Class |
Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
||||||||||||||||||||||
| Liquid Assets Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.34 | % | 0.17 | % | ||||||||||||||
| STIC Prime Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Treasury Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Government & Agency Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Government TaxAdvantage Portfolio |
0.14 | % | 0.39 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Tax-Free Cash Reserve Portfolio |
0.25 | % | 0.50 | % | 0.80 | % | 0.33 | % | 1.12 | % | 0.41 | % | 0.28 | % | ||||||||||||||
39 Short-Term Investments Trust
The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.
In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) extraordinary or non-routine items, including litigation expenses, and (4) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2016. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.
Further, Invesco and/or IDI voluntarily waived fees and/or reimbursed expenses in order to increase the yields of each Fund. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors.
For the six months ended February 29, 2016, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:
| Expense Limitation |
Yield Waivers |
|||||||
| Liquid Assets Portfolio |
$ | 3,171,391 | $ | — | ||||
| STIC Prime Portfolio |
739,928 | 136,428 | ||||||
| Treasury Portfolio |
2,288,175 | 1,051,494 | ||||||
| Government & Agency Portfolio |
— | 366,030 | ||||||
| Government TaxAdvantage Portfolio |
198,607 | 29,497 | ||||||
| Tax-Free Cash Reserve Portfolio |
184,678 | 654,316 | ||||||
Voluntary fee waivers for the six months ended February 29, 2016 are shown below:
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
|||||||||||||||||||
| Liquid Assets Portfolio |
$ | 94,501 | $ | 143,768 | N/A | $ | 522,027 | $ | 4,198 | N/A | ||||||||||||||
| STIC Prime Portfolio |
182,115 | 253,640 | $ | 107,517 | 170,802 | 10,277 | $ | 5,732 | ||||||||||||||||
| Treasury Portfolio |
553,250 | 386,917 | 1,208,001 | 141,548 | 183,854 | 112,460 | ||||||||||||||||||
| Government & Agency Portfolio |
617,726 | 42,788 | 60,777 | 1,173,959 | 50,215 | 59,311 | ||||||||||||||||||
| Government TaxAdvantage Portfolio |
5,696 | 9,611 | 13,714 | 161,077 | 1,484 | 389 | ||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
37,862 | 6,795 | 18,770 | 99,902 | 2,949 | 2,502 | ||||||||||||||||||
The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the six months ended February 29, 2016, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 29, 2016, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.
Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class | |||||||||||||||||||||||
| 0.50 | % | 0.75 | % | 0.10 | % | 1.00 | % | 0.20 | % | 0.03 | % | |||||||||||||||||
Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.
IDI has contractually agreed, through at least December 31, 2016, to waive a portion of its compensation payable by the Funds such that compensation paid pursuant to the Plan with respect to each share class equals the maximum annual rate of average daily assets shown below:
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
|||||||||||||||||||
| Liquid Assets Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.20 | % | 0.03 | % | ||||||||||||
| STIC Prime Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Treasury Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Government & Agency Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Government TaxAdvantage Portfolio |
0.25 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Tax-Free Cash Reserve Portfolio |
0.25 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
40 Short-Term Investments Trust
Pursuant to the agreement above, for the six months ended February 29, 2016, IDI waived Plan fees of:
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
|||||||||||||||||||
| Liquid Assets Portfolio |
$ | 206,727 | $ | 84,455 | $ | 39,383 | $ | 102,213 | N/A | N/A | ||||||||||||||
| STIC Prime Portfolio |
156,998 | 105,607 | 44,158 | 27,585 | $ | 4,091 | N/A | |||||||||||||||||
| Treasury Portfolio |
439,176 | 153,061 | 509,780 | 22,482 | 66,410 | N/A | ||||||||||||||||||
| Government & Agency Portfolio |
491,252 | 16,480 | 24,622 | 185,142 | 16,695 | N/A | ||||||||||||||||||
| Government TaxAdvantage Portfolio |
6,441 | 3,776 | 5,307 | 26,288 | 472 | N/A | ||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
37,862 | 2,471 | 4,693 | 14,928 | 737 | N/A | ||||||||||||||||||
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
| Level 1 — | Prices are determined using quoted prices in an active market for identical assets. |
| Level 2 — | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
| Level 3 — | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect each Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
As of February 29, 2016, 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 months ended February 29, 2016, each Fund engaged in transactions with affiliates as listed below:
| Securities Purchases | Securities Sales | Net Realized Gains | ||||||||||
| Liquid Assets Portfolio |
$ | 259,171,921 | $ | 453,279,225 | $ | — | ||||||
| STIC Prime Portfolio |
118,541,842 | 142,726,856 | — | |||||||||
| Tax-Free Cash Reserve Portfolio |
466,679,556 | 355,977,114 | — | |||||||||
NOTE 5—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Funds may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Funds.
41 Short-Term Investments Trust
NOTE 6—Cash Balances
The Funds are permitted to temporarily overdraft or leave balances in their accounts with The Bank of New York Mellon (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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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 below had a capital loss carryforward as of August 31, 2015 which expires as follows:
| Short-Term | Long-Term | Total* | ||||||||||||||||||
| Fund | 2018 | 2019 | Not Subject to Expiration |
Not Subject to Expiration |
||||||||||||||||
| Treasury Portfolio |
$ | — | $ | — | $ | 62,497 | $ | — | $ | 62,497 | ||||||||||
| Government TaxAdvantage Portfolio |
— | — | 18,445 | — | 18,445 | |||||||||||||||
| Tax-Free Cash Reserve Portfolio |
14,727 | 30,074 | — | — | 44,801 | |||||||||||||||
| * | Capital loss carryforward as of the date listed above is 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. |
42 Short-Term Investments Trust
NOTE 8—Share Information
Liquid Assets Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
122,870,197,623 | $ | 122,870,197,623 | 285,396,098,619 | $ | 285,396,098,619 | ||||||||||
| Private Investment Class |
510,334,896 | 510,334,896 | 1,434,632,883 | 1,434,632,883 | ||||||||||||
| Personal Investment Class |
69,834,480 | 69,834,480 | 538,543,116 | 538,543,116 | ||||||||||||
| Cash Management Class |
2,145,627,791 | 2,145,627,791 | 4,326,518,141 | 4,326,518,141 | ||||||||||||
| Reserve Class |
206,076,476 | 206,076,476 | 1,016,989,736 | 1,016,989,736 | ||||||||||||
| Resource Class |
38,210,088 | 38,210,088 | 459,622,836 | 459,622,836 | ||||||||||||
| Corporate Class |
9,471,104,350 | 9,471,104,350 | 5,521,655,244 | 5,521,655,244 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
5,132,756 | 5,132,756 | 3,973,048 | 3,973,048 | ||||||||||||
| Private Investment Class |
6,181 | 6,181 | 8,279 | 8,279 | ||||||||||||
| Personal Investment Class |
4,693 | 4,693 | 11,639 | 11,639 | ||||||||||||
| Cash Management Class |
93,642 | 93,642 | 31,257 | 31,257 | ||||||||||||
| Reserve Class |
9,591 | 9,591 | 14,378 | 14,378 | ||||||||||||
| Resource Class |
2,603 | 2,603 | 12,396 | 12,396 | ||||||||||||
| Corporate Class |
270,357 | 270,357 | 225,681 | 225,681 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(119,498,801,087 | ) | (119,498,801,087 | ) | (288,040,932,758 | ) | (288,040,932,758 | ) | ||||||||
| Private Investment Class |
(583,925,273 | ) | (583,925,273 | ) | (1,496,378,004 | ) | (1,496,378,004 | ) | ||||||||
| Personal Investment Class |
(127,173,212 | ) | (127,173,212 | ) | (603,573,458 | ) | (603,573,458 | ) | ||||||||
| Cash Management Class |
(2,367,566,168 | ) | (2,367,566,168 | ) | (4,552,971,159 | ) | (4,552,971,159 | ) | ||||||||
| Reserve Class |
(231,539,012 | ) | (231,539,012 | ) | (1,040,805,215 | ) | (1,040,805,215 | ) | ||||||||
| Resource Class |
(100,345,738 | ) | (100,345,738 | ) | (522,499,136 | ) | (522,499,136 | ) | ||||||||
| Corporate Class |
(8,078,165,998 | ) | (8,078,165,998 | ) | (5,138,340,581 | ) | (5,138,340,581 | ) | ||||||||
| Net increase (decrease) in share activity |
4,329,389,039 | $ | 4,329,389,039 | (2,697,163,058 | ) | $ | (2,697,163,058 | ) | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
| Additionally, 19% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are other mutual funds also advised by Invesco. |
43 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
STIC Prime Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
3,003,113,393 | $ | 3,003,113,393 | 5,941,737,037 | $ | 5,941,737,037 | ||||||||||
| Private Investment Class |
667,027,756 | 667,027,756 | 1,211,080,589 | 1,211,080,589 | ||||||||||||
| Personal Investment Class |
298,331,925 | 298,331,925 | 1,182,870,259 | 1,182,870,259 | ||||||||||||
| Cash Management Class |
1,155,148,299 | 1,155,148,299 | 3,144,474,982 | 3,144,474,982 | ||||||||||||
| Reserve Class |
157,327,888 | 157,327,888 | 210,463,689 | 210,463,689 | ||||||||||||
| Resource Class |
64,748,890 | 64,748,890 | 64,359,363 | 64,359,363 | ||||||||||||
| Corporate Class |
261,415,561 | 261,415,561 | 1,149,830,507 | 1,149,830,507 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
424,046 | 424,046 | 454,008 | 454,008 | ||||||||||||
| Private Investment Class |
27,340 | 27,340 | 56,232 | 56,232 | ||||||||||||
| Personal Investment Class |
21,411 | 21,411 | 68,043 | 68,043 | ||||||||||||
| Cash Management Class |
74,694 | 74,694 | 71,815 | 71,815 | ||||||||||||
| Reserve Class |
17,209 | 17,209 | 14,807 | 14,807 | ||||||||||||
| Resource Class |
7,558 | 7,558 | 16,256 | 16,256 | ||||||||||||
| Corporate Class |
47,625 | 47,625 | 71,730 | 71,730 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(2,850,916,508 | ) | (2,850,916,508 | ) | (6,090,943,191 | ) | (6,090,943,191 | ) | ||||||||
| Private Investment Class |
(691,949,425 | ) | (691,949,425 | ) | (1,201,053,494 | ) | (1,201,053,494 | ) | ||||||||
| Personal Investment Class |
(316,573,303 | ) | (316,573,303 | ) | (1,223,376,234 | ) | (1,223,376,234 | ) | ||||||||
| Cash Management Class |
(1,242,316,368 | ) | (1,242,316,368 | ) | (3,114,723,187 | ) | (3,114,723,187 | ) | ||||||||
| Reserve Class |
(181,123,166 | ) | (181,123,166 | ) | (175,709,506 | ) | (175,709,506 | ) | ||||||||
| Resource Class |
(65,075,493 | ) | (65,075,493 | ) | (76,704,255 | ) | (76,704,255 | ) | ||||||||
| Corporate Class |
(201,018,707 | ) | (201,018,707 | ) | (1,132,412,838 | ) | (1,132,412,838 | ) | ||||||||
| Net increase (decrease) in share activity |
58,760,625 | $ | 58,760,625 | (109,353,388 | ) | $ | (109,353,388 | ) | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 59% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
44 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Treasury Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
7,821,438,683 | $ | 7,821,438,683 | 16,766,462,244 | $ | 16,766,462,244 | ||||||||||
| Private Investment Class |
890,870,745 | 890,870,745 | 1,901,290,280 | 1,901,290,280 | ||||||||||||
| Personal Investment Class |
502,160,779 | 502,160,779 | 1,101,975,367 | 1,101,975,367 | ||||||||||||
| Cash Management Class |
9,154,752,380 | 9,154,752,380 | 26,793,251,842 | 26,793,251,842 | ||||||||||||
| Reserve Class |
43,134,820 | 43,134,820 | 109,204,351 | 109,204,351 | ||||||||||||
| Resource Class |
155,665,944 | 155,665,944 | 329,636,954 | 329,636,954 | ||||||||||||
| Corporate Class |
8,220,833,589 | 8,220,833,589 | 18,168,487,688 | 18,168,487,688 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
963,871 | 963,871 | 922,038 | 922,038 | ||||||||||||
| Private Investment Class |
7,379 | 7,379 | 15,296 | 15,296 | ||||||||||||
| Personal Investment Class |
16,154 | 16,154 | 26,774 | 26,774 | ||||||||||||
| Cash Management Class |
45,602 | 45,602 | 60,767 | 60,767 | ||||||||||||
| Reserve Class |
3,896 | 3,896 | 7,169 | 7,169 | ||||||||||||
| Resource Class |
3,280 | 3,280 | 8,488 | 8,488 | ||||||||||||
| Corporate Class |
167,634 | 167,634 | 132,198 | 132,198 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(9,398,975,018 | ) | (9,398,975,018 | ) | (16,397,516,049 | ) | (16,397,516,049 | ) | ||||||||
| Private Investment Class |
(887,352,611 | ) | (887,352,611 | ) | (1,964,749,865 | ) | (1,964,749,865 | ) | ||||||||
| Personal Investment Class |
(517,012,232 | ) | (517,012,232 | ) | (1,102,353,101 | ) | (1,102,353,101 | ) | ||||||||
| Cash Management Class |
(10,096,777,403 | ) | (10,096,777,403 | ) | (29,086,715,095 | ) | (29,086,715,095 | ) | ||||||||
| Reserve Class |
(48,057,979 | ) | (48,057,979 | ) | (260,973,022 | ) | (260,973,022 | ) | ||||||||
| Resource Class |
(148,353,003 | ) | (148,353,003 | ) | (379,091,264 | ) | (379,091,264 | ) | ||||||||
| Corporate Class |
(8,817,103,479 | ) | (8,817,103,479 | ) | (17,821,712,941 | ) | (17,821,712,941 | ) | ||||||||
| Net increase (decrease) in share activity |
(3,123,566,969 | ) | $ | (3,123,566,969 | ) | (1,841,629,881 | ) | $ | (1,841,629,881 | ) | ||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 51% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
| Additionally, 14% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are other mutual funds also advised by Invesco. |
45 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Government & Agency Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
18,540,389,344 | $ | 18,540,389,344 | 37,416,050,435 | $ | 37,416,050,435 | ||||||||||
| Private Investment Class |
877,051,192 | 877,051,192 | 2,115,905,376 | 2,115,905,376 | ||||||||||||
| Personal Investment Class |
38,791,034 | 38,791,034 | 134,224,028 | 134,224,028 | ||||||||||||
| Cash Management Class |
1,195,370,891 | 1,195,370,891 | 5,837,371,862 | 5,837,371,862 | ||||||||||||
| Reserve Class |
398,647,336 | 398,647,336 | 699,303,942 | 699,303,942 | ||||||||||||
| Resource Class |
278,773,112 | 278,773,112 | 1,554,415,700 | 1,554,415,700 | ||||||||||||
| Corporate Class |
2,290,153,339 | 2,290,153,339 | 4,660,748,011 | 4,660,748,011 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
451,334 | 451,334 | 199,188 | 199,188 | ||||||||||||
| Private Investment Class |
37,272 | 37,272 | 37,056 | 37,056 | ||||||||||||
| Personal Investment Class |
— | — | 6 | 6 | ||||||||||||
| Cash Management Class |
21,186 | 21,186 | 33,044 | 33,044 | ||||||||||||
| Reserve Class |
37,786 | 37,786 | 67,656 | 67,656 | ||||||||||||
| Resource Class |
5,468 | 5,468 | 13,926 | 13,926 | ||||||||||||
| Corporate Class |
69,144 | 69,144 | 55,261 | 55,261 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(19,464,722,135 | ) | (19,464,722,135 | ) | (36,524,869,326 | ) | (36,524,869,326 | ) | ||||||||
| Private Investment Class |
(795,680,075 | ) | (795,680,075 | ) | (2,040,433,165 | ) | (2,040,433,165 | ) | ||||||||
| Personal Investment Class |
(67,014,459 | ) | (67,014,459 | ) | (138,205,283 | ) | (138,205,283 | ) | ||||||||
| Cash Management Class |
(1,279,667,008 | ) | (1,279,667,008 | ) | (6,084,411,102 | ) | (6,084,411,102 | ) | ||||||||
| Reserve Class |
(420,034,320 | ) | (420,034,320 | ) | (702,965,718 | ) | (702,965,718 | ) | ||||||||
| Resource Class |
(316,530,385 | ) | (316,530,385 | ) | (1,561,102,424 | ) | (1,561,102,424 | ) | ||||||||
| Corporate Class |
(2,206,530,166 | ) | (2,206,530,166 | ) | (4,689,445,732 | ) | (4,689,445,732 | ) | ||||||||
| Net increase (decrease) in share activity |
(930,380,110 | ) | $ | (930,380,110 | ) | 676,992,741 | $ | 676,992,741 | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 23% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
46 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Government TaxAdvantage Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
140,583,594 | $ | 140,583,594 | 368,612,267 | $ | 368,612,267 | ||||||||||
| Private Investment Class |
1,046,890 | 1,046,890 | 71,398,479 | 71,398,479 | ||||||||||||
| Personal Investment Class |
6,547,359 | 6,547,359 | 8,341,042 | 8,341,042 | ||||||||||||
| Cash Management Class |
29,139,800 | 29,139,800 | 87,930,861 | 87,930,861 | ||||||||||||
| Reserve Class |
107,718,530 | 107,718,530 | 14,172,451 | 14,172,451 | ||||||||||||
| Resource Class |
41 | 41 | 17,934,744 | 17,934,744 | ||||||||||||
| Corporate Class |
8,418,335 | 8,418,335 | 187,300,005 | 187,300,005 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
27,576 | 27,576 | 84,605 | 84,605 | ||||||||||||
| Private Investment Class |
556 | 556 | 3,065 | 3,065 | ||||||||||||
| Cash Management Class |
12,015 | 12,015 | 24,731 | 24,731 | ||||||||||||
| Reserve Class |
6,988 | 6,988 | 1,197 | 1,197 | ||||||||||||
| Resource Class |
463 | 463 | 3,214 | 3,214 | ||||||||||||
| Corporate Class |
1,203 | 1,203 | 4,203 | 4,203 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(229,157,580 | ) | (229,157,580 | ) | (390,844,344 | ) | (390,844,344 | ) | ||||||||
| Private Investment Class |
(2,629,069 | ) | (2,629,069 | ) | (80,997,448 | ) | (80,997,448 | ) | ||||||||
| Personal Investment Class |
(6,623,765 | ) | (6,623,765 | ) | (10,184,653 | ) | (10,184,653 | ) | ||||||||
| Cash Management Class |
(28,566,795 | ) | (28,566,795 | ) | (91,035,668 | ) | (91,035,668 | ) | ||||||||
| Reserve Class |
(44,735,143 | ) | (44,735,143 | ) | (9,002,488 | ) | (9,002,488 | ) | ||||||||
| Resource Class |
— | — | (19,274,260 | ) | (19,274,260 | ) | ||||||||||
| Corporate Class |
(36,250,023 | ) | (36,250,023 | ) | (209,804,200 | ) | (209,804,200 | ) | ||||||||
| Net increase (decrease) in share activity |
(54,459,025 | ) | $ | (54,459,025 | ) | (55,332,197 | ) | $ | (55,332,197 | ) | ||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 86% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
47 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Tax-Free Cash Reserve Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
576,859,284 | $ | 576,859,284 | 1,022,223,755 | $ | 1,022,223,755 | ||||||||||
| Private Investment Class |
23,529,218 | 23,529,218 | 48,653,591 | 48,653,591 | ||||||||||||
| Personal Investment Class |
2,234,174 | 2,234,174 | 5,529,842 | 5,529,842 | ||||||||||||
| Cash Management Class |
29,960,256 | 29,960,256 | 85,609,129 | 85,609,129 | ||||||||||||
| Reserve Class |
34,804,336 | 34,804,336 | 57,041,089 | 57,041,089 | ||||||||||||
| Resource Class |
71,708 | 71,708 | 2,830,839 | 2,830,839 | ||||||||||||
| Corporate Class |
1,175,406 | 1,175,406 | — | — | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
3,153 | 3,153 | 35,799 | 35,799 | ||||||||||||
| Private Investment Class |
1,399 | 1,399 | 13,990 | 13,990 | ||||||||||||
| Personal Investment Class |
11 | 11 | 651 | 651 | ||||||||||||
| Cash Management Class |
1,135 | 1,135 | 13,598 | 13,598 | ||||||||||||
| Reserve Class |
1,086 | 1,086 | 13,480 | 13,480 | ||||||||||||
| Resource Class |
195 | 195 | 2,430 | 2,430 | ||||||||||||
| Corporate Class |
916 | 916 | 15,648 | 15,648 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(456,110,576 | ) | (456,110,576 | ) | (1,090,280,786 | ) | (1,090,280,786 | ) | ||||||||
| Private Investment Class |
(24,109,697 | ) | (24,109,697 | ) | (52,475,383 | ) | (52,475,383 | ) | ||||||||
| Personal Investment Class |
(3,126,620 | ) | (3,126,620 | ) | (5,629,174 | ) | (5,629,174 | ) | ||||||||
| Cash Management Class |
(38,535,637 | ) | (38,535,637 | ) | (95,328,428 | ) | (95,328,428 | ) | ||||||||
| Reserve Class |
(26,402,890 | ) | (26,402,890 | ) | (62,919,733 | ) | (62,919,733 | ) | ||||||||
| Resource Class |
(2,024,676 | ) | (2,024,676 | ) | (3,822,709 | ) | (3,822,709 | ) | ||||||||
| Corporate Class |
(26,446,057 | ) | (26,446,057 | ) | (5,059,726 | ) | (5,059,726 | ) | ||||||||
| Net increase (decrease) in share activity |
91,886,124 | $ | 91,886,124 | (93,532,098 | ) | $ | (93,532,098 | ) | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 65% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
48 Short-Term Investments Trust
NOTE 9—Financial Highlights
The following schedules present financial highlights for a share of each Fund outstanding throughout the periods indicated.
Cash Management Class
| Net asset value, beginning of period |
Net investment income(a) |
Net gains (losses) (both |
Total from operations |
Dividends income |
Distributions from net gains |
Total distributions |
Net asset value, end of period |
Total return(b) |
Net assets, end of period (000’s omitted) |
Ratio of to average net assets with fee waivers absorbed |
Ratio
of fee waivers |
Ratio of net investment income to average net assets |
||||||||||||||||||||||||||||||||||||||||
| Liquid Assets Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
$ | 1.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | (0.00 | ) | $ | — | $ | (0.00 | ) | $ | 1.00 | 0.08 | % | $ | 236,125 | 0.22 | %(c) | 0.27 | %(c) | 0.17 | %(c) | ||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 458,001 | 0.20 | 0.27 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 684,446 | 0.19 | 0.27 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.05 | 744,301 | 0.21 | 0.27 | 0.05 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.07 | 785,901 | 0.22 | 0.28 | 0.07 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.08 | 1,567,468 | 0.21 | 0.27 | 0.08 | ||||||||||||||||||||||||||||||||||||
| STIC Prime Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.07 | 396,501 | 0.17 | (c) | 0.30 | (c) | 0.14 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.04 | 483,595 | 0.07 | 0.29 | 0.10 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.08 | 453,771 | 0.06 | 0.29 | 0.08 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.06 | 451,190 | 0.11 | 0.29 | 0.08 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.07 | 358,387 | 0.15 | 0.30 | 0.05 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | — | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.04 | 451,634 | 0.20 | 0.29 | 0.04 | |||||||||||||||||||||||||||||||||||||
| Treasury Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 4,362,496 | 0.15 | (c) | 0.27 | (c) | 0.06 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.01 | 5,304,331 | 0.06 | 0.27 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.01 | 7,597,812 | 0.04 | 0.27 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.02 | 6,226,819 | 0.09 | 0.28 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.03 | 4,929,501 | 0.08 | 0.28 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 6,379,706 | 0.12 | 0.28 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Government & Agency Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.03 | 138,578 | 0.16 | (c) | 0.24 | (c) | 0.07 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 222,853 | 0.08 | 0.23 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | — | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 469,858 | 0.06 | 0.23 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.03 | 635,001 | 0.11 | 0.24 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.02 | 673,598 | 0.10 | 0.23 | 0.03 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 1,674,548 | 0.14 | 0.23 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Government TaxAdvantage Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.03 | 45,617 | 0.14 | (c) | 0.43 | (c) | 0.07 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 45,026 | 0.00 | 0.43 | 0.08 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.04 | 48,104 | 0.02 | 0.39 | 0.03 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.03 | 31,553 | 0.06 | 0.30 | 0.03 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.03 | 33,449 | 0.07 | 0.32 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.03 | 39,369 | 0.11 | 0.36 | 0.03 | |||||||||||||||||||||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | — | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.00 | 42,443 | 0.05 | (c) | 0.41 | (c) | 0.01 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.01 | 51,018 | 0.03 | 0.41 | 0.04 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.05 | 60,722 | 0.04 | 0.40 | 0.04 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.06 | 107,926 | 0.10 | 0.40 | 0.06 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | — | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.06 | 76,483 | 0.13 | 0.40 | 0.06 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 106,336 | 0.26 | 0.39 | 0.03 | ||||||||||||||||||||||||||||||||||||
| (a) | Calculated using average shares outstanding. |
| (b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America. |
| (c) | Ratios are annualized and based on average daily net assets (000’s omitted) of $395,995, $444,004, $5,125,809, $247,574, $53,359 and $47,182 for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Government TaxAdvantage Portfolio and Tax-Free Cash Reserve Portfolio, respectively. |
49 Short-Term Investments Trust
Note 10-Subsequent Event
Effective June 1, 2016, the Board has approved a change in the advisory fee rate under the master investment advisory agreement for Tax-Free Cash Reserve Portfolio to an annual rate of 0.20% of the Fund’s average daily net assets.
In addition, effective June 1, 2016, the Adviser has contractually agreed, through at least December 31, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):
| Institutional Class |
Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
||||||||||||||||||||||
| Liquid Assets Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.38 | % | 0.21 | % | ||||||||||||||
| STIC Prime Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Treasury Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Government & Agency Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Government TaxAdvantage Portfolio |
0.18 | % | 0.43 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Tax-Free Cash Reserve Portfolio |
0.20 | % | 0.45 | % | 0.75 | % | 0.28 | % | 1.07 | % | 0.36 | % | 0.23 | % | ||||||||||||||
50 Short-Term Investments Trust
Calculating your ongoing Fund expenses
Example
As a shareholder in the Cash Management 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 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, 2015 through February 29, 2016.
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 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.
| Cash Management Class | Beginning Account Value (09/01/15) |
ACTUAL | HYPOTHETICAL (5% annual return before expenses) |
Annualized Expense Ratio |
||||||||||||||||||||
| Ending Account Value (02/29/16)1 |
Expenses Paid During Period2 |
Ending Account Value (02/29/16) |
Expenses Paid During Period2 |
|||||||||||||||||||||
|
Liquid Assets Portfolio |
$ | 1,000.00 | $ | 1,000.80 | $ | 1.09 | $ | 1,023.77 | $ | 1.11 | 0.22 | % | ||||||||||||
| STIC Prime Portfolio |
1,000.00 | 1,000.70 | 0.85 | 1,024.02 | 0.86 | 0.17 | ||||||||||||||||||
| Treasury Portfolio |
1,000.00 | 1,000.20 | 0.75 | 1,024.12 | 0.75 | 0.15 | ||||||||||||||||||
| Government & Agency Portfolio |
1,000.00 | 1,000.30 | 0.80 | 1,024.07 | 0.81 | 0.16 | ||||||||||||||||||
| Government TaxAdvantage Portfolio |
1,000.00 | 1,000.30 | 0.70 | 1,024.17 | 0.70 | 0.14 | ||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
1,000.00 | 1,000.00 | 0.25 | 1,024.61 | 0.25 | 0.05 | ||||||||||||||||||
| 1 | The actual ending account value is based on the actual total return of the Funds for the period September 1, 2015, through February 29, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on each Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
| 2 | Expenses are equal to each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year. |
51 Short-Term Investments Trust
Invesco mailing information
Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
Important notice regarding delivery of security holder documents
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
Fund holdings and proxy voting information
The Fund provides a complete list of its holdings four times in each fiscal year, at quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-Q filings on the SEC website, sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/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: 811-02729 and 002-58287 | CM-STIT-SAR-3 | Invesco Distributors, Inc. |
Fund Data
Corporate Class data as of 2/29/16
| FUND | WEIGHTED AVERAGE MATURITY |
WEIGHTED LIFE |
TOTAL NET ASSETS | |||||||||||||||||
| Range During Reporting Period |
At Reporting Period End |
At Reporting Period End |
||||||||||||||||||
| Liquid Assets | 14 - 42 days | 33 days | 52 days | $2.4 billion | ||||||||||||||||
| STIC Prime | 7 - 19 days | 11 days | 13 days | 137.4 million | ||||||||||||||||
| Treasury | 29 - 54 days | 49 days | 113 days | 1.1 billion | ||||||||||||||||
| Government & Agency | 24 - 52 days | 40 days | 115 days | 714.8 million | ||||||||||||||||
| Government TaxAdvantage | 25 - 58 days | 35 days | 55 days | 179.5 thousand | ||||||||||||||||
| Tax-Free Cash Reserve | 24 - 38 days | 29 days | 29 days | 1.2 million | ||||||||||||||||
Weighted average maturity (WAM) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes.
Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.
2 Short-Term Investments Trust
Letters to Shareholders
|
Bruce Crockett |
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 represent 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., 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 reasonable fee. As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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
|
Karen Dunn Kelley |
Dear Shareholders: Money market investors cheered in December when the US Federal Reserve raised the federal funds target rate after holding it near zero for seven years in the aftermath of the financial crisis. Moderate economic growth, improvement in employment and the need to remove “emergency accommodation” were the primary reasons for the Fed’s action. More rate hikes are expected, but at a slower pace than past Fed regimes. The money market fund industry in the US continued to move ahead with plans to adopt the new money market fund regulations announced in 2014, which are set to be fully implemented on October 14, 2016. Invesco, along with many in the industry, continues to focus on successfully meeting all reform requirements in a timely fashion. We will continue to keep you |
and all our valued money market fund investors informed about money market fund reform through public announcements as updates are available.
For more than 30 years, Invesco Global Liquidity has worked to gain and keep the trust of our investors through our deep industry knowledge and our investment expertise. Our primary goal through the money market fund reform process is to provide our investors with a full suite of liquidity management solutions to meet their investing needs with the least amount of disruption while remaining focused on our disciplined investment process. For Invesco Global Liquidity, safety is of paramount importance in the investment process for all our money market funds. Our conservative investment philosophy has always focused on providing safety, liquidity, and yield – in that order – to our money market fund investors.
Invesco Global Liquidity is dedicated to the future of this industry – and to yours. Thank you for investing with us.
Sincerely,
Karen Dunn Kelley
Senior Managing Director, Investments
3 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Commercial Paper–40.38%(a) |
|
|||||||||||||||
| Asset-Backed Securities — Consumer Receivables–3.51% | ||||||||||||||||
| Old Line Funding, LLC(b) |
0.65 | % | 04/18/2016 | $ | 43,000 | $ | 42,962,733 | |||||||||
| Old Line Funding, LLC(b) |
0.65 | % | 04/25/2016 | 66,000 | 65,934,458 | |||||||||||
| Old Line Funding, LLC(b) |
0.73 | % | 05/26/2016 | 190,000 | 189,668,662 | |||||||||||
| Old Line Funding, LLC(b) |
0.77 | % | 05/09/2016 | 85,000 | 84,874,554 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.64 | % | 05/18/2016 | 115,000 | 114,840,533 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.65 | % | 04/18/2016 | 95,000 | 94,917,667 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.65 | % | 04/18/2016 | 65,000 | 64,943,667 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.72 | % | 06/01/2016 | 91,000 | 90,832,560 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.77 | % | 05/12/2016 | 40,000 | 39,938,400 | |||||||||||
| 788,913,234 | ||||||||||||||||
| Asset-Backed Securities — Fully Supported–2.41% | ||||||||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 04/04/2016 | 75,000 | 74,956,083 | |||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 04/06/2016 | 148,000 | 147,908,240 | |||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 04/18/2016 | 33,000 | 32,972,720 | |||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 05/19/2016 | 100,000 | 99,863,945 | |||||||||||
| Kells Funding LLC (CEP–FMS Wertmanagement)(b)(c) |
0.60 | % | 04/20/2016 | 75,000 | 74,937,500 | |||||||||||
| Kells Funding LLC (CEP–FMS Wertmanagement)(b)(c) |
0.61 | % | 06/02/2016 | 110,000 | 109,826,658 | |||||||||||
| 540,465,146 | ||||||||||||||||
| Asset-Backed Securities — Fully Supported Bank–12.88% | ||||||||||||||||
| Anglesea Funding LLC (Multi-CEP’s)(b)(c)(d) |
0.70 | % | 07/06/2016 | 25,000 | 25,000,000 | |||||||||||
| Anglesea Funding LLC (Multi-CEP’s)(b)(c)(d) |
0.70 | % | 07/18/2016 | 133,000 | 133,000,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A)(b)(c)(d) |
0.61 | % | 07/07/2016 | 75,000 | 75,000,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.62 | % | 04/06/2016 | 50,000 | 49,969,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.63 | % | 05/11/2016 | 100,000 | 99,875,750 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.62 | % | 04/01/2016 | 49,000 | 48,973,839 | |||||||||||
| Bennington Stark Capital Co. (CEP–Societe Generale S.A.)(b)(c) |
0.67 | % | 04/01/2016 | 50,000 | 49,971,153 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.62 | % | 04/18/2016 | 50,000 | 49,958,667 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.66 | % | 05/03/2016 | 31,500 | 31,463,617 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.50 | % | 03/16/2016 | 48,000 | 47,990,000 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.63 | % | 04/04/2016 | 170,000 | 169,898,850 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.63 | % | 04/13/2016 | 66,000 | 65,950,335 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC)(d) |
0.68 | % | 07/14/2016 | 97,000 | 97,000,000 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC)(d) |
0.78 | % | 08/22/2016 | 73,000 | 73,000,000 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC) |
0.81 | % | 08/05/2016 | 100,000 | 99,646,750 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC) |
0.48 | % | 04/25/2016 | 100,000 | 99,926,667 | |||||||||||
| Collateralized Commercial Paper II Co., LLC (CEP–JPMorgan Securities LLC)(b) |
0.48 | % | 04/20/2016 | 100,000 | 99,933,333 | |||||||||||
| Collateralized Commercial Paper II Co., LLC (CEP–JPMorgan Securities LLC)(b)(d) |
0.63 | % | 03/01/2016 | 15,000 | 15,000,000 | |||||||||||
| Collateralized Commercial Paper II Co., LLC (CEP–JPMorgan Securities LLC)(b)(d) |
0.68 | % | 07/22/2016 | 60,000 | 60,000,000 | |||||||||||
| Crown Point Capital Co., LLC, Series A (Multi-CEP’s)(b)(c)(d) |
0.94 | % | 07/28/2016 | 50,000 | 50,000,000 | |||||||||||
| Gotham Funding Corp. (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(b)(c) |
0.60 | % | 05/25/2016 | 180,000 | 179,745,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Asset-Backed Securities — Fully Supported Bank–(continued) | ||||||||||||||||
| Institutional Secured Funding Ltd (Multi-CEP’s)(b)(c) |
0.60 | % | 03/08/2016 | $ | 21,000 | $ | 20,997,550 | |||||||||
| Institutional Secured Funding Ltd (Multi-CEP’s)(b)(c) |
0.70 | % | 04/21/2016 | 20,000 | 19,980,167 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.68 | % | 06/21/2016 | 44,000 | 43,906,915 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.62 | % | 04/11/2016 | 64,000 | 63,954,809 | |||||||||||
| LMA Americas LLC (CEP–Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.65 | % | 04/12/2016 | 105,000 | 104,920,375 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.50 | % | 04/04/2016 | 62,500 | 62,470,486 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.54 | % | 03/14/2016 | 50,359 | 50,349,180 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.52 | % | 03/08/2016 | 49,595 | 49,589,985 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.67 | % | 04/13/2016 | 35,500 | 35,471,590 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.67 | % | 04/14/2016 | 22,000 | 21,981,985 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.67 | % | 04/18/2016 | 36,000 | 35,967,840 | |||||||||||
| Matchpoint Finance PLC (CEP–BNP Paribas S.A)(b)(c) |
0.45 | % | 03/01/2016 | 70,000 | 70,000,000 | |||||||||||
| Mountcliff Funding LLC (Multi-CEP’s)(b)(c) |
0.63 | % | 04/04/2016 | 59,000 | 58,964,895 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.37 | % | 03/04/2016 | 135,000 | 134,995,838 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/30/2016 | 76,106 | 76,079,637 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/21/2016 | 100,000 | 99,976,111 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/29/2016 | 120,000 | 119,959,866 | |||||||||||
| Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c) |
0.62 | % | 04/26/2016 | 75,000 | 74,927,667 | |||||||||||
| Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)(d) |
0.78 | % | 07/06/2016 | 25,000 | 25,000,000 | |||||||||||
| Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)(d) |
0.78 | % | 07/07/2016 | 99,750 | 99,750,000 | |||||||||||
| 2,890,547,857 | ||||||||||||||||
| Asset-Backed Securities — Multi-Purpose–1.97% | ||||||||||||||||
| CHARTA, LLC(b) |
0.83 | % | 07/06/2016 | 66,000 | 65,806,748 | |||||||||||
| CRC Funding, LLC(b) |
0.45 | % | 03/23/2016 | 25,000 | 24,993,125 | |||||||||||
| CRC Funding, LLC(b) |
0.45 | % | 03/24/2016 | 50,000 | 49,985,625 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.60 | % | 04/05/2016 | 35,000 | 34,979,583 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.52 | % | 04/07/2016 | 65,000 | 64,965,261 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.60 | % | 04/29/2016 | 72,000 | 71,929,200 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.47 | % | 03/09/2016 | 28,750 | 28,746,997 | |||||||||||
| Versailles Commercial Paper LLC(b)(d) |
0.58 | % | 10/14/2016 | 100,000 | 100,000,000 | |||||||||||
| 441,406,539 | ||||||||||||||||
| Consumer Finance–0.44% | ||||||||||||||||
| Toyota Motor Credit Corp.(c) |
0.71 | % | 08/10/2016 | 100,000 | 99,680,500 | |||||||||||
| Diversified Banks–10.23% | ||||||||||||||||
| ANZ New Zealand Int’l Ltd.(b)(c) |
0.33 | % | 03/18/2016 | 144,150 | 144,127,537 | |||||||||||
| BNP Paribas S.A.(c) |
0.38 | % | 03/03/2016 | 250,000 | 249,994,722 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.78 | % | 08/22/2016 | 73,000 | 73,000,000 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.56 | % | 05/13/2016 | 20,000 | 19,999,544 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.56 | % | 05/20/2016 | 50,000 | 50,000,000 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.57 | % | 05/19/2016 | 46,000 | 45,999,106 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.58 | % | 05/26/2016 | 40,000 | 39,995,713 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.60 | % | 03/07/2016 | 40,000 | 40,000,000 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.60 | % | 03/04/2016 | 28,000 | 28,000,000 | |||||||||||
| Credit Agricole Corporate & Investment Bank(c) |
0.30 | % | 03/01/2016 | 65,000 | 65,000,000 | |||||||||||
| ING (US) Funding LLC(c) |
0.60 | % | 04/01/2016 | 32,300 | 32,283,312 | |||||||||||
| ING (US) Funding LLC(c) |
0.61 | % | 04/05/2016 | 70,000 | 69,958,486 | |||||||||||
| ING (US) Funding LLC(c) |
0.61 | % | 04/12/2016 | 110,000 | 109,921,717 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Diversified Banks–(continued) | ||||||||||||||||
| ING (US) Funding LLC(c) |
0.67 | % | 06/01/2016 | $ | 135,000 | $ | 134,769,655 | |||||||||
| ING (US) Funding LLC(c) |
0.67 | % | 06/13/2016 | 90,000 | 89,825,800 | |||||||||||
| Mizuho Bank Ltd.(b)(c) |
0.61 | % | 05/23/2016 | 150,000 | 149,789,041 | |||||||||||
| Natixis(c) |
0.65 | % | 04/06/2016 | 300,000 | 299,805,000 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.62 | % | 04/18/2016 | 100,000 | 99,917,333 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.70 | % | 05/27/2016 | 145,000 | 144,754,708 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.42 | % | 03/01/2016 | 109,000 | 109,000,000 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.50 | % | 03/21/2016 | 140,000 | 139,961,111 | |||||||||||
| Swedbank AB(c) |
0.36 | % | 03/07/2016 | 70,000 | 69,995,800 | |||||||||||
| Westpac Banking Corp.(b)(c)(d) |
0.74 | % | 08/08/2016 | 91,000 | 91,000,000 | |||||||||||
| 2,297,098,585 | ||||||||||||||||
| Integrated Oil & Gas–0.53% | ||||||||||||||||
| Exxon Mobil Corp. |
0.46 | % | 03/15/2016 | 120,000 | 119,978,533 | |||||||||||
| Regional Banks–4.75% | ||||||||||||||||
| ASB Finance Ltd.(b) |
0.33 | % | 03/04/2016 | 100,000 | 99,997,292 | |||||||||||
| Banque et Caisse d’Epargne de l’Etat(c) |
0.51 | % | 04/01/2016 | 30,000 | 29,986,825 | |||||||||||
| BNZ International Funding Ltd.(b)(c) |
0.46 | % | 04/22/2016 | 61,300 | 61,259,270 | |||||||||||
| Danske Corp.(b)(c) |
0.55 | % | 05/02/2016 | 95,000 | 94,910,014 | |||||||||||
| Danske Corp.(b)(c) |
0.62 | % | 05/02/2016 | 50,000 | 49,947,042 | |||||||||||
| Danske Corp.(b)(c) |
0.62 | % | 05/03/2016 | 100,000 | 99,892,375 | |||||||||||
| HSBC Bank PLC(b)(c) |
0.82 | % | 08/09/2016 | 100,000 | 99,635,514 | |||||||||||
| HSBC Bank PLC(b)(c)(d) |
0.83 | % | 09/06/2016 | 85,000 | 85,000,000 | |||||||||||
| Landesbank Hessen-Thueringen Girozentrale(b)(c) |
0.52 | % | 03/14/2016 | 145,000 | 144,972,772 | |||||||||||
| Macquarie Bank Ltd.(b)(c) |
0.62 | % | 05/10/2016 | 84,500 | 84,398,130 | |||||||||||
| Macquarie Bank Ltd.(b)(c) |
0.64 | % | 05/03/2016 | 18,250 | 18,229,560 | |||||||||||
| Macquarie Bank Ltd.(b)(c) |
0.75 | % | 06/29/2016 | 145,000 | 144,637,500 | |||||||||||
| Mitsubishi UFJ Trust & Banking Corp.(c) |
0.67 | % | 04/19/2016 | 52,950 | 52,901,713 | |||||||||||
| 1,065,768,007 | ||||||||||||||||
| Specialized Finance–3.21% | ||||||||||||||||
| Caisse des Depots et Consignations(b)(c) |
0.59 | % | 05/25/2016 | 178,400 | 178,151,479 | |||||||||||
| Caisse des Depots et Consignations(b)(c) |
0.40 | % | 03/03/2016 | 100,000 | 99,997,778 | |||||||||||
| CDP Financial Inc.(b)(c) |
0.59 | % | 04/20/2016 | 85,000 | 84,930,347 | |||||||||||
| CDP Financial Inc.(b)(c) |
0.39 | % | 03/01/2016 | 40,000 | 40,000,000 | |||||||||||
| KfW(b)(c) |
0.29 | % | 03/01/2016 | 20,000 | 20,000,000 | |||||||||||
| Nederlandse Waterschapsbank N.V.(b)(c) |
0.58 | % | 04/13/2016 | 65,000 | 64,954,969 | |||||||||||
| Nederlandse Waterschapsbank N.V.(b)(c) |
0.59 | % | 05/11/2016 | 72,000 | 71,916,220 | |||||||||||
| Nederlandse Waterschapsbank N.V.(b)(c) |
0.35 | % | 03/14/2016 | 159,700 | 159,679,816 | |||||||||||
| 719,630,609 | ||||||||||||||||
| Thrifts & Mortgage Finance–0.45% | ||||||||||||||||
| Nationwide Building Society(b)(c) |
0.62 | % | 05/18/2016 | 100,000 | 99,865,667 | |||||||||||
| Total Commercial Paper (Cost $9,063,354,677) |
9,063,354,677 | |||||||||||||||
| Certificates of Deposit–30.66% |
||||||||||||||||
| Bank of Montreal(c) |
0.58 | % | 04/08/2016 | 48,750 | 48,753,078 | |||||||||||
| Bank of Montreal(c)(d) |
0.79 | % | 11/10/2016 | 200,000 | 200,000,000 | |||||||||||
| Bank of Montreal(c) |
0.44 | % | 03/22/2016 | 59,400 | 59,400,000 | |||||||||||
| Bank of Nova Scotia(c) |
0.43 | % | 04/01/2016 | 111,000 | 111,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Bank of Nova Scotia(c)(d) |
0.57 | % | 03/09/2016 | $ | 56,000 | $ | 56,000,000 | |||||||||
| Bank of Nova Scotia(c)(d) |
0.78 | % | 09/09/2016 | 100,000 | 100,000,000 | |||||||||||
| Bank of Nova Scotia(c)(d) |
0.79 | % | 09/30/2016 | 120,100 | 120,100,000 | |||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(c) |
0.37 | % | 03/03/2016 | 355,000 | 355,000,000 | |||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(c) |
0.37 | % | 03/07/2016 | 125,000 | 125,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(c) |
0.85 | % | 08/25/2016 | 65,000 | 65,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(c) |
0.28 | % | 03/01/2016 | 72,000 | 72,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(c) |
0.36 | % | 03/03/2016 | 340,000 | 340,000,000 | |||||||||||
| Citibank, N.A. |
0.82 | % | 08/12/2016 | 100,000 | 100,000,000 | |||||||||||
| Citibank, N.A. |
0.58 | % | 04/21/2016 | 185,000 | 185,000,000 | |||||||||||
| Citibank, N.A. |
0.65 | % | 05/23/2016 | 110,000 | 110,000,000 | |||||||||||
| Citibank, N.A. |
0.63 | % | 06/06/2016 | 95,000 | 95,000,000 | |||||||||||
| Credit Industriel et Commercial(c) |
0.37 | % | 03/02/2016 | 325,000 | 325,000,000 | |||||||||||
| Credit Industriel et Commercial(c) |
0.38 | % | 03/01/2016 | 160,000 | 160,000,000 | |||||||||||
| Dexia Credit Local S.A.(c)(d) |
0.58 | % | 03/23/2016 | 80,000 | 80,000,440 | |||||||||||
| Dexia Credit Local S.A.(c)(d) |
0.78 | % | 08/10/2016 | 100,000 | 100,000,000 | |||||||||||
| Dexia Credit Local S.A.(c)(d) |
0.58 | % | 03/24/2016 | 82,000 | 82,000,750 | |||||||||||
| DNB Bank ASA(c) |
0.28 | % | 03/01/2016 | 148,000 | 148,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.60 | % | 04/22/2016 | 110,000 | 110,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.44 | % | 03/07/2016 | 60,000 | 60,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.60 | % | 05/18/2016 | 100,000 | 100,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.66 | % | 06/06/2016 | 135,000 | 135,000,000 | |||||||||||
| KBC Bank N.V.(c) |
0.38 | % | 03/01/2016 | 215,000 | 215,000,000 | |||||||||||
| KBC Bank N.V.(c) |
0.38 | % | 03/03/2016 | 340,000 | 340,000,000 | |||||||||||
| Landesbank Hessen-Thueringen Girozentrale(c) |
0.51 | % | 03/11/2016 | 66,000 | 66,000,000 | |||||||||||
| Mitsubishi UFJ Trust & Banking Corp.(c) |
0.63 | % | 04/25/2016 | 185,000 | 185,000,000 | |||||||||||
| Mizuho Bank Ltd.(c) |
0.50 | % | 03/09/2016 | 95,000 | 95,001,679 | |||||||||||
| Mizuho Bank Ltd.(c) |
0.61 | % | 04/20/2016 | 50,000 | 50,000,000 | |||||||||||
| Mizuho Bank Ltd.(c) |
0.66 | % | 04/18/2016 | 200,000 | 200,000,000 | |||||||||||
| Nordea Bank Finland PLC(c) |
0.28 | % | 03/01/2016 | 106,000 | 106,000,000 | |||||||||||
| Royal Bank of Canada(c)(d) |
0.77 | % | 10/03/2016 | 300,000 | 300,000,000 | |||||||||||
| Skandinaviska Enskilda Banken AB(c) |
0.29 | % | 03/01/2016 | 198,000 | 198,000,000 | |||||||||||
| Societe Generale S.A.(c) |
0.62 | % | 05/05/2016 | 164,000 | 164,000,000 | |||||||||||
| Standard Chartered Bank(c)(d) |
0.63 | % | 03/08/2016 | 52,000 | 52,000,000 | |||||||||||
| Standard Chartered Bank(c) |
0.64 | % | 05/02/2016 | 100,000 | 100,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.65 | % | 03/14/2016 | 130,000 | 130,006,079 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.67 | % | 04/04/2016 | 63,000 | 63,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.67 | % | 04/19/2016 | 140,000 | 140,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.68 | % | 04/11/2016 | 100,000 | 100,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.70 | % | 04/28/2016 | 90,000 | 90,008,643 | |||||||||||
| Swedbank AB(c) |
0.36 | % | 03/03/2016 | 340,000 | 340,000,000 | |||||||||||
| Swedbank AB(c) |
0.37 | % | 03/01/2016 | 46,500 | 46,500,000 | |||||||||||
| Toronto-Dominion Bank (The)(c) |
0.46 | % | 04/29/2016 | 148,000 | 148,000,000 | |||||||||||
| Toronto-Dominion Bank (The)(c)(d) |
0.68 | % | 06/06/2016 | 50,000 | 50,000,000 | |||||||||||
| Toronto-Dominion Bank (The)(c)(d) |
0.68 | % | 08/17/2016 | 30,000 | 30,000,000 | |||||||||||
| UBS AG(c) |
0.68 | % | 05/31/2016 | 145,000 | 145,000,000 | |||||||||||
| UBS AG(c) |
0.85 | % | 08/05/2016 | 85,000 | 85,000,000 | |||||||||||
| Total Certificates of Deposit (Cost $6,880,770,669) |
6,880,770,669 | |||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Variable Rate Demand Notes–1.02%(e) |
||||||||||||||||
| Credit Enhanced–0.98% | ||||||||||||||||
| A Mining Group, LLC; Series 2006, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f) |
0.43 | % | 06/01/2029 | $ | 500 | $ | 500,000 | |||||||||
| Appleton (City of), Wisconsin (Great Northern Corp.); Series 2002 A, VRD IDR (LOC–Wells Fargo Bank, N.A.)(f) |
0.18 | % | 09/01/2019 | 2,785 | 2,785,000 | |||||||||||
| Atlanta (City of), Georgia Housing Authority (Villages of East Lake Phase II); Series 1999, VRD MFH RB (LOC–Bank of America, N.A.)(b)(f) |
0.14 | % | 01/01/2029 | 1,300 | 1,300,000 | |||||||||||
| Benjamin Rose Institute (The) (Kethley House); Series 2005, VRD Taxable Notes (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.43 | % | 12/01/2028 | 900 | 900,000 | |||||||||||
| Burnsville (City of), Minnesota (Bridgeway Apartments LP); Series 2003, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 10/15/2033 | 1,175 | 1,175,000 | |||||||||||
| Calcasieu (Parish of), Louisiana Public Trust Authority (WPT Corp.); Series 1997, VRD Solid Waste Disposal RB (LOC–Bank of America, N.A.)(f) |
0.08 | % | 12/01/2027 | 2,000 | 2,000,000 | |||||||||||
| Capital Markets Access Co. LC (SEUP Real Estate LLC); Series 2008, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f) |
0.41 | % | 07/01/2038 | 800 | 800,000 | |||||||||||
| Carson City (City of), Nevada (Carson-Tahoe Hospital); Series 2003 B, Hospital RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 09/01/2033 | 18,910 | 18,910,000 | |||||||||||
| Centerville (City of), Ohio (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 B, VRD Health Care RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 11/01/2040 | 6,300 | 6,300,000 | |||||||||||
| Chicago (City of), Illinois (Churchview Supportive Living Facility); Series 2003, VRD MFH RB (LOC–BMO Harris N.A.)(b)(f) |
0.10 | % | 03/01/2033 | 2,600 | 2,600,000 | |||||||||||
| Cleveland (City of) & Cuyahoga (County of), Ohio Port Authority (Carnegie/96th Research Building LLC); Series 2003, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 01/01/2033 | 22,390 | 22,390,000 | |||||||||||
| Columbus (City of), Ohio Regional Airport Authority (OASBO Expanded Asset Pooled Financing Program); Sr. Series 2004 A, VRD Capital Funding RB (LOC–U.S. Bank, N.A.)(f) |
0.02 | % | 03/01/2034 | 5,800 | 5,800,000 | |||||||||||
| Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 05/01/2036 | 1,915 | 1,915,000 | |||||||||||
| District of Columbia (The Pew Charitable Trusts); Series 2008 A, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 0/01/2038 | 12,890 | 12,890,000 | |||||||||||
| Fayette (County of), Pennsylvania Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 06/01/2037 | 2,380 | 2,380,000 | |||||||||||
| Gainesville (City of) & Hall (County of), Georgia Development Authority (Squirrel Creek Basin); Series 2002, Ref. VRD RB (LOC–Rabobank Nederland)(c)(f) |
0.10 | % | 08/01/2027 | 1,000 | 1,000,000 | |||||||||||
| Glendale Heights (Village of), Illinois (Glendale Lakes); Series 2000, Ref. VRD MFH RB (CEP–FHLMC) |
0.01 | % | 03/01/2030 | 1,110 | 1,110,000 | |||||||||||
| Hamilton (County of), Ohio (Elizabeth Gamble Deaconess Home Association); Series 2002 B, VRD Hospital Facilities RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 06/01/2027 | 8,500 | 8,500,000 | |||||||||||
| Heard (County of), Georgia Development Authority (Oglethorpe Power Corp. Wansley); Series 2009 A, VRD PCR (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.01 | % | 01/01/2038 | 2,300 | 2,300,000 | |||||||||||
| Illinois (State of) Finance Authority (Elmhurst College); Series 2007, VRD RB (LOC–BMO Harris N.A.)(f) |
0.01 | % | 02/01/2042 | 3,650 | 3,650,000 | |||||||||||
| Illinois (State of) Finance Authority (National-Louis University); Series 1999 B, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.01 | % | 06/01/2029 | 1,320 | 1,320,000 | |||||||||||
| Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC–Northern Trust Co.)(f) |
0.01 | % | 01/01/2037 | 3,450 | 3,450,000 | |||||||||||
| Illinois (State of) Housing Development Authority (Brainard Landings II Apartments); Series 2007, VRD MFH RB (LOC–U.S. Bank, N.A.)(f) |
0.03 | % | 05/01/2042 | 2,525 | 2,525,000 | |||||||||||
| Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 B, VRD MFH RB (LOC–FHLB of Indianapolis)(f) |
0.30 | % | 12/01/2039 | 735 | 735,000 | |||||||||||
| Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc.); Series 2008 G, Ref. VRD Health System RB (LOC–Wells Fargo Bank N.A.)(f) |
0.02 | % | 09/01/2048 | 9,565 | 9,565,000 | |||||||||||
| Kansas (State of) Development Finance Authority (Chesapeake Apartments JV GP LLC); Series 2000 M, Ref. VRD MFH RB (CEP–FHLMC) |
0.01 | % | 07/01/2030 | 600 | 600,000 | |||||||||||
| Luzerne (County of), Pennsylvania Convention Center Authority; Series 1998 A, VRD Hotel Room Rental Tax RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 09/01/2028 | 4,700 | 4,700,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Credit Enhanced–(continued) | ||||||||||||||||
| Massachusetts (State of) Development Finance Agency (Milton Academy); Series 2009 B, VRD Taxable RB (LOC–TD Bank, N.A.)(f) |
0.38 | % | 03/01/2039 | $ | 1,900 | $ | 1,900,000 | |||||||||
| Massachusetts (State of) Health & Educational Facilities Authority (Harrington Memorial Hospital, Inc.); Series 2008 A, VRD RB (LOC–TD Bank, N.A.)(f) |
0.01 | % | 07/01/2038 | 3,100 | 3,100,000 | |||||||||||
| Milwaukee (City of), Wisconsin Redevelopment Authority (University of Wisconsin-Milwaukee Kenilworth); Series 2005, VRD Lease RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 09/01/2040 | 5,515 | 5,515,000 | |||||||||||
| Minnetonka (City of), Minnesota (Minnesota Hills Apartments); Series 2001, Ref. VRD MFH RB (CEP–FNMA) |
0.02 | % | 11/15/2031 | 4,000 | 4,000,000 | |||||||||||
| Mississippi (State of) Business Finance Corp. (CPX Gulfport ES OPAG, LLC); Series 2007 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.01 | % | 04/01/2037 | 6,800 | 6,800,000 | |||||||||||
| Mississippi (State of) Business Finance Corp. (CPX Gulfport OPAG, LLC); Series 2007 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.01 | % | 04/01/2037 | 1,500 | 1,500,000 | |||||||||||
| Montgomery (County of), Pennsylvania Industrial Development Authority (Friends’ Central School Corp.); Series 2002, VRD School RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.02 | % | 03/01/2032 | 1,005 | 1,005,000 | |||||||||||
| New Jersey (State of) Economic Development Authority (Job Haines Home for Aged People); Series 1998, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 02/01/2028 | 620 | 620,000 | |||||||||||
| Oregon (State of) Housing & Community Services Department (Redwood Park Apartments LLC); Series 2005 F, VRD Housing Development RB (CEP–FNMA) |
0.03 | % | 10/15/2038 | 4,000 | 4,000,000 | |||||||||||
| Palm Beach (County of), Florida Housing Finance Authority (Azalea Place Apartments); Series 1999 A, VRD MFH RB (CEP–FHLMC)(b) |
0.03 | % | 12/01/2032 | 4,606 | 4,606,000 | |||||||||||
| S&L Capital, LLC (J&L Development of Holland, LLC); Series 2005 A, VRD Taxable Notes (LOC–FHLB of Indianapolis)(f) |
0.48 | % | 07/01/2040 | 1,970 | 1,970,000 | |||||||||||
| Shelby (County of), Tennessee Health, Educational & Housing Facility Board (Providence Place Apartments); Series 2007, Ref. VRD MFH RB (CEP–FNMA) |
0.02 | % | 12/15/2042 | 500 | 500,000 | |||||||||||
| Sierra Vista (City of), Arizona Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 06/15/2031 | 3,345 | 3,345,000 | |||||||||||
| Southeast Texas Housing Finance Corp. (Mansions at Moses Lake Apartments); Series 2008, VRD MFH RB (CEP–FHLMC) |
0.03 | % | 06/01/2041 | 7,090 | 7,090,000 | |||||||||||
| St. Charles (County of), Missouri Industrial Development Authority (Westchester Village Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 04/15/2027 | 5,600 | 5,600,000 | |||||||||||
| St. Joseph (City of), Missouri Industrial Development Authority (Heartland Regional Medical Center); Series 2009 A, VRD Health Facilities RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 11/15/2043 | 14,950 | 14,950,000 | |||||||||||
| St. Louis (County of), Missouri Industrial Development Authority (Sugar Pines Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 04/15/2027 | 7,870 | 7,870,000 | |||||||||||
| Texas (State of) Department of Housing & Community Affairs (Champions Crossing Apartments); Series 2006, Ref. VRD MFH Mortgage RB (CEP–FNMA)(b) |
0.03 | % | 09/15/2036 | 4,475 | 4,475,000 | |||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (Norwich University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(f) |
0.01 | % | 09/01/2038 | 5,125 | 5,125,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Inglenook Court); Series 1995, VRD MFH Mortgage RB (CEP–FHLMC) |
0.03 | % | 07/01/2025 | 8,300 | 8,300,000 | |||||||||||
| Westmoreland (County of), Pennsylvania Industrial Development Authority (Excela Health); Series 2005 A, VRD Health System RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 07/01/2027 | 1,500 | 1,500,000 | |||||||||||
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital); Series 2004, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.01 | % | 08/15/2034 | 5,105 | 5,105,000 | |||||||||||
| 220,976,000 | ||||||||||||||||
| Other Variable Rate Demand Notes–0.04% | ||||||||||||||||
| Federal Home Loan Mortgage Corp., Series M028, Class A, VRD MFH Ctfs. |
0.03 | % | 09/15/2024 | 8,480 | 8,480,000 | |||||||||||
| Total Variable Rate Demand Notes (Cost $229,456,000) |
229,456,000 | |||||||||||||||
| Other Bonds & Notes–3.66% |
||||||||||||||||
| Bank of Nova Scotia, Sr. Unsec. Notes(c) |
2.90 | % | 03/29/2016 | 40,000 | 40,073,515 | |||||||||||
| GE Capital International Funding Co., Sr. Unsec. Gtd. Notes(b) |
0.96 | % | 04/15/2016 | 97,236 | 97,291,775 | |||||||||||
| New York Life Global Funding, Sec. Floating Rate Notes(b)(d) |
0.67 | % | 08/05/2016 | 73,000 | 73,000,033 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Wells Fargo Bank, N.A., |
||||||||||||||||
| Sr. Unsec. Medium-Term Floating Rate Notes(d) |
0.68 | % | 10/19/2016 | $ | 235,000 | $ | 235,000,000 | |||||||||
| Unsec. Medium-Term Floating Rate Notes(d) |
0.74 | % | 10/29/2016 | 225,000 | 225,000,000 | |||||||||||
| Westpac Banking Corp., Sr. Unsec. Floating Rate Notes(b)(c)(d) |
0.87 | % | 11/07/2016 | 150,000 | 150,000,000 | |||||||||||
| Total Other Bonds & Notes (Cost $820,365,323) |
820,365,323 | |||||||||||||||
| U.S. Treasury Securities–0.67%(a) |
||||||||||||||||
| U.S. Treasury Bills (Cost $149,636,000) |
0.49 | % | 09/01/2016 | 150,000,000 | 149,636,000 | |||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)–76.39% (Cost $17,143,582,669) |
17,143,582,669 | |||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–24.33%(g) |
||||||||||||||||
| Bank of Nova Scotia (The), agreement dated 02/29/2016, maturing value of $200,001,778 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $204,000,000; 0.90%-5.00%, 04/25/2017-01/01/2046) |
0.32 | % | 03/01/2016 | 200,001,778 | 200,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint agreement dated 02/29/2016, aggregate maturing value of $250,002,153 (collateralized by U.S. government sponsored agency obligations valued at $255,000,425; 0%-6.25%, 03/08/2017-01/15/2030) |
0.31 | % | 03/01/2016 | 125,001,077 | 125,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint agreement dated 02/29/2016, aggregate maturing value of $400,003,333 (collateralized by U.S. Treasury obligations valued at $408,000,044; 1.63%-2.25%, 06/30/2019-11/15/2025) |
0.30 | % | 03/01/2016 | 158,739,106 | 158,737,783 | |||||||||||
| Citigroup Global Markets Inc., term agreement dated 12/03/2015, maturing value of $60,596,167 (collateralized by domestic and foreign non-agency asset-backed securities valued at $66,000,000; 0%-1.05%, 04/01/2030-11/19/2051) |
0.98 | % | 12/02/2016 | 60,596,167 | 60,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, agreement dated 02/29/2016, maturing value of $200,001,778 (collateralized by domestic agency mortgage-backed securities valued at $204,000,000; 3.50%-4.50%, 05/20/2045-02/01/2046) |
0.32 | % | 03/01/2016 | 200,001,778 | 200,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, joint agreement dated 02/29/2016, aggregate maturing value of $600,005,000 (collateralized by U.S. Treasury obligations valued at $612,000,064; 2.63%-3.63%, 08/15/2020-08/15/2043) |
0.30 | % | 03/01/2016 | 93,000,775 | 93,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, open agreement dated 10/07/2015, (collateralized by domestic non-agency mortgage-backed securities valued at $456,502,402; 1.59%-6.00%, 07/27/2037-12/25/2065)(c)(h) |
0.98 | % | — | — | 415,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/23/2016, maturing value of $135,013,913 (collateralized by domestic and foreign non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $141,754,333; 0%-7.14%, 03/22/2017-04/10/2049)(c)(i) |
0.53 | % | 03/01/2016 | 135,013,913 | 135,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/23/2016, maturing value of $75,009,188 (collateralized by domestic and foreign corporate obligations valued at $82,501,090; 0%-10.00%, 02/25/2018-10/29/2049)(c)(i) |
0.63 | % | 03/01/2016 | 75,009,188 | 75,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/24/2016, maturing value of $165,020,213 (collateralized by domestic non-agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $181,503,082; 0%-3.82%, 03/15/2017-03/31/2045)(c)(i) |
0.63 | % | 03/02/2016 | 165,020,213 | 165,000,000 | |||||||||||
| ING Financial Markets, LLC, agreement dated 02/29/2016, maturing value $75,001,063 (collateralized by domestic and foreign corporate obligations valued at $82,211,752; 1.95%-10.50%, 03/15/2018-03/15/2038)(c) |
0.51 | % | 03/01/2016 | 75,001,063 | 75,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., agreement dated 02/29/2016, maturing value of $100,000,889 (collateralized by domestic agency mortgage-backed securities valued at $102,000,001; 0%-4.00%, 01/01/2034-02/01/2046) |
0.32 | % | 03/01/2016 | 100,000,889 | 100,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., joint agreement dated 02/29/2016, aggregate maturing value of $950,007,917 (collateralized by U.S. Treasury obligations valued at $969,000,085; 0.43%-4.50%, 09/30/2016-02/15/2036) |
0.30 | % | 03/01/2016 | 656,057,629 | 656,052,162 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/26/2016, maturing value of $348,452,400 (collateralized by domestic agency mortgage-backed securities, a domestic non-agency mortgage-backed security, a domestic non-agency asset-backed security and municipal obligations valued at $361,340,310; 0%-11.08%, 06/15/2016-04/25/2055)(i) |
0.78 | % | 04/26/2016 | 348,452,400 | 348,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Repurchase Amount |
Value | |||||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/29/2016, maturing value of $350,316,458 (collateralized by U.S. government sponsored agency obligations, a domestic agency mortgage-backed security, domestic non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities and domestic and foreign corporate obligations valued at $370,590,324; 0%-11.08%, 10/06/2016-06/05/2115) |
0.93 | % | 04/04/2016 | $ | 350,316,458 | $ | 350,000,000 | |||||||||
| Mitsubishi UFJ Securities (USA) Inc., agreement dated 02/29/2016, maturing value of $200,001,778 (collateralized by domestic agency mortgage-backed securities valued at $204,000,000; 0.75%-8.00%, 09/01/2023-01/20/2066) |
0.32 | % | 03/01/2016 | 200,001,778 | 200,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 02/23/2016, maturing value of $150,015,458 (collateralized by U.S. government sponsored agency obligations and domestic agency mortgage-backed securities valued at $153,000,000; 0%-15.63%, 02/01/2028-09/20/2063)(c)(i) |
0.53 | % | 03/01/2016 | 150,015,458 | 150,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 02/26/2016, maturing value of $180,094,400 (collateralized by U.S. government sponsored agency obligations, domestic agency mortgage-backed securities and domestic and foreign corporate obligations valued at $184,804,920; 0.80%-49.49%, 06/01/2017-09/20/2063)(c)(i) |
0.59 | % | 03/29/2016 | 180,094,400 | 180,000,000 | |||||||||||
| Societe Generale, agreement dated 02/29/2016, maturing value of $150,001,500 (collateralized by domestic agency mortgage-backed securities and a U.S. government sponsored agency obligation valued at $153,000,000; 0.87%-6.50%, 05/01/2018-01/20/2062) |
0.36 | % | 03/01/2016 | 150,001,500 | 150,000,000 | |||||||||||
| TD Securities (USA) LLC, joint agreement dated 02/29/2016, aggregate maturing value of $600,005,000 (collateralized by U.S. Treasury obligations valued at $612,000,050; 0%-9.00%, 03/03/2016-05/15/2045) |
0.30 | % | 03/01/2016 | 500,004,167 | 500,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $100,001,056 (collateralized by domestic corporate obligations valued at $105,000,001; 0%-2.00%, 03/01/2016-01/24/2028) |
0.38 | % | 03/01/2016 | 100,001,056 | 100,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $500,004,583 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.50%-3.50%, 04/01/2030-09/01/2045) |
0.33 | % | 03/01/2016 | 500,004,583 | 500,000,000 | |||||||||||
| Wells Fargo Securities, LLC, joint agreement dated 02/29/2016, aggregate maturing value of $550,005,042 (collateralized by U.S. government sponsored agency obligations valued at $561,000,000; 0.64%-4.00%, 07/15/2021-03/25/2055) |
0.33 | % | 03/01/2016 | 349,738,534 | 349,735,328 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/26/2016, maturing value of $175,017,354 (collateralized by U.S. government sponsored agency obligations, domestic corporate obligations and sovereign debt valued at $179,495,120; 0%-10.13%, 03/01/2016-01/21/2045)(i) |
0.51 | % | 03/04/2016 | 175,017,354 | 175,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $5,460,525,273) |
5,460,525,273 | |||||||||||||||
| TOTAL INVESTMENTS(j)(k)–100.72% (Cost $22,604,107,942) |
22,604,107,942 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(0.72)% |
(160,487,731 | ) | ||||||||||||||
| NET ASSETS–100.00% |
$ | 22,443,620,211 | ||||||||||||||
Investment Abbreviations:
| CEP | – Credit Enhancement Provider | |
| Ctfs. | – Certificates | |
| FHLB | – Federal Home Loan Bank | |
| FHLMC | – Federal Home Loan Mortgage Corp. | |
| FNMA | – Federal National Mortgage Association | |
| Gtd. | – Guaranteed | |
| IDR | – Industrial Development Revenue Bonds | |
| LOC | – Letter of Credit | |
| MFH | – Multi-Family Housing | |
| PCR | – Pollution Control Revenue Bonds | |
| RB | – Revenue Bonds | |
| Ref. | – Refunding | |
| Sec. | – Secured | |
| Sr. | – Senior | |
| Unsec. | – Unsecured | |
| VRD | – Variable Rate Demand |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 Short-Term Investments Trust
Liquid Assets Portfolio
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, 2016 was $7,237,690,536, which represented 32.25% 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: France: 11.8%; Canada: 10.3%; Japan: 10.1%; United Kingdom: 8.4%; other countries less than 5% each: 26.9%. |
| (d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (e) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (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) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (i) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (j) | Also represents cost for federal income tax purposes. |
| (k) | 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 issuers obligations. No concentration of any single entity was greater than 5% each. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
38.6 | % | ||
| 8-30 |
8.6 | |||
| 31-60 |
21.7 | |||
| 61-90 |
11.5 | |||
| 91-180 |
12.7 | |||
| 181+ |
6.9 |
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| STIC Prime Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Commercial Paper–49.74%(a) |
|
|||||||||||||||
| Asset-Backed Securities — Fully Supported–2.93% | ||||||||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.47 | % | 04/05/2016 | $ | 30,000 | $ | 29,986,292 | |||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.48 | % | 04/12/2016 | 25,000 | 24,986,000 | |||||||||||
| Kells Funding LLC (CEP–FMS Wertmanagement)(b)(c) |
0.42 | % | 03/03/2016 | 25,000 | 24,999,416 | |||||||||||
| 79,971,708 | ||||||||||||||||
| Asset-Backed Securities — Fully Supported Bank–22.85% | ||||||||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.50 | % | 04/07/2016 | 25,000 | 24,987,153 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c)(d) |
0.61 | % | 07/06/2016 | 77,000 | 77,000,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c)(d) |
0.61 | % | 07/05/2016 | 10,000 | 10,000,000 | |||||||||||
| Cancara Asset Securitisation LLC (CEP–Lloyds Bank PLC)(b) |
0.52 | % | 03/07/2016 | 50,000 | 49,995,667 | |||||||||||
| Gotham Funding Corp. (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(b)(c) |
0.53 | % | 03/15/2016 | 40,000 | 39,991,756 | |||||||||||
| Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) |
0.60 | % | 03/07/2016 | 12,000 | 11,998,800 | |||||||||||
| Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) |
0.60 | % | 03/01/2016 | 25,000 | 25,000,000 | |||||||||||
| Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) |
0.61 | % | 03/21/2016 | 32,943 | 32,931,836 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.48 | % | 04/22/2016 | 40,000 | 39,972,267 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.52 | % | 03/11/2016 | 50,000 | 49,992,778 | |||||||||||
| Manhattan Asset Funding Co., LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.48 | % | 03/24/2016 | 37,500 | 37,488,500 | |||||||||||
| Matchpoint Finance PLC, Series A (CEP–BNP Paribas S.A.)(b)(c) |
0.45 | % | 03/01/2016 | 100,000 | 100,000,000 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/14/2016 | 13,000 | 12,997,981 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/21/2016 | 80,000 | 79,980,889 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/29/2016 | 10,000 | 9,996,655 | |||||||||||
| Working Capital Management Co. (CEP–Mizuho Bank, Ltd.)(b)(c) |
0.51 | % | 04/18/2016 | 22,520 | 22,504,686 | |||||||||||
| 624,838,968 | ||||||||||||||||
| Asset-Backed Securities — Multi-Purpose–2.74% | ||||||||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.45 | % | 04/18/2016 | 25,000 | 24,985,000 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.47 | % | 03/09/2016 | 50,000 | 49,994,778 | |||||||||||
| 74,979,778 | ||||||||||||||||
| Diversified Banks–5.49% | ||||||||||||||||
| DBS Bank Ltd.(b)(c) |
0.45 | % | 03/18/2016 | 115,000 | 114,975,563 | |||||||||||
| Swedbank AB(b) |
0.36 | % | 03/07/2016 | 35,000 | 34,997,900 | |||||||||||
| 149,973,463 | ||||||||||||||||
| Integrated Oil & Gas–1.83% | ||||||||||||||||
| Chevron Corp.(c) |
0.43 | % | 04/01/2016 | 9,500 | 9,496,482 | |||||||||||
| Exxon Mobil Corp. |
0.46 | % | 03/15/2016 | 17,000 | 16,996,959 | |||||||||||
| Total Capital Canada Ltd.(b)(c) |
0.43 | % | 03/21/2016 | 23,500 | 23,494,386 | |||||||||||
| 49,987,827 | ||||||||||||||||
| Life & Health Insurance–3.15% | ||||||||||||||||
| MetLife Short Term Funding LLC(c) |
0.41 | % | 03/02/2016 | 76,120 | 76,119,133 | |||||||||||
| MetLife Short Term Funding LLC(c) |
0.42 | % | 03/04/2016 | 10,000 | 9,999,650 | |||||||||||
| 86,118,783 | ||||||||||||||||
| Regional Banks–8.01% | ||||||||||||||||
| Banque et Caisse d’Epargne de l’Etat(b) |
0.45 | % | 03/18/2016 | 79,000 | 78,983,213 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 Short-Term Investments Trust
| STIC Prime Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Regional Banks–(continued) | ||||||||||||||||
| Banque et Caisse d’Epargne de l’Etat(b) |
0.45 | % | 03/23/2016 | $ | 40,000 | $ | 39,989,000 | |||||||||
| Landesbank Hessen-Thueringen Girozentrale(b)(c) |
0.45 | % | 04/18/2016 | 100,000 | 99,940,000 | |||||||||||
| 218,912,213 | ||||||||||||||||
| Specialized Finance–2.74% | ||||||||||||||||
| CDP Financial Inc.(b)(c) |
0.50 | % | 03/01/2016 | 75,000 | 75,000,000 | |||||||||||
| Total Commercial Paper (Cost $1,359,782,740) |
1,359,782,740 | |||||||||||||||
| Certificates of Deposit–29.65% |
||||||||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(b) |
0.37 | % | 03/03/2016 | 20,000 | 20,000,000 | |||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(b) |
0.37 | % | 03/07/2016 | 45,000 | 45,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(b) |
0.28 | % | 03/01/2016 | 25,000 | 25,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(b) |
0.36 | % | 03/03/2016 | 40,000 | 40,000,000 | |||||||||||
| Credit Industriel et Commercial(b) |
0.37 | % | 03/02/2016 | 40,000 | 40,000,000 | |||||||||||
| Credit Industriel et Commercial(b) |
0.38 | % | 03/01/2016 | 20,000 | 20,000,000 | |||||||||||
| DNB Bank ASA(b) |
0.28 | % | 03/01/2016 | 137,000 | 137,000,000 | |||||||||||
| KBC Bank N.V.(b) |
0.38 | % | 03/01/2016 | 30,000 | 30,000,000 | |||||||||||
| KBC Bank N.V.(b) |
0.38 | % | 03/03/2016 | 40,000 | 40,000,000 | |||||||||||
| Nordea Bank Finland PLC(b) |
0.28 | % | 03/01/2016 | 137,000 | 137,000,000 | |||||||||||
| Oversea-Chinese Banking Corp. Ltd.(b) |
0.48 | % | 04/08/2016 | 50,000 | 50,000,000 | |||||||||||
| Oversea-Chinese Banking Corp. Ltd.(b) |
0.50 | % | 03/17/2016 | 49,750 | 49,750,000 | |||||||||||
| Skandinaviska Enskilda Banken AB(b) |
0.29 | % | 03/01/2016 | 137,000 | 137,000,000 | |||||||||||
| Swedbank AB(b) |
0.36 | % | 03/03/2016 | 40,000 | 40,000,000 | |||||||||||
| Total Certificates of Deposit (Cost $810,750,000) |
|
810,750,000 | ||||||||||||||
| Variable Rate Demand Notes–3.21%(e) |
||||||||||||||||
| Credit Enhanced–3.21% | ||||||||||||||||
| A Mining Group, LLC; Series 2006, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f) |
0.43 | % | 06/01/2029 | 2,095 | 2,095,000 | |||||||||||
| Benjamin Rose Institute (The) (Kethley House); Series 2005, VRD Taxable Notes (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.43 | % | 12/01/2028 | 2,200 | 2,200,000 | |||||||||||
| Centerville (City of), Ohio (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 B, VRD Health Care RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 11/01/2040 | 5,800 | 5,800,000 | |||||||||||
| Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 05/01/2036 | 4,335 | 4,335,000 | |||||||||||
| Grand Valley State University Board of Trustees; Series 2008 B, Ref. VRD General RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 06/01/2019 | 7,155 | 7,155,000 | |||||||||||
| Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc.); Series 2008 G, Ref. VRD Health System RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.02 | % | 09/01/2048 | 1,510 | 1,510,000 | |||||||||||
| Jets Stadium Development, LLC; Series 2007 A-4C, Project RB (LOC–Sumitomo Mitsui Banking Corp.)(b)(c)(f) |
0.38 | % | 04/01/2047 | 51,400 | 51,400,000 | |||||||||||
| Mississippi (State of) Business Finance Corp. (CPX Gulfport ES OPAG, LLC); Series 2007 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.01 | % | 04/01/2037 | 5,500 | 5,500,000 | |||||||||||
| Montgomery (County of), Pennsylvania Redevelopment Authority (Forge Gate Apartments); Series 2001 A, VRD MFH RB (CEP–FNMA) |
0.01 | % | 08/15/2031 | 700 | 700,000 | |||||||||||
| Oregon (State of) Housing & Community Services Department (Redwood Park Apartments LLC); Series 2005 F, VRD Housing Development RB (CEP–FNMA) |
0.03 | % | 10/15/2038 | 1,600 | 1,600,000 | |||||||||||
| St. Louis (County of), Missouri Industrial Development Authority (Westport Station Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 04/15/2027 | 2,600 | 2,600,000 | |||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (Norwich University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(f) |
0.01 | % | 09/01/2038 | 2,825 | 2,825,000 | |||||||||||
| Total Variable Rate Demand Notes (Cost $87,720,000) |
|
87,720,000 | ||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 Short-Term Investments Trust
| STIC Prime Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| U.S. Government Sponsored Agency Securities–0.95% |
||||||||||||||||
| Overseas Private Investment Corp. (OPIC)–0.95%(e) | ||||||||||||||||
| Unsec. Gtd. VRD COP Bonds |
0.36 | % | 05/15/2030 | $ | 11,960 | $ | 11,960,000 | |||||||||
| Unsec. Gtd. VRD COP Bonds |
0.40 | % | 09/20/2022 | 4,000 | 4,000,000 | |||||||||||
| Unsec. Gtd. VRD COP Notes |
0.40 | % | 09/15/2022 | 10,000 | 10,000,000 | |||||||||||
| Total U.S. Government Sponsored Agency Securities (Cost $25,960,000) |
|
25,960,000 | ||||||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)–83.55% (Cost $2,284,212,740) |
|
2,284,212,740 | ||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–16.47%(g) |
|
|||||||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/23/2016, maturing value of $15,001,546 (collateralized by a domestic non-agency asset-backed security valued at $15,751,736; 0%, 11/01/2047)(b)(h) |
0.53 | % | 03/01/2016 | 15,001,546 | 15,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/24/2016, maturing value of $115,014,088 (collateralized by domestic non-agency mortgage-backed securities and a domestic non-agency asset-backed security valued at $120,750,185; 0%-3.88%, 10/27/2034-12/25/2056)(b)(h) |
0.63 | % | 03/02/2016 | 115,014,088 | 115,000,000 | |||||||||||
| ING Financial Markets, LLC, agreement dated 02/29/2016, maturing value $10,000,142 (collateralized by a foreign corporate obligation valued at $10,602,967; 2.20%, 09/23/2019)(b) |
0.51 | % | 03/01/2016 | 10,000,142 | 10,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., joint agreement dated 02/29/2016, aggregate maturing value of $950,007,917 (collateralized by U.S. Treasury obligations valued at $969,000,085; 0.43%-4.50%, 09/30/2016-02/15/2036) |
0.30 | % | 03/01/2016 | 65,370,280 | 65,369,735 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/26/2016, maturing value of $80,104,000 (collateralized by a domestic non-agency asset-backed security valued at $88,000,001; 0%, 10/03/2039)(h) |
0.78 | % | 04/26/2016 | 80,104,000 | 80,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/29/2016, maturing value of $20,018,083 (collateralized by a domestic non-agency mortgage-backed security and domestic non-agency asset-backed securities valued at $22,000,000; 0%-5.84%, 10/26/2039-06/12/2050) |
0.93 | % | 04/04/2016 | 20,018,083 | 20,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 02/26/2016, maturing value of $120,062,933 (collateralized by U.S. government sponsored agency obligations valued at $122,400,000; 0%-10.86%, 05/15/2027-01/20/2046)(b)(h) |
0.59 | % | 03/29/2016 | 120,062,933 | 120,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/26/2016, maturing value of $25,002,479 (collateralized by domestic corporate obligations valued at $26,250,000; 0%, 03/10/2016- 03/11/2016)(h) |
0.51 | % | 03/04/2016 | 25,002,479 | 25,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $450,369,735) |
450,369,735 | |||||||||||||||
| TOTAL INVESTMENTS(i)(j)–100.02% (Cost $2,734,582,475) |
|
2,734,582,475 | ||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(0.02)% |
|
(620,917 | ) | |||||||||||||
| NET ASSETS–100.00% |
|
$ | 2,733,961,558 | |||||||||||||
Investment Abbreviations:
| CEP | – Credit Enhancement Provider | |
| COP | – Certificates of Participation | |
| FNMA | – Federal National Mortgage Association | |
| Gtd. | – Guaranteed | |
| LOC | – Letter of Credit | |
| MFH | – Multi-Family Housing | |
| RB | – Revenue Bonds | |
| Ref. | – Refunding | |
| Unsec. | – Unsecured | |
| VRD | – Variable Rate Demand |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 Short-Term Investments Trust
STIC Prime Portfolio
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) | 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: France: 12.8%; Canada: 12.8%; Sweden: 12.8%; Japan: 7.9%; Singapore: 7.9%; Netherlands: 5.7%; United Kingdom: 5.6%; Norway: 5.0%; other countries less than 5% each: 16.2%. |
| (c) | 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, 2016 was $1,190,220,001, which represented 43.53% of the Fund’s Net Assets. |
| (d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (e) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (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) | Also represents cost for federal income tax purposes. |
| (j) | 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 | |||
| DNB Bank ASA |
5.0 | % | ||
| Nordea Bank AB |
5.0 | |||
| Skandinaviska Enskilda Banken AB |
5.0 | |||
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
60.3 | % | ||
| 8-30 |
23.8 | |||
| 31-60 |
15.9 | |||
| 61-90 |
0.0 | |||
| 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.
16 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Treasury Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value |
|||||||||||||
| U.S. Treasury Securities–41.96% |
||||||||||||||||
| U.S. Treasury Bills–27.77%(a) | ||||||||||||||||
| U.S. Treasury Bills |
0.34 | % | 05/05/2016 | $ | 600,000 | $ | 599,640,874 | |||||||||
| U.S. Treasury Bills |
0.33 | % | 05/26/2016 | 500,000 | 499,617,778 | |||||||||||
| U.S. Treasury Bills |
0.42 | % | 06/02/2016 | 130,300 | 130,161,822 | |||||||||||
| U.S. Treasury Bills |
0.49 | % | 06/02/2016 | 149,700 | 149,513,985 | |||||||||||
| U.S. Treasury Bills |
0.38 | % | 06/09/2016 | 100,000 | 99,897,222 | |||||||||||
| U.S. Treasury Bills |
0.59 | % | 06/16/2016 | 179,725 | 179,416,510 | |||||||||||
| U.S. Treasury Bills |
0.52 | % | 06/23/2016 | 100,000 | 99,836,758 | |||||||||||
| U.S. Treasury Bills |
0.54 | % | 06/30/2016 | 55,450 | 55,351,222 | |||||||||||
| U.S. Treasury Bills |
0.51 | % | 07/07/2016 | 225,000 | 224,600,000 | |||||||||||
| U.S. Treasury Bills |
0.52 | % | 07/14/2016 | 115,250 | 115,030,449 | |||||||||||
| U.S. Treasury Bills |
0.42 | % | 08/18/2016 | 250,000 | 249,515,972 | |||||||||||
| U.S. Treasury Bills |
0.45 | % | 08/18/2016 | 200,000 | 199,582,556 | |||||||||||
| U.S. Treasury Bills |
0.45 | % | 08/25/2016 | 250,000 | 249,452,406 | |||||||||||
| U.S. Treasury Bills |
0.46 | % | 08/25/2016 | 200,000 | 199,560,450 | |||||||||||
| U.S. Treasury Bills |
0.23 | % | 09/15/2016 | 300,000 | 299,628,750 | |||||||||||
| U.S. Treasury Bills |
0.24 | % | 09/15/2016 | 200,000 | 199,738,200 | |||||||||||
| 3,550,544,954 | ||||||||||||||||
| U.S. Treasury Notes–14.19% | ||||||||||||||||
| U.S. Treasury Floating Rate Notes(b) |
0.40 | % | 07/31/2017 | 350,000 | 349,999,282 | |||||||||||
| U.S. Treasury Floating Rate Notes(b) |
0.49 | % | 10/31/2017 | 706,250 | 705,969,689 | |||||||||||
| U.S. Treasury Floating Rate Notes(b) |
0.59 | % | 01/31/2018 | 300,000 | 300,217,593 | |||||||||||
| U.S. Treasury Notes |
1.00 | % | 09/30/2016 | 150,000 | 150,408,452 | |||||||||||
| U.S. Treasury Notes |
3.13 | % | 10/31/2016 | 152,492 | 155,138,037 | |||||||||||
| U.S. Treasury Notes |
2.75 | % | 11/30/2016 | 150,000 | 152,450,452 | |||||||||||
| 1,814,183,505 | ||||||||||||||||
| Total U.S. Treasury Securities (Cost $5,364,728,459) |
5,364,728,459 | |||||||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)–41.96% (Cost $5,364,728,459) |
5,364,728,459 | |||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–58.02%(c) |
||||||||||||||||
| BNP Paribas Securities Corp., term agreement dated 02/25/2016, maturing value of $880,059,889 (collateralized by U.S. Treasury obligations valued at $897,549,096; 1.38%-8.13%, 08/15/2019-09/30/2020)(d) |
0.35 | % | 03/03/2016 | 880,059,889 | 880,000,000 | |||||||||||
| CIBC World Markets Corp., joint agreement dated 02/29/2016, aggregate maturing value of $100,000,833 (collateralized by U.S. Treasury obligations valued at $102,001,586; 1.13%-2.50%, 07/31/2019-02/15/2046) |
0.30 | % | 03/01/2016 | 76,960,419 | 76,959,778 | |||||||||||
| Citigroup Global Markets Inc., term agreement dated 02/25/2016, maturing value of $500,031,111 (collateralized by U.S. Treasury obligations valued at $510,000,061; 0.38%-2.00%, 03/15/2016-08/31/2021)(d) |
0.32 | % | 03/03/2016 | 500,031,111 | 500,000,000 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/25/2016, maturing value of $790,131,183 (collateralized by U.S. Treasury obligations valued at $806,199,875; 2.25%-3.75%, 11/15/2024-11/15/2043)(d) |
0.36 | % | 03/03/2016 | 790,131,183 | 790,075,878 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/26/2016, maturing value of $220,015,600 (collateralized by a U.S. Treasury obligation valued at $224,490,000; 2.25%, 11/15/2025)(d) |
0.36 | % | 03/04/2016 | 220,015,600 | 220,000,200 | |||||||||||
| Prudential Financial, Inc., agreement dated 02/29/2016, maturing value of $475,682,757 (collateralized by U.S. Treasury obligations valued at $484,802,967; 0%, 08/15/2027-08/15/2043) |
0.36 | % | 03/01/2016 | 475,682,757 | 475,678,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 Short-Term Investments Trust
| Treasury Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Repurchase Amount |
Value |
|||||||||||||
| RBC Capital Markets Corp., term agreement dated 10/14/2015, maturing value of $250,170,139 (collateralized by U.S. Treasury obligations valued at $255,000,006; 0%-9.00%, 03/17/2016-05/15/2045)(d) |
0.14 | % | 04/06/2016 | $ | 250,170,139 | $ | 250,000,000 | |||||||||
| RBC Capital Markets Corp., term agreement dated 10/13/2015, maturing value of $250,173,056 (collateralized by U.S. Treasury obligations valued at $255,000,009; 0%-8.75%, 04/14/2016-02/15/2045)(d) |
0.14 | % | 04/08/2016 | 250,173,056 | 250,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 10/21/2015, maturing value of $500,400,000 (collateralized by U.S. Treasury obligations valued at $510,000,074; 0%-8.00%, 03/03/2016-08/15/2043)(d) |
0.16 | % | 04/18/2016 | 500,400,000 | 500,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 10/22/2015, maturing value of $500,400,000 (collateralized by U.S. Treasury obligations valued at $510,000,078; 0.13%-8.75%, 03/15/2016-02/15/2043)(d) |
0.16 | % | 04/19/2016 | 500,400,000 | 500,000,000 | |||||||||||
| Societe Generale, agreement dated 02/29/2016, maturing value of $500,004,722 (collateralized by U.S. Treasury obligations valued at $510,000,000; 0%-8.50%, 04/07/2016-02/15/2042) |
0.34 | % | 03/01/2016 | 500,004,722 | 500,000,000 | |||||||||||
| Societe Generale, term agreement dated 02/03/2016, maturing value of $550,176,458 (collateralized by U.S. Treasury obligations valued at $561,000,092; 0.13%-8.50%, 11/30/2016-02/15/2044)(d) |
0.35 | % | 03/07/2016 | 550,176,458 | 550,000,000 | |||||||||||
| Societe Generale, term agreement dated 02/08/2016, maturing value of $400,116,000 (collateralized by U.S. Treasury obligations valued at $408,000,015; 0%-4.63%, 04/07/2016-02/15/2044)(d) |
0.36 | % | 03/08/2016 | 400,116,000 | 400,000,000 | |||||||||||
| Societe Generale, term agreement dated 02/16/2016, maturing value of $250,068,056 (collateralized by U.S. Treasury obligations valued at $255,000,001; 0.13%-7.25%, 02/15/2017-07/15/2024) (d) |
0.35 | % | 03/15/2016 | 250,068,556 | 250,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $325,002,799 (collateralized by U.S. Treasury obligations valued at $331,500,025; 3.00%, 05/15/2042-11/15/2045) |
0.31 | % | 03/01/2016 | 325,002,799 | 325,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $425,003,660 (collateralized by a U.S. Treasury obligation valued at $433,500,058; 1.38%, 04/30/2020) |
0.31 | % | 03/01/2016 | 425,003,660 | 425,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 01/19/2016, maturing value of $125,051,042 (collateralized by U.S. Treasury obligations valued at $127,500,058; 3.00%-8.88%, 05/15/2017-08/15/2044) |
0.35 | % | 03/01/2016 | 125,051,042 | 125,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/04/2016, maturing value of $200,220,000 (collateralized by a U.S. Treasury obligation valued at $204,000,063; 1.38%, 04/30/2020) |
0.44 | % | 05/04/2016 | 200,220,000 | 200,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/08/2016, maturing value of $200,227,500 (collateralized by U.S. Treasury obligations valued at $204,000,063; 0.42%-3.75%, 04/30/2016-11/15/2023) |
0.45 | % | 05/09/2016 | 200,227,500 | 200,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $7,417,713,856) |
7,417,713,856 | |||||||||||||||
| TOTAL INVESTMENTS(e)–99.98% (Cost $12,782,442,315) |
12,782,442,315 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–0.02% |
|
2,745,666 | ||||||||||||||
| NET ASSETS–100.00% |
|
$ | 12,785,187,981 | |||||||||||||
Notes to Schedule of Investments:
| (a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (c) | Principal amount equals value at period end. See Note 1I. |
| (d) | The Fund may demand prepayment of the term repurchase agreement upon one to seven business days notice depending on the timing of the demand. |
| (e) | Also represents cost for federal income tax purposes. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
54.9 | % | ||
| 8-30 |
0.0 | |||
| 31-60 |
0.0 | |||
| 61-90 |
11.7 | |||
| 91-180 |
15.3 | |||
| 181+ |
18.1 |
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Government & Agency Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| U.S. Government Sponsored Agency Securities–40.86% |
||||||||||||||||
| Federal Farm Credit Bank (FFCB)–7.53% | ||||||||||||||||
| Unsec. Bonds(a) |
0.40 | % | 04/21/2016 | $ | 33,000 | $ | 32,999,788 | |||||||||
| Unsec. Bonds(a) |
0.41 | % | 05/05/2016 | 145,000 | 144,998,742 | |||||||||||
| Unsec. Bonds(a) |
0.46 | % | 06/20/2017 | 39,325 | 39,281,437 | |||||||||||
| Unsec. Bonds(a) |
0.58 | % | 07/21/2017 | 45,000 | 44,999,903 | |||||||||||
| Unsec. Bonds(a) |
0.47 | % | 07/25/2017 | 35,600 | 35,624,024 | |||||||||||
| Unsec. Bonds(a) |
0.46 | % | 10/02/2017 | 41,400 | 41,370,334 | |||||||||||
| Unsec. Bonds(a) |
0.48 | % | 11/13/2017 | 8,000 | 7,986,928 | |||||||||||
| Unsec. Bonds(a) |
0.45 | % | 12/27/2017 | 30,000 | 29,928,524 | |||||||||||
| 377,189,680 | ||||||||||||||||
| Federal Home Loan Bank (FHLB)–23.20% | ||||||||||||||||
| Unsec. Bonds(a) |
0.37 | % | 05/18/2016 | 70,000 | 70,000,000 | |||||||||||
| Unsec. Disc. Notes(b) |
0.44 | % | 03/11/2016 | 5,000 | 4,999,389 | |||||||||||
| Unsec. Disc. Notes(b) |
0.44 | % | 03/16/2016 | 5,000 | 4,999,083 | |||||||||||
| Unsec. Disc. Notes(b) |
0.46 | % | 03/16/2016 | 50,000 | 49,990,417 | |||||||||||
| Unsec. Disc. Notes(b) |
0.44 | % | 03/18/2016 | 91,320 | 91,301,026 | |||||||||||
| Unsec. Disc. Notes(b) |
0.40 | % | 05/06/2016 | 75,000 | 74,944,450 | |||||||||||
| Unsec. Disc. Notes(b) |
0.47 | % | 08/12/2016 | 100,000 | 99,788,622 | |||||||||||
| Unsec. Disc. Notes(b) |
0.47 | % | 08/17/2016 | 150,000 | 149,669,042 | |||||||||||
| Unsec. Disc. Notes(b) |
0.49 | % | 08/19/2016 | 120,000 | 119,720,700 | |||||||||||
| Unsec. Disc. Notes(b) |
0.49 | % | 08/24/2016 | 110,000 | 109,738,567 | |||||||||||
| Unsec. Disc. Notes(b) |
0.50 | % | 08/24/2016 | 167,500 | 167,094,650 | |||||||||||
| Unsec. Global Bonds(a) |
0.37 | % | 08/18/2016 | 80,000 | 79,998,121 | |||||||||||
| Unsec. Global Bonds(a) |
0.38 | % | 01/17/2017 | 80,000 | 79,901,075 | |||||||||||
| Unsec. Global Bonds(a) |
0.52 | % | 01/23/2017 | 50,000 | 50,000,000 | |||||||||||
| Unsec. Global Bonds(a) |
0.45 | % | 04/21/2017 | 10,000 | 9,994,865 | |||||||||||
| 1,162,140,007 | ||||||||||||||||
| Federal Home Loan Mortgage Corp. (FHLMC)–2.43% | ||||||||||||||||
| Unsec. Disc. Notes(b) |
0.46 | % | 08/12/2016 | 47,500 | 47,401,543 | |||||||||||
| Unsec. Global Notes(a) |
0.43 | % | 01/13/2017 | 10,000 | 10,004,009 | |||||||||||
| Unsec. Global Notes(a) |
0.44 | % | 04/20/2017 | 30,000 | 29,994,783 | |||||||||||
| Unsec. Global Notes(a) |
0.47 | % | 04/27/2017 | 14,000 | 13,991,079 | |||||||||||
| Unsec. Global Notes(a) |
0.56 | % | 07/21/2017 | 20,000 | 19,997,142 | |||||||||||
| 121,388,556 | ||||||||||||||||
| Federal National Mortgage Association (FNMA)–3.95% | ||||||||||||||||
| Unsec. Disc. Notes(b) |
0.45 | % | 08/17/2016 | 45,000 | 44,904,515 | |||||||||||
| Unsec. Disc. Notes(b) |
0.46 | % | 08/17/2016 | 5,000 | 4,989,320 | |||||||||||
| Unsec. Global Notes(a) |
0.44 | % | 09/08/2017 | 35,000 | 34,948,231 | |||||||||||
| Unsec. Global Notes(a) |
0.44 | % | 10/05/2017 | 112,815 | 112,735,213 | |||||||||||
| 197,577,279 | ||||||||||||||||
| Overseas Private Investment Corp. (OPIC)–3.75% | ||||||||||||||||
| Unsec. Gtd., VRD COP Bonds(c) |
0.42 | % | 07/15/2025 | 37,000 | 37,000,000 | |||||||||||
| Unsec. Gtd., VRD COP Bonds(c) |
0.40 | % | 07/09/2026 | 51,000 | 51,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 Short-Term Investments Trust
| Government & Agency Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Overseas Private Investment Corp. (OPIC)–(continued) | ||||||||||||||||
| Gtd., VRD COP Bonds(c) |
0.42 | % | 11/15/2028 | $ | 100,000 | $ | 100,000,000 | |||||||||
| 188,000,000 | ||||||||||||||||
| Total U.S. Government Sponsored Agency Securities (Cost $2,046,295,522) |
2,046,295,522 | |||||||||||||||
| U.S. Treasury Securities–6.94% |
||||||||||||||||
| U.S. Treasury Bills–3.95%(b) | ||||||||||||||||
| U.S. Treasury Bills |
0.11 | % | 03/03/2016 | 2,900 | 2,899,982 | |||||||||||
| U.S. Treasury Bills |
0.22 | % | 03/03/2016 | 10,262 | 10,261,877 | |||||||||||
| U.S. Treasury Bills |
0.42 | % | 08/18/2016 | 70,000 | 69,864,472 | |||||||||||
| U.S. Treasury Bills |
0.44 | % | 08/18/2016 | 5,000 | 4,989,717 | |||||||||||
| U.S. Treasury Bills |
0.45 | % | 08/25/2016 | 60,000 | 59,868,577 | |||||||||||
| U.S. Treasury Bills |
0.49 | % | 09/01/2016 | 50,000 | 49,878,667 | |||||||||||
| 197,763,292 | ||||||||||||||||
| U.S. Treasury Notes–2.99% | ||||||||||||||||
| U.S. Treasury Floating Rate Notes(a) |
0.49 | % | 10/31/2017 | 150,000 | 149,931,786 | |||||||||||
| Total U.S. Treasury Securities (Cost $347,695,078) |
347,695,078 | |||||||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)- 47.80% (Cost $2,393,990,600) |
2,393,990,600 | |||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–53.21%(d) |
||||||||||||||||
| Bank of Nova Scotia (The), joint agreement dated 02/29/2016, aggregate maturing value of $500,004,167 (collateralized by U.S. Treasury obligations valued at $510,000,071; 0%-8.88%, 03/15/2016-08/15/2044) |
0.30 | % | 03/01/2016 | 250,002,083 | 250,000,000 | |||||||||||
| BNP Paribas Securities Corp., term agreement dated 02/25/2016, maturing value of $300,020,417 (collateralized by U.S. Treasury obligations valued at $306,000,000; 1.38%-1.63%, 09/30/2016-09/30/2020)(e) |
0.35 | % | 03/03/2016 | 300,020,417 | 300,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint agreement dated 02/29/2016, aggregate maturing value of $250,002,153 (collateralized by U.S. government sponsored agency obligations valued at $255,000,425; 0%-6.25%, 03/08/2017-01/15/2030) |
0.31 | % | 03/01/2016 | 25,000,215 | 25,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint term agreement dated 02/26/2016, aggregate maturing value of $250,015,556 (collateralized by U.S. government sponsored agency obligations valued at $255,000,073; 0%-8.25%, 06/01/2016-09/15/2065)(e) |
0.32 | % | 03/04/2016 | 175,010,889 | 175,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, joint agreement dated 02/29/2016, aggregate maturing value of $600,005,000 (collateralized by U.S. Treasury obligations valued at $612,000,064; 2.63%-3.63%, 08/15/2020-08/15/2043) |
0.30 | % | 03/01/2016 | 150,001,250 | 150,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, joint term agreement dated 02/24/2016, aggregate maturing value of $375,024,792 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $382,500,000; 0.75%-4.75%, 09/15/2017-10/01/2045)(e) |
0.34 | % | 03/02/2016 | 300,019,833 | 300,000,000 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/16/2016, maturing value of $100,060,000 (collateralized by domestic agency mortgage-backed securities valued at $102,002,164; 1.84%-4.00%, 08/01/2026-12/01/2042) |
0.45 | % | 04/04/2016 | 100,060,000 | 100,000,000 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/25/2016, maturing value of $310,101,913 (collateralized by U.S. Treasury obligations valued at $316,408,375; 0.38%-1.38%, 06/30/2018-07/15/2025)(e) |
0.36 | % | 03/03/2016 | 310,101,913 | 310,080,208 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/26/2016, maturing value of $100,025,801 (collateralized by a U.S. Treasury obligation valued at $102,060,000; 2.25%, 11/15/2025)(e) |
0.36 | % | 03/04/2016 | 100,025,801 | 100,018,800 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., joint agreement dated 02/29/2016, aggregate maturing value of $950,007,917 (collateralized by U.S. Treasury obligations valued at $969,000,085; 0.43%-4.50%, 09/30/2016-02/15/2036) |
0.30 | % | 03/01/2016 | 12,090,809 | 12,090,707 | |||||||||||
| Prudential Financial, Inc., agreement dated 02/29/2016, maturing value of $233,016,080 (collateralized by U.S. Treasury obligations valued at $237,502,363; 0%, 11/15/2026-08/15/2039) |
0.36 | % | 03/01/2016 | 233,016,080 | 233,013,750 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 Short-Term Investments Trust
| Government & Agency Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Repurchase Amount |
Value | |||||||||||||
| RBC Capital Markets Corp., joint term agreement dated 10/27/2015, aggregate maturing value of $200,158,222 (collateralized by U.S. Treasury obligations valued at $204,000,068; 1.00%-8.75%, 05/15/2017-02/15/2046)(e) |
0.16 | % | 04/22/2016 | $ | 160,126,578 | $ | 160,000,000 | |||||||||
| Societe Generale, joint term agreement dated 02/04/2016, aggregate maturing value of $250,076,528 (collateralized by U.S. government sponsored agency obligations and domestic agency mortgage-backed securities valued at $255,000,000; 0%-5.50%, 05/12/2017-01/20/2046)(e) |
0.38 | % | 03/04/2016 | 225,068,875 | 225,000,000 | |||||||||||
| Societe Generale, joint term agreement dated 02/17/2016, aggregate maturing value of $200,061,222 (collateralized by domestic agency mortgage-backed securities valued at $204,000,000; 0%-7.50%, 06/01/2017-04/20/2065)(e) |
0.38 | % | 03/17/2016 | 150,045,917 | 150,000,000 | |||||||||||
| Societe Generale, joint term agreement dated 02/23/2016, aggregate maturing value of $115,007,603 (collateralized by domestic agency mortgage-backed securities valued at $117,300,001; 0.57%-4.50%, 09/15/2022-12/01/2045)(e) |
0.34 | % | 03/01/2016 | 75,004,958 | 75,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/08/2016, maturing value of $100,113,750 (collateralized by domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $102,000,000; 0%-4.00%, 05/11/2016-12/25/2046) |
0.45 | % | 05/09/2016 | 100,113,750 | 100,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $2,665,203,465) |
2,665,203,465 | |||||||||||||||
| TOTAL INVESTMENTS(f)–101.01% (Cost $5,059,194,065) |
5,059,194,065 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(1.01)% |
|
(50,486,136 | ) | |||||||||||||
| NET ASSETS–100.00% |
|
$ | 5,008,707,929 | |||||||||||||
Investment Abbreviations:
| COP | – Certificates of Participation | |
| Disc. | – Discounted | |
| Gtd. | – Guaranteed | |
| Unsec. | – Unsecured | |
| 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, 2016. |
| (b) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (c) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (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) | Also represents cost for federal income tax purposes. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
52.2 | % | ||
| 8-30 |
3.0 | |||
| 31-60 |
2.7 | |||
| 61-90 |
7.8 | |||
| 91-180 |
19.1 | |||
| 181+ |
15.2 |
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.
21 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Government TaxAdvantage Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| U.S. Government Sponsored Agency Securities–68.42% |
||||||||||||||||
| Federal Farm Credit Bank (FFCB)–33.29% | ||||||||||||||||
| Disc. Notes(a) |
0.23 | % | 03/24/2016 | $ | 5,000 | $ | 4,999,281 | |||||||||
| Disc. Notes(a) |
0.25 | % | 05/03/2016 | 4,700 | 4,697,985 | |||||||||||
| Disc. Notes(a) |
0.33 | % | 05/27/2016 | 8,000 | 7,993,717 | |||||||||||
| Unsec. Bonds(b) |
0.45 | % | 04/06/2016 | 8,000 | 8,000,325 | |||||||||||
| Unsec. Bonds(b) |
0.50 | % | 04/20/2016 | 4,820 | 4,820,606 | |||||||||||
| Unsec. Bonds(b) |
0.41 | % | 05/05/2016 | 5,000 | 4,999,956 | |||||||||||
| Unsec. Bonds(b) |
0.40 | % | 05/06/2016 | 4,275 | 4,274,945 | |||||||||||
| Unsec. Bonds(b) |
0.46 | % | 10/11/2016 | 4,085 | 4,083,173 | |||||||||||
| Unsec. Bonds(b) |
0.47 | % | 02/13/2017 | 2,850 | 2,850,848 | |||||||||||
| 46,720,836 | ||||||||||||||||
| Federal Home Loan Bank (FHLB)–31.57% | ||||||||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/01/2016 | 1,100 | 1,100,000 | |||||||||||
| Unsec. Disc. Notes(a) |
0.30 | % | 03/02/2016 | 7,000 | 6,999,942 | |||||||||||
| Unsec. Disc. Notes(a) |
0.32 | % | 03/02/2016 | 1,300 | 1,299,988 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/03/2016 | 1,400 | 1,399,976 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/08/2016 | 2,548 | 2,547,846 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/09/2016 | 2,460 | 2,459,831 | |||||||||||
| Unsec. Disc. Notes(a) |
0.30 | % | 03/11/2016 | 9,985 | 9,984,168 | |||||||||||
| Unsec. Disc. Notes(a) |
0.32 | % | 03/15/2016 | 8,504 | 8,502,942 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/17/2016 | 10,000 | 9,998,622 | |||||||||||
| 44,293,315 | ||||||||||||||||
| Tennessee Valley Authority (TVA)–3.56% | ||||||||||||||||
| Sr. Unsec. Disc. Notes(a) |
0.30 | % | 03/08/2016 | 5,000 | 4,999,708 | |||||||||||
| Total U.S. Government Sponsored Agency Securities (Cost $96,013,859) |
96,013,859 | |||||||||||||||
| U.S. Treasury Securities–31.57% |
||||||||||||||||
| U.S. Treasury Bills–31.57%(a) | ||||||||||||||||
| U.S. Treasury Bills |
0.11 | % | 03/03/2016 | 7,100 | 7,099,956 | |||||||||||
| U.S. Treasury Bills |
0.22 | % | 03/03/2016 | 2,738 | 2,737,967 | |||||||||||
| U.S. Treasury Bills |
0.20 | % | 04/28/2016 | 7,500 | 7,497,632 | |||||||||||
| U.S. Treasury Bills |
0.27 | % | 05/05/2016 | 5,000 | 4,997,567 | |||||||||||
| U.S. Treasury Bills |
0.31 | % | 05/26/2016 | 2,000 | 1,998,557 | |||||||||||
| U.S. Treasury Bills |
0.40 | % | 06/02/2016 | 15,000 | 14,984,694 | |||||||||||
| U.S. Treasury Bills |
0.24 | % | 06/23/2016 | 5,000 | 4,996,200 | |||||||||||
| Total U.S. Treasury Securities (Cost $44,312,573) |
44,312,573 | |||||||||||||||
| TOTAL INVESTMENTS(c)–99.99% (Cost $140,326,432) |
140,326,432 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–0.01% |
7,879 | |||||||||||||||
| NET ASSETS–100.00% |
$ | 140,334,311 | ||||||||||||||
Investment Abbreviations:
| Disc. | – Discounted | |
| Sr. | – Senior | |
| Unsec. | – Unsecured |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 Short-Term Investments Trust
Government TaxAdvantage Portfolio
Notes to Schedule of Investments:
| (a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (c) | Also represents cost for federal income tax purposes. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
14.8 | % | ||
| 8-30 |
31.0 | |||
| 31-60 |
14.5 | |||
| 61-90 |
20.6 | |||
| 91-180 |
14.2 | |||
| 181+ |
4.9 |
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Municipal Obligations–101.46% |
| |||||||||||||||
| Alabama–4.65% | ||||||||||||||||
| Alabama (State of); Series 2010 C, Ref. Unlimited Tax GO Bonds |
5.00 | % | 06/01/2016 | $ | 775 | $ | 784,269 | |||||||||
| Mobile (County of) Industrial Development Authority (SSAB Alabama Inc.); Series 2010 A, VRD Recovery Zone Facility RB (LOC–Swedbank AB)(a)(b)(c) |
0.02 | % | 07/01/2040 | 11,100 | 11,100,000 | |||||||||||
| Tuscaloosa (County of) Industrial Development Authority (Hunt Refining Co.); |
|
|||||||||||||||
| Series 2011 G, VRD Gulf Opportunity Zone RB (LOC–Bank of Nova Scotia)(a)(b)(c) |
0.01 | % | 04/01/2028 | 10,000 | 10,000,000 | |||||||||||
| Series 2011 J, VRD Gulf Opportunity Zone RB (LOC–Bank of Nova Scotia)(a)(b)(c) |
0.01 | % | 04/01/2028 | 10,000 | 10,000,000 | |||||||||||
| 31,884,269 | ||||||||||||||||
| Arizona–1.02% | ||||||||||||||||
| Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, VRD RB (LOC–Bank of America, N.A.)(a)(b) |
0.01 | % | 01/01/2046 | 1,630 | 1,630,000 | |||||||||||
| Casa Grande (City of) Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.01 | % | 06/15/2031 | 2,685 | 2,685,000 | |||||||||||
| Maricopa (County of) Industrial Development Authority (Gran Victoria Housing LLC); Series 2000 A, VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 04/15/2030 | 2,700 | 2,700,000 | |||||||||||
| 7,015,000 | ||||||||||||||||
| California–6.64% | ||||||||||||||||
| California (State of) (Kindergarten-University Public Education Facilities); Series 2004 B3, VRD Unlimited Tax GO Bonds (LOC–Citibank N.A.)(a)(b) |
0.01 | % | 05/01/2034 | 2,200 | 2,200,000 | |||||||||||
| California Infrastructure & Economic Development Bank (Pacific Gas & Electric Co.); Series 2009 C, Ref. VRD RB (LOC–Sumitomo Mitsui Banking Corp.)(a)(b)(c) |
0.01 | % | 12/01/2016 | 17,300 | 17,300,000 | |||||||||||
| Los Angeles (City of); Series 2015, Unlimited Tax GO TRAN |
2.00 | % | 06/30/2016 | 950 | 955,411 | |||||||||||
| Riverside (City of); Series 2011 A, Ref. Floating Rate Water RB(d) |
0.16 | % | 10/01/2035 | 5,800 | 5,800,000 | |||||||||||
| Southern California Metropolitan Water District; Series 2009 A-2, Ref. Floating Rate RB(d) |
0.21 | % | 07/01/2030 | 11,800 | 11,800,000 | |||||||||||
| Torrance (City of); Series 2015, Unlimited Tax GO TRAN |
1.50 | % | 06/30/2016 | 7,450 | 7,479,270 | |||||||||||
| 45,534,681 | ||||||||||||||||
| Colorado–3.90% | ||||||||||||||||
| Boulder (County of) (Imagine!); Series 2006, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 02/01/2031 | 1,525 | 1,525,000 | |||||||||||
| Colorado (State of) Educational & Cultural Facilities Authority (Denver Seminary); Series 2004, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 07/01/2034 | 2,000 | 2,000,000 | |||||||||||
| Colorado (State of) Health Facilities Authority (Arapahoe House); Series 2004 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 04/01/2024 | 770 | 770,000 | |||||||||||
| Colorado (State of) Housing & Finance Authority (Woodstream Village); Series 1985, VRD MFH RB (CEP–FNMA)(a) |
0.13 | % | 02/01/2031 | 6,600 | 6,600,000 | |||||||||||
| Colorado Springs (City of) (Cook Communications Ministries); Series 2002, VRD IDR (LOC–Bank of America, N.A.)(a)(b) |
0.14 | % | 03/01/2017 | 7,100 | 7,100,000 | |||||||||||
| EagleBend Affordable Housing Corp.; Series 2006 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.03 | % | 07/01/2021 | 3,485 | 3,485,000 | |||||||||||
| Pitkin (County of) (Centennial-Aspen II L.P.); Series 1996 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.02 | % | 12/01/2024 | 5,235 | 5,235,000 | |||||||||||
| 26,715,000 | ||||||||||||||||
| Delaware–0.81% | ||||||||||||||||
| Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 09/01/2036 | 2,695 | 2,695,000 | |||||||||||
| Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 05/01/2036 | 2,850 | 2,850,000 | |||||||||||
| 5,545,000 | ||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| District of Columbia–0.23% | ||||||||||||||||
| District of Columbia; Series 1998 A, VRD Pooled Loan
Program RB (LOC–Bank of America, |
0.21 | % | 01/01/2029 | $ | 1,557 | $ | 1,557,000 | |||||||||
| Florida–3.59% | ||||||||||||||||
| Florida (State of) Board of Education; |
|
|||||||||||||||
| Series 2008 C, Ref. Public Education Capital Outlay Unlimited Tax GO Bonds |
5.00 | % | 06/01/2016 | 3,420 | 3,461,450 | |||||||||||
| Series 2012 A, Ref. Public Education Capital Outlay Unlimited Tax GO Bonds |
5.00 | % | 06/01/2016 | 1,000 | 1,012,000 | |||||||||||
| JPMorgan Chase PUTTERs (Palm Beach (County of) Solid Waste Authority); Series 2009-3419, VRD Improvement RB (INS–BHAC)(a)(e)(f)(g) |
0.02 | % | 04/01/2017 | 2,275 | 2,275,000 | |||||||||||
| Orange (County of) Housing Finance Authority (Post Fountains at Lee Vista); Series 1997 E, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.03 | % | 06/01/2025 | 500 | 500,000 | |||||||||||
| Palm Beach (County of) (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 11/01/2036 | 2,925 | 2,925,000 | |||||||||||
| Palm Beach (County of) (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.02 | % | 07/01/2032 | 14,415 | 14,415,000 | |||||||||||
| 24,588,450 | ||||||||||||||||
| Georgia–1.73% | ||||||||||||||||
| Columbia County School District; Series 2011, Unlimited Tax GO Bonds |
5.00 | % | 04/01/2016 | 1,000 | 1,004,069 | |||||||||||
| DeKalb (County of) Housing Authority (Clairmont Crest); Series 1995, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.01 | % | 06/15/2025 | 6,340 | 6,340,000 | |||||||||||
| Fulton (County of) Development Authority (Friends of High Meadows, Inc.); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 01/01/2020 | 900 | 900,000 | |||||||||||
| Georgia (State of); Series 2012 A, Unlimited Tax GO Bonds |
5.00 | % | 07/01/2016 | 1,375 | 1,396,447 | |||||||||||
| Private Colleges & Universities Authority (Emory University); Series 2005 B-2, VRD RB(a) |
0.01 | % | 09/01/2035 | 500 | 500,000 | |||||||||||
| Richmond (County of) Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 09/01/2020 | 1,700 | 1,700,000 | |||||||||||
| 11,840,516 | ||||||||||||||||
| Illinois–9.21% | ||||||||||||||||
| Glendale Heights (Village of) (Glendale Lakes); Series 2000, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.01 | % | 03/01/2030 | 10,845 | 10,845,000 | |||||||||||
| Illinois (State of) Finance Authority (Chicago Symphony Orchestra); Series 1994, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 12/01/2028 | 8,500 | 8,500,000 | |||||||||||
| Illinois (State of) Finance Authority (Elmhurst College); Series 2007, VRD RB (LOC–BMO
Harris, |
0.01 | % | 02/01/2042 | 7,150 | 7,150,000 | |||||||||||
| Illinois (State of) Finance Authority (Foundation for Safety & Health); Series 1992, VRD Safety Education RB (LOC–BMO Harris, N.A.)(a)(b)(e) |
0.10 | % | 10/01/2017 | 400 | 400,000 | |||||||||||
| Illinois (State of) Finance Authority (Garrett-Evangelical Theological Seminary); Series 2010, VRD RB (LOC–FHLB of Chicago)(a)(b) |
0.01 | % | 06/01/2040 | 3,280 | 3,280,000 | |||||||||||
| Illinois (State of) Finance Authority (Institute of Gas Technology); Series 1999, VRD IDR (LOC–BMO Harris, N.A.)(a)(b) |
0.08 | % | 09/01/2024 | 600 | 600,000 | |||||||||||
| Illinois (State of) Finance Authority (James Jordan Boys & Girls Club & Family Life Center); Series 1995, VRD RB (LOC–Bank of America, N.A.)(a)(b)(e) |
0.11 | % | 08/01/2030 | 4,700 | 4,700,000 | |||||||||||
| Illinois (State of) Finance Authority (National-Louis University); Series 1999 B, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 06/01/2029 | 1,170 | 1,170,000 | |||||||||||
| Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(a) |
0.01 | % | 12/01/2046 | 7,700 | 7,700,000 | |||||||||||
| Illinois (State of) Finance Authority (Radiological Society of North America, Inc.); Series 1997, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)(e) |
0.11 | % | 06/01/2017 | 670 | 670,000 | |||||||||||
| Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 01/01/2037 | 1,720 | 1,720,000 | |||||||||||
| Illinois (State of) Finance Authority (The Teachers Academy for Mathematics & Science); Series 2001, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.30 | % | 02/01/2021 | 800 | 800,000 | |||||||||||
| Illinois (State of) Finance Authority (Uhlich Children’s Advantage); Series 2006, VRD RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.08 | % | 05/01/2036 | 2,335 | 2,335,000 | |||||||||||
| Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC–U.S. Bank, N.A.)(a)(b) |
0.08 | % | 10/01/2033 | 4,000 | 4,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Illinois–(continued) | ||||||||||||||||
| Illinois (State of) Finance Authority (YMCA of Metropolitan Chicago); Series 2004, VRD RB (LOC–BMO Harris, N.A.)(a)(b) |
0.01 | % | 06/01/2034 | $ | 4,200 | $ | 4,200,000 | |||||||||
| Monmouth (City of) (Monmouth College); Series 2005, VRD IDR (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 06/01/2035 | 5,120 | 5,120,000 | |||||||||||
| 63,190,000 | ||||||||||||||||
| Indiana–4.49% | ||||||||||||||||
| Fort Wayne (City of) (University of Saint Francis); Series 2008, VRD Economic Development RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.03 | % | 08/01/2028 | 1,300 | 1,300,000 | |||||||||||
| Huntington (City of) (Huntington University, Inc.); Series 2007, Ref. VRD Economic Development & Improvement RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 08/01/2037 | 5,500 | 5,500,000 | |||||||||||
| Indiana (State of) Finance Authority (Duke Energy Indiana, Inc.); Series 2009 A-5, Ref. VRD Environmental RB (LOC–Sumitomo Mitsui Banking Corp.)(a)(b)(c) |
0.01 | % | 10/01/2040 | 2,000 | 2,000,000 | |||||||||||
| Indiana (State of) Finance Authority (Howard Regional Health System); Series 2005 B, VRD Hospital RB (LOC–BMO Harris, N.A.)(a)(b) |
0.01 | % | 01/01/2035 | 3,215 | 3,215,000 | |||||||||||
| Indiana (State of) Finance Authority (Ispat Inland Inc.); Series 2005, Ref. VRD Environmental Improvement RB (LOC–Rabobank Nederland)(a)(b)(c) |
0.01 | % | 06/01/2035 | 10,000 | 10,000,000 | |||||||||||
| Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc.); Series 2008 G, Ref. VRD Health System RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 09/01/2048 | 7,925 | 7,925,000 | |||||||||||
| University of Southern Indiana; Series 1999 G, VRD Student Fee RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.11 | % | 10/01/2019 | 880 | 880,000 | |||||||||||
| 30,820,000 | ||||||||||||||||
| Iowa–0.29% | ||||||||||||||||
| Iowa (State of) Finance Authority (Cedarwood Hills Apartments); Series 2001 A, VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 05/01/2031 | 2,000 | 2,000,000 | |||||||||||
| Kansas–0.64% | ||||||||||||||||
| Wichita (City of); Series 2015-272, Unlimited Tax GO Temporary Notes |
2.00 | % | 04/15/2016 | 4,400 | 4,409,482 | |||||||||||
| Kentucky–0.22% | ||||||||||||||||
| Louisville (City of) & Jefferson (County of) Metropolitan Sewer District; Series 2009 A, Ref. Sewer & Drainage System RB |
5.00 | % | 05/15/2016 | 1,475 | 1,489,880 | |||||||||||
| Louisiana–0.30% | ||||||||||||||||
| Bossier Parishwide School District; Series 2012, Ref. School Improvement Unlimited Tax GO Bonds |
4.00 | % | 03/01/2016 | 950 | 950,000 | |||||||||||
| Louisiana (State of); Series 2012 A-1, Ref. Gasoline & Fuels Tax RB |
5.00 | % | 05/01/2016 | 1,110 | 1,118,580 | |||||||||||
| 2,068,580 | ||||||||||||||||
| Maryland–3.33% | ||||||||||||||||
| Maryland (State of) (State & Local Facilities Loan of 2013); First Series 2013 A, Unlimited Tax GO Bonds |
5.00 | % | 03/01/2016 | 925 | 925,000 | |||||||||||
| Maryland (State of) Health & Higher Educational Facilities Authority (Gaudenzia Foundation Issue); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 07/01/2028 | 2,760 | 2,760,000 | |||||||||||
| Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 04/01/2035 | 7,500 | 7,500,000 | |||||||||||
| Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System); Series 2008 D, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 07/01/2041 | 8,635 | 8,635,000 | |||||||||||
| Montgomery (County of); Series 2005 A, Ref. Consolidated Public Improvement Unlimited Tax GO Bonds |
5.00 | % | 07/01/2016 | 3,000 | 3,047,968 | |||||||||||
| 22,867,968 | ||||||||||||||||
| Massachusetts–0.99% | ||||||||||||||||
| Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 10/01/2038 | 6,090 | 6,090,000 | |||||||||||
| Massachusetts (State of) Development Finance Agency (Harrington Memorial Hospital, Inc.); Series 2008 A, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 07/01/2038 | 715 | 715,000 | |||||||||||
| 6,805,000 | ||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Michigan–1.54% | ||||||||||||||||
| Southfield (City of) Economic Development Corp. (Lawrence Technological University); Series 2001, VRD Limited Obligation RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 10/01/2031 | $ | 5,305 | $ | 5,305,000 | |||||||||
| West Shore Medical Center; Series 2001, VRD Health Facilities RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 04/01/2022 | 5,280 | 5,280,000 | |||||||||||
| 10,585,000 | ||||||||||||||||
| Minnesota–3.65% | ||||||||||||||||
| Minnesota (State of); Series 2014 E, Ref. State Trunk Highway Unlimited Tax GO Bonds |
3.00 | % | 08/01/2016 | 7,000 | 7,081,440 | |||||||||||
| Minnesota (State of) Higher Educational Facilities Authority (Concordia University, St. Paul); Series 2007 Six-Q, VRD RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.03 | % | 04/01/2037 | 9,135 | 9,135,000 | |||||||||||
| Minnesota (State of) Midwest Consortium of Municipal Utilities (Minnesota Municipal Utilities Association Financing Program); Series 2005 A, VRD RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.07 | % | 01/01/2025 | 290 | 290,000 | |||||||||||
| Oak Park Heights (City of) (Boutswell Landing); Series 2005, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 11/01/2035 | 1,355 | 1,355,000 | |||||||||||
| St. Paul (City of) Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 10/01/2033 | 7,175 | 7,175,000 | |||||||||||
| 25,036,440 | ||||||||||||||||
| Missouri–1.84% | ||||||||||||||||
| Bridgeton (City of) Industrial Development Authority (Stolze Printing); Series 2010, VRD IDR (LOC–FHLB of Chicago)(a)(b) |
0.02 | % | 11/01/2037 | 1,125 | 1,125,000 | |||||||||||
| Missouri (State of) Health & Educational Facilities Authority (BJC Health Systems); Series 2013 C, VRD RB(a) |
0.21 | % | 01/01/2050 | 6,450 | 6,450,000 | |||||||||||
| Springfield (City of) Industrial Development Authority (Pebblecreek Apartments); Series 1994, Ref. VRD MFH RB (LOC–FHLB of Des Moines)(a)(b) |
0.12 | % | 12/01/2019 | 1,060 | 1,060,000 | |||||||||||
| St. Joseph (City of) Industrial Development Authority (Heartland Regional Medical Center); Series 2009 A, VRD Health Facilities RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.01 | % | 11/15/2043 | 1,600 | 1,600,000 | |||||||||||
| St. Louis (County of) Industrial Development Authority (Westport Station Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) (a) |
0.01 | % | 04/15/2027 | 2,370 | 2,370,000 | |||||||||||
| 12,605,000 | ||||||||||||||||
| Nevada–0.93% | ||||||||||||||||
| Carson City (City of) (Carson-Tahoe Hospital); Series 2003 B, VRD Hospital RB (LOC–U.S.
Bank, |
0.01 | % | 09/01/2033 | 5,300 | 5,300,000 | |||||||||||
| Reno (City of) (Renown Regional Medical Center); Series 2009 A, Ref. VRD Hospital RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.03 | % | 06/01/2039 | 1,085 | 1,085,000 | |||||||||||
| 6,385,000 | ||||||||||||||||
| New Hampshire–1.04% | ||||||||||||||||
| New Hampshire (State of) Health & Education Facilities Authority (Moore Center Services, Inc.); Series 2007, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.02 | % | 09/01/2037 | 3,625 | 3,625,000 | |||||||||||
| New Hampshire (State of) Health & Education Facilities Authority (Riverbend Community Mental Health, Inc.); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.02 | % | 07/01/2038 | 3,500 | 3,500,000 | |||||||||||
| 7,125,000 | ||||||||||||||||
| New Mexico–1.25% | ||||||||||||||||
| Albuquerque (City of) & Bernalillo (County of) Water Utility Authority; Series 2009 A-1, Ref. Joint Water & Sewer System Improvement RB |
5.00 | % | 07/01/2016 | 1,250 | 1,269,554 | |||||||||||
| New Mexico (State of); Series 2010 A, Severance Tax RB |
5.00 | % | 07/01/2016 | 5,075 | 5,155,782 | |||||||||||
| New Mexico (State of) Finance Authority (Public Project Revolving Fund Program); Series 2016 A, Sr. Lien RB |
2.00 | % | 06/01/2016 | 2,150 | 2,159,722 | |||||||||||
| 8,585,058 | ||||||||||||||||
| New York–5.68% | ||||||||||||||||
| New York (State of) Dormitory Authority; Series 2009 B, VRD Samaritan Medical Center RB (LOC–HSBC Bank USA N.A.)(a)(b)(c) |
0.01 | % | 11/01/2036 | 8,130 | 8,130,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| New York–(continued) | ||||||||||||||||
| New York (State of) Housing Finance Agency (Manhattan West Residential Housing); |
||||||||||||||||
| Series 2014 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)(c) |
0.07 | % | 11/01/2049 | $ | 9,600 | $ | 9,600,000 | |||||||||
| Series 2015 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)(c) |
0.07 | % | 11/01/2049 | 8,200 | 8,200,000 | |||||||||||
| New York (State of) Housing Finance Agency (Riverside Center 2 Housing); Series 2015 A-1, VRD RB (LOC–Bank of America, N.A.)(a)(b) |
0.01 | % | 11/01/2046 | 9,000 | 9,000,000 | |||||||||||
| Triborough Bridge & Tunnel Authority; Series 2002 F, Ref. VRD General RB (LOC–Landesbank Hessen-Thüringen Girozentrale)(a)(b)(c) |
0.01 | % | 11/01/2032 | 4,000 | 4,000,000 | |||||||||||
| 38,930,000 | ||||||||||||||||
| North Carolina–2.97% | ||||||||||||||||
| Charlotte-Mecklenburg Hospital Authority (The) (Carolinas HealthCare Systems); Series 2007 C, Ref. VRD RB(a) |
0.01 | % | 01/15/2037 | 9,300 | 9,300,000 | |||||||||||
| Greensboro (City of) (Combined Enterprise System); Series 2012 A, Ref. RB |
5.00 | % | 06/01/2016 | 1,260 | 1,274,790 | |||||||||||
| Guilford (County of); Series 2012 A, Public Improvement Unlimited Tax GO Bonds |
5.00 | % | 03/01/2016 | 2,350 | 2,350,000 | |||||||||||
| Mecklenburg (County of); Series 2009 C, Ref. Unlimited Tax GO Bonds |
5.00 | % | 03/01/2016 | 1,020 | 1,020,000 | |||||||||||
| North Carolina (State of) Capital Facilities Finance Agency (Roman Catholic Diocese of Charlotte); Series 2000, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.05 | % | 06/01/2017 | 2,335 | 2,335,000 | |||||||||||
| Raleigh (City of) (Combined Enterprise System); Series 2006 A, RB |
5.00 | % | 03/01/2016 | 1,150 | 1,150,000 | |||||||||||
| Raleigh (City of); Series 2012 B, Public Improvement Unlimited Tax GO Bonds |
5.00 | % | 04/01/2016 | 2,950 | 2,962,005 | |||||||||||
| 20,391,795 | ||||||||||||||||
| Ohio–3.54% | ||||||||||||||||
| Centerville (City of) (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 B, VRD Health Care RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 11/01/2040 | 1,385 | 1,385,000 | |||||||||||
| Franklin (County of) (Ohio Health Corp.); Series 2011 C, Ref. Hospital Facilities Floating Rate RB(d) |
0.05 | % | 11/15/2033 | 2,900 | 2,900,000 | |||||||||||
| Franklin (County of) (U.S. Health Corp. of Columbus); Series 1996 A, Ref. VRD Hospital Facilities & Improvement RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 12/01/2021 | 7,125 | 7,125,000 | |||||||||||
| Montgomery (County of) (The Dayton Art Institute); Series 1996, VRD Economic Development RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.02 | % | 05/01/2026 | 8,400 | 8,400,000 | |||||||||||
| Ohio (State of) (Goodwill Industries of the Miami Valley); Series 2003, VRD Economic Development RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 06/01/2023 | 4,495 | 4,495,000 | |||||||||||
| 24,305,000 | ||||||||||||||||
| Oklahoma–0.13% | ||||||||||||||||
| Tulsa County Independent School District No. 9 (Union Board of Education); Series 2014, Combined Purpose Unlimited Tax GO Bonds |
1.00 | % | 04/01/2016 | 900 | 900,530 | |||||||||||
| Pennsylvania–4.22% | ||||||||||||||||
| Allegheny (County of) Industrial Development Authority (United Jewish Federation of Greater Pittsburgh); Series 1995 B, VRD RB (LOC–PNC Bank, N.A.)(a)(b)(e) |
0.03 | % | 10/01/2025 | 1,200 | 1,200,000 | |||||||||||
| Haverford Township School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank, |
0.02 | % | 03/01/2030 | 2,235 | 2,235,000 | |||||||||||
| Lebanon (County of) Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 10/15/2025 | 5,505 | 5,505,000 | |||||||||||
| Luzerne (County of) Convention Center Authority; Series 1998 A, VRD Hotel Room Rental Tax RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 09/01/2028 | 2,220 | 2,220,000 | |||||||||||
| Montgomery (County of) Redevelopment Authority (Forge Gate Apartments); Series 2001 A, VRD MFH RB (CEP–FNMA)(a) |
0.01 | % | 08/15/2031 | 3,990 | 3,990,000 | |||||||||||
| Pennsylvania (State of) Higher Educational Facilities Authority (Association of Independent Colleges & Universities of Pennsylvania Financing Program-Moore College of Art & Design); Series 2000 F-1, VRD RB (LOC–PNC Bank, N.A.)(a)(b)(e) |
0.03 | % | 05/01/2020 | 1,950 | 1,950,000 | |||||||||||
| Quakertown (Borough of) General Authority (Pooled Financing Program); Series 1996 A, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 07/01/2026 | 1,715 | 1,715,000 | |||||||||||
| Ridley School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank, N.A.)(a)(b) |
0.02 | % | 11/01/2029 | 2,600 | 2,600,000 | |||||||||||
| Westmoreland (County of) Industrial Development Authority (Excela Health); Series 2005 A, VRD Health System RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 07/01/2027 | 7,525 | 7,525,000 | |||||||||||
| 28,940,000 | ||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| South Carolina–2.02% | ||||||||||||||||
| Brookland-Cayce School District No. 2; Series 2015 C, Unlimited Tax GO Bonds |
3.00 | % | 03/01/2016 | $ | 8,705 | $ | 8,705,000 | |||||||||
| South Carolina (State of) Educational Facilities Authority for Private Non-Profit Institutions of Higher Learning (Morris College); Series 1997, VRD RB (LOC–Bank of America, N.A.)(a)(b)(e) |
0.16 | % | 07/01/2017 | 590 | 590,000 | |||||||||||
| South Carolina (State of) Jobs-Economic Development Authority (YMCA of Greenville); Series 2007, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 03/01/2028 | 2,702 | 2,702,000 | |||||||||||
| Spartanburg County School District No. 7; Series 2015 A, Unlimited Tax GO Bonds |
4.00 | % | 03/01/2016 | 1,830 | 1,830,000 | |||||||||||
| 13,827,000 | ||||||||||||||||
| Tennessee–2.56% | ||||||||||||||||
| Nashville (City of) & Davidson (County of) Metropolitan Government Industrial Development Board (Summit Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 07/15/2036 | 7,575 | 7,575,000 | |||||||||||
| Nashville (City of) & Davidson (County of) Metropolitan Government Health & Educational Facilities Board (Ascension Health Credit Group); Series 2001 B-1, VRD RB(a) |
0.19 | % | 11/15/2031 | 10,000 | 10,000,000 | |||||||||||
| 17,575,000 | ||||||||||||||||
| Texas–9.22% | ||||||||||||||||
| Aledo Independent School District; Series 2006 A, VRD School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program)(a) |
0.02 | % | 08/01/2035 | 14,615 | 14,615,000 | |||||||||||
| Austin Community College District ; Series 2015, Limited Tax GO Bonds |
3.00 | % | 08/01/2016 | 1,260 | 1,273,898 | |||||||||||
| Denton (County of); Series 2013, Limited Tax GO Notes |
3.00 | % | 04/15/2016 | 1,020 | 1,023,354 | |||||||||||
| Fort Bend Independent School District; Series 2008, Ref. School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program) |
5.00 | % | 08/15/2016 | 1,300 | 1,328,235 | |||||||||||
| Lewisville Independent School District; Series 2014 A, School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program) |
3.00 | % | 08/15/2016 | 1,095 | 1,108,749 | |||||||||||
| San Antonio Independent School District; Series 2011, Ref. Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program) |
5.00 | % | 08/15/2016 | 1,000 | 1,021,719 | |||||||||||
| San Gabriel (City of) Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 04/01/2026 | 1,100 | 1,100,000 | |||||||||||
| Tarrant (County of) Cultural Education Facilities Finance Corp. (Baylor Health Care System); Series 2011 C, VRD Hospital RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 11/15/2050 | 3,500 | 3,500,000 | |||||||||||
| Tarrant (County of) Housing Finance Corp. (Remington Hill Development); Series 1998, VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 02/15/2028 | 1,750 | 1,750,000 | |||||||||||
| Tarrant (County of) Housing Finance Corp. (Sierra Springs Apartments); Series 1999, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.03 | % | 02/15/2027 | 5,860 | 5,860,000 | |||||||||||
| Tarrant (County of) Regional Water District; |
||||||||||||||||
| Series 2012 A, Ref. RB |
5.00 | % | 03/01/2016 | 3,500 | 3,500,000 | |||||||||||
| Series 2012, Ref. & Improvement RB |
5.00 | % | 03/01/2016 | 1,130 | 1,130,000 | |||||||||||
| Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD MFH RB (CEP–FHLMC)(a) |
0.01 | % | 05/01/2042 | 10,865 | 10,865,000 | |||||||||||
| Travis (County of); Series 2013, Limited Tax GO Ctfs. |
3.38 | % | 03/01/2016 | 1,970 | 1,970,000 | |||||||||||
| University of Texas System Board of Regents; Series 2008 B, VRD Financing System RB(a) |
0.01 | % | 08/01/2025 | 13,180 | 13,180,000 | |||||||||||
| 63,225,955 | ||||||||||||||||
| Utah–2.91% | ||||||||||||||||
| Utah (County of) (IHC Health Services, Inc.); Series 2014 B, VRD Hospital RB(a) |
0.21 | % | 05/15/2049 | 6,525 | 6,525,000 | |||||||||||
| Utah (State of) Associated Municipal Power Systems (Horse Butte Wind); Series 2012 B, VRD RB (LOC–Bank of Montreal)(a)(b)(c) |
0.01 | % | 09/01/2032 | 11,000 | 11,000,000 | |||||||||||
| Utah (State of) Housing Corp. (Timbergate Apartments); Series 2009 A, VRD MFH RB (CEP–FHLMC)(a) |
0.06 | % | 04/01/2042 | 2,450 | 2,450,000 | |||||||||||
| 19,975,000 | ||||||||||||||||
| Vermont–0.84% | ||||||||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (North Country Hospital); Series 2007 A, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 10/01/2034 | 700 | 700,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Vermont–(continued) | ||||||||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (Norwich University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 09/01/2038 | $ | 5,055 | $ | 5,055,000 | |||||||||
| 5,755,000 | ||||||||||||||||
| Virginia–4.90% | ||||||||||||||||
| Alexandria (City of); Series 2011, Capital Improvement Unlimited Tax GO Bonds |
5.00 | % | 07/15/2016 | 2,115 | 2,152,876 | |||||||||||
| Capital Beltway Funding Corp. of Virginia (I-495 Hot Lanes); Series 2010 C, Ref. VRD Sr. Lien Multi-Modal Toll RB (LOC–National Australia Bank Ltd.)(a)(b)(c) |
0.01 | % | 12/31/2047 | 27,600 | 27,600,000 | |||||||||||
| Fairfax (County of) Water Authority; Series 2013 A, Ref. RB |
3.00 | % | 04/01/2016 | 915 | 917,212 | |||||||||||
| Louisa (County of) Industrial Development Authority (University of Virginia Health Services Foundation); Series 2000, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 10/01/2030 | 2,700 | 2,700,000 | |||||||||||
| Suffolk (City of) Redevelopment & Housing Authority (Oak Springs Apartments, LLC); Series 1999, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.03 | % | 12/01/2019 | 200 | 200,000 | |||||||||||
| 33,570,088 | ||||||||||||||||
| Washington–3.61% | ||||||||||||||||
| Seattle (City of); Series 2014, Ref. Drainage & Wastewater Improvement RB |
4.00 | % | 05/01/2016 | 1,100 | 1,106,935 | |||||||||||
| Seattle (City of) Housing Authority (Bayview Manor); Series 1994 B, VRD Low-Income Housing Assistance RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.02 | % | 05/01/2019 | 1,170 | 1,170,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Lake City Senior Apartments); Series 2009, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 07/01/2044 | 8,000 | 8,000,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Panorama City); Series 2008, VRD Non-Profit RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 04/01/2043 | 12,000 | 12,000,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Valley View Apartments); Series 2002, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 09/15/2020 | 2,475 | 2,475,000 | |||||||||||
| 24,751,935 | ||||||||||||||||
| West Virginia–0.88% | ||||||||||||||||
| West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008, Ref. VRD Improvement RB (LOC–Branch Banking & Trust Co.)(a)(b) |
0.02 | % | 01/01/2034 | 6,000 | 6,000,000 | |||||||||||
| Wisconsin–5.69% | ||||||||||||||||
| Lima (Town of) (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD Development RB (LOC–FHLB of Chicago)(a)(b) |
0.01 | % | 10/01/2042 | 2,380 | 2,380,000 | |||||||||||
| Milwaukee (City of); Series 2015 M7, School RAN |
2.00 | % | 06/30/2016 | 11,500 | 11,568,747 | |||||||||||
| Oneida Tribe of Indians of Wisconsin; Series 2001, VRD Health Facilities RB (LOC–Bank of America, N.A.)(a)(b) |
0.08 | % | 07/01/2016 | 1,955 | 1,955,000 | |||||||||||
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital, Inc.); Series 2004, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 08/15/2034 | 7,095 | 7,095,000 | |||||||||||
| Wisconsin (State of) Health & Educational Facilities Authority (University of Wisconsin Medical Foundation, Inc.); Series 2000, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.03 | % | 05/01/2030 | 15,410 | 15,410,000 | |||||||||||
| Wisconsin (State of); Series 2012 2, Ref. Clean Water RB |
5.00 | % | 06/01/2016 | 600 | 607,256 | |||||||||||
| 39,016,003 | ||||||||||||||||
| TOTAL INVESTMENTS(h)(i)–101.46% (Cost $695,815,630) |
695,815,630 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(1.46)% |
|
(10,011,598 | ) | |||||||||||||
| NET ASSETS–100.00% |
|
$ | 685,804,032 | |||||||||||||
Investment Abbreviations:
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 Short-Term Investments Trust
Tax-Free Cash Reserve Portfolio
Notes to Schedule of Investments:
| (a) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (b) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (c) | The security is credit guaranteed, enhanced or has credit risk by a foreign entity. No concentration of any single foreign country was greater than 5%. |
| (d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (e) | 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, 2016 was $13,342,000, which represented 1.95% of the Fund’s Net Assets. |
| (f) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (g) | Synthetic municipal instruments; involves the deposit into a trust of one or more long-term tax-exempt bonds or notes (“Underlying Bonds.”), a sale of certificates evidencing interests in the trust to investors such as the Fund. The trustee receives the long-term fixed interest payments on the Underlying Bonds, and pays certificate holders variable rate interest payments based upon a short-term reset periodically. |
| (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 | |||
| PNC Bank, N.A. |
6.4 | % | ||
| Federal Home Loan Mortgage Corp. |
6.2 | |||
| Federal National Mortgage Association |
6.2 | |||
| Wells Fargo Bank, N.A. |
5.9 | |||
| U.S. Bank, N.A. |
5.9 | |||
| TD Bank, N.A. |
5.8 | |||
| Northern Trust Co. |
5.5 | |||
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
83.9 | % | ||
| 8-30 |
0.0 | |||
| 31-60 |
1.6 | |||
| 61-90 |
0.5 | |||
| 91-180 |
8.2 | |||
| 181+ |
5.8 |
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.
31 Short-Term Investments Trust
Statement of Assets and Liabilities
February 29, 2016
(Unaudited)
| Liquid Assets Portfolio |
STIC Prime Portfolio |
Treasury Portfolio |
Government & Agency Portfolio |
Government TaxAdvantage Portfolio |
Tax-Free Cash Reserve Portfolio |
|||||||||||||||||||||||||||||||
| Assets: |
||||||||||||||||||||||||||||||||||||
| Investments, at value and cost |
$ | 17,143,582,669 | $ | 2,284,212,740 | $ | 5,364,728,459 | $ | 2,393,990,600 | $ | 140,326,432 | $ | 695,815,630 | ||||||||||||||||||||||||
| Repurchase agreements, at value and cost |
5,460,525,273 | 450,369,735 | 7,417,713,856 | 2,665,203,465 | — | — | ||||||||||||||||||||||||||||||
| Total investments, at value and cost |
22,604,107,942 | 2,734,582,475 | 12,782,442,315 | 5,059,194,065 | 140,326,432 | 695,815,630 | ||||||||||||||||||||||||||||||
| Cash |
— | — | — | 23,844,931 | 67,220 | — | ||||||||||||||||||||||||||||||
| Receivable for: |
||||||||||||||||||||||||||||||||||||
| Investments sold |
2,401,485 | 5,000 | 27,854,897 | — | — | 665,002 | ||||||||||||||||||||||||||||||
| Interest |
5,382,282 | 171,078 | 5,105,215 | 570,392 | 7,233 | 1,058,923 | ||||||||||||||||||||||||||||||
| Fund expenses absorbed |
190,236 | 130,334 | 353,087 | — | 61,215 | 159,924 | ||||||||||||||||||||||||||||||
| Investment for trustee deferred compensation and retirement plans |
3,090,011 | 878,999 | 1,828,060 | 829,073 | 111,179 | 312,793 | ||||||||||||||||||||||||||||||
| Other assets |
116,445 | 191,396 | 140,305 | 63,693 | 31,836 | 47,960 | ||||||||||||||||||||||||||||||
| Total assets |
22,615,288,401 | 2,735,959,282 | 12,817,723,879 | 5,084,502,154 | 140,605,115 | 698,060,232 | ||||||||||||||||||||||||||||||
| Liabilities: |
||||||||||||||||||||||||||||||||||||
| Payable for: |
||||||||||||||||||||||||||||||||||||
| Investments purchased |
149,636,000 | — | — | 73,723,601 | — | 11,800,009 | ||||||||||||||||||||||||||||||
| Amount due custodian |
10,641,150 | 10,431 | 27,464,210 | — | — | 15,936 | ||||||||||||||||||||||||||||||
| Dividends |
7,042,735 | 703,092 | 1,832,254 | 891,457 | 23,824 | 5,279 | ||||||||||||||||||||||||||||||
| Accrued fees to affiliates |
461,383 | 199,974 | 907,894 | 145,660 | 93,525 | 43,000 | ||||||||||||||||||||||||||||||
| Accrued trustees’ and officer’s fees and benefits |
32,185 | 6,556 | 26,492 | 11,596 | 3,599 | 3,324 | ||||||||||||||||||||||||||||||
| Accrued operating expenses |
111,886 | 36,339 | 75,287 | 11,169 | 21,059 | 20,337 | ||||||||||||||||||||||||||||||
| Trustee deferred compensation and retirement plans |
3,742,851 | 1,041,332 | 2,229,761 | 1,010,742 | 128,797 | 368,315 | ||||||||||||||||||||||||||||||
| Total liabilities |
171,668,190 | 1,997,724 | 32,535,898 | 75,794,225 | 270,804 | 12,256,200 | ||||||||||||||||||||||||||||||
| Net assets applicable to shares outstanding |
$ | 22,443,620,211 | $ | 2,733,961,558 | $ | 12,785,187,981 | $ | 5,008,707,929 | $ | 140,334,311 | $ | 685,804,032 | ||||||||||||||||||||||||
| Net assets consist of: |
||||||||||||||||||||||||||||||||||||
| Shares of beneficial interest |
$ | 22,441,059,834 | $ | 2,733,087,812 | $ | 12,784,855,040 | $ | 5,008,598,424 | $ | 140,351,885 | $ | 685,953,788 | ||||||||||||||||||||||||
| Undistributed net investment income |
2,468,855 | 872,258 | (21,274 | ) | (26,177 | ) | (9,046 | ) | (104,955 | ) | ||||||||||||||||||||||||||
| Undistributed net realized gain (loss) |
91,522 | 1,488 | 354,215 | 135,682 | (8,528 | ) | (44,801 | ) | ||||||||||||||||||||||||||||
| $ | 22,443,620,211 | $ | 2,733,961,558 | $ | 12,785,187,981 | $ | 5,008,707,929 | $ | 140,334,311 | $ | 685,804,032 | |||||||||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32 Short-Term Investments Trust
Statement of Assets and Liabilities—(continued)
February 29, 2016
(Unaudited)
| Liquid Assets Portfolio |
STIC Prime Portfolio |
Treasury Portfolio |
Government & Agency Portfolio |
Government TaxAdvantage Portfolio |
Tax-Free Cash Reserve Portfolio |
|||||||||||||||||||||||||||||||
| Net Assets: |
|
|||||||||||||||||||||||||||||||||||
| Institutional Class |
$ | 19,350,616,042 | $ | 1,917,283,674 | $ | 6,273,721,419 | $ | 3,295,982,076 | $ | 17,000,000 | $ | 576,781,735 | ||||||||||||||||||||||||
| Private Investment Class |
$ | 209,874,644 | $ | 137,321,595 | $ | 464,674,210 | $ | 503,979,238 | $ | 4,402,797 | $ | 29,889,915 | ||||||||||||||||||||||||
| Personal Investment Class |
$ | 58,065,383 | $ | 99,353,189 | $ | 147,223,145 | $ | 8,943,577 | $ | 1,879,098 | $ | 2,731,245 | ||||||||||||||||||||||||
| Cash Management Class |
$ | 236,125,452 | $ | 396,501,369 | $ | 4,362,496,379 | $ | 138,578,152 | $ | 45,617,025 | $ | 42,442,594 | ||||||||||||||||||||||||
| Reserve Class |
$ | 130,755,458 | $ | 26,622,307 | $ | 30,685,986 | $ | 286,180,378 | $ | 68,883,100 | $ | 30,177,389 | ||||||||||||||||||||||||
| Resource Class |
$ | 10,543,447 | $ | 19,391,271 | $ | 331,809,997 | $ | 60,155,218 | $ | 2,372,701 | $ | 2,573,547 | ||||||||||||||||||||||||
| Corporate Class |
$ | 2,447,639,785 | $ | 137,488,153 | $ | 1,174,576,845 | $ | 714,889,290 | $ | 179,590 | $ | 1,207,607 | ||||||||||||||||||||||||
| Shares outstanding, $0.01 par value per share, |
| |||||||||||||||||||||||||||||||||||
| Institutional Class |
19,348,405,760 | 1,917,274,456 | 6,273,196,808 | 3,295,833,750 | 16,995,722 | 576,749,244 | ||||||||||||||||||||||||||||||
| Private Investment Class |
209,850,210 | 137,320,975 | 464,636,651 | 503,957,597 | 4,401,677 | 29,888,222 | ||||||||||||||||||||||||||||||
| Personal Investment Class |
58,058,765 | 99,352,712 | 147,212,225 | 8,943,175 | 1,878,605 | 2,731,090 | ||||||||||||||||||||||||||||||
| Cash Management Class |
236,097,591 | 396,499,479 | 4,362,121,141 | 138,567,299 | 45,605,336 | 42,440,171 | ||||||||||||||||||||||||||||||
| Reserve Class |
130,740,969 | 26,622,133 | 30,683,432 | 286,168,646 | 68,865,475 | 30,175,675 | ||||||||||||||||||||||||||||||
| Resource Class |
10,542,271 | 19,391,182 | 331,782,803 | 60,152,501 | 2,372,098 | 2,573,402 | ||||||||||||||||||||||||||||||
| Corporate Class |
2,447,363,765 | 137,487,515 | 1,174,472,810 | 714,862,165 | 179,545 | 1,207,539 | ||||||||||||||||||||||||||||||
| Net asset value, offering and redemption price per share for each class |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
33 Short-Term Investments Trust
Statement of Operations
For the six months ended February 29, 2016
(Unaudited)
| Liquid Assets Portfolio |
STIC Prime Portfolio |
Treasury Portfolio |
Government & Agency |
Government TaxAdvantage Portfolio |
Tax-Free Cash Reserve Portfolio |
|||||||||||||||||||||||||||||||
| Investment income: |
||||||||||||||||||||||||||||||||||||
| Interest |
$ | 39,276,066 | $ | 4,406,046 | $ | 14,445,597 | $ | 6,349,758 | $ | 226,027 | $ | 209,757 | ||||||||||||||||||||||||
| Expenses: |
||||||||||||||||||||||||||||||||||||
| Advisory fees |
15,055,521 | 2,112,022 | 10,414,744 | 2,793,476 | 212,182 | 770,759 | ||||||||||||||||||||||||||||||
| Administrative services fees |
539,799 | 272,550 | 446,983 | 322,493 | 24,863 | 89,259 | ||||||||||||||||||||||||||||||
| Custodian fees |
90,387 | 19,308 | 61,293 | 66,159 | 8,066 | 8,856 | ||||||||||||||||||||||||||||||
| Distribution fees: |
||||||||||||||||||||||||||||||||||||
| Private Investment Class |
516,818 | 392,494 | 1,097,942 | 1,228,129 | 12,881 | 75,725 | ||||||||||||||||||||||||||||||
| Personal Investment Class |
316,705 | 396,028 | 573,977 | 61,800 | 14,162 | 9,266 | ||||||||||||||||||||||||||||||
| Cash Management Class |
196,916 | 220,789 | 2,548,900 | 123,111 | 26,533 | 23,462 | ||||||||||||||||||||||||||||||
| Reserve Class |
786,255 | 212,190 | 172,936 | 1,424,173 | 202,217 | 114,830 | ||||||||||||||||||||||||||||||
| Resource Class |
17,620 | 20,456 | 332,053 | 83,474 | 2,360 | 3,686 | ||||||||||||||||||||||||||||||
| Corporate Class |
285,966 | 14,022 | 209,063 | 96,980 | 400 | 2,502 | ||||||||||||||||||||||||||||||
| Transfer agent fees |
903,446 | 126,721 | 624,885 | 257,048 | 9,157 | 29,090 | ||||||||||||||||||||||||||||||
| Trustees’ and officers’ fees and benefits |
345,156 | 77,804 | 241,846 | 106,704 | 15,253 | 29,684 | ||||||||||||||||||||||||||||||
| Registration and filing fees |
61,425 | 46,305 | 63,360 | 81,282 | 37,833 | 38,847 | ||||||||||||||||||||||||||||||
| Other |
437,772 | 115,293 | 279,353 | 340,129 | 47,262 | 50,329 | ||||||||||||||||||||||||||||||
| Total expenses |
19,553,786 | 4,025,982 | 17,067,335 | 6,984,958 | 613,169 | 1,246,295 | ||||||||||||||||||||||||||||||
| Less: Fees waived |
(4,368,663 | ) | (1,944,878 | ) | (7,116,608 | ) | (3,104,997 | ) | (462,359 | ) | (1,068,465 | ) | ||||||||||||||||||||||||
| Net expenses |
15,185,123 | 2,081,104 | 9,950,727 | 3,879,961 | 150,810 | 177,830 | ||||||||||||||||||||||||||||||
| Net investment income |
24,090,943 | 2,324,942 | 4,494,870 | 2,469,797 | 75,217 | 31,927 | ||||||||||||||||||||||||||||||
| Realized and unrealized gain from: |
||||||||||||||||||||||||||||||||||||
| Net realized gain from Investment securities |
15,642 | 544 | 416,712 | 19,165 | 9,917 | — | ||||||||||||||||||||||||||||||
| Net increase in net assets resulting from operations |
$ | 24,106,585 | $ | 2,325,486 | $ | 4,911,582 | $ | 2,488,962 | $ | 85,134 | $ | 31,927 | ||||||||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
34 Short-Term Investments Trust
Statement of Changes in Net Assets
For the six months ended February 29, 2016 and the year ended August 31, 2015
(Unaudited)
| Liquid Assets Portfolio | STIC Prime Portfolio | |||||||||||||||||||
| February 29, 2016 |
August 31, 2015 |
February 29, 2016 |
August 31, 2015 |
|||||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income |
$ | 24,090,943 | $ | 14,869,394 | $ | 2,324,942 | $ | 2,593,491 | ||||||||||||
| Net realized gain |
15,642 | 164,146 | 544 | 944 | ||||||||||||||||
| Net increase in net assets resulting from operations |
24,106,585 | 15,033,540 | 2,325,486 | 2,594,435 | ||||||||||||||||
| Distributions to shareholders from net investment income: |
||||||||||||||||||||
| Institutional Class |
(21,603,070 | ) | (14,147,500 | ) | (1,761,348 | ) | (1,854,672 | ) | ||||||||||||
| Private Investment Class |
(34,987 | ) | (30,767 | ) | (80,356 | ) | (132,350 | ) | ||||||||||||
| Personal Investment Class |
(9,541 | ) | (13,561 | ) | (54,963 | ) | (110,282 | ) | ||||||||||||
| Cash Management Class |
(306,028 | ) | (77,398 | ) | (302,379 | ) | (376,417 | ) | ||||||||||||
| Reserve Class |
(18,224 | ) | (14,433 | ) | (21,613 | ) | (18,513 | ) | ||||||||||||
| Resource Class |
(4,310 | ) | (12,035 | ) | (11,761 | ) | (20,138 | ) | ||||||||||||
| Corporate Class |
(2,114,783 | ) | (573,700 | ) | (92,498 | ) | (81,119 | ) | ||||||||||||
| Total distributions from net investment income |
(24,090,943 | ) | (14,869,394 | ) | (2,324,918 | ) | (2,593,491 | ) | ||||||||||||
| Share transactions–net: |
||||||||||||||||||||
| Institutional Class |
3,376,529,292 | (2,640,861,091 | ) | 152,620,931 | (148,752,146 | ) | ||||||||||||||
| Private Investment Class |
(73,584,196 | ) | (61,736,842 | ) | (24,894,329 | ) | 10,083,327 | |||||||||||||
| Personal Investment Class |
(57,334,039 | ) | (65,018,703 | ) | (18,219,967 | ) | (40,437,932 | ) | ||||||||||||
| Cash Management Class |
(221,844,735 | ) | (226,421,761 | ) | (87,093,375 | ) | 29,823,610 | |||||||||||||
| Reserve Class |
(25,452,945 | ) | (23,801,101 | ) | (23,778,069 | ) | 34,768,990 | |||||||||||||
| Resource Class |
(62,133,047 | ) | (62,863,904 | ) | (319,045 | ) | (12,328,636 | ) | ||||||||||||
| Corporate Class |
1,393,208,709 | 383,540,344 | 60,444,479 | 17,489,399 | ||||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
4,329,389,039 | (2,697,163,058 | ) | 58,760,625 | (109,353,388 | ) | ||||||||||||||
| Net increase (decrease) in net assets |
4,329,404,681 | (2,696,998,912 | ) | 58,761,193 | (109,352,444 | ) | ||||||||||||||
| Net assets: |
||||||||||||||||||||
| Beginning of period |
18,114,215,530 | 20,811,214,442 | 2,675,200,365 | 2,784,552,809 | ||||||||||||||||
| End of period* |
$ | 22,443,620,211 | $ | 18,114,215,530 | $ | 2,733,961,558 | $ | 2,675,200,365 | ||||||||||||
| * Includes accumulated undistributed net investment income |
$ | 2,468,855 | $ | 2,468,855 | $ | 872,258 | $ | 872,234 | ||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
35 Short-Term Investments Trust
Statement of Changes in Net Assets—(continued)
For the six months ended February 29, 2016 and the year ended August 31, 2015
(Unaudited)
| Treasury Portfolio | Government & Agency Portfolio | |||||||||||||||||||
| February 29, 2016 |
August 31, 2015 |
February 29, 2016 |
August 31, 2015 |
|||||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income |
$ | 4,494,870 | $ | 3,320,415 | $ | 2,469,797 | $ | 1,741,840 | ||||||||||||
| Net realized gain (loss) |
416,712 | (62,497 | ) | 19,165 | 116,517 | |||||||||||||||
| Net increase in net assets resulting from operations |
4,911,582 | 3,257,918 | 2,488,962 | 1,858,357 | ||||||||||||||||
| Distributions to shareholders from net investment income: |
||||||||||||||||||||
| Institutional Class |
(2,661,142 | ) | (1,478,709 | ) | (1,883,035 | ) | (1,159,579 | ) | ||||||||||||
| Private Investment Class |
(80,956 | ) | (102,223 | ) | (138,874 | ) | (126,468 | ) | ||||||||||||
| Personal Investment Class |
(26,968 | ) | (29,788 | ) | (4,096 | ) | (12,667 | ) | ||||||||||||
| Cash Management Class |
(1,193,495 | ) | (1,317,452 | ) | (80,858 | ) | (167,941 | ) | ||||||||||||
| Reserve Class |
(6,664 | ) | (11,073 | ) | (79,656 | ) | (108,700 | ) | ||||||||||||
| Resource Class |
(60,366 | ) | (68,891 | ) | (21,523 | ) | (38,869 | ) | ||||||||||||
| Corporate Class |
(465,279 | ) | (312,279 | ) | (261,755 | ) | (127,616 | ) | ||||||||||||
| Total distributions from net investment income |
(4,494,870 | ) | (3,320,415 | ) | (2,469,797 | ) | (1,741,840 | ) | ||||||||||||
| Share transactions–net: |
||||||||||||||||||||
| Institutional Class |
(1,576,572,464 | ) | 369,868,233 | (923,881,457 | ) | 891,380,297 | ||||||||||||||
| Private Investment Class |
3,525,513 | (63,444,289 | ) | 81,408,389 | 75,509,267 | |||||||||||||||
| Personal Investment Class |
(14,835,299 | ) | (350,960 | ) | (28,223,425 | ) | (3,981,249 | ) | ||||||||||||
| Cash Management Class |
(941,979,421 | ) | (2,293,402,486 | ) | (84,274,931 | ) | (247,006,196 | ) | ||||||||||||
| Reserve Class |
(4,919,263 | ) | (151,761,502 | ) | (21,349,198 | ) | (3,594,120 | ) | ||||||||||||
| Resource Class |
7,316,221 | (49,445,822 | ) | (37,751,805 | ) | (6,672,798 | ) | |||||||||||||
| Corporate Class |
(596,102,256 | ) | 346,906,945 | 83,692,317 | (28,642,460 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
(3,123,566,969 | ) | (1,841,629,881 | ) | (930,380,110 | ) | 676,992,741 | |||||||||||||
| Net increase (decrease) in net assets |
(3,123,150,257 | ) | (1,841,692,378 | ) | (930,360,945 | ) | 677,109,258 | |||||||||||||
| Net assets: |
||||||||||||||||||||
| Beginning of period |
15,908,338,238 | 17,750,030,616 | 5,939,068,874 | 5,261,959,616 | ||||||||||||||||
| End of period* |
$ | 12,785,187,981 | $ | 15,908,338,238 | $ | 5,008,707,929 | $ | 5,939,068,874 | ||||||||||||
| * Includes accumulated undistributed net investment income |
$ | (21,274 | ) | $ | (21,274 | ) | $ | (26,177 | ) | $ | (26,177 | ) | ||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
36 Short-Term Investments Trust
Statement of Changes in Net Assets—(continued)
For the six months ended February 29, 2016 and the year ended August 31, 2015
(Unaudited)
| Government TaxAdvantage Portfolio | Tax-Free Cash Reserve Portfolio | |||||||||||||||||||
| February 29, 2016 |
August 31, 2015 |
February 29, 2016 |
August 31, 2015 |
|||||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income |
$ | 75,217 | $ | 152,172 | $ | 31,927 | $ | 320,850 | ||||||||||||
| Net realized gain |
9,917 | 5,675 | — | 17,500 | ||||||||||||||||
| Net increase in net assets resulting from operations |
85,134 | 157,847 | 31,927 | 338,350 | ||||||||||||||||
| Distributions to shareholders from net investment income: |
||||||||||||||||||||
| Institutional Class |
(42,884 | ) | (109,398 | ) | (25,982 | ) | (243,361 | ) | ||||||||||||
| Private Investment Class |
(1,366 | ) | (5,768 | ) | (1,487 | ) | (14,944 | ) | ||||||||||||
| Personal Investment Class |
(1,007 | ) | (2,191 | ) | (122 | ) | (1,433 | ) | ||||||||||||
| Cash Management Class |
(15,296 | ) | (25,467 | ) | (2,317 | ) | (29,656 | ) | ||||||||||||
| Reserve Class |
(13,250 | ) | (1,334 | ) | (1,135 | ) | (13,465 | ) | ||||||||||||
| Resource Class |
(646 | ) | (3,530 | ) | (181 | ) | (2,416 | ) | ||||||||||||
| Corporate Class |
(768 | ) | (4,484 | ) | (703 | ) | (15,575 | ) | ||||||||||||
| Total distributions from net investment income |
(75,217 | ) | (152,172 | ) | (31,927 | ) | (320,850 | ) | ||||||||||||
| Share transactions–net: |
||||||||||||||||||||
| Institutional Class |
(88,546,410 | ) | (22,147,472 | ) | 120,751,861 | (68,021,232 | ) | |||||||||||||
| Private Investment Class |
(1,581,623 | ) | (9,595,904 | ) | (579,080 | ) | (3,807,802 | ) | ||||||||||||
| Personal Investment Class |
(76,406 | ) | (1,843,611 | ) | (892,435 | ) | (98,681 | ) | ||||||||||||
| Cash Management Class |
585,020 | (3,080,076 | ) | (8,574,246 | ) | (9,705,701 | ) | |||||||||||||
| Reserve Class |
62,990,375 | 5,171,160 | 8,402,532 | (5,865,164 | ) | |||||||||||||||
| Resource Class |
504 | (1,336,302 | ) | (1,952,773 | ) | (989,440 | ) | |||||||||||||
| Corporate Class |
(27,830,485 | ) | (22,499,992 | ) | (25,269,735 | ) | (5,044,078 | ) | ||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
(54,459,025 | ) | (55,332,197 | ) | 91,886,124 | (93,532,098 | ) | |||||||||||||
| Net increase (decrease) in net assets |
(54,449,108 | ) | (55,326,522 | ) | 91,886,124 | (93,514,598 | ) | |||||||||||||
| Net assets: |
||||||||||||||||||||
| Beginning of period |
194,783,419 | 250,109,941 | 593,917,908 | 687,432,506 | ||||||||||||||||
| End of period* |
$ | 140,334,311 | $ | 194,783,419 | $ | 685,804,032 | $ | 593,917,908 | ||||||||||||
| * Includes accumulated undistributed net investment income |
$ | (9,046 | ) | $ | (9,046 | ) | $ | (104,955 | ) | $ | (104,955 | ) | ||||||||
Notes to Financial Statements
February 29, 2016
(Unaudited)
NOTE 1—Significant Accounting Policies
Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers six separate portfolios, (each constituting a “Fund”). The Funds covered in this report are Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Government TaxAdvantage Portfolio and Tax-Free Cash Reserve Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.
The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio and Government TaxAdvantage Portfolio; and to provide tax-exempt income consistent with the preservation of capital and liquidity for Tax-Free Cash Reserve Portfolio.
Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.
The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements.
| A. | Security Valuations — Each Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts. |
37 Short-Term Investments Trust
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), adjusted for amortization of premiums and accretion of discounts on investments, is recorded on the accrual basis from settlement date. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Funds and the investment adviser.
The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.
| C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. | Distributions — It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually. |
| 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, Tax-Free Cash Reserve 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 of each respective Fund are allocated among the classes of such Fund 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 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 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- |
38 Short-Term Investments Trust
| 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 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.
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 pays an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:
| First $250 million |
Next $250 million |
Over $500 million |
||||||||||
| Liquid Assets Portfolio |
0.15% | 0.15% | 0.15% | |||||||||
| STIC Prime Portfolio |
0.15% | 0.15% | 0.15% | |||||||||
| Treasury Portfolio |
0.15% | 0.15% | 0.15% | |||||||||
| Government & Agency Portfolio |
0.10% | 0.10% | 0.10% | |||||||||
| Government TaxAdvantage Portfolio |
0.20% | 0.15% | 0.10% | |||||||||
| Tax-Free Cash Reserve Portfolio |
0.25% | 0.25% | 0.20% | |||||||||
For the six months ended February 29, 2016, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:
| Liquid Assets Portfolio |
0.15% | |||
| STIC Prime Portfolio |
0.15% | |||
| Treasury Portfolio |
0.15% | |||
| Government & Agency Portfolio |
0.10% | |||
| Government TaxAdvantage Portfolio |
0.20% | |||
| Tax-Free Cash Reserve Portfolio |
0.24% |
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, may 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, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):
| Institutional Class |
Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
||||||||||||||||||||||
| Liquid Assets Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.34 | % | 0.17 | % | ||||||||||||||
| STIC Prime Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Treasury Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Government & Agency Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Government TaxAdvantage Portfolio |
0.14 | % | 0.39 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Tax-Free Cash Reserve Portfolio |
0.25 | % | 0.50 | % | 0.80 | % | 0.33 | % | 1.12 | % | 0.41 | % | 0.28 | % | ||||||||||||||
39 Short-Term Investments Trust
The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.
In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) extraordinary or non-routine items, including litigation expenses, and (4) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2016. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.
Further, Invesco and/or IDI voluntarily waived fees and/or reimbursed expenses in order to increase the yields of each Fund. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors.
For the six months ended February 29, 2016, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:
| Expense Limitation |
Yield Waivers |
|||||||
| Liquid Assets Portfolio |
$ | 3,171,391 | $ | — | ||||
| STIC Prime Portfolio |
739,928 | 136,428 | ||||||
| Treasury Portfolio |
2,288,175 | 1,051,494 | ||||||
| Government & Agency Portfolio |
— | 366,030 | ||||||
| Government TaxAdvantage Portfolio |
198,607 | 29,497 | ||||||
| Tax-Free Cash Reserve Portfolio |
184,678 | 654,316 | ||||||
Voluntary fee waivers for the six months ended February 29, 2016 are shown below:
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
|||||||||||||||||||
| Liquid Assets Portfolio |
$ | 94,501 | $ | 143,768 | N/A | $ | 522,027 | $ | 4,198 | N/A | ||||||||||||||
| STIC Prime Portfolio |
182,115 | 253,640 | $ | 107,517 | 170,802 | 10,277 | $ | 5,732 | ||||||||||||||||
| Treasury Portfolio |
553,250 | 386,917 | 1,208,001 | 141,548 | 183,854 | 112,460 | ||||||||||||||||||
| Government & Agency Portfolio |
617,726 | 42,788 | 60,777 | 1,173,959 | 50,215 | 59,311 | ||||||||||||||||||
| Government TaxAdvantage Portfolio |
5,696 | 9,611 | 13,714 | 161,077 | 1,484 | 389 | ||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
37,862 | 6,795 | 18,770 | 99,902 | 2,949 | 2,502 | ||||||||||||||||||
The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the six months ended February 29, 2016, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 29, 2016, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.
Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class | |||||||||||||||||||||||
| 0.50 | % | 0.75 | % | 0.10 | % | 1.00 | % | 0.20 | % | 0.03 | % | |||||||||||||||||
Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.
IDI has contractually agreed, through at least December 31, 2016, to waive a portion of its compensation payable by the Funds such that compensation paid pursuant to the Plan with respect to each share class equals the maximum annual rate of average daily assets shown below:
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
|||||||||||||||||||
| Liquid Assets Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.20 | % | 0.03 | % | ||||||||||||
| STIC Prime Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Treasury Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Government & Agency Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Government TaxAdvantage Portfolio |
0.25 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Tax-Free Cash Reserve Portfolio |
0.25 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
40 Short-Term Investments Trust
Pursuant to the agreement above, for the six months ended February 29, 2016, IDI waived Plan fees of:
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
|||||||||||||||||||
| Liquid Assets Portfolio |
$ | 206,727 | $ | 84,455 | $ | 39,383 | $ | 102,213 | N/A | N/A | ||||||||||||||
| STIC Prime Portfolio |
156,998 | 105,607 | 44,158 | 27,585 | $ | 4,091 | N/A | |||||||||||||||||
| Treasury Portfolio |
439,176 | 153,061 | 509,780 | 22,482 | 66,410 | N/A | ||||||||||||||||||
| Government & Agency Portfolio |
491,252 | 16,480 | 24,622 | 185,142 | 16,695 | N/A | ||||||||||||||||||
| Government TaxAdvantage Portfolio |
6,441 | 3,776 | 5,307 | 26,288 | 472 | N/A | ||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
37,862 | 2,471 | 4,693 | 14,928 | 737 | N/A | ||||||||||||||||||
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
| Level 1 — | Prices are determined using quoted prices in an active market for identical assets. |
| Level 2 — | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
| Level 3 — | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect each Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
As of February 29, 2016, 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 months ended February 29, 2016, each Fund engaged in transactions with affiliates as listed below:
| Securities Purchases | Securities Sales | Net Realized Gains | ||||||||||
| Liquid Assets Portfolio |
$ | 259,171,921 | $ | 453,279,225 | $ | — | ||||||
| STIC Prime Portfolio |
118,541,842 | 142,726,856 | — | |||||||||
| Tax-Free Cash Reserve Portfolio |
466,679,556 | 355,977,114 | — | |||||||||
NOTE 5—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Funds may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Funds.
41 Short-Term Investments Trust
NOTE 6—Cash Balances
The Funds are permitted to temporarily overdraft or leave balances in their accounts with The Bank of New York Mellon (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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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 below had a capital loss carryforward as of August 31, 2015 which expires as follows:
| Short-Term | Long-Term | Total* | ||||||||||||||||||
| Fund | 2018 | 2019 | Not Subject to Expiration |
Not Subject to Expiration |
||||||||||||||||
| Treasury Portfolio |
$ | — | $ | — | $ | 62,497 | $ | — | $ | 62,497 | ||||||||||
| Government TaxAdvantage Portfolio |
— | — | 18,445 | — | 18,445 | |||||||||||||||
| Tax-Free Cash Reserve Portfolio |
14,727 | 30,074 | — | — | 44,801 | |||||||||||||||
| * | Capital loss carryforward as of the date listed above is 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. |
42 Short-Term Investments Trust
NOTE 8—Share Information
Liquid Assets Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
122,870,197,623 | $ | 122,870,197,623 | 285,396,098,619 | $ | 285,396,098,619 | ||||||||||
| Private Investment Class |
510,334,896 | 510,334,896 | 1,434,632,883 | 1,434,632,883 | ||||||||||||
| Personal Investment Class |
69,834,480 | 69,834,480 | 538,543,116 | 538,543,116 | ||||||||||||
| Cash Management Class |
2,145,627,791 | 2,145,627,791 | 4,326,518,141 | 4,326,518,141 | ||||||||||||
| Reserve Class |
206,076,476 | 206,076,476 | 1,016,989,736 | 1,016,989,736 | ||||||||||||
| Resource Class |
38,210,088 | 38,210,088 | 459,622,836 | 459,622,836 | ||||||||||||
| Corporate Class |
9,471,104,350 | 9,471,104,350 | 5,521,655,244 | 5,521,655,244 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
5,132,756 | 5,132,756 | 3,973,048 | 3,973,048 | ||||||||||||
| Private Investment Class |
6,181 | 6,181 | 8,279 | 8,279 | ||||||||||||
| Personal Investment Class |
4,693 | 4,693 | 11,639 | 11,639 | ||||||||||||
| Cash Management Class |
93,642 | 93,642 | 31,257 | 31,257 | ||||||||||||
| Reserve Class |
9,591 | 9,591 | 14,378 | 14,378 | ||||||||||||
| Resource Class |
2,603 | 2,603 | 12,396 | 12,396 | ||||||||||||
| Corporate Class |
270,357 | 270,357 | 225,681 | 225,681 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(119,498,801,087 | ) | (119,498,801,087 | ) | (288,040,932,758 | ) | (288,040,932,758 | ) | ||||||||
| Private Investment Class |
(583,925,273 | ) | (583,925,273 | ) | (1,496,378,004 | ) | (1,496,378,004 | ) | ||||||||
| Personal Investment Class |
(127,173,212 | ) | (127,173,212 | ) | (603,573,458 | ) | (603,573,458 | ) | ||||||||
| Cash Management Class |
(2,367,566,168 | ) | (2,367,566,168 | ) | (4,552,971,159 | ) | (4,552,971,159 | ) | ||||||||
| Reserve Class |
(231,539,012 | ) | (231,539,012 | ) | (1,040,805,215 | ) | (1,040,805,215 | ) | ||||||||
| Resource Class |
(100,345,738 | ) | (100,345,738 | ) | (522,499,136 | ) | (522,499,136 | ) | ||||||||
| Corporate Class |
(8,078,165,998 | ) | (8,078,165,998 | ) | (5,138,340,581 | ) | (5,138,340,581 | ) | ||||||||
| Net increase (decrease) in share activity |
4,329,389,039 | $ | 4,329,389,039 | (2,697,163,058 | ) | $ | (2,697,163,058 | ) | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
| Additionally, 19% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are other mutual funds also advised by Invesco. |
43 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
STIC Prime Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
3,003,113,393 | $ | 3,003,113,393 | 5,941,737,037 | $ | 5,941,737,037 | ||||||||||
| Private Investment Class |
667,027,756 | 667,027,756 | 1,211,080,589 | 1,211,080,589 | ||||||||||||
| Personal Investment Class |
298,331,925 | 298,331,925 | 1,182,870,259 | 1,182,870,259 | ||||||||||||
| Cash Management Class |
1,155,148,299 | 1,155,148,299 | 3,144,474,982 | 3,144,474,982 | ||||||||||||
| Reserve Class |
157,327,888 | 157,327,888 | 210,463,689 | 210,463,689 | ||||||||||||
| Resource Class |
64,748,890 | 64,748,890 | 64,359,363 | 64,359,363 | ||||||||||||
| Corporate Class |
261,415,561 | 261,415,561 | 1,149,830,507 | 1,149,830,507 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
424,046 | 424,046 | 454,008 | 454,008 | ||||||||||||
| Private Investment Class |
27,340 | 27,340 | 56,232 | 56,232 | ||||||||||||
| Personal Investment Class |
21,411 | 21,411 | 68,043 | 68,043 | ||||||||||||
| Cash Management Class |
74,694 | 74,694 | 71,815 | 71,815 | ||||||||||||
| Reserve Class |
17,209 | 17,209 | 14,807 | 14,807 | ||||||||||||
| Resource Class |
7,558 | 7,558 | 16,256 | 16,256 | ||||||||||||
| Corporate Class |
47,625 | 47,625 | 71,730 | 71,730 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(2,850,916,508 | ) | (2,850,916,508 | ) | (6,090,943,191 | ) | (6,090,943,191 | ) | ||||||||
| Private Investment Class |
(691,949,425 | ) | (691,949,425 | ) | (1,201,053,494 | ) | (1,201,053,494 | ) | ||||||||
| Personal Investment Class |
(316,573,303 | ) | (316,573,303 | ) | (1,223,376,234 | ) | (1,223,376,234 | ) | ||||||||
| Cash Management Class |
(1,242,316,368 | ) | (1,242,316,368 | ) | (3,114,723,187 | ) | (3,114,723,187 | ) | ||||||||
| Reserve Class |
(181,123,166 | ) | (181,123,166 | ) | (175,709,506 | ) | (175,709,506 | ) | ||||||||
| Resource Class |
(65,075,493 | ) | (65,075,493 | ) | (76,704,255 | ) | (76,704,255 | ) | ||||||||
| Corporate Class |
(201,018,707 | ) | (201,018,707 | ) | (1,132,412,838 | ) | (1,132,412,838 | ) | ||||||||
| Net increase (decrease) in share activity |
58,760,625 | $ | 58,760,625 | (109,353,388 | ) | $ | (109,353,388 | ) | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 59% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
44 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Treasury Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
7,821,438,683 | $ | 7,821,438,683 | 16,766,462,244 | $ | 16,766,462,244 | ||||||||||
| Private Investment Class |
890,870,745 | 890,870,745 | 1,901,290,280 | 1,901,290,280 | ||||||||||||
| Personal Investment Class |
502,160,779 | 502,160,779 | 1,101,975,367 | 1,101,975,367 | ||||||||||||
| Cash Management Class |
9,154,752,380 | 9,154,752,380 | 26,793,251,842 | 26,793,251,842 | ||||||||||||
| Reserve Class |
43,134,820 | 43,134,820 | 109,204,351 | 109,204,351 | ||||||||||||
| Resource Class |
155,665,944 | 155,665,944 | 329,636,954 | 329,636,954 | ||||||||||||
| Corporate Class |
8,220,833,589 | 8,220,833,589 | 18,168,487,688 | 18,168,487,688 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
963,871 | 963,871 | 922,038 | 922,038 | ||||||||||||
| Private Investment Class |
7,379 | 7,379 | 15,296 | 15,296 | ||||||||||||
| Personal Investment Class |
16,154 | 16,154 | 26,774 | 26,774 | ||||||||||||
| Cash Management Class |
45,602 | 45,602 | 60,767 | 60,767 | ||||||||||||
| Reserve Class |
3,896 | 3,896 | 7,169 | 7,169 | ||||||||||||
| Resource Class |
3,280 | 3,280 | 8,488 | 8,488 | ||||||||||||
| Corporate Class |
167,634 | 167,634 | 132,198 | 132,198 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(9,398,975,018 | ) | (9,398,975,018 | ) | (16,397,516,049 | ) | (16,397,516,049 | ) | ||||||||
| Private Investment Class |
(887,352,611 | ) | (887,352,611 | ) | (1,964,749,865 | ) | (1,964,749,865 | ) | ||||||||
| Personal Investment Class |
(517,012,232 | ) | (517,012,232 | ) | (1,102,353,101 | ) | (1,102,353,101 | ) | ||||||||
| Cash Management Class |
(10,096,777,403 | ) | (10,096,777,403 | ) | (29,086,715,095 | ) | (29,086,715,095 | ) | ||||||||
| Reserve Class |
(48,057,979 | ) | (48,057,979 | ) | (260,973,022 | ) | (260,973,022 | ) | ||||||||
| Resource Class |
(148,353,003 | ) | (148,353,003 | ) | (379,091,264 | ) | (379,091,264 | ) | ||||||||
| Corporate Class |
(8,817,103,479 | ) | (8,817,103,479 | ) | (17,821,712,941 | ) | (17,821,712,941 | ) | ||||||||
| Net increase (decrease) in share activity |
(3,123,566,969 | ) | $ | (3,123,566,969 | ) | (1,841,629,881 | ) | $ | (1,841,629,881 | ) | ||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 51% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
| Additionally, 14% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are other mutual funds also advised by Invesco. |
45 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Government & Agency Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
18,540,389,344 | $ | 18,540,389,344 | 37,416,050,435 | $ | 37,416,050,435 | ||||||||||
| Private Investment Class |
877,051,192 | 877,051,192 | 2,115,905,376 | 2,115,905,376 | ||||||||||||
| Personal Investment Class |
38,791,034 | 38,791,034 | 134,224,028 | 134,224,028 | ||||||||||||
| Cash Management Class |
1,195,370,891 | 1,195,370,891 | 5,837,371,862 | 5,837,371,862 | ||||||||||||
| Reserve Class |
398,647,336 | 398,647,336 | 699,303,942 | 699,303,942 | ||||||||||||
| Resource Class |
278,773,112 | 278,773,112 | 1,554,415,700 | 1,554,415,700 | ||||||||||||
| Corporate Class |
2,290,153,339 | 2,290,153,339 | 4,660,748,011 | 4,660,748,011 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
451,334 | 451,334 | 199,188 | 199,188 | ||||||||||||
| Private Investment Class |
37,272 | 37,272 | 37,056 | 37,056 | ||||||||||||
| Personal Investment Class |
— | — | 6 | 6 | ||||||||||||
| Cash Management Class |
21,186 | 21,186 | 33,044 | 33,044 | ||||||||||||
| Reserve Class |
37,786 | 37,786 | 67,656 | 67,656 | ||||||||||||
| Resource Class |
5,468 | 5,468 | 13,926 | 13,926 | ||||||||||||
| Corporate Class |
69,144 | 69,144 | 55,261 | 55,261 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(19,464,722,135 | ) | (19,464,722,135 | ) | (36,524,869,326 | ) | (36,524,869,326 | ) | ||||||||
| Private Investment Class |
(795,680,075 | ) | (795,680,075 | ) | (2,040,433,165 | ) | (2,040,433,165 | ) | ||||||||
| Personal Investment Class |
(67,014,459 | ) | (67,014,459 | ) | (138,205,283 | ) | (138,205,283 | ) | ||||||||
| Cash Management Class |
(1,279,667,008 | ) | (1,279,667,008 | ) | (6,084,411,102 | ) | (6,084,411,102 | ) | ||||||||
| Reserve Class |
(420,034,320 | ) | (420,034,320 | ) | (702,965,718 | ) | (702,965,718 | ) | ||||||||
| Resource Class |
(316,530,385 | ) | (316,530,385 | ) | (1,561,102,424 | ) | (1,561,102,424 | ) | ||||||||
| Corporate Class |
(2,206,530,166 | ) | (2,206,530,166 | ) | (4,689,445,732 | ) | (4,689,445,732 | ) | ||||||||
| Net increase (decrease) in share activity |
(930,380,110 | ) | $ | (930,380,110 | ) | 676,992,741 | $ | 676,992,741 | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 23% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
46 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Government TaxAdvantage Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
140,583,594 | $ | 140,583,594 | 368,612,267 | $ | 368,612,267 | ||||||||||
| Private Investment Class |
1,046,890 | 1,046,890 | 71,398,479 | 71,398,479 | ||||||||||||
| Personal Investment Class |
6,547,359 | 6,547,359 | 8,341,042 | 8,341,042 | ||||||||||||
| Cash Management Class |
29,139,800 | 29,139,800 | 87,930,861 | 87,930,861 | ||||||||||||
| Reserve Class |
107,718,530 | 107,718,530 | 14,172,451 | 14,172,451 | ||||||||||||
| Resource Class |
41 | 41 | 17,934,744 | 17,934,744 | ||||||||||||
| Corporate Class |
8,418,335 | 8,418,335 | 187,300,005 | 187,300,005 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
27,576 | 27,576 | 84,605 | 84,605 | ||||||||||||
| Private Investment Class |
556 | 556 | 3,065 | 3,065 | ||||||||||||
| Cash Management Class |
12,015 | 12,015 | 24,731 | 24,731 | ||||||||||||
| Reserve Class |
6,988 | 6,988 | 1,197 | 1,197 | ||||||||||||
| Resource Class |
463 | 463 | 3,214 | 3,214 | ||||||||||||
| Corporate Class |
1,203 | 1,203 | 4,203 | 4,203 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(229,157,580 | ) | (229,157,580 | ) | (390,844,344 | ) | (390,844,344 | ) | ||||||||
| Private Investment Class |
(2,629,069 | ) | (2,629,069 | ) | (80,997,448 | ) | (80,997,448 | ) | ||||||||
| Personal Investment Class |
(6,623,765 | ) | (6,623,765 | ) | (10,184,653 | ) | (10,184,653 | ) | ||||||||
| Cash Management Class |
(28,566,795 | ) | (28,566,795 | ) | (91,035,668 | ) | (91,035,668 | ) | ||||||||
| Reserve Class |
(44,735,143 | ) | (44,735,143 | ) | (9,002,488 | ) | (9,002,488 | ) | ||||||||
| Resource Class |
— | — | (19,274,260 | ) | (19,274,260 | ) | ||||||||||
| Corporate Class |
(36,250,023 | ) | (36,250,023 | ) | (209,804,200 | ) | (209,804,200 | ) | ||||||||
| Net increase (decrease) in share activity |
(54,459,025 | ) | $ | (54,459,025 | ) | (55,332,197 | ) | $ | (55,332,197 | ) | ||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 86% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
47 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Tax-Free Cash Reserve Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
576,859,284 | $ | 576,859,284 | 1,022,223,755 | $ | 1,022,223,755 | ||||||||||
| Private Investment Class |
23,529,218 | 23,529,218 | 48,653,591 | 48,653,591 | ||||||||||||
| Personal Investment Class |
2,234,174 | 2,234,174 | 5,529,842 | 5,529,842 | ||||||||||||
| Cash Management Class |
29,960,256 | 29,960,256 | 85,609,129 | 85,609,129 | ||||||||||||
| Reserve Class |
34,804,336 | 34,804,336 | 57,041,089 | 57,041,089 | ||||||||||||
| Resource Class |
71,708 | 71,708 | 2,830,839 | 2,830,839 | ||||||||||||
| Corporate Class |
1,175,406 | 1,175,406 | — | — | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
3,153 | 3,153 | 35,799 | 35,799 | ||||||||||||
| Private Investment Class |
1,399 | 1,399 | 13,990 | 13,990 | ||||||||||||
| Personal Investment Class |
11 | 11 | 651 | 651 | ||||||||||||
| Cash Management Class |
1,135 | 1,135 | 13,598 | 13,598 | ||||||||||||
| Reserve Class |
1,086 | 1,086 | 13,480 | 13,480 | ||||||||||||
| Resource Class |
195 | 195 | 2,430 | 2,430 | ||||||||||||
| Corporate Class |
916 | 916 | 15,648 | 15,648 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(456,110,576 | ) | (456,110,576 | ) | (1,090,280,786 | ) | (1,090,280,786 | ) | ||||||||
| Private Investment Class |
(24,109,697 | ) | (24,109,697 | ) | (52,475,383 | ) | (52,475,383 | ) | ||||||||
| Personal Investment Class |
(3,126,620 | ) | (3,126,620 | ) | (5,629,174 | ) | (5,629,174 | ) | ||||||||
| Cash Management Class |
(38,535,637 | ) | (38,535,637 | ) | (95,328,428 | ) | (95,328,428 | ) | ||||||||
| Reserve Class |
(26,402,890 | ) | (26,402,890 | ) | (62,919,733 | ) | (62,919,733 | ) | ||||||||
| Resource Class |
(2,024,676 | ) | (2,024,676 | ) | (3,822,709 | ) | (3,822,709 | ) | ||||||||
| Corporate Class |
(26,446,057 | ) | (26,446,057 | ) | (5,059,726 | ) | (5,059,726 | ) | ||||||||
| Net increase (decrease) in share activity |
91,886,124 | $ | 91,886,124 | (93,532,098 | ) | $ | (93,532,098 | ) | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 65% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
48 Short-Term Investments Trust
NOTE 9—Financial Highlights
The following schedules present financial highlights for a share of each Fund outstanding throughout the periods indicated.
Corporate Class
| Net asset value, beginning of period |
Net investment income(a) |
Net gains (losses) (both |
Total from operations |
Dividends income |
Distributions from net gains |
Total distributions |
Net asset value, end of period |
Total return(b) |
Net assets, end of period (000’s omitted) |
Ratio of to average net assets with fee waivers absorbed |
Ratio
of fee waivers |
Ratio of net investment income to average net assets |
||||||||||||||||||||||||||||||||||||||||
| Liquid Assets Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
$ | 1.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | (0.00 | ) | $ | — | $ | (0.00 | ) | $ | 1.00 | 0.11 | % | $ | 2,447,640 | 0.17 | %(c) | 0.20 | %(c) | 0.22 | %(c) | ||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.05 | 1,054,301 | 0.17 | 0.20 | 0.05 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.04 | 670,700 | 0.17 | 0.20 | 0.04 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.09 | 1,496,576 | 0.17 | 0.20 | 0.09 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.12 | 1,937,039 | 0.17 | 0.21 | 0.12 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.12 | 1,858,584 | 0.17 | 0.20 | 0.12 | ||||||||||||||||||||||||||||||||||||
| STIC Prime Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.08 | 137,488 | 0.16 | (c) | 0.23 | (c) | 0.15 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.04 | 77,043 | 0.07 | 0.22 | 0.10 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.08 | 59,554 | 0.06 | 0.22 | 0.08 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.06 | 68,522 | 0.11 | 0.22 | 0.08 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.08 | 96,655 | 0.14 | 0.23 | 0.06 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | — | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.08 | 102,632 | 0.16 | 0.22 | 0.08 | |||||||||||||||||||||||||||||||||||||
| Treasury Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.04 | 1,174,577 | 0.14 | (c) | 0.20 | (c) | 0.07 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.01 | 1,770,653 | 0.06 | 0.20 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.01 | 1,423,728 | 0.04 | 0.20 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.02 | 2,837,170 | 0.09 | 0.21 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.03 | 2,002,611 | 0.08 | 0.21 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 1,856,324 | 0.11 | 0.21 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Government & Agency Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.04 | 714,889 | 0.14 | (c) | 0.17 | (c) | 0.09 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 631,189 | 0.08 | 0.16 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | — | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 659,821 | 0.06 | 0.16 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.03 | 835,545 | 0.11 | 0.17 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.02 | 505,026 | 0.10 | 0.16 | 0.03 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.04 | 1,344,281 | 0.13 | 0.16 | 0.04 | |||||||||||||||||||||||||||||||||||||
| Government TaxAdvantage Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.04 | 180 | 0.12 | (c) | 0.36 | (c) | 0.09 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 28,019 | 0.00 | 0.36 | 0.08 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.04 | 50,514 | 0.02 | 0.32 | 0.03 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.03 | 10 | 0.06 | 0.23 | 0.03 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.03 | 10 | 0.07 | 0.25 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.03 | 50,842 | 0.10 | 0.29 | 0.04 | |||||||||||||||||||||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | — | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.00 | 1,208 | 0.05 | (c) | 0.34 | (c) | 0.01 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.01 | 26,479 | 0.03 | 0.34 | 0.04 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.05 | 31,522 | 0.04 | 0.33 | 0.04 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.06 | 31,450 | 0.10 | 0.33 | 0.06 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.06 | 27,320 | 0.13 | 0.33 | 0.06 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.04 | 27,954 | 0.24 | 0.32 | 0.05 | ||||||||||||||||||||||||||||||||||||
| (a) | Calculated using average shares outstanding. |
| (b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America. |
| (c) | Ratios are annualized and based on average daily net assets (000’s omitted) of $1,916,917, $93,994, $1,401,409, $650,084, $2,681 and $16,772 for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Government TaxAdvantage Portfolio and Tax-Free Cash Reserve Portfolio, respectively. |
49 Short-Term Investments Trust
Note 10-Subsequent Event
Effective June 1, 2016, the Board has approved a change in the advisory fee rate under the master investment advisory agreement for Tax-Free Cash Reserve Portfolio to an annual rate of 0.20% of the Fund’s average daily net assets.
In addition, effective June 1, 2016, the Adviser has contractually agreed, through at least December 31, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):
| Institutional Class |
Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
||||||||||||||||||||||
| Liquid Assets Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.38 | % | 0.21 | % | ||||||||||||||
| STIC Prime Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Treasury Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Government & Agency Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Government TaxAdvantage Portfolio |
0.18 | % | 0.43 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Tax-Free Cash Reserve Portfolio |
0.20 | % | 0.45 | % | 0.75 | % | 0.28 | % | 1.07 | % | 0.36 | % | 0.23 | % | ||||||||||||||
50 Short-Term Investments Trust
Calculating your ongoing Fund expenses
Example
As a shareholder in the Corporate 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 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, 2015 through February 29, 2016.
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 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.
| Corporate Class | Beginning Account Value (09/01/15) |
ACTUAL | HYPOTHETICAL (5% annual return before expenses) |
Annualized Expense Ratio |
||||||||||||||||||||
| Ending Account Value (02/29/16)1 |
Expenses Paid During Period2 |
Ending Account Value (02/29/16) |
Expenses Paid During Period2 |
|||||||||||||||||||||
|
Liquid Assets Portfolio |
$ | 1,000.00 | $ | 1,001.10 | $ | 0.85 | $ | 1,024.02 | $ | 0.86 | 0.17 | % | ||||||||||||
| STIC Prime Portfolio |
1,000.00 | 1,000.80 | 0.80 | 1,024.07 | 0.81 | 0.16 | ||||||||||||||||||
| Treasury Portfolio |
1,000.00 | 1,000.40 | 0.70 | 1,024.17 | 0.70 | 0.14 | ||||||||||||||||||
| Government & Agency Portfolio |
1,000.00 | 1,000.40 | 0.70 | 1,024.17 | 0.70 | 0.14 | ||||||||||||||||||
| Government TaxAdvantage Portfolio |
1,000.00 | 1,000.40 | 0.60 | 1,024.27 | 0.60 | 0.12 | ||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
1,000.00 | 1,000.00 | 0.25 | 1,024.61 | 0.25 | 0.05 | ||||||||||||||||||
| 1 | The actual ending account value is based on the actual total return of the Funds for the period September 1, 2015, through February 29, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on each Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
| 2 | Expenses are equal to each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year. |
51 Short-Term Investments Trust
Invesco mailing information
Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
Important notice regarding delivery of security holder documents
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
Fund holdings and proxy voting information
The Fund provides a complete list of its holdings four times in each fiscal year, at quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-Q filings on the SEC website, sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/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: 811-02729 and 002-58287 | CM-STIT-SAR-2 | Invesco Distributors, Inc. |
Fund Data
Institutional Class data as of 2/29/16
| FUND | WEIGHTED AVERAGE MATURITY |
WEIGHTED LIFE |
TOTAL NET ASSETS | |||||||||||||||||
| Range During Reporting Period |
At Reporting Period End |
At Reporting Period End |
||||||||||||||||||
| Liquid Assets | 14 - 42 days | 33 days | 52 days | $19.3 billion | ||||||||||||||||
| STIC Prime | 7 - 19 days | 11 days | 13 days | 1.9 billion | ||||||||||||||||
| Treasury | 29 - 54 days | 49 days | 113 days | 6.2 billion | ||||||||||||||||
| Government & Agency | 24 - 52 days | 40 days | 115 days | 3.2 billion | ||||||||||||||||
| Government TaxAdvantage | 25 - 58 days | 35 days | 55 days | 17.0 million | ||||||||||||||||
| Tax-Free Cash Reserve | 24 - 38 days | 29 days | 29 days | 576.7 million | ||||||||||||||||
Weighted average maturity (WAM) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes.
Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.
2 Short-Term Investments Trust
Letters to Shareholders
|
Bruce Crockett |
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 represent 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., 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 reasonable fee. As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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
|
Karen Dunn Kelley |
Dear Shareholders: Money market investors cheered in December when the US Federal Reserve raised the federal funds target rate after holding it near zero for seven years in the aftermath of the financial crisis. Moderate economic growth, improvement in employment and the need to remove “emergency accommodation” were the primary reasons for the Fed’s action. More rate hikes are expected, but at a slower pace than past Fed regimes. The money market fund industry in the US continued to move ahead with plans to adopt the new money market fund regulations announced in 2014, which are set to be fully implemented on October 14, 2016. Invesco, along with many in the industry, continues to focus on successfully meeting all reform requirements in a timely fashion. We will continue to keep you |
and all our valued money market fund investors informed about money market fund reform through public announcements as updates are available.
For more than 30 years, Invesco Global Liquidity has worked to gain and keep the trust of our investors through our deep industry knowledge and our investment expertise. Our primary goal through the money market fund reform process is to provide our investors with a full suite of liquidity management solutions to meet their investing needs with the least amount of disruption while remaining focused on our disciplined investment process. For Invesco Global Liquidity, safety is of paramount importance in the investment process for all our money market funds. Our conservative investment philosophy has always focused on providing safety, liquidity, and yield – in that order – to our money market fund investors.
Invesco Global Liquidity is dedicated to the future of this industry – and to yours. Thank you for investing with us.
Sincerely,
Karen Dunn Kelley
Senior Managing Director, Investments
3 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Commercial Paper–40.38%(a) |
|
|||||||||||||||
| Asset-Backed Securities — Consumer Receivables–3.51% | ||||||||||||||||
| Old Line Funding, LLC(b) |
0.65 | % | 04/18/2016 | $ | 43,000 | $ | 42,962,733 | |||||||||
| Old Line Funding, LLC(b) |
0.65 | % | 04/25/2016 | 66,000 | 65,934,458 | |||||||||||
| Old Line Funding, LLC(b) |
0.73 | % | 05/26/2016 | 190,000 | 189,668,662 | |||||||||||
| Old Line Funding, LLC(b) |
0.77 | % | 05/09/2016 | 85,000 | 84,874,554 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.64 | % | 05/18/2016 | 115,000 | 114,840,533 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.65 | % | 04/18/2016 | 95,000 | 94,917,667 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.65 | % | 04/18/2016 | 65,000 | 64,943,667 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.72 | % | 06/01/2016 | 91,000 | 90,832,560 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.77 | % | 05/12/2016 | 40,000 | 39,938,400 | |||||||||||
| 788,913,234 | ||||||||||||||||
| Asset-Backed Securities — Fully Supported–2.41% | ||||||||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 04/04/2016 | 75,000 | 74,956,083 | |||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 04/06/2016 | 148,000 | 147,908,240 | |||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 04/18/2016 | 33,000 | 32,972,720 | |||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 05/19/2016 | 100,000 | 99,863,945 | |||||||||||
| Kells Funding LLC (CEP–FMS Wertmanagement)(b)(c) |
0.60 | % | 04/20/2016 | 75,000 | 74,937,500 | |||||||||||
| Kells Funding LLC (CEP–FMS Wertmanagement)(b)(c) |
0.61 | % | 06/02/2016 | 110,000 | 109,826,658 | |||||||||||
| 540,465,146 | ||||||||||||||||
| Asset-Backed Securities — Fully Supported Bank–12.88% | ||||||||||||||||
| Anglesea Funding LLC (Multi-CEP’s)(b)(c)(d) |
0.70 | % | 07/06/2016 | 25,000 | 25,000,000 | |||||||||||
| Anglesea Funding LLC (Multi-CEP’s)(b)(c)(d) |
0.70 | % | 07/18/2016 | 133,000 | 133,000,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A)(b)(c)(d) |
0.61 | % | 07/07/2016 | 75,000 | 75,000,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.62 | % | 04/06/2016 | 50,000 | 49,969,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.63 | % | 05/11/2016 | 100,000 | 99,875,750 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.62 | % | 04/01/2016 | 49,000 | 48,973,839 | |||||||||||
| Bennington Stark Capital Co. (CEP–Societe Generale S.A.)(b)(c) |
0.67 | % | 04/01/2016 | 50,000 | 49,971,153 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.62 | % | 04/18/2016 | 50,000 | 49,958,667 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.66 | % | 05/03/2016 | 31,500 | 31,463,617 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.50 | % | 03/16/2016 | 48,000 | 47,990,000 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.63 | % | 04/04/2016 | 170,000 | 169,898,850 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.63 | % | 04/13/2016 | 66,000 | 65,950,335 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC)(d) |
0.68 | % | 07/14/2016 | 97,000 | 97,000,000 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC)(d) |
0.78 | % | 08/22/2016 | 73,000 | 73,000,000 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC) |
0.81 | % | 08/05/2016 | 100,000 | 99,646,750 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC) |
0.48 | % | 04/25/2016 | 100,000 | 99,926,667 | |||||||||||
| Collateralized Commercial Paper II Co., LLC (CEP–JPMorgan Securities LLC)(b) |
0.48 | % | 04/20/2016 | 100,000 | 99,933,333 | |||||||||||
| Collateralized Commercial Paper II Co., LLC (CEP–JPMorgan Securities LLC)(b)(d) |
0.63 | % | 03/01/2016 | 15,000 | 15,000,000 | |||||||||||
| Collateralized Commercial Paper II Co., LLC (CEP–JPMorgan Securities LLC)(b)(d) |
0.68 | % | 07/22/2016 | 60,000 | 60,000,000 | |||||||||||
| Crown Point Capital Co., LLC, Series A (Multi-CEP’s)(b)(c)(d) |
0.94 | % | 07/28/2016 | 50,000 | 50,000,000 | |||||||||||
| Gotham Funding Corp. (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(b)(c) |
0.60 | % | 05/25/2016 | 180,000 | 179,745,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Asset-Backed Securities — Fully Supported Bank–(continued) | ||||||||||||||||
| Institutional Secured Funding Ltd (Multi-CEP’s)(b)(c) |
0.60 | % | 03/08/2016 | $ | 21,000 | $ | 20,997,550 | |||||||||
| Institutional Secured Funding Ltd (Multi-CEP’s)(b)(c) |
0.70 | % | 04/21/2016 | 20,000 | 19,980,167 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.68 | % | 06/21/2016 | 44,000 | 43,906,915 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.62 | % | 04/11/2016 | 64,000 | 63,954,809 | |||||||||||
| LMA Americas LLC (CEP–Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.65 | % | 04/12/2016 | 105,000 | 104,920,375 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.50 | % | 04/04/2016 | 62,500 | 62,470,486 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.54 | % | 03/14/2016 | 50,359 | 50,349,180 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.52 | % | 03/08/2016 | 49,595 | 49,589,985 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.67 | % | 04/13/2016 | 35,500 | 35,471,590 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.67 | % | 04/14/2016 | 22,000 | 21,981,985 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.67 | % | 04/18/2016 | 36,000 | 35,967,840 | |||||||||||
| Matchpoint Finance PLC (CEP–BNP Paribas S.A)(b)(c) |
0.45 | % | 03/01/2016 | 70,000 | 70,000,000 | |||||||||||
| Mountcliff Funding LLC (Multi-CEP’s)(b)(c) |
0.63 | % | 04/04/2016 | 59,000 | 58,964,895 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.37 | % | 03/04/2016 | 135,000 | 134,995,838 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/30/2016 | 76,106 | 76,079,637 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/21/2016 | 100,000 | 99,976,111 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/29/2016 | 120,000 | 119,959,866 | |||||||||||
| Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c) |
0.62 | % | 04/26/2016 | 75,000 | 74,927,667 | |||||||||||
| Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)(d) |
0.78 | % | 07/06/2016 | 25,000 | 25,000,000 | |||||||||||
| Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)(d) |
0.78 | % | 07/07/2016 | 99,750 | 99,750,000 | |||||||||||
| 2,890,547,857 | ||||||||||||||||
| Asset-Backed Securities — Multi-Purpose–1.97% | ||||||||||||||||
| CHARTA, LLC(b) |
0.83 | % | 07/06/2016 | 66,000 | 65,806,748 | |||||||||||
| CRC Funding, LLC(b) |
0.45 | % | 03/23/2016 | 25,000 | 24,993,125 | |||||||||||
| CRC Funding, LLC(b) |
0.45 | % | 03/24/2016 | 50,000 | 49,985,625 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.60 | % | 04/05/2016 | 35,000 | 34,979,583 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.52 | % | 04/07/2016 | 65,000 | 64,965,261 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.60 | % | 04/29/2016 | 72,000 | 71,929,200 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.47 | % | 03/09/2016 | 28,750 | 28,746,997 | |||||||||||
| Versailles Commercial Paper LLC(b)(d) |
0.58 | % | 10/14/2016 | 100,000 | 100,000,000 | |||||||||||
| 441,406,539 | ||||||||||||||||
| Consumer Finance–0.44% | ||||||||||||||||
| Toyota Motor Credit Corp.(c) |
0.71 | % | 08/10/2016 | 100,000 | 99,680,500 | |||||||||||
| Diversified Banks–10.23% | ||||||||||||||||
| ANZ New Zealand Int’l Ltd.(b)(c) |
0.33 | % | 03/18/2016 | 144,150 | 144,127,537 | |||||||||||
| BNP Paribas S.A.(c) |
0.38 | % | 03/03/2016 | 250,000 | 249,994,722 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.78 | % | 08/22/2016 | 73,000 | 73,000,000 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.56 | % | 05/13/2016 | 20,000 | 19,999,544 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.56 | % | 05/20/2016 | 50,000 | 50,000,000 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.57 | % | 05/19/2016 | 46,000 | 45,999,106 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.58 | % | 05/26/2016 | 40,000 | 39,995,713 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.60 | % | 03/07/2016 | 40,000 | 40,000,000 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.60 | % | 03/04/2016 | 28,000 | 28,000,000 | |||||||||||
| Credit Agricole Corporate & Investment Bank(c) |
0.30 | % | 03/01/2016 | 65,000 | 65,000,000 | |||||||||||
| ING (US) Funding LLC(c) |
0.60 | % | 04/01/2016 | 32,300 | 32,283,312 | |||||||||||
| ING (US) Funding LLC(c) |
0.61 | % | 04/05/2016 | 70,000 | 69,958,486 | |||||||||||
| ING (US) Funding LLC(c) |
0.61 | % | 04/12/2016 | 110,000 | 109,921,717 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Diversified Banks–(continued) | ||||||||||||||||
| ING (US) Funding LLC(c) |
0.67 | % | 06/01/2016 | $ | 135,000 | $ | 134,769,655 | |||||||||
| ING (US) Funding LLC(c) |
0.67 | % | 06/13/2016 | 90,000 | 89,825,800 | |||||||||||
| Mizuho Bank Ltd.(b)(c) |
0.61 | % | 05/23/2016 | 150,000 | 149,789,041 | |||||||||||
| Natixis(c) |
0.65 | % | 04/06/2016 | 300,000 | 299,805,000 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.62 | % | 04/18/2016 | 100,000 | 99,917,333 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.70 | % | 05/27/2016 | 145,000 | 144,754,708 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.42 | % | 03/01/2016 | 109,000 | 109,000,000 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.50 | % | 03/21/2016 | 140,000 | 139,961,111 | |||||||||||
| Swedbank AB(c) |
0.36 | % | 03/07/2016 | 70,000 | 69,995,800 | |||||||||||
| Westpac Banking Corp.(b)(c)(d) |
0.74 | % | 08/08/2016 | 91,000 | 91,000,000 | |||||||||||
| 2,297,098,585 | ||||||||||||||||
| Integrated Oil & Gas–0.53% | ||||||||||||||||
| Exxon Mobil Corp. |
0.46 | % | 03/15/2016 | 120,000 | 119,978,533 | |||||||||||
| Regional Banks–4.75% | ||||||||||||||||
| ASB Finance Ltd.(b) |
0.33 | % | 03/04/2016 | 100,000 | 99,997,292 | |||||||||||
| Banque et Caisse d’Epargne de l’Etat(c) |
0.51 | % | 04/01/2016 | 30,000 | 29,986,825 | |||||||||||
| BNZ International Funding Ltd.(b)(c) |
0.46 | % | 04/22/2016 | 61,300 | 61,259,270 | |||||||||||
| Danske Corp.(b)(c) |
0.55 | % | 05/02/2016 | 95,000 | 94,910,014 | |||||||||||
| Danske Corp.(b)(c) |
0.62 | % | 05/02/2016 | 50,000 | 49,947,042 | |||||||||||
| Danske Corp.(b)(c) |
0.62 | % | 05/03/2016 | 100,000 | 99,892,375 | |||||||||||
| HSBC Bank PLC(b)(c) |
0.82 | % | 08/09/2016 | 100,000 | 99,635,514 | |||||||||||
| HSBC Bank PLC(b)(c)(d) |
0.83 | % | 09/06/2016 | 85,000 | 85,000,000 | |||||||||||
| Landesbank Hessen-Thueringen Girozentrale(b)(c) |
0.52 | % | 03/14/2016 | 145,000 | 144,972,772 | |||||||||||
| Macquarie Bank Ltd.(b)(c) |
0.62 | % | 05/10/2016 | 84,500 | 84,398,130 | |||||||||||
| Macquarie Bank Ltd.(b)(c) |
0.64 | % | 05/03/2016 | 18,250 | 18,229,560 | |||||||||||
| Macquarie Bank Ltd.(b)(c) |
0.75 | % | 06/29/2016 | 145,000 | 144,637,500 | |||||||||||
| Mitsubishi UFJ Trust & Banking Corp.(c) |
0.67 | % | 04/19/2016 | 52,950 | 52,901,713 | |||||||||||
| 1,065,768,007 | ||||||||||||||||
| Specialized Finance–3.21% | ||||||||||||||||
| Caisse des Depots et Consignations(b)(c) |
0.59 | % | 05/25/2016 | 178,400 | 178,151,479 | |||||||||||
| Caisse des Depots et Consignations(b)(c) |
0.40 | % | 03/03/2016 | 100,000 | 99,997,778 | |||||||||||
| CDP Financial Inc.(b)(c) |
0.59 | % | 04/20/2016 | 85,000 | 84,930,347 | |||||||||||
| CDP Financial Inc.(b)(c) |
0.39 | % | 03/01/2016 | 40,000 | 40,000,000 | |||||||||||
| KfW(b)(c) |
0.29 | % | 03/01/2016 | 20,000 | 20,000,000 | |||||||||||
| Nederlandse Waterschapsbank N.V.(b)(c) |
0.58 | % | 04/13/2016 | 65,000 | 64,954,969 | |||||||||||
| Nederlandse Waterschapsbank N.V.(b)(c) |
0.59 | % | 05/11/2016 | 72,000 | 71,916,220 | |||||||||||
| Nederlandse Waterschapsbank N.V.(b)(c) |
0.35 | % | 03/14/2016 | 159,700 | 159,679,816 | |||||||||||
| 719,630,609 | ||||||||||||||||
| Thrifts & Mortgage Finance–0.45% | ||||||||||||||||
| Nationwide Building Society(b)(c) |
0.62 | % | 05/18/2016 | 100,000 | 99,865,667 | |||||||||||
| Total Commercial Paper (Cost $9,063,354,677) |
9,063,354,677 | |||||||||||||||
| Certificates of Deposit–30.66% |
||||||||||||||||
| Bank of Montreal(c) |
0.58 | % | 04/08/2016 | 48,750 | 48,753,078 | |||||||||||
| Bank of Montreal(c)(d) |
0.79 | % | 11/10/2016 | 200,000 | 200,000,000 | |||||||||||
| Bank of Montreal(c) |
0.44 | % | 03/22/2016 | 59,400 | 59,400,000 | |||||||||||
| Bank of Nova Scotia(c) |
0.43 | % | 04/01/2016 | 111,000 | 111,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Bank of Nova Scotia(c)(d) |
0.57 | % | 03/09/2016 | $ | 56,000 | $ | 56,000,000 | |||||||||
| Bank of Nova Scotia(c)(d) |
0.78 | % | 09/09/2016 | 100,000 | 100,000,000 | |||||||||||
| Bank of Nova Scotia(c)(d) |
0.79 | % | 09/30/2016 | 120,100 | 120,100,000 | |||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(c) |
0.37 | % | 03/03/2016 | 355,000 | 355,000,000 | |||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(c) |
0.37 | % | 03/07/2016 | 125,000 | 125,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(c) |
0.85 | % | 08/25/2016 | 65,000 | 65,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(c) |
0.28 | % | 03/01/2016 | 72,000 | 72,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(c) |
0.36 | % | 03/03/2016 | 340,000 | 340,000,000 | |||||||||||
| Citibank, N.A. |
0.82 | % | 08/12/2016 | 100,000 | 100,000,000 | |||||||||||
| Citibank, N.A. |
0.58 | % | 04/21/2016 | 185,000 | 185,000,000 | |||||||||||
| Citibank, N.A. |
0.65 | % | 05/23/2016 | 110,000 | 110,000,000 | |||||||||||
| Citibank, N.A. |
0.63 | % | 06/06/2016 | 95,000 | 95,000,000 | |||||||||||
| Credit Industriel et Commercial(c) |
0.37 | % | 03/02/2016 | 325,000 | 325,000,000 | |||||||||||
| Credit Industriel et Commercial(c) |
0.38 | % | 03/01/2016 | 160,000 | 160,000,000 | |||||||||||
| Dexia Credit Local S.A.(c)(d) |
0.58 | % | 03/23/2016 | 80,000 | 80,000,440 | |||||||||||
| Dexia Credit Local S.A.(c)(d) |
0.78 | % | 08/10/2016 | 100,000 | 100,000,000 | |||||||||||
| Dexia Credit Local S.A.(c)(d) |
0.58 | % | 03/24/2016 | 82,000 | 82,000,750 | |||||||||||
| DNB Bank ASA(c) |
0.28 | % | 03/01/2016 | 148,000 | 148,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.60 | % | 04/22/2016 | 110,000 | 110,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.44 | % | 03/07/2016 | 60,000 | 60,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.60 | % | 05/18/2016 | 100,000 | 100,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.66 | % | 06/06/2016 | 135,000 | 135,000,000 | |||||||||||
| KBC Bank N.V.(c) |
0.38 | % | 03/01/2016 | 215,000 | 215,000,000 | |||||||||||
| KBC Bank N.V.(c) |
0.38 | % | 03/03/2016 | 340,000 | 340,000,000 | |||||||||||
| Landesbank Hessen-Thueringen Girozentrale(c) |
0.51 | % | 03/11/2016 | 66,000 | 66,000,000 | |||||||||||
| Mitsubishi UFJ Trust & Banking Corp.(c) |
0.63 | % | 04/25/2016 | 185,000 | 185,000,000 | |||||||||||
| Mizuho Bank Ltd.(c) |
0.50 | % | 03/09/2016 | 95,000 | 95,001,679 | |||||||||||
| Mizuho Bank Ltd.(c) |
0.61 | % | 04/20/2016 | 50,000 | 50,000,000 | |||||||||||
| Mizuho Bank Ltd.(c) |
0.66 | % | 04/18/2016 | 200,000 | 200,000,000 | |||||||||||
| Nordea Bank Finland PLC(c) |
0.28 | % | 03/01/2016 | 106,000 | 106,000,000 | |||||||||||
| Royal Bank of Canada(c)(d) |
0.77 | % | 10/03/2016 | 300,000 | 300,000,000 | |||||||||||
| Skandinaviska Enskilda Banken AB(c) |
0.29 | % | 03/01/2016 | 198,000 | 198,000,000 | |||||||||||
| Societe Generale S.A.(c) |
0.62 | % | 05/05/2016 | 164,000 | 164,000,000 | |||||||||||
| Standard Chartered Bank(c)(d) |
0.63 | % | 03/08/2016 | 52,000 | 52,000,000 | |||||||||||
| Standard Chartered Bank(c) |
0.64 | % | 05/02/2016 | 100,000 | 100,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.65 | % | 03/14/2016 | 130,000 | 130,006,079 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.67 | % | 04/04/2016 | 63,000 | 63,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.67 | % | 04/19/2016 | 140,000 | 140,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.68 | % | 04/11/2016 | 100,000 | 100,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.70 | % | 04/28/2016 | 90,000 | 90,008,643 | |||||||||||
| Swedbank AB(c) |
0.36 | % | 03/03/2016 | 340,000 | 340,000,000 | |||||||||||
| Swedbank AB(c) |
0.37 | % | 03/01/2016 | 46,500 | 46,500,000 | |||||||||||
| Toronto-Dominion Bank (The)(c) |
0.46 | % | 04/29/2016 | 148,000 | 148,000,000 | |||||||||||
| Toronto-Dominion Bank (The)(c)(d) |
0.68 | % | 06/06/2016 | 50,000 | 50,000,000 | |||||||||||
| Toronto-Dominion Bank (The)(c)(d) |
0.68 | % | 08/17/2016 | 30,000 | 30,000,000 | |||||||||||
| UBS AG(c) |
0.68 | % | 05/31/2016 | 145,000 | 145,000,000 | |||||||||||
| UBS AG(c) |
0.85 | % | 08/05/2016 | 85,000 | 85,000,000 | |||||||||||
| Total Certificates of Deposit (Cost $6,880,770,669) |
6,880,770,669 | |||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Variable Rate Demand Notes–1.02%(e) |
||||||||||||||||
| Credit Enhanced–0.98% | ||||||||||||||||
| A Mining Group, LLC; Series 2006, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f) |
0.43 | % | 06/01/2029 | $ | 500 | $ | 500,000 | |||||||||
| Appleton (City of), Wisconsin (Great Northern Corp.); Series 2002 A, VRD IDR (LOC–Wells Fargo Bank, N.A.)(f) |
0.18 | % | 09/01/2019 | 2,785 | 2,785,000 | |||||||||||
| Atlanta (City of), Georgia Housing Authority (Villages of East Lake Phase II); Series 1999, VRD MFH RB (LOC–Bank of America, N.A.)(b)(f) |
0.14 | % | 01/01/2029 | 1,300 | 1,300,000 | |||||||||||
| Benjamin Rose Institute (The) (Kethley House); Series 2005, VRD Taxable Notes (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.43 | % | 12/01/2028 | 900 | 900,000 | |||||||||||
| Burnsville (City of), Minnesota (Bridgeway Apartments LP); Series 2003, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 10/15/2033 | 1,175 | 1,175,000 | |||||||||||
| Calcasieu (Parish of), Louisiana Public Trust Authority (WPT Corp.); Series 1997, VRD Solid Waste Disposal RB (LOC–Bank of America, N.A.)(f) |
0.08 | % | 12/01/2027 | 2,000 | 2,000,000 | |||||||||||
| Capital Markets Access Co. LC (SEUP Real Estate LLC); Series 2008, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f) |
0.41 | % | 07/01/2038 | 800 | 800,000 | |||||||||||
| Carson City (City of), Nevada (Carson-Tahoe Hospital); Series 2003 B, Hospital RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 09/01/2033 | 18,910 | 18,910,000 | |||||||||||
| Centerville (City of), Ohio (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 B, VRD Health Care RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 11/01/2040 | 6,300 | 6,300,000 | |||||||||||
| Chicago (City of), Illinois (Churchview Supportive Living Facility); Series 2003, VRD MFH RB (LOC–BMO Harris N.A.)(b)(f) |
0.10 | % | 03/01/2033 | 2,600 | 2,600,000 | |||||||||||
| Cleveland (City of) & Cuyahoga (County of), Ohio Port Authority (Carnegie/96th Research Building LLC); Series 2003, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 01/01/2033 | 22,390 | 22,390,000 | |||||||||||
| Columbus (City of), Ohio Regional Airport Authority (OASBO Expanded Asset Pooled Financing Program); Sr. Series 2004 A, VRD Capital Funding RB (LOC–U.S. Bank, N.A.)(f) |
0.02 | % | 03/01/2034 | 5,800 | 5,800,000 | |||||||||||
| Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 05/01/2036 | 1,915 | 1,915,000 | |||||||||||
| District of Columbia (The Pew Charitable Trusts); Series 2008 A, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 0/01/2038 | 12,890 | 12,890,000 | |||||||||||
| Fayette (County of), Pennsylvania Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 06/01/2037 | 2,380 | 2,380,000 | |||||||||||
| Gainesville (City of) & Hall (County of), Georgia Development Authority (Squirrel Creek Basin); Series 2002, Ref. VRD RB (LOC–Rabobank Nederland)(c)(f) |
0.10 | % | 08/01/2027 | 1,000 | 1,000,000 | |||||||||||
| Glendale Heights (Village of), Illinois (Glendale Lakes); Series 2000, Ref. VRD MFH RB (CEP–FHLMC) |
0.01 | % | 03/01/2030 | 1,110 | 1,110,000 | |||||||||||
| Hamilton (County of), Ohio (Elizabeth Gamble Deaconess Home Association); Series 2002 B, VRD Hospital Facilities RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 06/01/2027 | 8,500 | 8,500,000 | |||||||||||
| Heard (County of), Georgia Development Authority (Oglethorpe Power Corp. Wansley); Series 2009 A, VRD PCR (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.01 | % | 01/01/2038 | 2,300 | 2,300,000 | |||||||||||
| Illinois (State of) Finance Authority (Elmhurst College); Series 2007, VRD RB (LOC–BMO Harris N.A.)(f) |
0.01 | % | 02/01/2042 | 3,650 | 3,650,000 | |||||||||||
| Illinois (State of) Finance Authority (National-Louis University); Series 1999 B, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.01 | % | 06/01/2029 | 1,320 | 1,320,000 | |||||||||||
| Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC–Northern Trust Co.)(f) |
0.01 | % | 01/01/2037 | 3,450 | 3,450,000 | |||||||||||
| Illinois (State of) Housing Development Authority (Brainard Landings II Apartments); Series 2007, VRD MFH RB (LOC–U.S. Bank, N.A.)(f) |
0.03 | % | 05/01/2042 | 2,525 | 2,525,000 | |||||||||||
| Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 B, VRD MFH RB (LOC–FHLB of Indianapolis)(f) |
0.30 | % | 12/01/2039 | 735 | 735,000 | |||||||||||
| Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc.); Series 2008 G, Ref. VRD Health System RB (LOC–Wells Fargo Bank N.A.)(f) |
0.02 | % | 09/01/2048 | 9,565 | 9,565,000 | |||||||||||
| Kansas (State of) Development Finance Authority (Chesapeake Apartments JV GP LLC); Series 2000 M, Ref. VRD MFH RB (CEP–FHLMC) |
0.01 | % | 07/01/2030 | 600 | 600,000 | |||||||||||
| Luzerne (County of), Pennsylvania Convention Center Authority; Series 1998 A, VRD Hotel Room Rental Tax RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 09/01/2028 | 4,700 | 4,700,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Credit Enhanced–(continued) | ||||||||||||||||
| Massachusetts (State of) Development Finance Agency (Milton Academy); Series 2009 B, VRD Taxable RB (LOC–TD Bank, N.A.)(f) |
0.38 | % | 03/01/2039 | $ | 1,900 | $ | 1,900,000 | |||||||||
| Massachusetts (State of) Health & Educational Facilities Authority (Harrington Memorial Hospital, Inc.); Series 2008 A, VRD RB (LOC–TD Bank, N.A.)(f) |
0.01 | % | 07/01/2038 | 3,100 | 3,100,000 | |||||||||||
| Milwaukee (City of), Wisconsin Redevelopment Authority (University of Wisconsin-Milwaukee Kenilworth); Series 2005, VRD Lease RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 09/01/2040 | 5,515 | 5,515,000 | |||||||||||
| Minnetonka (City of), Minnesota (Minnesota Hills Apartments); Series 2001, Ref. VRD MFH RB (CEP–FNMA) |
0.02 | % | 11/15/2031 | 4,000 | 4,000,000 | |||||||||||
| Mississippi (State of) Business Finance Corp. (CPX Gulfport ES OPAG, LLC); Series 2007 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.01 | % | 04/01/2037 | 6,800 | 6,800,000 | |||||||||||
| Mississippi (State of) Business Finance Corp. (CPX Gulfport OPAG, LLC); Series 2007 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.01 | % | 04/01/2037 | 1,500 | 1,500,000 | |||||||||||
| Montgomery (County of), Pennsylvania Industrial Development Authority (Friends’ Central School Corp.); Series 2002, VRD School RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.02 | % | 03/01/2032 | 1,005 | 1,005,000 | |||||||||||
| New Jersey (State of) Economic Development Authority (Job Haines Home for Aged People); Series 1998, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 02/01/2028 | 620 | 620,000 | |||||||||||
| Oregon (State of) Housing & Community Services Department (Redwood Park Apartments LLC); Series 2005 F, VRD Housing Development RB (CEP–FNMA) |
0.03 | % | 10/15/2038 | 4,000 | 4,000,000 | |||||||||||
| Palm Beach (County of), Florida Housing Finance Authority (Azalea Place Apartments); Series 1999 A, VRD MFH RB (CEP–FHLMC)(b) |
0.03 | % | 12/01/2032 | 4,606 | 4,606,000 | |||||||||||
| S&L Capital, LLC (J&L Development of Holland, LLC); Series 2005 A, VRD Taxable Notes (LOC–FHLB of Indianapolis)(f) |
0.48 | % | 07/01/2040 | 1,970 | 1,970,000 | |||||||||||
| Shelby (County of), Tennessee Health, Educational & Housing Facility Board (Providence Place Apartments); Series 2007, Ref. VRD MFH RB (CEP–FNMA) |
0.02 | % | 12/15/2042 | 500 | 500,000 | |||||||||||
| Sierra Vista (City of), Arizona Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 06/15/2031 | 3,345 | 3,345,000 | |||||||||||
| Southeast Texas Housing Finance Corp. (Mansions at Moses Lake Apartments); Series 2008, VRD MFH RB (CEP–FHLMC) |
0.03 | % | 06/01/2041 | 7,090 | 7,090,000 | |||||||||||
| St. Charles (County of), Missouri Industrial Development Authority (Westchester Village Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 04/15/2027 | 5,600 | 5,600,000 | |||||||||||
| St. Joseph (City of), Missouri Industrial Development Authority (Heartland Regional Medical Center); Series 2009 A, VRD Health Facilities RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 11/15/2043 | 14,950 | 14,950,000 | |||||||||||
| St. Louis (County of), Missouri Industrial Development Authority (Sugar Pines Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 04/15/2027 | 7,870 | 7,870,000 | |||||||||||
| Texas (State of) Department of Housing & Community Affairs (Champions Crossing Apartments); Series 2006, Ref. VRD MFH Mortgage RB (CEP–FNMA)(b) |
0.03 | % | 09/15/2036 | 4,475 | 4,475,000 | |||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (Norwich University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(f) |
0.01 | % | 09/01/2038 | 5,125 | 5,125,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Inglenook Court); Series 1995, VRD MFH Mortgage RB (CEP–FHLMC) |
0.03 | % | 07/01/2025 | 8,300 | 8,300,000 | |||||||||||
| Westmoreland (County of), Pennsylvania Industrial Development Authority (Excela Health); Series 2005 A, VRD Health System RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 07/01/2027 | 1,500 | 1,500,000 | |||||||||||
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital); Series 2004, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.01 | % | 08/15/2034 | 5,105 | 5,105,000 | |||||||||||
| 220,976,000 | ||||||||||||||||
| Other Variable Rate Demand Notes–0.04% | ||||||||||||||||
| Federal Home Loan Mortgage Corp., Series M028, Class A, VRD MFH Ctfs. |
0.03 | % | 09/15/2024 | 8,480 | 8,480,000 | |||||||||||
| Total Variable Rate Demand Notes (Cost $229,456,000) |
229,456,000 | |||||||||||||||
| Other Bonds & Notes–3.66% |
||||||||||||||||
| Bank of Nova Scotia, Sr. Unsec. Notes(c) |
2.90 | % | 03/29/2016 | 40,000 | 40,073,515 | |||||||||||
| GE Capital International Funding Co., Sr. Unsec. Gtd. Notes(b) |
0.96 | % | 04/15/2016 | 97,236 | 97,291,775 | |||||||||||
| New York Life Global Funding, Sec. Floating Rate Notes(b)(d) |
0.67 | % | 08/05/2016 | 73,000 | 73,000,033 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Wells Fargo Bank, N.A., |
||||||||||||||||
| Sr. Unsec. Medium-Term Floating Rate Notes(d) |
0.68 | % | 10/19/2016 | $ | 235,000 | $ | 235,000,000 | |||||||||
| Unsec. Medium-Term Floating Rate Notes(d) |
0.74 | % | 10/29/2016 | 225,000 | 225,000,000 | |||||||||||
| Westpac Banking Corp., Sr. Unsec. Floating Rate Notes(b)(c)(d) |
0.87 | % | 11/07/2016 | 150,000 | 150,000,000 | |||||||||||
| Total Other Bonds & Notes (Cost $820,365,323) |
820,365,323 | |||||||||||||||
| U.S. Treasury Securities–0.67%(a) |
||||||||||||||||
| U.S. Treasury Bills (Cost $149,636,000) |
0.49 | % | 09/01/2016 | 150,000,000 | 149,636,000 | |||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)–76.39% (Cost $17,143,582,669) |
17,143,582,669 | |||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–24.33%(g) |
||||||||||||||||
| Bank of Nova Scotia (The), agreement dated 02/29/2016, maturing value of $200,001,778 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $204,000,000; 0.90%-5.00%, 04/25/2017-01/01/2046) |
0.32 | % | 03/01/2016 | 200,001,778 | 200,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint agreement dated 02/29/2016, aggregate maturing value of $250,002,153 (collateralized by U.S. government sponsored agency obligations valued at $255,000,425; 0%-6.25%, 03/08/2017-01/15/2030) |
0.31 | % | 03/01/2016 | 125,001,077 | 125,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint agreement dated 02/29/2016, aggregate maturing value of $400,003,333 (collateralized by U.S. Treasury obligations valued at $408,000,044; 1.63%-2.25%, 06/30/2019-11/15/2025) |
0.30 | % | 03/01/2016 | 158,739,106 | 158,737,783 | |||||||||||
| Citigroup Global Markets Inc., term agreement dated 12/03/2015, maturing value of $60,596,167 (collateralized by domestic and foreign non-agency asset-backed securities valued at $66,000,000; 0%-1.05%, 04/01/2030-11/19/2051) |
0.98 | % | 12/02/2016 | 60,596,167 | 60,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, agreement dated 02/29/2016, maturing value of $200,001,778 (collateralized by domestic agency mortgage-backed securities valued at $204,000,000; 3.50%-4.50%, 05/20/2045-02/01/2046) |
0.32 | % | 03/01/2016 | 200,001,778 | 200,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, joint agreement dated 02/29/2016, aggregate maturing value of $600,005,000 (collateralized by U.S. Treasury obligations valued at $612,000,064; 2.63%-3.63%, 08/15/2020-08/15/2043) |
0.30 | % | 03/01/2016 | 93,000,775 | 93,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, open agreement dated 10/07/2015, (collateralized by domestic non-agency mortgage-backed securities valued at $456,502,402; 1.59%-6.00%, 07/27/2037-12/25/2065)(c)(h) |
0.98 | % | — | — | 415,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/23/2016, maturing value of $135,013,913 (collateralized by domestic and foreign non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $141,754,333; 0%-7.14%, 03/22/2017-04/10/2049)(c)(i) |
0.53 | % | 03/01/2016 | 135,013,913 | 135,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/23/2016, maturing value of $75,009,188 (collateralized by domestic and foreign corporate obligations valued at $82,501,090; 0%-10.00%, 02/25/2018-10/29/2049)(c)(i) |
0.63 | % | 03/01/2016 | 75,009,188 | 75,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/24/2016, maturing value of $165,020,213 (collateralized by domestic non-agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $181,503,082; 0%-3.82%, 03/15/2017-03/31/2045)(c)(i) |
0.63 | % | 03/02/2016 | 165,020,213 | 165,000,000 | |||||||||||
| ING Financial Markets, LLC, agreement dated 02/29/2016, maturing value $75,001,063 (collateralized by domestic and foreign corporate obligations valued at $82,211,752; 1.95%-10.50%, 03/15/2018-03/15/2038)(c) |
0.51 | % | 03/01/2016 | 75,001,063 | 75,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., agreement dated 02/29/2016, maturing value of $100,000,889 (collateralized by domestic agency mortgage-backed securities valued at $102,000,001; 0%-4.00%, 01/01/2034-02/01/2046) |
0.32 | % | 03/01/2016 | 100,000,889 | 100,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., joint agreement dated 02/29/2016, aggregate maturing value of $950,007,917 (collateralized by U.S. Treasury obligations valued at $969,000,085; 0.43%-4.50%, 09/30/2016-02/15/2036) |
0.30 | % | 03/01/2016 | 656,057,629 | 656,052,162 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/26/2016, maturing value of $348,452,400 (collateralized by domestic agency mortgage-backed securities, a domestic non-agency mortgage-backed security, a domestic non-agency asset-backed security and municipal obligations valued at $361,340,310; 0%-11.08%, 06/15/2016-04/25/2055)(i) |
0.78 | % | 04/26/2016 | 348,452,400 | 348,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Repurchase Amount |
Value | |||||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/29/2016, maturing value of $350,316,458 (collateralized by U.S. government sponsored agency obligations, a domestic agency mortgage-backed security, domestic non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities and domestic and foreign corporate obligations valued at $370,590,324; 0%-11.08%, 10/06/2016-06/05/2115) |
0.93 | % | 04/04/2016 | $ | 350,316,458 | $ | 350,000,000 | |||||||||
| Mitsubishi UFJ Securities (USA) Inc., agreement dated 02/29/2016, maturing value of $200,001,778 (collateralized by domestic agency mortgage-backed securities valued at $204,000,000; 0.75%-8.00%, 09/01/2023-01/20/2066) |
0.32 | % | 03/01/2016 | 200,001,778 | 200,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 02/23/2016, maturing value of $150,015,458 (collateralized by U.S. government sponsored agency obligations and domestic agency mortgage-backed securities valued at $153,000,000; 0%-15.63%, 02/01/2028-09/20/2063)(c)(i) |
0.53 | % | 03/01/2016 | 150,015,458 | 150,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 02/26/2016, maturing value of $180,094,400 (collateralized by U.S. government sponsored agency obligations, domestic agency mortgage-backed securities and domestic and foreign corporate obligations valued at $184,804,920; 0.80%-49.49%, 06/01/2017-09/20/2063)(c)(i) |
0.59 | % | 03/29/2016 | 180,094,400 | 180,000,000 | |||||||||||
| Societe Generale, agreement dated 02/29/2016, maturing value of $150,001,500 (collateralized by domestic agency mortgage-backed securities and a U.S. government sponsored agency obligation valued at $153,000,000; 0.87%-6.50%, 05/01/2018-01/20/2062) |
0.36 | % | 03/01/2016 | 150,001,500 | 150,000,000 | |||||||||||
| TD Securities (USA) LLC, joint agreement dated 02/29/2016, aggregate maturing value of $600,005,000 (collateralized by U.S. Treasury obligations valued at $612,000,050; 0%-9.00%, 03/03/2016-05/15/2045) |
0.30 | % | 03/01/2016 | 500,004,167 | 500,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $100,001,056 (collateralized by domestic corporate obligations valued at $105,000,001; 0%-2.00%, 03/01/2016-01/24/2028) |
0.38 | % | 03/01/2016 | 100,001,056 | 100,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $500,004,583 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.50%-3.50%, 04/01/2030-09/01/2045) |
0.33 | % | 03/01/2016 | 500,004,583 | 500,000,000 | |||||||||||
| Wells Fargo Securities, LLC, joint agreement dated 02/29/2016, aggregate maturing value of $550,005,042 (collateralized by U.S. government sponsored agency obligations valued at $561,000,000; 0.64%-4.00%, 07/15/2021-03/25/2055) |
0.33 | % | 03/01/2016 | 349,738,534 | 349,735,328 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/26/2016, maturing value of $175,017,354 (collateralized by U.S. government sponsored agency obligations, domestic corporate obligations and sovereign debt valued at $179,495,120; 0%-10.13%, 03/01/2016-01/21/2045)(i) |
0.51 | % | 03/04/2016 | 175,017,354 | 175,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $5,460,525,273) |
5,460,525,273 | |||||||||||||||
| TOTAL INVESTMENTS(j)(k)–100.72% (Cost $22,604,107,942) |
22,604,107,942 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(0.72)% |
(160,487,731 | ) | ||||||||||||||
| NET ASSETS–100.00% |
$ | 22,443,620,211 | ||||||||||||||
Investment Abbreviations:
| CEP | – Credit Enhancement Provider | |
| Ctfs. | – Certificates | |
| FHLB | – Federal Home Loan Bank | |
| FHLMC | – Federal Home Loan Mortgage Corp. | |
| FNMA | – Federal National Mortgage Association | |
| Gtd. | – Guaranteed | |
| IDR | – Industrial Development Revenue Bonds | |
| LOC | – Letter of Credit | |
| MFH | – Multi-Family Housing | |
| PCR | – Pollution Control Revenue Bonds | |
| RB | – Revenue Bonds | |
| Ref. | – Refunding | |
| Sec. | – Secured | |
| Sr. | – Senior | |
| Unsec. | – Unsecured | |
| VRD | – Variable Rate Demand |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 Short-Term Investments Trust
Liquid Assets Portfolio
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, 2016 was $7,237,690,536, which represented 32.25% 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: France: 11.8%; Canada: 10.3%; Japan: 10.1%; United Kingdom: 8.4%; other countries less than 5% each: 26.9%. |
| (d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (e) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (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) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (i) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (j) | Also represents cost for federal income tax purposes. |
| (k) | 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 issuers obligations. No concentration of any single entity was greater than 5% each. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
38.6 | % | ||
| 8-30 |
8.6 | |||
| 31-60 |
21.7 | |||
| 61-90 |
11.5 | |||
| 91-180 |
12.7 | |||
| 181+ |
6.9 |
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| STIC Prime Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Commercial Paper–49.74%(a) |
|
|||||||||||||||
| Asset-Backed Securities — Fully Supported–2.93% | ||||||||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.47 | % | 04/05/2016 | $ | 30,000 | $ | 29,986,292 | |||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.48 | % | 04/12/2016 | 25,000 | 24,986,000 | |||||||||||
| Kells Funding LLC (CEP–FMS Wertmanagement)(b)(c) |
0.42 | % | 03/03/2016 | 25,000 | 24,999,416 | |||||||||||
| 79,971,708 | ||||||||||||||||
| Asset-Backed Securities — Fully Supported Bank–22.85% | ||||||||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.50 | % | 04/07/2016 | 25,000 | 24,987,153 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c)(d) |
0.61 | % | 07/06/2016 | 77,000 | 77,000,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c)(d) |
0.61 | % | 07/05/2016 | 10,000 | 10,000,000 | |||||||||||
| Cancara Asset Securitisation LLC (CEP–Lloyds Bank PLC)(b) |
0.52 | % | 03/07/2016 | 50,000 | 49,995,667 | |||||||||||
| Gotham Funding Corp. (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(b)(c) |
0.53 | % | 03/15/2016 | 40,000 | 39,991,756 | |||||||||||
| Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) |
0.60 | % | 03/07/2016 | 12,000 | 11,998,800 | |||||||||||
| Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) |
0.60 | % | 03/01/2016 | 25,000 | 25,000,000 | |||||||||||
| Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) |
0.61 | % | 03/21/2016 | 32,943 | 32,931,836 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.48 | % | 04/22/2016 | 40,000 | 39,972,267 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.52 | % | 03/11/2016 | 50,000 | 49,992,778 | |||||||||||
| Manhattan Asset Funding Co., LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.48 | % | 03/24/2016 | 37,500 | 37,488,500 | |||||||||||
| Matchpoint Finance PLC, Series A (CEP–BNP Paribas S.A.)(b)(c) |
0.45 | % | 03/01/2016 | 100,000 | 100,000,000 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/14/2016 | 13,000 | 12,997,981 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/21/2016 | 80,000 | 79,980,889 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/29/2016 | 10,000 | 9,996,655 | |||||||||||
| Working Capital Management Co. (CEP–Mizuho Bank, Ltd.)(b)(c) |
0.51 | % | 04/18/2016 | 22,520 | 22,504,686 | |||||||||||
| 624,838,968 | ||||||||||||||||
| Asset-Backed Securities — Multi-Purpose–2.74% | ||||||||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.45 | % | 04/18/2016 | 25,000 | 24,985,000 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.47 | % | 03/09/2016 | 50,000 | 49,994,778 | |||||||||||
| 74,979,778 | ||||||||||||||||
| Diversified Banks–5.49% | ||||||||||||||||
| DBS Bank Ltd.(b)(c) |
0.45 | % | 03/18/2016 | 115,000 | 114,975,563 | |||||||||||
| Swedbank AB(b) |
0.36 | % | 03/07/2016 | 35,000 | 34,997,900 | |||||||||||
| 149,973,463 | ||||||||||||||||
| Integrated Oil & Gas–1.83% | ||||||||||||||||
| Chevron Corp.(c) |
0.43 | % | 04/01/2016 | 9,500 | 9,496,482 | |||||||||||
| Exxon Mobil Corp. |
0.46 | % | 03/15/2016 | 17,000 | 16,996,959 | |||||||||||
| Total Capital Canada Ltd.(b)(c) |
0.43 | % | 03/21/2016 | 23,500 | 23,494,386 | |||||||||||
| 49,987,827 | ||||||||||||||||
| Life & Health Insurance–3.15% | ||||||||||||||||
| MetLife Short Term Funding LLC(c) |
0.41 | % | 03/02/2016 | 76,120 | 76,119,133 | |||||||||||
| MetLife Short Term Funding LLC(c) |
0.42 | % | 03/04/2016 | 10,000 | 9,999,650 | |||||||||||
| 86,118,783 | ||||||||||||||||
| Regional Banks–8.01% | ||||||||||||||||
| Banque et Caisse d’Epargne de l’Etat(b) |
0.45 | % | 03/18/2016 | 79,000 | 78,983,213 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 Short-Term Investments Trust
| STIC Prime Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Regional Banks–(continued) | ||||||||||||||||
| Banque et Caisse d’Epargne de l’Etat(b) |
0.45 | % | 03/23/2016 | $ | 40,000 | $ | 39,989,000 | |||||||||
| Landesbank Hessen-Thueringen Girozentrale(b)(c) |
0.45 | % | 04/18/2016 | 100,000 | 99,940,000 | |||||||||||
| 218,912,213 | ||||||||||||||||
| Specialized Finance–2.74% | ||||||||||||||||
| CDP Financial Inc.(b)(c) |
0.50 | % | 03/01/2016 | 75,000 | 75,000,000 | |||||||||||
| Total Commercial Paper (Cost $1,359,782,740) |
1,359,782,740 | |||||||||||||||
| Certificates of Deposit–29.65% |
||||||||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(b) |
0.37 | % | 03/03/2016 | 20,000 | 20,000,000 | |||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(b) |
0.37 | % | 03/07/2016 | 45,000 | 45,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(b) |
0.28 | % | 03/01/2016 | 25,000 | 25,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(b) |
0.36 | % | 03/03/2016 | 40,000 | 40,000,000 | |||||||||||
| Credit Industriel et Commercial(b) |
0.37 | % | 03/02/2016 | 40,000 | 40,000,000 | |||||||||||
| Credit Industriel et Commercial(b) |
0.38 | % | 03/01/2016 | 20,000 | 20,000,000 | |||||||||||
| DNB Bank ASA(b) |
0.28 | % | 03/01/2016 | 137,000 | 137,000,000 | |||||||||||
| KBC Bank N.V.(b) |
0.38 | % | 03/01/2016 | 30,000 | 30,000,000 | |||||||||||
| KBC Bank N.V.(b) |
0.38 | % | 03/03/2016 | 40,000 | 40,000,000 | |||||||||||
| Nordea Bank Finland PLC(b) |
0.28 | % | 03/01/2016 | 137,000 | 137,000,000 | |||||||||||
| Oversea-Chinese Banking Corp. Ltd.(b) |
0.48 | % | 04/08/2016 | 50,000 | 50,000,000 | |||||||||||
| Oversea-Chinese Banking Corp. Ltd.(b) |
0.50 | % | 03/17/2016 | 49,750 | 49,750,000 | |||||||||||
| Skandinaviska Enskilda Banken AB(b) |
0.29 | % | 03/01/2016 | 137,000 | 137,000,000 | |||||||||||
| Swedbank AB(b) |
0.36 | % | 03/03/2016 | 40,000 | 40,000,000 | |||||||||||
| Total Certificates of Deposit (Cost $810,750,000) |
|
810,750,000 | ||||||||||||||
| Variable Rate Demand Notes–3.21%(e) |
||||||||||||||||
| Credit Enhanced–3.21% | ||||||||||||||||
| A Mining Group, LLC; Series 2006, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f) |
0.43 | % | 06/01/2029 | 2,095 | 2,095,000 | |||||||||||
| Benjamin Rose Institute (The) (Kethley House); Series 2005, VRD Taxable Notes (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.43 | % | 12/01/2028 | 2,200 | 2,200,000 | |||||||||||
| Centerville (City of), Ohio (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 B, VRD Health Care RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 11/01/2040 | 5,800 | 5,800,000 | |||||||||||
| Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 05/01/2036 | 4,335 | 4,335,000 | |||||||||||
| Grand Valley State University Board of Trustees; Series 2008 B, Ref. VRD General RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 06/01/2019 | 7,155 | 7,155,000 | |||||||||||
| Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc.); Series 2008 G, Ref. VRD Health System RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.02 | % | 09/01/2048 | 1,510 | 1,510,000 | |||||||||||
| Jets Stadium Development, LLC; Series 2007 A-4C, Project RB (LOC–Sumitomo Mitsui Banking Corp.)(b)(c)(f) |
0.38 | % | 04/01/2047 | 51,400 | 51,400,000 | |||||||||||
| Mississippi (State of) Business Finance Corp. (CPX Gulfport ES OPAG, LLC); Series 2007 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.01 | % | 04/01/2037 | 5,500 | 5,500,000 | |||||||||||
| Montgomery (County of), Pennsylvania Redevelopment Authority (Forge Gate Apartments); Series 2001 A, VRD MFH RB (CEP–FNMA) |
0.01 | % | 08/15/2031 | 700 | 700,000 | |||||||||||
| Oregon (State of) Housing & Community Services Department (Redwood Park Apartments LLC); Series 2005 F, VRD Housing Development RB (CEP–FNMA) |
0.03 | % | 10/15/2038 | 1,600 | 1,600,000 | |||||||||||
| St. Louis (County of), Missouri Industrial Development Authority (Westport Station Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 04/15/2027 | 2,600 | 2,600,000 | |||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (Norwich University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(f) |
0.01 | % | 09/01/2038 | 2,825 | 2,825,000 | |||||||||||
| Total Variable Rate Demand Notes (Cost $87,720,000) |
|
87,720,000 | ||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 Short-Term Investments Trust
| STIC Prime Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| U.S. Government Sponsored Agency Securities–0.95% |
||||||||||||||||
| Overseas Private Investment Corp. (OPIC)–0.95%(e) | ||||||||||||||||
| Unsec. Gtd. VRD COP Bonds |
0.36 | % | 05/15/2030 | $ | 11,960 | $ | 11,960,000 | |||||||||
| Unsec. Gtd. VRD COP Bonds |
0.40 | % | 09/20/2022 | 4,000 | 4,000,000 | |||||||||||
| Unsec. Gtd. VRD COP Notes |
0.40 | % | 09/15/2022 | 10,000 | 10,000,000 | |||||||||||
| Total U.S. Government Sponsored Agency Securities (Cost $25,960,000) |
|
25,960,000 | ||||||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)–83.55% (Cost $2,284,212,740) |
|
2,284,212,740 | ||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–16.47%(g) |
|
|||||||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/23/2016, maturing value of $15,001,546 (collateralized by a domestic non-agency asset-backed security valued at $15,751,736; 0%, 11/01/2047)(b)(h) |
0.53 | % | 03/01/2016 | 15,001,546 | 15,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/24/2016, maturing value of $115,014,088 (collateralized by domestic non-agency mortgage-backed securities and a domestic non-agency asset-backed security valued at $120,750,185; 0%-3.88%, 10/27/2034-12/25/2056)(b)(h) |
0.63 | % | 03/02/2016 | 115,014,088 | 115,000,000 | |||||||||||
| ING Financial Markets, LLC, agreement dated 02/29/2016, maturing value $10,000,142 (collateralized by a foreign corporate obligation valued at $10,602,967; 2.20%, 09/23/2019)(b) |
0.51 | % | 03/01/2016 | 10,000,142 | 10,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., joint agreement dated 02/29/2016, aggregate maturing value of $950,007,917 (collateralized by U.S. Treasury obligations valued at $969,000,085; 0.43%-4.50%, 09/30/2016-02/15/2036) |
0.30 | % | 03/01/2016 | 65,370,280 | 65,369,735 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/26/2016, maturing value of $80,104,000 (collateralized by a domestic non-agency asset-backed security valued at $88,000,001; 0%, 10/03/2039)(h) |
0.78 | % | 04/26/2016 | 80,104,000 | 80,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/29/2016, maturing value of $20,018,083 (collateralized by a domestic non-agency mortgage-backed security and domestic non-agency asset-backed securities valued at $22,000,000; 0%-5.84%, 10/26/2039-06/12/2050) |
0.93 | % | 04/04/2016 | 20,018,083 | 20,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 02/26/2016, maturing value of $120,062,933 (collateralized by U.S. government sponsored agency obligations valued at $122,400,000; 0%-10.86%, 05/15/2027-01/20/2046)(b)(h) |
0.59 | % | 03/29/2016 | 120,062,933 | 120,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/26/2016, maturing value of $25,002,479 (collateralized by domestic corporate obligations valued at $26,250,000; 0%, 03/10/2016- 03/11/2016)(h) |
0.51 | % | 03/04/2016 | 25,002,479 | 25,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $450,369,735) |
450,369,735 | |||||||||||||||
| TOTAL INVESTMENTS(i)(j)–100.02% (Cost $2,734,582,475) |
|
2,734,582,475 | ||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(0.02)% |
|
(620,917 | ) | |||||||||||||
| NET ASSETS–100.00% |
|
$ | 2,733,961,558 | |||||||||||||
Investment Abbreviations:
| CEP | – Credit Enhancement Provider | |
| COP | – Certificates of Participation | |
| FNMA | – Federal National Mortgage Association | |
| Gtd. | – Guaranteed | |
| LOC | – Letter of Credit | |
| MFH | – Multi-Family Housing | |
| RB | – Revenue Bonds | |
| Ref. | – Refunding | |
| Unsec. | – Unsecured | |
| VRD | – Variable Rate Demand |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 Short-Term Investments Trust
STIC Prime Portfolio
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) | 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: France: 12.8%; Canada: 12.8%; Sweden: 12.8%; Japan: 7.9%; Singapore: 7.9%; Netherlands: 5.7%; United Kingdom: 5.6%; Norway: 5.0%; other countries less than 5% each: 16.2%. |
| (c) | 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, 2016 was $1,190,220,001, which represented 43.53% of the Fund’s Net Assets. |
| (d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (e) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (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) | Also represents cost for federal income tax purposes. |
| (j) | 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 | |||
| DNB Bank ASA |
5.0 | % | ||
| Nordea Bank AB |
5.0 | |||
| Skandinaviska Enskilda Banken AB |
5.0 | |||
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
60.3 | % | ||
| 8-30 |
23.8 | |||
| 31-60 |
15.9 | |||
| 61-90 |
0.0 | |||
| 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.
16 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Treasury Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value |
|||||||||||||
| U.S. Treasury Securities–41.96% |
||||||||||||||||
| U.S. Treasury Bills–27.77%(a) | ||||||||||||||||
| U.S. Treasury Bills |
0.34 | % | 05/05/2016 | $ | 600,000 | $ | 599,640,874 | |||||||||
| U.S. Treasury Bills |
0.33 | % | 05/26/2016 | 500,000 | 499,617,778 | |||||||||||
| U.S. Treasury Bills |
0.42 | % | 06/02/2016 | 130,300 | 130,161,822 | |||||||||||
| U.S. Treasury Bills |
0.49 | % | 06/02/2016 | 149,700 | 149,513,985 | |||||||||||
| U.S. Treasury Bills |
0.38 | % | 06/09/2016 | 100,000 | 99,897,222 | |||||||||||
| U.S. Treasury Bills |
0.59 | % | 06/16/2016 | 179,725 | 179,416,510 | |||||||||||
| U.S. Treasury Bills |
0.52 | % | 06/23/2016 | 100,000 | 99,836,758 | |||||||||||
| U.S. Treasury Bills |
0.54 | % | 06/30/2016 | 55,450 | 55,351,222 | |||||||||||
| U.S. Treasury Bills |
0.51 | % | 07/07/2016 | 225,000 | 224,600,000 | |||||||||||
| U.S. Treasury Bills |
0.52 | % | 07/14/2016 | 115,250 | 115,030,449 | |||||||||||
| U.S. Treasury Bills |
0.42 | % | 08/18/2016 | 250,000 | 249,515,972 | |||||||||||
| U.S. Treasury Bills |
0.45 | % | 08/18/2016 | 200,000 | 199,582,556 | |||||||||||
| U.S. Treasury Bills |
0.45 | % | 08/25/2016 | 250,000 | 249,452,406 | |||||||||||
| U.S. Treasury Bills |
0.46 | % | 08/25/2016 | 200,000 | 199,560,450 | |||||||||||
| U.S. Treasury Bills |
0.23 | % | 09/15/2016 | 300,000 | 299,628,750 | |||||||||||
| U.S. Treasury Bills |
0.24 | % | 09/15/2016 | 200,000 | 199,738,200 | |||||||||||
| 3,550,544,954 | ||||||||||||||||
| U.S. Treasury Notes–14.19% | ||||||||||||||||
| U.S. Treasury Floating Rate Notes(b) |
0.40 | % | 07/31/2017 | 350,000 | 349,999,282 | |||||||||||
| U.S. Treasury Floating Rate Notes(b) |
0.49 | % | 10/31/2017 | 706,250 | 705,969,689 | |||||||||||
| U.S. Treasury Floating Rate Notes(b) |
0.59 | % | 01/31/2018 | 300,000 | 300,217,593 | |||||||||||
| U.S. Treasury Notes |
1.00 | % | 09/30/2016 | 150,000 | 150,408,452 | |||||||||||
| U.S. Treasury Notes |
3.13 | % | 10/31/2016 | 152,492 | 155,138,037 | |||||||||||
| U.S. Treasury Notes |
2.75 | % | 11/30/2016 | 150,000 | 152,450,452 | |||||||||||
| 1,814,183,505 | ||||||||||||||||
| Total U.S. Treasury Securities (Cost $5,364,728,459) |
5,364,728,459 | |||||||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)–41.96% (Cost $5,364,728,459) |
5,364,728,459 | |||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–58.02%(c) |
||||||||||||||||
| BNP Paribas Securities Corp., term agreement dated 02/25/2016, maturing value of $880,059,889 (collateralized by U.S. Treasury obligations valued at $897,549,096; 1.38%-8.13%, 08/15/2019-09/30/2020)(d) |
0.35 | % | 03/03/2016 | 880,059,889 | 880,000,000 | |||||||||||
| CIBC World Markets Corp., joint agreement dated 02/29/2016, aggregate maturing value of $100,000,833 (collateralized by U.S. Treasury obligations valued at $102,001,586; 1.13%-2.50%, 07/31/2019-02/15/2046) |
0.30 | % | 03/01/2016 | 76,960,419 | 76,959,778 | |||||||||||
| Citigroup Global Markets Inc., term agreement dated 02/25/2016, maturing value of $500,031,111 (collateralized by U.S. Treasury obligations valued at $510,000,061; 0.38%-2.00%, 03/15/2016-08/31/2021)(d) |
0.32 | % | 03/03/2016 | 500,031,111 | 500,000,000 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/25/2016, maturing value of $790,131,183 (collateralized by U.S. Treasury obligations valued at $806,199,875; 2.25%-3.75%, 11/15/2024-11/15/2043)(d) |
0.36 | % | 03/03/2016 | 790,131,183 | 790,075,878 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/26/2016, maturing value of $220,015,600 (collateralized by a U.S. Treasury obligation valued at $224,490,000; 2.25%, 11/15/2025)(d) |
0.36 | % | 03/04/2016 | 220,015,600 | 220,000,200 | |||||||||||
| Prudential Financial, Inc., agreement dated 02/29/2016, maturing value of $475,682,757 (collateralized by U.S. Treasury obligations valued at $484,802,967; 0%, 08/15/2027-08/15/2043) |
0.36 | % | 03/01/2016 | 475,682,757 | 475,678,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 Short-Term Investments Trust
| Treasury Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Repurchase Amount |
Value |
|||||||||||||
| RBC Capital Markets Corp., term agreement dated 10/14/2015, maturing value of $250,170,139 (collateralized by U.S. Treasury obligations valued at $255,000,006; 0%-9.00%, 03/17/2016-05/15/2045)(d) |
0.14 | % | 04/06/2016 | $ | 250,170,139 | $ | 250,000,000 | |||||||||
| RBC Capital Markets Corp., term agreement dated 10/13/2015, maturing value of $250,173,056 (collateralized by U.S. Treasury obligations valued at $255,000,009; 0%-8.75%, 04/14/2016-02/15/2045)(d) |
0.14 | % | 04/08/2016 | 250,173,056 | 250,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 10/21/2015, maturing value of $500,400,000 (collateralized by U.S. Treasury obligations valued at $510,000,074; 0%-8.00%, 03/03/2016-08/15/2043)(d) |
0.16 | % | 04/18/2016 | 500,400,000 | 500,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 10/22/2015, maturing value of $500,400,000 (collateralized by U.S. Treasury obligations valued at $510,000,078; 0.13%-8.75%, 03/15/2016-02/15/2043)(d) |
0.16 | % | 04/19/2016 | 500,400,000 | 500,000,000 | |||||||||||
| Societe Generale, agreement dated 02/29/2016, maturing value of $500,004,722 (collateralized by U.S. Treasury obligations valued at $510,000,000; 0%-8.50%, 04/07/2016-02/15/2042) |
0.34 | % | 03/01/2016 | 500,004,722 | 500,000,000 | |||||||||||
| Societe Generale, term agreement dated 02/03/2016, maturing value of $550,176,458 (collateralized by U.S. Treasury obligations valued at $561,000,092; 0.13%-8.50%, 11/30/2016-02/15/2044)(d) |
0.35 | % | 03/07/2016 | 550,176,458 | 550,000,000 | |||||||||||
| Societe Generale, term agreement dated 02/08/2016, maturing value of $400,116,000 (collateralized by U.S. Treasury obligations valued at $408,000,015; 0%-4.63%, 04/07/2016-02/15/2044)(d) |
0.36 | % | 03/08/2016 | 400,116,000 | 400,000,000 | |||||||||||
| Societe Generale, term agreement dated 02/16/2016, maturing value of $250,068,056 (collateralized by U.S. Treasury obligations valued at $255,000,001; 0.13%-7.25%, 02/15/2017-07/15/2024) (d) |
0.35 | % | 03/15/2016 | 250,068,556 | 250,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $325,002,799 (collateralized by U.S. Treasury obligations valued at $331,500,025; 3.00%, 05/15/2042-11/15/2045) |
0.31 | % | 03/01/2016 | 325,002,799 | 325,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $425,003,660 (collateralized by a U.S. Treasury obligation valued at $433,500,058; 1.38%, 04/30/2020) |
0.31 | % | 03/01/2016 | 425,003,660 | 425,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 01/19/2016, maturing value of $125,051,042 (collateralized by U.S. Treasury obligations valued at $127,500,058; 3.00%-8.88%, 05/15/2017-08/15/2044) |
0.35 | % | 03/01/2016 | 125,051,042 | 125,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/04/2016, maturing value of $200,220,000 (collateralized by a U.S. Treasury obligation valued at $204,000,063; 1.38%, 04/30/2020) |
0.44 | % | 05/04/2016 | 200,220,000 | 200,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/08/2016, maturing value of $200,227,500 (collateralized by U.S. Treasury obligations valued at $204,000,063; 0.42%-3.75%, 04/30/2016-11/15/2023) |
0.45 | % | 05/09/2016 | 200,227,500 | 200,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $7,417,713,856) |
7,417,713,856 | |||||||||||||||
| TOTAL INVESTMENTS(e)–99.98% (Cost $12,782,442,315) |
12,782,442,315 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–0.02% |
|
2,745,666 | ||||||||||||||
| NET ASSETS–100.00% |
|
$ | 12,785,187,981 | |||||||||||||
Notes to Schedule of Investments:
| (a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (c) | Principal amount equals value at period end. See Note 1I. |
| (d) | The Fund may demand prepayment of the term repurchase agreement upon one to seven business days notice depending on the timing of the demand. |
| (e) | Also represents cost for federal income tax purposes. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
54.9 | % | ||
| 8-30 |
0.0 | |||
| 31-60 |
0.0 | |||
| 61-90 |
11.7 | |||
| 91-180 |
15.3 | |||
| 181+ |
18.1 |
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Government & Agency Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| U.S. Government Sponsored Agency Securities–40.86% |
||||||||||||||||
| Federal Farm Credit Bank (FFCB)–7.53% | ||||||||||||||||
| Unsec. Bonds(a) |
0.40 | % | 04/21/2016 | $ | 33,000 | $ | 32,999,788 | |||||||||
| Unsec. Bonds(a) |
0.41 | % | 05/05/2016 | 145,000 | 144,998,742 | |||||||||||
| Unsec. Bonds(a) |
0.46 | % | 06/20/2017 | 39,325 | 39,281,437 | |||||||||||
| Unsec. Bonds(a) |
0.58 | % | 07/21/2017 | 45,000 | 44,999,903 | |||||||||||
| Unsec. Bonds(a) |
0.47 | % | 07/25/2017 | 35,600 | 35,624,024 | |||||||||||
| Unsec. Bonds(a) |
0.46 | % | 10/02/2017 | 41,400 | 41,370,334 | |||||||||||
| Unsec. Bonds(a) |
0.48 | % | 11/13/2017 | 8,000 | 7,986,928 | |||||||||||
| Unsec. Bonds(a) |
0.45 | % | 12/27/2017 | 30,000 | 29,928,524 | |||||||||||
| 377,189,680 | ||||||||||||||||
| Federal Home Loan Bank (FHLB)–23.20% | ||||||||||||||||
| Unsec. Bonds(a) |
0.37 | % | 05/18/2016 | 70,000 | 70,000,000 | |||||||||||
| Unsec. Disc. Notes(b) |
0.44 | % | 03/11/2016 | 5,000 | 4,999,389 | |||||||||||
| Unsec. Disc. Notes(b) |
0.44 | % | 03/16/2016 | 5,000 | 4,999,083 | |||||||||||
| Unsec. Disc. Notes(b) |
0.46 | % | 03/16/2016 | 50,000 | 49,990,417 | |||||||||||
| Unsec. Disc. Notes(b) |
0.44 | % | 03/18/2016 | 91,320 | 91,301,026 | |||||||||||
| Unsec. Disc. Notes(b) |
0.40 | % | 05/06/2016 | 75,000 | 74,944,450 | |||||||||||
| Unsec. Disc. Notes(b) |
0.47 | % | 08/12/2016 | 100,000 | 99,788,622 | |||||||||||
| Unsec. Disc. Notes(b) |
0.47 | % | 08/17/2016 | 150,000 | 149,669,042 | |||||||||||
| Unsec. Disc. Notes(b) |
0.49 | % | 08/19/2016 | 120,000 | 119,720,700 | |||||||||||
| Unsec. Disc. Notes(b) |
0.49 | % | 08/24/2016 | 110,000 | 109,738,567 | |||||||||||
| Unsec. Disc. Notes(b) |
0.50 | % | 08/24/2016 | 167,500 | 167,094,650 | |||||||||||
| Unsec. Global Bonds(a) |
0.37 | % | 08/18/2016 | 80,000 | 79,998,121 | |||||||||||
| Unsec. Global Bonds(a) |
0.38 | % | 01/17/2017 | 80,000 | 79,901,075 | |||||||||||
| Unsec. Global Bonds(a) |
0.52 | % | 01/23/2017 | 50,000 | 50,000,000 | |||||||||||
| Unsec. Global Bonds(a) |
0.45 | % | 04/21/2017 | 10,000 | 9,994,865 | |||||||||||
| 1,162,140,007 | ||||||||||||||||
| Federal Home Loan Mortgage Corp. (FHLMC)–2.43% | ||||||||||||||||
| Unsec. Disc. Notes(b) |
0.46 | % | 08/12/2016 | 47,500 | 47,401,543 | |||||||||||
| Unsec. Global Notes(a) |
0.43 | % | 01/13/2017 | 10,000 | 10,004,009 | |||||||||||
| Unsec. Global Notes(a) |
0.44 | % | 04/20/2017 | 30,000 | 29,994,783 | |||||||||||
| Unsec. Global Notes(a) |
0.47 | % | 04/27/2017 | 14,000 | 13,991,079 | |||||||||||
| Unsec. Global Notes(a) |
0.56 | % | 07/21/2017 | 20,000 | 19,997,142 | |||||||||||
| 121,388,556 | ||||||||||||||||
| Federal National Mortgage Association (FNMA)–3.95% | ||||||||||||||||
| Unsec. Disc. Notes(b) |
0.45 | % | 08/17/2016 | 45,000 | 44,904,515 | |||||||||||
| Unsec. Disc. Notes(b) |
0.46 | % | 08/17/2016 | 5,000 | 4,989,320 | |||||||||||
| Unsec. Global Notes(a) |
0.44 | % | 09/08/2017 | 35,000 | 34,948,231 | |||||||||||
| Unsec. Global Notes(a) |
0.44 | % | 10/05/2017 | 112,815 | 112,735,213 | |||||||||||
| 197,577,279 | ||||||||||||||||
| Overseas Private Investment Corp. (OPIC)–3.75% | ||||||||||||||||
| Unsec. Gtd., VRD COP Bonds(c) |
0.42 | % | 07/15/2025 | 37,000 | 37,000,000 | |||||||||||
| Unsec. Gtd., VRD COP Bonds(c) |
0.40 | % | 07/09/2026 | 51,000 | 51,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 Short-Term Investments Trust
| Government & Agency Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Overseas Private Investment Corp. (OPIC)–(continued) | ||||||||||||||||
| Gtd., VRD COP Bonds(c) |
0.42 | % | 11/15/2028 | $ | 100,000 | $ | 100,000,000 | |||||||||
| 188,000,000 | ||||||||||||||||
| Total U.S. Government Sponsored Agency Securities (Cost $2,046,295,522) |
2,046,295,522 | |||||||||||||||
| U.S. Treasury Securities–6.94% |
||||||||||||||||
| U.S. Treasury Bills–3.95%(b) | ||||||||||||||||
| U.S. Treasury Bills |
0.11 | % | 03/03/2016 | 2,900 | 2,899,982 | |||||||||||
| U.S. Treasury Bills |
0.22 | % | 03/03/2016 | 10,262 | 10,261,877 | |||||||||||
| U.S. Treasury Bills |
0.42 | % | 08/18/2016 | 70,000 | 69,864,472 | |||||||||||
| U.S. Treasury Bills |
0.44 | % | 08/18/2016 | 5,000 | 4,989,717 | |||||||||||
| U.S. Treasury Bills |
0.45 | % | 08/25/2016 | 60,000 | 59,868,577 | |||||||||||
| U.S. Treasury Bills |
0.49 | % | 09/01/2016 | 50,000 | 49,878,667 | |||||||||||
| 197,763,292 | ||||||||||||||||
| U.S. Treasury Notes–2.99% | ||||||||||||||||
| U.S. Treasury Floating Rate Notes(a) |
0.49 | % | 10/31/2017 | 150,000 | 149,931,786 | |||||||||||
| Total U.S. Treasury Securities (Cost $347,695,078) |
347,695,078 | |||||||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)- 47.80% (Cost $2,393,990,600) |
2,393,990,600 | |||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–53.21%(d) |
||||||||||||||||
| Bank of Nova Scotia (The), joint agreement dated 02/29/2016, aggregate maturing value of $500,004,167 (collateralized by U.S. Treasury obligations valued at $510,000,071; 0%-8.88%, 03/15/2016-08/15/2044) |
0.30 | % | 03/01/2016 | 250,002,083 | 250,000,000 | |||||||||||
| BNP Paribas Securities Corp., term agreement dated 02/25/2016, maturing value of $300,020,417 (collateralized by U.S. Treasury obligations valued at $306,000,000; 1.38%-1.63%, 09/30/2016-09/30/2020)(e) |
0.35 | % | 03/03/2016 | 300,020,417 | 300,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint agreement dated 02/29/2016, aggregate maturing value of $250,002,153 (collateralized by U.S. government sponsored agency obligations valued at $255,000,425; 0%-6.25%, 03/08/2017-01/15/2030) |
0.31 | % | 03/01/2016 | 25,000,215 | 25,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint term agreement dated 02/26/2016, aggregate maturing value of $250,015,556 (collateralized by U.S. government sponsored agency obligations valued at $255,000,073; 0%-8.25%, 06/01/2016-09/15/2065)(e) |
0.32 | % | 03/04/2016 | 175,010,889 | 175,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, joint agreement dated 02/29/2016, aggregate maturing value of $600,005,000 (collateralized by U.S. Treasury obligations valued at $612,000,064; 2.63%-3.63%, 08/15/2020-08/15/2043) |
0.30 | % | 03/01/2016 | 150,001,250 | 150,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, joint term agreement dated 02/24/2016, aggregate maturing value of $375,024,792 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $382,500,000; 0.75%-4.75%, 09/15/2017-10/01/2045)(e) |
0.34 | % | 03/02/2016 | 300,019,833 | 300,000,000 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/16/2016, maturing value of $100,060,000 (collateralized by domestic agency mortgage-backed securities valued at $102,002,164; 1.84%-4.00%, 08/01/2026-12/01/2042) |
0.45 | % | 04/04/2016 | 100,060,000 | 100,000,000 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/25/2016, maturing value of $310,101,913 (collateralized by U.S. Treasury obligations valued at $316,408,375; 0.38%-1.38%, 06/30/2018-07/15/2025)(e) |
0.36 | % | 03/03/2016 | 310,101,913 | 310,080,208 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/26/2016, maturing value of $100,025,801 (collateralized by a U.S. Treasury obligation valued at $102,060,000; 2.25%, 11/15/2025)(e) |
0.36 | % | 03/04/2016 | 100,025,801 | 100,018,800 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., joint agreement dated 02/29/2016, aggregate maturing value of $950,007,917 (collateralized by U.S. Treasury obligations valued at $969,000,085; 0.43%-4.50%, 09/30/2016-02/15/2036) |
0.30 | % | 03/01/2016 | 12,090,809 | 12,090,707 | |||||||||||
| Prudential Financial, Inc., agreement dated 02/29/2016, maturing value of $233,016,080 (collateralized by U.S. Treasury obligations valued at $237,502,363; 0%, 11/15/2026-08/15/2039) |
0.36 | % | 03/01/2016 | 233,016,080 | 233,013,750 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 Short-Term Investments Trust
| Government & Agency Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Repurchase Amount |
Value | |||||||||||||
| RBC Capital Markets Corp., joint term agreement dated 10/27/2015, aggregate maturing value of $200,158,222 (collateralized by U.S. Treasury obligations valued at $204,000,068; 1.00%-8.75%, 05/15/2017-02/15/2046)(e) |
0.16 | % | 04/22/2016 | $ | 160,126,578 | $ | 160,000,000 | |||||||||
| Societe Generale, joint term agreement dated 02/04/2016, aggregate maturing value of $250,076,528 (collateralized by U.S. government sponsored agency obligations and domestic agency mortgage-backed securities valued at $255,000,000; 0%-5.50%, 05/12/2017-01/20/2046)(e) |
0.38 | % | 03/04/2016 | 225,068,875 | 225,000,000 | |||||||||||
| Societe Generale, joint term agreement dated 02/17/2016, aggregate maturing value of $200,061,222 (collateralized by domestic agency mortgage-backed securities valued at $204,000,000; 0%-7.50%, 06/01/2017-04/20/2065)(e) |
0.38 | % | 03/17/2016 | 150,045,917 | 150,000,000 | |||||||||||
| Societe Generale, joint term agreement dated 02/23/2016, aggregate maturing value of $115,007,603 (collateralized by domestic agency mortgage-backed securities valued at $117,300,001; 0.57%-4.50%, 09/15/2022-12/01/2045)(e) |
0.34 | % | 03/01/2016 | 75,004,958 | 75,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/08/2016, maturing value of $100,113,750 (collateralized by domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $102,000,000; 0%-4.00%, 05/11/2016-12/25/2046) |
0.45 | % | 05/09/2016 | 100,113,750 | 100,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $2,665,203,465) |
2,665,203,465 | |||||||||||||||
| TOTAL INVESTMENTS(f)–101.01% (Cost $5,059,194,065) |
5,059,194,065 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(1.01)% |
|
(50,486,136 | ) | |||||||||||||
| NET ASSETS–100.00% |
|
$ | 5,008,707,929 | |||||||||||||
Investment Abbreviations:
| COP | – Certificates of Participation | |
| Disc. | – Discounted | |
| Gtd. | – Guaranteed | |
| Unsec. | – Unsecured | |
| 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, 2016. |
| (b) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (c) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (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) | Also represents cost for federal income tax purposes. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
52.2 | % | ||
| 8-30 |
3.0 | |||
| 31-60 |
2.7 | |||
| 61-90 |
7.8 | |||
| 91-180 |
19.1 | |||
| 181+ |
15.2 |
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.
21 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Government TaxAdvantage Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| U.S. Government Sponsored Agency Securities–68.42% |
||||||||||||||||
| Federal Farm Credit Bank (FFCB)–33.29% | ||||||||||||||||
| Disc. Notes(a) |
0.23 | % | 03/24/2016 | $ | 5,000 | $ | 4,999,281 | |||||||||
| Disc. Notes(a) |
0.25 | % | 05/03/2016 | 4,700 | 4,697,985 | |||||||||||
| Disc. Notes(a) |
0.33 | % | 05/27/2016 | 8,000 | 7,993,717 | |||||||||||
| Unsec. Bonds(b) |
0.45 | % | 04/06/2016 | 8,000 | 8,000,325 | |||||||||||
| Unsec. Bonds(b) |
0.50 | % | 04/20/2016 | 4,820 | 4,820,606 | |||||||||||
| Unsec. Bonds(b) |
0.41 | % | 05/05/2016 | 5,000 | 4,999,956 | |||||||||||
| Unsec. Bonds(b) |
0.40 | % | 05/06/2016 | 4,275 | 4,274,945 | |||||||||||
| Unsec. Bonds(b) |
0.46 | % | 10/11/2016 | 4,085 | 4,083,173 | |||||||||||
| Unsec. Bonds(b) |
0.47 | % | 02/13/2017 | 2,850 | 2,850,848 | |||||||||||
| 46,720,836 | ||||||||||||||||
| Federal Home Loan Bank (FHLB)–31.57% | ||||||||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/01/2016 | 1,100 | 1,100,000 | |||||||||||
| Unsec. Disc. Notes(a) |
0.30 | % | 03/02/2016 | 7,000 | 6,999,942 | |||||||||||
| Unsec. Disc. Notes(a) |
0.32 | % | 03/02/2016 | 1,300 | 1,299,988 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/03/2016 | 1,400 | 1,399,976 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/08/2016 | 2,548 | 2,547,846 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/09/2016 | 2,460 | 2,459,831 | |||||||||||
| Unsec. Disc. Notes(a) |
0.30 | % | 03/11/2016 | 9,985 | 9,984,168 | |||||||||||
| Unsec. Disc. Notes(a) |
0.32 | % | 03/15/2016 | 8,504 | 8,502,942 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/17/2016 | 10,000 | 9,998,622 | |||||||||||
| 44,293,315 | ||||||||||||||||
| Tennessee Valley Authority (TVA)–3.56% | ||||||||||||||||
| Sr. Unsec. Disc. Notes(a) |
0.30 | % | 03/08/2016 | 5,000 | 4,999,708 | |||||||||||
| Total U.S. Government Sponsored Agency Securities (Cost $96,013,859) |
96,013,859 | |||||||||||||||
| U.S. Treasury Securities–31.57% |
||||||||||||||||
| U.S. Treasury Bills–31.57%(a) | ||||||||||||||||
| U.S. Treasury Bills |
0.11 | % | 03/03/2016 | 7,100 | 7,099,956 | |||||||||||
| U.S. Treasury Bills |
0.22 | % | 03/03/2016 | 2,738 | 2,737,967 | |||||||||||
| U.S. Treasury Bills |
0.20 | % | 04/28/2016 | 7,500 | 7,497,632 | |||||||||||
| U.S. Treasury Bills |
0.27 | % | 05/05/2016 | 5,000 | 4,997,567 | |||||||||||
| U.S. Treasury Bills |
0.31 | % | 05/26/2016 | 2,000 | 1,998,557 | |||||||||||
| U.S. Treasury Bills |
0.40 | % | 06/02/2016 | 15,000 | 14,984,694 | |||||||||||
| U.S. Treasury Bills |
0.24 | % | 06/23/2016 | 5,000 | 4,996,200 | |||||||||||
| Total U.S. Treasury Securities (Cost $44,312,573) |
44,312,573 | |||||||||||||||
| TOTAL INVESTMENTS(c)–99.99% (Cost $140,326,432) |
140,326,432 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–0.01% |
7,879 | |||||||||||||||
| NET ASSETS–100.00% |
$ | 140,334,311 | ||||||||||||||
Investment Abbreviations:
| Disc. | – Discounted | |
| Sr. | – Senior | |
| Unsec. | – Unsecured |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 Short-Term Investments Trust
Government TaxAdvantage Portfolio
Notes to Schedule of Investments:
| (a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (c) | Also represents cost for federal income tax purposes. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
14.8 | % | ||
| 8-30 |
31.0 | |||
| 31-60 |
14.5 | |||
| 61-90 |
20.6 | |||
| 91-180 |
14.2 | |||
| 181+ |
4.9 |
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Municipal Obligations–101.46% |
| |||||||||||||||
| Alabama–4.65% | ||||||||||||||||
| Alabama (State of); Series 2010 C, Ref. Unlimited Tax GO Bonds |
5.00 | % | 06/01/2016 | $ | 775 | $ | 784,269 | |||||||||
| Mobile (County of) Industrial Development Authority (SSAB Alabama Inc.); Series 2010 A, VRD Recovery Zone Facility RB (LOC–Swedbank AB)(a)(b)(c) |
0.02 | % | 07/01/2040 | 11,100 | 11,100,000 | |||||||||||
| Tuscaloosa (County of) Industrial Development Authority (Hunt Refining Co.); |
|
|||||||||||||||
| Series 2011 G, VRD Gulf Opportunity Zone RB (LOC–Bank of Nova Scotia)(a)(b)(c) |
0.01 | % | 04/01/2028 | 10,000 | 10,000,000 | |||||||||||
| Series 2011 J, VRD Gulf Opportunity Zone RB (LOC–Bank of Nova Scotia)(a)(b)(c) |
0.01 | % | 04/01/2028 | 10,000 | 10,000,000 | |||||||||||
| 31,884,269 | ||||||||||||||||
| Arizona–1.02% | ||||||||||||||||
| Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, VRD RB (LOC–Bank of America, N.A.)(a)(b) |
0.01 | % | 01/01/2046 | 1,630 | 1,630,000 | |||||||||||
| Casa Grande (City of) Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.01 | % | 06/15/2031 | 2,685 | 2,685,000 | |||||||||||
| Maricopa (County of) Industrial Development Authority (Gran Victoria Housing LLC); Series 2000 A, VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 04/15/2030 | 2,700 | 2,700,000 | |||||||||||
| 7,015,000 | ||||||||||||||||
| California–6.64% | ||||||||||||||||
| California (State of) (Kindergarten-University Public Education Facilities); Series 2004 B3, VRD Unlimited Tax GO Bonds (LOC–Citibank N.A.)(a)(b) |
0.01 | % | 05/01/2034 | 2,200 | 2,200,000 | |||||||||||
| California Infrastructure & Economic Development Bank (Pacific Gas & Electric Co.); Series 2009 C, Ref. VRD RB (LOC–Sumitomo Mitsui Banking Corp.)(a)(b)(c) |
0.01 | % | 12/01/2016 | 17,300 | 17,300,000 | |||||||||||
| Los Angeles (City of); Series 2015, Unlimited Tax GO TRAN |
2.00 | % | 06/30/2016 | 950 | 955,411 | |||||||||||
| Riverside (City of); Series 2011 A, Ref. Floating Rate Water RB(d) |
0.16 | % | 10/01/2035 | 5,800 | 5,800,000 | |||||||||||
| Southern California Metropolitan Water District; Series 2009 A-2, Ref. Floating Rate RB(d) |
0.21 | % | 07/01/2030 | 11,800 | 11,800,000 | |||||||||||
| Torrance (City of); Series 2015, Unlimited Tax GO TRAN |
1.50 | % | 06/30/2016 | 7,450 | 7,479,270 | |||||||||||
| 45,534,681 | ||||||||||||||||
| Colorado–3.90% | ||||||||||||||||
| Boulder (County of) (Imagine!); Series 2006, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 02/01/2031 | 1,525 | 1,525,000 | |||||||||||
| Colorado (State of) Educational & Cultural Facilities Authority (Denver Seminary); Series 2004, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 07/01/2034 | 2,000 | 2,000,000 | |||||||||||
| Colorado (State of) Health Facilities Authority (Arapahoe House); Series 2004 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 04/01/2024 | 770 | 770,000 | |||||||||||
| Colorado (State of) Housing & Finance Authority (Woodstream Village); Series 1985, VRD MFH RB (CEP–FNMA)(a) |
0.13 | % | 02/01/2031 | 6,600 | 6,600,000 | |||||||||||
| Colorado Springs (City of) (Cook Communications Ministries); Series 2002, VRD IDR (LOC–Bank of America, N.A.)(a)(b) |
0.14 | % | 03/01/2017 | 7,100 | 7,100,000 | |||||||||||
| EagleBend Affordable Housing Corp.; Series 2006 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.03 | % | 07/01/2021 | 3,485 | 3,485,000 | |||||||||||
| Pitkin (County of) (Centennial-Aspen II L.P.); Series 1996 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.02 | % | 12/01/2024 | 5,235 | 5,235,000 | |||||||||||
| 26,715,000 | ||||||||||||||||
| Delaware–0.81% | ||||||||||||||||
| Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 09/01/2036 | 2,695 | 2,695,000 | |||||||||||
| Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 05/01/2036 | 2,850 | 2,850,000 | |||||||||||
| 5,545,000 | ||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| District of Columbia–0.23% | ||||||||||||||||
| District of Columbia; Series 1998 A, VRD Pooled Loan
Program RB (LOC–Bank of America, |
0.21 | % | 01/01/2029 | $ | 1,557 | $ | 1,557,000 | |||||||||
| Florida–3.59% | ||||||||||||||||
| Florida (State of) Board of Education; |
|
|||||||||||||||
| Series 2008 C, Ref. Public Education Capital Outlay Unlimited Tax GO Bonds |
5.00 | % | 06/01/2016 | 3,420 | 3,461,450 | |||||||||||
| Series 2012 A, Ref. Public Education Capital Outlay Unlimited Tax GO Bonds |
5.00 | % | 06/01/2016 | 1,000 | 1,012,000 | |||||||||||
| JPMorgan Chase PUTTERs (Palm Beach (County of) Solid Waste Authority); Series 2009-3419, VRD Improvement RB (INS–BHAC)(a)(e)(f)(g) |
0.02 | % | 04/01/2017 | 2,275 | 2,275,000 | |||||||||||
| Orange (County of) Housing Finance Authority (Post Fountains at Lee Vista); Series 1997 E, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.03 | % | 06/01/2025 | 500 | 500,000 | |||||||||||
| Palm Beach (County of) (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 11/01/2036 | 2,925 | 2,925,000 | |||||||||||
| Palm Beach (County of) (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.02 | % | 07/01/2032 | 14,415 | 14,415,000 | |||||||||||
| 24,588,450 | ||||||||||||||||
| Georgia–1.73% | ||||||||||||||||
| Columbia County School District; Series 2011, Unlimited Tax GO Bonds |
5.00 | % | 04/01/2016 | 1,000 | 1,004,069 | |||||||||||
| DeKalb (County of) Housing Authority (Clairmont Crest); Series 1995, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.01 | % | 06/15/2025 | 6,340 | 6,340,000 | |||||||||||
| Fulton (County of) Development Authority (Friends of High Meadows, Inc.); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 01/01/2020 | 900 | 900,000 | |||||||||||
| Georgia (State of); Series 2012 A, Unlimited Tax GO Bonds |
5.00 | % | 07/01/2016 | 1,375 | 1,396,447 | |||||||||||
| Private Colleges & Universities Authority (Emory University); Series 2005 B-2, VRD RB(a) |
0.01 | % | 09/01/2035 | 500 | 500,000 | |||||||||||
| Richmond (County of) Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 09/01/2020 | 1,700 | 1,700,000 | |||||||||||
| 11,840,516 | ||||||||||||||||
| Illinois–9.21% | ||||||||||||||||
| Glendale Heights (Village of) (Glendale Lakes); Series 2000, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.01 | % | 03/01/2030 | 10,845 | 10,845,000 | |||||||||||
| Illinois (State of) Finance Authority (Chicago Symphony Orchestra); Series 1994, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 12/01/2028 | 8,500 | 8,500,000 | |||||||||||
| Illinois (State of) Finance Authority (Elmhurst College); Series 2007, VRD RB (LOC–BMO
Harris, |
0.01 | % | 02/01/2042 | 7,150 | 7,150,000 | |||||||||||
| Illinois (State of) Finance Authority (Foundation for Safety & Health); Series 1992, VRD Safety Education RB (LOC–BMO Harris, N.A.)(a)(b)(e) |
0.10 | % | 10/01/2017 | 400 | 400,000 | |||||||||||
| Illinois (State of) Finance Authority (Garrett-Evangelical Theological Seminary); Series 2010, VRD RB (LOC–FHLB of Chicago)(a)(b) |
0.01 | % | 06/01/2040 | 3,280 | 3,280,000 | |||||||||||
| Illinois (State of) Finance Authority (Institute of Gas Technology); Series 1999, VRD IDR (LOC–BMO Harris, N.A.)(a)(b) |
0.08 | % | 09/01/2024 | 600 | 600,000 | |||||||||||
| Illinois (State of) Finance Authority (James Jordan Boys & Girls Club & Family Life Center); Series 1995, VRD RB (LOC–Bank of America, N.A.)(a)(b)(e) |
0.11 | % | 08/01/2030 | 4,700 | 4,700,000 | |||||||||||
| Illinois (State of) Finance Authority (National-Louis University); Series 1999 B, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 06/01/2029 | 1,170 | 1,170,000 | |||||||||||
| Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(a) |
0.01 | % | 12/01/2046 | 7,700 | 7,700,000 | |||||||||||
| Illinois (State of) Finance Authority (Radiological Society of North America, Inc.); Series 1997, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)(e) |
0.11 | % | 06/01/2017 | 670 | 670,000 | |||||||||||
| Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 01/01/2037 | 1,720 | 1,720,000 | |||||||||||
| Illinois (State of) Finance Authority (The Teachers Academy for Mathematics & Science); Series 2001, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.30 | % | 02/01/2021 | 800 | 800,000 | |||||||||||
| Illinois (State of) Finance Authority (Uhlich Children’s Advantage); Series 2006, VRD RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.08 | % | 05/01/2036 | 2,335 | 2,335,000 | |||||||||||
| Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC–U.S. Bank, N.A.)(a)(b) |
0.08 | % | 10/01/2033 | 4,000 | 4,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Illinois–(continued) | ||||||||||||||||
| Illinois (State of) Finance Authority (YMCA of Metropolitan Chicago); Series 2004, VRD RB (LOC–BMO Harris, N.A.)(a)(b) |
0.01 | % | 06/01/2034 | $ | 4,200 | $ | 4,200,000 | |||||||||
| Monmouth (City of) (Monmouth College); Series 2005, VRD IDR (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 06/01/2035 | 5,120 | 5,120,000 | |||||||||||
| 63,190,000 | ||||||||||||||||
| Indiana–4.49% | ||||||||||||||||
| Fort Wayne (City of) (University of Saint Francis); Series 2008, VRD Economic Development RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.03 | % | 08/01/2028 | 1,300 | 1,300,000 | |||||||||||
| Huntington (City of) (Huntington University, Inc.); Series 2007, Ref. VRD Economic Development & Improvement RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 08/01/2037 | 5,500 | 5,500,000 | |||||||||||
| Indiana (State of) Finance Authority (Duke Energy Indiana, Inc.); Series 2009 A-5, Ref. VRD Environmental RB (LOC–Sumitomo Mitsui Banking Corp.)(a)(b)(c) |
0.01 | % | 10/01/2040 | 2,000 | 2,000,000 | |||||||||||
| Indiana (State of) Finance Authority (Howard Regional Health System); Series 2005 B, VRD Hospital RB (LOC–BMO Harris, N.A.)(a)(b) |
0.01 | % | 01/01/2035 | 3,215 | 3,215,000 | |||||||||||
| Indiana (State of) Finance Authority (Ispat Inland Inc.); Series 2005, Ref. VRD Environmental Improvement RB (LOC–Rabobank Nederland)(a)(b)(c) |
0.01 | % | 06/01/2035 | 10,000 | 10,000,000 | |||||||||||
| Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc.); Series 2008 G, Ref. VRD Health System RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 09/01/2048 | 7,925 | 7,925,000 | |||||||||||
| University of Southern Indiana; Series 1999 G, VRD Student Fee RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.11 | % | 10/01/2019 | 880 | 880,000 | |||||||||||
| 30,820,000 | ||||||||||||||||
| Iowa–0.29% | ||||||||||||||||
| Iowa (State of) Finance Authority (Cedarwood Hills Apartments); Series 2001 A, VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 05/01/2031 | 2,000 | 2,000,000 | |||||||||||
| Kansas–0.64% | ||||||||||||||||
| Wichita (City of); Series 2015-272, Unlimited Tax GO Temporary Notes |
2.00 | % | 04/15/2016 | 4,400 | 4,409,482 | |||||||||||
| Kentucky–0.22% | ||||||||||||||||
| Louisville (City of) & Jefferson (County of) Metropolitan Sewer District; Series 2009 A, Ref. Sewer & Drainage System RB |
5.00 | % | 05/15/2016 | 1,475 | 1,489,880 | |||||||||||
| Louisiana–0.30% | ||||||||||||||||
| Bossier Parishwide School District; Series 2012, Ref. School Improvement Unlimited Tax GO Bonds |
4.00 | % | 03/01/2016 | 950 | 950,000 | |||||||||||
| Louisiana (State of); Series 2012 A-1, Ref. Gasoline & Fuels Tax RB |
5.00 | % | 05/01/2016 | 1,110 | 1,118,580 | |||||||||||
| 2,068,580 | ||||||||||||||||
| Maryland–3.33% | ||||||||||||||||
| Maryland (State of) (State & Local Facilities Loan of 2013); First Series 2013 A, Unlimited Tax GO Bonds |
5.00 | % | 03/01/2016 | 925 | 925,000 | |||||||||||
| Maryland (State of) Health & Higher Educational Facilities Authority (Gaudenzia Foundation Issue); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 07/01/2028 | 2,760 | 2,760,000 | |||||||||||
| Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 04/01/2035 | 7,500 | 7,500,000 | |||||||||||
| Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System); Series 2008 D, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 07/01/2041 | 8,635 | 8,635,000 | |||||||||||
| Montgomery (County of); Series 2005 A, Ref. Consolidated Public Improvement Unlimited Tax GO Bonds |
5.00 | % | 07/01/2016 | 3,000 | 3,047,968 | |||||||||||
| 22,867,968 | ||||||||||||||||
| Massachusetts–0.99% | ||||||||||||||||
| Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 10/01/2038 | 6,090 | 6,090,000 | |||||||||||
| Massachusetts (State of) Development Finance Agency (Harrington Memorial Hospital, Inc.); Series 2008 A, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 07/01/2038 | 715 | 715,000 | |||||||||||
| 6,805,000 | ||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Michigan–1.54% | ||||||||||||||||
| Southfield (City of) Economic Development Corp. (Lawrence Technological University); Series 2001, VRD Limited Obligation RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 10/01/2031 | $ | 5,305 | $ | 5,305,000 | |||||||||
| West Shore Medical Center; Series 2001, VRD Health Facilities RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 04/01/2022 | 5,280 | 5,280,000 | |||||||||||
| 10,585,000 | ||||||||||||||||
| Minnesota–3.65% | ||||||||||||||||
| Minnesota (State of); Series 2014 E, Ref. State Trunk Highway Unlimited Tax GO Bonds |
3.00 | % | 08/01/2016 | 7,000 | 7,081,440 | |||||||||||
| Minnesota (State of) Higher Educational Facilities Authority (Concordia University, St. Paul); Series 2007 Six-Q, VRD RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.03 | % | 04/01/2037 | 9,135 | 9,135,000 | |||||||||||
| Minnesota (State of) Midwest Consortium of Municipal Utilities (Minnesota Municipal Utilities Association Financing Program); Series 2005 A, VRD RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.07 | % | 01/01/2025 | 290 | 290,000 | |||||||||||
| Oak Park Heights (City of) (Boutswell Landing); Series 2005, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 11/01/2035 | 1,355 | 1,355,000 | |||||||||||
| St. Paul (City of) Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 10/01/2033 | 7,175 | 7,175,000 | |||||||||||
| 25,036,440 | ||||||||||||||||
| Missouri–1.84% | ||||||||||||||||
| Bridgeton (City of) Industrial Development Authority (Stolze Printing); Series 2010, VRD IDR (LOC–FHLB of Chicago)(a)(b) |
0.02 | % | 11/01/2037 | 1,125 | 1,125,000 | |||||||||||
| Missouri (State of) Health & Educational Facilities Authority (BJC Health Systems); Series 2013 C, VRD RB(a) |
0.21 | % | 01/01/2050 | 6,450 | 6,450,000 | |||||||||||
| Springfield (City of) Industrial Development Authority (Pebblecreek Apartments); Series 1994, Ref. VRD MFH RB (LOC–FHLB of Des Moines)(a)(b) |
0.12 | % | 12/01/2019 | 1,060 | 1,060,000 | |||||||||||
| St. Joseph (City of) Industrial Development Authority (Heartland Regional Medical Center); Series 2009 A, VRD Health Facilities RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.01 | % | 11/15/2043 | 1,600 | 1,600,000 | |||||||||||
| St. Louis (County of) Industrial Development Authority (Westport Station Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) (a) |
0.01 | % | 04/15/2027 | 2,370 | 2,370,000 | |||||||||||
| 12,605,000 | ||||||||||||||||
| Nevada–0.93% | ||||||||||||||||
| Carson City (City of) (Carson-Tahoe Hospital); Series 2003 B, VRD Hospital RB (LOC–U.S.
Bank, |
0.01 | % | 09/01/2033 | 5,300 | 5,300,000 | |||||||||||
| Reno (City of) (Renown Regional Medical Center); Series 2009 A, Ref. VRD Hospital RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.03 | % | 06/01/2039 | 1,085 | 1,085,000 | |||||||||||
| 6,385,000 | ||||||||||||||||
| New Hampshire–1.04% | ||||||||||||||||
| New Hampshire (State of) Health & Education Facilities Authority (Moore Center Services, Inc.); Series 2007, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.02 | % | 09/01/2037 | 3,625 | 3,625,000 | |||||||||||
| New Hampshire (State of) Health & Education Facilities Authority (Riverbend Community Mental Health, Inc.); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.02 | % | 07/01/2038 | 3,500 | 3,500,000 | |||||||||||
| 7,125,000 | ||||||||||||||||
| New Mexico–1.25% | ||||||||||||||||
| Albuquerque (City of) & Bernalillo (County of) Water Utility Authority; Series 2009 A-1, Ref. Joint Water & Sewer System Improvement RB |
5.00 | % | 07/01/2016 | 1,250 | 1,269,554 | |||||||||||
| New Mexico (State of); Series 2010 A, Severance Tax RB |
5.00 | % | 07/01/2016 | 5,075 | 5,155,782 | |||||||||||
| New Mexico (State of) Finance Authority (Public Project Revolving Fund Program); Series 2016 A, Sr. Lien RB |
2.00 | % | 06/01/2016 | 2,150 | 2,159,722 | |||||||||||
| 8,585,058 | ||||||||||||||||
| New York–5.68% | ||||||||||||||||
| New York (State of) Dormitory Authority; Series 2009 B, VRD Samaritan Medical Center RB (LOC–HSBC Bank USA N.A.)(a)(b)(c) |
0.01 | % | 11/01/2036 | 8,130 | 8,130,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| New York–(continued) | ||||||||||||||||
| New York (State of) Housing Finance Agency (Manhattan West Residential Housing); |
||||||||||||||||
| Series 2014 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)(c) |
0.07 | % | 11/01/2049 | $ | 9,600 | $ | 9,600,000 | |||||||||
| Series 2015 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)(c) |
0.07 | % | 11/01/2049 | 8,200 | 8,200,000 | |||||||||||
| New York (State of) Housing Finance Agency (Riverside Center 2 Housing); Series 2015 A-1, VRD RB (LOC–Bank of America, N.A.)(a)(b) |
0.01 | % | 11/01/2046 | 9,000 | 9,000,000 | |||||||||||
| Triborough Bridge & Tunnel Authority; Series 2002 F, Ref. VRD General RB (LOC–Landesbank Hessen-Thüringen Girozentrale)(a)(b)(c) |
0.01 | % | 11/01/2032 | 4,000 | 4,000,000 | |||||||||||
| 38,930,000 | ||||||||||||||||
| North Carolina–2.97% | ||||||||||||||||
| Charlotte-Mecklenburg Hospital Authority (The) (Carolinas HealthCare Systems); Series 2007 C, Ref. VRD RB(a) |
0.01 | % | 01/15/2037 | 9,300 | 9,300,000 | |||||||||||
| Greensboro (City of) (Combined Enterprise System); Series 2012 A, Ref. RB |
5.00 | % | 06/01/2016 | 1,260 | 1,274,790 | |||||||||||
| Guilford (County of); Series 2012 A, Public Improvement Unlimited Tax GO Bonds |
5.00 | % | 03/01/2016 | 2,350 | 2,350,000 | |||||||||||
| Mecklenburg (County of); Series 2009 C, Ref. Unlimited Tax GO Bonds |
5.00 | % | 03/01/2016 | 1,020 | 1,020,000 | |||||||||||
| North Carolina (State of) Capital Facilities Finance Agency (Roman Catholic Diocese of Charlotte); Series 2000, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.05 | % | 06/01/2017 | 2,335 | 2,335,000 | |||||||||||
| Raleigh (City of) (Combined Enterprise System); Series 2006 A, RB |
5.00 | % | 03/01/2016 | 1,150 | 1,150,000 | |||||||||||
| Raleigh (City of); Series 2012 B, Public Improvement Unlimited Tax GO Bonds |
5.00 | % | 04/01/2016 | 2,950 | 2,962,005 | |||||||||||
| 20,391,795 | ||||||||||||||||
| Ohio–3.54% | ||||||||||||||||
| Centerville (City of) (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 B, VRD Health Care RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 11/01/2040 | 1,385 | 1,385,000 | |||||||||||
| Franklin (County of) (Ohio Health Corp.); Series 2011 C, Ref. Hospital Facilities Floating Rate RB(d) |
0.05 | % | 11/15/2033 | 2,900 | 2,900,000 | |||||||||||
| Franklin (County of) (U.S. Health Corp. of Columbus); Series 1996 A, Ref. VRD Hospital Facilities & Improvement RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 12/01/2021 | 7,125 | 7,125,000 | |||||||||||
| Montgomery (County of) (The Dayton Art Institute); Series 1996, VRD Economic Development RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.02 | % | 05/01/2026 | 8,400 | 8,400,000 | |||||||||||
| Ohio (State of) (Goodwill Industries of the Miami Valley); Series 2003, VRD Economic Development RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 06/01/2023 | 4,495 | 4,495,000 | |||||||||||
| 24,305,000 | ||||||||||||||||
| Oklahoma–0.13% | ||||||||||||||||
| Tulsa County Independent School District No. 9 (Union Board of Education); Series 2014, Combined Purpose Unlimited Tax GO Bonds |
1.00 | % | 04/01/2016 | 900 | 900,530 | |||||||||||
| Pennsylvania–4.22% | ||||||||||||||||
| Allegheny (County of) Industrial Development Authority (United Jewish Federation of Greater Pittsburgh); Series 1995 B, VRD RB (LOC–PNC Bank, N.A.)(a)(b)(e) |
0.03 | % | 10/01/2025 | 1,200 | 1,200,000 | |||||||||||
| Haverford Township School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank, |
0.02 | % | 03/01/2030 | 2,235 | 2,235,000 | |||||||||||
| Lebanon (County of) Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 10/15/2025 | 5,505 | 5,505,000 | |||||||||||
| Luzerne (County of) Convention Center Authority; Series 1998 A, VRD Hotel Room Rental Tax RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 09/01/2028 | 2,220 | 2,220,000 | |||||||||||
| Montgomery (County of) Redevelopment Authority (Forge Gate Apartments); Series 2001 A, VRD MFH RB (CEP–FNMA)(a) |
0.01 | % | 08/15/2031 | 3,990 | 3,990,000 | |||||||||||
| Pennsylvania (State of) Higher Educational Facilities Authority (Association of Independent Colleges & Universities of Pennsylvania Financing Program-Moore College of Art & Design); Series 2000 F-1, VRD RB (LOC–PNC Bank, N.A.)(a)(b)(e) |
0.03 | % | 05/01/2020 | 1,950 | 1,950,000 | |||||||||||
| Quakertown (Borough of) General Authority (Pooled Financing Program); Series 1996 A, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 07/01/2026 | 1,715 | 1,715,000 | |||||||||||
| Ridley School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank, N.A.)(a)(b) |
0.02 | % | 11/01/2029 | 2,600 | 2,600,000 | |||||||||||
| Westmoreland (County of) Industrial Development Authority (Excela Health); Series 2005 A, VRD Health System RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 07/01/2027 | 7,525 | 7,525,000 | |||||||||||
| 28,940,000 | ||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| South Carolina–2.02% | ||||||||||||||||
| Brookland-Cayce School District No. 2; Series 2015 C, Unlimited Tax GO Bonds |
3.00 | % | 03/01/2016 | $ | 8,705 | $ | 8,705,000 | |||||||||
| South Carolina (State of) Educational Facilities Authority for Private Non-Profit Institutions of Higher Learning (Morris College); Series 1997, VRD RB (LOC–Bank of America, N.A.)(a)(b)(e) |
0.16 | % | 07/01/2017 | 590 | 590,000 | |||||||||||
| South Carolina (State of) Jobs-Economic Development Authority (YMCA of Greenville); Series 2007, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 03/01/2028 | 2,702 | 2,702,000 | |||||||||||
| Spartanburg County School District No. 7; Series 2015 A, Unlimited Tax GO Bonds |
4.00 | % | 03/01/2016 | 1,830 | 1,830,000 | |||||||||||
| 13,827,000 | ||||||||||||||||
| Tennessee–2.56% | ||||||||||||||||
| Nashville (City of) & Davidson (County of) Metropolitan Government Industrial Development Board (Summit Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 07/15/2036 | 7,575 | 7,575,000 | |||||||||||
| Nashville (City of) & Davidson (County of) Metropolitan Government Health & Educational Facilities Board (Ascension Health Credit Group); Series 2001 B-1, VRD RB(a) |
0.19 | % | 11/15/2031 | 10,000 | 10,000,000 | |||||||||||
| 17,575,000 | ||||||||||||||||
| Texas–9.22% | ||||||||||||||||
| Aledo Independent School District; Series 2006 A, VRD School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program)(a) |
0.02 | % | 08/01/2035 | 14,615 | 14,615,000 | |||||||||||
| Austin Community College District ; Series 2015, Limited Tax GO Bonds |
3.00 | % | 08/01/2016 | 1,260 | 1,273,898 | |||||||||||
| Denton (County of); Series 2013, Limited Tax GO Notes |
3.00 | % | 04/15/2016 | 1,020 | 1,023,354 | |||||||||||
| Fort Bend Independent School District; Series 2008, Ref. School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program) |
5.00 | % | 08/15/2016 | 1,300 | 1,328,235 | |||||||||||
| Lewisville Independent School District; Series 2014 A, School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program) |
3.00 | % | 08/15/2016 | 1,095 | 1,108,749 | |||||||||||
| San Antonio Independent School District; Series 2011, Ref. Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program) |
5.00 | % | 08/15/2016 | 1,000 | 1,021,719 | |||||||||||
| San Gabriel (City of) Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 04/01/2026 | 1,100 | 1,100,000 | |||||||||||
| Tarrant (County of) Cultural Education Facilities Finance Corp. (Baylor Health Care System); Series 2011 C, VRD Hospital RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 11/15/2050 | 3,500 | 3,500,000 | |||||||||||
| Tarrant (County of) Housing Finance Corp. (Remington Hill Development); Series 1998, VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 02/15/2028 | 1,750 | 1,750,000 | |||||||||||
| Tarrant (County of) Housing Finance Corp. (Sierra Springs Apartments); Series 1999, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.03 | % | 02/15/2027 | 5,860 | 5,860,000 | |||||||||||
| Tarrant (County of) Regional Water District; |
||||||||||||||||
| Series 2012 A, Ref. RB |
5.00 | % | 03/01/2016 | 3,500 | 3,500,000 | |||||||||||
| Series 2012, Ref. & Improvement RB |
5.00 | % | 03/01/2016 | 1,130 | 1,130,000 | |||||||||||
| Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD MFH RB (CEP–FHLMC)(a) |
0.01 | % | 05/01/2042 | 10,865 | 10,865,000 | |||||||||||
| Travis (County of); Series 2013, Limited Tax GO Ctfs. |
3.38 | % | 03/01/2016 | 1,970 | 1,970,000 | |||||||||||
| University of Texas System Board of Regents; Series 2008 B, VRD Financing System RB(a) |
0.01 | % | 08/01/2025 | 13,180 | 13,180,000 | |||||||||||
| 63,225,955 | ||||||||||||||||
| Utah–2.91% | ||||||||||||||||
| Utah (County of) (IHC Health Services, Inc.); Series 2014 B, VRD Hospital RB(a) |
0.21 | % | 05/15/2049 | 6,525 | 6,525,000 | |||||||||||
| Utah (State of) Associated Municipal Power Systems (Horse Butte Wind); Series 2012 B, VRD RB (LOC–Bank of Montreal)(a)(b)(c) |
0.01 | % | 09/01/2032 | 11,000 | 11,000,000 | |||||||||||
| Utah (State of) Housing Corp. (Timbergate Apartments); Series 2009 A, VRD MFH RB (CEP–FHLMC)(a) |
0.06 | % | 04/01/2042 | 2,450 | 2,450,000 | |||||||||||
| 19,975,000 | ||||||||||||||||
| Vermont–0.84% | ||||||||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (North Country Hospital); Series 2007 A, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 10/01/2034 | 700 | 700,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Vermont–(continued) | ||||||||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (Norwich University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 09/01/2038 | $ | 5,055 | $ | 5,055,000 | |||||||||
| 5,755,000 | ||||||||||||||||
| Virginia–4.90% | ||||||||||||||||
| Alexandria (City of); Series 2011, Capital Improvement Unlimited Tax GO Bonds |
5.00 | % | 07/15/2016 | 2,115 | 2,152,876 | |||||||||||
| Capital Beltway Funding Corp. of Virginia (I-495 Hot Lanes); Series 2010 C, Ref. VRD Sr. Lien Multi-Modal Toll RB (LOC–National Australia Bank Ltd.)(a)(b)(c) |
0.01 | % | 12/31/2047 | 27,600 | 27,600,000 | |||||||||||
| Fairfax (County of) Water Authority; Series 2013 A, Ref. RB |
3.00 | % | 04/01/2016 | 915 | 917,212 | |||||||||||
| Louisa (County of) Industrial Development Authority (University of Virginia Health Services Foundation); Series 2000, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 10/01/2030 | 2,700 | 2,700,000 | |||||||||||
| Suffolk (City of) Redevelopment & Housing Authority (Oak Springs Apartments, LLC); Series 1999, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.03 | % | 12/01/2019 | 200 | 200,000 | |||||||||||
| 33,570,088 | ||||||||||||||||
| Washington–3.61% | ||||||||||||||||
| Seattle (City of); Series 2014, Ref. Drainage & Wastewater Improvement RB |
4.00 | % | 05/01/2016 | 1,100 | 1,106,935 | |||||||||||
| Seattle (City of) Housing Authority (Bayview Manor); Series 1994 B, VRD Low-Income Housing Assistance RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.02 | % | 05/01/2019 | 1,170 | 1,170,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Lake City Senior Apartments); Series 2009, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 07/01/2044 | 8,000 | 8,000,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Panorama City); Series 2008, VRD Non-Profit RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 04/01/2043 | 12,000 | 12,000,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Valley View Apartments); Series 2002, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 09/15/2020 | 2,475 | 2,475,000 | |||||||||||
| 24,751,935 | ||||||||||||||||
| West Virginia–0.88% | ||||||||||||||||
| West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008, Ref. VRD Improvement RB (LOC–Branch Banking & Trust Co.)(a)(b) |
0.02 | % | 01/01/2034 | 6,000 | 6,000,000 | |||||||||||
| Wisconsin–5.69% | ||||||||||||||||
| Lima (Town of) (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD Development RB (LOC–FHLB of Chicago)(a)(b) |
0.01 | % | 10/01/2042 | 2,380 | 2,380,000 | |||||||||||
| Milwaukee (City of); Series 2015 M7, School RAN |
2.00 | % | 06/30/2016 | 11,500 | 11,568,747 | |||||||||||
| Oneida Tribe of Indians of Wisconsin; Series 2001, VRD Health Facilities RB (LOC–Bank of America, N.A.)(a)(b) |
0.08 | % | 07/01/2016 | 1,955 | 1,955,000 | |||||||||||
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital, Inc.); Series 2004, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 08/15/2034 | 7,095 | 7,095,000 | |||||||||||
| Wisconsin (State of) Health & Educational Facilities Authority (University of Wisconsin Medical Foundation, Inc.); Series 2000, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.03 | % | 05/01/2030 | 15,410 | 15,410,000 | |||||||||||
| Wisconsin (State of); Series 2012 2, Ref. Clean Water RB |
5.00 | % | 06/01/2016 | 600 | 607,256 | |||||||||||
| 39,016,003 | ||||||||||||||||
| TOTAL INVESTMENTS(h)(i)–101.46% (Cost $695,815,630) |
695,815,630 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(1.46)% |
|
(10,011,598 | ) | |||||||||||||
| NET ASSETS–100.00% |
|
$ | 685,804,032 | |||||||||||||
Investment Abbreviations:
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 Short-Term Investments Trust
Tax-Free Cash Reserve Portfolio
Notes to Schedule of Investments:
| (a) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (b) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (c) | The security is credit guaranteed, enhanced or has credit risk by a foreign entity. No concentration of any single foreign country was greater than 5%. |
| (d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (e) | 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, 2016 was $13,342,000, which represented 1.95% of the Fund’s Net Assets. |
| (f) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (g) | Synthetic municipal instruments; involves the deposit into a trust of one or more long-term tax-exempt bonds or notes (“Underlying Bonds.”), a sale of certificates evidencing interests in the trust to investors such as the Fund. The trustee receives the long-term fixed interest payments on the Underlying Bonds, and pays certificate holders variable rate interest payments based upon a short-term reset periodically. |
| (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 | |||
| PNC Bank, N.A. |
6.4 | % | ||
| Federal Home Loan Mortgage Corp. |
6.2 | |||
| Federal National Mortgage Association |
6.2 | |||
| Wells Fargo Bank, N.A. |
5.9 | |||
| U.S. Bank, N.A. |
5.9 | |||
| TD Bank, N.A. |
5.8 | |||
| Northern Trust Co. |
5.5 | |||
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
83.9 | % | ||
| 8-30 |
0.0 | |||
| 31-60 |
1.6 | |||
| 61-90 |
0.5 | |||
| 91-180 |
8.2 | |||
| 181+ |
5.8 |
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.
31 Short-Term Investments Trust
Statement of Assets and Liabilities
February 29, 2016
(Unaudited)
| Liquid Assets Portfolio |
STIC Prime Portfolio |
Treasury Portfolio |
Government & Agency Portfolio |
Government TaxAdvantage Portfolio |
Tax-Free Cash Reserve Portfolio |
|||||||||||||||||||||||||||||||
| Assets: |
||||||||||||||||||||||||||||||||||||
| Investments, at value and cost |
$ | 17,143,582,669 | $ | 2,284,212,740 | $ | 5,364,728,459 | $ | 2,393,990,600 | $ | 140,326,432 | $ | 695,815,630 | ||||||||||||||||||||||||
| Repurchase agreements, at value and cost |
5,460,525,273 | 450,369,735 | 7,417,713,856 | 2,665,203,465 | — | — | ||||||||||||||||||||||||||||||
| Total investments, at value and cost |
22,604,107,942 | 2,734,582,475 | 12,782,442,315 | 5,059,194,065 | 140,326,432 | 695,815,630 | ||||||||||||||||||||||||||||||
| Cash |
— | — | — | 23,844,931 | 67,220 | — | ||||||||||||||||||||||||||||||
| Receivable for: |
||||||||||||||||||||||||||||||||||||
| Investments sold |
2,401,485 | 5,000 | 27,854,897 | — | — | 665,002 | ||||||||||||||||||||||||||||||
| Interest |
5,382,282 | 171,078 | 5,105,215 | 570,392 | 7,233 | 1,058,923 | ||||||||||||||||||||||||||||||
| Fund expenses absorbed |
190,236 | 130,334 | 353,087 | — | 61,215 | 159,924 | ||||||||||||||||||||||||||||||
| Investment for trustee deferred compensation and retirement plans |
3,090,011 | 878,999 | 1,828,060 | 829,073 | 111,179 | 312,793 | ||||||||||||||||||||||||||||||
| Other assets |
116,445 | 191,396 | 140,305 | 63,693 | 31,836 | 47,960 | ||||||||||||||||||||||||||||||
| Total assets |
22,615,288,401 | 2,735,959,282 | 12,817,723,879 | 5,084,502,154 | 140,605,115 | 698,060,232 | ||||||||||||||||||||||||||||||
| Liabilities: |
||||||||||||||||||||||||||||||||||||
| Payable for: |
||||||||||||||||||||||||||||||||||||
| Investments purchased |
149,636,000 | — | — | 73,723,601 | — | 11,800,009 | ||||||||||||||||||||||||||||||
| Amount due custodian |
10,641,150 | 10,431 | 27,464,210 | — | — | 15,936 | ||||||||||||||||||||||||||||||
| Dividends |
7,042,735 | 703,092 | 1,832,254 | 891,457 | 23,824 | 5,279 | ||||||||||||||||||||||||||||||
| Accrued fees to affiliates |
461,383 | 199,974 | 907,894 | 145,660 | 93,525 | 43,000 | ||||||||||||||||||||||||||||||
| Accrued trustees’ and officer’s fees and benefits |
32,185 | 6,556 | 26,492 | 11,596 | 3,599 | 3,324 | ||||||||||||||||||||||||||||||
| Accrued operating expenses |
111,886 | 36,339 | 75,287 | 11,169 | 21,059 | 20,337 | ||||||||||||||||||||||||||||||
| Trustee deferred compensation and retirement plans |
3,742,851 | 1,041,332 | 2,229,761 | 1,010,742 | 128,797 | 368,315 | ||||||||||||||||||||||||||||||
| Total liabilities |
171,668,190 | 1,997,724 | 32,535,898 | 75,794,225 | 270,804 | 12,256,200 | ||||||||||||||||||||||||||||||
| Net assets applicable to shares outstanding |
$ | 22,443,620,211 | $ | 2,733,961,558 | $ | 12,785,187,981 | $ | 5,008,707,929 | $ | 140,334,311 | $ | 685,804,032 | ||||||||||||||||||||||||
| Net assets consist of: |
||||||||||||||||||||||||||||||||||||
| Shares of beneficial interest |
$ | 22,441,059,834 | $ | 2,733,087,812 | $ | 12,784,855,040 | $ | 5,008,598,424 | $ | 140,351,885 | $ | 685,953,788 | ||||||||||||||||||||||||
| Undistributed net investment income |
2,468,855 | 872,258 | (21,274 | ) | (26,177 | ) | (9,046 | ) | (104,955 | ) | ||||||||||||||||||||||||||
| Undistributed net realized gain (loss) |
91,522 | 1,488 | 354,215 | 135,682 | (8,528 | ) | (44,801 | ) | ||||||||||||||||||||||||||||
| $ | 22,443,620,211 | $ | 2,733,961,558 | $ | 12,785,187,981 | $ | 5,008,707,929 | $ | 140,334,311 | $ | 685,804,032 | |||||||||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32 Short-Term Investments Trust
Statement of Assets and Liabilities—(continued)
February 29, 2016
(Unaudited)
| Liquid Assets Portfolio |
STIC Prime Portfolio |
Treasury Portfolio |
Government & Agency Portfolio |
Government TaxAdvantage Portfolio |
Tax-Free Cash Reserve Portfolio |
|||||||||||||||||||||||||||||||
| Net Assets: |
|
|||||||||||||||||||||||||||||||||||
| Institutional Class |
$ | 19,350,616,042 | $ | 1,917,283,674 | $ | 6,273,721,419 | $ | 3,295,982,076 | $ | 17,000,000 | $ | 576,781,735 | ||||||||||||||||||||||||
| Private Investment Class |
$ | 209,874,644 | $ | 137,321,595 | $ | 464,674,210 | $ | 503,979,238 | $ | 4,402,797 | $ | 29,889,915 | ||||||||||||||||||||||||
| Personal Investment Class |
$ | 58,065,383 | $ | 99,353,189 | $ | 147,223,145 | $ | 8,943,577 | $ | 1,879,098 | $ | 2,731,245 | ||||||||||||||||||||||||
| Cash Management Class |
$ | 236,125,452 | $ | 396,501,369 | $ | 4,362,496,379 | $ | 138,578,152 | $ | 45,617,025 | $ | 42,442,594 | ||||||||||||||||||||||||
| Reserve Class |
$ | 130,755,458 | $ | 26,622,307 | $ | 30,685,986 | $ | 286,180,378 | $ | 68,883,100 | $ | 30,177,389 | ||||||||||||||||||||||||
| Resource Class |
$ | 10,543,447 | $ | 19,391,271 | $ | 331,809,997 | $ | 60,155,218 | $ | 2,372,701 | $ | 2,573,547 | ||||||||||||||||||||||||
| Corporate Class |
$ | 2,447,639,785 | $ | 137,488,153 | $ | 1,174,576,845 | $ | 714,889,290 | $ | 179,590 | $ | 1,207,607 | ||||||||||||||||||||||||
| Shares outstanding, $0.01 par value per share, |
| |||||||||||||||||||||||||||||||||||
| Institutional Class |
19,348,405,760 | 1,917,274,456 | 6,273,196,808 | 3,295,833,750 | 16,995,722 | 576,749,244 | ||||||||||||||||||||||||||||||
| Private Investment Class |
209,850,210 | 137,320,975 | 464,636,651 | 503,957,597 | 4,401,677 | 29,888,222 | ||||||||||||||||||||||||||||||
| Personal Investment Class |
58,058,765 | 99,352,712 | 147,212,225 | 8,943,175 | 1,878,605 | 2,731,090 | ||||||||||||||||||||||||||||||
| Cash Management Class |
236,097,591 | 396,499,479 | 4,362,121,141 | 138,567,299 | 45,605,336 | 42,440,171 | ||||||||||||||||||||||||||||||
| Reserve Class |
130,740,969 | 26,622,133 | 30,683,432 | 286,168,646 | 68,865,475 | 30,175,675 | ||||||||||||||||||||||||||||||
| Resource Class |
10,542,271 | 19,391,182 | 331,782,803 | 60,152,501 | 2,372,098 | 2,573,402 | ||||||||||||||||||||||||||||||
| Corporate Class |
2,447,363,765 | 137,487,515 | 1,174,472,810 | 714,862,165 | 179,545 | 1,207,539 | ||||||||||||||||||||||||||||||
| Net asset value, offering and redemption price per share for each class |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
33 Short-Term Investments Trust
Statement of Operations
For the six months ended February 29, 2016
(Unaudited)
| Liquid Assets Portfolio |
STIC Prime Portfolio |
Treasury Portfolio |
Government & Agency |
Government TaxAdvantage Portfolio |
Tax-Free Cash Reserve Portfolio |
|||||||||||||||||||||||||||||||
| Investment income: |
||||||||||||||||||||||||||||||||||||
| Interest |
$ | 39,276,066 | $ | 4,406,046 | $ | 14,445,597 | $ | 6,349,758 | $ | 226,027 | $ | 209,757 | ||||||||||||||||||||||||
| Expenses: |
||||||||||||||||||||||||||||||||||||
| Advisory fees |
15,055,521 | 2,112,022 | 10,414,744 | 2,793,476 | 212,182 | 770,759 | ||||||||||||||||||||||||||||||
| Administrative services fees |
539,799 | 272,550 | 446,983 | 322,493 | 24,863 | 89,259 | ||||||||||||||||||||||||||||||
| Custodian fees |
90,387 | 19,308 | 61,293 | 66,159 | 8,066 | 8,856 | ||||||||||||||||||||||||||||||
| Distribution fees: |
||||||||||||||||||||||||||||||||||||
| Private Investment Class |
516,818 | 392,494 | 1,097,942 | 1,228,129 | 12,881 | 75,725 | ||||||||||||||||||||||||||||||
| Personal Investment Class |
316,705 | 396,028 | 573,977 | 61,800 | 14,162 | 9,266 | ||||||||||||||||||||||||||||||
| Cash Management Class |
196,916 | 220,789 | 2,548,900 | 123,111 | 26,533 | 23,462 | ||||||||||||||||||||||||||||||
| Reserve Class |
786,255 | 212,190 | 172,936 | 1,424,173 | 202,217 | 114,830 | ||||||||||||||||||||||||||||||
| Resource Class |
17,620 | 20,456 | 332,053 | 83,474 | 2,360 | 3,686 | ||||||||||||||||||||||||||||||
| Corporate Class |
285,966 | 14,022 | 209,063 | 96,980 | 400 | 2,502 | ||||||||||||||||||||||||||||||
| Transfer agent fees |
903,446 | 126,721 | 624,885 | 257,048 | 9,157 | 29,090 | ||||||||||||||||||||||||||||||
| Trustees’ and officers’ fees and benefits |
345,156 | 77,804 | 241,846 | 106,704 | 15,253 | 29,684 | ||||||||||||||||||||||||||||||
| Registration and filing fees |
61,425 | 46,305 | 63,360 | 81,282 | 37,833 | 38,847 | ||||||||||||||||||||||||||||||
| Other |
437,772 | 115,293 | 279,353 | 340,129 | 47,262 | 50,329 | ||||||||||||||||||||||||||||||
| Total expenses |
19,553,786 | 4,025,982 | 17,067,335 | 6,984,958 | 613,169 | 1,246,295 | ||||||||||||||||||||||||||||||
| Less: Fees waived |
(4,368,663 | ) | (1,944,878 | ) | (7,116,608 | ) | (3,104,997 | ) | (462,359 | ) | (1,068,465 | ) | ||||||||||||||||||||||||
| Net expenses |
15,185,123 | 2,081,104 | 9,950,727 | 3,879,961 | 150,810 | 177,830 | ||||||||||||||||||||||||||||||
| Net investment income |
24,090,943 | 2,324,942 | 4,494,870 | 2,469,797 | 75,217 | 31,927 | ||||||||||||||||||||||||||||||
| Realized and unrealized gain from: |
||||||||||||||||||||||||||||||||||||
| Net realized gain from Investment securities |
15,642 | 544 | 416,712 | 19,165 | 9,917 | — | ||||||||||||||||||||||||||||||
| Net increase in net assets resulting from operations |
$ | 24,106,585 | $ | 2,325,486 | $ | 4,911,582 | $ | 2,488,962 | $ | 85,134 | $ | 31,927 | ||||||||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
34 Short-Term Investments Trust
Statement of Changes in Net Assets
For the six months ended February 29, 2016 and the year ended August 31, 2015
(Unaudited)
| Liquid Assets Portfolio | STIC Prime Portfolio | |||||||||||||||||||
| February 29, 2016 |
August 31, 2015 |
February 29, 2016 |
August 31, 2015 |
|||||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income |
$ | 24,090,943 | $ | 14,869,394 | $ | 2,324,942 | $ | 2,593,491 | ||||||||||||
| Net realized gain |
15,642 | 164,146 | 544 | 944 | ||||||||||||||||
| Net increase in net assets resulting from operations |
24,106,585 | 15,033,540 | 2,325,486 | 2,594,435 | ||||||||||||||||
| Distributions to shareholders from net investment income: |
||||||||||||||||||||
| Institutional Class |
(21,603,070 | ) | (14,147,500 | ) | (1,761,348 | ) | (1,854,672 | ) | ||||||||||||
| Private Investment Class |
(34,987 | ) | (30,767 | ) | (80,356 | ) | (132,350 | ) | ||||||||||||
| Personal Investment Class |
(9,541 | ) | (13,561 | ) | (54,963 | ) | (110,282 | ) | ||||||||||||
| Cash Management Class |
(306,028 | ) | (77,398 | ) | (302,379 | ) | (376,417 | ) | ||||||||||||
| Reserve Class |
(18,224 | ) | (14,433 | ) | (21,613 | ) | (18,513 | ) | ||||||||||||
| Resource Class |
(4,310 | ) | (12,035 | ) | (11,761 | ) | (20,138 | ) | ||||||||||||
| Corporate Class |
(2,114,783 | ) | (573,700 | ) | (92,498 | ) | (81,119 | ) | ||||||||||||
| Total distributions from net investment income |
(24,090,943 | ) | (14,869,394 | ) | (2,324,918 | ) | (2,593,491 | ) | ||||||||||||
| Share transactions–net: |
||||||||||||||||||||
| Institutional Class |
3,376,529,292 | (2,640,861,091 | ) | 152,620,931 | (148,752,146 | ) | ||||||||||||||
| Private Investment Class |
(73,584,196 | ) | (61,736,842 | ) | (24,894,329 | ) | 10,083,327 | |||||||||||||
| Personal Investment Class |
(57,334,039 | ) | (65,018,703 | ) | (18,219,967 | ) | (40,437,932 | ) | ||||||||||||
| Cash Management Class |
(221,844,735 | ) | (226,421,761 | ) | (87,093,375 | ) | 29,823,610 | |||||||||||||
| Reserve Class |
(25,452,945 | ) | (23,801,101 | ) | (23,778,069 | ) | 34,768,990 | |||||||||||||
| Resource Class |
(62,133,047 | ) | (62,863,904 | ) | (319,045 | ) | (12,328,636 | ) | ||||||||||||
| Corporate Class |
1,393,208,709 | 383,540,344 | 60,444,479 | 17,489,399 | ||||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
4,329,389,039 | (2,697,163,058 | ) | 58,760,625 | (109,353,388 | ) | ||||||||||||||
| Net increase (decrease) in net assets |
4,329,404,681 | (2,696,998,912 | ) | 58,761,193 | (109,352,444 | ) | ||||||||||||||
| Net assets: |
||||||||||||||||||||
| Beginning of period |
18,114,215,530 | 20,811,214,442 | 2,675,200,365 | 2,784,552,809 | ||||||||||||||||
| End of period* |
$ | 22,443,620,211 | $ | 18,114,215,530 | $ | 2,733,961,558 | $ | 2,675,200,365 | ||||||||||||
| * Includes accumulated undistributed net investment income |
$ | 2,468,855 | $ | 2,468,855 | $ | 872,258 | $ | 872,234 | ||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
35 Short-Term Investments Trust
Statement of Changes in Net Assets—(continued)
For the six months ended February 29, 2016 and the year ended August 31, 2015
(Unaudited)
| Treasury Portfolio | Government & Agency Portfolio | |||||||||||||||||||
| February 29, 2016 |
August 31, 2015 |
February 29, 2016 |
August 31, 2015 |
|||||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income |
$ | 4,494,870 | $ | 3,320,415 | $ | 2,469,797 | $ | 1,741,840 | ||||||||||||
| Net realized gain (loss) |
416,712 | (62,497 | ) | 19,165 | 116,517 | |||||||||||||||
| Net increase in net assets resulting from operations |
4,911,582 | 3,257,918 | 2,488,962 | 1,858,357 | ||||||||||||||||
| Distributions to shareholders from net investment income: |
||||||||||||||||||||
| Institutional Class |
(2,661,142 | ) | (1,478,709 | ) | (1,883,035 | ) | (1,159,579 | ) | ||||||||||||
| Private Investment Class |
(80,956 | ) | (102,223 | ) | (138,874 | ) | (126,468 | ) | ||||||||||||
| Personal Investment Class |
(26,968 | ) | (29,788 | ) | (4,096 | ) | (12,667 | ) | ||||||||||||
| Cash Management Class |
(1,193,495 | ) | (1,317,452 | ) | (80,858 | ) | (167,941 | ) | ||||||||||||
| Reserve Class |
(6,664 | ) | (11,073 | ) | (79,656 | ) | (108,700 | ) | ||||||||||||
| Resource Class |
(60,366 | ) | (68,891 | ) | (21,523 | ) | (38,869 | ) | ||||||||||||
| Corporate Class |
(465,279 | ) | (312,279 | ) | (261,755 | ) | (127,616 | ) | ||||||||||||
| Total distributions from net investment income |
(4,494,870 | ) | (3,320,415 | ) | (2,469,797 | ) | (1,741,840 | ) | ||||||||||||
| Share transactions–net: |
||||||||||||||||||||
| Institutional Class |
(1,576,572,464 | ) | 369,868,233 | (923,881,457 | ) | 891,380,297 | ||||||||||||||
| Private Investment Class |
3,525,513 | (63,444,289 | ) | 81,408,389 | 75,509,267 | |||||||||||||||
| Personal Investment Class |
(14,835,299 | ) | (350,960 | ) | (28,223,425 | ) | (3,981,249 | ) | ||||||||||||
| Cash Management Class |
(941,979,421 | ) | (2,293,402,486 | ) | (84,274,931 | ) | (247,006,196 | ) | ||||||||||||
| Reserve Class |
(4,919,263 | ) | (151,761,502 | ) | (21,349,198 | ) | (3,594,120 | ) | ||||||||||||
| Resource Class |
7,316,221 | (49,445,822 | ) | (37,751,805 | ) | (6,672,798 | ) | |||||||||||||
| Corporate Class |
(596,102,256 | ) | 346,906,945 | 83,692,317 | (28,642,460 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
(3,123,566,969 | ) | (1,841,629,881 | ) | (930,380,110 | ) | 676,992,741 | |||||||||||||
| Net increase (decrease) in net assets |
(3,123,150,257 | ) | (1,841,692,378 | ) | (930,360,945 | ) | 677,109,258 | |||||||||||||
| Net assets: |
||||||||||||||||||||
| Beginning of period |
15,908,338,238 | 17,750,030,616 | 5,939,068,874 | 5,261,959,616 | ||||||||||||||||
| End of period* |
$ | 12,785,187,981 | $ | 15,908,338,238 | $ | 5,008,707,929 | $ | 5,939,068,874 | ||||||||||||
| * Includes accumulated undistributed net investment income |
$ | (21,274 | ) | $ | (21,274 | ) | $ | (26,177 | ) | $ | (26,177 | ) | ||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
36 Short-Term Investments Trust
Statement of Changes in Net Assets—(continued)
For the six months ended February 29, 2016 and the year ended August 31, 2015
(Unaudited)
| Government TaxAdvantage Portfolio | Tax-Free Cash Reserve Portfolio | |||||||||||||||||||
| February 29, 2016 |
August 31, 2015 |
February 29, 2016 |
August 31, 2015 |
|||||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income |
$ | 75,217 | $ | 152,172 | $ | 31,927 | $ | 320,850 | ||||||||||||
| Net realized gain |
9,917 | 5,675 | — | 17,500 | ||||||||||||||||
| Net increase in net assets resulting from operations |
85,134 | 157,847 | 31,927 | 338,350 | ||||||||||||||||
| Distributions to shareholders from net investment income: |
||||||||||||||||||||
| Institutional Class |
(42,884 | ) | (109,398 | ) | (25,982 | ) | (243,361 | ) | ||||||||||||
| Private Investment Class |
(1,366 | ) | (5,768 | ) | (1,487 | ) | (14,944 | ) | ||||||||||||
| Personal Investment Class |
(1,007 | ) | (2,191 | ) | (122 | ) | (1,433 | ) | ||||||||||||
| Cash Management Class |
(15,296 | ) | (25,467 | ) | (2,317 | ) | (29,656 | ) | ||||||||||||
| Reserve Class |
(13,250 | ) | (1,334 | ) | (1,135 | ) | (13,465 | ) | ||||||||||||
| Resource Class |
(646 | ) | (3,530 | ) | (181 | ) | (2,416 | ) | ||||||||||||
| Corporate Class |
(768 | ) | (4,484 | ) | (703 | ) | (15,575 | ) | ||||||||||||
| Total distributions from net investment income |
(75,217 | ) | (152,172 | ) | (31,927 | ) | (320,850 | ) | ||||||||||||
| Share transactions–net: |
||||||||||||||||||||
| Institutional Class |
(88,546,410 | ) | (22,147,472 | ) | 120,751,861 | (68,021,232 | ) | |||||||||||||
| Private Investment Class |
(1,581,623 | ) | (9,595,904 | ) | (579,080 | ) | (3,807,802 | ) | ||||||||||||
| Personal Investment Class |
(76,406 | ) | (1,843,611 | ) | (892,435 | ) | (98,681 | ) | ||||||||||||
| Cash Management Class |
585,020 | (3,080,076 | ) | (8,574,246 | ) | (9,705,701 | ) | |||||||||||||
| Reserve Class |
62,990,375 | 5,171,160 | 8,402,532 | (5,865,164 | ) | |||||||||||||||
| Resource Class |
504 | (1,336,302 | ) | (1,952,773 | ) | (989,440 | ) | |||||||||||||
| Corporate Class |
(27,830,485 | ) | (22,499,992 | ) | (25,269,735 | ) | (5,044,078 | ) | ||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
(54,459,025 | ) | (55,332,197 | ) | 91,886,124 | (93,532,098 | ) | |||||||||||||
| Net increase (decrease) in net assets |
(54,449,108 | ) | (55,326,522 | ) | 91,886,124 | (93,514,598 | ) | |||||||||||||
| Net assets: |
||||||||||||||||||||
| Beginning of period |
194,783,419 | 250,109,941 | 593,917,908 | 687,432,506 | ||||||||||||||||
| End of period* |
$ | 140,334,311 | $ | 194,783,419 | $ | 685,804,032 | $ | 593,917,908 | ||||||||||||
| * Includes accumulated undistributed net investment income |
$ | (9,046 | ) | $ | (9,046 | ) | $ | (104,955 | ) | $ | (104,955 | ) | ||||||||
Notes to Financial Statements
February 29, 2016
(Unaudited)
NOTE 1—Significant Accounting Policies
Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers six separate portfolios, (each constituting a “Fund”). The Funds covered in this report are Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Government TaxAdvantage Portfolio and Tax-Free Cash Reserve Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.
The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio and Government TaxAdvantage Portfolio; and to provide tax-exempt income consistent with the preservation of capital and liquidity for Tax-Free Cash Reserve Portfolio.
Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.
The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements.
| A. | Security Valuations — Each Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts. |
37 Short-Term Investments Trust
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), adjusted for amortization of premiums and accretion of discounts on investments, is recorded on the accrual basis from settlement date. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Funds and the investment adviser.
The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.
| C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. | Distributions — It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually. |
| 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, Tax-Free Cash Reserve 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 of each respective Fund are allocated among the classes of such Fund 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 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 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- |
38 Short-Term Investments Trust
| 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 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.
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 pays an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:
| First $250 million |
Next $250 million |
Over $500 million |
||||||||||
| Liquid Assets Portfolio |
0.15% | 0.15% | 0.15% | |||||||||
| STIC Prime Portfolio |
0.15% | 0.15% | 0.15% | |||||||||
| Treasury Portfolio |
0.15% | 0.15% | 0.15% | |||||||||
| Government & Agency Portfolio |
0.10% | 0.10% | 0.10% | |||||||||
| Government TaxAdvantage Portfolio |
0.20% | 0.15% | 0.10% | |||||||||
| Tax-Free Cash Reserve Portfolio |
0.25% | 0.25% | 0.20% | |||||||||
For the six months ended February 29, 2016, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:
| Liquid Assets Portfolio |
0.15% | |||
| STIC Prime Portfolio |
0.15% | |||
| Treasury Portfolio |
0.15% | |||
| Government & Agency Portfolio |
0.10% | |||
| Government TaxAdvantage Portfolio |
0.20% | |||
| Tax-Free Cash Reserve Portfolio |
0.24% |
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, may 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, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):
| Institutional Class |
Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
||||||||||||||||||||||
| Liquid Assets Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.34 | % | 0.17 | % | ||||||||||||||
| STIC Prime Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Treasury Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Government & Agency Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Government TaxAdvantage Portfolio |
0.14 | % | 0.39 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Tax-Free Cash Reserve Portfolio |
0.25 | % | 0.50 | % | 0.80 | % | 0.33 | % | 1.12 | % | 0.41 | % | 0.28 | % | ||||||||||||||
39 Short-Term Investments Trust
The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.
In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) extraordinary or non-routine items, including litigation expenses, and (4) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2016. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.
Further, Invesco and/or IDI voluntarily waived fees and/or reimbursed expenses in order to increase the yields of each Fund. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors.
For the six months ended February 29, 2016, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:
| Expense Limitation |
Yield Waivers |
|||||||
| Liquid Assets Portfolio |
$ | 3,171,391 | $ | — | ||||
| STIC Prime Portfolio |
739,928 | 136,428 | ||||||
| Treasury Portfolio |
2,288,175 | 1,051,494 | ||||||
| Government & Agency Portfolio |
— | 366,030 | ||||||
| Government TaxAdvantage Portfolio |
198,607 | 29,497 | ||||||
| Tax-Free Cash Reserve Portfolio |
184,678 | 654,316 | ||||||
Voluntary fee waivers for the six months ended February 29, 2016 are shown below:
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
|||||||||||||||||||
| Liquid Assets Portfolio |
$ | 94,501 | $ | 143,768 | N/A | $ | 522,027 | $ | 4,198 | N/A | ||||||||||||||
| STIC Prime Portfolio |
182,115 | 253,640 | $ | 107,517 | 170,802 | 10,277 | $ | 5,732 | ||||||||||||||||
| Treasury Portfolio |
553,250 | 386,917 | 1,208,001 | 141,548 | 183,854 | 112,460 | ||||||||||||||||||
| Government & Agency Portfolio |
617,726 | 42,788 | 60,777 | 1,173,959 | 50,215 | 59,311 | ||||||||||||||||||
| Government TaxAdvantage Portfolio |
5,696 | 9,611 | 13,714 | 161,077 | 1,484 | 389 | ||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
37,862 | 6,795 | 18,770 | 99,902 | 2,949 | 2,502 | ||||||||||||||||||
The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the six months ended February 29, 2016, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 29, 2016, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.
Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class | |||||||||||||||||||||||
| 0.50 | % | 0.75 | % | 0.10 | % | 1.00 | % | 0.20 | % | 0.03 | % | |||||||||||||||||
Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.
IDI has contractually agreed, through at least December 31, 2016, to waive a portion of its compensation payable by the Funds such that compensation paid pursuant to the Plan with respect to each share class equals the maximum annual rate of average daily assets shown below:
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
|||||||||||||||||||
| Liquid Assets Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.20 | % | 0.03 | % | ||||||||||||
| STIC Prime Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Treasury Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Government & Agency Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Government TaxAdvantage Portfolio |
0.25 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Tax-Free Cash Reserve Portfolio |
0.25 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
40 Short-Term Investments Trust
Pursuant to the agreement above, for the six months ended February 29, 2016, IDI waived Plan fees of:
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
|||||||||||||||||||
| Liquid Assets Portfolio |
$ | 206,727 | $ | 84,455 | $ | 39,383 | $ | 102,213 | N/A | N/A | ||||||||||||||
| STIC Prime Portfolio |
156,998 | 105,607 | 44,158 | 27,585 | $ | 4,091 | N/A | |||||||||||||||||
| Treasury Portfolio |
439,176 | 153,061 | 509,780 | 22,482 | 66,410 | N/A | ||||||||||||||||||
| Government & Agency Portfolio |
491,252 | 16,480 | 24,622 | 185,142 | 16,695 | N/A | ||||||||||||||||||
| Government TaxAdvantage Portfolio |
6,441 | 3,776 | 5,307 | 26,288 | 472 | N/A | ||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
37,862 | 2,471 | 4,693 | 14,928 | 737 | N/A | ||||||||||||||||||
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
| Level 1 — | Prices are determined using quoted prices in an active market for identical assets. |
| Level 2 — | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
| Level 3 — | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect each Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
As of February 29, 2016, 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 months ended February 29, 2016, each Fund engaged in transactions with affiliates as listed below:
| Securities Purchases | Securities Sales | Net Realized Gains | ||||||||||
| Liquid Assets Portfolio |
$ | 259,171,921 | $ | 453,279,225 | $ | — | ||||||
| STIC Prime Portfolio |
118,541,842 | 142,726,856 | — | |||||||||
| Tax-Free Cash Reserve Portfolio |
466,679,556 | 355,977,114 | — | |||||||||
NOTE 5—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Funds may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Funds.
41 Short-Term Investments Trust
NOTE 6—Cash Balances
The Funds are permitted to temporarily overdraft or leave balances in their accounts with The Bank of New York Mellon (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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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 below had a capital loss carryforward as of August 31, 2015 which expires as follows:
| Short-Term | Long-Term | Total* | ||||||||||||||||||
| Fund | 2018 | 2019 | Not Subject to Expiration |
Not Subject to Expiration |
||||||||||||||||
| Treasury Portfolio |
$ | — | $ | — | $ | 62,497 | $ | — | $ | 62,497 | ||||||||||
| Government TaxAdvantage Portfolio |
— | — | 18,445 | — | 18,445 | |||||||||||||||
| Tax-Free Cash Reserve Portfolio |
14,727 | 30,074 | — | — | 44,801 | |||||||||||||||
| * | Capital loss carryforward as of the date listed above is 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. |
42 Short-Term Investments Trust
NOTE 8—Share Information
Liquid Assets Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
122,870,197,623 | $ | 122,870,197,623 | 285,396,098,619 | $ | 285,396,098,619 | ||||||||||
| Private Investment Class |
510,334,896 | 510,334,896 | 1,434,632,883 | 1,434,632,883 | ||||||||||||
| Personal Investment Class |
69,834,480 | 69,834,480 | 538,543,116 | 538,543,116 | ||||||||||||
| Cash Management Class |
2,145,627,791 | 2,145,627,791 | 4,326,518,141 | 4,326,518,141 | ||||||||||||
| Reserve Class |
206,076,476 | 206,076,476 | 1,016,989,736 | 1,016,989,736 | ||||||||||||
| Resource Class |
38,210,088 | 38,210,088 | 459,622,836 | 459,622,836 | ||||||||||||
| Corporate Class |
9,471,104,350 | 9,471,104,350 | 5,521,655,244 | 5,521,655,244 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
5,132,756 | 5,132,756 | 3,973,048 | 3,973,048 | ||||||||||||
| Private Investment Class |
6,181 | 6,181 | 8,279 | 8,279 | ||||||||||||
| Personal Investment Class |
4,693 | 4,693 | 11,639 | 11,639 | ||||||||||||
| Cash Management Class |
93,642 | 93,642 | 31,257 | 31,257 | ||||||||||||
| Reserve Class |
9,591 | 9,591 | 14,378 | 14,378 | ||||||||||||
| Resource Class |
2,603 | 2,603 | 12,396 | 12,396 | ||||||||||||
| Corporate Class |
270,357 | 270,357 | 225,681 | 225,681 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(119,498,801,087 | ) | (119,498,801,087 | ) | (288,040,932,758 | ) | (288,040,932,758 | ) | ||||||||
| Private Investment Class |
(583,925,273 | ) | (583,925,273 | ) | (1,496,378,004 | ) | (1,496,378,004 | ) | ||||||||
| Personal Investment Class |
(127,173,212 | ) | (127,173,212 | ) | (603,573,458 | ) | (603,573,458 | ) | ||||||||
| Cash Management Class |
(2,367,566,168 | ) | (2,367,566,168 | ) | (4,552,971,159 | ) | (4,552,971,159 | ) | ||||||||
| Reserve Class |
(231,539,012 | ) | (231,539,012 | ) | (1,040,805,215 | ) | (1,040,805,215 | ) | ||||||||
| Resource Class |
(100,345,738 | ) | (100,345,738 | ) | (522,499,136 | ) | (522,499,136 | ) | ||||||||
| Corporate Class |
(8,078,165,998 | ) | (8,078,165,998 | ) | (5,138,340,581 | ) | (5,138,340,581 | ) | ||||||||
| Net increase (decrease) in share activity |
4,329,389,039 | $ | 4,329,389,039 | (2,697,163,058 | ) | $ | (2,697,163,058 | ) | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
| Additionally, 19% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are other mutual funds also advised by Invesco. |
43 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
STIC Prime Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
3,003,113,393 | $ | 3,003,113,393 | 5,941,737,037 | $ | 5,941,737,037 | ||||||||||
| Private Investment Class |
667,027,756 | 667,027,756 | 1,211,080,589 | 1,211,080,589 | ||||||||||||
| Personal Investment Class |
298,331,925 | 298,331,925 | 1,182,870,259 | 1,182,870,259 | ||||||||||||
| Cash Management Class |
1,155,148,299 | 1,155,148,299 | 3,144,474,982 | 3,144,474,982 | ||||||||||||
| Reserve Class |
157,327,888 | 157,327,888 | 210,463,689 | 210,463,689 | ||||||||||||
| Resource Class |
64,748,890 | 64,748,890 | 64,359,363 | 64,359,363 | ||||||||||||
| Corporate Class |
261,415,561 | 261,415,561 | 1,149,830,507 | 1,149,830,507 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
424,046 | 424,046 | 454,008 | 454,008 | ||||||||||||
| Private Investment Class |
27,340 | 27,340 | 56,232 | 56,232 | ||||||||||||
| Personal Investment Class |
21,411 | 21,411 | 68,043 | 68,043 | ||||||||||||
| Cash Management Class |
74,694 | 74,694 | 71,815 | 71,815 | ||||||||||||
| Reserve Class |
17,209 | 17,209 | 14,807 | 14,807 | ||||||||||||
| Resource Class |
7,558 | 7,558 | 16,256 | 16,256 | ||||||||||||
| Corporate Class |
47,625 | 47,625 | 71,730 | 71,730 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(2,850,916,508 | ) | (2,850,916,508 | ) | (6,090,943,191 | ) | (6,090,943,191 | ) | ||||||||
| Private Investment Class |
(691,949,425 | ) | (691,949,425 | ) | (1,201,053,494 | ) | (1,201,053,494 | ) | ||||||||
| Personal Investment Class |
(316,573,303 | ) | (316,573,303 | ) | (1,223,376,234 | ) | (1,223,376,234 | ) | ||||||||
| Cash Management Class |
(1,242,316,368 | ) | (1,242,316,368 | ) | (3,114,723,187 | ) | (3,114,723,187 | ) | ||||||||
| Reserve Class |
(181,123,166 | ) | (181,123,166 | ) | (175,709,506 | ) | (175,709,506 | ) | ||||||||
| Resource Class |
(65,075,493 | ) | (65,075,493 | ) | (76,704,255 | ) | (76,704,255 | ) | ||||||||
| Corporate Class |
(201,018,707 | ) | (201,018,707 | ) | (1,132,412,838 | ) | (1,132,412,838 | ) | ||||||||
| Net increase (decrease) in share activity |
58,760,625 | $ | 58,760,625 | (109,353,388 | ) | $ | (109,353,388 | ) | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 59% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
44 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Treasury Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
7,821,438,683 | $ | 7,821,438,683 | 16,766,462,244 | $ | 16,766,462,244 | ||||||||||
| Private Investment Class |
890,870,745 | 890,870,745 | 1,901,290,280 | 1,901,290,280 | ||||||||||||
| Personal Investment Class |
502,160,779 | 502,160,779 | 1,101,975,367 | 1,101,975,367 | ||||||||||||
| Cash Management Class |
9,154,752,380 | 9,154,752,380 | 26,793,251,842 | 26,793,251,842 | ||||||||||||
| Reserve Class |
43,134,820 | 43,134,820 | 109,204,351 | 109,204,351 | ||||||||||||
| Resource Class |
155,665,944 | 155,665,944 | 329,636,954 | 329,636,954 | ||||||||||||
| Corporate Class |
8,220,833,589 | 8,220,833,589 | 18,168,487,688 | 18,168,487,688 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
963,871 | 963,871 | 922,038 | 922,038 | ||||||||||||
| Private Investment Class |
7,379 | 7,379 | 15,296 | 15,296 | ||||||||||||
| Personal Investment Class |
16,154 | 16,154 | 26,774 | 26,774 | ||||||||||||
| Cash Management Class |
45,602 | 45,602 | 60,767 | 60,767 | ||||||||||||
| Reserve Class |
3,896 | 3,896 | 7,169 | 7,169 | ||||||||||||
| Resource Class |
3,280 | 3,280 | 8,488 | 8,488 | ||||||||||||
| Corporate Class |
167,634 | 167,634 | 132,198 | 132,198 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(9,398,975,018 | ) | (9,398,975,018 | ) | (16,397,516,049 | ) | (16,397,516,049 | ) | ||||||||
| Private Investment Class |
(887,352,611 | ) | (887,352,611 | ) | (1,964,749,865 | ) | (1,964,749,865 | ) | ||||||||
| Personal Investment Class |
(517,012,232 | ) | (517,012,232 | ) | (1,102,353,101 | ) | (1,102,353,101 | ) | ||||||||
| Cash Management Class |
(10,096,777,403 | ) | (10,096,777,403 | ) | (29,086,715,095 | ) | (29,086,715,095 | ) | ||||||||
| Reserve Class |
(48,057,979 | ) | (48,057,979 | ) | (260,973,022 | ) | (260,973,022 | ) | ||||||||
| Resource Class |
(148,353,003 | ) | (148,353,003 | ) | (379,091,264 | ) | (379,091,264 | ) | ||||||||
| Corporate Class |
(8,817,103,479 | ) | (8,817,103,479 | ) | (17,821,712,941 | ) | (17,821,712,941 | ) | ||||||||
| Net increase (decrease) in share activity |
(3,123,566,969 | ) | $ | (3,123,566,969 | ) | (1,841,629,881 | ) | $ | (1,841,629,881 | ) | ||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 51% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
| Additionally, 14% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are other mutual funds also advised by Invesco. |
45 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Government & Agency Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
18,540,389,344 | $ | 18,540,389,344 | 37,416,050,435 | $ | 37,416,050,435 | ||||||||||
| Private Investment Class |
877,051,192 | 877,051,192 | 2,115,905,376 | 2,115,905,376 | ||||||||||||
| Personal Investment Class |
38,791,034 | 38,791,034 | 134,224,028 | 134,224,028 | ||||||||||||
| Cash Management Class |
1,195,370,891 | 1,195,370,891 | 5,837,371,862 | 5,837,371,862 | ||||||||||||
| Reserve Class |
398,647,336 | 398,647,336 | 699,303,942 | 699,303,942 | ||||||||||||
| Resource Class |
278,773,112 | 278,773,112 | 1,554,415,700 | 1,554,415,700 | ||||||||||||
| Corporate Class |
2,290,153,339 | 2,290,153,339 | 4,660,748,011 | 4,660,748,011 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
451,334 | 451,334 | 199,188 | 199,188 | ||||||||||||
| Private Investment Class |
37,272 | 37,272 | 37,056 | 37,056 | ||||||||||||
| Personal Investment Class |
— | — | 6 | 6 | ||||||||||||
| Cash Management Class |
21,186 | 21,186 | 33,044 | 33,044 | ||||||||||||
| Reserve Class |
37,786 | 37,786 | 67,656 | 67,656 | ||||||||||||
| Resource Class |
5,468 | 5,468 | 13,926 | 13,926 | ||||||||||||
| Corporate Class |
69,144 | 69,144 | 55,261 | 55,261 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(19,464,722,135 | ) | (19,464,722,135 | ) | (36,524,869,326 | ) | (36,524,869,326 | ) | ||||||||
| Private Investment Class |
(795,680,075 | ) | (795,680,075 | ) | (2,040,433,165 | ) | (2,040,433,165 | ) | ||||||||
| Personal Investment Class |
(67,014,459 | ) | (67,014,459 | ) | (138,205,283 | ) | (138,205,283 | ) | ||||||||
| Cash Management Class |
(1,279,667,008 | ) | (1,279,667,008 | ) | (6,084,411,102 | ) | (6,084,411,102 | ) | ||||||||
| Reserve Class |
(420,034,320 | ) | (420,034,320 | ) | (702,965,718 | ) | (702,965,718 | ) | ||||||||
| Resource Class |
(316,530,385 | ) | (316,530,385 | ) | (1,561,102,424 | ) | (1,561,102,424 | ) | ||||||||
| Corporate Class |
(2,206,530,166 | ) | (2,206,530,166 | ) | (4,689,445,732 | ) | (4,689,445,732 | ) | ||||||||
| Net increase (decrease) in share activity |
(930,380,110 | ) | $ | (930,380,110 | ) | 676,992,741 | $ | 676,992,741 | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 23% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
46 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Government TaxAdvantage Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
140,583,594 | $ | 140,583,594 | 368,612,267 | $ | 368,612,267 | ||||||||||
| Private Investment Class |
1,046,890 | 1,046,890 | 71,398,479 | 71,398,479 | ||||||||||||
| Personal Investment Class |
6,547,359 | 6,547,359 | 8,341,042 | 8,341,042 | ||||||||||||
| Cash Management Class |
29,139,800 | 29,139,800 | 87,930,861 | 87,930,861 | ||||||||||||
| Reserve Class |
107,718,530 | 107,718,530 | 14,172,451 | 14,172,451 | ||||||||||||
| Resource Class |
41 | 41 | 17,934,744 | 17,934,744 | ||||||||||||
| Corporate Class |
8,418,335 | 8,418,335 | 187,300,005 | 187,300,005 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
27,576 | 27,576 | 84,605 | 84,605 | ||||||||||||
| Private Investment Class |
556 | 556 | 3,065 | 3,065 | ||||||||||||
| Cash Management Class |
12,015 | 12,015 | 24,731 | 24,731 | ||||||||||||
| Reserve Class |
6,988 | 6,988 | 1,197 | 1,197 | ||||||||||||
| Resource Class |
463 | 463 | 3,214 | 3,214 | ||||||||||||
| Corporate Class |
1,203 | 1,203 | 4,203 | 4,203 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(229,157,580 | ) | (229,157,580 | ) | (390,844,344 | ) | (390,844,344 | ) | ||||||||
| Private Investment Class |
(2,629,069 | ) | (2,629,069 | ) | (80,997,448 | ) | (80,997,448 | ) | ||||||||
| Personal Investment Class |
(6,623,765 | ) | (6,623,765 | ) | (10,184,653 | ) | (10,184,653 | ) | ||||||||
| Cash Management Class |
(28,566,795 | ) | (28,566,795 | ) | (91,035,668 | ) | (91,035,668 | ) | ||||||||
| Reserve Class |
(44,735,143 | ) | (44,735,143 | ) | (9,002,488 | ) | (9,002,488 | ) | ||||||||
| Resource Class |
— | — | (19,274,260 | ) | (19,274,260 | ) | ||||||||||
| Corporate Class |
(36,250,023 | ) | (36,250,023 | ) | (209,804,200 | ) | (209,804,200 | ) | ||||||||
| Net increase (decrease) in share activity |
(54,459,025 | ) | $ | (54,459,025 | ) | (55,332,197 | ) | $ | (55,332,197 | ) | ||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 86% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
47 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Tax-Free Cash Reserve Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
576,859,284 | $ | 576,859,284 | 1,022,223,755 | $ | 1,022,223,755 | ||||||||||
| Private Investment Class |
23,529,218 | 23,529,218 | 48,653,591 | 48,653,591 | ||||||||||||
| Personal Investment Class |
2,234,174 | 2,234,174 | 5,529,842 | 5,529,842 | ||||||||||||
| Cash Management Class |
29,960,256 | 29,960,256 | 85,609,129 | 85,609,129 | ||||||||||||
| Reserve Class |
34,804,336 | 34,804,336 | 57,041,089 | 57,041,089 | ||||||||||||
| Resource Class |
71,708 | 71,708 | 2,830,839 | 2,830,839 | ||||||||||||
| Corporate Class |
1,175,406 | 1,175,406 | — | — | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
3,153 | 3,153 | 35,799 | 35,799 | ||||||||||||
| Private Investment Class |
1,399 | 1,399 | 13,990 | 13,990 | ||||||||||||
| Personal Investment Class |
11 | 11 | 651 | 651 | ||||||||||||
| Cash Management Class |
1,135 | 1,135 | 13,598 | 13,598 | ||||||||||||
| Reserve Class |
1,086 | 1,086 | 13,480 | 13,480 | ||||||||||||
| Resource Class |
195 | 195 | 2,430 | 2,430 | ||||||||||||
| Corporate Class |
916 | 916 | 15,648 | 15,648 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(456,110,576 | ) | (456,110,576 | ) | (1,090,280,786 | ) | (1,090,280,786 | ) | ||||||||
| Private Investment Class |
(24,109,697 | ) | (24,109,697 | ) | (52,475,383 | ) | (52,475,383 | ) | ||||||||
| Personal Investment Class |
(3,126,620 | ) | (3,126,620 | ) | (5,629,174 | ) | (5,629,174 | ) | ||||||||
| Cash Management Class |
(38,535,637 | ) | (38,535,637 | ) | (95,328,428 | ) | (95,328,428 | ) | ||||||||
| Reserve Class |
(26,402,890 | ) | (26,402,890 | ) | (62,919,733 | ) | (62,919,733 | ) | ||||||||
| Resource Class |
(2,024,676 | ) | (2,024,676 | ) | (3,822,709 | ) | (3,822,709 | ) | ||||||||
| Corporate Class |
(26,446,057 | ) | (26,446,057 | ) | (5,059,726 | ) | (5,059,726 | ) | ||||||||
| Net increase (decrease) in share activity |
91,886,124 | $ | 91,886,124 | (93,532,098 | ) | $ | (93,532,098 | ) | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 65% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
48 Short-Term Investments Trust
NOTE 9—Financial Highlights
The following schedules present financial highlights for a share of each Fund outstanding throughout the periods indicated.
Institutional Class
| Net asset value, beginning of period |
Net investment income(a) |
Net gains (losses) (both |
Total from operations |
Dividends income |
Distributions from net gains |
Total distributions |
Net asset value, end of period |
Total return(b) |
Net assets, end of period (000’s omitted) |
Ratio of to average net assets with fee waivers absorbed |
Ratio
of fee waivers |
Ratio of net investment income to average net assets |
||||||||||||||||||||||||||||||||||||||||
| Liquid Assets Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
$ | 1.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | (0.00 | ) | $ | — | $ | (0.00 | ) | $ | 1.00 | 0.12 | % | $ | 19,350,616 | 0.14 | %(c) | 0.17 | %(c) | 0.25 | %(c) | ||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.08 | 15,974,126 | 0.14 | 0.17 | 0.08 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.07 | 18,614,857 | 0.14 | 0.17 | 0.07 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.12 | 18,681,986 | 0.14 | 0.17 | 0.12 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.15 | 16,051,708 | 0.14 | 0.18 | 0.15 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.15 | 15,240,109 | 0.14 | 0.17 | 0.15 | ||||||||||||||||||||||||||||||||||||
| STIC Prime Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.09 | 1,917,284 | 0.14 | (c) | 0.20 | (c) | 0.17 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.04 | 1,764,662 | 0.07 | 0.19 | 0.10 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.08 | 1,913,414 | 0.06 | 0.19 | 0.08 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.07 | 2,012,517 | 0.10 | 0.19 | 0.09 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.09 | 2,337,469 | 0.12 | 0.20 | 0.08 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | — | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.10 | 1,892,173 | 0.13 | 0.19 | 0.10 | |||||||||||||||||||||||||||||||||||||
| Treasury Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.04 | 6,273,721 | 0.12 | (c) | 0.17 | (c) | 0.09 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.01 | 7,850,084 | 0.06 | 0.17 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.01 | 7,480,210 | 0.04 | 0.17 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.02 | 7,421,436 | 0.09 | 0.18 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.03 | 7,014,482 | 0.08 | 0.18 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.04 | 5,180,618 | 0.11 | 0.18 | 0.03 | |||||||||||||||||||||||||||||||||||||
| Government & Agency Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.05 | 3,295,982 | 0.13 | (c) | 0.14 | (c) | 0.10 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 4,219,860 | 0.08 | 0.13 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | — | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 3,328,391 | 0.06 | 0.13 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.03 | 4,439,499 | 0.11 | 0.14 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.02 | 3,772,429 | 0.10 | 0.13 | 0.03 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.05 | 5,655,734 | 0.11 | 0.13 | 0.05 | |||||||||||||||||||||||||||||||||||||
| Government TaxAdvantage Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.04 | 17,000 | 0.11 | (c) | 0.33 | (c) | 0.10 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 105,550 | 0.00 | 0.33 | 0.08 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.04 | 127,700 | 0.02 | 0.29 | 0.03 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.03 | 744,577 | 0.06 | 0.20 | 0.03 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.03 | 431,857 | 0.07 | 0.22 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.04 | 376,002 | 0.10 | 0.26 | 0.04 | |||||||||||||||||||||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | — | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.00 | 576,782 | 0.05 | (c) | 0.31 | (c) | 0.01 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.01 | 456,027 | 0.03 | 0.31 | 0.04 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.05 | 524,034 | 0.04 | 0.30 | 0.04 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.06 | 516,166 | 0.10 | 0.30 | 0.06 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | — | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.06 | 495,297 | 0.13 | 0.30 | 0.06 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.06 | 502,025 | 0.23 | 0.29 | 0.06 | ||||||||||||||||||||||||||||||||||||
| (a) | Calculated using average shares outstanding. |
| (b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America. |
| (c) | Ratios are annualized and based on average daily net assets (000’s omitted) of $17,402,799, $1,966,218, $6,471,260, $3,839,139, $105,291 and $526,299 for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Government TaxAdvantage Portfolio and Tax-Free Cash Reserve Portfolio, respectively. |
49 Short-Term Investments Trust
Note 10-Subsequent Event
Effective June 1, 2016, the Board has approved a change in the advisory fee rate under the master investment advisory agreement for Tax-Free Cash Reserve Portfolio to an annual rate of 0.20% of the Fund’s average daily net assets.
In addition, effective June 1, 2016, the Adviser has contractually agreed, through at least December 31, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):
| Institutional Class |
Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
||||||||||||||||||||||
| Liquid Assets Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.38 | % | 0.21 | % | ||||||||||||||
| STIC Prime Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Treasury Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Government & Agency Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Government TaxAdvantage Portfolio |
0.18 | % | 0.43 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Tax-Free Cash Reserve Portfolio |
0.20 | % | 0.45 | % | 0.75 | % | 0.28 | % | 1.07 | % | 0.36 | % | 0.23 | % | ||||||||||||||
50 Short-Term Investments 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, 2015 through February 29, 2016.
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.
| Institutional Class | Beginning Account Value (09/01/15) |
ACTUAL | HYPOTHETICAL (5% annual return before expenses) |
Annualized Expense Ratio |
||||||||||||||||||||
| Ending Account Value (02/29/16)1 |
Expenses Paid During Period2 |
Ending Account Value (02/29/16) |
Expenses Paid During Period2 |
|||||||||||||||||||||
|
Liquid Assets Portfolio |
$ | 1,000.00 | $ | 1,001.20 | $ | 0.70 | $ | 1,024.17 | $ | 0.70 | 0.14 | % | ||||||||||||
| STIC Prime Portfolio |
1,000.00 | 1,000.90 | 0.70 | 1,024.17 | 0.70 | 0.14 | ||||||||||||||||||
| Treasury Portfolio |
1,000.00 | 1,000.40 | 0.60 | 1,024.27 | 0.60 | 0.12 | ||||||||||||||||||
| Government & Agency Portfolio |
1,000.00 | 1,000.50 | 0.65 | 1,024.22 | 0.65 | 0.13 | ||||||||||||||||||
| Government TaxAdvantage Portfolio |
1,000.00 | 1,000.40 | 0.55 | 1,024.32 | 0.55 | 0.11 | ||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
1,000.00 | 1,000.00 | 0.25 | 1,024.61 | 0.25 | 0.05 | ||||||||||||||||||
| 1 | The actual ending account value is based on the actual total return of the Funds for the period September 1, 2015, through February 29, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on each Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
| 2 | Expenses are equal to each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year. |
51 Short-Term Investments Trust
Invesco mailing information
Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
Important notice regarding delivery of security holder documents
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
Fund holdings and proxy voting information
The Fund provides a complete list of its holdings four times in each fiscal year, at quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-Q filings on the SEC website, sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/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: 811-02729 and 002-58287 | CM-STIT-SAR-1 | Invesco Distributors, Inc. |
Fund Data
Personal Investment Class data as of 2/29/16
| FUND | WEIGHTED AVERAGE MATURITY |
WEIGHTED LIFE |
TOTAL NET ASSETS | |||||||||||||||||
| Range During Reporting Period |
At Reporting Period End |
At Reporting Period End |
||||||||||||||||||
| Liquid Assets | 14 - 42 days | 33 days | 52 days | $58.0 million | ||||||||||||||||
| STIC Prime | 7 - 19 days | 11 days | 13 days | 99.3 million | ||||||||||||||||
| Treasury | 29 - 54 days | 49 days | 113 days | 147.2 million | ||||||||||||||||
| Government & Agency | 24 - 52 days | 40 days | 115 days | 8.9 million | ||||||||||||||||
| Government TaxAdvantage | 25 - 58 days | 35 days | 55 days | 1.8 million | ||||||||||||||||
| Tax-Free Cash Reserve | 24 - 38 days | 29 days | 29 days | 2.7 million | ||||||||||||||||
Weighted average maturity (WAM) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes.
Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.
2 Short-Term Investments Trust
Letters to Shareholders
|
Bruce Crockett |
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 represent 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., 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 reasonable fee. As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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
|
Karen Dunn Kelley |
Dear Shareholders: Money market investors cheered in December when the US Federal Reserve raised the federal funds target rate after holding it near zero for seven years in the aftermath of the financial crisis. Moderate economic growth, improvement in employment and the need to remove “emergency accommodation” were the primary reasons for the Fed’s action. More rate hikes are expected, but at a slower pace than past Fed regimes. The money market fund industry in the US continued to move ahead with plans to adopt the new money market fund regulations announced in 2014, which are set to be fully implemented on October 14, 2016. Invesco, along with many in the industry, continues to focus on successfully meeting all reform requirements in a timely fashion. We will continue to keep you |
and all our valued money market fund investors informed about money market fund reform through public announcements as updates are available.
For more than 30 years, Invesco Global Liquidity has worked to gain and keep the trust of our investors through our deep industry knowledge and our investment expertise. Our primary goal through the money market fund reform process is to provide our investors with a full suite of liquidity management solutions to meet their investing needs with the least amount of disruption while remaining focused on our disciplined investment process. For Invesco Global Liquidity, safety is of paramount importance in the investment process for all our money market funds. Our conservative investment philosophy has always focused on providing safety, liquidity, and yield – in that order – to our money market fund investors.
Invesco Global Liquidity is dedicated to the future of this industry – and to yours. Thank you for investing with us.
Sincerely,
Karen Dunn Kelley
Senior Managing Director, Investments
3 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Commercial Paper–40.38%(a) |
|
|||||||||||||||
| Asset-Backed Securities — Consumer Receivables–3.51% | ||||||||||||||||
| Old Line Funding, LLC(b) |
0.65 | % | 04/18/2016 | $ | 43,000 | $ | 42,962,733 | |||||||||
| Old Line Funding, LLC(b) |
0.65 | % | 04/25/2016 | 66,000 | 65,934,458 | |||||||||||
| Old Line Funding, LLC(b) |
0.73 | % | 05/26/2016 | 190,000 | 189,668,662 | |||||||||||
| Old Line Funding, LLC(b) |
0.77 | % | 05/09/2016 | 85,000 | 84,874,554 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.64 | % | 05/18/2016 | 115,000 | 114,840,533 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.65 | % | 04/18/2016 | 95,000 | 94,917,667 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.65 | % | 04/18/2016 | 65,000 | 64,943,667 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.72 | % | 06/01/2016 | 91,000 | 90,832,560 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.77 | % | 05/12/2016 | 40,000 | 39,938,400 | |||||||||||
| 788,913,234 | ||||||||||||||||
| Asset-Backed Securities — Fully Supported–2.41% | ||||||||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 04/04/2016 | 75,000 | 74,956,083 | |||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 04/06/2016 | 148,000 | 147,908,240 | |||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 04/18/2016 | 33,000 | 32,972,720 | |||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 05/19/2016 | 100,000 | 99,863,945 | |||||||||||
| Kells Funding LLC (CEP–FMS Wertmanagement)(b)(c) |
0.60 | % | 04/20/2016 | 75,000 | 74,937,500 | |||||||||||
| Kells Funding LLC (CEP–FMS Wertmanagement)(b)(c) |
0.61 | % | 06/02/2016 | 110,000 | 109,826,658 | |||||||||||
| 540,465,146 | ||||||||||||||||
| Asset-Backed Securities — Fully Supported Bank–12.88% | ||||||||||||||||
| Anglesea Funding LLC (Multi-CEP’s)(b)(c)(d) |
0.70 | % | 07/06/2016 | 25,000 | 25,000,000 | |||||||||||
| Anglesea Funding LLC (Multi-CEP’s)(b)(c)(d) |
0.70 | % | 07/18/2016 | 133,000 | 133,000,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A)(b)(c)(d) |
0.61 | % | 07/07/2016 | 75,000 | 75,000,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.62 | % | 04/06/2016 | 50,000 | 49,969,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.63 | % | 05/11/2016 | 100,000 | 99,875,750 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.62 | % | 04/01/2016 | 49,000 | 48,973,839 | |||||||||||
| Bennington Stark Capital Co. (CEP–Societe Generale S.A.)(b)(c) |
0.67 | % | 04/01/2016 | 50,000 | 49,971,153 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.62 | % | 04/18/2016 | 50,000 | 49,958,667 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.66 | % | 05/03/2016 | 31,500 | 31,463,617 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.50 | % | 03/16/2016 | 48,000 | 47,990,000 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.63 | % | 04/04/2016 | 170,000 | 169,898,850 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.63 | % | 04/13/2016 | 66,000 | 65,950,335 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC)(d) |
0.68 | % | 07/14/2016 | 97,000 | 97,000,000 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC)(d) |
0.78 | % | 08/22/2016 | 73,000 | 73,000,000 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC) |
0.81 | % | 08/05/2016 | 100,000 | 99,646,750 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC) |
0.48 | % | 04/25/2016 | 100,000 | 99,926,667 | |||||||||||
| Collateralized Commercial Paper II Co., LLC (CEP–JPMorgan Securities LLC)(b) |
0.48 | % | 04/20/2016 | 100,000 | 99,933,333 | |||||||||||
| Collateralized Commercial Paper II Co., LLC (CEP–JPMorgan Securities LLC)(b)(d) |
0.63 | % | 03/01/2016 | 15,000 | 15,000,000 | |||||||||||
| Collateralized Commercial Paper II Co., LLC (CEP–JPMorgan Securities LLC)(b)(d) |
0.68 | % | 07/22/2016 | 60,000 | 60,000,000 | |||||||||||
| Crown Point Capital Co., LLC, Series A (Multi-CEP’s)(b)(c)(d) |
0.94 | % | 07/28/2016 | 50,000 | 50,000,000 | |||||||||||
| Gotham Funding Corp. (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(b)(c) |
0.60 | % | 05/25/2016 | 180,000 | 179,745,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Asset-Backed Securities — Fully Supported Bank–(continued) | ||||||||||||||||
| Institutional Secured Funding Ltd (Multi-CEP’s)(b)(c) |
0.60 | % | 03/08/2016 | $ | 21,000 | $ | 20,997,550 | |||||||||
| Institutional Secured Funding Ltd (Multi-CEP’s)(b)(c) |
0.70 | % | 04/21/2016 | 20,000 | 19,980,167 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.68 | % | 06/21/2016 | 44,000 | 43,906,915 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.62 | % | 04/11/2016 | 64,000 | 63,954,809 | |||||||||||
| LMA Americas LLC (CEP–Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.65 | % | 04/12/2016 | 105,000 | 104,920,375 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.50 | % | 04/04/2016 | 62,500 | 62,470,486 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.54 | % | 03/14/2016 | 50,359 | 50,349,180 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.52 | % | 03/08/2016 | 49,595 | 49,589,985 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.67 | % | 04/13/2016 | 35,500 | 35,471,590 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.67 | % | 04/14/2016 | 22,000 | 21,981,985 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.67 | % | 04/18/2016 | 36,000 | 35,967,840 | |||||||||||
| Matchpoint Finance PLC (CEP–BNP Paribas S.A)(b)(c) |
0.45 | % | 03/01/2016 | 70,000 | 70,000,000 | |||||||||||
| Mountcliff Funding LLC (Multi-CEP’s)(b)(c) |
0.63 | % | 04/04/2016 | 59,000 | 58,964,895 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.37 | % | 03/04/2016 | 135,000 | 134,995,838 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/30/2016 | 76,106 | 76,079,637 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/21/2016 | 100,000 | 99,976,111 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/29/2016 | 120,000 | 119,959,866 | |||||||||||
| Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c) |
0.62 | % | 04/26/2016 | 75,000 | 74,927,667 | |||||||||||
| Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)(d) |
0.78 | % | 07/06/2016 | 25,000 | 25,000,000 | |||||||||||
| Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)(d) |
0.78 | % | 07/07/2016 | 99,750 | 99,750,000 | |||||||||||
| 2,890,547,857 | ||||||||||||||||
| Asset-Backed Securities — Multi-Purpose–1.97% | ||||||||||||||||
| CHARTA, LLC(b) |
0.83 | % | 07/06/2016 | 66,000 | 65,806,748 | |||||||||||
| CRC Funding, LLC(b) |
0.45 | % | 03/23/2016 | 25,000 | 24,993,125 | |||||||||||
| CRC Funding, LLC(b) |
0.45 | % | 03/24/2016 | 50,000 | 49,985,625 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.60 | % | 04/05/2016 | 35,000 | 34,979,583 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.52 | % | 04/07/2016 | 65,000 | 64,965,261 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.60 | % | 04/29/2016 | 72,000 | 71,929,200 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.47 | % | 03/09/2016 | 28,750 | 28,746,997 | |||||||||||
| Versailles Commercial Paper LLC(b)(d) |
0.58 | % | 10/14/2016 | 100,000 | 100,000,000 | |||||||||||
| 441,406,539 | ||||||||||||||||
| Consumer Finance–0.44% | ||||||||||||||||
| Toyota Motor Credit Corp.(c) |
0.71 | % | 08/10/2016 | 100,000 | 99,680,500 | |||||||||||
| Diversified Banks–10.23% | ||||||||||||||||
| ANZ New Zealand Int’l Ltd.(b)(c) |
0.33 | % | 03/18/2016 | 144,150 | 144,127,537 | |||||||||||
| BNP Paribas S.A.(c) |
0.38 | % | 03/03/2016 | 250,000 | 249,994,722 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.78 | % | 08/22/2016 | 73,000 | 73,000,000 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.56 | % | 05/13/2016 | 20,000 | 19,999,544 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.56 | % | 05/20/2016 | 50,000 | 50,000,000 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.57 | % | 05/19/2016 | 46,000 | 45,999,106 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.58 | % | 05/26/2016 | 40,000 | 39,995,713 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.60 | % | 03/07/2016 | 40,000 | 40,000,000 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.60 | % | 03/04/2016 | 28,000 | 28,000,000 | |||||||||||
| Credit Agricole Corporate & Investment Bank(c) |
0.30 | % | 03/01/2016 | 65,000 | 65,000,000 | |||||||||||
| ING (US) Funding LLC(c) |
0.60 | % | 04/01/2016 | 32,300 | 32,283,312 | |||||||||||
| ING (US) Funding LLC(c) |
0.61 | % | 04/05/2016 | 70,000 | 69,958,486 | |||||||||||
| ING (US) Funding LLC(c) |
0.61 | % | 04/12/2016 | 110,000 | 109,921,717 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Diversified Banks–(continued) | ||||||||||||||||
| ING (US) Funding LLC(c) |
0.67 | % | 06/01/2016 | $ | 135,000 | $ | 134,769,655 | |||||||||
| ING (US) Funding LLC(c) |
0.67 | % | 06/13/2016 | 90,000 | 89,825,800 | |||||||||||
| Mizuho Bank Ltd.(b)(c) |
0.61 | % | 05/23/2016 | 150,000 | 149,789,041 | |||||||||||
| Natixis(c) |
0.65 | % | 04/06/2016 | 300,000 | 299,805,000 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.62 | % | 04/18/2016 | 100,000 | 99,917,333 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.70 | % | 05/27/2016 | 145,000 | 144,754,708 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.42 | % | 03/01/2016 | 109,000 | 109,000,000 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.50 | % | 03/21/2016 | 140,000 | 139,961,111 | |||||||||||
| Swedbank AB(c) |
0.36 | % | 03/07/2016 | 70,000 | 69,995,800 | |||||||||||
| Westpac Banking Corp.(b)(c)(d) |
0.74 | % | 08/08/2016 | 91,000 | 91,000,000 | |||||||||||
| 2,297,098,585 | ||||||||||||||||
| Integrated Oil & Gas–0.53% | ||||||||||||||||
| Exxon Mobil Corp. |
0.46 | % | 03/15/2016 | 120,000 | 119,978,533 | |||||||||||
| Regional Banks–4.75% | ||||||||||||||||
| ASB Finance Ltd.(b) |
0.33 | % | 03/04/2016 | 100,000 | 99,997,292 | |||||||||||
| Banque et Caisse d’Epargne de l’Etat(c) |
0.51 | % | 04/01/2016 | 30,000 | 29,986,825 | |||||||||||
| BNZ International Funding Ltd.(b)(c) |
0.46 | % | 04/22/2016 | 61,300 | 61,259,270 | |||||||||||
| Danske Corp.(b)(c) |
0.55 | % | 05/02/2016 | 95,000 | 94,910,014 | |||||||||||
| Danske Corp.(b)(c) |
0.62 | % | 05/02/2016 | 50,000 | 49,947,042 | |||||||||||
| Danske Corp.(b)(c) |
0.62 | % | 05/03/2016 | 100,000 | 99,892,375 | |||||||||||
| HSBC Bank PLC(b)(c) |
0.82 | % | 08/09/2016 | 100,000 | 99,635,514 | |||||||||||
| HSBC Bank PLC(b)(c)(d) |
0.83 | % | 09/06/2016 | 85,000 | 85,000,000 | |||||||||||
| Landesbank Hessen-Thueringen Girozentrale(b)(c) |
0.52 | % | 03/14/2016 | 145,000 | 144,972,772 | |||||||||||
| Macquarie Bank Ltd.(b)(c) |
0.62 | % | 05/10/2016 | 84,500 | 84,398,130 | |||||||||||
| Macquarie Bank Ltd.(b)(c) |
0.64 | % | 05/03/2016 | 18,250 | 18,229,560 | |||||||||||
| Macquarie Bank Ltd.(b)(c) |
0.75 | % | 06/29/2016 | 145,000 | 144,637,500 | |||||||||||
| Mitsubishi UFJ Trust & Banking Corp.(c) |
0.67 | % | 04/19/2016 | 52,950 | 52,901,713 | |||||||||||
| 1,065,768,007 | ||||||||||||||||
| Specialized Finance–3.21% | ||||||||||||||||
| Caisse des Depots et Consignations(b)(c) |
0.59 | % | 05/25/2016 | 178,400 | 178,151,479 | |||||||||||
| Caisse des Depots et Consignations(b)(c) |
0.40 | % | 03/03/2016 | 100,000 | 99,997,778 | |||||||||||
| CDP Financial Inc.(b)(c) |
0.59 | % | 04/20/2016 | 85,000 | 84,930,347 | |||||||||||
| CDP Financial Inc.(b)(c) |
0.39 | % | 03/01/2016 | 40,000 | 40,000,000 | |||||||||||
| KfW(b)(c) |
0.29 | % | 03/01/2016 | 20,000 | 20,000,000 | |||||||||||
| Nederlandse Waterschapsbank N.V.(b)(c) |
0.58 | % | 04/13/2016 | 65,000 | 64,954,969 | |||||||||||
| Nederlandse Waterschapsbank N.V.(b)(c) |
0.59 | % | 05/11/2016 | 72,000 | 71,916,220 | |||||||||||
| Nederlandse Waterschapsbank N.V.(b)(c) |
0.35 | % | 03/14/2016 | 159,700 | 159,679,816 | |||||||||||
| 719,630,609 | ||||||||||||||||
| Thrifts & Mortgage Finance–0.45% | ||||||||||||||||
| Nationwide Building Society(b)(c) |
0.62 | % | 05/18/2016 | 100,000 | 99,865,667 | |||||||||||
| Total Commercial Paper (Cost $9,063,354,677) |
9,063,354,677 | |||||||||||||||
| Certificates of Deposit–30.66% |
||||||||||||||||
| Bank of Montreal(c) |
0.58 | % | 04/08/2016 | 48,750 | 48,753,078 | |||||||||||
| Bank of Montreal(c)(d) |
0.79 | % | 11/10/2016 | 200,000 | 200,000,000 | |||||||||||
| Bank of Montreal(c) |
0.44 | % | 03/22/2016 | 59,400 | 59,400,000 | |||||||||||
| Bank of Nova Scotia(c) |
0.43 | % | 04/01/2016 | 111,000 | 111,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Bank of Nova Scotia(c)(d) |
0.57 | % | 03/09/2016 | $ | 56,000 | $ | 56,000,000 | |||||||||
| Bank of Nova Scotia(c)(d) |
0.78 | % | 09/09/2016 | 100,000 | 100,000,000 | |||||||||||
| Bank of Nova Scotia(c)(d) |
0.79 | % | 09/30/2016 | 120,100 | 120,100,000 | |||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(c) |
0.37 | % | 03/03/2016 | 355,000 | 355,000,000 | |||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(c) |
0.37 | % | 03/07/2016 | 125,000 | 125,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(c) |
0.85 | % | 08/25/2016 | 65,000 | 65,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(c) |
0.28 | % | 03/01/2016 | 72,000 | 72,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(c) |
0.36 | % | 03/03/2016 | 340,000 | 340,000,000 | |||||||||||
| Citibank, N.A. |
0.82 | % | 08/12/2016 | 100,000 | 100,000,000 | |||||||||||
| Citibank, N.A. |
0.58 | % | 04/21/2016 | 185,000 | 185,000,000 | |||||||||||
| Citibank, N.A. |
0.65 | % | 05/23/2016 | 110,000 | 110,000,000 | |||||||||||
| Citibank, N.A. |
0.63 | % | 06/06/2016 | 95,000 | 95,000,000 | |||||||||||
| Credit Industriel et Commercial(c) |
0.37 | % | 03/02/2016 | 325,000 | 325,000,000 | |||||||||||
| Credit Industriel et Commercial(c) |
0.38 | % | 03/01/2016 | 160,000 | 160,000,000 | |||||||||||
| Dexia Credit Local S.A.(c)(d) |
0.58 | % | 03/23/2016 | 80,000 | 80,000,440 | |||||||||||
| Dexia Credit Local S.A.(c)(d) |
0.78 | % | 08/10/2016 | 100,000 | 100,000,000 | |||||||||||
| Dexia Credit Local S.A.(c)(d) |
0.58 | % | 03/24/2016 | 82,000 | 82,000,750 | |||||||||||
| DNB Bank ASA(c) |
0.28 | % | 03/01/2016 | 148,000 | 148,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.60 | % | 04/22/2016 | 110,000 | 110,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.44 | % | 03/07/2016 | 60,000 | 60,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.60 | % | 05/18/2016 | 100,000 | 100,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.66 | % | 06/06/2016 | 135,000 | 135,000,000 | |||||||||||
| KBC Bank N.V.(c) |
0.38 | % | 03/01/2016 | 215,000 | 215,000,000 | |||||||||||
| KBC Bank N.V.(c) |
0.38 | % | 03/03/2016 | 340,000 | 340,000,000 | |||||||||||
| Landesbank Hessen-Thueringen Girozentrale(c) |
0.51 | % | 03/11/2016 | 66,000 | 66,000,000 | |||||||||||
| Mitsubishi UFJ Trust & Banking Corp.(c) |
0.63 | % | 04/25/2016 | 185,000 | 185,000,000 | |||||||||||
| Mizuho Bank Ltd.(c) |
0.50 | % | 03/09/2016 | 95,000 | 95,001,679 | |||||||||||
| Mizuho Bank Ltd.(c) |
0.61 | % | 04/20/2016 | 50,000 | 50,000,000 | |||||||||||
| Mizuho Bank Ltd.(c) |
0.66 | % | 04/18/2016 | 200,000 | 200,000,000 | |||||||||||
| Nordea Bank Finland PLC(c) |
0.28 | % | 03/01/2016 | 106,000 | 106,000,000 | |||||||||||
| Royal Bank of Canada(c)(d) |
0.77 | % | 10/03/2016 | 300,000 | 300,000,000 | |||||||||||
| Skandinaviska Enskilda Banken AB(c) |
0.29 | % | 03/01/2016 | 198,000 | 198,000,000 | |||||||||||
| Societe Generale S.A.(c) |
0.62 | % | 05/05/2016 | 164,000 | 164,000,000 | |||||||||||
| Standard Chartered Bank(c)(d) |
0.63 | % | 03/08/2016 | 52,000 | 52,000,000 | |||||||||||
| Standard Chartered Bank(c) |
0.64 | % | 05/02/2016 | 100,000 | 100,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.65 | % | 03/14/2016 | 130,000 | 130,006,079 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.67 | % | 04/04/2016 | 63,000 | 63,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.67 | % | 04/19/2016 | 140,000 | 140,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.68 | % | 04/11/2016 | 100,000 | 100,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.70 | % | 04/28/2016 | 90,000 | 90,008,643 | |||||||||||
| Swedbank AB(c) |
0.36 | % | 03/03/2016 | 340,000 | 340,000,000 | |||||||||||
| Swedbank AB(c) |
0.37 | % | 03/01/2016 | 46,500 | 46,500,000 | |||||||||||
| Toronto-Dominion Bank (The)(c) |
0.46 | % | 04/29/2016 | 148,000 | 148,000,000 | |||||||||||
| Toronto-Dominion Bank (The)(c)(d) |
0.68 | % | 06/06/2016 | 50,000 | 50,000,000 | |||||||||||
| Toronto-Dominion Bank (The)(c)(d) |
0.68 | % | 08/17/2016 | 30,000 | 30,000,000 | |||||||||||
| UBS AG(c) |
0.68 | % | 05/31/2016 | 145,000 | 145,000,000 | |||||||||||
| UBS AG(c) |
0.85 | % | 08/05/2016 | 85,000 | 85,000,000 | |||||||||||
| Total Certificates of Deposit (Cost $6,880,770,669) |
6,880,770,669 | |||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Variable Rate Demand Notes–1.02%(e) |
||||||||||||||||
| Credit Enhanced–0.98% | ||||||||||||||||
| A Mining Group, LLC; Series 2006, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f) |
0.43 | % | 06/01/2029 | $ | 500 | $ | 500,000 | |||||||||
| Appleton (City of), Wisconsin (Great Northern Corp.); Series 2002 A, VRD IDR (LOC–Wells Fargo Bank, N.A.)(f) |
0.18 | % | 09/01/2019 | 2,785 | 2,785,000 | |||||||||||
| Atlanta (City of), Georgia Housing Authority (Villages of East Lake Phase II); Series 1999, VRD MFH RB (LOC–Bank of America, N.A.)(b)(f) |
0.14 | % | 01/01/2029 | 1,300 | 1,300,000 | |||||||||||
| Benjamin Rose Institute (The) (Kethley House); Series 2005, VRD Taxable Notes (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.43 | % | 12/01/2028 | 900 | 900,000 | |||||||||||
| Burnsville (City of), Minnesota (Bridgeway Apartments LP); Series 2003, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 10/15/2033 | 1,175 | 1,175,000 | |||||||||||
| Calcasieu (Parish of), Louisiana Public Trust Authority (WPT Corp.); Series 1997, VRD Solid Waste Disposal RB (LOC–Bank of America, N.A.)(f) |
0.08 | % | 12/01/2027 | 2,000 | 2,000,000 | |||||||||||
| Capital Markets Access Co. LC (SEUP Real Estate LLC); Series 2008, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f) |
0.41 | % | 07/01/2038 | 800 | 800,000 | |||||||||||
| Carson City (City of), Nevada (Carson-Tahoe Hospital); Series 2003 B, Hospital RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 09/01/2033 | 18,910 | 18,910,000 | |||||||||||
| Centerville (City of), Ohio (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 B, VRD Health Care RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 11/01/2040 | 6,300 | 6,300,000 | |||||||||||
| Chicago (City of), Illinois (Churchview Supportive Living Facility); Series 2003, VRD MFH RB (LOC–BMO Harris N.A.)(b)(f) |
0.10 | % | 03/01/2033 | 2,600 | 2,600,000 | |||||||||||
| Cleveland (City of) & Cuyahoga (County of), Ohio Port Authority (Carnegie/96th Research Building LLC); Series 2003, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 01/01/2033 | 22,390 | 22,390,000 | |||||||||||
| Columbus (City of), Ohio Regional Airport Authority (OASBO Expanded Asset Pooled Financing Program); Sr. Series 2004 A, VRD Capital Funding RB (LOC–U.S. Bank, N.A.)(f) |
0.02 | % | 03/01/2034 | 5,800 | 5,800,000 | |||||||||||
| Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 05/01/2036 | 1,915 | 1,915,000 | |||||||||||
| District of Columbia (The Pew Charitable Trusts); Series 2008 A, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 0/01/2038 | 12,890 | 12,890,000 | |||||||||||
| Fayette (County of), Pennsylvania Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 06/01/2037 | 2,380 | 2,380,000 | |||||||||||
| Gainesville (City of) & Hall (County of), Georgia Development Authority (Squirrel Creek Basin); Series 2002, Ref. VRD RB (LOC–Rabobank Nederland)(c)(f) |
0.10 | % | 08/01/2027 | 1,000 | 1,000,000 | |||||||||||
| Glendale Heights (Village of), Illinois (Glendale Lakes); Series 2000, Ref. VRD MFH RB (CEP–FHLMC) |
0.01 | % | 03/01/2030 | 1,110 | 1,110,000 | |||||||||||
| Hamilton (County of), Ohio (Elizabeth Gamble Deaconess Home Association); Series 2002 B, VRD Hospital Facilities RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 06/01/2027 | 8,500 | 8,500,000 | |||||||||||
| Heard (County of), Georgia Development Authority (Oglethorpe Power Corp. Wansley); Series 2009 A, VRD PCR (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.01 | % | 01/01/2038 | 2,300 | 2,300,000 | |||||||||||
| Illinois (State of) Finance Authority (Elmhurst College); Series 2007, VRD RB (LOC–BMO Harris N.A.)(f) |
0.01 | % | 02/01/2042 | 3,650 | 3,650,000 | |||||||||||
| Illinois (State of) Finance Authority (National-Louis University); Series 1999 B, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.01 | % | 06/01/2029 | 1,320 | 1,320,000 | |||||||||||
| Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC–Northern Trust Co.)(f) |
0.01 | % | 01/01/2037 | 3,450 | 3,450,000 | |||||||||||
| Illinois (State of) Housing Development Authority (Brainard Landings II Apartments); Series 2007, VRD MFH RB (LOC–U.S. Bank, N.A.)(f) |
0.03 | % | 05/01/2042 | 2,525 | 2,525,000 | |||||||||||
| Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 B, VRD MFH RB (LOC–FHLB of Indianapolis)(f) |
0.30 | % | 12/01/2039 | 735 | 735,000 | |||||||||||
| Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc.); Series 2008 G, Ref. VRD Health System RB (LOC–Wells Fargo Bank N.A.)(f) |
0.02 | % | 09/01/2048 | 9,565 | 9,565,000 | |||||||||||
| Kansas (State of) Development Finance Authority (Chesapeake Apartments JV GP LLC); Series 2000 M, Ref. VRD MFH RB (CEP–FHLMC) |
0.01 | % | 07/01/2030 | 600 | 600,000 | |||||||||||
| Luzerne (County of), Pennsylvania Convention Center Authority; Series 1998 A, VRD Hotel Room Rental Tax RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 09/01/2028 | 4,700 | 4,700,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Credit Enhanced–(continued) | ||||||||||||||||
| Massachusetts (State of) Development Finance Agency (Milton Academy); Series 2009 B, VRD Taxable RB (LOC–TD Bank, N.A.)(f) |
0.38 | % | 03/01/2039 | $ | 1,900 | $ | 1,900,000 | |||||||||
| Massachusetts (State of) Health & Educational Facilities Authority (Harrington Memorial Hospital, Inc.); Series 2008 A, VRD RB (LOC–TD Bank, N.A.)(f) |
0.01 | % | 07/01/2038 | 3,100 | 3,100,000 | |||||||||||
| Milwaukee (City of), Wisconsin Redevelopment Authority (University of Wisconsin-Milwaukee Kenilworth); Series 2005, VRD Lease RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 09/01/2040 | 5,515 | 5,515,000 | |||||||||||
| Minnetonka (City of), Minnesota (Minnesota Hills Apartments); Series 2001, Ref. VRD MFH RB (CEP–FNMA) |
0.02 | % | 11/15/2031 | 4,000 | 4,000,000 | |||||||||||
| Mississippi (State of) Business Finance Corp. (CPX Gulfport ES OPAG, LLC); Series 2007 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.01 | % | 04/01/2037 | 6,800 | 6,800,000 | |||||||||||
| Mississippi (State of) Business Finance Corp. (CPX Gulfport OPAG, LLC); Series 2007 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.01 | % | 04/01/2037 | 1,500 | 1,500,000 | |||||||||||
| Montgomery (County of), Pennsylvania Industrial Development Authority (Friends’ Central School Corp.); Series 2002, VRD School RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.02 | % | 03/01/2032 | 1,005 | 1,005,000 | |||||||||||
| New Jersey (State of) Economic Development Authority (Job Haines Home for Aged People); Series 1998, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 02/01/2028 | 620 | 620,000 | |||||||||||
| Oregon (State of) Housing & Community Services Department (Redwood Park Apartments LLC); Series 2005 F, VRD Housing Development RB (CEP–FNMA) |
0.03 | % | 10/15/2038 | 4,000 | 4,000,000 | |||||||||||
| Palm Beach (County of), Florida Housing Finance Authority (Azalea Place Apartments); Series 1999 A, VRD MFH RB (CEP–FHLMC)(b) |
0.03 | % | 12/01/2032 | 4,606 | 4,606,000 | |||||||||||
| S&L Capital, LLC (J&L Development of Holland, LLC); Series 2005 A, VRD Taxable Notes (LOC–FHLB of Indianapolis)(f) |
0.48 | % | 07/01/2040 | 1,970 | 1,970,000 | |||||||||||
| Shelby (County of), Tennessee Health, Educational & Housing Facility Board (Providence Place Apartments); Series 2007, Ref. VRD MFH RB (CEP–FNMA) |
0.02 | % | 12/15/2042 | 500 | 500,000 | |||||||||||
| Sierra Vista (City of), Arizona Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 06/15/2031 | 3,345 | 3,345,000 | |||||||||||
| Southeast Texas Housing Finance Corp. (Mansions at Moses Lake Apartments); Series 2008, VRD MFH RB (CEP–FHLMC) |
0.03 | % | 06/01/2041 | 7,090 | 7,090,000 | |||||||||||
| St. Charles (County of), Missouri Industrial Development Authority (Westchester Village Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 04/15/2027 | 5,600 | 5,600,000 | |||||||||||
| St. Joseph (City of), Missouri Industrial Development Authority (Heartland Regional Medical Center); Series 2009 A, VRD Health Facilities RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 11/15/2043 | 14,950 | 14,950,000 | |||||||||||
| St. Louis (County of), Missouri Industrial Development Authority (Sugar Pines Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 04/15/2027 | 7,870 | 7,870,000 | |||||||||||
| Texas (State of) Department of Housing & Community Affairs (Champions Crossing Apartments); Series 2006, Ref. VRD MFH Mortgage RB (CEP–FNMA)(b) |
0.03 | % | 09/15/2036 | 4,475 | 4,475,000 | |||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (Norwich University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(f) |
0.01 | % | 09/01/2038 | 5,125 | 5,125,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Inglenook Court); Series 1995, VRD MFH Mortgage RB (CEP–FHLMC) |
0.03 | % | 07/01/2025 | 8,300 | 8,300,000 | |||||||||||
| Westmoreland (County of), Pennsylvania Industrial Development Authority (Excela Health); Series 2005 A, VRD Health System RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 07/01/2027 | 1,500 | 1,500,000 | |||||||||||
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital); Series 2004, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.01 | % | 08/15/2034 | 5,105 | 5,105,000 | |||||||||||
| 220,976,000 | ||||||||||||||||
| Other Variable Rate Demand Notes–0.04% | ||||||||||||||||
| Federal Home Loan Mortgage Corp., Series M028, Class A, VRD MFH Ctfs. |
0.03 | % | 09/15/2024 | 8,480 | 8,480,000 | |||||||||||
| Total Variable Rate Demand Notes (Cost $229,456,000) |
229,456,000 | |||||||||||||||
| Other Bonds & Notes–3.66% |
||||||||||||||||
| Bank of Nova Scotia, Sr. Unsec. Notes(c) |
2.90 | % | 03/29/2016 | 40,000 | 40,073,515 | |||||||||||
| GE Capital International Funding Co., Sr. Unsec. Gtd. Notes(b) |
0.96 | % | 04/15/2016 | 97,236 | 97,291,775 | |||||||||||
| New York Life Global Funding, Sec. Floating Rate Notes(b)(d) |
0.67 | % | 08/05/2016 | 73,000 | 73,000,033 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Wells Fargo Bank, N.A., |
||||||||||||||||
| Sr. Unsec. Medium-Term Floating Rate Notes(d) |
0.68 | % | 10/19/2016 | $ | 235,000 | $ | 235,000,000 | |||||||||
| Unsec. Medium-Term Floating Rate Notes(d) |
0.74 | % | 10/29/2016 | 225,000 | 225,000,000 | |||||||||||
| Westpac Banking Corp., Sr. Unsec. Floating Rate Notes(b)(c)(d) |
0.87 | % | 11/07/2016 | 150,000 | 150,000,000 | |||||||||||
| Total Other Bonds & Notes (Cost $820,365,323) |
820,365,323 | |||||||||||||||
| U.S. Treasury Securities–0.67%(a) |
||||||||||||||||
| U.S. Treasury Bills (Cost $149,636,000) |
0.49 | % | 09/01/2016 | 150,000,000 | 149,636,000 | |||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)–76.39% (Cost $17,143,582,669) |
17,143,582,669 | |||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–24.33%(g) |
||||||||||||||||
| Bank of Nova Scotia (The), agreement dated 02/29/2016, maturing value of $200,001,778 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $204,000,000; 0.90%-5.00%, 04/25/2017-01/01/2046) |
0.32 | % | 03/01/2016 | 200,001,778 | 200,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint agreement dated 02/29/2016, aggregate maturing value of $250,002,153 (collateralized by U.S. government sponsored agency obligations valued at $255,000,425; 0%-6.25%, 03/08/2017-01/15/2030) |
0.31 | % | 03/01/2016 | 125,001,077 | 125,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint agreement dated 02/29/2016, aggregate maturing value of $400,003,333 (collateralized by U.S. Treasury obligations valued at $408,000,044; 1.63%-2.25%, 06/30/2019-11/15/2025) |
0.30 | % | 03/01/2016 | 158,739,106 | 158,737,783 | |||||||||||
| Citigroup Global Markets Inc., term agreement dated 12/03/2015, maturing value of $60,596,167 (collateralized by domestic and foreign non-agency asset-backed securities valued at $66,000,000; 0%-1.05%, 04/01/2030-11/19/2051) |
0.98 | % | 12/02/2016 | 60,596,167 | 60,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, agreement dated 02/29/2016, maturing value of $200,001,778 (collateralized by domestic agency mortgage-backed securities valued at $204,000,000; 3.50%-4.50%, 05/20/2045-02/01/2046) |
0.32 | % | 03/01/2016 | 200,001,778 | 200,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, joint agreement dated 02/29/2016, aggregate maturing value of $600,005,000 (collateralized by U.S. Treasury obligations valued at $612,000,064; 2.63%-3.63%, 08/15/2020-08/15/2043) |
0.30 | % | 03/01/2016 | 93,000,775 | 93,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, open agreement dated 10/07/2015, (collateralized by domestic non-agency mortgage-backed securities valued at $456,502,402; 1.59%-6.00%, 07/27/2037-12/25/2065)(c)(h) |
0.98 | % | — | — | 415,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/23/2016, maturing value of $135,013,913 (collateralized by domestic and foreign non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $141,754,333; 0%-7.14%, 03/22/2017-04/10/2049)(c)(i) |
0.53 | % | 03/01/2016 | 135,013,913 | 135,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/23/2016, maturing value of $75,009,188 (collateralized by domestic and foreign corporate obligations valued at $82,501,090; 0%-10.00%, 02/25/2018-10/29/2049)(c)(i) |
0.63 | % | 03/01/2016 | 75,009,188 | 75,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/24/2016, maturing value of $165,020,213 (collateralized by domestic non-agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $181,503,082; 0%-3.82%, 03/15/2017-03/31/2045)(c)(i) |
0.63 | % | 03/02/2016 | 165,020,213 | 165,000,000 | |||||||||||
| ING Financial Markets, LLC, agreement dated 02/29/2016, maturing value $75,001,063 (collateralized by domestic and foreign corporate obligations valued at $82,211,752; 1.95%-10.50%, 03/15/2018-03/15/2038)(c) |
0.51 | % | 03/01/2016 | 75,001,063 | 75,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., agreement dated 02/29/2016, maturing value of $100,000,889 (collateralized by domestic agency mortgage-backed securities valued at $102,000,001; 0%-4.00%, 01/01/2034-02/01/2046) |
0.32 | % | 03/01/2016 | 100,000,889 | 100,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., joint agreement dated 02/29/2016, aggregate maturing value of $950,007,917 (collateralized by U.S. Treasury obligations valued at $969,000,085; 0.43%-4.50%, 09/30/2016-02/15/2036) |
0.30 | % | 03/01/2016 | 656,057,629 | 656,052,162 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/26/2016, maturing value of $348,452,400 (collateralized by domestic agency mortgage-backed securities, a domestic non-agency mortgage-backed security, a domestic non-agency asset-backed security and municipal obligations valued at $361,340,310; 0%-11.08%, 06/15/2016-04/25/2055)(i) |
0.78 | % | 04/26/2016 | 348,452,400 | 348,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Repurchase Amount |
Value | |||||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/29/2016, maturing value of $350,316,458 (collateralized by U.S. government sponsored agency obligations, a domestic agency mortgage-backed security, domestic non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities and domestic and foreign corporate obligations valued at $370,590,324; 0%-11.08%, 10/06/2016-06/05/2115) |
0.93 | % | 04/04/2016 | $ | 350,316,458 | $ | 350,000,000 | |||||||||
| Mitsubishi UFJ Securities (USA) Inc., agreement dated 02/29/2016, maturing value of $200,001,778 (collateralized by domestic agency mortgage-backed securities valued at $204,000,000; 0.75%-8.00%, 09/01/2023-01/20/2066) |
0.32 | % | 03/01/2016 | 200,001,778 | 200,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 02/23/2016, maturing value of $150,015,458 (collateralized by U.S. government sponsored agency obligations and domestic agency mortgage-backed securities valued at $153,000,000; 0%-15.63%, 02/01/2028-09/20/2063)(c)(i) |
0.53 | % | 03/01/2016 | 150,015,458 | 150,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 02/26/2016, maturing value of $180,094,400 (collateralized by U.S. government sponsored agency obligations, domestic agency mortgage-backed securities and domestic and foreign corporate obligations valued at $184,804,920; 0.80%-49.49%, 06/01/2017-09/20/2063)(c)(i) |
0.59 | % | 03/29/2016 | 180,094,400 | 180,000,000 | |||||||||||
| Societe Generale, agreement dated 02/29/2016, maturing value of $150,001,500 (collateralized by domestic agency mortgage-backed securities and a U.S. government sponsored agency obligation valued at $153,000,000; 0.87%-6.50%, 05/01/2018-01/20/2062) |
0.36 | % | 03/01/2016 | 150,001,500 | 150,000,000 | |||||||||||
| TD Securities (USA) LLC, joint agreement dated 02/29/2016, aggregate maturing value of $600,005,000 (collateralized by U.S. Treasury obligations valued at $612,000,050; 0%-9.00%, 03/03/2016-05/15/2045) |
0.30 | % | 03/01/2016 | 500,004,167 | 500,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $100,001,056 (collateralized by domestic corporate obligations valued at $105,000,001; 0%-2.00%, 03/01/2016-01/24/2028) |
0.38 | % | 03/01/2016 | 100,001,056 | 100,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $500,004,583 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.50%-3.50%, 04/01/2030-09/01/2045) |
0.33 | % | 03/01/2016 | 500,004,583 | 500,000,000 | |||||||||||
| Wells Fargo Securities, LLC, joint agreement dated 02/29/2016, aggregate maturing value of $550,005,042 (collateralized by U.S. government sponsored agency obligations valued at $561,000,000; 0.64%-4.00%, 07/15/2021-03/25/2055) |
0.33 | % | 03/01/2016 | 349,738,534 | 349,735,328 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/26/2016, maturing value of $175,017,354 (collateralized by U.S. government sponsored agency obligations, domestic corporate obligations and sovereign debt valued at $179,495,120; 0%-10.13%, 03/01/2016-01/21/2045)(i) |
0.51 | % | 03/04/2016 | 175,017,354 | 175,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $5,460,525,273) |
5,460,525,273 | |||||||||||||||
| TOTAL INVESTMENTS(j)(k)–100.72% (Cost $22,604,107,942) |
22,604,107,942 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(0.72)% |
(160,487,731 | ) | ||||||||||||||
| NET ASSETS–100.00% |
$ | 22,443,620,211 | ||||||||||||||
Investment Abbreviations:
| CEP | – Credit Enhancement Provider | |
| Ctfs. | – Certificates | |
| FHLB | – Federal Home Loan Bank | |
| FHLMC | – Federal Home Loan Mortgage Corp. | |
| FNMA | – Federal National Mortgage Association | |
| Gtd. | – Guaranteed | |
| IDR | – Industrial Development Revenue Bonds | |
| LOC | – Letter of Credit | |
| MFH | – Multi-Family Housing | |
| PCR | – Pollution Control Revenue Bonds | |
| RB | – Revenue Bonds | |
| Ref. | – Refunding | |
| Sec. | – Secured | |
| Sr. | – Senior | |
| Unsec. | – Unsecured | |
| VRD | – Variable Rate Demand |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 Short-Term Investments Trust
Liquid Assets Portfolio
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, 2016 was $7,237,690,536, which represented 32.25% 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: France: 11.8%; Canada: 10.3%; Japan: 10.1%; United Kingdom: 8.4%; other countries less than 5% each: 26.9%. |
| (d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (e) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (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) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (i) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (j) | Also represents cost for federal income tax purposes. |
| (k) | 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 issuers obligations. No concentration of any single entity was greater than 5% each. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
38.6 | % | ||
| 8-30 |
8.6 | |||
| 31-60 |
21.7 | |||
| 61-90 |
11.5 | |||
| 91-180 |
12.7 | |||
| 181+ |
6.9 |
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| STIC Prime Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Commercial Paper–49.74%(a) |
|
|||||||||||||||
| Asset-Backed Securities — Fully Supported–2.93% | ||||||||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.47 | % | 04/05/2016 | $ | 30,000 | $ | 29,986,292 | |||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.48 | % | 04/12/2016 | 25,000 | 24,986,000 | |||||||||||
| Kells Funding LLC (CEP–FMS Wertmanagement)(b)(c) |
0.42 | % | 03/03/2016 | 25,000 | 24,999,416 | |||||||||||
| 79,971,708 | ||||||||||||||||
| Asset-Backed Securities — Fully Supported Bank–22.85% | ||||||||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.50 | % | 04/07/2016 | 25,000 | 24,987,153 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c)(d) |
0.61 | % | 07/06/2016 | 77,000 | 77,000,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c)(d) |
0.61 | % | 07/05/2016 | 10,000 | 10,000,000 | |||||||||||
| Cancara Asset Securitisation LLC (CEP–Lloyds Bank PLC)(b) |
0.52 | % | 03/07/2016 | 50,000 | 49,995,667 | |||||||||||
| Gotham Funding Corp. (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(b)(c) |
0.53 | % | 03/15/2016 | 40,000 | 39,991,756 | |||||||||||
| Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) |
0.60 | % | 03/07/2016 | 12,000 | 11,998,800 | |||||||||||
| Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) |
0.60 | % | 03/01/2016 | 25,000 | 25,000,000 | |||||||||||
| Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) |
0.61 | % | 03/21/2016 | 32,943 | 32,931,836 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.48 | % | 04/22/2016 | 40,000 | 39,972,267 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.52 | % | 03/11/2016 | 50,000 | 49,992,778 | |||||||||||
| Manhattan Asset Funding Co., LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.48 | % | 03/24/2016 | 37,500 | 37,488,500 | |||||||||||
| Matchpoint Finance PLC, Series A (CEP–BNP Paribas S.A.)(b)(c) |
0.45 | % | 03/01/2016 | 100,000 | 100,000,000 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/14/2016 | 13,000 | 12,997,981 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/21/2016 | 80,000 | 79,980,889 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/29/2016 | 10,000 | 9,996,655 | |||||||||||
| Working Capital Management Co. (CEP–Mizuho Bank, Ltd.)(b)(c) |
0.51 | % | 04/18/2016 | 22,520 | 22,504,686 | |||||||||||
| 624,838,968 | ||||||||||||||||
| Asset-Backed Securities — Multi-Purpose–2.74% | ||||||||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.45 | % | 04/18/2016 | 25,000 | 24,985,000 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.47 | % | 03/09/2016 | 50,000 | 49,994,778 | |||||||||||
| 74,979,778 | ||||||||||||||||
| Diversified Banks–5.49% | ||||||||||||||||
| DBS Bank Ltd.(b)(c) |
0.45 | % | 03/18/2016 | 115,000 | 114,975,563 | |||||||||||
| Swedbank AB(b) |
0.36 | % | 03/07/2016 | 35,000 | 34,997,900 | |||||||||||
| 149,973,463 | ||||||||||||||||
| Integrated Oil & Gas–1.83% | ||||||||||||||||
| Chevron Corp.(c) |
0.43 | % | 04/01/2016 | 9,500 | 9,496,482 | |||||||||||
| Exxon Mobil Corp. |
0.46 | % | 03/15/2016 | 17,000 | 16,996,959 | |||||||||||
| Total Capital Canada Ltd.(b)(c) |
0.43 | % | 03/21/2016 | 23,500 | 23,494,386 | |||||||||||
| 49,987,827 | ||||||||||||||||
| Life & Health Insurance–3.15% | ||||||||||||||||
| MetLife Short Term Funding LLC(c) |
0.41 | % | 03/02/2016 | 76,120 | 76,119,133 | |||||||||||
| MetLife Short Term Funding LLC(c) |
0.42 | % | 03/04/2016 | 10,000 | 9,999,650 | |||||||||||
| 86,118,783 | ||||||||||||||||
| Regional Banks–8.01% | ||||||||||||||||
| Banque et Caisse d’Epargne de l’Etat(b) |
0.45 | % | 03/18/2016 | 79,000 | 78,983,213 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 Short-Term Investments Trust
| STIC Prime Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Regional Banks–(continued) | ||||||||||||||||
| Banque et Caisse d’Epargne de l’Etat(b) |
0.45 | % | 03/23/2016 | $ | 40,000 | $ | 39,989,000 | |||||||||
| Landesbank Hessen-Thueringen Girozentrale(b)(c) |
0.45 | % | 04/18/2016 | 100,000 | 99,940,000 | |||||||||||
| 218,912,213 | ||||||||||||||||
| Specialized Finance–2.74% | ||||||||||||||||
| CDP Financial Inc.(b)(c) |
0.50 | % | 03/01/2016 | 75,000 | 75,000,000 | |||||||||||
| Total Commercial Paper (Cost $1,359,782,740) |
1,359,782,740 | |||||||||||||||
| Certificates of Deposit–29.65% |
||||||||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(b) |
0.37 | % | 03/03/2016 | 20,000 | 20,000,000 | |||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(b) |
0.37 | % | 03/07/2016 | 45,000 | 45,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(b) |
0.28 | % | 03/01/2016 | 25,000 | 25,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(b) |
0.36 | % | 03/03/2016 | 40,000 | 40,000,000 | |||||||||||
| Credit Industriel et Commercial(b) |
0.37 | % | 03/02/2016 | 40,000 | 40,000,000 | |||||||||||
| Credit Industriel et Commercial(b) |
0.38 | % | 03/01/2016 | 20,000 | 20,000,000 | |||||||||||
| DNB Bank ASA(b) |
0.28 | % | 03/01/2016 | 137,000 | 137,000,000 | |||||||||||
| KBC Bank N.V.(b) |
0.38 | % | 03/01/2016 | 30,000 | 30,000,000 | |||||||||||
| KBC Bank N.V.(b) |
0.38 | % | 03/03/2016 | 40,000 | 40,000,000 | |||||||||||
| Nordea Bank Finland PLC(b) |
0.28 | % | 03/01/2016 | 137,000 | 137,000,000 | |||||||||||
| Oversea-Chinese Banking Corp. Ltd.(b) |
0.48 | % | 04/08/2016 | 50,000 | 50,000,000 | |||||||||||
| Oversea-Chinese Banking Corp. Ltd.(b) |
0.50 | % | 03/17/2016 | 49,750 | 49,750,000 | |||||||||||
| Skandinaviska Enskilda Banken AB(b) |
0.29 | % | 03/01/2016 | 137,000 | 137,000,000 | |||||||||||
| Swedbank AB(b) |
0.36 | % | 03/03/2016 | 40,000 | 40,000,000 | |||||||||||
| Total Certificates of Deposit (Cost $810,750,000) |
|
810,750,000 | ||||||||||||||
| Variable Rate Demand Notes–3.21%(e) |
||||||||||||||||
| Credit Enhanced–3.21% | ||||||||||||||||
| A Mining Group, LLC; Series 2006, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f) |
0.43 | % | 06/01/2029 | 2,095 | 2,095,000 | |||||||||||
| Benjamin Rose Institute (The) (Kethley House); Series 2005, VRD Taxable Notes (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.43 | % | 12/01/2028 | 2,200 | 2,200,000 | |||||||||||
| Centerville (City of), Ohio (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 B, VRD Health Care RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 11/01/2040 | 5,800 | 5,800,000 | |||||||||||
| Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 05/01/2036 | 4,335 | 4,335,000 | |||||||||||
| Grand Valley State University Board of Trustees; Series 2008 B, Ref. VRD General RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 06/01/2019 | 7,155 | 7,155,000 | |||||||||||
| Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc.); Series 2008 G, Ref. VRD Health System RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.02 | % | 09/01/2048 | 1,510 | 1,510,000 | |||||||||||
| Jets Stadium Development, LLC; Series 2007 A-4C, Project RB (LOC–Sumitomo Mitsui Banking Corp.)(b)(c)(f) |
0.38 | % | 04/01/2047 | 51,400 | 51,400,000 | |||||||||||
| Mississippi (State of) Business Finance Corp. (CPX Gulfport ES OPAG, LLC); Series 2007 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.01 | % | 04/01/2037 | 5,500 | 5,500,000 | |||||||||||
| Montgomery (County of), Pennsylvania Redevelopment Authority (Forge Gate Apartments); Series 2001 A, VRD MFH RB (CEP–FNMA) |
0.01 | % | 08/15/2031 | 700 | 700,000 | |||||||||||
| Oregon (State of) Housing & Community Services Department (Redwood Park Apartments LLC); Series 2005 F, VRD Housing Development RB (CEP–FNMA) |
0.03 | % | 10/15/2038 | 1,600 | 1,600,000 | |||||||||||
| St. Louis (County of), Missouri Industrial Development Authority (Westport Station Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 04/15/2027 | 2,600 | 2,600,000 | |||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (Norwich University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(f) |
0.01 | % | 09/01/2038 | 2,825 | 2,825,000 | |||||||||||
| Total Variable Rate Demand Notes (Cost $87,720,000) |
|
87,720,000 | ||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 Short-Term Investments Trust
| STIC Prime Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| U.S. Government Sponsored Agency Securities–0.95% |
||||||||||||||||
| Overseas Private Investment Corp. (OPIC)–0.95%(e) | ||||||||||||||||
| Unsec. Gtd. VRD COP Bonds |
0.36 | % | 05/15/2030 | $ | 11,960 | $ | 11,960,000 | |||||||||
| Unsec. Gtd. VRD COP Bonds |
0.40 | % | 09/20/2022 | 4,000 | 4,000,000 | |||||||||||
| Unsec. Gtd. VRD COP Notes |
0.40 | % | 09/15/2022 | 10,000 | 10,000,000 | |||||||||||
| Total U.S. Government Sponsored Agency Securities (Cost $25,960,000) |
|
25,960,000 | ||||||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)–83.55% (Cost $2,284,212,740) |
|
2,284,212,740 | ||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–16.47%(g) |
|
|||||||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/23/2016, maturing value of $15,001,546 (collateralized by a domestic non-agency asset-backed security valued at $15,751,736; 0%, 11/01/2047)(b)(h) |
0.53 | % | 03/01/2016 | 15,001,546 | 15,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/24/2016, maturing value of $115,014,088 (collateralized by domestic non-agency mortgage-backed securities and a domestic non-agency asset-backed security valued at $120,750,185; 0%-3.88%, 10/27/2034-12/25/2056)(b)(h) |
0.63 | % | 03/02/2016 | 115,014,088 | 115,000,000 | |||||||||||
| ING Financial Markets, LLC, agreement dated 02/29/2016, maturing value $10,000,142 (collateralized by a foreign corporate obligation valued at $10,602,967; 2.20%, 09/23/2019)(b) |
0.51 | % | 03/01/2016 | 10,000,142 | 10,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., joint agreement dated 02/29/2016, aggregate maturing value of $950,007,917 (collateralized by U.S. Treasury obligations valued at $969,000,085; 0.43%-4.50%, 09/30/2016-02/15/2036) |
0.30 | % | 03/01/2016 | 65,370,280 | 65,369,735 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/26/2016, maturing value of $80,104,000 (collateralized by a domestic non-agency asset-backed security valued at $88,000,001; 0%, 10/03/2039)(h) |
0.78 | % | 04/26/2016 | 80,104,000 | 80,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/29/2016, maturing value of $20,018,083 (collateralized by a domestic non-agency mortgage-backed security and domestic non-agency asset-backed securities valued at $22,000,000; 0%-5.84%, 10/26/2039-06/12/2050) |
0.93 | % | 04/04/2016 | 20,018,083 | 20,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 02/26/2016, maturing value of $120,062,933 (collateralized by U.S. government sponsored agency obligations valued at $122,400,000; 0%-10.86%, 05/15/2027-01/20/2046)(b)(h) |
0.59 | % | 03/29/2016 | 120,062,933 | 120,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/26/2016, maturing value of $25,002,479 (collateralized by domestic corporate obligations valued at $26,250,000; 0%, 03/10/2016- 03/11/2016)(h) |
0.51 | % | 03/04/2016 | 25,002,479 | 25,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $450,369,735) |
450,369,735 | |||||||||||||||
| TOTAL INVESTMENTS(i)(j)–100.02% (Cost $2,734,582,475) |
|
2,734,582,475 | ||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(0.02)% |
|
(620,917 | ) | |||||||||||||
| NET ASSETS–100.00% |
|
$ | 2,733,961,558 | |||||||||||||
Investment Abbreviations:
| CEP | – Credit Enhancement Provider | |
| COP | – Certificates of Participation | |
| FNMA | – Federal National Mortgage Association | |
| Gtd. | – Guaranteed | |
| LOC | – Letter of Credit | |
| MFH | – Multi-Family Housing | |
| RB | – Revenue Bonds | |
| Ref. | – Refunding | |
| Unsec. | – Unsecured | |
| VRD | – Variable Rate Demand |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 Short-Term Investments Trust
STIC Prime Portfolio
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) | 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: France: 12.8%; Canada: 12.8%; Sweden: 12.8%; Japan: 7.9%; Singapore: 7.9%; Netherlands: 5.7%; United Kingdom: 5.6%; Norway: 5.0%; other countries less than 5% each: 16.2%. |
| (c) | 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, 2016 was $1,190,220,001, which represented 43.53% of the Fund’s Net Assets. |
| (d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (e) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (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) | Also represents cost for federal income tax purposes. |
| (j) | 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 | |||
| DNB Bank ASA |
5.0 | % | ||
| Nordea Bank AB |
5.0 | |||
| Skandinaviska Enskilda Banken AB |
5.0 | |||
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
60.3 | % | ||
| 8-30 |
23.8 | |||
| 31-60 |
15.9 | |||
| 61-90 |
0.0 | |||
| 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.
16 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Treasury Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value |
|||||||||||||
| U.S. Treasury Securities–41.96% |
||||||||||||||||
| U.S. Treasury Bills–27.77%(a) | ||||||||||||||||
| U.S. Treasury Bills |
0.34 | % | 05/05/2016 | $ | 600,000 | $ | 599,640,874 | |||||||||
| U.S. Treasury Bills |
0.33 | % | 05/26/2016 | 500,000 | 499,617,778 | |||||||||||
| U.S. Treasury Bills |
0.42 | % | 06/02/2016 | 130,300 | 130,161,822 | |||||||||||
| U.S. Treasury Bills |
0.49 | % | 06/02/2016 | 149,700 | 149,513,985 | |||||||||||
| U.S. Treasury Bills |
0.38 | % | 06/09/2016 | 100,000 | 99,897,222 | |||||||||||
| U.S. Treasury Bills |
0.59 | % | 06/16/2016 | 179,725 | 179,416,510 | |||||||||||
| U.S. Treasury Bills |
0.52 | % | 06/23/2016 | 100,000 | 99,836,758 | |||||||||||
| U.S. Treasury Bills |
0.54 | % | 06/30/2016 | 55,450 | 55,351,222 | |||||||||||
| U.S. Treasury Bills |
0.51 | % | 07/07/2016 | 225,000 | 224,600,000 | |||||||||||
| U.S. Treasury Bills |
0.52 | % | 07/14/2016 | 115,250 | 115,030,449 | |||||||||||
| U.S. Treasury Bills |
0.42 | % | 08/18/2016 | 250,000 | 249,515,972 | |||||||||||
| U.S. Treasury Bills |
0.45 | % | 08/18/2016 | 200,000 | 199,582,556 | |||||||||||
| U.S. Treasury Bills |
0.45 | % | 08/25/2016 | 250,000 | 249,452,406 | |||||||||||
| U.S. Treasury Bills |
0.46 | % | 08/25/2016 | 200,000 | 199,560,450 | |||||||||||
| U.S. Treasury Bills |
0.23 | % | 09/15/2016 | 300,000 | 299,628,750 | |||||||||||
| U.S. Treasury Bills |
0.24 | % | 09/15/2016 | 200,000 | 199,738,200 | |||||||||||
| 3,550,544,954 | ||||||||||||||||
| U.S. Treasury Notes–14.19% | ||||||||||||||||
| U.S. Treasury Floating Rate Notes(b) |
0.40 | % | 07/31/2017 | 350,000 | 349,999,282 | |||||||||||
| U.S. Treasury Floating Rate Notes(b) |
0.49 | % | 10/31/2017 | 706,250 | 705,969,689 | |||||||||||
| U.S. Treasury Floating Rate Notes(b) |
0.59 | % | 01/31/2018 | 300,000 | 300,217,593 | |||||||||||
| U.S. Treasury Notes |
1.00 | % | 09/30/2016 | 150,000 | 150,408,452 | |||||||||||
| U.S. Treasury Notes |
3.13 | % | 10/31/2016 | 152,492 | 155,138,037 | |||||||||||
| U.S. Treasury Notes |
2.75 | % | 11/30/2016 | 150,000 | 152,450,452 | |||||||||||
| 1,814,183,505 | ||||||||||||||||
| Total U.S. Treasury Securities (Cost $5,364,728,459) |
5,364,728,459 | |||||||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)–41.96% (Cost $5,364,728,459) |
5,364,728,459 | |||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–58.02%(c) |
||||||||||||||||
| BNP Paribas Securities Corp., term agreement dated 02/25/2016, maturing value of $880,059,889 (collateralized by U.S. Treasury obligations valued at $897,549,096; 1.38%-8.13%, 08/15/2019-09/30/2020)(d) |
0.35 | % | 03/03/2016 | 880,059,889 | 880,000,000 | |||||||||||
| CIBC World Markets Corp., joint agreement dated 02/29/2016, aggregate maturing value of $100,000,833 (collateralized by U.S. Treasury obligations valued at $102,001,586; 1.13%-2.50%, 07/31/2019-02/15/2046) |
0.30 | % | 03/01/2016 | 76,960,419 | 76,959,778 | |||||||||||
| Citigroup Global Markets Inc., term agreement dated 02/25/2016, maturing value of $500,031,111 (collateralized by U.S. Treasury obligations valued at $510,000,061; 0.38%-2.00%, 03/15/2016-08/31/2021)(d) |
0.32 | % | 03/03/2016 | 500,031,111 | 500,000,000 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/25/2016, maturing value of $790,131,183 (collateralized by U.S. Treasury obligations valued at $806,199,875; 2.25%-3.75%, 11/15/2024-11/15/2043)(d) |
0.36 | % | 03/03/2016 | 790,131,183 | 790,075,878 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/26/2016, maturing value of $220,015,600 (collateralized by a U.S. Treasury obligation valued at $224,490,000; 2.25%, 11/15/2025)(d) |
0.36 | % | 03/04/2016 | 220,015,600 | 220,000,200 | |||||||||||
| Prudential Financial, Inc., agreement dated 02/29/2016, maturing value of $475,682,757 (collateralized by U.S. Treasury obligations valued at $484,802,967; 0%, 08/15/2027-08/15/2043) |
0.36 | % | 03/01/2016 | 475,682,757 | 475,678,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 Short-Term Investments Trust
| Treasury Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Repurchase Amount |
Value |
|||||||||||||
| RBC Capital Markets Corp., term agreement dated 10/14/2015, maturing value of $250,170,139 (collateralized by U.S. Treasury obligations valued at $255,000,006; 0%-9.00%, 03/17/2016-05/15/2045)(d) |
0.14 | % | 04/06/2016 | $ | 250,170,139 | $ | 250,000,000 | |||||||||
| RBC Capital Markets Corp., term agreement dated 10/13/2015, maturing value of $250,173,056 (collateralized by U.S. Treasury obligations valued at $255,000,009; 0%-8.75%, 04/14/2016-02/15/2045)(d) |
0.14 | % | 04/08/2016 | 250,173,056 | 250,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 10/21/2015, maturing value of $500,400,000 (collateralized by U.S. Treasury obligations valued at $510,000,074; 0%-8.00%, 03/03/2016-08/15/2043)(d) |
0.16 | % | 04/18/2016 | 500,400,000 | 500,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 10/22/2015, maturing value of $500,400,000 (collateralized by U.S. Treasury obligations valued at $510,000,078; 0.13%-8.75%, 03/15/2016-02/15/2043)(d) |
0.16 | % | 04/19/2016 | 500,400,000 | 500,000,000 | |||||||||||
| Societe Generale, agreement dated 02/29/2016, maturing value of $500,004,722 (collateralized by U.S. Treasury obligations valued at $510,000,000; 0%-8.50%, 04/07/2016-02/15/2042) |
0.34 | % | 03/01/2016 | 500,004,722 | 500,000,000 | |||||||||||
| Societe Generale, term agreement dated 02/03/2016, maturing value of $550,176,458 (collateralized by U.S. Treasury obligations valued at $561,000,092; 0.13%-8.50%, 11/30/2016-02/15/2044)(d) |
0.35 | % | 03/07/2016 | 550,176,458 | 550,000,000 | |||||||||||
| Societe Generale, term agreement dated 02/08/2016, maturing value of $400,116,000 (collateralized by U.S. Treasury obligations valued at $408,000,015; 0%-4.63%, 04/07/2016-02/15/2044)(d) |
0.36 | % | 03/08/2016 | 400,116,000 | 400,000,000 | |||||||||||
| Societe Generale, term agreement dated 02/16/2016, maturing value of $250,068,056 (collateralized by U.S. Treasury obligations valued at $255,000,001; 0.13%-7.25%, 02/15/2017-07/15/2024) (d) |
0.35 | % | 03/15/2016 | 250,068,556 | 250,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $325,002,799 (collateralized by U.S. Treasury obligations valued at $331,500,025; 3.00%, 05/15/2042-11/15/2045) |
0.31 | % | 03/01/2016 | 325,002,799 | 325,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $425,003,660 (collateralized by a U.S. Treasury obligation valued at $433,500,058; 1.38%, 04/30/2020) |
0.31 | % | 03/01/2016 | 425,003,660 | 425,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 01/19/2016, maturing value of $125,051,042 (collateralized by U.S. Treasury obligations valued at $127,500,058; 3.00%-8.88%, 05/15/2017-08/15/2044) |
0.35 | % | 03/01/2016 | 125,051,042 | 125,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/04/2016, maturing value of $200,220,000 (collateralized by a U.S. Treasury obligation valued at $204,000,063; 1.38%, 04/30/2020) |
0.44 | % | 05/04/2016 | 200,220,000 | 200,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/08/2016, maturing value of $200,227,500 (collateralized by U.S. Treasury obligations valued at $204,000,063; 0.42%-3.75%, 04/30/2016-11/15/2023) |
0.45 | % | 05/09/2016 | 200,227,500 | 200,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $7,417,713,856) |
7,417,713,856 | |||||||||||||||
| TOTAL INVESTMENTS(e)–99.98% (Cost $12,782,442,315) |
12,782,442,315 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–0.02% |
|
2,745,666 | ||||||||||||||
| NET ASSETS–100.00% |
|
$ | 12,785,187,981 | |||||||||||||
Notes to Schedule of Investments:
| (a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (c) | Principal amount equals value at period end. See Note 1I. |
| (d) | The Fund may demand prepayment of the term repurchase agreement upon one to seven business days notice depending on the timing of the demand. |
| (e) | Also represents cost for federal income tax purposes. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
54.9 | % | ||
| 8-30 |
0.0 | |||
| 31-60 |
0.0 | |||
| 61-90 |
11.7 | |||
| 91-180 |
15.3 | |||
| 181+ |
18.1 |
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Government & Agency Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| U.S. Government Sponsored Agency Securities–40.86% |
||||||||||||||||
| Federal Farm Credit Bank (FFCB)–7.53% | ||||||||||||||||
| Unsec. Bonds(a) |
0.40 | % | 04/21/2016 | $ | 33,000 | $ | 32,999,788 | |||||||||
| Unsec. Bonds(a) |
0.41 | % | 05/05/2016 | 145,000 | 144,998,742 | |||||||||||
| Unsec. Bonds(a) |
0.46 | % | 06/20/2017 | 39,325 | 39,281,437 | |||||||||||
| Unsec. Bonds(a) |
0.58 | % | 07/21/2017 | 45,000 | 44,999,903 | |||||||||||
| Unsec. Bonds(a) |
0.47 | % | 07/25/2017 | 35,600 | 35,624,024 | |||||||||||
| Unsec. Bonds(a) |
0.46 | % | 10/02/2017 | 41,400 | 41,370,334 | |||||||||||
| Unsec. Bonds(a) |
0.48 | % | 11/13/2017 | 8,000 | 7,986,928 | |||||||||||
| Unsec. Bonds(a) |
0.45 | % | 12/27/2017 | 30,000 | 29,928,524 | |||||||||||
| 377,189,680 | ||||||||||||||||
| Federal Home Loan Bank (FHLB)–23.20% | ||||||||||||||||
| Unsec. Bonds(a) |
0.37 | % | 05/18/2016 | 70,000 | 70,000,000 | |||||||||||
| Unsec. Disc. Notes(b) |
0.44 | % | 03/11/2016 | 5,000 | 4,999,389 | |||||||||||
| Unsec. Disc. Notes(b) |
0.44 | % | 03/16/2016 | 5,000 | 4,999,083 | |||||||||||
| Unsec. Disc. Notes(b) |
0.46 | % | 03/16/2016 | 50,000 | 49,990,417 | |||||||||||
| Unsec. Disc. Notes(b) |
0.44 | % | 03/18/2016 | 91,320 | 91,301,026 | |||||||||||
| Unsec. Disc. Notes(b) |
0.40 | % | 05/06/2016 | 75,000 | 74,944,450 | |||||||||||
| Unsec. Disc. Notes(b) |
0.47 | % | 08/12/2016 | 100,000 | 99,788,622 | |||||||||||
| Unsec. Disc. Notes(b) |
0.47 | % | 08/17/2016 | 150,000 | 149,669,042 | |||||||||||
| Unsec. Disc. Notes(b) |
0.49 | % | 08/19/2016 | 120,000 | 119,720,700 | |||||||||||
| Unsec. Disc. Notes(b) |
0.49 | % | 08/24/2016 | 110,000 | 109,738,567 | |||||||||||
| Unsec. Disc. Notes(b) |
0.50 | % | 08/24/2016 | 167,500 | 167,094,650 | |||||||||||
| Unsec. Global Bonds(a) |
0.37 | % | 08/18/2016 | 80,000 | 79,998,121 | |||||||||||
| Unsec. Global Bonds(a) |
0.38 | % | 01/17/2017 | 80,000 | 79,901,075 | |||||||||||
| Unsec. Global Bonds(a) |
0.52 | % | 01/23/2017 | 50,000 | 50,000,000 | |||||||||||
| Unsec. Global Bonds(a) |
0.45 | % | 04/21/2017 | 10,000 | 9,994,865 | |||||||||||
| 1,162,140,007 | ||||||||||||||||
| Federal Home Loan Mortgage Corp. (FHLMC)–2.43% | ||||||||||||||||
| Unsec. Disc. Notes(b) |
0.46 | % | 08/12/2016 | 47,500 | 47,401,543 | |||||||||||
| Unsec. Global Notes(a) |
0.43 | % | 01/13/2017 | 10,000 | 10,004,009 | |||||||||||
| Unsec. Global Notes(a) |
0.44 | % | 04/20/2017 | 30,000 | 29,994,783 | |||||||||||
| Unsec. Global Notes(a) |
0.47 | % | 04/27/2017 | 14,000 | 13,991,079 | |||||||||||
| Unsec. Global Notes(a) |
0.56 | % | 07/21/2017 | 20,000 | 19,997,142 | |||||||||||
| 121,388,556 | ||||||||||||||||
| Federal National Mortgage Association (FNMA)–3.95% | ||||||||||||||||
| Unsec. Disc. Notes(b) |
0.45 | % | 08/17/2016 | 45,000 | 44,904,515 | |||||||||||
| Unsec. Disc. Notes(b) |
0.46 | % | 08/17/2016 | 5,000 | 4,989,320 | |||||||||||
| Unsec. Global Notes(a) |
0.44 | % | 09/08/2017 | 35,000 | 34,948,231 | |||||||||||
| Unsec. Global Notes(a) |
0.44 | % | 10/05/2017 | 112,815 | 112,735,213 | |||||||||||
| 197,577,279 | ||||||||||||||||
| Overseas Private Investment Corp. (OPIC)–3.75% | ||||||||||||||||
| Unsec. Gtd., VRD COP Bonds(c) |
0.42 | % | 07/15/2025 | 37,000 | 37,000,000 | |||||||||||
| Unsec. Gtd., VRD COP Bonds(c) |
0.40 | % | 07/09/2026 | 51,000 | 51,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 Short-Term Investments Trust
| Government & Agency Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Overseas Private Investment Corp. (OPIC)–(continued) | ||||||||||||||||
| Gtd., VRD COP Bonds(c) |
0.42 | % | 11/15/2028 | $ | 100,000 | $ | 100,000,000 | |||||||||
| 188,000,000 | ||||||||||||||||
| Total U.S. Government Sponsored Agency Securities (Cost $2,046,295,522) |
2,046,295,522 | |||||||||||||||
| U.S. Treasury Securities–6.94% |
||||||||||||||||
| U.S. Treasury Bills–3.95%(b) | ||||||||||||||||
| U.S. Treasury Bills |
0.11 | % | 03/03/2016 | 2,900 | 2,899,982 | |||||||||||
| U.S. Treasury Bills |
0.22 | % | 03/03/2016 | 10,262 | 10,261,877 | |||||||||||
| U.S. Treasury Bills |
0.42 | % | 08/18/2016 | 70,000 | 69,864,472 | |||||||||||
| U.S. Treasury Bills |
0.44 | % | 08/18/2016 | 5,000 | 4,989,717 | |||||||||||
| U.S. Treasury Bills |
0.45 | % | 08/25/2016 | 60,000 | 59,868,577 | |||||||||||
| U.S. Treasury Bills |
0.49 | % | 09/01/2016 | 50,000 | 49,878,667 | |||||||||||
| 197,763,292 | ||||||||||||||||
| U.S. Treasury Notes–2.99% | ||||||||||||||||
| U.S. Treasury Floating Rate Notes(a) |
0.49 | % | 10/31/2017 | 150,000 | 149,931,786 | |||||||||||
| Total U.S. Treasury Securities (Cost $347,695,078) |
347,695,078 | |||||||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)- 47.80% (Cost $2,393,990,600) |
2,393,990,600 | |||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–53.21%(d) |
||||||||||||||||
| Bank of Nova Scotia (The), joint agreement dated 02/29/2016, aggregate maturing value of $500,004,167 (collateralized by U.S. Treasury obligations valued at $510,000,071; 0%-8.88%, 03/15/2016-08/15/2044) |
0.30 | % | 03/01/2016 | 250,002,083 | 250,000,000 | |||||||||||
| BNP Paribas Securities Corp., term agreement dated 02/25/2016, maturing value of $300,020,417 (collateralized by U.S. Treasury obligations valued at $306,000,000; 1.38%-1.63%, 09/30/2016-09/30/2020)(e) |
0.35 | % | 03/03/2016 | 300,020,417 | 300,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint agreement dated 02/29/2016, aggregate maturing value of $250,002,153 (collateralized by U.S. government sponsored agency obligations valued at $255,000,425; 0%-6.25%, 03/08/2017-01/15/2030) |
0.31 | % | 03/01/2016 | 25,000,215 | 25,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint term agreement dated 02/26/2016, aggregate maturing value of $250,015,556 (collateralized by U.S. government sponsored agency obligations valued at $255,000,073; 0%-8.25%, 06/01/2016-09/15/2065)(e) |
0.32 | % | 03/04/2016 | 175,010,889 | 175,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, joint agreement dated 02/29/2016, aggregate maturing value of $600,005,000 (collateralized by U.S. Treasury obligations valued at $612,000,064; 2.63%-3.63%, 08/15/2020-08/15/2043) |
0.30 | % | 03/01/2016 | 150,001,250 | 150,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, joint term agreement dated 02/24/2016, aggregate maturing value of $375,024,792 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $382,500,000; 0.75%-4.75%, 09/15/2017-10/01/2045)(e) |
0.34 | % | 03/02/2016 | 300,019,833 | 300,000,000 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/16/2016, maturing value of $100,060,000 (collateralized by domestic agency mortgage-backed securities valued at $102,002,164; 1.84%-4.00%, 08/01/2026-12/01/2042) |
0.45 | % | 04/04/2016 | 100,060,000 | 100,000,000 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/25/2016, maturing value of $310,101,913 (collateralized by U.S. Treasury obligations valued at $316,408,375; 0.38%-1.38%, 06/30/2018-07/15/2025)(e) |
0.36 | % | 03/03/2016 | 310,101,913 | 310,080,208 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/26/2016, maturing value of $100,025,801 (collateralized by a U.S. Treasury obligation valued at $102,060,000; 2.25%, 11/15/2025)(e) |
0.36 | % | 03/04/2016 | 100,025,801 | 100,018,800 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., joint agreement dated 02/29/2016, aggregate maturing value of $950,007,917 (collateralized by U.S. Treasury obligations valued at $969,000,085; 0.43%-4.50%, 09/30/2016-02/15/2036) |
0.30 | % | 03/01/2016 | 12,090,809 | 12,090,707 | |||||||||||
| Prudential Financial, Inc., agreement dated 02/29/2016, maturing value of $233,016,080 (collateralized by U.S. Treasury obligations valued at $237,502,363; 0%, 11/15/2026-08/15/2039) |
0.36 | % | 03/01/2016 | 233,016,080 | 233,013,750 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 Short-Term Investments Trust
| Government & Agency Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Repurchase Amount |
Value | |||||||||||||
| RBC Capital Markets Corp., joint term agreement dated 10/27/2015, aggregate maturing value of $200,158,222 (collateralized by U.S. Treasury obligations valued at $204,000,068; 1.00%-8.75%, 05/15/2017-02/15/2046)(e) |
0.16 | % | 04/22/2016 | $ | 160,126,578 | $ | 160,000,000 | |||||||||
| Societe Generale, joint term agreement dated 02/04/2016, aggregate maturing value of $250,076,528 (collateralized by U.S. government sponsored agency obligations and domestic agency mortgage-backed securities valued at $255,000,000; 0%-5.50%, 05/12/2017-01/20/2046)(e) |
0.38 | % | 03/04/2016 | 225,068,875 | 225,000,000 | |||||||||||
| Societe Generale, joint term agreement dated 02/17/2016, aggregate maturing value of $200,061,222 (collateralized by domestic agency mortgage-backed securities valued at $204,000,000; 0%-7.50%, 06/01/2017-04/20/2065)(e) |
0.38 | % | 03/17/2016 | 150,045,917 | 150,000,000 | |||||||||||
| Societe Generale, joint term agreement dated 02/23/2016, aggregate maturing value of $115,007,603 (collateralized by domestic agency mortgage-backed securities valued at $117,300,001; 0.57%-4.50%, 09/15/2022-12/01/2045)(e) |
0.34 | % | 03/01/2016 | 75,004,958 | 75,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/08/2016, maturing value of $100,113,750 (collateralized by domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $102,000,000; 0%-4.00%, 05/11/2016-12/25/2046) |
0.45 | % | 05/09/2016 | 100,113,750 | 100,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $2,665,203,465) |
2,665,203,465 | |||||||||||||||
| TOTAL INVESTMENTS(f)–101.01% (Cost $5,059,194,065) |
5,059,194,065 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(1.01)% |
|
(50,486,136 | ) | |||||||||||||
| NET ASSETS–100.00% |
|
$ | 5,008,707,929 | |||||||||||||
Investment Abbreviations:
| COP | – Certificates of Participation | |
| Disc. | – Discounted | |
| Gtd. | – Guaranteed | |
| Unsec. | – Unsecured | |
| 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, 2016. |
| (b) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (c) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (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) | Also represents cost for federal income tax purposes. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
52.2 | % | ||
| 8-30 |
3.0 | |||
| 31-60 |
2.7 | |||
| 61-90 |
7.8 | |||
| 91-180 |
19.1 | |||
| 181+ |
15.2 |
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.
21 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Government TaxAdvantage Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| U.S. Government Sponsored Agency Securities–68.42% |
||||||||||||||||
| Federal Farm Credit Bank (FFCB)–33.29% | ||||||||||||||||
| Disc. Notes(a) |
0.23 | % | 03/24/2016 | $ | 5,000 | $ | 4,999,281 | |||||||||
| Disc. Notes(a) |
0.25 | % | 05/03/2016 | 4,700 | 4,697,985 | |||||||||||
| Disc. Notes(a) |
0.33 | % | 05/27/2016 | 8,000 | 7,993,717 | |||||||||||
| Unsec. Bonds(b) |
0.45 | % | 04/06/2016 | 8,000 | 8,000,325 | |||||||||||
| Unsec. Bonds(b) |
0.50 | % | 04/20/2016 | 4,820 | 4,820,606 | |||||||||||
| Unsec. Bonds(b) |
0.41 | % | 05/05/2016 | 5,000 | 4,999,956 | |||||||||||
| Unsec. Bonds(b) |
0.40 | % | 05/06/2016 | 4,275 | 4,274,945 | |||||||||||
| Unsec. Bonds(b) |
0.46 | % | 10/11/2016 | 4,085 | 4,083,173 | |||||||||||
| Unsec. Bonds(b) |
0.47 | % | 02/13/2017 | 2,850 | 2,850,848 | |||||||||||
| 46,720,836 | ||||||||||||||||
| Federal Home Loan Bank (FHLB)–31.57% | ||||||||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/01/2016 | 1,100 | 1,100,000 | |||||||||||
| Unsec. Disc. Notes(a) |
0.30 | % | 03/02/2016 | 7,000 | 6,999,942 | |||||||||||
| Unsec. Disc. Notes(a) |
0.32 | % | 03/02/2016 | 1,300 | 1,299,988 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/03/2016 | 1,400 | 1,399,976 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/08/2016 | 2,548 | 2,547,846 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/09/2016 | 2,460 | 2,459,831 | |||||||||||
| Unsec. Disc. Notes(a) |
0.30 | % | 03/11/2016 | 9,985 | 9,984,168 | |||||||||||
| Unsec. Disc. Notes(a) |
0.32 | % | 03/15/2016 | 8,504 | 8,502,942 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/17/2016 | 10,000 | 9,998,622 | |||||||||||
| 44,293,315 | ||||||||||||||||
| Tennessee Valley Authority (TVA)–3.56% | ||||||||||||||||
| Sr. Unsec. Disc. Notes(a) |
0.30 | % | 03/08/2016 | 5,000 | 4,999,708 | |||||||||||
| Total U.S. Government Sponsored Agency Securities (Cost $96,013,859) |
96,013,859 | |||||||||||||||
| U.S. Treasury Securities–31.57% |
||||||||||||||||
| U.S. Treasury Bills–31.57%(a) | ||||||||||||||||
| U.S. Treasury Bills |
0.11 | % | 03/03/2016 | 7,100 | 7,099,956 | |||||||||||
| U.S. Treasury Bills |
0.22 | % | 03/03/2016 | 2,738 | 2,737,967 | |||||||||||
| U.S. Treasury Bills |
0.20 | % | 04/28/2016 | 7,500 | 7,497,632 | |||||||||||
| U.S. Treasury Bills |
0.27 | % | 05/05/2016 | 5,000 | 4,997,567 | |||||||||||
| U.S. Treasury Bills |
0.31 | % | 05/26/2016 | 2,000 | 1,998,557 | |||||||||||
| U.S. Treasury Bills |
0.40 | % | 06/02/2016 | 15,000 | 14,984,694 | |||||||||||
| U.S. Treasury Bills |
0.24 | % | 06/23/2016 | 5,000 | 4,996,200 | |||||||||||
| Total U.S. Treasury Securities (Cost $44,312,573) |
44,312,573 | |||||||||||||||
| TOTAL INVESTMENTS(c)–99.99% (Cost $140,326,432) |
140,326,432 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–0.01% |
7,879 | |||||||||||||||
| NET ASSETS–100.00% |
$ | 140,334,311 | ||||||||||||||
Investment Abbreviations:
| Disc. | – Discounted | |
| Sr. | – Senior | |
| Unsec. | – Unsecured |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 Short-Term Investments Trust
Government TaxAdvantage Portfolio
Notes to Schedule of Investments:
| (a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (c) | Also represents cost for federal income tax purposes. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
14.8 | % | ||
| 8-30 |
31.0 | |||
| 31-60 |
14.5 | |||
| 61-90 |
20.6 | |||
| 91-180 |
14.2 | |||
| 181+ |
4.9 |
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Municipal Obligations–101.46% |
| |||||||||||||||
| Alabama–4.65% | ||||||||||||||||
| Alabama (State of); Series 2010 C, Ref. Unlimited Tax GO Bonds |
5.00 | % | 06/01/2016 | $ | 775 | $ | 784,269 | |||||||||
| Mobile (County of) Industrial Development Authority (SSAB Alabama Inc.); Series 2010 A, VRD Recovery Zone Facility RB (LOC–Swedbank AB)(a)(b)(c) |
0.02 | % | 07/01/2040 | 11,100 | 11,100,000 | |||||||||||
| Tuscaloosa (County of) Industrial Development Authority (Hunt Refining Co.); |
|
|||||||||||||||
| Series 2011 G, VRD Gulf Opportunity Zone RB (LOC–Bank of Nova Scotia)(a)(b)(c) |
0.01 | % | 04/01/2028 | 10,000 | 10,000,000 | |||||||||||
| Series 2011 J, VRD Gulf Opportunity Zone RB (LOC–Bank of Nova Scotia)(a)(b)(c) |
0.01 | % | 04/01/2028 | 10,000 | 10,000,000 | |||||||||||
| 31,884,269 | ||||||||||||||||
| Arizona–1.02% | ||||||||||||||||
| Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, VRD RB (LOC–Bank of America, N.A.)(a)(b) |
0.01 | % | 01/01/2046 | 1,630 | 1,630,000 | |||||||||||
| Casa Grande (City of) Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.01 | % | 06/15/2031 | 2,685 | 2,685,000 | |||||||||||
| Maricopa (County of) Industrial Development Authority (Gran Victoria Housing LLC); Series 2000 A, VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 04/15/2030 | 2,700 | 2,700,000 | |||||||||||
| 7,015,000 | ||||||||||||||||
| California–6.64% | ||||||||||||||||
| California (State of) (Kindergarten-University Public Education Facilities); Series 2004 B3, VRD Unlimited Tax GO Bonds (LOC–Citibank N.A.)(a)(b) |
0.01 | % | 05/01/2034 | 2,200 | 2,200,000 | |||||||||||
| California Infrastructure & Economic Development Bank (Pacific Gas & Electric Co.); Series 2009 C, Ref. VRD RB (LOC–Sumitomo Mitsui Banking Corp.)(a)(b)(c) |
0.01 | % | 12/01/2016 | 17,300 | 17,300,000 | |||||||||||
| Los Angeles (City of); Series 2015, Unlimited Tax GO TRAN |
2.00 | % | 06/30/2016 | 950 | 955,411 | |||||||||||
| Riverside (City of); Series 2011 A, Ref. Floating Rate Water RB(d) |
0.16 | % | 10/01/2035 | 5,800 | 5,800,000 | |||||||||||
| Southern California Metropolitan Water District; Series 2009 A-2, Ref. Floating Rate RB(d) |
0.21 | % | 07/01/2030 | 11,800 | 11,800,000 | |||||||||||
| Torrance (City of); Series 2015, Unlimited Tax GO TRAN |
1.50 | % | 06/30/2016 | 7,450 | 7,479,270 | |||||||||||
| 45,534,681 | ||||||||||||||||
| Colorado–3.90% | ||||||||||||||||
| Boulder (County of) (Imagine!); Series 2006, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 02/01/2031 | 1,525 | 1,525,000 | |||||||||||
| Colorado (State of) Educational & Cultural Facilities Authority (Denver Seminary); Series 2004, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 07/01/2034 | 2,000 | 2,000,000 | |||||||||||
| Colorado (State of) Health Facilities Authority (Arapahoe House); Series 2004 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 04/01/2024 | 770 | 770,000 | |||||||||||
| Colorado (State of) Housing & Finance Authority (Woodstream Village); Series 1985, VRD MFH RB (CEP–FNMA)(a) |
0.13 | % | 02/01/2031 | 6,600 | 6,600,000 | |||||||||||
| Colorado Springs (City of) (Cook Communications Ministries); Series 2002, VRD IDR (LOC–Bank of America, N.A.)(a)(b) |
0.14 | % | 03/01/2017 | 7,100 | 7,100,000 | |||||||||||
| EagleBend Affordable Housing Corp.; Series 2006 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.03 | % | 07/01/2021 | 3,485 | 3,485,000 | |||||||||||
| Pitkin (County of) (Centennial-Aspen II L.P.); Series 1996 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.02 | % | 12/01/2024 | 5,235 | 5,235,000 | |||||||||||
| 26,715,000 | ||||||||||||||||
| Delaware–0.81% | ||||||||||||||||
| Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 09/01/2036 | 2,695 | 2,695,000 | |||||||||||
| Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 05/01/2036 | 2,850 | 2,850,000 | |||||||||||
| 5,545,000 | ||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| District of Columbia–0.23% | ||||||||||||||||
| District of Columbia; Series 1998 A, VRD Pooled Loan
Program RB (LOC–Bank of America, |
0.21 | % | 01/01/2029 | $ | 1,557 | $ | 1,557,000 | |||||||||
| Florida–3.59% | ||||||||||||||||
| Florida (State of) Board of Education; |
|
|||||||||||||||
| Series 2008 C, Ref. Public Education Capital Outlay Unlimited Tax GO Bonds |
5.00 | % | 06/01/2016 | 3,420 | 3,461,450 | |||||||||||
| Series 2012 A, Ref. Public Education Capital Outlay Unlimited Tax GO Bonds |
5.00 | % | 06/01/2016 | 1,000 | 1,012,000 | |||||||||||
| JPMorgan Chase PUTTERs (Palm Beach (County of) Solid Waste Authority); Series 2009-3419, VRD Improvement RB (INS–BHAC)(a)(e)(f)(g) |
0.02 | % | 04/01/2017 | 2,275 | 2,275,000 | |||||||||||
| Orange (County of) Housing Finance Authority (Post Fountains at Lee Vista); Series 1997 E, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.03 | % | 06/01/2025 | 500 | 500,000 | |||||||||||
| Palm Beach (County of) (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 11/01/2036 | 2,925 | 2,925,000 | |||||||||||
| Palm Beach (County of) (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.02 | % | 07/01/2032 | 14,415 | 14,415,000 | |||||||||||
| 24,588,450 | ||||||||||||||||
| Georgia–1.73% | ||||||||||||||||
| Columbia County School District; Series 2011, Unlimited Tax GO Bonds |
5.00 | % | 04/01/2016 | 1,000 | 1,004,069 | |||||||||||
| DeKalb (County of) Housing Authority (Clairmont Crest); Series 1995, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.01 | % | 06/15/2025 | 6,340 | 6,340,000 | |||||||||||
| Fulton (County of) Development Authority (Friends of High Meadows, Inc.); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 01/01/2020 | 900 | 900,000 | |||||||||||
| Georgia (State of); Series 2012 A, Unlimited Tax GO Bonds |
5.00 | % | 07/01/2016 | 1,375 | 1,396,447 | |||||||||||
| Private Colleges & Universities Authority (Emory University); Series 2005 B-2, VRD RB(a) |
0.01 | % | 09/01/2035 | 500 | 500,000 | |||||||||||
| Richmond (County of) Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 09/01/2020 | 1,700 | 1,700,000 | |||||||||||
| 11,840,516 | ||||||||||||||||
| Illinois–9.21% | ||||||||||||||||
| Glendale Heights (Village of) (Glendale Lakes); Series 2000, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.01 | % | 03/01/2030 | 10,845 | 10,845,000 | |||||||||||
| Illinois (State of) Finance Authority (Chicago Symphony Orchestra); Series 1994, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 12/01/2028 | 8,500 | 8,500,000 | |||||||||||
| Illinois (State of) Finance Authority (Elmhurst College); Series 2007, VRD RB (LOC–BMO
Harris, |
0.01 | % | 02/01/2042 | 7,150 | 7,150,000 | |||||||||||
| Illinois (State of) Finance Authority (Foundation for Safety & Health); Series 1992, VRD Safety Education RB (LOC–BMO Harris, N.A.)(a)(b)(e) |
0.10 | % | 10/01/2017 | 400 | 400,000 | |||||||||||
| Illinois (State of) Finance Authority (Garrett-Evangelical Theological Seminary); Series 2010, VRD RB (LOC–FHLB of Chicago)(a)(b) |
0.01 | % | 06/01/2040 | 3,280 | 3,280,000 | |||||||||||
| Illinois (State of) Finance Authority (Institute of Gas Technology); Series 1999, VRD IDR (LOC–BMO Harris, N.A.)(a)(b) |
0.08 | % | 09/01/2024 | 600 | 600,000 | |||||||||||
| Illinois (State of) Finance Authority (James Jordan Boys & Girls Club & Family Life Center); Series 1995, VRD RB (LOC–Bank of America, N.A.)(a)(b)(e) |
0.11 | % | 08/01/2030 | 4,700 | 4,700,000 | |||||||||||
| Illinois (State of) Finance Authority (National-Louis University); Series 1999 B, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 06/01/2029 | 1,170 | 1,170,000 | |||||||||||
| Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(a) |
0.01 | % | 12/01/2046 | 7,700 | 7,700,000 | |||||||||||
| Illinois (State of) Finance Authority (Radiological Society of North America, Inc.); Series 1997, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)(e) |
0.11 | % | 06/01/2017 | 670 | 670,000 | |||||||||||
| Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 01/01/2037 | 1,720 | 1,720,000 | |||||||||||
| Illinois (State of) Finance Authority (The Teachers Academy for Mathematics & Science); Series 2001, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.30 | % | 02/01/2021 | 800 | 800,000 | |||||||||||
| Illinois (State of) Finance Authority (Uhlich Children’s Advantage); Series 2006, VRD RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.08 | % | 05/01/2036 | 2,335 | 2,335,000 | |||||||||||
| Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC–U.S. Bank, N.A.)(a)(b) |
0.08 | % | 10/01/2033 | 4,000 | 4,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Illinois–(continued) | ||||||||||||||||
| Illinois (State of) Finance Authority (YMCA of Metropolitan Chicago); Series 2004, VRD RB (LOC–BMO Harris, N.A.)(a)(b) |
0.01 | % | 06/01/2034 | $ | 4,200 | $ | 4,200,000 | |||||||||
| Monmouth (City of) (Monmouth College); Series 2005, VRD IDR (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 06/01/2035 | 5,120 | 5,120,000 | |||||||||||
| 63,190,000 | ||||||||||||||||
| Indiana–4.49% | ||||||||||||||||
| Fort Wayne (City of) (University of Saint Francis); Series 2008, VRD Economic Development RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.03 | % | 08/01/2028 | 1,300 | 1,300,000 | |||||||||||
| Huntington (City of) (Huntington University, Inc.); Series 2007, Ref. VRD Economic Development & Improvement RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 08/01/2037 | 5,500 | 5,500,000 | |||||||||||
| Indiana (State of) Finance Authority (Duke Energy Indiana, Inc.); Series 2009 A-5, Ref. VRD Environmental RB (LOC–Sumitomo Mitsui Banking Corp.)(a)(b)(c) |
0.01 | % | 10/01/2040 | 2,000 | 2,000,000 | |||||||||||
| Indiana (State of) Finance Authority (Howard Regional Health System); Series 2005 B, VRD Hospital RB (LOC–BMO Harris, N.A.)(a)(b) |
0.01 | % | 01/01/2035 | 3,215 | 3,215,000 | |||||||||||
| Indiana (State of) Finance Authority (Ispat Inland Inc.); Series 2005, Ref. VRD Environmental Improvement RB (LOC–Rabobank Nederland)(a)(b)(c) |
0.01 | % | 06/01/2035 | 10,000 | 10,000,000 | |||||||||||
| Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc.); Series 2008 G, Ref. VRD Health System RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 09/01/2048 | 7,925 | 7,925,000 | |||||||||||
| University of Southern Indiana; Series 1999 G, VRD Student Fee RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.11 | % | 10/01/2019 | 880 | 880,000 | |||||||||||
| 30,820,000 | ||||||||||||||||
| Iowa–0.29% | ||||||||||||||||
| Iowa (State of) Finance Authority (Cedarwood Hills Apartments); Series 2001 A, VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 05/01/2031 | 2,000 | 2,000,000 | |||||||||||
| Kansas–0.64% | ||||||||||||||||
| Wichita (City of); Series 2015-272, Unlimited Tax GO Temporary Notes |
2.00 | % | 04/15/2016 | 4,400 | 4,409,482 | |||||||||||
| Kentucky–0.22% | ||||||||||||||||
| Louisville (City of) & Jefferson (County of) Metropolitan Sewer District; Series 2009 A, Ref. Sewer & Drainage System RB |
5.00 | % | 05/15/2016 | 1,475 | 1,489,880 | |||||||||||
| Louisiana–0.30% | ||||||||||||||||
| Bossier Parishwide School District; Series 2012, Ref. School Improvement Unlimited Tax GO Bonds |
4.00 | % | 03/01/2016 | 950 | 950,000 | |||||||||||
| Louisiana (State of); Series 2012 A-1, Ref. Gasoline & Fuels Tax RB |
5.00 | % | 05/01/2016 | 1,110 | 1,118,580 | |||||||||||
| 2,068,580 | ||||||||||||||||
| Maryland–3.33% | ||||||||||||||||
| Maryland (State of) (State & Local Facilities Loan of 2013); First Series 2013 A, Unlimited Tax GO Bonds |
5.00 | % | 03/01/2016 | 925 | 925,000 | |||||||||||
| Maryland (State of) Health & Higher Educational Facilities Authority (Gaudenzia Foundation Issue); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 07/01/2028 | 2,760 | 2,760,000 | |||||||||||
| Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 04/01/2035 | 7,500 | 7,500,000 | |||||||||||
| Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System); Series 2008 D, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 07/01/2041 | 8,635 | 8,635,000 | |||||||||||
| Montgomery (County of); Series 2005 A, Ref. Consolidated Public Improvement Unlimited Tax GO Bonds |
5.00 | % | 07/01/2016 | 3,000 | 3,047,968 | |||||||||||
| 22,867,968 | ||||||||||||||||
| Massachusetts–0.99% | ||||||||||||||||
| Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 10/01/2038 | 6,090 | 6,090,000 | |||||||||||
| Massachusetts (State of) Development Finance Agency (Harrington Memorial Hospital, Inc.); Series 2008 A, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 07/01/2038 | 715 | 715,000 | |||||||||||
| 6,805,000 | ||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Michigan–1.54% | ||||||||||||||||
| Southfield (City of) Economic Development Corp. (Lawrence Technological University); Series 2001, VRD Limited Obligation RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 10/01/2031 | $ | 5,305 | $ | 5,305,000 | |||||||||
| West Shore Medical Center; Series 2001, VRD Health Facilities RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 04/01/2022 | 5,280 | 5,280,000 | |||||||||||
| 10,585,000 | ||||||||||||||||
| Minnesota–3.65% | ||||||||||||||||
| Minnesota (State of); Series 2014 E, Ref. State Trunk Highway Unlimited Tax GO Bonds |
3.00 | % | 08/01/2016 | 7,000 | 7,081,440 | |||||||||||
| Minnesota (State of) Higher Educational Facilities Authority (Concordia University, St. Paul); Series 2007 Six-Q, VRD RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.03 | % | 04/01/2037 | 9,135 | 9,135,000 | |||||||||||
| Minnesota (State of) Midwest Consortium of Municipal Utilities (Minnesota Municipal Utilities Association Financing Program); Series 2005 A, VRD RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.07 | % | 01/01/2025 | 290 | 290,000 | |||||||||||
| Oak Park Heights (City of) (Boutswell Landing); Series 2005, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 11/01/2035 | 1,355 | 1,355,000 | |||||||||||
| St. Paul (City of) Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 10/01/2033 | 7,175 | 7,175,000 | |||||||||||
| 25,036,440 | ||||||||||||||||
| Missouri–1.84% | ||||||||||||||||
| Bridgeton (City of) Industrial Development Authority (Stolze Printing); Series 2010, VRD IDR (LOC–FHLB of Chicago)(a)(b) |
0.02 | % | 11/01/2037 | 1,125 | 1,125,000 | |||||||||||
| Missouri (State of) Health & Educational Facilities Authority (BJC Health Systems); Series 2013 C, VRD RB(a) |
0.21 | % | 01/01/2050 | 6,450 | 6,450,000 | |||||||||||
| Springfield (City of) Industrial Development Authority (Pebblecreek Apartments); Series 1994, Ref. VRD MFH RB (LOC–FHLB of Des Moines)(a)(b) |
0.12 | % | 12/01/2019 | 1,060 | 1,060,000 | |||||||||||
| St. Joseph (City of) Industrial Development Authority (Heartland Regional Medical Center); Series 2009 A, VRD Health Facilities RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.01 | % | 11/15/2043 | 1,600 | 1,600,000 | |||||||||||
| St. Louis (County of) Industrial Development Authority (Westport Station Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) (a) |
0.01 | % | 04/15/2027 | 2,370 | 2,370,000 | |||||||||||
| 12,605,000 | ||||||||||||||||
| Nevada–0.93% | ||||||||||||||||
| Carson City (City of) (Carson-Tahoe Hospital); Series 2003 B, VRD Hospital RB (LOC–U.S.
Bank, |
0.01 | % | 09/01/2033 | 5,300 | 5,300,000 | |||||||||||
| Reno (City of) (Renown Regional Medical Center); Series 2009 A, Ref. VRD Hospital RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.03 | % | 06/01/2039 | 1,085 | 1,085,000 | |||||||||||
| 6,385,000 | ||||||||||||||||
| New Hampshire–1.04% | ||||||||||||||||
| New Hampshire (State of) Health & Education Facilities Authority (Moore Center Services, Inc.); Series 2007, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.02 | % | 09/01/2037 | 3,625 | 3,625,000 | |||||||||||
| New Hampshire (State of) Health & Education Facilities Authority (Riverbend Community Mental Health, Inc.); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.02 | % | 07/01/2038 | 3,500 | 3,500,000 | |||||||||||
| 7,125,000 | ||||||||||||||||
| New Mexico–1.25% | ||||||||||||||||
| Albuquerque (City of) & Bernalillo (County of) Water Utility Authority; Series 2009 A-1, Ref. Joint Water & Sewer System Improvement RB |
5.00 | % | 07/01/2016 | 1,250 | 1,269,554 | |||||||||||
| New Mexico (State of); Series 2010 A, Severance Tax RB |
5.00 | % | 07/01/2016 | 5,075 | 5,155,782 | |||||||||||
| New Mexico (State of) Finance Authority (Public Project Revolving Fund Program); Series 2016 A, Sr. Lien RB |
2.00 | % | 06/01/2016 | 2,150 | 2,159,722 | |||||||||||
| 8,585,058 | ||||||||||||||||
| New York–5.68% | ||||||||||||||||
| New York (State of) Dormitory Authority; Series 2009 B, VRD Samaritan Medical Center RB (LOC–HSBC Bank USA N.A.)(a)(b)(c) |
0.01 | % | 11/01/2036 | 8,130 | 8,130,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| New York–(continued) | ||||||||||||||||
| New York (State of) Housing Finance Agency (Manhattan West Residential Housing); |
||||||||||||||||
| Series 2014 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)(c) |
0.07 | % | 11/01/2049 | $ | 9,600 | $ | 9,600,000 | |||||||||
| Series 2015 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)(c) |
0.07 | % | 11/01/2049 | 8,200 | 8,200,000 | |||||||||||
| New York (State of) Housing Finance Agency (Riverside Center 2 Housing); Series 2015 A-1, VRD RB (LOC–Bank of America, N.A.)(a)(b) |
0.01 | % | 11/01/2046 | 9,000 | 9,000,000 | |||||||||||
| Triborough Bridge & Tunnel Authority; Series 2002 F, Ref. VRD General RB (LOC–Landesbank Hessen-Thüringen Girozentrale)(a)(b)(c) |
0.01 | % | 11/01/2032 | 4,000 | 4,000,000 | |||||||||||
| 38,930,000 | ||||||||||||||||
| North Carolina–2.97% | ||||||||||||||||
| Charlotte-Mecklenburg Hospital Authority (The) (Carolinas HealthCare Systems); Series 2007 C, Ref. VRD RB(a) |
0.01 | % | 01/15/2037 | 9,300 | 9,300,000 | |||||||||||
| Greensboro (City of) (Combined Enterprise System); Series 2012 A, Ref. RB |
5.00 | % | 06/01/2016 | 1,260 | 1,274,790 | |||||||||||
| Guilford (County of); Series 2012 A, Public Improvement Unlimited Tax GO Bonds |
5.00 | % | 03/01/2016 | 2,350 | 2,350,000 | |||||||||||
| Mecklenburg (County of); Series 2009 C, Ref. Unlimited Tax GO Bonds |
5.00 | % | 03/01/2016 | 1,020 | 1,020,000 | |||||||||||
| North Carolina (State of) Capital Facilities Finance Agency (Roman Catholic Diocese of Charlotte); Series 2000, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.05 | % | 06/01/2017 | 2,335 | 2,335,000 | |||||||||||
| Raleigh (City of) (Combined Enterprise System); Series 2006 A, RB |
5.00 | % | 03/01/2016 | 1,150 | 1,150,000 | |||||||||||
| Raleigh (City of); Series 2012 B, Public Improvement Unlimited Tax GO Bonds |
5.00 | % | 04/01/2016 | 2,950 | 2,962,005 | |||||||||||
| 20,391,795 | ||||||||||||||||
| Ohio–3.54% | ||||||||||||||||
| Centerville (City of) (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 B, VRD Health Care RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 11/01/2040 | 1,385 | 1,385,000 | |||||||||||
| Franklin (County of) (Ohio Health Corp.); Series 2011 C, Ref. Hospital Facilities Floating Rate RB(d) |
0.05 | % | 11/15/2033 | 2,900 | 2,900,000 | |||||||||||
| Franklin (County of) (U.S. Health Corp. of Columbus); Series 1996 A, Ref. VRD Hospital Facilities & Improvement RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 12/01/2021 | 7,125 | 7,125,000 | |||||||||||
| Montgomery (County of) (The Dayton Art Institute); Series 1996, VRD Economic Development RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.02 | % | 05/01/2026 | 8,400 | 8,400,000 | |||||||||||
| Ohio (State of) (Goodwill Industries of the Miami Valley); Series 2003, VRD Economic Development RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 06/01/2023 | 4,495 | 4,495,000 | |||||||||||
| 24,305,000 | ||||||||||||||||
| Oklahoma–0.13% | ||||||||||||||||
| Tulsa County Independent School District No. 9 (Union Board of Education); Series 2014, Combined Purpose Unlimited Tax GO Bonds |
1.00 | % | 04/01/2016 | 900 | 900,530 | |||||||||||
| Pennsylvania–4.22% | ||||||||||||||||
| Allegheny (County of) Industrial Development Authority (United Jewish Federation of Greater Pittsburgh); Series 1995 B, VRD RB (LOC–PNC Bank, N.A.)(a)(b)(e) |
0.03 | % | 10/01/2025 | 1,200 | 1,200,000 | |||||||||||
| Haverford Township School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank, |
0.02 | % | 03/01/2030 | 2,235 | 2,235,000 | |||||||||||
| Lebanon (County of) Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 10/15/2025 | 5,505 | 5,505,000 | |||||||||||
| Luzerne (County of) Convention Center Authority; Series 1998 A, VRD Hotel Room Rental Tax RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 09/01/2028 | 2,220 | 2,220,000 | |||||||||||
| Montgomery (County of) Redevelopment Authority (Forge Gate Apartments); Series 2001 A, VRD MFH RB (CEP–FNMA)(a) |
0.01 | % | 08/15/2031 | 3,990 | 3,990,000 | |||||||||||
| Pennsylvania (State of) Higher Educational Facilities Authority (Association of Independent Colleges & Universities of Pennsylvania Financing Program-Moore College of Art & Design); Series 2000 F-1, VRD RB (LOC–PNC Bank, N.A.)(a)(b)(e) |
0.03 | % | 05/01/2020 | 1,950 | 1,950,000 | |||||||||||
| Quakertown (Borough of) General Authority (Pooled Financing Program); Series 1996 A, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 07/01/2026 | 1,715 | 1,715,000 | |||||||||||
| Ridley School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank, N.A.)(a)(b) |
0.02 | % | 11/01/2029 | 2,600 | 2,600,000 | |||||||||||
| Westmoreland (County of) Industrial Development Authority (Excela Health); Series 2005 A, VRD Health System RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 07/01/2027 | 7,525 | 7,525,000 | |||||||||||
| 28,940,000 | ||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| South Carolina–2.02% | ||||||||||||||||
| Brookland-Cayce School District No. 2; Series 2015 C, Unlimited Tax GO Bonds |
3.00 | % | 03/01/2016 | $ | 8,705 | $ | 8,705,000 | |||||||||
| South Carolina (State of) Educational Facilities Authority for Private Non-Profit Institutions of Higher Learning (Morris College); Series 1997, VRD RB (LOC–Bank of America, N.A.)(a)(b)(e) |
0.16 | % | 07/01/2017 | 590 | 590,000 | |||||||||||
| South Carolina (State of) Jobs-Economic Development Authority (YMCA of Greenville); Series 2007, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 03/01/2028 | 2,702 | 2,702,000 | |||||||||||
| Spartanburg County School District No. 7; Series 2015 A, Unlimited Tax GO Bonds |
4.00 | % | 03/01/2016 | 1,830 | 1,830,000 | |||||||||||
| 13,827,000 | ||||||||||||||||
| Tennessee–2.56% | ||||||||||||||||
| Nashville (City of) & Davidson (County of) Metropolitan Government Industrial Development Board (Summit Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 07/15/2036 | 7,575 | 7,575,000 | |||||||||||
| Nashville (City of) & Davidson (County of) Metropolitan Government Health & Educational Facilities Board (Ascension Health Credit Group); Series 2001 B-1, VRD RB(a) |
0.19 | % | 11/15/2031 | 10,000 | 10,000,000 | |||||||||||
| 17,575,000 | ||||||||||||||||
| Texas–9.22% | ||||||||||||||||
| Aledo Independent School District; Series 2006 A, VRD School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program)(a) |
0.02 | % | 08/01/2035 | 14,615 | 14,615,000 | |||||||||||
| Austin Community College District ; Series 2015, Limited Tax GO Bonds |
3.00 | % | 08/01/2016 | 1,260 | 1,273,898 | |||||||||||
| Denton (County of); Series 2013, Limited Tax GO Notes |
3.00 | % | 04/15/2016 | 1,020 | 1,023,354 | |||||||||||
| Fort Bend Independent School District; Series 2008, Ref. School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program) |
5.00 | % | 08/15/2016 | 1,300 | 1,328,235 | |||||||||||
| Lewisville Independent School District; Series 2014 A, School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program) |
3.00 | % | 08/15/2016 | 1,095 | 1,108,749 | |||||||||||
| San Antonio Independent School District; Series 2011, Ref. Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program) |
5.00 | % | 08/15/2016 | 1,000 | 1,021,719 | |||||||||||
| San Gabriel (City of) Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 04/01/2026 | 1,100 | 1,100,000 | |||||||||||
| Tarrant (County of) Cultural Education Facilities Finance Corp. (Baylor Health Care System); Series 2011 C, VRD Hospital RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 11/15/2050 | 3,500 | 3,500,000 | |||||||||||
| Tarrant (County of) Housing Finance Corp. (Remington Hill Development); Series 1998, VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 02/15/2028 | 1,750 | 1,750,000 | |||||||||||
| Tarrant (County of) Housing Finance Corp. (Sierra Springs Apartments); Series 1999, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.03 | % | 02/15/2027 | 5,860 | 5,860,000 | |||||||||||
| Tarrant (County of) Regional Water District; |
||||||||||||||||
| Series 2012 A, Ref. RB |
5.00 | % | 03/01/2016 | 3,500 | 3,500,000 | |||||||||||
| Series 2012, Ref. & Improvement RB |
5.00 | % | 03/01/2016 | 1,130 | 1,130,000 | |||||||||||
| Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD MFH RB (CEP–FHLMC)(a) |
0.01 | % | 05/01/2042 | 10,865 | 10,865,000 | |||||||||||
| Travis (County of); Series 2013, Limited Tax GO Ctfs. |
3.38 | % | 03/01/2016 | 1,970 | 1,970,000 | |||||||||||
| University of Texas System Board of Regents; Series 2008 B, VRD Financing System RB(a) |
0.01 | % | 08/01/2025 | 13,180 | 13,180,000 | |||||||||||
| 63,225,955 | ||||||||||||||||
| Utah–2.91% | ||||||||||||||||
| Utah (County of) (IHC Health Services, Inc.); Series 2014 B, VRD Hospital RB(a) |
0.21 | % | 05/15/2049 | 6,525 | 6,525,000 | |||||||||||
| Utah (State of) Associated Municipal Power Systems (Horse Butte Wind); Series 2012 B, VRD RB (LOC–Bank of Montreal)(a)(b)(c) |
0.01 | % | 09/01/2032 | 11,000 | 11,000,000 | |||||||||||
| Utah (State of) Housing Corp. (Timbergate Apartments); Series 2009 A, VRD MFH RB (CEP–FHLMC)(a) |
0.06 | % | 04/01/2042 | 2,450 | 2,450,000 | |||||||||||
| 19,975,000 | ||||||||||||||||
| Vermont–0.84% | ||||||||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (North Country Hospital); Series 2007 A, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 10/01/2034 | 700 | 700,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Vermont–(continued) | ||||||||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (Norwich University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 09/01/2038 | $ | 5,055 | $ | 5,055,000 | |||||||||
| 5,755,000 | ||||||||||||||||
| Virginia–4.90% | ||||||||||||||||
| Alexandria (City of); Series 2011, Capital Improvement Unlimited Tax GO Bonds |
5.00 | % | 07/15/2016 | 2,115 | 2,152,876 | |||||||||||
| Capital Beltway Funding Corp. of Virginia (I-495 Hot Lanes); Series 2010 C, Ref. VRD Sr. Lien Multi-Modal Toll RB (LOC–National Australia Bank Ltd.)(a)(b)(c) |
0.01 | % | 12/31/2047 | 27,600 | 27,600,000 | |||||||||||
| Fairfax (County of) Water Authority; Series 2013 A, Ref. RB |
3.00 | % | 04/01/2016 | 915 | 917,212 | |||||||||||
| Louisa (County of) Industrial Development Authority (University of Virginia Health Services Foundation); Series 2000, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 10/01/2030 | 2,700 | 2,700,000 | |||||||||||
| Suffolk (City of) Redevelopment & Housing Authority (Oak Springs Apartments, LLC); Series 1999, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.03 | % | 12/01/2019 | 200 | 200,000 | |||||||||||
| 33,570,088 | ||||||||||||||||
| Washington–3.61% | ||||||||||||||||
| Seattle (City of); Series 2014, Ref. Drainage & Wastewater Improvement RB |
4.00 | % | 05/01/2016 | 1,100 | 1,106,935 | |||||||||||
| Seattle (City of) Housing Authority (Bayview Manor); Series 1994 B, VRD Low-Income Housing Assistance RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.02 | % | 05/01/2019 | 1,170 | 1,170,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Lake City Senior Apartments); Series 2009, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 07/01/2044 | 8,000 | 8,000,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Panorama City); Series 2008, VRD Non-Profit RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 04/01/2043 | 12,000 | 12,000,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Valley View Apartments); Series 2002, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 09/15/2020 | 2,475 | 2,475,000 | |||||||||||
| 24,751,935 | ||||||||||||||||
| West Virginia–0.88% | ||||||||||||||||
| West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008, Ref. VRD Improvement RB (LOC–Branch Banking & Trust Co.)(a)(b) |
0.02 | % | 01/01/2034 | 6,000 | 6,000,000 | |||||||||||
| Wisconsin–5.69% | ||||||||||||||||
| Lima (Town of) (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD Development RB (LOC–FHLB of Chicago)(a)(b) |
0.01 | % | 10/01/2042 | 2,380 | 2,380,000 | |||||||||||
| Milwaukee (City of); Series 2015 M7, School RAN |
2.00 | % | 06/30/2016 | 11,500 | 11,568,747 | |||||||||||
| Oneida Tribe of Indians of Wisconsin; Series 2001, VRD Health Facilities RB (LOC–Bank of America, N.A.)(a)(b) |
0.08 | % | 07/01/2016 | 1,955 | 1,955,000 | |||||||||||
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital, Inc.); Series 2004, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 08/15/2034 | 7,095 | 7,095,000 | |||||||||||
| Wisconsin (State of) Health & Educational Facilities Authority (University of Wisconsin Medical Foundation, Inc.); Series 2000, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.03 | % | 05/01/2030 | 15,410 | 15,410,000 | |||||||||||
| Wisconsin (State of); Series 2012 2, Ref. Clean Water RB |
5.00 | % | 06/01/2016 | 600 | 607,256 | |||||||||||
| 39,016,003 | ||||||||||||||||
| TOTAL INVESTMENTS(h)(i)–101.46% (Cost $695,815,630) |
695,815,630 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(1.46)% |
|
(10,011,598 | ) | |||||||||||||
| NET ASSETS–100.00% |
|
$ | 685,804,032 | |||||||||||||
Investment Abbreviations:
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 Short-Term Investments Trust
Tax-Free Cash Reserve Portfolio
Notes to Schedule of Investments:
| (a) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (b) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (c) | The security is credit guaranteed, enhanced or has credit risk by a foreign entity. No concentration of any single foreign country was greater than 5%. |
| (d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (e) | 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, 2016 was $13,342,000, which represented 1.95% of the Fund’s Net Assets. |
| (f) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (g) | Synthetic municipal instruments; involves the deposit into a trust of one or more long-term tax-exempt bonds or notes (“Underlying Bonds.”), a sale of certificates evidencing interests in the trust to investors such as the Fund. The trustee receives the long-term fixed interest payments on the Underlying Bonds, and pays certificate holders variable rate interest payments based upon a short-term reset periodically. |
| (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 | |||
| PNC Bank, N.A. |
6.4 | % | ||
| Federal Home Loan Mortgage Corp. |
6.2 | |||
| Federal National Mortgage Association |
6.2 | |||
| Wells Fargo Bank, N.A. |
5.9 | |||
| U.S. Bank, N.A. |
5.9 | |||
| TD Bank, N.A. |
5.8 | |||
| Northern Trust Co. |
5.5 | |||
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
83.9 | % | ||
| 8-30 |
0.0 | |||
| 31-60 |
1.6 | |||
| 61-90 |
0.5 | |||
| 91-180 |
8.2 | |||
| 181+ |
5.8 |
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.
31 Short-Term Investments Trust
Statement of Assets and Liabilities
February 29, 2016
(Unaudited)
| Liquid Assets Portfolio |
STIC Prime Portfolio |
Treasury Portfolio |
Government & Agency Portfolio |
Government TaxAdvantage Portfolio |
Tax-Free Cash Reserve Portfolio |
|||||||||||||||||||||||||||||||
| Assets: |
||||||||||||||||||||||||||||||||||||
| Investments, at value and cost |
$ | 17,143,582,669 | $ | 2,284,212,740 | $ | 5,364,728,459 | $ | 2,393,990,600 | $ | 140,326,432 | $ | 695,815,630 | ||||||||||||||||||||||||
| Repurchase agreements, at value and cost |
5,460,525,273 | 450,369,735 | 7,417,713,856 | 2,665,203,465 | — | — | ||||||||||||||||||||||||||||||
| Total investments, at value and cost |
22,604,107,942 | 2,734,582,475 | 12,782,442,315 | 5,059,194,065 | 140,326,432 | 695,815,630 | ||||||||||||||||||||||||||||||
| Cash |
— | — | — | 23,844,931 | 67,220 | — | ||||||||||||||||||||||||||||||
| Receivable for: |
||||||||||||||||||||||||||||||||||||
| Investments sold |
2,401,485 | 5,000 | 27,854,897 | — | — | 665,002 | ||||||||||||||||||||||||||||||
| Interest |
5,382,282 | 171,078 | 5,105,215 | 570,392 | 7,233 | 1,058,923 | ||||||||||||||||||||||||||||||
| Fund expenses absorbed |
190,236 | 130,334 | 353,087 | — | 61,215 | 159,924 | ||||||||||||||||||||||||||||||
| Investment for trustee deferred compensation and retirement plans |
3,090,011 | 878,999 | 1,828,060 | 829,073 | 111,179 | 312,793 | ||||||||||||||||||||||||||||||
| Other assets |
116,445 | 191,396 | 140,305 | 63,693 | 31,836 | 47,960 | ||||||||||||||||||||||||||||||
| Total assets |
22,615,288,401 | 2,735,959,282 | 12,817,723,879 | 5,084,502,154 | 140,605,115 | 698,060,232 | ||||||||||||||||||||||||||||||
| Liabilities: |
||||||||||||||||||||||||||||||||||||
| Payable for: |
||||||||||||||||||||||||||||||||||||
| Investments purchased |
149,636,000 | — | — | 73,723,601 | — | 11,800,009 | ||||||||||||||||||||||||||||||
| Amount due custodian |
10,641,150 | 10,431 | 27,464,210 | — | — | 15,936 | ||||||||||||||||||||||||||||||
| Dividends |
7,042,735 | 703,092 | 1,832,254 | 891,457 | 23,824 | 5,279 | ||||||||||||||||||||||||||||||
| Accrued fees to affiliates |
461,383 | 199,974 | 907,894 | 145,660 | 93,525 | 43,000 | ||||||||||||||||||||||||||||||
| Accrued trustees’ and officer’s fees and benefits |
32,185 | 6,556 | 26,492 | 11,596 | 3,599 | 3,324 | ||||||||||||||||||||||||||||||
| Accrued operating expenses |
111,886 | 36,339 | 75,287 | 11,169 | 21,059 | 20,337 | ||||||||||||||||||||||||||||||
| Trustee deferred compensation and retirement plans |
3,742,851 | 1,041,332 | 2,229,761 | 1,010,742 | 128,797 | 368,315 | ||||||||||||||||||||||||||||||
| Total liabilities |
171,668,190 | 1,997,724 | 32,535,898 | 75,794,225 | 270,804 | 12,256,200 | ||||||||||||||||||||||||||||||
| Net assets applicable to shares outstanding |
$ | 22,443,620,211 | $ | 2,733,961,558 | $ | 12,785,187,981 | $ | 5,008,707,929 | $ | 140,334,311 | $ | 685,804,032 | ||||||||||||||||||||||||
| Net assets consist of: |
||||||||||||||||||||||||||||||||||||
| Shares of beneficial interest |
$ | 22,441,059,834 | $ | 2,733,087,812 | $ | 12,784,855,040 | $ | 5,008,598,424 | $ | 140,351,885 | $ | 685,953,788 | ||||||||||||||||||||||||
| Undistributed net investment income |
2,468,855 | 872,258 | (21,274 | ) | (26,177 | ) | (9,046 | ) | (104,955 | ) | ||||||||||||||||||||||||||
| Undistributed net realized gain (loss) |
91,522 | 1,488 | 354,215 | 135,682 | (8,528 | ) | (44,801 | ) | ||||||||||||||||||||||||||||
| $ | 22,443,620,211 | $ | 2,733,961,558 | $ | 12,785,187,981 | $ | 5,008,707,929 | $ | 140,334,311 | $ | 685,804,032 | |||||||||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32 Short-Term Investments Trust
Statement of Assets and Liabilities—(continued)
February 29, 2016
(Unaudited)
| Liquid Assets Portfolio |
STIC Prime Portfolio |
Treasury Portfolio |
Government & Agency Portfolio |
Government TaxAdvantage Portfolio |
Tax-Free Cash Reserve Portfolio |
|||||||||||||||||||||||||||||||
| Net Assets: |
|
|||||||||||||||||||||||||||||||||||
| Institutional Class |
$ | 19,350,616,042 | $ | 1,917,283,674 | $ | 6,273,721,419 | $ | 3,295,982,076 | $ | 17,000,000 | $ | 576,781,735 | ||||||||||||||||||||||||
| Private Investment Class |
$ | 209,874,644 | $ | 137,321,595 | $ | 464,674,210 | $ | 503,979,238 | $ | 4,402,797 | $ | 29,889,915 | ||||||||||||||||||||||||
| Personal Investment Class |
$ | 58,065,383 | $ | 99,353,189 | $ | 147,223,145 | $ | 8,943,577 | $ | 1,879,098 | $ | 2,731,245 | ||||||||||||||||||||||||
| Cash Management Class |
$ | 236,125,452 | $ | 396,501,369 | $ | 4,362,496,379 | $ | 138,578,152 | $ | 45,617,025 | $ | 42,442,594 | ||||||||||||||||||||||||
| Reserve Class |
$ | 130,755,458 | $ | 26,622,307 | $ | 30,685,986 | $ | 286,180,378 | $ | 68,883,100 | $ | 30,177,389 | ||||||||||||||||||||||||
| Resource Class |
$ | 10,543,447 | $ | 19,391,271 | $ | 331,809,997 | $ | 60,155,218 | $ | 2,372,701 | $ | 2,573,547 | ||||||||||||||||||||||||
| Corporate Class |
$ | 2,447,639,785 | $ | 137,488,153 | $ | 1,174,576,845 | $ | 714,889,290 | $ | 179,590 | $ | 1,207,607 | ||||||||||||||||||||||||
| Shares outstanding, $0.01 par value per share, |
| |||||||||||||||||||||||||||||||||||
| Institutional Class |
19,348,405,760 | 1,917,274,456 | 6,273,196,808 | 3,295,833,750 | 16,995,722 | 576,749,244 | ||||||||||||||||||||||||||||||
| Private Investment Class |
209,850,210 | 137,320,975 | 464,636,651 | 503,957,597 | 4,401,677 | 29,888,222 | ||||||||||||||||||||||||||||||
| Personal Investment Class |
58,058,765 | 99,352,712 | 147,212,225 | 8,943,175 | 1,878,605 | 2,731,090 | ||||||||||||||||||||||||||||||
| Cash Management Class |
236,097,591 | 396,499,479 | 4,362,121,141 | 138,567,299 | 45,605,336 | 42,440,171 | ||||||||||||||||||||||||||||||
| Reserve Class |
130,740,969 | 26,622,133 | 30,683,432 | 286,168,646 | 68,865,475 | 30,175,675 | ||||||||||||||||||||||||||||||
| Resource Class |
10,542,271 | 19,391,182 | 331,782,803 | 60,152,501 | 2,372,098 | 2,573,402 | ||||||||||||||||||||||||||||||
| Corporate Class |
2,447,363,765 | 137,487,515 | 1,174,472,810 | 714,862,165 | 179,545 | 1,207,539 | ||||||||||||||||||||||||||||||
| Net asset value, offering and redemption price per share for each class |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
33 Short-Term Investments Trust
Statement of Operations
For the six months ended February 29, 2016
(Unaudited)
| Liquid Assets Portfolio |
STIC Prime Portfolio |
Treasury Portfolio |
Government & Agency |
Government TaxAdvantage Portfolio |
Tax-Free Cash Reserve Portfolio |
|||||||||||||||||||||||||||||||
| Investment income: |
||||||||||||||||||||||||||||||||||||
| Interest |
$ | 39,276,066 | $ | 4,406,046 | $ | 14,445,597 | $ | 6,349,758 | $ | 226,027 | $ | 209,757 | ||||||||||||||||||||||||
| Expenses: |
||||||||||||||||||||||||||||||||||||
| Advisory fees |
15,055,521 | 2,112,022 | 10,414,744 | 2,793,476 | 212,182 | 770,759 | ||||||||||||||||||||||||||||||
| Administrative services fees |
539,799 | 272,550 | 446,983 | 322,493 | 24,863 | 89,259 | ||||||||||||||||||||||||||||||
| Custodian fees |
90,387 | 19,308 | 61,293 | 66,159 | 8,066 | 8,856 | ||||||||||||||||||||||||||||||
| Distribution fees: |
||||||||||||||||||||||||||||||||||||
| Private Investment Class |
516,818 | 392,494 | 1,097,942 | 1,228,129 | 12,881 | 75,725 | ||||||||||||||||||||||||||||||
| Personal Investment Class |
316,705 | 396,028 | 573,977 | 61,800 | 14,162 | 9,266 | ||||||||||||||||||||||||||||||
| Cash Management Class |
196,916 | 220,789 | 2,548,900 | 123,111 | 26,533 | 23,462 | ||||||||||||||||||||||||||||||
| Reserve Class |
786,255 | 212,190 | 172,936 | 1,424,173 | 202,217 | 114,830 | ||||||||||||||||||||||||||||||
| Resource Class |
17,620 | 20,456 | 332,053 | 83,474 | 2,360 | 3,686 | ||||||||||||||||||||||||||||||
| Corporate Class |
285,966 | 14,022 | 209,063 | 96,980 | 400 | 2,502 | ||||||||||||||||||||||||||||||
| Transfer agent fees |
903,446 | 126,721 | 624,885 | 257,048 | 9,157 | 29,090 | ||||||||||||||||||||||||||||||
| Trustees’ and officers’ fees and benefits |
345,156 | 77,804 | 241,846 | 106,704 | 15,253 | 29,684 | ||||||||||||||||||||||||||||||
| Registration and filing fees |
61,425 | 46,305 | 63,360 | 81,282 | 37,833 | 38,847 | ||||||||||||||||||||||||||||||
| Other |
437,772 | 115,293 | 279,353 | 340,129 | 47,262 | 50,329 | ||||||||||||||||||||||||||||||
| Total expenses |
19,553,786 | 4,025,982 | 17,067,335 | 6,984,958 | 613,169 | 1,246,295 | ||||||||||||||||||||||||||||||
| Less: Fees waived |
(4,368,663 | ) | (1,944,878 | ) | (7,116,608 | ) | (3,104,997 | ) | (462,359 | ) | (1,068,465 | ) | ||||||||||||||||||||||||
| Net expenses |
15,185,123 | 2,081,104 | 9,950,727 | 3,879,961 | 150,810 | 177,830 | ||||||||||||||||||||||||||||||
| Net investment income |
24,090,943 | 2,324,942 | 4,494,870 | 2,469,797 | 75,217 | 31,927 | ||||||||||||||||||||||||||||||
| Realized and unrealized gain from: |
||||||||||||||||||||||||||||||||||||
| Net realized gain from Investment securities |
15,642 | 544 | 416,712 | 19,165 | 9,917 | — | ||||||||||||||||||||||||||||||
| Net increase in net assets resulting from operations |
$ | 24,106,585 | $ | 2,325,486 | $ | 4,911,582 | $ | 2,488,962 | $ | 85,134 | $ | 31,927 | ||||||||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
34 Short-Term Investments Trust
Statement of Changes in Net Assets
For the six months ended February 29, 2016 and the year ended August 31, 2015
(Unaudited)
| Liquid Assets Portfolio | STIC Prime Portfolio | |||||||||||||||||||
| February 29, 2016 |
August 31, 2015 |
February 29, 2016 |
August 31, 2015 |
|||||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income |
$ | 24,090,943 | $ | 14,869,394 | $ | 2,324,942 | $ | 2,593,491 | ||||||||||||
| Net realized gain |
15,642 | 164,146 | 544 | 944 | ||||||||||||||||
| Net increase in net assets resulting from operations |
24,106,585 | 15,033,540 | 2,325,486 | 2,594,435 | ||||||||||||||||
| Distributions to shareholders from net investment income: |
||||||||||||||||||||
| Institutional Class |
(21,603,070 | ) | (14,147,500 | ) | (1,761,348 | ) | (1,854,672 | ) | ||||||||||||
| Private Investment Class |
(34,987 | ) | (30,767 | ) | (80,356 | ) | (132,350 | ) | ||||||||||||
| Personal Investment Class |
(9,541 | ) | (13,561 | ) | (54,963 | ) | (110,282 | ) | ||||||||||||
| Cash Management Class |
(306,028 | ) | (77,398 | ) | (302,379 | ) | (376,417 | ) | ||||||||||||
| Reserve Class |
(18,224 | ) | (14,433 | ) | (21,613 | ) | (18,513 | ) | ||||||||||||
| Resource Class |
(4,310 | ) | (12,035 | ) | (11,761 | ) | (20,138 | ) | ||||||||||||
| Corporate Class |
(2,114,783 | ) | (573,700 | ) | (92,498 | ) | (81,119 | ) | ||||||||||||
| Total distributions from net investment income |
(24,090,943 | ) | (14,869,394 | ) | (2,324,918 | ) | (2,593,491 | ) | ||||||||||||
| Share transactions–net: |
||||||||||||||||||||
| Institutional Class |
3,376,529,292 | (2,640,861,091 | ) | 152,620,931 | (148,752,146 | ) | ||||||||||||||
| Private Investment Class |
(73,584,196 | ) | (61,736,842 | ) | (24,894,329 | ) | 10,083,327 | |||||||||||||
| Personal Investment Class |
(57,334,039 | ) | (65,018,703 | ) | (18,219,967 | ) | (40,437,932 | ) | ||||||||||||
| Cash Management Class |
(221,844,735 | ) | (226,421,761 | ) | (87,093,375 | ) | 29,823,610 | |||||||||||||
| Reserve Class |
(25,452,945 | ) | (23,801,101 | ) | (23,778,069 | ) | 34,768,990 | |||||||||||||
| Resource Class |
(62,133,047 | ) | (62,863,904 | ) | (319,045 | ) | (12,328,636 | ) | ||||||||||||
| Corporate Class |
1,393,208,709 | 383,540,344 | 60,444,479 | 17,489,399 | ||||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
4,329,389,039 | (2,697,163,058 | ) | 58,760,625 | (109,353,388 | ) | ||||||||||||||
| Net increase (decrease) in net assets |
4,329,404,681 | (2,696,998,912 | ) | 58,761,193 | (109,352,444 | ) | ||||||||||||||
| Net assets: |
||||||||||||||||||||
| Beginning of period |
18,114,215,530 | 20,811,214,442 | 2,675,200,365 | 2,784,552,809 | ||||||||||||||||
| End of period* |
$ | 22,443,620,211 | $ | 18,114,215,530 | $ | 2,733,961,558 | $ | 2,675,200,365 | ||||||||||||
| * Includes accumulated undistributed net investment income |
$ | 2,468,855 | $ | 2,468,855 | $ | 872,258 | $ | 872,234 | ||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
35 Short-Term Investments Trust
Statement of Changes in Net Assets—(continued)
For the six months ended February 29, 2016 and the year ended August 31, 2015
(Unaudited)
| Treasury Portfolio | Government & Agency Portfolio | |||||||||||||||||||
| February 29, 2016 |
August 31, 2015 |
February 29, 2016 |
August 31, 2015 |
|||||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income |
$ | 4,494,870 | $ | 3,320,415 | $ | 2,469,797 | $ | 1,741,840 | ||||||||||||
| Net realized gain (loss) |
416,712 | (62,497 | ) | 19,165 | 116,517 | |||||||||||||||
| Net increase in net assets resulting from operations |
4,911,582 | 3,257,918 | 2,488,962 | 1,858,357 | ||||||||||||||||
| Distributions to shareholders from net investment income: |
||||||||||||||||||||
| Institutional Class |
(2,661,142 | ) | (1,478,709 | ) | (1,883,035 | ) | (1,159,579 | ) | ||||||||||||
| Private Investment Class |
(80,956 | ) | (102,223 | ) | (138,874 | ) | (126,468 | ) | ||||||||||||
| Personal Investment Class |
(26,968 | ) | (29,788 | ) | (4,096 | ) | (12,667 | ) | ||||||||||||
| Cash Management Class |
(1,193,495 | ) | (1,317,452 | ) | (80,858 | ) | (167,941 | ) | ||||||||||||
| Reserve Class |
(6,664 | ) | (11,073 | ) | (79,656 | ) | (108,700 | ) | ||||||||||||
| Resource Class |
(60,366 | ) | (68,891 | ) | (21,523 | ) | (38,869 | ) | ||||||||||||
| Corporate Class |
(465,279 | ) | (312,279 | ) | (261,755 | ) | (127,616 | ) | ||||||||||||
| Total distributions from net investment income |
(4,494,870 | ) | (3,320,415 | ) | (2,469,797 | ) | (1,741,840 | ) | ||||||||||||
| Share transactions–net: |
||||||||||||||||||||
| Institutional Class |
(1,576,572,464 | ) | 369,868,233 | (923,881,457 | ) | 891,380,297 | ||||||||||||||
| Private Investment Class |
3,525,513 | (63,444,289 | ) | 81,408,389 | 75,509,267 | |||||||||||||||
| Personal Investment Class |
(14,835,299 | ) | (350,960 | ) | (28,223,425 | ) | (3,981,249 | ) | ||||||||||||
| Cash Management Class |
(941,979,421 | ) | (2,293,402,486 | ) | (84,274,931 | ) | (247,006,196 | ) | ||||||||||||
| Reserve Class |
(4,919,263 | ) | (151,761,502 | ) | (21,349,198 | ) | (3,594,120 | ) | ||||||||||||
| Resource Class |
7,316,221 | (49,445,822 | ) | (37,751,805 | ) | (6,672,798 | ) | |||||||||||||
| Corporate Class |
(596,102,256 | ) | 346,906,945 | 83,692,317 | (28,642,460 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
(3,123,566,969 | ) | (1,841,629,881 | ) | (930,380,110 | ) | 676,992,741 | |||||||||||||
| Net increase (decrease) in net assets |
(3,123,150,257 | ) | (1,841,692,378 | ) | (930,360,945 | ) | 677,109,258 | |||||||||||||
| Net assets: |
||||||||||||||||||||
| Beginning of period |
15,908,338,238 | 17,750,030,616 | 5,939,068,874 | 5,261,959,616 | ||||||||||||||||
| End of period* |
$ | 12,785,187,981 | $ | 15,908,338,238 | $ | 5,008,707,929 | $ | 5,939,068,874 | ||||||||||||
| * Includes accumulated undistributed net investment income |
$ | (21,274 | ) | $ | (21,274 | ) | $ | (26,177 | ) | $ | (26,177 | ) | ||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
36 Short-Term Investments Trust
Statement of Changes in Net Assets—(continued)
For the six months ended February 29, 2016 and the year ended August 31, 2015
(Unaudited)
| Government TaxAdvantage Portfolio | Tax-Free Cash Reserve Portfolio | |||||||||||||||||||
| February 29, 2016 |
August 31, 2015 |
February 29, 2016 |
August 31, 2015 |
|||||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income |
$ | 75,217 | $ | 152,172 | $ | 31,927 | $ | 320,850 | ||||||||||||
| Net realized gain |
9,917 | 5,675 | — | 17,500 | ||||||||||||||||
| Net increase in net assets resulting from operations |
85,134 | 157,847 | 31,927 | 338,350 | ||||||||||||||||
| Distributions to shareholders from net investment income: |
||||||||||||||||||||
| Institutional Class |
(42,884 | ) | (109,398 | ) | (25,982 | ) | (243,361 | ) | ||||||||||||
| Private Investment Class |
(1,366 | ) | (5,768 | ) | (1,487 | ) | (14,944 | ) | ||||||||||||
| Personal Investment Class |
(1,007 | ) | (2,191 | ) | (122 | ) | (1,433 | ) | ||||||||||||
| Cash Management Class |
(15,296 | ) | (25,467 | ) | (2,317 | ) | (29,656 | ) | ||||||||||||
| Reserve Class |
(13,250 | ) | (1,334 | ) | (1,135 | ) | (13,465 | ) | ||||||||||||
| Resource Class |
(646 | ) | (3,530 | ) | (181 | ) | (2,416 | ) | ||||||||||||
| Corporate Class |
(768 | ) | (4,484 | ) | (703 | ) | (15,575 | ) | ||||||||||||
| Total distributions from net investment income |
(75,217 | ) | (152,172 | ) | (31,927 | ) | (320,850 | ) | ||||||||||||
| Share transactions–net: |
||||||||||||||||||||
| Institutional Class |
(88,546,410 | ) | (22,147,472 | ) | 120,751,861 | (68,021,232 | ) | |||||||||||||
| Private Investment Class |
(1,581,623 | ) | (9,595,904 | ) | (579,080 | ) | (3,807,802 | ) | ||||||||||||
| Personal Investment Class |
(76,406 | ) | (1,843,611 | ) | (892,435 | ) | (98,681 | ) | ||||||||||||
| Cash Management Class |
585,020 | (3,080,076 | ) | (8,574,246 | ) | (9,705,701 | ) | |||||||||||||
| Reserve Class |
62,990,375 | 5,171,160 | 8,402,532 | (5,865,164 | ) | |||||||||||||||
| Resource Class |
504 | (1,336,302 | ) | (1,952,773 | ) | (989,440 | ) | |||||||||||||
| Corporate Class |
(27,830,485 | ) | (22,499,992 | ) | (25,269,735 | ) | (5,044,078 | ) | ||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
(54,459,025 | ) | (55,332,197 | ) | 91,886,124 | (93,532,098 | ) | |||||||||||||
| Net increase (decrease) in net assets |
(54,449,108 | ) | (55,326,522 | ) | 91,886,124 | (93,514,598 | ) | |||||||||||||
| Net assets: |
||||||||||||||||||||
| Beginning of period |
194,783,419 | 250,109,941 | 593,917,908 | 687,432,506 | ||||||||||||||||
| End of period* |
$ | 140,334,311 | $ | 194,783,419 | $ | 685,804,032 | $ | 593,917,908 | ||||||||||||
| * Includes accumulated undistributed net investment income |
$ | (9,046 | ) | $ | (9,046 | ) | $ | (104,955 | ) | $ | (104,955 | ) | ||||||||
Notes to Financial Statements
February 29, 2016
(Unaudited)
NOTE 1—Significant Accounting Policies
Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers six separate portfolios, (each constituting a “Fund”). The Funds covered in this report are Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Government TaxAdvantage Portfolio and Tax-Free Cash Reserve Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.
The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio and Government TaxAdvantage Portfolio; and to provide tax-exempt income consistent with the preservation of capital and liquidity for Tax-Free Cash Reserve Portfolio.
Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.
The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements.
| A. | Security Valuations — Each Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts. |
37 Short-Term Investments Trust
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), adjusted for amortization of premiums and accretion of discounts on investments, is recorded on the accrual basis from settlement date. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Funds and the investment adviser.
The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.
| C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. | Distributions — It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually. |
| 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, Tax-Free Cash Reserve 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 of each respective Fund are allocated among the classes of such Fund 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 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 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- |
38 Short-Term Investments Trust
| 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 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.
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 pays an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:
| First $250 million |
Next $250 million |
Over $500 million |
||||||||||
| Liquid Assets Portfolio |
0.15% | 0.15% | 0.15% | |||||||||
| STIC Prime Portfolio |
0.15% | 0.15% | 0.15% | |||||||||
| Treasury Portfolio |
0.15% | 0.15% | 0.15% | |||||||||
| Government & Agency Portfolio |
0.10% | 0.10% | 0.10% | |||||||||
| Government TaxAdvantage Portfolio |
0.20% | 0.15% | 0.10% | |||||||||
| Tax-Free Cash Reserve Portfolio |
0.25% | 0.25% | 0.20% | |||||||||
For the six months ended February 29, 2016, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:
| Liquid Assets Portfolio |
0.15% | |||
| STIC Prime Portfolio |
0.15% | |||
| Treasury Portfolio |
0.15% | |||
| Government & Agency Portfolio |
0.10% | |||
| Government TaxAdvantage Portfolio |
0.20% | |||
| Tax-Free Cash Reserve Portfolio |
0.24% |
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, may 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, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):
| Institutional Class |
Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
||||||||||||||||||||||
| Liquid Assets Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.34 | % | 0.17 | % | ||||||||||||||
| STIC Prime Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Treasury Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Government & Agency Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Government TaxAdvantage Portfolio |
0.14 | % | 0.39 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Tax-Free Cash Reserve Portfolio |
0.25 | % | 0.50 | % | 0.80 | % | 0.33 | % | 1.12 | % | 0.41 | % | 0.28 | % | ||||||||||||||
39 Short-Term Investments Trust
The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.
In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) extraordinary or non-routine items, including litigation expenses, and (4) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2016. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.
Further, Invesco and/or IDI voluntarily waived fees and/or reimbursed expenses in order to increase the yields of each Fund. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors.
For the six months ended February 29, 2016, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:
| Expense Limitation |
Yield Waivers |
|||||||
| Liquid Assets Portfolio |
$ | 3,171,391 | $ | — | ||||
| STIC Prime Portfolio |
739,928 | 136,428 | ||||||
| Treasury Portfolio |
2,288,175 | 1,051,494 | ||||||
| Government & Agency Portfolio |
— | 366,030 | ||||||
| Government TaxAdvantage Portfolio |
198,607 | 29,497 | ||||||
| Tax-Free Cash Reserve Portfolio |
184,678 | 654,316 | ||||||
Voluntary fee waivers for the six months ended February 29, 2016 are shown below:
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
|||||||||||||||||||
| Liquid Assets Portfolio |
$ | 94,501 | $ | 143,768 | N/A | $ | 522,027 | $ | 4,198 | N/A | ||||||||||||||
| STIC Prime Portfolio |
182,115 | 253,640 | $ | 107,517 | 170,802 | 10,277 | $ | 5,732 | ||||||||||||||||
| Treasury Portfolio |
553,250 | 386,917 | 1,208,001 | 141,548 | 183,854 | 112,460 | ||||||||||||||||||
| Government & Agency Portfolio |
617,726 | 42,788 | 60,777 | 1,173,959 | 50,215 | 59,311 | ||||||||||||||||||
| Government TaxAdvantage Portfolio |
5,696 | 9,611 | 13,714 | 161,077 | 1,484 | 389 | ||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
37,862 | 6,795 | 18,770 | 99,902 | 2,949 | 2,502 | ||||||||||||||||||
The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the six months ended February 29, 2016, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 29, 2016, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.
Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class | |||||||||||||||||||||||
| 0.50 | % | 0.75 | % | 0.10 | % | 1.00 | % | 0.20 | % | 0.03 | % | |||||||||||||||||
Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.
IDI has contractually agreed, through at least December 31, 2016, to waive a portion of its compensation payable by the Funds such that compensation paid pursuant to the Plan with respect to each share class equals the maximum annual rate of average daily assets shown below:
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
|||||||||||||||||||
| Liquid Assets Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.20 | % | 0.03 | % | ||||||||||||
| STIC Prime Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Treasury Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Government & Agency Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Government TaxAdvantage Portfolio |
0.25 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Tax-Free Cash Reserve Portfolio |
0.25 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
40 Short-Term Investments Trust
Pursuant to the agreement above, for the six months ended February 29, 2016, IDI waived Plan fees of:
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
|||||||||||||||||||
| Liquid Assets Portfolio |
$ | 206,727 | $ | 84,455 | $ | 39,383 | $ | 102,213 | N/A | N/A | ||||||||||||||
| STIC Prime Portfolio |
156,998 | 105,607 | 44,158 | 27,585 | $ | 4,091 | N/A | |||||||||||||||||
| Treasury Portfolio |
439,176 | 153,061 | 509,780 | 22,482 | 66,410 | N/A | ||||||||||||||||||
| Government & Agency Portfolio |
491,252 | 16,480 | 24,622 | 185,142 | 16,695 | N/A | ||||||||||||||||||
| Government TaxAdvantage Portfolio |
6,441 | 3,776 | 5,307 | 26,288 | 472 | N/A | ||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
37,862 | 2,471 | 4,693 | 14,928 | 737 | N/A | ||||||||||||||||||
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
| Level 1 — | Prices are determined using quoted prices in an active market for identical assets. |
| Level 2 — | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
| Level 3 — | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect each Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
As of February 29, 2016, 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 months ended February 29, 2016, each Fund engaged in transactions with affiliates as listed below:
| Securities Purchases | Securities Sales | Net Realized Gains | ||||||||||
| Liquid Assets Portfolio |
$ | 259,171,921 | $ | 453,279,225 | $ | — | ||||||
| STIC Prime Portfolio |
118,541,842 | 142,726,856 | — | |||||||||
| Tax-Free Cash Reserve Portfolio |
466,679,556 | 355,977,114 | — | |||||||||
NOTE 5—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Funds may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Funds.
41 Short-Term Investments Trust
NOTE 6—Cash Balances
The Funds are permitted to temporarily overdraft or leave balances in their accounts with The Bank of New York Mellon (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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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 below had a capital loss carryforward as of August 31, 2015 which expires as follows:
| Short-Term | Long-Term | Total* | ||||||||||||||||||
| Fund | 2018 | 2019 | Not Subject to Expiration |
Not Subject to Expiration |
||||||||||||||||
| Treasury Portfolio |
$ | — | $ | — | $ | 62,497 | $ | — | $ | 62,497 | ||||||||||
| Government TaxAdvantage Portfolio |
— | — | 18,445 | — | 18,445 | |||||||||||||||
| Tax-Free Cash Reserve Portfolio |
14,727 | 30,074 | — | — | 44,801 | |||||||||||||||
| * | Capital loss carryforward as of the date listed above is 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. |
42 Short-Term Investments Trust
NOTE 8—Share Information
Liquid Assets Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
122,870,197,623 | $ | 122,870,197,623 | 285,396,098,619 | $ | 285,396,098,619 | ||||||||||
| Private Investment Class |
510,334,896 | 510,334,896 | 1,434,632,883 | 1,434,632,883 | ||||||||||||
| Personal Investment Class |
69,834,480 | 69,834,480 | 538,543,116 | 538,543,116 | ||||||||||||
| Cash Management Class |
2,145,627,791 | 2,145,627,791 | 4,326,518,141 | 4,326,518,141 | ||||||||||||
| Reserve Class |
206,076,476 | 206,076,476 | 1,016,989,736 | 1,016,989,736 | ||||||||||||
| Resource Class |
38,210,088 | 38,210,088 | 459,622,836 | 459,622,836 | ||||||||||||
| Corporate Class |
9,471,104,350 | 9,471,104,350 | 5,521,655,244 | 5,521,655,244 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
5,132,756 | 5,132,756 | 3,973,048 | 3,973,048 | ||||||||||||
| Private Investment Class |
6,181 | 6,181 | 8,279 | 8,279 | ||||||||||||
| Personal Investment Class |
4,693 | 4,693 | 11,639 | 11,639 | ||||||||||||
| Cash Management Class |
93,642 | 93,642 | 31,257 | 31,257 | ||||||||||||
| Reserve Class |
9,591 | 9,591 | 14,378 | 14,378 | ||||||||||||
| Resource Class |
2,603 | 2,603 | 12,396 | 12,396 | ||||||||||||
| Corporate Class |
270,357 | 270,357 | 225,681 | 225,681 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(119,498,801,087 | ) | (119,498,801,087 | ) | (288,040,932,758 | ) | (288,040,932,758 | ) | ||||||||
| Private Investment Class |
(583,925,273 | ) | (583,925,273 | ) | (1,496,378,004 | ) | (1,496,378,004 | ) | ||||||||
| Personal Investment Class |
(127,173,212 | ) | (127,173,212 | ) | (603,573,458 | ) | (603,573,458 | ) | ||||||||
| Cash Management Class |
(2,367,566,168 | ) | (2,367,566,168 | ) | (4,552,971,159 | ) | (4,552,971,159 | ) | ||||||||
| Reserve Class |
(231,539,012 | ) | (231,539,012 | ) | (1,040,805,215 | ) | (1,040,805,215 | ) | ||||||||
| Resource Class |
(100,345,738 | ) | (100,345,738 | ) | (522,499,136 | ) | (522,499,136 | ) | ||||||||
| Corporate Class |
(8,078,165,998 | ) | (8,078,165,998 | ) | (5,138,340,581 | ) | (5,138,340,581 | ) | ||||||||
| Net increase (decrease) in share activity |
4,329,389,039 | $ | 4,329,389,039 | (2,697,163,058 | ) | $ | (2,697,163,058 | ) | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
| Additionally, 19% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are other mutual funds also advised by Invesco. |
43 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
STIC Prime Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
3,003,113,393 | $ | 3,003,113,393 | 5,941,737,037 | $ | 5,941,737,037 | ||||||||||
| Private Investment Class |
667,027,756 | 667,027,756 | 1,211,080,589 | 1,211,080,589 | ||||||||||||
| Personal Investment Class |
298,331,925 | 298,331,925 | 1,182,870,259 | 1,182,870,259 | ||||||||||||
| Cash Management Class |
1,155,148,299 | 1,155,148,299 | 3,144,474,982 | 3,144,474,982 | ||||||||||||
| Reserve Class |
157,327,888 | 157,327,888 | 210,463,689 | 210,463,689 | ||||||||||||
| Resource Class |
64,748,890 | 64,748,890 | 64,359,363 | 64,359,363 | ||||||||||||
| Corporate Class |
261,415,561 | 261,415,561 | 1,149,830,507 | 1,149,830,507 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
424,046 | 424,046 | 454,008 | 454,008 | ||||||||||||
| Private Investment Class |
27,340 | 27,340 | 56,232 | 56,232 | ||||||||||||
| Personal Investment Class |
21,411 | 21,411 | 68,043 | 68,043 | ||||||||||||
| Cash Management Class |
74,694 | 74,694 | 71,815 | 71,815 | ||||||||||||
| Reserve Class |
17,209 | 17,209 | 14,807 | 14,807 | ||||||||||||
| Resource Class |
7,558 | 7,558 | 16,256 | 16,256 | ||||||||||||
| Corporate Class |
47,625 | 47,625 | 71,730 | 71,730 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(2,850,916,508 | ) | (2,850,916,508 | ) | (6,090,943,191 | ) | (6,090,943,191 | ) | ||||||||
| Private Investment Class |
(691,949,425 | ) | (691,949,425 | ) | (1,201,053,494 | ) | (1,201,053,494 | ) | ||||||||
| Personal Investment Class |
(316,573,303 | ) | (316,573,303 | ) | (1,223,376,234 | ) | (1,223,376,234 | ) | ||||||||
| Cash Management Class |
(1,242,316,368 | ) | (1,242,316,368 | ) | (3,114,723,187 | ) | (3,114,723,187 | ) | ||||||||
| Reserve Class |
(181,123,166 | ) | (181,123,166 | ) | (175,709,506 | ) | (175,709,506 | ) | ||||||||
| Resource Class |
(65,075,493 | ) | (65,075,493 | ) | (76,704,255 | ) | (76,704,255 | ) | ||||||||
| Corporate Class |
(201,018,707 | ) | (201,018,707 | ) | (1,132,412,838 | ) | (1,132,412,838 | ) | ||||||||
| Net increase (decrease) in share activity |
58,760,625 | $ | 58,760,625 | (109,353,388 | ) | $ | (109,353,388 | ) | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 59% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
44 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Treasury Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
7,821,438,683 | $ | 7,821,438,683 | 16,766,462,244 | $ | 16,766,462,244 | ||||||||||
| Private Investment Class |
890,870,745 | 890,870,745 | 1,901,290,280 | 1,901,290,280 | ||||||||||||
| Personal Investment Class |
502,160,779 | 502,160,779 | 1,101,975,367 | 1,101,975,367 | ||||||||||||
| Cash Management Class |
9,154,752,380 | 9,154,752,380 | 26,793,251,842 | 26,793,251,842 | ||||||||||||
| Reserve Class |
43,134,820 | 43,134,820 | 109,204,351 | 109,204,351 | ||||||||||||
| Resource Class |
155,665,944 | 155,665,944 | 329,636,954 | 329,636,954 | ||||||||||||
| Corporate Class |
8,220,833,589 | 8,220,833,589 | 18,168,487,688 | 18,168,487,688 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
963,871 | 963,871 | 922,038 | 922,038 | ||||||||||||
| Private Investment Class |
7,379 | 7,379 | 15,296 | 15,296 | ||||||||||||
| Personal Investment Class |
16,154 | 16,154 | 26,774 | 26,774 | ||||||||||||
| Cash Management Class |
45,602 | 45,602 | 60,767 | 60,767 | ||||||||||||
| Reserve Class |
3,896 | 3,896 | 7,169 | 7,169 | ||||||||||||
| Resource Class |
3,280 | 3,280 | 8,488 | 8,488 | ||||||||||||
| Corporate Class |
167,634 | 167,634 | 132,198 | 132,198 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(9,398,975,018 | ) | (9,398,975,018 | ) | (16,397,516,049 | ) | (16,397,516,049 | ) | ||||||||
| Private Investment Class |
(887,352,611 | ) | (887,352,611 | ) | (1,964,749,865 | ) | (1,964,749,865 | ) | ||||||||
| Personal Investment Class |
(517,012,232 | ) | (517,012,232 | ) | (1,102,353,101 | ) | (1,102,353,101 | ) | ||||||||
| Cash Management Class |
(10,096,777,403 | ) | (10,096,777,403 | ) | (29,086,715,095 | ) | (29,086,715,095 | ) | ||||||||
| Reserve Class |
(48,057,979 | ) | (48,057,979 | ) | (260,973,022 | ) | (260,973,022 | ) | ||||||||
| Resource Class |
(148,353,003 | ) | (148,353,003 | ) | (379,091,264 | ) | (379,091,264 | ) | ||||||||
| Corporate Class |
(8,817,103,479 | ) | (8,817,103,479 | ) | (17,821,712,941 | ) | (17,821,712,941 | ) | ||||||||
| Net increase (decrease) in share activity |
(3,123,566,969 | ) | $ | (3,123,566,969 | ) | (1,841,629,881 | ) | $ | (1,841,629,881 | ) | ||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 51% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
| Additionally, 14% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are other mutual funds also advised by Invesco. |
45 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Government & Agency Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
18,540,389,344 | $ | 18,540,389,344 | 37,416,050,435 | $ | 37,416,050,435 | ||||||||||
| Private Investment Class |
877,051,192 | 877,051,192 | 2,115,905,376 | 2,115,905,376 | ||||||||||||
| Personal Investment Class |
38,791,034 | 38,791,034 | 134,224,028 | 134,224,028 | ||||||||||||
| Cash Management Class |
1,195,370,891 | 1,195,370,891 | 5,837,371,862 | 5,837,371,862 | ||||||||||||
| Reserve Class |
398,647,336 | 398,647,336 | 699,303,942 | 699,303,942 | ||||||||||||
| Resource Class |
278,773,112 | 278,773,112 | 1,554,415,700 | 1,554,415,700 | ||||||||||||
| Corporate Class |
2,290,153,339 | 2,290,153,339 | 4,660,748,011 | 4,660,748,011 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
451,334 | 451,334 | 199,188 | 199,188 | ||||||||||||
| Private Investment Class |
37,272 | 37,272 | 37,056 | 37,056 | ||||||||||||
| Personal Investment Class |
— | — | 6 | 6 | ||||||||||||
| Cash Management Class |
21,186 | 21,186 | 33,044 | 33,044 | ||||||||||||
| Reserve Class |
37,786 | 37,786 | 67,656 | 67,656 | ||||||||||||
| Resource Class |
5,468 | 5,468 | 13,926 | 13,926 | ||||||||||||
| Corporate Class |
69,144 | 69,144 | 55,261 | 55,261 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(19,464,722,135 | ) | (19,464,722,135 | ) | (36,524,869,326 | ) | (36,524,869,326 | ) | ||||||||
| Private Investment Class |
(795,680,075 | ) | (795,680,075 | ) | (2,040,433,165 | ) | (2,040,433,165 | ) | ||||||||
| Personal Investment Class |
(67,014,459 | ) | (67,014,459 | ) | (138,205,283 | ) | (138,205,283 | ) | ||||||||
| Cash Management Class |
(1,279,667,008 | ) | (1,279,667,008 | ) | (6,084,411,102 | ) | (6,084,411,102 | ) | ||||||||
| Reserve Class |
(420,034,320 | ) | (420,034,320 | ) | (702,965,718 | ) | (702,965,718 | ) | ||||||||
| Resource Class |
(316,530,385 | ) | (316,530,385 | ) | (1,561,102,424 | ) | (1,561,102,424 | ) | ||||||||
| Corporate Class |
(2,206,530,166 | ) | (2,206,530,166 | ) | (4,689,445,732 | ) | (4,689,445,732 | ) | ||||||||
| Net increase (decrease) in share activity |
(930,380,110 | ) | $ | (930,380,110 | ) | 676,992,741 | $ | 676,992,741 | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 23% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
46 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Government TaxAdvantage Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
140,583,594 | $ | 140,583,594 | 368,612,267 | $ | 368,612,267 | ||||||||||
| Private Investment Class |
1,046,890 | 1,046,890 | 71,398,479 | 71,398,479 | ||||||||||||
| Personal Investment Class |
6,547,359 | 6,547,359 | 8,341,042 | 8,341,042 | ||||||||||||
| Cash Management Class |
29,139,800 | 29,139,800 | 87,930,861 | 87,930,861 | ||||||||||||
| Reserve Class |
107,718,530 | 107,718,530 | 14,172,451 | 14,172,451 | ||||||||||||
| Resource Class |
41 | 41 | 17,934,744 | 17,934,744 | ||||||||||||
| Corporate Class |
8,418,335 | 8,418,335 | 187,300,005 | 187,300,005 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
27,576 | 27,576 | 84,605 | 84,605 | ||||||||||||
| Private Investment Class |
556 | 556 | 3,065 | 3,065 | ||||||||||||
| Cash Management Class |
12,015 | 12,015 | 24,731 | 24,731 | ||||||||||||
| Reserve Class |
6,988 | 6,988 | 1,197 | 1,197 | ||||||||||||
| Resource Class |
463 | 463 | 3,214 | 3,214 | ||||||||||||
| Corporate Class |
1,203 | 1,203 | 4,203 | 4,203 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(229,157,580 | ) | (229,157,580 | ) | (390,844,344 | ) | (390,844,344 | ) | ||||||||
| Private Investment Class |
(2,629,069 | ) | (2,629,069 | ) | (80,997,448 | ) | (80,997,448 | ) | ||||||||
| Personal Investment Class |
(6,623,765 | ) | (6,623,765 | ) | (10,184,653 | ) | (10,184,653 | ) | ||||||||
| Cash Management Class |
(28,566,795 | ) | (28,566,795 | ) | (91,035,668 | ) | (91,035,668 | ) | ||||||||
| Reserve Class |
(44,735,143 | ) | (44,735,143 | ) | (9,002,488 | ) | (9,002,488 | ) | ||||||||
| Resource Class |
— | — | (19,274,260 | ) | (19,274,260 | ) | ||||||||||
| Corporate Class |
(36,250,023 | ) | (36,250,023 | ) | (209,804,200 | ) | (209,804,200 | ) | ||||||||
| Net increase (decrease) in share activity |
(54,459,025 | ) | $ | (54,459,025 | ) | (55,332,197 | ) | $ | (55,332,197 | ) | ||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 86% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
47 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Tax-Free Cash Reserve Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
576,859,284 | $ | 576,859,284 | 1,022,223,755 | $ | 1,022,223,755 | ||||||||||
| Private Investment Class |
23,529,218 | 23,529,218 | 48,653,591 | 48,653,591 | ||||||||||||
| Personal Investment Class |
2,234,174 | 2,234,174 | 5,529,842 | 5,529,842 | ||||||||||||
| Cash Management Class |
29,960,256 | 29,960,256 | 85,609,129 | 85,609,129 | ||||||||||||
| Reserve Class |
34,804,336 | 34,804,336 | 57,041,089 | 57,041,089 | ||||||||||||
| Resource Class |
71,708 | 71,708 | 2,830,839 | 2,830,839 | ||||||||||||
| Corporate Class |
1,175,406 | 1,175,406 | — | — | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
3,153 | 3,153 | 35,799 | 35,799 | ||||||||||||
| Private Investment Class |
1,399 | 1,399 | 13,990 | 13,990 | ||||||||||||
| Personal Investment Class |
11 | 11 | 651 | 651 | ||||||||||||
| Cash Management Class |
1,135 | 1,135 | 13,598 | 13,598 | ||||||||||||
| Reserve Class |
1,086 | 1,086 | 13,480 | 13,480 | ||||||||||||
| Resource Class |
195 | 195 | 2,430 | 2,430 | ||||||||||||
| Corporate Class |
916 | 916 | 15,648 | 15,648 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(456,110,576 | ) | (456,110,576 | ) | (1,090,280,786 | ) | (1,090,280,786 | ) | ||||||||
| Private Investment Class |
(24,109,697 | ) | (24,109,697 | ) | (52,475,383 | ) | (52,475,383 | ) | ||||||||
| Personal Investment Class |
(3,126,620 | ) | (3,126,620 | ) | (5,629,174 | ) | (5,629,174 | ) | ||||||||
| Cash Management Class |
(38,535,637 | ) | (38,535,637 | ) | (95,328,428 | ) | (95,328,428 | ) | ||||||||
| Reserve Class |
(26,402,890 | ) | (26,402,890 | ) | (62,919,733 | ) | (62,919,733 | ) | ||||||||
| Resource Class |
(2,024,676 | ) | (2,024,676 | ) | (3,822,709 | ) | (3,822,709 | ) | ||||||||
| Corporate Class |
(26,446,057 | ) | (26,446,057 | ) | (5,059,726 | ) | (5,059,726 | ) | ||||||||
| Net increase (decrease) in share activity |
91,886,124 | $ | 91,886,124 | (93,532,098 | ) | $ | (93,532,098 | ) | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 65% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
48 Short-Term Investments Trust
NOTE 9—Financial Highlights
The following schedules present financial highlights for a share of each Fund outstanding throughout the periods indicated.
Personal Investment Class
| Net asset value, beginning of period |
Net investment income(a) |
Net gains (losses) (both |
Total from operations |
Dividends income |
Distributions from net gains |
Total distributions |
Net asset value, end of period |
Total return(b) |
Net assets, end of period (000’s omitted) |
Ratio of to average net assets with fee waivers absorbed |
Ratio
of fee waivers |
Ratio of net investment income to average net assets |
||||||||||||||||||||||||||||||||||||||||
| Liquid Assets Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
$ | 1.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | (0.00 | ) | $ | — | $ | (0.00 | ) | $ | 1.00 | 0.01 | % | $ | 58,065 | 0.35 | %(c) | 0.92 | %(c) | 0.04 | %(c) | ||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.01 | 115,410 | 0.21 | 0.92 | 0.01 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 180,431 | 0.19 | 0.92 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 156,032 | 0.24 | 0.92 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 102,628 | 0.27 | 0.93 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 107,681 | 0.27 | 0.92 | 0.02 | ||||||||||||||||||||||||||||||||||||
| STIC Prime Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.05 | 99,353 | 0.21 | (c) | 0.95 | (c) | 0.10 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.04 | 117,573 | 0.07 | 0.94 | 0.10 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.08 | 158,011 | 0.06 | 0.94 | 0.08 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.06 | 98,913 | 0.11 | 0.94 | 0.08 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.07 | 72,420 | 0.15 | 0.95 | 0.05 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | — | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 84,451 | 0.22 | 0.94 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Treasury Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 147,223 | 0.17 | (c) | 0.92 | (c) | 0.04 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.01 | 162,054 | 0.06 | 0.92 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.01 | 162,405 | 0.04 | 0.92 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.02 | 131,880 | 0.09 | 0.93 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.03 | 126,917 | 0.08 | 0.93 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 185,309 | 0.12 | 0.93 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Government & Agency Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.03 | 8,944 | 0.16 | (c) | 0.89 | (c) | 0.07 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 37,168 | 0.08 | 0.88 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | — | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 41,149 | 0.06 | 0.88 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.03 | 48,700 | 0.11 | 0.89 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.02 | 13,558 | 0.10 | 0.88 | 0.03 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 14,693 | 0.15 | 0.88 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Government TaxAdvantage Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.03 | 1,879 | 0.16 | (c) | 1.08 | (c) | 0.05 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 1,955 | 0.00 | 1.08 | 0.08 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.04 | 3,799 | 0.02 | 1.04 | 0.03 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.03 | 6,195 | 0.06 | 0.95 | 0.03 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.03 | 4,545 | 0.07 | 0.97 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.03 | 4,801 | 0.11 | 1.01 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | — | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.00 | 2,731 | 0.05 | (c) | 1.06 | (c) | 0.01 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.01 | 3,624 | 0.03 | 1.06 | 0.04 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.05 | 3,722 | 0.04 | 1.05 | 0.04 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.06 | 4,781 | 0.10 | 1.05 | 0.06 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | — | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.06 | 2,750 | 0.13 | 1.05 | 0.06 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 4,218 | 0.26 | 1.04 | 0.03 | ||||||||||||||||||||||||||||||||||||
| (a) | Calculated using average shares outstanding. |
| (b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America. |
| (c) | Ratios are annualized and based on average daily net assets (000’s omitted) of $84,919, $106,188, $153,902, $16,571, $3,797 and $2,484 for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Government TaxAdvantage Portfolio and Tax-Free Cash Reserve Portfolio, respectively. |
49 Short-Term Investments Trust
Note 10-Subsequent Event
Effective June 1, 2016, the Board has approved a change in the advisory fee rate under the master investment advisory agreement for Tax-Free Cash Reserve Portfolio to an annual rate of 0.20% of the Fund’s average daily net assets.
In addition, effective June 1, 2016, the Adviser has contractually agreed, through at least December 31, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):
| Institutional Class |
Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
||||||||||||||||||||||
| Liquid Assets Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.38 | % | 0.21 | % | ||||||||||||||
| STIC Prime Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Treasury Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Government & Agency Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Government TaxAdvantage Portfolio |
0.18 | % | 0.43 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Tax-Free Cash Reserve Portfolio |
0.20 | % | 0.45 | % | 0.75 | % | 0.28 | % | 1.07 | % | 0.36 | % | 0.23 | % | ||||||||||||||
50 Short-Term Investments 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 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, 2015 through February 29, 2016.
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 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.
| Personal Investment Class | Beginning Account Value (09/01/15) |
ACTUAL | HYPOTHETICAL (5% annual return before expenses) |
Annualized Expense Ratio |
||||||||||||||||||||
| Ending Account Value (02/29/16)1 |
Expenses Paid During Period2 |
Ending Account Value (02/29/16) |
Expenses Paid During Period2 |
|||||||||||||||||||||
|
Liquid Assets Portfolio |
$ | 1,000.00 | $ | 1,000.10 | $ | 1.74 | $ | 1,023.12 | $ | 1.76 | 0.35 | % | ||||||||||||
| STIC Prime Portfolio |
1,000.00 | 1,000.50 | 1.04 | 1,023.82 | 1.06 | 0.21 | ||||||||||||||||||
| Treasury Portfolio |
1,000.00 | 1,000.20 | 0.85 | 1,024.02 | 0.86 | 0.17 | ||||||||||||||||||
| Government & Agency Portfolio |
1,000.00 | 1,000.30 | 0.80 | 1,024.07 | 0.81 | 0.16 | ||||||||||||||||||
| Government TaxAdvantage Portfolio |
1,000.00 | 1,000.30 | 0.80 | 1,024.07 | 0.81 | 0.16 | ||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
1,000.00 | 1,000.00 | 0.25 | 1,024.61 | 0.25 | 0.05 | ||||||||||||||||||
| 1 | The actual ending account value is based on the actual total return of the Funds for the period September 1, 2015, through February 29, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on each Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
| 2 | Expenses are equal to each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year. |
51 Short-Term Investments Trust
Invesco mailing information
Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
Important notice regarding delivery of security holder documents
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
Fund holdings and proxy voting information
The Fund provides a complete list of its holdings four times in each fiscal year, at quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-Q filings on the SEC website, sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/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: 811-02729 and 002-58287 | CM-STIT-SAR-6 | Invesco Distributors, Inc. |
Fund Data
Private Investment Class data as of 2/29/16
| FUND | WEIGHTED AVERAGE MATURITY |
WEIGHTED LIFE |
TOTAL NET ASSETS | |||||||||||||||||
| Range During Reporting Period |
At Reporting Period End |
At Reporting Period End |
||||||||||||||||||
| Liquid Assets | 14 - 42 days | 33 days | 52 days | $ | 209.8 million | |||||||||||||||
| STIC Prime | 7 - 19 days | 11 days | 13 days | 137.3 million | ||||||||||||||||
| Treasury | 29 - 54 days | 49 days | 113 days | 464.6 million | ||||||||||||||||
| Government & Agency | 24 - 52 days | 40 days | 115 days | 503.9 million | ||||||||||||||||
| Government TaxAdvantage | 25 - 58 days | 35 days | 55 days | 4.4 million | ||||||||||||||||
| Tax-Free Cash Reserve | 24 - 38 days | 29 days | 29 days | 29.8 million | ||||||||||||||||
Weighted average maturity (WAM) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes.
Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.
2 Short-Term Investments Trust
Letters to Shareholders
|
Bruce Crockett |
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 represent 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., 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 reasonable fee. As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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
|
Karen Dunn Kelley |
Dear Shareholders: Money market investors cheered in December when the US Federal Reserve raised the federal funds target rate after holding it near zero for seven years in the aftermath of the financial crisis. Moderate economic growth, improvement in employment and the need to remove “emergency accommodation” were the primary reasons for the Fed’s action. More rate hikes are expected, but at a slower pace than past Fed regimes. The money market fund industry in the US continued to move ahead with plans to adopt the new money market fund regulations announced in 2014, which are set to be fully implemented on October 14, 2016. Invesco, along with many in the industry, continues to focus on successfully meeting all reform requirements in a timely fashion. We will continue to keep you |
and all our valued money market fund investors informed about money market fund reform through public announcements as updates are available.
For more than 30 years, Invesco Global Liquidity has worked to gain and keep the trust of our investors through our deep industry knowledge and our investment expertise. Our primary goal through the money market fund reform process is to provide our investors with a full suite of liquidity management solutions to meet their investing needs with the least amount of disruption while remaining focused on our disciplined investment process. For Invesco Global Liquidity, safety is of paramount importance in the investment process for all our money market funds. Our conservative investment philosophy has always focused on providing safety, liquidity, and yield – in that order – to our money market fund investors.
Invesco Global Liquidity is dedicated to the future of this industry – and to yours. Thank you for investing with us.
Sincerely,
Karen Dunn Kelley
Senior Managing Director, Investments
3 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Commercial Paper–40.38%(a) |
|
|||||||||||||||
| Asset-Backed Securities — Consumer Receivables–3.51% | ||||||||||||||||
| Old Line Funding, LLC(b) |
0.65 | % | 04/18/2016 | $ | 43,000 | $ | 42,962,733 | |||||||||
| Old Line Funding, LLC(b) |
0.65 | % | 04/25/2016 | 66,000 | 65,934,458 | |||||||||||
| Old Line Funding, LLC(b) |
0.73 | % | 05/26/2016 | 190,000 | 189,668,662 | |||||||||||
| Old Line Funding, LLC(b) |
0.77 | % | 05/09/2016 | 85,000 | 84,874,554 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.64 | % | 05/18/2016 | 115,000 | 114,840,533 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.65 | % | 04/18/2016 | 95,000 | 94,917,667 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.65 | % | 04/18/2016 | 65,000 | 64,943,667 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.72 | % | 06/01/2016 | 91,000 | 90,832,560 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.77 | % | 05/12/2016 | 40,000 | 39,938,400 | |||||||||||
| 788,913,234 | ||||||||||||||||
| Asset-Backed Securities — Fully Supported–2.41% | ||||||||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 04/04/2016 | 75,000 | 74,956,083 | |||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 04/06/2016 | 148,000 | 147,908,240 | |||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 04/18/2016 | 33,000 | 32,972,720 | |||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 05/19/2016 | 100,000 | 99,863,945 | |||||||||||
| Kells Funding LLC (CEP–FMS Wertmanagement)(b)(c) |
0.60 | % | 04/20/2016 | 75,000 | 74,937,500 | |||||||||||
| Kells Funding LLC (CEP–FMS Wertmanagement)(b)(c) |
0.61 | % | 06/02/2016 | 110,000 | 109,826,658 | |||||||||||
| 540,465,146 | ||||||||||||||||
| Asset-Backed Securities — Fully Supported Bank–12.88% | ||||||||||||||||
| Anglesea Funding LLC (Multi-CEP’s)(b)(c)(d) |
0.70 | % | 07/06/2016 | 25,000 | 25,000,000 | |||||||||||
| Anglesea Funding LLC (Multi-CEP’s)(b)(c)(d) |
0.70 | % | 07/18/2016 | 133,000 | 133,000,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A)(b)(c)(d) |
0.61 | % | 07/07/2016 | 75,000 | 75,000,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.62 | % | 04/06/2016 | 50,000 | 49,969,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.63 | % | 05/11/2016 | 100,000 | 99,875,750 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.62 | % | 04/01/2016 | 49,000 | 48,973,839 | |||||||||||
| Bennington Stark Capital Co. (CEP–Societe Generale S.A.)(b)(c) |
0.67 | % | 04/01/2016 | 50,000 | 49,971,153 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.62 | % | 04/18/2016 | 50,000 | 49,958,667 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.66 | % | 05/03/2016 | 31,500 | 31,463,617 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.50 | % | 03/16/2016 | 48,000 | 47,990,000 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.63 | % | 04/04/2016 | 170,000 | 169,898,850 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.63 | % | 04/13/2016 | 66,000 | 65,950,335 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC)(d) |
0.68 | % | 07/14/2016 | 97,000 | 97,000,000 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC)(d) |
0.78 | % | 08/22/2016 | 73,000 | 73,000,000 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC) |
0.81 | % | 08/05/2016 | 100,000 | 99,646,750 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC) |
0.48 | % | 04/25/2016 | 100,000 | 99,926,667 | |||||||||||
| Collateralized Commercial Paper II Co., LLC (CEP–JPMorgan Securities LLC)(b) |
0.48 | % | 04/20/2016 | 100,000 | 99,933,333 | |||||||||||
| Collateralized Commercial Paper II Co., LLC (CEP–JPMorgan Securities LLC)(b)(d) |
0.63 | % | 03/01/2016 | 15,000 | 15,000,000 | |||||||||||
| Collateralized Commercial Paper II Co., LLC (CEP–JPMorgan Securities LLC)(b)(d) |
0.68 | % | 07/22/2016 | 60,000 | 60,000,000 | |||||||||||
| Crown Point Capital Co., LLC, Series A (Multi-CEP’s)(b)(c)(d) |
0.94 | % | 07/28/2016 | 50,000 | 50,000,000 | |||||||||||
| Gotham Funding Corp. (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(b)(c) |
0.60 | % | 05/25/2016 | 180,000 | 179,745,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Asset-Backed Securities — Fully Supported Bank–(continued) | ||||||||||||||||
| Institutional Secured Funding Ltd (Multi-CEP’s)(b)(c) |
0.60 | % | 03/08/2016 | $ | 21,000 | $ | 20,997,550 | |||||||||
| Institutional Secured Funding Ltd (Multi-CEP’s)(b)(c) |
0.70 | % | 04/21/2016 | 20,000 | 19,980,167 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.68 | % | 06/21/2016 | 44,000 | 43,906,915 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.62 | % | 04/11/2016 | 64,000 | 63,954,809 | |||||||||||
| LMA Americas LLC (CEP–Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.65 | % | 04/12/2016 | 105,000 | 104,920,375 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.50 | % | 04/04/2016 | 62,500 | 62,470,486 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.54 | % | 03/14/2016 | 50,359 | 50,349,180 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.52 | % | 03/08/2016 | 49,595 | 49,589,985 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.67 | % | 04/13/2016 | 35,500 | 35,471,590 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.67 | % | 04/14/2016 | 22,000 | 21,981,985 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.67 | % | 04/18/2016 | 36,000 | 35,967,840 | |||||||||||
| Matchpoint Finance PLC (CEP–BNP Paribas S.A)(b)(c) |
0.45 | % | 03/01/2016 | 70,000 | 70,000,000 | |||||||||||
| Mountcliff Funding LLC (Multi-CEP’s)(b)(c) |
0.63 | % | 04/04/2016 | 59,000 | 58,964,895 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.37 | % | 03/04/2016 | 135,000 | 134,995,838 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/30/2016 | 76,106 | 76,079,637 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/21/2016 | 100,000 | 99,976,111 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/29/2016 | 120,000 | 119,959,866 | |||||||||||
| Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c) |
0.62 | % | 04/26/2016 | 75,000 | 74,927,667 | |||||||||||
| Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)(d) |
0.78 | % | 07/06/2016 | 25,000 | 25,000,000 | |||||||||||
| Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)(d) |
0.78 | % | 07/07/2016 | 99,750 | 99,750,000 | |||||||||||
| 2,890,547,857 | ||||||||||||||||
| Asset-Backed Securities — Multi-Purpose–1.97% | ||||||||||||||||
| CHARTA, LLC(b) |
0.83 | % | 07/06/2016 | 66,000 | 65,806,748 | |||||||||||
| CRC Funding, LLC(b) |
0.45 | % | 03/23/2016 | 25,000 | 24,993,125 | |||||||||||
| CRC Funding, LLC(b) |
0.45 | % | 03/24/2016 | 50,000 | 49,985,625 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.60 | % | 04/05/2016 | 35,000 | 34,979,583 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.52 | % | 04/07/2016 | 65,000 | 64,965,261 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.60 | % | 04/29/2016 | 72,000 | 71,929,200 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.47 | % | 03/09/2016 | 28,750 | 28,746,997 | |||||||||||
| Versailles Commercial Paper LLC(b)(d) |
0.58 | % | 10/14/2016 | 100,000 | 100,000,000 | |||||||||||
| 441,406,539 | ||||||||||||||||
| Consumer Finance–0.44% | ||||||||||||||||
| Toyota Motor Credit Corp.(c) |
0.71 | % | 08/10/2016 | 100,000 | 99,680,500 | |||||||||||
| Diversified Banks–10.23% | ||||||||||||||||
| ANZ New Zealand Int’l Ltd.(b)(c) |
0.33 | % | 03/18/2016 | 144,150 | 144,127,537 | |||||||||||
| BNP Paribas S.A.(c) |
0.38 | % | 03/03/2016 | 250,000 | 249,994,722 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.78 | % | 08/22/2016 | 73,000 | 73,000,000 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.56 | % | 05/13/2016 | 20,000 | 19,999,544 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.56 | % | 05/20/2016 | 50,000 | 50,000,000 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.57 | % | 05/19/2016 | 46,000 | 45,999,106 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.58 | % | 05/26/2016 | 40,000 | 39,995,713 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.60 | % | 03/07/2016 | 40,000 | 40,000,000 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.60 | % | 03/04/2016 | 28,000 | 28,000,000 | |||||||||||
| Credit Agricole Corporate & Investment Bank(c) |
0.30 | % | 03/01/2016 | 65,000 | 65,000,000 | |||||||||||
| ING (US) Funding LLC(c) |
0.60 | % | 04/01/2016 | 32,300 | 32,283,312 | |||||||||||
| ING (US) Funding LLC(c) |
0.61 | % | 04/05/2016 | 70,000 | 69,958,486 | |||||||||||
| ING (US) Funding LLC(c) |
0.61 | % | 04/12/2016 | 110,000 | 109,921,717 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Diversified Banks–(continued) | ||||||||||||||||
| ING (US) Funding LLC(c) |
0.67 | % | 06/01/2016 | $ | 135,000 | $ | 134,769,655 | |||||||||
| ING (US) Funding LLC(c) |
0.67 | % | 06/13/2016 | 90,000 | 89,825,800 | |||||||||||
| Mizuho Bank Ltd.(b)(c) |
0.61 | % | 05/23/2016 | 150,000 | 149,789,041 | |||||||||||
| Natixis(c) |
0.65 | % | 04/06/2016 | 300,000 | 299,805,000 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.62 | % | 04/18/2016 | 100,000 | 99,917,333 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.70 | % | 05/27/2016 | 145,000 | 144,754,708 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.42 | % | 03/01/2016 | 109,000 | 109,000,000 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.50 | % | 03/21/2016 | 140,000 | 139,961,111 | |||||||||||
| Swedbank AB(c) |
0.36 | % | 03/07/2016 | 70,000 | 69,995,800 | |||||||||||
| Westpac Banking Corp.(b)(c)(d) |
0.74 | % | 08/08/2016 | 91,000 | 91,000,000 | |||||||||||
| 2,297,098,585 | ||||||||||||||||
| Integrated Oil & Gas–0.53% | ||||||||||||||||
| Exxon Mobil Corp. |
0.46 | % | 03/15/2016 | 120,000 | 119,978,533 | |||||||||||
| Regional Banks–4.75% | ||||||||||||||||
| ASB Finance Ltd.(b) |
0.33 | % | 03/04/2016 | 100,000 | 99,997,292 | |||||||||||
| Banque et Caisse d’Epargne de l’Etat(c) |
0.51 | % | 04/01/2016 | 30,000 | 29,986,825 | |||||||||||
| BNZ International Funding Ltd.(b)(c) |
0.46 | % | 04/22/2016 | 61,300 | 61,259,270 | |||||||||||
| Danske Corp.(b)(c) |
0.55 | % | 05/02/2016 | 95,000 | 94,910,014 | |||||||||||
| Danske Corp.(b)(c) |
0.62 | % | 05/02/2016 | 50,000 | 49,947,042 | |||||||||||
| Danske Corp.(b)(c) |
0.62 | % | 05/03/2016 | 100,000 | 99,892,375 | |||||||||||
| HSBC Bank PLC(b)(c) |
0.82 | % | 08/09/2016 | 100,000 | 99,635,514 | |||||||||||
| HSBC Bank PLC(b)(c)(d) |
0.83 | % | 09/06/2016 | 85,000 | 85,000,000 | |||||||||||
| Landesbank Hessen-Thueringen Girozentrale(b)(c) |
0.52 | % | 03/14/2016 | 145,000 | 144,972,772 | |||||||||||
| Macquarie Bank Ltd.(b)(c) |
0.62 | % | 05/10/2016 | 84,500 | 84,398,130 | |||||||||||
| Macquarie Bank Ltd.(b)(c) |
0.64 | % | 05/03/2016 | 18,250 | 18,229,560 | |||||||||||
| Macquarie Bank Ltd.(b)(c) |
0.75 | % | 06/29/2016 | 145,000 | 144,637,500 | |||||||||||
| Mitsubishi UFJ Trust & Banking Corp.(c) |
0.67 | % | 04/19/2016 | 52,950 | 52,901,713 | |||||||||||
| 1,065,768,007 | ||||||||||||||||
| Specialized Finance–3.21% | ||||||||||||||||
| Caisse des Depots et Consignations(b)(c) |
0.59 | % | 05/25/2016 | 178,400 | 178,151,479 | |||||||||||
| Caisse des Depots et Consignations(b)(c) |
0.40 | % | 03/03/2016 | 100,000 | 99,997,778 | |||||||||||
| CDP Financial Inc.(b)(c) |
0.59 | % | 04/20/2016 | 85,000 | 84,930,347 | |||||||||||
| CDP Financial Inc.(b)(c) |
0.39 | % | 03/01/2016 | 40,000 | 40,000,000 | |||||||||||
| KfW(b)(c) |
0.29 | % | 03/01/2016 | 20,000 | 20,000,000 | |||||||||||
| Nederlandse Waterschapsbank N.V.(b)(c) |
0.58 | % | 04/13/2016 | 65,000 | 64,954,969 | |||||||||||
| Nederlandse Waterschapsbank N.V.(b)(c) |
0.59 | % | 05/11/2016 | 72,000 | 71,916,220 | |||||||||||
| Nederlandse Waterschapsbank N.V.(b)(c) |
0.35 | % | 03/14/2016 | 159,700 | 159,679,816 | |||||||||||
| 719,630,609 | ||||||||||||||||
| Thrifts & Mortgage Finance–0.45% | ||||||||||||||||
| Nationwide Building Society(b)(c) |
0.62 | % | 05/18/2016 | 100,000 | 99,865,667 | |||||||||||
| Total Commercial Paper (Cost $9,063,354,677) |
9,063,354,677 | |||||||||||||||
| Certificates of Deposit–30.66% |
||||||||||||||||
| Bank of Montreal(c) |
0.58 | % | 04/08/2016 | 48,750 | 48,753,078 | |||||||||||
| Bank of Montreal(c)(d) |
0.79 | % | 11/10/2016 | 200,000 | 200,000,000 | |||||||||||
| Bank of Montreal(c) |
0.44 | % | 03/22/2016 | 59,400 | 59,400,000 | |||||||||||
| Bank of Nova Scotia(c) |
0.43 | % | 04/01/2016 | 111,000 | 111,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Bank of Nova Scotia(c)(d) |
0.57 | % | 03/09/2016 | $ | 56,000 | $ | 56,000,000 | |||||||||
| Bank of Nova Scotia(c)(d) |
0.78 | % | 09/09/2016 | 100,000 | 100,000,000 | |||||||||||
| Bank of Nova Scotia(c)(d) |
0.79 | % | 09/30/2016 | 120,100 | 120,100,000 | |||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(c) |
0.37 | % | 03/03/2016 | 355,000 | 355,000,000 | |||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(c) |
0.37 | % | 03/07/2016 | 125,000 | 125,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(c) |
0.85 | % | 08/25/2016 | 65,000 | 65,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(c) |
0.28 | % | 03/01/2016 | 72,000 | 72,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(c) |
0.36 | % | 03/03/2016 | 340,000 | 340,000,000 | |||||||||||
| Citibank, N.A. |
0.82 | % | 08/12/2016 | 100,000 | 100,000,000 | |||||||||||
| Citibank, N.A. |
0.58 | % | 04/21/2016 | 185,000 | 185,000,000 | |||||||||||
| Citibank, N.A. |
0.65 | % | 05/23/2016 | 110,000 | 110,000,000 | |||||||||||
| Citibank, N.A. |
0.63 | % | 06/06/2016 | 95,000 | 95,000,000 | |||||||||||
| Credit Industriel et Commercial(c) |
0.37 | % | 03/02/2016 | 325,000 | 325,000,000 | |||||||||||
| Credit Industriel et Commercial(c) |
0.38 | % | 03/01/2016 | 160,000 | 160,000,000 | |||||||||||
| Dexia Credit Local S.A.(c)(d) |
0.58 | % | 03/23/2016 | 80,000 | 80,000,440 | |||||||||||
| Dexia Credit Local S.A.(c)(d) |
0.78 | % | 08/10/2016 | 100,000 | 100,000,000 | |||||||||||
| Dexia Credit Local S.A.(c)(d) |
0.58 | % | 03/24/2016 | 82,000 | 82,000,750 | |||||||||||
| DNB Bank ASA(c) |
0.28 | % | 03/01/2016 | 148,000 | 148,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.60 | % | 04/22/2016 | 110,000 | 110,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.44 | % | 03/07/2016 | 60,000 | 60,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.60 | % | 05/18/2016 | 100,000 | 100,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.66 | % | 06/06/2016 | 135,000 | 135,000,000 | |||||||||||
| KBC Bank N.V.(c) |
0.38 | % | 03/01/2016 | 215,000 | 215,000,000 | |||||||||||
| KBC Bank N.V.(c) |
0.38 | % | 03/03/2016 | 340,000 | 340,000,000 | |||||||||||
| Landesbank Hessen-Thueringen Girozentrale(c) |
0.51 | % | 03/11/2016 | 66,000 | 66,000,000 | |||||||||||
| Mitsubishi UFJ Trust & Banking Corp.(c) |
0.63 | % | 04/25/2016 | 185,000 | 185,000,000 | |||||||||||
| Mizuho Bank Ltd.(c) |
0.50 | % | 03/09/2016 | 95,000 | 95,001,679 | |||||||||||
| Mizuho Bank Ltd.(c) |
0.61 | % | 04/20/2016 | 50,000 | 50,000,000 | |||||||||||
| Mizuho Bank Ltd.(c) |
0.66 | % | 04/18/2016 | 200,000 | 200,000,000 | |||||||||||
| Nordea Bank Finland PLC(c) |
0.28 | % | 03/01/2016 | 106,000 | 106,000,000 | |||||||||||
| Royal Bank of Canada(c)(d) |
0.77 | % | 10/03/2016 | 300,000 | 300,000,000 | |||||||||||
| Skandinaviska Enskilda Banken AB(c) |
0.29 | % | 03/01/2016 | 198,000 | 198,000,000 | |||||||||||
| Societe Generale S.A.(c) |
0.62 | % | 05/05/2016 | 164,000 | 164,000,000 | |||||||||||
| Standard Chartered Bank(c)(d) |
0.63 | % | 03/08/2016 | 52,000 | 52,000,000 | |||||||||||
| Standard Chartered Bank(c) |
0.64 | % | 05/02/2016 | 100,000 | 100,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.65 | % | 03/14/2016 | 130,000 | 130,006,079 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.67 | % | 04/04/2016 | 63,000 | 63,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.67 | % | 04/19/2016 | 140,000 | 140,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.68 | % | 04/11/2016 | 100,000 | 100,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.70 | % | 04/28/2016 | 90,000 | 90,008,643 | |||||||||||
| Swedbank AB(c) |
0.36 | % | 03/03/2016 | 340,000 | 340,000,000 | |||||||||||
| Swedbank AB(c) |
0.37 | % | 03/01/2016 | 46,500 | 46,500,000 | |||||||||||
| Toronto-Dominion Bank (The)(c) |
0.46 | % | 04/29/2016 | 148,000 | 148,000,000 | |||||||||||
| Toronto-Dominion Bank (The)(c)(d) |
0.68 | % | 06/06/2016 | 50,000 | 50,000,000 | |||||||||||
| Toronto-Dominion Bank (The)(c)(d) |
0.68 | % | 08/17/2016 | 30,000 | 30,000,000 | |||||||||||
| UBS AG(c) |
0.68 | % | 05/31/2016 | 145,000 | 145,000,000 | |||||||||||
| UBS AG(c) |
0.85 | % | 08/05/2016 | 85,000 | 85,000,000 | |||||||||||
| Total Certificates of Deposit (Cost $6,880,770,669) |
6,880,770,669 | |||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Variable Rate Demand Notes–1.02%(e) |
||||||||||||||||
| Credit Enhanced–0.98% | ||||||||||||||||
| A Mining Group, LLC; Series 2006, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f) |
0.43 | % | 06/01/2029 | $ | 500 | $ | 500,000 | |||||||||
| Appleton (City of), Wisconsin (Great Northern Corp.); Series 2002 A, VRD IDR (LOC–Wells Fargo Bank, N.A.)(f) |
0.18 | % | 09/01/2019 | 2,785 | 2,785,000 | |||||||||||
| Atlanta (City of), Georgia Housing Authority (Villages of East Lake Phase II); Series 1999, VRD MFH RB (LOC–Bank of America, N.A.)(b)(f) |
0.14 | % | 01/01/2029 | 1,300 | 1,300,000 | |||||||||||
| Benjamin Rose Institute (The) (Kethley House); Series 2005, VRD Taxable Notes (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.43 | % | 12/01/2028 | 900 | 900,000 | |||||||||||
| Burnsville (City of), Minnesota (Bridgeway Apartments LP); Series 2003, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 10/15/2033 | 1,175 | 1,175,000 | |||||||||||
| Calcasieu (Parish of), Louisiana Public Trust Authority (WPT Corp.); Series 1997, VRD Solid Waste Disposal RB (LOC–Bank of America, N.A.)(f) |
0.08 | % | 12/01/2027 | 2,000 | 2,000,000 | |||||||||||
| Capital Markets Access Co. LC (SEUP Real Estate LLC); Series 2008, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f) |
0.41 | % | 07/01/2038 | 800 | 800,000 | |||||||||||
| Carson City (City of), Nevada (Carson-Tahoe Hospital); Series 2003 B, Hospital RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 09/01/2033 | 18,910 | 18,910,000 | |||||||||||
| Centerville (City of), Ohio (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 B, VRD Health Care RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 11/01/2040 | 6,300 | 6,300,000 | |||||||||||
| Chicago (City of), Illinois (Churchview Supportive Living Facility); Series 2003, VRD MFH RB (LOC–BMO Harris N.A.)(b)(f) |
0.10 | % | 03/01/2033 | 2,600 | 2,600,000 | |||||||||||
| Cleveland (City of) & Cuyahoga (County of), Ohio Port Authority (Carnegie/96th Research Building LLC); Series 2003, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 01/01/2033 | 22,390 | 22,390,000 | |||||||||||
| Columbus (City of), Ohio Regional Airport Authority (OASBO Expanded Asset Pooled Financing Program); Sr. Series 2004 A, VRD Capital Funding RB (LOC–U.S. Bank, N.A.)(f) |
0.02 | % | 03/01/2034 | 5,800 | 5,800,000 | |||||||||||
| Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 05/01/2036 | 1,915 | 1,915,000 | |||||||||||
| District of Columbia (The Pew Charitable Trusts); Series 2008 A, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 0/01/2038 | 12,890 | 12,890,000 | |||||||||||
| Fayette (County of), Pennsylvania Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 06/01/2037 | 2,380 | 2,380,000 | |||||||||||
| Gainesville (City of) & Hall (County of), Georgia Development Authority (Squirrel Creek Basin); Series 2002, Ref. VRD RB (LOC–Rabobank Nederland)(c)(f) |
0.10 | % | 08/01/2027 | 1,000 | 1,000,000 | |||||||||||
| Glendale Heights (Village of), Illinois (Glendale Lakes); Series 2000, Ref. VRD MFH RB (CEP–FHLMC) |
0.01 | % | 03/01/2030 | 1,110 | 1,110,000 | |||||||||||
| Hamilton (County of), Ohio (Elizabeth Gamble Deaconess Home Association); Series 2002 B, VRD Hospital Facilities RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 06/01/2027 | 8,500 | 8,500,000 | |||||||||||
| Heard (County of), Georgia Development Authority (Oglethorpe Power Corp. Wansley); Series 2009 A, VRD PCR (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.01 | % | 01/01/2038 | 2,300 | 2,300,000 | |||||||||||
| Illinois (State of) Finance Authority (Elmhurst College); Series 2007, VRD RB (LOC–BMO Harris N.A.)(f) |
0.01 | % | 02/01/2042 | 3,650 | 3,650,000 | |||||||||||
| Illinois (State of) Finance Authority (National-Louis University); Series 1999 B, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.01 | % | 06/01/2029 | 1,320 | 1,320,000 | |||||||||||
| Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC–Northern Trust Co.)(f) |
0.01 | % | 01/01/2037 | 3,450 | 3,450,000 | |||||||||||
| Illinois (State of) Housing Development Authority (Brainard Landings II Apartments); Series 2007, VRD MFH RB (LOC–U.S. Bank, N.A.)(f) |
0.03 | % | 05/01/2042 | 2,525 | 2,525,000 | |||||||||||
| Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 B, VRD MFH RB (LOC–FHLB of Indianapolis)(f) |
0.30 | % | 12/01/2039 | 735 | 735,000 | |||||||||||
| Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc.); Series 2008 G, Ref. VRD Health System RB (LOC–Wells Fargo Bank N.A.)(f) |
0.02 | % | 09/01/2048 | 9,565 | 9,565,000 | |||||||||||
| Kansas (State of) Development Finance Authority (Chesapeake Apartments JV GP LLC); Series 2000 M, Ref. VRD MFH RB (CEP–FHLMC) |
0.01 | % | 07/01/2030 | 600 | 600,000 | |||||||||||
| Luzerne (County of), Pennsylvania Convention Center Authority; Series 1998 A, VRD Hotel Room Rental Tax RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 09/01/2028 | 4,700 | 4,700,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Credit Enhanced–(continued) | ||||||||||||||||
| Massachusetts (State of) Development Finance Agency (Milton Academy); Series 2009 B, VRD Taxable RB (LOC–TD Bank, N.A.)(f) |
0.38 | % | 03/01/2039 | $ | 1,900 | $ | 1,900,000 | |||||||||
| Massachusetts (State of) Health & Educational Facilities Authority (Harrington Memorial Hospital, Inc.); Series 2008 A, VRD RB (LOC–TD Bank, N.A.)(f) |
0.01 | % | 07/01/2038 | 3,100 | 3,100,000 | |||||||||||
| Milwaukee (City of), Wisconsin Redevelopment Authority (University of Wisconsin-Milwaukee Kenilworth); Series 2005, VRD Lease RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 09/01/2040 | 5,515 | 5,515,000 | |||||||||||
| Minnetonka (City of), Minnesota (Minnesota Hills Apartments); Series 2001, Ref. VRD MFH RB (CEP–FNMA) |
0.02 | % | 11/15/2031 | 4,000 | 4,000,000 | |||||||||||
| Mississippi (State of) Business Finance Corp. (CPX Gulfport ES OPAG, LLC); Series 2007 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.01 | % | 04/01/2037 | 6,800 | 6,800,000 | |||||||||||
| Mississippi (State of) Business Finance Corp. (CPX Gulfport OPAG, LLC); Series 2007 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.01 | % | 04/01/2037 | 1,500 | 1,500,000 | |||||||||||
| Montgomery (County of), Pennsylvania Industrial Development Authority (Friends’ Central School Corp.); Series 2002, VRD School RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.02 | % | 03/01/2032 | 1,005 | 1,005,000 | |||||||||||
| New Jersey (State of) Economic Development Authority (Job Haines Home for Aged People); Series 1998, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 02/01/2028 | 620 | 620,000 | |||||||||||
| Oregon (State of) Housing & Community Services Department (Redwood Park Apartments LLC); Series 2005 F, VRD Housing Development RB (CEP–FNMA) |
0.03 | % | 10/15/2038 | 4,000 | 4,000,000 | |||||||||||
| Palm Beach (County of), Florida Housing Finance Authority (Azalea Place Apartments); Series 1999 A, VRD MFH RB (CEP–FHLMC)(b) |
0.03 | % | 12/01/2032 | 4,606 | 4,606,000 | |||||||||||
| S&L Capital, LLC (J&L Development of Holland, LLC); Series 2005 A, VRD Taxable Notes (LOC–FHLB of Indianapolis)(f) |
0.48 | % | 07/01/2040 | 1,970 | 1,970,000 | |||||||||||
| Shelby (County of), Tennessee Health, Educational & Housing Facility Board (Providence Place Apartments); Series 2007, Ref. VRD MFH RB (CEP–FNMA) |
0.02 | % | 12/15/2042 | 500 | 500,000 | |||||||||||
| Sierra Vista (City of), Arizona Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 06/15/2031 | 3,345 | 3,345,000 | |||||||||||
| Southeast Texas Housing Finance Corp. (Mansions at Moses Lake Apartments); Series 2008, VRD MFH RB (CEP–FHLMC) |
0.03 | % | 06/01/2041 | 7,090 | 7,090,000 | |||||||||||
| St. Charles (County of), Missouri Industrial Development Authority (Westchester Village Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 04/15/2027 | 5,600 | 5,600,000 | |||||||||||
| St. Joseph (City of), Missouri Industrial Development Authority (Heartland Regional Medical Center); Series 2009 A, VRD Health Facilities RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 11/15/2043 | 14,950 | 14,950,000 | |||||||||||
| St. Louis (County of), Missouri Industrial Development Authority (Sugar Pines Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 04/15/2027 | 7,870 | 7,870,000 | |||||||||||
| Texas (State of) Department of Housing & Community Affairs (Champions Crossing Apartments); Series 2006, Ref. VRD MFH Mortgage RB (CEP–FNMA)(b) |
0.03 | % | 09/15/2036 | 4,475 | 4,475,000 | |||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (Norwich University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(f) |
0.01 | % | 09/01/2038 | 5,125 | 5,125,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Inglenook Court); Series 1995, VRD MFH Mortgage RB (CEP–FHLMC) |
0.03 | % | 07/01/2025 | 8,300 | 8,300,000 | |||||||||||
| Westmoreland (County of), Pennsylvania Industrial Development Authority (Excela Health); Series 2005 A, VRD Health System RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 07/01/2027 | 1,500 | 1,500,000 | |||||||||||
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital); Series 2004, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.01 | % | 08/15/2034 | 5,105 | 5,105,000 | |||||||||||
| 220,976,000 | ||||||||||||||||
| Other Variable Rate Demand Notes–0.04% | ||||||||||||||||
| Federal Home Loan Mortgage Corp., Series M028, Class A, VRD MFH Ctfs. |
0.03 | % | 09/15/2024 | 8,480 | 8,480,000 | |||||||||||
| Total Variable Rate Demand Notes (Cost $229,456,000) |
229,456,000 | |||||||||||||||
| Other Bonds & Notes–3.66% |
||||||||||||||||
| Bank of Nova Scotia, Sr. Unsec. Notes(c) |
2.90 | % | 03/29/2016 | 40,000 | 40,073,515 | |||||||||||
| GE Capital International Funding Co., Sr. Unsec. Gtd. Notes(b) |
0.96 | % | 04/15/2016 | 97,236 | 97,291,775 | |||||||||||
| New York Life Global Funding, Sec. Floating Rate Notes(b)(d) |
0.67 | % | 08/05/2016 | 73,000 | 73,000,033 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Wells Fargo Bank, N.A., |
||||||||||||||||
| Sr. Unsec. Medium-Term Floating Rate Notes(d) |
0.68 | % | 10/19/2016 | $ | 235,000 | $ | 235,000,000 | |||||||||
| Unsec. Medium-Term Floating Rate Notes(d) |
0.74 | % | 10/29/2016 | 225,000 | 225,000,000 | |||||||||||
| Westpac Banking Corp., Sr. Unsec. Floating Rate Notes(b)(c)(d) |
0.87 | % | 11/07/2016 | 150,000 | 150,000,000 | |||||||||||
| Total Other Bonds & Notes (Cost $820,365,323) |
820,365,323 | |||||||||||||||
| U.S. Treasury Securities–0.67%(a) |
||||||||||||||||
| U.S. Treasury Bills (Cost $149,636,000) |
0.49 | % | 09/01/2016 | 150,000,000 | 149,636,000 | |||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)–76.39% (Cost $17,143,582,669) |
17,143,582,669 | |||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–24.33%(g) |
||||||||||||||||
| Bank of Nova Scotia (The), agreement dated 02/29/2016, maturing value of $200,001,778 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $204,000,000; 0.90%-5.00%, 04/25/2017-01/01/2046) |
0.32 | % | 03/01/2016 | 200,001,778 | 200,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint agreement dated 02/29/2016, aggregate maturing value of $250,002,153 (collateralized by U.S. government sponsored agency obligations valued at $255,000,425; 0%-6.25%, 03/08/2017-01/15/2030) |
0.31 | % | 03/01/2016 | 125,001,077 | 125,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint agreement dated 02/29/2016, aggregate maturing value of $400,003,333 (collateralized by U.S. Treasury obligations valued at $408,000,044; 1.63%-2.25%, 06/30/2019-11/15/2025) |
0.30 | % | 03/01/2016 | 158,739,106 | 158,737,783 | |||||||||||
| Citigroup Global Markets Inc., term agreement dated 12/03/2015, maturing value of $60,596,167 (collateralized by domestic and foreign non-agency asset-backed securities valued at $66,000,000; 0%-1.05%, 04/01/2030-11/19/2051) |
0.98 | % | 12/02/2016 | 60,596,167 | 60,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, agreement dated 02/29/2016, maturing value of $200,001,778 (collateralized by domestic agency mortgage-backed securities valued at $204,000,000; 3.50%-4.50%, 05/20/2045-02/01/2046) |
0.32 | % | 03/01/2016 | 200,001,778 | 200,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, joint agreement dated 02/29/2016, aggregate maturing value of $600,005,000 (collateralized by U.S. Treasury obligations valued at $612,000,064; 2.63%-3.63%, 08/15/2020-08/15/2043) |
0.30 | % | 03/01/2016 | 93,000,775 | 93,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, open agreement dated 10/07/2015, (collateralized by domestic non-agency mortgage-backed securities valued at $456,502,402; 1.59%-6.00%, 07/27/2037-12/25/2065)(c)(h) |
0.98 | % | — | — | 415,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/23/2016, maturing value of $135,013,913 (collateralized by domestic and foreign non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $141,754,333; 0%-7.14%, 03/22/2017-04/10/2049)(c)(i) |
0.53 | % | 03/01/2016 | 135,013,913 | 135,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/23/2016, maturing value of $75,009,188 (collateralized by domestic and foreign corporate obligations valued at $82,501,090; 0%-10.00%, 02/25/2018-10/29/2049)(c)(i) |
0.63 | % | 03/01/2016 | 75,009,188 | 75,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/24/2016, maturing value of $165,020,213 (collateralized by domestic non-agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $181,503,082; 0%-3.82%, 03/15/2017-03/31/2045)(c)(i) |
0.63 | % | 03/02/2016 | 165,020,213 | 165,000,000 | |||||||||||
| ING Financial Markets, LLC, agreement dated 02/29/2016, maturing value $75,001,063 (collateralized by domestic and foreign corporate obligations valued at $82,211,752; 1.95%-10.50%, 03/15/2018-03/15/2038)(c) |
0.51 | % | 03/01/2016 | 75,001,063 | 75,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., agreement dated 02/29/2016, maturing value of $100,000,889 (collateralized by domestic agency mortgage-backed securities valued at $102,000,001; 0%-4.00%, 01/01/2034-02/01/2046) |
0.32 | % | 03/01/2016 | 100,000,889 | 100,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., joint agreement dated 02/29/2016, aggregate maturing value of $950,007,917 (collateralized by U.S. Treasury obligations valued at $969,000,085; 0.43%-4.50%, 09/30/2016-02/15/2036) |
0.30 | % | 03/01/2016 | 656,057,629 | 656,052,162 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/26/2016, maturing value of $348,452,400 (collateralized by domestic agency mortgage-backed securities, a domestic non-agency mortgage-backed security, a domestic non-agency asset-backed security and municipal obligations valued at $361,340,310; 0%-11.08%, 06/15/2016-04/25/2055)(i) |
0.78 | % | 04/26/2016 | 348,452,400 | 348,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Repurchase Amount |
Value | |||||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/29/2016, maturing value of $350,316,458 (collateralized by U.S. government sponsored agency obligations, a domestic agency mortgage-backed security, domestic non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities and domestic and foreign corporate obligations valued at $370,590,324; 0%-11.08%, 10/06/2016-06/05/2115) |
0.93 | % | 04/04/2016 | $ | 350,316,458 | $ | 350,000,000 | |||||||||
| Mitsubishi UFJ Securities (USA) Inc., agreement dated 02/29/2016, maturing value of $200,001,778 (collateralized by domestic agency mortgage-backed securities valued at $204,000,000; 0.75%-8.00%, 09/01/2023-01/20/2066) |
0.32 | % | 03/01/2016 | 200,001,778 | 200,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 02/23/2016, maturing value of $150,015,458 (collateralized by U.S. government sponsored agency obligations and domestic agency mortgage-backed securities valued at $153,000,000; 0%-15.63%, 02/01/2028-09/20/2063)(c)(i) |
0.53 | % | 03/01/2016 | 150,015,458 | 150,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 02/26/2016, maturing value of $180,094,400 (collateralized by U.S. government sponsored agency obligations, domestic agency mortgage-backed securities and domestic and foreign corporate obligations valued at $184,804,920; 0.80%-49.49%, 06/01/2017-09/20/2063)(c)(i) |
0.59 | % | 03/29/2016 | 180,094,400 | 180,000,000 | |||||||||||
| Societe Generale, agreement dated 02/29/2016, maturing value of $150,001,500 (collateralized by domestic agency mortgage-backed securities and a U.S. government sponsored agency obligation valued at $153,000,000; 0.87%-6.50%, 05/01/2018-01/20/2062) |
0.36 | % | 03/01/2016 | 150,001,500 | 150,000,000 | |||||||||||
| TD Securities (USA) LLC, joint agreement dated 02/29/2016, aggregate maturing value of $600,005,000 (collateralized by U.S. Treasury obligations valued at $612,000,050; 0%-9.00%, 03/03/2016-05/15/2045) |
0.30 | % | 03/01/2016 | 500,004,167 | 500,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $100,001,056 (collateralized by domestic corporate obligations valued at $105,000,001; 0%-2.00%, 03/01/2016-01/24/2028) |
0.38 | % | 03/01/2016 | 100,001,056 | 100,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $500,004,583 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.50%-3.50%, 04/01/2030-09/01/2045) |
0.33 | % | 03/01/2016 | 500,004,583 | 500,000,000 | |||||||||||
| Wells Fargo Securities, LLC, joint agreement dated 02/29/2016, aggregate maturing value of $550,005,042 (collateralized by U.S. government sponsored agency obligations valued at $561,000,000; 0.64%-4.00%, 07/15/2021-03/25/2055) |
0.33 | % | 03/01/2016 | 349,738,534 | 349,735,328 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/26/2016, maturing value of $175,017,354 (collateralized by U.S. government sponsored agency obligations, domestic corporate obligations and sovereign debt valued at $179,495,120; 0%-10.13%, 03/01/2016-01/21/2045)(i) |
0.51 | % | 03/04/2016 | 175,017,354 | 175,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $5,460,525,273) |
5,460,525,273 | |||||||||||||||
| TOTAL INVESTMENTS(j)(k)–100.72% (Cost $22,604,107,942) |
22,604,107,942 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(0.72)% |
(160,487,731 | ) | ||||||||||||||
| NET ASSETS–100.00% |
$ | 22,443,620,211 | ||||||||||||||
Investment Abbreviations:
| CEP | – Credit Enhancement Provider | |
| Ctfs. | – Certificates | |
| FHLB | – Federal Home Loan Bank | |
| FHLMC | – Federal Home Loan Mortgage Corp. | |
| FNMA | – Federal National Mortgage Association | |
| Gtd. | – Guaranteed | |
| IDR | – Industrial Development Revenue Bonds | |
| LOC | – Letter of Credit | |
| MFH | – Multi-Family Housing | |
| PCR | – Pollution Control Revenue Bonds | |
| RB | – Revenue Bonds | |
| Ref. | – Refunding | |
| Sec. | – Secured | |
| Sr. | – Senior | |
| Unsec. | – Unsecured | |
| VRD | – Variable Rate Demand |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 Short-Term Investments Trust
Liquid Assets Portfolio
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, 2016 was $7,237,690,536, which represented 32.25% 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: France: 11.8%; Canada: 10.3%; Japan: 10.1%; United Kingdom: 8.4%; other countries less than 5% each: 26.9%. |
| (d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (e) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (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) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (i) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (j) | Also represents cost for federal income tax purposes. |
| (k) | 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 issuers obligations. No concentration of any single entity was greater than 5% each. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
38.6 | % | ||
| 8-30 |
8.6 | |||
| 31-60 |
21.7 | |||
| 61-90 |
11.5 | |||
| 91-180 |
12.7 | |||
| 181+ |
6.9 |
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| STIC Prime Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Commercial Paper–49.74%(a) |
|
|||||||||||||||
| Asset-Backed Securities — Fully Supported–2.93% | ||||||||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.47 | % | 04/05/2016 | $ | 30,000 | $ | 29,986,292 | |||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.48 | % | 04/12/2016 | 25,000 | 24,986,000 | |||||||||||
| Kells Funding LLC (CEP–FMS Wertmanagement)(b)(c) |
0.42 | % | 03/03/2016 | 25,000 | 24,999,416 | |||||||||||
| 79,971,708 | ||||||||||||||||
| Asset-Backed Securities — Fully Supported Bank–22.85% | ||||||||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.50 | % | 04/07/2016 | 25,000 | 24,987,153 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c)(d) |
0.61 | % | 07/06/2016 | 77,000 | 77,000,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c)(d) |
0.61 | % | 07/05/2016 | 10,000 | 10,000,000 | |||||||||||
| Cancara Asset Securitisation LLC (CEP–Lloyds Bank PLC)(b) |
0.52 | % | 03/07/2016 | 50,000 | 49,995,667 | |||||||||||
| Gotham Funding Corp. (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(b)(c) |
0.53 | % | 03/15/2016 | 40,000 | 39,991,756 | |||||||||||
| Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) |
0.60 | % | 03/07/2016 | 12,000 | 11,998,800 | |||||||||||
| Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) |
0.60 | % | 03/01/2016 | 25,000 | 25,000,000 | |||||||||||
| Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) |
0.61 | % | 03/21/2016 | 32,943 | 32,931,836 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.48 | % | 04/22/2016 | 40,000 | 39,972,267 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.52 | % | 03/11/2016 | 50,000 | 49,992,778 | |||||||||||
| Manhattan Asset Funding Co., LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.48 | % | 03/24/2016 | 37,500 | 37,488,500 | |||||||||||
| Matchpoint Finance PLC, Series A (CEP–BNP Paribas S.A.)(b)(c) |
0.45 | % | 03/01/2016 | 100,000 | 100,000,000 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/14/2016 | 13,000 | 12,997,981 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/21/2016 | 80,000 | 79,980,889 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/29/2016 | 10,000 | 9,996,655 | |||||||||||
| Working Capital Management Co. (CEP–Mizuho Bank, Ltd.)(b)(c) |
0.51 | % | 04/18/2016 | 22,520 | 22,504,686 | |||||||||||
| 624,838,968 | ||||||||||||||||
| Asset-Backed Securities — Multi-Purpose–2.74% | ||||||||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.45 | % | 04/18/2016 | 25,000 | 24,985,000 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.47 | % | 03/09/2016 | 50,000 | 49,994,778 | |||||||||||
| 74,979,778 | ||||||||||||||||
| Diversified Banks–5.49% | ||||||||||||||||
| DBS Bank Ltd.(b)(c) |
0.45 | % | 03/18/2016 | 115,000 | 114,975,563 | |||||||||||
| Swedbank AB(b) |
0.36 | % | 03/07/2016 | 35,000 | 34,997,900 | |||||||||||
| 149,973,463 | ||||||||||||||||
| Integrated Oil & Gas–1.83% | ||||||||||||||||
| Chevron Corp.(c) |
0.43 | % | 04/01/2016 | 9,500 | 9,496,482 | |||||||||||
| Exxon Mobil Corp. |
0.46 | % | 03/15/2016 | 17,000 | 16,996,959 | |||||||||||
| Total Capital Canada Ltd.(b)(c) |
0.43 | % | 03/21/2016 | 23,500 | 23,494,386 | |||||||||||
| 49,987,827 | ||||||||||||||||
| Life & Health Insurance–3.15% | ||||||||||||||||
| MetLife Short Term Funding LLC(c) |
0.41 | % | 03/02/2016 | 76,120 | 76,119,133 | |||||||||||
| MetLife Short Term Funding LLC(c) |
0.42 | % | 03/04/2016 | 10,000 | 9,999,650 | |||||||||||
| 86,118,783 | ||||||||||||||||
| Regional Banks–8.01% | ||||||||||||||||
| Banque et Caisse d’Epargne de l’Etat(b) |
0.45 | % | 03/18/2016 | 79,000 | 78,983,213 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 Short-Term Investments Trust
| STIC Prime Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Regional Banks–(continued) | ||||||||||||||||
| Banque et Caisse d’Epargne de l’Etat(b) |
0.45 | % | 03/23/2016 | $ | 40,000 | $ | 39,989,000 | |||||||||
| Landesbank Hessen-Thueringen Girozentrale(b)(c) |
0.45 | % | 04/18/2016 | 100,000 | 99,940,000 | |||||||||||
| 218,912,213 | ||||||||||||||||
| Specialized Finance–2.74% | ||||||||||||||||
| CDP Financial Inc.(b)(c) |
0.50 | % | 03/01/2016 | 75,000 | 75,000,000 | |||||||||||
| Total Commercial Paper (Cost $1,359,782,740) |
1,359,782,740 | |||||||||||||||
| Certificates of Deposit–29.65% |
||||||||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(b) |
0.37 | % | 03/03/2016 | 20,000 | 20,000,000 | |||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(b) |
0.37 | % | 03/07/2016 | 45,000 | 45,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(b) |
0.28 | % | 03/01/2016 | 25,000 | 25,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(b) |
0.36 | % | 03/03/2016 | 40,000 | 40,000,000 | |||||||||||
| Credit Industriel et Commercial(b) |
0.37 | % | 03/02/2016 | 40,000 | 40,000,000 | |||||||||||
| Credit Industriel et Commercial(b) |
0.38 | % | 03/01/2016 | 20,000 | 20,000,000 | |||||||||||
| DNB Bank ASA(b) |
0.28 | % | 03/01/2016 | 137,000 | 137,000,000 | |||||||||||
| KBC Bank N.V.(b) |
0.38 | % | 03/01/2016 | 30,000 | 30,000,000 | |||||||||||
| KBC Bank N.V.(b) |
0.38 | % | 03/03/2016 | 40,000 | 40,000,000 | |||||||||||
| Nordea Bank Finland PLC(b) |
0.28 | % | 03/01/2016 | 137,000 | 137,000,000 | |||||||||||
| Oversea-Chinese Banking Corp. Ltd.(b) |
0.48 | % | 04/08/2016 | 50,000 | 50,000,000 | |||||||||||
| Oversea-Chinese Banking Corp. Ltd.(b) |
0.50 | % | 03/17/2016 | 49,750 | 49,750,000 | |||||||||||
| Skandinaviska Enskilda Banken AB(b) |
0.29 | % | 03/01/2016 | 137,000 | 137,000,000 | |||||||||||
| Swedbank AB(b) |
0.36 | % | 03/03/2016 | 40,000 | 40,000,000 | |||||||||||
| Total Certificates of Deposit (Cost $810,750,000) |
|
810,750,000 | ||||||||||||||
| Variable Rate Demand Notes–3.21%(e) |
||||||||||||||||
| Credit Enhanced–3.21% | ||||||||||||||||
| A Mining Group, LLC; Series 2006, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f) |
0.43 | % | 06/01/2029 | 2,095 | 2,095,000 | |||||||||||
| Benjamin Rose Institute (The) (Kethley House); Series 2005, VRD Taxable Notes (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.43 | % | 12/01/2028 | 2,200 | 2,200,000 | |||||||||||
| Centerville (City of), Ohio (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 B, VRD Health Care RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 11/01/2040 | 5,800 | 5,800,000 | |||||||||||
| Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 05/01/2036 | 4,335 | 4,335,000 | |||||||||||
| Grand Valley State University Board of Trustees; Series 2008 B, Ref. VRD General RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 06/01/2019 | 7,155 | 7,155,000 | |||||||||||
| Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc.); Series 2008 G, Ref. VRD Health System RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.02 | % | 09/01/2048 | 1,510 | 1,510,000 | |||||||||||
| Jets Stadium Development, LLC; Series 2007 A-4C, Project RB (LOC–Sumitomo Mitsui Banking Corp.)(b)(c)(f) |
0.38 | % | 04/01/2047 | 51,400 | 51,400,000 | |||||||||||
| Mississippi (State of) Business Finance Corp. (CPX Gulfport ES OPAG, LLC); Series 2007 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.01 | % | 04/01/2037 | 5,500 | 5,500,000 | |||||||||||
| Montgomery (County of), Pennsylvania Redevelopment Authority (Forge Gate Apartments); Series 2001 A, VRD MFH RB (CEP–FNMA) |
0.01 | % | 08/15/2031 | 700 | 700,000 | |||||||||||
| Oregon (State of) Housing & Community Services Department (Redwood Park Apartments LLC); Series 2005 F, VRD Housing Development RB (CEP–FNMA) |
0.03 | % | 10/15/2038 | 1,600 | 1,600,000 | |||||||||||
| St. Louis (County of), Missouri Industrial Development Authority (Westport Station Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 04/15/2027 | 2,600 | 2,600,000 | |||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (Norwich University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(f) |
0.01 | % | 09/01/2038 | 2,825 | 2,825,000 | |||||||||||
| Total Variable Rate Demand Notes (Cost $87,720,000) |
|
87,720,000 | ||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 Short-Term Investments Trust
| STIC Prime Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| U.S. Government Sponsored Agency Securities–0.95% |
||||||||||||||||
| Overseas Private Investment Corp. (OPIC)–0.95%(e) | ||||||||||||||||
| Unsec. Gtd. VRD COP Bonds |
0.36 | % | 05/15/2030 | $ | 11,960 | $ | 11,960,000 | |||||||||
| Unsec. Gtd. VRD COP Bonds |
0.40 | % | 09/20/2022 | 4,000 | 4,000,000 | |||||||||||
| Unsec. Gtd. VRD COP Notes |
0.40 | % | 09/15/2022 | 10,000 | 10,000,000 | |||||||||||
| Total U.S. Government Sponsored Agency Securities (Cost $25,960,000) |
|
25,960,000 | ||||||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)–83.55% (Cost $2,284,212,740) |
|
2,284,212,740 | ||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–16.47%(g) |
|
|||||||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/23/2016, maturing value of $15,001,546 (collateralized by a domestic non-agency asset-backed security valued at $15,751,736; 0%, 11/01/2047)(b)(h) |
0.53 | % | 03/01/2016 | 15,001,546 | 15,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/24/2016, maturing value of $115,014,088 (collateralized by domestic non-agency mortgage-backed securities and a domestic non-agency asset-backed security valued at $120,750,185; 0%-3.88%, 10/27/2034-12/25/2056)(b)(h) |
0.63 | % | 03/02/2016 | 115,014,088 | 115,000,000 | |||||||||||
| ING Financial Markets, LLC, agreement dated 02/29/2016, maturing value $10,000,142 (collateralized by a foreign corporate obligation valued at $10,602,967; 2.20%, 09/23/2019)(b) |
0.51 | % | 03/01/2016 | 10,000,142 | 10,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., joint agreement dated 02/29/2016, aggregate maturing value of $950,007,917 (collateralized by U.S. Treasury obligations valued at $969,000,085; 0.43%-4.50%, 09/30/2016-02/15/2036) |
0.30 | % | 03/01/2016 | 65,370,280 | 65,369,735 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/26/2016, maturing value of $80,104,000 (collateralized by a domestic non-agency asset-backed security valued at $88,000,001; 0%, 10/03/2039)(h) |
0.78 | % | 04/26/2016 | 80,104,000 | 80,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/29/2016, maturing value of $20,018,083 (collateralized by a domestic non-agency mortgage-backed security and domestic non-agency asset-backed securities valued at $22,000,000; 0%-5.84%, 10/26/2039-06/12/2050) |
0.93 | % | 04/04/2016 | 20,018,083 | 20,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 02/26/2016, maturing value of $120,062,933 (collateralized by U.S. government sponsored agency obligations valued at $122,400,000; 0%-10.86%, 05/15/2027-01/20/2046)(b)(h) |
0.59 | % | 03/29/2016 | 120,062,933 | 120,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/26/2016, maturing value of $25,002,479 (collateralized by domestic corporate obligations valued at $26,250,000; 0%, 03/10/2016- 03/11/2016)(h) |
0.51 | % | 03/04/2016 | 25,002,479 | 25,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $450,369,735) |
450,369,735 | |||||||||||||||
| TOTAL INVESTMENTS(i)(j)–100.02% (Cost $2,734,582,475) |
|
2,734,582,475 | ||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(0.02)% |
|
(620,917 | ) | |||||||||||||
| NET ASSETS–100.00% |
|
$ | 2,733,961,558 | |||||||||||||
Investment Abbreviations:
| CEP | – Credit Enhancement Provider | |
| COP | – Certificates of Participation | |
| FNMA | – Federal National Mortgage Association | |
| Gtd. | – Guaranteed | |
| LOC | – Letter of Credit | |
| MFH | – Multi-Family Housing | |
| RB | – Revenue Bonds | |
| Ref. | – Refunding | |
| Unsec. | – Unsecured | |
| VRD | – Variable Rate Demand |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 Short-Term Investments Trust
STIC Prime Portfolio
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) | 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: France: 12.8%; Canada: 12.8%; Sweden: 12.8%; Japan: 7.9%; Singapore: 7.9%; Netherlands: 5.7%; United Kingdom: 5.6%; Norway: 5.0%; other countries less than 5% each: 16.2%. |
| (c) | 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, 2016 was $1,190,220,001, which represented 43.53% of the Fund’s Net Assets. |
| (d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (e) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (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) | Also represents cost for federal income tax purposes. |
| (j) | 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 | |||
| DNB Bank ASA |
5.0 | % | ||
| Nordea Bank AB |
5.0 | |||
| Skandinaviska Enskilda Banken AB |
5.0 | |||
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
60.3 | % | ||
| 8-30 |
23.8 | |||
| 31-60 |
15.9 | |||
| 61-90 |
0.0 | |||
| 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.
16 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Treasury Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value |
|||||||||||||
| U.S. Treasury Securities–41.96% |
||||||||||||||||
| U.S. Treasury Bills–27.77%(a) | ||||||||||||||||
| U.S. Treasury Bills |
0.34 | % | 05/05/2016 | $ | 600,000 | $ | 599,640,874 | |||||||||
| U.S. Treasury Bills |
0.33 | % | 05/26/2016 | 500,000 | 499,617,778 | |||||||||||
| U.S. Treasury Bills |
0.42 | % | 06/02/2016 | 130,300 | 130,161,822 | |||||||||||
| U.S. Treasury Bills |
0.49 | % | 06/02/2016 | 149,700 | 149,513,985 | |||||||||||
| U.S. Treasury Bills |
0.38 | % | 06/09/2016 | 100,000 | 99,897,222 | |||||||||||
| U.S. Treasury Bills |
0.59 | % | 06/16/2016 | 179,725 | 179,416,510 | |||||||||||
| U.S. Treasury Bills |
0.52 | % | 06/23/2016 | 100,000 | 99,836,758 | |||||||||||
| U.S. Treasury Bills |
0.54 | % | 06/30/2016 | 55,450 | 55,351,222 | |||||||||||
| U.S. Treasury Bills |
0.51 | % | 07/07/2016 | 225,000 | 224,600,000 | |||||||||||
| U.S. Treasury Bills |
0.52 | % | 07/14/2016 | 115,250 | 115,030,449 | |||||||||||
| U.S. Treasury Bills |
0.42 | % | 08/18/2016 | 250,000 | 249,515,972 | |||||||||||
| U.S. Treasury Bills |
0.45 | % | 08/18/2016 | 200,000 | 199,582,556 | |||||||||||
| U.S. Treasury Bills |
0.45 | % | 08/25/2016 | 250,000 | 249,452,406 | |||||||||||
| U.S. Treasury Bills |
0.46 | % | 08/25/2016 | 200,000 | 199,560,450 | |||||||||||
| U.S. Treasury Bills |
0.23 | % | 09/15/2016 | 300,000 | 299,628,750 | |||||||||||
| U.S. Treasury Bills |
0.24 | % | 09/15/2016 | 200,000 | 199,738,200 | |||||||||||
| 3,550,544,954 | ||||||||||||||||
| U.S. Treasury Notes–14.19% | ||||||||||||||||
| U.S. Treasury Floating Rate Notes(b) |
0.40 | % | 07/31/2017 | 350,000 | 349,999,282 | |||||||||||
| U.S. Treasury Floating Rate Notes(b) |
0.49 | % | 10/31/2017 | 706,250 | 705,969,689 | |||||||||||
| U.S. Treasury Floating Rate Notes(b) |
0.59 | % | 01/31/2018 | 300,000 | 300,217,593 | |||||||||||
| U.S. Treasury Notes |
1.00 | % | 09/30/2016 | 150,000 | 150,408,452 | |||||||||||
| U.S. Treasury Notes |
3.13 | % | 10/31/2016 | 152,492 | 155,138,037 | |||||||||||
| U.S. Treasury Notes |
2.75 | % | 11/30/2016 | 150,000 | 152,450,452 | |||||||||||
| 1,814,183,505 | ||||||||||||||||
| Total U.S. Treasury Securities (Cost $5,364,728,459) |
5,364,728,459 | |||||||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)–41.96% (Cost $5,364,728,459) |
5,364,728,459 | |||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–58.02%(c) |
||||||||||||||||
| BNP Paribas Securities Corp., term agreement dated 02/25/2016, maturing value of $880,059,889 (collateralized by U.S. Treasury obligations valued at $897,549,096; 1.38%-8.13%, 08/15/2019-09/30/2020)(d) |
0.35 | % | 03/03/2016 | 880,059,889 | 880,000,000 | |||||||||||
| CIBC World Markets Corp., joint agreement dated 02/29/2016, aggregate maturing value of $100,000,833 (collateralized by U.S. Treasury obligations valued at $102,001,586; 1.13%-2.50%, 07/31/2019-02/15/2046) |
0.30 | % | 03/01/2016 | 76,960,419 | 76,959,778 | |||||||||||
| Citigroup Global Markets Inc., term agreement dated 02/25/2016, maturing value of $500,031,111 (collateralized by U.S. Treasury obligations valued at $510,000,061; 0.38%-2.00%, 03/15/2016-08/31/2021)(d) |
0.32 | % | 03/03/2016 | 500,031,111 | 500,000,000 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/25/2016, maturing value of $790,131,183 (collateralized by U.S. Treasury obligations valued at $806,199,875; 2.25%-3.75%, 11/15/2024-11/15/2043)(d) |
0.36 | % | 03/03/2016 | 790,131,183 | 790,075,878 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/26/2016, maturing value of $220,015,600 (collateralized by a U.S. Treasury obligation valued at $224,490,000; 2.25%, 11/15/2025)(d) |
0.36 | % | 03/04/2016 | 220,015,600 | 220,000,200 | |||||||||||
| Prudential Financial, Inc., agreement dated 02/29/2016, maturing value of $475,682,757 (collateralized by U.S. Treasury obligations valued at $484,802,967; 0%, 08/15/2027-08/15/2043) |
0.36 | % | 03/01/2016 | 475,682,757 | 475,678,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 Short-Term Investments Trust
| Treasury Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Repurchase Amount |
Value |
|||||||||||||
| RBC Capital Markets Corp., term agreement dated 10/14/2015, maturing value of $250,170,139 (collateralized by U.S. Treasury obligations valued at $255,000,006; 0%-9.00%, 03/17/2016-05/15/2045)(d) |
0.14 | % | 04/06/2016 | $ | 250,170,139 | $ | 250,000,000 | |||||||||
| RBC Capital Markets Corp., term agreement dated 10/13/2015, maturing value of $250,173,056 (collateralized by U.S. Treasury obligations valued at $255,000,009; 0%-8.75%, 04/14/2016-02/15/2045)(d) |
0.14 | % | 04/08/2016 | 250,173,056 | 250,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 10/21/2015, maturing value of $500,400,000 (collateralized by U.S. Treasury obligations valued at $510,000,074; 0%-8.00%, 03/03/2016-08/15/2043)(d) |
0.16 | % | 04/18/2016 | 500,400,000 | 500,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 10/22/2015, maturing value of $500,400,000 (collateralized by U.S. Treasury obligations valued at $510,000,078; 0.13%-8.75%, 03/15/2016-02/15/2043)(d) |
0.16 | % | 04/19/2016 | 500,400,000 | 500,000,000 | |||||||||||
| Societe Generale, agreement dated 02/29/2016, maturing value of $500,004,722 (collateralized by U.S. Treasury obligations valued at $510,000,000; 0%-8.50%, 04/07/2016-02/15/2042) |
0.34 | % | 03/01/2016 | 500,004,722 | 500,000,000 | |||||||||||
| Societe Generale, term agreement dated 02/03/2016, maturing value of $550,176,458 (collateralized by U.S. Treasury obligations valued at $561,000,092; 0.13%-8.50%, 11/30/2016-02/15/2044)(d) |
0.35 | % | 03/07/2016 | 550,176,458 | 550,000,000 | |||||||||||
| Societe Generale, term agreement dated 02/08/2016, maturing value of $400,116,000 (collateralized by U.S. Treasury obligations valued at $408,000,015; 0%-4.63%, 04/07/2016-02/15/2044)(d) |
0.36 | % | 03/08/2016 | 400,116,000 | 400,000,000 | |||||||||||
| Societe Generale, term agreement dated 02/16/2016, maturing value of $250,068,056 (collateralized by U.S. Treasury obligations valued at $255,000,001; 0.13%-7.25%, 02/15/2017-07/15/2024) (d) |
0.35 | % | 03/15/2016 | 250,068,556 | 250,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $325,002,799 (collateralized by U.S. Treasury obligations valued at $331,500,025; 3.00%, 05/15/2042-11/15/2045) |
0.31 | % | 03/01/2016 | 325,002,799 | 325,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $425,003,660 (collateralized by a U.S. Treasury obligation valued at $433,500,058; 1.38%, 04/30/2020) |
0.31 | % | 03/01/2016 | 425,003,660 | 425,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 01/19/2016, maturing value of $125,051,042 (collateralized by U.S. Treasury obligations valued at $127,500,058; 3.00%-8.88%, 05/15/2017-08/15/2044) |
0.35 | % | 03/01/2016 | 125,051,042 | 125,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/04/2016, maturing value of $200,220,000 (collateralized by a U.S. Treasury obligation valued at $204,000,063; 1.38%, 04/30/2020) |
0.44 | % | 05/04/2016 | 200,220,000 | 200,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/08/2016, maturing value of $200,227,500 (collateralized by U.S. Treasury obligations valued at $204,000,063; 0.42%-3.75%, 04/30/2016-11/15/2023) |
0.45 | % | 05/09/2016 | 200,227,500 | 200,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $7,417,713,856) |
7,417,713,856 | |||||||||||||||
| TOTAL INVESTMENTS(e)–99.98% (Cost $12,782,442,315) |
12,782,442,315 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–0.02% |
|
2,745,666 | ||||||||||||||
| NET ASSETS–100.00% |
|
$ | 12,785,187,981 | |||||||||||||
Notes to Schedule of Investments:
| (a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (c) | Principal amount equals value at period end. See Note 1I. |
| (d) | The Fund may demand prepayment of the term repurchase agreement upon one to seven business days notice depending on the timing of the demand. |
| (e) | Also represents cost for federal income tax purposes. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
54.9 | % | ||
| 8-30 |
0.0 | |||
| 31-60 |
0.0 | |||
| 61-90 |
11.7 | |||
| 91-180 |
15.3 | |||
| 181+ |
18.1 |
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Government & Agency Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| U.S. Government Sponsored Agency Securities–40.86% |
||||||||||||||||
| Federal Farm Credit Bank (FFCB)–7.53% | ||||||||||||||||
| Unsec. Bonds(a) |
0.40 | % | 04/21/2016 | $ | 33,000 | $ | 32,999,788 | |||||||||
| Unsec. Bonds(a) |
0.41 | % | 05/05/2016 | 145,000 | 144,998,742 | |||||||||||
| Unsec. Bonds(a) |
0.46 | % | 06/20/2017 | 39,325 | 39,281,437 | |||||||||||
| Unsec. Bonds(a) |
0.58 | % | 07/21/2017 | 45,000 | 44,999,903 | |||||||||||
| Unsec. Bonds(a) |
0.47 | % | 07/25/2017 | 35,600 | 35,624,024 | |||||||||||
| Unsec. Bonds(a) |
0.46 | % | 10/02/2017 | 41,400 | 41,370,334 | |||||||||||
| Unsec. Bonds(a) |
0.48 | % | 11/13/2017 | 8,000 | 7,986,928 | |||||||||||
| Unsec. Bonds(a) |
0.45 | % | 12/27/2017 | 30,000 | 29,928,524 | |||||||||||
| 377,189,680 | ||||||||||||||||
| Federal Home Loan Bank (FHLB)–23.20% | ||||||||||||||||
| Unsec. Bonds(a) |
0.37 | % | 05/18/2016 | 70,000 | 70,000,000 | |||||||||||
| Unsec. Disc. Notes(b) |
0.44 | % | 03/11/2016 | 5,000 | 4,999,389 | |||||||||||
| Unsec. Disc. Notes(b) |
0.44 | % | 03/16/2016 | 5,000 | 4,999,083 | |||||||||||
| Unsec. Disc. Notes(b) |
0.46 | % | 03/16/2016 | 50,000 | 49,990,417 | |||||||||||
| Unsec. Disc. Notes(b) |
0.44 | % | 03/18/2016 | 91,320 | 91,301,026 | |||||||||||
| Unsec. Disc. Notes(b) |
0.40 | % | 05/06/2016 | 75,000 | 74,944,450 | |||||||||||
| Unsec. Disc. Notes(b) |
0.47 | % | 08/12/2016 | 100,000 | 99,788,622 | |||||||||||
| Unsec. Disc. Notes(b) |
0.47 | % | 08/17/2016 | 150,000 | 149,669,042 | |||||||||||
| Unsec. Disc. Notes(b) |
0.49 | % | 08/19/2016 | 120,000 | 119,720,700 | |||||||||||
| Unsec. Disc. Notes(b) |
0.49 | % | 08/24/2016 | 110,000 | 109,738,567 | |||||||||||
| Unsec. Disc. Notes(b) |
0.50 | % | 08/24/2016 | 167,500 | 167,094,650 | |||||||||||
| Unsec. Global Bonds(a) |
0.37 | % | 08/18/2016 | 80,000 | 79,998,121 | |||||||||||
| Unsec. Global Bonds(a) |
0.38 | % | 01/17/2017 | 80,000 | 79,901,075 | |||||||||||
| Unsec. Global Bonds(a) |
0.52 | % | 01/23/2017 | 50,000 | 50,000,000 | |||||||||||
| Unsec. Global Bonds(a) |
0.45 | % | 04/21/2017 | 10,000 | 9,994,865 | |||||||||||
| 1,162,140,007 | ||||||||||||||||
| Federal Home Loan Mortgage Corp. (FHLMC)–2.43% | ||||||||||||||||
| Unsec. Disc. Notes(b) |
0.46 | % | 08/12/2016 | 47,500 | 47,401,543 | |||||||||||
| Unsec. Global Notes(a) |
0.43 | % | 01/13/2017 | 10,000 | 10,004,009 | |||||||||||
| Unsec. Global Notes(a) |
0.44 | % | 04/20/2017 | 30,000 | 29,994,783 | |||||||||||
| Unsec. Global Notes(a) |
0.47 | % | 04/27/2017 | 14,000 | 13,991,079 | |||||||||||
| Unsec. Global Notes(a) |
0.56 | % | 07/21/2017 | 20,000 | 19,997,142 | |||||||||||
| 121,388,556 | ||||||||||||||||
| Federal National Mortgage Association (FNMA)–3.95% | ||||||||||||||||
| Unsec. Disc. Notes(b) |
0.45 | % | 08/17/2016 | 45,000 | 44,904,515 | |||||||||||
| Unsec. Disc. Notes(b) |
0.46 | % | 08/17/2016 | 5,000 | 4,989,320 | |||||||||||
| Unsec. Global Notes(a) |
0.44 | % | 09/08/2017 | 35,000 | 34,948,231 | |||||||||||
| Unsec. Global Notes(a) |
0.44 | % | 10/05/2017 | 112,815 | 112,735,213 | |||||||||||
| 197,577,279 | ||||||||||||||||
| Overseas Private Investment Corp. (OPIC)–3.75% | ||||||||||||||||
| Unsec. Gtd., VRD COP Bonds(c) |
0.42 | % | 07/15/2025 | 37,000 | 37,000,000 | |||||||||||
| Unsec. Gtd., VRD COP Bonds(c) |
0.40 | % | 07/09/2026 | 51,000 | 51,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 Short-Term Investments Trust
| Government & Agency Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Overseas Private Investment Corp. (OPIC)–(continued) | ||||||||||||||||
| Gtd., VRD COP Bonds(c) |
0.42 | % | 11/15/2028 | $ | 100,000 | $ | 100,000,000 | |||||||||
| 188,000,000 | ||||||||||||||||
| Total U.S. Government Sponsored Agency Securities (Cost $2,046,295,522) |
2,046,295,522 | |||||||||||||||
| U.S. Treasury Securities–6.94% |
||||||||||||||||
| U.S. Treasury Bills–3.95%(b) | ||||||||||||||||
| U.S. Treasury Bills |
0.11 | % | 03/03/2016 | 2,900 | 2,899,982 | |||||||||||
| U.S. Treasury Bills |
0.22 | % | 03/03/2016 | 10,262 | 10,261,877 | |||||||||||
| U.S. Treasury Bills |
0.42 | % | 08/18/2016 | 70,000 | 69,864,472 | |||||||||||
| U.S. Treasury Bills |
0.44 | % | 08/18/2016 | 5,000 | 4,989,717 | |||||||||||
| U.S. Treasury Bills |
0.45 | % | 08/25/2016 | 60,000 | 59,868,577 | |||||||||||
| U.S. Treasury Bills |
0.49 | % | 09/01/2016 | 50,000 | 49,878,667 | |||||||||||
| 197,763,292 | ||||||||||||||||
| U.S. Treasury Notes–2.99% | ||||||||||||||||
| U.S. Treasury Floating Rate Notes(a) |
0.49 | % | 10/31/2017 | 150,000 | 149,931,786 | |||||||||||
| Total U.S. Treasury Securities (Cost $347,695,078) |
347,695,078 | |||||||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)- 47.80% (Cost $2,393,990,600) |
2,393,990,600 | |||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–53.21%(d) |
||||||||||||||||
| Bank of Nova Scotia (The), joint agreement dated 02/29/2016, aggregate maturing value of $500,004,167 (collateralized by U.S. Treasury obligations valued at $510,000,071; 0%-8.88%, 03/15/2016-08/15/2044) |
0.30 | % | 03/01/2016 | 250,002,083 | 250,000,000 | |||||||||||
| BNP Paribas Securities Corp., term agreement dated 02/25/2016, maturing value of $300,020,417 (collateralized by U.S. Treasury obligations valued at $306,000,000; 1.38%-1.63%, 09/30/2016-09/30/2020)(e) |
0.35 | % | 03/03/2016 | 300,020,417 | 300,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint agreement dated 02/29/2016, aggregate maturing value of $250,002,153 (collateralized by U.S. government sponsored agency obligations valued at $255,000,425; 0%-6.25%, 03/08/2017-01/15/2030) |
0.31 | % | 03/01/2016 | 25,000,215 | 25,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint term agreement dated 02/26/2016, aggregate maturing value of $250,015,556 (collateralized by U.S. government sponsored agency obligations valued at $255,000,073; 0%-8.25%, 06/01/2016-09/15/2065)(e) |
0.32 | % | 03/04/2016 | 175,010,889 | 175,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, joint agreement dated 02/29/2016, aggregate maturing value of $600,005,000 (collateralized by U.S. Treasury obligations valued at $612,000,064; 2.63%-3.63%, 08/15/2020-08/15/2043) |
0.30 | % | 03/01/2016 | 150,001,250 | 150,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, joint term agreement dated 02/24/2016, aggregate maturing value of $375,024,792 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $382,500,000; 0.75%-4.75%, 09/15/2017-10/01/2045)(e) |
0.34 | % | 03/02/2016 | 300,019,833 | 300,000,000 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/16/2016, maturing value of $100,060,000 (collateralized by domestic agency mortgage-backed securities valued at $102,002,164; 1.84%-4.00%, 08/01/2026-12/01/2042) |
0.45 | % | 04/04/2016 | 100,060,000 | 100,000,000 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/25/2016, maturing value of $310,101,913 (collateralized by U.S. Treasury obligations valued at $316,408,375; 0.38%-1.38%, 06/30/2018-07/15/2025)(e) |
0.36 | % | 03/03/2016 | 310,101,913 | 310,080,208 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/26/2016, maturing value of $100,025,801 (collateralized by a U.S. Treasury obligation valued at $102,060,000; 2.25%, 11/15/2025)(e) |
0.36 | % | 03/04/2016 | 100,025,801 | 100,018,800 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., joint agreement dated 02/29/2016, aggregate maturing value of $950,007,917 (collateralized by U.S. Treasury obligations valued at $969,000,085; 0.43%-4.50%, 09/30/2016-02/15/2036) |
0.30 | % | 03/01/2016 | 12,090,809 | 12,090,707 | |||||||||||
| Prudential Financial, Inc., agreement dated 02/29/2016, maturing value of $233,016,080 (collateralized by U.S. Treasury obligations valued at $237,502,363; 0%, 11/15/2026-08/15/2039) |
0.36 | % | 03/01/2016 | 233,016,080 | 233,013,750 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 Short-Term Investments Trust
| Government & Agency Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Repurchase Amount |
Value | |||||||||||||
| RBC Capital Markets Corp., joint term agreement dated 10/27/2015, aggregate maturing value of $200,158,222 (collateralized by U.S. Treasury obligations valued at $204,000,068; 1.00%-8.75%, 05/15/2017-02/15/2046)(e) |
0.16 | % | 04/22/2016 | $ | 160,126,578 | $ | 160,000,000 | |||||||||
| Societe Generale, joint term agreement dated 02/04/2016, aggregate maturing value of $250,076,528 (collateralized by U.S. government sponsored agency obligations and domestic agency mortgage-backed securities valued at $255,000,000; 0%-5.50%, 05/12/2017-01/20/2046)(e) |
0.38 | % | 03/04/2016 | 225,068,875 | 225,000,000 | |||||||||||
| Societe Generale, joint term agreement dated 02/17/2016, aggregate maturing value of $200,061,222 (collateralized by domestic agency mortgage-backed securities valued at $204,000,000; 0%-7.50%, 06/01/2017-04/20/2065)(e) |
0.38 | % | 03/17/2016 | 150,045,917 | 150,000,000 | |||||||||||
| Societe Generale, joint term agreement dated 02/23/2016, aggregate maturing value of $115,007,603 (collateralized by domestic agency mortgage-backed securities valued at $117,300,001; 0.57%-4.50%, 09/15/2022-12/01/2045)(e) |
0.34 | % | 03/01/2016 | 75,004,958 | 75,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/08/2016, maturing value of $100,113,750 (collateralized by domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $102,000,000; 0%-4.00%, 05/11/2016-12/25/2046) |
0.45 | % | 05/09/2016 | 100,113,750 | 100,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $2,665,203,465) |
2,665,203,465 | |||||||||||||||
| TOTAL INVESTMENTS(f)–101.01% (Cost $5,059,194,065) |
5,059,194,065 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(1.01)% |
|
(50,486,136 | ) | |||||||||||||
| NET ASSETS–100.00% |
|
$ | 5,008,707,929 | |||||||||||||
Investment Abbreviations:
| COP | – Certificates of Participation | |
| Disc. | – Discounted | |
| Gtd. | – Guaranteed | |
| Unsec. | – Unsecured | |
| 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, 2016. |
| (b) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (c) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (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) | Also represents cost for federal income tax purposes. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
52.2 | % | ||
| 8-30 |
3.0 | |||
| 31-60 |
2.7 | |||
| 61-90 |
7.8 | |||
| 91-180 |
19.1 | |||
| 181+ |
15.2 |
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.
21 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Government TaxAdvantage Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| U.S. Government Sponsored Agency Securities–68.42% |
||||||||||||||||
| Federal Farm Credit Bank (FFCB)–33.29% | ||||||||||||||||
| Disc. Notes(a) |
0.23 | % | 03/24/2016 | $ | 5,000 | $ | 4,999,281 | |||||||||
| Disc. Notes(a) |
0.25 | % | 05/03/2016 | 4,700 | 4,697,985 | |||||||||||
| Disc. Notes(a) |
0.33 | % | 05/27/2016 | 8,000 | 7,993,717 | |||||||||||
| Unsec. Bonds(b) |
0.45 | % | 04/06/2016 | 8,000 | 8,000,325 | |||||||||||
| Unsec. Bonds(b) |
0.50 | % | 04/20/2016 | 4,820 | 4,820,606 | |||||||||||
| Unsec. Bonds(b) |
0.41 | % | 05/05/2016 | 5,000 | 4,999,956 | |||||||||||
| Unsec. Bonds(b) |
0.40 | % | 05/06/2016 | 4,275 | 4,274,945 | |||||||||||
| Unsec. Bonds(b) |
0.46 | % | 10/11/2016 | 4,085 | 4,083,173 | |||||||||||
| Unsec. Bonds(b) |
0.47 | % | 02/13/2017 | 2,850 | 2,850,848 | |||||||||||
| 46,720,836 | ||||||||||||||||
| Federal Home Loan Bank (FHLB)–31.57% | ||||||||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/01/2016 | 1,100 | 1,100,000 | |||||||||||
| Unsec. Disc. Notes(a) |
0.30 | % | 03/02/2016 | 7,000 | 6,999,942 | |||||||||||
| Unsec. Disc. Notes(a) |
0.32 | % | 03/02/2016 | 1,300 | 1,299,988 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/03/2016 | 1,400 | 1,399,976 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/08/2016 | 2,548 | 2,547,846 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/09/2016 | 2,460 | 2,459,831 | |||||||||||
| Unsec. Disc. Notes(a) |
0.30 | % | 03/11/2016 | 9,985 | 9,984,168 | |||||||||||
| Unsec. Disc. Notes(a) |
0.32 | % | 03/15/2016 | 8,504 | 8,502,942 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/17/2016 | 10,000 | 9,998,622 | |||||||||||
| 44,293,315 | ||||||||||||||||
| Tennessee Valley Authority (TVA)–3.56% | ||||||||||||||||
| Sr. Unsec. Disc. Notes(a) |
0.30 | % | 03/08/2016 | 5,000 | 4,999,708 | |||||||||||
| Total U.S. Government Sponsored Agency Securities (Cost $96,013,859) |
96,013,859 | |||||||||||||||
| U.S. Treasury Securities–31.57% |
||||||||||||||||
| U.S. Treasury Bills–31.57%(a) | ||||||||||||||||
| U.S. Treasury Bills |
0.11 | % | 03/03/2016 | 7,100 | 7,099,956 | |||||||||||
| U.S. Treasury Bills |
0.22 | % | 03/03/2016 | 2,738 | 2,737,967 | |||||||||||
| U.S. Treasury Bills |
0.20 | % | 04/28/2016 | 7,500 | 7,497,632 | |||||||||||
| U.S. Treasury Bills |
0.27 | % | 05/05/2016 | 5,000 | 4,997,567 | |||||||||||
| U.S. Treasury Bills |
0.31 | % | 05/26/2016 | 2,000 | 1,998,557 | |||||||||||
| U.S. Treasury Bills |
0.40 | % | 06/02/2016 | 15,000 | 14,984,694 | |||||||||||
| U.S. Treasury Bills |
0.24 | % | 06/23/2016 | 5,000 | 4,996,200 | |||||||||||
| Total U.S. Treasury Securities (Cost $44,312,573) |
44,312,573 | |||||||||||||||
| TOTAL INVESTMENTS(c)–99.99% (Cost $140,326,432) |
140,326,432 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–0.01% |
7,879 | |||||||||||||||
| NET ASSETS–100.00% |
$ | 140,334,311 | ||||||||||||||
Investment Abbreviations:
| Disc. | – Discounted | |
| Sr. | – Senior | |
| Unsec. | – Unsecured |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 Short-Term Investments Trust
Government TaxAdvantage Portfolio
Notes to Schedule of Investments:
| (a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (c) | Also represents cost for federal income tax purposes. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
14.8 | % | ||
| 8-30 |
31.0 | |||
| 31-60 |
14.5 | |||
| 61-90 |
20.6 | |||
| 91-180 |
14.2 | |||
| 181+ |
4.9 |
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Municipal Obligations–101.46% |
| |||||||||||||||
| Alabama–4.65% | ||||||||||||||||
| Alabama (State of); Series 2010 C, Ref. Unlimited Tax GO Bonds |
5.00 | % | 06/01/2016 | $ | 775 | $ | 784,269 | |||||||||
| Mobile (County of) Industrial Development Authority (SSAB Alabama Inc.); Series 2010 A, VRD Recovery Zone Facility RB (LOC–Swedbank AB)(a)(b)(c) |
0.02 | % | 07/01/2040 | 11,100 | 11,100,000 | |||||||||||
| Tuscaloosa (County of) Industrial Development Authority (Hunt Refining Co.); |
|
|||||||||||||||
| Series 2011 G, VRD Gulf Opportunity Zone RB (LOC–Bank of Nova Scotia)(a)(b)(c) |
0.01 | % | 04/01/2028 | 10,000 | 10,000,000 | |||||||||||
| Series 2011 J, VRD Gulf Opportunity Zone RB (LOC–Bank of Nova Scotia)(a)(b)(c) |
0.01 | % | 04/01/2028 | 10,000 | 10,000,000 | |||||||||||
| 31,884,269 | ||||||||||||||||
| Arizona–1.02% | ||||||||||||||||
| Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, VRD RB (LOC–Bank of America, N.A.)(a)(b) |
0.01 | % | 01/01/2046 | 1,630 | 1,630,000 | |||||||||||
| Casa Grande (City of) Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.01 | % | 06/15/2031 | 2,685 | 2,685,000 | |||||||||||
| Maricopa (County of) Industrial Development Authority (Gran Victoria Housing LLC); Series 2000 A, VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 04/15/2030 | 2,700 | 2,700,000 | |||||||||||
| 7,015,000 | ||||||||||||||||
| California–6.64% | ||||||||||||||||
| California (State of) (Kindergarten-University Public Education Facilities); Series 2004 B3, VRD Unlimited Tax GO Bonds (LOC–Citibank N.A.)(a)(b) |
0.01 | % | 05/01/2034 | 2,200 | 2,200,000 | |||||||||||
| California Infrastructure & Economic Development Bank (Pacific Gas & Electric Co.); Series 2009 C, Ref. VRD RB (LOC–Sumitomo Mitsui Banking Corp.)(a)(b)(c) |
0.01 | % | 12/01/2016 | 17,300 | 17,300,000 | |||||||||||
| Los Angeles (City of); Series 2015, Unlimited Tax GO TRAN |
2.00 | % | 06/30/2016 | 950 | 955,411 | |||||||||||
| Riverside (City of); Series 2011 A, Ref. Floating Rate Water RB(d) |
0.16 | % | 10/01/2035 | 5,800 | 5,800,000 | |||||||||||
| Southern California Metropolitan Water District; Series 2009 A-2, Ref. Floating Rate RB(d) |
0.21 | % | 07/01/2030 | 11,800 | 11,800,000 | |||||||||||
| Torrance (City of); Series 2015, Unlimited Tax GO TRAN |
1.50 | % | 06/30/2016 | 7,450 | 7,479,270 | |||||||||||
| 45,534,681 | ||||||||||||||||
| Colorado–3.90% | ||||||||||||||||
| Boulder (County of) (Imagine!); Series 2006, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 02/01/2031 | 1,525 | 1,525,000 | |||||||||||
| Colorado (State of) Educational & Cultural Facilities Authority (Denver Seminary); Series 2004, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 07/01/2034 | 2,000 | 2,000,000 | |||||||||||
| Colorado (State of) Health Facilities Authority (Arapahoe House); Series 2004 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 04/01/2024 | 770 | 770,000 | |||||||||||
| Colorado (State of) Housing & Finance Authority (Woodstream Village); Series 1985, VRD MFH RB (CEP–FNMA)(a) |
0.13 | % | 02/01/2031 | 6,600 | 6,600,000 | |||||||||||
| Colorado Springs (City of) (Cook Communications Ministries); Series 2002, VRD IDR (LOC–Bank of America, N.A.)(a)(b) |
0.14 | % | 03/01/2017 | 7,100 | 7,100,000 | |||||||||||
| EagleBend Affordable Housing Corp.; Series 2006 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.03 | % | 07/01/2021 | 3,485 | 3,485,000 | |||||||||||
| Pitkin (County of) (Centennial-Aspen II L.P.); Series 1996 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.02 | % | 12/01/2024 | 5,235 | 5,235,000 | |||||||||||
| 26,715,000 | ||||||||||||||||
| Delaware–0.81% | ||||||||||||||||
| Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 09/01/2036 | 2,695 | 2,695,000 | |||||||||||
| Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 05/01/2036 | 2,850 | 2,850,000 | |||||||||||
| 5,545,000 | ||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| District of Columbia–0.23% | ||||||||||||||||
| District of Columbia; Series 1998 A, VRD Pooled Loan
Program RB (LOC–Bank of America, |
0.21 | % | 01/01/2029 | $ | 1,557 | $ | 1,557,000 | |||||||||
| Florida–3.59% | ||||||||||||||||
| Florida (State of) Board of Education; |
|
|||||||||||||||
| Series 2008 C, Ref. Public Education Capital Outlay Unlimited Tax GO Bonds |
5.00 | % | 06/01/2016 | 3,420 | 3,461,450 | |||||||||||
| Series 2012 A, Ref. Public Education Capital Outlay Unlimited Tax GO Bonds |
5.00 | % | 06/01/2016 | 1,000 | 1,012,000 | |||||||||||
| JPMorgan Chase PUTTERs (Palm Beach (County of) Solid Waste Authority); Series 2009-3419, VRD Improvement RB (INS–BHAC)(a)(e)(f)(g) |
0.02 | % | 04/01/2017 | 2,275 | 2,275,000 | |||||||||||
| Orange (County of) Housing Finance Authority (Post Fountains at Lee Vista); Series 1997 E, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.03 | % | 06/01/2025 | 500 | 500,000 | |||||||||||
| Palm Beach (County of) (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 11/01/2036 | 2,925 | 2,925,000 | |||||||||||
| Palm Beach (County of) (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.02 | % | 07/01/2032 | 14,415 | 14,415,000 | |||||||||||
| 24,588,450 | ||||||||||||||||
| Georgia–1.73% | ||||||||||||||||
| Columbia County School District; Series 2011, Unlimited Tax GO Bonds |
5.00 | % | 04/01/2016 | 1,000 | 1,004,069 | |||||||||||
| DeKalb (County of) Housing Authority (Clairmont Crest); Series 1995, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.01 | % | 06/15/2025 | 6,340 | 6,340,000 | |||||||||||
| Fulton (County of) Development Authority (Friends of High Meadows, Inc.); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 01/01/2020 | 900 | 900,000 | |||||||||||
| Georgia (State of); Series 2012 A, Unlimited Tax GO Bonds |
5.00 | % | 07/01/2016 | 1,375 | 1,396,447 | |||||||||||
| Private Colleges & Universities Authority (Emory University); Series 2005 B-2, VRD RB(a) |
0.01 | % | 09/01/2035 | 500 | 500,000 | |||||||||||
| Richmond (County of) Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 09/01/2020 | 1,700 | 1,700,000 | |||||||||||
| 11,840,516 | ||||||||||||||||
| Illinois–9.21% | ||||||||||||||||
| Glendale Heights (Village of) (Glendale Lakes); Series 2000, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.01 | % | 03/01/2030 | 10,845 | 10,845,000 | |||||||||||
| Illinois (State of) Finance Authority (Chicago Symphony Orchestra); Series 1994, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 12/01/2028 | 8,500 | 8,500,000 | |||||||||||
| Illinois (State of) Finance Authority (Elmhurst College); Series 2007, VRD RB (LOC–BMO
Harris, |
0.01 | % | 02/01/2042 | 7,150 | 7,150,000 | |||||||||||
| Illinois (State of) Finance Authority (Foundation for Safety & Health); Series 1992, VRD Safety Education RB (LOC–BMO Harris, N.A.)(a)(b)(e) |
0.10 | % | 10/01/2017 | 400 | 400,000 | |||||||||||
| Illinois (State of) Finance Authority (Garrett-Evangelical Theological Seminary); Series 2010, VRD RB (LOC–FHLB of Chicago)(a)(b) |
0.01 | % | 06/01/2040 | 3,280 | 3,280,000 | |||||||||||
| Illinois (State of) Finance Authority (Institute of Gas Technology); Series 1999, VRD IDR (LOC–BMO Harris, N.A.)(a)(b) |
0.08 | % | 09/01/2024 | 600 | 600,000 | |||||||||||
| Illinois (State of) Finance Authority (James Jordan Boys & Girls Club & Family Life Center); Series 1995, VRD RB (LOC–Bank of America, N.A.)(a)(b)(e) |
0.11 | % | 08/01/2030 | 4,700 | 4,700,000 | |||||||||||
| Illinois (State of) Finance Authority (National-Louis University); Series 1999 B, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 06/01/2029 | 1,170 | 1,170,000 | |||||||||||
| Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(a) |
0.01 | % | 12/01/2046 | 7,700 | 7,700,000 | |||||||||||
| Illinois (State of) Finance Authority (Radiological Society of North America, Inc.); Series 1997, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)(e) |
0.11 | % | 06/01/2017 | 670 | 670,000 | |||||||||||
| Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 01/01/2037 | 1,720 | 1,720,000 | |||||||||||
| Illinois (State of) Finance Authority (The Teachers Academy for Mathematics & Science); Series 2001, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.30 | % | 02/01/2021 | 800 | 800,000 | |||||||||||
| Illinois (State of) Finance Authority (Uhlich Children’s Advantage); Series 2006, VRD RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.08 | % | 05/01/2036 | 2,335 | 2,335,000 | |||||||||||
| Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC–U.S. Bank, N.A.)(a)(b) |
0.08 | % | 10/01/2033 | 4,000 | 4,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Illinois–(continued) | ||||||||||||||||
| Illinois (State of) Finance Authority (YMCA of Metropolitan Chicago); Series 2004, VRD RB (LOC–BMO Harris, N.A.)(a)(b) |
0.01 | % | 06/01/2034 | $ | 4,200 | $ | 4,200,000 | |||||||||
| Monmouth (City of) (Monmouth College); Series 2005, VRD IDR (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 06/01/2035 | 5,120 | 5,120,000 | |||||||||||
| 63,190,000 | ||||||||||||||||
| Indiana–4.49% | ||||||||||||||||
| Fort Wayne (City of) (University of Saint Francis); Series 2008, VRD Economic Development RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.03 | % | 08/01/2028 | 1,300 | 1,300,000 | |||||||||||
| Huntington (City of) (Huntington University, Inc.); Series 2007, Ref. VRD Economic Development & Improvement RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 08/01/2037 | 5,500 | 5,500,000 | |||||||||||
| Indiana (State of) Finance Authority (Duke Energy Indiana, Inc.); Series 2009 A-5, Ref. VRD Environmental RB (LOC–Sumitomo Mitsui Banking Corp.)(a)(b)(c) |
0.01 | % | 10/01/2040 | 2,000 | 2,000,000 | |||||||||||
| Indiana (State of) Finance Authority (Howard Regional Health System); Series 2005 B, VRD Hospital RB (LOC–BMO Harris, N.A.)(a)(b) |
0.01 | % | 01/01/2035 | 3,215 | 3,215,000 | |||||||||||
| Indiana (State of) Finance Authority (Ispat Inland Inc.); Series 2005, Ref. VRD Environmental Improvement RB (LOC–Rabobank Nederland)(a)(b)(c) |
0.01 | % | 06/01/2035 | 10,000 | 10,000,000 | |||||||||||
| Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc.); Series 2008 G, Ref. VRD Health System RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 09/01/2048 | 7,925 | 7,925,000 | |||||||||||
| University of Southern Indiana; Series 1999 G, VRD Student Fee RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.11 | % | 10/01/2019 | 880 | 880,000 | |||||||||||
| 30,820,000 | ||||||||||||||||
| Iowa–0.29% | ||||||||||||||||
| Iowa (State of) Finance Authority (Cedarwood Hills Apartments); Series 2001 A, VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 05/01/2031 | 2,000 | 2,000,000 | |||||||||||
| Kansas–0.64% | ||||||||||||||||
| Wichita (City of); Series 2015-272, Unlimited Tax GO Temporary Notes |
2.00 | % | 04/15/2016 | 4,400 | 4,409,482 | |||||||||||
| Kentucky–0.22% | ||||||||||||||||
| Louisville (City of) & Jefferson (County of) Metropolitan Sewer District; Series 2009 A, Ref. Sewer & Drainage System RB |
5.00 | % | 05/15/2016 | 1,475 | 1,489,880 | |||||||||||
| Louisiana–0.30% | ||||||||||||||||
| Bossier Parishwide School District; Series 2012, Ref. School Improvement Unlimited Tax GO Bonds |
4.00 | % | 03/01/2016 | 950 | 950,000 | |||||||||||
| Louisiana (State of); Series 2012 A-1, Ref. Gasoline & Fuels Tax RB |
5.00 | % | 05/01/2016 | 1,110 | 1,118,580 | |||||||||||
| 2,068,580 | ||||||||||||||||
| Maryland–3.33% | ||||||||||||||||
| Maryland (State of) (State & Local Facilities Loan of 2013); First Series 2013 A, Unlimited Tax GO Bonds |
5.00 | % | 03/01/2016 | 925 | 925,000 | |||||||||||
| Maryland (State of) Health & Higher Educational Facilities Authority (Gaudenzia Foundation Issue); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 07/01/2028 | 2,760 | 2,760,000 | |||||||||||
| Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 04/01/2035 | 7,500 | 7,500,000 | |||||||||||
| Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System); Series 2008 D, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 07/01/2041 | 8,635 | 8,635,000 | |||||||||||
| Montgomery (County of); Series 2005 A, Ref. Consolidated Public Improvement Unlimited Tax GO Bonds |
5.00 | % | 07/01/2016 | 3,000 | 3,047,968 | |||||||||||
| 22,867,968 | ||||||||||||||||
| Massachusetts–0.99% | ||||||||||||||||
| Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 10/01/2038 | 6,090 | 6,090,000 | |||||||||||
| Massachusetts (State of) Development Finance Agency (Harrington Memorial Hospital, Inc.); Series 2008 A, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 07/01/2038 | 715 | 715,000 | |||||||||||
| 6,805,000 | ||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Michigan–1.54% | ||||||||||||||||
| Southfield (City of) Economic Development Corp. (Lawrence Technological University); Series 2001, VRD Limited Obligation RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 10/01/2031 | $ | 5,305 | $ | 5,305,000 | |||||||||
| West Shore Medical Center; Series 2001, VRD Health Facilities RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 04/01/2022 | 5,280 | 5,280,000 | |||||||||||
| 10,585,000 | ||||||||||||||||
| Minnesota–3.65% | ||||||||||||||||
| Minnesota (State of); Series 2014 E, Ref. State Trunk Highway Unlimited Tax GO Bonds |
3.00 | % | 08/01/2016 | 7,000 | 7,081,440 | |||||||||||
| Minnesota (State of) Higher Educational Facilities Authority (Concordia University, St. Paul); Series 2007 Six-Q, VRD RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.03 | % | 04/01/2037 | 9,135 | 9,135,000 | |||||||||||
| Minnesota (State of) Midwest Consortium of Municipal Utilities (Minnesota Municipal Utilities Association Financing Program); Series 2005 A, VRD RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.07 | % | 01/01/2025 | 290 | 290,000 | |||||||||||
| Oak Park Heights (City of) (Boutswell Landing); Series 2005, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 11/01/2035 | 1,355 | 1,355,000 | |||||||||||
| St. Paul (City of) Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 10/01/2033 | 7,175 | 7,175,000 | |||||||||||
| 25,036,440 | ||||||||||||||||
| Missouri–1.84% | ||||||||||||||||
| Bridgeton (City of) Industrial Development Authority (Stolze Printing); Series 2010, VRD IDR (LOC–FHLB of Chicago)(a)(b) |
0.02 | % | 11/01/2037 | 1,125 | 1,125,000 | |||||||||||
| Missouri (State of) Health & Educational Facilities Authority (BJC Health Systems); Series 2013 C, VRD RB(a) |
0.21 | % | 01/01/2050 | 6,450 | 6,450,000 | |||||||||||
| Springfield (City of) Industrial Development Authority (Pebblecreek Apartments); Series 1994, Ref. VRD MFH RB (LOC–FHLB of Des Moines)(a)(b) |
0.12 | % | 12/01/2019 | 1,060 | 1,060,000 | |||||||||||
| St. Joseph (City of) Industrial Development Authority (Heartland Regional Medical Center); Series 2009 A, VRD Health Facilities RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.01 | % | 11/15/2043 | 1,600 | 1,600,000 | |||||||||||
| St. Louis (County of) Industrial Development Authority (Westport Station Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) (a) |
0.01 | % | 04/15/2027 | 2,370 | 2,370,000 | |||||||||||
| 12,605,000 | ||||||||||||||||
| Nevada–0.93% | ||||||||||||||||
| Carson City (City of) (Carson-Tahoe Hospital); Series 2003 B, VRD Hospital RB (LOC–U.S.
Bank, |
0.01 | % | 09/01/2033 | 5,300 | 5,300,000 | |||||||||||
| Reno (City of) (Renown Regional Medical Center); Series 2009 A, Ref. VRD Hospital RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.03 | % | 06/01/2039 | 1,085 | 1,085,000 | |||||||||||
| 6,385,000 | ||||||||||||||||
| New Hampshire–1.04% | ||||||||||||||||
| New Hampshire (State of) Health & Education Facilities Authority (Moore Center Services, Inc.); Series 2007, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.02 | % | 09/01/2037 | 3,625 | 3,625,000 | |||||||||||
| New Hampshire (State of) Health & Education Facilities Authority (Riverbend Community Mental Health, Inc.); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.02 | % | 07/01/2038 | 3,500 | 3,500,000 | |||||||||||
| 7,125,000 | ||||||||||||||||
| New Mexico–1.25% | ||||||||||||||||
| Albuquerque (City of) & Bernalillo (County of) Water Utility Authority; Series 2009 A-1, Ref. Joint Water & Sewer System Improvement RB |
5.00 | % | 07/01/2016 | 1,250 | 1,269,554 | |||||||||||
| New Mexico (State of); Series 2010 A, Severance Tax RB |
5.00 | % | 07/01/2016 | 5,075 | 5,155,782 | |||||||||||
| New Mexico (State of) Finance Authority (Public Project Revolving Fund Program); Series 2016 A, Sr. Lien RB |
2.00 | % | 06/01/2016 | 2,150 | 2,159,722 | |||||||||||
| 8,585,058 | ||||||||||||||||
| New York–5.68% | ||||||||||||||||
| New York (State of) Dormitory Authority; Series 2009 B, VRD Samaritan Medical Center RB (LOC–HSBC Bank USA N.A.)(a)(b)(c) |
0.01 | % | 11/01/2036 | 8,130 | 8,130,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| New York–(continued) | ||||||||||||||||
| New York (State of) Housing Finance Agency (Manhattan West Residential Housing); |
||||||||||||||||
| Series 2014 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)(c) |
0.07 | % | 11/01/2049 | $ | 9,600 | $ | 9,600,000 | |||||||||
| Series 2015 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)(c) |
0.07 | % | 11/01/2049 | 8,200 | 8,200,000 | |||||||||||
| New York (State of) Housing Finance Agency (Riverside Center 2 Housing); Series 2015 A-1, VRD RB (LOC–Bank of America, N.A.)(a)(b) |
0.01 | % | 11/01/2046 | 9,000 | 9,000,000 | |||||||||||
| Triborough Bridge & Tunnel Authority; Series 2002 F, Ref. VRD General RB (LOC–Landesbank Hessen-Thüringen Girozentrale)(a)(b)(c) |
0.01 | % | 11/01/2032 | 4,000 | 4,000,000 | |||||||||||
| 38,930,000 | ||||||||||||||||
| North Carolina–2.97% | ||||||||||||||||
| Charlotte-Mecklenburg Hospital Authority (The) (Carolinas HealthCare Systems); Series 2007 C, Ref. VRD RB(a) |
0.01 | % | 01/15/2037 | 9,300 | 9,300,000 | |||||||||||
| Greensboro (City of) (Combined Enterprise System); Series 2012 A, Ref. RB |
5.00 | % | 06/01/2016 | 1,260 | 1,274,790 | |||||||||||
| Guilford (County of); Series 2012 A, Public Improvement Unlimited Tax GO Bonds |
5.00 | % | 03/01/2016 | 2,350 | 2,350,000 | |||||||||||
| Mecklenburg (County of); Series 2009 C, Ref. Unlimited Tax GO Bonds |
5.00 | % | 03/01/2016 | 1,020 | 1,020,000 | |||||||||||
| North Carolina (State of) Capital Facilities Finance Agency (Roman Catholic Diocese of Charlotte); Series 2000, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.05 | % | 06/01/2017 | 2,335 | 2,335,000 | |||||||||||
| Raleigh (City of) (Combined Enterprise System); Series 2006 A, RB |
5.00 | % | 03/01/2016 | 1,150 | 1,150,000 | |||||||||||
| Raleigh (City of); Series 2012 B, Public Improvement Unlimited Tax GO Bonds |
5.00 | % | 04/01/2016 | 2,950 | 2,962,005 | |||||||||||
| 20,391,795 | ||||||||||||||||
| Ohio–3.54% | ||||||||||||||||
| Centerville (City of) (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 B, VRD Health Care RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 11/01/2040 | 1,385 | 1,385,000 | |||||||||||
| Franklin (County of) (Ohio Health Corp.); Series 2011 C, Ref. Hospital Facilities Floating Rate RB(d) |
0.05 | % | 11/15/2033 | 2,900 | 2,900,000 | |||||||||||
| Franklin (County of) (U.S. Health Corp. of Columbus); Series 1996 A, Ref. VRD Hospital Facilities & Improvement RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 12/01/2021 | 7,125 | 7,125,000 | |||||||||||
| Montgomery (County of) (The Dayton Art Institute); Series 1996, VRD Economic Development RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.02 | % | 05/01/2026 | 8,400 | 8,400,000 | |||||||||||
| Ohio (State of) (Goodwill Industries of the Miami Valley); Series 2003, VRD Economic Development RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 06/01/2023 | 4,495 | 4,495,000 | |||||||||||
| 24,305,000 | ||||||||||||||||
| Oklahoma–0.13% | ||||||||||||||||
| Tulsa County Independent School District No. 9 (Union Board of Education); Series 2014, Combined Purpose Unlimited Tax GO Bonds |
1.00 | % | 04/01/2016 | 900 | 900,530 | |||||||||||
| Pennsylvania–4.22% | ||||||||||||||||
| Allegheny (County of) Industrial Development Authority (United Jewish Federation of Greater Pittsburgh); Series 1995 B, VRD RB (LOC–PNC Bank, N.A.)(a)(b)(e) |
0.03 | % | 10/01/2025 | 1,200 | 1,200,000 | |||||||||||
| Haverford Township School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank, |
0.02 | % | 03/01/2030 | 2,235 | 2,235,000 | |||||||||||
| Lebanon (County of) Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 10/15/2025 | 5,505 | 5,505,000 | |||||||||||
| Luzerne (County of) Convention Center Authority; Series 1998 A, VRD Hotel Room Rental Tax RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 09/01/2028 | 2,220 | 2,220,000 | |||||||||||
| Montgomery (County of) Redevelopment Authority (Forge Gate Apartments); Series 2001 A, VRD MFH RB (CEP–FNMA)(a) |
0.01 | % | 08/15/2031 | 3,990 | 3,990,000 | |||||||||||
| Pennsylvania (State of) Higher Educational Facilities Authority (Association of Independent Colleges & Universities of Pennsylvania Financing Program-Moore College of Art & Design); Series 2000 F-1, VRD RB (LOC–PNC Bank, N.A.)(a)(b)(e) |
0.03 | % | 05/01/2020 | 1,950 | 1,950,000 | |||||||||||
| Quakertown (Borough of) General Authority (Pooled Financing Program); Series 1996 A, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 07/01/2026 | 1,715 | 1,715,000 | |||||||||||
| Ridley School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank, N.A.)(a)(b) |
0.02 | % | 11/01/2029 | 2,600 | 2,600,000 | |||||||||||
| Westmoreland (County of) Industrial Development Authority (Excela Health); Series 2005 A, VRD Health System RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 07/01/2027 | 7,525 | 7,525,000 | |||||||||||
| 28,940,000 | ||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| South Carolina–2.02% | ||||||||||||||||
| Brookland-Cayce School District No. 2; Series 2015 C, Unlimited Tax GO Bonds |
3.00 | % | 03/01/2016 | $ | 8,705 | $ | 8,705,000 | |||||||||
| South Carolina (State of) Educational Facilities Authority for Private Non-Profit Institutions of Higher Learning (Morris College); Series 1997, VRD RB (LOC–Bank of America, N.A.)(a)(b)(e) |
0.16 | % | 07/01/2017 | 590 | 590,000 | |||||||||||
| South Carolina (State of) Jobs-Economic Development Authority (YMCA of Greenville); Series 2007, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 03/01/2028 | 2,702 | 2,702,000 | |||||||||||
| Spartanburg County School District No. 7; Series 2015 A, Unlimited Tax GO Bonds |
4.00 | % | 03/01/2016 | 1,830 | 1,830,000 | |||||||||||
| 13,827,000 | ||||||||||||||||
| Tennessee–2.56% | ||||||||||||||||
| Nashville (City of) & Davidson (County of) Metropolitan Government Industrial Development Board (Summit Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 07/15/2036 | 7,575 | 7,575,000 | |||||||||||
| Nashville (City of) & Davidson (County of) Metropolitan Government Health & Educational Facilities Board (Ascension Health Credit Group); Series 2001 B-1, VRD RB(a) |
0.19 | % | 11/15/2031 | 10,000 | 10,000,000 | |||||||||||
| 17,575,000 | ||||||||||||||||
| Texas–9.22% | ||||||||||||||||
| Aledo Independent School District; Series 2006 A, VRD School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program)(a) |
0.02 | % | 08/01/2035 | 14,615 | 14,615,000 | |||||||||||
| Austin Community College District ; Series 2015, Limited Tax GO Bonds |
3.00 | % | 08/01/2016 | 1,260 | 1,273,898 | |||||||||||
| Denton (County of); Series 2013, Limited Tax GO Notes |
3.00 | % | 04/15/2016 | 1,020 | 1,023,354 | |||||||||||
| Fort Bend Independent School District; Series 2008, Ref. School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program) |
5.00 | % | 08/15/2016 | 1,300 | 1,328,235 | |||||||||||
| Lewisville Independent School District; Series 2014 A, School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program) |
3.00 | % | 08/15/2016 | 1,095 | 1,108,749 | |||||||||||
| San Antonio Independent School District; Series 2011, Ref. Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program) |
5.00 | % | 08/15/2016 | 1,000 | 1,021,719 | |||||||||||
| San Gabriel (City of) Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 04/01/2026 | 1,100 | 1,100,000 | |||||||||||
| Tarrant (County of) Cultural Education Facilities Finance Corp. (Baylor Health Care System); Series 2011 C, VRD Hospital RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 11/15/2050 | 3,500 | 3,500,000 | |||||||||||
| Tarrant (County of) Housing Finance Corp. (Remington Hill Development); Series 1998, VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 02/15/2028 | 1,750 | 1,750,000 | |||||||||||
| Tarrant (County of) Housing Finance Corp. (Sierra Springs Apartments); Series 1999, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.03 | % | 02/15/2027 | 5,860 | 5,860,000 | |||||||||||
| Tarrant (County of) Regional Water District; |
||||||||||||||||
| Series 2012 A, Ref. RB |
5.00 | % | 03/01/2016 | 3,500 | 3,500,000 | |||||||||||
| Series 2012, Ref. & Improvement RB |
5.00 | % | 03/01/2016 | 1,130 | 1,130,000 | |||||||||||
| Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD MFH RB (CEP–FHLMC)(a) |
0.01 | % | 05/01/2042 | 10,865 | 10,865,000 | |||||||||||
| Travis (County of); Series 2013, Limited Tax GO Ctfs. |
3.38 | % | 03/01/2016 | 1,970 | 1,970,000 | |||||||||||
| University of Texas System Board of Regents; Series 2008 B, VRD Financing System RB(a) |
0.01 | % | 08/01/2025 | 13,180 | 13,180,000 | |||||||||||
| 63,225,955 | ||||||||||||||||
| Utah–2.91% | ||||||||||||||||
| Utah (County of) (IHC Health Services, Inc.); Series 2014 B, VRD Hospital RB(a) |
0.21 | % | 05/15/2049 | 6,525 | 6,525,000 | |||||||||||
| Utah (State of) Associated Municipal Power Systems (Horse Butte Wind); Series 2012 B, VRD RB (LOC–Bank of Montreal)(a)(b)(c) |
0.01 | % | 09/01/2032 | 11,000 | 11,000,000 | |||||||||||
| Utah (State of) Housing Corp. (Timbergate Apartments); Series 2009 A, VRD MFH RB (CEP–FHLMC)(a) |
0.06 | % | 04/01/2042 | 2,450 | 2,450,000 | |||||||||||
| 19,975,000 | ||||||||||||||||
| Vermont–0.84% | ||||||||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (North Country Hospital); Series 2007 A, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 10/01/2034 | 700 | 700,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Vermont–(continued) | ||||||||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (Norwich University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 09/01/2038 | $ | 5,055 | $ | 5,055,000 | |||||||||
| 5,755,000 | ||||||||||||||||
| Virginia–4.90% | ||||||||||||||||
| Alexandria (City of); Series 2011, Capital Improvement Unlimited Tax GO Bonds |
5.00 | % | 07/15/2016 | 2,115 | 2,152,876 | |||||||||||
| Capital Beltway Funding Corp. of Virginia (I-495 Hot Lanes); Series 2010 C, Ref. VRD Sr. Lien Multi-Modal Toll RB (LOC–National Australia Bank Ltd.)(a)(b)(c) |
0.01 | % | 12/31/2047 | 27,600 | 27,600,000 | |||||||||||
| Fairfax (County of) Water Authority; Series 2013 A, Ref. RB |
3.00 | % | 04/01/2016 | 915 | 917,212 | |||||||||||
| Louisa (County of) Industrial Development Authority (University of Virginia Health Services Foundation); Series 2000, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 10/01/2030 | 2,700 | 2,700,000 | |||||||||||
| Suffolk (City of) Redevelopment & Housing Authority (Oak Springs Apartments, LLC); Series 1999, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.03 | % | 12/01/2019 | 200 | 200,000 | |||||||||||
| 33,570,088 | ||||||||||||||||
| Washington–3.61% | ||||||||||||||||
| Seattle (City of); Series 2014, Ref. Drainage & Wastewater Improvement RB |
4.00 | % | 05/01/2016 | 1,100 | 1,106,935 | |||||||||||
| Seattle (City of) Housing Authority (Bayview Manor); Series 1994 B, VRD Low-Income Housing Assistance RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.02 | % | 05/01/2019 | 1,170 | 1,170,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Lake City Senior Apartments); Series 2009, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 07/01/2044 | 8,000 | 8,000,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Panorama City); Series 2008, VRD Non-Profit RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 04/01/2043 | 12,000 | 12,000,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Valley View Apartments); Series 2002, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 09/15/2020 | 2,475 | 2,475,000 | |||||||||||
| 24,751,935 | ||||||||||||||||
| West Virginia–0.88% | ||||||||||||||||
| West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008, Ref. VRD Improvement RB (LOC–Branch Banking & Trust Co.)(a)(b) |
0.02 | % | 01/01/2034 | 6,000 | 6,000,000 | |||||||||||
| Wisconsin–5.69% | ||||||||||||||||
| Lima (Town of) (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD Development RB (LOC–FHLB of Chicago)(a)(b) |
0.01 | % | 10/01/2042 | 2,380 | 2,380,000 | |||||||||||
| Milwaukee (City of); Series 2015 M7, School RAN |
2.00 | % | 06/30/2016 | 11,500 | 11,568,747 | |||||||||||
| Oneida Tribe of Indians of Wisconsin; Series 2001, VRD Health Facilities RB (LOC–Bank of America, N.A.)(a)(b) |
0.08 | % | 07/01/2016 | 1,955 | 1,955,000 | |||||||||||
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital, Inc.); Series 2004, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 08/15/2034 | 7,095 | 7,095,000 | |||||||||||
| Wisconsin (State of) Health & Educational Facilities Authority (University of Wisconsin Medical Foundation, Inc.); Series 2000, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.03 | % | 05/01/2030 | 15,410 | 15,410,000 | |||||||||||
| Wisconsin (State of); Series 2012 2, Ref. Clean Water RB |
5.00 | % | 06/01/2016 | 600 | 607,256 | |||||||||||
| 39,016,003 | ||||||||||||||||
| TOTAL INVESTMENTS(h)(i)–101.46% (Cost $695,815,630) |
695,815,630 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(1.46)% |
|
(10,011,598 | ) | |||||||||||||
| NET ASSETS–100.00% |
|
$ | 685,804,032 | |||||||||||||
Investment Abbreviations:
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 Short-Term Investments Trust
Tax-Free Cash Reserve Portfolio
Notes to Schedule of Investments:
| (a) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (b) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (c) | The security is credit guaranteed, enhanced or has credit risk by a foreign entity. No concentration of any single foreign country was greater than 5%. |
| (d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (e) | 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, 2016 was $13,342,000, which represented 1.95% of the Fund’s Net Assets. |
| (f) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (g) | Synthetic municipal instruments; involves the deposit into a trust of one or more long-term tax-exempt bonds or notes (“Underlying Bonds.”), a sale of certificates evidencing interests in the trust to investors such as the Fund. The trustee receives the long-term fixed interest payments on the Underlying Bonds, and pays certificate holders variable rate interest payments based upon a short-term reset periodically. |
| (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 | |||
| PNC Bank, N.A. |
6.4 | % | ||
| Federal Home Loan Mortgage Corp. |
6.2 | |||
| Federal National Mortgage Association |
6.2 | |||
| Wells Fargo Bank, N.A. |
5.9 | |||
| U.S. Bank, N.A. |
5.9 | |||
| TD Bank, N.A. |
5.8 | |||
| Northern Trust Co. |
5.5 | |||
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
83.9 | % | ||
| 8-30 |
0.0 | |||
| 31-60 |
1.6 | |||
| 61-90 |
0.5 | |||
| 91-180 |
8.2 | |||
| 181+ |
5.8 |
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.
31 Short-Term Investments Trust
Statement of Assets and Liabilities
February 29, 2016
(Unaudited)
| Liquid Assets Portfolio |
STIC Prime Portfolio |
Treasury Portfolio |
Government & Agency Portfolio |
Government TaxAdvantage Portfolio |
Tax-Free Cash Reserve Portfolio |
|||||||||||||||||||||||||||||||
| Assets: |
||||||||||||||||||||||||||||||||||||
| Investments, at value and cost |
$ | 17,143,582,669 | $ | 2,284,212,740 | $ | 5,364,728,459 | $ | 2,393,990,600 | $ | 140,326,432 | $ | 695,815,630 | ||||||||||||||||||||||||
| Repurchase agreements, at value and cost |
5,460,525,273 | 450,369,735 | 7,417,713,856 | 2,665,203,465 | — | — | ||||||||||||||||||||||||||||||
| Total investments, at value and cost |
22,604,107,942 | 2,734,582,475 | 12,782,442,315 | 5,059,194,065 | 140,326,432 | 695,815,630 | ||||||||||||||||||||||||||||||
| Cash |
— | — | — | 23,844,931 | 67,220 | — | ||||||||||||||||||||||||||||||
| Receivable for: |
||||||||||||||||||||||||||||||||||||
| Investments sold |
2,401,485 | 5,000 | 27,854,897 | — | — | 665,002 | ||||||||||||||||||||||||||||||
| Interest |
5,382,282 | 171,078 | 5,105,215 | 570,392 | 7,233 | 1,058,923 | ||||||||||||||||||||||||||||||
| Fund expenses absorbed |
190,236 | 130,334 | 353,087 | — | 61,215 | 159,924 | ||||||||||||||||||||||||||||||
| Investment for trustee deferred compensation and retirement plans |
3,090,011 | 878,999 | 1,828,060 | 829,073 | 111,179 | 312,793 | ||||||||||||||||||||||||||||||
| Other assets |
116,445 | 191,396 | 140,305 | 63,693 | 31,836 | 47,960 | ||||||||||||||||||||||||||||||
| Total assets |
22,615,288,401 | 2,735,959,282 | 12,817,723,879 | 5,084,502,154 | 140,605,115 | 698,060,232 | ||||||||||||||||||||||||||||||
| Liabilities: |
||||||||||||||||||||||||||||||||||||
| Payable for: |
||||||||||||||||||||||||||||||||||||
| Investments purchased |
149,636,000 | — | — | 73,723,601 | — | 11,800,009 | ||||||||||||||||||||||||||||||
| Amount due custodian |
10,641,150 | 10,431 | 27,464,210 | — | — | 15,936 | ||||||||||||||||||||||||||||||
| Dividends |
7,042,735 | 703,092 | 1,832,254 | 891,457 | 23,824 | 5,279 | ||||||||||||||||||||||||||||||
| Accrued fees to affiliates |
461,383 | 199,974 | 907,894 | 145,660 | 93,525 | 43,000 | ||||||||||||||||||||||||||||||
| Accrued trustees’ and officer’s fees and benefits |
32,185 | 6,556 | 26,492 | 11,596 | 3,599 | 3,324 | ||||||||||||||||||||||||||||||
| Accrued operating expenses |
111,886 | 36,339 | 75,287 | 11,169 | 21,059 | 20,337 | ||||||||||||||||||||||||||||||
| Trustee deferred compensation and retirement plans |
3,742,851 | 1,041,332 | 2,229,761 | 1,010,742 | 128,797 | 368,315 | ||||||||||||||||||||||||||||||
| Total liabilities |
171,668,190 | 1,997,724 | 32,535,898 | 75,794,225 | 270,804 | 12,256,200 | ||||||||||||||||||||||||||||||
| Net assets applicable to shares outstanding |
$ | 22,443,620,211 | $ | 2,733,961,558 | $ | 12,785,187,981 | $ | 5,008,707,929 | $ | 140,334,311 | $ | 685,804,032 | ||||||||||||||||||||||||
| Net assets consist of: |
||||||||||||||||||||||||||||||||||||
| Shares of beneficial interest |
$ | 22,441,059,834 | $ | 2,733,087,812 | $ | 12,784,855,040 | $ | 5,008,598,424 | $ | 140,351,885 | $ | 685,953,788 | ||||||||||||||||||||||||
| Undistributed net investment income |
2,468,855 | 872,258 | (21,274 | ) | (26,177 | ) | (9,046 | ) | (104,955 | ) | ||||||||||||||||||||||||||
| Undistributed net realized gain (loss) |
91,522 | 1,488 | 354,215 | 135,682 | (8,528 | ) | (44,801 | ) | ||||||||||||||||||||||||||||
| $ | 22,443,620,211 | $ | 2,733,961,558 | $ | 12,785,187,981 | $ | 5,008,707,929 | $ | 140,334,311 | $ | 685,804,032 | |||||||||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32 Short-Term Investments Trust
Statement of Assets and Liabilities—(continued)
February 29, 2016
(Unaudited)
| Liquid Assets Portfolio |
STIC Prime Portfolio |
Treasury Portfolio |
Government & Agency Portfolio |
Government TaxAdvantage Portfolio |
Tax-Free Cash Reserve Portfolio |
|||||||||||||||||||||||||||||||
| Net Assets: |
|
|||||||||||||||||||||||||||||||||||
| Institutional Class |
$ | 19,350,616,042 | $ | 1,917,283,674 | $ | 6,273,721,419 | $ | 3,295,982,076 | $ | 17,000,000 | $ | 576,781,735 | ||||||||||||||||||||||||
| Private Investment Class |
$ | 209,874,644 | $ | 137,321,595 | $ | 464,674,210 | $ | 503,979,238 | $ | 4,402,797 | $ | 29,889,915 | ||||||||||||||||||||||||
| Personal Investment Class |
$ | 58,065,383 | $ | 99,353,189 | $ | 147,223,145 | $ | 8,943,577 | $ | 1,879,098 | $ | 2,731,245 | ||||||||||||||||||||||||
| Cash Management Class |
$ | 236,125,452 | $ | 396,501,369 | $ | 4,362,496,379 | $ | 138,578,152 | $ | 45,617,025 | $ | 42,442,594 | ||||||||||||||||||||||||
| Reserve Class |
$ | 130,755,458 | $ | 26,622,307 | $ | 30,685,986 | $ | 286,180,378 | $ | 68,883,100 | $ | 30,177,389 | ||||||||||||||||||||||||
| Resource Class |
$ | 10,543,447 | $ | 19,391,271 | $ | 331,809,997 | $ | 60,155,218 | $ | 2,372,701 | $ | 2,573,547 | ||||||||||||||||||||||||
| Corporate Class |
$ | 2,447,639,785 | $ | 137,488,153 | $ | 1,174,576,845 | $ | 714,889,290 | $ | 179,590 | $ | 1,207,607 | ||||||||||||||||||||||||
| Shares outstanding, $0.01 par value per share, |
| |||||||||||||||||||||||||||||||||||
| Institutional Class |
19,348,405,760 | 1,917,274,456 | 6,273,196,808 | 3,295,833,750 | 16,995,722 | 576,749,244 | ||||||||||||||||||||||||||||||
| Private Investment Class |
209,850,210 | 137,320,975 | 464,636,651 | 503,957,597 | 4,401,677 | 29,888,222 | ||||||||||||||||||||||||||||||
| Personal Investment Class |
58,058,765 | 99,352,712 | 147,212,225 | 8,943,175 | 1,878,605 | 2,731,090 | ||||||||||||||||||||||||||||||
| Cash Management Class |
236,097,591 | 396,499,479 | 4,362,121,141 | 138,567,299 | 45,605,336 | 42,440,171 | ||||||||||||||||||||||||||||||
| Reserve Class |
130,740,969 | 26,622,133 | 30,683,432 | 286,168,646 | 68,865,475 | 30,175,675 | ||||||||||||||||||||||||||||||
| Resource Class |
10,542,271 | 19,391,182 | 331,782,803 | 60,152,501 | 2,372,098 | 2,573,402 | ||||||||||||||||||||||||||||||
| Corporate Class |
2,447,363,765 | 137,487,515 | 1,174,472,810 | 714,862,165 | 179,545 | 1,207,539 | ||||||||||||||||||||||||||||||
| Net asset value, offering and redemption price per share for each class |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
33 Short-Term Investments Trust
Statement of Operations
For the six months ended February 29, 2016
(Unaudited)
| Liquid Assets Portfolio |
STIC Prime Portfolio |
Treasury Portfolio |
Government & Agency |
Government TaxAdvantage Portfolio |
Tax-Free Cash Reserve Portfolio |
|||||||||||||||||||||||||||||||
| Investment income: |
||||||||||||||||||||||||||||||||||||
| Interest |
$ | 39,276,066 | $ | 4,406,046 | $ | 14,445,597 | $ | 6,349,758 | $ | 226,027 | $ | 209,757 | ||||||||||||||||||||||||
| Expenses: |
||||||||||||||||||||||||||||||||||||
| Advisory fees |
15,055,521 | 2,112,022 | 10,414,744 | 2,793,476 | 212,182 | 770,759 | ||||||||||||||||||||||||||||||
| Administrative services fees |
539,799 | 272,550 | 446,983 | 322,493 | 24,863 | 89,259 | ||||||||||||||||||||||||||||||
| Custodian fees |
90,387 | 19,308 | 61,293 | 66,159 | 8,066 | 8,856 | ||||||||||||||||||||||||||||||
| Distribution fees: |
||||||||||||||||||||||||||||||||||||
| Private Investment Class |
516,818 | 392,494 | 1,097,942 | 1,228,129 | 12,881 | 75,725 | ||||||||||||||||||||||||||||||
| Personal Investment Class |
316,705 | 396,028 | 573,977 | 61,800 | 14,162 | 9,266 | ||||||||||||||||||||||||||||||
| Cash Management Class |
196,916 | 220,789 | 2,548,900 | 123,111 | 26,533 | 23,462 | ||||||||||||||||||||||||||||||
| Reserve Class |
786,255 | 212,190 | 172,936 | 1,424,173 | 202,217 | 114,830 | ||||||||||||||||||||||||||||||
| Resource Class |
17,620 | 20,456 | 332,053 | 83,474 | 2,360 | 3,686 | ||||||||||||||||||||||||||||||
| Corporate Class |
285,966 | 14,022 | 209,063 | 96,980 | 400 | 2,502 | ||||||||||||||||||||||||||||||
| Transfer agent fees |
903,446 | 126,721 | 624,885 | 257,048 | 9,157 | 29,090 | ||||||||||||||||||||||||||||||
| Trustees’ and officers’ fees and benefits |
345,156 | 77,804 | 241,846 | 106,704 | 15,253 | 29,684 | ||||||||||||||||||||||||||||||
| Registration and filing fees |
61,425 | 46,305 | 63,360 | 81,282 | 37,833 | 38,847 | ||||||||||||||||||||||||||||||
| Other |
437,772 | 115,293 | 279,353 | 340,129 | 47,262 | 50,329 | ||||||||||||||||||||||||||||||
| Total expenses |
19,553,786 | 4,025,982 | 17,067,335 | 6,984,958 | 613,169 | 1,246,295 | ||||||||||||||||||||||||||||||
| Less: Fees waived |
(4,368,663 | ) | (1,944,878 | ) | (7,116,608 | ) | (3,104,997 | ) | (462,359 | ) | (1,068,465 | ) | ||||||||||||||||||||||||
| Net expenses |
15,185,123 | 2,081,104 | 9,950,727 | 3,879,961 | 150,810 | 177,830 | ||||||||||||||||||||||||||||||
| Net investment income |
24,090,943 | 2,324,942 | 4,494,870 | 2,469,797 | 75,217 | 31,927 | ||||||||||||||||||||||||||||||
| Realized and unrealized gain from: |
||||||||||||||||||||||||||||||||||||
| Net realized gain from Investment securities |
15,642 | 544 | 416,712 | 19,165 | 9,917 | — | ||||||||||||||||||||||||||||||
| Net increase in net assets resulting from operations |
$ | 24,106,585 | $ | 2,325,486 | $ | 4,911,582 | $ | 2,488,962 | $ | 85,134 | $ | 31,927 | ||||||||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
34 Short-Term Investments Trust
Statement of Changes in Net Assets
For the six months ended February 29, 2016 and the year ended August 31, 2015
(Unaudited)
| Liquid Assets Portfolio | STIC Prime Portfolio | |||||||||||||||||||
| February 29, 2016 |
August 31, 2015 |
February 29, 2016 |
August 31, 2015 |
|||||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income |
$ | 24,090,943 | $ | 14,869,394 | $ | 2,324,942 | $ | 2,593,491 | ||||||||||||
| Net realized gain |
15,642 | 164,146 | 544 | 944 | ||||||||||||||||
| Net increase in net assets resulting from operations |
24,106,585 | 15,033,540 | 2,325,486 | 2,594,435 | ||||||||||||||||
| Distributions to shareholders from net investment income: |
||||||||||||||||||||
| Institutional Class |
(21,603,070 | ) | (14,147,500 | ) | (1,761,348 | ) | (1,854,672 | ) | ||||||||||||
| Private Investment Class |
(34,987 | ) | (30,767 | ) | (80,356 | ) | (132,350 | ) | ||||||||||||
| Personal Investment Class |
(9,541 | ) | (13,561 | ) | (54,963 | ) | (110,282 | ) | ||||||||||||
| Cash Management Class |
(306,028 | ) | (77,398 | ) | (302,379 | ) | (376,417 | ) | ||||||||||||
| Reserve Class |
(18,224 | ) | (14,433 | ) | (21,613 | ) | (18,513 | ) | ||||||||||||
| Resource Class |
(4,310 | ) | (12,035 | ) | (11,761 | ) | (20,138 | ) | ||||||||||||
| Corporate Class |
(2,114,783 | ) | (573,700 | ) | (92,498 | ) | (81,119 | ) | ||||||||||||
| Total distributions from net investment income |
(24,090,943 | ) | (14,869,394 | ) | (2,324,918 | ) | (2,593,491 | ) | ||||||||||||
| Share transactions–net: |
||||||||||||||||||||
| Institutional Class |
3,376,529,292 | (2,640,861,091 | ) | 152,620,931 | (148,752,146 | ) | ||||||||||||||
| Private Investment Class |
(73,584,196 | ) | (61,736,842 | ) | (24,894,329 | ) | 10,083,327 | |||||||||||||
| Personal Investment Class |
(57,334,039 | ) | (65,018,703 | ) | (18,219,967 | ) | (40,437,932 | ) | ||||||||||||
| Cash Management Class |
(221,844,735 | ) | (226,421,761 | ) | (87,093,375 | ) | 29,823,610 | |||||||||||||
| Reserve Class |
(25,452,945 | ) | (23,801,101 | ) | (23,778,069 | ) | 34,768,990 | |||||||||||||
| Resource Class |
(62,133,047 | ) | (62,863,904 | ) | (319,045 | ) | (12,328,636 | ) | ||||||||||||
| Corporate Class |
1,393,208,709 | 383,540,344 | 60,444,479 | 17,489,399 | ||||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
4,329,389,039 | (2,697,163,058 | ) | 58,760,625 | (109,353,388 | ) | ||||||||||||||
| Net increase (decrease) in net assets |
4,329,404,681 | (2,696,998,912 | ) | 58,761,193 | (109,352,444 | ) | ||||||||||||||
| Net assets: |
||||||||||||||||||||
| Beginning of period |
18,114,215,530 | 20,811,214,442 | 2,675,200,365 | 2,784,552,809 | ||||||||||||||||
| End of period* |
$ | 22,443,620,211 | $ | 18,114,215,530 | $ | 2,733,961,558 | $ | 2,675,200,365 | ||||||||||||
| * Includes accumulated undistributed net investment income |
$ | 2,468,855 | $ | 2,468,855 | $ | 872,258 | $ | 872,234 | ||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
35 Short-Term Investments Trust
Statement of Changes in Net Assets—(continued)
For the six months ended February 29, 2016 and the year ended August 31, 2015
(Unaudited)
| Treasury Portfolio | Government & Agency Portfolio | |||||||||||||||||||
| February 29, 2016 |
August 31, 2015 |
February 29, 2016 |
August 31, 2015 |
|||||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income |
$ | 4,494,870 | $ | 3,320,415 | $ | 2,469,797 | $ | 1,741,840 | ||||||||||||
| Net realized gain (loss) |
416,712 | (62,497 | ) | 19,165 | 116,517 | |||||||||||||||
| Net increase in net assets resulting from operations |
4,911,582 | 3,257,918 | 2,488,962 | 1,858,357 | ||||||||||||||||
| Distributions to shareholders from net investment income: |
||||||||||||||||||||
| Institutional Class |
(2,661,142 | ) | (1,478,709 | ) | (1,883,035 | ) | (1,159,579 | ) | ||||||||||||
| Private Investment Class |
(80,956 | ) | (102,223 | ) | (138,874 | ) | (126,468 | ) | ||||||||||||
| Personal Investment Class |
(26,968 | ) | (29,788 | ) | (4,096 | ) | (12,667 | ) | ||||||||||||
| Cash Management Class |
(1,193,495 | ) | (1,317,452 | ) | (80,858 | ) | (167,941 | ) | ||||||||||||
| Reserve Class |
(6,664 | ) | (11,073 | ) | (79,656 | ) | (108,700 | ) | ||||||||||||
| Resource Class |
(60,366 | ) | (68,891 | ) | (21,523 | ) | (38,869 | ) | ||||||||||||
| Corporate Class |
(465,279 | ) | (312,279 | ) | (261,755 | ) | (127,616 | ) | ||||||||||||
| Total distributions from net investment income |
(4,494,870 | ) | (3,320,415 | ) | (2,469,797 | ) | (1,741,840 | ) | ||||||||||||
| Share transactions–net: |
||||||||||||||||||||
| Institutional Class |
(1,576,572,464 | ) | 369,868,233 | (923,881,457 | ) | 891,380,297 | ||||||||||||||
| Private Investment Class |
3,525,513 | (63,444,289 | ) | 81,408,389 | 75,509,267 | |||||||||||||||
| Personal Investment Class |
(14,835,299 | ) | (350,960 | ) | (28,223,425 | ) | (3,981,249 | ) | ||||||||||||
| Cash Management Class |
(941,979,421 | ) | (2,293,402,486 | ) | (84,274,931 | ) | (247,006,196 | ) | ||||||||||||
| Reserve Class |
(4,919,263 | ) | (151,761,502 | ) | (21,349,198 | ) | (3,594,120 | ) | ||||||||||||
| Resource Class |
7,316,221 | (49,445,822 | ) | (37,751,805 | ) | (6,672,798 | ) | |||||||||||||
| Corporate Class |
(596,102,256 | ) | 346,906,945 | 83,692,317 | (28,642,460 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
(3,123,566,969 | ) | (1,841,629,881 | ) | (930,380,110 | ) | 676,992,741 | |||||||||||||
| Net increase (decrease) in net assets |
(3,123,150,257 | ) | (1,841,692,378 | ) | (930,360,945 | ) | 677,109,258 | |||||||||||||
| Net assets: |
||||||||||||||||||||
| Beginning of period |
15,908,338,238 | 17,750,030,616 | 5,939,068,874 | 5,261,959,616 | ||||||||||||||||
| End of period* |
$ | 12,785,187,981 | $ | 15,908,338,238 | $ | 5,008,707,929 | $ | 5,939,068,874 | ||||||||||||
| * Includes accumulated undistributed net investment income |
$ | (21,274 | ) | $ | (21,274 | ) | $ | (26,177 | ) | $ | (26,177 | ) | ||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
36 Short-Term Investments Trust
Statement of Changes in Net Assets—(continued)
For the six months ended February 29, 2016 and the year ended August 31, 2015
(Unaudited)
| Government TaxAdvantage Portfolio | Tax-Free Cash Reserve Portfolio | |||||||||||||||||||
| February 29, 2016 |
August 31, 2015 |
February 29, 2016 |
August 31, 2015 |
|||||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income |
$ | 75,217 | $ | 152,172 | $ | 31,927 | $ | 320,850 | ||||||||||||
| Net realized gain |
9,917 | 5,675 | — | 17,500 | ||||||||||||||||
| Net increase in net assets resulting from operations |
85,134 | 157,847 | 31,927 | 338,350 | ||||||||||||||||
| Distributions to shareholders from net investment income: |
||||||||||||||||||||
| Institutional Class |
(42,884 | ) | (109,398 | ) | (25,982 | ) | (243,361 | ) | ||||||||||||
| Private Investment Class |
(1,366 | ) | (5,768 | ) | (1,487 | ) | (14,944 | ) | ||||||||||||
| Personal Investment Class |
(1,007 | ) | (2,191 | ) | (122 | ) | (1,433 | ) | ||||||||||||
| Cash Management Class |
(15,296 | ) | (25,467 | ) | (2,317 | ) | (29,656 | ) | ||||||||||||
| Reserve Class |
(13,250 | ) | (1,334 | ) | (1,135 | ) | (13,465 | ) | ||||||||||||
| Resource Class |
(646 | ) | (3,530 | ) | (181 | ) | (2,416 | ) | ||||||||||||
| Corporate Class |
(768 | ) | (4,484 | ) | (703 | ) | (15,575 | ) | ||||||||||||
| Total distributions from net investment income |
(75,217 | ) | (152,172 | ) | (31,927 | ) | (320,850 | ) | ||||||||||||
| Share transactions–net: |
||||||||||||||||||||
| Institutional Class |
(88,546,410 | ) | (22,147,472 | ) | 120,751,861 | (68,021,232 | ) | |||||||||||||
| Private Investment Class |
(1,581,623 | ) | (9,595,904 | ) | (579,080 | ) | (3,807,802 | ) | ||||||||||||
| Personal Investment Class |
(76,406 | ) | (1,843,611 | ) | (892,435 | ) | (98,681 | ) | ||||||||||||
| Cash Management Class |
585,020 | (3,080,076 | ) | (8,574,246 | ) | (9,705,701 | ) | |||||||||||||
| Reserve Class |
62,990,375 | 5,171,160 | 8,402,532 | (5,865,164 | ) | |||||||||||||||
| Resource Class |
504 | (1,336,302 | ) | (1,952,773 | ) | (989,440 | ) | |||||||||||||
| Corporate Class |
(27,830,485 | ) | (22,499,992 | ) | (25,269,735 | ) | (5,044,078 | ) | ||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
(54,459,025 | ) | (55,332,197 | ) | 91,886,124 | (93,532,098 | ) | |||||||||||||
| Net increase (decrease) in net assets |
(54,449,108 | ) | (55,326,522 | ) | 91,886,124 | (93,514,598 | ) | |||||||||||||
| Net assets: |
||||||||||||||||||||
| Beginning of period |
194,783,419 | 250,109,941 | 593,917,908 | 687,432,506 | ||||||||||||||||
| End of period* |
$ | 140,334,311 | $ | 194,783,419 | $ | 685,804,032 | $ | 593,917,908 | ||||||||||||
| * Includes accumulated undistributed net investment income |
$ | (9,046 | ) | $ | (9,046 | ) | $ | (104,955 | ) | $ | (104,955 | ) | ||||||||
Notes to Financial Statements
February 29, 2016
(Unaudited)
NOTE 1—Significant Accounting Policies
Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers six separate portfolios, (each constituting a “Fund”). The Funds covered in this report are Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Government TaxAdvantage Portfolio and Tax-Free Cash Reserve Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.
The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio and Government TaxAdvantage Portfolio; and to provide tax-exempt income consistent with the preservation of capital and liquidity for Tax-Free Cash Reserve Portfolio.
Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.
The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements.
| A. | Security Valuations — Each Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts. |
37 Short-Term Investments Trust
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), adjusted for amortization of premiums and accretion of discounts on investments, is recorded on the accrual basis from settlement date. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Funds and the investment adviser.
The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.
| C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. | Distributions — It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually. |
| 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, Tax-Free Cash Reserve 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 of each respective Fund are allocated among the classes of such Fund 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 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 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- |
38 Short-Term Investments Trust
| 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 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.
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 pays an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:
| First $250 million |
Next $250 million |
Over $500 million |
||||||||||
| Liquid Assets Portfolio |
0.15% | 0.15% | 0.15% | |||||||||
| STIC Prime Portfolio |
0.15% | 0.15% | 0.15% | |||||||||
| Treasury Portfolio |
0.15% | 0.15% | 0.15% | |||||||||
| Government & Agency Portfolio |
0.10% | 0.10% | 0.10% | |||||||||
| Government TaxAdvantage Portfolio |
0.20% | 0.15% | 0.10% | |||||||||
| Tax-Free Cash Reserve Portfolio |
0.25% | 0.25% | 0.20% | |||||||||
For the six months ended February 29, 2016, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:
| Liquid Assets Portfolio |
0.15% | |||
| STIC Prime Portfolio |
0.15% | |||
| Treasury Portfolio |
0.15% | |||
| Government & Agency Portfolio |
0.10% | |||
| Government TaxAdvantage Portfolio |
0.20% | |||
| Tax-Free Cash Reserve Portfolio |
0.24% |
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, may 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, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):
| Institutional Class |
Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
||||||||||||||||||||||
| Liquid Assets Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.34 | % | 0.17 | % | ||||||||||||||
| STIC Prime Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Treasury Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Government & Agency Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Government TaxAdvantage Portfolio |
0.14 | % | 0.39 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Tax-Free Cash Reserve Portfolio |
0.25 | % | 0.50 | % | 0.80 | % | 0.33 | % | 1.12 | % | 0.41 | % | 0.28 | % | ||||||||||||||
39 Short-Term Investments Trust
The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.
In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) extraordinary or non-routine items, including litigation expenses, and (4) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2016. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.
Further, Invesco and/or IDI voluntarily waived fees and/or reimbursed expenses in order to increase the yields of each Fund. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors.
For the six months ended February 29, 2016, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:
| Expense Limitation |
Yield Waivers |
|||||||
| Liquid Assets Portfolio |
$ | 3,171,391 | $ | — | ||||
| STIC Prime Portfolio |
739,928 | 136,428 | ||||||
| Treasury Portfolio |
2,288,175 | 1,051,494 | ||||||
| Government & Agency Portfolio |
— | 366,030 | ||||||
| Government TaxAdvantage Portfolio |
198,607 | 29,497 | ||||||
| Tax-Free Cash Reserve Portfolio |
184,678 | 654,316 | ||||||
Voluntary fee waivers for the six months ended February 29, 2016 are shown below:
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
|||||||||||||||||||
| Liquid Assets Portfolio |
$ | 94,501 | $ | 143,768 | N/A | $ | 522,027 | $ | 4,198 | N/A | ||||||||||||||
| STIC Prime Portfolio |
182,115 | 253,640 | $ | 107,517 | 170,802 | 10,277 | $ | 5,732 | ||||||||||||||||
| Treasury Portfolio |
553,250 | 386,917 | 1,208,001 | 141,548 | 183,854 | 112,460 | ||||||||||||||||||
| Government & Agency Portfolio |
617,726 | 42,788 | 60,777 | 1,173,959 | 50,215 | 59,311 | ||||||||||||||||||
| Government TaxAdvantage Portfolio |
5,696 | 9,611 | 13,714 | 161,077 | 1,484 | 389 | ||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
37,862 | 6,795 | 18,770 | 99,902 | 2,949 | 2,502 | ||||||||||||||||||
The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the six months ended February 29, 2016, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 29, 2016, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.
Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class | |||||||||||||||||||||||
| 0.50 | % | 0.75 | % | 0.10 | % | 1.00 | % | 0.20 | % | 0.03 | % | |||||||||||||||||
Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.
IDI has contractually agreed, through at least December 31, 2016, to waive a portion of its compensation payable by the Funds such that compensation paid pursuant to the Plan with respect to each share class equals the maximum annual rate of average daily assets shown below:
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
|||||||||||||||||||
| Liquid Assets Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.20 | % | 0.03 | % | ||||||||||||
| STIC Prime Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Treasury Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Government & Agency Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Government TaxAdvantage Portfolio |
0.25 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Tax-Free Cash Reserve Portfolio |
0.25 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
40 Short-Term Investments Trust
Pursuant to the agreement above, for the six months ended February 29, 2016, IDI waived Plan fees of:
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
|||||||||||||||||||
| Liquid Assets Portfolio |
$ | 206,727 | $ | 84,455 | $ | 39,383 | $ | 102,213 | N/A | N/A | ||||||||||||||
| STIC Prime Portfolio |
156,998 | 105,607 | 44,158 | 27,585 | $ | 4,091 | N/A | |||||||||||||||||
| Treasury Portfolio |
439,176 | 153,061 | 509,780 | 22,482 | 66,410 | N/A | ||||||||||||||||||
| Government & Agency Portfolio |
491,252 | 16,480 | 24,622 | 185,142 | 16,695 | N/A | ||||||||||||||||||
| Government TaxAdvantage Portfolio |
6,441 | 3,776 | 5,307 | 26,288 | 472 | N/A | ||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
37,862 | 2,471 | 4,693 | 14,928 | 737 | N/A | ||||||||||||||||||
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
| Level 1 — | Prices are determined using quoted prices in an active market for identical assets. |
| Level 2 — | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
| Level 3 — | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect each Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
As of February 29, 2016, 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 months ended February 29, 2016, each Fund engaged in transactions with affiliates as listed below:
| Securities Purchases | Securities Sales | Net Realized Gains | ||||||||||
| Liquid Assets Portfolio |
$ | 259,171,921 | $ | 453,279,225 | $ | — | ||||||
| STIC Prime Portfolio |
118,541,842 | 142,726,856 | — | |||||||||
| Tax-Free Cash Reserve Portfolio |
466,679,556 | 355,977,114 | — | |||||||||
NOTE 5—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Funds may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Funds.
41 Short-Term Investments Trust
NOTE 6—Cash Balances
The Funds are permitted to temporarily overdraft or leave balances in their accounts with The Bank of New York Mellon (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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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 below had a capital loss carryforward as of August 31, 2015 which expires as follows:
| Short-Term | Long-Term | Total* | ||||||||||||||||||
| Fund | 2018 | 2019 | Not Subject to Expiration |
Not Subject to Expiration |
||||||||||||||||
| Treasury Portfolio |
$ | — | $ | — | $ | 62,497 | $ | — | $ | 62,497 | ||||||||||
| Government TaxAdvantage Portfolio |
— | — | 18,445 | — | 18,445 | |||||||||||||||
| Tax-Free Cash Reserve Portfolio |
14,727 | 30,074 | — | — | 44,801 | |||||||||||||||
| * | Capital loss carryforward as of the date listed above is 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. |
42 Short-Term Investments Trust
NOTE 8—Share Information
Liquid Assets Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
122,870,197,623 | $ | 122,870,197,623 | 285,396,098,619 | $ | 285,396,098,619 | ||||||||||
| Private Investment Class |
510,334,896 | 510,334,896 | 1,434,632,883 | 1,434,632,883 | ||||||||||||
| Personal Investment Class |
69,834,480 | 69,834,480 | 538,543,116 | 538,543,116 | ||||||||||||
| Cash Management Class |
2,145,627,791 | 2,145,627,791 | 4,326,518,141 | 4,326,518,141 | ||||||||||||
| Reserve Class |
206,076,476 | 206,076,476 | 1,016,989,736 | 1,016,989,736 | ||||||||||||
| Resource Class |
38,210,088 | 38,210,088 | 459,622,836 | 459,622,836 | ||||||||||||
| Corporate Class |
9,471,104,350 | 9,471,104,350 | 5,521,655,244 | 5,521,655,244 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
5,132,756 | 5,132,756 | 3,973,048 | 3,973,048 | ||||||||||||
| Private Investment Class |
6,181 | 6,181 | 8,279 | 8,279 | ||||||||||||
| Personal Investment Class |
4,693 | 4,693 | 11,639 | 11,639 | ||||||||||||
| Cash Management Class |
93,642 | 93,642 | 31,257 | 31,257 | ||||||||||||
| Reserve Class |
9,591 | 9,591 | 14,378 | 14,378 | ||||||||||||
| Resource Class |
2,603 | 2,603 | 12,396 | 12,396 | ||||||||||||
| Corporate Class |
270,357 | 270,357 | 225,681 | 225,681 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(119,498,801,087 | ) | (119,498,801,087 | ) | (288,040,932,758 | ) | (288,040,932,758 | ) | ||||||||
| Private Investment Class |
(583,925,273 | ) | (583,925,273 | ) | (1,496,378,004 | ) | (1,496,378,004 | ) | ||||||||
| Personal Investment Class |
(127,173,212 | ) | (127,173,212 | ) | (603,573,458 | ) | (603,573,458 | ) | ||||||||
| Cash Management Class |
(2,367,566,168 | ) | (2,367,566,168 | ) | (4,552,971,159 | ) | (4,552,971,159 | ) | ||||||||
| Reserve Class |
(231,539,012 | ) | (231,539,012 | ) | (1,040,805,215 | ) | (1,040,805,215 | ) | ||||||||
| Resource Class |
(100,345,738 | ) | (100,345,738 | ) | (522,499,136 | ) | (522,499,136 | ) | ||||||||
| Corporate Class |
(8,078,165,998 | ) | (8,078,165,998 | ) | (5,138,340,581 | ) | (5,138,340,581 | ) | ||||||||
| Net increase (decrease) in share activity |
4,329,389,039 | $ | 4,329,389,039 | (2,697,163,058 | ) | $ | (2,697,163,058 | ) | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
| Additionally, 19% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are other mutual funds also advised by Invesco. |
43 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
STIC Prime Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
3,003,113,393 | $ | 3,003,113,393 | 5,941,737,037 | $ | 5,941,737,037 | ||||||||||
| Private Investment Class |
667,027,756 | 667,027,756 | 1,211,080,589 | 1,211,080,589 | ||||||||||||
| Personal Investment Class |
298,331,925 | 298,331,925 | 1,182,870,259 | 1,182,870,259 | ||||||||||||
| Cash Management Class |
1,155,148,299 | 1,155,148,299 | 3,144,474,982 | 3,144,474,982 | ||||||||||||
| Reserve Class |
157,327,888 | 157,327,888 | 210,463,689 | 210,463,689 | ||||||||||||
| Resource Class |
64,748,890 | 64,748,890 | 64,359,363 | 64,359,363 | ||||||||||||
| Corporate Class |
261,415,561 | 261,415,561 | 1,149,830,507 | 1,149,830,507 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
424,046 | 424,046 | 454,008 | 454,008 | ||||||||||||
| Private Investment Class |
27,340 | 27,340 | 56,232 | 56,232 | ||||||||||||
| Personal Investment Class |
21,411 | 21,411 | 68,043 | 68,043 | ||||||||||||
| Cash Management Class |
74,694 | 74,694 | 71,815 | 71,815 | ||||||||||||
| Reserve Class |
17,209 | 17,209 | 14,807 | 14,807 | ||||||||||||
| Resource Class |
7,558 | 7,558 | 16,256 | 16,256 | ||||||||||||
| Corporate Class |
47,625 | 47,625 | 71,730 | 71,730 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(2,850,916,508 | ) | (2,850,916,508 | ) | (6,090,943,191 | ) | (6,090,943,191 | ) | ||||||||
| Private Investment Class |
(691,949,425 | ) | (691,949,425 | ) | (1,201,053,494 | ) | (1,201,053,494 | ) | ||||||||
| Personal Investment Class |
(316,573,303 | ) | (316,573,303 | ) | (1,223,376,234 | ) | (1,223,376,234 | ) | ||||||||
| Cash Management Class |
(1,242,316,368 | ) | (1,242,316,368 | ) | (3,114,723,187 | ) | (3,114,723,187 | ) | ||||||||
| Reserve Class |
(181,123,166 | ) | (181,123,166 | ) | (175,709,506 | ) | (175,709,506 | ) | ||||||||
| Resource Class |
(65,075,493 | ) | (65,075,493 | ) | (76,704,255 | ) | (76,704,255 | ) | ||||||||
| Corporate Class |
(201,018,707 | ) | (201,018,707 | ) | (1,132,412,838 | ) | (1,132,412,838 | ) | ||||||||
| Net increase (decrease) in share activity |
58,760,625 | $ | 58,760,625 | (109,353,388 | ) | $ | (109,353,388 | ) | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 59% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
44 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Treasury Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
7,821,438,683 | $ | 7,821,438,683 | 16,766,462,244 | $ | 16,766,462,244 | ||||||||||
| Private Investment Class |
890,870,745 | 890,870,745 | 1,901,290,280 | 1,901,290,280 | ||||||||||||
| Personal Investment Class |
502,160,779 | 502,160,779 | 1,101,975,367 | 1,101,975,367 | ||||||||||||
| Cash Management Class |
9,154,752,380 | 9,154,752,380 | 26,793,251,842 | 26,793,251,842 | ||||||||||||
| Reserve Class |
43,134,820 | 43,134,820 | 109,204,351 | 109,204,351 | ||||||||||||
| Resource Class |
155,665,944 | 155,665,944 | 329,636,954 | 329,636,954 | ||||||||||||
| Corporate Class |
8,220,833,589 | 8,220,833,589 | 18,168,487,688 | 18,168,487,688 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
963,871 | 963,871 | 922,038 | 922,038 | ||||||||||||
| Private Investment Class |
7,379 | 7,379 | 15,296 | 15,296 | ||||||||||||
| Personal Investment Class |
16,154 | 16,154 | 26,774 | 26,774 | ||||||||||||
| Cash Management Class |
45,602 | 45,602 | 60,767 | 60,767 | ||||||||||||
| Reserve Class |
3,896 | 3,896 | 7,169 | 7,169 | ||||||||||||
| Resource Class |
3,280 | 3,280 | 8,488 | 8,488 | ||||||||||||
| Corporate Class |
167,634 | 167,634 | 132,198 | 132,198 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(9,398,975,018 | ) | (9,398,975,018 | ) | (16,397,516,049 | ) | (16,397,516,049 | ) | ||||||||
| Private Investment Class |
(887,352,611 | ) | (887,352,611 | ) | (1,964,749,865 | ) | (1,964,749,865 | ) | ||||||||
| Personal Investment Class |
(517,012,232 | ) | (517,012,232 | ) | (1,102,353,101 | ) | (1,102,353,101 | ) | ||||||||
| Cash Management Class |
(10,096,777,403 | ) | (10,096,777,403 | ) | (29,086,715,095 | ) | (29,086,715,095 | ) | ||||||||
| Reserve Class |
(48,057,979 | ) | (48,057,979 | ) | (260,973,022 | ) | (260,973,022 | ) | ||||||||
| Resource Class |
(148,353,003 | ) | (148,353,003 | ) | (379,091,264 | ) | (379,091,264 | ) | ||||||||
| Corporate Class |
(8,817,103,479 | ) | (8,817,103,479 | ) | (17,821,712,941 | ) | (17,821,712,941 | ) | ||||||||
| Net increase (decrease) in share activity |
(3,123,566,969 | ) | $ | (3,123,566,969 | ) | (1,841,629,881 | ) | $ | (1,841,629,881 | ) | ||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 51% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
| Additionally, 14% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are other mutual funds also advised by Invesco. |
45 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Government & Agency Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
18,540,389,344 | $ | 18,540,389,344 | 37,416,050,435 | $ | 37,416,050,435 | ||||||||||
| Private Investment Class |
877,051,192 | 877,051,192 | 2,115,905,376 | 2,115,905,376 | ||||||||||||
| Personal Investment Class |
38,791,034 | 38,791,034 | 134,224,028 | 134,224,028 | ||||||||||||
| Cash Management Class |
1,195,370,891 | 1,195,370,891 | 5,837,371,862 | 5,837,371,862 | ||||||||||||
| Reserve Class |
398,647,336 | 398,647,336 | 699,303,942 | 699,303,942 | ||||||||||||
| Resource Class |
278,773,112 | 278,773,112 | 1,554,415,700 | 1,554,415,700 | ||||||||||||
| Corporate Class |
2,290,153,339 | 2,290,153,339 | 4,660,748,011 | 4,660,748,011 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
451,334 | 451,334 | 199,188 | 199,188 | ||||||||||||
| Private Investment Class |
37,272 | 37,272 | 37,056 | 37,056 | ||||||||||||
| Personal Investment Class |
— | — | 6 | 6 | ||||||||||||
| Cash Management Class |
21,186 | 21,186 | 33,044 | 33,044 | ||||||||||||
| Reserve Class |
37,786 | 37,786 | 67,656 | 67,656 | ||||||||||||
| Resource Class |
5,468 | 5,468 | 13,926 | 13,926 | ||||||||||||
| Corporate Class |
69,144 | 69,144 | 55,261 | 55,261 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(19,464,722,135 | ) | (19,464,722,135 | ) | (36,524,869,326 | ) | (36,524,869,326 | ) | ||||||||
| Private Investment Class |
(795,680,075 | ) | (795,680,075 | ) | (2,040,433,165 | ) | (2,040,433,165 | ) | ||||||||
| Personal Investment Class |
(67,014,459 | ) | (67,014,459 | ) | (138,205,283 | ) | (138,205,283 | ) | ||||||||
| Cash Management Class |
(1,279,667,008 | ) | (1,279,667,008 | ) | (6,084,411,102 | ) | (6,084,411,102 | ) | ||||||||
| Reserve Class |
(420,034,320 | ) | (420,034,320 | ) | (702,965,718 | ) | (702,965,718 | ) | ||||||||
| Resource Class |
(316,530,385 | ) | (316,530,385 | ) | (1,561,102,424 | ) | (1,561,102,424 | ) | ||||||||
| Corporate Class |
(2,206,530,166 | ) | (2,206,530,166 | ) | (4,689,445,732 | ) | (4,689,445,732 | ) | ||||||||
| Net increase (decrease) in share activity |
(930,380,110 | ) | $ | (930,380,110 | ) | 676,992,741 | $ | 676,992,741 | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 23% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
46 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Government TaxAdvantage Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
140,583,594 | $ | 140,583,594 | 368,612,267 | $ | 368,612,267 | ||||||||||
| Private Investment Class |
1,046,890 | 1,046,890 | 71,398,479 | 71,398,479 | ||||||||||||
| Personal Investment Class |
6,547,359 | 6,547,359 | 8,341,042 | 8,341,042 | ||||||||||||
| Cash Management Class |
29,139,800 | 29,139,800 | 87,930,861 | 87,930,861 | ||||||||||||
| Reserve Class |
107,718,530 | 107,718,530 | 14,172,451 | 14,172,451 | ||||||||||||
| Resource Class |
41 | 41 | 17,934,744 | 17,934,744 | ||||||||||||
| Corporate Class |
8,418,335 | 8,418,335 | 187,300,005 | 187,300,005 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
27,576 | 27,576 | 84,605 | 84,605 | ||||||||||||
| Private Investment Class |
556 | 556 | 3,065 | 3,065 | ||||||||||||
| Cash Management Class |
12,015 | 12,015 | 24,731 | 24,731 | ||||||||||||
| Reserve Class |
6,988 | 6,988 | 1,197 | 1,197 | ||||||||||||
| Resource Class |
463 | 463 | 3,214 | 3,214 | ||||||||||||
| Corporate Class |
1,203 | 1,203 | 4,203 | 4,203 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(229,157,580 | ) | (229,157,580 | ) | (390,844,344 | ) | (390,844,344 | ) | ||||||||
| Private Investment Class |
(2,629,069 | ) | (2,629,069 | ) | (80,997,448 | ) | (80,997,448 | ) | ||||||||
| Personal Investment Class |
(6,623,765 | ) | (6,623,765 | ) | (10,184,653 | ) | (10,184,653 | ) | ||||||||
| Cash Management Class |
(28,566,795 | ) | (28,566,795 | ) | (91,035,668 | ) | (91,035,668 | ) | ||||||||
| Reserve Class |
(44,735,143 | ) | (44,735,143 | ) | (9,002,488 | ) | (9,002,488 | ) | ||||||||
| Resource Class |
— | — | (19,274,260 | ) | (19,274,260 | ) | ||||||||||
| Corporate Class |
(36,250,023 | ) | (36,250,023 | ) | (209,804,200 | ) | (209,804,200 | ) | ||||||||
| Net increase (decrease) in share activity |
(54,459,025 | ) | $ | (54,459,025 | ) | (55,332,197 | ) | $ | (55,332,197 | ) | ||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 86% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
47 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Tax-Free Cash Reserve Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
576,859,284 | $ | 576,859,284 | 1,022,223,755 | $ | 1,022,223,755 | ||||||||||
| Private Investment Class |
23,529,218 | 23,529,218 | 48,653,591 | 48,653,591 | ||||||||||||
| Personal Investment Class |
2,234,174 | 2,234,174 | 5,529,842 | 5,529,842 | ||||||||||||
| Cash Management Class |
29,960,256 | 29,960,256 | 85,609,129 | 85,609,129 | ||||||||||||
| Reserve Class |
34,804,336 | 34,804,336 | 57,041,089 | 57,041,089 | ||||||||||||
| Resource Class |
71,708 | 71,708 | 2,830,839 | 2,830,839 | ||||||||||||
| Corporate Class |
1,175,406 | 1,175,406 | — | — | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
3,153 | 3,153 | 35,799 | 35,799 | ||||||||||||
| Private Investment Class |
1,399 | 1,399 | 13,990 | 13,990 | ||||||||||||
| Personal Investment Class |
11 | 11 | 651 | 651 | ||||||||||||
| Cash Management Class |
1,135 | 1,135 | 13,598 | 13,598 | ||||||||||||
| Reserve Class |
1,086 | 1,086 | 13,480 | 13,480 | ||||||||||||
| Resource Class |
195 | 195 | 2,430 | 2,430 | ||||||||||||
| Corporate Class |
916 | 916 | 15,648 | 15,648 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(456,110,576 | ) | (456,110,576 | ) | (1,090,280,786 | ) | (1,090,280,786 | ) | ||||||||
| Private Investment Class |
(24,109,697 | ) | (24,109,697 | ) | (52,475,383 | ) | (52,475,383 | ) | ||||||||
| Personal Investment Class |
(3,126,620 | ) | (3,126,620 | ) | (5,629,174 | ) | (5,629,174 | ) | ||||||||
| Cash Management Class |
(38,535,637 | ) | (38,535,637 | ) | (95,328,428 | ) | (95,328,428 | ) | ||||||||
| Reserve Class |
(26,402,890 | ) | (26,402,890 | ) | (62,919,733 | ) | (62,919,733 | ) | ||||||||
| Resource Class |
(2,024,676 | ) | (2,024,676 | ) | (3,822,709 | ) | (3,822,709 | ) | ||||||||
| Corporate Class |
(26,446,057 | ) | (26,446,057 | ) | (5,059,726 | ) | (5,059,726 | ) | ||||||||
| Net increase (decrease) in share activity |
91,886,124 | $ | 91,886,124 | (93,532,098 | ) | $ | (93,532,098 | ) | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 65% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
48 Short-Term Investments Trust
NOTE 9—Financial Highlights
The following schedules present financial highlights for a share of each Fund outstanding throughout the periods indicated.
Private Investment Class
| Net asset value, beginning of period |
Net investment income(a) |
Net gains (losses) (both |
Total from operations |
Dividends income |
Distributions from net gains |
Total distributions |
Net asset value, end of period |
Total return(b) |
Net assets, end of period (000’s omitted) |
Ratio of to average net assets with fee waivers absorbed |
Ratio
of fee waivers |
Ratio of net investment income to average net assets |
||||||||||||||||||||||||||||||||||||||||
| Liquid Assets Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
$ | 1.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | (0.00 | ) | $ | — | $ | (0.00 | ) | $ | 1.00 | 0.02 | % | $ | 209,875 | 0.35 | %(c) | 0.67 | %(c) | 0.04 | %(c) | ||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.01 | 283,476 | 0.21 | 0.67 | 0.01 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 345,211 | 0.19 | 0.67 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 370,059 | 0.24 | 0.67 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 372,458 | 0.27 | 0.68 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 501,630 | 0.28 | 0.67 | 0.01 | ||||||||||||||||||||||||||||||||||||
| STIC Prime Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.05 | 137,322 | 0.21 | (c) | 0.70 | (c) | 0.10 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.04 | 162,216 | 0.07 | 0.69 | 0.10 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.08 | 152,133 | 0.06 | 0.69 | 0.08 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.06 | 166,612 | 0.12 | 0.69 | 0.07 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.07 | 159,750 | 0.15 | 0.70 | 0.05 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | — | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 267,621 | 0.22 | 0.69 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Treasury Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 464,674 | 0.17 | (c) | 0.67 | (c) | 0.04 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.01 | 461,131 | 0.06 | 0.67 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.01 | 524,576 | 0.04 | 0.67 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.02 | 583,020 | 0.09 | 0.68 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.03 | 808,131 | 0.08 | 0.68 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 845,022 | 0.12 | 0.68 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Government & Agency Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.03 | 503,979 | 0.18 | (c) | 0.64 | (c) | 0.05 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 422,564 | 0.08 | 0.63 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | — | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 347,046 | 0.06 | 0.63 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.03 | 358,383 | 0.11 | 0.64 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.02 | 382,019 | 0.10 | 0.63 | 0.03 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 549,857 | 0.15 | 0.63 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Government TaxAdvantage Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.03 | 4,403 | 0.14 | (c) | 0.83 | (c) | 0.07 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 5,984 | 0.00 | 0.83 | 0.08 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.04 | 15,580 | 0.02 | 0.79 | 0.03 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.03 | 20,036 | 0.06 | 0.70 | 0.03 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.03 | 38,426 | 0.07 | 0.72 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.03 | 47,638 | 0.11 | 0.76 | 0.03 | |||||||||||||||||||||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | — | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.00 | 29,890 | 0.05 | (c) | 0.81 | (c) | 0.01 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.01 | 30,469 | 0.03 | 0.81 | 0.04 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.05 | 34,276 | 0.04 | 0.80 | 0.04 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.06 | 52,446 | 0.10 | 0.80 | 0.06 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | — | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.06 | 95,843 | 0.13 | 0.80 | 0.06 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 98,842 | 0.26 | 0.79 | 0.03 | ||||||||||||||||||||||||||||||||||||
| (a) | Calculated using average shares outstanding. |
| (b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America. |
| (c) | Ratios are annualized and based on average daily net assets (000’s omitted) of $207,863, $157,860, $441,590, $493,951, $5,181 and $30,456 for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Government TaxAdvantage Portfolio and Tax-Free Cash Reserve Portfolio, respectively. |
49 Short-Term Investments Trust
Note 10-Subsequent Event
Effective June 1, 2016, the Board has approved a change in the advisory fee rate under the master investment advisory agreement for Tax-Free Cash Reserve Portfolio to an annual rate of 0.20% of the Fund’s average daily net assets.
In addition, effective June 1, 2016, the Adviser has contractually agreed, through at least December 31, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):
| Institutional Class |
Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
||||||||||||||||||||||
| Liquid Assets Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.38 | % | 0.21 | % | ||||||||||||||
| STIC Prime Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Treasury Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Government & Agency Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Government TaxAdvantage Portfolio |
0.18 | % | 0.43 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Tax-Free Cash Reserve Portfolio |
0.20 | % | 0.45 | % | 0.75 | % | 0.28 | % | 1.07 | % | 0.36 | % | 0.23 | % | ||||||||||||||
50 Short-Term Investments 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 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, 2015 through February 29, 2016.
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 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.
| Private Investment Class | Beginning Account Value (09/01/15) |
ACTUAL | HYPOTHETICAL (5% annual return before expenses) |
Annualized Expense Ratio |
||||||||||||||||||||
| Ending Account Value (02/29/16)1 |
Expenses Paid During Period2 |
Ending Account Value (02/29/16) |
Expenses Paid During Period2 |
|||||||||||||||||||||
|
Liquid Assets Portfolio |
$ | 1,000.00 | $ | 1,000.20 | $ | 1.74 | $ | 1,023.12 | $ | 1.76 | 0.35 | % | ||||||||||||
| STIC Prime Portfolio |
1,000.00 | 1,000.50 | 1.04 | 1,023.82 | 1.06 | 0.21 | ||||||||||||||||||
| Treasury Portfolio |
1,000.00 | 1,000.20 | 0.85 | 1,024.02 | 0.86 | 0.17 | ||||||||||||||||||
| Government & Agency Portfolio |
1,000.00 | 1,000.30 | 0.90 | 1,023.97 | 0.91 | 0.18 | ||||||||||||||||||
| Government TaxAdvantage Portfolio |
1,000.00 | 1,000.30 | 0.70 | 1,024.17 | 0.70 | 0.14 | ||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
1,000.00 | 1,000.00 | 0.25 | 1,024.61 | 0.25 | 0.05 | ||||||||||||||||||
| 1 | The actual ending account value is based on the actual total return of the Funds for the period September 1, 2015, through February 29, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on each Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
| 2 | Expenses are equal to each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year. |
51 Short-Term Investments Trust
Invesco mailing information
Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
Important notice regarding delivery of security holder documents
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
Fund holdings and proxy voting information
The Fund provides a complete list of its holdings four times in each fiscal year, at quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-Q filings on the SEC website, sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/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: 811-02729 and 002-58287 | CM-STIT-SAR-5 | Invesco Distributors, Inc. |
Fund Data
Reserve Class data as of 2/29/16
| FUND | WEIGHTED AVERAGE MATURITY |
WEIGHTED LIFE |
TOTAL NET ASSETS | |||||||||||||||||
| Range During Reporting Period |
At Reporting Period End |
At Reporting Period End |
||||||||||||||||||
| Liquid Assets | 14 - 42 days | 33 days | 52 days | $ | 130.7 million | |||||||||||||||
| STIC Prime | 7 - 19 days | 11 days | 13 days | 26.6 million | ||||||||||||||||
| Treasury | 29 - 54 days | 49 days | 113 days | 30.6 million | ||||||||||||||||
| Government & Agency | 24 - 52 days | 40 days | 115 days | 286.1 million | ||||||||||||||||
| Government TaxAdvantage | 25 - 58 days | 35 days | 55 days | 68.8 million | ||||||||||||||||
| Tax-Free Cash Reserve | 24 - 38 days | 29 days | 29 days | 30.1 million | ||||||||||||||||
Weighted average maturity (WAM) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes.
Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.
2 Short-Term Investments Trust
Letters to Shareholders
|
Bruce Crockett |
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 represent 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., 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 reasonable fee. As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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
|
Karen Dunn Kelley |
Dear Shareholders: Money market investors cheered in December when the US Federal Reserve raised the federal funds target rate after holding it near zero for seven years in the aftermath of the financial crisis. Moderate economic growth, improvement in employment and the need to remove “emergency accommodation” were the primary reasons for the Fed’s action. More rate hikes are expected, but at a slower pace than past Fed regimes. The money market fund industry in the US continued to move ahead with plans to adopt the new money market fund regulations announced in 2014, which are set to be fully implemented on October 14, 2016. Invesco, along with many in the industry, continues to focus on successfully meeting all reform requirements in a timely fashion. We will continue to keep you |
and all our valued money market fund investors informed about money market fund reform through public announcements as updates are available.
For more than 30 years, Invesco Global Liquidity has worked to gain and keep the trust of our investors through our deep industry knowledge and our investment expertise. Our primary goal through the money market fund reform process is to provide our investors with a full suite of liquidity management solutions to meet their investing needs with the least amount of disruption while remaining focused on our disciplined investment process. For Invesco Global Liquidity, safety is of paramount importance in the investment process for all our money market funds. Our conservative investment philosophy has always focused on providing safety, liquidity, and yield – in that order – to our money market fund investors.
Invesco Global Liquidity is dedicated to the future of this industry – and to yours. Thank you for investing with us.
Sincerely,
Karen Dunn Kelley
Senior Managing Director, Investments
3 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Commercial Paper–40.38%(a) |
|
|||||||||||||||
| Asset-Backed Securities — Consumer Receivables–3.51% | ||||||||||||||||
| Old Line Funding, LLC(b) |
0.65 | % | 04/18/2016 | $ | 43,000 | $ | 42,962,733 | |||||||||
| Old Line Funding, LLC(b) |
0.65 | % | 04/25/2016 | 66,000 | 65,934,458 | |||||||||||
| Old Line Funding, LLC(b) |
0.73 | % | 05/26/2016 | 190,000 | 189,668,662 | |||||||||||
| Old Line Funding, LLC(b) |
0.77 | % | 05/09/2016 | 85,000 | 84,874,554 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.64 | % | 05/18/2016 | 115,000 | 114,840,533 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.65 | % | 04/18/2016 | 95,000 | 94,917,667 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.65 | % | 04/18/2016 | 65,000 | 64,943,667 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.72 | % | 06/01/2016 | 91,000 | 90,832,560 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.77 | % | 05/12/2016 | 40,000 | 39,938,400 | |||||||||||
| 788,913,234 | ||||||||||||||||
| Asset-Backed Securities — Fully Supported–2.41% | ||||||||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 04/04/2016 | 75,000 | 74,956,083 | |||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 04/06/2016 | 148,000 | 147,908,240 | |||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 04/18/2016 | 33,000 | 32,972,720 | |||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 05/19/2016 | 100,000 | 99,863,945 | |||||||||||
| Kells Funding LLC (CEP–FMS Wertmanagement)(b)(c) |
0.60 | % | 04/20/2016 | 75,000 | 74,937,500 | |||||||||||
| Kells Funding LLC (CEP–FMS Wertmanagement)(b)(c) |
0.61 | % | 06/02/2016 | 110,000 | 109,826,658 | |||||||||||
| 540,465,146 | ||||||||||||||||
| Asset-Backed Securities — Fully Supported Bank–12.88% | ||||||||||||||||
| Anglesea Funding LLC (Multi-CEP’s)(b)(c)(d) |
0.70 | % | 07/06/2016 | 25,000 | 25,000,000 | |||||||||||
| Anglesea Funding LLC (Multi-CEP’s)(b)(c)(d) |
0.70 | % | 07/18/2016 | 133,000 | 133,000,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A)(b)(c)(d) |
0.61 | % | 07/07/2016 | 75,000 | 75,000,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.62 | % | 04/06/2016 | 50,000 | 49,969,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.63 | % | 05/11/2016 | 100,000 | 99,875,750 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.62 | % | 04/01/2016 | 49,000 | 48,973,839 | |||||||||||
| Bennington Stark Capital Co. (CEP–Societe Generale S.A.)(b)(c) |
0.67 | % | 04/01/2016 | 50,000 | 49,971,153 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.62 | % | 04/18/2016 | 50,000 | 49,958,667 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.66 | % | 05/03/2016 | 31,500 | 31,463,617 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.50 | % | 03/16/2016 | 48,000 | 47,990,000 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.63 | % | 04/04/2016 | 170,000 | 169,898,850 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.63 | % | 04/13/2016 | 66,000 | 65,950,335 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC)(d) |
0.68 | % | 07/14/2016 | 97,000 | 97,000,000 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC)(d) |
0.78 | % | 08/22/2016 | 73,000 | 73,000,000 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC) |
0.81 | % | 08/05/2016 | 100,000 | 99,646,750 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC) |
0.48 | % | 04/25/2016 | 100,000 | 99,926,667 | |||||||||||
| Collateralized Commercial Paper II Co., LLC (CEP–JPMorgan Securities LLC)(b) |
0.48 | % | 04/20/2016 | 100,000 | 99,933,333 | |||||||||||
| Collateralized Commercial Paper II Co., LLC (CEP–JPMorgan Securities LLC)(b)(d) |
0.63 | % | 03/01/2016 | 15,000 | 15,000,000 | |||||||||||
| Collateralized Commercial Paper II Co., LLC (CEP–JPMorgan Securities LLC)(b)(d) |
0.68 | % | 07/22/2016 | 60,000 | 60,000,000 | |||||||||||
| Crown Point Capital Co., LLC, Series A (Multi-CEP’s)(b)(c)(d) |
0.94 | % | 07/28/2016 | 50,000 | 50,000,000 | |||||||||||
| Gotham Funding Corp. (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(b)(c) |
0.60 | % | 05/25/2016 | 180,000 | 179,745,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Asset-Backed Securities — Fully Supported Bank–(continued) | ||||||||||||||||
| Institutional Secured Funding Ltd (Multi-CEP’s)(b)(c) |
0.60 | % | 03/08/2016 | $ | 21,000 | $ | 20,997,550 | |||||||||
| Institutional Secured Funding Ltd (Multi-CEP’s)(b)(c) |
0.70 | % | 04/21/2016 | 20,000 | 19,980,167 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.68 | % | 06/21/2016 | 44,000 | 43,906,915 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.62 | % | 04/11/2016 | 64,000 | 63,954,809 | |||||||||||
| LMA Americas LLC (CEP–Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.65 | % | 04/12/2016 | 105,000 | 104,920,375 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.50 | % | 04/04/2016 | 62,500 | 62,470,486 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.54 | % | 03/14/2016 | 50,359 | 50,349,180 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.52 | % | 03/08/2016 | 49,595 | 49,589,985 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.67 | % | 04/13/2016 | 35,500 | 35,471,590 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.67 | % | 04/14/2016 | 22,000 | 21,981,985 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.67 | % | 04/18/2016 | 36,000 | 35,967,840 | |||||||||||
| Matchpoint Finance PLC (CEP–BNP Paribas S.A)(b)(c) |
0.45 | % | 03/01/2016 | 70,000 | 70,000,000 | |||||||||||
| Mountcliff Funding LLC (Multi-CEP’s)(b)(c) |
0.63 | % | 04/04/2016 | 59,000 | 58,964,895 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.37 | % | 03/04/2016 | 135,000 | 134,995,838 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/30/2016 | 76,106 | 76,079,637 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/21/2016 | 100,000 | 99,976,111 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/29/2016 | 120,000 | 119,959,866 | |||||||||||
| Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c) |
0.62 | % | 04/26/2016 | 75,000 | 74,927,667 | |||||||||||
| Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)(d) |
0.78 | % | 07/06/2016 | 25,000 | 25,000,000 | |||||||||||
| Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)(d) |
0.78 | % | 07/07/2016 | 99,750 | 99,750,000 | |||||||||||
| 2,890,547,857 | ||||||||||||||||
| Asset-Backed Securities — Multi-Purpose–1.97% | ||||||||||||||||
| CHARTA, LLC(b) |
0.83 | % | 07/06/2016 | 66,000 | 65,806,748 | |||||||||||
| CRC Funding, LLC(b) |
0.45 | % | 03/23/2016 | 25,000 | 24,993,125 | |||||||||||
| CRC Funding, LLC(b) |
0.45 | % | 03/24/2016 | 50,000 | 49,985,625 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.60 | % | 04/05/2016 | 35,000 | 34,979,583 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.52 | % | 04/07/2016 | 65,000 | 64,965,261 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.60 | % | 04/29/2016 | 72,000 | 71,929,200 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.47 | % | 03/09/2016 | 28,750 | 28,746,997 | |||||||||||
| Versailles Commercial Paper LLC(b)(d) |
0.58 | % | 10/14/2016 | 100,000 | 100,000,000 | |||||||||||
| 441,406,539 | ||||||||||||||||
| Consumer Finance–0.44% | ||||||||||||||||
| Toyota Motor Credit Corp.(c) |
0.71 | % | 08/10/2016 | 100,000 | 99,680,500 | |||||||||||
| Diversified Banks–10.23% | ||||||||||||||||
| ANZ New Zealand Int’l Ltd.(b)(c) |
0.33 | % | 03/18/2016 | 144,150 | 144,127,537 | |||||||||||
| BNP Paribas S.A.(c) |
0.38 | % | 03/03/2016 | 250,000 | 249,994,722 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.78 | % | 08/22/2016 | 73,000 | 73,000,000 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.56 | % | 05/13/2016 | 20,000 | 19,999,544 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.56 | % | 05/20/2016 | 50,000 | 50,000,000 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.57 | % | 05/19/2016 | 46,000 | 45,999,106 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.58 | % | 05/26/2016 | 40,000 | 39,995,713 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.60 | % | 03/07/2016 | 40,000 | 40,000,000 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.60 | % | 03/04/2016 | 28,000 | 28,000,000 | |||||||||||
| Credit Agricole Corporate & Investment Bank(c) |
0.30 | % | 03/01/2016 | 65,000 | 65,000,000 | |||||||||||
| ING (US) Funding LLC(c) |
0.60 | % | 04/01/2016 | 32,300 | 32,283,312 | |||||||||||
| ING (US) Funding LLC(c) |
0.61 | % | 04/05/2016 | 70,000 | 69,958,486 | |||||||||||
| ING (US) Funding LLC(c) |
0.61 | % | 04/12/2016 | 110,000 | 109,921,717 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Diversified Banks–(continued) | ||||||||||||||||
| ING (US) Funding LLC(c) |
0.67 | % | 06/01/2016 | $ | 135,000 | $ | 134,769,655 | |||||||||
| ING (US) Funding LLC(c) |
0.67 | % | 06/13/2016 | 90,000 | 89,825,800 | |||||||||||
| Mizuho Bank Ltd.(b)(c) |
0.61 | % | 05/23/2016 | 150,000 | 149,789,041 | |||||||||||
| Natixis(c) |
0.65 | % | 04/06/2016 | 300,000 | 299,805,000 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.62 | % | 04/18/2016 | 100,000 | 99,917,333 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.70 | % | 05/27/2016 | 145,000 | 144,754,708 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.42 | % | 03/01/2016 | 109,000 | 109,000,000 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.50 | % | 03/21/2016 | 140,000 | 139,961,111 | |||||||||||
| Swedbank AB(c) |
0.36 | % | 03/07/2016 | 70,000 | 69,995,800 | |||||||||||
| Westpac Banking Corp.(b)(c)(d) |
0.74 | % | 08/08/2016 | 91,000 | 91,000,000 | |||||||||||
| 2,297,098,585 | ||||||||||||||||
| Integrated Oil & Gas–0.53% | ||||||||||||||||
| Exxon Mobil Corp. |
0.46 | % | 03/15/2016 | 120,000 | 119,978,533 | |||||||||||
| Regional Banks–4.75% | ||||||||||||||||
| ASB Finance Ltd.(b) |
0.33 | % | 03/04/2016 | 100,000 | 99,997,292 | |||||||||||
| Banque et Caisse d’Epargne de l’Etat(c) |
0.51 | % | 04/01/2016 | 30,000 | 29,986,825 | |||||||||||
| BNZ International Funding Ltd.(b)(c) |
0.46 | % | 04/22/2016 | 61,300 | 61,259,270 | |||||||||||
| Danske Corp.(b)(c) |
0.55 | % | 05/02/2016 | 95,000 | 94,910,014 | |||||||||||
| Danske Corp.(b)(c) |
0.62 | % | 05/02/2016 | 50,000 | 49,947,042 | |||||||||||
| Danske Corp.(b)(c) |
0.62 | % | 05/03/2016 | 100,000 | 99,892,375 | |||||||||||
| HSBC Bank PLC(b)(c) |
0.82 | % | 08/09/2016 | 100,000 | 99,635,514 | |||||||||||
| HSBC Bank PLC(b)(c)(d) |
0.83 | % | 09/06/2016 | 85,000 | 85,000,000 | |||||||||||
| Landesbank Hessen-Thueringen Girozentrale(b)(c) |
0.52 | % | 03/14/2016 | 145,000 | 144,972,772 | |||||||||||
| Macquarie Bank Ltd.(b)(c) |
0.62 | % | 05/10/2016 | 84,500 | 84,398,130 | |||||||||||
| Macquarie Bank Ltd.(b)(c) |
0.64 | % | 05/03/2016 | 18,250 | 18,229,560 | |||||||||||
| Macquarie Bank Ltd.(b)(c) |
0.75 | % | 06/29/2016 | 145,000 | 144,637,500 | |||||||||||
| Mitsubishi UFJ Trust & Banking Corp.(c) |
0.67 | % | 04/19/2016 | 52,950 | 52,901,713 | |||||||||||
| 1,065,768,007 | ||||||||||||||||
| Specialized Finance–3.21% | ||||||||||||||||
| Caisse des Depots et Consignations(b)(c) |
0.59 | % | 05/25/2016 | 178,400 | 178,151,479 | |||||||||||
| Caisse des Depots et Consignations(b)(c) |
0.40 | % | 03/03/2016 | 100,000 | 99,997,778 | |||||||||||
| CDP Financial Inc.(b)(c) |
0.59 | % | 04/20/2016 | 85,000 | 84,930,347 | |||||||||||
| CDP Financial Inc.(b)(c) |
0.39 | % | 03/01/2016 | 40,000 | 40,000,000 | |||||||||||
| KfW(b)(c) |
0.29 | % | 03/01/2016 | 20,000 | 20,000,000 | |||||||||||
| Nederlandse Waterschapsbank N.V.(b)(c) |
0.58 | % | 04/13/2016 | 65,000 | 64,954,969 | |||||||||||
| Nederlandse Waterschapsbank N.V.(b)(c) |
0.59 | % | 05/11/2016 | 72,000 | 71,916,220 | |||||||||||
| Nederlandse Waterschapsbank N.V.(b)(c) |
0.35 | % | 03/14/2016 | 159,700 | 159,679,816 | |||||||||||
| 719,630,609 | ||||||||||||||||
| Thrifts & Mortgage Finance–0.45% | ||||||||||||||||
| Nationwide Building Society(b)(c) |
0.62 | % | 05/18/2016 | 100,000 | 99,865,667 | |||||||||||
| Total Commercial Paper (Cost $9,063,354,677) |
9,063,354,677 | |||||||||||||||
| Certificates of Deposit–30.66% |
||||||||||||||||
| Bank of Montreal(c) |
0.58 | % | 04/08/2016 | 48,750 | 48,753,078 | |||||||||||
| Bank of Montreal(c)(d) |
0.79 | % | 11/10/2016 | 200,000 | 200,000,000 | |||||||||||
| Bank of Montreal(c) |
0.44 | % | 03/22/2016 | 59,400 | 59,400,000 | |||||||||||
| Bank of Nova Scotia(c) |
0.43 | % | 04/01/2016 | 111,000 | 111,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Bank of Nova Scotia(c)(d) |
0.57 | % | 03/09/2016 | $ | 56,000 | $ | 56,000,000 | |||||||||
| Bank of Nova Scotia(c)(d) |
0.78 | % | 09/09/2016 | 100,000 | 100,000,000 | |||||||||||
| Bank of Nova Scotia(c)(d) |
0.79 | % | 09/30/2016 | 120,100 | 120,100,000 | |||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(c) |
0.37 | % | 03/03/2016 | 355,000 | 355,000,000 | |||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(c) |
0.37 | % | 03/07/2016 | 125,000 | 125,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(c) |
0.85 | % | 08/25/2016 | 65,000 | 65,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(c) |
0.28 | % | 03/01/2016 | 72,000 | 72,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(c) |
0.36 | % | 03/03/2016 | 340,000 | 340,000,000 | |||||||||||
| Citibank, N.A. |
0.82 | % | 08/12/2016 | 100,000 | 100,000,000 | |||||||||||
| Citibank, N.A. |
0.58 | % | 04/21/2016 | 185,000 | 185,000,000 | |||||||||||
| Citibank, N.A. |
0.65 | % | 05/23/2016 | 110,000 | 110,000,000 | |||||||||||
| Citibank, N.A. |
0.63 | % | 06/06/2016 | 95,000 | 95,000,000 | |||||||||||
| Credit Industriel et Commercial(c) |
0.37 | % | 03/02/2016 | 325,000 | 325,000,000 | |||||||||||
| Credit Industriel et Commercial(c) |
0.38 | % | 03/01/2016 | 160,000 | 160,000,000 | |||||||||||
| Dexia Credit Local S.A.(c)(d) |
0.58 | % | 03/23/2016 | 80,000 | 80,000,440 | |||||||||||
| Dexia Credit Local S.A.(c)(d) |
0.78 | % | 08/10/2016 | 100,000 | 100,000,000 | |||||||||||
| Dexia Credit Local S.A.(c)(d) |
0.58 | % | 03/24/2016 | 82,000 | 82,000,750 | |||||||||||
| DNB Bank ASA(c) |
0.28 | % | 03/01/2016 | 148,000 | 148,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.60 | % | 04/22/2016 | 110,000 | 110,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.44 | % | 03/07/2016 | 60,000 | 60,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.60 | % | 05/18/2016 | 100,000 | 100,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.66 | % | 06/06/2016 | 135,000 | 135,000,000 | |||||||||||
| KBC Bank N.V.(c) |
0.38 | % | 03/01/2016 | 215,000 | 215,000,000 | |||||||||||
| KBC Bank N.V.(c) |
0.38 | % | 03/03/2016 | 340,000 | 340,000,000 | |||||||||||
| Landesbank Hessen-Thueringen Girozentrale(c) |
0.51 | % | 03/11/2016 | 66,000 | 66,000,000 | |||||||||||
| Mitsubishi UFJ Trust & Banking Corp.(c) |
0.63 | % | 04/25/2016 | 185,000 | 185,000,000 | |||||||||||
| Mizuho Bank Ltd.(c) |
0.50 | % | 03/09/2016 | 95,000 | 95,001,679 | |||||||||||
| Mizuho Bank Ltd.(c) |
0.61 | % | 04/20/2016 | 50,000 | 50,000,000 | |||||||||||
| Mizuho Bank Ltd.(c) |
0.66 | % | 04/18/2016 | 200,000 | 200,000,000 | |||||||||||
| Nordea Bank Finland PLC(c) |
0.28 | % | 03/01/2016 | 106,000 | 106,000,000 | |||||||||||
| Royal Bank of Canada(c)(d) |
0.77 | % | 10/03/2016 | 300,000 | 300,000,000 | |||||||||||
| Skandinaviska Enskilda Banken AB(c) |
0.29 | % | 03/01/2016 | 198,000 | 198,000,000 | |||||||||||
| Societe Generale S.A.(c) |
0.62 | % | 05/05/2016 | 164,000 | 164,000,000 | |||||||||||
| Standard Chartered Bank(c)(d) |
0.63 | % | 03/08/2016 | 52,000 | 52,000,000 | |||||||||||
| Standard Chartered Bank(c) |
0.64 | % | 05/02/2016 | 100,000 | 100,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.65 | % | 03/14/2016 | 130,000 | 130,006,079 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.67 | % | 04/04/2016 | 63,000 | 63,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.67 | % | 04/19/2016 | 140,000 | 140,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.68 | % | 04/11/2016 | 100,000 | 100,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.70 | % | 04/28/2016 | 90,000 | 90,008,643 | |||||||||||
| Swedbank AB(c) |
0.36 | % | 03/03/2016 | 340,000 | 340,000,000 | |||||||||||
| Swedbank AB(c) |
0.37 | % | 03/01/2016 | 46,500 | 46,500,000 | |||||||||||
| Toronto-Dominion Bank (The)(c) |
0.46 | % | 04/29/2016 | 148,000 | 148,000,000 | |||||||||||
| Toronto-Dominion Bank (The)(c)(d) |
0.68 | % | 06/06/2016 | 50,000 | 50,000,000 | |||||||||||
| Toronto-Dominion Bank (The)(c)(d) |
0.68 | % | 08/17/2016 | 30,000 | 30,000,000 | |||||||||||
| UBS AG(c) |
0.68 | % | 05/31/2016 | 145,000 | 145,000,000 | |||||||||||
| UBS AG(c) |
0.85 | % | 08/05/2016 | 85,000 | 85,000,000 | |||||||||||
| Total Certificates of Deposit (Cost $6,880,770,669) |
6,880,770,669 | |||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Variable Rate Demand Notes–1.02%(e) |
||||||||||||||||
| Credit Enhanced–0.98% | ||||||||||||||||
| A Mining Group, LLC; Series 2006, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f) |
0.43 | % | 06/01/2029 | $ | 500 | $ | 500,000 | |||||||||
| Appleton (City of), Wisconsin (Great Northern Corp.); Series 2002 A, VRD IDR (LOC–Wells Fargo Bank, N.A.)(f) |
0.18 | % | 09/01/2019 | 2,785 | 2,785,000 | |||||||||||
| Atlanta (City of), Georgia Housing Authority (Villages of East Lake Phase II); Series 1999, VRD MFH RB (LOC–Bank of America, N.A.)(b)(f) |
0.14 | % | 01/01/2029 | 1,300 | 1,300,000 | |||||||||||
| Benjamin Rose Institute (The) (Kethley House); Series 2005, VRD Taxable Notes (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.43 | % | 12/01/2028 | 900 | 900,000 | |||||||||||
| Burnsville (City of), Minnesota (Bridgeway Apartments LP); Series 2003, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 10/15/2033 | 1,175 | 1,175,000 | |||||||||||
| Calcasieu (Parish of), Louisiana Public Trust Authority (WPT Corp.); Series 1997, VRD Solid Waste Disposal RB (LOC–Bank of America, N.A.)(f) |
0.08 | % | 12/01/2027 | 2,000 | 2,000,000 | |||||||||||
| Capital Markets Access Co. LC (SEUP Real Estate LLC); Series 2008, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f) |
0.41 | % | 07/01/2038 | 800 | 800,000 | |||||||||||
| Carson City (City of), Nevada (Carson-Tahoe Hospital); Series 2003 B, Hospital RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 09/01/2033 | 18,910 | 18,910,000 | |||||||||||
| Centerville (City of), Ohio (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 B, VRD Health Care RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 11/01/2040 | 6,300 | 6,300,000 | |||||||||||
| Chicago (City of), Illinois (Churchview Supportive Living Facility); Series 2003, VRD MFH RB (LOC–BMO Harris N.A.)(b)(f) |
0.10 | % | 03/01/2033 | 2,600 | 2,600,000 | |||||||||||
| Cleveland (City of) & Cuyahoga (County of), Ohio Port Authority (Carnegie/96th Research Building LLC); Series 2003, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 01/01/2033 | 22,390 | 22,390,000 | |||||||||||
| Columbus (City of), Ohio Regional Airport Authority (OASBO Expanded Asset Pooled Financing Program); Sr. Series 2004 A, VRD Capital Funding RB (LOC–U.S. Bank, N.A.)(f) |
0.02 | % | 03/01/2034 | 5,800 | 5,800,000 | |||||||||||
| Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 05/01/2036 | 1,915 | 1,915,000 | |||||||||||
| District of Columbia (The Pew Charitable Trusts); Series 2008 A, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 0/01/2038 | 12,890 | 12,890,000 | |||||||||||
| Fayette (County of), Pennsylvania Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 06/01/2037 | 2,380 | 2,380,000 | |||||||||||
| Gainesville (City of) & Hall (County of), Georgia Development Authority (Squirrel Creek Basin); Series 2002, Ref. VRD RB (LOC–Rabobank Nederland)(c)(f) |
0.10 | % | 08/01/2027 | 1,000 | 1,000,000 | |||||||||||
| Glendale Heights (Village of), Illinois (Glendale Lakes); Series 2000, Ref. VRD MFH RB (CEP–FHLMC) |
0.01 | % | 03/01/2030 | 1,110 | 1,110,000 | |||||||||||
| Hamilton (County of), Ohio (Elizabeth Gamble Deaconess Home Association); Series 2002 B, VRD Hospital Facilities RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 06/01/2027 | 8,500 | 8,500,000 | |||||||||||
| Heard (County of), Georgia Development Authority (Oglethorpe Power Corp. Wansley); Series 2009 A, VRD PCR (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.01 | % | 01/01/2038 | 2,300 | 2,300,000 | |||||||||||
| Illinois (State of) Finance Authority (Elmhurst College); Series 2007, VRD RB (LOC–BMO Harris N.A.)(f) |
0.01 | % | 02/01/2042 | 3,650 | 3,650,000 | |||||||||||
| Illinois (State of) Finance Authority (National-Louis University); Series 1999 B, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.01 | % | 06/01/2029 | 1,320 | 1,320,000 | |||||||||||
| Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC–Northern Trust Co.)(f) |
0.01 | % | 01/01/2037 | 3,450 | 3,450,000 | |||||||||||
| Illinois (State of) Housing Development Authority (Brainard Landings II Apartments); Series 2007, VRD MFH RB (LOC–U.S. Bank, N.A.)(f) |
0.03 | % | 05/01/2042 | 2,525 | 2,525,000 | |||||||||||
| Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 B, VRD MFH RB (LOC–FHLB of Indianapolis)(f) |
0.30 | % | 12/01/2039 | 735 | 735,000 | |||||||||||
| Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc.); Series 2008 G, Ref. VRD Health System RB (LOC–Wells Fargo Bank N.A.)(f) |
0.02 | % | 09/01/2048 | 9,565 | 9,565,000 | |||||||||||
| Kansas (State of) Development Finance Authority (Chesapeake Apartments JV GP LLC); Series 2000 M, Ref. VRD MFH RB (CEP–FHLMC) |
0.01 | % | 07/01/2030 | 600 | 600,000 | |||||||||||
| Luzerne (County of), Pennsylvania Convention Center Authority; Series 1998 A, VRD Hotel Room Rental Tax RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 09/01/2028 | 4,700 | 4,700,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Credit Enhanced–(continued) | ||||||||||||||||
| Massachusetts (State of) Development Finance Agency (Milton Academy); Series 2009 B, VRD Taxable RB (LOC–TD Bank, N.A.)(f) |
0.38 | % | 03/01/2039 | $ | 1,900 | $ | 1,900,000 | |||||||||
| Massachusetts (State of) Health & Educational Facilities Authority (Harrington Memorial Hospital, Inc.); Series 2008 A, VRD RB (LOC–TD Bank, N.A.)(f) |
0.01 | % | 07/01/2038 | 3,100 | 3,100,000 | |||||||||||
| Milwaukee (City of), Wisconsin Redevelopment Authority (University of Wisconsin-Milwaukee Kenilworth); Series 2005, VRD Lease RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 09/01/2040 | 5,515 | 5,515,000 | |||||||||||
| Minnetonka (City of), Minnesota (Minnesota Hills Apartments); Series 2001, Ref. VRD MFH RB (CEP–FNMA) |
0.02 | % | 11/15/2031 | 4,000 | 4,000,000 | |||||||||||
| Mississippi (State of) Business Finance Corp. (CPX Gulfport ES OPAG, LLC); Series 2007 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.01 | % | 04/01/2037 | 6,800 | 6,800,000 | |||||||||||
| Mississippi (State of) Business Finance Corp. (CPX Gulfport OPAG, LLC); Series 2007 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.01 | % | 04/01/2037 | 1,500 | 1,500,000 | |||||||||||
| Montgomery (County of), Pennsylvania Industrial Development Authority (Friends’ Central School Corp.); Series 2002, VRD School RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.02 | % | 03/01/2032 | 1,005 | 1,005,000 | |||||||||||
| New Jersey (State of) Economic Development Authority (Job Haines Home for Aged People); Series 1998, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 02/01/2028 | 620 | 620,000 | |||||||||||
| Oregon (State of) Housing & Community Services Department (Redwood Park Apartments LLC); Series 2005 F, VRD Housing Development RB (CEP–FNMA) |
0.03 | % | 10/15/2038 | 4,000 | 4,000,000 | |||||||||||
| Palm Beach (County of), Florida Housing Finance Authority (Azalea Place Apartments); Series 1999 A, VRD MFH RB (CEP–FHLMC)(b) |
0.03 | % | 12/01/2032 | 4,606 | 4,606,000 | |||||||||||
| S&L Capital, LLC (J&L Development of Holland, LLC); Series 2005 A, VRD Taxable Notes (LOC–FHLB of Indianapolis)(f) |
0.48 | % | 07/01/2040 | 1,970 | 1,970,000 | |||||||||||
| Shelby (County of), Tennessee Health, Educational & Housing Facility Board (Providence Place Apartments); Series 2007, Ref. VRD MFH RB (CEP–FNMA) |
0.02 | % | 12/15/2042 | 500 | 500,000 | |||||||||||
| Sierra Vista (City of), Arizona Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 06/15/2031 | 3,345 | 3,345,000 | |||||||||||
| Southeast Texas Housing Finance Corp. (Mansions at Moses Lake Apartments); Series 2008, VRD MFH RB (CEP–FHLMC) |
0.03 | % | 06/01/2041 | 7,090 | 7,090,000 | |||||||||||
| St. Charles (County of), Missouri Industrial Development Authority (Westchester Village Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 04/15/2027 | 5,600 | 5,600,000 | |||||||||||
| St. Joseph (City of), Missouri Industrial Development Authority (Heartland Regional Medical Center); Series 2009 A, VRD Health Facilities RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 11/15/2043 | 14,950 | 14,950,000 | |||||||||||
| St. Louis (County of), Missouri Industrial Development Authority (Sugar Pines Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 04/15/2027 | 7,870 | 7,870,000 | |||||||||||
| Texas (State of) Department of Housing & Community Affairs (Champions Crossing Apartments); Series 2006, Ref. VRD MFH Mortgage RB (CEP–FNMA)(b) |
0.03 | % | 09/15/2036 | 4,475 | 4,475,000 | |||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (Norwich University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(f) |
0.01 | % | 09/01/2038 | 5,125 | 5,125,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Inglenook Court); Series 1995, VRD MFH Mortgage RB (CEP–FHLMC) |
0.03 | % | 07/01/2025 | 8,300 | 8,300,000 | |||||||||||
| Westmoreland (County of), Pennsylvania Industrial Development Authority (Excela Health); Series 2005 A, VRD Health System RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 07/01/2027 | 1,500 | 1,500,000 | |||||||||||
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital); Series 2004, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.01 | % | 08/15/2034 | 5,105 | 5,105,000 | |||||||||||
| 220,976,000 | ||||||||||||||||
| Other Variable Rate Demand Notes–0.04% | ||||||||||||||||
| Federal Home Loan Mortgage Corp., Series M028, Class A, VRD MFH Ctfs. |
0.03 | % | 09/15/2024 | 8,480 | 8,480,000 | |||||||||||
| Total Variable Rate Demand Notes (Cost $229,456,000) |
229,456,000 | |||||||||||||||
| Other Bonds & Notes–3.66% |
||||||||||||||||
| Bank of Nova Scotia, Sr. Unsec. Notes(c) |
2.90 | % | 03/29/2016 | 40,000 | 40,073,515 | |||||||||||
| GE Capital International Funding Co., Sr. Unsec. Gtd. Notes(b) |
0.96 | % | 04/15/2016 | 97,236 | 97,291,775 | |||||||||||
| New York Life Global Funding, Sec. Floating Rate Notes(b)(d) |
0.67 | % | 08/05/2016 | 73,000 | 73,000,033 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Wells Fargo Bank, N.A., |
||||||||||||||||
| Sr. Unsec. Medium-Term Floating Rate Notes(d) |
0.68 | % | 10/19/2016 | $ | 235,000 | $ | 235,000,000 | |||||||||
| Unsec. Medium-Term Floating Rate Notes(d) |
0.74 | % | 10/29/2016 | 225,000 | 225,000,000 | |||||||||||
| Westpac Banking Corp., Sr. Unsec. Floating Rate Notes(b)(c)(d) |
0.87 | % | 11/07/2016 | 150,000 | 150,000,000 | |||||||||||
| Total Other Bonds & Notes (Cost $820,365,323) |
820,365,323 | |||||||||||||||
| U.S. Treasury Securities–0.67%(a) |
||||||||||||||||
| U.S. Treasury Bills (Cost $149,636,000) |
0.49 | % | 09/01/2016 | 150,000,000 | 149,636,000 | |||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)–76.39% (Cost $17,143,582,669) |
17,143,582,669 | |||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–24.33%(g) |
||||||||||||||||
| Bank of Nova Scotia (The), agreement dated 02/29/2016, maturing value of $200,001,778 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $204,000,000; 0.90%-5.00%, 04/25/2017-01/01/2046) |
0.32 | % | 03/01/2016 | 200,001,778 | 200,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint agreement dated 02/29/2016, aggregate maturing value of $250,002,153 (collateralized by U.S. government sponsored agency obligations valued at $255,000,425; 0%-6.25%, 03/08/2017-01/15/2030) |
0.31 | % | 03/01/2016 | 125,001,077 | 125,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint agreement dated 02/29/2016, aggregate maturing value of $400,003,333 (collateralized by U.S. Treasury obligations valued at $408,000,044; 1.63%-2.25%, 06/30/2019-11/15/2025) |
0.30 | % | 03/01/2016 | 158,739,106 | 158,737,783 | |||||||||||
| Citigroup Global Markets Inc., term agreement dated 12/03/2015, maturing value of $60,596,167 (collateralized by domestic and foreign non-agency asset-backed securities valued at $66,000,000; 0%-1.05%, 04/01/2030-11/19/2051) |
0.98 | % | 12/02/2016 | 60,596,167 | 60,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, agreement dated 02/29/2016, maturing value of $200,001,778 (collateralized by domestic agency mortgage-backed securities valued at $204,000,000; 3.50%-4.50%, 05/20/2045-02/01/2046) |
0.32 | % | 03/01/2016 | 200,001,778 | 200,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, joint agreement dated 02/29/2016, aggregate maturing value of $600,005,000 (collateralized by U.S. Treasury obligations valued at $612,000,064; 2.63%-3.63%, 08/15/2020-08/15/2043) |
0.30 | % | 03/01/2016 | 93,000,775 | 93,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, open agreement dated 10/07/2015, (collateralized by domestic non-agency mortgage-backed securities valued at $456,502,402; 1.59%-6.00%, 07/27/2037-12/25/2065)(c)(h) |
0.98 | % | — | — | 415,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/23/2016, maturing value of $135,013,913 (collateralized by domestic and foreign non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $141,754,333; 0%-7.14%, 03/22/2017-04/10/2049)(c)(i) |
0.53 | % | 03/01/2016 | 135,013,913 | 135,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/23/2016, maturing value of $75,009,188 (collateralized by domestic and foreign corporate obligations valued at $82,501,090; 0%-10.00%, 02/25/2018-10/29/2049)(c)(i) |
0.63 | % | 03/01/2016 | 75,009,188 | 75,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/24/2016, maturing value of $165,020,213 (collateralized by domestic non-agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $181,503,082; 0%-3.82%, 03/15/2017-03/31/2045)(c)(i) |
0.63 | % | 03/02/2016 | 165,020,213 | 165,000,000 | |||||||||||
| ING Financial Markets, LLC, agreement dated 02/29/2016, maturing value $75,001,063 (collateralized by domestic and foreign corporate obligations valued at $82,211,752; 1.95%-10.50%, 03/15/2018-03/15/2038)(c) |
0.51 | % | 03/01/2016 | 75,001,063 | 75,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., agreement dated 02/29/2016, maturing value of $100,000,889 (collateralized by domestic agency mortgage-backed securities valued at $102,000,001; 0%-4.00%, 01/01/2034-02/01/2046) |
0.32 | % | 03/01/2016 | 100,000,889 | 100,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., joint agreement dated 02/29/2016, aggregate maturing value of $950,007,917 (collateralized by U.S. Treasury obligations valued at $969,000,085; 0.43%-4.50%, 09/30/2016-02/15/2036) |
0.30 | % | 03/01/2016 | 656,057,629 | 656,052,162 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/26/2016, maturing value of $348,452,400 (collateralized by domestic agency mortgage-backed securities, a domestic non-agency mortgage-backed security, a domestic non-agency asset-backed security and municipal obligations valued at $361,340,310; 0%-11.08%, 06/15/2016-04/25/2055)(i) |
0.78 | % | 04/26/2016 | 348,452,400 | 348,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Repurchase Amount |
Value | |||||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/29/2016, maturing value of $350,316,458 (collateralized by U.S. government sponsored agency obligations, a domestic agency mortgage-backed security, domestic non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities and domestic and foreign corporate obligations valued at $370,590,324; 0%-11.08%, 10/06/2016-06/05/2115) |
0.93 | % | 04/04/2016 | $ | 350,316,458 | $ | 350,000,000 | |||||||||
| Mitsubishi UFJ Securities (USA) Inc., agreement dated 02/29/2016, maturing value of $200,001,778 (collateralized by domestic agency mortgage-backed securities valued at $204,000,000; 0.75%-8.00%, 09/01/2023-01/20/2066) |
0.32 | % | 03/01/2016 | 200,001,778 | 200,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 02/23/2016, maturing value of $150,015,458 (collateralized by U.S. government sponsored agency obligations and domestic agency mortgage-backed securities valued at $153,000,000; 0%-15.63%, 02/01/2028-09/20/2063)(c)(i) |
0.53 | % | 03/01/2016 | 150,015,458 | 150,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 02/26/2016, maturing value of $180,094,400 (collateralized by U.S. government sponsored agency obligations, domestic agency mortgage-backed securities and domestic and foreign corporate obligations valued at $184,804,920; 0.80%-49.49%, 06/01/2017-09/20/2063)(c)(i) |
0.59 | % | 03/29/2016 | 180,094,400 | 180,000,000 | |||||||||||
| Societe Generale, agreement dated 02/29/2016, maturing value of $150,001,500 (collateralized by domestic agency mortgage-backed securities and a U.S. government sponsored agency obligation valued at $153,000,000; 0.87%-6.50%, 05/01/2018-01/20/2062) |
0.36 | % | 03/01/2016 | 150,001,500 | 150,000,000 | |||||||||||
| TD Securities (USA) LLC, joint agreement dated 02/29/2016, aggregate maturing value of $600,005,000 (collateralized by U.S. Treasury obligations valued at $612,000,050; 0%-9.00%, 03/03/2016-05/15/2045) |
0.30 | % | 03/01/2016 | 500,004,167 | 500,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $100,001,056 (collateralized by domestic corporate obligations valued at $105,000,001; 0%-2.00%, 03/01/2016-01/24/2028) |
0.38 | % | 03/01/2016 | 100,001,056 | 100,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $500,004,583 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.50%-3.50%, 04/01/2030-09/01/2045) |
0.33 | % | 03/01/2016 | 500,004,583 | 500,000,000 | |||||||||||
| Wells Fargo Securities, LLC, joint agreement dated 02/29/2016, aggregate maturing value of $550,005,042 (collateralized by U.S. government sponsored agency obligations valued at $561,000,000; 0.64%-4.00%, 07/15/2021-03/25/2055) |
0.33 | % | 03/01/2016 | 349,738,534 | 349,735,328 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/26/2016, maturing value of $175,017,354 (collateralized by U.S. government sponsored agency obligations, domestic corporate obligations and sovereign debt valued at $179,495,120; 0%-10.13%, 03/01/2016-01/21/2045)(i) |
0.51 | % | 03/04/2016 | 175,017,354 | 175,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $5,460,525,273) |
5,460,525,273 | |||||||||||||||
| TOTAL INVESTMENTS(j)(k)–100.72% (Cost $22,604,107,942) |
22,604,107,942 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(0.72)% |
(160,487,731 | ) | ||||||||||||||
| NET ASSETS–100.00% |
$ | 22,443,620,211 | ||||||||||||||
Investment Abbreviations:
| CEP | – Credit Enhancement Provider | |
| Ctfs. | – Certificates | |
| FHLB | – Federal Home Loan Bank | |
| FHLMC | – Federal Home Loan Mortgage Corp. | |
| FNMA | – Federal National Mortgage Association | |
| Gtd. | – Guaranteed | |
| IDR | – Industrial Development Revenue Bonds | |
| LOC | – Letter of Credit | |
| MFH | – Multi-Family Housing | |
| PCR | – Pollution Control Revenue Bonds | |
| RB | – Revenue Bonds | |
| Ref. | – Refunding | |
| Sec. | – Secured | |
| Sr. | – Senior | |
| Unsec. | – Unsecured | |
| VRD | – Variable Rate Demand |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 Short-Term Investments Trust
Liquid Assets Portfolio
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, 2016 was $7,237,690,536, which represented 32.25% 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: France: 11.8%; Canada: 10.3%; Japan: 10.1%; United Kingdom: 8.4%; other countries less than 5% each: 26.9%. |
| (d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (e) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (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) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (i) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (j) | Also represents cost for federal income tax purposes. |
| (k) | 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 issuers obligations. No concentration of any single entity was greater than 5% each. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
38.6 | % | ||
| 8-30 |
8.6 | |||
| 31-60 |
21.7 | |||
| 61-90 |
11.5 | |||
| 91-180 |
12.7 | |||
| 181+ |
6.9 |
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| STIC Prime Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Commercial Paper–49.74%(a) |
|
|||||||||||||||
| Asset-Backed Securities — Fully Supported–2.93% | ||||||||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.47 | % | 04/05/2016 | $ | 30,000 | $ | 29,986,292 | |||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.48 | % | 04/12/2016 | 25,000 | 24,986,000 | |||||||||||
| Kells Funding LLC (CEP–FMS Wertmanagement)(b)(c) |
0.42 | % | 03/03/2016 | 25,000 | 24,999,416 | |||||||||||
| 79,971,708 | ||||||||||||||||
| Asset-Backed Securities — Fully Supported Bank–22.85% | ||||||||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.50 | % | 04/07/2016 | 25,000 | 24,987,153 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c)(d) |
0.61 | % | 07/06/2016 | 77,000 | 77,000,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c)(d) |
0.61 | % | 07/05/2016 | 10,000 | 10,000,000 | |||||||||||
| Cancara Asset Securitisation LLC (CEP–Lloyds Bank PLC)(b) |
0.52 | % | 03/07/2016 | 50,000 | 49,995,667 | |||||||||||
| Gotham Funding Corp. (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(b)(c) |
0.53 | % | 03/15/2016 | 40,000 | 39,991,756 | |||||||||||
| Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) |
0.60 | % | 03/07/2016 | 12,000 | 11,998,800 | |||||||||||
| Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) |
0.60 | % | 03/01/2016 | 25,000 | 25,000,000 | |||||||||||
| Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) |
0.61 | % | 03/21/2016 | 32,943 | 32,931,836 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.48 | % | 04/22/2016 | 40,000 | 39,972,267 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.52 | % | 03/11/2016 | 50,000 | 49,992,778 | |||||||||||
| Manhattan Asset Funding Co., LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.48 | % | 03/24/2016 | 37,500 | 37,488,500 | |||||||||||
| Matchpoint Finance PLC, Series A (CEP–BNP Paribas S.A.)(b)(c) |
0.45 | % | 03/01/2016 | 100,000 | 100,000,000 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/14/2016 | 13,000 | 12,997,981 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/21/2016 | 80,000 | 79,980,889 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/29/2016 | 10,000 | 9,996,655 | |||||||||||
| Working Capital Management Co. (CEP–Mizuho Bank, Ltd.)(b)(c) |
0.51 | % | 04/18/2016 | 22,520 | 22,504,686 | |||||||||||
| 624,838,968 | ||||||||||||||||
| Asset-Backed Securities — Multi-Purpose–2.74% | ||||||||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.45 | % | 04/18/2016 | 25,000 | 24,985,000 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.47 | % | 03/09/2016 | 50,000 | 49,994,778 | |||||||||||
| 74,979,778 | ||||||||||||||||
| Diversified Banks–5.49% | ||||||||||||||||
| DBS Bank Ltd.(b)(c) |
0.45 | % | 03/18/2016 | 115,000 | 114,975,563 | |||||||||||
| Swedbank AB(b) |
0.36 | % | 03/07/2016 | 35,000 | 34,997,900 | |||||||||||
| 149,973,463 | ||||||||||||||||
| Integrated Oil & Gas–1.83% | ||||||||||||||||
| Chevron Corp.(c) |
0.43 | % | 04/01/2016 | 9,500 | 9,496,482 | |||||||||||
| Exxon Mobil Corp. |
0.46 | % | 03/15/2016 | 17,000 | 16,996,959 | |||||||||||
| Total Capital Canada Ltd.(b)(c) |
0.43 | % | 03/21/2016 | 23,500 | 23,494,386 | |||||||||||
| 49,987,827 | ||||||||||||||||
| Life & Health Insurance–3.15% | ||||||||||||||||
| MetLife Short Term Funding LLC(c) |
0.41 | % | 03/02/2016 | 76,120 | 76,119,133 | |||||||||||
| MetLife Short Term Funding LLC(c) |
0.42 | % | 03/04/2016 | 10,000 | 9,999,650 | |||||||||||
| 86,118,783 | ||||||||||||||||
| Regional Banks–8.01% | ||||||||||||||||
| Banque et Caisse d’Epargne de l’Etat(b) |
0.45 | % | 03/18/2016 | 79,000 | 78,983,213 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 Short-Term Investments Trust
| STIC Prime Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Regional Banks–(continued) | ||||||||||||||||
| Banque et Caisse d’Epargne de l’Etat(b) |
0.45 | % | 03/23/2016 | $ | 40,000 | $ | 39,989,000 | |||||||||
| Landesbank Hessen-Thueringen Girozentrale(b)(c) |
0.45 | % | 04/18/2016 | 100,000 | 99,940,000 | |||||||||||
| 218,912,213 | ||||||||||||||||
| Specialized Finance–2.74% | ||||||||||||||||
| CDP Financial Inc.(b)(c) |
0.50 | % | 03/01/2016 | 75,000 | 75,000,000 | |||||||||||
| Total Commercial Paper (Cost $1,359,782,740) |
1,359,782,740 | |||||||||||||||
| Certificates of Deposit–29.65% |
||||||||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(b) |
0.37 | % | 03/03/2016 | 20,000 | 20,000,000 | |||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(b) |
0.37 | % | 03/07/2016 | 45,000 | 45,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(b) |
0.28 | % | 03/01/2016 | 25,000 | 25,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(b) |
0.36 | % | 03/03/2016 | 40,000 | 40,000,000 | |||||||||||
| Credit Industriel et Commercial(b) |
0.37 | % | 03/02/2016 | 40,000 | 40,000,000 | |||||||||||
| Credit Industriel et Commercial(b) |
0.38 | % | 03/01/2016 | 20,000 | 20,000,000 | |||||||||||
| DNB Bank ASA(b) |
0.28 | % | 03/01/2016 | 137,000 | 137,000,000 | |||||||||||
| KBC Bank N.V.(b) |
0.38 | % | 03/01/2016 | 30,000 | 30,000,000 | |||||||||||
| KBC Bank N.V.(b) |
0.38 | % | 03/03/2016 | 40,000 | 40,000,000 | |||||||||||
| Nordea Bank Finland PLC(b) |
0.28 | % | 03/01/2016 | 137,000 | 137,000,000 | |||||||||||
| Oversea-Chinese Banking Corp. Ltd.(b) |
0.48 | % | 04/08/2016 | 50,000 | 50,000,000 | |||||||||||
| Oversea-Chinese Banking Corp. Ltd.(b) |
0.50 | % | 03/17/2016 | 49,750 | 49,750,000 | |||||||||||
| Skandinaviska Enskilda Banken AB(b) |
0.29 | % | 03/01/2016 | 137,000 | 137,000,000 | |||||||||||
| Swedbank AB(b) |
0.36 | % | 03/03/2016 | 40,000 | 40,000,000 | |||||||||||
| Total Certificates of Deposit (Cost $810,750,000) |
|
810,750,000 | ||||||||||||||
| Variable Rate Demand Notes–3.21%(e) |
||||||||||||||||
| Credit Enhanced–3.21% | ||||||||||||||||
| A Mining Group, LLC; Series 2006, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f) |
0.43 | % | 06/01/2029 | 2,095 | 2,095,000 | |||||||||||
| Benjamin Rose Institute (The) (Kethley House); Series 2005, VRD Taxable Notes (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.43 | % | 12/01/2028 | 2,200 | 2,200,000 | |||||||||||
| Centerville (City of), Ohio (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 B, VRD Health Care RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 11/01/2040 | 5,800 | 5,800,000 | |||||||||||
| Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 05/01/2036 | 4,335 | 4,335,000 | |||||||||||
| Grand Valley State University Board of Trustees; Series 2008 B, Ref. VRD General RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 06/01/2019 | 7,155 | 7,155,000 | |||||||||||
| Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc.); Series 2008 G, Ref. VRD Health System RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.02 | % | 09/01/2048 | 1,510 | 1,510,000 | |||||||||||
| Jets Stadium Development, LLC; Series 2007 A-4C, Project RB (LOC–Sumitomo Mitsui Banking Corp.)(b)(c)(f) |
0.38 | % | 04/01/2047 | 51,400 | 51,400,000 | |||||||||||
| Mississippi (State of) Business Finance Corp. (CPX Gulfport ES OPAG, LLC); Series 2007 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.01 | % | 04/01/2037 | 5,500 | 5,500,000 | |||||||||||
| Montgomery (County of), Pennsylvania Redevelopment Authority (Forge Gate Apartments); Series 2001 A, VRD MFH RB (CEP–FNMA) |
0.01 | % | 08/15/2031 | 700 | 700,000 | |||||||||||
| Oregon (State of) Housing & Community Services Department (Redwood Park Apartments LLC); Series 2005 F, VRD Housing Development RB (CEP–FNMA) |
0.03 | % | 10/15/2038 | 1,600 | 1,600,000 | |||||||||||
| St. Louis (County of), Missouri Industrial Development Authority (Westport Station Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 04/15/2027 | 2,600 | 2,600,000 | |||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (Norwich University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(f) |
0.01 | % | 09/01/2038 | 2,825 | 2,825,000 | |||||||||||
| Total Variable Rate Demand Notes (Cost $87,720,000) |
|
87,720,000 | ||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 Short-Term Investments Trust
| STIC Prime Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| U.S. Government Sponsored Agency Securities–0.95% |
||||||||||||||||
| Overseas Private Investment Corp. (OPIC)–0.95%(e) | ||||||||||||||||
| Unsec. Gtd. VRD COP Bonds |
0.36 | % | 05/15/2030 | $ | 11,960 | $ | 11,960,000 | |||||||||
| Unsec. Gtd. VRD COP Bonds |
0.40 | % | 09/20/2022 | 4,000 | 4,000,000 | |||||||||||
| Unsec. Gtd. VRD COP Notes |
0.40 | % | 09/15/2022 | 10,000 | 10,000,000 | |||||||||||
| Total U.S. Government Sponsored Agency Securities (Cost $25,960,000) |
|
25,960,000 | ||||||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)–83.55% (Cost $2,284,212,740) |
|
2,284,212,740 | ||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–16.47%(g) |
|
|||||||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/23/2016, maturing value of $15,001,546 (collateralized by a domestic non-agency asset-backed security valued at $15,751,736; 0%, 11/01/2047)(b)(h) |
0.53 | % | 03/01/2016 | 15,001,546 | 15,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/24/2016, maturing value of $115,014,088 (collateralized by domestic non-agency mortgage-backed securities and a domestic non-agency asset-backed security valued at $120,750,185; 0%-3.88%, 10/27/2034-12/25/2056)(b)(h) |
0.63 | % | 03/02/2016 | 115,014,088 | 115,000,000 | |||||||||||
| ING Financial Markets, LLC, agreement dated 02/29/2016, maturing value $10,000,142 (collateralized by a foreign corporate obligation valued at $10,602,967; 2.20%, 09/23/2019)(b) |
0.51 | % | 03/01/2016 | 10,000,142 | 10,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., joint agreement dated 02/29/2016, aggregate maturing value of $950,007,917 (collateralized by U.S. Treasury obligations valued at $969,000,085; 0.43%-4.50%, 09/30/2016-02/15/2036) |
0.30 | % | 03/01/2016 | 65,370,280 | 65,369,735 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/26/2016, maturing value of $80,104,000 (collateralized by a domestic non-agency asset-backed security valued at $88,000,001; 0%, 10/03/2039)(h) |
0.78 | % | 04/26/2016 | 80,104,000 | 80,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/29/2016, maturing value of $20,018,083 (collateralized by a domestic non-agency mortgage-backed security and domestic non-agency asset-backed securities valued at $22,000,000; 0%-5.84%, 10/26/2039-06/12/2050) |
0.93 | % | 04/04/2016 | 20,018,083 | 20,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 02/26/2016, maturing value of $120,062,933 (collateralized by U.S. government sponsored agency obligations valued at $122,400,000; 0%-10.86%, 05/15/2027-01/20/2046)(b)(h) |
0.59 | % | 03/29/2016 | 120,062,933 | 120,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/26/2016, maturing value of $25,002,479 (collateralized by domestic corporate obligations valued at $26,250,000; 0%, 03/10/2016- 03/11/2016)(h) |
0.51 | % | 03/04/2016 | 25,002,479 | 25,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $450,369,735) |
450,369,735 | |||||||||||||||
| TOTAL INVESTMENTS(i)(j)–100.02% (Cost $2,734,582,475) |
|
2,734,582,475 | ||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(0.02)% |
|
(620,917 | ) | |||||||||||||
| NET ASSETS–100.00% |
|
$ | 2,733,961,558 | |||||||||||||
Investment Abbreviations:
| CEP | – Credit Enhancement Provider | |
| COP | – Certificates of Participation | |
| FNMA | – Federal National Mortgage Association | |
| Gtd. | – Guaranteed | |
| LOC | – Letter of Credit | |
| MFH | – Multi-Family Housing | |
| RB | – Revenue Bonds | |
| Ref. | – Refunding | |
| Unsec. | – Unsecured | |
| VRD | – Variable Rate Demand |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 Short-Term Investments Trust
STIC Prime Portfolio
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) | 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: France: 12.8%; Canada: 12.8%; Sweden: 12.8%; Japan: 7.9%; Singapore: 7.9%; Netherlands: 5.7%; United Kingdom: 5.6%; Norway: 5.0%; other countries less than 5% each: 16.2%. |
| (c) | 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, 2016 was $1,190,220,001, which represented 43.53% of the Fund’s Net Assets. |
| (d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (e) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (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) | Also represents cost for federal income tax purposes. |
| (j) | 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 | |||
| DNB Bank ASA |
5.0 | % | ||
| Nordea Bank AB |
5.0 | |||
| Skandinaviska Enskilda Banken AB |
5.0 | |||
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
60.3 | % | ||
| 8-30 |
23.8 | |||
| 31-60 |
15.9 | |||
| 61-90 |
0.0 | |||
| 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.
16 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Treasury Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value |
|||||||||||||
| U.S. Treasury Securities–41.96% |
||||||||||||||||
| U.S. Treasury Bills–27.77%(a) | ||||||||||||||||
| U.S. Treasury Bills |
0.34 | % | 05/05/2016 | $ | 600,000 | $ | 599,640,874 | |||||||||
| U.S. Treasury Bills |
0.33 | % | 05/26/2016 | 500,000 | 499,617,778 | |||||||||||
| U.S. Treasury Bills |
0.42 | % | 06/02/2016 | 130,300 | 130,161,822 | |||||||||||
| U.S. Treasury Bills |
0.49 | % | 06/02/2016 | 149,700 | 149,513,985 | |||||||||||
| U.S. Treasury Bills |
0.38 | % | 06/09/2016 | 100,000 | 99,897,222 | |||||||||||
| U.S. Treasury Bills |
0.59 | % | 06/16/2016 | 179,725 | 179,416,510 | |||||||||||
| U.S. Treasury Bills |
0.52 | % | 06/23/2016 | 100,000 | 99,836,758 | |||||||||||
| U.S. Treasury Bills |
0.54 | % | 06/30/2016 | 55,450 | 55,351,222 | |||||||||||
| U.S. Treasury Bills |
0.51 | % | 07/07/2016 | 225,000 | 224,600,000 | |||||||||||
| U.S. Treasury Bills |
0.52 | % | 07/14/2016 | 115,250 | 115,030,449 | |||||||||||
| U.S. Treasury Bills |
0.42 | % | 08/18/2016 | 250,000 | 249,515,972 | |||||||||||
| U.S. Treasury Bills |
0.45 | % | 08/18/2016 | 200,000 | 199,582,556 | |||||||||||
| U.S. Treasury Bills |
0.45 | % | 08/25/2016 | 250,000 | 249,452,406 | |||||||||||
| U.S. Treasury Bills |
0.46 | % | 08/25/2016 | 200,000 | 199,560,450 | |||||||||||
| U.S. Treasury Bills |
0.23 | % | 09/15/2016 | 300,000 | 299,628,750 | |||||||||||
| U.S. Treasury Bills |
0.24 | % | 09/15/2016 | 200,000 | 199,738,200 | |||||||||||
| 3,550,544,954 | ||||||||||||||||
| U.S. Treasury Notes–14.19% | ||||||||||||||||
| U.S. Treasury Floating Rate Notes(b) |
0.40 | % | 07/31/2017 | 350,000 | 349,999,282 | |||||||||||
| U.S. Treasury Floating Rate Notes(b) |
0.49 | % | 10/31/2017 | 706,250 | 705,969,689 | |||||||||||
| U.S. Treasury Floating Rate Notes(b) |
0.59 | % | 01/31/2018 | 300,000 | 300,217,593 | |||||||||||
| U.S. Treasury Notes |
1.00 | % | 09/30/2016 | 150,000 | 150,408,452 | |||||||||||
| U.S. Treasury Notes |
3.13 | % | 10/31/2016 | 152,492 | 155,138,037 | |||||||||||
| U.S. Treasury Notes |
2.75 | % | 11/30/2016 | 150,000 | 152,450,452 | |||||||||||
| 1,814,183,505 | ||||||||||||||||
| Total U.S. Treasury Securities (Cost $5,364,728,459) |
5,364,728,459 | |||||||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)–41.96% (Cost $5,364,728,459) |
5,364,728,459 | |||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–58.02%(c) |
||||||||||||||||
| BNP Paribas Securities Corp., term agreement dated 02/25/2016, maturing value of $880,059,889 (collateralized by U.S. Treasury obligations valued at $897,549,096; 1.38%-8.13%, 08/15/2019-09/30/2020)(d) |
0.35 | % | 03/03/2016 | 880,059,889 | 880,000,000 | |||||||||||
| CIBC World Markets Corp., joint agreement dated 02/29/2016, aggregate maturing value of $100,000,833 (collateralized by U.S. Treasury obligations valued at $102,001,586; 1.13%-2.50%, 07/31/2019-02/15/2046) |
0.30 | % | 03/01/2016 | 76,960,419 | 76,959,778 | |||||||||||
| Citigroup Global Markets Inc., term agreement dated 02/25/2016, maturing value of $500,031,111 (collateralized by U.S. Treasury obligations valued at $510,000,061; 0.38%-2.00%, 03/15/2016-08/31/2021)(d) |
0.32 | % | 03/03/2016 | 500,031,111 | 500,000,000 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/25/2016, maturing value of $790,131,183 (collateralized by U.S. Treasury obligations valued at $806,199,875; 2.25%-3.75%, 11/15/2024-11/15/2043)(d) |
0.36 | % | 03/03/2016 | 790,131,183 | 790,075,878 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/26/2016, maturing value of $220,015,600 (collateralized by a U.S. Treasury obligation valued at $224,490,000; 2.25%, 11/15/2025)(d) |
0.36 | % | 03/04/2016 | 220,015,600 | 220,000,200 | |||||||||||
| Prudential Financial, Inc., agreement dated 02/29/2016, maturing value of $475,682,757 (collateralized by U.S. Treasury obligations valued at $484,802,967; 0%, 08/15/2027-08/15/2043) |
0.36 | % | 03/01/2016 | 475,682,757 | 475,678,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 Short-Term Investments Trust
| Treasury Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Repurchase Amount |
Value |
|||||||||||||
| RBC Capital Markets Corp., term agreement dated 10/14/2015, maturing value of $250,170,139 (collateralized by U.S. Treasury obligations valued at $255,000,006; 0%-9.00%, 03/17/2016-05/15/2045)(d) |
0.14 | % | 04/06/2016 | $ | 250,170,139 | $ | 250,000,000 | |||||||||
| RBC Capital Markets Corp., term agreement dated 10/13/2015, maturing value of $250,173,056 (collateralized by U.S. Treasury obligations valued at $255,000,009; 0%-8.75%, 04/14/2016-02/15/2045)(d) |
0.14 | % | 04/08/2016 | 250,173,056 | 250,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 10/21/2015, maturing value of $500,400,000 (collateralized by U.S. Treasury obligations valued at $510,000,074; 0%-8.00%, 03/03/2016-08/15/2043)(d) |
0.16 | % | 04/18/2016 | 500,400,000 | 500,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 10/22/2015, maturing value of $500,400,000 (collateralized by U.S. Treasury obligations valued at $510,000,078; 0.13%-8.75%, 03/15/2016-02/15/2043)(d) |
0.16 | % | 04/19/2016 | 500,400,000 | 500,000,000 | |||||||||||
| Societe Generale, agreement dated 02/29/2016, maturing value of $500,004,722 (collateralized by U.S. Treasury obligations valued at $510,000,000; 0%-8.50%, 04/07/2016-02/15/2042) |
0.34 | % | 03/01/2016 | 500,004,722 | 500,000,000 | |||||||||||
| Societe Generale, term agreement dated 02/03/2016, maturing value of $550,176,458 (collateralized by U.S. Treasury obligations valued at $561,000,092; 0.13%-8.50%, 11/30/2016-02/15/2044)(d) |
0.35 | % | 03/07/2016 | 550,176,458 | 550,000,000 | |||||||||||
| Societe Generale, term agreement dated 02/08/2016, maturing value of $400,116,000 (collateralized by U.S. Treasury obligations valued at $408,000,015; 0%-4.63%, 04/07/2016-02/15/2044)(d) |
0.36 | % | 03/08/2016 | 400,116,000 | 400,000,000 | |||||||||||
| Societe Generale, term agreement dated 02/16/2016, maturing value of $250,068,056 (collateralized by U.S. Treasury obligations valued at $255,000,001; 0.13%-7.25%, 02/15/2017-07/15/2024) (d) |
0.35 | % | 03/15/2016 | 250,068,556 | 250,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $325,002,799 (collateralized by U.S. Treasury obligations valued at $331,500,025; 3.00%, 05/15/2042-11/15/2045) |
0.31 | % | 03/01/2016 | 325,002,799 | 325,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $425,003,660 (collateralized by a U.S. Treasury obligation valued at $433,500,058; 1.38%, 04/30/2020) |
0.31 | % | 03/01/2016 | 425,003,660 | 425,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 01/19/2016, maturing value of $125,051,042 (collateralized by U.S. Treasury obligations valued at $127,500,058; 3.00%-8.88%, 05/15/2017-08/15/2044) |
0.35 | % | 03/01/2016 | 125,051,042 | 125,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/04/2016, maturing value of $200,220,000 (collateralized by a U.S. Treasury obligation valued at $204,000,063; 1.38%, 04/30/2020) |
0.44 | % | 05/04/2016 | 200,220,000 | 200,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/08/2016, maturing value of $200,227,500 (collateralized by U.S. Treasury obligations valued at $204,000,063; 0.42%-3.75%, 04/30/2016-11/15/2023) |
0.45 | % | 05/09/2016 | 200,227,500 | 200,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $7,417,713,856) |
7,417,713,856 | |||||||||||||||
| TOTAL INVESTMENTS(e)–99.98% (Cost $12,782,442,315) |
12,782,442,315 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–0.02% |
|
2,745,666 | ||||||||||||||
| NET ASSETS–100.00% |
|
$ | 12,785,187,981 | |||||||||||||
Notes to Schedule of Investments:
| (a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (c) | Principal amount equals value at period end. See Note 1I. |
| (d) | The Fund may demand prepayment of the term repurchase agreement upon one to seven business days notice depending on the timing of the demand. |
| (e) | Also represents cost for federal income tax purposes. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
54.9 | % | ||
| 8-30 |
0.0 | |||
| 31-60 |
0.0 | |||
| 61-90 |
11.7 | |||
| 91-180 |
15.3 | |||
| 181+ |
18.1 |
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Government & Agency Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| U.S. Government Sponsored Agency Securities–40.86% |
||||||||||||||||
| Federal Farm Credit Bank (FFCB)–7.53% | ||||||||||||||||
| Unsec. Bonds(a) |
0.40 | % | 04/21/2016 | $ | 33,000 | $ | 32,999,788 | |||||||||
| Unsec. Bonds(a) |
0.41 | % | 05/05/2016 | 145,000 | 144,998,742 | |||||||||||
| Unsec. Bonds(a) |
0.46 | % | 06/20/2017 | 39,325 | 39,281,437 | |||||||||||
| Unsec. Bonds(a) |
0.58 | % | 07/21/2017 | 45,000 | 44,999,903 | |||||||||||
| Unsec. Bonds(a) |
0.47 | % | 07/25/2017 | 35,600 | 35,624,024 | |||||||||||
| Unsec. Bonds(a) |
0.46 | % | 10/02/2017 | 41,400 | 41,370,334 | |||||||||||
| Unsec. Bonds(a) |
0.48 | % | 11/13/2017 | 8,000 | 7,986,928 | |||||||||||
| Unsec. Bonds(a) |
0.45 | % | 12/27/2017 | 30,000 | 29,928,524 | |||||||||||
| 377,189,680 | ||||||||||||||||
| Federal Home Loan Bank (FHLB)–23.20% | ||||||||||||||||
| Unsec. Bonds(a) |
0.37 | % | 05/18/2016 | 70,000 | 70,000,000 | |||||||||||
| Unsec. Disc. Notes(b) |
0.44 | % | 03/11/2016 | 5,000 | 4,999,389 | |||||||||||
| Unsec. Disc. Notes(b) |
0.44 | % | 03/16/2016 | 5,000 | 4,999,083 | |||||||||||
| Unsec. Disc. Notes(b) |
0.46 | % | 03/16/2016 | 50,000 | 49,990,417 | |||||||||||
| Unsec. Disc. Notes(b) |
0.44 | % | 03/18/2016 | 91,320 | 91,301,026 | |||||||||||
| Unsec. Disc. Notes(b) |
0.40 | % | 05/06/2016 | 75,000 | 74,944,450 | |||||||||||
| Unsec. Disc. Notes(b) |
0.47 | % | 08/12/2016 | 100,000 | 99,788,622 | |||||||||||
| Unsec. Disc. Notes(b) |
0.47 | % | 08/17/2016 | 150,000 | 149,669,042 | |||||||||||
| Unsec. Disc. Notes(b) |
0.49 | % | 08/19/2016 | 120,000 | 119,720,700 | |||||||||||
| Unsec. Disc. Notes(b) |
0.49 | % | 08/24/2016 | 110,000 | 109,738,567 | |||||||||||
| Unsec. Disc. Notes(b) |
0.50 | % | 08/24/2016 | 167,500 | 167,094,650 | |||||||||||
| Unsec. Global Bonds(a) |
0.37 | % | 08/18/2016 | 80,000 | 79,998,121 | |||||||||||
| Unsec. Global Bonds(a) |
0.38 | % | 01/17/2017 | 80,000 | 79,901,075 | |||||||||||
| Unsec. Global Bonds(a) |
0.52 | % | 01/23/2017 | 50,000 | 50,000,000 | |||||||||||
| Unsec. Global Bonds(a) |
0.45 | % | 04/21/2017 | 10,000 | 9,994,865 | |||||||||||
| 1,162,140,007 | ||||||||||||||||
| Federal Home Loan Mortgage Corp. (FHLMC)–2.43% | ||||||||||||||||
| Unsec. Disc. Notes(b) |
0.46 | % | 08/12/2016 | 47,500 | 47,401,543 | |||||||||||
| Unsec. Global Notes(a) |
0.43 | % | 01/13/2017 | 10,000 | 10,004,009 | |||||||||||
| Unsec. Global Notes(a) |
0.44 | % | 04/20/2017 | 30,000 | 29,994,783 | |||||||||||
| Unsec. Global Notes(a) |
0.47 | % | 04/27/2017 | 14,000 | 13,991,079 | |||||||||||
| Unsec. Global Notes(a) |
0.56 | % | 07/21/2017 | 20,000 | 19,997,142 | |||||||||||
| 121,388,556 | ||||||||||||||||
| Federal National Mortgage Association (FNMA)–3.95% | ||||||||||||||||
| Unsec. Disc. Notes(b) |
0.45 | % | 08/17/2016 | 45,000 | 44,904,515 | |||||||||||
| Unsec. Disc. Notes(b) |
0.46 | % | 08/17/2016 | 5,000 | 4,989,320 | |||||||||||
| Unsec. Global Notes(a) |
0.44 | % | 09/08/2017 | 35,000 | 34,948,231 | |||||||||||
| Unsec. Global Notes(a) |
0.44 | % | 10/05/2017 | 112,815 | 112,735,213 | |||||||||||
| 197,577,279 | ||||||||||||||||
| Overseas Private Investment Corp. (OPIC)–3.75% | ||||||||||||||||
| Unsec. Gtd., VRD COP Bonds(c) |
0.42 | % | 07/15/2025 | 37,000 | 37,000,000 | |||||||||||
| Unsec. Gtd., VRD COP Bonds(c) |
0.40 | % | 07/09/2026 | 51,000 | 51,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 Short-Term Investments Trust
| Government & Agency Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Overseas Private Investment Corp. (OPIC)–(continued) | ||||||||||||||||
| Gtd., VRD COP Bonds(c) |
0.42 | % | 11/15/2028 | $ | 100,000 | $ | 100,000,000 | |||||||||
| 188,000,000 | ||||||||||||||||
| Total U.S. Government Sponsored Agency Securities (Cost $2,046,295,522) |
2,046,295,522 | |||||||||||||||
| U.S. Treasury Securities–6.94% |
||||||||||||||||
| U.S. Treasury Bills–3.95%(b) | ||||||||||||||||
| U.S. Treasury Bills |
0.11 | % | 03/03/2016 | 2,900 | 2,899,982 | |||||||||||
| U.S. Treasury Bills |
0.22 | % | 03/03/2016 | 10,262 | 10,261,877 | |||||||||||
| U.S. Treasury Bills |
0.42 | % | 08/18/2016 | 70,000 | 69,864,472 | |||||||||||
| U.S. Treasury Bills |
0.44 | % | 08/18/2016 | 5,000 | 4,989,717 | |||||||||||
| U.S. Treasury Bills |
0.45 | % | 08/25/2016 | 60,000 | 59,868,577 | |||||||||||
| U.S. Treasury Bills |
0.49 | % | 09/01/2016 | 50,000 | 49,878,667 | |||||||||||
| 197,763,292 | ||||||||||||||||
| U.S. Treasury Notes–2.99% | ||||||||||||||||
| U.S. Treasury Floating Rate Notes(a) |
0.49 | % | 10/31/2017 | 150,000 | 149,931,786 | |||||||||||
| Total U.S. Treasury Securities (Cost $347,695,078) |
347,695,078 | |||||||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)- 47.80% (Cost $2,393,990,600) |
2,393,990,600 | |||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–53.21%(d) |
||||||||||||||||
| Bank of Nova Scotia (The), joint agreement dated 02/29/2016, aggregate maturing value of $500,004,167 (collateralized by U.S. Treasury obligations valued at $510,000,071; 0%-8.88%, 03/15/2016-08/15/2044) |
0.30 | % | 03/01/2016 | 250,002,083 | 250,000,000 | |||||||||||
| BNP Paribas Securities Corp., term agreement dated 02/25/2016, maturing value of $300,020,417 (collateralized by U.S. Treasury obligations valued at $306,000,000; 1.38%-1.63%, 09/30/2016-09/30/2020)(e) |
0.35 | % | 03/03/2016 | 300,020,417 | 300,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint agreement dated 02/29/2016, aggregate maturing value of $250,002,153 (collateralized by U.S. government sponsored agency obligations valued at $255,000,425; 0%-6.25%, 03/08/2017-01/15/2030) |
0.31 | % | 03/01/2016 | 25,000,215 | 25,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint term agreement dated 02/26/2016, aggregate maturing value of $250,015,556 (collateralized by U.S. government sponsored agency obligations valued at $255,000,073; 0%-8.25%, 06/01/2016-09/15/2065)(e) |
0.32 | % | 03/04/2016 | 175,010,889 | 175,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, joint agreement dated 02/29/2016, aggregate maturing value of $600,005,000 (collateralized by U.S. Treasury obligations valued at $612,000,064; 2.63%-3.63%, 08/15/2020-08/15/2043) |
0.30 | % | 03/01/2016 | 150,001,250 | 150,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, joint term agreement dated 02/24/2016, aggregate maturing value of $375,024,792 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $382,500,000; 0.75%-4.75%, 09/15/2017-10/01/2045)(e) |
0.34 | % | 03/02/2016 | 300,019,833 | 300,000,000 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/16/2016, maturing value of $100,060,000 (collateralized by domestic agency mortgage-backed securities valued at $102,002,164; 1.84%-4.00%, 08/01/2026-12/01/2042) |
0.45 | % | 04/04/2016 | 100,060,000 | 100,000,000 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/25/2016, maturing value of $310,101,913 (collateralized by U.S. Treasury obligations valued at $316,408,375; 0.38%-1.38%, 06/30/2018-07/15/2025)(e) |
0.36 | % | 03/03/2016 | 310,101,913 | 310,080,208 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/26/2016, maturing value of $100,025,801 (collateralized by a U.S. Treasury obligation valued at $102,060,000; 2.25%, 11/15/2025)(e) |
0.36 | % | 03/04/2016 | 100,025,801 | 100,018,800 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., joint agreement dated 02/29/2016, aggregate maturing value of $950,007,917 (collateralized by U.S. Treasury obligations valued at $969,000,085; 0.43%-4.50%, 09/30/2016-02/15/2036) |
0.30 | % | 03/01/2016 | 12,090,809 | 12,090,707 | |||||||||||
| Prudential Financial, Inc., agreement dated 02/29/2016, maturing value of $233,016,080 (collateralized by U.S. Treasury obligations valued at $237,502,363; 0%, 11/15/2026-08/15/2039) |
0.36 | % | 03/01/2016 | 233,016,080 | 233,013,750 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 Short-Term Investments Trust
| Government & Agency Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Repurchase Amount |
Value | |||||||||||||
| RBC Capital Markets Corp., joint term agreement dated 10/27/2015, aggregate maturing value of $200,158,222 (collateralized by U.S. Treasury obligations valued at $204,000,068; 1.00%-8.75%, 05/15/2017-02/15/2046)(e) |
0.16 | % | 04/22/2016 | $ | 160,126,578 | $ | 160,000,000 | |||||||||
| Societe Generale, joint term agreement dated 02/04/2016, aggregate maturing value of $250,076,528 (collateralized by U.S. government sponsored agency obligations and domestic agency mortgage-backed securities valued at $255,000,000; 0%-5.50%, 05/12/2017-01/20/2046)(e) |
0.38 | % | 03/04/2016 | 225,068,875 | 225,000,000 | |||||||||||
| Societe Generale, joint term agreement dated 02/17/2016, aggregate maturing value of $200,061,222 (collateralized by domestic agency mortgage-backed securities valued at $204,000,000; 0%-7.50%, 06/01/2017-04/20/2065)(e) |
0.38 | % | 03/17/2016 | 150,045,917 | 150,000,000 | |||||||||||
| Societe Generale, joint term agreement dated 02/23/2016, aggregate maturing value of $115,007,603 (collateralized by domestic agency mortgage-backed securities valued at $117,300,001; 0.57%-4.50%, 09/15/2022-12/01/2045)(e) |
0.34 | % | 03/01/2016 | 75,004,958 | 75,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/08/2016, maturing value of $100,113,750 (collateralized by domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $102,000,000; 0%-4.00%, 05/11/2016-12/25/2046) |
0.45 | % | 05/09/2016 | 100,113,750 | 100,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $2,665,203,465) |
2,665,203,465 | |||||||||||||||
| TOTAL INVESTMENTS(f)–101.01% (Cost $5,059,194,065) |
5,059,194,065 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(1.01)% |
|
(50,486,136 | ) | |||||||||||||
| NET ASSETS–100.00% |
|
$ | 5,008,707,929 | |||||||||||||
Investment Abbreviations:
| COP | – Certificates of Participation | |
| Disc. | – Discounted | |
| Gtd. | – Guaranteed | |
| Unsec. | – Unsecured | |
| 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, 2016. |
| (b) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (c) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (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) | Also represents cost for federal income tax purposes. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
52.2 | % | ||
| 8-30 |
3.0 | |||
| 31-60 |
2.7 | |||
| 61-90 |
7.8 | |||
| 91-180 |
19.1 | |||
| 181+ |
15.2 |
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.
21 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Government TaxAdvantage Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| U.S. Government Sponsored Agency Securities–68.42% |
||||||||||||||||
| Federal Farm Credit Bank (FFCB)–33.29% | ||||||||||||||||
| Disc. Notes(a) |
0.23 | % | 03/24/2016 | $ | 5,000 | $ | 4,999,281 | |||||||||
| Disc. Notes(a) |
0.25 | % | 05/03/2016 | 4,700 | 4,697,985 | |||||||||||
| Disc. Notes(a) |
0.33 | % | 05/27/2016 | 8,000 | 7,993,717 | |||||||||||
| Unsec. Bonds(b) |
0.45 | % | 04/06/2016 | 8,000 | 8,000,325 | |||||||||||
| Unsec. Bonds(b) |
0.50 | % | 04/20/2016 | 4,820 | 4,820,606 | |||||||||||
| Unsec. Bonds(b) |
0.41 | % | 05/05/2016 | 5,000 | 4,999,956 | |||||||||||
| Unsec. Bonds(b) |
0.40 | % | 05/06/2016 | 4,275 | 4,274,945 | |||||||||||
| Unsec. Bonds(b) |
0.46 | % | 10/11/2016 | 4,085 | 4,083,173 | |||||||||||
| Unsec. Bonds(b) |
0.47 | % | 02/13/2017 | 2,850 | 2,850,848 | |||||||||||
| 46,720,836 | ||||||||||||||||
| Federal Home Loan Bank (FHLB)–31.57% | ||||||||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/01/2016 | 1,100 | 1,100,000 | |||||||||||
| Unsec. Disc. Notes(a) |
0.30 | % | 03/02/2016 | 7,000 | 6,999,942 | |||||||||||
| Unsec. Disc. Notes(a) |
0.32 | % | 03/02/2016 | 1,300 | 1,299,988 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/03/2016 | 1,400 | 1,399,976 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/08/2016 | 2,548 | 2,547,846 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/09/2016 | 2,460 | 2,459,831 | |||||||||||
| Unsec. Disc. Notes(a) |
0.30 | % | 03/11/2016 | 9,985 | 9,984,168 | |||||||||||
| Unsec. Disc. Notes(a) |
0.32 | % | 03/15/2016 | 8,504 | 8,502,942 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/17/2016 | 10,000 | 9,998,622 | |||||||||||
| 44,293,315 | ||||||||||||||||
| Tennessee Valley Authority (TVA)–3.56% | ||||||||||||||||
| Sr. Unsec. Disc. Notes(a) |
0.30 | % | 03/08/2016 | 5,000 | 4,999,708 | |||||||||||
| Total U.S. Government Sponsored Agency Securities (Cost $96,013,859) |
96,013,859 | |||||||||||||||
| U.S. Treasury Securities–31.57% |
||||||||||||||||
| U.S. Treasury Bills–31.57%(a) | ||||||||||||||||
| U.S. Treasury Bills |
0.11 | % | 03/03/2016 | 7,100 | 7,099,956 | |||||||||||
| U.S. Treasury Bills |
0.22 | % | 03/03/2016 | 2,738 | 2,737,967 | |||||||||||
| U.S. Treasury Bills |
0.20 | % | 04/28/2016 | 7,500 | 7,497,632 | |||||||||||
| U.S. Treasury Bills |
0.27 | % | 05/05/2016 | 5,000 | 4,997,567 | |||||||||||
| U.S. Treasury Bills |
0.31 | % | 05/26/2016 | 2,000 | 1,998,557 | |||||||||||
| U.S. Treasury Bills |
0.40 | % | 06/02/2016 | 15,000 | 14,984,694 | |||||||||||
| U.S. Treasury Bills |
0.24 | % | 06/23/2016 | 5,000 | 4,996,200 | |||||||||||
| Total U.S. Treasury Securities (Cost $44,312,573) |
44,312,573 | |||||||||||||||
| TOTAL INVESTMENTS(c)–99.99% (Cost $140,326,432) |
140,326,432 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–0.01% |
7,879 | |||||||||||||||
| NET ASSETS–100.00% |
$ | 140,334,311 | ||||||||||||||
Investment Abbreviations:
| Disc. | – Discounted | |
| Sr. | – Senior | |
| Unsec. | – Unsecured |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 Short-Term Investments Trust
Government TaxAdvantage Portfolio
Notes to Schedule of Investments:
| (a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (c) | Also represents cost for federal income tax purposes. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
14.8 | % | ||
| 8-30 |
31.0 | |||
| 31-60 |
14.5 | |||
| 61-90 |
20.6 | |||
| 91-180 |
14.2 | |||
| 181+ |
4.9 |
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Municipal Obligations–101.46% |
| |||||||||||||||
| Alabama–4.65% | ||||||||||||||||
| Alabama (State of); Series 2010 C, Ref. Unlimited Tax GO Bonds |
5.00 | % | 06/01/2016 | $ | 775 | $ | 784,269 | |||||||||
| Mobile (County of) Industrial Development Authority (SSAB Alabama Inc.); Series 2010 A, VRD Recovery Zone Facility RB (LOC–Swedbank AB)(a)(b)(c) |
0.02 | % | 07/01/2040 | 11,100 | 11,100,000 | |||||||||||
| Tuscaloosa (County of) Industrial Development Authority (Hunt Refining Co.); |
|
|||||||||||||||
| Series 2011 G, VRD Gulf Opportunity Zone RB (LOC–Bank of Nova Scotia)(a)(b)(c) |
0.01 | % | 04/01/2028 | 10,000 | 10,000,000 | |||||||||||
| Series 2011 J, VRD Gulf Opportunity Zone RB (LOC–Bank of Nova Scotia)(a)(b)(c) |
0.01 | % | 04/01/2028 | 10,000 | 10,000,000 | |||||||||||
| 31,884,269 | ||||||||||||||||
| Arizona–1.02% | ||||||||||||||||
| Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, VRD RB (LOC–Bank of America, N.A.)(a)(b) |
0.01 | % | 01/01/2046 | 1,630 | 1,630,000 | |||||||||||
| Casa Grande (City of) Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.01 | % | 06/15/2031 | 2,685 | 2,685,000 | |||||||||||
| Maricopa (County of) Industrial Development Authority (Gran Victoria Housing LLC); Series 2000 A, VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 04/15/2030 | 2,700 | 2,700,000 | |||||||||||
| 7,015,000 | ||||||||||||||||
| California–6.64% | ||||||||||||||||
| California (State of) (Kindergarten-University Public Education Facilities); Series 2004 B3, VRD Unlimited Tax GO Bonds (LOC–Citibank N.A.)(a)(b) |
0.01 | % | 05/01/2034 | 2,200 | 2,200,000 | |||||||||||
| California Infrastructure & Economic Development Bank (Pacific Gas & Electric Co.); Series 2009 C, Ref. VRD RB (LOC–Sumitomo Mitsui Banking Corp.)(a)(b)(c) |
0.01 | % | 12/01/2016 | 17,300 | 17,300,000 | |||||||||||
| Los Angeles (City of); Series 2015, Unlimited Tax GO TRAN |
2.00 | % | 06/30/2016 | 950 | 955,411 | |||||||||||
| Riverside (City of); Series 2011 A, Ref. Floating Rate Water RB(d) |
0.16 | % | 10/01/2035 | 5,800 | 5,800,000 | |||||||||||
| Southern California Metropolitan Water District; Series 2009 A-2, Ref. Floating Rate RB(d) |
0.21 | % | 07/01/2030 | 11,800 | 11,800,000 | |||||||||||
| Torrance (City of); Series 2015, Unlimited Tax GO TRAN |
1.50 | % | 06/30/2016 | 7,450 | 7,479,270 | |||||||||||
| 45,534,681 | ||||||||||||||||
| Colorado–3.90% | ||||||||||||||||
| Boulder (County of) (Imagine!); Series 2006, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 02/01/2031 | 1,525 | 1,525,000 | |||||||||||
| Colorado (State of) Educational & Cultural Facilities Authority (Denver Seminary); Series 2004, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 07/01/2034 | 2,000 | 2,000,000 | |||||||||||
| Colorado (State of) Health Facilities Authority (Arapahoe House); Series 2004 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 04/01/2024 | 770 | 770,000 | |||||||||||
| Colorado (State of) Housing & Finance Authority (Woodstream Village); Series 1985, VRD MFH RB (CEP–FNMA)(a) |
0.13 | % | 02/01/2031 | 6,600 | 6,600,000 | |||||||||||
| Colorado Springs (City of) (Cook Communications Ministries); Series 2002, VRD IDR (LOC–Bank of America, N.A.)(a)(b) |
0.14 | % | 03/01/2017 | 7,100 | 7,100,000 | |||||||||||
| EagleBend Affordable Housing Corp.; Series 2006 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.03 | % | 07/01/2021 | 3,485 | 3,485,000 | |||||||||||
| Pitkin (County of) (Centennial-Aspen II L.P.); Series 1996 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.02 | % | 12/01/2024 | 5,235 | 5,235,000 | |||||||||||
| 26,715,000 | ||||||||||||||||
| Delaware–0.81% | ||||||||||||||||
| Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 09/01/2036 | 2,695 | 2,695,000 | |||||||||||
| Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 05/01/2036 | 2,850 | 2,850,000 | |||||||||||
| 5,545,000 | ||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| District of Columbia–0.23% | ||||||||||||||||
| District of Columbia; Series 1998 A, VRD Pooled Loan
Program RB (LOC–Bank of America, |
0.21 | % | 01/01/2029 | $ | 1,557 | $ | 1,557,000 | |||||||||
| Florida–3.59% | ||||||||||||||||
| Florida (State of) Board of Education; |
|
|||||||||||||||
| Series 2008 C, Ref. Public Education Capital Outlay Unlimited Tax GO Bonds |
5.00 | % | 06/01/2016 | 3,420 | 3,461,450 | |||||||||||
| Series 2012 A, Ref. Public Education Capital Outlay Unlimited Tax GO Bonds |
5.00 | % | 06/01/2016 | 1,000 | 1,012,000 | |||||||||||
| JPMorgan Chase PUTTERs (Palm Beach (County of) Solid Waste Authority); Series 2009-3419, VRD Improvement RB (INS–BHAC)(a)(e)(f)(g) |
0.02 | % | 04/01/2017 | 2,275 | 2,275,000 | |||||||||||
| Orange (County of) Housing Finance Authority (Post Fountains at Lee Vista); Series 1997 E, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.03 | % | 06/01/2025 | 500 | 500,000 | |||||||||||
| Palm Beach (County of) (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 11/01/2036 | 2,925 | 2,925,000 | |||||||||||
| Palm Beach (County of) (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.02 | % | 07/01/2032 | 14,415 | 14,415,000 | |||||||||||
| 24,588,450 | ||||||||||||||||
| Georgia–1.73% | ||||||||||||||||
| Columbia County School District; Series 2011, Unlimited Tax GO Bonds |
5.00 | % | 04/01/2016 | 1,000 | 1,004,069 | |||||||||||
| DeKalb (County of) Housing Authority (Clairmont Crest); Series 1995, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.01 | % | 06/15/2025 | 6,340 | 6,340,000 | |||||||||||
| Fulton (County of) Development Authority (Friends of High Meadows, Inc.); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 01/01/2020 | 900 | 900,000 | |||||||||||
| Georgia (State of); Series 2012 A, Unlimited Tax GO Bonds |
5.00 | % | 07/01/2016 | 1,375 | 1,396,447 | |||||||||||
| Private Colleges & Universities Authority (Emory University); Series 2005 B-2, VRD RB(a) |
0.01 | % | 09/01/2035 | 500 | 500,000 | |||||||||||
| Richmond (County of) Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 09/01/2020 | 1,700 | 1,700,000 | |||||||||||
| 11,840,516 | ||||||||||||||||
| Illinois–9.21% | ||||||||||||||||
| Glendale Heights (Village of) (Glendale Lakes); Series 2000, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.01 | % | 03/01/2030 | 10,845 | 10,845,000 | |||||||||||
| Illinois (State of) Finance Authority (Chicago Symphony Orchestra); Series 1994, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 12/01/2028 | 8,500 | 8,500,000 | |||||||||||
| Illinois (State of) Finance Authority (Elmhurst College); Series 2007, VRD RB (LOC–BMO
Harris, |
0.01 | % | 02/01/2042 | 7,150 | 7,150,000 | |||||||||||
| Illinois (State of) Finance Authority (Foundation for Safety & Health); Series 1992, VRD Safety Education RB (LOC–BMO Harris, N.A.)(a)(b)(e) |
0.10 | % | 10/01/2017 | 400 | 400,000 | |||||||||||
| Illinois (State of) Finance Authority (Garrett-Evangelical Theological Seminary); Series 2010, VRD RB (LOC–FHLB of Chicago)(a)(b) |
0.01 | % | 06/01/2040 | 3,280 | 3,280,000 | |||||||||||
| Illinois (State of) Finance Authority (Institute of Gas Technology); Series 1999, VRD IDR (LOC–BMO Harris, N.A.)(a)(b) |
0.08 | % | 09/01/2024 | 600 | 600,000 | |||||||||||
| Illinois (State of) Finance Authority (James Jordan Boys & Girls Club & Family Life Center); Series 1995, VRD RB (LOC–Bank of America, N.A.)(a)(b)(e) |
0.11 | % | 08/01/2030 | 4,700 | 4,700,000 | |||||||||||
| Illinois (State of) Finance Authority (National-Louis University); Series 1999 B, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 06/01/2029 | 1,170 | 1,170,000 | |||||||||||
| Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(a) |
0.01 | % | 12/01/2046 | 7,700 | 7,700,000 | |||||||||||
| Illinois (State of) Finance Authority (Radiological Society of North America, Inc.); Series 1997, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)(e) |
0.11 | % | 06/01/2017 | 670 | 670,000 | |||||||||||
| Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 01/01/2037 | 1,720 | 1,720,000 | |||||||||||
| Illinois (State of) Finance Authority (The Teachers Academy for Mathematics & Science); Series 2001, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.30 | % | 02/01/2021 | 800 | 800,000 | |||||||||||
| Illinois (State of) Finance Authority (Uhlich Children’s Advantage); Series 2006, VRD RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.08 | % | 05/01/2036 | 2,335 | 2,335,000 | |||||||||||
| Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC–U.S. Bank, N.A.)(a)(b) |
0.08 | % | 10/01/2033 | 4,000 | 4,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Illinois–(continued) | ||||||||||||||||
| Illinois (State of) Finance Authority (YMCA of Metropolitan Chicago); Series 2004, VRD RB (LOC–BMO Harris, N.A.)(a)(b) |
0.01 | % | 06/01/2034 | $ | 4,200 | $ | 4,200,000 | |||||||||
| Monmouth (City of) (Monmouth College); Series 2005, VRD IDR (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 06/01/2035 | 5,120 | 5,120,000 | |||||||||||
| 63,190,000 | ||||||||||||||||
| Indiana–4.49% | ||||||||||||||||
| Fort Wayne (City of) (University of Saint Francis); Series 2008, VRD Economic Development RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.03 | % | 08/01/2028 | 1,300 | 1,300,000 | |||||||||||
| Huntington (City of) (Huntington University, Inc.); Series 2007, Ref. VRD Economic Development & Improvement RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 08/01/2037 | 5,500 | 5,500,000 | |||||||||||
| Indiana (State of) Finance Authority (Duke Energy Indiana, Inc.); Series 2009 A-5, Ref. VRD Environmental RB (LOC–Sumitomo Mitsui Banking Corp.)(a)(b)(c) |
0.01 | % | 10/01/2040 | 2,000 | 2,000,000 | |||||||||||
| Indiana (State of) Finance Authority (Howard Regional Health System); Series 2005 B, VRD Hospital RB (LOC–BMO Harris, N.A.)(a)(b) |
0.01 | % | 01/01/2035 | 3,215 | 3,215,000 | |||||||||||
| Indiana (State of) Finance Authority (Ispat Inland Inc.); Series 2005, Ref. VRD Environmental Improvement RB (LOC–Rabobank Nederland)(a)(b)(c) |
0.01 | % | 06/01/2035 | 10,000 | 10,000,000 | |||||||||||
| Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc.); Series 2008 G, Ref. VRD Health System RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 09/01/2048 | 7,925 | 7,925,000 | |||||||||||
| University of Southern Indiana; Series 1999 G, VRD Student Fee RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.11 | % | 10/01/2019 | 880 | 880,000 | |||||||||||
| 30,820,000 | ||||||||||||||||
| Iowa–0.29% | ||||||||||||||||
| Iowa (State of) Finance Authority (Cedarwood Hills Apartments); Series 2001 A, VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 05/01/2031 | 2,000 | 2,000,000 | |||||||||||
| Kansas–0.64% | ||||||||||||||||
| Wichita (City of); Series 2015-272, Unlimited Tax GO Temporary Notes |
2.00 | % | 04/15/2016 | 4,400 | 4,409,482 | |||||||||||
| Kentucky–0.22% | ||||||||||||||||
| Louisville (City of) & Jefferson (County of) Metropolitan Sewer District; Series 2009 A, Ref. Sewer & Drainage System RB |
5.00 | % | 05/15/2016 | 1,475 | 1,489,880 | |||||||||||
| Louisiana–0.30% | ||||||||||||||||
| Bossier Parishwide School District; Series 2012, Ref. School Improvement Unlimited Tax GO Bonds |
4.00 | % | 03/01/2016 | 950 | 950,000 | |||||||||||
| Louisiana (State of); Series 2012 A-1, Ref. Gasoline & Fuels Tax RB |
5.00 | % | 05/01/2016 | 1,110 | 1,118,580 | |||||||||||
| 2,068,580 | ||||||||||||||||
| Maryland–3.33% | ||||||||||||||||
| Maryland (State of) (State & Local Facilities Loan of 2013); First Series 2013 A, Unlimited Tax GO Bonds |
5.00 | % | 03/01/2016 | 925 | 925,000 | |||||||||||
| Maryland (State of) Health & Higher Educational Facilities Authority (Gaudenzia Foundation Issue); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 07/01/2028 | 2,760 | 2,760,000 | |||||||||||
| Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 04/01/2035 | 7,500 | 7,500,000 | |||||||||||
| Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System); Series 2008 D, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 07/01/2041 | 8,635 | 8,635,000 | |||||||||||
| Montgomery (County of); Series 2005 A, Ref. Consolidated Public Improvement Unlimited Tax GO Bonds |
5.00 | % | 07/01/2016 | 3,000 | 3,047,968 | |||||||||||
| 22,867,968 | ||||||||||||||||
| Massachusetts–0.99% | ||||||||||||||||
| Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 10/01/2038 | 6,090 | 6,090,000 | |||||||||||
| Massachusetts (State of) Development Finance Agency (Harrington Memorial Hospital, Inc.); Series 2008 A, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 07/01/2038 | 715 | 715,000 | |||||||||||
| 6,805,000 | ||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Michigan–1.54% | ||||||||||||||||
| Southfield (City of) Economic Development Corp. (Lawrence Technological University); Series 2001, VRD Limited Obligation RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 10/01/2031 | $ | 5,305 | $ | 5,305,000 | |||||||||
| West Shore Medical Center; Series 2001, VRD Health Facilities RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 04/01/2022 | 5,280 | 5,280,000 | |||||||||||
| 10,585,000 | ||||||||||||||||
| Minnesota–3.65% | ||||||||||||||||
| Minnesota (State of); Series 2014 E, Ref. State Trunk Highway Unlimited Tax GO Bonds |
3.00 | % | 08/01/2016 | 7,000 | 7,081,440 | |||||||||||
| Minnesota (State of) Higher Educational Facilities Authority (Concordia University, St. Paul); Series 2007 Six-Q, VRD RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.03 | % | 04/01/2037 | 9,135 | 9,135,000 | |||||||||||
| Minnesota (State of) Midwest Consortium of Municipal Utilities (Minnesota Municipal Utilities Association Financing Program); Series 2005 A, VRD RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.07 | % | 01/01/2025 | 290 | 290,000 | |||||||||||
| Oak Park Heights (City of) (Boutswell Landing); Series 2005, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 11/01/2035 | 1,355 | 1,355,000 | |||||||||||
| St. Paul (City of) Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 10/01/2033 | 7,175 | 7,175,000 | |||||||||||
| 25,036,440 | ||||||||||||||||
| Missouri–1.84% | ||||||||||||||||
| Bridgeton (City of) Industrial Development Authority (Stolze Printing); Series 2010, VRD IDR (LOC–FHLB of Chicago)(a)(b) |
0.02 | % | 11/01/2037 | 1,125 | 1,125,000 | |||||||||||
| Missouri (State of) Health & Educational Facilities Authority (BJC Health Systems); Series 2013 C, VRD RB(a) |
0.21 | % | 01/01/2050 | 6,450 | 6,450,000 | |||||||||||
| Springfield (City of) Industrial Development Authority (Pebblecreek Apartments); Series 1994, Ref. VRD MFH RB (LOC–FHLB of Des Moines)(a)(b) |
0.12 | % | 12/01/2019 | 1,060 | 1,060,000 | |||||||||||
| St. Joseph (City of) Industrial Development Authority (Heartland Regional Medical Center); Series 2009 A, VRD Health Facilities RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.01 | % | 11/15/2043 | 1,600 | 1,600,000 | |||||||||||
| St. Louis (County of) Industrial Development Authority (Westport Station Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) (a) |
0.01 | % | 04/15/2027 | 2,370 | 2,370,000 | |||||||||||
| 12,605,000 | ||||||||||||||||
| Nevada–0.93% | ||||||||||||||||
| Carson City (City of) (Carson-Tahoe Hospital); Series 2003 B, VRD Hospital RB (LOC–U.S.
Bank, |
0.01 | % | 09/01/2033 | 5,300 | 5,300,000 | |||||||||||
| Reno (City of) (Renown Regional Medical Center); Series 2009 A, Ref. VRD Hospital RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.03 | % | 06/01/2039 | 1,085 | 1,085,000 | |||||||||||
| 6,385,000 | ||||||||||||||||
| New Hampshire–1.04% | ||||||||||||||||
| New Hampshire (State of) Health & Education Facilities Authority (Moore Center Services, Inc.); Series 2007, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.02 | % | 09/01/2037 | 3,625 | 3,625,000 | |||||||||||
| New Hampshire (State of) Health & Education Facilities Authority (Riverbend Community Mental Health, Inc.); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.02 | % | 07/01/2038 | 3,500 | 3,500,000 | |||||||||||
| 7,125,000 | ||||||||||||||||
| New Mexico–1.25% | ||||||||||||||||
| Albuquerque (City of) & Bernalillo (County of) Water Utility Authority; Series 2009 A-1, Ref. Joint Water & Sewer System Improvement RB |
5.00 | % | 07/01/2016 | 1,250 | 1,269,554 | |||||||||||
| New Mexico (State of); Series 2010 A, Severance Tax RB |
5.00 | % | 07/01/2016 | 5,075 | 5,155,782 | |||||||||||
| New Mexico (State of) Finance Authority (Public Project Revolving Fund Program); Series 2016 A, Sr. Lien RB |
2.00 | % | 06/01/2016 | 2,150 | 2,159,722 | |||||||||||
| 8,585,058 | ||||||||||||||||
| New York–5.68% | ||||||||||||||||
| New York (State of) Dormitory Authority; Series 2009 B, VRD Samaritan Medical Center RB (LOC–HSBC Bank USA N.A.)(a)(b)(c) |
0.01 | % | 11/01/2036 | 8,130 | 8,130,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| New York–(continued) | ||||||||||||||||
| New York (State of) Housing Finance Agency (Manhattan West Residential Housing); |
||||||||||||||||
| Series 2014 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)(c) |
0.07 | % | 11/01/2049 | $ | 9,600 | $ | 9,600,000 | |||||||||
| Series 2015 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)(c) |
0.07 | % | 11/01/2049 | 8,200 | 8,200,000 | |||||||||||
| New York (State of) Housing Finance Agency (Riverside Center 2 Housing); Series 2015 A-1, VRD RB (LOC–Bank of America, N.A.)(a)(b) |
0.01 | % | 11/01/2046 | 9,000 | 9,000,000 | |||||||||||
| Triborough Bridge & Tunnel Authority; Series 2002 F, Ref. VRD General RB (LOC–Landesbank Hessen-Thüringen Girozentrale)(a)(b)(c) |
0.01 | % | 11/01/2032 | 4,000 | 4,000,000 | |||||||||||
| 38,930,000 | ||||||||||||||||
| North Carolina–2.97% | ||||||||||||||||
| Charlotte-Mecklenburg Hospital Authority (The) (Carolinas HealthCare Systems); Series 2007 C, Ref. VRD RB(a) |
0.01 | % | 01/15/2037 | 9,300 | 9,300,000 | |||||||||||
| Greensboro (City of) (Combined Enterprise System); Series 2012 A, Ref. RB |
5.00 | % | 06/01/2016 | 1,260 | 1,274,790 | |||||||||||
| Guilford (County of); Series 2012 A, Public Improvement Unlimited Tax GO Bonds |
5.00 | % | 03/01/2016 | 2,350 | 2,350,000 | |||||||||||
| Mecklenburg (County of); Series 2009 C, Ref. Unlimited Tax GO Bonds |
5.00 | % | 03/01/2016 | 1,020 | 1,020,000 | |||||||||||
| North Carolina (State of) Capital Facilities Finance Agency (Roman Catholic Diocese of Charlotte); Series 2000, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.05 | % | 06/01/2017 | 2,335 | 2,335,000 | |||||||||||
| Raleigh (City of) (Combined Enterprise System); Series 2006 A, RB |
5.00 | % | 03/01/2016 | 1,150 | 1,150,000 | |||||||||||
| Raleigh (City of); Series 2012 B, Public Improvement Unlimited Tax GO Bonds |
5.00 | % | 04/01/2016 | 2,950 | 2,962,005 | |||||||||||
| 20,391,795 | ||||||||||||||||
| Ohio–3.54% | ||||||||||||||||
| Centerville (City of) (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 B, VRD Health Care RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 11/01/2040 | 1,385 | 1,385,000 | |||||||||||
| Franklin (County of) (Ohio Health Corp.); Series 2011 C, Ref. Hospital Facilities Floating Rate RB(d) |
0.05 | % | 11/15/2033 | 2,900 | 2,900,000 | |||||||||||
| Franklin (County of) (U.S. Health Corp. of Columbus); Series 1996 A, Ref. VRD Hospital Facilities & Improvement RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 12/01/2021 | 7,125 | 7,125,000 | |||||||||||
| Montgomery (County of) (The Dayton Art Institute); Series 1996, VRD Economic Development RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.02 | % | 05/01/2026 | 8,400 | 8,400,000 | |||||||||||
| Ohio (State of) (Goodwill Industries of the Miami Valley); Series 2003, VRD Economic Development RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 06/01/2023 | 4,495 | 4,495,000 | |||||||||||
| 24,305,000 | ||||||||||||||||
| Oklahoma–0.13% | ||||||||||||||||
| Tulsa County Independent School District No. 9 (Union Board of Education); Series 2014, Combined Purpose Unlimited Tax GO Bonds |
1.00 | % | 04/01/2016 | 900 | 900,530 | |||||||||||
| Pennsylvania–4.22% | ||||||||||||||||
| Allegheny (County of) Industrial Development Authority (United Jewish Federation of Greater Pittsburgh); Series 1995 B, VRD RB (LOC–PNC Bank, N.A.)(a)(b)(e) |
0.03 | % | 10/01/2025 | 1,200 | 1,200,000 | |||||||||||
| Haverford Township School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank, |
0.02 | % | 03/01/2030 | 2,235 | 2,235,000 | |||||||||||
| Lebanon (County of) Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 10/15/2025 | 5,505 | 5,505,000 | |||||||||||
| Luzerne (County of) Convention Center Authority; Series 1998 A, VRD Hotel Room Rental Tax RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 09/01/2028 | 2,220 | 2,220,000 | |||||||||||
| Montgomery (County of) Redevelopment Authority (Forge Gate Apartments); Series 2001 A, VRD MFH RB (CEP–FNMA)(a) |
0.01 | % | 08/15/2031 | 3,990 | 3,990,000 | |||||||||||
| Pennsylvania (State of) Higher Educational Facilities Authority (Association of Independent Colleges & Universities of Pennsylvania Financing Program-Moore College of Art & Design); Series 2000 F-1, VRD RB (LOC–PNC Bank, N.A.)(a)(b)(e) |
0.03 | % | 05/01/2020 | 1,950 | 1,950,000 | |||||||||||
| Quakertown (Borough of) General Authority (Pooled Financing Program); Series 1996 A, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 07/01/2026 | 1,715 | 1,715,000 | |||||||||||
| Ridley School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank, N.A.)(a)(b) |
0.02 | % | 11/01/2029 | 2,600 | 2,600,000 | |||||||||||
| Westmoreland (County of) Industrial Development Authority (Excela Health); Series 2005 A, VRD Health System RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 07/01/2027 | 7,525 | 7,525,000 | |||||||||||
| 28,940,000 | ||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| South Carolina–2.02% | ||||||||||||||||
| Brookland-Cayce School District No. 2; Series 2015 C, Unlimited Tax GO Bonds |
3.00 | % | 03/01/2016 | $ | 8,705 | $ | 8,705,000 | |||||||||
| South Carolina (State of) Educational Facilities Authority for Private Non-Profit Institutions of Higher Learning (Morris College); Series 1997, VRD RB (LOC–Bank of America, N.A.)(a)(b)(e) |
0.16 | % | 07/01/2017 | 590 | 590,000 | |||||||||||
| South Carolina (State of) Jobs-Economic Development Authority (YMCA of Greenville); Series 2007, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 03/01/2028 | 2,702 | 2,702,000 | |||||||||||
| Spartanburg County School District No. 7; Series 2015 A, Unlimited Tax GO Bonds |
4.00 | % | 03/01/2016 | 1,830 | 1,830,000 | |||||||||||
| 13,827,000 | ||||||||||||||||
| Tennessee–2.56% | ||||||||||||||||
| Nashville (City of) & Davidson (County of) Metropolitan Government Industrial Development Board (Summit Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 07/15/2036 | 7,575 | 7,575,000 | |||||||||||
| Nashville (City of) & Davidson (County of) Metropolitan Government Health & Educational Facilities Board (Ascension Health Credit Group); Series 2001 B-1, VRD RB(a) |
0.19 | % | 11/15/2031 | 10,000 | 10,000,000 | |||||||||||
| 17,575,000 | ||||||||||||||||
| Texas–9.22% | ||||||||||||||||
| Aledo Independent School District; Series 2006 A, VRD School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program)(a) |
0.02 | % | 08/01/2035 | 14,615 | 14,615,000 | |||||||||||
| Austin Community College District ; Series 2015, Limited Tax GO Bonds |
3.00 | % | 08/01/2016 | 1,260 | 1,273,898 | |||||||||||
| Denton (County of); Series 2013, Limited Tax GO Notes |
3.00 | % | 04/15/2016 | 1,020 | 1,023,354 | |||||||||||
| Fort Bend Independent School District; Series 2008, Ref. School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program) |
5.00 | % | 08/15/2016 | 1,300 | 1,328,235 | |||||||||||
| Lewisville Independent School District; Series 2014 A, School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program) |
3.00 | % | 08/15/2016 | 1,095 | 1,108,749 | |||||||||||
| San Antonio Independent School District; Series 2011, Ref. Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program) |
5.00 | % | 08/15/2016 | 1,000 | 1,021,719 | |||||||||||
| San Gabriel (City of) Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 04/01/2026 | 1,100 | 1,100,000 | |||||||||||
| Tarrant (County of) Cultural Education Facilities Finance Corp. (Baylor Health Care System); Series 2011 C, VRD Hospital RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 11/15/2050 | 3,500 | 3,500,000 | |||||||||||
| Tarrant (County of) Housing Finance Corp. (Remington Hill Development); Series 1998, VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 02/15/2028 | 1,750 | 1,750,000 | |||||||||||
| Tarrant (County of) Housing Finance Corp. (Sierra Springs Apartments); Series 1999, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.03 | % | 02/15/2027 | 5,860 | 5,860,000 | |||||||||||
| Tarrant (County of) Regional Water District; |
||||||||||||||||
| Series 2012 A, Ref. RB |
5.00 | % | 03/01/2016 | 3,500 | 3,500,000 | |||||||||||
| Series 2012, Ref. & Improvement RB |
5.00 | % | 03/01/2016 | 1,130 | 1,130,000 | |||||||||||
| Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD MFH RB (CEP–FHLMC)(a) |
0.01 | % | 05/01/2042 | 10,865 | 10,865,000 | |||||||||||
| Travis (County of); Series 2013, Limited Tax GO Ctfs. |
3.38 | % | 03/01/2016 | 1,970 | 1,970,000 | |||||||||||
| University of Texas System Board of Regents; Series 2008 B, VRD Financing System RB(a) |
0.01 | % | 08/01/2025 | 13,180 | 13,180,000 | |||||||||||
| 63,225,955 | ||||||||||||||||
| Utah–2.91% | ||||||||||||||||
| Utah (County of) (IHC Health Services, Inc.); Series 2014 B, VRD Hospital RB(a) |
0.21 | % | 05/15/2049 | 6,525 | 6,525,000 | |||||||||||
| Utah (State of) Associated Municipal Power Systems (Horse Butte Wind); Series 2012 B, VRD RB (LOC–Bank of Montreal)(a)(b)(c) |
0.01 | % | 09/01/2032 | 11,000 | 11,000,000 | |||||||||||
| Utah (State of) Housing Corp. (Timbergate Apartments); Series 2009 A, VRD MFH RB (CEP–FHLMC)(a) |
0.06 | % | 04/01/2042 | 2,450 | 2,450,000 | |||||||||||
| 19,975,000 | ||||||||||||||||
| Vermont–0.84% | ||||||||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (North Country Hospital); Series 2007 A, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 10/01/2034 | 700 | 700,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Vermont–(continued) | ||||||||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (Norwich University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 09/01/2038 | $ | 5,055 | $ | 5,055,000 | |||||||||
| 5,755,000 | ||||||||||||||||
| Virginia–4.90% | ||||||||||||||||
| Alexandria (City of); Series 2011, Capital Improvement Unlimited Tax GO Bonds |
5.00 | % | 07/15/2016 | 2,115 | 2,152,876 | |||||||||||
| Capital Beltway Funding Corp. of Virginia (I-495 Hot Lanes); Series 2010 C, Ref. VRD Sr. Lien Multi-Modal Toll RB (LOC–National Australia Bank Ltd.)(a)(b)(c) |
0.01 | % | 12/31/2047 | 27,600 | 27,600,000 | |||||||||||
| Fairfax (County of) Water Authority; Series 2013 A, Ref. RB |
3.00 | % | 04/01/2016 | 915 | 917,212 | |||||||||||
| Louisa (County of) Industrial Development Authority (University of Virginia Health Services Foundation); Series 2000, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 10/01/2030 | 2,700 | 2,700,000 | |||||||||||
| Suffolk (City of) Redevelopment & Housing Authority (Oak Springs Apartments, LLC); Series 1999, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.03 | % | 12/01/2019 | 200 | 200,000 | |||||||||||
| 33,570,088 | ||||||||||||||||
| Washington–3.61% | ||||||||||||||||
| Seattle (City of); Series 2014, Ref. Drainage & Wastewater Improvement RB |
4.00 | % | 05/01/2016 | 1,100 | 1,106,935 | |||||||||||
| Seattle (City of) Housing Authority (Bayview Manor); Series 1994 B, VRD Low-Income Housing Assistance RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.02 | % | 05/01/2019 | 1,170 | 1,170,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Lake City Senior Apartments); Series 2009, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 07/01/2044 | 8,000 | 8,000,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Panorama City); Series 2008, VRD Non-Profit RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 04/01/2043 | 12,000 | 12,000,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Valley View Apartments); Series 2002, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 09/15/2020 | 2,475 | 2,475,000 | |||||||||||
| 24,751,935 | ||||||||||||||||
| West Virginia–0.88% | ||||||||||||||||
| West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008, Ref. VRD Improvement RB (LOC–Branch Banking & Trust Co.)(a)(b) |
0.02 | % | 01/01/2034 | 6,000 | 6,000,000 | |||||||||||
| Wisconsin–5.69% | ||||||||||||||||
| Lima (Town of) (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD Development RB (LOC–FHLB of Chicago)(a)(b) |
0.01 | % | 10/01/2042 | 2,380 | 2,380,000 | |||||||||||
| Milwaukee (City of); Series 2015 M7, School RAN |
2.00 | % | 06/30/2016 | 11,500 | 11,568,747 | |||||||||||
| Oneida Tribe of Indians of Wisconsin; Series 2001, VRD Health Facilities RB (LOC–Bank of America, N.A.)(a)(b) |
0.08 | % | 07/01/2016 | 1,955 | 1,955,000 | |||||||||||
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital, Inc.); Series 2004, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 08/15/2034 | 7,095 | 7,095,000 | |||||||||||
| Wisconsin (State of) Health & Educational Facilities Authority (University of Wisconsin Medical Foundation, Inc.); Series 2000, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.03 | % | 05/01/2030 | 15,410 | 15,410,000 | |||||||||||
| Wisconsin (State of); Series 2012 2, Ref. Clean Water RB |
5.00 | % | 06/01/2016 | 600 | 607,256 | |||||||||||
| 39,016,003 | ||||||||||||||||
| TOTAL INVESTMENTS(h)(i)–101.46% (Cost $695,815,630) |
695,815,630 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(1.46)% |
|
(10,011,598 | ) | |||||||||||||
| NET ASSETS–100.00% |
|
$ | 685,804,032 | |||||||||||||
Investment Abbreviations:
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 Short-Term Investments Trust
Tax-Free Cash Reserve Portfolio
Notes to Schedule of Investments:
| (a) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (b) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (c) | The security is credit guaranteed, enhanced or has credit risk by a foreign entity. No concentration of any single foreign country was greater than 5%. |
| (d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (e) | 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, 2016 was $13,342,000, which represented 1.95% of the Fund’s Net Assets. |
| (f) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (g) | Synthetic municipal instruments; involves the deposit into a trust of one or more long-term tax-exempt bonds or notes (“Underlying Bonds.”), a sale of certificates evidencing interests in the trust to investors such as the Fund. The trustee receives the long-term fixed interest payments on the Underlying Bonds, and pays certificate holders variable rate interest payments based upon a short-term reset periodically. |
| (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 | |||
| PNC Bank, N.A. |
6.4 | % | ||
| Federal Home Loan Mortgage Corp. |
6.2 | |||
| Federal National Mortgage Association |
6.2 | |||
| Wells Fargo Bank, N.A. |
5.9 | |||
| U.S. Bank, N.A. |
5.9 | |||
| TD Bank, N.A. |
5.8 | |||
| Northern Trust Co. |
5.5 | |||
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
83.9 | % | ||
| 8-30 |
0.0 | |||
| 31-60 |
1.6 | |||
| 61-90 |
0.5 | |||
| 91-180 |
8.2 | |||
| 181+ |
5.8 |
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.
31 Short-Term Investments Trust
Statement of Assets and Liabilities
February 29, 2016
(Unaudited)
| Liquid Assets Portfolio |
STIC Prime Portfolio |
Treasury Portfolio |
Government & Agency Portfolio |
Government TaxAdvantage Portfolio |
Tax-Free Cash Reserve Portfolio |
|||||||||||||||||||||||||||||||
| Assets: |
||||||||||||||||||||||||||||||||||||
| Investments, at value and cost |
$ | 17,143,582,669 | $ | 2,284,212,740 | $ | 5,364,728,459 | $ | 2,393,990,600 | $ | 140,326,432 | $ | 695,815,630 | ||||||||||||||||||||||||
| Repurchase agreements, at value and cost |
5,460,525,273 | 450,369,735 | 7,417,713,856 | 2,665,203,465 | — | — | ||||||||||||||||||||||||||||||
| Total investments, at value and cost |
22,604,107,942 | 2,734,582,475 | 12,782,442,315 | 5,059,194,065 | 140,326,432 | 695,815,630 | ||||||||||||||||||||||||||||||
| Cash |
— | — | — | 23,844,931 | 67,220 | — | ||||||||||||||||||||||||||||||
| Receivable for: |
||||||||||||||||||||||||||||||||||||
| Investments sold |
2,401,485 | 5,000 | 27,854,897 | — | — | 665,002 | ||||||||||||||||||||||||||||||
| Interest |
5,382,282 | 171,078 | 5,105,215 | 570,392 | 7,233 | 1,058,923 | ||||||||||||||||||||||||||||||
| Fund expenses absorbed |
190,236 | 130,334 | 353,087 | — | 61,215 | 159,924 | ||||||||||||||||||||||||||||||
| Investment for trustee deferred compensation and retirement plans |
3,090,011 | 878,999 | 1,828,060 | 829,073 | 111,179 | 312,793 | ||||||||||||||||||||||||||||||
| Other assets |
116,445 | 191,396 | 140,305 | 63,693 | 31,836 | 47,960 | ||||||||||||||||||||||||||||||
| Total assets |
22,615,288,401 | 2,735,959,282 | 12,817,723,879 | 5,084,502,154 | 140,605,115 | 698,060,232 | ||||||||||||||||||||||||||||||
| Liabilities: |
||||||||||||||||||||||||||||||||||||
| Payable for: |
||||||||||||||||||||||||||||||||||||
| Investments purchased |
149,636,000 | — | — | 73,723,601 | — | 11,800,009 | ||||||||||||||||||||||||||||||
| Amount due custodian |
10,641,150 | 10,431 | 27,464,210 | — | — | 15,936 | ||||||||||||||||||||||||||||||
| Dividends |
7,042,735 | 703,092 | 1,832,254 | 891,457 | 23,824 | 5,279 | ||||||||||||||||||||||||||||||
| Accrued fees to affiliates |
461,383 | 199,974 | 907,894 | 145,660 | 93,525 | 43,000 | ||||||||||||||||||||||||||||||
| Accrued trustees’ and officer’s fees and benefits |
32,185 | 6,556 | 26,492 | 11,596 | 3,599 | 3,324 | ||||||||||||||||||||||||||||||
| Accrued operating expenses |
111,886 | 36,339 | 75,287 | 11,169 | 21,059 | 20,337 | ||||||||||||||||||||||||||||||
| Trustee deferred compensation and retirement plans |
3,742,851 | 1,041,332 | 2,229,761 | 1,010,742 | 128,797 | 368,315 | ||||||||||||||||||||||||||||||
| Total liabilities |
171,668,190 | 1,997,724 | 32,535,898 | 75,794,225 | 270,804 | 12,256,200 | ||||||||||||||||||||||||||||||
| Net assets applicable to shares outstanding |
$ | 22,443,620,211 | $ | 2,733,961,558 | $ | 12,785,187,981 | $ | 5,008,707,929 | $ | 140,334,311 | $ | 685,804,032 | ||||||||||||||||||||||||
| Net assets consist of: |
||||||||||||||||||||||||||||||||||||
| Shares of beneficial interest |
$ | 22,441,059,834 | $ | 2,733,087,812 | $ | 12,784,855,040 | $ | 5,008,598,424 | $ | 140,351,885 | $ | 685,953,788 | ||||||||||||||||||||||||
| Undistributed net investment income |
2,468,855 | 872,258 | (21,274 | ) | (26,177 | ) | (9,046 | ) | (104,955 | ) | ||||||||||||||||||||||||||
| Undistributed net realized gain (loss) |
91,522 | 1,488 | 354,215 | 135,682 | (8,528 | ) | (44,801 | ) | ||||||||||||||||||||||||||||
| $ | 22,443,620,211 | $ | 2,733,961,558 | $ | 12,785,187,981 | $ | 5,008,707,929 | $ | 140,334,311 | $ | 685,804,032 | |||||||||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32 Short-Term Investments Trust
Statement of Assets and Liabilities—(continued)
February 29, 2016
(Unaudited)
| Liquid Assets Portfolio |
STIC Prime Portfolio |
Treasury Portfolio |
Government & Agency Portfolio |
Government TaxAdvantage Portfolio |
Tax-Free Cash Reserve Portfolio |
|||||||||||||||||||||||||||||||
| Net Assets: |
|
|||||||||||||||||||||||||||||||||||
| Institutional Class |
$ | 19,350,616,042 | $ | 1,917,283,674 | $ | 6,273,721,419 | $ | 3,295,982,076 | $ | 17,000,000 | $ | 576,781,735 | ||||||||||||||||||||||||
| Private Investment Class |
$ | 209,874,644 | $ | 137,321,595 | $ | 464,674,210 | $ | 503,979,238 | $ | 4,402,797 | $ | 29,889,915 | ||||||||||||||||||||||||
| Personal Investment Class |
$ | 58,065,383 | $ | 99,353,189 | $ | 147,223,145 | $ | 8,943,577 | $ | 1,879,098 | $ | 2,731,245 | ||||||||||||||||||||||||
| Cash Management Class |
$ | 236,125,452 | $ | 396,501,369 | $ | 4,362,496,379 | $ | 138,578,152 | $ | 45,617,025 | $ | 42,442,594 | ||||||||||||||||||||||||
| Reserve Class |
$ | 130,755,458 | $ | 26,622,307 | $ | 30,685,986 | $ | 286,180,378 | $ | 68,883,100 | $ | 30,177,389 | ||||||||||||||||||||||||
| Resource Class |
$ | 10,543,447 | $ | 19,391,271 | $ | 331,809,997 | $ | 60,155,218 | $ | 2,372,701 | $ | 2,573,547 | ||||||||||||||||||||||||
| Corporate Class |
$ | 2,447,639,785 | $ | 137,488,153 | $ | 1,174,576,845 | $ | 714,889,290 | $ | 179,590 | $ | 1,207,607 | ||||||||||||||||||||||||
| Shares outstanding, $0.01 par value per share, |
| |||||||||||||||||||||||||||||||||||
| Institutional Class |
19,348,405,760 | 1,917,274,456 | 6,273,196,808 | 3,295,833,750 | 16,995,722 | 576,749,244 | ||||||||||||||||||||||||||||||
| Private Investment Class |
209,850,210 | 137,320,975 | 464,636,651 | 503,957,597 | 4,401,677 | 29,888,222 | ||||||||||||||||||||||||||||||
| Personal Investment Class |
58,058,765 | 99,352,712 | 147,212,225 | 8,943,175 | 1,878,605 | 2,731,090 | ||||||||||||||||||||||||||||||
| Cash Management Class |
236,097,591 | 396,499,479 | 4,362,121,141 | 138,567,299 | 45,605,336 | 42,440,171 | ||||||||||||||||||||||||||||||
| Reserve Class |
130,740,969 | 26,622,133 | 30,683,432 | 286,168,646 | 68,865,475 | 30,175,675 | ||||||||||||||||||||||||||||||
| Resource Class |
10,542,271 | 19,391,182 | 331,782,803 | 60,152,501 | 2,372,098 | 2,573,402 | ||||||||||||||||||||||||||||||
| Corporate Class |
2,447,363,765 | 137,487,515 | 1,174,472,810 | 714,862,165 | 179,545 | 1,207,539 | ||||||||||||||||||||||||||||||
| Net asset value, offering and redemption price per share for each class |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
33 Short-Term Investments Trust
Statement of Operations
For the six months ended February 29, 2016
(Unaudited)
| Liquid Assets Portfolio |
STIC Prime Portfolio |
Treasury Portfolio |
Government & Agency |
Government TaxAdvantage Portfolio |
Tax-Free Cash Reserve Portfolio |
|||||||||||||||||||||||||||||||
| Investment income: |
||||||||||||||||||||||||||||||||||||
| Interest |
$ | 39,276,066 | $ | 4,406,046 | $ | 14,445,597 | $ | 6,349,758 | $ | 226,027 | $ | 209,757 | ||||||||||||||||||||||||
| Expenses: |
||||||||||||||||||||||||||||||||||||
| Advisory fees |
15,055,521 | 2,112,022 | 10,414,744 | 2,793,476 | 212,182 | 770,759 | ||||||||||||||||||||||||||||||
| Administrative services fees |
539,799 | 272,550 | 446,983 | 322,493 | 24,863 | 89,259 | ||||||||||||||||||||||||||||||
| Custodian fees |
90,387 | 19,308 | 61,293 | 66,159 | 8,066 | 8,856 | ||||||||||||||||||||||||||||||
| Distribution fees: |
||||||||||||||||||||||||||||||||||||
| Private Investment Class |
516,818 | 392,494 | 1,097,942 | 1,228,129 | 12,881 | 75,725 | ||||||||||||||||||||||||||||||
| Personal Investment Class |
316,705 | 396,028 | 573,977 | 61,800 | 14,162 | 9,266 | ||||||||||||||||||||||||||||||
| Cash Management Class |
196,916 | 220,789 | 2,548,900 | 123,111 | 26,533 | 23,462 | ||||||||||||||||||||||||||||||
| Reserve Class |
786,255 | 212,190 | 172,936 | 1,424,173 | 202,217 | 114,830 | ||||||||||||||||||||||||||||||
| Resource Class |
17,620 | 20,456 | 332,053 | 83,474 | 2,360 | 3,686 | ||||||||||||||||||||||||||||||
| Corporate Class |
285,966 | 14,022 | 209,063 | 96,980 | 400 | 2,502 | ||||||||||||||||||||||||||||||
| Transfer agent fees |
903,446 | 126,721 | 624,885 | 257,048 | 9,157 | 29,090 | ||||||||||||||||||||||||||||||
| Trustees’ and officers’ fees and benefits |
345,156 | 77,804 | 241,846 | 106,704 | 15,253 | 29,684 | ||||||||||||||||||||||||||||||
| Registration and filing fees |
61,425 | 46,305 | 63,360 | 81,282 | 37,833 | 38,847 | ||||||||||||||||||||||||||||||
| Other |
437,772 | 115,293 | 279,353 | 340,129 | 47,262 | 50,329 | ||||||||||||||||||||||||||||||
| Total expenses |
19,553,786 | 4,025,982 | 17,067,335 | 6,984,958 | 613,169 | 1,246,295 | ||||||||||||||||||||||||||||||
| Less: Fees waived |
(4,368,663 | ) | (1,944,878 | ) | (7,116,608 | ) | (3,104,997 | ) | (462,359 | ) | (1,068,465 | ) | ||||||||||||||||||||||||
| Net expenses |
15,185,123 | 2,081,104 | 9,950,727 | 3,879,961 | 150,810 | 177,830 | ||||||||||||||||||||||||||||||
| Net investment income |
24,090,943 | 2,324,942 | 4,494,870 | 2,469,797 | 75,217 | 31,927 | ||||||||||||||||||||||||||||||
| Realized and unrealized gain from: |
||||||||||||||||||||||||||||||||||||
| Net realized gain from Investment securities |
15,642 | 544 | 416,712 | 19,165 | 9,917 | — | ||||||||||||||||||||||||||||||
| Net increase in net assets resulting from operations |
$ | 24,106,585 | $ | 2,325,486 | $ | 4,911,582 | $ | 2,488,962 | $ | 85,134 | $ | 31,927 | ||||||||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
34 Short-Term Investments Trust
Statement of Changes in Net Assets
For the six months ended February 29, 2016 and the year ended August 31, 2015
(Unaudited)
| Liquid Assets Portfolio | STIC Prime Portfolio | |||||||||||||||||||
| February 29, 2016 |
August 31, 2015 |
February 29, 2016 |
August 31, 2015 |
|||||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income |
$ | 24,090,943 | $ | 14,869,394 | $ | 2,324,942 | $ | 2,593,491 | ||||||||||||
| Net realized gain |
15,642 | 164,146 | 544 | 944 | ||||||||||||||||
| Net increase in net assets resulting from operations |
24,106,585 | 15,033,540 | 2,325,486 | 2,594,435 | ||||||||||||||||
| Distributions to shareholders from net investment income: |
||||||||||||||||||||
| Institutional Class |
(21,603,070 | ) | (14,147,500 | ) | (1,761,348 | ) | (1,854,672 | ) | ||||||||||||
| Private Investment Class |
(34,987 | ) | (30,767 | ) | (80,356 | ) | (132,350 | ) | ||||||||||||
| Personal Investment Class |
(9,541 | ) | (13,561 | ) | (54,963 | ) | (110,282 | ) | ||||||||||||
| Cash Management Class |
(306,028 | ) | (77,398 | ) | (302,379 | ) | (376,417 | ) | ||||||||||||
| Reserve Class |
(18,224 | ) | (14,433 | ) | (21,613 | ) | (18,513 | ) | ||||||||||||
| Resource Class |
(4,310 | ) | (12,035 | ) | (11,761 | ) | (20,138 | ) | ||||||||||||
| Corporate Class |
(2,114,783 | ) | (573,700 | ) | (92,498 | ) | (81,119 | ) | ||||||||||||
| Total distributions from net investment income |
(24,090,943 | ) | (14,869,394 | ) | (2,324,918 | ) | (2,593,491 | ) | ||||||||||||
| Share transactions–net: |
||||||||||||||||||||
| Institutional Class |
3,376,529,292 | (2,640,861,091 | ) | 152,620,931 | (148,752,146 | ) | ||||||||||||||
| Private Investment Class |
(73,584,196 | ) | (61,736,842 | ) | (24,894,329 | ) | 10,083,327 | |||||||||||||
| Personal Investment Class |
(57,334,039 | ) | (65,018,703 | ) | (18,219,967 | ) | (40,437,932 | ) | ||||||||||||
| Cash Management Class |
(221,844,735 | ) | (226,421,761 | ) | (87,093,375 | ) | 29,823,610 | |||||||||||||
| Reserve Class |
(25,452,945 | ) | (23,801,101 | ) | (23,778,069 | ) | 34,768,990 | |||||||||||||
| Resource Class |
(62,133,047 | ) | (62,863,904 | ) | (319,045 | ) | (12,328,636 | ) | ||||||||||||
| Corporate Class |
1,393,208,709 | 383,540,344 | 60,444,479 | 17,489,399 | ||||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
4,329,389,039 | (2,697,163,058 | ) | 58,760,625 | (109,353,388 | ) | ||||||||||||||
| Net increase (decrease) in net assets |
4,329,404,681 | (2,696,998,912 | ) | 58,761,193 | (109,352,444 | ) | ||||||||||||||
| Net assets: |
||||||||||||||||||||
| Beginning of period |
18,114,215,530 | 20,811,214,442 | 2,675,200,365 | 2,784,552,809 | ||||||||||||||||
| End of period* |
$ | 22,443,620,211 | $ | 18,114,215,530 | $ | 2,733,961,558 | $ | 2,675,200,365 | ||||||||||||
| * Includes accumulated undistributed net investment income |
$ | 2,468,855 | $ | 2,468,855 | $ | 872,258 | $ | 872,234 | ||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
35 Short-Term Investments Trust
Statement of Changes in Net Assets—(continued)
For the six months ended February 29, 2016 and the year ended August 31, 2015
(Unaudited)
| Treasury Portfolio | Government & Agency Portfolio | |||||||||||||||||||
| February 29, 2016 |
August 31, 2015 |
February 29, 2016 |
August 31, 2015 |
|||||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income |
$ | 4,494,870 | $ | 3,320,415 | $ | 2,469,797 | $ | 1,741,840 | ||||||||||||
| Net realized gain (loss) |
416,712 | (62,497 | ) | 19,165 | 116,517 | |||||||||||||||
| Net increase in net assets resulting from operations |
4,911,582 | 3,257,918 | 2,488,962 | 1,858,357 | ||||||||||||||||
| Distributions to shareholders from net investment income: |
||||||||||||||||||||
| Institutional Class |
(2,661,142 | ) | (1,478,709 | ) | (1,883,035 | ) | (1,159,579 | ) | ||||||||||||
| Private Investment Class |
(80,956 | ) | (102,223 | ) | (138,874 | ) | (126,468 | ) | ||||||||||||
| Personal Investment Class |
(26,968 | ) | (29,788 | ) | (4,096 | ) | (12,667 | ) | ||||||||||||
| Cash Management Class |
(1,193,495 | ) | (1,317,452 | ) | (80,858 | ) | (167,941 | ) | ||||||||||||
| Reserve Class |
(6,664 | ) | (11,073 | ) | (79,656 | ) | (108,700 | ) | ||||||||||||
| Resource Class |
(60,366 | ) | (68,891 | ) | (21,523 | ) | (38,869 | ) | ||||||||||||
| Corporate Class |
(465,279 | ) | (312,279 | ) | (261,755 | ) | (127,616 | ) | ||||||||||||
| Total distributions from net investment income |
(4,494,870 | ) | (3,320,415 | ) | (2,469,797 | ) | (1,741,840 | ) | ||||||||||||
| Share transactions–net: |
||||||||||||||||||||
| Institutional Class |
(1,576,572,464 | ) | 369,868,233 | (923,881,457 | ) | 891,380,297 | ||||||||||||||
| Private Investment Class |
3,525,513 | (63,444,289 | ) | 81,408,389 | 75,509,267 | |||||||||||||||
| Personal Investment Class |
(14,835,299 | ) | (350,960 | ) | (28,223,425 | ) | (3,981,249 | ) | ||||||||||||
| Cash Management Class |
(941,979,421 | ) | (2,293,402,486 | ) | (84,274,931 | ) | (247,006,196 | ) | ||||||||||||
| Reserve Class |
(4,919,263 | ) | (151,761,502 | ) | (21,349,198 | ) | (3,594,120 | ) | ||||||||||||
| Resource Class |
7,316,221 | (49,445,822 | ) | (37,751,805 | ) | (6,672,798 | ) | |||||||||||||
| Corporate Class |
(596,102,256 | ) | 346,906,945 | 83,692,317 | (28,642,460 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
(3,123,566,969 | ) | (1,841,629,881 | ) | (930,380,110 | ) | 676,992,741 | |||||||||||||
| Net increase (decrease) in net assets |
(3,123,150,257 | ) | (1,841,692,378 | ) | (930,360,945 | ) | 677,109,258 | |||||||||||||
| Net assets: |
||||||||||||||||||||
| Beginning of period |
15,908,338,238 | 17,750,030,616 | 5,939,068,874 | 5,261,959,616 | ||||||||||||||||
| End of period* |
$ | 12,785,187,981 | $ | 15,908,338,238 | $ | 5,008,707,929 | $ | 5,939,068,874 | ||||||||||||
| * Includes accumulated undistributed net investment income |
$ | (21,274 | ) | $ | (21,274 | ) | $ | (26,177 | ) | $ | (26,177 | ) | ||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
36 Short-Term Investments Trust
Statement of Changes in Net Assets—(continued)
For the six months ended February 29, 2016 and the year ended August 31, 2015
(Unaudited)
| Government TaxAdvantage Portfolio | Tax-Free Cash Reserve Portfolio | |||||||||||||||||||
| February 29, 2016 |
August 31, 2015 |
February 29, 2016 |
August 31, 2015 |
|||||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income |
$ | 75,217 | $ | 152,172 | $ | 31,927 | $ | 320,850 | ||||||||||||
| Net realized gain |
9,917 | 5,675 | — | 17,500 | ||||||||||||||||
| Net increase in net assets resulting from operations |
85,134 | 157,847 | 31,927 | 338,350 | ||||||||||||||||
| Distributions to shareholders from net investment income: |
||||||||||||||||||||
| Institutional Class |
(42,884 | ) | (109,398 | ) | (25,982 | ) | (243,361 | ) | ||||||||||||
| Private Investment Class |
(1,366 | ) | (5,768 | ) | (1,487 | ) | (14,944 | ) | ||||||||||||
| Personal Investment Class |
(1,007 | ) | (2,191 | ) | (122 | ) | (1,433 | ) | ||||||||||||
| Cash Management Class |
(15,296 | ) | (25,467 | ) | (2,317 | ) | (29,656 | ) | ||||||||||||
| Reserve Class |
(13,250 | ) | (1,334 | ) | (1,135 | ) | (13,465 | ) | ||||||||||||
| Resource Class |
(646 | ) | (3,530 | ) | (181 | ) | (2,416 | ) | ||||||||||||
| Corporate Class |
(768 | ) | (4,484 | ) | (703 | ) | (15,575 | ) | ||||||||||||
| Total distributions from net investment income |
(75,217 | ) | (152,172 | ) | (31,927 | ) | (320,850 | ) | ||||||||||||
| Share transactions–net: |
||||||||||||||||||||
| Institutional Class |
(88,546,410 | ) | (22,147,472 | ) | 120,751,861 | (68,021,232 | ) | |||||||||||||
| Private Investment Class |
(1,581,623 | ) | (9,595,904 | ) | (579,080 | ) | (3,807,802 | ) | ||||||||||||
| Personal Investment Class |
(76,406 | ) | (1,843,611 | ) | (892,435 | ) | (98,681 | ) | ||||||||||||
| Cash Management Class |
585,020 | (3,080,076 | ) | (8,574,246 | ) | (9,705,701 | ) | |||||||||||||
| Reserve Class |
62,990,375 | 5,171,160 | 8,402,532 | (5,865,164 | ) | |||||||||||||||
| Resource Class |
504 | (1,336,302 | ) | (1,952,773 | ) | (989,440 | ) | |||||||||||||
| Corporate Class |
(27,830,485 | ) | (22,499,992 | ) | (25,269,735 | ) | (5,044,078 | ) | ||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
(54,459,025 | ) | (55,332,197 | ) | 91,886,124 | (93,532,098 | ) | |||||||||||||
| Net increase (decrease) in net assets |
(54,449,108 | ) | (55,326,522 | ) | 91,886,124 | (93,514,598 | ) | |||||||||||||
| Net assets: |
||||||||||||||||||||
| Beginning of period |
194,783,419 | 250,109,941 | 593,917,908 | 687,432,506 | ||||||||||||||||
| End of period* |
$ | 140,334,311 | $ | 194,783,419 | $ | 685,804,032 | $ | 593,917,908 | ||||||||||||
| * Includes accumulated undistributed net investment income |
$ | (9,046 | ) | $ | (9,046 | ) | $ | (104,955 | ) | $ | (104,955 | ) | ||||||||
Notes to Financial Statements
February 29, 2016
(Unaudited)
NOTE 1—Significant Accounting Policies
Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers six separate portfolios, (each constituting a “Fund”). The Funds covered in this report are Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Government TaxAdvantage Portfolio and Tax-Free Cash Reserve Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.
The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio and Government TaxAdvantage Portfolio; and to provide tax-exempt income consistent with the preservation of capital and liquidity for Tax-Free Cash Reserve Portfolio.
Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.
The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements.
| A. | Security Valuations — Each Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts. |
37 Short-Term Investments Trust
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), adjusted for amortization of premiums and accretion of discounts on investments, is recorded on the accrual basis from settlement date. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Funds and the investment adviser.
The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.
| C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. | Distributions — It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually. |
| 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, Tax-Free Cash Reserve 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 of each respective Fund are allocated among the classes of such Fund 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 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 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- |
38 Short-Term Investments Trust
| 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 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.
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 pays an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:
| First $250 million |
Next $250 million |
Over $500 million |
||||||||||
| Liquid Assets Portfolio |
0.15% | 0.15% | 0.15% | |||||||||
| STIC Prime Portfolio |
0.15% | 0.15% | 0.15% | |||||||||
| Treasury Portfolio |
0.15% | 0.15% | 0.15% | |||||||||
| Government & Agency Portfolio |
0.10% | 0.10% | 0.10% | |||||||||
| Government TaxAdvantage Portfolio |
0.20% | 0.15% | 0.10% | |||||||||
| Tax-Free Cash Reserve Portfolio |
0.25% | 0.25% | 0.20% | |||||||||
For the six months ended February 29, 2016, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:
| Liquid Assets Portfolio |
0.15% | |||
| STIC Prime Portfolio |
0.15% | |||
| Treasury Portfolio |
0.15% | |||
| Government & Agency Portfolio |
0.10% | |||
| Government TaxAdvantage Portfolio |
0.20% | |||
| Tax-Free Cash Reserve Portfolio |
0.24% |
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, may 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, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):
| Institutional Class |
Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
||||||||||||||||||||||
| Liquid Assets Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.34 | % | 0.17 | % | ||||||||||||||
| STIC Prime Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Treasury Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Government & Agency Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Government TaxAdvantage Portfolio |
0.14 | % | 0.39 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Tax-Free Cash Reserve Portfolio |
0.25 | % | 0.50 | % | 0.80 | % | 0.33 | % | 1.12 | % | 0.41 | % | 0.28 | % | ||||||||||||||
39 Short-Term Investments Trust
The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.
In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) extraordinary or non-routine items, including litigation expenses, and (4) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2016. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.
Further, Invesco and/or IDI voluntarily waived fees and/or reimbursed expenses in order to increase the yields of each Fund. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors.
For the six months ended February 29, 2016, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:
| Expense Limitation |
Yield Waivers |
|||||||
| Liquid Assets Portfolio |
$ | 3,171,391 | $ | — | ||||
| STIC Prime Portfolio |
739,928 | 136,428 | ||||||
| Treasury Portfolio |
2,288,175 | 1,051,494 | ||||||
| Government & Agency Portfolio |
— | 366,030 | ||||||
| Government TaxAdvantage Portfolio |
198,607 | 29,497 | ||||||
| Tax-Free Cash Reserve Portfolio |
184,678 | 654,316 | ||||||
Voluntary fee waivers for the six months ended February 29, 2016 are shown below:
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
|||||||||||||||||||
| Liquid Assets Portfolio |
$ | 94,501 | $ | 143,768 | N/A | $ | 522,027 | $ | 4,198 | N/A | ||||||||||||||
| STIC Prime Portfolio |
182,115 | 253,640 | $ | 107,517 | 170,802 | 10,277 | $ | 5,732 | ||||||||||||||||
| Treasury Portfolio |
553,250 | 386,917 | 1,208,001 | 141,548 | 183,854 | 112,460 | ||||||||||||||||||
| Government & Agency Portfolio |
617,726 | 42,788 | 60,777 | 1,173,959 | 50,215 | 59,311 | ||||||||||||||||||
| Government TaxAdvantage Portfolio |
5,696 | 9,611 | 13,714 | 161,077 | 1,484 | 389 | ||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
37,862 | 6,795 | 18,770 | 99,902 | 2,949 | 2,502 | ||||||||||||||||||
The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the six months ended February 29, 2016, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 29, 2016, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.
Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class | |||||||||||||||||||||||
| 0.50 | % | 0.75 | % | 0.10 | % | 1.00 | % | 0.20 | % | 0.03 | % | |||||||||||||||||
Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.
IDI has contractually agreed, through at least December 31, 2016, to waive a portion of its compensation payable by the Funds such that compensation paid pursuant to the Plan with respect to each share class equals the maximum annual rate of average daily assets shown below:
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
|||||||||||||||||||
| Liquid Assets Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.20 | % | 0.03 | % | ||||||||||||
| STIC Prime Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Treasury Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Government & Agency Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Government TaxAdvantage Portfolio |
0.25 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Tax-Free Cash Reserve Portfolio |
0.25 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
40 Short-Term Investments Trust
Pursuant to the agreement above, for the six months ended February 29, 2016, IDI waived Plan fees of:
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
|||||||||||||||||||
| Liquid Assets Portfolio |
$ | 206,727 | $ | 84,455 | $ | 39,383 | $ | 102,213 | N/A | N/A | ||||||||||||||
| STIC Prime Portfolio |
156,998 | 105,607 | 44,158 | 27,585 | $ | 4,091 | N/A | |||||||||||||||||
| Treasury Portfolio |
439,176 | 153,061 | 509,780 | 22,482 | 66,410 | N/A | ||||||||||||||||||
| Government & Agency Portfolio |
491,252 | 16,480 | 24,622 | 185,142 | 16,695 | N/A | ||||||||||||||||||
| Government TaxAdvantage Portfolio |
6,441 | 3,776 | 5,307 | 26,288 | 472 | N/A | ||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
37,862 | 2,471 | 4,693 | 14,928 | 737 | N/A | ||||||||||||||||||
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
| Level 1 — | Prices are determined using quoted prices in an active market for identical assets. |
| Level 2 — | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
| Level 3 — | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect each Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
As of February 29, 2016, 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 months ended February 29, 2016, each Fund engaged in transactions with affiliates as listed below:
| Securities Purchases | Securities Sales | Net Realized Gains | ||||||||||
| Liquid Assets Portfolio |
$ | 259,171,921 | $ | 453,279,225 | $ | — | ||||||
| STIC Prime Portfolio |
118,541,842 | 142,726,856 | — | |||||||||
| Tax-Free Cash Reserve Portfolio |
466,679,556 | 355,977,114 | — | |||||||||
NOTE 5—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Funds may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Funds.
41 Short-Term Investments Trust
NOTE 6—Cash Balances
The Funds are permitted to temporarily overdraft or leave balances in their accounts with The Bank of New York Mellon (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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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 below had a capital loss carryforward as of August 31, 2015 which expires as follows:
| Short-Term | Long-Term | Total* | ||||||||||||||||||
| Fund | 2018 | 2019 | Not Subject to Expiration |
Not Subject to Expiration |
||||||||||||||||
| Treasury Portfolio |
$ | — | $ | — | $ | 62,497 | $ | — | $ | 62,497 | ||||||||||
| Government TaxAdvantage Portfolio |
— | — | 18,445 | — | 18,445 | |||||||||||||||
| Tax-Free Cash Reserve Portfolio |
14,727 | 30,074 | — | — | 44,801 | |||||||||||||||
| * | Capital loss carryforward as of the date listed above is 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. |
42 Short-Term Investments Trust
NOTE 8—Share Information
Liquid Assets Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
122,870,197,623 | $ | 122,870,197,623 | 285,396,098,619 | $ | 285,396,098,619 | ||||||||||
| Private Investment Class |
510,334,896 | 510,334,896 | 1,434,632,883 | 1,434,632,883 | ||||||||||||
| Personal Investment Class |
69,834,480 | 69,834,480 | 538,543,116 | 538,543,116 | ||||||||||||
| Cash Management Class |
2,145,627,791 | 2,145,627,791 | 4,326,518,141 | 4,326,518,141 | ||||||||||||
| Reserve Class |
206,076,476 | 206,076,476 | 1,016,989,736 | 1,016,989,736 | ||||||||||||
| Resource Class |
38,210,088 | 38,210,088 | 459,622,836 | 459,622,836 | ||||||||||||
| Corporate Class |
9,471,104,350 | 9,471,104,350 | 5,521,655,244 | 5,521,655,244 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
5,132,756 | 5,132,756 | 3,973,048 | 3,973,048 | ||||||||||||
| Private Investment Class |
6,181 | 6,181 | 8,279 | 8,279 | ||||||||||||
| Personal Investment Class |
4,693 | 4,693 | 11,639 | 11,639 | ||||||||||||
| Cash Management Class |
93,642 | 93,642 | 31,257 | 31,257 | ||||||||||||
| Reserve Class |
9,591 | 9,591 | 14,378 | 14,378 | ||||||||||||
| Resource Class |
2,603 | 2,603 | 12,396 | 12,396 | ||||||||||||
| Corporate Class |
270,357 | 270,357 | 225,681 | 225,681 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(119,498,801,087 | ) | (119,498,801,087 | ) | (288,040,932,758 | ) | (288,040,932,758 | ) | ||||||||
| Private Investment Class |
(583,925,273 | ) | (583,925,273 | ) | (1,496,378,004 | ) | (1,496,378,004 | ) | ||||||||
| Personal Investment Class |
(127,173,212 | ) | (127,173,212 | ) | (603,573,458 | ) | (603,573,458 | ) | ||||||||
| Cash Management Class |
(2,367,566,168 | ) | (2,367,566,168 | ) | (4,552,971,159 | ) | (4,552,971,159 | ) | ||||||||
| Reserve Class |
(231,539,012 | ) | (231,539,012 | ) | (1,040,805,215 | ) | (1,040,805,215 | ) | ||||||||
| Resource Class |
(100,345,738 | ) | (100,345,738 | ) | (522,499,136 | ) | (522,499,136 | ) | ||||||||
| Corporate Class |
(8,078,165,998 | ) | (8,078,165,998 | ) | (5,138,340,581 | ) | (5,138,340,581 | ) | ||||||||
| Net increase (decrease) in share activity |
4,329,389,039 | $ | 4,329,389,039 | (2,697,163,058 | ) | $ | (2,697,163,058 | ) | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
| Additionally, 19% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are other mutual funds also advised by Invesco. |
43 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
STIC Prime Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
3,003,113,393 | $ | 3,003,113,393 | 5,941,737,037 | $ | 5,941,737,037 | ||||||||||
| Private Investment Class |
667,027,756 | 667,027,756 | 1,211,080,589 | 1,211,080,589 | ||||||||||||
| Personal Investment Class |
298,331,925 | 298,331,925 | 1,182,870,259 | 1,182,870,259 | ||||||||||||
| Cash Management Class |
1,155,148,299 | 1,155,148,299 | 3,144,474,982 | 3,144,474,982 | ||||||||||||
| Reserve Class |
157,327,888 | 157,327,888 | 210,463,689 | 210,463,689 | ||||||||||||
| Resource Class |
64,748,890 | 64,748,890 | 64,359,363 | 64,359,363 | ||||||||||||
| Corporate Class |
261,415,561 | 261,415,561 | 1,149,830,507 | 1,149,830,507 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
424,046 | 424,046 | 454,008 | 454,008 | ||||||||||||
| Private Investment Class |
27,340 | 27,340 | 56,232 | 56,232 | ||||||||||||
| Personal Investment Class |
21,411 | 21,411 | 68,043 | 68,043 | ||||||||||||
| Cash Management Class |
74,694 | 74,694 | 71,815 | 71,815 | ||||||||||||
| Reserve Class |
17,209 | 17,209 | 14,807 | 14,807 | ||||||||||||
| Resource Class |
7,558 | 7,558 | 16,256 | 16,256 | ||||||||||||
| Corporate Class |
47,625 | 47,625 | 71,730 | 71,730 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(2,850,916,508 | ) | (2,850,916,508 | ) | (6,090,943,191 | ) | (6,090,943,191 | ) | ||||||||
| Private Investment Class |
(691,949,425 | ) | (691,949,425 | ) | (1,201,053,494 | ) | (1,201,053,494 | ) | ||||||||
| Personal Investment Class |
(316,573,303 | ) | (316,573,303 | ) | (1,223,376,234 | ) | (1,223,376,234 | ) | ||||||||
| Cash Management Class |
(1,242,316,368 | ) | (1,242,316,368 | ) | (3,114,723,187 | ) | (3,114,723,187 | ) | ||||||||
| Reserve Class |
(181,123,166 | ) | (181,123,166 | ) | (175,709,506 | ) | (175,709,506 | ) | ||||||||
| Resource Class |
(65,075,493 | ) | (65,075,493 | ) | (76,704,255 | ) | (76,704,255 | ) | ||||||||
| Corporate Class |
(201,018,707 | ) | (201,018,707 | ) | (1,132,412,838 | ) | (1,132,412,838 | ) | ||||||||
| Net increase (decrease) in share activity |
58,760,625 | $ | 58,760,625 | (109,353,388 | ) | $ | (109,353,388 | ) | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 59% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
44 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Treasury Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
7,821,438,683 | $ | 7,821,438,683 | 16,766,462,244 | $ | 16,766,462,244 | ||||||||||
| Private Investment Class |
890,870,745 | 890,870,745 | 1,901,290,280 | 1,901,290,280 | ||||||||||||
| Personal Investment Class |
502,160,779 | 502,160,779 | 1,101,975,367 | 1,101,975,367 | ||||||||||||
| Cash Management Class |
9,154,752,380 | 9,154,752,380 | 26,793,251,842 | 26,793,251,842 | ||||||||||||
| Reserve Class |
43,134,820 | 43,134,820 | 109,204,351 | 109,204,351 | ||||||||||||
| Resource Class |
155,665,944 | 155,665,944 | 329,636,954 | 329,636,954 | ||||||||||||
| Corporate Class |
8,220,833,589 | 8,220,833,589 | 18,168,487,688 | 18,168,487,688 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
963,871 | 963,871 | 922,038 | 922,038 | ||||||||||||
| Private Investment Class |
7,379 | 7,379 | 15,296 | 15,296 | ||||||||||||
| Personal Investment Class |
16,154 | 16,154 | 26,774 | 26,774 | ||||||||||||
| Cash Management Class |
45,602 | 45,602 | 60,767 | 60,767 | ||||||||||||
| Reserve Class |
3,896 | 3,896 | 7,169 | 7,169 | ||||||||||||
| Resource Class |
3,280 | 3,280 | 8,488 | 8,488 | ||||||||||||
| Corporate Class |
167,634 | 167,634 | 132,198 | 132,198 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(9,398,975,018 | ) | (9,398,975,018 | ) | (16,397,516,049 | ) | (16,397,516,049 | ) | ||||||||
| Private Investment Class |
(887,352,611 | ) | (887,352,611 | ) | (1,964,749,865 | ) | (1,964,749,865 | ) | ||||||||
| Personal Investment Class |
(517,012,232 | ) | (517,012,232 | ) | (1,102,353,101 | ) | (1,102,353,101 | ) | ||||||||
| Cash Management Class |
(10,096,777,403 | ) | (10,096,777,403 | ) | (29,086,715,095 | ) | (29,086,715,095 | ) | ||||||||
| Reserve Class |
(48,057,979 | ) | (48,057,979 | ) | (260,973,022 | ) | (260,973,022 | ) | ||||||||
| Resource Class |
(148,353,003 | ) | (148,353,003 | ) | (379,091,264 | ) | (379,091,264 | ) | ||||||||
| Corporate Class |
(8,817,103,479 | ) | (8,817,103,479 | ) | (17,821,712,941 | ) | (17,821,712,941 | ) | ||||||||
| Net increase (decrease) in share activity |
(3,123,566,969 | ) | $ | (3,123,566,969 | ) | (1,841,629,881 | ) | $ | (1,841,629,881 | ) | ||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 51% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
| Additionally, 14% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are other mutual funds also advised by Invesco. |
45 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Government & Agency Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
18,540,389,344 | $ | 18,540,389,344 | 37,416,050,435 | $ | 37,416,050,435 | ||||||||||
| Private Investment Class |
877,051,192 | 877,051,192 | 2,115,905,376 | 2,115,905,376 | ||||||||||||
| Personal Investment Class |
38,791,034 | 38,791,034 | 134,224,028 | 134,224,028 | ||||||||||||
| Cash Management Class |
1,195,370,891 | 1,195,370,891 | 5,837,371,862 | 5,837,371,862 | ||||||||||||
| Reserve Class |
398,647,336 | 398,647,336 | 699,303,942 | 699,303,942 | ||||||||||||
| Resource Class |
278,773,112 | 278,773,112 | 1,554,415,700 | 1,554,415,700 | ||||||||||||
| Corporate Class |
2,290,153,339 | 2,290,153,339 | 4,660,748,011 | 4,660,748,011 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
451,334 | 451,334 | 199,188 | 199,188 | ||||||||||||
| Private Investment Class |
37,272 | 37,272 | 37,056 | 37,056 | ||||||||||||
| Personal Investment Class |
— | — | 6 | 6 | ||||||||||||
| Cash Management Class |
21,186 | 21,186 | 33,044 | 33,044 | ||||||||||||
| Reserve Class |
37,786 | 37,786 | 67,656 | 67,656 | ||||||||||||
| Resource Class |
5,468 | 5,468 | 13,926 | 13,926 | ||||||||||||
| Corporate Class |
69,144 | 69,144 | 55,261 | 55,261 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(19,464,722,135 | ) | (19,464,722,135 | ) | (36,524,869,326 | ) | (36,524,869,326 | ) | ||||||||
| Private Investment Class |
(795,680,075 | ) | (795,680,075 | ) | (2,040,433,165 | ) | (2,040,433,165 | ) | ||||||||
| Personal Investment Class |
(67,014,459 | ) | (67,014,459 | ) | (138,205,283 | ) | (138,205,283 | ) | ||||||||
| Cash Management Class |
(1,279,667,008 | ) | (1,279,667,008 | ) | (6,084,411,102 | ) | (6,084,411,102 | ) | ||||||||
| Reserve Class |
(420,034,320 | ) | (420,034,320 | ) | (702,965,718 | ) | (702,965,718 | ) | ||||||||
| Resource Class |
(316,530,385 | ) | (316,530,385 | ) | (1,561,102,424 | ) | (1,561,102,424 | ) | ||||||||
| Corporate Class |
(2,206,530,166 | ) | (2,206,530,166 | ) | (4,689,445,732 | ) | (4,689,445,732 | ) | ||||||||
| Net increase (decrease) in share activity |
(930,380,110 | ) | $ | (930,380,110 | ) | 676,992,741 | $ | 676,992,741 | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 23% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
46 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Government TaxAdvantage Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
140,583,594 | $ | 140,583,594 | 368,612,267 | $ | 368,612,267 | ||||||||||
| Private Investment Class |
1,046,890 | 1,046,890 | 71,398,479 | 71,398,479 | ||||||||||||
| Personal Investment Class |
6,547,359 | 6,547,359 | 8,341,042 | 8,341,042 | ||||||||||||
| Cash Management Class |
29,139,800 | 29,139,800 | 87,930,861 | 87,930,861 | ||||||||||||
| Reserve Class |
107,718,530 | 107,718,530 | 14,172,451 | 14,172,451 | ||||||||||||
| Resource Class |
41 | 41 | 17,934,744 | 17,934,744 | ||||||||||||
| Corporate Class |
8,418,335 | 8,418,335 | 187,300,005 | 187,300,005 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
27,576 | 27,576 | 84,605 | 84,605 | ||||||||||||
| Private Investment Class |
556 | 556 | 3,065 | 3,065 | ||||||||||||
| Cash Management Class |
12,015 | 12,015 | 24,731 | 24,731 | ||||||||||||
| Reserve Class |
6,988 | 6,988 | 1,197 | 1,197 | ||||||||||||
| Resource Class |
463 | 463 | 3,214 | 3,214 | ||||||||||||
| Corporate Class |
1,203 | 1,203 | 4,203 | 4,203 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(229,157,580 | ) | (229,157,580 | ) | (390,844,344 | ) | (390,844,344 | ) | ||||||||
| Private Investment Class |
(2,629,069 | ) | (2,629,069 | ) | (80,997,448 | ) | (80,997,448 | ) | ||||||||
| Personal Investment Class |
(6,623,765 | ) | (6,623,765 | ) | (10,184,653 | ) | (10,184,653 | ) | ||||||||
| Cash Management Class |
(28,566,795 | ) | (28,566,795 | ) | (91,035,668 | ) | (91,035,668 | ) | ||||||||
| Reserve Class |
(44,735,143 | ) | (44,735,143 | ) | (9,002,488 | ) | (9,002,488 | ) | ||||||||
| Resource Class |
— | — | (19,274,260 | ) | (19,274,260 | ) | ||||||||||
| Corporate Class |
(36,250,023 | ) | (36,250,023 | ) | (209,804,200 | ) | (209,804,200 | ) | ||||||||
| Net increase (decrease) in share activity |
(54,459,025 | ) | $ | (54,459,025 | ) | (55,332,197 | ) | $ | (55,332,197 | ) | ||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 86% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
47 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Tax-Free Cash Reserve Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
576,859,284 | $ | 576,859,284 | 1,022,223,755 | $ | 1,022,223,755 | ||||||||||
| Private Investment Class |
23,529,218 | 23,529,218 | 48,653,591 | 48,653,591 | ||||||||||||
| Personal Investment Class |
2,234,174 | 2,234,174 | 5,529,842 | 5,529,842 | ||||||||||||
| Cash Management Class |
29,960,256 | 29,960,256 | 85,609,129 | 85,609,129 | ||||||||||||
| Reserve Class |
34,804,336 | 34,804,336 | 57,041,089 | 57,041,089 | ||||||||||||
| Resource Class |
71,708 | 71,708 | 2,830,839 | 2,830,839 | ||||||||||||
| Corporate Class |
1,175,406 | 1,175,406 | — | — | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
3,153 | 3,153 | 35,799 | 35,799 | ||||||||||||
| Private Investment Class |
1,399 | 1,399 | 13,990 | 13,990 | ||||||||||||
| Personal Investment Class |
11 | 11 | 651 | 651 | ||||||||||||
| Cash Management Class |
1,135 | 1,135 | 13,598 | 13,598 | ||||||||||||
| Reserve Class |
1,086 | 1,086 | 13,480 | 13,480 | ||||||||||||
| Resource Class |
195 | 195 | 2,430 | 2,430 | ||||||||||||
| Corporate Class |
916 | 916 | 15,648 | 15,648 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(456,110,576 | ) | (456,110,576 | ) | (1,090,280,786 | ) | (1,090,280,786 | ) | ||||||||
| Private Investment Class |
(24,109,697 | ) | (24,109,697 | ) | (52,475,383 | ) | (52,475,383 | ) | ||||||||
| Personal Investment Class |
(3,126,620 | ) | (3,126,620 | ) | (5,629,174 | ) | (5,629,174 | ) | ||||||||
| Cash Management Class |
(38,535,637 | ) | (38,535,637 | ) | (95,328,428 | ) | (95,328,428 | ) | ||||||||
| Reserve Class |
(26,402,890 | ) | (26,402,890 | ) | (62,919,733 | ) | (62,919,733 | ) | ||||||||
| Resource Class |
(2,024,676 | ) | (2,024,676 | ) | (3,822,709 | ) | (3,822,709 | ) | ||||||||
| Corporate Class |
(26,446,057 | ) | (26,446,057 | ) | (5,059,726 | ) | (5,059,726 | ) | ||||||||
| Net increase (decrease) in share activity |
91,886,124 | $ | 91,886,124 | (93,532,098 | ) | $ | (93,532,098 | ) | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 65% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
48 Short-Term Investments Trust
NOTE 9—Financial Highlights
The following schedules present financial highlights for a share of each Fund outstanding throughout the periods indicated.
Reserve Class
| Net asset value, beginning of period |
Net investment income(a) |
Net gains (losses) (both |
Total from operations |
Dividends income |
Distributions from net gains |
Total distributions |
Net asset value, end of period |
Total return(b) |
Net assets, end of period (000’s omitted) |
Ratio of to average net assets with fee waivers absorbed |
Ratio
of fee waivers |
Ratio of net investment income to average net assets |
||||||||||||||||||||||||||||||||||||||||
| Liquid Assets Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
$ | 1.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | (0.00 | ) | $ | — | $ | (0.00 | ) | $ | 1.00 | 0.01 | % | $ | 130,755 | 0.34 | %(c) | 1.17 | %(c) | 0.05 | %(c) | ||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.01 | 156,216 | 0.21 | 1.17 | 0.01 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 180,015 | 0.19 | 1.17 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 175,832 | 0.24 | 1.17 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 97,224 | 0.27 | 1.18 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 90,227 | 0.27 | 1.17 | 0.02 | ||||||||||||||||||||||||||||||||||||
| STIC Prime Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.05 | 26,622 | 0.20 | (c) | 1.20 | (c) | 0.11 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.04 | 50,400 | 0.07 | 1.19 | 0.10 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.08 | 15,631 | 0.06 | 1.19 | 0.08 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.06 | 16,254 | 0.12 | 1.19 | 0.07 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.07 | 16,390 | 0.15 | 1.20 | 0.05 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | — | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 6,788 | 0.23 | 1.19 | 0.01 | |||||||||||||||||||||||||||||||||||||
| Treasury Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 30,686 | 0.17 | (c) | 1.17 | (c) | 0.04 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.01 | 35,604 | 0.06 | 1.17 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.01 | 187,372 | 0.04 | 1.17 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.02 | 106,232 | 0.09 | 1.18 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.03 | 25,206 | 0.08 | 1.18 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 148,671 | 0.12 | 1.18 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Government & Agency Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.03 | 286,180 | 0.17 | (c) | 1.14 | (c) | 0.06 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 307,529 | 0.08 | 1.13 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | — | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 311,117 | 0.06 | 1.13 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.03 | 289,171 | 0.11 | 1.14 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.02 | 264,286 | 0.10 | 1.13 | 0.03 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 70,376 | 0.16 | 1.13 | 0.01 | |||||||||||||||||||||||||||||||||||||
| Government TaxAdvantage Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.03 | 68,883 | 0.19 | (c) | 1.33 | (c) | 0.02 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 5,876 | 0.00 | 1.33 | 0.08 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.04 | 704 | 0.02 | 1.29 | 0.03 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.03 | 1,296 | 0.06 | 1.20 | 0.03 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.03 | 1,351 | 0.07 | 1.22 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.03 | 874 | 0.11 | 1.26 | 0.03 | |||||||||||||||||||||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | — | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.00 | 30,177 | 0.05 | (c) | 1.31 | (c) | 0.01 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.01 | 21,775 | 0.03 | 1.31 | 0.04 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.05 | 27,640 | 0.04 | 1.30 | 0.04 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.06 | 32,804 | 0.10 | 1.30 | 0.06 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | — | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.06 | 25,360 | 0.13 | 1.30 | 0.06 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 18,284 | 0.26 | 1.29 | 0.03 | ||||||||||||||||||||||||||||||||||||
| (a) | Calculated using average shares outstanding. |
| (b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America. |
| (c) | Ratios are annualized and based on average daily net assets (000’s omitted) of $158,115, $42,671, $34,777, $286,400, $40,666 and $23,092 for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Government TaxAdvantage Portfolio and Tax-Free Cash Reserve Portfolio, respectively. |
49 Short-Term Investments Trust
Note 10-Subsequent Event
Effective June 1, 2016, the Board has approved a change in the advisory fee rate under the master investment advisory agreement for Tax-Free Cash Reserve Portfolio to an annual rate of 0.20% of the Fund’s average daily net assets.
In addition, effective June 1, 2016, the Adviser has contractually agreed, through at least December 31, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):
| Institutional Class |
Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
||||||||||||||||||||||
| Liquid Assets Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.38 | % | 0.21 | % | ||||||||||||||
| STIC Prime Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Treasury Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Government & Agency Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Government TaxAdvantage Portfolio |
0.18 | % | 0.43 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Tax-Free Cash Reserve Portfolio |
0.20 | % | 0.45 | % | 0.75 | % | 0.28 | % | 1.07 | % | 0.36 | % | 0.23 | % | ||||||||||||||
50 Short-Term Investments 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 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, 2015 through February 29, 2016.
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 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.
| Reserve Class | Beginning Account Value (09/01/15) |
ACTUAL | HYPOTHETICAL (5% annual return before expenses) |
Annualized Expense Ratio |
||||||||||||||||||||
| Ending Account Value (02/29/16)1 |
Expenses Paid During Period2 |
Ending Account Value (02/29/16) |
Expenses Paid During Period2 |
|||||||||||||||||||||
|
Liquid Assets Portfolio |
$ | 1,000.00 | $ | 1,000.10 | $ | 1.69 | $ | 1,023.17 | $ | 1.71 | 0.34 | % | ||||||||||||
| STIC Prime Portfolio |
1,000.00 | 1,000.50 | 0.99 | 1,023.87 | 1.01 | 0.20 | ||||||||||||||||||
| Treasury Portfolio |
1,000.00 | 1,000.20 | 0.85 | 1,024.02 | 0.86 | 0.17 | ||||||||||||||||||
| Government & Agency Portfolio |
1,000.00 | 1,000.30 | 0.85 | 1,024.02 | 0.86 | 0.17 | ||||||||||||||||||
| Government TaxAdvantage Portfolio |
1,000.00 | 1,000.30 | 0.94 | 1,023.92 | 0.96 | 0.19 | ||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
1,000.00 | 1,000.00 | 0.25 | 1,024.61 | 0.25 | 0.05 | ||||||||||||||||||
| 1 | The actual ending account value is based on the actual total return of the Funds for the period September 1, 2015, through February 29, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on each Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
| 2 | Expenses are equal to each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year. |
51 Short-Term Investments Trust
Invesco mailing information
Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
Important notice regarding delivery of security holder documents
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
Fund holdings and proxy voting information
The Fund provides a complete list of its holdings four times in each fiscal year, at quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-Q filings on the SEC website, sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/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: 811-02729 and 002-58287 | CM-STIT-SAR-7 | Invesco Distributors, Inc. |
Fund Data
Resource Class data as of 2/29/16
| FUND | WEIGHTED AVERAGE MATURITY |
WEIGHTED LIFE |
TOTAL NET ASSETS | |||||||||||||||||
| Range During Reporting Period |
At Reporting Period End |
At Reporting Period End |
||||||||||||||||||
| Liquid Assets | 14 - 42 days | 33 days | 52 days | $10.5 million | ||||||||||||||||
| STIC Prime | 7 - 19 days | 11 days | 13 days | 19.3 million | ||||||||||||||||
| Treasury | 29 - 54 days | 49 days | 113 days | 331.8 million | ||||||||||||||||
| Government & Agency | 24 - 52 days | 40 days | 115 days | 60.1 million | ||||||||||||||||
| Government TaxAdvantage | 25 - 58 days | 35 days | 55 days | 2.3 million | ||||||||||||||||
| Tax-Free Cash Reserve | 24 - 38 days | 29 days | 29 days | 2.5 million | ||||||||||||||||
Weighted average maturity (WAM) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAM is the lower of the stated maturity date or next interest rate reset date. WAM reflects how a portfolio would react to interest rate changes.
Weighted average life (WAL) is an average of all the maturities of all securities held in the portfolio, weighted by each security’s percentage of net assets. The days to maturity for WAL is the lower of the stated maturity date or next demand feature date. WAL reflects how a portfolio would react to deteriorating credit (widening spreads) or tightening liquidity conditions.
2 Short-Term Investments Trust
Letters to Shareholders
|
Bruce Crockett |
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 represent 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., 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 reasonable fee. As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. 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
|
Karen Dunn Kelley |
Dear Shareholders: Money market investors cheered in December when the US Federal Reserve raised the federal funds target rate after holding it near zero for seven years in the aftermath of the financial crisis. Moderate economic growth, improvement in employment and the need to remove “emergency accommodation” were the primary reasons for the Fed’s action. More rate hikes are expected, but at a slower pace than past Fed regimes. The money market fund industry in the US continued to move ahead with plans to adopt the new money market fund regulations announced in 2014, which are set to be fully implemented on October 14, 2016. Invesco, along with many in the industry, continues to focus on successfully meeting all reform requirements in a timely fashion. We will continue to keep you | |||
| and all our valued money market fund investors informed about money market fund reform through public announcements as updates are available. | ||||
For more than 30 years, Invesco Global Liquidity has worked to gain and keep the trust of our investors through our deep industry knowledge and our investment expertise. Our primary goal through the money market fund reform process is to provide our investors with a full suite of liquidity management solutions to meet their investing needs with the least amount of disruption while remaining focused on our disciplined investment process. For Invesco Global Liquidity, safety is of paramount importance in the investment process for all our money market funds. Our conservative investment philosophy has always focused on providing safety, liquidity, and yield – in that order – to our money market fund investors.
Invesco Global Liquidity is dedicated to the future of this industry – and to yours. Thank you for investing with us.
Sincerely,
Karen Dunn Kelley
Senior Managing Director, Investments
3 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Commercial Paper–40.38%(a) |
|
|||||||||||||||
| Asset-Backed Securities — Consumer Receivables–3.51% | ||||||||||||||||
| Old Line Funding, LLC(b) |
0.65 | % | 04/18/2016 | $ | 43,000 | $ | 42,962,733 | |||||||||
| Old Line Funding, LLC(b) |
0.65 | % | 04/25/2016 | 66,000 | 65,934,458 | |||||||||||
| Old Line Funding, LLC(b) |
0.73 | % | 05/26/2016 | 190,000 | 189,668,662 | |||||||||||
| Old Line Funding, LLC(b) |
0.77 | % | 05/09/2016 | 85,000 | 84,874,554 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.64 | % | 05/18/2016 | 115,000 | 114,840,533 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.65 | % | 04/18/2016 | 95,000 | 94,917,667 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.65 | % | 04/18/2016 | 65,000 | 64,943,667 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.72 | % | 06/01/2016 | 91,000 | 90,832,560 | |||||||||||
| Thunder Bay Funding, LLC(b) |
0.77 | % | 05/12/2016 | 40,000 | 39,938,400 | |||||||||||
| 788,913,234 | ||||||||||||||||
| Asset-Backed Securities — Fully Supported–2.41% | ||||||||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 04/04/2016 | 75,000 | 74,956,083 | |||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 04/06/2016 | 148,000 | 147,908,240 | |||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 04/18/2016 | 33,000 | 32,972,720 | |||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank |
0.62 | % | 05/19/2016 | 100,000 | 99,863,945 | |||||||||||
| Kells Funding LLC (CEP–FMS Wertmanagement)(b)(c) |
0.60 | % | 04/20/2016 | 75,000 | 74,937,500 | |||||||||||
| Kells Funding LLC (CEP–FMS Wertmanagement)(b)(c) |
0.61 | % | 06/02/2016 | 110,000 | 109,826,658 | |||||||||||
| 540,465,146 | ||||||||||||||||
| Asset-Backed Securities — Fully Supported Bank–12.88% | ||||||||||||||||
| Anglesea Funding LLC (Multi-CEP’s)(b)(c)(d) |
0.70 | % | 07/06/2016 | 25,000 | 25,000,000 | |||||||||||
| Anglesea Funding LLC (Multi-CEP’s)(b)(c)(d) |
0.70 | % | 07/18/2016 | 133,000 | 133,000,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A)(b)(c)(d) |
0.61 | % | 07/07/2016 | 75,000 | 75,000,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.62 | % | 04/06/2016 | 50,000 | 49,969,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.63 | % | 05/11/2016 | 100,000 | 99,875,750 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.62 | % | 04/01/2016 | 49,000 | 48,973,839 | |||||||||||
| Bennington Stark Capital Co. (CEP–Societe Generale S.A.)(b)(c) |
0.67 | % | 04/01/2016 | 50,000 | 49,971,153 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.62 | % | 04/18/2016 | 50,000 | 49,958,667 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.66 | % | 05/03/2016 | 31,500 | 31,463,617 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.50 | % | 03/16/2016 | 48,000 | 47,990,000 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.63 | % | 04/04/2016 | 170,000 | 169,898,850 | |||||||||||
| Cancara Asset Securitization LLC (CEP–Lloyds Bank LLC)(c) |
0.63 | % | 04/13/2016 | 66,000 | 65,950,335 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC)(d) |
0.68 | % | 07/14/2016 | 97,000 | 97,000,000 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC)(d) |
0.78 | % | 08/22/2016 | 73,000 | 73,000,000 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC) |
0.81 | % | 08/05/2016 | 100,000 | 99,646,750 | |||||||||||
| Collateralized Commercial Paper Co., LLC (CEP–JPMorgan Securities LLC) |
0.48 | % | 04/25/2016 | 100,000 | 99,926,667 | |||||||||||
| Collateralized Commercial Paper II Co., LLC (CEP–JPMorgan Securities LLC)(b) |
0.48 | % | 04/20/2016 | 100,000 | 99,933,333 | |||||||||||
| Collateralized Commercial Paper II Co., LLC (CEP–JPMorgan Securities LLC)(b)(d) |
0.63 | % | 03/01/2016 | 15,000 | 15,000,000 | |||||||||||
| Collateralized Commercial Paper II Co., LLC (CEP–JPMorgan Securities LLC)(b)(d) |
0.68 | % | 07/22/2016 | 60,000 | 60,000,000 | |||||||||||
| Crown Point Capital Co., LLC, Series A (Multi-CEP’s)(b)(c)(d) |
0.94 | % | 07/28/2016 | 50,000 | 50,000,000 | |||||||||||
| Gotham Funding Corp. (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(b)(c) |
0.60 | % | 05/25/2016 | 180,000 | 179,745,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
4 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Asset-Backed Securities — Fully Supported Bank–(continued) | ||||||||||||||||
| Institutional Secured Funding Ltd (Multi-CEP’s)(b)(c) |
0.60 | % | 03/08/2016 | $ | 21,000 | $ | 20,997,550 | |||||||||
| Institutional Secured Funding Ltd (Multi-CEP’s)(b)(c) |
0.70 | % | 04/21/2016 | 20,000 | 19,980,167 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.68 | % | 06/21/2016 | 44,000 | 43,906,915 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.62 | % | 04/11/2016 | 64,000 | 63,954,809 | |||||||||||
| LMA Americas LLC (CEP–Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.65 | % | 04/12/2016 | 105,000 | 104,920,375 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.50 | % | 04/04/2016 | 62,500 | 62,470,486 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.54 | % | 03/14/2016 | 50,359 | 50,349,180 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.52 | % | 03/08/2016 | 49,595 | 49,589,985 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.67 | % | 04/13/2016 | 35,500 | 35,471,590 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.67 | % | 04/14/2016 | 22,000 | 21,981,985 | |||||||||||
| Manhattan Asset Funding Co. LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.67 | % | 04/18/2016 | 36,000 | 35,967,840 | |||||||||||
| Matchpoint Finance PLC (CEP–BNP Paribas S.A)(b)(c) |
0.45 | % | 03/01/2016 | 70,000 | 70,000,000 | |||||||||||
| Mountcliff Funding LLC (Multi-CEP’s)(b)(c) |
0.63 | % | 04/04/2016 | 59,000 | 58,964,895 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.37 | % | 03/04/2016 | 135,000 | 134,995,838 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/30/2016 | 76,106 | 76,079,637 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/21/2016 | 100,000 | 99,976,111 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/29/2016 | 120,000 | 119,959,866 | |||||||||||
| Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c) |
0.62 | % | 04/26/2016 | 75,000 | 74,927,667 | |||||||||||
| Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)(d) |
0.78 | % | 07/06/2016 | 25,000 | 25,000,000 | |||||||||||
| Ridgefield Funding Co. LLC (CEP–BNP Paribas S.A.)(b)(c)(d) |
0.78 | % | 07/07/2016 | 99,750 | 99,750,000 | |||||||||||
| 2,890,547,857 | ||||||||||||||||
| Asset-Backed Securities — Multi-Purpose–1.97% | ||||||||||||||||
| CHARTA, LLC(b) |
0.83 | % | 07/06/2016 | 66,000 | 65,806,748 | |||||||||||
| CRC Funding, LLC(b) |
0.45 | % | 03/23/2016 | 25,000 | 24,993,125 | |||||||||||
| CRC Funding, LLC(b) |
0.45 | % | 03/24/2016 | 50,000 | 49,985,625 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.60 | % | 04/05/2016 | 35,000 | 34,979,583 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.52 | % | 04/07/2016 | 65,000 | 64,965,261 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.60 | % | 04/29/2016 | 72,000 | 71,929,200 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.47 | % | 03/09/2016 | 28,750 | 28,746,997 | |||||||||||
| Versailles Commercial Paper LLC(b)(d) |
0.58 | % | 10/14/2016 | 100,000 | 100,000,000 | |||||||||||
| 441,406,539 | ||||||||||||||||
| Consumer Finance–0.44% | ||||||||||||||||
| Toyota Motor Credit Corp.(c) |
0.71 | % | 08/10/2016 | 100,000 | 99,680,500 | |||||||||||
| Diversified Banks–10.23% | ||||||||||||||||
| ANZ New Zealand Int’l Ltd.(b)(c) |
0.33 | % | 03/18/2016 | 144,150 | 144,127,537 | |||||||||||
| BNP Paribas S.A.(c) |
0.38 | % | 03/03/2016 | 250,000 | 249,994,722 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.78 | % | 08/22/2016 | 73,000 | 73,000,000 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.56 | % | 05/13/2016 | 20,000 | 19,999,544 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.56 | % | 05/20/2016 | 50,000 | 50,000,000 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.57 | % | 05/19/2016 | 46,000 | 45,999,106 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.58 | % | 05/26/2016 | 40,000 | 39,995,713 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.60 | % | 03/07/2016 | 40,000 | 40,000,000 | |||||||||||
| Commonwealth Bank of Australia(b)(c)(d) |
0.60 | % | 03/04/2016 | 28,000 | 28,000,000 | |||||||||||
| Credit Agricole Corporate & Investment Bank(c) |
0.30 | % | 03/01/2016 | 65,000 | 65,000,000 | |||||||||||
| ING (US) Funding LLC(c) |
0.60 | % | 04/01/2016 | 32,300 | 32,283,312 | |||||||||||
| ING (US) Funding LLC(c) |
0.61 | % | 04/05/2016 | 70,000 | 69,958,486 | |||||||||||
| ING (US) Funding LLC(c) |
0.61 | % | 04/12/2016 | 110,000 | 109,921,717 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
5 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Diversified Banks–(continued) | ||||||||||||||||
| ING (US) Funding LLC(c) |
0.67 | % | 06/01/2016 | $ | 135,000 | $ | 134,769,655 | |||||||||
| ING (US) Funding LLC(c) |
0.67 | % | 06/13/2016 | 90,000 | 89,825,800 | |||||||||||
| Mizuho Bank Ltd.(b)(c) |
0.61 | % | 05/23/2016 | 150,000 | 149,789,041 | |||||||||||
| Natixis(c) |
0.65 | % | 04/06/2016 | 300,000 | 299,805,000 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.62 | % | 04/18/2016 | 100,000 | 99,917,333 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.70 | % | 05/27/2016 | 145,000 | 144,754,708 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.42 | % | 03/01/2016 | 109,000 | 109,000,000 | |||||||||||
| Standard Chartered Bank(b)(c) |
0.50 | % | 03/21/2016 | 140,000 | 139,961,111 | |||||||||||
| Swedbank AB(c) |
0.36 | % | 03/07/2016 | 70,000 | 69,995,800 | |||||||||||
| Westpac Banking Corp.(b)(c)(d) |
0.74 | % | 08/08/2016 | 91,000 | 91,000,000 | |||||||||||
| 2,297,098,585 | ||||||||||||||||
| Integrated Oil & Gas–0.53% | ||||||||||||||||
| Exxon Mobil Corp. |
0.46 | % | 03/15/2016 | 120,000 | 119,978,533 | |||||||||||
| Regional Banks–4.75% | ||||||||||||||||
| ASB Finance Ltd.(b) |
0.33 | % | 03/04/2016 | 100,000 | 99,997,292 | |||||||||||
| Banque et Caisse d’Epargne de l’Etat(c) |
0.51 | % | 04/01/2016 | 30,000 | 29,986,825 | |||||||||||
| BNZ International Funding Ltd.(b)(c) |
0.46 | % | 04/22/2016 | 61,300 | 61,259,270 | |||||||||||
| Danske Corp.(b)(c) |
0.55 | % | 05/02/2016 | 95,000 | 94,910,014 | |||||||||||
| Danske Corp.(b)(c) |
0.62 | % | 05/02/2016 | 50,000 | 49,947,042 | |||||||||||
| Danske Corp.(b)(c) |
0.62 | % | 05/03/2016 | 100,000 | 99,892,375 | |||||||||||
| HSBC Bank PLC(b)(c) |
0.82 | % | 08/09/2016 | 100,000 | 99,635,514 | |||||||||||
| HSBC Bank PLC(b)(c)(d) |
0.83 | % | 09/06/2016 | 85,000 | 85,000,000 | |||||||||||
| Landesbank Hessen-Thueringen Girozentrale(b)(c) |
0.52 | % | 03/14/2016 | 145,000 | 144,972,772 | |||||||||||
| Macquarie Bank Ltd.(b)(c) |
0.62 | % | 05/10/2016 | 84,500 | 84,398,130 | |||||||||||
| Macquarie Bank Ltd.(b)(c) |
0.64 | % | 05/03/2016 | 18,250 | 18,229,560 | |||||||||||
| Macquarie Bank Ltd.(b)(c) |
0.75 | % | 06/29/2016 | 145,000 | 144,637,500 | |||||||||||
| Mitsubishi UFJ Trust & Banking Corp.(c) |
0.67 | % | 04/19/2016 | 52,950 | 52,901,713 | |||||||||||
| 1,065,768,007 | ||||||||||||||||
| Specialized Finance–3.21% | ||||||||||||||||
| Caisse des Depots et Consignations(b)(c) |
0.59 | % | 05/25/2016 | 178,400 | 178,151,479 | |||||||||||
| Caisse des Depots et Consignations(b)(c) |
0.40 | % | 03/03/2016 | 100,000 | 99,997,778 | |||||||||||
| CDP Financial Inc.(b)(c) |
0.59 | % | 04/20/2016 | 85,000 | 84,930,347 | |||||||||||
| CDP Financial Inc.(b)(c) |
0.39 | % | 03/01/2016 | 40,000 | 40,000,000 | |||||||||||
| KfW(b)(c) |
0.29 | % | 03/01/2016 | 20,000 | 20,000,000 | |||||||||||
| Nederlandse Waterschapsbank N.V.(b)(c) |
0.58 | % | 04/13/2016 | 65,000 | 64,954,969 | |||||||||||
| Nederlandse Waterschapsbank N.V.(b)(c) |
0.59 | % | 05/11/2016 | 72,000 | 71,916,220 | |||||||||||
| Nederlandse Waterschapsbank N.V.(b)(c) |
0.35 | % | 03/14/2016 | 159,700 | 159,679,816 | |||||||||||
| 719,630,609 | ||||||||||||||||
| Thrifts & Mortgage Finance–0.45% | ||||||||||||||||
| Nationwide Building Society(b)(c) |
0.62 | % | 05/18/2016 | 100,000 | 99,865,667 | |||||||||||
| Total Commercial Paper (Cost $9,063,354,677) |
9,063,354,677 | |||||||||||||||
| Certificates of Deposit–30.66% |
||||||||||||||||
| Bank of Montreal(c) |
0.58 | % | 04/08/2016 | 48,750 | 48,753,078 | |||||||||||
| Bank of Montreal(c)(d) |
0.79 | % | 11/10/2016 | 200,000 | 200,000,000 | |||||||||||
| Bank of Montreal(c) |
0.44 | % | 03/22/2016 | 59,400 | 59,400,000 | |||||||||||
| Bank of Nova Scotia(c) |
0.43 | % | 04/01/2016 | 111,000 | 111,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
6 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Bank of Nova Scotia(c)(d) |
0.57 | % | 03/09/2016 | $ | 56,000 | $ | 56,000,000 | |||||||||
| Bank of Nova Scotia(c)(d) |
0.78 | % | 09/09/2016 | 100,000 | 100,000,000 | |||||||||||
| Bank of Nova Scotia(c)(d) |
0.79 | % | 09/30/2016 | 120,100 | 120,100,000 | |||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(c) |
0.37 | % | 03/03/2016 | 355,000 | 355,000,000 | |||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(c) |
0.37 | % | 03/07/2016 | 125,000 | 125,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(c) |
0.85 | % | 08/25/2016 | 65,000 | 65,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(c) |
0.28 | % | 03/01/2016 | 72,000 | 72,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(c) |
0.36 | % | 03/03/2016 | 340,000 | 340,000,000 | |||||||||||
| Citibank, N.A. |
0.82 | % | 08/12/2016 | 100,000 | 100,000,000 | |||||||||||
| Citibank, N.A. |
0.58 | % | 04/21/2016 | 185,000 | 185,000,000 | |||||||||||
| Citibank, N.A. |
0.65 | % | 05/23/2016 | 110,000 | 110,000,000 | |||||||||||
| Citibank, N.A. |
0.63 | % | 06/06/2016 | 95,000 | 95,000,000 | |||||||||||
| Credit Industriel et Commercial(c) |
0.37 | % | 03/02/2016 | 325,000 | 325,000,000 | |||||||||||
| Credit Industriel et Commercial(c) |
0.38 | % | 03/01/2016 | 160,000 | 160,000,000 | |||||||||||
| Dexia Credit Local S.A.(c)(d) |
0.58 | % | 03/23/2016 | 80,000 | 80,000,440 | |||||||||||
| Dexia Credit Local S.A.(c)(d) |
0.78 | % | 08/10/2016 | 100,000 | 100,000,000 | |||||||||||
| Dexia Credit Local S.A.(c)(d) |
0.58 | % | 03/24/2016 | 82,000 | 82,000,750 | |||||||||||
| DNB Bank ASA(c) |
0.28 | % | 03/01/2016 | 148,000 | 148,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.60 | % | 04/22/2016 | 110,000 | 110,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.44 | % | 03/07/2016 | 60,000 | 60,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.60 | % | 05/18/2016 | 100,000 | 100,000,000 | |||||||||||
| DZ Bank AG Deutsche Zentral Genossenschafts Bank(c) |
0.66 | % | 06/06/2016 | 135,000 | 135,000,000 | |||||||||||
| KBC Bank N.V.(c) |
0.38 | % | 03/01/2016 | 215,000 | 215,000,000 | |||||||||||
| KBC Bank N.V.(c) |
0.38 | % | 03/03/2016 | 340,000 | 340,000,000 | |||||||||||
| Landesbank Hessen-Thueringen Girozentrale(c) |
0.51 | % | 03/11/2016 | 66,000 | 66,000,000 | |||||||||||
| Mitsubishi UFJ Trust & Banking Corp.(c) |
0.63 | % | 04/25/2016 | 185,000 | 185,000,000 | |||||||||||
| Mizuho Bank Ltd.(c) |
0.50 | % | 03/09/2016 | 95,000 | 95,001,679 | |||||||||||
| Mizuho Bank Ltd.(c) |
0.61 | % | 04/20/2016 | 50,000 | 50,000,000 | |||||||||||
| Mizuho Bank Ltd.(c) |
0.66 | % | 04/18/2016 | 200,000 | 200,000,000 | |||||||||||
| Nordea Bank Finland PLC(c) |
0.28 | % | 03/01/2016 | 106,000 | 106,000,000 | |||||||||||
| Royal Bank of Canada(c)(d) |
0.77 | % | 10/03/2016 | 300,000 | 300,000,000 | |||||||||||
| Skandinaviska Enskilda Banken AB(c) |
0.29 | % | 03/01/2016 | 198,000 | 198,000,000 | |||||||||||
| Societe Generale S.A.(c) |
0.62 | % | 05/05/2016 | 164,000 | 164,000,000 | |||||||||||
| Standard Chartered Bank(c)(d) |
0.63 | % | 03/08/2016 | 52,000 | 52,000,000 | |||||||||||
| Standard Chartered Bank(c) |
0.64 | % | 05/02/2016 | 100,000 | 100,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.65 | % | 03/14/2016 | 130,000 | 130,006,079 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.67 | % | 04/04/2016 | 63,000 | 63,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.67 | % | 04/19/2016 | 140,000 | 140,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.68 | % | 04/11/2016 | 100,000 | 100,000,000 | |||||||||||
| Sumitomo Mitsui Trust Bank Ltd.(c) |
0.70 | % | 04/28/2016 | 90,000 | 90,008,643 | |||||||||||
| Swedbank AB(c) |
0.36 | % | 03/03/2016 | 340,000 | 340,000,000 | |||||||||||
| Swedbank AB(c) |
0.37 | % | 03/01/2016 | 46,500 | 46,500,000 | |||||||||||
| Toronto-Dominion Bank (The)(c) |
0.46 | % | 04/29/2016 | 148,000 | 148,000,000 | |||||||||||
| Toronto-Dominion Bank (The)(c)(d) |
0.68 | % | 06/06/2016 | 50,000 | 50,000,000 | |||||||||||
| Toronto-Dominion Bank (The)(c)(d) |
0.68 | % | 08/17/2016 | 30,000 | 30,000,000 | |||||||||||
| UBS AG(c) |
0.68 | % | 05/31/2016 | 145,000 | 145,000,000 | |||||||||||
| UBS AG(c) |
0.85 | % | 08/05/2016 | 85,000 | 85,000,000 | |||||||||||
| Total Certificates of Deposit (Cost $6,880,770,669) |
6,880,770,669 | |||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
7 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Variable Rate Demand Notes–1.02%(e) |
||||||||||||||||
| Credit Enhanced–0.98% | ||||||||||||||||
| A Mining Group, LLC; Series 2006, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f) |
0.43 | % | 06/01/2029 | $ | 500 | $ | 500,000 | |||||||||
| Appleton (City of), Wisconsin (Great Northern Corp.); Series 2002 A, VRD IDR (LOC–Wells Fargo Bank, N.A.)(f) |
0.18 | % | 09/01/2019 | 2,785 | 2,785,000 | |||||||||||
| Atlanta (City of), Georgia Housing Authority (Villages of East Lake Phase II); Series 1999, VRD MFH RB (LOC–Bank of America, N.A.)(b)(f) |
0.14 | % | 01/01/2029 | 1,300 | 1,300,000 | |||||||||||
| Benjamin Rose Institute (The) (Kethley House); Series 2005, VRD Taxable Notes (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.43 | % | 12/01/2028 | 900 | 900,000 | |||||||||||
| Burnsville (City of), Minnesota (Bridgeway Apartments LP); Series 2003, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 10/15/2033 | 1,175 | 1,175,000 | |||||||||||
| Calcasieu (Parish of), Louisiana Public Trust Authority (WPT Corp.); Series 1997, VRD Solid Waste Disposal RB (LOC–Bank of America, N.A.)(f) |
0.08 | % | 12/01/2027 | 2,000 | 2,000,000 | |||||||||||
| Capital Markets Access Co. LC (SEUP Real Estate LLC); Series 2008, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f) |
0.41 | % | 07/01/2038 | 800 | 800,000 | |||||||||||
| Carson City (City of), Nevada (Carson-Tahoe Hospital); Series 2003 B, Hospital RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 09/01/2033 | 18,910 | 18,910,000 | |||||||||||
| Centerville (City of), Ohio (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 B, VRD Health Care RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 11/01/2040 | 6,300 | 6,300,000 | |||||||||||
| Chicago (City of), Illinois (Churchview Supportive Living Facility); Series 2003, VRD MFH RB (LOC–BMO Harris N.A.)(b)(f) |
0.10 | % | 03/01/2033 | 2,600 | 2,600,000 | |||||||||||
| Cleveland (City of) & Cuyahoga (County of), Ohio Port Authority (Carnegie/96th Research Building LLC); Series 2003, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 01/01/2033 | 22,390 | 22,390,000 | |||||||||||
| Columbus (City of), Ohio Regional Airport Authority (OASBO Expanded Asset Pooled Financing Program); Sr. Series 2004 A, VRD Capital Funding RB (LOC–U.S. Bank, N.A.)(f) |
0.02 | % | 03/01/2034 | 5,800 | 5,800,000 | |||||||||||
| Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 05/01/2036 | 1,915 | 1,915,000 | |||||||||||
| District of Columbia (The Pew Charitable Trusts); Series 2008 A, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 0/01/2038 | 12,890 | 12,890,000 | |||||||||||
| Fayette (County of), Pennsylvania Hospital Authority (Fayette Regional Health System); Series 2007 B, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 06/01/2037 | 2,380 | 2,380,000 | |||||||||||
| Gainesville (City of) & Hall (County of), Georgia Development Authority (Squirrel Creek Basin); Series 2002, Ref. VRD RB (LOC–Rabobank Nederland)(c)(f) |
0.10 | % | 08/01/2027 | 1,000 | 1,000,000 | |||||||||||
| Glendale Heights (Village of), Illinois (Glendale Lakes); Series 2000, Ref. VRD MFH RB (CEP–FHLMC) |
0.01 | % | 03/01/2030 | 1,110 | 1,110,000 | |||||||||||
| Hamilton (County of), Ohio (Elizabeth Gamble Deaconess Home Association); Series 2002 B, VRD Hospital Facilities RB (LOC–PNC Bank, N.A.)(f) |
0.01 | % | 06/01/2027 | 8,500 | 8,500,000 | |||||||||||
| Heard (County of), Georgia Development Authority (Oglethorpe Power Corp. Wansley); Series 2009 A, VRD PCR (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.01 | % | 01/01/2038 | 2,300 | 2,300,000 | |||||||||||
| Illinois (State of) Finance Authority (Elmhurst College); Series 2007, VRD RB (LOC–BMO Harris N.A.)(f) |
0.01 | % | 02/01/2042 | 3,650 | 3,650,000 | |||||||||||
| Illinois (State of) Finance Authority (National-Louis University); Series 1999 B, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.01 | % | 06/01/2029 | 1,320 | 1,320,000 | |||||||||||
| Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC–Northern Trust Co.)(f) |
0.01 | % | 01/01/2037 | 3,450 | 3,450,000 | |||||||||||
| Illinois (State of) Housing Development Authority (Brainard Landings II Apartments); Series 2007, VRD MFH RB (LOC–U.S. Bank, N.A.)(f) |
0.03 | % | 05/01/2042 | 2,525 | 2,525,000 | |||||||||||
| Illinois (State of) Housing Development Authority (Danbury Court Apartments-Phase II); Series 2004 B, VRD MFH RB (LOC–FHLB of Indianapolis)(f) |
0.30 | % | 12/01/2039 | 735 | 735,000 | |||||||||||
| Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc.); Series 2008 G, Ref. VRD Health System RB (LOC–Wells Fargo Bank N.A.)(f) |
0.02 | % | 09/01/2048 | 9,565 | 9,565,000 | |||||||||||
| Kansas (State of) Development Finance Authority (Chesapeake Apartments JV GP LLC); Series 2000 M, Ref. VRD MFH RB (CEP–FHLMC) |
0.01 | % | 07/01/2030 | 600 | 600,000 | |||||||||||
| Luzerne (County of), Pennsylvania Convention Center Authority; Series 1998 A, VRD Hotel Room Rental Tax RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 09/01/2028 | 4,700 | 4,700,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
8 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Credit Enhanced–(continued) | ||||||||||||||||
| Massachusetts (State of) Development Finance Agency (Milton Academy); Series 2009 B, VRD Taxable RB (LOC–TD Bank, N.A.)(f) |
0.38 | % | 03/01/2039 | $ | 1,900 | $ | 1,900,000 | |||||||||
| Massachusetts (State of) Health & Educational Facilities Authority (Harrington Memorial Hospital, Inc.); Series 2008 A, VRD RB (LOC–TD Bank, N.A.)(f) |
0.01 | % | 07/01/2038 | 3,100 | 3,100,000 | |||||||||||
| Milwaukee (City of), Wisconsin Redevelopment Authority (University of Wisconsin-Milwaukee Kenilworth); Series 2005, VRD Lease RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 09/01/2040 | 5,515 | 5,515,000 | |||||||||||
| Minnetonka (City of), Minnesota (Minnesota Hills Apartments); Series 2001, Ref. VRD MFH RB (CEP–FNMA) |
0.02 | % | 11/15/2031 | 4,000 | 4,000,000 | |||||||||||
| Mississippi (State of) Business Finance Corp. (CPX Gulfport ES OPAG, LLC); Series 2007 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.01 | % | 04/01/2037 | 6,800 | 6,800,000 | |||||||||||
| Mississippi (State of) Business Finance Corp. (CPX Gulfport OPAG, LLC); Series 2007 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.01 | % | 04/01/2037 | 1,500 | 1,500,000 | |||||||||||
| Montgomery (County of), Pennsylvania Industrial Development Authority (Friends’ Central School Corp.); Series 2002, VRD School RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.02 | % | 03/01/2032 | 1,005 | 1,005,000 | |||||||||||
| New Jersey (State of) Economic Development Authority (Job Haines Home for Aged People); Series 1998, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 02/01/2028 | 620 | 620,000 | |||||||||||
| Oregon (State of) Housing & Community Services Department (Redwood Park Apartments LLC); Series 2005 F, VRD Housing Development RB (CEP–FNMA) |
0.03 | % | 10/15/2038 | 4,000 | 4,000,000 | |||||||||||
| Palm Beach (County of), Florida Housing Finance Authority (Azalea Place Apartments); Series 1999 A, VRD MFH RB (CEP–FHLMC)(b) |
0.03 | % | 12/01/2032 | 4,606 | 4,606,000 | |||||||||||
| S&L Capital, LLC (J&L Development of Holland, LLC); Series 2005 A, VRD Taxable Notes (LOC–FHLB of Indianapolis)(f) |
0.48 | % | 07/01/2040 | 1,970 | 1,970,000 | |||||||||||
| Shelby (County of), Tennessee Health, Educational & Housing Facility Board (Providence Place Apartments); Series 2007, Ref. VRD MFH RB (CEP–FNMA) |
0.02 | % | 12/15/2042 | 500 | 500,000 | |||||||||||
| Sierra Vista (City of), Arizona Industrial Development Authority (Mountain Steppes Apartments); Series 2001A, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 06/15/2031 | 3,345 | 3,345,000 | |||||||||||
| Southeast Texas Housing Finance Corp. (Mansions at Moses Lake Apartments); Series 2008, VRD MFH RB (CEP–FHLMC) |
0.03 | % | 06/01/2041 | 7,090 | 7,090,000 | |||||||||||
| St. Charles (County of), Missouri Industrial Development Authority (Westchester Village Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 04/15/2027 | 5,600 | 5,600,000 | |||||||||||
| St. Joseph (City of), Missouri Industrial Development Authority (Heartland Regional Medical Center); Series 2009 A, VRD Health Facilities RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 11/15/2043 | 14,950 | 14,950,000 | |||||||||||
| St. Louis (County of), Missouri Industrial Development Authority (Sugar Pines Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 04/15/2027 | 7,870 | 7,870,000 | |||||||||||
| Texas (State of) Department of Housing & Community Affairs (Champions Crossing Apartments); Series 2006, Ref. VRD MFH Mortgage RB (CEP–FNMA)(b) |
0.03 | % | 09/15/2036 | 4,475 | 4,475,000 | |||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (Norwich University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(f) |
0.01 | % | 09/01/2038 | 5,125 | 5,125,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Inglenook Court); Series 1995, VRD MFH Mortgage RB (CEP–FHLMC) |
0.03 | % | 07/01/2025 | 8,300 | 8,300,000 | |||||||||||
| Westmoreland (County of), Pennsylvania Industrial Development Authority (Excela Health); Series 2005 A, VRD Health System RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 07/01/2027 | 1,500 | 1,500,000 | |||||||||||
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital); Series 2004, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.01 | % | 08/15/2034 | 5,105 | 5,105,000 | |||||||||||
| 220,976,000 | ||||||||||||||||
| Other Variable Rate Demand Notes–0.04% | ||||||||||||||||
| Federal Home Loan Mortgage Corp., Series M028, Class A, VRD MFH Ctfs. |
0.03 | % | 09/15/2024 | 8,480 | 8,480,000 | |||||||||||
| Total Variable Rate Demand Notes (Cost $229,456,000) |
229,456,000 | |||||||||||||||
| Other Bonds & Notes–3.66% |
||||||||||||||||
| Bank of Nova Scotia, Sr. Unsec. Notes(c) |
2.90 | % | 03/29/2016 | 40,000 | 40,073,515 | |||||||||||
| GE Capital International Funding Co., Sr. Unsec. Gtd. Notes(b) |
0.96 | % | 04/15/2016 | 97,236 | 97,291,775 | |||||||||||
| New York Life Global Funding, Sec. Floating Rate Notes(b)(d) |
0.67 | % | 08/05/2016 | 73,000 | 73,000,033 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
9 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Wells Fargo Bank, N.A., |
||||||||||||||||
| Sr. Unsec. Medium-Term Floating Rate Notes(d) |
0.68 | % | 10/19/2016 | $ | 235,000 | $ | 235,000,000 | |||||||||
| Unsec. Medium-Term Floating Rate Notes(d) |
0.74 | % | 10/29/2016 | 225,000 | 225,000,000 | |||||||||||
| Westpac Banking Corp., Sr. Unsec. Floating Rate Notes(b)(c)(d) |
0.87 | % | 11/07/2016 | 150,000 | 150,000,000 | |||||||||||
| Total Other Bonds & Notes (Cost $820,365,323) |
820,365,323 | |||||||||||||||
| U.S. Treasury Securities–0.67%(a) |
||||||||||||||||
| U.S. Treasury Bills (Cost $149,636,000) |
0.49 | % | 09/01/2016 | 150,000,000 | 149,636,000 | |||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)–76.39% (Cost $17,143,582,669) |
17,143,582,669 | |||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–24.33%(g) |
||||||||||||||||
| Bank of Nova Scotia (The), agreement dated 02/29/2016, maturing value of $200,001,778 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $204,000,000; 0.90%-5.00%, 04/25/2017-01/01/2046) |
0.32 | % | 03/01/2016 | 200,001,778 | 200,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint agreement dated 02/29/2016, aggregate maturing value of $250,002,153 (collateralized by U.S. government sponsored agency obligations valued at $255,000,425; 0%-6.25%, 03/08/2017-01/15/2030) |
0.31 | % | 03/01/2016 | 125,001,077 | 125,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint agreement dated 02/29/2016, aggregate maturing value of $400,003,333 (collateralized by U.S. Treasury obligations valued at $408,000,044; 1.63%-2.25%, 06/30/2019-11/15/2025) |
0.30 | % | 03/01/2016 | 158,739,106 | 158,737,783 | |||||||||||
| Citigroup Global Markets Inc., term agreement dated 12/03/2015, maturing value of $60,596,167 (collateralized by domestic and foreign non-agency asset-backed securities valued at $66,000,000; 0%-1.05%, 04/01/2030-11/19/2051) |
0.98 | % | 12/02/2016 | 60,596,167 | 60,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, agreement dated 02/29/2016, maturing value of $200,001,778 (collateralized by domestic agency mortgage-backed securities valued at $204,000,000; 3.50%-4.50%, 05/20/2045-02/01/2046) |
0.32 | % | 03/01/2016 | 200,001,778 | 200,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, joint agreement dated 02/29/2016, aggregate maturing value of $600,005,000 (collateralized by U.S. Treasury obligations valued at $612,000,064; 2.63%-3.63%, 08/15/2020-08/15/2043) |
0.30 | % | 03/01/2016 | 93,000,775 | 93,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, open agreement dated 10/07/2015, (collateralized by domestic non-agency mortgage-backed securities valued at $456,502,402; 1.59%-6.00%, 07/27/2037-12/25/2065)(c)(h) |
0.98 | % | — | — | 415,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/23/2016, maturing value of $135,013,913 (collateralized by domestic and foreign non-agency asset-backed securities and domestic non-agency mortgage-backed securities valued at $141,754,333; 0%-7.14%, 03/22/2017-04/10/2049)(c)(i) |
0.53 | % | 03/01/2016 | 135,013,913 | 135,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/23/2016, maturing value of $75,009,188 (collateralized by domestic and foreign corporate obligations valued at $82,501,090; 0%-10.00%, 02/25/2018-10/29/2049)(c)(i) |
0.63 | % | 03/01/2016 | 75,009,188 | 75,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/24/2016, maturing value of $165,020,213 (collateralized by domestic non-agency mortgage-backed securities and domestic non-agency asset-backed securities valued at $181,503,082; 0%-3.82%, 03/15/2017-03/31/2045)(c)(i) |
0.63 | % | 03/02/2016 | 165,020,213 | 165,000,000 | |||||||||||
| ING Financial Markets, LLC, agreement dated 02/29/2016, maturing value $75,001,063 (collateralized by domestic and foreign corporate obligations valued at $82,211,752; 1.95%-10.50%, 03/15/2018-03/15/2038)(c) |
0.51 | % | 03/01/2016 | 75,001,063 | 75,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., agreement dated 02/29/2016, maturing value of $100,000,889 (collateralized by domestic agency mortgage-backed securities valued at $102,000,001; 0%-4.00%, 01/01/2034-02/01/2046) |
0.32 | % | 03/01/2016 | 100,000,889 | 100,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., joint agreement dated 02/29/2016, aggregate maturing value of $950,007,917 (collateralized by U.S. Treasury obligations valued at $969,000,085; 0.43%-4.50%, 09/30/2016-02/15/2036) |
0.30 | % | 03/01/2016 | 656,057,629 | 656,052,162 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/26/2016, maturing value of $348,452,400 (collateralized by domestic agency mortgage-backed securities, a domestic non-agency mortgage-backed security, a domestic non-agency asset-backed security and municipal obligations valued at $361,340,310; 0%-11.08%, 06/15/2016-04/25/2055)(i) |
0.78 | % | 04/26/2016 | 348,452,400 | 348,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
10 Short-Term Investments Trust
| Liquid Assets Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Repurchase Amount |
Value | |||||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/29/2016, maturing value of $350,316,458 (collateralized by U.S. government sponsored agency obligations, a domestic agency mortgage-backed security, domestic non-agency mortgage-backed securities, domestic and foreign non-agency asset-backed securities and domestic and foreign corporate obligations valued at $370,590,324; 0%-11.08%, 10/06/2016-06/05/2115) |
0.93 | % | 04/04/2016 | $ | 350,316,458 | $ | 350,000,000 | |||||||||
| Mitsubishi UFJ Securities (USA) Inc., agreement dated 02/29/2016, maturing value of $200,001,778 (collateralized by domestic agency mortgage-backed securities valued at $204,000,000; 0.75%-8.00%, 09/01/2023-01/20/2066) |
0.32 | % | 03/01/2016 | 200,001,778 | 200,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 02/23/2016, maturing value of $150,015,458 (collateralized by U.S. government sponsored agency obligations and domestic agency mortgage-backed securities valued at $153,000,000; 0%-15.63%, 02/01/2028-09/20/2063)(c)(i) |
0.53 | % | 03/01/2016 | 150,015,458 | 150,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 02/26/2016, maturing value of $180,094,400 (collateralized by U.S. government sponsored agency obligations, domestic agency mortgage-backed securities and domestic and foreign corporate obligations valued at $184,804,920; 0.80%-49.49%, 06/01/2017-09/20/2063)(c)(i) |
0.59 | % | 03/29/2016 | 180,094,400 | 180,000,000 | |||||||||||
| Societe Generale, agreement dated 02/29/2016, maturing value of $150,001,500 (collateralized by domestic agency mortgage-backed securities and a U.S. government sponsored agency obligation valued at $153,000,000; 0.87%-6.50%, 05/01/2018-01/20/2062) |
0.36 | % | 03/01/2016 | 150,001,500 | 150,000,000 | |||||||||||
| TD Securities (USA) LLC, joint agreement dated 02/29/2016, aggregate maturing value of $600,005,000 (collateralized by U.S. Treasury obligations valued at $612,000,050; 0%-9.00%, 03/03/2016-05/15/2045) |
0.30 | % | 03/01/2016 | 500,004,167 | 500,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $100,001,056 (collateralized by domestic corporate obligations valued at $105,000,001; 0%-2.00%, 03/01/2016-01/24/2028) |
0.38 | % | 03/01/2016 | 100,001,056 | 100,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $500,004,583 (collateralized by domestic agency mortgage-backed securities valued at $510,000,000; 2.50%-3.50%, 04/01/2030-09/01/2045) |
0.33 | % | 03/01/2016 | 500,004,583 | 500,000,000 | |||||||||||
| Wells Fargo Securities, LLC, joint agreement dated 02/29/2016, aggregate maturing value of $550,005,042 (collateralized by U.S. government sponsored agency obligations valued at $561,000,000; 0.64%-4.00%, 07/15/2021-03/25/2055) |
0.33 | % | 03/01/2016 | 349,738,534 | 349,735,328 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/26/2016, maturing value of $175,017,354 (collateralized by U.S. government sponsored agency obligations, domestic corporate obligations and sovereign debt valued at $179,495,120; 0%-10.13%, 03/01/2016-01/21/2045)(i) |
0.51 | % | 03/04/2016 | 175,017,354 | 175,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $5,460,525,273) |
5,460,525,273 | |||||||||||||||
| TOTAL INVESTMENTS(j)(k)–100.72% (Cost $22,604,107,942) |
22,604,107,942 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(0.72)% |
(160,487,731 | ) | ||||||||||||||
| NET ASSETS–100.00% |
$ | 22,443,620,211 | ||||||||||||||
Investment Abbreviations:
| CEP | – Credit Enhancement Provider | |
| Ctfs. | – Certificates | |
| FHLB | – Federal Home Loan Bank | |
| FHLMC | – Federal Home Loan Mortgage Corp. | |
| FNMA | – Federal National Mortgage Association | |
| Gtd. | – Guaranteed | |
| IDR | – Industrial Development Revenue Bonds | |
| LOC | – Letter of Credit | |
| MFH | – Multi-Family Housing | |
| PCR | – Pollution Control Revenue Bonds | |
| RB | – Revenue Bonds | |
| Ref. | – Refunding | |
| Sec. | – Secured | |
| Sr. | – Senior | |
| Unsec. | – Unsecured | |
| VRD | – Variable Rate Demand |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
11 Short-Term Investments Trust
Liquid Assets Portfolio
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, 2016 was $7,237,690,536, which represented 32.25% 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: France: 11.8%; Canada: 10.3%; Japan: 10.1%; United Kingdom: 8.4%; other countries less than 5% each: 26.9%. |
| (d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (e) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (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) | Either party may terminate the agreement upon demand. Interest rates, principal amount and collateral are redetermined daily. |
| (i) | The Fund may demand payment of the term repurchase agreement upon one to seven business days’ notice depending on the timing of the demand. |
| (j) | Also represents cost for federal income tax purposes. |
| (k) | 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 issuers obligations. No concentration of any single entity was greater than 5% each. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
38.6 | % | ||
| 8-30 |
8.6 | |||
| 31-60 |
21.7 | |||
| 61-90 |
11.5 | |||
| 91-180 |
12.7 | |||
| 181+ |
6.9 |
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
12 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| STIC Prime Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Commercial Paper–49.74%(a) |
|
|||||||||||||||
| Asset-Backed Securities — Fully Supported–2.93% | ||||||||||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.47 | % | 04/05/2016 | $ | 30,000 | $ | 29,986,292 | |||||||||
| Atlantic Asset Securitization LLC (CEP–Credit Agricole Corporate & Investment Bank S.A.)(b)(c) |
0.48 | % | 04/12/2016 | 25,000 | 24,986,000 | |||||||||||
| Kells Funding LLC (CEP–FMS Wertmanagement)(b)(c) |
0.42 | % | 03/03/2016 | 25,000 | 24,999,416 | |||||||||||
| 79,971,708 | ||||||||||||||||
| Asset-Backed Securities — Fully Supported Bank–22.85% | ||||||||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c) |
0.50 | % | 04/07/2016 | 25,000 | 24,987,153 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c)(d) |
0.61 | % | 07/06/2016 | 77,000 | 77,000,000 | |||||||||||
| Barton Capital S.A. (CEP–Societe Generale S.A.)(b)(c)(d) |
0.61 | % | 07/05/2016 | 10,000 | 10,000,000 | |||||||||||
| Cancara Asset Securitisation LLC (CEP–Lloyds Bank PLC)(b) |
0.52 | % | 03/07/2016 | 50,000 | 49,995,667 | |||||||||||
| Gotham Funding Corp. (CEP–Bank of Tokyo-Mitsubishi UFJ, Ltd. (The))(b)(c) |
0.53 | % | 03/15/2016 | 40,000 | 39,991,756 | |||||||||||
| Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) |
0.60 | % | 03/07/2016 | 12,000 | 11,998,800 | |||||||||||
| Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) |
0.60 | % | 03/01/2016 | 25,000 | 25,000,000 | |||||||||||
| Institutional Secured Funding LLC (Multi-CEP’s)(b)(c) |
0.61 | % | 03/21/2016 | 32,943 | 32,931,836 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.48 | % | 04/22/2016 | 40,000 | 39,972,267 | |||||||||||
| Liberty Street Funding LLC (CEP–Bank of Nova Scotia)(b)(c) |
0.52 | % | 03/11/2016 | 50,000 | 49,992,778 | |||||||||||
| Manhattan Asset Funding Co., LLC (CEP–Sumitomo Mitsui Banking Corp.)(b)(c) |
0.48 | % | 03/24/2016 | 37,500 | 37,488,500 | |||||||||||
| Matchpoint Finance PLC, Series A (CEP–BNP Paribas S.A.)(b)(c) |
0.45 | % | 03/01/2016 | 100,000 | 100,000,000 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/14/2016 | 13,000 | 12,997,981 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/21/2016 | 80,000 | 79,980,889 | |||||||||||
| Regency Markets No. 1 LLC (CEP–HSBC Bank PLC)(b)(c) |
0.43 | % | 03/29/2016 | 10,000 | 9,996,655 | |||||||||||
| Working Capital Management Co. (CEP–Mizuho Bank, Ltd.)(b)(c) |
0.51 | % | 04/18/2016 | 22,520 | 22,504,686 | |||||||||||
| 624,838,968 | ||||||||||||||||
| Asset-Backed Securities — Multi-Purpose–2.74% | ||||||||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.45 | % | 04/18/2016 | 25,000 | 24,985,000 | |||||||||||
| Nieuw Amsterdam Receivables Corp.(b)(c) |
0.47 | % | 03/09/2016 | 50,000 | 49,994,778 | |||||||||||
| 74,979,778 | ||||||||||||||||
| Diversified Banks–5.49% | ||||||||||||||||
| DBS Bank Ltd.(b)(c) |
0.45 | % | 03/18/2016 | 115,000 | 114,975,563 | |||||||||||
| Swedbank AB(b) |
0.36 | % | 03/07/2016 | 35,000 | 34,997,900 | |||||||||||
| 149,973,463 | ||||||||||||||||
| Integrated Oil & Gas–1.83% | ||||||||||||||||
| Chevron Corp.(c) |
0.43 | % | 04/01/2016 | 9,500 | 9,496,482 | |||||||||||
| Exxon Mobil Corp. |
0.46 | % | 03/15/2016 | 17,000 | 16,996,959 | |||||||||||
| Total Capital Canada Ltd.(b)(c) |
0.43 | % | 03/21/2016 | 23,500 | 23,494,386 | |||||||||||
| 49,987,827 | ||||||||||||||||
| Life & Health Insurance–3.15% | ||||||||||||||||
| MetLife Short Term Funding LLC(c) |
0.41 | % | 03/02/2016 | 76,120 | 76,119,133 | |||||||||||
| MetLife Short Term Funding LLC(c) |
0.42 | % | 03/04/2016 | 10,000 | 9,999,650 | |||||||||||
| 86,118,783 | ||||||||||||||||
| Regional Banks–8.01% | ||||||||||||||||
| Banque et Caisse d’Epargne de l’Etat(b) |
0.45 | % | 03/18/2016 | 79,000 | 78,983,213 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
13 Short-Term Investments Trust
| STIC Prime Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Regional Banks–(continued) | ||||||||||||||||
| Banque et Caisse d’Epargne de l’Etat(b) |
0.45 | % | 03/23/2016 | $ | 40,000 | $ | 39,989,000 | |||||||||
| Landesbank Hessen-Thueringen Girozentrale(b)(c) |
0.45 | % | 04/18/2016 | 100,000 | 99,940,000 | |||||||||||
| 218,912,213 | ||||||||||||||||
| Specialized Finance–2.74% | ||||||||||||||||
| CDP Financial Inc.(b)(c) |
0.50 | % | 03/01/2016 | 75,000 | 75,000,000 | |||||||||||
| Total Commercial Paper (Cost $1,359,782,740) |
1,359,782,740 | |||||||||||||||
| Certificates of Deposit–29.65% |
||||||||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(b) |
0.37 | % | 03/03/2016 | 20,000 | 20,000,000 | |||||||||||
| Bank of Tokyo-Mitsubishi UFJ, Ltd. (The)(b) |
0.37 | % | 03/07/2016 | 45,000 | 45,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(b) |
0.28 | % | 03/01/2016 | 25,000 | 25,000,000 | |||||||||||
| Canadian Imperial Bank of Commerce(b) |
0.36 | % | 03/03/2016 | 40,000 | 40,000,000 | |||||||||||
| Credit Industriel et Commercial(b) |
0.37 | % | 03/02/2016 | 40,000 | 40,000,000 | |||||||||||
| Credit Industriel et Commercial(b) |
0.38 | % | 03/01/2016 | 20,000 | 20,000,000 | |||||||||||
| DNB Bank ASA(b) |
0.28 | % | 03/01/2016 | 137,000 | 137,000,000 | |||||||||||
| KBC Bank N.V.(b) |
0.38 | % | 03/01/2016 | 30,000 | 30,000,000 | |||||||||||
| KBC Bank N.V.(b) |
0.38 | % | 03/03/2016 | 40,000 | 40,000,000 | |||||||||||
| Nordea Bank Finland PLC(b) |
0.28 | % | 03/01/2016 | 137,000 | 137,000,000 | |||||||||||
| Oversea-Chinese Banking Corp. Ltd.(b) |
0.48 | % | 04/08/2016 | 50,000 | 50,000,000 | |||||||||||
| Oversea-Chinese Banking Corp. Ltd.(b) |
0.50 | % | 03/17/2016 | 49,750 | 49,750,000 | |||||||||||
| Skandinaviska Enskilda Banken AB(b) |
0.29 | % | 03/01/2016 | 137,000 | 137,000,000 | |||||||||||
| Swedbank AB(b) |
0.36 | % | 03/03/2016 | 40,000 | 40,000,000 | |||||||||||
| Total Certificates of Deposit (Cost $810,750,000) |
|
810,750,000 | ||||||||||||||
| Variable Rate Demand Notes–3.21%(e) |
||||||||||||||||
| Credit Enhanced–3.21% | ||||||||||||||||
| A Mining Group, LLC; Series 2006, VRD Incremental Taxable Bonds (LOC–Wells Fargo Bank, N.A.)(f) |
0.43 | % | 06/01/2029 | 2,095 | 2,095,000 | |||||||||||
| Benjamin Rose Institute (The) (Kethley House); Series 2005, VRD Taxable Notes (LOC–JPMorgan Chase Bank, N.A.)(f) |
0.43 | % | 12/01/2028 | 2,200 | 2,200,000 | |||||||||||
| Centerville (City of), Ohio (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 B, VRD Health Care RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 11/01/2040 | 5,800 | 5,800,000 | |||||||||||
| Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(f) |
0.02 | % | 05/01/2036 | 4,335 | 4,335,000 | |||||||||||
| Grand Valley State University Board of Trustees; Series 2008 B, Ref. VRD General RB (LOC–U.S. Bank, N.A.)(f) |
0.01 | % | 06/01/2019 | 7,155 | 7,155,000 | |||||||||||
| Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc.); Series 2008 G, Ref. VRD Health System RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.02 | % | 09/01/2048 | 1,510 | 1,510,000 | |||||||||||
| Jets Stadium Development, LLC; Series 2007 A-4C, Project RB (LOC–Sumitomo Mitsui Banking Corp.)(b)(c)(f) |
0.38 | % | 04/01/2047 | 51,400 | 51,400,000 | |||||||||||
| Mississippi (State of) Business Finance Corp. (CPX Gulfport ES OPAG, LLC); Series 2007 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(f) |
0.01 | % | 04/01/2037 | 5,500 | 5,500,000 | |||||||||||
| Montgomery (County of), Pennsylvania Redevelopment Authority (Forge Gate Apartments); Series 2001 A, VRD MFH RB (CEP–FNMA) |
0.01 | % | 08/15/2031 | 700 | 700,000 | |||||||||||
| Oregon (State of) Housing & Community Services Department (Redwood Park Apartments LLC); Series 2005 F, VRD Housing Development RB (CEP–FNMA) |
0.03 | % | 10/15/2038 | 1,600 | 1,600,000 | |||||||||||
| St. Louis (County of), Missouri Industrial Development Authority (Westport Station Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) |
0.01 | % | 04/15/2027 | 2,600 | 2,600,000 | |||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (Norwich University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(f) |
0.01 | % | 09/01/2038 | 2,825 | 2,825,000 | |||||||||||
| Total Variable Rate Demand Notes (Cost $87,720,000) |
|
87,720,000 | ||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
14 Short-Term Investments Trust
| STIC Prime Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| U.S. Government Sponsored Agency Securities–0.95% |
||||||||||||||||
| Overseas Private Investment Corp. (OPIC)–0.95%(e) | ||||||||||||||||
| Unsec. Gtd. VRD COP Bonds |
0.36 | % | 05/15/2030 | $ | 11,960 | $ | 11,960,000 | |||||||||
| Unsec. Gtd. VRD COP Bonds |
0.40 | % | 09/20/2022 | 4,000 | 4,000,000 | |||||||||||
| Unsec. Gtd. VRD COP Notes |
0.40 | % | 09/15/2022 | 10,000 | 10,000,000 | |||||||||||
| Total U.S. Government Sponsored Agency Securities (Cost $25,960,000) |
|
25,960,000 | ||||||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)–83.55% (Cost $2,284,212,740) |
|
2,284,212,740 | ||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–16.47%(g) |
|
|||||||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/23/2016, maturing value of $15,001,546 (collateralized by a domestic non-agency asset-backed security valued at $15,751,736; 0%, 11/01/2047)(b)(h) |
0.53 | % | 03/01/2016 | 15,001,546 | 15,000,000 | |||||||||||
| Credit Suisse Securities (USA) LLC, term agreement dated 02/24/2016, maturing value of $115,014,088 (collateralized by domestic non-agency mortgage-backed securities and a domestic non-agency asset-backed security valued at $120,750,185; 0%-3.88%, 10/27/2034-12/25/2056)(b)(h) |
0.63 | % | 03/02/2016 | 115,014,088 | 115,000,000 | |||||||||||
| ING Financial Markets, LLC, agreement dated 02/29/2016, maturing value $10,000,142 (collateralized by a foreign corporate obligation valued at $10,602,967; 2.20%, 09/23/2019)(b) |
0.51 | % | 03/01/2016 | 10,000,142 | 10,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., joint agreement dated 02/29/2016, aggregate maturing value of $950,007,917 (collateralized by U.S. Treasury obligations valued at $969,000,085; 0.43%-4.50%, 09/30/2016-02/15/2036) |
0.30 | % | 03/01/2016 | 65,370,280 | 65,369,735 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/26/2016, maturing value of $80,104,000 (collateralized by a domestic non-agency asset-backed security valued at $88,000,001; 0%, 10/03/2039)(h) |
0.78 | % | 04/26/2016 | 80,104,000 | 80,000,000 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., term agreement dated 02/29/2016, maturing value of $20,018,083 (collateralized by a domestic non-agency mortgage-backed security and domestic non-agency asset-backed securities valued at $22,000,000; 0%-5.84%, 10/26/2039-06/12/2050) |
0.93 | % | 04/04/2016 | 20,018,083 | 20,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 02/26/2016, maturing value of $120,062,933 (collateralized by U.S. government sponsored agency obligations valued at $122,400,000; 0%-10.86%, 05/15/2027-01/20/2046)(b)(h) |
0.59 | % | 03/29/2016 | 120,062,933 | 120,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/26/2016, maturing value of $25,002,479 (collateralized by domestic corporate obligations valued at $26,250,000; 0%, 03/10/2016- 03/11/2016)(h) |
0.51 | % | 03/04/2016 | 25,002,479 | 25,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $450,369,735) |
450,369,735 | |||||||||||||||
| TOTAL INVESTMENTS(i)(j)–100.02% (Cost $2,734,582,475) |
|
2,734,582,475 | ||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(0.02)% |
|
(620,917 | ) | |||||||||||||
| NET ASSETS–100.00% |
|
$ | 2,733,961,558 | |||||||||||||
Investment Abbreviations:
| CEP | – Credit Enhancement Provider | |
| COP | – Certificates of Participation | |
| FNMA | – Federal National Mortgage Association | |
| Gtd. | – Guaranteed | |
| LOC | – Letter of Credit | |
| MFH | – Multi-Family Housing | |
| RB | – Revenue Bonds | |
| Ref. | – Refunding | |
| Unsec. | – Unsecured | |
| VRD | – Variable Rate Demand |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
15 Short-Term Investments Trust
STIC Prime Portfolio
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) | 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: France: 12.8%; Canada: 12.8%; Sweden: 12.8%; Japan: 7.9%; Singapore: 7.9%; Netherlands: 5.7%; United Kingdom: 5.6%; Norway: 5.0%; other countries less than 5% each: 16.2%. |
| (c) | 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, 2016 was $1,190,220,001, which represented 43.53% of the Fund’s Net Assets. |
| (d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (e) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (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) | Also represents cost for federal income tax purposes. |
| (j) | 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 | |||
| DNB Bank ASA |
5.0 | % | ||
| Nordea Bank AB |
5.0 | |||
| Skandinaviska Enskilda Banken AB |
5.0 | |||
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
60.3 | % | ||
| 8-30 |
23.8 | |||
| 31-60 |
15.9 | |||
| 61-90 |
0.0 | |||
| 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.
16 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Treasury Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value |
|||||||||||||
| U.S. Treasury Securities–41.96% |
||||||||||||||||
| U.S. Treasury Bills–27.77%(a) | ||||||||||||||||
| U.S. Treasury Bills |
0.34 | % | 05/05/2016 | $ | 600,000 | $ | 599,640,874 | |||||||||
| U.S. Treasury Bills |
0.33 | % | 05/26/2016 | 500,000 | 499,617,778 | |||||||||||
| U.S. Treasury Bills |
0.42 | % | 06/02/2016 | 130,300 | 130,161,822 | |||||||||||
| U.S. Treasury Bills |
0.49 | % | 06/02/2016 | 149,700 | 149,513,985 | |||||||||||
| U.S. Treasury Bills |
0.38 | % | 06/09/2016 | 100,000 | 99,897,222 | |||||||||||
| U.S. Treasury Bills |
0.59 | % | 06/16/2016 | 179,725 | 179,416,510 | |||||||||||
| U.S. Treasury Bills |
0.52 | % | 06/23/2016 | 100,000 | 99,836,758 | |||||||||||
| U.S. Treasury Bills |
0.54 | % | 06/30/2016 | 55,450 | 55,351,222 | |||||||||||
| U.S. Treasury Bills |
0.51 | % | 07/07/2016 | 225,000 | 224,600,000 | |||||||||||
| U.S. Treasury Bills |
0.52 | % | 07/14/2016 | 115,250 | 115,030,449 | |||||||||||
| U.S. Treasury Bills |
0.42 | % | 08/18/2016 | 250,000 | 249,515,972 | |||||||||||
| U.S. Treasury Bills |
0.45 | % | 08/18/2016 | 200,000 | 199,582,556 | |||||||||||
| U.S. Treasury Bills |
0.45 | % | 08/25/2016 | 250,000 | 249,452,406 | |||||||||||
| U.S. Treasury Bills |
0.46 | % | 08/25/2016 | 200,000 | 199,560,450 | |||||||||||
| U.S. Treasury Bills |
0.23 | % | 09/15/2016 | 300,000 | 299,628,750 | |||||||||||
| U.S. Treasury Bills |
0.24 | % | 09/15/2016 | 200,000 | 199,738,200 | |||||||||||
| 3,550,544,954 | ||||||||||||||||
| U.S. Treasury Notes–14.19% | ||||||||||||||||
| U.S. Treasury Floating Rate Notes(b) |
0.40 | % | 07/31/2017 | 350,000 | 349,999,282 | |||||||||||
| U.S. Treasury Floating Rate Notes(b) |
0.49 | % | 10/31/2017 | 706,250 | 705,969,689 | |||||||||||
| U.S. Treasury Floating Rate Notes(b) |
0.59 | % | 01/31/2018 | 300,000 | 300,217,593 | |||||||||||
| U.S. Treasury Notes |
1.00 | % | 09/30/2016 | 150,000 | 150,408,452 | |||||||||||
| U.S. Treasury Notes |
3.13 | % | 10/31/2016 | 152,492 | 155,138,037 | |||||||||||
| U.S. Treasury Notes |
2.75 | % | 11/30/2016 | 150,000 | 152,450,452 | |||||||||||
| 1,814,183,505 | ||||||||||||||||
| Total U.S. Treasury Securities (Cost $5,364,728,459) |
5,364,728,459 | |||||||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)–41.96% (Cost $5,364,728,459) |
5,364,728,459 | |||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–58.02%(c) |
||||||||||||||||
| BNP Paribas Securities Corp., term agreement dated 02/25/2016, maturing value of $880,059,889 (collateralized by U.S. Treasury obligations valued at $897,549,096; 1.38%-8.13%, 08/15/2019-09/30/2020)(d) |
0.35 | % | 03/03/2016 | 880,059,889 | 880,000,000 | |||||||||||
| CIBC World Markets Corp., joint agreement dated 02/29/2016, aggregate maturing value of $100,000,833 (collateralized by U.S. Treasury obligations valued at $102,001,586; 1.13%-2.50%, 07/31/2019-02/15/2046) |
0.30 | % | 03/01/2016 | 76,960,419 | 76,959,778 | |||||||||||
| Citigroup Global Markets Inc., term agreement dated 02/25/2016, maturing value of $500,031,111 (collateralized by U.S. Treasury obligations valued at $510,000,061; 0.38%-2.00%, 03/15/2016-08/31/2021)(d) |
0.32 | % | 03/03/2016 | 500,031,111 | 500,000,000 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/25/2016, maturing value of $790,131,183 (collateralized by U.S. Treasury obligations valued at $806,199,875; 2.25%-3.75%, 11/15/2024-11/15/2043)(d) |
0.36 | % | 03/03/2016 | 790,131,183 | 790,075,878 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/26/2016, maturing value of $220,015,600 (collateralized by a U.S. Treasury obligation valued at $224,490,000; 2.25%, 11/15/2025)(d) |
0.36 | % | 03/04/2016 | 220,015,600 | 220,000,200 | |||||||||||
| Prudential Financial, Inc., agreement dated 02/29/2016, maturing value of $475,682,757 (collateralized by U.S. Treasury obligations valued at $484,802,967; 0%, 08/15/2027-08/15/2043) |
0.36 | % | 03/01/2016 | 475,682,757 | 475,678,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
17 Short-Term Investments Trust
| Treasury Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Repurchase Amount |
Value |
|||||||||||||
| RBC Capital Markets Corp., term agreement dated 10/14/2015, maturing value of $250,170,139 (collateralized by U.S. Treasury obligations valued at $255,000,006; 0%-9.00%, 03/17/2016-05/15/2045)(d) |
0.14 | % | 04/06/2016 | $ | 250,170,139 | $ | 250,000,000 | |||||||||
| RBC Capital Markets Corp., term agreement dated 10/13/2015, maturing value of $250,173,056 (collateralized by U.S. Treasury obligations valued at $255,000,009; 0%-8.75%, 04/14/2016-02/15/2045)(d) |
0.14 | % | 04/08/2016 | 250,173,056 | 250,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 10/21/2015, maturing value of $500,400,000 (collateralized by U.S. Treasury obligations valued at $510,000,074; 0%-8.00%, 03/03/2016-08/15/2043)(d) |
0.16 | % | 04/18/2016 | 500,400,000 | 500,000,000 | |||||||||||
| RBC Capital Markets Corp., term agreement dated 10/22/2015, maturing value of $500,400,000 (collateralized by U.S. Treasury obligations valued at $510,000,078; 0.13%-8.75%, 03/15/2016-02/15/2043)(d) |
0.16 | % | 04/19/2016 | 500,400,000 | 500,000,000 | |||||||||||
| Societe Generale, agreement dated 02/29/2016, maturing value of $500,004,722 (collateralized by U.S. Treasury obligations valued at $510,000,000; 0%-8.50%, 04/07/2016-02/15/2042) |
0.34 | % | 03/01/2016 | 500,004,722 | 500,000,000 | |||||||||||
| Societe Generale, term agreement dated 02/03/2016, maturing value of $550,176,458 (collateralized by U.S. Treasury obligations valued at $561,000,092; 0.13%-8.50%, 11/30/2016-02/15/2044)(d) |
0.35 | % | 03/07/2016 | 550,176,458 | 550,000,000 | |||||||||||
| Societe Generale, term agreement dated 02/08/2016, maturing value of $400,116,000 (collateralized by U.S. Treasury obligations valued at $408,000,015; 0%-4.63%, 04/07/2016-02/15/2044)(d) |
0.36 | % | 03/08/2016 | 400,116,000 | 400,000,000 | |||||||||||
| Societe Generale, term agreement dated 02/16/2016, maturing value of $250,068,056 (collateralized by U.S. Treasury obligations valued at $255,000,001; 0.13%-7.25%, 02/15/2017-07/15/2024) (d) |
0.35 | % | 03/15/2016 | 250,068,556 | 250,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $325,002,799 (collateralized by U.S. Treasury obligations valued at $331,500,025; 3.00%, 05/15/2042-11/15/2045) |
0.31 | % | 03/01/2016 | 325,002,799 | 325,000,000 | |||||||||||
| Wells Fargo Securities, LLC, agreement dated 02/29/2016, maturing value of $425,003,660 (collateralized by a U.S. Treasury obligation valued at $433,500,058; 1.38%, 04/30/2020) |
0.31 | % | 03/01/2016 | 425,003,660 | 425,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 01/19/2016, maturing value of $125,051,042 (collateralized by U.S. Treasury obligations valued at $127,500,058; 3.00%-8.88%, 05/15/2017-08/15/2044) |
0.35 | % | 03/01/2016 | 125,051,042 | 125,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/04/2016, maturing value of $200,220,000 (collateralized by a U.S. Treasury obligation valued at $204,000,063; 1.38%, 04/30/2020) |
0.44 | % | 05/04/2016 | 200,220,000 | 200,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/08/2016, maturing value of $200,227,500 (collateralized by U.S. Treasury obligations valued at $204,000,063; 0.42%-3.75%, 04/30/2016-11/15/2023) |
0.45 | % | 05/09/2016 | 200,227,500 | 200,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $7,417,713,856) |
7,417,713,856 | |||||||||||||||
| TOTAL INVESTMENTS(e)–99.98% (Cost $12,782,442,315) |
12,782,442,315 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–0.02% |
|
2,745,666 | ||||||||||||||
| NET ASSETS–100.00% |
|
$ | 12,785,187,981 | |||||||||||||
Notes to Schedule of Investments:
| (a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (c) | Principal amount equals value at period end. See Note 1I. |
| (d) | The Fund may demand prepayment of the term repurchase agreement upon one to seven business days notice depending on the timing of the demand. |
| (e) | Also represents cost for federal income tax purposes. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
54.9 | % | ||
| 8-30 |
0.0 | |||
| 31-60 |
0.0 | |||
| 61-90 |
11.7 | |||
| 91-180 |
15.3 | |||
| 181+ |
18.1 |
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
18 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Government & Agency Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| U.S. Government Sponsored Agency Securities–40.86% |
||||||||||||||||
| Federal Farm Credit Bank (FFCB)–7.53% | ||||||||||||||||
| Unsec. Bonds(a) |
0.40 | % | 04/21/2016 | $ | 33,000 | $ | 32,999,788 | |||||||||
| Unsec. Bonds(a) |
0.41 | % | 05/05/2016 | 145,000 | 144,998,742 | |||||||||||
| Unsec. Bonds(a) |
0.46 | % | 06/20/2017 | 39,325 | 39,281,437 | |||||||||||
| Unsec. Bonds(a) |
0.58 | % | 07/21/2017 | 45,000 | 44,999,903 | |||||||||||
| Unsec. Bonds(a) |
0.47 | % | 07/25/2017 | 35,600 | 35,624,024 | |||||||||||
| Unsec. Bonds(a) |
0.46 | % | 10/02/2017 | 41,400 | 41,370,334 | |||||||||||
| Unsec. Bonds(a) |
0.48 | % | 11/13/2017 | 8,000 | 7,986,928 | |||||||||||
| Unsec. Bonds(a) |
0.45 | % | 12/27/2017 | 30,000 | 29,928,524 | |||||||||||
| 377,189,680 | ||||||||||||||||
| Federal Home Loan Bank (FHLB)–23.20% | ||||||||||||||||
| Unsec. Bonds(a) |
0.37 | % | 05/18/2016 | 70,000 | 70,000,000 | |||||||||||
| Unsec. Disc. Notes(b) |
0.44 | % | 03/11/2016 | 5,000 | 4,999,389 | |||||||||||
| Unsec. Disc. Notes(b) |
0.44 | % | 03/16/2016 | 5,000 | 4,999,083 | |||||||||||
| Unsec. Disc. Notes(b) |
0.46 | % | 03/16/2016 | 50,000 | 49,990,417 | |||||||||||
| Unsec. Disc. Notes(b) |
0.44 | % | 03/18/2016 | 91,320 | 91,301,026 | |||||||||||
| Unsec. Disc. Notes(b) |
0.40 | % | 05/06/2016 | 75,000 | 74,944,450 | |||||||||||
| Unsec. Disc. Notes(b) |
0.47 | % | 08/12/2016 | 100,000 | 99,788,622 | |||||||||||
| Unsec. Disc. Notes(b) |
0.47 | % | 08/17/2016 | 150,000 | 149,669,042 | |||||||||||
| Unsec. Disc. Notes(b) |
0.49 | % | 08/19/2016 | 120,000 | 119,720,700 | |||||||||||
| Unsec. Disc. Notes(b) |
0.49 | % | 08/24/2016 | 110,000 | 109,738,567 | |||||||||||
| Unsec. Disc. Notes(b) |
0.50 | % | 08/24/2016 | 167,500 | 167,094,650 | |||||||||||
| Unsec. Global Bonds(a) |
0.37 | % | 08/18/2016 | 80,000 | 79,998,121 | |||||||||||
| Unsec. Global Bonds(a) |
0.38 | % | 01/17/2017 | 80,000 | 79,901,075 | |||||||||||
| Unsec. Global Bonds(a) |
0.52 | % | 01/23/2017 | 50,000 | 50,000,000 | |||||||||||
| Unsec. Global Bonds(a) |
0.45 | % | 04/21/2017 | 10,000 | 9,994,865 | |||||||||||
| 1,162,140,007 | ||||||||||||||||
| Federal Home Loan Mortgage Corp. (FHLMC)–2.43% | ||||||||||||||||
| Unsec. Disc. Notes(b) |
0.46 | % | 08/12/2016 | 47,500 | 47,401,543 | |||||||||||
| Unsec. Global Notes(a) |
0.43 | % | 01/13/2017 | 10,000 | 10,004,009 | |||||||||||
| Unsec. Global Notes(a) |
0.44 | % | 04/20/2017 | 30,000 | 29,994,783 | |||||||||||
| Unsec. Global Notes(a) |
0.47 | % | 04/27/2017 | 14,000 | 13,991,079 | |||||||||||
| Unsec. Global Notes(a) |
0.56 | % | 07/21/2017 | 20,000 | 19,997,142 | |||||||||||
| 121,388,556 | ||||||||||||||||
| Federal National Mortgage Association (FNMA)–3.95% | ||||||||||||||||
| Unsec. Disc. Notes(b) |
0.45 | % | 08/17/2016 | 45,000 | 44,904,515 | |||||||||||
| Unsec. Disc. Notes(b) |
0.46 | % | 08/17/2016 | 5,000 | 4,989,320 | |||||||||||
| Unsec. Global Notes(a) |
0.44 | % | 09/08/2017 | 35,000 | 34,948,231 | |||||||||||
| Unsec. Global Notes(a) |
0.44 | % | 10/05/2017 | 112,815 | 112,735,213 | |||||||||||
| 197,577,279 | ||||||||||||||||
| Overseas Private Investment Corp. (OPIC)–3.75% | ||||||||||||||||
| Unsec. Gtd., VRD COP Bonds(c) |
0.42 | % | 07/15/2025 | 37,000 | 37,000,000 | |||||||||||
| Unsec. Gtd., VRD COP Bonds(c) |
0.40 | % | 07/09/2026 | 51,000 | 51,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
19 Short-Term Investments Trust
| Government & Agency Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Overseas Private Investment Corp. (OPIC)–(continued) | ||||||||||||||||
| Gtd., VRD COP Bonds(c) |
0.42 | % | 11/15/2028 | $ | 100,000 | $ | 100,000,000 | |||||||||
| 188,000,000 | ||||||||||||||||
| Total U.S. Government Sponsored Agency Securities (Cost $2,046,295,522) |
2,046,295,522 | |||||||||||||||
| U.S. Treasury Securities–6.94% |
||||||||||||||||
| U.S. Treasury Bills–3.95%(b) | ||||||||||||||||
| U.S. Treasury Bills |
0.11 | % | 03/03/2016 | 2,900 | 2,899,982 | |||||||||||
| U.S. Treasury Bills |
0.22 | % | 03/03/2016 | 10,262 | 10,261,877 | |||||||||||
| U.S. Treasury Bills |
0.42 | % | 08/18/2016 | 70,000 | 69,864,472 | |||||||||||
| U.S. Treasury Bills |
0.44 | % | 08/18/2016 | 5,000 | 4,989,717 | |||||||||||
| U.S. Treasury Bills |
0.45 | % | 08/25/2016 | 60,000 | 59,868,577 | |||||||||||
| U.S. Treasury Bills |
0.49 | % | 09/01/2016 | 50,000 | 49,878,667 | |||||||||||
| 197,763,292 | ||||||||||||||||
| U.S. Treasury Notes–2.99% | ||||||||||||||||
| U.S. Treasury Floating Rate Notes(a) |
0.49 | % | 10/31/2017 | 150,000 | 149,931,786 | |||||||||||
| Total U.S. Treasury Securities (Cost $347,695,078) |
347,695,078 | |||||||||||||||
| TOTAL INVESTMENTS (excluding Repurchase Agreements)- 47.80% (Cost $2,393,990,600) |
2,393,990,600 | |||||||||||||||
| Repurchase Amount |
||||||||||||||||
| Repurchase Agreements–53.21%(d) |
||||||||||||||||
| Bank of Nova Scotia (The), joint agreement dated 02/29/2016, aggregate maturing value of $500,004,167 (collateralized by U.S. Treasury obligations valued at $510,000,071; 0%-8.88%, 03/15/2016-08/15/2044) |
0.30 | % | 03/01/2016 | 250,002,083 | 250,000,000 | |||||||||||
| BNP Paribas Securities Corp., term agreement dated 02/25/2016, maturing value of $300,020,417 (collateralized by U.S. Treasury obligations valued at $306,000,000; 1.38%-1.63%, 09/30/2016-09/30/2020)(e) |
0.35 | % | 03/03/2016 | 300,020,417 | 300,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint agreement dated 02/29/2016, aggregate maturing value of $250,002,153 (collateralized by U.S. government sponsored agency obligations valued at $255,000,425; 0%-6.25%, 03/08/2017-01/15/2030) |
0.31 | % | 03/01/2016 | 25,000,215 | 25,000,000 | |||||||||||
| Citigroup Global Markets Inc., joint term agreement dated 02/26/2016, aggregate maturing value of $250,015,556 (collateralized by U.S. government sponsored agency obligations valued at $255,000,073; 0%-8.25%, 06/01/2016-09/15/2065)(e) |
0.32 | % | 03/04/2016 | 175,010,889 | 175,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, joint agreement dated 02/29/2016, aggregate maturing value of $600,005,000 (collateralized by U.S. Treasury obligations valued at $612,000,064; 2.63%-3.63%, 08/15/2020-08/15/2043) |
0.30 | % | 03/01/2016 | 150,001,250 | 150,000,000 | |||||||||||
| Credit Agricole Corp. & Investment Bank, joint term agreement dated 02/24/2016, aggregate maturing value of $375,024,792 (collateralized by domestic agency mortgage-backed securities and U.S. Treasury obligations valued at $382,500,000; 0.75%-4.75%, 09/15/2017-10/01/2045)(e) |
0.34 | % | 03/02/2016 | 300,019,833 | 300,000,000 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/16/2016, maturing value of $100,060,000 (collateralized by domestic agency mortgage-backed securities valued at $102,002,164; 1.84%-4.00%, 08/01/2026-12/01/2042) |
0.45 | % | 04/04/2016 | 100,060,000 | 100,000,000 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/25/2016, maturing value of $310,101,913 (collateralized by U.S. Treasury obligations valued at $316,408,375; 0.38%-1.38%, 06/30/2018-07/15/2025)(e) |
0.36 | % | 03/03/2016 | 310,101,913 | 310,080,208 | |||||||||||
| ING Financial Markets, LLC, term agreement dated 02/26/2016, maturing value of $100,025,801 (collateralized by a U.S. Treasury obligation valued at $102,060,000; 2.25%, 11/15/2025)(e) |
0.36 | % | 03/04/2016 | 100,025,801 | 100,018,800 | |||||||||||
| Merrill Lynch, Pierce, Fenner & Smith, Inc., joint agreement dated 02/29/2016, aggregate maturing value of $950,007,917 (collateralized by U.S. Treasury obligations valued at $969,000,085; 0.43%-4.50%, 09/30/2016-02/15/2036) |
0.30 | % | 03/01/2016 | 12,090,809 | 12,090,707 | |||||||||||
| Prudential Financial, Inc., agreement dated 02/29/2016, maturing value of $233,016,080 (collateralized by U.S. Treasury obligations valued at $237,502,363; 0%, 11/15/2026-08/15/2039) |
0.36 | % | 03/01/2016 | 233,016,080 | 233,013,750 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
20 Short-Term Investments Trust
| Government & Agency Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Repurchase Amount |
Value | |||||||||||||
| RBC Capital Markets Corp., joint term agreement dated 10/27/2015, aggregate maturing value of $200,158,222 (collateralized by U.S. Treasury obligations valued at $204,000,068; 1.00%-8.75%, 05/15/2017-02/15/2046)(e) |
0.16 | % | 04/22/2016 | $ | 160,126,578 | $ | 160,000,000 | |||||||||
| Societe Generale, joint term agreement dated 02/04/2016, aggregate maturing value of $250,076,528 (collateralized by U.S. government sponsored agency obligations and domestic agency mortgage-backed securities valued at $255,000,000; 0%-5.50%, 05/12/2017-01/20/2046)(e) |
0.38 | % | 03/04/2016 | 225,068,875 | 225,000,000 | |||||||||||
| Societe Generale, joint term agreement dated 02/17/2016, aggregate maturing value of $200,061,222 (collateralized by domestic agency mortgage-backed securities valued at $204,000,000; 0%-7.50%, 06/01/2017-04/20/2065)(e) |
0.38 | % | 03/17/2016 | 150,045,917 | 150,000,000 | |||||||||||
| Societe Generale, joint term agreement dated 02/23/2016, aggregate maturing value of $115,007,603 (collateralized by domestic agency mortgage-backed securities valued at $117,300,001; 0.57%-4.50%, 09/15/2022-12/01/2045)(e) |
0.34 | % | 03/01/2016 | 75,004,958 | 75,000,000 | |||||||||||
| Wells Fargo Securities, LLC, term agreement dated 02/08/2016, maturing value of $100,113,750 (collateralized by domestic agency mortgage-backed securities and U.S. government sponsored agency obligations valued at $102,000,000; 0%-4.00%, 05/11/2016-12/25/2046) |
0.45 | % | 05/09/2016 | 100,113,750 | 100,000,000 | |||||||||||
| Total Repurchase Agreements (Cost $2,665,203,465) |
2,665,203,465 | |||||||||||||||
| TOTAL INVESTMENTS(f)–101.01% (Cost $5,059,194,065) |
5,059,194,065 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(1.01)% |
|
(50,486,136 | ) | |||||||||||||
| NET ASSETS–100.00% |
|
$ | 5,008,707,929 | |||||||||||||
Investment Abbreviations:
| COP | – Certificates of Participation | |
| Disc. | – Discounted | |
| Gtd. | – Guaranteed | |
| Unsec. | – Unsecured | |
| 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, 2016. |
| (b) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (c) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (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) | Also represents cost for federal income tax purposes. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
52.2 | % | ||
| 8-30 |
3.0 | |||
| 31-60 |
2.7 | |||
| 61-90 |
7.8 | |||
| 91-180 |
19.1 | |||
| 181+ |
15.2 |
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.
21 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Government TaxAdvantage Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| U.S. Government Sponsored Agency Securities–68.42% |
||||||||||||||||
| Federal Farm Credit Bank (FFCB)–33.29% | ||||||||||||||||
| Disc. Notes(a) |
0.23 | % | 03/24/2016 | $ | 5,000 | $ | 4,999,281 | |||||||||
| Disc. Notes(a) |
0.25 | % | 05/03/2016 | 4,700 | 4,697,985 | |||||||||||
| Disc. Notes(a) |
0.33 | % | 05/27/2016 | 8,000 | 7,993,717 | |||||||||||
| Unsec. Bonds(b) |
0.45 | % | 04/06/2016 | 8,000 | 8,000,325 | |||||||||||
| Unsec. Bonds(b) |
0.50 | % | 04/20/2016 | 4,820 | 4,820,606 | |||||||||||
| Unsec. Bonds(b) |
0.41 | % | 05/05/2016 | 5,000 | 4,999,956 | |||||||||||
| Unsec. Bonds(b) |
0.40 | % | 05/06/2016 | 4,275 | 4,274,945 | |||||||||||
| Unsec. Bonds(b) |
0.46 | % | 10/11/2016 | 4,085 | 4,083,173 | |||||||||||
| Unsec. Bonds(b) |
0.47 | % | 02/13/2017 | 2,850 | 2,850,848 | |||||||||||
| 46,720,836 | ||||||||||||||||
| Federal Home Loan Bank (FHLB)–31.57% | ||||||||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/01/2016 | 1,100 | 1,100,000 | |||||||||||
| Unsec. Disc. Notes(a) |
0.30 | % | 03/02/2016 | 7,000 | 6,999,942 | |||||||||||
| Unsec. Disc. Notes(a) |
0.32 | % | 03/02/2016 | 1,300 | 1,299,988 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/03/2016 | 1,400 | 1,399,976 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/08/2016 | 2,548 | 2,547,846 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/09/2016 | 2,460 | 2,459,831 | |||||||||||
| Unsec. Disc. Notes(a) |
0.30 | % | 03/11/2016 | 9,985 | 9,984,168 | |||||||||||
| Unsec. Disc. Notes(a) |
0.32 | % | 03/15/2016 | 8,504 | 8,502,942 | |||||||||||
| Unsec. Disc. Notes(a) |
0.31 | % | 03/17/2016 | 10,000 | 9,998,622 | |||||||||||
| 44,293,315 | ||||||||||||||||
| Tennessee Valley Authority (TVA)–3.56% | ||||||||||||||||
| Sr. Unsec. Disc. Notes(a) |
0.30 | % | 03/08/2016 | 5,000 | 4,999,708 | |||||||||||
| Total U.S. Government Sponsored Agency Securities (Cost $96,013,859) |
96,013,859 | |||||||||||||||
| U.S. Treasury Securities–31.57% |
||||||||||||||||
| U.S. Treasury Bills–31.57%(a) | ||||||||||||||||
| U.S. Treasury Bills |
0.11 | % | 03/03/2016 | 7,100 | 7,099,956 | |||||||||||
| U.S. Treasury Bills |
0.22 | % | 03/03/2016 | 2,738 | 2,737,967 | |||||||||||
| U.S. Treasury Bills |
0.20 | % | 04/28/2016 | 7,500 | 7,497,632 | |||||||||||
| U.S. Treasury Bills |
0.27 | % | 05/05/2016 | 5,000 | 4,997,567 | |||||||||||
| U.S. Treasury Bills |
0.31 | % | 05/26/2016 | 2,000 | 1,998,557 | |||||||||||
| U.S. Treasury Bills |
0.40 | % | 06/02/2016 | 15,000 | 14,984,694 | |||||||||||
| U.S. Treasury Bills |
0.24 | % | 06/23/2016 | 5,000 | 4,996,200 | |||||||||||
| Total U.S. Treasury Securities (Cost $44,312,573) |
44,312,573 | |||||||||||||||
| TOTAL INVESTMENTS(c)–99.99% (Cost $140,326,432) |
140,326,432 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–0.01% |
7,879 | |||||||||||||||
| NET ASSETS–100.00% |
$ | 140,334,311 | ||||||||||||||
Investment Abbreviations:
| Disc. | – Discounted | |
| Sr. | – Senior | |
| Unsec. | – Unsecured |
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
22 Short-Term Investments Trust
Government TaxAdvantage Portfolio
Notes to Schedule of Investments:
| (a) | Security traded on a discount basis. The interest rate shown represents the discount rate at the time of purchase by the Fund. |
| (b) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (c) | Also represents cost for federal income tax purposes. |
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
14.8 | % | ||
| 8-30 |
31.0 | |||
| 31-60 |
14.5 | |||
| 61-90 |
20.6 | |||
| 91-180 |
14.2 | |||
| 181+ |
4.9 |
The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 under the Investment Company Act of 1940.
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
23 Short-Term Investments Trust
Schedule of Investments
February 29, 2016
(Unaudited)
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Municipal Obligations–101.46% |
| |||||||||||||||
| Alabama–4.65% | ||||||||||||||||
| Alabama (State of); Series 2010 C, Ref. Unlimited Tax GO Bonds |
5.00 | % | 06/01/2016 | $ | 775 | $ | 784,269 | |||||||||
| Mobile (County of) Industrial Development Authority (SSAB Alabama Inc.); Series 2010 A, VRD Recovery Zone Facility RB (LOC–Swedbank AB)(a)(b)(c) |
0.02 | % | 07/01/2040 | 11,100 | 11,100,000 | |||||||||||
| Tuscaloosa (County of) Industrial Development Authority (Hunt Refining Co.); |
|
|||||||||||||||
| Series 2011 G, VRD Gulf Opportunity Zone RB (LOC–Bank of Nova Scotia)(a)(b)(c) |
0.01 | % | 04/01/2028 | 10,000 | 10,000,000 | |||||||||||
| Series 2011 J, VRD Gulf Opportunity Zone RB (LOC–Bank of Nova Scotia)(a)(b)(c) |
0.01 | % | 04/01/2028 | 10,000 | 10,000,000 | |||||||||||
| 31,884,269 | ||||||||||||||||
| Arizona–1.02% | ||||||||||||||||
| Arizona (State of) Health Facilities Authority (Banner Health); Series 2015 C, VRD RB (LOC–Bank of America, N.A.)(a)(b) |
0.01 | % | 01/01/2046 | 1,630 | 1,630,000 | |||||||||||
| Casa Grande (City of) Industrial Development Authority (Quail Gardens Apartments); Series 2001 A, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.01 | % | 06/15/2031 | 2,685 | 2,685,000 | |||||||||||
| Maricopa (County of) Industrial Development Authority (Gran Victoria Housing LLC); Series 2000 A, VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 04/15/2030 | 2,700 | 2,700,000 | |||||||||||
| 7,015,000 | ||||||||||||||||
| California–6.64% | ||||||||||||||||
| California (State of) (Kindergarten-University Public Education Facilities); Series 2004 B3, VRD Unlimited Tax GO Bonds (LOC–Citibank N.A.)(a)(b) |
0.01 | % | 05/01/2034 | 2,200 | 2,200,000 | |||||||||||
| California Infrastructure & Economic Development Bank (Pacific Gas & Electric Co.); Series 2009 C, Ref. VRD RB (LOC–Sumitomo Mitsui Banking Corp.)(a)(b)(c) |
0.01 | % | 12/01/2016 | 17,300 | 17,300,000 | |||||||||||
| Los Angeles (City of); Series 2015, Unlimited Tax GO TRAN |
2.00 | % | 06/30/2016 | 950 | 955,411 | |||||||||||
| Riverside (City of); Series 2011 A, Ref. Floating Rate Water RB(d) |
0.16 | % | 10/01/2035 | 5,800 | 5,800,000 | |||||||||||
| Southern California Metropolitan Water District; Series 2009 A-2, Ref. Floating Rate RB(d) |
0.21 | % | 07/01/2030 | 11,800 | 11,800,000 | |||||||||||
| Torrance (City of); Series 2015, Unlimited Tax GO TRAN |
1.50 | % | 06/30/2016 | 7,450 | 7,479,270 | |||||||||||
| 45,534,681 | ||||||||||||||||
| Colorado–3.90% | ||||||||||||||||
| Boulder (County of) (Imagine!); Series 2006, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 02/01/2031 | 1,525 | 1,525,000 | |||||||||||
| Colorado (State of) Educational & Cultural Facilities Authority (Denver Seminary); Series 2004, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 07/01/2034 | 2,000 | 2,000,000 | |||||||||||
| Colorado (State of) Health Facilities Authority (Arapahoe House); Series 2004 A, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 04/01/2024 | 770 | 770,000 | |||||||||||
| Colorado (State of) Housing & Finance Authority (Woodstream Village); Series 1985, VRD MFH RB (CEP–FNMA)(a) |
0.13 | % | 02/01/2031 | 6,600 | 6,600,000 | |||||||||||
| Colorado Springs (City of) (Cook Communications Ministries); Series 2002, VRD IDR (LOC–Bank of America, N.A.)(a)(b) |
0.14 | % | 03/01/2017 | 7,100 | 7,100,000 | |||||||||||
| EagleBend Affordable Housing Corp.; Series 2006 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.03 | % | 07/01/2021 | 3,485 | 3,485,000 | |||||||||||
| Pitkin (County of) (Centennial-Aspen II L.P.); Series 1996 A, Ref. VRD MFH RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.02 | % | 12/01/2024 | 5,235 | 5,235,000 | |||||||||||
| 26,715,000 | ||||||||||||||||
| Delaware–0.81% | ||||||||||||||||
| Delaware (State of) Economic Development Authority (Goodwill Industries of Delaware & Delaware County); Series 2006, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 09/01/2036 | 2,695 | 2,695,000 | |||||||||||
| Delaware (State of) Economic Development Authority (YMCA of Delaware); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 05/01/2036 | 2,850 | 2,850,000 | |||||||||||
| 5,545,000 | ||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
24 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| District of Columbia–0.23% | ||||||||||||||||
| District of Columbia; Series 1998 A, VRD Pooled Loan
Program RB (LOC–Bank of America, |
0.21 | % | 01/01/2029 | $ | 1,557 | $ | 1,557,000 | |||||||||
| Florida–3.59% | ||||||||||||||||
| Florida (State of) Board of Education; |
|
|||||||||||||||
| Series 2008 C, Ref. Public Education Capital Outlay Unlimited Tax GO Bonds |
5.00 | % | 06/01/2016 | 3,420 | 3,461,450 | |||||||||||
| Series 2012 A, Ref. Public Education Capital Outlay Unlimited Tax GO Bonds |
5.00 | % | 06/01/2016 | 1,000 | 1,012,000 | |||||||||||
| JPMorgan Chase PUTTERs (Palm Beach (County of) Solid Waste Authority); Series 2009-3419, VRD Improvement RB (INS–BHAC)(a)(e)(f)(g) |
0.02 | % | 04/01/2017 | 2,275 | 2,275,000 | |||||||||||
| Orange (County of) Housing Finance Authority (Post Fountains at Lee Vista); Series 1997 E, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.03 | % | 06/01/2025 | 500 | 500,000 | |||||||||||
| Palm Beach (County of) (Henry Morrison Flagler Museum); Series 2003, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 11/01/2036 | 2,925 | 2,925,000 | |||||||||||
| Palm Beach (County of) (The Raymond F. Kravis Center for the Performing Arts, Inc.); Series 2002, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.02 | % | 07/01/2032 | 14,415 | 14,415,000 | |||||||||||
| 24,588,450 | ||||||||||||||||
| Georgia–1.73% | ||||||||||||||||
| Columbia County School District; Series 2011, Unlimited Tax GO Bonds |
5.00 | % | 04/01/2016 | 1,000 | 1,004,069 | |||||||||||
| DeKalb (County of) Housing Authority (Clairmont Crest); Series 1995, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.01 | % | 06/15/2025 | 6,340 | 6,340,000 | |||||||||||
| Fulton (County of) Development Authority (Friends of High Meadows, Inc.); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 01/01/2020 | 900 | 900,000 | |||||||||||
| Georgia (State of); Series 2012 A, Unlimited Tax GO Bonds |
5.00 | % | 07/01/2016 | 1,375 | 1,396,447 | |||||||||||
| Private Colleges & Universities Authority (Emory University); Series 2005 B-2, VRD RB(a) |
0.01 | % | 09/01/2035 | 500 | 500,000 | |||||||||||
| Richmond (County of) Development Authority (St. Mary on the Hill Catholic School & Aquinas High School); Series 2000, VRD Educational Facilities RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 09/01/2020 | 1,700 | 1,700,000 | |||||||||||
| 11,840,516 | ||||||||||||||||
| Illinois–9.21% | ||||||||||||||||
| Glendale Heights (Village of) (Glendale Lakes); Series 2000, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.01 | % | 03/01/2030 | 10,845 | 10,845,000 | |||||||||||
| Illinois (State of) Finance Authority (Chicago Symphony Orchestra); Series 1994, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 12/01/2028 | 8,500 | 8,500,000 | |||||||||||
| Illinois (State of) Finance Authority (Elmhurst College); Series 2007, VRD RB (LOC–BMO
Harris, |
0.01 | % | 02/01/2042 | 7,150 | 7,150,000 | |||||||||||
| Illinois (State of) Finance Authority (Foundation for Safety & Health); Series 1992, VRD Safety Education RB (LOC–BMO Harris, N.A.)(a)(b)(e) |
0.10 | % | 10/01/2017 | 400 | 400,000 | |||||||||||
| Illinois (State of) Finance Authority (Garrett-Evangelical Theological Seminary); Series 2010, VRD RB (LOC–FHLB of Chicago)(a)(b) |
0.01 | % | 06/01/2040 | 3,280 | 3,280,000 | |||||||||||
| Illinois (State of) Finance Authority (Institute of Gas Technology); Series 1999, VRD IDR (LOC–BMO Harris, N.A.)(a)(b) |
0.08 | % | 09/01/2024 | 600 | 600,000 | |||||||||||
| Illinois (State of) Finance Authority (James Jordan Boys & Girls Club & Family Life Center); Series 1995, VRD RB (LOC–Bank of America, N.A.)(a)(b)(e) |
0.11 | % | 08/01/2030 | 4,700 | 4,700,000 | |||||||||||
| Illinois (State of) Finance Authority (National-Louis University); Series 1999 B, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 06/01/2029 | 1,170 | 1,170,000 | |||||||||||
| Illinois (State of) Finance Authority (Northwestern University); Subseries 2008 B, VRD RB(a) |
0.01 | % | 12/01/2046 | 7,700 | 7,700,000 | |||||||||||
| Illinois (State of) Finance Authority (Radiological Society of North America, Inc.); Series 1997, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)(e) |
0.11 | % | 06/01/2017 | 670 | 670,000 | |||||||||||
| Illinois (State of) Finance Authority (The Catherine Cook School); Series 2007, VRD RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 01/01/2037 | 1,720 | 1,720,000 | |||||||||||
| Illinois (State of) Finance Authority (The Teachers Academy for Mathematics & Science); Series 2001, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.30 | % | 02/01/2021 | 800 | 800,000 | |||||||||||
| Illinois (State of) Finance Authority (Uhlich Children’s Advantage); Series 2006, VRD RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.08 | % | 05/01/2036 | 2,335 | 2,335,000 | |||||||||||
| Illinois (State of) Finance Authority (Uhlich Children’s Home); Series 2002, VRD IDR (LOC–U.S. Bank, N.A.)(a)(b) |
0.08 | % | 10/01/2033 | 4,000 | 4,000,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
25 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Illinois–(continued) | ||||||||||||||||
| Illinois (State of) Finance Authority (YMCA of Metropolitan Chicago); Series 2004, VRD RB (LOC–BMO Harris, N.A.)(a)(b) |
0.01 | % | 06/01/2034 | $ | 4,200 | $ | 4,200,000 | |||||||||
| Monmouth (City of) (Monmouth College); Series 2005, VRD IDR (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 06/01/2035 | 5,120 | 5,120,000 | |||||||||||
| 63,190,000 | ||||||||||||||||
| Indiana–4.49% | ||||||||||||||||
| Fort Wayne (City of) (University of Saint Francis); Series 2008, VRD Economic Development RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.03 | % | 08/01/2028 | 1,300 | 1,300,000 | |||||||||||
| Huntington (City of) (Huntington University, Inc.); Series 2007, Ref. VRD Economic Development & Improvement RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.12 | % | 08/01/2037 | 5,500 | 5,500,000 | |||||||||||
| Indiana (State of) Finance Authority (Duke Energy Indiana, Inc.); Series 2009 A-5, Ref. VRD Environmental RB (LOC–Sumitomo Mitsui Banking Corp.)(a)(b)(c) |
0.01 | % | 10/01/2040 | 2,000 | 2,000,000 | |||||||||||
| Indiana (State of) Finance Authority (Howard Regional Health System); Series 2005 B, VRD Hospital RB (LOC–BMO Harris, N.A.)(a)(b) |
0.01 | % | 01/01/2035 | 3,215 | 3,215,000 | |||||||||||
| Indiana (State of) Finance Authority (Ispat Inland Inc.); Series 2005, Ref. VRD Environmental Improvement RB (LOC–Rabobank Nederland)(a)(b)(c) |
0.01 | % | 06/01/2035 | 10,000 | 10,000,000 | |||||||||||
| Indiana (State of) Finance Authority (Sisters of St. Francis Health Services, Inc.); Series 2008 G, Ref. VRD Health System RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 09/01/2048 | 7,925 | 7,925,000 | |||||||||||
| University of Southern Indiana; Series 1999 G, VRD Student Fee RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.11 | % | 10/01/2019 | 880 | 880,000 | |||||||||||
| 30,820,000 | ||||||||||||||||
| Iowa–0.29% | ||||||||||||||||
| Iowa (State of) Finance Authority (Cedarwood Hills Apartments); Series 2001 A, VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 05/01/2031 | 2,000 | 2,000,000 | |||||||||||
| Kansas–0.64% | ||||||||||||||||
| Wichita (City of); Series 2015-272, Unlimited Tax GO Temporary Notes |
2.00 | % | 04/15/2016 | 4,400 | 4,409,482 | |||||||||||
| Kentucky–0.22% | ||||||||||||||||
| Louisville (City of) & Jefferson (County of) Metropolitan Sewer District; Series 2009 A, Ref. Sewer & Drainage System RB |
5.00 | % | 05/15/2016 | 1,475 | 1,489,880 | |||||||||||
| Louisiana–0.30% | ||||||||||||||||
| Bossier Parishwide School District; Series 2012, Ref. School Improvement Unlimited Tax GO Bonds |
4.00 | % | 03/01/2016 | 950 | 950,000 | |||||||||||
| Louisiana (State of); Series 2012 A-1, Ref. Gasoline & Fuels Tax RB |
5.00 | % | 05/01/2016 | 1,110 | 1,118,580 | |||||||||||
| 2,068,580 | ||||||||||||||||
| Maryland–3.33% | ||||||||||||||||
| Maryland (State of) (State & Local Facilities Loan of 2013); First Series 2013 A, Unlimited Tax GO Bonds |
5.00 | % | 03/01/2016 | 925 | 925,000 | |||||||||||
| Maryland (State of) Health & Higher Educational Facilities Authority (Gaudenzia Foundation Issue); Series 2007, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 07/01/2028 | 2,760 | 2,760,000 | |||||||||||
| Maryland (State of) Health & Higher Educational Facilities Authority (Pooled Loan Program); Series 1985 B, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 04/01/2035 | 7,500 | 7,500,000 | |||||||||||
| Maryland (State of) Health & Higher Educational Facilities Authority (University of Maryland Medical System); Series 2008 D, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 07/01/2041 | 8,635 | 8,635,000 | |||||||||||
| Montgomery (County of); Series 2005 A, Ref. Consolidated Public Improvement Unlimited Tax GO Bonds |
5.00 | % | 07/01/2016 | 3,000 | 3,047,968 | |||||||||||
| 22,867,968 | ||||||||||||||||
| Massachusetts–0.99% | ||||||||||||||||
| Massachusetts (State of) Development Finance Agency (Clark University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 10/01/2038 | 6,090 | 6,090,000 | |||||||||||
| Massachusetts (State of) Development Finance Agency (Harrington Memorial Hospital, Inc.); Series 2008 A, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 07/01/2038 | 715 | 715,000 | |||||||||||
| 6,805,000 | ||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
26 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Michigan–1.54% | ||||||||||||||||
| Southfield (City of) Economic Development Corp. (Lawrence Technological University); Series 2001, VRD Limited Obligation RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 10/01/2031 | $ | 5,305 | $ | 5,305,000 | |||||||||
| West Shore Medical Center; Series 2001, VRD Health Facilities RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 04/01/2022 | 5,280 | 5,280,000 | |||||||||||
| 10,585,000 | ||||||||||||||||
| Minnesota–3.65% | ||||||||||||||||
| Minnesota (State of); Series 2014 E, Ref. State Trunk Highway Unlimited Tax GO Bonds |
3.00 | % | 08/01/2016 | 7,000 | 7,081,440 | |||||||||||
| Minnesota (State of) Higher Educational Facilities Authority (Concordia University, St. Paul); Series 2007 Six-Q, VRD RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.03 | % | 04/01/2037 | 9,135 | 9,135,000 | |||||||||||
| Minnesota (State of) Midwest Consortium of Municipal Utilities (Minnesota Municipal Utilities Association Financing Program); Series 2005 A, VRD RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.07 | % | 01/01/2025 | 290 | 290,000 | |||||||||||
| Oak Park Heights (City of) (Boutswell Landing); Series 2005, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 11/01/2035 | 1,355 | 1,355,000 | |||||||||||
| St. Paul (City of) Housing & Redevelopment Authority (Highland Ridge, L.P.); Series 2003, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 10/01/2033 | 7,175 | 7,175,000 | |||||||||||
| 25,036,440 | ||||||||||||||||
| Missouri–1.84% | ||||||||||||||||
| Bridgeton (City of) Industrial Development Authority (Stolze Printing); Series 2010, VRD IDR (LOC–FHLB of Chicago)(a)(b) |
0.02 | % | 11/01/2037 | 1,125 | 1,125,000 | |||||||||||
| Missouri (State of) Health & Educational Facilities Authority (BJC Health Systems); Series 2013 C, VRD RB(a) |
0.21 | % | 01/01/2050 | 6,450 | 6,450,000 | |||||||||||
| Springfield (City of) Industrial Development Authority (Pebblecreek Apartments); Series 1994, Ref. VRD MFH RB (LOC–FHLB of Des Moines)(a)(b) |
0.12 | % | 12/01/2019 | 1,060 | 1,060,000 | |||||||||||
| St. Joseph (City of) Industrial Development Authority (Heartland Regional Medical Center); Series 2009 A, VRD Health Facilities RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.01 | % | 11/15/2043 | 1,600 | 1,600,000 | |||||||||||
| St. Louis (County of) Industrial Development Authority (Westport Station Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA) (a) |
0.01 | % | 04/15/2027 | 2,370 | 2,370,000 | |||||||||||
| 12,605,000 | ||||||||||||||||
| Nevada–0.93% | ||||||||||||||||
| Carson City (City of) (Carson-Tahoe Hospital); Series 2003 B, VRD Hospital RB (LOC–U.S.
Bank, |
0.01 | % | 09/01/2033 | 5,300 | 5,300,000 | |||||||||||
| Reno (City of) (Renown Regional Medical Center); Series 2009 A, Ref. VRD Hospital RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.03 | % | 06/01/2039 | 1,085 | 1,085,000 | |||||||||||
| 6,385,000 | ||||||||||||||||
| New Hampshire–1.04% | ||||||||||||||||
| New Hampshire (State of) Health & Education Facilities Authority (Moore Center Services, Inc.); Series 2007, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.02 | % | 09/01/2037 | 3,625 | 3,625,000 | |||||||||||
| New Hampshire (State of) Health & Education Facilities Authority (Riverbend Community Mental Health, Inc.); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.02 | % | 07/01/2038 | 3,500 | 3,500,000 | |||||||||||
| 7,125,000 | ||||||||||||||||
| New Mexico–1.25% | ||||||||||||||||
| Albuquerque (City of) & Bernalillo (County of) Water Utility Authority; Series 2009 A-1, Ref. Joint Water & Sewer System Improvement RB |
5.00 | % | 07/01/2016 | 1,250 | 1,269,554 | |||||||||||
| New Mexico (State of); Series 2010 A, Severance Tax RB |
5.00 | % | 07/01/2016 | 5,075 | 5,155,782 | |||||||||||
| New Mexico (State of) Finance Authority (Public Project Revolving Fund Program); Series 2016 A, Sr. Lien RB |
2.00 | % | 06/01/2016 | 2,150 | 2,159,722 | |||||||||||
| 8,585,058 | ||||||||||||||||
| New York–5.68% | ||||||||||||||||
| New York (State of) Dormitory Authority; Series 2009 B, VRD Samaritan Medical Center RB (LOC–HSBC Bank USA N.A.)(a)(b)(c) |
0.01 | % | 11/01/2036 | 8,130 | 8,130,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
27 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| New York–(continued) | ||||||||||||||||
| New York (State of) Housing Finance Agency (Manhattan West Residential Housing); |
||||||||||||||||
| Series 2014 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)(c) |
0.07 | % | 11/01/2049 | $ | 9,600 | $ | 9,600,000 | |||||||||
| Series 2015 A, VRD RB (LOC–Bank of China Ltd.)(a)(b)(c) |
0.07 | % | 11/01/2049 | 8,200 | 8,200,000 | |||||||||||
| New York (State of) Housing Finance Agency (Riverside Center 2 Housing); Series 2015 A-1, VRD RB (LOC–Bank of America, N.A.)(a)(b) |
0.01 | % | 11/01/2046 | 9,000 | 9,000,000 | |||||||||||
| Triborough Bridge & Tunnel Authority; Series 2002 F, Ref. VRD General RB (LOC–Landesbank Hessen-Thüringen Girozentrale)(a)(b)(c) |
0.01 | % | 11/01/2032 | 4,000 | 4,000,000 | |||||||||||
| 38,930,000 | ||||||||||||||||
| North Carolina–2.97% | ||||||||||||||||
| Charlotte-Mecklenburg Hospital Authority (The) (Carolinas HealthCare Systems); Series 2007 C, Ref. VRD RB(a) |
0.01 | % | 01/15/2037 | 9,300 | 9,300,000 | |||||||||||
| Greensboro (City of) (Combined Enterprise System); Series 2012 A, Ref. RB |
5.00 | % | 06/01/2016 | 1,260 | 1,274,790 | |||||||||||
| Guilford (County of); Series 2012 A, Public Improvement Unlimited Tax GO Bonds |
5.00 | % | 03/01/2016 | 2,350 | 2,350,000 | |||||||||||
| Mecklenburg (County of); Series 2009 C, Ref. Unlimited Tax GO Bonds |
5.00 | % | 03/01/2016 | 1,020 | 1,020,000 | |||||||||||
| North Carolina (State of) Capital Facilities Finance Agency (Roman Catholic Diocese of Charlotte); Series 2000, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.05 | % | 06/01/2017 | 2,335 | 2,335,000 | |||||||||||
| Raleigh (City of) (Combined Enterprise System); Series 2006 A, RB |
5.00 | % | 03/01/2016 | 1,150 | 1,150,000 | |||||||||||
| Raleigh (City of); Series 2012 B, Public Improvement Unlimited Tax GO Bonds |
5.00 | % | 04/01/2016 | 2,950 | 2,962,005 | |||||||||||
| 20,391,795 | ||||||||||||||||
| Ohio–3.54% | ||||||||||||||||
| Centerville (City of) (Bethany Lutheran Village Continuing Care Facility Expansion); Series 2007 B, VRD Health Care RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 11/01/2040 | 1,385 | 1,385,000 | |||||||||||
| Franklin (County of) (Ohio Health Corp.); Series 2011 C, Ref. Hospital Facilities Floating Rate RB(d) |
0.05 | % | 11/15/2033 | 2,900 | 2,900,000 | |||||||||||
| Franklin (County of) (U.S. Health Corp. of Columbus); Series 1996 A, Ref. VRD Hospital Facilities & Improvement RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 12/01/2021 | 7,125 | 7,125,000 | |||||||||||
| Montgomery (County of) (The Dayton Art Institute); Series 1996, VRD Economic Development RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.02 | % | 05/01/2026 | 8,400 | 8,400,000 | |||||||||||
| Ohio (State of) (Goodwill Industries of the Miami Valley); Series 2003, VRD Economic Development RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 06/01/2023 | 4,495 | 4,495,000 | |||||||||||
| 24,305,000 | ||||||||||||||||
| Oklahoma–0.13% | ||||||||||||||||
| Tulsa County Independent School District No. 9 (Union Board of Education); Series 2014, Combined Purpose Unlimited Tax GO Bonds |
1.00 | % | 04/01/2016 | 900 | 900,530 | |||||||||||
| Pennsylvania–4.22% | ||||||||||||||||
| Allegheny (County of) Industrial Development Authority (United Jewish Federation of Greater Pittsburgh); Series 1995 B, VRD RB (LOC–PNC Bank, N.A.)(a)(b)(e) |
0.03 | % | 10/01/2025 | 1,200 | 1,200,000 | |||||||||||
| Haverford Township School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank, |
0.02 | % | 03/01/2030 | 2,235 | 2,235,000 | |||||||||||
| Lebanon (County of) Health Facilities Authority (E.C.C. Retirement Village); Series 2000, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 10/15/2025 | 5,505 | 5,505,000 | |||||||||||
| Luzerne (County of) Convention Center Authority; Series 1998 A, VRD Hotel Room Rental Tax RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 09/01/2028 | 2,220 | 2,220,000 | |||||||||||
| Montgomery (County of) Redevelopment Authority (Forge Gate Apartments); Series 2001 A, VRD MFH RB (CEP–FNMA)(a) |
0.01 | % | 08/15/2031 | 3,990 | 3,990,000 | |||||||||||
| Pennsylvania (State of) Higher Educational Facilities Authority (Association of Independent Colleges & Universities of Pennsylvania Financing Program-Moore College of Art & Design); Series 2000 F-1, VRD RB (LOC–PNC Bank, N.A.)(a)(b)(e) |
0.03 | % | 05/01/2020 | 1,950 | 1,950,000 | |||||||||||
| Quakertown (Borough of) General Authority (Pooled Financing Program); Series 1996 A, VRD RB (LOC–PNC Bank, N.A.)(a)(b) |
0.03 | % | 07/01/2026 | 1,715 | 1,715,000 | |||||||||||
| Ridley School District; Series 2009, VRD Limited Tax GO Bonds (LOC–TD Bank, N.A.)(a)(b) |
0.02 | % | 11/01/2029 | 2,600 | 2,600,000 | |||||||||||
| Westmoreland (County of) Industrial Development Authority (Excela Health); Series 2005 A, VRD Health System RB (LOC–PNC Bank, N.A.)(a)(b) |
0.02 | % | 07/01/2027 | 7,525 | 7,525,000 | |||||||||||
| 28,940,000 | ||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
28 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| South Carolina–2.02% | ||||||||||||||||
| Brookland-Cayce School District No. 2; Series 2015 C, Unlimited Tax GO Bonds |
3.00 | % | 03/01/2016 | $ | 8,705 | $ | 8,705,000 | |||||||||
| South Carolina (State of) Educational Facilities Authority for Private Non-Profit Institutions of Higher Learning (Morris College); Series 1997, VRD RB (LOC–Bank of America, N.A.)(a)(b)(e) |
0.16 | % | 07/01/2017 | 590 | 590,000 | |||||||||||
| South Carolina (State of) Jobs-Economic Development Authority (YMCA of Greenville); Series 2007, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 03/01/2028 | 2,702 | 2,702,000 | |||||||||||
| Spartanburg County School District No. 7; Series 2015 A, Unlimited Tax GO Bonds |
4.00 | % | 03/01/2016 | 1,830 | 1,830,000 | |||||||||||
| 13,827,000 | ||||||||||||||||
| Tennessee–2.56% | ||||||||||||||||
| Nashville (City of) & Davidson (County of) Metropolitan Government Industrial Development Board (Summit Apartments); Series 2006, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 07/15/2036 | 7,575 | 7,575,000 | |||||||||||
| Nashville (City of) & Davidson (County of) Metropolitan Government Health & Educational Facilities Board (Ascension Health Credit Group); Series 2001 B-1, VRD RB(a) |
0.19 | % | 11/15/2031 | 10,000 | 10,000,000 | |||||||||||
| 17,575,000 | ||||||||||||||||
| Texas–9.22% | ||||||||||||||||
| Aledo Independent School District; Series 2006 A, VRD School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program)(a) |
0.02 | % | 08/01/2035 | 14,615 | 14,615,000 | |||||||||||
| Austin Community College District ; Series 2015, Limited Tax GO Bonds |
3.00 | % | 08/01/2016 | 1,260 | 1,273,898 | |||||||||||
| Denton (County of); Series 2013, Limited Tax GO Notes |
3.00 | % | 04/15/2016 | 1,020 | 1,023,354 | |||||||||||
| Fort Bend Independent School District; Series 2008, Ref. School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program) |
5.00 | % | 08/15/2016 | 1,300 | 1,328,235 | |||||||||||
| Lewisville Independent School District; Series 2014 A, School Building Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program) |
3.00 | % | 08/15/2016 | 1,095 | 1,108,749 | |||||||||||
| San Antonio Independent School District; Series 2011, Ref. Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund Guarantee Program) |
5.00 | % | 08/15/2016 | 1,000 | 1,021,719 | |||||||||||
| San Gabriel (City of) Health Facilities Development Corp. (YMCA of Greater Williamson County); Series 2005, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 04/01/2026 | 1,100 | 1,100,000 | |||||||||||
| Tarrant (County of) Cultural Education Facilities Finance Corp. (Baylor Health Care System); Series 2011 C, VRD Hospital RB (LOC–Northern Trust Co.)(a)(b) |
0.01 | % | 11/15/2050 | 3,500 | 3,500,000 | |||||||||||
| Tarrant (County of) Housing Finance Corp. (Remington Hill Development); Series 1998, VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 02/15/2028 | 1,750 | 1,750,000 | |||||||||||
| Tarrant (County of) Housing Finance Corp. (Sierra Springs Apartments); Series 1999, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.03 | % | 02/15/2027 | 5,860 | 5,860,000 | |||||||||||
| Tarrant (County of) Regional Water District; |
||||||||||||||||
| Series 2012 A, Ref. RB |
5.00 | % | 03/01/2016 | 3,500 | 3,500,000 | |||||||||||
| Series 2012, Ref. & Improvement RB |
5.00 | % | 03/01/2016 | 1,130 | 1,130,000 | |||||||||||
| Texas (State of) Department of Housing & Community Affairs (Costa Mariposa Apartments); Series 2009, VRD MFH RB (CEP–FHLMC)(a) |
0.01 | % | 05/01/2042 | 10,865 | 10,865,000 | |||||||||||
| Travis (County of); Series 2013, Limited Tax GO Ctfs. |
3.38 | % | 03/01/2016 | 1,970 | 1,970,000 | |||||||||||
| University of Texas System Board of Regents; Series 2008 B, VRD Financing System RB(a) |
0.01 | % | 08/01/2025 | 13,180 | 13,180,000 | |||||||||||
| 63,225,955 | ||||||||||||||||
| Utah–2.91% | ||||||||||||||||
| Utah (County of) (IHC Health Services, Inc.); Series 2014 B, VRD Hospital RB(a) |
0.21 | % | 05/15/2049 | 6,525 | 6,525,000 | |||||||||||
| Utah (State of) Associated Municipal Power Systems (Horse Butte Wind); Series 2012 B, VRD RB (LOC–Bank of Montreal)(a)(b)(c) |
0.01 | % | 09/01/2032 | 11,000 | 11,000,000 | |||||||||||
| Utah (State of) Housing Corp. (Timbergate Apartments); Series 2009 A, VRD MFH RB (CEP–FHLMC)(a) |
0.06 | % | 04/01/2042 | 2,450 | 2,450,000 | |||||||||||
| 19,975,000 | ||||||||||||||||
| Vermont–0.84% | ||||||||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (North Country Hospital); Series 2007 A, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 10/01/2034 | 700 | 700,000 | |||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
29 Short-Term Investments Trust
| Tax-Free Cash Reserve Portfolio | ||||||||||||||||
| Interest Rate |
Maturity Date |
Principal Amount (000) |
Value | |||||||||||||
| Vermont–(continued) | ||||||||||||||||
| Vermont (State of) Educational & Health Buildings Financing Agency (Norwich University); Series 2008, VRD RB (LOC–TD Bank, N.A.)(a)(b) |
0.01 | % | 09/01/2038 | $ | 5,055 | $ | 5,055,000 | |||||||||
| 5,755,000 | ||||||||||||||||
| Virginia–4.90% | ||||||||||||||||
| Alexandria (City of); Series 2011, Capital Improvement Unlimited Tax GO Bonds |
5.00 | % | 07/15/2016 | 2,115 | 2,152,876 | |||||||||||
| Capital Beltway Funding Corp. of Virginia (I-495 Hot Lanes); Series 2010 C, Ref. VRD Sr. Lien Multi-Modal Toll RB (LOC–National Australia Bank Ltd.)(a)(b)(c) |
0.01 | % | 12/31/2047 | 27,600 | 27,600,000 | |||||||||||
| Fairfax (County of) Water Authority; Series 2013 A, Ref. RB |
3.00 | % | 04/01/2016 | 915 | 917,212 | |||||||||||
| Louisa (County of) Industrial Development Authority (University of Virginia Health Services Foundation); Series 2000, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 10/01/2030 | 2,700 | 2,700,000 | |||||||||||
| Suffolk (City of) Redevelopment & Housing Authority (Oak Springs Apartments, LLC); Series 1999, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.03 | % | 12/01/2019 | 200 | 200,000 | |||||||||||
| 33,570,088 | ||||||||||||||||
| Washington–3.61% | ||||||||||||||||
| Seattle (City of); Series 2014, Ref. Drainage & Wastewater Improvement RB |
4.00 | % | 05/01/2016 | 1,100 | 1,106,935 | |||||||||||
| Seattle (City of) Housing Authority (Bayview Manor); Series 1994 B, VRD Low-Income Housing Assistance RB (LOC–U.S. Bank, N.A.)(a)(b) |
0.02 | % | 05/01/2019 | 1,170 | 1,170,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Lake City Senior Apartments); Series 2009, Ref. VRD MFH RB (CEP–FHLMC)(a) |
0.02 | % | 07/01/2044 | 8,000 | 8,000,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Panorama City); Series 2008, VRD Non-Profit RB (LOC–Wells Fargo Bank, N.A.)(a)(b) |
0.02 | % | 04/01/2043 | 12,000 | 12,000,000 | |||||||||||
| Washington (State of) Housing Finance Commission (Valley View Apartments); Series 2002, Ref. VRD MFH RB (CEP–FNMA)(a) |
0.02 | % | 09/15/2020 | 2,475 | 2,475,000 | |||||||||||
| 24,751,935 | ||||||||||||||||
| West Virginia–0.88% | ||||||||||||||||
| West Virginia (State of) Hospital Finance Authority (Cabell Huntington Hospital, Inc.); Series 2008, Ref. VRD Improvement RB (LOC–Branch Banking & Trust Co.)(a)(b) |
0.02 | % | 01/01/2034 | 6,000 | 6,000,000 | |||||||||||
| Wisconsin–5.69% | ||||||||||||||||
| Lima (Town of) (Sharon S. Richardson Community Hospice, Inc.); Series 2009, VRD Development RB (LOC–FHLB of Chicago)(a)(b) |
0.01 | % | 10/01/2042 | 2,380 | 2,380,000 | |||||||||||
| Milwaukee (City of); Series 2015 M7, School RAN |
2.00 | % | 06/30/2016 | 11,500 | 11,568,747 | |||||||||||
| Oneida Tribe of Indians of Wisconsin; Series 2001, VRD Health Facilities RB (LOC–Bank of America, N.A.)(a)(b) |
0.08 | % | 07/01/2016 | 1,955 | 1,955,000 | |||||||||||
| Wisconsin (State of) Health & Educational Facilities Authority (Aspirus Wausau Hospital, Inc.); Series 2004, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.01 | % | 08/15/2034 | 7,095 | 7,095,000 | |||||||||||
| Wisconsin (State of) Health & Educational Facilities Authority (University of Wisconsin Medical Foundation, Inc.); Series 2000, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b) |
0.03 | % | 05/01/2030 | 15,410 | 15,410,000 | |||||||||||
| Wisconsin (State of); Series 2012 2, Ref. Clean Water RB |
5.00 | % | 06/01/2016 | 600 | 607,256 | |||||||||||
| 39,016,003 | ||||||||||||||||
| TOTAL INVESTMENTS(h)(i)–101.46% (Cost $695,815,630) |
695,815,630 | |||||||||||||||
| OTHER ASSETS LESS LIABILITIES–(1.46)% |
|
(10,011,598 | ) | |||||||||||||
| NET ASSETS–100.00% |
|
$ | 685,804,032 | |||||||||||||
Investment Abbreviations:
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
30 Short-Term Investments Trust
Tax-Free Cash Reserve Portfolio
Notes to Schedule of Investments:
| (a) | Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (b) | Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary. |
| (c) | The security is credit guaranteed, enhanced or has credit risk by a foreign entity. No concentration of any single foreign country was greater than 5%. |
| (d) | Interest or dividend rate is redetermined periodically. Rate shown is the rate in effect on February 29, 2016. |
| (e) | 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, 2016 was $13,342,000, which represented 1.95% of the Fund’s Net Assets. |
| (f) | Principal and/or interest payments are secured by the bond insurance company listed. |
| (g) | Synthetic municipal instruments; involves the deposit into a trust of one or more long-term tax-exempt bonds or notes (“Underlying Bonds.”), a sale of certificates evidencing interests in the trust to investors such as the Fund. The trustee receives the long-term fixed interest payments on the Underlying Bonds, and pays certificate holders variable rate interest payments based upon a short-term reset periodically. |
| (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 | |||
| PNC Bank, N.A. |
6.4 | % | ||
| Federal Home Loan Mortgage Corp. |
6.2 | |||
| Federal National Mortgage Association |
6.2 | |||
| Wells Fargo Bank, N.A. |
5.9 | |||
| U.S. Bank, N.A. |
5.9 | |||
| TD Bank, N.A. |
5.8 | |||
| Northern Trust Co. |
5.5 | |||
Portfolio Composition by Maturity
In days, as of 02/29/2016
| 1-7 |
83.9 | % | ||
| 8-30 |
0.0 | |||
| 31-60 |
1.6 | |||
| 61-90 |
0.5 | |||
| 91-180 |
8.2 | |||
| 181+ |
5.8 |
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.
31 Short-Term Investments Trust
Statement of Assets and Liabilities
February 29, 2016
(Unaudited)
| Liquid Assets Portfolio |
STIC Prime Portfolio |
Treasury Portfolio |
Government & Agency Portfolio |
Government TaxAdvantage Portfolio |
Tax-Free Cash Reserve Portfolio |
|||||||||||||||||||||||||||||||
| Assets: |
||||||||||||||||||||||||||||||||||||
| Investments, at value and cost |
$ | 17,143,582,669 | $ | 2,284,212,740 | $ | 5,364,728,459 | $ | 2,393,990,600 | $ | 140,326,432 | $ | 695,815,630 | ||||||||||||||||||||||||
| Repurchase agreements, at value and cost |
5,460,525,273 | 450,369,735 | 7,417,713,856 | 2,665,203,465 | — | — | ||||||||||||||||||||||||||||||
| Total investments, at value and cost |
22,604,107,942 | 2,734,582,475 | 12,782,442,315 | 5,059,194,065 | 140,326,432 | 695,815,630 | ||||||||||||||||||||||||||||||
| Cash |
— | — | — | 23,844,931 | 67,220 | — | ||||||||||||||||||||||||||||||
| Receivable for: |
||||||||||||||||||||||||||||||||||||
| Investments sold |
2,401,485 | 5,000 | 27,854,897 | — | — | 665,002 | ||||||||||||||||||||||||||||||
| Interest |
5,382,282 | 171,078 | 5,105,215 | 570,392 | 7,233 | 1,058,923 | ||||||||||||||||||||||||||||||
| Fund expenses absorbed |
190,236 | 130,334 | 353,087 | — | 61,215 | 159,924 | ||||||||||||||||||||||||||||||
| Investment for trustee deferred compensation and retirement plans |
3,090,011 | 878,999 | 1,828,060 | 829,073 | 111,179 | 312,793 | ||||||||||||||||||||||||||||||
| Other assets |
116,445 | 191,396 | 140,305 | 63,693 | 31,836 | 47,960 | ||||||||||||||||||||||||||||||
| Total assets |
22,615,288,401 | 2,735,959,282 | 12,817,723,879 | 5,084,502,154 | 140,605,115 | 698,060,232 | ||||||||||||||||||||||||||||||
| Liabilities: |
||||||||||||||||||||||||||||||||||||
| Payable for: |
||||||||||||||||||||||||||||||||||||
| Investments purchased |
149,636,000 | — | — | 73,723,601 | — | 11,800,009 | ||||||||||||||||||||||||||||||
| Amount due custodian |
10,641,150 | 10,431 | 27,464,210 | — | — | 15,936 | ||||||||||||||||||||||||||||||
| Dividends |
7,042,735 | 703,092 | 1,832,254 | 891,457 | 23,824 | 5,279 | ||||||||||||||||||||||||||||||
| Accrued fees to affiliates |
461,383 | 199,974 | 907,894 | 145,660 | 93,525 | 43,000 | ||||||||||||||||||||||||||||||
| Accrued trustees’ and officer’s fees and benefits |
32,185 | 6,556 | 26,492 | 11,596 | 3,599 | 3,324 | ||||||||||||||||||||||||||||||
| Accrued operating expenses |
111,886 | 36,339 | 75,287 | 11,169 | 21,059 | 20,337 | ||||||||||||||||||||||||||||||
| Trustee deferred compensation and retirement plans |
3,742,851 | 1,041,332 | 2,229,761 | 1,010,742 | 128,797 | 368,315 | ||||||||||||||||||||||||||||||
| Total liabilities |
171,668,190 | 1,997,724 | 32,535,898 | 75,794,225 | 270,804 | 12,256,200 | ||||||||||||||||||||||||||||||
| Net assets applicable to shares outstanding |
$ | 22,443,620,211 | $ | 2,733,961,558 | $ | 12,785,187,981 | $ | 5,008,707,929 | $ | 140,334,311 | $ | 685,804,032 | ||||||||||||||||||||||||
| Net assets consist of: |
||||||||||||||||||||||||||||||||||||
| Shares of beneficial interest |
$ | 22,441,059,834 | $ | 2,733,087,812 | $ | 12,784,855,040 | $ | 5,008,598,424 | $ | 140,351,885 | $ | 685,953,788 | ||||||||||||||||||||||||
| Undistributed net investment income |
2,468,855 | 872,258 | (21,274 | ) | (26,177 | ) | (9,046 | ) | (104,955 | ) | ||||||||||||||||||||||||||
| Undistributed net realized gain (loss) |
91,522 | 1,488 | 354,215 | 135,682 | (8,528 | ) | (44,801 | ) | ||||||||||||||||||||||||||||
| $ | 22,443,620,211 | $ | 2,733,961,558 | $ | 12,785,187,981 | $ | 5,008,707,929 | $ | 140,334,311 | $ | 685,804,032 | |||||||||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
32 Short-Term Investments Trust
Statement of Assets and Liabilities—(continued)
February 29, 2016
(Unaudited)
| Liquid Assets Portfolio |
STIC Prime Portfolio |
Treasury Portfolio |
Government & Agency Portfolio |
Government TaxAdvantage Portfolio |
Tax-Free Cash Reserve Portfolio |
|||||||||||||||||||||||||||||||
| Net Assets: |
|
|||||||||||||||||||||||||||||||||||
| Institutional Class |
$ | 19,350,616,042 | $ | 1,917,283,674 | $ | 6,273,721,419 | $ | 3,295,982,076 | $ | 17,000,000 | $ | 576,781,735 | ||||||||||||||||||||||||
| Private Investment Class |
$ | 209,874,644 | $ | 137,321,595 | $ | 464,674,210 | $ | 503,979,238 | $ | 4,402,797 | $ | 29,889,915 | ||||||||||||||||||||||||
| Personal Investment Class |
$ | 58,065,383 | $ | 99,353,189 | $ | 147,223,145 | $ | 8,943,577 | $ | 1,879,098 | $ | 2,731,245 | ||||||||||||||||||||||||
| Cash Management Class |
$ | 236,125,452 | $ | 396,501,369 | $ | 4,362,496,379 | $ | 138,578,152 | $ | 45,617,025 | $ | 42,442,594 | ||||||||||||||||||||||||
| Reserve Class |
$ | 130,755,458 | $ | 26,622,307 | $ | 30,685,986 | $ | 286,180,378 | $ | 68,883,100 | $ | 30,177,389 | ||||||||||||||||||||||||
| Resource Class |
$ | 10,543,447 | $ | 19,391,271 | $ | 331,809,997 | $ | 60,155,218 | $ | 2,372,701 | $ | 2,573,547 | ||||||||||||||||||||||||
| Corporate Class |
$ | 2,447,639,785 | $ | 137,488,153 | $ | 1,174,576,845 | $ | 714,889,290 | $ | 179,590 | $ | 1,207,607 | ||||||||||||||||||||||||
| Shares outstanding, $0.01 par value per share, |
| |||||||||||||||||||||||||||||||||||
| Institutional Class |
19,348,405,760 | 1,917,274,456 | 6,273,196,808 | 3,295,833,750 | 16,995,722 | 576,749,244 | ||||||||||||||||||||||||||||||
| Private Investment Class |
209,850,210 | 137,320,975 | 464,636,651 | 503,957,597 | 4,401,677 | 29,888,222 | ||||||||||||||||||||||||||||||
| Personal Investment Class |
58,058,765 | 99,352,712 | 147,212,225 | 8,943,175 | 1,878,605 | 2,731,090 | ||||||||||||||||||||||||||||||
| Cash Management Class |
236,097,591 | 396,499,479 | 4,362,121,141 | 138,567,299 | 45,605,336 | 42,440,171 | ||||||||||||||||||||||||||||||
| Reserve Class |
130,740,969 | 26,622,133 | 30,683,432 | 286,168,646 | 68,865,475 | 30,175,675 | ||||||||||||||||||||||||||||||
| Resource Class |
10,542,271 | 19,391,182 | 331,782,803 | 60,152,501 | 2,372,098 | 2,573,402 | ||||||||||||||||||||||||||||||
| Corporate Class |
2,447,363,765 | 137,487,515 | 1,174,472,810 | 714,862,165 | 179,545 | 1,207,539 | ||||||||||||||||||||||||||||||
| Net asset value, offering and redemption price per share for each class |
$ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
33 Short-Term Investments Trust
Statement of Operations
For the six months ended February 29, 2016
(Unaudited)
| Liquid Assets Portfolio |
STIC Prime Portfolio |
Treasury Portfolio |
Government & Agency |
Government TaxAdvantage Portfolio |
Tax-Free Cash Reserve Portfolio |
|||||||||||||||||||||||||||||||
| Investment income: |
||||||||||||||||||||||||||||||||||||
| Interest |
$ | 39,276,066 | $ | 4,406,046 | $ | 14,445,597 | $ | 6,349,758 | $ | 226,027 | $ | 209,757 | ||||||||||||||||||||||||
| Expenses: |
||||||||||||||||||||||||||||||||||||
| Advisory fees |
15,055,521 | 2,112,022 | 10,414,744 | 2,793,476 | 212,182 | 770,759 | ||||||||||||||||||||||||||||||
| Administrative services fees |
539,799 | 272,550 | 446,983 | 322,493 | 24,863 | 89,259 | ||||||||||||||||||||||||||||||
| Custodian fees |
90,387 | 19,308 | 61,293 | 66,159 | 8,066 | 8,856 | ||||||||||||||||||||||||||||||
| Distribution fees: |
||||||||||||||||||||||||||||||||||||
| Private Investment Class |
516,818 | 392,494 | 1,097,942 | 1,228,129 | 12,881 | 75,725 | ||||||||||||||||||||||||||||||
| Personal Investment Class |
316,705 | 396,028 | 573,977 | 61,800 | 14,162 | 9,266 | ||||||||||||||||||||||||||||||
| Cash Management Class |
196,916 | 220,789 | 2,548,900 | 123,111 | 26,533 | 23,462 | ||||||||||||||||||||||||||||||
| Reserve Class |
786,255 | 212,190 | 172,936 | 1,424,173 | 202,217 | 114,830 | ||||||||||||||||||||||||||||||
| Resource Class |
17,620 | 20,456 | 332,053 | 83,474 | 2,360 | 3,686 | ||||||||||||||||||||||||||||||
| Corporate Class |
285,966 | 14,022 | 209,063 | 96,980 | 400 | 2,502 | ||||||||||||||||||||||||||||||
| Transfer agent fees |
903,446 | 126,721 | 624,885 | 257,048 | 9,157 | 29,090 | ||||||||||||||||||||||||||||||
| Trustees’ and officers’ fees and benefits |
345,156 | 77,804 | 241,846 | 106,704 | 15,253 | 29,684 | ||||||||||||||||||||||||||||||
| Registration and filing fees |
61,425 | 46,305 | 63,360 | 81,282 | 37,833 | 38,847 | ||||||||||||||||||||||||||||||
| Other |
437,772 | 115,293 | 279,353 | 340,129 | 47,262 | 50,329 | ||||||||||||||||||||||||||||||
| Total expenses |
19,553,786 | 4,025,982 | 17,067,335 | 6,984,958 | 613,169 | 1,246,295 | ||||||||||||||||||||||||||||||
| Less: Fees waived |
(4,368,663 | ) | (1,944,878 | ) | (7,116,608 | ) | (3,104,997 | ) | (462,359 | ) | (1,068,465 | ) | ||||||||||||||||||||||||
| Net expenses |
15,185,123 | 2,081,104 | 9,950,727 | 3,879,961 | 150,810 | 177,830 | ||||||||||||||||||||||||||||||
| Net investment income |
24,090,943 | 2,324,942 | 4,494,870 | 2,469,797 | 75,217 | 31,927 | ||||||||||||||||||||||||||||||
| Realized and unrealized gain from: |
||||||||||||||||||||||||||||||||||||
| Net realized gain from Investment securities |
15,642 | 544 | 416,712 | 19,165 | 9,917 | — | ||||||||||||||||||||||||||||||
| Net increase in net assets resulting from operations |
$ | 24,106,585 | $ | 2,325,486 | $ | 4,911,582 | $ | 2,488,962 | $ | 85,134 | $ | 31,927 | ||||||||||||||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
34 Short-Term Investments Trust
Statement of Changes in Net Assets
For the six months ended February 29, 2016 and the year ended August 31, 2015
(Unaudited)
| Liquid Assets Portfolio | STIC Prime Portfolio | |||||||||||||||||||
| February 29, 2016 |
August 31, 2015 |
February 29, 2016 |
August 31, 2015 |
|||||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income |
$ | 24,090,943 | $ | 14,869,394 | $ | 2,324,942 | $ | 2,593,491 | ||||||||||||
| Net realized gain |
15,642 | 164,146 | 544 | 944 | ||||||||||||||||
| Net increase in net assets resulting from operations |
24,106,585 | 15,033,540 | 2,325,486 | 2,594,435 | ||||||||||||||||
| Distributions to shareholders from net investment income: |
||||||||||||||||||||
| Institutional Class |
(21,603,070 | ) | (14,147,500 | ) | (1,761,348 | ) | (1,854,672 | ) | ||||||||||||
| Private Investment Class |
(34,987 | ) | (30,767 | ) | (80,356 | ) | (132,350 | ) | ||||||||||||
| Personal Investment Class |
(9,541 | ) | (13,561 | ) | (54,963 | ) | (110,282 | ) | ||||||||||||
| Cash Management Class |
(306,028 | ) | (77,398 | ) | (302,379 | ) | (376,417 | ) | ||||||||||||
| Reserve Class |
(18,224 | ) | (14,433 | ) | (21,613 | ) | (18,513 | ) | ||||||||||||
| Resource Class |
(4,310 | ) | (12,035 | ) | (11,761 | ) | (20,138 | ) | ||||||||||||
| Corporate Class |
(2,114,783 | ) | (573,700 | ) | (92,498 | ) | (81,119 | ) | ||||||||||||
| Total distributions from net investment income |
(24,090,943 | ) | (14,869,394 | ) | (2,324,918 | ) | (2,593,491 | ) | ||||||||||||
| Share transactions–net: |
||||||||||||||||||||
| Institutional Class |
3,376,529,292 | (2,640,861,091 | ) | 152,620,931 | (148,752,146 | ) | ||||||||||||||
| Private Investment Class |
(73,584,196 | ) | (61,736,842 | ) | (24,894,329 | ) | 10,083,327 | |||||||||||||
| Personal Investment Class |
(57,334,039 | ) | (65,018,703 | ) | (18,219,967 | ) | (40,437,932 | ) | ||||||||||||
| Cash Management Class |
(221,844,735 | ) | (226,421,761 | ) | (87,093,375 | ) | 29,823,610 | |||||||||||||
| Reserve Class |
(25,452,945 | ) | (23,801,101 | ) | (23,778,069 | ) | 34,768,990 | |||||||||||||
| Resource Class |
(62,133,047 | ) | (62,863,904 | ) | (319,045 | ) | (12,328,636 | ) | ||||||||||||
| Corporate Class |
1,393,208,709 | 383,540,344 | 60,444,479 | 17,489,399 | ||||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
4,329,389,039 | (2,697,163,058 | ) | 58,760,625 | (109,353,388 | ) | ||||||||||||||
| Net increase (decrease) in net assets |
4,329,404,681 | (2,696,998,912 | ) | 58,761,193 | (109,352,444 | ) | ||||||||||||||
| Net assets: |
||||||||||||||||||||
| Beginning of period |
18,114,215,530 | 20,811,214,442 | 2,675,200,365 | 2,784,552,809 | ||||||||||||||||
| End of period* |
$ | 22,443,620,211 | $ | 18,114,215,530 | $ | 2,733,961,558 | $ | 2,675,200,365 | ||||||||||||
| * Includes accumulated undistributed net investment income |
$ | 2,468,855 | $ | 2,468,855 | $ | 872,258 | $ | 872,234 | ||||||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
35 Short-Term Investments Trust
Statement of Changes in Net Assets—(continued)
For the six months ended February 29, 2016 and the year ended August 31, 2015
(Unaudited)
| Treasury Portfolio | Government & Agency Portfolio | |||||||||||||||||||
| February 29, 2016 |
August 31, 2015 |
February 29, 2016 |
August 31, 2015 |
|||||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income |
$ | 4,494,870 | $ | 3,320,415 | $ | 2,469,797 | $ | 1,741,840 | ||||||||||||
| Net realized gain (loss) |
416,712 | (62,497 | ) | 19,165 | 116,517 | |||||||||||||||
| Net increase in net assets resulting from operations |
4,911,582 | 3,257,918 | 2,488,962 | 1,858,357 | ||||||||||||||||
| Distributions to shareholders from net investment income: |
||||||||||||||||||||
| Institutional Class |
(2,661,142 | ) | (1,478,709 | ) | (1,883,035 | ) | (1,159,579 | ) | ||||||||||||
| Private Investment Class |
(80,956 | ) | (102,223 | ) | (138,874 | ) | (126,468 | ) | ||||||||||||
| Personal Investment Class |
(26,968 | ) | (29,788 | ) | (4,096 | ) | (12,667 | ) | ||||||||||||
| Cash Management Class |
(1,193,495 | ) | (1,317,452 | ) | (80,858 | ) | (167,941 | ) | ||||||||||||
| Reserve Class |
(6,664 | ) | (11,073 | ) | (79,656 | ) | (108,700 | ) | ||||||||||||
| Resource Class |
(60,366 | ) | (68,891 | ) | (21,523 | ) | (38,869 | ) | ||||||||||||
| Corporate Class |
(465,279 | ) | (312,279 | ) | (261,755 | ) | (127,616 | ) | ||||||||||||
| Total distributions from net investment income |
(4,494,870 | ) | (3,320,415 | ) | (2,469,797 | ) | (1,741,840 | ) | ||||||||||||
| Share transactions–net: |
||||||||||||||||||||
| Institutional Class |
(1,576,572,464 | ) | 369,868,233 | (923,881,457 | ) | 891,380,297 | ||||||||||||||
| Private Investment Class |
3,525,513 | (63,444,289 | ) | 81,408,389 | 75,509,267 | |||||||||||||||
| Personal Investment Class |
(14,835,299 | ) | (350,960 | ) | (28,223,425 | ) | (3,981,249 | ) | ||||||||||||
| Cash Management Class |
(941,979,421 | ) | (2,293,402,486 | ) | (84,274,931 | ) | (247,006,196 | ) | ||||||||||||
| Reserve Class |
(4,919,263 | ) | (151,761,502 | ) | (21,349,198 | ) | (3,594,120 | ) | ||||||||||||
| Resource Class |
7,316,221 | (49,445,822 | ) | (37,751,805 | ) | (6,672,798 | ) | |||||||||||||
| Corporate Class |
(596,102,256 | ) | 346,906,945 | 83,692,317 | (28,642,460 | ) | ||||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
(3,123,566,969 | ) | (1,841,629,881 | ) | (930,380,110 | ) | 676,992,741 | |||||||||||||
| Net increase (decrease) in net assets |
(3,123,150,257 | ) | (1,841,692,378 | ) | (930,360,945 | ) | 677,109,258 | |||||||||||||
| Net assets: |
||||||||||||||||||||
| Beginning of period |
15,908,338,238 | 17,750,030,616 | 5,939,068,874 | 5,261,959,616 | ||||||||||||||||
| End of period* |
$ | 12,785,187,981 | $ | 15,908,338,238 | $ | 5,008,707,929 | $ | 5,939,068,874 | ||||||||||||
| * Includes accumulated undistributed net investment income |
$ | (21,274 | ) | $ | (21,274 | ) | $ | (26,177 | ) | $ | (26,177 | ) | ||||||||
See accompanying Notes to Financial Statements which are an integral part of the financial statements.
36 Short-Term Investments Trust
Statement of Changes in Net Assets—(continued)
For the six months ended February 29, 2016 and the year ended August 31, 2015
(Unaudited)
| Government TaxAdvantage Portfolio | Tax-Free Cash Reserve Portfolio | |||||||||||||||||||
| February 29, 2016 |
August 31, 2015 |
February 29, 2016 |
August 31, 2015 |
|||||||||||||||||
| Operations: |
||||||||||||||||||||
| Net investment income |
$ | 75,217 | $ | 152,172 | $ | 31,927 | $ | 320,850 | ||||||||||||
| Net realized gain |
9,917 | 5,675 | — | 17,500 | ||||||||||||||||
| Net increase in net assets resulting from operations |
85,134 | 157,847 | 31,927 | 338,350 | ||||||||||||||||
| Distributions to shareholders from net investment income: |
||||||||||||||||||||
| Institutional Class |
(42,884 | ) | (109,398 | ) | (25,982 | ) | (243,361 | ) | ||||||||||||
| Private Investment Class |
(1,366 | ) | (5,768 | ) | (1,487 | ) | (14,944 | ) | ||||||||||||
| Personal Investment Class |
(1,007 | ) | (2,191 | ) | (122 | ) | (1,433 | ) | ||||||||||||
| Cash Management Class |
(15,296 | ) | (25,467 | ) | (2,317 | ) | (29,656 | ) | ||||||||||||
| Reserve Class |
(13,250 | ) | (1,334 | ) | (1,135 | ) | (13,465 | ) | ||||||||||||
| Resource Class |
(646 | ) | (3,530 | ) | (181 | ) | (2,416 | ) | ||||||||||||
| Corporate Class |
(768 | ) | (4,484 | ) | (703 | ) | (15,575 | ) | ||||||||||||
| Total distributions from net investment income |
(75,217 | ) | (152,172 | ) | (31,927 | ) | (320,850 | ) | ||||||||||||
| Share transactions–net: |
||||||||||||||||||||
| Institutional Class |
(88,546,410 | ) | (22,147,472 | ) | 120,751,861 | (68,021,232 | ) | |||||||||||||
| Private Investment Class |
(1,581,623 | ) | (9,595,904 | ) | (579,080 | ) | (3,807,802 | ) | ||||||||||||
| Personal Investment Class |
(76,406 | ) | (1,843,611 | ) | (892,435 | ) | (98,681 | ) | ||||||||||||
| Cash Management Class |
585,020 | (3,080,076 | ) | (8,574,246 | ) | (9,705,701 | ) | |||||||||||||
| Reserve Class |
62,990,375 | 5,171,160 | 8,402,532 | (5,865,164 | ) | |||||||||||||||
| Resource Class |
504 | (1,336,302 | ) | (1,952,773 | ) | (989,440 | ) | |||||||||||||
| Corporate Class |
(27,830,485 | ) | (22,499,992 | ) | (25,269,735 | ) | (5,044,078 | ) | ||||||||||||
| Net increase (decrease) in net assets resulting from share transactions |
(54,459,025 | ) | (55,332,197 | ) | 91,886,124 | (93,532,098 | ) | |||||||||||||
| Net increase (decrease) in net assets |
(54,449,108 | ) | (55,326,522 | ) | 91,886,124 | (93,514,598 | ) | |||||||||||||
| Net assets: |
||||||||||||||||||||
| Beginning of period |
194,783,419 | 250,109,941 | 593,917,908 | 687,432,506 | ||||||||||||||||
| End of period* |
$ | 140,334,311 | $ | 194,783,419 | $ | 685,804,032 | $ | 593,917,908 | ||||||||||||
| * Includes accumulated undistributed net investment income |
$ | (9,046 | ) | $ | (9,046 | ) | $ | (104,955 | ) | $ | (104,955 | ) | ||||||||
Notes to Financial Statements
February 29, 2016
(Unaudited)
NOTE 1—Significant Accounting Policies
Short-Term Investments Trust (the “Trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series diversified management investment company. The Trust is organized as a Delaware statutory trust which currently offers six separate portfolios, (each constituting a “Fund”). The Funds covered in this report are Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Government TaxAdvantage Portfolio and Tax-Free Cash Reserve Portfolio (collectively, the “Funds”). The assets, liabilities and operations of each Fund are accounted for separately. Information presented in these financial statements pertains only to the Funds. Matters affecting each Fund or class will be voted on exclusively by the shareholders of such Fund or class.
The investment objectives of the Funds are: to provide current income consistent with preservation of capital and liquidity for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio and Government TaxAdvantage Portfolio; and to provide tax-exempt income consistent with the preservation of capital and liquidity for Tax-Free Cash Reserve Portfolio.
Each Fund currently offers seven different classes of shares: Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class.
The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements.
| A. | Security Valuations — Each Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts. |
37 Short-Term Investments Trust
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), adjusted for amortization of premiums and accretion of discounts on investments, is recorded on the accrual basis from settlement date. Paydown gains and losses on mortgage and asset-backed securities are recorded as adjustments to interest income. |
The Funds may periodically participate in litigation related to each Fund’s investments. As such, the Funds may receive proceeds from litigation settlements involving each Fund’s investments. Any proceeds received are included in the Statements of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.
Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized gain (loss) from investment securities reported in the Statements of Operations and the Statements of Changes in Net Assets and the net realized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of each Fund’s net asset value and, accordingly, they reduce each Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statements of Operations and the Statements of Changes in Net Assets, or the net investment income per share and the ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Funds and the investment adviser.
The Funds allocate realized capital gains and losses to a class based on the relative net assets of each class. The Funds allocate income to a class based on the relative value of the settled shares of each class.
| C. | Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted. |
| D. | Distributions — It is the policy of the Funds to declare dividends from net investment income daily and pay dividends on the first business day of the following month. Each Fund generally distributes net realized capital gain (including net short-term capital gain), if any, annually. |
| 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, Tax-Free Cash Reserve 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 of each respective Fund are allocated among the classes of such Fund 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 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 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- |
38 Short-Term Investments Trust
| 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 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.
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 pays an advisory fee to the Adviser at an annual rate based on each Funds’ average daily net assets as follows, respectively:
| First $250 million |
Next $250 million |
Over $500 million |
||||||||||
| Liquid Assets Portfolio |
0.15% | 0.15% | 0.15% | |||||||||
| STIC Prime Portfolio |
0.15% | 0.15% | 0.15% | |||||||||
| Treasury Portfolio |
0.15% | 0.15% | 0.15% | |||||||||
| Government & Agency Portfolio |
0.10% | 0.10% | 0.10% | |||||||||
| Government TaxAdvantage Portfolio |
0.20% | 0.15% | 0.10% | |||||||||
| Tax-Free Cash Reserve Portfolio |
0.25% | 0.25% | 0.20% | |||||||||
For the six months ended February 29, 2016, the management fee incurred for each Fund was equivalent to the annual effective rate of each Fund’s average daily net assets, as shown below:
| Liquid Assets Portfolio |
0.15% | |||
| STIC Prime Portfolio |
0.15% | |||
| Treasury Portfolio |
0.15% | |||
| Government & Agency Portfolio |
0.10% | |||
| Government TaxAdvantage Portfolio |
0.20% | |||
| Tax-Free Cash Reserve Portfolio |
0.24% |
Under the terms of a master sub-advisory agreement between the Adviser and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd. (collectively, the “Affiliated Sub-Advisers”) the Adviser, not the Funds, may 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, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):
| Institutional Class |
Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
||||||||||||||||||||||
| Liquid Assets Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.34 | % | 0.17 | % | ||||||||||||||
| STIC Prime Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Treasury Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Government & Agency Portfolio |
0.14 | % | 0.44 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Government TaxAdvantage Portfolio |
0.14 | % | 0.39 | % | 0.69 | % | 0.22 | % | 1.01 | % | 0.30 | % | 0.17 | % | ||||||||||||||
| Tax-Free Cash Reserve Portfolio |
0.25 | % | 0.50 | % | 0.80 | % | 0.33 | % | 1.12 | % | 0.41 | % | 0.28 | % | ||||||||||||||
39 Short-Term Investments Trust
The expense limits shown are the expense limits after Rule 12b-1 fee waivers by Invesco Distributors, Inc. (“IDI”). The expense limits for Tax-Free Cash Reserve Portfolio also exclude Trustees’ fees and federal registration expenses.
In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the total annual operating expenses after fee waiver and/or expense reimbursement to exceed the number reflected above: (1) interest; (2) taxes; (3) extraordinary or non-routine items, including litigation expenses, and (4) expenses that the Funds have incurred but did not actually pay because of an expense offset arrangement. Unless Invesco continues the fee waiver arrangement, it will terminate on December 31, 2016. During its term, the fee waiver agreement cannot be terminated or amended to increase the expense limits without approval of the Board of Trustees. To the extent that the annualized expense ratio does not exceed the expense limits, the Adviser will retain its ability to be reimbursed for such fee waivers or reimbursements prior to the end of each fiscal year.
Further, Invesco and/or IDI voluntarily waived fees and/or reimbursed expenses in order to increase the yields of each Fund. Voluntary fee waivers and/or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors.
For the six months ended February 29, 2016, the Adviser waived advisory fees and/or reimbursed Fund expenses, as shown below:
| Expense Limitation |
Yield Waivers |
|||||||
| Liquid Assets Portfolio |
$ | 3,171,391 | $ | — | ||||
| STIC Prime Portfolio |
739,928 | 136,428 | ||||||
| Treasury Portfolio |
2,288,175 | 1,051,494 | ||||||
| Government & Agency Portfolio |
— | 366,030 | ||||||
| Government TaxAdvantage Portfolio |
198,607 | 29,497 | ||||||
| Tax-Free Cash Reserve Portfolio |
184,678 | 654,316 | ||||||
Voluntary fee waivers for the six months ended February 29, 2016 are shown below:
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
|||||||||||||||||||
| Liquid Assets Portfolio |
$ | 94,501 | $ | 143,768 | N/A | $ | 522,027 | $ | 4,198 | N/A | ||||||||||||||
| STIC Prime Portfolio |
182,115 | 253,640 | $ | 107,517 | 170,802 | 10,277 | $ | 5,732 | ||||||||||||||||
| Treasury Portfolio |
553,250 | 386,917 | 1,208,001 | 141,548 | 183,854 | 112,460 | ||||||||||||||||||
| Government & Agency Portfolio |
617,726 | 42,788 | 60,777 | 1,173,959 | 50,215 | 59,311 | ||||||||||||||||||
| Government TaxAdvantage Portfolio |
5,696 | 9,611 | 13,714 | 161,077 | 1,484 | 389 | ||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
37,862 | 6,795 | 18,770 | 99,902 | 2,949 | 2,502 | ||||||||||||||||||
The Trust has entered into a master administrative services agreement with Invesco pursuant to which each Fund has agreed to pay Invesco for certain administrative costs incurred in providing accounting services to such Fund. For the six months ended February 29, 2016, expenses incurred under the agreement are shown in the Statements of Operations as Administrative services fees.
The Trust has entered into a transfer agency and service agreement with Invesco Investment Services, Inc. (“IIS”) pursuant to which each Fund has agreed to pay IIS a fee for providing transfer agency and shareholder services to such Fund. For the six months ended February 29, 2016, expenses incurred under the agreement are shown in the Statements of Operations as Transfer agent fees.
Under the terms of a master distribution agreement between IDI and the Trust, IDI acts as the exclusive distributor of each Fund’s shares. The Trust has adopted a master distribution plan pursuant to Rule 12b-1 under the 1940 Act with respect to Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class (the “Plan”). The Plan provides that each Fund shall pay distribution fees up to the maximum annual rate shown below of average daily net assets of such Class of each Fund, respectively.
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class | |||||||||||||||||||||||
| 0.50 | % | 0.75 | % | 0.10 | % | 1.00 | % | 0.20 | % | 0.03 | % | |||||||||||||||||
Of the Plan payments, up to 0.25% of the average daily net assets of each class of each Fund may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such class. Any amounts not paid as a service fee under such Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”), impose a cap on the total amount of sales charges, including asset-based sales charges, that may be paid by any class of shares of each Fund.
IDI has contractually agreed, through at least December 31, 2016, to waive a portion of its compensation payable by the Funds such that compensation paid pursuant to the Plan with respect to each share class equals the maximum annual rate of average daily assets shown below:
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
|||||||||||||||||||
| Liquid Assets Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.20 | % | 0.03 | % | ||||||||||||
| STIC Prime Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Treasury Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Government & Agency Portfolio |
0.30 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Government TaxAdvantage Portfolio |
0.25 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
| Tax-Free Cash Reserve Portfolio |
0.25 | % | 0.55 | % | 0.08 | % | 0.87 | % | 0.16 | % | 0.03 | % | ||||||||||||
40 Short-Term Investments Trust
Pursuant to the agreement above, for the six months ended February 29, 2016, IDI waived Plan fees of:
| Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
|||||||||||||||||||
| Liquid Assets Portfolio |
$ | 206,727 | $ | 84,455 | $ | 39,383 | $ | 102,213 | N/A | N/A | ||||||||||||||
| STIC Prime Portfolio |
156,998 | 105,607 | 44,158 | 27,585 | $ | 4,091 | N/A | |||||||||||||||||
| Treasury Portfolio |
439,176 | 153,061 | 509,780 | 22,482 | 66,410 | N/A | ||||||||||||||||||
| Government & Agency Portfolio |
491,252 | 16,480 | 24,622 | 185,142 | 16,695 | N/A | ||||||||||||||||||
| Government TaxAdvantage Portfolio |
6,441 | 3,776 | 5,307 | 26,288 | 472 | N/A | ||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
37,862 | 2,471 | 4,693 | 14,928 | 737 | N/A | ||||||||||||||||||
Certain officers and trustees of the Trust are officers and directors of the Adviser, IIS and/or IDI.
NOTE 3—Additional Valuation Information
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:
| Level 1 — | Prices are determined using quoted prices in an active market for identical assets. |
| Level 2 — | Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others. |
| Level 3 — | Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect each Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information. |
As of February 29, 2016, 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 months ended February 29, 2016, each Fund engaged in transactions with affiliates as listed below:
| Securities Purchases | Securities Sales | Net Realized Gains | ||||||||||
| Liquid Assets Portfolio |
$ | 259,171,921 | $ | 453,279,225 | $ | — | ||||||
| STIC Prime Portfolio |
118,541,842 | 142,726,856 | — | |||||||||
| Tax-Free Cash Reserve Portfolio |
466,679,556 | 355,977,114 | — | |||||||||
NOTE 5—Trustees’ and Officers’ Fees and Benefits
Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to pay remuneration to certain Trustees and Officers of such Fund. Trustees have the option to defer compensation payable by the Funds, and Trustees’ and Officers’ Fees and Benefits also include amounts accrued by each Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various Invesco Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees were eligible to participate in a retirement plan that provided for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Funds may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. Trustees’ and Officers’ Fees and Benefits include amounts accrued by each Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Funds.
41 Short-Term Investments Trust
NOTE 6—Cash Balances
The Funds are permitted to temporarily overdraft or leave balances in their accounts with The Bank of New York Mellon (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. Capital losses generated in years beginning after December 22, 2010 can be carried forward for an unlimited period, whereas previous losses expire in eight tax years. Capital losses with an expiration period may not be used to offset capital gains until all net capital losses without an expiration date have been utilized. Capital loss carryforwards with no expiration date will retain their character as either short-term or long-term capital losses instead of as short-term capital losses as under prior law. 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 below had a capital loss carryforward as of August 31, 2015 which expires as follows:
| Short-Term | Long-Term | Total* | ||||||||||||||||||
| Fund | 2018 | 2019 | Not Subject to Expiration |
Not Subject to Expiration |
||||||||||||||||
| Treasury Portfolio |
$ | — | $ | — | $ | 62,497 | $ | — | $ | 62,497 | ||||||||||
| Government TaxAdvantage Portfolio |
— | — | 18,445 | — | 18,445 | |||||||||||||||
| Tax-Free Cash Reserve Portfolio |
14,727 | 30,074 | — | — | 44,801 | |||||||||||||||
| * | Capital loss carryforward as of the date listed above is 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. |
42 Short-Term Investments Trust
NOTE 8—Share Information
Liquid Assets Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
122,870,197,623 | $ | 122,870,197,623 | 285,396,098,619 | $ | 285,396,098,619 | ||||||||||
| Private Investment Class |
510,334,896 | 510,334,896 | 1,434,632,883 | 1,434,632,883 | ||||||||||||
| Personal Investment Class |
69,834,480 | 69,834,480 | 538,543,116 | 538,543,116 | ||||||||||||
| Cash Management Class |
2,145,627,791 | 2,145,627,791 | 4,326,518,141 | 4,326,518,141 | ||||||||||||
| Reserve Class |
206,076,476 | 206,076,476 | 1,016,989,736 | 1,016,989,736 | ||||||||||||
| Resource Class |
38,210,088 | 38,210,088 | 459,622,836 | 459,622,836 | ||||||||||||
| Corporate Class |
9,471,104,350 | 9,471,104,350 | 5,521,655,244 | 5,521,655,244 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
5,132,756 | 5,132,756 | 3,973,048 | 3,973,048 | ||||||||||||
| Private Investment Class |
6,181 | 6,181 | 8,279 | 8,279 | ||||||||||||
| Personal Investment Class |
4,693 | 4,693 | 11,639 | 11,639 | ||||||||||||
| Cash Management Class |
93,642 | 93,642 | 31,257 | 31,257 | ||||||||||||
| Reserve Class |
9,591 | 9,591 | 14,378 | 14,378 | ||||||||||||
| Resource Class |
2,603 | 2,603 | 12,396 | 12,396 | ||||||||||||
| Corporate Class |
270,357 | 270,357 | 225,681 | 225,681 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(119,498,801,087 | ) | (119,498,801,087 | ) | (288,040,932,758 | ) | (288,040,932,758 | ) | ||||||||
| Private Investment Class |
(583,925,273 | ) | (583,925,273 | ) | (1,496,378,004 | ) | (1,496,378,004 | ) | ||||||||
| Personal Investment Class |
(127,173,212 | ) | (127,173,212 | ) | (603,573,458 | ) | (603,573,458 | ) | ||||||||
| Cash Management Class |
(2,367,566,168 | ) | (2,367,566,168 | ) | (4,552,971,159 | ) | (4,552,971,159 | ) | ||||||||
| Reserve Class |
(231,539,012 | ) | (231,539,012 | ) | (1,040,805,215 | ) | (1,040,805,215 | ) | ||||||||
| Resource Class |
(100,345,738 | ) | (100,345,738 | ) | (522,499,136 | ) | (522,499,136 | ) | ||||||||
| Corporate Class |
(8,078,165,998 | ) | (8,078,165,998 | ) | (5,138,340,581 | ) | (5,138,340,581 | ) | ||||||||
| Net increase (decrease) in share activity |
4,329,389,039 | $ | 4,329,389,039 | (2,697,163,058 | ) | $ | (2,697,163,058 | ) | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 31% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
| Additionally, 19% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are other mutual funds also advised by Invesco. |
43 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
STIC Prime Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
3,003,113,393 | $ | 3,003,113,393 | 5,941,737,037 | $ | 5,941,737,037 | ||||||||||
| Private Investment Class |
667,027,756 | 667,027,756 | 1,211,080,589 | 1,211,080,589 | ||||||||||||
| Personal Investment Class |
298,331,925 | 298,331,925 | 1,182,870,259 | 1,182,870,259 | ||||||||||||
| Cash Management Class |
1,155,148,299 | 1,155,148,299 | 3,144,474,982 | 3,144,474,982 | ||||||||||||
| Reserve Class |
157,327,888 | 157,327,888 | 210,463,689 | 210,463,689 | ||||||||||||
| Resource Class |
64,748,890 | 64,748,890 | 64,359,363 | 64,359,363 | ||||||||||||
| Corporate Class |
261,415,561 | 261,415,561 | 1,149,830,507 | 1,149,830,507 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
424,046 | 424,046 | 454,008 | 454,008 | ||||||||||||
| Private Investment Class |
27,340 | 27,340 | 56,232 | 56,232 | ||||||||||||
| Personal Investment Class |
21,411 | 21,411 | 68,043 | 68,043 | ||||||||||||
| Cash Management Class |
74,694 | 74,694 | 71,815 | 71,815 | ||||||||||||
| Reserve Class |
17,209 | 17,209 | 14,807 | 14,807 | ||||||||||||
| Resource Class |
7,558 | 7,558 | 16,256 | 16,256 | ||||||||||||
| Corporate Class |
47,625 | 47,625 | 71,730 | 71,730 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(2,850,916,508 | ) | (2,850,916,508 | ) | (6,090,943,191 | ) | (6,090,943,191 | ) | ||||||||
| Private Investment Class |
(691,949,425 | ) | (691,949,425 | ) | (1,201,053,494 | ) | (1,201,053,494 | ) | ||||||||
| Personal Investment Class |
(316,573,303 | ) | (316,573,303 | ) | (1,223,376,234 | ) | (1,223,376,234 | ) | ||||||||
| Cash Management Class |
(1,242,316,368 | ) | (1,242,316,368 | ) | (3,114,723,187 | ) | (3,114,723,187 | ) | ||||||||
| Reserve Class |
(181,123,166 | ) | (181,123,166 | ) | (175,709,506 | ) | (175,709,506 | ) | ||||||||
| Resource Class |
(65,075,493 | ) | (65,075,493 | ) | (76,704,255 | ) | (76,704,255 | ) | ||||||||
| Corporate Class |
(201,018,707 | ) | (201,018,707 | ) | (1,132,412,838 | ) | (1,132,412,838 | ) | ||||||||
| Net increase (decrease) in share activity |
58,760,625 | $ | 58,760,625 | (109,353,388 | ) | $ | (109,353,388 | ) | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 59% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
44 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Treasury Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
7,821,438,683 | $ | 7,821,438,683 | 16,766,462,244 | $ | 16,766,462,244 | ||||||||||
| Private Investment Class |
890,870,745 | 890,870,745 | 1,901,290,280 | 1,901,290,280 | ||||||||||||
| Personal Investment Class |
502,160,779 | 502,160,779 | 1,101,975,367 | 1,101,975,367 | ||||||||||||
| Cash Management Class |
9,154,752,380 | 9,154,752,380 | 26,793,251,842 | 26,793,251,842 | ||||||||||||
| Reserve Class |
43,134,820 | 43,134,820 | 109,204,351 | 109,204,351 | ||||||||||||
| Resource Class |
155,665,944 | 155,665,944 | 329,636,954 | 329,636,954 | ||||||||||||
| Corporate Class |
8,220,833,589 | 8,220,833,589 | 18,168,487,688 | 18,168,487,688 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
963,871 | 963,871 | 922,038 | 922,038 | ||||||||||||
| Private Investment Class |
7,379 | 7,379 | 15,296 | 15,296 | ||||||||||||
| Personal Investment Class |
16,154 | 16,154 | 26,774 | 26,774 | ||||||||||||
| Cash Management Class |
45,602 | 45,602 | 60,767 | 60,767 | ||||||||||||
| Reserve Class |
3,896 | 3,896 | 7,169 | 7,169 | ||||||||||||
| Resource Class |
3,280 | 3,280 | 8,488 | 8,488 | ||||||||||||
| Corporate Class |
167,634 | 167,634 | 132,198 | 132,198 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(9,398,975,018 | ) | (9,398,975,018 | ) | (16,397,516,049 | ) | (16,397,516,049 | ) | ||||||||
| Private Investment Class |
(887,352,611 | ) | (887,352,611 | ) | (1,964,749,865 | ) | (1,964,749,865 | ) | ||||||||
| Personal Investment Class |
(517,012,232 | ) | (517,012,232 | ) | (1,102,353,101 | ) | (1,102,353,101 | ) | ||||||||
| Cash Management Class |
(10,096,777,403 | ) | (10,096,777,403 | ) | (29,086,715,095 | ) | (29,086,715,095 | ) | ||||||||
| Reserve Class |
(48,057,979 | ) | (48,057,979 | ) | (260,973,022 | ) | (260,973,022 | ) | ||||||||
| Resource Class |
(148,353,003 | ) | (148,353,003 | ) | (379,091,264 | ) | (379,091,264 | ) | ||||||||
| Corporate Class |
(8,817,103,479 | ) | (8,817,103,479 | ) | (17,821,712,941 | ) | (17,821,712,941 | ) | ||||||||
| Net increase (decrease) in share activity |
(3,123,566,969 | ) | $ | (3,123,566,969 | ) | (1,841,629,881 | ) | $ | (1,841,629,881 | ) | ||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 51% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
| Additionally, 14% of the outstanding shares of the Fund are owned by affiliated mutual funds. Affiliated mutual funds are other mutual funds also advised by Invesco. |
45 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Government & Agency Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
18,540,389,344 | $ | 18,540,389,344 | 37,416,050,435 | $ | 37,416,050,435 | ||||||||||
| Private Investment Class |
877,051,192 | 877,051,192 | 2,115,905,376 | 2,115,905,376 | ||||||||||||
| Personal Investment Class |
38,791,034 | 38,791,034 | 134,224,028 | 134,224,028 | ||||||||||||
| Cash Management Class |
1,195,370,891 | 1,195,370,891 | 5,837,371,862 | 5,837,371,862 | ||||||||||||
| Reserve Class |
398,647,336 | 398,647,336 | 699,303,942 | 699,303,942 | ||||||||||||
| Resource Class |
278,773,112 | 278,773,112 | 1,554,415,700 | 1,554,415,700 | ||||||||||||
| Corporate Class |
2,290,153,339 | 2,290,153,339 | 4,660,748,011 | 4,660,748,011 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
451,334 | 451,334 | 199,188 | 199,188 | ||||||||||||
| Private Investment Class |
37,272 | 37,272 | 37,056 | 37,056 | ||||||||||||
| Personal Investment Class |
— | — | 6 | 6 | ||||||||||||
| Cash Management Class |
21,186 | 21,186 | 33,044 | 33,044 | ||||||||||||
| Reserve Class |
37,786 | 37,786 | 67,656 | 67,656 | ||||||||||||
| Resource Class |
5,468 | 5,468 | 13,926 | 13,926 | ||||||||||||
| Corporate Class |
69,144 | 69,144 | 55,261 | 55,261 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(19,464,722,135 | ) | (19,464,722,135 | ) | (36,524,869,326 | ) | (36,524,869,326 | ) | ||||||||
| Private Investment Class |
(795,680,075 | ) | (795,680,075 | ) | (2,040,433,165 | ) | (2,040,433,165 | ) | ||||||||
| Personal Investment Class |
(67,014,459 | ) | (67,014,459 | ) | (138,205,283 | ) | (138,205,283 | ) | ||||||||
| Cash Management Class |
(1,279,667,008 | ) | (1,279,667,008 | ) | (6,084,411,102 | ) | (6,084,411,102 | ) | ||||||||
| Reserve Class |
(420,034,320 | ) | (420,034,320 | ) | (702,965,718 | ) | (702,965,718 | ) | ||||||||
| Resource Class |
(316,530,385 | ) | (316,530,385 | ) | (1,561,102,424 | ) | (1,561,102,424 | ) | ||||||||
| Corporate Class |
(2,206,530,166 | ) | (2,206,530,166 | ) | (4,689,445,732 | ) | (4,689,445,732 | ) | ||||||||
| Net increase (decrease) in share activity |
(930,380,110 | ) | $ | (930,380,110 | ) | 676,992,741 | $ | 676,992,741 | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 23% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
46 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Government TaxAdvantage Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
140,583,594 | $ | 140,583,594 | 368,612,267 | $ | 368,612,267 | ||||||||||
| Private Investment Class |
1,046,890 | 1,046,890 | 71,398,479 | 71,398,479 | ||||||||||||
| Personal Investment Class |
6,547,359 | 6,547,359 | 8,341,042 | 8,341,042 | ||||||||||||
| Cash Management Class |
29,139,800 | 29,139,800 | 87,930,861 | 87,930,861 | ||||||||||||
| Reserve Class |
107,718,530 | 107,718,530 | 14,172,451 | 14,172,451 | ||||||||||||
| Resource Class |
41 | 41 | 17,934,744 | 17,934,744 | ||||||||||||
| Corporate Class |
8,418,335 | 8,418,335 | 187,300,005 | 187,300,005 | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
27,576 | 27,576 | 84,605 | 84,605 | ||||||||||||
| Private Investment Class |
556 | 556 | 3,065 | 3,065 | ||||||||||||
| Cash Management Class |
12,015 | 12,015 | 24,731 | 24,731 | ||||||||||||
| Reserve Class |
6,988 | 6,988 | 1,197 | 1,197 | ||||||||||||
| Resource Class |
463 | 463 | 3,214 | 3,214 | ||||||||||||
| Corporate Class |
1,203 | 1,203 | 4,203 | 4,203 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(229,157,580 | ) | (229,157,580 | ) | (390,844,344 | ) | (390,844,344 | ) | ||||||||
| Private Investment Class |
(2,629,069 | ) | (2,629,069 | ) | (80,997,448 | ) | (80,997,448 | ) | ||||||||
| Personal Investment Class |
(6,623,765 | ) | (6,623,765 | ) | (10,184,653 | ) | (10,184,653 | ) | ||||||||
| Cash Management Class |
(28,566,795 | ) | (28,566,795 | ) | (91,035,668 | ) | (91,035,668 | ) | ||||||||
| Reserve Class |
(44,735,143 | ) | (44,735,143 | ) | (9,002,488 | ) | (9,002,488 | ) | ||||||||
| Resource Class |
— | — | (19,274,260 | ) | (19,274,260 | ) | ||||||||||
| Corporate Class |
(36,250,023 | ) | (36,250,023 | ) | (209,804,200 | ) | (209,804,200 | ) | ||||||||
| Net increase (decrease) in share activity |
(54,459,025 | ) | $ | (54,459,025 | ) | (55,332,197 | ) | $ | (55,332,197 | ) | ||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 86% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
47 Short-Term Investments Trust
NOTE 8—Share Information—(continued)
Tax-Free Cash Reserve Portfolio
| Summary of Share Activity | ||||||||||||||||
| Six months ended February 29, 2016(a) |
Year ended August 31, 2015 |
|||||||||||||||
| Shares | Amount | Shares | Amount | |||||||||||||
| Sold: |
||||||||||||||||
| Institutional Class |
576,859,284 | $ | 576,859,284 | 1,022,223,755 | $ | 1,022,223,755 | ||||||||||
| Private Investment Class |
23,529,218 | 23,529,218 | 48,653,591 | 48,653,591 | ||||||||||||
| Personal Investment Class |
2,234,174 | 2,234,174 | 5,529,842 | 5,529,842 | ||||||||||||
| Cash Management Class |
29,960,256 | 29,960,256 | 85,609,129 | 85,609,129 | ||||||||||||
| Reserve Class |
34,804,336 | 34,804,336 | 57,041,089 | 57,041,089 | ||||||||||||
| Resource Class |
71,708 | 71,708 | 2,830,839 | 2,830,839 | ||||||||||||
| Corporate Class |
1,175,406 | 1,175,406 | — | — | ||||||||||||
| Issued as reinvestment of dividends: |
||||||||||||||||
| Institutional Class |
3,153 | 3,153 | 35,799 | 35,799 | ||||||||||||
| Private Investment Class |
1,399 | 1,399 | 13,990 | 13,990 | ||||||||||||
| Personal Investment Class |
11 | 11 | 651 | 651 | ||||||||||||
| Cash Management Class |
1,135 | 1,135 | 13,598 | 13,598 | ||||||||||||
| Reserve Class |
1,086 | 1,086 | 13,480 | 13,480 | ||||||||||||
| Resource Class |
195 | 195 | 2,430 | 2,430 | ||||||||||||
| Corporate Class |
916 | 916 | 15,648 | 15,648 | ||||||||||||
| Reacquired: |
||||||||||||||||
| Institutional Class |
(456,110,576 | ) | (456,110,576 | ) | (1,090,280,786 | ) | (1,090,280,786 | ) | ||||||||
| Private Investment Class |
(24,109,697 | ) | (24,109,697 | ) | (52,475,383 | ) | (52,475,383 | ) | ||||||||
| Personal Investment Class |
(3,126,620 | ) | (3,126,620 | ) | (5,629,174 | ) | (5,629,174 | ) | ||||||||
| Cash Management Class |
(38,535,637 | ) | (38,535,637 | ) | (95,328,428 | ) | (95,328,428 | ) | ||||||||
| Reserve Class |
(26,402,890 | ) | (26,402,890 | ) | (62,919,733 | ) | (62,919,733 | ) | ||||||||
| Resource Class |
(2,024,676 | ) | (2,024,676 | ) | (3,822,709 | ) | (3,822,709 | ) | ||||||||
| Corporate Class |
(26,446,057 | ) | (26,446,057 | ) | (5,059,726 | ) | (5,059,726 | ) | ||||||||
| Net increase (decrease) in share activity |
91,886,124 | $ | 91,886,124 | (93,532,098 | ) | $ | (93,532,098 | ) | ||||||||
| (a) | There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 65% of the outstanding shares of the Fund. The Fund and the Fund’s principal underwriter or adviser, are parties to participation agreements with these entities whereby these entities sell units of interest in separate accounts funding variable products that are invested in the Fund. The Fund, Invesco and/or Invesco affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco and/or Invesco affiliates including but not limited to services such as, securities brokerage, third party record keeping and account servicing and administrative services. The Fund has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially. |
48 Short-Term Investments Trust
NOTE 9—Financial Highlights
The following schedules present financial highlights for a share of each Fund outstanding throughout the periods indicated.
Resource Class
| Net asset value, beginning of period |
Net investment income(a) |
Net gains (losses) (both |
Total from operations |
Dividends income |
Distributions from net gains |
Total distributions |
Net asset value, end of period |
Total return(b) |
Net assets, end of period (000’s omitted) |
Ratio of to average net assets with fee waivers absorbed |
Ratio
of fee waivers |
Ratio of net investment income to average net assets |
||||||||||||||||||||||||||||||||||||||||
| Liquid Assets Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
$ | 1.00 | $ | 0.00 | $ | 0.00 | $ | 0.00 | $ | (0.00 | ) | $ | — | $ | (0.00 | ) | $ | 1.00 | 0.04 | % | $ | 10,543 | 0.29 | %(c) | 0.37 | %(c) | 0.10 | %(c) | ||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.01 | 72,686 | 0.21 | 0.37 | 0.01 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 135,553 | 0.19 | 0.37 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 68,809 | 0.25 | 0.37 | 0.01 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 141,085 | 0.27 | 0.38 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 177,081 | 0.27 | 0.37 | 0.02 | ||||||||||||||||||||||||||||||||||||
| STIC Prime Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.06 | 19,391 | 0.20 | (c) | 0.40 | (c) | 0.11 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.04 | 19,710 | 0.07 | 0.39 | 0.10 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.08 | 32,039 | 0.06 | 0.39 | 0.08 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.06 | 27,011 | 0.12 | 0.39 | 0.07 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.07 | 54,461 | 0.15 | 0.40 | 0.05 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | — | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 29,213 | 0.23 | 0.39 | 0.01 | |||||||||||||||||||||||||||||||||||||
| Treasury Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 331,810 | 0.17 | (c) | 0.37 | (c) | 0.04 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.01 | 324,480 | 0.06 | 0.37 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.01 | 373,928 | 0.04 | 0.37 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.02 | 328,396 | 0.09 | 0.38 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.03 | 276,388 | 0.08 | 0.38 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 293,547 | 0.12 | 0.38 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Government & Agency Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.03 | 60,155 | 0.17 | (c) | 0.34 | (c) | 0.06 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 97,907 | 0.08 | 0.33 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | — | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 104,579 | 0.06 | 0.33 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.03 | 144,337 | 0.11 | 0.34 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.02 | 150,944 | 0.10 | 0.33 | 0.03 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 272,176 | 0.15 | 0.33 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Government TaxAdvantage Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.03 | 2,373 | 0.15 | (c) | 0.53 | (c) | 0.06 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 2,372 | 0.00 | 0.53 | 0.08 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.04 | 3,708 | 0.02 | 0.49 | 0.03 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.03 | 5,191 | 0.06 | 0.40 | 0.03 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | (0.00 | ) | (0.00 | ) | 1.00 | 0.03 | 11,920 | 0.07 | 0.42 | 0.02 | ||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.03 | 17,085 | 0.11 | 0.46 | 0.02 | |||||||||||||||||||||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
| Six months ended 02/29/16 |
1.00 | 0.00 | — | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.00 | 2,574 | 0.05 | (c) | 0.51 | (c) | 0.01 | (c) | ||||||||||||||||||||||||||||||||||
| Year ended 08/31/15 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.01 | 4,526 | 0.03 | 0.51 | 0.04 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/14 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.05 | 5,516 | 0.04 | 0.50 | 0.04 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/13 |
1.00 | 0.00 | 0.00 | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.06 | 8,295 | 0.10 | 0.50 | 0.06 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/12 |
1.00 | 0.00 | — | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.06 | 28,357 | 0.13 | 0.50 | 0.06 | |||||||||||||||||||||||||||||||||||||
| Year ended 08/31/11 |
1.00 | 0.00 | (0.00 | ) | 0.00 | (0.00 | ) | — | (0.00 | ) | 1.00 | 0.02 | 24,602 | 0.27 | 0.49 | 0.02 | ||||||||||||||||||||||||||||||||||||
| (a) | Calculated using average shares outstanding. |
| (b) | Includes adjustments in accordance with accounting principles generally accepted in the United States of America. |
| (c) | Ratios are annualized and based on average daily net assets (000’s omitted) of $17,717, $20,568, $333,877, $83,933, $2,373 and $3,707 for Liquid Assets Portfolio, STIC Prime Portfolio, Treasury Portfolio, Government & Agency Portfolio, Government TaxAdvantage Portfolio and Tax-Free Cash Reserve Portfolio, respectively. |
49 Short-Term Investments Trust
Note 10-Subsequent Event
Effective June 1, 2016, the Board has approved a change in the advisory fee rate under the master investment advisory agreement for Tax-Free Cash Reserve Portfolio to an annual rate of 0.20% of the Fund’s average daily net assets.
In addition, effective June 1, 2016, the Adviser has contractually agreed, through at least December 31, 2016, to waive advisory fees and/or reimburse expenses of all shares to the extent necessary to limit total annual operating expenses after fee waiver and/or expense reimbursement (excluding certain items discussed below) of Institutional Class, Private Investment Class, Personal Investment Class, Cash Management Class, Reserve Class, Resource Class and Corporate Class shares for each Fund as shown in the following table (the “expense limits”):
| Institutional Class |
Private Investment Class |
Personal Investment Class |
Cash Management Class |
Reserve Class |
Resource Class |
Corporate Class |
||||||||||||||||||||||
| Liquid Assets Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.38 | % | 0.21 | % | ||||||||||||||
| STIC Prime Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Treasury Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Government & Agency Portfolio |
0.18 | % | 0.48 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Government TaxAdvantage Portfolio |
0.18 | % | 0.43 | % | 0.73 | % | 0.26 | % | 1.05 | % | 0.34 | % | 0.21 | % | ||||||||||||||
| Tax-Free Cash Reserve Portfolio |
0.20 | % | 0.45 | % | 0.75 | % | 0.28 | % | 1.07 | % | 0.36 | % | 0.23 | % | ||||||||||||||
50 Short-Term Investments 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 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, 2015 through February 29, 2016.
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 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.
| Resource Class | Beginning Account Value (09/01/15) |
ACTUAL | HYPOTHETICAL (5% annual return before expenses) |
Annualized Expense Ratio |
||||||||||||||||||||
| Ending Account Value (02/29/16)1 |
Expenses Paid During Period2 |
Ending Account Value (02/29/16) |
Expenses Paid During Period2 |
|||||||||||||||||||||
|
Liquid Assets Portfolio |
$ | 1,000.00 | $ | 1,000.40 | $ | 1.44 | $ | 1,023.42 | $ | 1.46 | 0.29 | % | ||||||||||||
| STIC Prime Portfolio |
1,000.00 | 1,000.60 | 0.99 | 1,023.87 | 1.01 | 0.20 | ||||||||||||||||||
| Treasury Portfolio |
1,000.00 | 1,000.20 | 0.85 | 1,024.02 | 0.86 | 0.17 | ||||||||||||||||||
| Government & Agency Portfolio |
1,000.00 | 1,000.30 | 0.85 | 1,024.02 | 0.86 | 0.17 | ||||||||||||||||||
| Government TaxAdvantage Portfolio |
1,000.00 | 1,000.30 | 0.75 | 1,024.12 | 0.75 | 0.15 | ||||||||||||||||||
| Tax-Free Cash Reserve Portfolio |
1,000.00 | 1,000.00 | 0.25 | 1,024.61 | 0.25 | 0.05 | ||||||||||||||||||
| 1 | The actual ending account value is based on the actual total return of the Funds for the period September 1, 2015, through February 29, 2016, after actual expenses and will differ from the hypothetical ending account value which is based on each Fund’s expense ratio and a hypothetical annual return of 5% before expenses. |
| 2 | Expenses are equal to each Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 182/366 to reflect the most recent fiscal half year. |
51 Short-Term Investments Trust
Invesco mailing information
Send general correspondence to Invesco Investment Services, Inc., P.O. Box 219078, Kansas City, MO 64121-9078.
Important notice regarding delivery of security holder documents
To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within 30 days after receiving your request.
Fund holdings and proxy voting information
The Fund provides a complete list of its holdings four times in each fiscal year, at quarter-ends. For the second and fourth quarters, the list appears in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invesco.com/us. Qualified persons, including beneficial owners of the Fund’s shares and prospective investors, may obtain access to the website by calling the distributor at 800 659 1005 and selecting option 2. Shareholders can also look up the Fund’s Form N-Q filings on the SEC website, sec.gov. The Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 551 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are shown below.
A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Cash Management Alliance Services department at 800 659 1005, option 1, or at invesco.com/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: 811-02729 and 002-58287 | CM-STIT-SAR-4 | Invesco Distributors, Inc. |
| ITEM 2. | CODE OF ETHICS. |
There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.
| ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
Not applicable.
| ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
PricewaterhouseCoopers LLP (“PwC”), the Independent Accountant to the series portfolios of the Registrant (“Funds”), has advised the Audit Committee of the Board of Trustees of the Funds (“Audit Committee”) that, as of the date of the filing of this Semi-Annual Report on Form N-CSR, it is in discussions with the Staff of the Securities and Exchange Commission, or the SEC, regarding a difference in the interpretation and application of Rule 2-01(c)(1)(ii)(A) of Regulation S-X, or the Loan Rule.
The Loan Rule prohibits accounting firms, such as PwC, from having certain financial relationships with their audit clients and affiliated entities. Specifically, the Loan Rule provides, in relevant part, that an accounting firm is not independent if it receives a loan from an audit client or it receives a loan from a lender that is a “record or beneficial owner of more than ten percent of the audit client’s equity securities.” Pursuant to the SEC’s interpretation of the Loan Rule, some of PwC’s relationships with lenders who also own shares of one or more funds within the Invesco investment company complex may run afoul of the Loan Rule, calling into question PwC’s independence with respect to the Funds. However, PwC’s interpretation of the Loan Rule, in light of the facts of these lending relationships, leads it to conclude that there is no violation of the Loan Rule.
The Audit Committee has considered the lending relationships described by PwC and has concluded that (1) the lending relationships did not impact PwC’s application of objective judgment with respect to conducting its audits and issuing reports on the Funds’ financial statements; and (2) a reasonable investor with knowledge of all relevant facts and circumstances would reach the same conclusion. In making this determination, the Audit Committee considered, among other things, PwC’s description of the relevant lending relationships, PwC’s interpretation of the Rule 2-01(c)(1)(ii)(A) and PwC’s representation that its independence was not impaired in conducting its audit of the Funds’ financial statements.
PwC advised the Audit Committee that it believes it is independent and it continues to have discussions with the SEC’s Staff to resolve this interpretive matter. PwC further advised the Audit Committee that this matter did not compromise or impair its objectivity in connection with its audits of the Funds’ financial statements. These discussions with the Staff remain ongoing and, while PwC represented to the Audit Committee that it feels confident that PwC’s interpretation of the Loan Rule is correct, neither PwC nor the Audit Committee can be certain of the final outcome.
If the SEC were ultimately to determine that PwC was not independent with respect to the Funds for certain periods, the Funds’ filings with the SEC which contain the Funds’ financial statements for such periods would be non-compliant with the applicable securities laws. If the SEC determines that PwC was not independent, among other
things, the Funds may be required to have independent audits conducted on the Funds’ previously audited financial statements by another independent registered public accounting firm for the affected periods. The time involved to conduct such independent audits may impair the Funds’ ability to issue shares. Any of the foregoing potentially could have a material adverse effect on the Funds.
| ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
Not applicable.
| ITEM 6. | SCHEDULE OF INVESTMENTS. |
Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.
| ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
Not applicable.
| ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
Not applicable.
| ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
None.
| ITEM 11. | CONTROLS AND PROCEDURES. |
| (a) | As of February 12, 2016, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the PEO and 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 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of February 12, 2016, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure. |
| (b) | There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by the report that has materially |
| affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
| ITEM 12. | EXHIBITS. |
| 12(a) (1) | Not applicable. |
| 12(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. |
| 12(a) (3) | Not applicable. |
| 12(b) | Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant: Short-Term Investments Trust
| By: | /s/ Sheri Morris | |
| Sheri Morris | ||
| Principal Executive Officer | ||
| Date: | May 12, 2016 | |
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 12, 2016 | |
| By: | /s/ Kelli Gallegos | |
| Kelli Gallegos | ||
| Principal Financial Officer | ||
| Date: | May 12, 2016 | |
EXHIBIT INDEX
| 12(a) (1) | Not applicable. | |
| 12(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. | |
| 12(a) (3) | Not applicable. | |
| 12(b) | Certifications of principal executive officer and Principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940. | |