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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SEMIANNUAL REPORT TO SHAREHOLDERS
June 30, 1996
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>
INVESCO Treasurer's Series Trust
Statement of Investment Securities
June 30, 1996
UNAUDITED
Effective
Interest Principal
Description Rate % Amount Value
- --------------------------------------------------------------------------------
TREASURER'S MONEY MARKET RESERVE Fund
SHORT-TERM INVESTMENTS 100.00%
Commercial Paper 74.23%
AEROSPACE & DEFENSE 2.59%
Raytheon Co 7/8/1996 5.40 $4,000,000 $3,995,878
-----------
CHEMICALS 3.90%
Dow Chemical 7/1/1996 5.58 6,000,000 6,000,000
-----------
DIVERSIFIED COMPANIES 2.59%
AlliedSignal Inc 7/2/1996 5.42 4,000,000 3,999,408
-----------
ELECTRICAL EQUIPMENT 3.90%
Emerson Electric 7/1/1996 5.58 6,000,000 6,000,000
-----------
FINANCE RELATED 11.93%
AT&T Capital 7/9/1996 5.43 4,000,000 3,995,262
Bayshore Fuel 7/8/1996 5.45 2,393,000 2,390,510
Bell Atlantic Financial Services
7/11/1996 5.43 4,000,000 3,994,078
Greenwich Funding 7/2/1996 5.48 2,000,000 1,999,700
Nordstrom Credit 7/8/1996 5.43 6,000,000 5,993,770
-----------
18,373,320
-----------
FOOD PRODUCTS & BEVERAGES 2.60%
McCormick & Co 7/1/1996 5.68 4,000,000 4,000,000
-----------
FURNITURE 3.90%
Leggett & Platt 7/1/1996 5.65 6,000,000 6,000,000
-----------
INSURANCE 11.68%
AIG Funding 7/1/1996 5.60 6,000,000 6,000,000
Aon Corp 7/9/1996 5.44 6,000,000 5,992,867
Marsh & McLennan 7/1/1996 5.55 2,000,000 2,000,000
St Paul Cos 7/10/1996 5.42 4,000,000 3,994,680
-----------
17,987,547
-----------
MEDICAL RELATED - DRUGS 7.79%
CIBA-GEIGY Corp 7/1/1996 5.45 6,000,000 6,000,000
Warner-Lambert Co 7/2/1996 5.51 6,000,000 5,999,095
-----------
11,999,095
-----------
<PAGE>
OFFICE EQUIPMENT & SUPPLIES 3.89%
Avery Dennison 7/2/1996 5.53 6,000,000 5,999,092
-----------
OIL & GAS RELATED 3.90%
Amoco Corp 7/1/1996 5.58 6,000,000 6,000,000
-----------
PAPER & PAPER PRODUCTS 3.88%
Temple-Inland Inc 7/17/1996 5.47 6,000,000 5,985,680
-----------
PRINTING & PUBLISHING 6.49%
American Greetings 7/1/1996 5.66 6,000,000 6,000,000
Gannett Co 7/8/1996 5.40 4,000,000 3,995,878
-----------
9,995,878
-----------
UTILITIES 5.19%
GTE North 7/2/1996 5.43 6,000,000 5,999,108
Idaho Power 7/9/1996 5.40 2,000,000 1,997,644
-----------
7,996,752
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TOTAL COMMERCIAL PAPER
(Cost $114,332,650) 114,332,650
-----------
Eurodollar Time Deposits 3.90%
BANKING 3.90%
National Bank of Detroit
7/25/1996 (Cost $6,000,000) 5.48 6,000,000 6,000,000
-----------
Loan Participation
Agreements 15.58%
BUILDING & CONSTRUCTION
RELATED 3.90%
Vulcan Materials 7/2/1996 5.48 6,000,000 6,000,000
-----------
LEASING COMPANIES 2.59%
Hertz Corp 7/11/1996 5.45 4,000,000 4,000,000
-----------
UTILITIES 9.09%
Georgia Power 7/15/1996 5.48 6,000,000 6,000,000
Indianapolis Power & Light
7/1/1996 5.70 2,000,308 2,000,308
Nautahala Power & Light
8/28/1996 5.58 1,400,000 1,400,000
9/16/1996 5.58 4,600,000 4,600,000
-----------
14,000,308
-----------
TOTAL LOAN PARTICIPATION
AGREEMENTS (Cost $24,000,308) 24,000,308
-----------
<PAGE>
Municipal Short-Term Notes^ 5.00%
HEALTH CARE RELATED 1.95%
Fairview Hosp & Hlthcare Svcs
of Minnesota, ACES, Hosp Rev,
Series A, 11/1/2015 5.54 3,000,000 3,000,000
-----------
INSURANCE 3.05%
Health Insurance Plan of New
York, Gen Oblig, ACES, Ind Rev,
Series B-1, 7/1/2016 5.54 4,700,000 4,700,000
TOTAL MUNICIPAL SHORT-TERM
NOTES (Cost $7,700,000) 7,700,000
-----------
Other 1.29%
United Missouri Bank, Money
Market Fiduciary~
(Cost $1,991,166) 4.10 1,991,166 1,991,166
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TOTAL INVESTMENT SECURITIES
AT VALUE 100.00%
(Cost $154,024,124#) 154,024,124
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TREASURER'S TAX-EXEMPT RESERVE Fund
MUNICIPAL SHORT-TERM
INVESTMENTS^ 95.60%
Daily Put Bonds 28.30%
LOUISIANA 8.84%
East Baton Rouge Parish,
Louisiana (Exxon Corp Proj),
ATS, PCR Ref, 1989 Series,
11/1/2019 3.59 1,000,000 1,000,000
Louisiana Recovery Dist, VR ,
Sales Tax Rev, Series 1988,
7/1/1997 3.64 1,000,000 1,000,000
-----------
2,000,000
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NEW YORK 11.50%
New York City, New York, AR,
Gen Oblig, 1994 Subseries E-4,
8/1/2022 3.64 1,000,000 1,000,000
New York City, New York, TEAMS,
Gen Oblig, 1995 Subseries B-7,
8/15/2018 3.59 800,000 800,000
New York City Muni Wtr Fin Auth,
New York, AR, Wtr & Swr System
Rev, Series C, 6/15/2022 3.59 800,000 800,000
-----------
2,600,000
-----------
<PAGE>
TENNESSEE 4.42%
Metro Nashville Airport Auth,
Tennessee (American Airlines
Proj), AR, Special Facils Rev
Ref, Series A, 10/1/2012 3.64 1,000,000 1,000,000
-----------
WYOMING 3.54%
Lincoln Cnty, Wyoming (Exxon
Corp Proj), ATS, PCR, Series C,
7/1/2017 3.69 800,000 800,000
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TOTAL DAILY PUT BONDS
(Cost $6,400,000) 6,400,000
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Weekly Put Bonds 67.30%
ALABAMA 1.57%
Montgomery Indl Dev Brd, Alabama
(Smith Inds Proj), V/FRD, IDR,
Series 1988-B, 6/1/2000 3.59 355,000 355,000
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ARIZONA 11.63%
Apache Cnty Indl Dev Auth,
Arizona (Tucson Elec Pwr
Springerville Proj), VR, IDR,
1983 Series C, 12/15/2018 3.39 1,100,000 1,100,000
Maricopa Cnty Indl Dev Auth,
Arizona (McLane Co Proj),
VRD, Rev, Series 1984,
10/1/2004 3.85 1,530,000 1,530,000
-----------
2,630,000
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GEORGIA 10.77%
Gwinnett Cnty Hsg Auth, Georgia
(Greens Apts Proj), AR,
Multifamily Hsg Rev Ref,
Series 1995, 6/15/2025 3.34 1,000,000 1,000,000
Jasper Cnty Econ Dev Auth,
Georgia (Earth Pak Proj),
FR, IDR, Series 1992, 3/1/2004 3.49 435,000 435,000
Savannah Downtown Dev Auth,
Georgia (Savannah Parking
Facil Proj), A/FR, Rev,
9/1/2005 3.39 1,000,000 1,000,000
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2,435,000
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IDAHO 4.42%
Nez Perce Cnty, Idaho (Potlatch
Corp Proj), DATES, PCR Ref,
1985 Series, 12/1/2007 3.29 1,000,000 1,000,000
-----------
<PAGE>
MISSOURI 8.40%
Missouri Hlth & Edl Facils Auth
(Barnes Hosp Proj), ARD,
Hlth Facils Rev, Series 1985B,
12/1/2015 3.24 1,000,000 1,000,000
Saint Louis Cnty Indl Dev Auth,
Missouri (Schnuck Mkts-Kirk),
F/VR, IDR, 12/1/2015 3.47 900,000 900,000
-----------
1,900,000
-----------
SOUTH CAROLINA 2.21%
Dorchester Cnty, South Carolina
(BOC Group Proj), TEAMS,
PCR Ref, Series 1993,
12/8/2000 3.39 500,000 500,000
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TENNESSEE 4.42%
Morristown Indl Dev Brd,
Tennessee (Camvac Intl Proj),
Indl Rev, Series 1983,
6/1/1998 3.73 1,000,000 1,000,000
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TEXAS 2.21%
Harris Cnty, Texas, A/FR,
Toll Road Unltd Tax & Sub Lien
Rev, Series 1994-C, 8/1/2015 3.39 500,000 500,000
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WASHINGTON 10.61%
Washington Hsg Fin Commn (Pac
First Fed Svgs Bank Prog),
VRD, Multifamily Mtg Rev Ref,
Series 1988B, 10/1/2020 3.24 400,000 400,000
Washington Pub Pwr Supply System,
AR, Ref Elec Rev, Nuclear Proj
#1, Series 1993-1A, 7/1/2017 3.34 1,000,000 1,000,000
Nuclear Proj #3, Series 1993-3A,
7/1/2018 3.34 1,000,000 1,000,000
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2,400,000
-----------
WEST VIRGINIA 2.21%
Mercer Cnty, West Virginia
(Flowers Baking Proj), AR,
IDR Ref, Series 1995, 2/1/1999 3.34 500,000 500,000
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WYOMING 8.85%
Green River, Wyoming (Allied
Corp Proj), F/FR, PCR Ref, 1982
Series, 12/1/2012 4.38 2,000,000 2,000,000
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TOTAL WEEKLY PUT BONDS
(Cost $15,220,000) 15,220,000
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<PAGE>
TOTAL MUNICIPAL SHORT-TERM
INVESTMENTS (Cost $21,620,000) 21,620,000
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TAXABLE SHORT-TERM
INVESTMENTS 4.40%
United Missouri Bank, Money
Market Fiduciary~
(Cost $995,658) 4.10 995,658 995,658
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TOTAL INVESTMENT SECURITIES AT
VALUE 100.00%
(Cost $22,615,658#) 22,615,658
===========
The following abbreviations may be used in portfolio descriptions
A/FR* - Adjustable/Fixed Rate
ACES* - Adjustable Convertible Extendable Securities
AR* - Adjustable Rate
ARD* - Adjustable Rate Demand
ATS* - Adjustable Tender Securities
DATES* - Daily Adjustable Tax-Exempt Securities
F/FR - Floating/Fixed Rate
F/VR* - Floating/Variable Rate
IDR - Industrial Development Revenue
PCR - Pollution Control Revenue
TEAMS* - Tax-Exempt Adjustable Mode Securities
V/FRD* - Variable/Fixed Rate Demand
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.
~ Principal and interest are payable on demand.
# Also represents cost for income tax purposes.
See Notes to Financial Statements
<PAGE>
INVESCO Treasurer's Series Trust
Statement of Assets and Liabilities
June 30, 1996
UNAUDITED
Treasurer's Treasurer's
Money Market Tax-Exempt
Reserve Fund Reserve Fund
-------------------------------------
ASSETS
Investment Securities:
At Cost $154,024,124 $22,615,658
=====================================
At Value 154,024,124 22,615,658
Receivables:
Fund Shares Sold 117,367 0
Interest 91,260 81,720
Other Assets 38,441 4,100
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TOTAL ASSETS 154,271,192 22,701,478
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LIABILITIES
Distributions Payable to
Shareholders 50 887
Other Payables 103 0
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TOTAL LIABILITIES 153 887
-------------------------------------
Net Assets at Value 154,271,039 22,700,591
=====================================
Shares Outstanding* 154,271,039 22,700,591
-------------------------------------
Net Asset Value,
Offering and Redemption
Price per Share 1.00 1.00
=====================================
* 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, 1996, there was
an unlimited number of shares of beneficial interest (without par value)
authorized. Paid-in capital was $154,271,039 and $22,700,591 for Money Market
Reserve and Tax-Exempt Reserve Funds, respectively.
See Notes to Financial Statements
<PAGE>
INVESCO Treasurer's Series Trust
Statement of Operations
Six Months Ended June 30, 1996
UNAUDITED
Treasurer's Treasurer's
Money Market Tax-Exempt
Reserve Fund Reserve Fund
-------------------------------------
INVESTMENT INCOME
INTEREST INCOME $3,198,800 $434,443
EXPENSES
Investment Advisory Fees 147,210 29,568
-------------------------------------
Net Investment Income and
Net Increase in Net Assets
from Operations 3,051,590 404,875
=====================================
See Notes to Financial Statements
<PAGE>
INVESCO Treasurer's Series Trust
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Treasurer's Money Market Treasurer's Tax-Exempt
Reserve Fund Reserve Fund
------------------------------ ------------------------------
Six Months Year Six Months Year
Ended Ended Ended Ended
June 30 December 31 June 30 December 31
------------------------------ ------------------------------
1996 1995 1996 1995
UNAUDITED UNAUDITED
OPERATIONS AND DISTRIBUTIONS TO SHAREHOLDERS
<S> <C> <C> <C> <C>
Net Investment Income Earned and Distributed
to Shareholders $3,051,590 $7,752,792 $404,875 $825,621
============================== ==============================
FUND SHARE TRANSACTIONS
Proceeds from Sales of Shares 545,250,904 825,198,418 32,133,217 43,090,801
Reinvestment of Dividends 3,016,676 7,737,011 392,605 810,636
------------------------------ ------------------------------
548,267,580 832,935,429 32,525,822 43,901,437
Amounts Paid for Repurchases
of Shares (535,881,628) (784,181,331) (31,753,435) (41,688,877)
------------------------------ ------------------------------
NET INCREASE IN NET ASSETS FROM FUND
SHARE TRANSACTIONS 12,385,952 48,754,098 772,387 2,212,560
NET ASSETS
Beginning of Period 141,885,087 93,130,989 21,928,204 19,715,644
------------------------------ ------------------------------
End of Period 154,271,039 141,885,087 22,700,591 21,928,204
============================== ==============================
FUND SHARE TRANSACTIONS
Shares Sold 545,250,904 825,198,418 32,133,217 43,090,801
Shares Issued from Reinvestment
of Dividends 3,016,676 7,737,011 392,605 810,636
------------------------------ ------------------------------
548,267,580 832,935,429 32,525,822 43,901,437
Shares Repurchased (535,881,628) (784,181,331) (31,753,435) (41,688,877)
------------------------------ ------------------------------
Net Increase in Fund Shares 12,385,952 48,754,098 772,387 2,212,560
============================== ==============================
</TABLE>
See Notes to Financial Statements
<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")
(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. The investment
objective of each of the Trusts is to achieve as high a level of current income
as is consistent with the preservation of capital and the maintenance of
liquidity. 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 - Short-term securities are stated at amortized cost
(which approximates market value) if maturity is 60 days or less at the
time of purchase, or 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 Trust's 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, market discount and original issue
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 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. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS - All the Trust's net
investment income is distributed to shareholders by dividends declared
daily and paid monthly. Reinvestment of 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 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.
<PAGE>
NOTE 3 - TRANSACTIONS WITH AFFILIATES. Certain of the Trust's officers and/or
trustees are also officers and/or directors of ICM.
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. As of July 1, 1996 benefits will be based on an annual
rate of 40% of the retainer fee at the time of retirement.
Pension expenses for the six months ended June 30, 1996, 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 $718 $2,641 $6,111
Tax-Exempt Fund 105 510 1,103
<PAGE>
INVESCO Treasurer's Series Trust
Financial Highlights
(For a Fund Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
Six Months
Ended
June 30 Year Ended December 31
------------ -------------------------------------------------------
1996 1995 1994 1993 1992 1991
UNAUDITED
Treasurer's Money Market Reserve Fund
PER SHARE DATA
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value - Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
------------ -------------------------------------------------------
INCOME AND DISTRIBUTIONS FROM
INVESTMENT OPERATIONS
Net Investment Income Earned and
Distributed to Shareholders 0.03 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 1.00
============ =======================================================
TOTAL RETURN 2.59%* 5.82% 4.13% 2.92% 3.57% 6.04%
RATIOS
Net Assets - End of Period ($000 Omitted) 154,271 141,885 93,131 102,822 117,711 173,138
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 2.58%* 5.71% 4.02% 2.88% 3.54% 5.97%
<FN>
* Based on operations for the period shown and, accordingly, are not
representative of a full year.
</FN>
</TABLE>
<PAGE>
INVESCO Treasurer's Series Trust
Financial Highlights
(For a Fund Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
Six Months
Ended
June 30 Year Ended December 31
------------ -------------------------------------------------------
1996 1995 1994 1993 1992 1991
UNAUDITED
Treasurer's Tax-Exempt Reserve Fund
PER SHARE DATA
<S> <C> <C> <C> <C> <C> <C>
Net Asset Value - Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
------------ -------------------------------------------------------
INCOME AND DISTRIBUTIONS FROM
INVESTMENT OPERATIONS
Net Investment Income Earned and
Distributed to Shareholders 0.02 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 1.00
============ =======================================================
TOTAL RETURN 1.71%* 3.90% 2.81% 2.88% 4.57% 6.04%
RATIOS
Net Assets - End of Period ($000 Omitted) 22,701 21,928 19,716 27,261 60,717 78,552
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 1.70%* 3.86% 2.69% 2.28% 2.84% 4.48%
<FN>
* 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
United Missouri Bank of Kansas City
Independent Accountants
Price Waterhouse LLP
Legal Counsel
Kirkpatrick & Lockhart
Moye, Giles, O'Keefe, Vermeire
& Gorrell
SEMIANNUAL REPORT
INVESCO
TREASURER'S
SERIES TRUST
Money Market
Reserve Fund
Tax-Exempt
Reserve Fund
June 30, 1996
