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 Funds Group, INC.
Distributor
- --------------------------------------------------------------------------------
SEMIANNUAL REPORT TO SHAREHOLDERS
June 30, 1997
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, 1997
UNAUDITED
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Effective
Interest Principal
Description Rate% Amount Value
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
TREASURER'S MONEY MARKET RESERVE Fund
Commercial Paper 69.53%
AEROSPACE & DEFENSE 4.97% TRW Inc
7/7/1997 5.58 $ 5,000,000 $ 4,995,347
------------
AUTO PARTS 4.97%
Johnson Controls
7/14/1997 5.57 5,000,000 4,989,932
------------
AUTOMOBILES 3.98%
Eaton Corp
7/1/1997 6.25 4,000,000 4,000,000
------------
CHEMICALS 12.92%
Englehard Corp
7/16/1997 5.60 5,000,000 4,988,326
Great Lakes Chemical
7/7/1997 5.52 4,000,000 3,996,306
Monsanto Co
7/11/1997 5.60 4,000,000 3,993,722
------------
12,978,354
------------
CONSUMER - JEWELRY, NOVELTIES & GIFTS 3.98%
Jostens Inc
7/1/1997 6.27 4,000,000 4,000,000
------------
ELECTRIC UTILITIES 4.98%
Potomac Electric Power
7/1/1997 5.63 5,000,000 5,000,000
------------
ELECTRICAL EQUIPMENT 2.69%
Hubbell Inc
7/1/1997 6.30 2,700,000 2,700,000
------------
FINANCIAL 5.10%
Greenwich Funding
7/3/1997 5.55 2,123,000 2,122,343
7/7/1997 5.55 3,000,000 2,997,216
------------
5,119,559
------------
<PAGE>
INSURANCE 1.99%
American General
7/1/1997 6.20 2,000,000 2,000,000
------------
INSURANCE BROKERS 4.98%
Marsh & McLennan
7/1/1997 5.57 5,000,000 5,000,000
------------
MANUFACTURING 2.52%
Allied Signal
7/3/1997 5.55 2,531,000 2,530,218
------------
OIL & GAS RELATED 7.99%
Cortez Capital
7/1/1997 6.25 2,000,000 2,000,000
7/1/1997 5.55 2,026,000 2,026,000
Koch Industries
7/1/1997 6.25 4,000,000 4,000,000
------------
8,026,000
------------
PUBLISHING 3.98%
New York Times
7/1/1997 6.25 4,000,000 4,000,000
------------
TELECOMMUNICATIONS - LONG DISTANCE 4.48%
BellSouth Telecommunications
7/3/1997 5.49 4,500,000 4,498,625
------------
TOTAL COMMERCIAL PAPER
(Cost $69,838,035) 69,838,035
------------
Eurodollar Time Deposits 4.98%
BANKS 4.98%
BankAmerica Corp
8/4/1997
TOTAL EURODOLLAR TIME DEPOSITS
(Cost $5,000,000) 5.62 5,000,000 5,000,000
------------
Loan Participation Agreements 17.92%
ELECTRIC UTILITIES 7.96%
Alabama Power
8/5/1997 5.64 1,000,000 1,000,000
8/5/1997 5.63 4,000,000 4,000,000
National Rural Utilities
Cooperative Finance 7/17/1997 5.60 3,000,000 3,000,000
------------
8,000,000
------------
FOODS 4.98%
Ocean Spray Cranberries
7/15/1997 5.60 5,000,000 5,000,000
------------
<PAGE>
TELECOMMUNICATIONS -
LONG DISTANCE 4.98%
Bell Atlantic Network Funding
7/1/1997 5.61 5,000,000 5,000,000
------------
TOTAL LOAN PARTICIPATION AGREEMENTS
(Cost $18,000,000) 18,000,000
------------
Municipal Short-Term Notes^ 7.57%
HEALTH CARE RELATED 7.57%
Fairview Hosp & Hlthcare Svcs Minnesota,
ACES, Hosp Rev, Series A,
11/1/2015 5.60 2,900,000 2,900,000
Health Insurance Plan of New York,
Gen Oblig, ACES, Ind Rev,
Series B-1, 7/1/2016 5.50 4,700,000 4,700,000
------------
TOTAL MUNICIPAL SHORT-TERM NOTES
(Cost $7,600,000) 7,600,000
------------
TOTAL INVESTMENT SECURITIES AT
VALUE 100.00%
(Cost $100,438,035#) $100,438,035
============
TREASURER'S TAX-EXEMPT RESERVE Fund
MUNICIPAL SHORT-TERM INVESTMENTS^ 95.59%
Daily Put Bonds 14.74%
DELAWARE 2.11%
Wilmington, Delaware (Franciscan Hlth
System/St Francis Hosp), DATES,
Hosp Rev, Series 1986A, 7/1/2011 4.10 400,000 400,000
------------
DISTRICT OF COLUMBIA 2.63%
District of Columbia, VR, Gen Oblig,
Gen Fund Recovery,
Series 1991B-1, 6/1/2003 4.10 500,000 500,000
------------
NEW YORK 3.68%
New York, New York, AR, Gen Oblig,
1994 Subseries E-5, 8/1/2022 4.00 700,000 700,000
------------
OREGON 1.58%
Umatilla Cnty Hosp Facil Auth,
Oregon (Franciscan Hlth
System/Pooled Fing Prog), DATES,
Hosp Rev, Series 1985A, 12/1/2024 4.10 100,000 100,000
Series 1985B, 12/1/2024 4.10 200,000 200,000
------------
300,000
------------
<PAGE>
TEXAS 4.74%
North Central Texas Hlth Facils
Dev (Presbyterian
Med Ctr Proj), DATES, Hosp Rev,
Series 1985C, 12/1/2015 4.10 900,000 900,000
------------
TOTAL DAILY PUT BONDS
(Cost $2,800,000) 2,800,000
------------
Weekly Put Bonds 80.85%
ALABAMA 0.47%
Montgomery Indl Dev Brd, Alabama
(Smith Inds Proj),
V/FRD, IDR, Series 1988-B, 6/1/2000 4.40 90,000 90,000
------------
ALASKA 4.74%
Alaska Hsg Fin Corp, VR, Gen Mtg Rev,
1991 Series C, 6/1/2026 4.15 900,000 900,000
------------
ARIZONA 17.27%
Apache Cnty Indl Dev Auth, Arizona
(Tucson Elec Pwr Springerville Proj),
VR, IDR, 1983 Series C, 12/15/2018 4.20 600,000 600,000
Arizona Hlth Facs Auth (Pooled Ln Prog),
VRD, Rev, Series 1985, 10/1/2015 4.20 500,000 500,000
Maricopa Cnty Indl Dev Auth, Arizona
(McLane Co Proj),
VRD, Rev, Series 1984, 10/1/2004 4.63 1,380,000 1,380,000
Pima Cnty Indl Dev Auth, Arizona,
F/VR, IDR, Series 1982A,
(Tucson Elec Pwr Gen Proj),
6/15/2022 4.15 300,000 300,000
(Tucson Elec Pwr Irvington Proj),
10/1/2022 4.20 500,000 500,000
------------
3,280,000
------------
FLORIDA 2.63%
Tampa, Florida, VR, Occupational
License Tax, Series 1996A,
10/1/2018 4.15 500,000 500,000
------------
GEORGIA 7.32%
Jasper Cnty Econ Dev Auth, Georgia
(Earth Pak Proj),
AR, IDR, Series 1992, 3/1/2004 4.30 390,000 390,000
Savannah Downtown Dev Auth, Georgia
(Savannah Parking Facil Proj),
A/FR, Rev, 9/1/2005 4.20 1,000,000 1,000,000
------------
1,390,000
------------
<PAGE>
MISSOURI 4.74%
St Louis Cnty Indl Dev Auth, Missouri
(Schnuck Mkts-Kirkwood
Proj), F/VR, IDR, Series 1985,
12/1/2015 4.25 900,000 900,000
------------
OREGON 5.26%
Oregon, VRD, Gen Oblig, Veterans'
Welfare, Series 73F, 12/1/2017 4.20 1,000,000 1,000,000
------------
SOUTH CAROLINA 2.63%
Dorchester Cnty, South Carolina
(BOC Group Proj), TEAMS, Pollution
Ctl Facils Ref, Series 1993,
12/8/2000 4.20 500,000 500,000
------------
TENNESSEE 15.26%
Nashville Metro Airport Auth,
Tennessee, AR, Airport Impt Rev Ref,
Series 1993, 7/1/2019 4.20 900,000 900,000
Morristown Indl Dev Brd, Tennessee
(Camvac Intl Proj),
Indl Rev, Series 1983, 6/1/1998 4.50 1,000,000 1,000,000
Tennessee School Bd Auth, Higher
Edl Facs, BAN, AR, Rev, Series
1996A, 3/1/1998 4.20 1,000,000 1,000,000
------------
2,900,000
------------
VERMONT 2.63%
Vermont Indl Dev Auth (Ryegate Proj),
VRD, IDR, Series 1990,
12/1/2015 4.30 500,000 500,000
------------
VIRGINIA 2.63%
Fairfax Cnty Indl Dev Auth, Virginia
(Fairfax Hosp System),
VRD, Oblig Rev, Series 1988C,
10/1/2025 4.15 500,000 500,000
------------
WASHINGTON 2.11%
Washington Hsg Fin Commn (Pac First
Fed Svgs Bank Prog),
VRD, Multifamily Mtg Rev Ref,
Series 1988B, 10/1/2020 4.30 400,000 400,000
------------
WEST VIRGINIA 2.63%
Mercer Cnty, West Virginia (Flowers
Baking of West Virginia Proj),
AR, IDR Ref, Series 1995, 3/1/1999 4.20 500,000 500,000
------------
<PAGE>
WYOMING 10.53%
Green River, Wyoming (Allied Corp
Proj), F/FR, PCR Ref,
1982 Series, 12/1/2012 4.99 2,000,000 2,000,000
-----------
TOTAL WEEKLY PUT BONDS
(Cost $15,360,000) 15,360,000
-----------
TOTAL MUNICIPAL SHORT-TERM INVESTMENTS
(Cost $18,160,000) 18,160,000
-----------
TAXABLE SHORT-TERM INVESTMENTS 4.41%
United Missouri Bank, Money Market
Fiduciary~
(Cost $837,539) 5.35 837,539 837,539
-----------
TOTAL INVESTMENT SECURITIES AT
VALUE 100.00%
(Cost $18,997,539#) $18,997,539
===========
</TABLE>
<PAGE>
The following abbreviations may be used in portfolio descriptions:
A/FR* - Adjustable/Fixed Rate
ACES* - Adjustable Convertible Extendible Securities
AR* - Adjustable Rate
ARD* - Adjustable Rate Demand
ATS* - Adjustable Tender Securities
BAN - Bond Anticipation Notes
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, 1997
UNAUDITED
Treasurer's Treasurer's
Money Market Tax-Exempt
Reserve Fund Reserve Fund
------------------------------------
ASSETS
Investment Securities:
At Cost $100,438,035 $18,997,539
====================================
At Value 100,438,035 18,997,539
Receivables:
Fund Shares Sold 12,618,166 0
Interest 105,797 74,435
------------------------------------
TOTAL ASSETS 113,161,998 19,071,974
------------------------------------
LIABILITIES
Payables:
Custodian 12,629,435 0
Distributions to Shareholders 0 53
Other Payables 3,533 0
------------------------------------
TOTAL LIABILITIES 12,632,968 53
------------------------------------
Net Assets at Value 100,529,030 19,071,921
====================================
Shares Outstanding* 100,529,030 19,071,921
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, 1997, there was
an unlimited number of shares of beneficial interest (without par value)
authorized. Paid-in capital was $100,529,030 and $19,071,921 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, 1997
UNAUDITED
Treasurer's Treasurer's
Money Market Tax-Exempt
Reserve Fund Reserve Fund
------------------------------------
INVESTMENT INCOME
INTEREST INCOME $3,254,125 $373,394
EXPENSES
Investment Advisory Fees 148,390 24,447
------------------------------------
Net Investment Income and Net
Increase in Net Assets from
Operations 3,105,735 348,947
====================================
See Notes to Financial Statements
<PAGE>
INVESCO Treasurer's Series Trust
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
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
------------------------------- -------------------------------
1997 1996 1997 1996
UNAUDITED UNAUDITED
<S> <C> <C> <C> <C>
OPERATIONS AND DISTRIBUTIONS
TO SHAREHOLDERS
Net Investment Income Earned and
Distributed to Shareholders $ 3,105,735 $ 6,985,753 $ 348,947 $ 791,200
=============================== ===============================
FUND SHARE TRANSACTIONS
Proceeds from Sales of Shares $529,728,040 $ 955,891,903 $ 13,796,371 $ 40,135,621
Reinvestment of Dividends 3,021,521 6,947,826 340,574 772,754
------------------------------- -------------------------------
532,749,561 962,839,729 14,136,945 40,908,375
Amounts Paid for Repurchases of Shares (545,501,762) (991,443,585) (18,451,143) (39,450,460)
------------------------------- -------------------------------
NET INCREASE (DECREASE) IN NET
ASSETS FROM FUND SHARE TRANSACTIONS (12,752,201) (28,603,856) (4,314,198) 1,457,915
NET ASSETS
Beginning of Period 113,281,231 141,885,087 23,386,119 21,928,204
------------------------------- -------------------------------
End of Period $100,529,030 $ 113,281,231 $ 19,071,921 $ 23,386,119
=============================== ===============================
----------------------------------------------------------------------
FUND SHARE TRANSACTIONS
Shares Sold 529,728,040 955,891,903 13,796,371 40,135,621
Shares Issued from Reinvestment
of Dividends 3,021,521 6,947,826 340,574 772,754
------------------------------- -------------------------------
532,749,561 962,839,729 14,136,945 40,908,375
Shares Repurchased (545,501,762) (991,443,585) (18,451,143) (39,450,460)
------------------------------- -------------------------------
Net Increase (Decrease) in Fund Shares (12,752,201) (28,603,856) (4,314,198) 1,457,915
=============================== ===============================
See Notes to Financial Statements
</TABLE>
<PAGE>
INVESCO Treasurer' 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 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 - 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 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, original issue
discount and amortized premium, 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.
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. Income dividends are reinvested 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
<PAGE>
of the Funds, except 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 are based on an annual rate equal to 40%
of the retainer fee at the time of retirement.
For the six months ended June 30, 1997, 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 $814 $4,742 $10,210
Tax-Exempt Fund 128 840 1,736
<PAGE>
Other Information
UNAUDITED
On January 31, 1997, a special meeting of the shareholders of the Fund was held
at which the eleven directors identified below were elected, the selection of
Price Waterhouse LLP as independent accountants (Proposal 1), and the approval
of a new investment advisory agreement with ICM (Proposal 2) were ratified. The
following is a report of the votes cast:
<TABLE>
<CAPTION>
Withheld/
Nominee/Proposal For Against Abstain Total
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<S> <C> <C> <C> <C>
Money Market Reserve Fund
Charles W. Brady 96,810,619 0 0 96,810,619
Dan J. Hesser 96,810,619 0 0 96,810,619
Fred A. Deering 96,810,619 0 0 96,810,619
Victor L. Andrews 96,810,619 0 0 96,810,619
Bob R. Baker 96,810,619 0 0 96,810,619
Lawrence H. Budner 96,810,619 0 0 96,810,619
Daniel D. Chabris 96,810,619 0 0 96,810,619
A. D. Frazier, Jr. 96,810,619 0 0 96,810,619
Hubert L. Harris, Jr. 96,810,619 0 0 96,810,619
Kenneth T. King 96,810,619 0 0 96,810,619
John W. McIntyre 96,810,619 0 0 96,810,619
Proposal 1 96,761,463 0 49,155 96,810,618
Proposal 2 96,761,463 0 49,155 96,810,618
Tax-Exempt Reserve Fund
Charles W. Brady 15,497,355 0 0 15,497,355
Dan J. Hesser 15,497,355 0 0 15,497,355
Fred A. Deering 15,497,355 0 0 15,497,355
Victor L. Andrews 15,497,355 0 0 15,497,355
Bob R. Baker 15,497,355 0 0 15,497,355
Lawrence H. Budner 15,497,355 0 0 15,497,355
Daniel D. Chabris 15,497,355 0 0 15,497,355
A. D. Frazier, Jr. 15,497,355 0 0 15,497,355
Hubert L. Harris, Jr. 15,497,355 0 0 15,497,355
Kenneth T. King 15,497,355 0 0 15,497,355
John W. McIntyre 15,497,355 0 0 15,497,355
Proposal 1 15,497,355 0 0 15,497,355
Proposal 2 15,497,355 0 0 15,497,355
</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
------------ ---------------------------------------------------------------------
1997 1996 1995 1994 1993 1992
UNAUDITED
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 $1.00
------------ ---------------------------------------------------------------------
INCOME AND DISTRIBUTIONS
FROM INVESTMENT
OPERATIONS
Net Investment Income
Earned and Distributed
to Shareholders 0.03 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 1.00
============ =====================================================================
TOTAL RETURN 2.61%* 5.30% 5.82% 4.13% 2.92% 3.57%
RATIOS
Net Assets -
End of Period
($000 Omitted) $100,529 $113,281 $141,885 $93,131 $102,822 $117,711
Ratio of Expenses to
Average Net Assets 0.13%* 0.25% 0.25% 0.25% 0.25% 0.25%
Ratio of Net Investment
Income to Average
Net Assets 2.60%* 5.17% 5.71% 4.02% 2.88% 3.54%
</TABLE>
* Based on operations for the period shown and, accordingly, are not
representative of a full year.
<PAGE>
INVESCO Treasurer's Series Trust
Financial Highlights (Continued)
(For a Fund Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
Six Months
Ended
June 30 Year Ended December 31
------------ -----------------------------------------------------------------------
1997 1996 1995 1994 1993 1992
UNAUDITED
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 $1.00
------------ -----------------------------------------------------------------------
INCOME AND DISTRIBUTIONS
FROM INVESTMENT
OPERATIONS
Net Investment Income
Earned and Distributed
to Shareholders 0.02 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 1.00
============ =======================================================================
TOTAL RETURN 1.78%* 3.45% 3.90% 2.81% 2.30% 2.88%
RATIOS
Net Assets -End of Period
($000 Omitted) $19,072 $23,386 $21,928 $19,716 $27,261 $60,717
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 1.77%* 3.40% 3.86% 2.69% 2.28% 2.84%
</TABLE>
* Based on operations for the period shown and, accordingly, are not
representative of a full year.
<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' SERIES TRUST
Money Market Reserve Fund
Tax-Exempt Reserve Fund
June 30, 1997
