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 Funds Group, INC.
Distributor
SEMIANNUAL REPORT TO SHAREHOLDERS
June 30, 1998
TABLE OF CONTENTS
Page
Statement of Investment Securities 1
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, 1998
UNAUDITED
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Effective
Interest Principal
Description Rate % Amount Value
- ---------------------------------------------------------------------------------------------
TREASURER'S MONEY MARKET RESERVE Fund
Commercial Paper 60.78%
AEROSPACE & DEFENSE 5.10%
TRW Inc
7/23/1998 5.65 $ 3,000,000 $ 2,989,824
------------
ALUMINUM 4.27%
Aluminum Co of America
7/1/1998 6.29 2,500,000 2,500,000
------------
AUTO PARTS 3.41%
Johnson Controls
7/9/1998 5.89 2,000,000 1,997,420
------------
BUILDING MATERIALS 4.27%
Armstrong World Industries
7/1/1998 6.34 2,500,000 2,500,000
------------
CHEMICALS 5.10%
Great Lakes Chemical
7/20/1998 5.64 3,000,000 2,991,212
------------
ELECTRIC UTILITIES 2.56%
Progress Capital Holdings
7/7/1998 5.69 1,500,000 1,498,599
------------
ELECTRICAL EQUIPMENT 5.11%
General Electric
7/7/1998 5.64 3,000,000 2,997,220
------------
GOLD & PRECIOUS METALS MINING 5.11%
Consolidated Coal
7/9/1998 5.62 3,000,000 2,996,307
------------
HOUSEHOLD FURNITURE & APPLIANCES 2.08%
Rubbermaid Inc
7/14/1998 5.65 1,222,000 1,219,546
------------
MANUFACTURING 5.12%
AlliedSignal Inc
7/6/1998 5.66 3,000,000 2,997,675
------------
NATURAL GAS 5.00%
Questar Corp
7/1/1998 5.65 2,930,000 2,930,000
------------
<PAGE>
RETAIL 5.12%
Dillard Investment
7/6/1998 5.75 3,000,000 2,997,641
------------
SERVICES 8.53%
Electronic Data Systems
7/1/1998 6.39 2,500,000 2,500,000
------------
PHH Corp
7/2/1998 5.88 2,500,000 2,499,598
------------
4,999,598
------------
TOTAL COMMERCIAL PAPER
(Cost $35,615,042) 35,615,042
------------
Eurodollar Time Deposits 5.12%
BANKS 5.12%
Bankers Trust New York
11/23/1998 (Cost $3,000,000) 5.65 3,000,000 3,000,000
------------
Loan Participation Agreements 16.38%
AGRICULTURAL 1.88%
Cargill Inc
7/2/1998 5.73 1,100,000 1,099,827
------------
ELECTRIC UTILITIES 14.50%
Alabama Power
7/20/1998 5.60 2,500,000 2,500,000
Georgia Power
7/13/1998 5.55 3,000,000 3,000,000
National Rural Utilities Cooperative
Financial
7/20/1998 5.57 3,000,000 3,000,000
------------
8,500,000
------------
TOTAL LOAN PARTICIPATION AGREEMENTS
(Cost $9,599,827) 9,599,827
------------
Municipal Short-Term Notes^ 12.80%
HEALTH CARE RELATED 4.78%
Fairview Hosp & Hlthcare Svcs of
Minnesota, ACES, Hosp Rev,
Series A, 11/1/2015 5.60 2,800,000 2,800,000
------------
INSURANCE 8.02%
Health Insurance Plan of New York,
Gen Oblig, ACES, Ind Rev,
Series B-1, 7/1/2016 5.55 4,700,000 4,700,000
------------
TOTAL MUNICIPAL SHORT-TERM NOTES
(Cost $7,500,000) 7,500,000
------------
Other 4.92%
United Missouri Bank, Money Market
Fiduciary~
(Cost $2,881,887) 4.44 2,881,887 2,881,887
------------
<PAGE>
TOTAL INVESTMENT SECURITIES AT
VALUE 100.00%
(Cost $58,596,756#) $ 58,596,756
============
TREASURER'S TAX-EXEMPT RESERVE Fund
MUNICIPAL SHORT-TERM INVESTMENTS^ 99.20%
Daily Put Bonds 12.23%
ALABAMA 0.36%
Columbia Indl Dev Brd, Alabama
(Alabama Pwr Proj), AR, PCR Ref,
1995 Series D, 10/1/2022 3.95 $ 100,000 $ 100,000
------------
DISTRICT OF COLUMBIA 3.95%
District of Columbia, VR, Gen Oblig,
Gen Fund Recovery,
Series 1991B-2, 6/1/2003 3.85 400,000 400,000
Series 1991B-3, 6/1/2003 3.85 700,000 700,000
------------
1,100,000
------------
GEORGIA 0.36%
Burke Cnty Dev Auth, Georgia
(Georgia Pwr Plant Vogtle Proj),
AR, PCR, Fifth Series 1994, 7/1/2024 3.95 100,000 100,000
------------
NEW YORK 3.24%
New York City, New York, AR, Gen Oblig,
1994 Subseries,
E-2, 8/1/2020 4.00 400,000 400,000
E-5, 8/1/2017 4.00 500,000 500,000
------------
900,000
------------
TEXAS 0.72%
Grapevine Indl Dev, Texas
(American Airlines Proj),
VR, Multiple Mode Rev, 1984,
Series B-1, 12/1/2024 4.00 100,000 100,000
North Cent Texas Hlth Facils Dev
(Presbyterian Med
Ctr Proj), DATES, Hosp Rev,
Series 1985C, 12/1/2015 4.00 100,000 100,000
------------
200,000
------------
WISCONSIN 3.60%
Wisconsin Hlth Facils Auth
(Franciscan Hlth Care System
Fing), VRD, Rev, Series 1985A-2,
1/1/2016 3.50 1,000,000 1,000,000
------------
TOTAL DAILY PUT BONDS
(Cost $3,400,000) 3,400,000
------------
Weekly Put Bonds 83.55%
ALASKA 6.11%
Alaska Hsg Fin Corp, VR , Gen Mtg Rev,
1991 Series C, 6/1/2026 3.50 900,000 900,000
<PAGE>
Alaska Indl Dev & Export Auth
(Fairbanks Gold Mining Proj),
AR, Exmp Facil Rev, Series 1997,
5/1/2009 3.65 800,000 800,000
------------
1,700,000
------------
ARIZONA 12.52%
Apache Cnty Indl Dev Auth, Arizona
(Tucson Elec Pwr
Springerville Proj), VR, IDR,
1983 Series C, 12/15/2018 3.65 1,000,000 1,000,000
Arizona Hlth Facils Auth
(Pooled Ln Prog),
VRD, Rev, Series 1985, 10/1/2015 3.50 800,000 800,000
Maricopa Cnty Indl Dev Auth, Arizona
(McLane Co Proj),
VRD, Rev, Series 1984, 10/1/2004 4.00 1,180,000 1,180,000
Pima Cnty Indl Dev Auth, Arizona
(Tucson Elec Pwr
Irvington Proj), F/VR, IDR,
Series 1982A, 10/1/2022 3.65 500,000 500,000
------------
3,480,000
------------
COLORADO 5.39%
El Paso Cnty, Colorado
(Briarglen Apts Proj), AR,
Multifamily Hsg Rev Ref,
Series 1994, 12/1/2024 3.60 1,000,000 1,000,000
Northglenn, Colorado (Castle
Gardens Retirement), VR,
IDR, Ref, Series 1988, 1/1/2009 3.50 500,000 500,000
------------
1,500,000
------------
FLORIDA 2.52%
Dade Cnty, Florida, VRD, Aviation
Rev, Series 1984A,
10/1/2009 3.50 600,000 600,000
Tampa, Florida, VR, Occupational
License Tax,
Series 1996A, 10/1/2018 3.50 100,000 100,000
------------
700,000
------------
GEORGIA 3.60%
Dekalb Cnty Hsg Auth, Georgia
(Wood Terrace Apts Proj),
VRD, Multifamily Hsg Rev Ref,
Series 1995, 12/15/2015 3.60 1,000,000 1,000,000
------------
ILLINOIS 3.60%
Illinois Hlth Facils Auth (Hosp
Sisters Svcs Oblig Group Proj),
UPDATES, Series 1985E, 12/1/2014 3.55 1,000,000 1,000,000
------------
INDIANA 2.52%
Indianapolis, Indiana (Canal Square
Proj), Multi-family Hsg Rev
Ref, Series 1989, 12/1/2015 3.60 700,000 700,000
------------
<PAGE>
KENTUCKY 3.96%
Kentucky Econ Dev Fin Auth (Greater
Cincinnati Hlth Alliance),
AR, Hosp Facils Rev,
Series 1997C, 1/1/2022 3.55 1,100,000 1,100,000
------------
LOUISIANA 7.19%
Calcasieu Parish, Louisiana (Sales
Tax Dist # 4-A), VR, Road Impt,
Sales & Use Tax, Series 1994,
9/1/1999 3.50 1,000,000 1,000,000
Louisiana Pub Facils Auth (Sisters
of Charity of the Incarnate
Word), AR, Unit Price Demand Rev,
Series 1997E, 7/1/2023 3.55 1,000,000 1,000,000
------------
2,000,000
------------
MARYLAND 3.24%
Montgomery Cnty Hsg Opportunities
Commn, Maryland
V/FR, Multi-family Hsg Rev, 1988
Issue A, 7/15/2007 3.50 900,000 900,000
------------
MISSOURI 3.24%
St Louis Cnty Indl Dev Auth, Missouri
(Schnuck Mkts Kirkwood Proj), F/VR,
IDR, Series 1985, 12/1/2015 3.63 900,000 900,000
------------
NORTH CAROLINA 1.08%
East Carolina Univ, North Carolina
(Dowdy-Ficklen Stadium Proj), VRD,
Athletic Dept Rev, Series 1996,
5/1/2017 3.50 300,000 300,000
------------
OHIO 0.36%
Hamilton Cnty, Ohio (West Park
Retirement Cmnty Issue),
VR, Hlth Care Facils Rev,
Series 1989, 7/1/2017 3.50 100,000 100,000
------------
OKLAHOMA 3.60%
Tulsa Intl Airport, Oklahoma, VRD,
Gen Oblig Rev, Series 1996, 6/1/2018 3.50 1,000,000 1,000,000
------------
SOUTH CAROLINA 1.80%
Dorchester Cnty, South Carolina
(BOC Group Proj),
TEAMS, Pollution Ctl Facils,
Series 1993, 12/8/2000 3.55 500,000 500,000
------------
TENNESSEE 4.49%
Nashville & Davidson Cnty Metro
Govt Indl Dev Brd,
Tennessee (Multifamily Chimneytop II),
VR, Rev, 9/1/2006 3.60 350,000 350,000
Nashville Metro Airport Auth,
Tennessee, AR, Airport Impt
Rev Ref, Series 1993, 7/1/2019 3.55 900,000 900,000
------------
1,250,000
------------
<PAGE>
TEXAS 6.47%
Bexar Cnty, Texas (Retirement Cmnty -
Air Force), AR, Hlth Facils Dev Rev,
Series 1985B, 3/1/2012 3.50 500,000 500,000
Harris Cnty Hlth Facils Dev, Texas
(Sisters of Charity of the
Incarnate Word, Houston), UPDATES,
SCH Hlth Care System Rev,
Series 1997C, 7/1/2023 3.55 1,300,000 1,300,000
------------
1,800,000
------------
WASHINGTON 4.67%
Washington Hsg Fin Commn (Pac First
Fed Svgs Bank Proj),
VRD, Multifamily Mtg Rev Ref,
Series 1988B, 10/1/2020 3.50 300,000 300,000
Washington Pub Pwr Supply System
(Proj # 1), AR, Ref Elec Rev,
Series 19931A-2, 7/1/2017 3.45 1,000,000 1,000,000
------------
1,300,000
------------
WYOMING 7.19%
Green River, Wyoming (Allied Corp Proj),
F/FR, PCR Ref,
1982 Series, 12/1/2012 4.62 2,000,000 2,000,000
------------
TOTAL WEEKLY PUT BONDS
(Cost $23,230,000) 23,230,000
------------
Monthly Put Bonds 3.42%
FLORIDA 3.42%
Marion Cnty Indl Dev Auth, Florida
(Florida Convalescent Ctrs, Proj),
VRD/FR, IDR Ref, Series 1988A,
1/1/2011
(Cost $950,000) 3.75 950,000 950,000
------------
TOTAL MUNICIPAL SHORT-TERM INVESTMENTS
(COST $27,580,000) 27,580,000
------------
TAXABLE SHORT-TERM INVESTMENTS 0.80%
United Missouri Bank, Money Market
Fiduciary~
(Cost $223,537) 4.44 223,537 223,537
------------
TOTAL INVESTMENT SECURITIES AT
VALUE 100.00%
(Cost $27,803,537#) $ 27,803,537
============
<PAGE>
</TABLE>
The following abbreviations may be used in portfolio descriptions:
A/FR* - Adjustable/Fixed Rate
AR* - Adjustable Rate
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
UPDATES* - Unit Price Demand Tax-Exempt Securities
V/FR - Variable/Fixed Rate
V/FRD* - Variable/Fixed Rate Demand
VR* - Variable Rate
VRD* - Variable Rate Demand
VRD/FR - Variable Rate Demand/Fixed Rate
* 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 of 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, 1998
UNAUDITED
<TABLE>
<CAPTION>
Treasurer's Treasurer's
Money Market Tax-Exempt
Reserve Fund Reserve Fund
--------------------------------------
ASSETS
<S> <C> <C>
Investment Securities:
At Cost $ 58,596,756 $ 27,803,537
======================================
At Value $ 58,596,756 $ 27,803,537
Receivables:
Fund Shares Sold 4,570,370 530,000
Interest 81,951 102,446
Prepaid Expenses and Other Assets 0 43
--------------------------------------
TOTAL ASSETS 63,249,077 28,436,026
--------------------------------------
LIABILITIES
Payables:
Distributions to Shareholders 26 0
Fund Shares Repurchased 2,482,580 2,050,458
Accrued Expenses and Other Payables 7,625 0
--------------------------------------
TOTAL LIABILITIES 2,490,231 2,050,458
--------------------------------------
Net Assets at Value $ 60,758,846 $ 26,385,568
======================================
Shares Outstanding* 60,758,846 26,385,568
Net Asset Value, Offering and
Redemption Price per Share $1.00 $1.00
======================================
</TABLE>
* 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, 1998,
there was an unlimited number of shares of beneficial interest (without par
value) authorized. Paid-in capital was $60,758,846 and $26,385,568 for
Treasurer's Money Market Reserve and Treasurer's Tax-Exempt Reserve Funds,
respectively.
See Notes to Financial Statements
<PAGE>
INVESCO Treasurer's Series Trust
Statement of Operations
Six Months Ended June 30, 1998
UNAUDITED
<TABLE>
<CAPTION>
Treasurer's Treasurer's
Money Market Tax-Exempt
Reserve Fund Reserve Fund
--------------------------------------
<S> <C> <C>
INVESTMENT INCOME
INTEREST INCOME $ 1,715,316 $ 471,905
EXPENSES
Investment Advisory Fees 75,289 30,596
--------------------------------------
Net Investment Income and Net Increase
in Net Assets from Operations $ 1,640,027 $ 441,309
======================================
See Notes to Financial Statements
</TABLE>
<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
------------------------------- ------------------------------
1998 1997 1998 1997
<S> <C> <C> <C> <C>
UNAUDITED UNAUDITED
OPERATIONS AND DISTRIBUTIONS
TO SHAREHOLDERS
Net Investment Income Earned and
Distributed to Shareholders $ 1,640,027 $ 5,457,357 $ 441,309 $ 728,737
=============================== ==============================
FUND SHARE TRANSACTIONS
Proceeds from Sales of Shares $229,381,439 $907,820,795 $30,116,574 $ 31,372,456
Reinvestment of Dividends 1,634,250 5,366,818 433,269 711,015
------------------------------- ------------------------------
231,015,689 913,187,613 30,549,843 32,083,471
Amounts Paid for Repurchases of Shares (237,402,794) (959,322,893) (26,248,500) (33,385,365)
------------------------------- -------------------------------
NET INCREASE (DECREASE) IN NET
ASSETS FROM FUND SHARE TRANSACTIONS (6,387,105) (46,135,280) 4,301,343 (1,301,894)
NET ASSETS
Beginning of Period 67,145,951 113,281,231 22,084,225 23,386,119
------------------------------- -------------------------------
End of Period $ 60,758,846 $ 67,145,951 $ 26,385,568 $ 22,084,225
=============================== ===============================
--------------------------------------------------------------------------------
FUND SHARE TRANSACTIONS
Shares Sold 229,381,439 907,820,795 30,116,574 31,372,456
Shares Issued from Reinvestment
of Dividends 1,634,250 5,366,818 433,269 711,015
------------------------------- ------------------------------
231,015,689 913,187,613 30,549,843 32,083,471
Shares Repurchased (237,402,794) (959,322,893) (26,248,500) (33,385,365)
------------------------------- -------------------------------
Net Increase (Decrease) in Fund Shares (6,387,105) (46,135,280) 4,301,343 (1,301,894)
=============================== ===============================
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")
(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. Money Fund and Tax- Exempt Fund are 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 under procedures established 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 ex dividend
date.
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.
NOTE 3 - TRANSACTIONS WITH AFFILIATES. Certain of the Trust's officers and
trustees are also officers and directors of ICM.
<PAGE>
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. As of July 1, 1998, benefits will be based on an annual rate of 50%
of the sum of the retainer fee at the time of retirement plus the annual meeting
fee.
For the six months ended June 30, 1998, pension expenses, unfunded accrued
pension costs and pension liability, were paid by ICM in accordance with the
Investment Advisory Agreement and were as follows:
<TABLE>
<CAPTION>
Unfunded
Pension Accrued Pension
Fund Expenses Pension Costs Liability
- ----------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Money Fund $553 $5,434 $ 12,885
Tax-Exempt Fund 121 991 2,245
</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
------------- ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
1998 1997 1996 1995 1994 1993
UNAUDITED
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 AND DISTRIBUTIONS FROM
INVESTMENT OPERATIONS
Net Investment Income
Earned and Distributed
to Shareholders 0.03 0.05 0.05 0.06 0.04 0.03
------------- -----------------------------------------------------------------
Net Asset Value --
End of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
============= =================================================================
TOTAL RETURN 2.70%* 5.48% 5.30% 5.82% 4.13% 2.92%
RATIOS
Net Assets -- End of Period
($000 Omitted) $60,759 $67,146 $113,281 $141,885 $93,131 $102,822
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 2.70%* 5.32% 5.17% 5.71% 4.02% 2.88%
* Based on operations for the period shown and, accordingly, are not
representative of a full year.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
INVESCO Treasurer's Series Trust
Financial Highlights (Continued)
(For a Fund Share Outstanding Throughout Each Period)
Six Months
Ended
June 30 Year Ended December 31
------------- ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
1998 1997 1996 1995 1994 1993
UNAUDITED
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 AND DISTRIBUTIONS
FROM INVESTMENT
OPERATIONS
Net Investment Income
Earned and Distributed
to Shareholders 0.02 0.04 0.03 0.04 0.03 0.02
------------- -----------------------------------------------------------------
Net Asset Value --
End of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
============= =================================================================
TOTAL RETURN 1.78%* 3.74% 3.45% 3.90% 2.81% 2.30%
RATIOS
Net Assets -- End of Period
($000 Omitted) $26,386 $22,084 $23,386 $21,928 $19,716 $27,261
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 1.79%* 3.68% 3.40% 3.86% 2.69% 2.28%
* 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 Funds Group, Inc.
Transfer Agent
INVESCO Funds Group, Inc.
Custodian SEMIANNUAL REPORT
United Missouri Bank of Kansas City
INVESCO
Independent Accountants TREASURER'S
PricewaterhouseCoopers LLP SERIES TRUST
Legal Counsel Money Market
Kirkpatrick & Lockhart Reserve Fund
Moye, Giles, O'Keefe, Vermeire
& Gorrell Tax-Exempt
Reserve Fund
June 30, 1998
</TABLE>
