SEMIANNUAL REPORT
November 30, 1996
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>
Economic Overview December 1996
Overheating -- or headed into a recession? That's the question analysts have
posed all year about the U.S. economy.
During the third quarter of 1996, growth moderated to a "normal/dull" level
of 2.1%. Representing a slowdown from the second quarter's relatively torrid
pace of 4.7%, the current level of economic expansion should be moderate enough
to stave off inflation fears. The rate of increase in wages, benefits, and
prices for consumer and industrial goods has not accelerated over the past 12
months; the Consumer Price Index will likely end 1996 up an annualized rate of
about 3.0% -- in line with the historical average.
A moderate inflation level represents a positive factor for the economy. At
the same time, though, the longevity of the current expansion -- over six years
- -- remains a cause for concern; the post-World War II average is only four and a
half years. Negative growth hasn't been experienced since the first quarter of
1993. If the growth rate accelerates, many economists expect the Federal Reserve
Board to launch a preemptive strike against inflation, with the concomitant
danger of cutting the expansion short.
In mid-autumn, concern about the Fed and the national elections caused a
modest pullback in equity markets. Since then, with the political status quo
generally maintained vis-a-vis the president and Congress, and the economy
slowing on its own, the S&P 500 resumed its upward hike.* Fixed-income markets
also strengthened.
1997 is a post-presidential election year, when the stock market typically
drops. Moderate action from the Fed over the winter -- an increase of .25% in
short-term interest rates, for example -- might be interpreted by investors in a
positive light, with a subsequent calming influence on price swings. Conversely,
heavy-handed measures could be viewed as likely to trigger a recession, with
negative consequences for corporate earnings estimates -- and securities prices.
*The S&P 500 is an unmanaged index of common stocks considered representative of
the broad stock market.
Graph: Gross Domestic Product
Quarterly Growth Rate (Annualized)
This bar graph illustrates the annualized quarterly growth rate for the
Gross Domestic Product, for the period from the first quarter of 1992
through the first quarter of 1996.
Fund Management
Since 1993, U.S. Government Money Fund and Cash Reserves Fund have been
managed by INVESCO Vice President Richard R. Hinderlie. He began his investment
career in 1973, and has extensive experience in fixed-income analysis and
portfolio management. Dick received his MBA from Arizona State University and BA
in economics from Pacific Lutheran University. He is also co-manager of INVESCO
Short-Term Bond Fund.
Ingeborg S. Cosby has managed Tax-Free Money Fund since 1992. She launched
her investment career in 1982 as a portfolio manager assistant with First
Affiliated Securities. Inge joined INVESCO's fixed-income management group in
1985.
<PAGE>
Statement of Investment Securities
November 30, 1996
UNAUDITED
<TABLE>
<CAPTION>
Effective
Interest Principal
Description Rate % Amount Value
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CASH RESERVES Fund
SHORT-TERM INVESTMENTS 100.00%
US Government Agency
Obligations 9.50%
Federal National Mortgage
Association, 12/26/1996 5.42 $ 5,000,000 $ 4,999,691
Student Loan Marketing Association
11/24/1997 5.32 20,000,000 19,978,145
1/13/1999~ 5.36 25,000,000 25,000,000
2/8/1999~ 5.36 12,750,000 12,750,000
------------
TOTAL US GOVERNMENT AGENCY OBLIGATIONS
(Cost $62,727,836) 62,727,836
------------
Commercial Paper 90.50%
AEROSPACE & DEFENSE 1.52%
Raytheon Co, 12/3/1996 5.34 10,000,000 9,998,542
------------
BANKING 3.00%
Norwest Corp, 2/5/1997 5.44 20,000,000 19,808,611
------------
Captive Finance 29.19%
AUTOMOBILE RELATED 9.30%
Ford Motor Credit
12/10/1996 5.35 8,000,000 8,000,000
12/26/1996 5.36 11,500,000 11,500,000
General Motors Acceptance
12/27/1996 5.47 12,000,000 11,955,667
12/30/1996 5.47 20,000,000 19,917,244
PACCAR Financial, 12/3/1996 5.35 10,000,000 9,998,542
------------
61,371,453
------------
FINANCIAL SERVICES 4.92%
American Express Credit
12/2/1996 5.39 9,500,000 9,500,000
12/20/1996 5.39 6,000,000 6,000,000
12/23/1996 5.35 8,500,000 8,500,000
12/30/1996 5.35 8,500,000 8,500,000
------------
32,500,000
------------
<PAGE>
INSURANCE 4.53%
Prudential Funding
12/23/1996 5.35 10,000,000 9,969,375
12/24/1996 5.35 10,000,000 9,967,917
Transamerica Finance, 12/4/1996 5.36 10,000,000 9,997,078
------------
29,934,370
------------
RETAIL 10.44%
Penney (JC) Funding
12/9/1996 5.35 20,000,000 19,979,583
12/11/1996 5.35 9,000,000 8,988,188
12/17/1996 5.36 8,000,000 7,982,533
Sears Roebuck Acceptance
12/16/1996 5.36 12,000,000 12,000,000
12/18/1996 5.36 12,000,000 12,000,000
2/18/1997 5.45 8,000,000 8,000,000
------------
68,950,304
------------
TOTAL CAPTIVE FINANCE 192,756,127
------------
CHEMICALS 2.99%
Akzo Nobel NV, 2/20/1997 5.45 20,000,000 19,764,444
------------
COMMERCIAL FINANCE 6.29%
Heller Financial
12/10/1996 5.43 7,000,000 6,991,724
12/12/1996 5.41 5,000,000 5,000,000
12/13/1996 5.43 10,000,000 9,983,744
12/16/1996 5.41 5,000,000 5,000,000
12/20/1996 5.45 5,000,000 4,986,625
International Lease Finance,
12/10/1996 5.34 9,605,000 9,593,794
------------
41,555,887
------------
CONSUMER FINANCE 4.89%
American General Finance, 2/24/1997 5.45 15,000,000 14,814,500
Household Finance
12/5/1996 5.36 10,000,000 10,000,000
12/6/1996 5.36 7,500,000 7,500,000
------------
32,314,500
------------
DIVERSIFIED COMPANIES 2.27%
General Electric
12/3/1996 5.36 10,000,000 10,000,000
12/18/1996 5.37 5,000,000 5,000,000
------------
15,000,000
------------
DIVERSIFIED FINANCE 6.36%
Associates Corp of North America,
12/2/1996 5.82 17,475,000 17,475,000
<PAGE>
General Electric Capital
12/24/1996 5.39 5,000,000 5,000,000
12/27/1996 5.35 6,000,000 6,000,000
1/31/1997 5.45 13,500,000 13,500,000
------------
41,975,000
------------
ELECTRONICS 3.59%
Motorola Inc
12/17/1996 5.35 9,000,000 8,980,313
12/18/1996 5.35 4,750,000 4,738,917
12/19/1996 5.35 10,000,000 9,975,208
------------
23,694,438
------------
INSURANCE 6.36%
American General, 12/4/1996 5.60 10,000,000 9,996,972
CIGNA Corp
12/2/1996 5.39 11,000,000 11,000,000
12/10/1996 5.38 5,000,000 5,000,000
12/11/1996 5.38 11,000,000 11,000,000
12/12/1996 5.38 5,000,000 5,000,000
------------
41,996,972
------------
LEASING COMPANIES 5.21%
Hertz Corp
12/16/1996 5.39 10,000,000 10,000,000
12/31/1996 5.49 24,500,000 24,394,609
------------
34,394,609
------------
MORTGAGE FINANCE 3.78%
PHH Corp
12/5/1996 5.35 10,000,000 9,995,625
12/6/1996 5.35 15,000,000 14,991,250
------------
24,986,875
------------
MOTION PICTURES & TELEVISION 1.51%
Disney (Walt) Co, 12/13/1996 5.35 10,000,000 9,983,958
------------
OFFICE EQUIPMENT & SUPPLIES 4.84%
Xerox Corp
12/12/1996 5.37 10,000,000 9,985,417
12/19/1996 5.48 11,000,000 10,972,262
12/20/1996 5.48 11,000,000 10,970,630
------------
31,928,309
------------
SECURITIES BROKERS 8.70%
Merrill Lynch & Co
12/17/1996 5.38 6,000,000 5,986,800
1/31/1997 5.51 12,000,000 11,893,200
2/28/1997 5.46 10,000,000 9,870,444
------------
<PAGE>
Morgan Stanley Group
1/21/1997 5.45 15,000,000 14,889,167
2/18/1997 5.45 15,000,000 14,827,425
------------
57,467,036
------------
TOTAL COMMERCIAL PAPER
(Cost $597,625,308) 597,625,308
------------
TOTAL INVESTMENT SECURITIES
AT VALUE 100.00%
(Cost $660,353,144#) 660,353,144
============
TAX-FREE MONEY Fund
SHORT-TERM INVESTMENTS 100.00%
ALASKA 2.36%
Alaska Indl Dev & Export Auth
(Spenard Bldrs Supply Proj),
VRD Rev,
Composite Ref Issue, Lot 1,
12/1/1996 3.59 895,000 895,000
Alaska Muni Bd Bank, FR, Gen Oblig,
1996 Series A, 3/1/1997 3.18 395,000 397,066
------------
1,292,066
------------
ARKANSAS 1.78%
Crossett, Arkansas (Georgia-Pac
Corp Proj), A/FR, PCR Ref,
Series 1991, 10/1/1998~ 3.49 500,000 500,000
Little Rock, Arkansas, FR,
Airport Passenger Facil Charge Rev,
Series 1996, 5/1/1997 4.18 475,000 475,000
------------
975,000
------------
CALIFORNIA 0.77%
Los Angeles Regl Airports Impt,
California (American Airlines/
Los Angeles Intl Airport),
Facils Sublease FDR, Issue 1984,
12/1/2024~ 3.94 300,000 300,000
Watsonville, California, FR,
Solid Waste Rev, Series 1996,
5/15/1997 3.86 120,000 120,692
------------
420,692
------------
CONNECTICUT 0.63%
New Britain, Connecticut,
BAN, Gen Oblig, 4/1/1997 3.70 340,000 344,283
------------
<PAGE>
FLORIDA 3.49%
Dade Cnty Hlth Facils Auth, Florida
(Miami Children's Hosp Proj), AR,
Hosp Rev, Series 1995, 9/1/2025~ 3.49 1,000,000 1,000,000
St Lucie Cnty, Florida (Savannah
Hosp Proj), FRD, IDR, Series 1985,
11/1/2015~ 3.64 910,000 910,000
------------
1,910,000
------------
GEORGIA 8.21%
DeKalb Cnty Hosp Auth, Georgia
(DeKalb Med Ctr Proj), AR, RAC,
Series 1993B, 9/1/2009~ 3.54 1,245,000 1,245,000
DeKalb Private Hosp Auth, Georgia
(Egleston Children's Hosp at Emory
Univ Proj), VRD, RAC, Series 1994B,
12/1/2017~ 3.44 500,000 500,000
Fulton Cnty Bldg Auth, Georgia
(Judicial Ctr Facils Proj), FR, Rev,
Series 1987, 1/1/1997 3.69 500,000 511,802
Macon-Bibb Cnty Hosp Auth, Georgia
(Med Ctr of Cent Georgia), AR, RAC,
Series 1994, 4/1/2007~ 3.54 1,745,000 1,745,000
Savannah Econ Dev Auth, Georgia
(Home Depot Proj), AR, Exmp Facil Rev,
Series 1995B, 8/1/2025~ 3.54 500,000 500,000
------------
4,501,802
------------
IDAHO 2.75%
Idaho, FR, TAN, Gen Oblig,
Series 1996, 6/30/1997 3.94 500,000 501,597
6/30/1997 3.89 1,000,000 1,003,401
------------
1,504,998
------------
ILLINOIS 3.84%
Chicago Pub Bldg Commn, Illinois
(Chicago Brd of Ed), FR, Bldg Rev,
Series 1993A, 12/1/1996 3.59 400,000 400,000
Illinois Dev Fin Auth (6 West
Hubbard Street Proj), F/FR, IDR,
Series 1986, 12/1/2016~ 3.99 905,000 905,000
Illinois Dev Fin Auth (Kindlon
Partners Proj), VR, Indl Proj Rev,
Series 1991, 5/1/2006~ 3.79 800,000 800,000
------------
2,105,000
------------
INDIANA 9.12%
Daviess Cnty, Indiana (Perdue
Farms/Shenandoah Valley Farms Facil),
V/FRD, Econ Dev Rev, 1987 Issue,
9/1/2007~ 3.74 1,500,000 1,500,000
<PAGE>
Gary, Indiana (US Steel Proj), FRD,
Environmental Impt Rev Ref,
Series 1984, 7/15/2002~ 3.60 1,000,000 1,000,000
Indiana Hlth Facil Fing Auth
(Indiana Rehabilitation Hosp),
ACES, Hosp Rev, Series 1990,
11/1/2020~ 3.54 2,000,000 2,000,000
Newton Cnty, Indiana (Intec
Group Proj), A/FR, Econ Dev Rev,
Series 1994, 9/1/2010~ 3.79 500,000 500,000
------------
5,000,000
------------
KANSAS 2.55% Fairway, Kansas (Nichols (J C)
Co Proj), FRD, Indl Rev, Series 1984,
11/1/2014~ 3.89 500,000 500,000
Kansas City, Kansas (PQ Corp Proj),
AR, Indl Rev, Series 1985,
8/1/2015~ 4.19 400,000 400,000
Spring Hill, Kansas (Abrasive
Engr & Mfg Proj), VR, Indl Rev,
Series 1996, 9/1/2016~ 3.79 500,000 500,000
------------
1,400,000
------------
LOUISIANA 4.63%
Alexandria, Louisiana, FR,
Util Rev, 5/1/1997 3.86 330,000 336,863
Iberville Parish, Louisiana, FR,
Sales & Use Tax, Rev Ref,
Series 1987, 9/1/1997 4.27 200,000 202,930
Louisiana Pub Facils Auth
(Sisters of Charity of the
Incarnate Word, Houston),
UPDATES, SCH Hlth Care System Rev,
Series 1985, 1/9/1997 3.54 500,000 500,000
Series 1993, 1/30/1997 3.49 1,000,000 1,000,000
Plaquemines Port Harbor & Terminal
Dist, Louisiana (Intl Marine
Terminals Proj), ATS, Port Facils
Rev Ref, Series 1984 B, 3/15/2006~ 3.26 500,000 500,000
------------
2,539,793
------------
MASSACHUSETTS 0.61%
Westford, Massachusetts, FR,
Gen Oblig, 10/1/1997 3.86 335,000 336,888
------------
MICHIGAN 1.09%
Michigan Strategic Fund (United
Fixtures Proj), AR, Ltd Oblig Rev,
Series 1995, 5/1/2015~ 3.79 595,000 595,000
------------
<PAGE>
MISSISSIPPI 0.91%
Jackson Cnty Wtr System,
Mississippi (Chevron Corp), VR,
Wtr System Rev, Gen Oblig Ref,
Series 1994, 11/1/2024~ 3.67 500,000 500,000
------------
MISSOURI 2.74%
Columbia, Missouri, VR, Special
Oblig Ins Reserve, Series 1988A,
6/1/2008~ 3.54 1,500,000 1,500,000
------------
MONTANA 0.57%
Montana Hlth Facil Auth
(Cmnty Med Ctr), FR, Hlth Care Rev,
Series 1996, 6/1/1997 3.91 315,000 315,000
------------
NEBRASKA 0.91%
Hamilton Cnty, Nebraska (Iams
Co Proj), VR, IDR Ref, Series 1990,
7/1/2005~ 4.26 500,000 500,000
------------
NEVADA 4.57%
Clark Cnty, Nevada, AR, Airport
Impt Rev, Sub Lien Series A-1,
7/1/2025~ 3.49 1,100,000 1,100,000
Clark Cnty, Nevada, AR, Airport
System Ref Rev, Series 1993A,
7/1/2012~ 3.49 1,000,000 1,000,000
Clark Cnty Santn Dist, Nevada,
FR, San Swr Rev Ref, Series 1996,
7/1/1997 6.53 400,000 406,861
------------
2,506,861
------------
NEW JERSEY 4.20%
New Jersey Econ Dev Auth (Genlyte
Camden Cnty Proj), AR, IDR Ref,
Series 1990, 12/19/2009~ 3.99 2,300,000 2,300,000
------------
NEW MEXICO 1.51%
Moriarty Muni School Dist #8
(Torrance, Bernalillo and Santa Fe
Cntys), New Mexico, FR, Gen Oblig
School Bldg, Series 1996, 7/1/1997 3.87 200,000 202,252
New Mexico Univ Regents, ATS,
Sub Lien, System Rev Ref,
Series 1996, 6/1/2006~ 3.49 625,000 625,000
------------
827,252
------------
NEW YORK 4.08%
Albany Cnty, New York, FR, Pub Impt,
Series 1996A, 2/15/1997 3.74 533,000 534,588
<PAGE>
Monroe Cnty Indl Dev Agency,
New York (Ron Ink Proj), VR, IDR,
Series 1996, 7/1/2013~ 3.99 1,700,000 1,700,000
------------
2,234,588
------------
NORTH CAROLINA 0.73%
North Carolina Med Care Commn
(Wayne Mem Hosp Proj), ACES,
Hosp Rev, Series 1991B,
10/1/2013~ 4.09 400,000 400,000
------------
OHIO 1.53%
Kent State Univ, Ohio, FR,
Gen Rcpts Univ Rev, Series 1996,
5/1/1997 3.69 835,000 838,721
------------
OKLAHOMA 2.55%
Mustang Impt Auth, Oklahoma,
FR, Ref Rev, Series 1995,
12/1/1996 3.79 395,000 395,000
Oklahoma Inds Auth (St Anthony
Physicians Bldg Proj), VR,
Med Practice Facil Rev,
Series 1986, 6/1/2016~ 3.64 1,000,000 1,000,000
------------
1,395,000
------------
PENNSYLVANIA 2.70%
Allegheny Cnty Hosp Dev Auth,
Pennsylvania (Magee-Womens Hosp),
FR, Hosp Rev, Series 1988A,
10/1/1997 3.89 455,000 479,765
Delaware Cnty Indl Dev Auth,
Pennsylvania (Resource Recovery
Proj), AR, Rev Ref, Series 1993G,
12/1/2013~ 3.75 1,000,000 1,000,000
------------
1,479,765
------------
SOUTH CAROLINA 2.19%
Anderson Cnty, South Carolina
(Belton Inds Proj), AR,
Indl Rev, Series 1991A, 7/1/2004~ 3.80 700,000 700,000
York Cnty, South Carolina (North
Carolina Elec Membership Proj),
F/FR, PCR, Series 1984N-4,
9/15/2014~ 3.83 500,000 500,000
------------
1,200,000
------------
TENNESSEE 1.64%
Greeneville Hlth & Edl Facils Brd,
Tennessee (Laughlin Mem Hosp Proj),
VRD, Rev, Series 1992, 10/1/2014~ 3.54 900,000 900,000
------------
<PAGE>
TEXAS 17.11%
Amarillo Indpt School Dist, Texas
(Potter & Randall Cntys), FR,
Unlimited Tax School Bldg Ref,
Series 1996, 2/1/1997 3.60 150,000 150,209
Bedford, Texas (Tarrant Cnty), FR,
Gen Oblig, Series 1996, 2/1/1997 3.78 265,000 266,371
Crawford Indl Dev Corp, Texas
(Franklin Inds Proj), VR, IDR,
Series 1987, 10/1/2012~ 3.79 2,400,000 2,400,000
Cypress-Fairbanks Indpt School Dist
(Harris Cnty), Texas, FR,
Unlimited Tax Ref, Series 1996,
2/15/1997 3.66 315,000 315,000
Denton, Texas, FR, Util System
Rev, Series 1996, 12/1/1996 3.81 700,000 700,000
Grapevine Indl Dev, Texas (American
Airlines Proj), VR, Multiple
Mode Rev, 1984 Series A-3,
12/1/2024~ 3.94 500,000 500,000
Harris Cnty Hlth Facils, Texas
(Sisters of Charity of the
Incarnate Word, Houston),
UPDATES, SCH Hlth Care System Rev,
Series 1993, 1/9/1997 3.54 1,000,000 1,000,000
Houston, Texas, FR, Exchangeable
Prior Lien Wtr & Swr System Rev,
Series 1986, 12/1/1996 3.22 380,000 387,600
Houston, Texas, FR, Prior Lien
Wtr System Rev, Series 1986,
12/1/1996 3.60 300,000 300,000
Lower Neches Valley Auth, Texas
(Chevron USA Proj), AR, PCR,
Series 1987, 2/15/2017~ 3.62 500,000 500,000
Mansfield Indpt School Dist,
Texas (Tarrant & Johnson Cntys), VR,
Unlimited Tax School Bldg,
Series 1996, 7/1/1997 4.01 500,000 500,380
Texas, FR, Gen Oblig Wtr Dev,
Series 1996C & 1996D, 8/1/1997 3.85 345,000 345,216
Texas, FR, TRAN, Series 1996,
8/29/1997 3.96 500,000 502,799
8/29/1997 3.95 1,000,000 1,005,689
Texas Assn of School Brds,
FR, TAN, Ctfs of Participation,
Series 1996A, 8/29/1997 3.94 500,000 502,926
------------
9,376,190
------------
UTAH 0.91%
Tremonton City, Box Elder Cnty,
Utah (La-Z-Boy Chair Proj),
VRD, IDR, Series 1990,
6/1/2000~ 3.99 500,000 500,000
------------
<PAGE>
VIRGINIA 0.91%
Alexandria Redev & Hsg Auth,
Virginia (Goodwin House), AR,
Residential Care Facil First
Mtg Rev, Multiple Mode Series
1996B, 10/1/2006~ 4.24 500,000 500,000
------------
WASHINGTON 2.19%
Seattle, Washington, AR, Wtr
System Rev, Series 1995,
9/1/2025~ 3.54 1,000,000 1,000,000
Washington, FR, Gen Oblig Ref,
Series 1988, 12/1/1996 3.72 200,000 200,000
------------
1,200,000
------------
WISCONSIN 2.21%
Wisconsin, FR, Gen Oblig,
Series 1989C, 5/1/1997 3.92 400,000 408,978
Wisconsin Hlth & Edl Facils Auth
(SSM Hlth Care Proj), ACES,
Hlth Facils Rev, Series 1990A,
6/1/2006~ 3.59 800,000 800,000
------------
1,208,978
------------
WYOMING 4.01%
Platte Cnty, Wyoming (Tri-State
Generation & Transmission Assn
Proj), DATES, PCR, Series 1984A,
7/1/2014~ 4.19 600,000 600,000
Series 1984B, 7/1/2014~ 4.19 1,600,000 1,600,000
------------
2,200,000
------------
TOTAL INVESTMENT SECURITIES
AT VALUE 100.00%
(Cost $54,807,877#) 54,807,877
============
U.S. GOVERNMENT MONEY Fund
SHORT-TERM INVESTMENTS 100.00%
US Government Agency Obligations 77.51%
Federal Farm Credit Bank
12/2/1996 5.48 1,000,000 1,000,000
2/13/1997 5.48 2,000,000 1,999,780
5/1/1997 5.40 2,565,000 2,566,503
Federal Home Loan Bank
12/11/1996 5.61 500,000 499,960
2/7/1997 5.44 1,800,000 1,797,920
Federal Home Loan Mortgage
12/9/1996 5.31 10,000,000 9,989,850
12/16/1996 5.59 12,600,000 12,610,084
12/19/1996 5.32 5,000,000 4,987,675
<PAGE>
Federal National Mortgage
Association
12/10/1996 5.50 500,000 500,227
12/23/1996 5.49 3,470,000 3,475,294
12/26/1996 5.42 5,020,000 5,019,690
1/16/1997 5.36 10,000,000 9,934,750
Student Loan Marketing Association
1/13/1999~ 5.36 5,000,000 5,000,000
------------
TOTAL US GOVERNMENT AGENCY
OBLIGATIONS (Cost $59,381,733) 59,381,733
------------
Repurchase Agreements 22.49%
Repurchase Agreement with State
Street Bank & Trust Co dated 11/29/1996
due 12/2/1996 at 5.250%, repurchased
at $17,240,539 (Collateralized by US
Treasury Notes due 5/31/1998 at 6.000%,
value $17,588,023)
(Cost $17,233,000) 17,233,000 17,233,000
------------
TOTAL INVESTMENT SECURITIES
AT VALUE 100.00%
(Cost $76,614,733#) 76,614,733
============
</TABLE>
The following abbreviations may be used in portfolio descriptions:
A/FR* Adjustable/Fixed Rate
ACES* Adjustable Convertible Extendable
Securities
AR* Adjustable Rate
ARD* Adjustable Rate Demand
ATS* Adjustable Tender Securities
BAN Bond Anticipation Notes
DATES* Daily Adjustable Tax-Exempt
Securities
FDR* Flexible Demand Revenue
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 Certificates
PCR Pollution Control Revenue
RAC Revenue Anticipation Certificates
RAN Revenue Anticipation Notes
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
<PAGE>
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 represents cost for income tax purposes.
See Notes to Financial Statements
<PAGE>
INVESCO Money Market Funds, Inc.
Statement of Assets and Liabilities
November 30, 1996
UNAUDITED
<TABLE>
<CAPTION>
Cash Tax-Free U.S. Government
Reserves Money Money
Fund Fund Fund
--------------------------------------------------
<S> <C> <C> <C>
ASSETS
Investment Securities:
At Cost~ $660,353,144 $54,807,877 $76,614,733
==================================================
At Value~ 660,353,144 54,807,877 76,614,733
Cash 0 217,458 22,706
Receivables:
Fund Shares Sold 4,093,008 533,133 318,108
Interest 1,048,563 447,888 864,045
Prepaid Expenses and
Other Assets 368,345 103,636 126,426
--------------------------------------------------
TOTAL ASSETS 665,863,060 56,109,992 77,946,018
--------------------------------------------------
LIABILITIES
Payables:
Custodian 174,579 0 0
Distributions to Shareholders 28,037 5,630 5,513
Fund Shares Repurchased 18,941,825 635,294 5,282,886
Accrued Expenses and Other
Payables 64,622 5,926 6,378
--------------------------------------------------
TOTAL LIABILITIES 19,209,063 646,850 5,294,777
--------------------------------------------------
Net Assets at Value* 646,653,997 55,463,142 72,651,241
==================================================
Shares Outstanding 646,653,997 55,463,142 72,651,241
Net Asset Value,
Offering and Redemption
Price per Share 1.00 1.00 1.00
==================================================
</TABLE>
~ Investment securities at cost and value at November 30, 1996 include a
repurchase agreement of $17,233,000 for U.S. Government Money Fund.
* 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 $646,653,997, $55,463,142
and $72,651,241, respectively.
See Notes to Financial Statements
<PAGE>
INVESCO Money Market Funds, Inc.
Statement of Operations
Six Months Ended November 30, 1996
UNAUDITED
<TABLE>
<CAPTION>
Cash Tax-Free U.S. Government
Reserves Money Money
Fund Fund Fund
-------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
INTEREST INCOME $19,443,654 $1,042,612 $2,317,525
-------------------------------------------------
EXPENSES
Investment Advisory Fees 1,474,038 145,850 216,069
Transfer Agent Fees 1,512,763 91,448 173,350
Administrative Fees 58,620 9,402 11,509
Custodian Fees and Expenses 74,131 7,784 10,861
Directors' Fees and Expenses 23,155 5,288 6,069
Professional Fees and Expenses 19,758 10,776 7,268
Registration Fees and Expenses 60,824 15,014 21,983
Reports to Shareholders 92,494 7,913 9,040
Other Expenses 8,536 2,891 1,289
-------------------------------------------------
TOTAL EXPENSES 3,324,319 296,366 457,438
Fees and Expenses Absorbed
by Investment Adviser (264,488) (73,705) (85,194)
Fees and Expenses Paid
Indirectly (26,006) (3,992) (5,347)
-------------------------------------------------
NET EXPENSES 3,033,825 218,669 366,897
-------------------------------------------------
Net Investment Income and
Net Increase in Net Assets
from Operations 16,409,829 823,943 1,950,628
=================================================
</TABLE>
See Notes to Financial Statements
<PAGE>
INVESCO Money Market Funds, Inc.
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Cash Reserves Fund Tax-Free Money Fund U.S. Government 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
--------------------------- -------------------------- --------------------------
1996 1996 1996 1996 1996 1996
UNAUDITED UNAUDITED UNAUDITED
<S> <C> <C> <C> <C> <C>
OPERATIONS AND DISTRIBUTIONS
TO SHAREHOLDERS
Net Investment Income Earned
and Distributed to
Shareholders $ 16,409,829 $ 31,339,796 $ 823,943 $ 1,727,957 $ 1,950,628 $ 3,603,896
============================== ============================ ============================
FUND SHARE TRANSACTIONS
Proceeds from Sales of
Shares $2,415,879,314 $3,616,602,090 $118,145,284 $ 184,575,224 $480,172,123 $ 479,278,785
Reinvestment of
Distributions 14,940,705 28,770,174 757,943 1,603,520 1,711,964 3,206,104
------------------------------ ---------------------------- ----------------------------
$2,430,820,019 $3,645,372,264 118,903,227 186,178,744 481,884,087 482,484,889
Amounts Paid for
Repurchases of Shares (2,371,443,046)(3,702,436,013) (115,088,664) (193,309,799) (488,624,375) (463,936,348)
------------------------------ ---------------------------- ----------------------------
NET INCREASE (DECREASE) IN
NET ASSETS FROM FUND
SHARE TRANSACTIONS 59,376,973 (57,063,749) 3,814,563 (7,131,055) (6,740,288) 18,548,541
NET ASSETS
Beginning of Period 587,277,024 644,340,773 51,648,579 58,779,634 79,391,529 60,842,988
------------------------------ ---------------------------- ----------------------------
End of Period $ 646,653,997 $ 587,277,024 $ 55,463,142 $ 51,648,579 $ 72,651,241 $ 79,391,529
============================== ============================ ============================
--------------------------------------------------------------------------
FUND SHARE TRANSACTIONS
Shares Sold 2,415,879,314 3,616,602,090 118,145,284 184,575,224 480,172,123 479,278,785
Shares Issued from
Reinvestment of
Distributions 14,940,705 28,770,174 757,943 1,603,520 1,711,964 3,206,104
------------------------------ ---------------------------- ----------------------------
2,430,820,019 3,645,372,264 118,903,227 186,178,744 481,884,087 482,484,889
Shares Repurchased (2,371,443,046)(3,702,436,013) (115,088,664) (193,309,799) (488,624,375) (463,936,348)
------------------------------ ---------------------------- ----------------------------
Net Increase (Decrease)
in Fund Shares 59,376,973 (57,063,749) 3,814,563 (7,131,055) (6,740,288) 18,548,541
============================== ============================ ============================
</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"), was incorporated in Maryland and presently
consists of three separate Funds: Cash Reserves Fund, Tax-Free Money Fund and
U.S. Government Money Fund. The investment objectives of the Funds are: to seek
as high a level of current income for Cash Reserves Fund; to seek as high a
level of current income exempt from federal income taxation for Tax Free Money
Fund; and to seek current income by investing only in debt obligations issued
or guaranteed by the U.S. Government or its agencies for the 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.
The following is a summary of significant accounting policies consistently
followed by the Fund 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 Fund 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
Fund's board of directors.
B. REPURCHASE AGREEMENTS - Repurchase agreements held by the Fund are fully
collateralized by U.S. Government securities and such collateral is in the
possession of the Fund's custodian. The collateral is evaluated daily to
ensure its market value exceeds the current market value of the repurchase
agreements including accrued interest.
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 of 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 agreement 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.
<PAGE>
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 $27.00 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 deferred compensation 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 were based on an annual rate equal to 25% of the retainer fee at the time
of retirement. As of July 1, 1996, benefits are based on an annual rate of 40%
of the retainer fee at the time of retirement.
Pension expenses for the six months ended November 30, 1996, 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 $5,594 $29,095 $55,083
Tax-Free Money Fund 494 2,909 5,491
U.S. Government Money Fund 678 3,001 5,719
<PAGE>
INVESCO Money Market Funds, Inc.
Financial Highlights
(For a Fund Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
Six Months Period
Ended Ended Year Ended
November 30 Year Ended May 31 May 31 January 31
----------- --------------------------------- ---------- -------------------
1996 1996 1995 1994 1993>> 1993 1992
UNAUDITED
<S> <C> <C> <C> <C> <C> <C> <C>
Cash Reserves Fund
PER SHARE DATA
Net Asset Value -
Beginning of Period $1.00 $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 0.05 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 1.00
========= ================================= ========== ===================
TOTAL RETURN 2.31%* 5.01% 4.76% 2.58% 0.75%* 3.00% 5.35%
RATIOS
Net Assets -
End of Period
($000 Omitted) 646,654 587,277 644,341 747,551 490,932 506,337 557,708
Ratio of Expenses to
Average Net Assets# 0.43%*@ 0.87%@ 0.75% 0.81% 0.98%~ 0.80% 0.83%
Ratio of Net Investment Income
to Average Net Assets# 2.31%* 4.86% 4.65% 2.61% 2.26%~ 2.98% 5.17%
</TABLE>
>> From February 1, 1993 to May 31, 1993, the Fund's current fiscal year-end.
* 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, 1996 and the years ended May 31, 1996 and 1995. If
such expenses had not been voluntarily absorbed, ratio of expenses to average
net assets would have been 0.47% (not annualized), 0.92% and 0.85%,
respectively, and ratio of net investment income to average net assets would
have been 2.27% (not annualized), 4.81% and 4.55%, respectively.
@ Ratio is based on Total Expenses of the Fund, less Expenses Absorbed by
Investment Adviser, which is before any expense offset arrangements.
~ Annualized
<PAGE>
INVESCO Money Market Funds, Inc.
Financial Highlights (Continued)
(For a Fund Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
Six Months Period
Ended Ended Year Ended
November 30 Year Ended May 31 May 31 April 30
------------- ------------------------------- --------- -------------------
1996 1996 1995 1994 1993>> 1993 1992
UNAUDITED
<S> <C> <C> <C> <C> <C> <C> <C>
Tax-Free Money Fund
PER SHARE DATA
Net Asset Value -
Beginning of Period $1.00 $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 0.01 0.03 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 1.00
============= =============================== ========= ===================
TOTAL RETURN 1.42%* 3.08% 2.86% 1.84% 0.16%* 2.16% 3.42%
RATIOS
Net Assets -
End of Period
($000 Omitted) 55,463 51,649 58,780 84,521 63,498 65,167 60,413
Ratio of Expenses to
Average Net Assets# 0.39%*@ 0.77%@ 0.75% 0.75% 0.75%~ 0.75% 0.78%
Ratio of Net Investment Income
to Average Net Assets# 1.42%* 3.03% 2.77% 1.83% 2.03%~ 2.13% 3.30%
</TABLE>
>> From May 1, 1993 to May 31, 1993, the Fund's current fiscal year-end.
+ Net Investment Income Earned and Distributed to Shareholders for the period
ending May 31, 1993 aggregated less than $0.01 on a per share basis.
* Based on operations for the period shown and, accordingly, are not
representative of a full year.
<PAGE>
# Various expenses of the Fund were voluntarily absorbed by IFG and ITC for the
six months ended November 30, 1996, the years ended May 31, 1996, 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 0.52% (not annualized), 1.05%, 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 1.29% (not annualized), 2.75%,
2.52%, 1.58%, 1.59%, 1.86% and 3.09%, respectively.
@ Ratio is based on Total Expenses of the Fund, less Expenses Absorbed by
Investment Adviser, which is before any expense offset arrangements.
~ Annualized
<PAGE>
INVESCO Money Market Funds, Inc.
Financial Highlights (Continued)
(For a Fund Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
Six Months Period Year Year
Ended Ended Ended Ended
November 30 Year Ended May 31 May 31 December 31 December 31
------------ -------------------------------- -------- ------------ -----------
1996 1996 1995 1994 1993>> 1992 1991^
UNAUDITED
<S> <C> <C> <C> <C> <C> <C> <C>
U.S. Government Money Fund
PER SHARE DATA
Net Asset Value -
Beginning of Period $1.00 $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 0.05 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 1.00
============ ================================= ======== ========================
TOTAL RETURN 2.25%* 4.90% 4.66% 2.56% 0.93%* 2.97% 3.23%*
RATIOS
Net Assets -
End of Period
($000 Omitted) 72,651 79,392 60,843 73,912 34,519 30,282 7,203
Ratio of Expenses to
Average Net Assets# 0.43%*@ 0.87%@ 0.75% 0.75% 0.75%~ 0.75% 0.74%~
Ratio of Net Investment Income
to Average Net Assets# 2.27%* 4.78% 4.55% 2.60% 2.27%~ 2.82% 4.54%~
</TABLE>
>> From January 1, 1993 to May 31, 1993, the Fund's current fiscal year-end.
^ From April 26, 1991, commencement of operations, to December 31, 1991.
* 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, 1996, the years ended May 31, 1996, 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
<PAGE>
absorbed, ratio of expenses to average net assets would have been 0.53% (not
annualized), 1.05%, 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 2.17%
(not annualized), 4.59%, 4.20%, 2.35%, 1.84%, 2.49% and 3.35%, respectively.
@ Ratio is based on Total Expenses of the Fund, less Expenses Absorbed by
Investment Adviser, which is before any expense offset arrangements.
~ Annualized
<PAGE>
Introducing INVESCO's netPAL for Account Information
INVESCO now offers secure access to your account information from your own
computer at your convenience.
- Account Balance
- Latest Transactions
- Latest Distributions
1. Go to the INVESCO Funds' web site at http://www.invesco.com.
2. Select netPAL on the navigation bar.
3. Click on INVESCO Account Information.
4. Key in your account number and password. (Your password is identical to
the four digit personal identification number code you use for the PAL(R)
Personal Account Line, INVESCO's automated telephone information system.)
5. Click on "Submit." Your current account summary will then be displayed
automatically.
<PAGE>
Questions and Answers About INVESCO Internet Account Information
What is my password?
Your password is initially set as the last four digits of your Social Security
number. If you have not done so previously, we encourage you to change this code
to something you find easy to remember -- just call PAL (R) toll-free at
1-800-424-8085, and choose menu option #3. Changing the password on PAL (R)
automatically changes your netPAL password, too.
When can I get my account summary?
As an online user, you know that the Internet is one of the most convenient ways
to get information: The World Wide Web is open 24 hours a day, 365 days a year.
Whenever you request information from the INVESCO web site, your account summary
will be up-to-date as of the last 4 p.m. (Eastern Time) market close.
Do I need special software?
No. INVESCO's web site can accessed through any standard Internet browser, and
works with both IBM-compatible computers and Macs. If you're online, you
should be able to access and print out a copy of your INVESCO account summary.
Can anyone access my account information?
Because the system is password-protected, you are the only person who can
retrieve information about your account via the Internet. Your privacy is
ensured.
Are INVESCO's computer systems secure?
INVESCO is taking advantage of the most advanced security measures available to
protect our data -- and your privacy. INVESCO's netPAL operates on a separate
system to prevent outsiders from tampering with our databases.
<PAGE>
FAMILY OF FUNDS
Newspaper
Fund Name Fund Code Ticker Symbol Abbreviation
- --------------------------------------------------------------------------------
International
International Growth 49 FSIGX IntlGr
Asian Growth 41 IVAGX AsianGr
European 56 FEURX Europ
European Small Company 37 IVECX EuroSmCo
Latin American Growth 34 IVSLX LatinAmGr
Pacific Basin 54 FPBSX PcBas
- --------------------------------------------------------------------------------
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
Realty 42 * *
Technology 55 FTCHX Tech
Utilities 58 FSTUX Util
Worldwide Capital Goods 38 ISWGX WldCap
Worldwide Communications 39 ISWCX WldCom
- --------------------------------------------------------------------------------
Capital Appreciation
Growth 10 FLRFX Grwth
Dynamics 20 FIDYX Dynm
Small Company 74 IDSCX DivSmCo
Emerging Growth 60 FIEGX Emgrth
- --------------------------------------------------------------------------------
Growth & Income
Industrial Income 15 FIIIX IndInc
Value Equity 46 FSEQX ValEq
Multi-Asset Allocation 70 IMAAX MulAstAl
Balanced 71 IMABX Bal
Total Return 48 FSFLX TotRtn
- --------------------------------------------------------------------------------
Bond
Short-Term Bond 33 INIBX ShTrBd
Intermediate Government Bond 47 FIGBX IntGov
U.S. Government Securities 32 FBDGX USGvt
Select Income 30 FBDSX SelInc
High Yield 31 FHYPX HiYld
<PAGE>
Tax-Exempt
Tax-Free Intermediate Bond 36 * *
Tax-Free Long-Term Bond 35 FTIFX TxFre
- --------------------------------------------------------------------------------
Money Market
U.S. Government Money Fund 44 FUGXX InvGvtMF
Cash Reserves 25 FDSXX InvCshR
Tax-Free Money Fund 40 FFRXX InvTaxFree
* This fund does not meet size requirements to be assigned a ticker symbol or
appear 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
We're easy to stay in touch with:
Investor Services Representatives,
1-800-525-8085
PAL(R), your Personal Account Line,
1-800-424-8085
On the World Wide Web:
http://www.invesco.com
Denver Investor Centers:
Cherry Creek, 155-B Fillmore Street;
Denver Tech Center, 7800 E. Union Avenue,
Lobby Level
INVESCO Funds Group, Inc., (SM) Distributor
Post Office Box 173706
Denver, Colorado 80217-3706
This information must be preceded or accompanied by a current prospectus.
