Semiannual Report
November 30, 1997
INVESCO MONEY MARKET FUNDS
Cash Reserves Fund
U.S.Government Money Fund
Tax-Free Money Fund
INVESCO FUNDS
<PAGE>
Economic Overview December 1997
Despite some volatility, 1997 has been a gratifying year for both stock and
bond investors. Broad equity market averages are approaching a third year of
double-digit returns, consumer confidence is running at historically high
levels, the economy has been expanding for 80 months, inflation measured at the
consumer level is non-existent, and interest rates remain low. Within this
near-perfect economic environment, corporate earnings have thrived, as
downsizing and corporate restructuring - along with improved worker productivity
- -- helped make U.S. companies the most efficient in the world. In fact, the S&P
500 operating earnings have increased at a double-digit rate for an
unprecedented fifth consecutive year.(1)
Although strong returns were produced in both the bond and equity markets
over the last year, confusion over the direction of the economy has increased
volatility in both markets. In the early spring of 1997, fears of inflation and
an overheating economy encouraged the Federal Reserve Board to increase the Fed
Fund's rate by 25 basis points -- causing an increase in interest rates and a
contraction in the equity markets. In August, renewed inflation fears as well as
concerns about corporate earnings again dampened investors' returns. In both
cases, the markets quickly recovered and continued their upward trend.
However, in the fall, U.S. equity markets experienced their first
correction a decline in value of more than 10% from their highs - in more than
seven years, as fears of slowing economies in the Asia/Pacific Rim region
reignited worries about corporate earnings and the value of the domestic
markets. Although stocks recovered their losses quickly, this correction was
unusual because it marked the first time this year that the fate of bond and
equity markets separated from each other.
For the equity markets, the Asian currency crisis presented a problem for
the U.S. economy and corporate earnings - producing an uncertain environment for
equity prices. Conversely, the crisis benefited the fixed-income market as
slowing Asian economies led to a reduction in the U.S. economic growth rate.
Also, with Asian currencies devalued vis-a-vis the dollar, Asian products will
be substantially cheaper for U.S. consumers. This should decrease inflationary
pressures in our economy, which is another positive for the fixed-income market.
As opinions vary on the domestic impact of the "Asian flu," it appears that
the U.S. economy is still dominant worldwide, and remains fundamentally sound.
Continued low interest rates, non-existent inflation, and the trend towards
freer international trade bode well for the domestic economy. Consequently, the
health of the economy appears strong, although volatility in the markets will
likely continue.
-------------------------------------------
INVESCO's money market funds are actively managed to seek high current
income along with safety of principal. The funds seek to maintain a constant
price per share of $1.00, although this cannot be guaranteed. Shares of the
funds are not issued or guaranteed by the U.S. government. If you are interested
in obtaining current yield information, please call 1-800-525-8085.
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
<PAGE>
in economics from Pacific Lutheran University. He is also manager of INVESCO
U.S. Government Securities Fund and co-manager of INVESCO Short-Term Bond Fund.
INVESCO Vice President 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.
(1)The S&P 500 is an unmanaged index considered representative of the broad
U.S. stock market.
<PAGE>
INVESCO Money Market Funds, Inc.
STATEMENT OF INVESTMENT SECURITIES
November 30, 1997
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 5.25%
Student Loan Marketing Association
1/13/1999~ 5.48 $25,000,000 $25,000,000
2/8/1999~ 5.48 12,750,000 12,750,000
------------
TOTAL US GOVERNMENT AGENCY OBLIGATIONS
(Cost $37,750,000) 37,750,000
------------
Commercial Paper 94.75%
AUTOMOBILES 8.69%
Ford Motor Credit, 12/1/1997 5.62 25,000,000 25,000,000
General Motors Acceptance
12/1/1997 5.64 3,000,000 3,000,000
12/12/1997 5.68 2,000,000 2,000,000
12/29/1997 5.66 10,000,000 10,000,000
12/30/1997 5.66 15,000,000 15,000,000
12/31/1997 5.65 5,500,000 5,500,000
2/13/1998 5.90 2,000,000 2,000,000
------------
62,500,000
------------
CONSUMER FINANCE 8.34%
American Express Credit
12/22/1997 5.66 5,000,000 5,000,000
12/26/1997 5.66 5,000,000 5,000,000
Beneficial Corp
12/10/1997 5.65 10,000,000 10,000,000
12/11/1997 5.65 10,000,000 10,000,000
Household Finance
12/23/1997 5.65 15,000,000 15,000,000
2/17/1998 5.84 15,000,000 15,000,000
------------
60,000,000
------------
ELECTRIC UTILITIES 0.69%
National Rural Utilities Cooperative
Finance, 12/9/1997 5.63 5,000,000 4,993,836
ELECTRICAL EQUIPMENT 9.04%
General Electric
12/17/1997 5.67 11,000,000 11,000,000
12/18/1997 5.70 4,000,000 4,000,000
12/19/1997 5.67 4,000,000 4,000,000
12/26/1997 5.67 6,000,000 6,000,000
<PAGE>
General Electric Capital Services
12/18/1997 5.70 8,000,000 8,000,000
12/22/1997 5.67 10,000,000 10,000,000
12/31/1997 5.66 22,000,000 22,000,000
------------
65,000,000
------------
FINANCIAL 23.55%
American General Finance
12/1/1997 5.64 4,500,000 4,500,000
1/28/1998 5.84 30,000,000 30,000,000
2/11/1998 5.85 3,500,000 3,500,000
Associates Corp of North America
12/1/1997 5.81 7,811,000 7,811,000
12/1/1997 5.70 17,045,000 17,045,000
General Electric Capital
12/16/1997 5.66 10,000,000 10,000,000
12/18/1997 5.70 2,000,000 2,000,000
12/24/1997 5.66 15,000,000 15,000,000
2/11/1998 5.85 10,000,000 10,000,000
Heller Financial
12/16/1997 5.73 10,000,000 10,000,000
12/17/1997 5.73 12,000,000 12,000,000
12/19/1997 5.72 2,000,000 2,000,000
12/31/1997 5.72 8,000,000 8,000,000
Transamerica Finance
12/3/1997 5.66 20,000,000 19,993,804
12/8/1997 5.65 7,500,000 7,491,884
12/9/1997 5.65 10,000,000 9,987,633
------------
169,329,321
------------
INSURANCE 10.95%
CIGNA Corp
12/1/1997 5.62 2,000,000 2,000,000
12/26/1997 5.71 5,000,000 5,000,000
12/30/1997 5.67 2,000,000 2,000,000
12/31/1997 5.76 12,264,000 12,264,000
Prudential Funding,
1/14/1998 5.83 25,000,000 25,000,000
SAFECO Credit
12/1/1997 5.66 2,615,000 2,615,000
12/18/1997 5.75 15,000,000 14,959,941
12/19/1997 5.75 10,000,000 9,971,723
1/30/1998 5.93 5,000,000 4,951,725
------------
78,762,389
------------
INVESTMENT BANK/BROKER FIRM 16.36%
Bear Stearns
12/4/1997 5.67 10,000,000 9,995,345
12/5/1997 5.67 10,000,000 9,993,794
12/8/1997 5.64 15,000,000 14,983,789
Credit Suisse First Boston
<PAGE>
1/26/1998 5.84 17,500,000 17,344,686
2/25/1998 5.84 17,500,000 17,262,319
Merrill Lynch & Co
12/2/1997 5.66 650,000 649,899
12/9/1997 5.68 2,750,000 2,746,580
12/15/1997 5.68 15,000,000 14,967,401
2/17/1998 5.85 15,000,000 14,814,724
Morgan Stanley Dean Witter
Discover & Co,
1/20/1998 5.84 15,000,000 14,881,024
------------
117,639,561
------------
RETAIL 6.98%
Penney (J C) Funding,
1/30/1998 5.84 10,000,000 9,904,956
Sears Roebuck Acceptance
12/1/1997 5.62 4,000,000 4,000,000
12/12/1997 5.66 13,500,000 13,500,000
12/16/1997 5.68 15,000,000 15,000,000
12/19/1997 5.72 4,750,000 4,750,000
12/29/1997 5.64 3,000,000 3,000,000
------------
50,154,956
------------
SERVICES 10.15%
Hertz Corp
12/22/1997 5.65 15,000,000 15,000,000
12/23/1997 5.65 10,000,000 10,000,000
12/24/1997 5.65 8,000,000 8,000,000
PHH Corp
12/2/1997 5.62 10,000,000 9,998,460
12/3/1997 5.62 10,000,000 9,996,920
12/11/1997 5.68 5,000,000 4,992,227
12/15/1997 5.63 10,000,000 9,978,440
12/17/1997 5.65 5,000,000 4,987,649
------------
72,953,696
------------
TOTAL COMMERCIAL PAPER
(Cost $681,333,759) 681,333,759
------------
TOTAL INVESTMENT SECURITIES AT VALUE
100.00% (Cost $719,083,759#) $719,083,759
============
TAX-FREE MONEY Fund
SHORT-TERM INVESTMENTS 100.00%
ALABAMA 0.74%
Univ of Alabama Brd of Trustees, FR,
Gen Fee Rev, Univ of Alabama,
Series 1997, 6/1/1998 3.83 $ 370,000 $ 370,270
------------
<PAGE>
ALASKA 0.36%
Fairbanks North Star Borough, Alaska,
FR, Gen Oblig, Series 1988R, 3/1/2006~ 3.84 175,000 179,932
------------
ARIZONA 1.36%
Arizona Hlth Facils Auth (Arizona Vol
Hosp Fedn), AR, Mode Bonds,
1985 Series A, 10/1/2015~ 3.00 480,000 480,000
Arizona Transn Brd (Maricopa Cnty
Regl Area Road), FR, Transn Excise
Tax Rev, 1992 Series A, 7/1/1998 3.90 100,000 100,568
Tucson, Arizona, FR, Gen Oblig Current
Int Ref, Series 1993, 7/1/1998 4.00 100,000 102,337
------------
682,905
------------
ARKANSAS 1.00%
Crosset, Arkansas (Gerogia-Pac Corp
Proj), A/FR, PCR Ref, Series 1991,
10/1/1998 3.15 500,000 500,000
------------
CALIFORNIA 1.20%
Los Angeles Regl Airports Impt,
California (America Airlines/
Los Angeles Intl Airport), Facils
Sublease FDR, Issue 1984, Series D,
12/1/2024~ 4.05 600,000 600,000
------------
COLORADO 3.45%
Centennial Wtr & Santn Dist, Colorado
(Douglas Cnty), FR, Gen Oblig Wtr
& Swr Ref, Series 1992A, 12/1/1997 3.19 500,000 500,000
Colorado Student Oblig Bond Auth
(Student Ln Marketing Assn), VR,
Student Ln Rev, 1993 Series C-2,
9/1/2002~+ 3.45 1,100,000 1,100,000
Lewis-Palmer Cons School Dist #38,
Colorado (El Paso Cnty), FR,
Gen Oblig Ref and Impt, Series 1996A,
12/1/1997 3.71 130,000 130,000
------------
1,730,000
------------
DELAWARE 3.99%
Delaware Econ Dev Auth (Delaware
Clean Pwr Proj), AR, IDR,
Series 1997C, 8/1/2029~ 3.80 2,000,000 2,000,000
------------
FLORIDA 4.26%
Florida State Brd Ed, FR, Pub Ed
Cap Outlay Ref, Series 1987-B1,
6/1/1998 3.74 215,000 223,517
<PAGE>
Pasco Cnty School Brd, Florida, VR,
Ctfs of Participation, Series 1996,
8/1/2026~ 4.10 1,000,000 1,000,000
St Lucie Cnty, Florida (Savannah
Hosp Proj), FRD, IDR, Series 1985,
11/1/2015~ 3.25 910,000 910,000
------------
2,133,517
------------
GEORGIA 8.29%
DeKalb Cnty Hosp Auth, Georgia
(DeKalb Med Ctr Proj), AR, RAC,
Series 1993B, 9/1/2009~ 3.15 1,145,000 1,145,000
DeKalb Private Hosp Auth, Georgia
(Egleston Children's Hosp at Emory
Univ Proj), VRD, RAC, Series 1994B,
12/1/2017~ 3.10 500,000 500,000
Macon-Bibb Cnty Hosp Auth, Georgia
(Med Ctr of Cent Georgia), AR, RAC,
Series 1994, 4/1/2007~ 3.15 1,645,000 1,645,000
Peach Cnty School Dist, Georgia, FR,
Gen Oblig School Bonds, Series 1994,
2/1/1998 3.74 365,000 366,147
Savannah Econ Dev Auth, Georgia
(Home Depot Proj), AR, Exmp Facil Rev,
Series 1995B, 8/1/2025~ 3.25 500,000 500,000
------------
4,156,147
------------
ILLINOIS 4.67%
Chicago, Illinois, AR, Gen Oblig
Tender Notes, Series 1997, 1/31/1999~ 3.65 500,000 500,000
Illinois Dev Fin Auth (6 West Hubbard
Street Proj), F/FR, IDR, Series 1986,
12/1/2016~ 3.90 890,000 890,000
Illinois Dev Fin Auth (Kindlon
Partners Proj), VR, Indl Proj Rev,
Series 1991, 5/1/2006~ 3.40 700,000 700,000
Illinois Hlth Facils Auth (Sherman
Hlth Systems), FR, Rev, Series 1997,
8/1/1998 3.95 250,000 250,000
------------
2,340,000
------------
INDIANA 6.39%
Daviess Cnty, Indiana (Perdue Farms/
Shenandoah Valley Farms Facil),
V/FRD, Econ Dev Rev, 1987 Issue,
9/1/2007~ 3.80 1,500,000 1,500,000
Gary, Indiana (US Steel Proj), FRD,
Environmental Impt Rev Ref,
Series 1984, 7/15/2002~ 3.60 1,000,000 1,000,000
Indiana Toll Road Commn, FR, East-West
Toll Road Rev, 1980 Series, 1/1/2000~ 3.84 200,000 201,004
<PAGE>
Newton Cnty, Indiana (Intec Group Proj),
A/FR, Econ Dev Rev, Series 1994,
9/1/2010~ 3.40 500,000 500,000
------------
3,201,004
------------
KANSAS 3.19%
Fairway, Kansas (Nichols (J C) Co Proj),
FRD, Indl Rev, Series 1984,
11/1/2014~ 3.90 500,000 500,000
Kansas City, Kansas (PQ Corp-Kansas
City Proj), AR, Indl Ref Rev,
Series 1985, 8/1/2015~ 3.70 600,000 600,000
Spring Hill, Kansas (Abrasive Engr
& Mfg Proj), VR, Indl Rev,
Series 1996, 9/1/2016~ 3.40 500,000 500,000
------------
1,600,000
------------
KENTUCKY 0.76%
Danville, Kentucky (Kentucky Muni
League Pooled Lease Fing Prog), FR,
Multi-City Lease Rev Ref,
Series 1997, 4/1/1998 3.96 380,000 380,174
------------
LOUISIANA 3.49%
Louisiana, FR, Gen Oblig Ref,
Series 1987-A, 8/1/1998 3.89 170,000 173,203
Series 1993-A, 8/1/1998 4.03 100,000 100,434
Series 1993-B, 8/1/1998 4.03 200,000 200,836
Louisiana Pub Facils Auth (Touro
Infirmary Proj), FR, Hosp Rev Ref,
Series 1988A, 6/1/2009~ 3.77 175,000 182,039
Louisiana Recovery Dist, Sales Tax
Ref, FR, Series 1992, 7/1/1998 3.93 350,000 353,686
Louisiana Recovery Dist, Sales Tax
Rev, VR, Series 1988, 7/1/1998 3.90 735,000 736,784
------------
1,746,982
------------
MASSACHUSETTS 0.20%
Massachusetts Hlth & Edl Facils Auth
(Cap Asset Prog), FR, Rev,
Series G-2, 7/1/1998 4.10 100,000 101,594
------------
MINNESOTA 1.02%
Southern Minnesota Muni Pwr Agency,
FR, Pwr Supply System Rev,
Series 1988A, 1/1/2018~ 3.74 500,000 511,799
------------
MISSOURI 2.02%
Columbia, Missouri, VR, Special Oblig
Insured Reserve, Series 1988A,
6/1/2008~ 3.10 500,000 500,000
<PAGE>
Kansas City School Dist Bldg,
Missouri (Cap Impts Proj), FR,
Insured Leasehold Rev, Series 1988A,
2/1/2008~ 3.70 500,000 513,422
------------
1,013,422
------------
NEBRASKA 0.91%
Hamilton Cnty, Nebraska (Iams Co Proj),
VR, IDR Ref, Series 1990, 7/1/2005~ 3.24 455,000 455,000
------------
NEVADA 2.25%
Clark Cnty, Nevada, AR, Airport System
Ref Rev, Series 1993A, 7/1/2012~ 3.60 1,000,000 1,000,000
Reno, Nevada, FR, Gen Oblig Ltd
Tax Street Ref, Series 1997B,
5/1/1998 4.05 130,000 130,000
------------
1,130,000
------------
NEW JERSEY 4.59%
New Jersey Econ Dev Auth (Genlyte
Camden Cnty Proj), AR, IDR Ref,
Series 1990, 12/19/2009~ 3.60 2,300,000 2,300,000
------------
NEW MEXICO 2.01%
Gallup-McKinley Cnty School Dist #1,
New Mexico, FR, Gen Oblig School
Bldg, Series August 1, 1997,
8/1/1998 4.05 500,000 506,811
New Mexico State Hwy Commn, AR,
Sub Tax Lien Hwy Rev,
Series 1996, 6/15/2011~ 3.70 500,000 500,000
------------
1,006,811
------------
NEW YORK 3.79%
Monroe Cnty Indl Dev Agency, New York
(Ron Ink Proj), VR, IDR, Series 1996,
7/1/2013~ 3.60 1,600,000 1,600,000
New York Thruway Auth, FR, Hwy &
Bridge Trust Fund, Series 1995A,
4/1/1998 3.73 300,000 301,253
------------
1,901,253
------------
NORTH CAROLINA 1.83%
Gaston Cnty, North Carolina
(Pub Facils Proj), FR, Ctfs of
Participation, Series 1997, 12/1/1997 3.75 420,000 420,000
North Carolina Edl Facils Fin Agency
(Bowman Gray School of Medicine Proj),
VR, Rev, Series 1990, 9/1/2020~ 3.10 500,000 500,000
------------
920,000
------------
<PAGE>
PENNSYLVANIA 3.39%
Delaware Valley Regl Fin Auth,
Pennsylvania, AR, Loc Govt Rev,
Series 1985D, 12/1/2020~+ 4.15 700,000 700,000
Emmaus Gen Auth, Pennsylvania
(Pennsylvania VR Ln Proj), VRD,
Series 1996, 12/1/2028~ 3.75 1,000,000 1,000,000
------------
1,700,000
------------
SOUTH CAROLINA 1.20%
Anderson Cnty, South Carolina (Belton
Inds Proj), AR, Indl Rev,
Series 1991A, 7/1/2004~ 3.40 600,000 600,000
------------
TENNESSEE 1.80%
Greeneville Hlth & Edl Facils Brd,
Tennessee (Laughlin Mem Hosp Proj),
VRD, Rev, Series 1992, 10/1/2014~ 3.15 900,000 900,000
------------
TEXAS 23.52%
Aldine Indpt School Dist, Texas
(Harris Cnty), FR, Gen Oblig Unltd
Tax Schoolhouse Bonds, Series 1992,
2/15/1998 3.70 160,000 161,116
Allen Indpt School Dist, Texas
(Collin City), FR, Pub Ppty Fin
Contractual Oblig, Series 1997,
2/15/1998 3.85 270,000 270,930
Azle Indpt School Dist, Texas
(Tarrant, Parker & Wise Ctys), FR,
Unltd Tax Ref, Series 1997C,
2/15/1998 3.85 590,000 590,000
Coastal Wtr Auth, Texas, FR, Wtr
Conveyance System Rev, 12/15/2017~ 3.71 130,000 130,219
Collin Cnty Cmnty College Dist, Texas,
FR, Consolidated Fund Rev,
Series 1997, 2/1/1998 4.09 160,000 160,651
Corpus Christi Jr College Dist,
Texas (Del Mar College, Nueces Cnty),
FR, Combined Fee Rev, Series 1997,
8/15/1998 4.06 475,000 483,954
Eagle Pass Indpt School Dist, Texas
(Maverick Cnty), FR, School Bldg
Unltd Tax, Series 1997, 8/15/1998~~ 3.80 700,000 712,831
Grapevine Indl Dev, Texas (American
Airlines Proj), VR, Multiple Mode
Rev, 1984, Series A-2, 12/1/2024~ 3.75 400,000 400,000
Series A-4, 12/1/2024~ 3.80 700,000 700,000
Series B-2, 12/1/2024~ 3.80 700,000 700,000
Series B-3, 12/1/2024~ 3.75 500,000 500,000
Greenville, Texas (Hunt Cnty), FR,
Wtrwks & Swr System Rev Ref,
Series 1997, 2/15/1998~~ 3.80 500,000 500,395
<PAGE>
Harris Cnty, Texas, A/FR, Toll Road
Multiple Mode, Sr Lien Rev,
Series 1985C, 8/15/2000~ 3.95 250,000 259,227
Harris Cnty Hlth Facils Dev, Texas
(Sisters of Charity of the
Incarnate Word), UPDATES,
Series 1985, 1/1/2015~ 3.80 1,000,000 1,000,000
Houston, Texas, FR, Swr System Impt
Rev, Series 1984, 10/1/2008~ 3.95 215,000 225,105
Houston, Texas, FR, Wtr & Swr System
Prior Lien Rev Exchange,
Series 1987, 12/1/2017~ 3.71 175,000 178,500
Houston Pub Impt, Texas, FR, Gen
Oblig, Series 1988, 3/1/1999~ 3.71 325,000 327,566
Lone Star Airport Impt Auth, Texas
(American Airlines Proj), V/FRD,
Multiple Mode Rev, 1984, Series A-4,
12/1/2014~ 3.80 800,000 800,000
Series A-5, 12/1/2014~ 3.90 300,000 300,000
Series B-4, 12/1/2014~ 4.05 700,000 700,000
Series B-5, 12/1/2014~ 3.55 500,000 500,000
Lucas, Texas (Collin Cnty), FR,
Combination Tax & Ltd Plg Rev,
Ctfs of Oblig, Series 1997,
2/1/1998 3.97 145,000 145,636
Mansfield, Texas (Tarrant, Johnson
& Ellis Cntys), FR, Gen Oblig,
Series 1997, 2/15/1998 3.90 125,000 125,901
Nueces River Auth, Texas (Reynolds
Metals Proj), PCR Ref, DATES,
Series 1985, 12/1/1999~ 4.20 200,000 200,000
Socorro Indpt School Dist, Texas
(El Paso Cnty), FR, Unltd Tax Ref &
School Bldg, Series 1986, 9/1/1998 3.94 200,000 205,384
Texas, FR, TRAN, Series 1997A,
8/31/1998 3.83 1,500,000 1,509,686
------------
11,787,101
------------
UTAH 2.00%
Alpine School Dist Brd of Ed, Utah,
FR, Gen Oblig Ref,
Series 1990, 3/15/1998 3.74 500,000 504,069
Tremonton City, Box Elder Cnty, Utah
(La-Z-Boy Chair Proj), VDR, IDR,
Series 1990, 6/1/2000~ 3.60 500,000 500,000
------------
1,004,069
------------
WASHINGTON 0.82%
Tacoma, Washington, FR, Elec System
Rev, Series 1988, 1/1/2005~ 3.99 400,000 409,277
------------
WISCONSIN 5.50%
<PAGE>
Wisconsin, FR, Gen Oblig,
1990 Series A, 5/1/2008~ 3.74 825,000 841,834
1994 Series B, 5/1/1998 3.85 295,000 296,069
Wisconsin Hlth & Edl Facils Auth
(Wheaton Franciscan Svcs System),
VRD, Rev, Series 1997, 8/15/2016~ 3.90 1,100,000 1,100,000
Wisconsin Hlth Facils Auth
(Franciscan Hlth Care-System Fing),
VRD, Series 1985A-1, 1/1/2016~ 3.85 520,000 520,000
------------
2,757,903
------------
TOTAL INVESTMENT SECURITIES AT
VALUE 100.00%
(Cost $50,119,160#) $50,119,160
------------
U.S. GOVERNMENT MONEY Fund
SHORT-TERM INVESTMENTS 100.00%
US Government Agency Obligations 92.07%
Federal Farm Credit Bank, 12/30/1997 5.56 5,000,000 $ 4,978,029
Federal Home Loan Mortgage 2/1/1997 5.53 10,000,000 10,000,000
12/11/1997 5.58 8,400,000 8,387,176
12/17/1997 5.59 7,000,000 6,982,902
12/22/1997 5.61 7,500,000 7,475,893
12/31/1997 5.61 25,000,000 24,885,475
Federal National Mortgage
Association, 12/29/1997 5.58 4,000,000 3,982,947
Student Loan Marketing
Association, 1/13/1999~ 5.49 5,000,000 5,000,000
------------
TOTAL US GOVERNMENT AGENCY
OBLIGATIONS (Cost $71,692,422) 71,692,422
------------
Repurchase Agreements 7.93%
Repurchase Agreement with State
Street Bank & Trust Co dated 11/28/1997 due 12/1/1997 at 5.550%, repurchased
at $6,177,952 (Collateralized by US Treasury Bonds due 2/15/2015 at 11.250%,
value
$6,303,538) (Cost $6,177,000) 6,177,000 6,177,000
------------
TOTAL INVESTMENT SECURITIES AT
VALUE 100.00%
(Cost $77,869,422#) $77,869,422
============
</TABLE>
<TABLE>
<CAPTION>
The following abbreviations may be used in portfolio descriptions:
<S> <C> <C>
A/FR* - Adjustable/Fixed Rate MAVRIC*- Multi-Mode and Variable Rate
ACES* - Adjustable Convertible Extendable Investment Certificates
Securities PCR - Pollution Control Revenue
AR* - Adjustable Rate RAC - Revenue Anticipation Certificates
ARD* - Adjustable Rate Demand RAN - Revenue Anticipation Notes
<PAGE>
ATS* - Adjustable Tender Securities TAN - Tax Anticipation Notes
BAN - Bond Anticipation Notes TEAMS* - Tax-Exempt Adjustable Mode
DATES* - Daily Adjustable Tax-Exempt Securities
Securities TECP - Tax-Exempt Commercial Paper
FDR* - Flexible Demand Revenue TRAN - Tax & Revenue Anticipation Notes
F/FR - Floating/Fixed Rate UPDATES* - Unit Priced Demand Tax-Exempt
FR - Fixed Rate Securities
FRD* - Floating Rate Demand V/FRD* - Variable/Fixed Rate Demand
GAN - Grant Anticipation Notes VR* - Variable Rate
IDR - Industrial Development Revenue 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.
+ Security has been designated as collateral for when-issued (W/I) securities.
~~ Security is a when-issued (W/I) security.
See Notes to Financial Statements
</TABLE>
<PAGE>
INVESCO Money Market Funds, Inc.
STATEMENT OF ASSETS AND LIABILITIES
November 30, 1997
UNAUDITED
<TABLE>
<CAPTION>
Cash Tax-Free U.S. Government
Reserves Money Money
Fund Fund Fund
------------------------------------------------------
<S> <C> <C> <C>
Investment Securities:
At Cost~ $719,083,759 $50,119,160 $77,869,422
======================================================
At Value~ $719,083,759 $50,119,160 $77,869,422
Cash 0 68,522 13,382
Receivables:
Fund Shares Sold 15,177,355 614,346 411,326
Interest 2,322,826 386,079 39,183
Prepaid Expenses and
Other Assets 208,472 110,158 152,626
------------------------------------------------------
TOTAL ASSETS 736,792,412 51,298,265 78,485,939
------------------------------------------------------
LIABILITIES
Payables:
Custodian 879,515 0 0
Distributions to
Shareholders 41,271 4,580 3,620
Investment Securities
Purchased 0 1,222,252 0
Fund Shares Repurchased 22,148,698 974,921 5,634,978
Accrued Expenses and Other
Payables 66,446 7,282 6,797
------------------------------------------------------
TOTAL LIABILITIES 23,135,930 2,209,035 5,645,395
------------------------------------------------------
Net Assets at Value* $713,656,482 $49,089,230 $72,840,544
======================================================
Shares Outstanding 713,656,482 49,089,230 72,840,544
Net Asset Value,
Offering and Redemption
Price per Share $1.00 $1.00 $1.00
======================================================
~ Investment securities at cost and value at November 30, 1997 include a
repurchase agreement of $6,177,000 for U.S. Government Money Fund.
* The Fund has ten billion authorized shares of common stock, par value $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 $713,656,482, $49,089,230 and
$72,840,544, respectively.
See Notes to Financial Statements
</TABLE>
<PAGE>
INVESCO Money Market Funds, Inc.
STATEMENT OF OPERATIONS
Six Months Ended November 30, 1997
UNAUDITED
<TABLE>
<CAPTION>
Cash Tax-Free U.S. Government
Reserves Money Money
Fund Fund Fund
------------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
INTEREST INCOME $19,241,406 $875,402 $2,120,979
------------------------------------------------------
EXPENSES
Investment Advisory Fees 1,422,224 116,833 191,620
Transfer Agent Fees 1,388,244 77,487 154,357
Administrative Fees 56,139 8,478 10,722
Custodian Fees and Expenses 66,649 6,744 8,647
Directors' Fees and Expenses 27,648 6,215 7,152
Professional Fees and Expenses 22,689 10,764 7,462
Registration Fees and Expenses 74,405 20,084 36,284
Reports to Shareholders 87,652 4,870 5,373
Other Expenses 11,336 5,360 5,051
------------------------------------------------------
TOTAL EXPENSES 3,156,986 256,835 426,668
Fees and Expenses Absorbed
by Investment Adviser (88,525) (78,668) (95,424)
Fees and Expenses Paid
Indirectly (6,000) (1,445) (1,618)
------------------------------------------------------
NET EXPENSES 3,062,461 176,722 329,626
------------------------------------------------------
Net Investment Income
and Net Increase
in Net Assets from
Operations $16,178,945 $698,680 $1,791,353
======================================================
See Notes to Financial Statements
</TABLE>
<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
--------------------------- --------------------------- ---------------------------
1997 1997 1997 1997 1997 1997
UNAUDITED UNAUDITED UNAUDITED
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS AND DISTRIBUTIONS
TO SHAREHOLDERS
Net Investment Income Earned
and Distributed to
Shareholders $ 16,178,945 $ 33,561,267 $ 698,680 $ 1,618,005 $ 1,791,353 $ 3,851,426
============================= =========================== ===========================
FUND SHARE TRANSACTIONS
Proceeds from Sales
of Shares $3,085,087,119 $5,620,288,150 $118,539,449 $209,826,221 $693,994,266 $1,073,544,769
Reinvestment of Distributions 14,546,262 25,866,718 643,905 1,489,166 1,472,324 3,296,282
----------------------------- --------------------------- ---------------------------
3,099,633,381 5,646,154,868 119,183,354 211,315,387 695,466,590 1,076,841,051
Amounts Paid for Repurchases
of Shares (3,047,624,699)(5,571,784,092) (117,671,249) (215,386,841) (689,077,525)(1,089,781,101)
----------------------------- --------------------------- ---------------------------
NET INCREASE (DECREASE) IN
NET ASSETS FROM FUND
SHARE TRANSACTIONS 52,008,682 74,370,776 1,512,105 (4,071,454) 6,389,065 (12,940,050)
NET ASSETS
Beginning of Period 661,647,800 587,277,024 47,577,125 51,648,579 66,451,479 79,391,529
----------------------------- --------------------------- ---------------------------
End of Period $ 713,656,482 $ 661,647,800 $ 49,089,230 $ 47,577,125 $ 72,840,544 $ 66,451,479
============================= =========================== ===========================
FUND SHARE TRANSACTIONS
Shares Sold 3,085,087,119 5,620,288,150 118,539,449 209,826,221 693,994,266 1,073,544,769
Shares Issued from Reinvestment
of Distributions 14,546,262 25,866,718 643,905 1,489,166 1,472,324 3,296,282
----------------------------- --------------------------- ---------------------------
3,099,633,381 5,646,154,868 119,183,354 211,315,387 695,466,590 1,076,841,051
Shares Repurchased (3,047,624,699)(5,571,784,092) (117,671,249) (215,386,841) (689,077,525)(1,089,781,101)
----------------------------- --------------------------- ---------------------------
Net Increase (Decrease)
in Fund Shares 52,008,682 74,370,776 1,512,105 (4,071,454) 6,389,065 (12,940,050)
============================ =========================== ===========================
See Notes to Financial Statements
</TABLE>
<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") is 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 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 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. In the event of default on the
obligation to repurchase, the Fund has the right to liquidate the
collateral and apply the proceeds in satisfaction of the obligation. In the
event of default or bankruptcy by the other party to the agreement,
realization and/or retention of the collateral or proceeds may be subject
to legal proceedings.
C. WHEN-ISSUED SECURITIES - When-issued securities held by the Fund are fully
collateralized by other securities which are notated in the Statements of
Investment 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.
D. 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 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.
E. 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.
<PAGE>
F. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS - All of the Fund's net
investment income is distributed to shareholders by dividends declared
daily and paid monthly. Income dividends are reinvested at the month-end
net asset value.
G. 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.
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, where applicable, per participant in an omnibus
account, per year. 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 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 are based on an annual rate equal to 40% of the retainer fee at the time of
retirement.
Pension expenses for the six months ended November 30, 1997, 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 $3,868 $29,095 $62,842
Tax-Free Money Fund 315 2,909 6,122
U.S. Government Money Fund 505 3,001 6,733
<PAGE>
INVESCO Money Market Funds, Inc.
FINANCIAL HIGHLIGHTS
(For a Fund Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
Six Months Period Year
Ended Ended Ended
November 30 Year Ended May 31 May 31 January 31
------------- ---------------------------------------- -------- ----------
1997 1997 1996 1995 1994 1993> 1993
UNAUDITED
Cash Reserves Fund
<S> <C> <C> <C> <C> <C> <C> <C>
PER SHARE DATA
Net Asset Value -
Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
------- ----------------------------------------- -------- --------
INCOME AND DISTRIBUTIONS
FROM INVESTMENT
OPERATIONS
Net Investment Income
Earned and Distributed
to Shareholders 0.02 0.05 0.05 0.05 0.03 0.01 0.03
------- ------------------------------------------ --------- --------
Net Asset Value -
End of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
======= ========================================== ========= ========
TOTAL RETURN 2.38%* 4.69% 5.01% 4.76% 2.58% 0.75%* 3.00%
RATIOS
Net Assets - End of Period
($000 Omitted) $713,656 $661,648 $587,277 $644,341 $747,551 $490,932 $506,337
Ratio of Expenses to
Average Net Assets# 0.45%*@ 0.86%@ 0.87%@ 0.75% 0.81% 0.98%~ 0.80%
Ratio of Net Investment
Income to Average
Net Assets# 2.36%* 4.62% 4.86% 4.65% 2.61% 2.26%~ 2.98%
<PAGE>
> From February 1, 1993 to May 31, 1993.
* 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, 1997, the years ended May 31, 1997, 1996 and
1995. If such expenses had not been voluntarily absorbed, ratio of expenses
to average net assets would have been 0.46% (not annualized), 0.92%, 0.92%
and 0.85%, respectively, and ratio of net investment income to average net
assets would have been 2.35% (not annualized), 4.56%, 4.81% and 4.55%,
respectively.
@ Ratio is based on Total Expenses of the Fund, less Expenses Absorbed by the
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>
<TABLE>
<CAPTION>
Six Months Period Year
Ended Ended Ended
November 30 Year Ended May 31 May 31 April 30
------------- --------------------------------------------- --------- ----------
1997 1997 1996 1995 1994 1993> 1993
UNAUDITED
Tax-Free Money Fund
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA
Net Asset Value -
Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
------- --------------------------------------------- ------- ---------
INCOME AND DISTRIBUTIONS
FROM INVESTMENT
OPERATIONS
Net Investment Income Earned
and Distributed to
Shareholders 0.01 0.03 0.03 0.03 0.02 0.00 0.02
------- --------------------------------------------- ------- --------
Net Asset Value -
End of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
======= ============================================= ======= ========
TOTAL RETURN 1.50%* 2.90% 3.08% 2.86% 1.84% 0.16%* 2.16%
RATIOS
Net Assets - End of Period
($000 Omitted) $ 49,089 $47,577 $51,649 $58,780 $84,521 $63,498 $65,167
Ratio of Expenses to Average
Net Assets# 0.38%*@ 0.76%@ 0.77%@ 0.75% 0.75% 0.75%~ 0.75%
Ratio of Net Investment
Income to Average
Net Assets# 1.49%* 2.86% 3.03% 2.77% 1.83% 2.03%~ 2.13%
<PAGE>
> From May 1, 1993 to May 31, 1993.
+ 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.
# Various expenses of the Fund were voluntarily absorbed by IFG and ITC for
the six months ended November 30, 1997, the years ended May 31, 1997, 1996,
1995 and 1994, the period ended May 31, 1993 and the year ended April 30,
1993. If such expenses had not been voluntarily absorbed, ratio of expenses
to average net assets would have been 0.55% (not annualized), 1.01%, 1.05%,
1.00%, 1.00%, 1.19% and 1.02%, respectively, and ratio of net investment
income to average net assets would have been 1.32% (not annualized), 2.61%,
2.75%, 2.52%, 1.58%, 1.59% and 1.86%, 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)
Year
Six Months Period Ended
Ended Ended December
November 30 Year Ended May 31 May 31 31
------------- ---------------------------------------- --------- ----------
1997 1997 1996 1995 1994 1993> 1992
UNAUDITED
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 0.04 0.05 0.05 0.03 0.01 0.03
------------- ------------------------------------------ --------- ----------
Net Asset Value -
End of Period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 $1.00
============= =========================================== ========= ==========
TOTAL RETURN 2.34%* 4.57% 4.90% 4.66% 2.56% 0.93%* 2.97%
RATIOS
Net Assets - End of Period
($000 Omitted) $ 72,841 $66,451 $79,392 $60,843 $73,912 $34,519 $30,282
Ratio of Expenses to
Average Net Assets# 0.43%*@ 0.86%@ 0.87%@ 0.75% 0.75% 0.75%~ 0.75%
Ratio of Net Investment
Income to Average
Net Assets# 2.33%* 4.51% 4.78% 4.55% 2.60% 2.27%~ 2.82%
<PAGE>
> From January 1, 1993 to May 31, 1993.
* 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, 1997, the years ended May 31, 1997, 1996, 1995
and 1994, the period ended May 31, 1993 and the year ended December 31,
1992. If such expenses had not been voluntarily absorbed, the ratio of
expenses to average net assets would have been 0.55% (not annualized),
1.06%, 1.05%, 1.10%, 1.00%, 1.18% and 1.08%, respectively, and the ratio of
net investment income to average net assets would have been 2.21% (not
annualized), 4.31%, 4.59%, 4.20%, 2.35%, 1.84% and 2.49%, respectively.
@ Ratio is based on Total Expenses of the Fund, less Expenses Absorbed by the
Investment Adviser, which is before any expense offset arrangements.
~ Annualized
</TABLE>
<PAGE>
EasiVest makes it easy to pay yourself first.
It seems that for most of us the hardest part of investing at regular
intervals comes down to imply writing the check, finding the stamp, and putting
it in the mail. But with INVESCO's EasiVest it's so easy that we'll do almost
all the work for you.
After you fill out the authorization and return it with a voided check, the
exact dollar amount you specify will be electronically transferred from your
bank account to your designated fund on the same day each month.
Using EasiVest is one of the few time when you'll find the easy way may also be
on of the best.
For years smart investors have used an investment strategy known as
dollar-cost averaging. It only makes sense that when prices are high an investor
will want to buy fewer shares, and when prices are low he will want to buy more.
By investing a fixed amount at regular intervals with INVESCO's EasiVest, you
can take advantage of these market fluctuations.
Over a sufficient period of time, dollar-cost averaging may make the average
price you pay per share less than the actual average price per share. So follow
the lead of successful investors and take advantage of dollar-cost averaging
with INVESCO's EasiVest.
Like other investment systems, periodic investment plans to not insure a
profit, nor do they protect against loss in a falling market. Since these plans
involve continuous investment in securities regardless of fluctuating price
levels in the market, you should consider your financial ability to continue
purchases through low price levels. Finally, be aware that you will incur a loss
under the plan if you decide to liquidate your account when the market value of
accumulated shares is less than their cost.
Just follow these simple authorization instructions and let INVESCO's
EasiVest help you build for your future.
1. Call your bank for their ABA and account numbers. Then
complete the EasiVest authorization and sign it the same way
you would your personal checks.
2. Enclose an unsigned, personal check or savings deposit slip
marked "Void."
3. Place a voided check or savings deposit slip and signed
authorization form in an envelope; then mail it to us.
<PAGE>
It's that easy to start building your mutual fund portfolio. And you can take
advantage of INVESCO's EasiVest with as little as $50 a month.
Questions? Call us at 1-800-525-8085.
Start building for your future today.
<PAGE>
EASIVEST AUTHORIZATION FOR AUTOMATIC INVESTMENTS
Before returning this Authorization, please be sure to contact your bank for
the correct ABA number and account number.
I authorize INVESCO Funds Group to transfer money from my checking or savings
account on or about the 7th or 21st (check one) day of each month for the
amounts and funds indicated below:
Fund-------------------------------------- Acct.#-------------------------------
$------------------------ ($50 minimum) --- 7th ---21st
- --------------------------------------------------------------------------------
Bank Name
- --------------------------------------------------------------------------------
Bank Street Address
- --------------------------------------------------------------------------------
City, State, Zip
( )
- ------------------------------------- ---------------------------------------
ABA Number (available from your bank) Bank Phone Number
- ---------------------------------- This is a ---Checking Account
Bank Account Number --- Savings Account
- --------------------------------------------------------------------------------
Owner's Name (First, Middle Initial, Last)
- --------------------------------------------------------------------------------
Joint Owner's Name (First, Middle Initial, Last)
- --------------------------------------------------------------------------------
Owner Street Address
- --------------------------------------------------------------------------------
City, State, Zip
- --------------------------------------------------------------------------------
Signature Date
- --------------------------------------------------------------------------------
Signature Date
( ) ( )
- --------------------------------------------------------------------------------
Daytime Telephone Number Evening Telephone Number
<PAGE>
Don't forget to attach a voided check or deposit slip.
This authority is to remain in effect until I revoke it in writing and, until
INVESCO receives such notification, I agree INVESCO will be fully protected in
honoring any such electronic debit. I further agree that if any such electronic
debit is not honored, whether with cause or without cause and whether
intentionally or unintentionally, INVESCO will not be liable whatsoever. This
authorization will become a part of the fund application subject to the terms,
representations and conditions thereof.
Like other investment systems, period investment plans do not insure a profit,
nor do they protect against loss in a falling market. Since these plans involve
continuous investment in securities regardless of fluctuating price levels in
the market, you should consider your financial ability to continue purchases
through low price levels. Finally, be aware that you will incur a loss under the
plan if you decide to liquidate your account when the market value of
accumulated shares is less than their cost.
<PAGE>
INVESCO FUNDS
INVESCO Distributors, Inc.
Distributor
Post Office Box 173706
Denver, Colorado 80217-3706
1-800-525-8085
PAL: 1-800-424-8085
http://www.invesco.com
In Denver, 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 a current prospectus.
SMM 12/97 9809
