INVESCO TREASURER'S SERIES TRUST
INVESCO Treasurer's Money Market Reserve Fund
INVESCO Treasurer's Tax-Exempt Reserve Fund
Supplement to Prospectus Dated May 28, 1999
Pursuant to a shareholder vote, INVESCO Treasurer's Series Trust was reorganized
into a Maryland corporation, INVESCO Treasurer's Series Funds, Inc. The
reorganization was completed May 28, 1999. To the extent applicable, the Funds'
Prospectus is revised to reflect this reorganization and the May 28, 1999 date
of the Funds' Prospectus.
At the time of the reorganization, the Funds' fiscal year end was changed from
December 31 to May 31.
In addition, the following specific changes are made to the Fund's printed
Prospectus:
Effective June 1, 1999, the section of the Funds' Prospectus entitled
"Investment Goals And Strategies" is amended to (1) delete the first paragraph
and the first sentence of the third paragraph and (2) substitute the following,
respectively, in their place:
INVESCO Funds Group, Inc. ("INVESCO") is the investment adviser for the
Funds. Together with our affiliated companies, we at INVESCO control all
aspects of the management and sale of the Funds.
The Funds are not intended for investors seeking capital appreciation.
Effective June 1, 1999, the section of the Funds' Prospectus entitled "Fund
Management - The Investment Adviser" is amended to (1) delete the first
paragraph and (2) substitute the following in its place:
INVESCO, located at 7800 E. Union Avenue, Denver, Colorado, is the
investment adviser of the Funds. Prior to June 1, 1999, INVESCO Capital
Management, located at 1315 Peachtree Street, N.E., Atlanta, Georgia, was
the investment adviser of the Funds. INVESCO Distributors, Inc. ("IDI") is
the Funds' distributor and is responsible for the sale of the Funds'
shares. INVESCO, IDI and ICM are subsidiaries of AMVESCAP PLC.
Effective June 1, 1999, the section of the Funds' Prospectus entitled "Fund
Management - The Portfolio Manager" is amended to (1) delete the section in its
entirety and (2) substitute the following in its place:
THE PORTFOLIO MANAGERS
The following individuals are primarily responsible for the day-to-day
management of the Funds' portfolio holdings:
Richard R. Hinderlie is the portfolio manager of Treasurer's Money Market
Reserve Fund and a vice president of INVESCO. Before joining INVESCO in
1993, he was with Bank Western. Dick received his M.B.A. from Arizona
State University and his B.A. in Economics from Pacific Lutheran
University.
Ingeborg S. Cosby is the portfolio manager of Treasurer's Tax-Free Money
Fund and a vice president of INVESCO where she has had progressively more
responsible investment professional positions since joining INVESCO in
1987. Before joining INVESCO, Inge was a portfolio manager assistant at
First Affiliated Securities, Inc.
The date of this Supplement is May 28, 1999.
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INVESCO TREASURER'S SERIES FUNDS, INC.
Supplement to Statement of Additional Information
Dated May 28, 1999
The section of the above Company's Statement of Additional Information entitled
"Other Policies Relevant To The Funds - Illiquid Securities" is amended to (1)
delete the fourth sentence of the first paragraph, and (2) substitute the
following sentence in its place:
A Fund will not purchase any such security if the purchase would cause the
Fund to invest more than 10% of its net assets, measured at the time of
purchase, in illiquid securities.
Effective June 1, 1999, the section of the Company's SAI entitled "Other
Policies Relevant To The Funds - Portfolio Securities Loans" is amended to (1)
delete the first sentence of the section and (2) substitute the following in its
place:
The Company, on behalf of each of the Funds, may lend limited amounts of
its portfolio securities (not to exceed 33 1/3% of its total assets) to
broker-dealers or other institutional investors.
Effective June 1, 1999, the section of the Company's SAI entitled "Investment
Restrictions And Strategies" is amended to (1) delete the section in its
entirety, and (2) substitute the following section in its place:
INVESTMENT RESTRICTIONS AND STRATEGIES
The Funds operate under certain investment restrictions. For purposes of
the following restrictions, all percentage limitations apply immediately
after a purchase or initial investment. Any subsequent change in a
particular percentage resulting from fluctuations in value does not
require elimination of any security from a Fund.
The following restrictions are fundamental and may not be changed with
respect to a Fund without prior approval of a majority of the outstanding
voting securities of that Fund, as defined in the Investment Company Act
of 1940, as amended (the "1940 Act"). Each Fund, unless otherwise
indicated, may not:
1. purchase the securities of any issuer (other than securities issued or
guaranteed by the U.S. government or any of its agencies or
instrumentalities, municipal securities or securities issued or
guaranteed by domestic banks, including U.S. branches of foreign banks
and foreign branches of U.S. banks) if, as a result, more than 25% of
the Fund's total assets would be invested in the securities of
companies whose principal business activities are in the same industry;
2. except to the extent permitted under Rule 2a-7 of the 1940 Act, or any
successor rule thereto, purchase the securities of any issuer (other
than securities issued or guaranteed by the U.S. government or any of
its agencies or instrumentalities, or securities of other investment
companies) if, as a result, (i) more than 5% of the Fund's total
assets would be invested in the securities of that issuer, or (ii) the
Fund would hold more than 10% of the outstanding voting securities of
that issuer;
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3. underwrite securities of other issuers, except insofar as it may be
deemed to be an underwriter under the Securities Act of 1933, as
amended, in connection with the disposition of the Fund's portfolio
securities;
4. borrow money, except that the Fund may borrow money in an amount not
exceeding 33 1/3% of its total assets (including the amount borrowed)
less liabilities (other than borrowings);
5. issue senior securities, except as permitted under the Investment
Company Act of 1940;
6. lend any security or make any loan if, as a result, more than 33 1/3%
of its total assets would be lent to other parties, but this limitation
does not apply to the purchase of debt securities or to repurchase
agreements;
7. purchase or sell physical commodities; however, this policy shall not
prevent the Fund from purchasing and selling foreign currency, futures
contracts, options, forward contracts, swaps, caps, floors, collars and
other financial instruments; or
8. purchase or sell real estate unless acquired as a result of ownership
of securities or other instruments (but this shall not prevent the Fund
from investing in securities or other instruments backed by real estate
or securities of companies engaged in the real estate business).
9. Each Fund may, notwithstanding any other fundamental investment policy
or limitation, invest all of its assets in the securities of a single
open-end management investment company managed by INVESCO Funds Group,
Inc. or an affiliate or a successor thereof, with substantially the
same fundamental investment objective, policies and limitations as the
Fund.
In addition, each Fund has the following non-fundamental policies, which
may be changed without shareholder approval:
A. The Fund may not sell securities short (unless it owns or has the right
to obtain securities equivalent in kind and amount to the securities
sold short) or purchase securities on margin, except that (i) this
policy does not prevent the Fund from entering into short positions in
foreign currency, futures contracts, options, forward contracts,
swaps, caps, floors, collars and other financial instruments, (ii) the
Fund may obtain such short-term credits as are necessary for the
clearance of transactions, and (iii) the Fund may make margin payments
in connection with futures contracts, options, forward contracts,
swaps, caps, floors, collars and other financial instruments.
B. The Fund may borrow money only from a bank or from an open-end
management investment company managed by INVESCO Funds Group, Inc. or
an affiliate or a successor thereof for temporary or emergency purposes
(not for leveraging or investing) or by engaging in reverse repurchase
agreements with any party (reverse repurchase agreements will be
treated as borrowings for purposes of fundamental limitation (4)).
C. The Fund does not currently intend to purchase any security if, as a
result, more than 10% of its net assets would be invested in securities
that are deemed to be illiquid because they are subject to legal or
contractual restrictions on resale or because they cannot be sold or
disposed of in the ordinary course of business at approximately the
prices at which they are valued.
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D. The Fund may invest in securities issued by other investment companies
to the extent that such investments are consistent with the Fund's
investment objective and policies and permissible under the 1940 Act.
E. With respect to fundamental limitation (1), domestic and foreign
banking will be considered to be different industries.
In addition, with respect to a Fund that may invest in municipal
obligations, the following non-fundamental policy applies, which may be
changed without shareholder approval:
Each state (including the District of Columbia and Puerto Rico), territory
and possession of the United States, each political subdivision, agency,
instrumentality and authority thereof, and each multi-state agency of
which a state is a member is a separate "issuer." When the assets and
revenues of an agency, authority, instrumentality or other political
subdivision are separate from the government creating the subdivision and
the security is backed only by assets and revenues of the subdivision,
such subdivision would be deemed to be the sole issuer. Similarly, in the
case of an Industrial Development Bond or Private Activity Bond, if that
bond is backed only by the assets and revenues of the non-governmental
user, then that non-governmental user would be deemed to be the sole
issuer.
Effective June 1, 1999, the section of the Funds' SAI entitled "Management of
the Funds - The Investment Adviser" is amended to (1) delete the first, second
and third paragraphs and (2) substitute the following in their place:
INVESCO Funds Group, Inc., a Delaware corporation ("INVESCO"), is the
Company's investment adviser. INVESCO was founded in 1932 and serves as
investment adviser to:
INVESCO Bond Funds, Inc. (formerly, INVESCO Income Funds, Inc.)
INVESCO Combination Stock & Bond Funds, Inc. (formerly, INVESCO
Flexible Funds, Inc.)
INVESCO Emerging Opportunity Funds, Inc.
INVESCO Growth Funds, Inc.
INVESCO International Funds, Inc.
INVESCO Money Market Funds, Inc.
INVESCO Sector Funds, Inc. (formerly, INVESCO Strategic Portfolios, Inc.)
INVESCO Specialty Funds, Inc.
INVESCO Stock Funds, Inc. (formerly, INVESCO Equity Funds, Inc.)
INVESCO Tax-Free Income Funds, Inc.
INVESCO Treasurer's Series Funds, Inc.
INVESCO Value Trust
INVESCO Variable Investment Funds, Inc.
As of December 31, 1998, INVESCO managed 14 mutual funds having combined
assets of $21.2 billion, consisting of 51 separate portfolios, on behalf
of more than 900,000 shareholders.
Prior to June 1, 1999, INVESCO Capital Management, Inc. ("ICM") was
investment adviser to the Funds.
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INVESCO and ICM are indirect wholly-owned subsidiaries of AMVESCAP PLC, a
publicly traded holding company. Through its subsidiaries, AMVESCAP PLC
engages in the business of investment management on an international
basis. AMVESCAP PLC is one of the largest independent investment
management businesses in the world, with approximately $275 billion in
assets under management on December 31, 1998.
Effective June 1, 1999, the section of the Funds' SAI entitled "Management of
the Funds - The Investment Advisory Agreement" is amended to (1) delete the
first paragraph and (2) substitute the following in its place:
INVESCO serves as investment adviser to the Funds under an investment
advisory agreement dated June 1, 1999 (the "Agreement") with the Company
which was approved by the board of directors for a term expiring June 1,
2001. The board vote was cast in person, at a meeting called for this
purpose, by a majority of the directors of the Company, including a
majority of the directors who are not "interested persons" of the Company
or INVESCO ("Independent Directors"). Shareholders of each Fund approved
the Agreement on May 20, 1999.
Effective June 1, 1999, the section of the Funds' SAI entitled "Management of
the Funds - The Investment Advisory Agreement" is amended to (1) delete the
first and second sentences of the third paragraph and (2) substitute the
following in their place:
The Agreement requires that INVESCO manage the investment portfolio of
each Fund in a way that conforms with each Fund's investment policies.
INVESCO may directly manage a Fund itself, or may hire a sub-adviser,
which may be an affiliate of INVESCO, to do so. Specifically, INVESCO is
responsible for:
Effective June 1, 1999, the section of the Funds' SAI entitled "Management of
the Funds - The Investment Advisory Agreement" is amended to (1) delete the
first sentence of the fourth paragraph and (2) substitute the following in their
place:
INVESCO also performs all of the following services for the Funds:
Effective June 1, 1999, the section of the Funds' SAI entitled "Management of
the Funds - The Investment Advisory Agreement" is amended to (1) delete the
fifth paragraph in its entirety and (2) substitute the following in its place:
Expenses not assumed by INVESCO (or ICM prior to June 1, 1999) are borne
by the Funds. As compensation for its advisory services to the Company,
INVESCO receives a monthly fee from each Fund. The fee is calculated at
the average rate of 0.25% of each Fund's average net assets.
Effective May 13, 1999, the section of the Funds' SAI entitled "Management of
the Funds - Administrative Services Agreement" is amended to (1) delete the
first sentence of the third paragraph and (2) substitute the following in its
place:
The Administrative Services Agreement provides that each Fund pay INVESCO
an annual fee of $10,000 per year, plus an additional incremental fee
computed daily and paid monthly, by each Fund, at an annual rate of 0.015
% per year of the average net assets of each Fund prior to May 13, 1999
and 0.045% per year of the average net assets of each Fund effective May
13, 1999.
The date of this Supplement is June 1, 1999.
