INVESCO TREASURER'S SERIES TRUST
MONEY MARKET RESERVE FUND
TAX-EXEMPT RESERVE FUND
7800 E. Union Avenue
Denver, Colorado 80237
Telephone: 800-241-5477
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
ANNUAL REPORT TO SHAREHOLDERS
December 31, 1996
TABLE OF CONTENTS
Page
Statement of Investment Securities......................... 2
Statement of Assets and Liabilities........................ 7
Statement of Operations.................................... 7
Statement of Change in Net Assets.......................... 8
Notes to Financial Statements.............................. 9
Financial Highlights....................................... 10
Report of Independent Accountants.......................... 12
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<TABLE>
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INVESCO Treasurer's Series Trust
Statement of Investment Securities
December 31, 1996
Effective
Interest Principal
Description Rate % Amount Value
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
TREASURER'S MONEY MARKET RESERVE Fund
SHORT-TERM INVESTMENTS 100.00%
Commercial Paper 68.13%
AGRICULTURAL 3.53%
Archer-Daniels-Midland Co
1/7/1997 6.19 $4,000,000 $3,995,933
-----------
CHEMICALS 2.91%
Great Lakes Chemical
1/2/1997 6.59 3,300,000 3,299,404
-----------
FINANCE RELATED 18.11%
Bell Atlantic Financial Services
1/8/1997 5.70 5,000,000 4,994,556
Daimler-Benz North America
1/6/1997 5.69 5,000,000 4,996,111
Greenwich Funding
1/6/1997 5.75 3,022,000 3,019,629
PHH Corp
1/6/1997 5.46 7,500,000 7,494,427
-----------
20,504,723
-----------
FOOD PRODUCTS & BEVERAGES 13.24%
Campbell Soup
1/2/1997 6.34 4,000,000 3,999,306
Heinz (H J) Co
1/7/1997 5.41 7,000,000 6,993,817
McCormick & Co
1/2/1997 6.09 4,000,000 3,999,333
-----------
14,992,456
-----------
INSURANCE 3.53%
St Paul Cos
1/2/1997 6.59 4,000,000 3,999,278
-----------
LEASING COMPANIES 3.53%
Hertz Corp
1/3/1997 6.39 4,000,000 3,998,600
-----------
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MEDICAL RELATED - DRUGS 2.65%
Lilly (Eli) & Co
1/2/1997 6.85 3,000,000 2,999,437
-----------
OIL & GAS RELATED 5.80%
Consolidation Coal
1/16/1997 5.60 4,000,000 3,990,833
Questar Corp
1/6/1997 5.80 2,585,000 2,582,953
-----------
6,573,786
-----------
PAPER & PAPER PRODUCTS 3.09%
Temple-Inland Inc
1/6/1997 5.55 3,500,000 3,497,351
-----------
PRINTING 3.53%
Donnelley (R R) & Sons
1/2/1997 6.85 4,000,000 3,999,250
-----------
RETAIL 3.53%
Dillard Investment
1/6/1997 6.50 4,000,000 3,996,444
-----------
UTILITIES 4.68%
Central Illinois Public Service
1/2/1997 7.10 3,000,000 2,999,417
Idaho Power
1/7/1997 5.50 2,300,000 2,297,930
-----------
5,297,347
-----------
TOTAL COMMERCIAL PAPER
(Cost $77,154,009) 77,154,009
-----------
Eurodollar Time Deposits 6.18%
BANKING 6.18%
Bankers Trust New York
1/6/1997 5.55 6,000,000 6,000,000
Societe Generale Bank
1/2/1997 5.78 1,000,000 1,000,000
-----------
TOTAL EURODOLLAR TIME DEPOSITS
(Cost $7,000,000) 7,000,000
-----------
Loan Participation Agreements 18.54%
AGRICULTURAL 2.65%
Cargill Inc
1/13/1997 5.49 3,000,000 3,000,000
-----------
CHEMICALS 7.06%
Polar Lights
2/18/1997 5.53 8,000,000 8,000,000
-----------
<PAGE>
FINANCE RELATED 5.30%
PACCAR Financial
1/7/1997 5.50 6,000,000 6,000,000
-----------
UTILITIES 3.53%
Georgia Power
1/24/1997 5.78 4,000,000 4,000,000
-----------
TOTAL LOAN PARTICIPATION
AGREEMENTS (Cost $21,000,000) 21,000,000
-----------
Municipal Short-Term Notes^ 6.71%
HEALTH CARE RELATED 2.56%
Fairview Hosp & Hlthcare Svcs of
Minnesota, ACES, Hosp Rev,
Series A, 11/1/2015 5.78 2,900,000 2,900,000
-----------
INSURANCE 4.15%
Health Insurance Plan of New York,
Gen Oblig, ACES, Ind Rev,
Series B-1, 7/1/2016 5.78 4,700,000 4,700,000
-----------
TOTAL MUNICIPAL SHORT-TERM NOTES
(Cost $7,600,000) 7,600,000
-----------
Other 0.44%
United Missouri Bank, Money Market
Fiduciary~ (Cost $495,355) 4.55 495,355 495,355
-----------
TOTAL INVESTMENT SECURITIES
AT VALUE 100.00%
(Cost $113,249,364#) 113,249,364
===========
TREASURER'S TAX-EXEMPT RESERVE Fund
MUNICIPAL SHORT-TERM INVESTMENTS^ 98.87%
Daily Put Bonds 22.40%
LOUISANA 4.31%
East Baton Rouge Parish, Louisana
(Exxon Corp Proj), ATS, PCR Ref,
1989 Series, 11/1/2019 4.99 1,000,000 1,000,000
-----------
NEW YORK 12.49%
New York City, New York, AR, Gen
Oblig, 1994 Subseries E-4,
8/1/2022 4.99 1,300,000 1,300,000
New York City, New York, TEAMS,
Gen Oblig, 1995 Subseries B-7,
8/15/2018 4.99 800,000 800,000
New York City Muni Wtr Fin Auth,
New York, AR, Wtr & Swr System
Rev, Series C, 6/15/2022 4.99 800,000 800,000
-----------
2,900,000
-----------
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OREGON 2.15%
Umatilla Cnty Hosp Facil Auth,
(Franciscan Hlth System Pooled
Fing Prog), DATES, Hosp Rev,
12/1/2024 4.94 500,000 500,000
-----------
WYOMING 3.45%
Lincoln Cnty, Wyoming (Exxon Corp
Proj), ATS, PCR, Series C,
7/1/2017 5.09 800,000 800,000
-----------
TOTAL DAILY PUT BONDS
(Cost $5,200,000) 5,200,000
-----------
Weekly Put Bonds 76.47%
ALABAMA 1.53%
Montgomery Indl Dev Brd, Alabama
(Smith Inds Proj), V/FRD, IDR,
Series 1988-B, 6/1/2000 4.29 355,000 355,000
-----------
ALASKA 1.72%
Alaska Hsg Fin Corp, Alaska,
VR, Gen Mtg Rev, 1991
Series C, 6/1/2026 4.14 400,000 400,000
-----------
ARIZONA 10.68%
Apache Cnty Indl Dev Auth,
Arizona (Tucson Elec Pwr
Springerville Proj), VR, IDR,
1983 Series C, 12/15/2018 4.09 1,100,000 1,100,000
Maricopa Cnty Indl Dev Auth,
Arizona (McLane Co Proj), VRD,
Rev, Series 1984, 10/1/2004 4.56 1,380,000 1,380,000
-----------
2,480,000
-----------
GEORGIA 10.40%
Gwinnett Cnty Hsg Auth, Georgia
(Greens Apts Proj), AR, Multifamily
Hsg Rev Ref, Series 1995, 6/15/2025 4.09 1,000,000 1,000,000
Jasper Cnty Econ Dev Auth, Georgia
(Earth Pak Proj), AR, IDR,
Series 1992, 3/1/2004 4.24 415,000 415,000
Savannah Downtown Dev Auth,
Georgia (Savannah Parking Facil
Proj), A/FR, Rev, 9/1/2005 4.09 1,000,000 1,000,000
-----------
2,415,000
-----------
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IDAHO 4.31%
Nez Perce Cnty, Idaho (Potlatch
Corp Proj), DATES, PCR Ref,
1985 Series, 12/1/2007 4.09 1,000,000 1,000,000
-----------
MISSOURI 8.19%
Missouri Hlth & Edl Facils
Auth (Barnes Hosp Proj), ARD,
Hlth Facils Rev, Series 1985B,
12/1/2015 3.99 1,000,000 1,000,000
Saint Louis Cnty Indl Dev Auth,
Missouri (Schnuck Mkts-Kirk),
F/VR, IDR, 12/1/2015 4.18 900,000 900,000
-----------
1,900,000
-----------
OREGON 4.31%
Oregon Veterans' Welfare, VRD,
Gen Oblig, Series 73-F, 12/1/2017 3.84 1,000,000 1,000,000
-----------
PENNSYLVANIA 3.45%
Allegheny Cnty Hosp Dev Auth,
Pennsylvania (Children's Hosp of
Pittsburgh), F/VR, Series B 1990,
1/1/2021 3.94 800,000 800,000
-----------
SOUTH CAROLINA 2.15%
Dorchester Cnty, South Carolina
(BOC Group Proj), TEAMS, PCR
Ref, Series 1993, 12/8/2000 4.14 500,000 500,000
-----------
TENNESSEE 4.31%
Morristown Indl Dev Brd, Tennessee
(Camvac Intl Proj), Indl Rev,
Series 1983, 6/1/1998 4.44 1,000,000 1,000,000
-----------
VERMONT 4.31%
Vermont Indl Dev Auth (Ryegate
Proj), VRD, IDR, Series 1990,
12/1/2015 4.04 1,000,000 1,000,000
-----------
WASHINGTON 10.34%
Washington Hsg Fin Commn (Pac
First Fed Svgs Bank Prog), VRD,
Multifamily Mtg Rev Ref,
Series 1988B, 10/1/2020 4.24 400,000 400,000
Washington Pub Pwr Supply System,
AR, Ref Elec Rev, Nuclear Proj #1,
Series 1993-1A, 7/1/2017 4.09 1,000,000 1,000,000
Nuclear Proj #3, Series 1993-3A,
7/1/2018 4.09 1,000,000 1,000,000
-----------
2,400,000
-----------
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WEST VIRGINIA 2.15%
Mercer Cnty, West Virginia
(Flowers Baking Proj), AR, IDR
Ref, Series 1995, 3/1/1999 4.14 500,000 500,000
-----------
WYOMING 8.62%
Green River, Wyoming (Allied Corp
Proj), F/FR, PCR Ref, 1982 Series,
12/1/2012 4.45 2,000,000 2,000,000
-----------
TOTAL WEEKLY PUT BONDS
(Cost $17,750,000) 17,750,000
-----------
TOTAL MUNICIPAL SHORT-TERM INVESTMENTS
(Cost $22,950,000) 22,950,000
-----------
TAXABLE SHORT-TERM INVESTMENTS 1.13%
United Missouri Bank, Money Market
Fiduciary~ (Cost $263,010) 4.55 263,010 263,010
-----------
TOTAL INVESTMENT SECURITIES AT
VALUE 100.00%
(Cost $23,213,010#) $23,213,010
===========
</TABLE>
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
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INVESCO Treasurer's Series Trust
Statement of Assets and Liabilities
December 31, 1996
Treasurer's Treasurer's
Money Market Tax-Exempt
Reserve Fund Reserve Fund
--------------------------------------
ASSETS
Investment Securities:
At Cost $113,249,364 $23,213,010
======================================
At Value $113,249,364 $23,213,010
Receivables:
Fund Shares Sold 0 75,000
Interest 154,035 95,005
Prepaid Expenses and Other Assets 41,496 5,159
======================================
TOTAL ASSETS 113,444,895 23,388,174
LIABILITIES
Payables:
Distributions to Shareholders 55 2,055
Fund Shares Repurchased 163,609 0
--------------------------------------
TOTAL LIABILITIES 163,664 2,055
--------------------------------------
Net Assets at Value $113,281,231 $23,386,119
======================================
Shares Outstanding* 113,281,231 23,386,119
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 December 31, 1996, there
was an unlimited number of shares of beneficial interest (without par value)
authorized. Paid-in capital was $113,281,231 and $23,386,119 for Money Market
Reserve and Tax-Exempt Reserve Funds, respectively.
See Notes to Financial Statements
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INVESCO Treasurer's Series Trust
Statement of Operations
Year Ended December 31, 1996
Treasurer's Treasurer's
Money Market Tax-Exempt
Reserve Fund Reserve Fund
------------------------------------
INVESTMENT INCOME
INTEREST INCOME $7,323,585 $849,391
EXPENSES
Investment Advisory Fees 337,832 58,191
------------------------------------
Net Investment Income and Net Increase
in Net Assets from Operations $6,985,753 $791,200
====================================
See Notes to Financial Statements
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INVESCO Treasurer's Series Trust
Statement of Changes in Net Assets
Year Ended December 31
Treasurer's Treasurer's
Money Market Tax-Exempt
Reserve Fund Reserve Fund
------------------------------- ------------------------------
1996 1995 1996 1995
<S> <C> <C> <C> <C>
OPERATIONS AND DISTRIBUTIONS
TO SHAREHOLDERS
Net Investment Income Earned and Distributed
to Shareholders $ 6,985,753 $ 7,752,792 $ 791,200 $ 825,621
=============================== ==============================
FUND SHARE TRANSACTIONS
Proceeds from Sales of Shares $ 955,891,903 $ 825,198,418 $ 40,135,621 $ 43,090,801
Reinvestment of Dividends 6,947,826 7,737,011 772,754 810,636
------------------------------- ------------------------------
962,839,729 832,935,429 40,908,375 43,901,437
Amounts Paid for Repurchases of Shares (991,443,585) (784,181,331) (39,450,460) (41,688,877)
------------------------------- ------------------------------
NET INCREASE (DECREASE) IN NET
ASSETS FROM FUND SHARE
TRANSACTIONS (28,603,856) 48,754,098 1,457,915 2,212,560
NET ASSETS
Beginning of Period 141,885,087 93,130,989 21,928,204 19,715,644
------------------------------- ------------------------------
End of Period $ 113,281,231 $ 141,885,087 $ 23,386,119 $ 21,928,204
=============================== ==============================
FUND SHARE TRANSACTIONS
Shares Sold 955,891,903 825,198,418 40,135,621 43,090,801
Shares Issued from Reinvestment
of Dividends 6,947,826 7,737,011 772,754 810,636
------------------------------- ------------------------------
962,839,729 832,935,429 40,908,375 43,901,437
Shares Repurchased (991,443,585) (784,181,331) (39,450,460) (41,688,877)
------------------------------- ------------------------------
Net Increase (Decrease) in Fund Shares (28,603,856) 48,754,098 1,457,915 2,212,560
=============================== ==============================
See Notes to Financial Statements
</TABLE>
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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. The investment
objective of each of the Funds 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 income 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. 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, 1996, 92.55% were exempt from federal
income taxes.
D. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS - All of 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
<PAGE>
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.
The Trust has adopted an unfunded deferred compensation 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 were
based on an annual rate equal to 25% of the retainer fee at the time of
retirement. As of July 1, 1996 benefits are based on an annual rate of 40% of
the retainer fee at the time of retirement.
For the year ended December 31, 1996, pension expenses, 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 $1,902 $4,742 $9,396
Tax-Exempt Fund 282 840 1,608
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INVESCO Treasurer's Series Trust
Financial Highlights
(For a Fund Share Outstanding Throughout Each Period)
Year Ended December 31
------------------------------------------------------------------------------
1996 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C>
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
--------------------------------------------------------------------------------
INCOME AND DISTRIBUTIONS FROM
INVESTMENT OPERATIONS
Net Investment Income Earned and
Distributed to Shareholders 0.05 0.06 0.04 0.03 0.04
--------------------------------------------------------------------------------
Net Asset Value - End of Period $1.00 $1.00 $1.00 $1.00 $1.00
================================================================================
TOTAL RETURN 5.30% 5.82% 4.13% 2.92% 3.57%
RATIOS
Net Assets -End of Period
($000 Omitted) $113,281 $141,885 $93,131 $102,822 $117,711
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 5.17% 5.71% 4.02% 2.88% 3.54%
</TABLE>
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INVESCO Treasurer's Series Trust
Financial Highlights (Continued)
(For a Fund Share Outstanding Throughout Each Period)
Year Ended December 31
------------------------------------------------------------------------------
1996 1995 1994 1993 1992
<S> <C> <C> <C> <C> <C>
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
-------------------------------------------------------------------------------
INCOME AND DISTRIBUTIONS FROM
INVESTMENT OPERATIONS
Net Investment Income Earned and
Distributed to Shareholders 0.03 0.04 0.03 0.02 0.03
-------------------------------------------------------------------------------
Net Asset Value - End of Period $1.00 $1.00 $1.00 $1.00 $1.00
===============================================================================
TOTAL RETURN 3.45% 3.90% 2.81% 2.30% 2.88%
RATIOS
Net Assets - End of Period
($000 Omitted) 23,386 21,928 19,716 27,261 60,717
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 3.40% 3.86% 2.69% 2.28% 2.84%
</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, 1996, 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, 1996 by correspondence with the
custodian, provide a reasonable basis for the opinion expressed above.
PRICE WATERHOUSE LLP
Denver, Colorado
January 31, 1997
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<PAGE>
Investment Adviser
INVESCO Capital Management, Inc.
Distributor
INVESCO Services, Inc.
Transfer Agent
INVESCO Funds Group, Inc.
Custodian
UMB Bank
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, 1996
