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We report a semantic effect in immediate free recall, which is localized at recency and is preserved under articulatory suppression but is highly reduced when recall is delayed after an intervening distractor task. These results are explained by a neurocomputational model based on a limited-capacity short-term memory (STM) store, consisting ofactivated long-term memory representations. The model makes additional predictions about serial position functions in semantically cued recall, indicating capacity limitations caused by a displacement type mechanism, which are confirmed in a second experiment. This suggests that in addition to the phonological component in verbal STM, there is an activation/ item-limited component with semantically sensitive representations.