corresp
Invesco Advisers, Inc.
PO Box 4333
Houston, TX 77210-4333
11 Greenway Plaza, Suite 100
Houston, TX 77046-1173
713 626 1919
www.invesco.com
December 22, 2010
Via EDGAR
Vincent Di Stefano
Division of Investment Management
U.S. Securities and Exchange Commission
100 F Street, N.E.
Washington, DC 20549
|
Re: |
|
AIM Treasurers Series Trust (Invesco Treasurers Series Trust)
File Nos: 811-05460 and 033-19862 |
Dear Mr. Di Stefano:
On behalf of AIM Treasurers Series Trust (Invesco Treasurers Series Trust) (the
Registrant), below you will find the Registrants responses to the comments conveyed by you in
December, 2010, with regard to Post-Effective Amendment No. 45 under the Securities Act of 1933 and
Amendment No. 49 under the Investment Company Act of 1940 (the Amendment) to the Registrants
registration statement on Form N-1A. The Amendment was filed with the U.S. Securities and Exchange
Commission (the SEC) on October 21, 2010, pursuant to the Investment Company Act of 1940, as
amended, and Rule 485(a)(1) under the Securities Act of 1933, as amended (the Securities Act) and
is scheduled to go effective December 22, 2010.
For your convenience, we have summarized each of your comments in bold and have set forth the
Registrants response immediately below each comment.
General Comments
1. Comment: In the footnote regarding a contractual expense limit, state who can terminate the
expense limit and under what circumstances.
|
|
|
Vincent Di Stefano |
|
|
Division of Investment Management |
|
|
December 22, 2010
|
|
Page 2 |
Response: The last sentence of footnotes regarding each expense limit provides that unless
the Board of Trustees and Invesco Advisers, Inc. mutually agree to amend or continue the fee waiver
agreement, it will terminate on a date no less than one year from the effective date of the expense
limit.
2. Comment: Consider whether a strategy regarding Acquired Fund Fees and Expenses should be added
to the strategy sections of the Prospectus since it appears as a line item in the Funds fee
tables.
Response: The Acquired Fund Fees and Expenses line item and corresponding footnote have
been deleted from the prospectus because the Funds acquired fund fees and expenses are under
0.01%, and such amount, if any, has been included in the Other Expenses line item.
3. Comment: Delete the first footnote to the fee table.
Response: Given that this information is included in Fund Management Adviser Compensation
section, we have deleted the footnote.
4. Comment: For Premier Tax-Exempt Portfolio and Premier U.S. Government Money Portfolio In the
first sentence of the section, Fund Summary Principal Investment Strategies of the Fund, and
the corresponding sentence in the section, Investment Objectives, Strategies Risks and Portfolio
Holdings Objective and Strategies, include the phrase net plus borrowing in the 80% limit.
Response: The requested change has been made.
Premier Portfolio
1. Comment: The first sentence of the third paragraph in the section, Fund Summary Principal
Investment Strategies of the Fund, and the corresponding sentence in the section, Investment
Objectives, Strategies Risks and Portfolio Holdings Objective and Strategies, states, The Fund
may invest in U.S. dollar-denominated foreign securities. Delete the word may from this
sentence. Include only strategies that the Fund will utilize.
Response: We have deleted the word, may, and revised the sentence to read: The Fund invests
from time to time in U.S. dollar-denominated foreign securities.
Premier Tax-Exempt Portfolio
1. Comment: Why is there no reference to the Fund being tax exempt in the investment objective?
Response: We will take this comment under advisement for future updates of the Funds registration
statement.
|
|
|
Vincent Di Stefano |
|
|
Division of Investment Management |
|
|
December 22, 2010
|
|
Page 3 |
2. Comment: The last sentence of the second paragraph in the section, Fund Summary -
Principal Investment Strategies of the Fund, and the corresponding sentence in the section,
Investment Objectives, Strategies Risks and Portfolio Holdings Objective and Strategies,
refers to synthetic municipal securities. Define synthetic municipal securities at the terms
first mention.
Response: The requested change has been made.
3. Comment: In Synthetic Securities Risk, add language regarding this investments illiquidity.
Response: Liquidity Risk has been added to the Prospectus.
4. Comment: The third sentence of Synthetic Securities Risk, states, certain instruments may be
subject to the risk that the other party to a contract will not fulfill its contractual
obligation. Does this apply to all synthetic securities instruments? If so, revise the sentence.
Response: Synthetic Securities Risk has been revised as follows:
Fluctuations in the values of synthetic instruments may not correlate perfectly
with the instruments they are designed to replicate. Some synthetic instruments
are more sensitive to interest rate changes and market price fluctuations than
others. These instruments may be subject to counterparty risk and liquidity
risk.
We urge all persons who are responsible for the accuracy and adequacy of the disclosure in the
filings reviewed by the staff to be certain that they have provided all information investors
require. Since the Fund and its management are in possession of all facts relating to the Funds
disclosure, they are responsible for the accuracy and adequacy of the disclosures they have made.
In connection with responding to our comments, please provide, in writing, a statement from the
company acknowledging that: the Fund is responsible for the adequacy and accuracy of the
disclosure in the filings; Staff comments or changes to disclosure in response to staff comments in
the filings reviewed by the staff do not foreclose the Commission from taking any action with
respect to the filing; and the Fund may not assert this action as defense in any proceeding
initiated by the Commission or any person under the federal securities laws of the United States.
Please do not hesitate to contact me at (713) 214-1968 if you have any questions or wish to
discuss any of the responses presented above.
Very truly yours,
/s/ Stephen R. Rimes
Stephen R. Rimes, Esq.
Assistant General Counsel