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.
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INVESCO CAPITAL MANAGEMENT, INC.
Investment Adviser
INVESCO SERVICES, INC.
Distributor
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ANNUAL REPORT TO SHAREHOLDERS
December 31, 1995
TABLE OF CONTENTS
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
Report of Independent Accountants.......................................... 12
<PAGE>
Investment Adviser
INVESCO Capital Management, Inc.
Distributor
INVESCO Services, Inc.
Transfer Agent
INVESCO Funds Group, Inc.
Custodian
United Missouri Bank of Kansas City
Independent Accountants
Price Waterhouse LLP
Legal Counsel
Kirkpatrick & Lockhart
Moye, Giles, O'Keefe, Vermeire & Gorrell
<PAGE>
ANNUAL REPORT
INVESCO
TREASURER'S
SERIES
TRUST
Money Market
Reserve Fund
Tax-Exempt
Reserve Fund
December 31, 1995
<PAGE>
INVESCO Treasurer's Series Trust
Statement of Investment Securities
December 31, 1995
<TABLE>
<CAPTION>
Effective
Interest Principal
Description Rate % Amount Value
- ----------------------------------------------------------------------------------------------
TREASURER'S MONEY MARKET RESERVE Fund
<S> <C> <C> <C> <C>
SHORT-TERM INVESTMENTS 100.00%
Commercial Paper 51.10%
AGRICULTURAL 4.77%
Archer-Daniels-Midland Co
1/3/1996 5.99 $6,000,000 $5,998,033
------------
FINANCE RELATED 11.19%
Ciesco LP
1/3/1996 5.79 5,000,000 4,998,417
PHH Corp
1/18/1996 5.87 6,000,000 5,983,708
Progress Capital Holdings
1/4/1996 5.87 3,101,000 3,099,509
------------
14,081,634
------------
INSURANCE 2.67%
American General Capital Services
1/2/1996 5.94 3,360,000 3,359,454
------------
OIL & GAS RELATED 4.37%
Shell Oil
1/5/1996 5.79 5,500,000 5,496,517
------------
PRINTING & PUBLISHING 5.96%
American Greetings
1/2/1996 5.94 2,000,000 1,999,675
Gannett Co
1/8/1996 5.90 5,500,000 5,493,797
------------
7,493,472
------------
RETAIL 4.75%
Jostens Inc
1/31/1996 5.86 6,000,000 5,971,250
------------
TRANSPORTATION 4.77%
United Parcel Service of America
1/4/1996 5.99 6,000,000 5,997,050
------------
UTILITIES 12.62%
Citizens Utilities
1/12/1996 5.87 5,000,000 4,991,200
Consolidated Natural Gas
1/2/1996 5.83 5,500,000 5,499,122
<PAGE>
GTE North
1/18/1996 5.78 395,000 393,940
Pacific Gas & Electric
1/9/1996 5.87 5,000,000 4,993,600
------------
15,877,862
------------
TOTAL COMMERCIAL PAPER
(Cost $64,275,272) 64,275,272
------------
Eurodollar Time Deposits 4.37%
BANKING 4.37%
Fifth Third Bancorp
1/2/1996 (Cost $5,500,000) 5.89 5,500,000 5,500,000
------------
Loan Participation Agreements 40.63%
AGRICULTURAL 3.97%
Cargill Financial Services
1/16/1996 5.78 5,000,000 5,000,000
------------
FINANCE RELATED 8.75%
Bell Atlantic Financial Services
1/2/1996 6.08 5,500,000 5,500,000
National Rural Utilities Cooperative
Finance 1/29/1996 5.87 5,500,000 5,500,000
------------
11,000,000
------------
FOOD PRODUCTS & BEVERAGES 3.18%
Ocean Spray Cranberries
1/22/1996 5.93 4,000,000 4,000,000
------------
LEASING COMPANIES 4.77%
Hertz Corp
1/11/1996 5.89 6,000,000 6,000,000
------------
PAPER & PAPER PRODUCTS 3.98%
Temple-Inland Inc
1/10/1996 5.93 5,000,000 5,000,000
------------
UTILITIES 15.98%
Central Telephone
1/19/1996 5.97 5,500,000 5,500,000
Georgia Power
1/22/1996 5.80 5,500,000 5,500,000
Nautahala Power & Light
2/12/1996 6.06 3,200,000 3,200,000
3/18/1996 5.98 2,600,000 2,600,000
Washington Gas & Light
2/9/1996 5.83 3,300,000 3,300,000
------------
20,100,000
------------
TOTAL LOAN PARTICIPATION AGREEMENTS
(Cost $51,100,000) 51,100,000
------------
<PAGE>
Municipal Short-Term Notes^ 3.74%
INSURANCE 3.74%
Health Insurance Plan of New York,
Gen Oblig, ACES, Series B-1
7/1/2016 (Cost $4,700,000) 5.95 4,700,000 4,700,000
------------
Other 0.16%
United Missouri Bank, Money Market
Fiduciary~ (Cost $198,000) 4.50 198,000 198,000
------------
TOTAL INVESTMENT SECURITIES AT VALUE 100.00%
(Cost $125,773,272#) $125,773,272
============
TREASURER'S TAX-EXEMPT RESERVE Fund
MUNICIPAL SHORT-TERM INVESTMENTS^ 99.94%
Daily Put Bonds 40.12%
GEORGIA 3.69% Hapeville Dev Auth, Georgia
(Hapeville Hotel Ltd), ATS, IDR,
11/1/2015 5.98 800,000 800,000
------------
LOUISIANA 4.16%
Louisiana Recovery Dist, VR, Sales
Tax Rev, Series 1988, 7/1/1998 5.98 900,000 900,000
------------
MASSACHUSETTS 7.38%
Massachusetts Commonwealth, UPDATES,
Dedicated Income Tax Rev, Fiscal
Recovery Ln,
Act of 1990 Series B, 12/1/1997 5.88 700,000 700,000
Act of 1990 Series E, 12/1/1997 5.88 900,000 900,000
------------
1,600,000
------------
MISSOURI 4.16%
Saint Louis Cnty Indl Dev Auth, Missouri
(Schnuck Mkts - Kirk), VR, IDR,
12/1/2015 5.20 900,000 900,000
------------
NEW YORK 8.72%
New York City, New York, AR, Gen Oblig,
Subseries E-4, 8/1/2021 5.98 800,000 800,000
New York City Muni Wtr Fin Auth, New York,
AR, Wtr & Swr Systems Rev, Series C,
6/15/2023 5.88 600,000 600,000
New York State Energy Research & Dev Auth,
(New York Elec & Gas), AR, PCR Ref,
Series C, 6/1/2029 5.88 490,000 490,000
------------
1,890,000
------------
<PAGE>
TEXAS 4.16%
North Central Hlth Facils Dev Corp, Texas
(Presbyterian Med Ctr Proj), DATES,
Hosp Rev, Series 1985D, 12/1/2015 5.98 900,000 900,000
------------
WASHINGTON 4.16%
Washington State Hlth Care Facils Auth,
(Sisters Providence Proj),
VR, Hosp Rev, Series B, 10/1/2005 5.88 900,000 900,000
------------
WYOMING 3.69%
Lincoln Cnty, Wyoming (Exxon Corp Proj),
DATES, PCR, Series C, 11/1/2014 5.88 800,000 800,000
------------
TOTAL DAILY PUT BONDS (Cost $8,690,000) 8,690,000
------------
Weekly Put Bonds 59.82%
ALABAMA 7.22%
McIntosh Indl Dev Brd, Alabama
(CIBA-GEIGY Corp Proj), VR, Solid Waste
Disp Rev, Series 1990, 7/1/2004 5.29 1,000,000 1,000,000
Montgomery Indl Dev Brd, Alabama
(Smith Inds Proj), V/FR, IDR, Series
1988-B, 6/1/2000 5.34 565,000 565,000
------------
1,565,000
------------
ARIZONA 7.06%
Maricopa Cnty Indl Dev Auth, Arizona
(McLane Co Proj), VRD, Rev, Series 1984,
10/1/2004 5.58 1,530,000 1,530,000
------------
GEORGIA 6.74%
Gwinnett Cnty Hsg Auth, Georgia
(Greens Apts Proj), AR, Multifamily
Hsg Rev Ref, 6/15/2025 5.09 1,000,000 1,000,000
Jasper Cnty Econ Dev Auth, Georgia
(Earth Pak Proj), FR, IDR,
Series 1992, 3/1/2004 5.34 460,000 460,000
------------
1,460,000
------------
ILLINOIS 4.16%
Illinois Toll Hwy Auth, AR, Toll Hwy
Priority Rev Ref, Series B, 1/1/2010 5.04 900,000 900,000
------------
LOUISIANA 4.62%
DeSoto Parish, Louisiana (Central
Louisiana Elec Proj), ATS, PCR Ref,
Series 1991B, 7/1/2018 5.04 1,000,000 1,000,000
------------
<PAGE>
MINNESOTA 5.54%
Minneapolis, Minnesota (Mt Sinai Med
Bldg Assoc Proj), VR, Coml Dev Rev Ref,
Series 1989, 8/1/1999 5.09 1,200,000 1,200,000
------------
NEW JERSEY 4.16%
New Jersey Sports & Exposition Auth
(Convention Cntr Proj), V/FR, State
Contract Rev, 1992 Series C, 9/1/2024 4.74 900,000 900,000
------------
SOUTH CAROLINA 2.31%
Dorchester Cnty, South Carolina
(BOC Group Proj), TEAMS, PCR Ref,
Series 1993, 12/8/2000 5.14 500,000 500,000
------------
TENNESSEE 4.62%
Morristown Indl Dev Brd, Tennessee
(Camvac Intl Proj), Indl Rev,
Series 1983, 6/1/1998 5.45 1,000,000 1,000,000
------------
WASHINGTON 1.85%
Washington Hsg Fin Commn (Pac First
Fed Svgs Bank Prog), VRD, Multifamily
Mtg Rev Ref, Series 1988B, 10/1/2020 5.29 400,000 400,000
------------
WEST VIRGINIA 2.31%
Mercer Cnty, West Virginia (Flowers
Baking of West Virginia Proj),
AR, IDR Ref, Series 1995, 2/1/1999 5.14 500,000 500,000
------------
WYOMING 9.23%
Green River, Wyoming (Allied Corp Proj),
F/FR, PCR Ref, 1982 Series, 12/1/2012 4.39 2,000,000 2,000,000
------------
TOTAL WEEKLY PUT BONDS
(Cost $12,955,000) 12,955,000
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TOTAL MUNICIPAL SHORT-TERM INVESTMENTS
(Cost $21,645,000) 21,645,000
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TAXABLE SHORT-TERM INVESTMENTS 0.06%
United Missouri Bank, Money Market Fiduciary~
(Cost $13,000) 4.50 13,000 13,000
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TOTAL INVESTMENT SECURITIES AT VALUE 100.00%
(Cost $21,658,000#) $21,658,000
============
<FN>
The following abbreviations may be used in portfolio descriptions:
A/FR* - Adjustable/Fixed Rate
ACES* - Adjustable Convertible Extendable 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
TEAMS* - Tax-Exempt Adjustable Mode Securities
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.
</FN>
</TABLE>
See Notes to Financial Statements
<PAGE>
INVESCO Treasurer's Series Trust
Statement of Assets and Liabilities
December 31, 1995
<TABLE>
<CAPTION>
Treasurer's Treasurer's
Money Market Tax-Exempt
Reserve Fund Reserve Fund
-------------------------------------
ASSETS
<S> <C> <C>
Investment Securities:
At Cost $125,773,272 $21,658,000
=====================================
At Value 125,773,272 21,658,000
Cash 15,944,155 795,994
Interest Receivable 155,002 117,543
Prepaid Expenses and Other Assets 12,780 2,966
-------------------------------------
TOTAL ASSETS 141,885,209 22,574,503
-------------------------------------
LIABILITIES
Payables:
Distributions to Shareholders 122 1,299
Fund Shares Repurchased 0 645,000
-------------------------------------
TOTAL LIABILITIES 122 646,299
-------------------------------------
Net Assets at Value $141,885,087 $21,928,204
=====================================
Shares Outstanding* 141,885,087 21,928,204
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 December 31, 1995, there
was an unlimited number of shares of beneficial interest (without par value)
authorized. Paid-in capital was $141,885,087 and $21,928,204 for Money Market
Reserve and Tax-Exempt Reserve Funds, respectively.
</FN>
</TABLE>
See Notes to Financial Statements
<PAGE>
INVESCO Treasurer's Series Trust
Statement of Operations
Year Ended December 31, 1995
<TABLE>
<CAPTION>
Treasurer's Treasurer's
Money Market Tax-Exempt
Reserve Fund Reserve Fund
<S> <C> <C>
INVESTMENT INCOME
INTEREST INCOME $8,092,289 $879,154
-------------------------------------
EXPENSES
Investment Advisory Fees 339,497 53,533
-------------------------------------
Net Investment Income and Net Increase
in Net Assets from Operations $7,752,792 $825,621
=====================================
</TABLE>
See Notes to Financial Statements
<PAGE>
INVESCO Treasurer's Series Trust
Statement of Changes in Net Assets
Year Ended December 31
<TABLE>
<CAPTION>
Treasurer's Treasurer's
Money Market Tax-Exempt
Reserve Fund Reserve Fund
---------------------------- --------------------------
1995 1994 1995 1994
OPERATIONS AND DISTRIBUTIONS TO SHAREHOLDERS
<S> <C> <C> <C> <C>
Net Investment Income Earned and Distributed
to Shareholders $7,752,792 $4,512,107 $825,621 $626,866
============================ ==========================
FUND SHARE TRANSACTIONS
Proceeds from Sales of Shares 825,198,418 1,067,071,444 43,090,801 44,315,121
Reinvestment of Dividends 7,737,011 4,427,643 810,636 607,384
---------------------------- --------------------------
832,935,429 1,071,499,087 43,901,437 44,922,505
Amounts Paid for Repurchases of Shares (784,181,331) (1,081,189,907) (41,688,877) (52,468,131)
---------------------------- --------------------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
FUND SHARE TRANSACTIONS 48,754,098 (9,690,820) 2,212,560 (7,545,626)
NET ASSETS
Beginning of Period 93,130,989 102,821,809 19,715,644 27,261,270
---------------------------- --------------------------
End of Period $141,885,087 $93,130,989 $21,928,204 $19,715,644
============================ ==========================
------------------------------------------------------------------------------------------------
FUND SHARE TRANSACTIONS
Shares Sold 825,198,418 1,067,071,444 43,090,801 44,315,121
Shares Issued from Reinvestment
of Dividends 7,737,011 4,427,643 810,636 607,384
---------------------------- --------------------------
832,935,429 1,071,499,087 43,901,437 44,922,505
Shares Repurchased (784,181,331) (1,081,189,907) (41,688,877) (52,468,131)
---------------------------- --------------------------
Net Increase (Decrease) in Fund Shares 48,754,098 (9,690,820) 2,212,560 (7,545,626)
============================ ==========================
</TABLE>
See Notes to Financial Statements
<PAGE>
INVESCO Treasurer's Series Trust
Notes to Financial Statements
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")
(collectively, the "Funds"), INVESCO Treasurer's Prime Reserve Fund ("Prime
Reserve"), and INVESCO Treasurer's Special Reserve Fund ("Special Reserve"),
each of which represents a separate portfolio of investments. Prime Reserve and
Special Reserve are not presented herein.
The following is a summary of significant accounting policies consistently
followed by the Trust in the preparation of its financial statements. The
preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
A. SECURITY VALUATION - Securities held by the Trust are valued at their
market value determined by the amortized cost method of valuation. 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, which
may be comprised of stated coupon rate and market discount, is recorded on
the accrual basis. The Trust amortizes discounts and premiums paid on
purchases of securities to the earliest put or call date. 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. Of the distributions paid by the Tax-Exempt Fund
for the year ended December 31, 1995, 91.65% were exempt from federal
income taxes.
D. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS - All 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 at the applicable rate and paid monthly. The fee for each Fund is based
on the annual rate of 0.25% of 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.
<PAGE>
NOTE 3 - TRANSACTIONS WITH AFFILIATES. Certain of the Trust's officers and/or
trustees are also officers and/or directors of ICM. At December 31, 1995, 17.71%
and 36.34% 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 will 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 year ended December 31, 1995, unfunded accrued
pension costs and pension liability were paid by ICM in accordance with the
Investment Advisory Agreement and were as follows:
Unfunded
Pension Accrued Pension
Fund Expenses Pension Costs Liability
- --------------------------------------------------------------------------------
Money Fund $1,291 $2,641 $5,393
Tax-Exempt Fund 224 510 997
<PAGE>
INVESCO Treasurer's Series Trust
Financial Highlights
(For a Fund Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
Year Ended December 31
-----------------------------------------------------
1995 1994 1993 1992 1991
Treasurer's Money Market Reserve Fund
<S> <C> <C> <C> <C> <C>
PER SHARE DATA
Net Asset Value - Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00
-----------------------------------------------------
INCOME AND DISTRIBUTIONS FROM INVESTMENT OPERATIONS
Net Investment Income Earned and
Distributed to Shareholders 0.06 0.04 0.03 0.04 0.06
-----------------------------------------------------
Net Asset Value - End of Period 1.00 1.00 1.00 1.00 1.00
=====================================================
TOTAL RETURN 5.82% 4.13% 2.92% 3.57% 6.04%
RATIOS
Net Assets -End of Period ($000 Omitted) $141,885 $93,131 $102,822 $117,711 $173,138
Ratio of Expenses to Average Net Assets 0.25% 0.25% 0.25% 0.25% 0.25%
Ratio of Net Investment Income to Average Net Assets 5.71% 4.02% 2.88% 3.54% 5.97%
</TABLE>
<PAGE>
INVESCO Treasurer's Series Trust
Financial Highlights (Continued)
(For a Fund Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
Year Ended December 31
-----------------------------------------------------
1995 1994 1993 1992 1991
Treasurer's Tax-Exempt Reserve Fund
<S> <C> <C> <C> <C> <C>
PER SHARE DATA
Net Asset Value - Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00
-----------------------------------------------------
INCOME AND DISTRIBUTIONS FROM INVESTMENT OPERATIONS
Net Investment Income Earned and
Distributed to Shareholders 0.04 0.03 0.02 0.03 0.05
-----------------------------------------------------
Net Asset Value - End of Period 1.00 1.00 1.00 1.00 1.00
=====================================================
TOTAL RETURN 3.90% 2.81% 2.30% 2.88% 4.57%
RATIOS
Net Assets - End of Period ($000 Omitted) $21,928 $19,716 $27,261 $60,717 $78,552
Ratio of Expenses to Average Net Assets 0.25% 0.25% 0.25% 0.25% 0.25%
Ratio of Net Investment Income to Average Net Assets 3.86% 2.69% 2.28% 2.84% 4.48%
</TABLE>
<PAGE>
Report of Independent Accountants
To the Trustees and Shareholders of
INVESCO Treasurer's Series Trust
In our opinion, the accompanying statement of assets and liabilities, including
the statement of investment securities, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of INVESCO Treasurer's Money Market
Reserve Fund and INVESCO Treasurer's Tax-Exempt Reserve Fund (two of the
portfolios of the INVESCO Treasurer's Series Trust hereafter referred to as the
"Fund") at December 31, 1995, the results of each of their operations for the
year ended, the changes in each of their net assets for each of the two years in
the period then ended and the financial highlights for each of the five years in
the period then ended, in conformity with generally accepted accounting
principles. These financial statements and financial highlights (hereafter
referred to as "financial statements") are the responsibility of the Fund's
management; our responsibility is to express an opinion on these financial
statements based on our audits. We conducted our audits of these financial
statements in accordance with generally accepted auditing standards which
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audits, which included
confirmation of securities at December 31, 1995 by correspondence with the
custodian, provide a reasonable basis for the opinion expressed above.
PRICE WATERHOUSE LLP
Denver, Colorado
February 2, 1996
