INVESCO TREASURER'S SERIES TRUST
Money Market Reserve Fund
Tax-Exempt Reserve Fund
7800 E. Union Avenue
Denver, Colorado 80237
Telephone: 800-241-5477
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The Financial Statements contained herein are submitted for the general
information of the shareholders of the Fund. This Report is not authorized for
distribution to prospective investors in the Fund unless preceded or accompanied
by an effective Prospectus.
- --------------------------------------------------------------------------------
INVESCO CAPITAL MANAGEMENT, INC.
Investment Adviser
INVESCO SERVICES, INC.
Distributor
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SEMIANNUAL REPORT TO SHAREHOLDERS
June 30, 1995
TABLE OF CONTENTS
Page
Statement of Investment Securities 2
Statement of Assets and Liabilities 7
Statement of Operations 7
Statement of Changes in Net Assets 8
Notes to Financial Statements 9
Financial Highlights 10
<PAGE>
<TABLE>
<CAPTION>
INVESCO Treasurer's Series Trust
Statement of Investment Securities
June 30, 1995
UNAUDITED
<S> <C> <C> <C>
Effective
Interest Principal
Description Rate % Amount Value
- ------------------------------------------------ ----------------------------------------------
INVESCO TREASURER'S MONEY MARKET RESERVE Fund
SHORT-TERM INVESTMENTS 100.00%
Commercial Paper 4.59%
RETAIL 4.59%
Dillard Investments
7/5/1995 (Cost $6,497,841) 6.07 $ 6,500,000 $ 6,497,841
---------------
Eurodollar Time Deposits 15.55%
BANKING 15.55%
Fifth Third Bank
7/3/1995 6.08 7,000,000 7,000,000
National Bank of Detroit
7/5/1995 6.08 7,000,000 7,000,000
Societe Generale
7/3/1995 6.24 7,000,000 7,000,000
Wachovia Bank of Georgia
7/3/1995 5.98 1,000,000 1,000,000
---------------
TOTAL EURODOLLAR TIME DEPOSITS
(Cost $22,000,000) 22,000,000
---------------
Loan Participation Agreements 76.12%
AGRICULTURAL 4.95%
Cargill Financial Services
7/14/1995 6.11 7,000,000 7,000,000
---------------
CHEMICALS 4.95%
Polar Lights
7/7/1995 6.05 7,000,000 7,000,000
---------------
ELECTRICAL EQUIPMENT 5.30%
Grainger (W W)
7/5/1995 6.05 7,500,000 7,500,000
---------------
FINANCE RELATED 8.83%
Bell Atlantic Financial Services
7/6/1995 6.08 5,000,000 5,000,000
National Rural Utilities Cooperative Finance
7/20/1995 6.10 7,500,000 7,500,000
---------------
12,500,000
---------------
FOOD PRODUCTS & BEVERAGES 4.81%
Ocean Spray Cranberries
7/17/1995 6.21 6,800,000 6,800,000
---------------
FURNITURE MANUFACTURING 5.23%
Leggett & Platt
7/5/1995 6.13 7,400,000 7,400,000
---------------
<PAGE>
MEDICAL EQUIPMENT & SUPPLIES 5.30%
Advanced Cardiovascular Systems
8/21/1995 6.17 $7,500,000 7,500,000
---------------
OIL & GAS RELATED 4.95%
Questar Corp
7/5/1995 6.11 7,000,000 7,000,000
---------------
PAPER & PAPER PRODUCTS 4.24%
Temple-Inland Inc
7/11/1995 6.09 6,000,000 6,000,000
---------------
PRINTING & PUBLISHING 4.59%
American Greetings
7/5/1995 6.19 6,500,000 6,500,000
---------------
REAL ESTATE RELATED 5.30%
Seacliff Partners
7/14/1995 6.12 7,500,000 7,500,000
---------------
UTILITIES 17.67%
Ameritech Corp
7/7/1995 6.25 7,000,000 7,000,000
Central Telephone
7/5/1995 6.09 5,000,000 5,000,000
Georgia Power
7/11/1995 6.08 4,000,000 4,000,000
7/13/1995 6.08 3,000,000 3,000,000
Indianapolis Power & Light
7/3/1995 6.39 6,000,000 6,000,000
---------------
25,000,000
---------------
TOTAL LOAN PARTICIPATION AGREEMENTS
(Cost $107,700,000) 107,700,000
---------------
Taxable Municipal Short-Term Notes^ 3.32%
INSURANCE 3.32%
Health Insurance Plan of New York, Gen Oblig,
ACES, Series B-1
7/1/2016 (Cost $4,700,000) 6.17 4,700,000 4,700,000
---------------
Other 0.42%
United Missouri Bank, Money Market Fiduciary~
(Cost $600,000) 4.95 600,000 600,000
---------------
TOTAL INVESTMENT SECURITIES AT VALUE 100.00%
(Cost $141,497,841#) $ 141,497,841
=================
<PAGE>
INVESCO TREASURER'S TAX-EXEMPT RESERVE Fund
MUNICIPAL SHORT-TERM INVESTMENTS^ 99.83%
Daily Put Bonds 23.40%
LOUISIANA 1.38%
Louisiana Recovery Dist, VR, Sales Tax Rev,
Series 1988, 7/1/1997 4.35 300,000 300,000
---------------
MASSACHUSETTS 3.21%
Massachusetts Commonwealth, UPDATES, Dedicated
Income Tax, Fiscal Recovery Ln,
1990 Series B, 12/1/1997 4.20 500,000 500,000
1990 Series E, 12/1/1997 4.20 200,000 200,000
---------------
700,000
---------------
NEW YORK 4.59%
New York City, New York, AR, Gen Oblig,
SubSeries E-3, 8/1/2023 4.20 1,000,000 1,000,000
---------------
OREGON 1.38%
Umatilla Cnty Hosp Fac Auth, Oregon
(Franciscan Hlth System - Pooled Fing Proj),
DATES, Hosp Rev, Series 1985A, 12/1/2024 4.35 300,000 300,000
---------------
TEXAS 9.17%
Harris Cnty Hlth Facils Dev Corp, Texas
(St Luke's Episcopal Hosp Proj), RATES,
Hosp Rev, Series 1985D, 2/15/2016 4.50 1,000,000 1,000,000
Harris Cnty Indl Dev Corp, Texas (Exxon Proj),
DATES, PCR, 1984-B Series, 3/1/2024 4.25 900,000 900,000
North Central Hlth Facils Dev Corp, Texas
(Presbyterian Med Ctr Proj), DATES, Hosp Rev,
Series 1985C, 12/1/2015 4.35 100,000 100,000
---------------
2,000,000
---------------
WYOMING 3.67%
Platte Cnty, Wyoming (Tri-State Generation &
Transmission Assn Proj), DATES, PCR, Series
1984A, 7/1/2014 4.35 800,000 800,000
---------------
TOTAL DAILY PUT BONDS (Cost $5,100,000) 5,100,000
---------------
Weekly Put Bonds 74.60%
ALABAMA 11.77%
Ashland Indl Dev Brd, Alabama (Russell Corp Proj),
A/FR, IDR Ref, Series 1992, 6/1/2002 4.25 1,000,000 1,000,000
McIntosh Indl Dev Brd, Alabama (CIBA-GEIGY Corp Proj),
VR, Solid Waste Disp Rev, Series 1990, 7/1/2004 4.20 1,000,000 1,000,000
Montgomery Indl Dev Brd, Alabama (Smith Inds Proj),
V/FR, IDR, Series 1988-B, 6/1/2000 4.25 565,000 565,000
---------------
2,565,000
---------------
ARIZONA 7.02%
Maricopa Cnty Indl Dev Auth, Arizona (McLane Co Proj),
VRD, IDR, Series 1984, 10/1/2004 4.56 1,530,000 1,530,000
---------------
GEORGIA 8.65%
Columbia Cnty Dev Auth, Georgia (Augusta Sportswear
Proj), TEAMS, IDR, Series 1991, 1/1/2007 4.25 1,400,000 1,400,000
Jasper Cnty Econ Dev Auth, Georgia (Earth Pak Proj),
FR, IDR, Series 1992, 3/1/2004 4.25 485,000 485,000
---------------
1,885,000
---------------
<PAGE>
LOUISIANA 4.59%
DeSoto Parish, Louisiana (Central Louisiana Elec Proj),
ATS, PCR Ref, Series 1991B, 7/1/2018 3.95 1,000,000 1,000,000
---------------
MINNESOTA 5.62%
Minneapolis, Minnesota (Mt Sinai Med Bldg Assoc Proj),
VR, Coml Dev Rev Ref, Series 1989, 8/1/1999 3.90 1,225,000 1,225,000
---------------
NEBRASKA 3.00%
Buffalo County Hosp Auth #1, Nebraska (Good Samaritan
Hosp Proj), UPDATES, Rev, Series 1985A, 1/1/2016 4.05 655,000 655,000
---------------
NEW JERSEY 4.59%
New Jersey Sports & Exposition Auth, AR, State Contract
Bonds, 1992 Series C, 9/1/2024 3.90 1,000,000 1,000,000
---------------
SOUTH CAROLINA 11.47%
Dorchester Cnty, South Carolina (BOC Group Proj), TEAMS,
PCR Ref, Series 1993, 12/8/2000 4.15 500,000 500,000
South Carolina Edl Facils Auth (Presbyterian College Proj),
VR, Edl Facils Rev, Series 1993, 6/1/2008 4.20 1,000,000 1,000,000
South Carolina Hsg Fin & Dev Auth (Waverly Pl Proj), VR,
Rental Hsg Rev Ref, Series 1988, 11/1/2007 4.31 1,000,000 1,000,000
---------------
2,500,000
---------------
TENNESSEE 4.59%
Morristown Indl Dev Brd, Tennessee (Camvac Intl Proj),
Indl Rev, Series 1983, 6/1/1998 4.44 1,000,000 1,000,000
---------------
WASHINGTON 1.84%
Washington Hsg Fin Commn (Pacific First Fed Svg Bank Prog),
VRD, Multifamily Mtg Rev Ref, Series 1988B, 10/1/2020 4.50 400,000 400,000
---------------
WEST VIRGINIA 2.29%
Mercer Cnty, West Virginia (Flowers Baking of West
Virginia Proj), AR, IDR Ref, Series 1995, 2/1/1999 4.15 500,000 500,000
---------------
WYOMING 9.17%
Green River, Wyoming (Allied Corp Proj), F/FR, PCR Ref,
1982 Series, 12/1/2012 5.04 2,000,000 2,000,000
---------------
TOTAL WEEKLY PUT BONDS (Cost $16,260,000) 16,260,000
---------------
Miscellaneous Bonds 1.83%
FLORIDA 1.83%
Gainesville Util System, Florida, TECP, Series C,
7/7/1995 (Cost $400,000) 3.55 400,000 400,000
---------------
TOTAL MUNICIPAL SHORT-TERM INVESTMENTS
(Cost $21,760,000) 21,760,000
---------------
TAXABLE SHORT-TERM INVESTMENTS 0.17%
United Missouri Bank, Money Market Fiduciary~
(Cost $37,000) 4.95 37,000 37,000
---------------
TOTAL INVESTMENT SECURITIES AT VALUE 100.00%
(Cost $21,797,000#) $ 21,797,000
===============
<PAGE>
<FN>
The following abbreviations may be used in portfolio descriptions: A/FR* --
Adjustable/Fixed Rate ACES* -- Adjustable Convertible Extendible Securities AR*
- -- Adjustable Rate ATS* -- Adjustable Tender Securities DATES* -- Daily
Adjustable Tax-Exempt Securities F/FR -- Floating/Fixed Rate FR -- Fixed Rate
IDR -- Industrial Development Revenue PCR -- Pollution Control Revenue RATES* --
Readily Adjustable Tax-Exempt Securities TEAMS* -- Tax-Exempt Adjustable Mode
Securities TECP -- Tax-Exempt Commercial Paper UPDATES* -- Unit Priced Demand
Tax-Exempt Securities V/FR* -- Variable/Fixed Rate VR* -- Variable Rate VRD* --
Variable Rate Demand
* Rate is subject to change. Rate shown reflects current rate.
^ All securities with a maturity date greater than one year have either a
variable rate, demand feature, optional or mandatory put resulting in an
effective maturity of one year or less. Rate shown reflects current rate.
# Also represents cost for income tax purposes.
~ Principal and interest are payable on demand.
See Notes to Financial Statements
</FN>
</TABLE>
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<TABLE>
<CAPTION>
INVESCO Treasurer's Series Trust
Statement of Assets and Liabilities
June 30, 1995
UNAUDITED
<S> <C> <C>
INVESCO INVESCO
Treasurer's Treasurer's
Money Market Tax-Exempt
Reserve Fund Reserve Fund
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ASSETS
Investment Securities:
At Cost $141,497,841 $ 21,797,000
=============== ===============
At Value $141,497,841 $ 21,797,000
Cash 1,279,674 0
Receivables:
Fund Shares Sold 0 877,313
Interest 321,480 112,384
Other Assets 4,251 1,772
--------------- ---------------
TOTAL ASSETS 143,103,246 22,788,469
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LIABILITIES
Payables:
Custodian 0 877,310
Distributions to Shareholders 300 1,661
Fund Shares Repurchased 1,250,000 0
Other Payables 979 0
--------------- ---------------
TOTAL LIABILITIES 1,251,279 878,971
--------------- ---------------
Net Assets at Value $141,851,967 $21,909,498
=============== ===============
Shares Outstanding* 141,851,967 21,909,498
Net Asset Value, Offering and
Redemption Price per Share $1.00 $1.00
<FN>
=============== ===============
* The Trust has one class of shares which may be divided into different
series, each representing an interest in a separate Fund. At June 30, 1995,
there was an unlimited number of shares of beneficial interest (without par
value) authorized. Paid-in capital was $141,851,967 and $21,909,498 for
Money Market Reserve and Tax-Exempt Reserve Funds, respectively.
See Notes to Financial Statements
</FN>
</TABLE>
INVESCO Treasurer's Series Trust
Statement of Operations
Six Months Ended June 30, 1995
UNAUDITED
<TABLE>
<CAPTION>
<S> <C> <C>
INVESCO INVESCO
Treasurer's Treasurer's
Money Market Tax-Exempt
Reserve Fund Reserve Fund
--------------- ---------------
INVESTMENT INCOME
INTEREST INCOME $3,999,050 $456,992
EXPENSES
Investment Advisory Fees 165,122 27,217
--------------- ---------------
Net Investment Income and Net Increase
in Net Assets from Operations $3,833,928 $429,775
=============== ===============
See Notes to Financial Statements
</TABLE>
INVESCO Treasurer's Series Trust
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
INVESCO INVESCO
Treasurer's Treasurer's
Money Market Tax-Exempt
Reserve Fund Reserve Fund
-------------------------------- ---------------------------
Six Months Year Six Months Year
Ended Ended Ended Ended
June 30 December 31 June 30 December 31
1995 1994 1995 1994
-------------------------------- ---------------------------
UNAUDITED UNAUDITED
OPERATIONS AND DISTRIBUTIONS
TO SHAREHOLDERS
Net Investment Income Earned and
Distributed to Shareholders $3,833,928 $4,512,107 $429,775 $626,866
================================ ===========================
FUND SHARE TRANSACTIONS
Proceeds from Sales of Shares $507,340,062 $1,067,071,444 $28,766,510 $44,315,121
Reinvestment of Dividends 3,823,098 4,427,643 421,989 607,384
-------------------------------- ---------------------------
511,163,160 1,071,499,087 29,188,499 44,922,505
Amounts Paid for Repurchases
of Shares (462,442,182) (1,081,189,907) (26,994,645) (52,468,131)
-------------------------------- ---------------------------
NET INCREASE (DECREASE) IN
NET ASSETS FROM FUND SHARE
TRANSACTIONS 48,720,978 (9,690,820) 2,193,854 (7,545,626)
NET ASSETS
Beginning of Period 93,130,989 102,821,809 19,715,644 27,261,270
-------------------------------- ---------------------------
End of Period $141,851,967 $93,130,989 $21,909,498 $19,715,644
================================ ===========================
---------------------- ---------------------------------
FUND SHARE TRANSACTIONS
Shares Sold 507,340,062 1,067,071,444 28,766,510 44,315,121
Shares Issued from Reinvestment
of Dividends 3,823,098 4,427,643 421,989 607,384
-------------------------------- ---------------------------
511,163,160 1,071,499,087 29,188,499 44,922,505
Shares Repurchased (462,442,182) (1,081,189,907) (26,994,645) (52,468,131)
-------------------------------- ---------------------------
Net Increase (Decrease) in
Fund Shares 48,720,978 (9,690,820) 2,193,854 (7,545,626)
================================ ===========================
See Notes to Financial Statements
</TABLE>
<PAGE>
INVESCO Treasurer's Series Trust
Notes to Financial Statements
UNAUDITED
NOTE 1 -- ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES. INVESCO Treasurer's
Series Trust (the "Trust") is registered under the Investment Company Act of
1940 (the "Act"), as a diversified, open-end management investment company. The
Trust is organized under the laws of the Commonwealth of Massachusetts and
consists of four separate funds: INVESCO Treasurer's Money Market Reserve Fund
("Money Fund"), INVESCO Treasurer's Tax-Exempt Reserve Fund ("Tax-Exempt Fund"),
each of which represents a separate portfolio of investments.
The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements.
A. SECURITY VALUATION -- Short-term securities are stated at amortized cost
(which approximates
market value) if maturity is 60 days or less, or at market value if
maturity is greater than 60 days. If management believes that such
valuation does not reflect the securities' fair value, these securities
are valued at fair value as determined in good faith by the Funds'
trustees.
B. SECURITY TRANSACTIONS AND RELATED INVESTMENT INCOME -- Security
transactions are accounted for on the trade date. Interest income is
recorded on the accrual basis. The Fund amortizes discounts and premiums
paid on purchases of securities to the earliest put or call date as
adjustments to interest income. Cost is determined on the specific
identification basis.
C. FEDERAL AND STATE TAXES -- The Trust has complied and continues to comply
with the provisions of the Internal Revenue Code applicable to regulated
investment companies and, accordingly, has made or intends to make
sufficient distributions of net investment income and net realized capital
gains, if any, to relieve it from all federal and state income taxes and
federal excise taxes.
D. DISTRIBUTIONS TO SHAREHOLDERS -- All of the Fund's net investment income
is distributed to shareholders by dividends declared daily and paid
monthly. Reinvestment of income dividends is effected at the month-end
net asset value.
NOTE 2 -- INVESTMENT ADVISORY AND OTHER AGREEMENTS. INVESCO Capital Management,
Inc. ("ICM") serves as the Trust's investment adviser. As compensation
for its services to the Trust, ICM receives an investment advisory fee
which is accrued daily and paid monthly.The fee is based on the annual
rate of 0.25% of each Fund's average net assets. ICM is also
responsible for providing certain administrative and clerical services
and facilities necessary for the operation of the Trust. In
accordance with the Investment Advisory Agreement, ICM bears all other
expenses of the Funds, except taxes, interest and brokerage
commissions.
NOTE 3 -- TRANSACTIONS WITH AFFILIATES. Certain of the Trust's officers and/or
trustees are also officers and/or directors of ICM. At June 30, 1995,
18.09% and 32.82% of outstanding shares of Money Fund and Tax-Exempt
Fund, respectively, were held by ICM or affiliated parties.
The Trust has adopted an unfunded noncontributory defined benefit
pension plan covering all independent trustees of the Trust who wil
l have served as an independent trustee for at least five years at the
time of retirement. Benefits under this plan are based on an annual
rate equal to 25% of the retainer fee at the time of retirement.
Pension expenses for the six months ended June 30, 1995, unfunded
accrued pension costs and pension liability were paid by ICM in
accordance with the Investment Advisory Agreement and were as follows:
Unfunded Accrued
Pension Pension Pension
Fund Expenses Costs Liability
- --------------------------------------------------------------------------------
Money Fund $ 626 $ 36,383 $ 37,009
Tax-Exempt Fund 113 663 776
<PAGE>
<TABLE>
<CAPTION>
INVESCO Treasurer's Series Trust
Financial Highlights
(For a Fund Share Outstanding throughout Each Period)
<S> <C> <C> <C> <C> <C> <C>
Six Months
Ended June 30 Year Ended December 31
------------ ------- ------- ------- ------- -------
1995 1994 1993 1992 1991 1990
UNAUDITED
INVESCO Treasurer's Money Market Reserve Fund
PER SHARE DATA
Net Asset Value -- Beginning of Period $ 1.00 $1.00 $1.00 $1.00 $1.00 $1.00
------------ ------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income Earned and
Distributed to Shareholders 0.03 0.04 0.03 0.04 0.06 0.08
------------ ------- ------- ------- ------- -------
Net Asset Value-- End of Period $1.00 $ 1.00 $ 1.00 $1.00 $1.00 $1.00
============ ======= ======= ======= ======= =======
TOTAL RETURN 2.89%* 4.13% 2.92% 3.57% 6.04% 8.39%
RATIOS
Net Assets -- End of Period
($000 Omitted) $141,852 $93,131 $102,822 $117,711 $173,138 $278,236
Ratio of Expenses to Average Net Assets 0.12%* 0.25% 0.25% 0.25% 0.25% 0.25%
Ratio of Net Investment Income to
Average Net Assets 2.90%* 4.02% 2.88% 3.54% 5.97% 8.08%
<FN>
* These amounts are based on operations for the period shown and, accordingly,
are not representative of a full year.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
INVESCO Treasurer's Series Trust
Financial Highlights (Continued)
(For a Fund Share Outstanding throughout Each Period)
<S> <C> <C> <C> <C> <C> <C>
Six Months
Ended June 30 Year Ended December 31
------------ ------- ------- ------- ------- -------
1995 1994 1993 1992 1991 1990
UNAUDITED
INVESCO Treasurer's Tax-Exempt Reserve Fund
PER SHARE DATA
Net Asset Value -- Beginning of Period $ 1.00 $1.00 $1.00 $1.00 $1.00 $1.00
------------ ------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income Earned and
Distributed to Shareholders 0.02 0.03 0.02 0.03 0.05 0.06
------------ ------- ------- ------- ------- -------
Net Asset Value -- End of Period $1.00 $ 1.00 $ 1.00 $1.00 $1.00 $1.00
============ ======= ======= ======= ======= =======
TOTAL RETURN 1.96%* 2.81% 2.30% 2.88% 4.57% 6.05%
RATIOS
Net Assets -- End of Period
($000 Omitted) $21,909 $19,716 $27,261 $60,717 $78,552 $61,981
Ratio of Expenses to Average Net Assets 0.12%* 0.25% 0.25% 0.25% 0.25% 0.25%
Ratio of Net Investment Income to
Average Net Assets 1.98%* 2.69% 2.28% 2.84% 4.48% 5.90%
<FN>
* These amounts are based on operations for the period shown and, accordingly,
are not representative of a full year.
</FN>
</TABLE>
<PAGE>
Investment Adviser
INVESCO Capital Management, Inc.
Distributor
INVESCO Services, Inc.
Transfer Agent
INVESCO Funds Group, Inc.
Custodian SEMIANNUAL REPORT
United Missouri Bank of Kansas City
INVESCO
Independent Accountants TREASURER'S
Price Waterhouse LLP SERIES TRUST
Legal Counsel Money Market
Kirkpatrick & Lockhart Reserve Fund
Tax-Exempt
Reserve Fund
June 30, 1995
