SEMIANNUAL REPORT
November 30, 1995
INVESCO
MONEY
MARKET
FUNDS, INC.
Cash Reserves Fund
U.S. Government Money Fund
Tax-Free Money Fund
Smart Choices
For Seeking Liquidity
And Safety
INVESCO FUNDS
<PAGE>
INVESCO Cash Reserves and U.S. Government Money Funds are managed by
Richard R. Hinderlie. He began his investment career in 1973, and has extensive
experience in fixed-income analysis and portfolio management. He earned his MBA
from Arizona State University and a BA in Economics from Pacific Lutheran
University.
Tax-Free Money Fund is managed by Ingeborg S. Cosby. She has honed her
skills in fixed-income strategies and analysis since she began her career in
1982 as a portfolio manager assistant with First Affiliated Securities Inc. of
Denver. Ms. Cosby has been with INVESCO since joining the fixed-income group in
1985.
Economic Overview December 1995
A "soft landing" -- moderate inflation with moderate economic growth --
may well be underway.
Over the past 11 months, consumer prices have edged up just 2.53% (through
11/30/95). That's considerably below the figure most analysts had anticipated.
Last winter, forecasts for the 1995 consumer inflation rate ran in the 4% to 5%
range. Producer costs have increased at an even slower rate.
However, even as they puzzle over a low-inflation trend, analysts are
hailing the continued economic recovery. Growth in Gross Domestic Product (GDP)
has remained positive at moderate levels considered more sustainable for a
mature market such as the U.S.
These figures appear to indicate the much ballyhooed "soft landing." An
annualized real GDP growth rate of 2.5% was the announced target when the
Federal Reserve Board began raising short-term interest rates in February 1994.
Growth then slowed to annualized rates of 2.7% and 1.1% in the first and second
quarters of 1995, respectively.
Feeling confident that wage and price increases are under control, the Fed
directed modest cut in short-term interest rates this past summer. Meanwhile,
inflation has remained subdued in its corner, running at about the same
annualized rate as in 1993 and 1994. Despite an unexpectedly strong 4.2% jump in
the real GDP growth rate during the third quarter, the soft landing appears
intact.
Stock and bond investors have responded positively to these developments.
Led by technology, health and financial stocks, the S&P 500 has moved up
strongly this year, achieving a total return of 34.84% for the eleven months
ended 11/30/95. The Lehman Government/Corporate Bond Index advanced 17.51% over
the same period.1
November 1995 saw the Dow break 5,000 for the first time.1 However,
occasional drops have reminded us that this record-breaking pace probably cannot
be sustained indefinitely. Nonetheless, barring any unanticipated surprises in
corporate earnings, the trade deficit or the federal budget, we continue to
expect moderate growth (albeit at a slower rate than we've seen this year) for
many months into the future.
On December 19, the Federal Reserve reduced short-term interest rates by
0.25%, and rates may go lower next year. This projected 1996 rate reduction, in
combination with the cuts in July and December 1995, will continue to be
reflected in the returns offered by our money-market funds. However, through
active management and constant awareness of opportunity, we seek to maximize
returns while meeting our primary objectives.
R. Dalton Sim, Chairman and President,
INVESCO Trust Company
<PAGE>
Cash Reserves Fund
INVESCO Cash Reserves Fund is managed to afford maximum liquidity and high
daily income to holders of all INVESCO funds who require temporary security
while modifying investment directions, or planning to meet short-term financial
needs.
For the one-year period ended 11/30/95, Cash Reserves Fund provided a
total return of 5.28%.2 (Of course, past performance is not a guarantee of
future results.) In order to retain high liquidity, we have maintained a shorter
weighted average maturity than the typical taxable money market fund, without
sacrificing much dividend income relative to the Money Market Fund average total
return of 5.35% for the same period, according to Lipper Analytical Services.3
(Of course, past performance is not a guarantee of future results.)
In managing the portfolio, we select only the highest quality short-term
investments. As of November 30, 86.1% of the portfolio was in "first tier" (S&P
A-1 or equivalent) commercial paper issued by everyday recognizable
corporations. The remainder of the portfolio was held in a combination of
government agency obligations and cash. (The value of fund shares is neither
insured nor guaranteed by the U.S. government.)
Moving forward, we will continue our efforts to ensure that Cash Reserves
Fund's return remains competitive regardless of the interest rate environment.
U.S. Government Money Fund
INVESCO U.S. Government Money Fund seeks to provide daily income with
maximum security by investing exclusively in cash and short-term debt or
repurchase agreements issued and backed by the U.S. government or its agencies.
(The value of fund shares is neither insured nor guaranteed by the U.S.
government.)
For the one-year period ended 11/30/95, U.S Government Money Fund had a
total return of 5.19%.2 (Of course, past performance is not a guarantee of
future results.) This return was only slightly below the average U.S. Government
Money Market Fund return of 5.27% as reported by Lipper Analytical Services,3
despite a shorter weighted average maturity than the typical fund.
Our shorter average maturity provides us with a significant degree of
liquidity, a benefit we feel is essential to meet the needs of investors
requiring immediate access to funds as their financial goals change.
Tax-Free Money Fund
INVESCO Tax-Free Money Fund seeks a combination of safety, liquidity and
daily income by investing primarily in short-term municipal obligations exempt
from federal taxation. For the one-year period ended 11/30/95, Tax-Free Money
Fund had a total return of 3.28%.2 (Of course, past performance is not a
<PAGE>
guarantee of future results.) As safety of funds is paramount, the fund does not
invest in risky derivatives, and we regularly monitor the security of any
agencies or corporations which may provide support to the issues in the fund. In
all cases, the securities selected for the portfolio are from municipalities
throughout the U.S. with ratings equivalent to S&P's AA or better.
Municipalities nationwide have decreased the amount of new debt they are
issuing; the Wall Street Journal reported on December 7 that the total volume of
new muni-bonds issued for all maturities had decreased 16% versus one year ago.
Of course, due to the low interest rate environment, the reduction in new
municipal money-market issues was even more dramatic. This decreased
availability, combined with an increased demand for highly secure, liquid
investment vehicles, has led to a scarcity of high-grade, short-term municipal
paper such as that included in Tax-Free Money Fund's holdings.
This increased demand in a falling rate environment has led to
lower-than-expected overall tax-free returns within the marketplace. However,
throughout 1995, Tax-Free Money Fund has maintained an average maturity slightly
longer than the typical tax-free money fund, allowing us to lock in higher rates
for a longer period. This strategy has helped to protect the fund's returns as
rates have trended downward.
Looking forward to 1996, we believe that as the economy softens and
investors look toward reallocating funds or planning for immediate needs,
INVESCO Tax-Free Money Fund will remain a competitive short-term alternative.
1 The S&P 500 and Dow Jones Industrial Average are unmanaged indexes considered
representative of the performance of the broad U.S. stock market. The Lehman
Government/Corporate Bond Index is an unmanaged index illustrating the broad
fixed-income markets.
2 Total return for a money market fund assumes reinvestment of dividends for the
periods indicated. Past performance is not a guarantee of future results.
Investment returns will vary with changing market conditions. The value of fund
shares is neither insured nor guaranteed by the U.S. government. The funds will
attempt to maintain a stable net asset value of $1.00, but this cannot be
guaranteed.
3 Averages provided by Lipper Analytical Services, an independent fund analyst,
are based upon total return performance unadjusted for commissions.
<PAGE>
INVESCO Money Market Funds, Inc.
Statement of Investment Securities
November 30, 1995
UNAUDITED
Effective
Interest Principal
Description Rate % Amount Value
- --------------------------------------------------------------------------------
CASH RESERVES Fund
SHORT-TERM INVESTMENTS 100.00%
US Government Agency Obligations 11.22%
Federal Farm Credit Bank, 1/2/1996 5.90 $5,000,000 $4,998,947
Small Business Administration,
Guaranteed Loan Pool Certificates
1/25/2018~ 6.84 3,903,556 3,903,556
3/25/2018~ 6.84 3,656,417 3,656,417
Student Loan Marketing Association
11/24/1997~ 5.65 20,000,000 19,955,678
11/10/1998~ 5.67 1,000,000 1,000,000
1/13/1999~ 5.69 25,000,000 25,000,000
2/8/1999~ 5.69 12,750,000 12,750,000
------------
TOTAL US GOVERNMENT AGENCY OBLIGATIONS
(Cost $71,264,598) 71,264,598
------------
Commercial Paper 88.78%
AEROSPACE & DEFENSE 3.15%
Raytheon Co, 12/5/1995 5.84 20,000,000 19,987,244
------------
CAPTIVE FINANCE 28.26%
Automobile Related 8.42%
Ford Motor Credit
1/22/1996 5.86 10,000,000 10,000,000
2/5/1996 5.87 4,000,000 4,000,000
2/12/1996 5.87 13,000,000 13,000,000
2/20/1996 5.86 4,000,000 4,000,000
General Motors Acceptance
12/6/1995 5.87 2,500,000 2,498,003
12/7/1995 5.86 10,000,000 9,990,400
12/11/1995 5.89 10,000,000 9,983,889
------------
53,472,292
------------
Diversified Companies 1.78%
General Electric Capital Services,
1/31/1996 5.83 11,300,000 11,300,000
------------
Financial Services 5.20%
American Express Credit
12/8/1995 5.84 8,000,000 8,000,000
2/5/1996 5.84 5,000,000 5,000,000
2/12/1996 5.83 20,000,000 20,000,000
------------
33,000,000
------------
Machinery 2.25%
Deere (John) Capital
12/14/1995 5.85 4,250,000 4,250,000
2/6/1996 5.84 10,000,000 10,000,000
------------
14,250,000
------------
Oil & Gas Related 3.15%
Chevron Oil Finance
12/1/1995 5.83 10,000,000 10,000,000
<PAGE>
12/4/1995 5.82 10,000,000 10,000,000
------------
20,000,000
------------
Retail 6.20%
Penney (J C) Funding, 12/11/1995 5.82 6,500,000 6,489,690
Sears Roebuck Acceptance
12/1/1995 5.85 16,000,000 16,000,000
12/12/1995 5.85 14,500,000 14,500,000
2/5/1996 5.89 2,400,000 2,400,000
------------
39,389,690
------------
Tobacco 1.26%
BAT Capital, 12/8/1995 5.83 8,000,000 7,991,102
------------
TOTAL CAPTIVE FINANCE 179,403,084
------------
COMMERCIAL FINANCE 7.15%
International Lease Finance
1/11/1996 5.87 15,000,000 14,902,625
2/5/1996 5.83 9,250,000 9,153,846
National Rural Utilities
Cooperative Finance
12/11/1995 5.85 9,980,000 9,964,115
2/27/1996 5.83 11,500,000 11,341,172
------------
45,361,758
------------
CONSUMER FINANCE 13.04%
Beneficial Corp
12/13/1995 5.85 18,000,000 18,000,000
12/26/1995 5.84 15,000,000 14,940,833
Household Finance, 12/22/1995 5.85 20,000,000 20,000,000
New Center Asset Trust
12/12/1995 5.85 10,000,000 9,982,400
12/14/1995 5.85 10,000,000 9,979,200
1/29/1996 5.83 10,000,000 9,906,747
------------
82,809,180
------------
DIVERSIFIED COMPANIES 3.59%
AKZO Nobel NV
12/13/1995 5.79 3,000,000 2,994,370
2/1/1996 5.87 11,000,000 10,892,017
2/16/1996 5.84 9,000,000 8,891,238
------------
22,777,625
------------
DIVERSIFIED FINANCE 6.30%
General Electric, 12/29/1995 5.88 10,000,000 10,000,000
General Electric Capital
12/6/1995 5.89 20,000,000 20,000,000
12/14/1995 5.83 10,000,000 10,000,000
------------
40,000,000
------------
INVESTMENT BROKERS 12.79%
Goldman Sachs Group, 3/6/1996 5.82 20,000,000 19,698,667
Merrill Lynch & Co
12/4/1995 5.87 10,750,000 10,744,831
1/31/1996 5.88 11,000,000 10,893,758
2/29/1996 5.88 11,000,000 10,844,075
Morgan Stanley Group
<PAGE>
1/8/1996 5.85 19,250,000 19,134,187
1/25/1996 5.91 10,000,000 9,912,153
------------
81,227,671
------------
LEASING COMPANIES 6.86%
Hertz Corp
12/4/1995 5.85 5,000,000 5,000,000
12/8/1995 5.84 8,000,000 8,000,000
1/17/1996 5.84 10,000,000 10,000,000
2/14/1996 5.84 10,000,000 9,882,292
PHH Corp, 1/16/1996 5.85 10,750,000 10,671,292
------------
43,553,584
------------
OIL & GAS RELATED 2.36%
Texaco Inc, 12/5/1995 5.83 15,000,000 15,000,000
RETAIL 3.91%
Southland Corp
12/6/1995 5.88 10,000,000 9,992,056
2/8/1996 5.85 10,000,000 9,890,750
3/5/1996 5.87 5,000,000 4,924,792
------------
24,807,598
------------
UTILITIES 1.37%
Central & South West, 12/7/1995 5.84 8,700,000 8,691,721
------------
TOTAL COMMERCIAL PAPER
(Cost $563,619,465) 563,619,465
------------
TOTAL INVESTMENT SECURITIES AT VALUE 100.00%
(Cost $634,884,063#) $634,884,063
============
TAX-FREE MONEY Fund
SHORT-TERM INVESTMENTS 100.00%
ALASKA 2.75%
Alaska Indl Dev & Export Auth
(Spendard Bldrs Supply Proj), VRD Rev,
Composite Ref Issue, Lot 1, 12/1/1996~ 3.80 $895,000 $895,000
Anchorage, Alaska, FR, Sr Lien Ref Elec Rev,
1986 Series A, 6/1/1996 4.00 620,000 642,942
------------
1,537,942
------------
ARIZONA 1.96%
Cochise Cnty Pollution Ctl, Arizona
(Arizona Elec Pwr Cooperative Proj),
VR, Solid Waste Disp Rev,
Series 1994A, 9/1/2024~ 3.91 500,000 500,000
Maricopa Cnty Indl Dev Auth, Arizona
(Samaritan Hlth Svc Hosp System),
VRD, Rev Ref, Series 1985B 2, 12/1/2008~ 3.80 600,000 600,000
------------
1,100,000
------------
ARKANSAS 0.89%
Crossett, Arkansas (Georgia-Pacific
Corp Proj), AR, PCR Ref, Series 1991,
10/1/1998~ 3.75 500,000 500,000
------------
FLORIDA 4.17%
Dade Cnty, Florida (Miami Beach
Convention Ctr Proj), FR, Special Oblig,
12/1/1995 3.66 400,000 400,000
<PAGE>
Putnam Cnty Dev Auth, Florida
(Seminole Elec Cooperative Proj), A/FR,
PCR, Series 1984D, 12/15/2009~ 3.39 1,000,000 1,000,000
St Lucie Cnty, Florida
(Savannah Hosp Proj), FRD, IDR,
Series 1985, 11/1/2015~ 3.80 935,000 935,000
------------
2,335,000
------------
GEORGIA 9.40%
Cobb Cnty & Marietta Wtr Auth, Georgia,
FR, Wtr Rev, 5/1/1996 3.77 575,000 576,149
DeKalb Cnty Hosp Auth, Georgia
(DeKalb Med Ctr Proj), VR, RAC,
Series 1993B, 9/1/2009~ 3.75 1,345,000 1,345,000
Macon-Bibb Cnty Hosp Auth, Georgia
(Med Ctr of Central Georgia),
AR, RAC, Series 1994, 4/1/2007~ 3.75 1,845,000 1,845,000
Private Colleges & Univs Auth, Georgia
(Emory Univ Proj), Edl Rev,
Series 1993B, TECP, 12/15/1995 3.70 1,000,000 1,000,000
Savannah Econ Dev Auth, Georgia
(Home Depot Proj), AR, Exmp Facil Rev,
Series 1995B, 8/1/2025~ 3.85 500,000 500,000
------------
5,266,149
------------
HAWAII 0.46%
Hawaii, FR, Gen Oblig Ref, Series B1,
3/1/1996 3.78 250,000 254,957
------------
ILLINOIS 8.57%
Chicago Pub Bldg Commn, Illinois
(Cmnty College Dist No 508),
Bldg Rev, Series 1988 A, 1/1/1996 3.78 500,000 501,279
Chicago School Fin Auth, Illinois,
Gen Oblig School Assistance, Pre-Refunding,
Series 1986B, 6/1/1996 3.71 500,000 519,570
Illinois, FR, RAC, 4/12/1996 3.69 500,000 501,416
Illinois Dev Fin Auth (6 West Hubbard
Street Proj), F/FR, IDR,
Series 1986, 12/1/2016~ 4.10 980,000 980,000
Illinois Dev Fin Auth (Kindlon Partners Proj),
Indl Proj Rev, FR, Series 1994, 3/1/2009~ 4.00 1,400,000 1,400,000
VR, Series 1991, 5/1/2006~ 4.00 900,000 900,000
------------
4,802,265
------------
INDIANA 7.14%
Daviess Cnty, Indiana (Perdue Farms/
Shenandoah Valley Farms Facil), V/FRD,
Econ Dev Rev, 1987 Issue, 9/1/2007~ 4.15 1,500,000 1,500,000
Gary, Indiana (US Steel Proj), FRD,
Environmental Impt Rev Ref,
Series 1984, 7/15/2002~ 3.90 1,000,000 1,000,000
Indiana Transn Fin Auth, FR, Hwy Rev,
Series 1993A, 6/1/1996 3.79 1,000,000 1,000,961
Newton Cnty, Indiana (Intec Group Proj),
AR, Econ Dev Rev,
Series 1994, 9/1/2010~ 4.00 500,000 500,000
------------
4,000,961
------------
<PAGE>
KANSAS 1.79%
Fairway, Kansas (Nichols (J C) Co Proj),
FRD, Indl Rev, Series 1984, 11/1/2014~ 4.10 500,000 500,000
Shawnee, Kansas (Hampton Woods Apts Proj),
AR, Multifamily Hsg Rev,
Series 1985, 12/1/2009~ 3.80 500,000 500,000
------------
1,000,000
------------
KENTUCKY 1.80%
Clark Cnty, Kentucky (East Kentucky Pwr
Cooperative Proj), F/FR, PCR,
Series 1984J-1, 10/15/2014~ 3.71 500,000 500,000
Kentucky State Ppty & Bldgs Commn
(St Library and Archives Bldg Proj 29),
FR, Ref Rev, Second Series, 12/1/1995 4.45 500,000 510,000
------------
1,010,000
------------
LOUISIANA 3.97%
Jefferson Sales Tax Dist, Louisiana, AR,
Special Sales Tax Rev Ref,
Series 1991A, 12/1/1995 4.40 525,000 525,000
Louisiana Recovery Dist, FR, Sales Tax,
Series 1988, 7/1/1997~ 3.85 800,000 800,000
Plaquemines Port Harbor & Terminal Dist,
Louisiana (Chevron Pipe Line Proj),
AR, Port Facils Rev, Series 1984, 9/1/2008~ 3.91 400,000 400,000
Plaquemines Port Harbor & Terminal Dist,
Louisiana (Intl Marine Terminals Proj),
ATS, Port Facils Rev Ref,
Series 1984B, 3/15/2006~ 4.51 500,000 500,000
------------
2,225,000
------------
MARYLAND 1.79%
Prince George's Cnty, Maryland
(Cap Ctr Facil), AR, Sports Arena Rev Ref,
Series 1992, 6/1/2012~ 3.75 1,000,000 1,000,000
------------
MICHIGAN 1.06%
Michigan Strategic Fund (United Fixtures Proj),
AR, Ltd Oblig Rev,
Series 1995, 5/1/2015~ 3.90 595,000 595,000
------------
MINNESOTA 5.57%
Rochester, Minnesota
(Mayo Fndtn/Mayo Med Ctr), ATS,
Hlth Care Facils Rev, TECP,
Series 1992 A, 1/18/1996 3.80 800,000 800,000
Series 1992 A, 1/22/1996 3.70 1,300,000 1,300,000
Southern Minnesota Muni Pwr Agency, AR,
Pwr Supply System Rev,
Series 1986C, 1/1/1996 4.21 1,000,000 1,022,286
------------
3,122,286
------------
MISSISSIPPI 1.79%
Jackson Cnty, Mississippi, VR, Gen Oblig,
Wtr System Ref, Series 1994, 11/1/2024~ 3.57 1,000,000 1,000,000
------------
NEBRASKA 0.89%
Hamilton Cnty, Nebraska (Iams Co Proj),
VR, IDR Ref, Series 1990, 7/1/2005~ 3.85 500,000 500,000
------------
<PAGE>
NEVADA 0.58%
Incline Village Gen Impt Dist, Nevada,
Gen Oblig, Recreational Facils Impt
& Ref, Series October 1, 1995, 9/1/1996 3.85 325,000 327,717
------------
NEW JERSEY 3.93%
New Jersey Econ Dev Auth
(Genlyte Camden Cnty Proj), AR, IDR Ref,
Series 1990, 12/19/2009~ 4.20 2,200,000 2,200,000
------------
OKLAHOMA 1.79%
Oklahoma Inds Auth (St Anthony Physicians
Bldg Proj), VR, Med Practice Facil Rev,
Series 1986, 6/1/2016~ 4.04 1,000,000 1,000,000
------------
PENNSYLVANIA 1.79%
Allegheny Cnty Hosp Dev Auth, Pennsylvania
(Presbyterian-Univ Hlth System),
AR, Hlth Ctr Rev, Series 1990 D, 3/1/2020~ 3.70 1,000,000 1,000,000
------------
SOUTH CAROLINA 4.03%
Anderson Cnty, South Carolina
(Belton Inds Proj), AR, Indl Rev,
Series 1991A, 4/1/2004~ 4.01 785,000 785,000
York Cnty, South Carolina (North Carolina
Elec Membership Proj), F/FR, PCR,
Series 1984N-4, 9/15/2014~ 3.76 490,000 490,000
York Cnty, South Carolina (Saluda River
Elec Cooperative Proj), F/FR, PCR,
Series 1984E-1, 8/15/2014~ 3.77 985,000 985,000
------------
2,260,000
------------
TENNESSEE 3.14%
Chattanooga, Tennessee, FR, Gen Oblig, Swr
& Sewage Facils, Series 1995, 6/1/1996 3.77 445,000 447,584
Greenville Hlth & Edl Facils Brd, Tennessee
(Laughlin Memorial Hosp Proj),
VRD Rev, Series 1992, 10/1/2014~ 3.75 1,000,000 1,000,000
Metro Govt of Nashville & Davidson Cnty,
Tennessee, Gen Oblig Ref, Series 1986,
6/15/1996 3.75 300,000 310,209
------------
1,757,793
------------
TEXAS 19.58%
Austin, Texas, Combined Util Systems
Rev Ref, Series 1986, 5/15/1996 3.76 400,000 414,948
Burleson Indpt School Dist, Texas, FR,
Gen Oblig Ref, 8/1/1996~~ 3.75 605,000 605,000
Colorado River Muni Wtr Dist, Texas
(Wtr Transmission Facils Proj), FR,
Wtr System Rev, Series 1991-A, 1/1/1996 4.35 500,000 501,675
Crawford Indl Dev Corp, Texas (Franklin
Inds Proj), VR, IDR,
Series 1987, 10/1/2012~ 4.00 1,300,000 1,300,000
Eanes Indpt School Dist, Travis Cnty, Texas,
FR, Gen Oblig, Series 1992, 8/15/1996 3.70 820,000 824,193
Fort Worth, Texas, Gen Oblig Ref,
Series A, 3/1/1996 3.61 1,165,000 1,166,851
Grapevine Indl Dev, Texas (American Airlines
Proj), VR, Multi-Mode Rev,
Series 1984B-4, 12/1/2024~ 3.85 300,000 300,000
<PAGE>
Houston, Texas, FR, Wtr & Swr System,
Jr Lien Rev Ref, Series 1991D, 12/1/1995 3.63 600,000 600,000
Lower Colorado River Auth, Texas, FR,
Priority Rev, Series 1985, 1/1/1996 4.35 500,000 511,883
Northside Texas Indpt School Dist, FR,
Gen Oblig Ref, 2/15/1996 3.74 500,000 500,747
Panhandle-Plains Higher Ed Auth, Texas, AR,
Student Ln Rev, Series 1995A, 6/1/2023~+ 3.75 1,000,000 1,000,000
Plano Indpt School Dist, Texas, FR, Gen Oblig,
Series B, 2/15/1996 3.62 500,000 505,044
San Antonio, Texas, FR, Elec & Gas Rev,
Series A, 2/1/1996 3.37 1,000,000 1,023,536
San Antonio, Texas, Wtr System Rev Ref,
Series 1992, 5/15/1996 3.79 850,000 855,385
Texas, TRAN, Series 1995A, 8/30/1996 3.93 850,000 855,049
------------
10,964,311
------------
UTAH 4.16%
Alpine School Dist Ed Brd, Utah, FR,
Gen Oblig Ref, Series 1990, 3/15/1996 3.72 500,000 503,777
Granite School Dist Ed Brd, Utah, FR,
Gen Oblig Ref, Series 1992, 6/1/1996 3.78 625,000 626,816
Tremonton City, Box Elder Cnty, Utah
(La-Z-Boy Chair Proj), VRD, IDR,
Series 1990, 6/1/2000~ 4.20 700,000 700,000
Utah Cnty, Utah (USX Corp Proj), VR,
Environmental Impt Rev Ref, Series 1995,
11/1/2017~ 3.70 500,000 500,000
------------
2,330,593
------------
VIRGINIA 1.79%
Chesterfield Cnty Indl Dev Auth, Virginia
(Philip Morris Proj), AR,
PCR Ref, Series 1992, 4/1/2009~ 3.75 500,000 500,000
Prince William Cnty, Virginia, Lease
Participation Ctfs, Series 1995,
12/1/1995 3.67 500,000 500,000
------------
1,000,000
------------
WASHINGTON 1.81%
Seattle, Washington, AR, Wtr System Rev,
1995, 9/1/2025~ 3.60 500,000 500,000
Washington, FR, Gen Oblig Ref,
Series R-86D, 9/1/1996 3.84 500,000 515,346
------------
1,015,346
------------
WISCONSIN 3.40%
Janesville, Wisconsin, FR, Gen Oblig
Prom Notes, Series 1990, 2/1/1996 4.55 500,000 501,627
Janesville, Wisconsin (Freedom Plastics Proj),
AR, IDR, Series 1995, 11/1/2005~ 4.00 500,000 500,000
Wisconsin, FR, Gen Oblig,
Series 1990 G, 5/1/1996 3.72 300,000 302,914
Wisconsin Hlth & Edl Facils Auth
(Novus Hlth Group), Rev Ref, Series 1993,
12/15/1995 3.71 600,000 599,993
------------
1,904,534
------------
TOTAL INVESTMENT SECURITIES AT VALUE 100.00%
(Cost $56,009,854#) $56,009,854
============
<PAGE>
U.S. GOVERNMENT MONEY Fund
SHORT-TERM INVESTMENTS 100.00%
US Government Agency Obligations 100.00%
Federal Farm Credit Bank
12/1/1995 5.84 $6,490,000 $6,490,000
12/8/1995 5.77 10,000,000 9,988,956
1/2/1996 5.90 5,000,000 4,998,947
Federal Home Loan Bank
12/19/1995 5.78 10,000,000 9,971,650
Federal Home Loan Mortgage
12/1/1995 5.88 17,446,000 17,446,000
12/4/1995 5.78 10,250,000 10,245,212
Federal National Mortgage Association
3/1/1996 5.71 7,500,000 7,533,676
Student Loan Marketing Association
1/13/1999~ 5.69 5,000,000 5,000,000
------------
TOTAL INVESTMENT SECURITIES AT VALUE 100.00%
(Cost $71,674,441#) $71,674,441
============
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
BAN - Bond Anticipation Notes
DATES* - Daily Adjustable Tax-Exempt Securities
F/FR - Floating/Fixed Rate
FR - Fixed Rate
FRD* - Floating Rate Demand
GAN - Grant Anticipation Notes
IDR - Industrial Development Revenue
MAVRIC* - Multi-Mode and Variable Rate Investment Certificate
PCR - Pollution Control Revenue
RAN - Revenue Anticipation Notes
RAC - Revenue Anticipation Certificates
TAN - Tax Anticipation Notes
TEAMS* - Tax-Exempt Adjustable Mode Securities
TECP - Tax-Exempt Commercial Paper
TRAN - Tax & Revenue Anticipation Notes
UPDATES* - Unit Priced 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.
~ 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.
# Also represent cost for income tax purposes.
~~ Security is a when-issued security.
+ Security has been designated as collateral for when-issued securities.
See Notes to Financial Statements
<PAGE>
INVESCO Money Market Funds, Inc.
Statement of Assets and Liabilities
November 30, 1995
UNAUDITED
Cash Tax-Free U.S. Government
Reserves Money Money
Fund Fund Fund
--------------------------------------------------
ASSETS
Investment Securities:
At Cost $634,884,063 $56,009,854 $71,674,441
==================================================
At Value $634,884,063 $56,009,854 $71,674,441
Cash 413,430 99,990 8,957
Receivables:
Investment Securities Sold 24,411 0 0
Fund Shares Sold 22,927,426 283,208 2,364,452
Interest 1,712,764 594,040 464,942
Prepaid Expenses and
Other Assets 175,753 112,098 89,947
--------------------------------------------------
TOTAL ASSETS 660,137,847 57,099,190 74,602,739
--------------------------------------------------
LIABILITIES
Payables:
Distributions to Shareholders 33,472 4,986 7,337
Investment Securities 0 605,693 0
Purchased Fund Shares
Repurchased 6,928,622 136,382 1,079,405
Accrued Expenses and Other
Payables 41,985 4,365 3,589
--------------------------------------------------
TOTAL LIABILITIES 7,004,079 751,426 1,090,331
--------------------------------------------------
Net Assets at Value* $653,133,768 $56,347,764 $73,512,408
==================================================
Shares Outstanding 653,133,768 56,347,764 73,512,408
Net Asset Value,
Offering and Redemption
Price per Share $1.00 $1.00 $1.00
==================================================
* The Fund has ten billion authorized shares of common stock, par value of
$0.01 per share. Of such shares, five billion, one billion and one billion
have been allocated to Cash Reserves, Tax-Free Money and U.S. Government
Money Funds, respectively. Each Fund's paid-in capital was $653,133,768,
$56,347,764 and $73,512,408, respectively.
See Notes to Financial Statements
<PAGE>
INVESCO Money Market Funds, Inc.
Statement of Operations
Six Months Ended November 30, 1995
UNAUDITED
Cash Tax-Free U.S. Government
Reserves Money Money
Fund Fund Fund
--------------------------------------------------
INVESTMENT INCOME
INTEREST INCOME $19,560,670 $1,153,630 $2,291,037
--------------------------------------------------
EXPENSES
Investment Advisory Fees 1,398,587 148,373 197,621
Transfer Agent Fees 1,221,390 91,150 139,494
Administrative Fees 54,874 9,451 10,928
Custodian Fees and Expenses 75,646 9,707 10,234
Directors' Fees and Expenses 22,169 5,678 6,016
Professional Fees and Expenses 19,879 10,800 7,326
Registration Fees and Expenses 91,608 24,956 22,355
Reports to Shareholders 107,800 9,716 11,447
Other Expenses 10,627 2,785 1,254
--------------------------------------------------
TOTAL EXPENSES 3,002,580 312,616 406,675
Fees and Expenses Absorbed
by Investment Adviser (90,123) (84,709) (60,238)
Fees and Expenses Paid
Indirectly (34,718) (5,279) (5,484)
--------------------------------------------------
NET EXPENSES 2,877,739 222,628 340,953
--------------------------------------------------
Net Investment Income
and Net Increase in Net
Assets from Operations $16,682,931 $931,002 $1,950,084
==================================================
See Notes to Financial Statements
<PAGE>
INVESCO Money Market Funds, Inc.
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Cash Reserves Tax-Free U.S. Government
Fund Money Fund Money Fund
Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended
November 30 May 31 November 30 May 31 November 30 May 31
--------------------------- --------------------------- ---------------------------
1995 1995 1995 1995 1995 1995
UNAUDITED UNAUDITED UNAUDITED
OPERATIONS AND DISTRIBUTIONS
TO SHAREHOLDERS
<S> <C> <C> <C> <C> <C> <C>
Net Investment Income Earned
and Distributed to
Shareholders $16,682,931 $33,026,615 $931,002 $1,990,337 $1,950,084 $3,082,764
--------------------------- --------------------------- ---------------------------
FUND SHARE TRANSACTIONS
Proceeds from Sales
of Shares $1,563,283,885 $2,785,571,750 $82,808,290 $178,317,759 $193,737,487 $260,527,998
Reinvestment of
Distributions 15,448,080 30,390,470 872,094 1,866,166 1,810,163 2,834,730
--------------------------- --------------------------- ---------------------------
1,578,731,965 2,815,962,220 83,680,384 180,183,925 195,547,650 263,362,728
Amounts Paid for Repurchases
of Shares (1,569,938,970)(2,919,172,944) (86,112,254) (205,924,818) (182,878,230) (276,431,946)
--------------------------- --------------------------- ---------------------------
NET INCREASE (DECREASE) IN
NET ASSETS FROM FUND
SHARE TRANSACTIONS 8,792,995 (103,210,724) (2,431,870) (25,740,893) 12,669,420 (13,069,218)
NET ASSETS
Beginning of Period 644,340,773 747,551,497 58,779,634 84,520,527 60,842,988 73,912,206
--------------------------- --------------------------- ---------------------------
End of Period $653,133,768 $644,340,773 $56,347,764 $58,779,634 $73,512,408 $60,842,988
=========================== =========================== ===========================
FUND SHARE TRANSACTIONS
Shares Sold 1,563,283,885 2,785,571,750 82,808,290 178,317,759 193,737,487 260,527,998
Shares Issued from
Reinvestment of
Distributions 15,448,080 30,390,470 872,094 1,866,166 1,810,163 2,834,730
--------------------------- --------------------------- ---------------------------
1,578,731,965 2,815,962,220 83,680,384 180,183,925 195,547,650 263,362,728
Shares Repurchased (1,569,938,970)(2,919,172,944) (86,112,254) (205,924,818) (182,878,230) (276,431,946)
=========================== =========================== ===========================
Net Increase (Decrease)
in Fund Shares 8,792,995 (103,210,724) (2,431,870) (25,740,893) 12,669,420 (13,069,218)
--------------------------- --------------------------- ---------------------------
</TABLE>
See Notes to Financial Statements
<PAGE>
INVESCO Money Market Funds, Inc.
Notes to Financial Statements
UNAUDITED
NOTE 1 - ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES. INVESCO Money
Market Funds, Inc. (the "Fund"), a Maryland Corporation, consists of three
separate Funds: Cash Reserves Fund, Tax-Free Money Fund and U.S. Government
Money Fund. The Fund is registered under the Investment Company Act of 1940 (the
"Act") as a diversified, open-end management investment company. During 1993,
the Cash Reserves, Tax-Free Money and U.S. Government Money Funds' fiscal
year-ends were changed from January 31, April 30, and December 31, respectively,
to May 31.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements.
A. SECURITY VALUATION - Securities held by the Fund are valued at their
market value determined generally 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 Fund's board of directors.
B. WHEN-ISSUED SECURITIES - When-issued securities held by the Fund are
fully collateralized by other securities. Such collateral is in the possession
of the Fund's custodian. The collateral is evaluated daily to ensure its market
value equals or exceeds the current market value of the when-issued securities.
C. 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 Fund amortizes discounts and premiums paid on
purchases of securities to the earliest put or call date. Cost is determined on
the specific identification basis.
D. FEDERAL AND STATE TAXES - The Fund 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.
E. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS - All the Fund's net
investment income is distributed to shareholders by dividends declared daily and
paid monthly. Reinvestment of income dividends is effected at the month-end net
asset value.
F. EXPENSES - Each of the Funds bears expenses incurred specifically on its
behalf and, in addition, each Fund bears a portion of general expenses, based on
the relative net assets of each Fund.
Under an arrangement between each Fund and the Fund's Custodian, agreed
upon Custodian Fees and Expenses are reduced by credits granted by the Custodian
from any temporarily uninvested cash. Such credits are included in Fees and
Expenses Paid Indirectly in the Statement of Operations.
NOTE 2 - INVESTMENT ADVISORY AND OTHER AGREEMENTS. INVESCO Funds Group,
Inc. ("IFG") serves as the Fund's investment adviser. As compensation for its
services to the Fund, IFG 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 0.50% on the first $300 million of average net assets;
reduced to 0.40% on the next $200 million of average net assets; and 0.30% on
average net assets in excess of $500 million. In accordance with a Sub-Advisory
Agreement between IFG and INVESCO Trust Company ("ITC"), a wholly owned
subsidiary of IFG, investment decisions of each Fund are made by ITC. Fees for
such sub-advisory services are paid by IFG.
In accordance with an Administrative Agreement, each Fund pays IFG an
annual fee of $10,000, plus an additional amount computed at an annual rate of
0.015% of average net assets to provide administrative, accounting and clerical
services. The fee is accrued daily and paid monthly.
IFG receives a transfer agent fee at an annual rate of $21.00 per
shareholder account, or per participant in an omnibus account. IFG may pay such
fee for participants in omnibus accounts to affiliates or third parties. The fee
is paid monthly at one-twelfth of the annual fee and is based upon the actual
number of accounts in existence during each month.
IFG has voluntarily agreed, in some instances, to absorb certain fees and
expenses incurred by the Cash Reserves and U.S. Government Money Funds. IFG and
ITC have voluntarily agreed, in some instances, to absorb certain fees and
expenses incurred by Tax-Free Money Fund.
NOTE 3 - TRANSACTIONS WITH AFFILIATES. Certain of the Fund's officers and
directors are also officers and directors of IFG or ITC.
The Fund has adopted an unfunded noncontributory defined benefit pension
plan covering all independent directors of the Fund who will have served as an
independent director for at least five years at the time of retirement. Benefits
under this plan are based on an annual rate equal to 25% of the retainer fee at
the time of retirement.
<PAGE>
Pension expenses for the six months ended November 30, 1995, included in
Directors' Fees and Expenses in the Statement of Operations, and unfunded
accrued pension costs and pension liability included in Prepaid Expenses and
Accrued Expenses, respectively, in the Statement of Assets and Liabilities were
as follows:
Unfunded
Pension Accrued Pension
Fund Expenses Pension Costs Liability
- --------------------------------------------------------------------------------
Cash Reserves Fund $ 4,031 $19,061 $36,028
Tax-Free Money Fund 416 2,092 3,873
U.S. Government Money Fund 398 1,690 3,319
<PAGE>
INVESCO Money Market Funds, Inc.
Financial Highlights
(For a Fund Share Outstanding throughout Each Period)
<TABLE>
<CAPTION>
Six Months Period
Ended Ended
November 30 Year Ended May 31 May 31 Year Ended January 31
------------- ------------------ ---------- ---------------------
1995 1995 1994 1993 1993 1992
UNAUDITED (Note 1)
Cash Reserves Fund
PER SHARE DATA
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value - Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
------------- ------------------ ---------- ---------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income Earned and
Distributed to Shareholders 0.03 0.05 0.03 0.01 0.03 0.05
------------- ------------------ ---------- ---------------------
Net Asset Value - End of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
============= ================== ========== =====================
TOTAL RETURN 2.55%* 4.76% 2.58% 0.75%* 3.00% 5.35%
RATIOS
Net Assets -End of Period ($000 Omitted) $653,134 $644,341 $747,551 $490,932 $506,337 $557,708
Ratio of Expenses to Average Net Assets# 0.44%*@ 0.75% 0.81% 0.98%~ 0.80% 0.83%
Ratio of Net Investment Income to
Average Net Assets# 2.51%* 4.65% 2.61% 2.26%~ 2.98% 5.17%
<FN>
* These amounts are based on operations for the period shown and, accordingly,
are not representative of a full year.
# Various expenses of the Fund were voluntarily absorbed by IFG for the six
months ended November 30, 1995 and the year ended May 31, 1995. If such
expenses had not been voluntarily absorbed, ratio of expenses to average net
assets would have been 0.45% (not annualized), and 0.85%, respectively, and
ratio of net investment income to average net assets would have been 2.50%
(not annualized), and 4.55%, respectively.
@ Ratio reflects total expenses, less absorbed expenses by the investment
advisor, prior to any expenses offset.
~ Annualized
</FN>
</TABLE>
<PAGE>
INVESCO Money Market Funds, Inc.
Financial Highlights
(For a Fund Share Outstanding throughout Each Period)
<TABLE>
<CAPTION>
Six Months Period
Ended Ended
November 30 Year Ended May 31 May 31 Year Ended April 30
------------- ------------------ ---------- ---------------------
1995 1995 1994 1993 1993 1992
UNAUDITED (Note 1)
Tax-Free Money Fund
PER SHARE DATA
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value - Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
------------- ------------------ ---------- ---------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income Earned and
Distributed to Shareholders 0.02 0.03 0.02 0.00+ 0.02 0.03
------------- ------------------ ---------- ---------------------
Net Asset Value - End of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
============= ================== ========== =====================
TOTAL RETURN 1.59%* 2.86% 1.84% 0.16%* 2.16% 3.42%
RATIOS
Net Assets -End of Period ($000 Omitted) $56,348 $58,780 $84,521 $63,498 $65,167 $60,413
Ratio of Expenses to Average Net Assets# 0.39%*@ 0.75% 0.75% 0.75%~ 0.75% 0.78%
Ratio of Net Investment Income to
Average Net Assets# 1.57%* 2.77% 1.83% 2.03%~ 2.13% 3.30%
<FN>
+ Net Investment Income Earned and Distributed to Shareholders for the period
ended May 31, 1993 aggregated less than $0.01 on a per share basis.
* These amounts are based on operations for the period shown and, accordingly,
are not representative of a full year.
# Various expenses of the Fund were voluntarily absorbed by IFG and ITC for the
six months ended November 30, 1995, the years ended May 31, 1995 and 1994,
the period ended May 31, 1993, and the years ended April 30, 1993 and 1992.
If such expenses had not been voluntarily absorbed, ratio of expenses to
average net assets would have been 0.53% (not annualized), 1.00%, 1.00%,
1.19%, 1.02% and 0.99%, respectively, and ratio of net investment income to
average net assets would have been 1.43% (not annualized), 2.52%, 1.58%,
1.59%, 1.86% and 3.09%, respectively.
@ Ratio reflects total expenses, less absorbed expenses by the investment
advisor, prior to any expense offset.
~ Annualized
</FN>
</TABLE>
<PAGE>
INVESCO Money Market Funds, Inc.
Financial Highlights
(For a Fund Share Outstanding throughout Each Period)
<TABLE>
<CAPTION>
Six Months Period Year Period
Ended Ended Ended Ended
November 30 Year Ended May 31 May 31 December 31 December 31
------------- ------------------ ---------- ----------- -----------
1995 1995 1994 1993 1992 1991^
UNAUDITED (Note 1)
U.S. Government Money Fund
PER SHARE DATA
<S> <C> <C> <C> <C> <C> <C> <C>
Net Asset Value - Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
------------- ------------------ ---------- ----------- -----------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income Earned and
Distributed to Shareholders 0.02 0.05 0.03 0.01 0.03 0.03
------------- ------------------ ---------- ----------- -----------
Net Asset Value - End of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
============= ================== ========== =========== ===========
TOTAL RETURN 2.51%* 4.66% 2.56% 0.93%* 2.97% 3.23%*
RATIOS
Net Assets - End of Period ($000 Omitted) $73,512 $60,843 $73,912 $34,519 $30,282 $7,203
Ratio of Expenses to Average Net Assets# 0.44%*@ 0.75% 0.75% 0.75%~ 0.75% 0.74%~
Ratio of Net Investment Income to
Average Net Assets# 2.47%* 4.55% 2.60% 2.27%~ 2.82% 4.54%~
<FN>
^ From April 26, 1991, commencement of operations, to December 31, 1991.
* These amounts are based on operations for the period shown and, accordingly,
are not representative of a full year.
# Various expenses of the Fund were voluntarily absorbed by IFG for the six
months ended November 30, 1995, the years ended May 31, 1995 and 1994, the
period ended May 31, 1993, the year ended December 31, 1992 and the period
ended December 31, 1991. If such expenses had not been voluntarily absorbed,
ratio of expenses to average net assets would have been 0.51% (not
annualized), 1.10%, 1.00%, 1.18%, 1.08% and 1.93%, respectively, and ratio of
net investment income to average net assets would have been 2.40% (not
annualized), 4.20%, 2.35%, 1.84%, 2.49% and 3.35%, respectively.
@ Ratio reflects total expenses, less absorbed expenses by the investment
advisor, prior to any expenses offset.
~ Annualized
</FN>
</TABLE>
<PAGE>
FAMILY OF FUNDS
Newspaper
Fund Name Fund Code Ticker Symbol Abbreviation
- --------------------------------------------------------------------------------
International
Latin American Growth 34 IVSLX LatinAmGr
European Small Company 37 IVECX EuroSmCo
European 56 FEURX Europ
Pacific Basin 54 FPBSX PcBas
International Growth 49 FSIGX IntlGr
- --------------------------------------------------------------------------------
Sector
Energy 50 FSTEX Enrgy
Environmental Services 59 FSEVX Envirn
Financial Services 57 FSFSX FinSvc
Gold 51 FGLDX Gold
Health Sciences 52 FHLSX HlthSc
Leisure 53 FLISX Leisur
Technology 55 FTCHX Tech
Worldwide Capital Goods 38 ISWGX WldCap
Worldwide Communications 39 ISWCX WldCom
- --------------------------------------------------------------------------------
Growth, Value
Emerging Growth 60 FIEGX Emgrth
Value Equity 46 FSEQX ValEq
Small Company 74 IDSCX DivSmCo
Dynamics 20 FIDYX Dynm
Growth 10 FLRFX Grwth
- --------------------------------------------------------------------------------
Equity-Income
Industrial Income 15 FIIIX IndInc
Utilities 58 FSTUX Util
- --------------------------------------------------------------------------------
Balanced/Multiple-Asset
Multi-Asset Allocation 70 IMAAX MulAstAl
Balanced 71 IMABX Bal
Total Return 48 FSFLX TotRtn
- --------------------------------------------------------------------------------
Bond
High Yield 31 FHYPX HiYld
Select Income 30 FBDSX SelInc
U.S. Government Securities 32 FBDGX USGvt
Intermediate Government Bond 47 FIGBX IntGov
Short-Term Bond 33 INIBX ShTrBd
- --------------------------------------------------------------------------------
Tax-Exempt
Tax-Free Long-Term Bond 35 FTIFX TxFre
Tax-Free Intermediate Bond 36 * *
- --------------------------------------------------------------------------------
Money Market
Tax-Free Money Fund 40 FFRXX N/A
Cash Reserves 25 FDSXX N/A
U.S. Government Money Fund 44 FUGXX N/A
* This fund does not meet size requirements to be assigned a ticker symbol in
newspaper listings.
For more information about any of the INVESCO Funds, including management fees
and expenses, please call us at 1-800-525-8085 for a prospectus. Read it
carefully before you invest or send money.
<PAGE>
INVESCO FUNDS
To receive general information and prospectuses
on any of INVESCO's funds or retirement plans,
or to obtain current account or price information,
call toll-free:
1-800-525-8085
To reach PAL(r), your 24-hour Personal
Account Line call: 1-800-424-8085
Or write to:
INVESCO Funds Group, Inc.,(sm) Distributor
Post Office Box 173706
Denver, Colorado 80217-3706
If you're in Denver, pleas visit one of our
convenient Investor Centers:
Cherry Creek, 155-B Fillmore Street;
Denver Tech Center,
7800 East Union Avenue, Lobby Level
This information must be preceded or
accompanied by an effective prospectus.
