KNOWLEDGE o DISCIPLINE o SERVICE o CHOICE
- --------------------------------------------------------------------------------
YOU SHOULD KNOW WHAT INVESCO KNOWS (TM)
- --------------------------------------------------------------------------------
INVESCO TREASURER'S SERIES FUNDS, INC.
MONEY MARKET RESERVE FUND
TAX-EXEMPT RESERVE FUND
SEMI-
ANNUAL
SEMIANNUAL REPORT | November 30, 1999 [INVESCO ICON] INVESCO
<PAGE>
MONEY MARKET FUNDS
A Note on Money Market Funds at INVESCO
- --------------------------------------------------------------------------------
As investors turn increasingly to money market funds as both short-term savings
vehicles and bulwarks against market volatility, we thought it useful to
reiterate our approach to money market management at INVESCO.
o We manage CASH RESERVES FUND as a convenient vehicle for providing
high-quality current yields for investors, while allowing them quick and easy
access to their money through free checkwriting.
o Invested in securities backed by the federal government or its agencies, U.S.
GOVERNMENT MONEY FUND is an attractive option for shareholders primarily
concerned with safety of principal. Of INVESCO's five money market fund
alternatives, this offers the highest credit quality.
o TAX-FREE MONEY FUND helps shelter its investors from federal taxes by
investing in the debt obligations of states and municipalities. (Income may
be subject to state and local taxes, as well as the federal Alternative
Minimum Tax.)
o For institutions and individuals with more than $100,000 to invest, we also
manage two other money market funds. INVESCO Treasurer's Series Funds, MONEY
MARKET RESERVE FUND and TAX-EXEMPT RESERVE FUND, provide a lower-cost,
higher-yield option. The two Treasurer's Funds have an expense ratio fixed at
0.25%, which helps insure extremely competitive yields for investors. The
ranking firm IBC recently placed Tax-Exempt Reserve Fund third and Money
Market Reserve Fund thirteenth in their respective categories based on
seven-day yields.*
While money market funds are not insured by the federal government, they provide
a low-risk and increasingly convenient cash management tool for investors. An
investment in these funds is neither insured nor guaranteed by the Federal
Deposit Insurance Corporation or any other government agency. Although the funds
seek to preserve the value of your investment at $1.00 per share, it is possible
to lose money by investing in the funds.
/s/Richard R. Hinderlie /s/Ingeborg S. Cosby
Richard R. Hinderlie, Vice President Ingeborg S. Cosby, Vice President
- --------------------------------------------------------------------------------
RICHARD R. HINDERLIE
Vice President, INVESCO Funds Group. BA, Pacific Lutheran University, MBA,
Arizona State University. Joined INVESCO in 1993. Began investment career in
1973. Has managed Cash Reserves Fund and U.S. Government Money Fund since 1993,
and Treasurer's Money Market Reserve Fund since mid-1999.
INGEBORG S. COSBY
Vice President, INVESCO Funds Group. Joined INVESCO in 1985. Began investment
career in 1982. Has managed Tax-Free Money Fund since 1987, and Treasurer's
Tax-Exempt Reserve Fund since mid-1999.
*IBC MONEY FUND REPORT, December 1999. IBC is an independent mutual fund analyst
specializing in money market funds. INVESCO Treasurer's Tax-Exempt Reserve
ranked #3 out of 289 tax-free money funds based on its 7-day yield as of
December 21, 1999. INVESCO Treasurer's Money Market Reserve ranked #13 out of
258 non-government money funds based on its 7-day yield as of December 21, 1999.
Past performance is no guarantee of future results.
<PAGE>
INVESCO | Semiannual Report | November 30, 1999
Market Headlines: June 1999 to November 1999
The six months ended November 30, 1999, represented the first period in awhile
in which the world's markets were not preoccupied with economic turmoil. With
concerns over currency meltdowns and banking crises behind them, investors could
once again focus on the longer-term economic potential of the world's economies.
In Asia, the financial spigots reopened as confidence returned, while in Europe
the markets moved higher, though more modestly. In the United States, attention
returned to the remarkable economic expansion, now entering its ninth year.
The U.S. economy finished the last year of the millennium with the strongest job
market in decades--a seemingly sure indicator that inflation would soon be on
the way. Indeed, several moderately troubling inflation signals such as tighter
job markets and healthy wage increases were enough for Alan Greenspan and his
fellow Federal Reserve Board Governors to raise short-term interest rates on
three occasions, leading market interest rates higher.
By the fall, Fed intervention had taken its toll on interest rate-sensitive
sectors such as homebuilding and financial services. The public received the
message as well: Consumer confidence, while still high, began to drift lower as
the public considered higher mortgage interest rates and a flatter stock market.
Meanwhile, bond prices languished due to higher rates and an imbalance between
supply and demand.
With the world economy coming back to life and consumers still spending,
however, rising rates barely slowed down most major U.S. companies. Indeed,
profit growth at many firms surged back from last year's slowdown. This posed a
strong contrast to the classic late stages of most expansions, when profit
growth should theoretically slow. If anything, leading companies seemed to be
picking up speed.
Torn between good profit news on the one hand and rising interest rates on the
other, investors waffled and the domestic equity markets moved sideways
throughout the summer and early fall. Interestingly, many market watchers became
more optimistic about performance in 2000, based partly on their hope that the
Y2K issue would no longer hang over the markets. Indeed, October and November
saw a strong rally driven largely by strong mutual fund inflows, which suggested
that an increasingly confident investing public was putting its money to
work--and the first indications of holiday spending suggested that the Grinch
would not steal Christmas in 1999.
<PAGE>
STATEMENT OF INVESTMENT SECURITIES
INVESCO Treasurer's Series Funds, Inc.
November 30, 1999
UNAUDITED
<TABLE>
<CAPTION>
EFFECTIVE
INTEREST PRINCIPAL
% DESCRIPTION RATE % AMOUNT VALUE
<S> <C> <C> <C>
Treasurer's Money Market Reserve Fund
100.00 SHORT-TERM INVESTMENTS
16.14 US GOVERNMENT AGENCY OBLIGATIONS
Fannie Mae
1/19/2000 5.65 $ 7,500,000 $ 7,443,527
1/20/2000 5.69 6,000,000 5,953,632
Federal Home Loan Bank
1/21/2000 5.67 7,250,000 7,192,981
Freddie Mac
12/30/1999 5.51 6,100,000 6,073,417
===============================================================================================
TOTAL US GOVERNMENT AGENCY OBLIGATIONS
(Amortized Cost $26,663,557) 26,663,557
===============================================================================================
78.26 COMMERCIAL PAPER
4.08 AUTO PARTS
PACCAR Financial
12/6/1999 5.37 2,250,000 2,248,348
12/23/1999 5.58 4,500,000 4,484,928
===============================================================================================
6,733,276
4.54 AUTOMOBILES
General Motors Acceptance, 12/1/1999 5.43 7,500,000 7,500,000
===============================================================================================
4.23 BANKS
US Bancorp, 12/13/1999 5.40 7,000,000 6,987,591
===============================================================================================
9.03 CONSUMER FINANCE
American Express Credit, 12/29/1999 5.50 8,000,000 8,000,000
Household Finance
12/6/1999 5.45 3,916,000 3,916,000
12/7/1999 5.56 3,000,000 3,000,000
===============================================================================================
14,916,000
3.03 ELECTRIC UTILITIES
National Rural Utilities Cooperative Finance
8/2/2000 5.41 5,000,000 5,000,000
===============================================================================================
4.42 ELECTRICAL EQUIPMENT
General Electric, 12/27/1999 5.50 7,300,000 7,300,000
===============================================================================================
9.20 FINANCIAL
Associates Corp of North America, 12/1/1999 5.69 8,000,000 8,000,000
Heller Financial, 12/20/1999 5.47 7,200,000 7,200,000
===============================================================================================
15,200,000
<PAGE>
EFFECTIVE
INTEREST PRINCIPAL
% DESCRIPTION RATE % AMOUNT VALUE
6.39 INSURANCE
Prudential Funding, 12/7/1999 5.45 $ 4,579,000 $ 4,579,000
SAFECO Credit, 2/2/2000 6.15 6,035,000 5,971,608
===============================================================================================
10,550,608
13.52 INVESTMENT BANK/BROKER FIRM
Bear Stearns, 2/7/2000 6.19 7,500,000 7,414,488
Merrill Lynch, 12/3/1999 5.69 7,500,000 7,497,664
Morgan Stanley Dean Witter & Co, 2/3/2000 6.10 7,500,000 7,420,605
===============================================================================================
22,332,757
4.84 MACHINERY
Deere & Co, 2/9/2000 5.97 8,000,000 8,000,000
===============================================================================================
2.27 MANUFACTURING
Textron Financial, 12/8/1999 5.79 3,750,000 3,745,842
===============================================================================================
4.24 OIL & GAS RELATED
Chevron USA, 12/2/1999 5.48 7,000,000 7,000,000
===============================================================================================
4.23 REAL ESTATE RELATED
Weyerhaeuser Real Estate, 12/15/1999 5.57 7,000,000 6,985,080
===============================================================================================
4.24 RETAIL
Sears Roebuck Acceptance, 12/22/1999 5.53 7,000,000 7,000,000
===============================================================================================
TOTAL COMMERCIAL PAPER
(Amortized Cost $129,251,154) 129,251,154
===============================================================================================
4.42 MUNICIPAL SHORT-TERM NOTES(a)
1.57 HEALTH CARE RELATED
Fairview Hosp & Hlthcare Svcs of Minnesota,
(MBIA Insured), ACES, Hosp Rev, Series A,
11/1/2015 5.65 2,600,000 2,600,000
===============================================================================================
2.85 INSURANCE
Health Insurance Plan of Gtr New York,
(LOC - Morgan Gty Trust), Gen Oblig,
ACES, Ind Rev, Series B-1, 7/1/2016 5.65 4,700,000 4,700,000
===============================================================================================
TOTAL MUNICIPAL SHORT-TERM NOTES
(Amortized Cost $7,300,000) 7,300,000
===============================================================================================
1.18 REPURCHASE AGREEMENTS
Repurchase Agreement with State Street dated
11/30/1999 due 12/1/1999 at 5.550%,
repurchased at $1,950,301 (Collateralized
by US Treasury Inflationary Index Notes,
due 1/15/2008 at 3.625%, value $1,989,027)
(Cost $1,950,000) 1,950,000 1,950,000
===============================================================================================
100.00 TOTAL INVESTMENT SECURITIES AT VALUE
(Amortized Cost $165,164,711)(b) $ 165,164,711
===============================================================================================
<PAGE>
EFFECTIVE
INTEREST PRINCIPAL
% DESCRIPTION RATE % AMOUNT VALUE
Treasurer's Tax-Exempt Reserve Fund
100.00 SHORT-TERM INVESTMENTS
94.96 MUNICIPAL NOTES(a)
0.18 ALABAMA
Stevenson Indl Dev Brd, Alabama (Mead Corp Proj)
(LOC - Credit Suisse First Boston), DATES,
Environmental Impt Rev Ref, Series 1986,
11/1/2016 3.60 $100,000 $100,000
===============================================================================================
1.82 ALASKA
Alaska Indl Dev & Export Auth (Fairbanks Gold
Mining Proj)(Amax Gold), AR, Exmp Facil Rev,
Series 1997, 5/1/2009 3.95 800,000 800,000
North Slope Borough, Alaska (LOC - Capital
Guaranty Insurance), FR, Gen Oblig, Series
1994B, 6/30/2000 3.65 225,000 228,944
===============================================================================================
1,028,944
6.16 ARIZONA
Apache Cnty Indl Dev Auth, Arizona (Tuscon Elec
Pwr Springerville Proj)(LOC - Toronto
Dominion Bank),
AR, IDR, 1985 Series A, 12/1/2020 4.00 400,000 400,000
VR, IDR, 1983 Series A, 12/15/2018 3.90 400,000 400,000
Maricopa Cnty Indl Dev Auth, Arizona (McLane
Co Proj) (LOC - Wachovia Bank),VRD, Rev,
Series 1984, 10/1/2004 4.35 930,000 930,000
Pima Cnty Indl Dev Auth, Arizona (Tucson Elec
Pwr Irvington Proj)(LOC - Societe Generale),
FRD, IDR, 1982 Series A, 10/1/2022 4.00 1,000,000 1,000,000
Pima Cnty Indl Dev Auth, Arizona (Tucson Elec
Pwr Proj)(LOC - Toronto Dominion Bank),
F/VR, IDR, 1982 Series A, 12/1/2022 3.90 750,000 750,000
===============================================================================================
3,480,000
1.59 CALIFORNIA
Los Angeles Regl Airport Impt, California (American
Airlines/Los Angeles Intl Airport)(LOC - Wachovia
Bank), AR, Facils Sublease FDR, Issue 1984,
Series F, 12/1/2024 3.70 700,000 700,000
Los Angeles Regl Airport Impt, California (LAX Two)
(LOC - Societe General), VR, Sublease Rev,
12/1/2025 3.70 200,000 200,000
===============================================================================================
900,000
1.77 COLORADO
El Paso Cnty, Colorado (Briarglen Apts Proj)
(LOC - General Electric Cap), AR, Multifamily
Hsg Rev Ref, Series 1994, 12/1/2024 3.90 1,000,000 1,000,000
===============================================================================================
<PAGE>
EFFECTIVE
INTEREST PRINCIPAL
% DESCRIPTION RATE % AMOUNT VALUE
6.10 FLORIDA
Broward Cnty Hsg Fin Auth, Florida (Welleby
Apts Proj)(LOC - Bank of America),
VRD, Multifamily Hsg Rev,
1984 Series, 12/1/2006 3.65 $2,000,000 $2,000,000
Dade Cnty, Florida (LOC - Morgan Gty Trust),
VRD, Aviation Rev, Series 1984A, 10/1/2009 3.75 545,000 545,000
Marion Cnty Indl Dev Auth, Florida (Florida
Convalescent Ctrs Proj)(LOC - Toronto
Dominion Bank), VRD/FR, IDR Ref,
Series 1988A, 1/1/2011 3.80 900,000 900,000
===============================================================================================
3,445,000
6.68 GEORGIA
DeKalb Cnty Dev Auth, Georgia (General
Motors Proj), AR, PCR, Series 1985,
11/1/2003 3.70 1,000,000 1,000,000
DeKalb Cnty Hsg Auth, Georgia (Wood
Terrace Apts Proj), VRD, Multifamily
Hsg Rev Ref, Series 1995, 12/15/2015 3.85 1,000,000 1,000,000
Fulton Cnty Dev Auth, Georgia (General
Motors Proj), AR, PCR,
Series 1985, 12/1/2001 3.75 1,775,000 1,775,000
===============================================================================================
3,775,000
0.45 HAWAII
Hawaii, FR, Gen Oblig, Series BR, 6/1/2005 3.60 250,000 254,150
===============================================================================================
3.98 ILLINOIS
Chicago - O'Hare Intl Airport, Illinois
(LOC - Societe Generale), VR, Gen Airport
Second Lien Rev, 1984 Series B, 1/1/2015 3.85 2,245,000 2,245,000
===============================================================================================
1.77 INDIANA
Indiana Hosp Auth (MBIA Insured), VR,
Equip Fing Rev, Series 1985A, 12/1/2015 3.90 1,000,000 1,000,000
===============================================================================================
1.42 IOWA
Iowa Fin Auth (Burlington Med Ctr)
(FSA Insured), AR, Adj Demand Rev,
Series 1997, 6/1/2027 3.95 800,000 800,000
===============================================================================================
2.66 KANSAS
Kansas City, Kansas (General Motors Proj),
AR, PCR, Series 1985, 11/1/2007 3.70 1,500,000 1,500,000
===============================================================================================
1.77 KENTUCKY
Kentucky Econ Dev Fin Auth (Gtr Cincinnati
Hlth Alliance) (MBIA Insured), AR,
Hosp Facils Rev, Series 1997C, 1/1/2022 3.85 1,000,000 1,000,000
===============================================================================================
<PAGE>
EFFECTIVE
INTEREST PRINCIPAL
% DESCRIPTION RATE % AMOUNT VALUE
5.13 MARYLAND
Frederick Cnty, Maryland (Sheppard Pratt
Residential Treatment Facil)(LOC -
NationsBank), VRD/FR, Rev,
Series 1995, 7/1/2025 3.90 $2,000,000 $2,000,000
Montgomery Cnty Hsg Opportunities Commn,
Maryland, V/FR, Multifamily Hsg Rev,
1988 Issue A, 7/15/2007 3.85 900,000 900,000
===============================================================================================
2,900,000
0.81 MICHIGAN
Greenville Pub Schools, Michigan (Montcalm,
Kent & Ionia Cntys)(MBIA Insured), FR,
Gen Oblig Unltd Tax, 1995 School Bldg & 3.60 250,000 254,733
Site, 5/1/2000
Ionia City & Cnty, Michigan (AMBAC Insured),
FR, Wtr Supply System Rev & Rev Ref,
Series 1999, 7/1/2000 3.60 200,000 203,288
===============================================================================================
458,021
0.32 MISSISSIPPI
Oxford, Mississippi (AMBAC Insured), FR,
Elec System Rev, Series 1999, 11/1/2000 3.95 175,000 178,590
===============================================================================================
1.77 MISSOURI
Columbia, Missouri (LOC - Toronto-
Dominion Bank), VR, Spl Oblig Ins Reserve,
Series 1988A, 6/1/2008 3.85 1,000,000 1,000,000
===============================================================================================
1.77 MONTANA
Billings, Montana (CFS Continental Proj)
ATS, IDR, Series 1984, 12/1/2014 3.80 1,000,000 1,000,000
===============================================================================================
0.71 NEVADA
Henderson, Nevada (FGIC Insured), FR,
Park & Recreation Gen Oblig Ltd Tax,
Series 1998B, 6/1/2000 3.80 395,000 399,231
===============================================================================================
4.78 NEW HAMPSHIRE
New Hampshire Bus Fin Auth (Wheelabrator
Concord LP Proj)(LOC - Wachovia Bank),
AR, Resource Recovery Ref Rev, 1997
Series B, 1/1/2018 4.00 2,700,000 2,700,000
===============================================================================================
10.27 NORTH CAROLINA
East Carolina Univ, North Carolina
(Dowdy-Ficklen Stadium Proj)(LOC - Wachovia
Bank), VRD, Athletic Dept Rev, Series
1996, 5/1/2017 3.90 200,000 200,000
Greensboro, North Carolina (LOC - Wachovia
Bank), AR, Pub Impt Gen Oblig, Series
1994B, 4/1/2013 3.80 1,200,000 1,200,000
<PAGE>
EFFECTIVE
INTEREST PRINCIPAL
% DESCRIPTION RATE % AMOUNT VALUE
North Carolina Med Care Commn (Catholic
Hlth East), UPDATES, Hlth System Rev,
Series 1998D, 11/15/2028 3.90 $ 1,400,000 $1,400,000
Wake Cnty Indl Facils & Pollution Ctl Fing
Auth, North Carolina (Carolina Pwr & Light
Proj), AR, PCR, Series 1985B, 10/1/2015 3.85 3,000,000 3,000,000
===============================================================================================
5,800,000
1.77 OHIO
Hilliard City School Dist, Ohio (FGIC Insured),
FR, School Impt Ref Gen Oblig Unltd Tax,
Series 1992, 12/1/1999 3.40 500,000 500,000
Ohio Pub Facils Commn (FSA Insured),
FR, Mental Hlth Cap Facils Rev, Series II -
1993B, 6/1/2000 3.38 500,000 502,107
===============================================================================================
1,002,107
1.77 OKLAHOMA
Tulsa Intl Airport, Oklahoma (FGIC Insured),
VRD, Gen Rev, Series 1996, 6/1/2018 3.90 1,000,000 1,000,000
===============================================================================================
1.77 PENNSYLVANIA
Delaware Valley Regl Fin Auth, Pennsylvania
(Bucks, Chester, Delaware & Montgomery
Cntys) (LOC - Credit Suisse First Boston),
AR, Loc Govt Rev, BMTF, Mode 1, Series
1986, 8/1/2016 3.80 1,000,000 1,000,000
===============================================================================================
0.89 SOUTH CAROLINA
Dorchester Cnty, South Carolina (BOC Group
Proj) (LOC - Wachovia Bank), TEAMS,
Pollution Ctl Facils Rev Ref, Series 1993,
12/8/2000 3.90 500,000 500,000
===============================================================================================
6.41 TENNESSEE
Chattanooga Indl Dev Brd, Tennessee (Market
Street Ltd Proj), AR, IDR, 12/15/2012 3.90 2,000,000 2,000,000
Nashville & Davidson Cnty Metro Govt Indl
Dev Brd, Tennessee (Multifamily Chimneytop
II) (LOC - Bank of America), VR, Rev,
9/1/2006 3.97 1,150,000 1,150,000
Nashville Metro Airport Auth, Tennessee
(LOC - Societe Generale)(FGIC Insured),
AR, Airport Impt Rev Ref, Series 1993,
7/1/2019 3.85 300,000 300,000
Tipton Cnty, Tennessee (MBIA Insured), FR,
School Ref, Series 1993, 4/1/2000 3.81 170,000 170,188
===============================================================================================
3,620,188
13.35 TEXAS
Bexar Cnty Hlth Facils Dev, Texas (Retirement
Cmnty - Air Force)(LOC - Rabobank
Nederland), AR, Rev, Series 1985B,
3/1/2012 3.85 400,000 400,000
<PAGE>
EFFECTIVE
INTEREST PRINCIPAL
% DESCRIPTION RATE % AMOUNT VALUE
Hunt Mem Hosp Dist, Texas (FSA Insured),
VR, Rev, Series 1998, 8/15/2017 3.95 $1,000,000 $1,000,000
Lone Star Airport Impt Auth, Texas (American
Airlines Proj)(LOC - Royal Bank of Canada),
AR, Multiple Mode Demand Rev,
1984 Series B-1, 12/1/2014 3.70 800,000 800,000
1984 Series B-2, 12/1/2014 3.70 500,000 500,000
1984 Series B-4, 12/1/2014 3.70 400,000 400,000
North Cent Texas Hlth Facils Dev
(Presbyterian Med Ctr Proj)(MBIA Insured),
DATES, Hosp Rev, Series 1985D, 12/1/2015 3.70 400,000 400,000
Port Dev, Texas (Stolt Terminals (Houston)
Proj) (LOC - Canadian Imperial Bank), ATS,
Marine Terminal Ref Rev, Series 1989,
1/15/2014 3.80 2,265,000 2,265,000
Texas, FR, TRAN, Series 1999A, 8/31/2000 3.70 500,000 502,894
Texas Natl Research Lab Commn (Superconducting
Super Collider Proj), FR, Gen Oblig,
Series 1990, 4/1/2005 3.68 500,000 515,449
Tyler, Texas (Smith Cnty)(MBIA Insured), FR,
Wtr & Swr System Ref Rev, Series 1999,
9/1/2000 3.81 500,000 501,623
Uvalde Cons Indpt School Dist, Texas (Uvalde,
Real & Zavala Cntys)(PSFG Insured), FR,
Unltd Tax School Bldg, Series 1990,
8/1/2000 3.90 250,000 253,892
===============================================================================================
7,538,858
0.35 WASHINGTON
Washington Hsg Fin Commn (Pac First Fed Svgs
Bank Proj)(LOC - Fed Home Ln Bank), VRD,
Multifamily Mtg Rev Ref, Series 1988B,
10/1/2020 3.80 200,000 200,000
===============================================================================================
0.45 WEST VIRGINIA
Harrison Cnty Brd Ed, West Virginia (FGIC,
Insured), FR, Pub School, Series 1992,
5/1/2000 3.70 250,000 252,543
===============================================================================================
0.98 WISCONSIN
Wisconsin, FR, Gen Oblig Ref of 1995,
Series 1, 5/1/2000 3.70 550,000 553,581
===============================================================================================
5.31 WYOMING
Green River, Wyoming (Allied Corp Proj),
F/FR, PCR Ref, 1982 Series, 12/1/2012 4.69 2,000,000 2,000,000
Sweetwater Cnty, Wyoming (PacifiCorp Proj)
(LOC - Credit Suisse First Boston), AR,
PCR Ref, Series 1990A, 7/1/2015 3.75 1,000,000 1,000,000
===============================================================================================
3,000,000
TOTAL MUNICIPAL NOTES (Amortized Cost $53,631,213) 53,631,213
===============================================================================================
<PAGE>
EFFECTIVE
INTEREST PRINCIPAL
% DESCRIPTION RATE % AMOUNT VALUE
4.69 COMMERCIAL PAPER
4.69 FINANCIAL
General Electric Capital, 12/1/1999
(Cost $2,646,000) 5.68 $2,646,000 $2,646,000
===============================================================================================
0.35 REPURCHASE AGREEMENTS
Repurchase Agreement with State Street
dated 11/30/1999 due 12/1/1999 at
5.550%, repurchased at $200,031
(Collateralized by US Treasury
Inflationary Index Notes, due
1/15/2008 at 3.625%, value $208,069)
(Cost $200,000) $ 200,000 200,000
===============================================================================================
100.00 TOTAL INVESTMENT SECURITIES AT VALUE
(Amortized Cost $56,477,213)(b) $ 56,477,213
===============================================================================================
</TABLE>
<TABLE>
<CAPTION>
The following abbreviations may be used in portfolio descriptions:
<S> <C> <C> <C> <C> <C>
ACES(c) -- Adjustable Convertible Extendable Securities IDR -- Industrial Development Revenue
AMBAC -- American Municipal Bond Assurance Corporation LOC -- Letter of Credit
ATS -- Adjustable Tender Securities MBIA -- Municipal Bond Investors Assurance Corporation
AR(C) -- Adjustable Rate PCR -- Pollution Control Revenue
BMTF -- Bi-Modal Multi-Term Format PSFG -- Permanent School Fund Guarantee Program
DATES(c) -- Daily Adjustable Tax-Exempt Securities TEAMS(c) -- Tax-Exempt Adjustable Mode Securities
FDR -- Flexible Demand Revenue TRAN -- Tax & Revenue Anticipation Notes
F/FR -- Floating Fixed Rate UPDATES(c) -- Unit Price Demand Tax-Exempt Securities
FGIC -- Financial Guaranty Insurance Company V/FR -- Variable/Fixed Rate
FR -- Fixed Rate VR(c) -- Variable Rate
FRD(c) -- Floating Rate Demand VRD(c) -- Variable Rate Demand
FSA -- Financial Security Assurance VRD/FR -- Variable Rate Demand/Fixed Rate
F/VR -- Floating/Variable Rate-
</TABLE>
(a) 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.
(b) Also represents cost for income tax purposes.
(c) Rate is subject to change. Rate shown reflects current rate.
See Notes to Financial Statements
<PAGE>
STATEMENT OF ASSETS AND LIABILITIES
INVESCO Treasurer's Series Funds, Inc.
NOVEMBER 30, 1999
UNAUDITED
TREASURER'S TREASURER'S
MONEY MARKET TAX-EXEMPT
RESERVE FUND RESERVE FUND
- --------------------------------------------------------------------------------
ASSETS
Investment Securities:
At Cost(a) $ 165,164,711 $ 56,477,213
================================================================================
At Value(a) $ 165,164,711 $ 56,477,213
Cash 343 7,482
Receivables:
Fund Shares Sold 14,713,154 5,177,919
Interest 135,157 249,407
================================================================================
TOTAL ASSETS 180,013,365 61,912,021
================================================================================
LIABILITIES
Payables:
Distributions to Shareholders 16,408 3,316
Investment Securities Purchased 0 1,000,000
Fund Shares Repurchased 2,060,629 297,947
================================================================================
TOTAL LIABILITIES 2,077,037 1,301,263
================================================================================
NET ASSETS AT VALUE $ 177,936,328 $ 60,610,758
================================================================================
Shares Outstanding(b) 177,936,328 60,610,758
NET ASSET VALUE, Offering and Redemption
Price per Share $ 1.00 $ 1.00
================================================================================
(a) Investment securities at cost and value at November 30, 1999 include
repurchase agreements of $1,950,000 and $200,000 for Treasurer's Money
Market Reserve and Treasurer's Tax-Exempt Reserve Funds, respectively.
(b) The fund has 500 million authorized shares of common stock, par value of
$0.01 per share. Of such shares, 100 million have been allocated to each
individual Fund. Paid-in capital was $177,936,328 and $60,610,758 for
Treasurer's Money Market Reserve and Treasurer's Tax-Exempt Reserve Funds,
respectively.
See Notes to Financial Statements
<PAGE>
STATEMENT OF OPERATIONS
Treasurer's Money Market Reserve Fund
SIX MONTHS PERIOD YEAR
ENDED ENDED ENDED
NOVEMBER 30 MAY 31 DECEMBER 31
- --------------------------------------------------------------------------------
1999 1999 1998
UNAUDITED (Note 1)
INVESTMENT INCOME
INTEREST INCOME $ 3,195,484 $ 878,670 $ 3,153,478
EXPENSES
Investment Advisory Fees 147,656 44,330 141,183
================================================================================
NET INVESTMENT INCOME AND NET INCREASE
IN NET ASSETS FROM OPERATIONS $ 3,047,828 $ 834,340 $ 3,012,295
================================================================================
See Notes to Financial Statements
<PAGE>
STATEMENT OF OPERATIONS (CONTINUED)
Treasurer's Tax-Exempt Reserve Fund
SIX MONTHS PERIOD YEAR
ENDED ENDED ENDED
NOVEMBER 30 MAY 31 DECEMBER 31
- --------------------------------------------------------------------------------
1999 1999 1998
UNAUDITED (Note 1)
INVESTMENT INCOME
INTEREST INCOME $ 865,708 $ 458,641 $ 1,160,926
EXPENSES
Investment Advisory Fees 61,421 36,935 79,720
================================================================================
NET INVESTMENT INCOME AND NET INCREASE
IN NET ASSETS FROM OPERATIONS $ 804,287 $ 421,706 $ 1,081,206
================================================================================
See Notes to Financial Statements
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS
Treasurer's Money Market Reserve Fund
SIX MONTHS PERIOD YEAR
ENDED ENDED ENDED
NOVEMBER 30 MAY 31 DECEMBER 31
- --------------------------------------------------------------------------------
1999 1999 1998
UNAUDITED (Note 1)
OPERATIONS AND DISTRIBUTIONS TO
SHAREHOLDERS
Net Investment Income Earned and
Distributed to Shareholders $ 3,047,828 $ 834,340 $ 3,012,295
================================================================================
FUND SHARE TRANSACTIONS
Proceeds from Sales of Shares $ 611,919,405 $145,411,371 $ 484,696,941
Reinvestment of Dividends 2,649,374 821,471 2,978,475
================================================================================
614,568,779 146,232,842 487,675,416
Amounts Paid for Repurchases
of Shares (489,028,318) (128,073,404) (520,584,938)
================================================================================
NET INCREASE (DECREASE) IN
NET ASSETS FROM FUND
SHARE TRANSACTIONS 125,540,461 18,159,438 (32,909,522)
NET ASSETS
Beginning of Period 52,395,867 34,236,429 67,145,951
================================================================================
End of Period $177,936,328 $ 52,395,867 $34,236,429
================================================================================
--------------------------------------------------
FUND SHARE TRANSACTIONS
Shares Sold 611,919,405 145,411,371 484,696,941
Shares Issued from Reinvestment
of Dividends 2,649,374 821,471 2,978,475
================================================================================
614,568,779 146,232,842 487,675,416
Shares Repurchased (489,028,318) (128,073,404) (520,584,938)
================================================================================
NET INCREASE (DECREASE) IN
FUND SHARES 125,540,461 18,159,438 (32,909,522)
================================================================================
See Notes to Financial Statements
<PAGE>
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
Treasurer's Tax-Exempt Reserve Fund
SIX MONTHS PERIOD YEAR
ENDED ENDED ENDED
NOVEMBER 30 MAY 31 DECEMBER 31
- --------------------------------------------------------------------------------
1999 1999 1998
UNAUDITED (Note 1)
OPERATIONS AND DISTRIBUTIONS TO
SHAREHOLDERS
Net Investment Income Earned and
Distributed to Shareholders $ 804,287 $ 421,706 $ 1,081,206
================================================================================
FUND SHARE TRANSACTIONS
Proceeds from Sales of Shares $ 91,021,140 $ 19,765,537 $72,911,901
Reinvestment of Dividends 772,368 417,341 1,072,533
================================================================================
91,793,508 20,182,878 73,984,434
Amounts Paid for Repurchases
of Shares (61,556,494) (26,516,605) (59,361,188)
================================================================================
NET INCREASE (DECREASE) IN
NET ASSETS FROM FUND
SHARE TRANSACTIONS 30,237,014 (6,333,727) 14,623,246
NET ASSETS
Beginning of Period 30,373,744 36,707,471 22,084,225
================================================================================
End of Period $ 60,610,758 $ 30,373,744 $36,707,471
================================================================================
--------------------------------------------------
FUND SHARE TRANSACTIONS
Shares Sold 91,021,140 19,765,537 72,911,901
Shares Issued from Reinvestment
of Dividends 772,368 417,341 1,072,533
================================================================================
91,793,508 20,182,878 73,984,434
Shares Repurchased (61,556,494) (26,516,605) (59,361,188)
================================================================================
NET INCREASE (DECREASE) IN
FUND SHARES 30,237,014 (6,333,727) 14,623,246
================================================================================
See Notes to Financial Statements
<PAGE>
INVESCO Notes to financial statements -- INVESCO Treasurer's Series Funds, Inc.
UNAUDITED
NOTE 1 -- ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES. INVESCO Treasurer's
Series Funds, Inc. is incorporated in Maryland (formerly organized under the
laws of the Commonwealth of Massachusetts) and consists of two separate funds:
INVESCO Treasurer's Money Market Reserve Fund ("Money Fund") and INVESCO
Treasurer's Tax-Exempt Reserve Fund ("Tax-Exempt Fund")(individually the "Fund"
and collectively the "Funds"). On February 3, 1999 the Fund's board of directors
approved a name change to INVESCO Treasurer's Series Funds, Inc. The investment
objective of each of the Funds is to achieve as high a level of current income
as is consistent with the preservation of capital and the maintenance of
liquidity. The Fund is registered under the Investment Company Act of 1940 (the
"Act") as a diversified, open-end management investment company. The Fund's
fiscal year-end was changed from December 31 to May 31.
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 under procedures
established 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.
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, 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.
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. Income dividends are reinvested at the month-end net asset value.
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 was accrued
daily at the applicable rate and paid monthly. The fee for each Fund is based on
the annual rate of 0.25% of each Fund's average net assets. IFG is also
responsible for providing certain administrative and clerical services and
facilities necessary for the operation of the Fund. In accordance with the
Investment Advisory Agreement, IFG bears all other expenses of the Funds, except
taxes, interest and brokerage commissions.
<PAGE>
NOTE 3 -- TRANSACTIONS WITH AFFILIATES. Certain of the Funds' officers and
directors are also officers and directors of IFG.
Each Fund has adopted an unfunded defined benefit 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 50% of the sum of the
retainer fee at the time of retirement plus the meeting attendance fees.
For the six months ended November 30, 1999, pension expenses, unfunded accrued
pension costs and pension liability were paid by IFG in accordance with the
Investment Advisory Agreement and were as follows:
UNFUNDED
PENSION ACCRUED PENSION
FUND EXPENSES PENSION COSTS LIABILITY
- --------------------------------------------------------------------------------
Money Fund $ 481 $ 2,751 $ 12,082
Tax-Exempt Fund 347 760 3,157
The independent directors have contributed to a deferred fee agreement, pursuant
to which they have deferred receipt of a portion of the compensation which they
would otherwise have been paid as directors of selected INVESCO Funds. The
deferred amounts may be invested in the shares of any of the INVESCO Funds,
excluding the INVESCO Variable Investment Funds.
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Treasurer's Money Market Reserve Fund
(FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
SIX MONTHS PERIOD
ENDED ENDED
NOVEMBER 30 MAY 31 YEAR ENDED DECEMBER 31
- -------------------------------------------------------------------------------------------------------------
1999 1999(a) 1998 1997 1996 1995 1994
UNAUDITED
<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 0.03 0.02 0.05 0.05 0.05 0.06 0.04
=============================================================================================================
Net Asset Value--
End of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=============================================================================================================
TOTAL RETURN 2.55%(b) 1.90%(b) 5.46% 5.48% 5.30% 5.82% 4.13%
RATIOS
Net Assets --
End of Period
($000 Omitted) $ 177,936 $ 52,396 $ 34,236 $ 67,146 $ 113,281 $ 141,885 $ 93,131
Ratio of Expenses
to Average Net Assets 0.12%(b) 0.25%(c) 0.25% 0.25% 0.25% 0.25% 0.25%
Ratio of Net Investment
Income to Average
Net Assets 2.58%(b) 4.78%(c) 5.35% 5.32% 5.17% 5.71% 4.02%
</TABLE>
(a) From January 1, 1999 to May 31, 1999, the Fund's current fiscal year end.
(b) Based on operations for the period shown and, accordingly, is not
representative of a full year.
(c) Annualized
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
Treasurer's Tax-Exempt Reserve Fund
(FOR A FUND SHARE OUTSTANDING THROUGHOUT EACH PERIOD)
SIX MONTHS PERIOD
ENDED ENDED
NOVEMBER 30 MAY 31 YEAR ENDED DECEMBER 31
- -------------------------------------------------------------------------------------------------------------
1999 1999(a) 1998 1997 1996 1995 1994
UNAUDITED
<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 0.01 0.03 0.04 0.03 0.04 0.03
=============================================================================================================
Net Asset Value--
End of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=============================================================================================================
TOTAL RETURN 1.63%(b) 1.16%(b) 3.49% 3.74% 3.45% 3.90% 2.81%
RATIOS
Net Assets --
End of Period
($000 Omitted) $ 60,611 $ 30,374 $ 36,707 $ 22,084 $ 23,386 $ 21,928 $ 19,716
Ratio of Expenses
to Average Net Assets 0.13%(b) 0.25%(c) 0.25% 0.25% 0.25% 0.25% 0.25%
Ratio of Net Investment
Income to Average
Net Assets 1.64%(b) 2.92%(c) 3.38% 3.68% 3.40% 3.86% 2.69%
</TABLE>
(a) From January 1, 1999 to May 31, 1999, the Fund's current fiscal year end.
(b) Based on operations for the period shown and, accordingly, is not
representative of a full year.
(c) Annualized
<PAGE>
INVESCO Family of Funds
Newspaper
Fund Name Fund Code Ticker Symbol Abbreviation
- --------------------------------------------------------------------------------
Stock
Growth & Income 21 IVGIX Gro&Inc
Blue Chip Growth 10 FLRFX BlChpGro
Dynamics 20 FIDYX Dynm
Small Company Growth 60 FIEGX SmCoGth
INVESCO Endeavor 61 IVENX Endeavor
Value Equity 46 FSEQX ValEq
S&P 500 Index Fund-Class II 23 ISPIX SP500II
- --------------------------------------------------------------------------------
Bond
U.S. Government Securities 32 FBDGX USGvt
Select Income 30 FBDSX SelInc
High Yield 31 FHYPX HiYld
Tax-Free Bond 35 FTIFX TxFre
(formerly Tax-Free Long-Term Bond)
- --------------------------------------------------------------------------------
Combination Stock & Bond
Equity Income 15 FIIIX EquityInc
(formerly Industrial Income)
Total Return 48 FSFLX TotRtn
Balanced 71 IMABX Bal
- --------------------------------------------------------------------------------
Sector
Energy 50 FSTEX Enrgy
Financial Services 57 FSFSX FinSvc
Gold 51 FGLDX Gold
Health Sciences 52 FHLSX HlthSc
Leisure 53 FLISX Leisur
Realty 42 IVSRX Realty
Technology-Class II 55 FTCHX Tech
Telecommunications 39 ISWCX Telecomm
(formerly Worldwide Communications)
Utilities 58 FSTUX Util
- --------------------------------------------------------------------------------
International
International Blue Chip 09 IIBCX ItlBlChp
European 56 FEURX Europ
Latin American Growth 34 IVSLX LtnAmerGr
Pacific Basin 54 FPBSX PcBas
- --------------------------------------------------------------------------------
Money Market
U.S. Government Money 44 FUGXX InvGvtMF
Cash Reserves 25 FDSXX InvCshR
Tax-Free Money 40 FFRXX InvTaxFree
Treasurer's Money Market Reserve 96 IMRXX INVESCOMMR
Treasurer's Tax-Exempt Reserve 95 ITTXX INVESCOTTE
FOR MORE INFORMATION ABOUT ANY OF THE INVESCO FUNDS, INCLUDING MANAGEMENT FEES
AND EXPENSES, PLEASE CALL US AT 1-800-525-8085 OR VISIT OUR WEB SITE FOR A
PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
<PAGE>
YOU SHOULD
KNOW WHAT
INVESCO KNOWS (TM)
[INVESCO ICON] INVESCO(R)
We're easy to stay in touch with:
Investor Services: 1-800-525-8085
PAL(R), your Personal Account Line: 1-800-424-8085
On the World Wide Web: www.invesco.com
In Denver, visit one of our convenient Investor Centers:
Cherry Creek, 3003 East Third Avenue, Suite 1
Denver Tech Center, 7800 East Union Avenue, Lobby Level
INVESCO Distributors, Inc.,(SM) Distributor
Post Office Box 173706
Denver, Colorado 80217-3706
This information must be preceded or accompanied
by a current prospectus.
STR 9031 1/00
