KNOWLEDGE o DISCIPLINE o SERVICE o CHOICE
--------------------------------------------------------------------------------
YOU SHOULD KNOW WHAT INVESCO KNOWS (R)
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INVESCO TREASURER'S SERIES FUNDS, INC.
MONEY MARKET RESERVE FUND
TAX-FREE EXEMPT RESERVE FUND
ANNUAL
ANNUAL REPORT | May 31, 2000 [INVESCO ICON] INVESCO FUNDS
<PAGE>
TREASURER'S SERIES 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 would be useful
to reiterate our approach to money market management.
o For institutions and individuals with more than $100,000 to invest, INVESCO
Treasurer's Series Funds Inc., TREASURER'S MONEY MARKET RESERVE FUND
and TREASURER'S TAX-EXEMPT RESERVE FUND, provide a potentially
low-cost, higher-yield option. The two Treasurer's Funds have an expense
ratio fixed at 0.25%, which is extremely competitive. The ranking firm
IBC recently placed Treasurer's Money Market Reserve Fund seventh in its
category based on seven-day yield.* Of course, past performance is no
guarantee of future results.
o We also manage three other Money Market funds. CASH RESERVES FUND is a
convenient vehicle for providing high-quality current yields for investors,
while allowing them quick and easy access to their money through free
checkwriting. (Checks subject to a minimum amount of $2,500 or more. Shares
of the fund will be redeemed to cover payment of the check.)
o TAX-FREE MONEY FUND helps investors shelter earnings 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 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. (An investmestment in
this fund is neither backed nor guaranteed by the U.S. government.)
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.
--------------------------------------------------------------------------------
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, June 2000. IBC is an independent mutual fund analyst
specializing in money market funds. INVESCO Treasurer's Money Market Reserve
ranked #7 out of 262 non-government money funds based on its 7-day yield as of
June 20, 2000. Past performance is no guarantee of future results.
<PAGE>
INVESCO | ANNUAL REPORT | MAY 31, 2000
MARKET HEADLINES: JUNE 1999 TO MAY 2000
For most of the past year, the major story in the financial markets has been the
tremendous disparity between the performance of New Economy growth stocks --
particularly technology, telecommunications, and media companies -- and lagging
Old Economy shares in sectors such as financial services, industrial products
and basic materials. Against this backdrop, the technology-intensive Nasdaq
Composite far outpaced the more Old Economy-based S&P 500 Index and Dow Jones
Industrial Average.* This dichotomy persisted through the first two months of
2000 despite the fact that many New Economy shares were trading at lofty
valuations that appeared harder to justify in a rising interest rate
environment.
At the same time, there were signs that the "virtuous economy" -- neither too
hot nor too cold -- was finally starting to heat up. Labor markets remained
tight and wage pressures were simmering, while consumers were studying the
impressive balances on their investment statements and spending as never before.
Meanwhile, economies in Europe and Asia were picking up steam, and oil prices
surged to new highs. With the global economy firing on all cylinders, inflation
became the dominant concern. The Federal Reserve responded to these pressures by
tightening credit conditions. Between June of 1999 and May of 2000, the central
bank raised short-term interest rates six times -- for a total of 1.75% -- the
latest a 0.50% rate increase in May.
The threat of higher interest rates kept financial markets volatile, and put
upward pressure on the short and intermediate bond rates. At the same time,
technical factors and the government's efforts to pay down long-term debt sent
long-term Treasury bond yields lower. The result was an inverted yield curve,
which is an unusual situation where short-term rates are higher than long-term
rates.
For a time, it appeared that growth stocks really did enjoy a Teflon(TM)
coating, as valuations on many technology, telecommunication and biotechnology
stocks surged to new highs despite rising interest rates and heightened economic
uncertainty. Yet the New Economy onslaught hit a wall in late March, as interest
rate fears and rumblings out of Washington triggered a sell-off in biotechnology
stocks that quickly spread to other New Economy stalwarts, sending the Nasdaq
Composite into a tailspin.
The market shook off its malaise in late May, spurred on by signs that the
economy was starting to cool. For one thing, job growth has slowed dramatically,
with non-farm payrolls losing 126,000 jobs in May (excluding census workers).
Vehicle and home sales also fell sharply in May, while chain store receipts came
in weaker than expected. More importantly, wage pressures have remained subdued,
as hourly wages crept up at their slowest pace in the last four years. Hopes
that the Fed might halt its interest rate campaign triggered a strong
post-Memorial Day rally that sent the Nasdaq to its biggest percentage increase
ever. The Dow, S&P 500 and Russell 2000 indexes also turned in solid gains.
The economic expansion appears to be transitioning into a new phase of more
moderate growth and somewhat higher inflation. While the Federal Reserve has no
desire to trigger a recession, it will remain vigilant as long as inflation
remains a risk. Consequently, we caution that financial markets will likely
remain volatile, and that it will be difficult for equities to achieve the kind
of gains we saw last year. Nonetheless, we are confident that this type of
environment will provide opportunities for investors, such as ourselves, who
rely on bottom-up research to identify solid companies that can perform well in
any kind of market environment.
* THE S&P 500 IS AN UNMANAGED INDEX REFLECTING PERFORMANCE OF THE BROAD DOMESTIC
STOCK MARKET. THE DOW JONES INDUSTRIAL AVERAGE REFLECTS LARGE-CAPITALIZATION
STOCKS. THE RUSSELL 2000 IS AN UNMANAGED INDEX REFLECTING THE PERFORMANCE OF
SMALL-CAP STOCKS.
<PAGE>
STATEMENT OF INVESTMENT SECURITIES
INVESCO TREASURER'S SERIES FUNDS, INC.
MAY 31, 2000
EFFECTIVE
INTEREST PRINCIPAL
% DESCRIPTION RATE% AMOUNT VALUE
TREASURER'S MONEY MARKET RESERVE FUND
100.00 SHORT-TERM INVESTMENTS
99.26 COMMERCIAL PAPER
3.96 AUTO PARTS
PACCAR Financial
6/14/2000 6.59 $20,000,000 $ 19,953,205
6/19/2000 6.60 14,000,000 13,954,571
8/16/2000 6.81 16,000,000 15,776,452
================================================================================
49,684,228
19.65 AUTOMOBILES
Daimler-Benz North America
6/22/2000 6.53 35,000,000 35,000,000
6/23/2000 6.53 32,500,000 32,500,000
Ford Motor Credit
6/9/2000 6.50 35,000,000 35,000,000
6/16/2000 6.52 30,000,000 30,000,000
General Motors
6/9/2000 6.62 15,000,000 14,978,273
6/15/2000 6.62 50,000,000 49,873,428
General Motors Acceptance, 6/30/2000 6.14 49,000,000 49,000,000
================================================================================
246,351,701
5.16 BANKS
Wells Fargo & Co
6/12/2000 6.59 20,000,000 19,960,357
6/26/2000 6.63 15,000,000 14,932,213
6/26/2000 6.62 30,000,000 29,864,620
================================================================================
64,757,190
7.38 CONSUMER FINANCE
American Express Credit, 6/28/2000 6.53 65,000,000 65,000,000
Household Finance, 6/6/2000 6.50 27,500,000 27,500,000
================================================================================
92,500,000
2.79 ELECTRIC UTILITIES
Georgia Power, 6/12/2000 6.58 30,000,000 29,940,617
National Rural Utilities Cooperative
Finance Medium-Term Notes, Series C,
8/2/2000 6.20 5,000,000 5,000,000
================================================================================
34,940,617
5.34 ELECTRICAL EQUIPMENT
General Electric Capital Services,
6/5/2000 6.51 67,000,000 67,000,000
================================================================================
3.13 ELECTRONICS-- SEMICONDUCTOR
Motorola Inc, 6/29/2000 6.22 39,500,000 39,312,293
================================================================================
12.84 FINANCIAL
American General Finance, 6/27/2000 6.54 20,000,000 20,000,000
Associates Corp of North America,
6/1/2000 6.76 64,000,000 64,000,000
General Electric Capital, 6/1/2000 6.78 64,500,000 64,500,000
<PAGE>
EFFECTIVE
INTEREST PRINCIPAL
% DESCRIPTION RATE% AMOUNT VALUE
Heller Financial, 6/7/2000 6.66 $12,500,000 $ 12,500,000
================================================================================
161,000,000
6.76 INSURANCE
American General
6/16/2000 6.53 15,000,000 15,000,000
6/30/2000 6.49 18,850,000 18,850,000
Prudential Funding, 6/7/2000 6.51 15,000,000 15,000,000
Transamerica Finance
6/7/2000 6.54 30,000,000 29,967,780
8/17/2000 6.87 6,100,000 6,012,896
================================================================================
84,830,676
11.31 INVESTMENT BANK/BROKER FIRM
Bear Stearns, 8/28/2000 6.83 12,500,000 12,297,591
Goldman Sachs Group LP, 6/21/2000 6.63 50,000,000 49,818,954
Merrill Lynch & Co, 6/23/2000 6.61 15,000,000 14,940,439
Morgan Stanley Dean Witter & Co
6/19/2000 6.63 30,000,000 29,902,235
6/20/2000 6.63 35,000,000 34,879,604
================================================================================
141,838,823
1.20 OIL & GAS RELATED
Texaco Inc, 6/6/2000 6.49 15,000,000 15,000,000
================================================================================
4.27 REAL ESTATE RELATED
Weyerhaeuser Real Estate
6/12/2000 6.58 25,000,000 24,950,543
6/13/2000 6.60 25,000,000 24,945,889
6/15/2000 6.65 3,700,000 3,690,593
================================================================================
53,587,025
4.47 SERVICES
Hertz Corp
6/2/2000 6.50 16,000,000 16,000,000
6/6/2000 6.50 10,000,000 10,000,000
6/16/2000 6.53 30,000,000 30,000,000
================================================================================
56,000,000
5.90 TELECOMMUNICATIONS-- LONG DISTANCE
Bell Atlantic Network Funding,
6/21/2000 6.58 9,250,000 9,216,753
GTE Corp
6/19/2000 6.62 30,000,000 29,902,431
6/20/2000 6.64 25,000,000 24,913,925
6/27/2000 6.67 10,000,000 9,952,719
================================================================================
73,985,828
5.10 TELEPHONE
US WEST Communications
6/1/2000 6.90 19,000,000 19,000,000
6/5/2000 6.55 10,000,000 9,992,828
6/8/2000 6.61 35,000,000 34,955,700
================================================================================
63,948,528
TOTAL COMMERCIAL PAPER
(Amortized Cost $1,244,736,909) 1,244,736,909
================================================================================
<PAGE>
EFFECTIVE
INTEREST PRINCIPAL
% DESCRIPTION RATE% AMOUNT VALUE
0.54 MUNICIPAL SHORT-TERM NOTES(A)
0.21 HEALTH CARE RELATED
Fairview Hosp & Hlthcare Svcs
of Minnesota (MBIA Insured),
ACES, Hosp Rev, Series A,
11/1/2015 6.60 $ 2,600,000 $ 2,600,000
================================================================================
0.33 INSURANCE
Health Insurance Plan of Gtr
New York (LOC - Morgan Gty
Trust), Gen Oblig, ACES, Ind
Rev, Series B-1, 7/1/2016 6.60 4,200,000 4,200,000
================================================================================
TOTAL MUNICIPAL SHORT-TERM NOTES (Cost $6,800,000) 6,800,000
================================================================================
0.20 REPURCHASE AGREEMENTS
Repurchase Agreement with State
Street dated 5/31/2000 due
6/1/2000 at 6.300%, repurchased
at $2,450,429 (Collateralized
by US Treasury Bonds, due
8/15/2019 at 8.125% value
$2,525,735) (Cost $2,450,000) 2,450,000 2,450,000
================================================================================
100.00 TOTAL INVESTMENT SECURITIES AT VALUE
(Amortized Cost $1,253,986,909)(b) $1,253,986,909
================================================================================
TREASURER'S TAX-EXEMPT RESERVE FUND
100.00 SHORT-TERM INVESTMENTS
100.00 MUNICIPAL NOTES(A)
0.30 ALABAMA
Phenix City Indl Dev Brd,
Alabama (Mead Coated Brd
Proj)(LOC - Toronto-Dominion
Bank), AR, Environmental Impt
Rev, Series 1993A, 6/1/2028 4.45 $ 200,000 $ 200,000
================================================================================
1.54 ALASKA
Alaska Indl Dev & Export Auth
(Fairbanks Gold Mining Proj)(Amax
Gold)(LOC - Union Bank of
Switzerland), AR, Exmp Facil Rev,
Series 1997, 5/1/2009 4.10 800,000 800,000
North Slope Borough, Alaska (LOC -
Capital Guaranty Insurance), FR,
Gen Oblig, Series 1994B,
6/30/2000 3.65 225,000 225,539
================================================================================
1,025,539
5.22 ARIZONA
Apache Cnty Indl Dev Auth, Arizona
(Tucson Elec Pwr Springerville Proj)
(LOC - Toronto-Dominion Bank), AR,
IDR, 1985 Series A, 12/1/2020 4.10 400,000 400,000
F/VR, IDR, 1983 Series A, 12/15/2018 4.15 400,000 400,000
Maricopa Cnty Indl Dev Auth, Arizona
(McLane Co Proj)(LOC - Wachovia
Bank), VRD, Rev, Series 1984,
10/1/2004 4.85 930,000 930,000
Pima Cnty Indl Dev Auth, Arizona
(Tucson Elec Pwr Irvington Proj),
FRD, IDR, 1982 Series A, 10/1/2022 4.15 750,000 750,000
Pima Cnty Indl Dev Auth, Arizona
(Tucson Elec Pwr Proj), FRD, IDR,
1982 Series A, 12/1/2022 4.10 1,000,000 1,000,000
================================================================================
3,480,000
<PAGE>
EFFECTIVE
INTEREST PRINCIPAL
% DESCRIPTION RATE% AMOUNT VALUE
0.60 ARKANSAS
Clark Cnty, Arkansas (Reynolds
Metals Proj), AR, Solid Waste
Disp Rev, Series 1992, 8/1/2022 4.10 $ 400,000 $ 400,000
================================================================================
3.45 CALIFORNIA
Los Angeles Regl Airport Impt,
California (American Airlines/
Los Angeles Intl Airport),
AR, Facils Sublease FDR, Issue 1984,
(LOC - Societe Gererale), Series
LAX 2, 12/1/2025 4.40 700,000 700,000
(LOC - Wachovia Bank), Series
E, 12/1/2024 4.40 700,000 700,000
(LOC - Wachovia Bank), Series
G, 12/1/2024 4.40 900,000 900,000
================================================================================
2,300,000
1.50 COLORADO
El Paso Cnty, Colorado (Briarglen
Apts Proj)(LOC - General Electric
Capital), AR, Multifamily Hsg Rev
Ref, Series 1994, 12/1/2024 4.25 1,000,000 1,000,000
================================================================================
0.23 CONNECTICUT
Bozrah, Connecticut (MBIA Insured),
FR, Gen Oblig, Issue 1994,
10/15/2000 4.00 150,000 150,864
================================================================================
2.78 FLORIDA
Marion Cnty Indl Dev Auth, Florida
(Florida
Convalescent Ctrs Proj)(LOC -
Toronto-Dominion Bank), VRD/FR,
IDR Ref, Series 1988A, 1/1/2011 4.60 850,000 850,000
Univ of North Florida Fndtn, Florida
(LOC - First Union Natl Bank), AR,
Parking System Rev, Series 1998,
5/1/2028 4.40 1,000,000 1,000,000
================================================================================
1,850,000
11.36 GEORGIA
DeKalb Cnty Dev Auth, Georgia
(General Motors Proj), AR, PCR,
Series 1985, 11/1/2003 4.30 2,795,000 2,795,000
DeKalb Cnty Hsg Auth, Georgia
(Wood Terrace Apts Proj), VRD,
Multifamily Hsg Rev Ref, Series
1995, 12/15/ 2015 4.35 1,000,000 1,000,000
DeKalb Private Hosp Auth, Georgia
(ESR Children's Health Care System
Proj)(LOC - SunTrust Bank), VRD,
RAC, Series 1998A, 12/1/2028 4.10 2,000,000 2,000,000
Fulton Cnty Dev Auth, Georgia
(General Motors Proj), AR, PCR,
Series 1985, 12/1/2001 4.10 1,775,000 1,775,000
================================================================================
7,570,000
0.37 HAWAII
Hawaii, FR, Gen Oblig, Series BR,
6/1/2005 3.60 250,000 250,000
================================================================================
3.22 ILLINOIS
Chicago-O'Hare Intl Airport,
Illinois (LOC - Societe Generale),
VR, Gen Airport Second Lien Rev,
1984 Series B, 1/1/2015 3.95 2,145,000 2,145,000
================================================================================
2.60 INDIANA
Indianapolis, Indiana (Jewish Cmnty
Campus Proj), VR, Econ Dev Rev,
Series 1995, 4/1/2005 4.25 1,730,000 1,730,000
================================================================================
<PAGE>
EFFECTIVE
INTEREST PRINCIPAL
% DESCRIPTION RATE% AMOUNT VALUE
8.85 IOWA
Iowa Fin Auth (Burlington Med
Ctr)(FSA Insured), AR, Demand
Rev, Series 1997, 6/1/2027 4.50 $ 4,100,000 $ 4,100,000
Iowa Fin Auth (Wheaton Franciscan
Svcs) (MBIA Insured), VRD, Rev,
Series 1998A, 8/15/2012 3.95 1,800,000 1,800,000
================================================================================
5,900,000
2.25 KANSAS
Kansas City, Kansas (General Motors
Proj), VR, PCR, Series 1985,
11/1/2007 4.30 1,500,000 1,500,000
================================================================================
1.50 KENTUCKY
Kentucky Econ Dev Fin Auth (Greater
Cincinnati Hlth Alliance)(MBIA
Insured), VR, Hosp Facils Rev,
Series 1997C, 1/1/2022 3.95 1,000,000 1,000,000
================================================================================
0.92 LOUISIANA
Calcasieu Parish School Dist #25,
Louisiana (FSA Insured), FR, Gen
Oblig Pub School Impt, 2000 Series,
2/15/2001 4.26 190,000 194,817
Calcasieu Parish School Dist #31,
Louisiana (FGIC Insured), FR, Gen
Oblig Pub School Impt, 2000 Series,
5/1/2001 4.26 410,000 419,798
================================================================================
614,615
3.00 MARYLAND
Frederick Cnty, Maryland (Sheppard
Pratt Residential Treatment Facil)
(LOC - NationsBank), VRD/FR,
Rev, Series 1995, 7/1/2025 4.40 2,000,000 2,000,000
================================================================================
3.27 MICHIGAN
Detroit, Michigan (MBIA Insured),
AR, Sewage Disp System Rev Ref,
Series 1998-B, 7/1/2023 3.95 1,200,000 1,200,000
Ionia City & Cnty, Michigan (AMBAC
Insured), FR, Wtr Supply System
Rev & Rev Ref, Series 1999, 7/1/2000 3.60 200,000 200,463
Michigan Hosp Fin Auth (Sisters of
Mercy Hlth), FR, Hosp Rev, 1991
Series J, 2/15/2018 4.38 750,000 780,495
================================================================================
2,180,958
1.07 MINNESOTA
St Louis Park, Minnesota (Methodist
Hosp Proj) (AMBAC Insured), FR, Hosp
Facils Rev, Series 1990-C, 7/1/2015 4.20 700,000 715,634
================================================================================
0.26 MISSISSIPPI
Oxford, Mississippi (AMBAC Insured),
FR, Elec System Rev, Series 1999,
11/1/2000 3.95 175,000 176,635
================================================================================
4.65 MISSOURI
Columbia, Missouri (LOC - Toronto-
Dominion Bank), VR, Spl Oblig Ins
Reserve, Series 1988A, 6/1/2008 4.10 2,100,000 2,100,000
VR, Wtr & Elec Rev, 1985 Series B,
12/1/2015 4.10 1,000,000 1,000,000
================================================================================
3,100,000
1.50 MONTANA
Billings, Montana (CFS Continental
Proj), F/VR, ATS, IDR, Series 1984,
12/1/2014 4.10 1,000,000 1,000,000
================================================================================
<PAGE>
EFFECTIVE
INTEREST PRINCIPAL
% DESCRIPTION RATE% AMOUNT VALUE
1.34 NEVADA
Clark Cnty, Nevada (FGIC Insured),
FR, Gen Oblig Ltd Tax Pub Safety,
Series 1996, 6/1/2000 3.90 $ 500,000 $ 500,000
Henderson, Nevada (FGIC Insured),
FR, Gen Oblig Ltd Tax Park &
Recreation, Series 1998B, 6/1/2000 3.80 395,000 395,000
================================================================================
895,000
4.05 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 4.20 2,700,000 2,700,000
================================================================================
6.30 NORTH CAROLINA
Greensboro, North Carolina (LOC -
Wachovia Bank), VR, Gen Oblig Pub
Impt, Series 1994B, 4/1/2013 4.10 1,200,000 1,200,000
Wake Cnty Indl Facils & Pollution
Ctl Fing Auth, North Carolina
(Carolina Pwr & Light Proj),
AR, PCR, Series C, 10/1/2015 4.10 3,000,000 3,000,000
================================================================================
4,200,000
1.13 OHIO
Ohio Pub Facils Commn (MBIA Insured),
FR, Higher Ed Cap Facils, Series II-
1992B, 11/1/2000 4.20 250,000 251,191
Ohio Pub Facils Commn (FSA Insured),
FR, Mental Hlth Cap Facils Rev,
Series II-1993B, 6/1/2000 3.38 500,000 500,000
================================================================================
751,191
0.23 OKLAHOMA
Oklahoma Inds Auth (Baptist Med Ctr
of Oklahoma, South Oklahoma City
Hosp & Baptist Rural Hlth System),
FR, Hlth System Rev, Series 1995C,
8/15/2000 4.00 150,000 150,448
================================================================================
0.75 OREGON
Oregon Bd Bank (Oregon Econ & Cmnty
Dev Dept) (MBIA Insured), FR, Rev,
2000 Series A, 1/1/2001 4.30 500,000 502,671
================================================================================
1.50 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 4.10 1,000,000 1,000,000
================================================================================
4.56 SOUTH CAROLINA
Columbia, South Carolina, FR, Wtrwks
& Sewer System Rev, Series 1991,
2/1/2012 4.16 1,000,000 1,038,457
Dorchester Cnty, South Carolina
(BOC Group Proj) (LOC - Wachovia
Bank), VR, TEAMS, Pollution Ctl
Facils Rev Ref, Series 1993,
12/8/2000 4.35 500,000 500,000
South Carolina Edl Facs Auth (Morris
College Proj) (LOC - Bank of America),
VR, Rev, 7/1/2017 4.45 1,500,000 1,500,000
================================================================================
3,038,457
0.45 TENNESSEE
Metro Nashville Airport Auth,
Tennessee (LOC - Societe Generale)
(FGIC Insured), AR, Airport Impt
Rev Ref, Series 1993, 7/1/2019 4.10 300,000 300,000
================================================================================
<PAGE>
EFFECTIVE
INTEREST PRINCIPAL
% DESCRIPTION RATE% AMOUNT VALUE
14.45 TEXAS
Austin Cnty Indl Dev, Texas
(Justin Inds Proj)(LOC - Bank
One), AR, ATS, IDR, Series 1984,
12/1/2014 4.10 $ 1,500,000 $ 1,500,000
Houston, Texas (MBIA Insured), FR,
Wtr & Sewer System Prior Lien Rev,
Series 1990, 12/1/2018 4.35 500,000 517,194
Kingsville, Texas (Home Rule City -
Kleberg Cnty) (AMBAC Insured), FR,
Tax Notes, Series 2000, 2/1/2001 4.51 260,000 261,244
Lone Star Airport Impt Auth, Texas
(American Airlines Proj)(LOC - Royal
Bank of Canada), V/FRD, Multiple Mode
Rev,
1984 Series B-1, 12/1/2014 4.40 1,600,000 1,600,000
1984 Series B-5, 12/1/2014 4.40 800,000 800,000
Meadows Place, Texas (Fort Bend Cnty)
(FGIC Insured), FR, Gen Oblig, Series
2000, 3/15/2001 4.49 300,000 305,699
Pasadena, Texas (Harris Cnty)(FSA
Insured), FR, Tax & Rev Ctfs of
Oblig, Series 1999, 10/1/2000 4.01 390,000 393,161
Port Dev, Texas (Stolt Terminals
(Houston) Proj) (LOC - Canadian
Imperial Bank), VR, ATS, Marine
Terminal Ref Rev, Series 1989,
1/15/2014 4.10 2,265,000 2,265,000
Sherman Indpt School Dist, Texas
(Grayson Cnty) (PSFG Insured), FR,
Unltd Tax School Bldg & Ref,
Series 1995A, 2/15/2001 4.30 225,000 230,552
Tarrant Cnty Wtr Ctl & Impt Dist #1,
Texas (Tarrant Cnty) (AMBAC Insured),
FR, Wtr Rev Ref & Impt, Series 1992,
3/1/2010 4.36 500,000 505,947
Texas, FR, TRAN, Rev, Series 1999A,
8/31/2000 3.70 500,000 500,961
Tyler, Texas (Smith Cnty)(MBIA
Insured), FR, Wtr & Swr System
Ref Rev, Series 1999, 9/1/2000 3.81 500,000 500,543
Uvalde Cons Indpt School Dist,
Texas (Uvalde, Real & Zavala
Cntys)(PSFG Insured), FR,
Unltd Tax School Bldg, Series
1990, 8/1/2000 3.90 250,000 250,973
================================================================================
9,631,274
0.30 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 4.30 200,000 200,000
================================================================================
4.50 WYOMING
Green River, Wyoming (Allied Corp
Proj), F/FR, PCR Ref, 1982 Series,
12/1/2012 5.15 2,000,000 2,000,000
Sweetwater Cnty, Wyoming (PacifiCorp
Proj)(LOC - Credit Suisse First
Boston), VR, PCR Ref, Series 1990A,
7/1/2015 4.05 1,000,000 1,000,000
================================================================================
3,000,000
100.00 TOTAL INVESTMENT SECURITIES AT VALUE
(Amortized Cost $66,658,286)(b) $ 66,658,286
================================================================================
<PAGE>
<TABLE>
<CAPTION>
The following acronyms may be used in portfolio descriptions:
<S> <C> <C>
ACES(c) -- Adjustable Convertible Extendable Securities IDR -- Industrial Development Revenue
AMBAC -- American Municipal Bond Assurance Corporation LOC -- Letter of Credit
AR(c) -- Adjustable Rate MBIA -- Municipal Bond Investors Assurance
Corporation
ATS(c) -- Adjustable Tender Securities PCR -- Pollution Control Revenue
BMTF -- Bi-Modal Multi-Term Format PSFG -- Permanent School Fund Guarantee
Program
FDR(c) -- Flexible Demand Revenue RAC -- Revenue Anticipation Certificates
F/FR -- Floating Fixed Rate TEAMS(c) -- Tax-Exempt Adjustable Mode Securities
FGIC -- Financial Guaranty Insurance Company TRAN -- Tax & Revenue Anticipation Notes
FR -- Fixed Rate V/FRD(c) -- Variable/Fixed Rate Demand
FRD(c) -- Floating Rate Demand VR(c) -- Variable Rate
FSA -- Financial Security Assurance VRD(c) -- Variable Rate Demand
F/VR -- Floating/Variable Rate VRD/FR -- Variable Rate Demand/Fixed Rate
</TABLE>
(a) All securities with a maturity date greater than one year have either a
variable rate, demand feature, prerefunded, 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.
May 31, 2000
TREASURER'S TREASURER'S
MONEY MARKET TAX-EXEMPT
RESERVE FUND RESERVE FUND
--------------------------------------------------------------------------------
ASSETS
Investment Securities:
At Cost(a) $ 1,253,986,909 $ 66,658,286
================================================================================
At Value(a) $ 1,253,986,909 $ 66,658,286
Cash 0 78,806
Receivables:
Fund Shares Sold 8,317,818 102,792
Interest 1,579,513 478,075
================================================================================
TOTAL ASSETS 1,263,884,240 67,317,959
================================================================================
LIABILITIES
Payables:
Custodian 1,516 0
Distributions to Shareholders 27,609 4,816
Investment Securities Purchased 0 797,214
Fund Shares Repurchased 78,571,885 378,425
Accrued Expenses and Other Payables 776 0
================================================================================
TOTAL LIABILITIES 78,601,786 1,180,455
================================================================================
NET ASSETS AT VALUE $ 1,185,282,454 $ 66,137,504
================================================================================
Shares Outstanding(b) 1,185,282,454 66,137,504
NET ASSET VALUE, Offering and
Redemption Price per Share $ 1.00 $ 1.00
================================================================================
(a) Investment securities at cost and value at May 31, 2000, includes a
repurchase agreement of $2,450,000 for Treasurer's Money Market Reserve
Fund.
(b) The Fund has 10 billion authorized shares of common stock, par value $0.01
per share. Of such shares, 7 billion have been allocated to Treasurer's
Money Market Reserve Fund and 1 billion to Treasurer's Tax-Exempt Reserve
Fund. Paid-in-capital was $1,185,282,454 and $66,137,504 for Treasurer's
Money Market Reserve and Treasurer's Tax-Exempt Reserve Funds, respectively.
See Notes to Financial Statements
<PAGE>
STATEMENT OF OPERATIONS
INVESCO Treasurer's Series Funds, Inc.
Year Ended May 31, 2000
TREASURER'S TREASURER'S
MONEY MARKET TAX-EXEMPT
RESERVE FUND RESERVE FUND
--------------------------------------------------------------------------------
INVESTMENT INCOME
INTEREST INCOME $ 23,889,306 $ 2,156,532
EXPENSES
Investment Advisory Fees 980,636 140,537
================================================================================
NET INVESTMENT INCOME AND NET
INCREASE IN NET ASSETS FROM
OPERATIONS $ 22,908,670 $ 2,015,995
================================================================================
See Notes to Financial Statements
<PAGE>
STATEMENT OF CHANGES IN NET ASSET
Treasurer's Money Market Reserve Fund
<TABLE>
<CAPTION>
YEAR PERIOD YEAR
ENDED ENDED ENDED
MAY 31 MAY 31 DECEMBER 31
-----------------------------------------------------------------------------------------------
2000 1999 1998
(Note 1)
<S> <C> <C> <C>
OPERATIONS AND DISTRIBUTIONS TO
SHAREHOLDERS
Net Investment Income Earned and
Distributed to Shareholders $ 22,908,670 $ 834,340 $ 3,012,295
===============================================================================================
FUND SHARE TRANSACTIONS
Proceeds from Sales of Shares $ 3,534,285,981 $ 145,411,371 $ 484,696,941
Reinvestment of Dividends 20,393,092 821,471 2,978,475
===============================================================================================
3,554,679,073 146,232,842 487,675,416
Amounts Paid for Repurchases
of Shares (2,421,792,486) (128,073,404) (520,584,938)
===============================================================================================
NET INCREASE (DECREASE) IN
NET ASSETS FROM FUND
SHARE TRANSACTIONS 1,132,886,587 18,159,438 (32,909,522)
NET ASSETS
Beginning of Period 52,395,867 34,236,429 67,145,951
===============================================================================================
End of Period $ 1,185,282,454 $ 52,395,867 $ 34,236,429
===============================================================================================
--------------------------------------------------
FUND SHARE TRANSACTIONS
Shares Sold 3,534,285,981 145,411,371 484,696,941
Shares Issued from Reinvestment
of Dividends 20,393,092 821,471 2,978,475
===============================================================================================
3,554,679,073 146,232,842 487,675,416
Shares Repurchased (2,421,792,486) (128,073,404) (520,584,938)
===============================================================================================
NET INCREASE (DECREASE) IN
FUND SHARES 1,132,886,587 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
YEAR PERIOD YEAR
ENDED ENDED ENDED
MAY 31 MAY 31 DECEMBER 31
-----------------------------------------------------------------------------------------------
2000 1999 1998
(Note 1)
OPERATIONS AND DISTRIBUTIONS TO
SHAREHOLDERS
Net Investment Income Earned and
Distributed to Shareholders $ 2,015,995 $ 421,706 $ 1,081,206
===============================================================================================
FUND SHARE TRANSACTIONS
Proceeds from Sales of Shares $ 200,553,537 $ 19,765,537 $ 72,911,901
Reinvestment of Dividends 1,933,403 417,341 1,072,533
===============================================================================================
202,486,940 20,182,878 73,984,434
Amounts Paid for Repurchases
of Shares (166,723,180) (26,516,605) (59,361,188)
===============================================================================================
NET INCREASE (DECREASE) IN
NET ASSETS FROM FUND
SHARE TRANSACTIONS 35,763,760 (6,333,727) 14,623,246
NET ASSETS
Beginning of Period 30,373,744 36,707,471 22,084,225
===============================================================================================
End of Period $ 66,137,504 $ 30,373,744 $ 36,707,471
===============================================================================================
-------------------------------------------------------
FUND SHARE TRANSACTIONS
Shares Sold 200,553,537 19,765,537 72,911,901
Shares Issued from Reinvestment
of Dividends 1,933,403 417,341 1,072,533
===============================================================================================
202,486,940 20,182,878 73,984,434
Shares Repurchased (166,723,180) (26,516,605) (59,361,188)
===============================================================================================
NET INCREASE (DECREASE) IN
FUND SHARES 35,763,760 (6,333,727) 14,623,246
===============================================================================================
</TABLE>
See Notes to Financial Statements
<PAGE>
INVESCO Notes to financial statements -- INVESCO Treasurer's
Series Funds, Inc.
NOTE 1 -- ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES. INVESCO Treasurer's
Series Funds, Inc. is incorporated in Maryland 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"). 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. INVESCO Treasurer's
Series Funds, Inc. is registered under the Investment Company Act of 1940 (the
"Act") as a diversified, open-end management investment company. The Funds'
fiscal year-end was changed from December 31 to May 31.
The following is a summary of significant accounting policies consistently
followed by the Funds in the preparation of their financial statements. The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States 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 Funds 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. Cost
is determined on the specific identification basis.
D. FEDERAL AND STATE TAXES -- The Fund has complied, and continues to comply,
with the provisions of the Internal Revenue Code applicable to regulated
investment companies and, accordingly, has made or intends to make sufficient
distributions of net investment income and net realized capital gains, if any,
to relieve it from all federal and state income taxes and federal excise taxes.
Of the distributions paid by Tax-Exempt Fund for the year ended May 31, 2000,
93.92% were exempt from federal income 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. Such dividends are automatically reinvested at the month-end net
asset value, unless the shareholder requests a cash payment.
NOTE 2 -- INVESTMENT ADVISORY AND OTHER AGREEMENTS. INVESCO Funds Group, Inc.
("IFG") serves as the Funds' investment adviser. As compensation for its
services to the Funds, 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 0.25% 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. At May 31, 2000, 86.79% of
outstanding shares of Money Fund were held by other INVESCO mutual funds as
follows:
<TABLE>
<CAPTION>
AMOUNT DIVIDENDS PERCENTAGE
FUND OWNED RECEIVED OWNED
--------------------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESCO Balanced Fund $ 10,040,590 $ 120,114 0.85 %
INVESCO Dynamics Fund 277,469,896 3,469,896 23.41
INVESCO Endeavor Fund 15,096,492 152,399 1.27
INVESCO Equity Income Fund 75,555,478 555,478 6.37
INVESCO European Fund 45,206,714 266,225 3.82
INVESCO Financial Services Fund 50,337,364 337,364 4.25
INVESCO Health Sciences Fund 84,029,580 1,029,580 7.09
INVESCO Leisure Fund 5,074,778 74,778 0.43
INVESCO Small Company Growth Fund 56,058,464 1,058,464 4.73
INVESCO Technology Fund 186,407,179 1,945,784 15.73
INVESCO Telecommunications Fund 116,666,136 2,616,136 9.84
INVESCO Total Return Fund 66,233,853 733,853 5.59
INVESCO Utilities Fund 10,195,012 195,012 0.86
INVESCO VIF - Dynamics Fund 3,037,767 37,767 0.26
INVESCO VIF - Equity Income Fund 2,047,776 47,776 0.17
INVESCO VIF - Financial Services Fund 0 11,625 0.00
INVESCO VIF - Health Sciences Fund 3,551,250 51,250 0.30
INVESCO VIF - Technology Fund 13,073,803 117,858 1.10
INVESCO VIF - Telecommunications Fund 8,570,061 70,061 0.72
============================================================================================
$ 1,028,652,193 $ 12,891,420 86.79%
============================================================================================
</TABLE>
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 year ended May 31, 2000, 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 $ 1,731 $ 2,751 $ 13,333
Tax-Exempt Fund 794 760 3,604
The independent directors have contributed to a deferred fee agreement plan,
pursuant to which they have deferred receipt of a portion of the compensation
which they would otherwise have been paid as directors of the INVESCO Funds. The
deferred amounts may be invested in the shares of any of the INVESCO Funds,
excluding the INVESCO Variable Investment Funds.
NOTE 4 -- INTERFUND BORROWING AND LENDING. Each Fund is party to an interfund
lending agreement between each Fund and other INVESCO sponsored mutual funds,
which permit it to borrow or lend cash, at rates beneficial to both the
borrowing and lending funds. Loans totaling 10% or more of a borrowing Fund's
total assets are collateralized at 102% of the value of the loan; loans of less
than 10% are unsecured. Pursuant to each Fund's prospectus, each Fund may borrow
up to 33 1/3% of its total assets for temporary or emergency purposes. During
the year ended May 31, 2000, there were no such borrowings or lendings.
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Shareholders of
INVESCO Treasurer's Series Funds, Inc.
In our opinion, the accompanying statement of assets and liabilities, including
the statement of investment securities, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of INVESCO Treasurer's Money Market
Reserve Fund and INVESCO Treasurer's Tax-Exempt Reserve Fund (constituting
INVESCO Treasurer's Series Funds, Inc., hereafter referred to as the "Fund") at
May 31, 2000, the results of each of their operations for the year then ended,
the changes in each of their net assets for each of the periods indicated and
the financial highlights for each of the periods indicated, in conformity with
accounting principles generally accepted in the United States. These financial
statements and financial highlights (hereafter referred to as "financial
statements") are the responsibility of the Fund's management; our responsibility
is to express an opinion on these financial statements based on our audits. We
conducted our audits of these financial statements in accordance with auditing
standards generally accepted in the United States, which require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement presentation.
We believe that our audits, which included confirmation of securities at May 31,
2000 by correspondence with the custodian, provide a reasonable basis for the
opinion expressed above.
PricewaterhouseCoopers LLP
Denver, Colorado
June 23, 2000
<PAGE>
FINANCIAL HIGHLIGHTS
Treasurer's Money Market Reserve Fund
(For a Fund Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
YEAR PERIOD
ENDED ENDED
MAY 31 MAY 31 YEAR ENDED DECEMBER 31
-------------------------------------------------------------------------------------------------------------
2000 1999(a) 1998 1997 1996 1995
<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
=============================================================================================================
INCOME AND DISTRIBUTIONS
FROM INVESTMENT OPERATIONS
NET INVESTMENT INCOME
EARNED AND DISTRIBUTED
TO SHAREHOLDERS 0.05 0.02 0.05 0.05 0.05 0.06
=============================================================================================================
Net Asset Value-- End of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=============================================================================================================
TOTAL RETURN 5.55% 1.90%(b) 5.46% 5.48% 5.30% 5.82%
RATIOS
Net Assets --End of Period
($000 Omitted) $ 1,185,282 $ 52,396 $ 34,236 $ 67,146 $ 113,281 $141,885
Ratio of Expenses to
Average Net Assets 0.25% 0.25%(c) 0.25% 0.25% 0.25% 0.25%
Ratio of Net Investment
Income to Average
Net Assets 5.84% 4.78%(c) 5.35% 5.32% 5.17% 5.71%
(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
Treasurer's Tax-Exempt Reserve Fund
(For a Fund Share Outstanding Throughout Each Period)
YEAR PERIOD
ENDED ENDED
MAY 31 MAY 31 YEAR ENDED DECEMBER 31
-------------------------------------------------------------------------------------------------------------
2000 1999(a) 1998 1997 1996 1995
PER SHARE DATA
Net Asset Value -- Beginning
of Period $ 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 0.04 0.01 0.03 0.04 0.03 0.04
=============================================================================================================
NET ASSET VALUE-- END OF PERIOD $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=============================================================================================================
TOTAL RETURN 3.58% 1.16%(b) 3.49% 3.74% 3.45% 3.90%
RATIOS
Net Assets --End of Period
($000 Omitted) $ 66,138 $ 30,374 $ 36,707 $ 22,084 $ 23,386 $ 21,928
Ratio of Expenses to
Average Net Assets 0.25% 0.25%(c) 0.25% 0.25% 0.25% 0.25%
Ratio of Net Investment
Income to Average
Net Assets 3.59% 2.92%(c) 3.38% 3.68% 3.40% 3.86%
</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
Investor Class 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 23 ISPIX S&P500
--------------------------------------------------------------------------------
BOND
U.S. Government Securities 32 FBDGX USGvt
Select Income 30 FBDSX SelInc
High Yield 31 FHYPX HiYld
Tax-Free Bond 35 FTIFX TxFreeBd
--------------------------------------------------------------------------------
COMBINATION STOCK & BOND
Equity Income 15 FIIIX EquityInc
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
Real Estate Opportunity 42 IVSRX Realty
Technology 55 FTCHX Tech
Telecommunications 39 ISWCX Telecom
Utilities 58 FSTUX Util
--------------------------------------------------------------------------------
INTERNATIONAL
International Blue Chip Value 09 IIBCX ItlBlChp
Pacific Basin 54 FPBSX PcBas
European 56 FEURX Europ
Latin American Growth 34 IVSLX LtnAmerGr
--------------------------------------------------------------------------------
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,
RISKS, AND EXPENSES, PLEASE VISIT OUR WEB SITE, CONSULT YOUR FINANCIAL ADVISOR,
OR CALL US AT 1-800-525-8085 FOR A PROSPECTUS. READ IT CAREFULLY BEFORE YOU
INVEST OR SEND MONEY.
<PAGE>
YOU SHOULD
KNOW WHAT
INVESCO KNOWS(R)
[INVESCO ICON] INVESCO FUNDS
We're easy to stay in touch with:
Investor Services: 1-800-525-8085
Your Personal Account Line: 1-800-424-8085
On the World Wide Web: invescofunds.com
INVESCO Distributors, Inc.,(SM) Distributor
Post Office Box 173706
Denver, Colorado 80217-3706
This information must be preceded or accompanied
by a current prospectus.
ART 9180 7/00
