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
ANNUAL REPORT TO SHAREHOLDERS
December 31, 1997
TABLE OF CONTENTS
Page
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Statement of Investment Securities...................................... 2
Statement of Assets and Liabilities..................................... 6
Statement of Operations................................................. 6
Statement of Changes in Net Assets...................................... 7
Notes to Financial Statements........................................... 8
Financial Highlights.................................................... 9
Report of Independent Accountants....................................... 11
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INVESCO Treasurer's Series Trust
STATEMENT OF INVESTMENT SECURITIES
December 31, 1997
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Effective
Interest Principal
Description Rate % Amount Value
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<S> <C> <C> <C>
TREASURER'S MONEY MARKET RESERVE Fund
Commercial Paper 42.26%
AUTO PARTS 3.09%
Johnson Controls
1/12/1998 5.94 $ 1,620,000 $ 1,617,103
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CHEMICALS 5.73%
Great Lakes Chemical
1/5/1998 6.22 3,000,000 2,997,956
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FINANCIAL 12.43%
Greenwich Funding
1/5/1998 5.74 3,500,000 3,497,799
Wilmington Trust
5/20/1998 5.82 3,000,000 3,000,000
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6,497,799
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FOODS 7.64%
Heinz (H J) Co
1/6/1998 5.82 4,000,000 3,996,811
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NATURAL GAS 5.73%
Questar Corp
1/5/1998 5.96 3,000,000 2,998,040
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RETAIL 7.64%
Penney (J C) Funding
1/6/1998 5.73 4,000,000 3,996,862
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TOTAL COMMERCIAL PAPER
(Cost $22,104,571) 22,104,571
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Eurodollar Time Deposits 7.65%
BANKS 7.65%
Bank of America Canada
1/8/1998 (Cost $4,000,000) 5.65 4,000,000 4,000,000
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Loan Participation Agreements 11.46%
AGRICULTURAL 5.73%
Cargill Inc
1/5/1998 5.77 3,000,000 3,000,000
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ELECTRIC UTILITIES 5.73%
Georgia Power
1/9/1998 5.93 3,000,000 3,000,000
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TOTAL LOAN PARTICIPATION AGREEMENTS
(Cost $6,000,000) 6,000,000
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Municipal Short-Term Notes^ 14.34%
HEALTH CARE RELATED 5.35%
Fairview Hosp & Hlthcare Svcs of Minnesota,
ACES, Hosp Rev,
Series A, 11/1/2015 6.05 2,800,000 2,800,000
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INSURANCE 8.99%
Health Insurance Plan of New York,
Gen Oblig, ACES, Ind Rev,
Series B-1, 7/1/2016 6.15 4,700,000 4,700,000
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TOTAL MUNICIPAL SHORT-TERM NOTES
(Cost $7,500,000) $ 7,500,000
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Other 24.29%
United Missouri Bank, Money Market
Fiduciary~ (Cost $12,703,921) 4.44 $ 12,703,921 12,703,921
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TOTAL INVESTMENT SECURITIES AT VALUE 100.00%
(Cost $52,308,492#) $ 52,308,492
=============
TREASURER'S TAX-EXEMPT RESERVE Fund
MUNICIPAL SHORT-TERM INVESTMENTS^ 98.64%
Daily Put Bonds 13.46%
ALABAMA 0.87%
Columbia Indl Dev Brd, Alabama (Alabama Pwr Proj),
AR, PCR Ref,
1995 Series D, 10/1/2022 5.00 $ 200,000 $ 200,000
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DISTRICT OF COLUMBIA 3.04%
District of Columbia, VR, Gen Oblig,
Gen Fund Recovery, Series 1991B-1,
6/1/2003 5.00 700,000 700,000
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GEORGIA 3.91%
Burke Cnty Dev Auth, Georgia (Georgia
Pwr Plant Vogtle Proj), AR, PCR,
Fifth Series 1994, 7/1/2024 5.00 900,000 900,000
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NEW YORK 2.17%
New York City, New York, AR, Gen
Oblig, 1994 Subseries,
E-2, 8/1/2021 5.00 200,000 200,000
E-4, 8/1/2022 5.00 100,000 100,000
E-5, 8/1/2019 5.00 200,000 200,000
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500,000
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OREGON 3.47%
Umatilla Cnty Hosp Fac Auth, Oregon
(Franciscan Hlth System Pooled Fing
Prog), DATES, Hosp Rev,
Series 1985A, 12/1/2024 5.00 500,000 500,000
Series 1985B, 12/1/2024 5.00 300,000 300,000
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800,000
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TOTAL DAILY PUT BONDS
(Cost $3,100,000) 3,100,000
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Weekly Put Bonds 85.18%
ALABAMA 0.39%
Montgomery Indl Dev Brd , Alabama
(Smith Inds Proj), V/FRD, IDR,
Series 1988-B, 6/1/2000 3.95 90,000 90,000
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ALASKA 7.38%
Alaska Indl Dev & Export Auth
(Fairbanks Gold Mining Proj), AR,
Exmp Facil Rev, Series 1997,
5/1/2009 3.95 800,000 800,000
Alaska Hsg Fin Corp, VR, Gen Mtg Rev,
1991 Series C, 6/1/2026 3.70 900,000 900,000
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1,700,000
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ARIZONA 13.37%
Apache Cnty Indl Dev Auth, Arizona
(Tucson Elec Pwr Springerville Proj),
VR, IDR, 1983 Series C, 12/15/2018 3.80 1,000,000 1,000,000
Arizona Hlth Facils Auth (Pooled
Ln Prog), VRD, Rev, Series 1985,
10/1/2015 3.70 400,000 400,000
Maricopa Cnty Indl Dev Auth, Arizona
(McLane Co Proj), VRD, Rev,
Series 1984, 10/1/2004 4.45 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 3.80 500,000 500,000
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3,080,000
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ARKANSAS 4.34%
Clark Cnty, Arkansas (Reynolds Metals
Proj), AR, Solid Waste Disp Rev,
Series 1992, 8/1/2022 3.95 1,000,000 1,000,000
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FLORIDA 2.17%
Tampa, Florida, VR, Occupational
License Tax, Series 1996A, 10/1/2018 3.70 500,000 500,000
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GEORGIA 4.34%
Savannah Downtown Dev Auth, Georgia
(Savannah Parking Facils Proj), A/FR,
Rev, 9/1/2005 3.70 1,000,000 1,000,000
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ILLINOIS 4.34%
Illinois Hlth Facils Auth (Hosp
Sisters Svcs Oblig Group Proj),
UPDATES, Series 1985E, 12/1/2014 4.15 1,000,000 1,000,000
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KENTUCKY 2.61%
Kentucky Econ Dev Fin Auth (Grtr
Cincinnati Hlth Alliance), AR, Hosp
Facils Rev, Series 1997C, 1/1/2022 3.70 600,000 600,000
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LOUISIANA 2.17%
Louisiana Pub Facils Auth (Sisters
of Charity of the Incarnate Word),
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AR, Unit Price Demand Rev, Series
1997E, 7/1/2023 3.70 500,000 500,000
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MINNESOTA 3.91%
Olmsted Cnty, Minnesota, VR, Human
Svcs Campus Infrastructure Rev,
Ctfs Participation, 8/1/2005 4.10 900,000 900,000
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MISSOURI 3.91%
St Louis Cnty Indl Dev Auth, Missouri
(Schnuck Mkts Kirkwood Proj), F/VR,
IDR, Series 1985, 12/1/2015 4.28 900,000 900,000
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NORTH CAROLINA 3.91%
East Carolina Univ, North Carolina
(Dowdy-Flicklen Stadium Proj), VRD,
Athletic Dept Rev, Series 1996,
5/1/2017 3.65 900,000 900,000
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OHIO 3.47%
Hamilton Cnty, Ohio (Grtr Cincinnati
Hlth Alliance), AR, Hosp Facils Rev,
Series 1997A, 1/1/2018 3.65 800,000 800,000
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OKLAHOMA 4.34%
Tulsa Intl Arport, Oklahoma, VRD,
Gen Rev, Series 1996, 6/1/2018 4.10 1,000,000 1,000,000
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SOUTH CAROLINA 2.17%
Dorchester Cnty, South Carolina
(BOC Group Proj), TEAMS, Pollution
Ctl Facils, Series 1993, 12/8/2000 4.20 500,000 500,000
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TENNESSEE 9.77%
Nashville & Davidson Cnty Metro Govt
Indl Dev Brd, Tennessee (Multifamily
Chimneytop II), VR, Rev, 9/1/2006 4.15 350,000 350,000
Morristown Indl Dev Brd, Tennessee
(Camvac Intl Proj), AR, Indl Rev,
Series 1983, 6/1/1998 4.53 1,000,000 1,000,000
Nashville Metro Airport Auth,
Tennessee, AR, Airport Impt Rev Ref,
Series 1993, 7/1/2019 3.75 900,000 900,000
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2,250,000
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VERMONT 2.17%
Vermont Indl Dev Auth (Ryegate Proj),
VRD, IDR, Series 1990, 12/1/2015 3.85 500,000 $ 500,000
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WASHINGTON 1.74%
Washington Hsg Fin Commn (Pac First
Fed Svgs Bank Proj), VRD, Multifamily
Mtg Rev Ref, Series 1988B, 10/1/2020 3.95 400,000 400,000
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WYOMING 8.68%
Green River, Wyoming (Allied Corp Proj),
F/FR, PCR Ref, 1982 Series, 12/1/2012 4.61 2,000,000 2,000,000
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TOTAL WEEKLY PUT BONDS
(Cost $19,620,000) 19,620,000
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TOTAL MUNICIPAL SHORT-TERM INVESTMENTS
(Cost $22,720,000) 22,720,000
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TAXABLE SHORT-TERM INVESTMENTS 1.36%
United Missouri Bank, Money Market
Fiduciary~ (Cost $312,994) 4.44 312,994 312,994
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TOTAL INVESTMENT SECURITIES
AT VALUE 100.00%
(Cost $23,032,994#) $ 23,032,994
=============
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/FRD* - Variable/Fixed Rate Demand
VR* - Variable Rate
VRD* - Variable Rate Demand
* Rate is subject to change. Rate shown reflects current rate.
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^ 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
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INVESCO Treasurer's Series Trust
STATEMENT OF ASSETS AND LIABILITIES
December 31, 1997
Treasurer's Treasurer's
Money Market Tax-Exempt
Reserve Fund Reserve Fund
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<S> <C> <C>
ASSETS
Investment Securities:
At Cost $ 52,308,492 $ 23,032,994
=====================================
At Value $ 52,308,492 $ 23,032,994
Cash 0 199,469
Receivables:
Fund Shares Sold 15,035,734 0
Interest 149,907 106,151
Prepaid Expenses and Other Assets 310 134
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TOTAL ASSETS 67,494,443 23,338,748
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LIABILITIES
Payables:
Distributions to Shareholders 3,026 1,213
Investment Securities Purchased 0 200,597
Fund Shares Repurchased 341,055 1,052,713
Accrued Expenses and Other Payables 4,411 0
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TOTAL LIABILITIES 348,492 1,254,523
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Net Assets at Value $ 67,145,951 $ 22,084,225
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Shares Outstanding* 67,145,951 22,084,225
Net Asset Value, Offering and
Redemption Price per Share $1.00 $1.00
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* 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, 1997, there
was an unlimited number of shares of beneficial interest (without par value)
authorized. Paid-in capital was $67,145,951 and $22,084,225 for Treasurer's
Money Market Reserve and Treasurer's 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, 1997
Treasurer's Treasurer's
Money Market Tax-Exempt
Reserve Fund Reserve Fund
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<S> <C> <C>
INVESTMENT INCOME
INTEREST INCOME $ 5,714,291 $ 778,284
EXPENSES
Investment Advisory Fees 256,934 49,547
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Net Investment Income and
Net Increase in Net Assets
from Operations $ 5,457,357 $ 728,737
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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
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1997 1996 1997 1996
<S> <C> <C> <C> <C>
OPERATIONS AND DISTRIBUTIONS
TO SHAREHOLDERS
Net Investment Income Earned and
Distributed To Shareholders $ 5,457,357 $ 6,985,753 $ 728,737 $ 791,200
============================= =============================
FUND SHARE TRANSACTIONS
Proceeds from Sales of Shares $ 907,820,795 $ 955,891,903 $ 31,372,456 $ 40,135,621
Reinvestment of Dividends 5,366,818 6,947,826 711,015 772,754
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913,187,613 962,839,729 32,083,471 40,908,375
Amounts Paid for Repurchases of Shares (959,322,893) (991,443,585) (33,385,365) (39,450,460)
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NET INCREASE (DECREASE) IN NET
ASSETS FROM FUND SHARE
TRANSACTIONS (46,135,280) (28,603,856) (1,301,894) 1,457,915
NET ASSETS
Beginning of Period 113,281,231 141,885,087 23,386,119 21,928,204
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End of Period $ 67,145,951 $ 113,281,231 $ 22,084,225 $ 23,386,119
============================= =============================
<PAGE>
FUND SHARE TRANSACTIONS
Shares Sold 907,820,795 955,891,903 31,372,456 40,135,621
Shares Issued from Reinvestment
of Dividends 5,366,818 6,947,826 711,015 772,754
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913,187,613 962,839,729 32,083,471 40,908,375
Shares Repurchased (959,322,893) (991,443,585) (33,385,365) (39,450,460)
------------------------------ ------------------------------
Net Increase (Decrease) in Fund Shares (46,135,280) (28,603,856) (1,301,894) 1,457,915
============================== ==============================
See Notes to Financial Statements
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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. 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 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. Of the distributions paid by Tax-Exempt
Fund for the year ended December 31, 1997, 91.97% 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. Income dividends are reinvested at the ex-dividend
date.
<PAGE>
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. At December 31, 1997, 14.29% of
outstanding shares of Tax Exempt Fund, were held by ICM or affiliated parties.
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 year ended December 31, 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 $2,244 $5,434 $12,332
Tax-Exempt Fund 363 991 2,124
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INVESCO Treasurer's Series Trust
FINANCIAL HIGHLIGHTS
(For a Fund Share Outstanding Throughout Each Period)
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<CAPTION>
Year Ended December 31
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1997 1996 1995 1994 1993
<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
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INCOME AND DISTRIBUTIONS FROM
INVESTMENT OPERATIONS
Net Investment Income Earned and
Distributed to Shareholders 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
===================================================================
TOTAL RETURN 5.48% 5.30% 5.82% 4.13% 2.92%
RATIOS
Net Assets - End of Period ($000 Omitted) $67,146 $113,281 $141,885 $93,131 $102,822
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 5.32% 5.17% 5.71% 4.02% 2.88%
<PAGE>
INVESCO Treasurer's Series Trust
Financial Highlights (Continued)
(For a Fund Share Outstanding Throughout Each Period)
Year Ended December 31
-------------------------------------------------------------------
1997 1996 1995 1994 1993
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 0.04 0.03 0.04 0.03 0.02
-------------------------------------------------------------------
Net Asset Value - End of Period $1.00 $1.00 $1.00 $1.00 $1.00
===================================================================
TOTAL RETURN 3.74% 3.45% 3.90% 2.81% 2.30%
RATIOS
Net Assets - End of Period ($000 Omitted) $22,084 $23,386 $21,928 $19,716 $27,261
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 3.68% 3.40% 3.86% 2.69% 2.28%
</TABLE>
<PAGE>
Report of Independent Accountants
To the Shareholders and Board of Trustees 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 INVESCO Treasurer's Series Trust, hereafter referred to as the
"Trust") at December 31, 1997, the results of each of their operations for the
year then 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 Trust'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, 1997 by correspondence with the
custodian and the application of alternative auditing procedures where
securities purchased had not been received, provide a reasonable basis for the
opinion expressed above.
Price Waterhouse LLP
Denver, Colorado
February 6, 1998
<PAGE>
Investment Adviser
INVESCO Capital Management, Inc.
Distributor
INVESCO Funds Group, 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
ANNUAL REPORT
INVESCO TREASURER'S SERIES TRUST
Money Market Reserve Fund
Tax-Exempt Reserve Fund
December 31, 1997
