<PAGE>
July 31, 1997
Dear INVESCO Advisor Fund Shareholder:
So far, 1997 has been an exceptional year for the stock market. The S&P
posted a 17.5% return in the second quarter alone, its fourth best quarter out
of the last 25 years. Many of you heard Federal Reserve Chairman Greenspan ex-
press concern near the end of last year that the market was experiencing "irra-
tional exuberance." Interestingly, his comment came with the market some 1,600
points below current levels.
We are pleased to report the Advisor Funds turned in yet another period of
outstanding performance through the six-month period ended June 1997. The total
return reported below is for Class C Shares. Class A performance is available
in the FINANCIAL HIGHLIGHTS section beginning on page 27 in this report.
The EQUITY FUND, our core, value-driven portfolio, returned 18.3% for the
first half of 1997. Our discipline evaluates each company's historical profit-
ability relative to its current price. With its bias towards larger, high qual-
ity companies, the portfolio is built to perform well in all kinds of markets.
While the international markets have not kept pace with the spectacular rise
in U.S. stocks, the INTERNATIONAL VALUE FUND continues to outpace the EAFE (Eu-
rope, Australia, Far East) Index with a 14.6% return through June 30th. While
our emphasis is on stock selection as opposed to country selection, the fund is
well diversified by country and industry sector for risk control.
The FLEX FUND'S performance is impacted by its asset allocation (percentage
of stocks versus bonds) and the returns of its stocks and bonds. During the
first half of 1997 the fund benefited from an overweighing in stocks of 66% and
an underweighting in bonds of 34%, leading to a double digit return of 13.2%.
With its mixture of stocks and bonds, the Flex Fund is well positioned to par-
ticipate in up markets while protecting value in down ones.
The second quarter presented tremendous opportunity for multi-asset funds
such as MULTIFLEX. In contrast to previous months when large capitalization
stocks were the only stars, the market was more balanced from April to June as
small capitalization stocks, international stocks and real estate securities
all participated in the rally. This more representative market bodes well for
MultiFlex, which benefits as different equity and fixed income sectors rotate
in
and out of favor. Year-to-date, the MultiFlex Fund has returned 10.9% with four
of five components outperforming their benchmarks, leaving it well ahead of its
20/20/20/ 20/20 benchmark.
After providing +35% gains in 1996, real estate securities have achieved more
sustainable returns in 1997. The REAL ESTATE FUND was up 4.4% for the first six
months of the year. The fund maintains a broadly diversified portfolio with
participation in all the major property sectors, with the heaviest concentra-
tions in Hotel, Office and Retail. The REIT holdings in the portfolio have a
larger than average capitalization and a higher level of retained earnings. We
believe their characteristics offer the fund a superior measure of liquidity
and dividend safety.
The bond market has not produced the outstanding returns as seen in the stock
market thus far in 1997. For the six-month period, the INCOME FUND was up 2.1%.
The fund's maturity strategy remains slightly defensive with an average matu-
rity of 6.2 years, shorter than the Government/Corporate Bond Index. Relative
to the index, the fund is overweighted in Treasuries and Mortgages and under-
weighted in Corporates.
As you know, effective August 4, 1997, the INVESCO Advisor Funds become the
AIM Advisor Funds. While the name is different, I can assure you that there
will be no change in the way these portfolios are managed. INVESCO will con-
tinue to manage the funds and provide the same risk-averse disciplines utilized
since their inception. Our new partners at AIM look forward to offering you new
and expanded investment options and services. We greatly appreciate your con-
tinued confidence in our company, and welcome the opportunity to serve you in
the future.
Sincerely,
/s/ Hubert L. Harris, Jr.
Hubert L. Harris, Jr.
Chairman
<PAGE>
INVESCO Advisor Funds, Inc.
STATEMENT OF INVESTMENT SECURITIES
June 30, 1997
(unaudited)
<TABLE>
- --------------------------------------------------------------------------------
<CAPTION>
Shares or
Principal
Description Amount Value
- --------------------------------------------------------------------------------
<S> <C> <C>
INVESCO ADVISOR FLEX FUND
COMMON STOCKS 66.44%
BASIC MATERIALS 1.90%
Dow Chemical Co. ........................................ 75,000 $ 6,534,375
Westvaco Corp. .......................................... 135,000 4,244,062
------------
10,778,437
------------
CAPITAL GOODS 6.36%
Boeing Co. .............................................. 100,000 5,306,250
COMPAQ Computer Corp.* .................................. 80,000 7,940,000
General Electric Co. .................................... 120,000 7,845,000
Lockheed Martin Corp. ................................... 70,000 7,249,375
Snap-On, Inc. ........................................... 60,000 2,362,500
Whirlpool Corp. ......................................... 100,000 5,456,250
------------
36,159,375
------------
CONSUMER CYCLICAL 8.77%
Deluxe Corp. ............................................ 150,000 5,118,750
Ford Motor Co. .......................................... 175,000 6,606,250
Gannett Co., Inc. ....................................... 50,000 4,937,500
K Mart Corp.* ........................................... 250,000 3,062,500
Liz Claiborne, Inc. ..................................... 100,000 4,662,500
McDonald's Corp. ........................................ 110,000 5,314,375
Penney (J.C.) Co., Inc. ................................. 100,000 5,218,750
Reebok International, Ltd. .............................. 75,000 3,506,250
Rite Aid Corp. .......................................... 75,000 3,740,625
V.F. Corp. .............................................. 90,000 7,661,250
------------
49,828,750
------------
CONSUMER STAPLES 15.87%
Abbott Laboratories ..................................... 100,000 6,675,000
American Home Products Corp. ............................ 100,000 7,650,000
Anheuser-Busch Cos., Inc. ............................... 150,000 6,290,625
Archer-Daniels-Midland Co. .............................. 300,000 7,050,000
Columbia/HCA Healthcare Corp. ........................... 125,000 4,914,063
Fleming Cos., Inc. ...................................... 100,000 1,800,000
Gallaher Group PLC, ADR* ................................ 110,000 2,028,125
Genuine Parts Co. ....................................... 187,500 6,351,562
Heinz (H.J.) Co. ........................................ 125,000 5,765,625
Lilly (Eli) & Co. ....................................... 75,000 8,198,438
Mylan Laboratories, Inc. ................................ 350,000 5,162,500
Philip Morris Cos., Inc. ................................ 180,000 7,987,500
Schering-Plough Corp. ................................... 160,000 7,660,000
</TABLE>
<TABLE>
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<CAPTION>
Shares or
Principal
Description Amount Value
- --------------------------------------------------------------------------------
<S> <C> <C>
Supervalu, Inc. ......................................... 150,000 $ 5,175,000
Unilever N.V., PLC ...................................... 35,000 7,492,188
------------
90,200,626
------------
DIVERSIFIED 5.24%
Fortune Brands, Inc. .................................... 110,000 4,104,375
Hanson PLC, ADR ......................................... 43,750 1,093,750
Minnesota Mining & Manufacturing Co. .................... 70,000 7,140,000
National Service Industries, Inc. ....................... 100,000 4,868,750
Phelps Dodge Corp. ...................................... 70,000 5,963,125
Textron, Inc. ........................................... 100,000 6,637,500
------------
29,807,500
------------
ENERGY 5.20%
Amoco Corp. ............................................. 50,000 4,346,875
Energy Group PLC, ADR ................................... 43,750 1,853,906
Exxon Corp. ............................................. 100,000 6,150,000
Repsol SA, ADR .......................................... 200,000 8,487,500
Royal Dutch Petroleum Co. ............................... 160,000 8,700,000
------------
29,538,281
------------
FINANCE 12.21%
American General Corp. .................................. 110,000 5,252,500
Dun & Bradstreet Corp. .................................. 200,000 5,250,000
First Chicago NBD Corp. ................................. 150,000 9,075,000
First of America Bank Corp. ............................. 135,000 6,176,250
First Union Corp. ....................................... 30,000 2,775,000
Marsh & McLennan Cos., Inc. ............................. 100,000 7,137,500
Morgan Stanley, Dean Witter,
Discover & Co........................................... 181,500 7,815,844
NationsBank Corp. ....................................... 100,000 6,450,000
Ohio Casualty Corp. ..................................... 150,000 6,600,000
SAFECO Corp. ............................................ 150,000 7,003,125
Wachovia Corp. .......................................... 100,000 5,831,250
------------
69,366,469
------------
TECHNOLOGY 3.55%
Computer Associates International, Inc. ................. 100,000 5,568,750
Hewlett-Packard Co. ..................................... 100,000 5,600,000
International Business Machines Corp. ................... 100,000 9,018,750
------------
20,187,500
------------
TRANSPORTATION & SERVICES 1.80%
Browning-Ferris Industries, Inc. ........................ 150,000 4,987,500
Illinois Central Corp. .................................. 150,000 5,240,625
------------
10,228,125
------------
UTILITIES 5.54%
Edison International Corp. .............................. 250,000 6,218,750
GPU Corp. ............................................... 175,000 6,278,125
NYNEX Corp. ............................................. 115,000 6,626,875
</TABLE>
1
<PAGE>
<TABLE>
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<CAPTION>
Shares or
Principal
Description Amount Value
- ---------------------------------------------------------------------------------
<S> <C> <C>
INVESCO ADVISOR FLEX FUND (CONTINUED)
Telefonica de Espana, ADR ............................... 60,000 $ 5,175,000
Telefonos de Mexico SA, "L", ADR ........................ 150,000 7,162,500
------------
31,461,250
------------
TOTAL COMMON STOCKS
(Cost $220,139,805) .................................... 377,556,313
------------
FIXED INCOME SECURITIES 28.71%
U.S. GOVERNMENT OBLIGATIONS 21.34%
U.S. TREASURY NOTES
6.125%, 03/31/1998 ..................................... 10,000,000 10,031,250
7.125%, 10/15/1998 ..................................... 10,000,000 10,146,880
8.875%, 02/15/1999 ..................................... 11,250,000 11,738,678
6.750%, 06/30/1999 ..................................... 5,000,000 5,060,940
6.375%, 07/15/1999 ..................................... 10,000,000 10,056,250
8.750%, 08/15/2000 ..................................... 9,000,000 9,624,375
7.875%, 08/15/2001 ..................................... 7,000,000 7,380,625
7.500%, 05/15/2002 ..................................... 4,500,000 4,708,125
6.250%, 02/15/2003 ..................................... 5,000,000 4,960,940
7.250%, 05/15/2004 ..................................... 10,000,000 10,421,880
6.500%, 08/15/2005 ..................................... 7,000,000 6,982,500
9.375%, 02/15/2006 ..................................... 8,000,000 9,482,504
9.250%, 02/15/2016 ..................................... 9,000,000 11,261,250
7.250%, 08/15/2022 ..................................... 9,000,000 9,390,942
------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $120,242,101)..................................... 121,247,139
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS 4.67%
FEDERAL HOME LOAN MORTGAGE CORP. GOLD
6.500%, 07/01/2001, Pool #G50362 ....................... 3,715,458 3,694,559
8.000%, 10/01/2010, Pool #G10518 ....................... 2,650,238 2,723,949
------------
6,418,508
------------
FEDERAL NATIONAL MORTGAGE ASSN.
8.500%, 03/01/2010, Pool #313136 ....................... 2,645,598 2,735,715
6.500%, 06/01/2011, Pool #250579 ....................... 2,791,609 2,734,032
6.500%, 05/01/2026, Pool #313097 ....................... 4,809,765 4,600,853
7.500%, 11/01/2026, Pool #250736 ....................... 2,936,806 2,943,237
------------
13,013,837
------------
GOVERNMENT NATIONAL MORTGAGE ASSN.
6.500%, 10/15/2008, Pool #354668 ....................... 1,311,297 1,290,808
7.000%, 10/15/2008, Pool #372807 ....................... 1,223,564 1,225,094
6.000%, 11/15/2008, Pool #365945 ....................... 1,389,479 1,341,715
7.500%, 03/15/2026, Pool #417287 ....................... 3,215,112 3,223,160
------------
7,080,777
------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $26,621,569)...................................... 26,513,122
------------
</TABLE>
<TABLE>
- --------------------------------------------------------------------------------
<CAPTION>
Shares or
Principal
Description Amount Value
- --------------------------------------------------------------------------------
<S> <C> <C>
CORPORATE BONDS 2.70%
FINANCE 0.95%
Commercial Credit Corp.,
5.550%, 02/15/2001 .................................... 3,000,000 $ 2,888,808
National City Corp., 7.200%, 05/15/2005................. 1,000,000 1,008,956
NationsBank Corp., 5.375%, 04/15/2000................... 1,550,000 1,504,687
------------
5,402,451
------------
INDUSTRIAL 1.23%
ConAgra, Inc., 9.750%, 11/01/1997 ...................... 1,000,000 1,012,080
Ford Motor Co., 7.500%, 11/15/1999 ..................... 750,000 766,273
Rockwell International, Inc.,
6.625%, 06/01/2005 .................................... 1,500,000 1,476,513
Sherwin Williams, 6.500%, 02/01/2002 ................... 3,000,000 2,978,943
Wal-Mart Stores, Inc.,
5.500%, 03/01/1998 .................................... 750,000 747,734
------------
6,981,543
------------
UTILITIES 0.52%
Pennsylvania Power & Light Co.,
6.875%, 02/01/2003 .................................... 1,000,000 995,118
Pennsylvania Power & Light Co.,
6.550%, 03/01/2006 .................................... 1,900,000 1,826,022
Union Electric Co.,
6.750%, 10/15/1999 .................................... 150,000 150,952
------------
2,972,092
------------
TOTAL CORPORATE BONDS
(Cost $15,662,444)..................................... 15,356,086
------------
TOTAL FIXED INCOME SECURITIES
(Cost $162,526,114).................................... 163,116,347
------------
SHORT TERM INVESTMENTS 4.85%
COMMERCIAL PAPER 1.76%
Greenwich Funding Corp.
5.550%, 07/10/1997 .................................... 5,000,000 4,993,062
Greenwich Funding Corp.
5.550%, 07/11/1997 .................................... 5,000,000 4,992,292
------------
TOTAL COMMERCIAL PAPER
(Cost $9,985,354)...................................... 9,985,354
------------
OTHER SECURITIES 3.09%
UMB Bank, N.A., Money Market Fiduciary+, 4.290% ........ 17,573,482 17,573,482
------------
TOTAL SHORT TERM INVESTMENTS
(Cost $27,558,836) .................................... 27,558,836
------------
TOTAL INVESTMENTS
(100.00%) (Cost $410,224,755#) ........................ $568,231,496
============
</TABLE>
2
<PAGE>
<TABLE>
- --------------------------------------------------------------------------------
<CAPTION>
Shares or
Principal
Description Amount Value
- --------------------------------------------------------------------------------
<S> <C> <C>
INVESCO ADVISOR EQUITY FUND
COMMON STOCKS 95.31%
BASIC MATERIALS 2.47%
Dow Chemical Co. ........................................ 17,000 $ 1,481,125
Great Lakes Chemical Corp. .............................. 20,000 1,047,500
Westvaco Corp. .......................................... 45,000 1,414,687
------------
3,943,312
------------
CAPITAL GOODS 7.79%
Boeing Co. .............................................. 29,000 1,538,812
Dover Corp. ............................................. 24,000 1,476,000
Lockheed Martin Corp. ................................... 35,860 3,713,751
Pitney Bowes, Inc. ...................................... 20,700 1,474,875
Raytheon Co. ............................................ 39,400 2,009,400
Unifi, Inc. ............................................. 60,000 2,242,500
------------
12,455,338
------------
CONSUMER CYCLICAL 9.69%
Cooper Tire & Rubber Co. ................................ 62,000 1,364,000
Disney (Walt) Co. ....................................... 14,000 1,123,500
Gap, Inc. ............................................... 50,000 1,943,750
Mattel, Inc. ............................................ 60,000 2,032,500
Maytag Corp. ............................................ 106,900 2,792,762
McDonald's Corp. ........................................ 27,600 1,333,425
Penney (J.C.) Co., Inc. ................................. 40,000 2,087,500
Russell Corp. ........................................... 56,000 1,659,000
Shaw Industries, Inc. ................................... 109,000 1,158,125
------------
15,494,562
------------
CONSUMER STAPLES 22.39%
Abbott Laboratories ..................................... 41,600 2,776,800
American Home Products Corp. ............................ 42,000 3,213,000
Archer-Daniels-Midland Co. .............................. 85,000 1,997,500
Columbia/HCA Healthcare Corp. ........................... 70,200 2,759,738
Gallaher Group PLC, ADR* ................................ 50,000 921,875
Heinz (H.J.) Co. ........................................ 58,350 2,691,394
Kimberly-Clark Corp. .................................... 40,000 1,990,000
Lilly (Eli) & Co. ....................................... 24,200 2,645,363
Merck & Co., Inc. ....................................... 30,900 3,198,150
Mylan Laboratories, Inc. ................................ 77,000 1,135,750
Nike, Inc., Cl. B ....................................... 20,000 1,167,500
PepsiCo., Inc. .......................................... 85,000 3,192,812
Philip Morris Cos., Inc. ................................ 71,700 3,181,687
Schering-Plough Corp. ................................... 71,200 3,408,700
Tyson Foods, Inc., Cl. A ................................ 79,000 1,510,875
------------
35,791,144
------------
DIVERSIFIED 6.80%
Cognizant Corp. ......................................... 40,000 1,620,000
Fortune Brands, Inc. .................................... 50,000 1,865,625
</TABLE>
<TABLE>
- --------------------------------------------------------------------------------
<CAPTION>
Shares or
Principal
Description Amount Value
- --------------------------------------------------------------------------------
<S> <C> <C>
General Electric Co. .................................... 48,000 $ 3,138,000
Textron, Inc. ........................................... 64,000 4,248,000
------------
10,871,625
------------
ENERGY 6.65%
Amoco Corp. ............................................. 24,600 2,138,663
Exxon Corp. ............................................. 44,000 2,706,000
Repsol SA, ADR .......................................... 60,000 2,546,250
Royal Dutch Petroleum Co. ............................... 59,600 3,240,750
------------
10,631,663
------------
ENVIRONMENTAL SERVICES 1.00%
Waste Management, Inc. .................................. 50,000 1,606,250
------------
FINANCE 19.86%
American General Corp. .................................. 48,600 2,320,650
American International Group, Inc. ...................... 23,100 3,450,563
Chubb Corp. ............................................. 25,000 1,671,875
Dun & Bradstreet Corp. .................................. 90,000 2,362,500
Fannie Mae .............................................. 40,000 1,745,000
First Chicago NBD Corp. ................................. 53,800 3,254,900
First of America Bank Corp. ............................. 60,000 2,745,000
First Union Corp. ....................................... 30,000 2,775,000
General RE Corp. ........................................ 13,500 2,457,000
Jefferson-Pilot Corp. ................................... 24,000 1,677,000
Morgan Stanley, Dean Witter,
Discover & Co. ......................................... 61,050 2,628,966
NationsBank Corp. ....................................... 45,674 2,945,973
SAFECO Corp. ............................................ 37,000 1,727,437
------------
31,761,864
------------
TECHNOLOGY 12.30%
COMPAQ Computer Corp.* .................................. 20,500 2,034,625
Computer Associates International, Inc. ................. 55,000 3,062,813
Electronic Data Systems Corp. ........................... 45,000 1,845,000
Hewlett-Packard Co. ..................................... 56,000 3,136,000
Intel Corp. ............................................. 3,500 496,344
International Business Machines Corp. ................... 36,000 3,246,750
Motorola, Inc. .......................................... 25,000 1,900,000
Xerox Corp. ............................................. 50,000 3,943,750
------------
19,665,282
------------
TRANSPORTATION & SERVICES 1.02%
Illinois Central Corp. .................................. 46,500 1,624,594
------------
UTILITIES 5.34%
CINergy Corp. ........................................... 61,000 2,123,562
Entergy Corp. ........................................... 40,000 1,095,000
Southern New England Telecommunications Corp. ........... 60,000 2,332,500
</TABLE>
3
<PAGE>
<TABLE>
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<CAPTION>
Shares or
Principal
Description Amount Value
- --------------------------------------------------------------------------------
<S> <C> <C>
INVESCO ADVISOR EQUITY FUND (CONTINUED)
Telefonos de Mexico SA, "L", ADR ........................ 40,800 $ 1,948,200
Texas Utilities Co. ..................................... 30,000 1,033,125
------------
8,532,387
------------
TOTAL COMMON STOCKS
(Cost $91,714,679) ..................................... 152,378,021
------------
SHORT TERM INVESTMENTS 4.69%
COMMERCIAL PAPER 2.22%
Greenwich Funding Corp. 5.580%, 07/07/1997 .............. 2,000,000 1,998,140
Air Products & Chemicals, Inc. 5.530%, 07/22/1997 ....... 1,565,000 1,559,952
------------
TOTAL COMMERCIAL PAPER
(Cost $3,558,092) ...................................... 3,558,092
------------
OTHER SECURITIES 2.47%
UMB Bank, N.A., Money Market Fiduciary+, 4.290% ......... 3,942,932 3,942,932
------------
TOTAL SHORT TERM INVESTMENTS
(Cost $7,501,024) ...................................... 7,501,024
------------
TOTAL INVESTMENTS
(100.00%) (Cost $99,215,703#) .......................... $159,879,045
============
INVESCO ADVISOR MULTIFLEX FUND
COMMON STOCKS 80.01%
LARGE CAPITALIZATION EQUITIES 17.03%
Abbott Laboratories ..................................... 17,650 $ 1,178,138
Air Products & Chemicals, Inc. .......................... 3,400 276,250
American General Corp. .................................. 19,900 950,225
American Home Products Corp. ............................ 11,000 841,500
American International Group, Inc. ...................... 6,950 1,038,156
Amoco Corp. ............................................. 4,000 347,750
Archer-Daniels-Midland Co. .............................. 48,500 1,139,750
Atlantic Richfield Co. .................................. 7,800 549,900
Biomet, Inc. ............................................ 19,500 363,187
Boeing Co. .............................................. 6,800 360,825
Bristol-Myers Squibb Co. ................................ 17,900 1,449,900
Chubb Corp. ............................................. 2,900 193,937
Columbia/HCA Healthcare Corp. ........................... 25,828 1,015,363
COMPAQ Computer Corp.* .................................. 7,800 774,150
Computer Associates International, Inc. ................. 10,400 579,150
Cooper Tire & Rubber Co. ................................ 22,300 490,600
Disney (Walt) Co. ....................................... 5,000 401,250
Dover Corp. ............................................. 14,850 913,275
Dow Chemical Co. ........................................ 6,200 540,175
</TABLE>
<TABLE>
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<CAPTION>
Shares or
Principal
Description Amount Value
- --------------------------------------------------------------------------------
<S> <C> <C>
DTE Energy Co. .......................................... 26,700 $ 737,588
Dun & Bradstreet Corp. .................................. 14,100 370,125
Electronic Data Systems Corp. ........................... 7,700 315,700
Emerson Electric Co. .................................... 17,600 969,100
Exxon Corp. ............................................. 17,400 1,070,100
Fannie Mae .............................................. 24,300 1,060,087
First Chicago NBD Corp. ................................. 17,000 1,028,500
Ford Motor Co. .......................................... 16,600 626,650
Fortune Brands, Inc. .................................... 14,500 541,031
Gallaher Group PLC, ADR* ................................ 14,500 267,344
Gannett Co., Inc. ....................................... 7,000 691,250
General Electric Co. .................................... 11,000 719,125
General RE Corp. ........................................ 3,800 691,600
Great Lakes Chemical Corp. .............................. 15,500 811,813
Heinz (H.J.) Co. ........................................ 19,000 876,375
Hewlett-Packard Co. ..................................... 18,400 1,030,400
Intel Corp. ............................................. 2,500 354,531
International Business Machines Corp. ................... 9,400 847,763
Jefferson-Pilot Corp. ................................... 2,600 181,675
Johnson & Johnson ....................................... 10,800 695,250
Kimberly-Clark Corp. .................................... 18,200 905,450
Lilly (Eli) & Co. ....................................... 7,500 819,844
Lockheed Martin Corp. ................................... 9,616 995,857
Marsh & McLennan Cos., Inc. ............................. 8,050 574,569
Mattel, Inc. ............................................ 21,200 718,150
McDonald's Corp. ........................................ 10,500 507,281
Merck & Co., Inc. ....................................... 9,100 941,850
Minnesota Mining & Manufacturing Co. .................... 9,000 918,000
Morgan Stanley, Dean Witter,
Discover & Co. ......................................... 14,850 639,478
Motorola, Inc. .......................................... 5,200 395,200
NationsBank Corp. ....................................... 21,662 1,397,199
Norfolk Southern Corp. .................................. 3,500 352,625
Penney (J.C.), Inc. ..................................... 13,375 698,008
PepsiCo, Inc. ........................................... 28,350 1,064,897
Phelps Dodge Corp. ...................................... 8,500 724,094
Philip Morris Cos., Inc. ................................ 29,250 1,297,969
Pitney Bowes, Inc. ...................................... 7,900 562,875
Ralston-Purina Group .................................... 12,100 994,469
Raytheon Co. ............................................ 20,000 1,020,000
Rite Aid Corp. .......................................... 18,000 897,750
Royal Dutch Petroleum Co. ............................... 27,600 1,500,750
Russell Corp. ........................................... 5,100 151,087
SAFECO Corp. ............................................ 18,500 863,719
Salomon, Inc. ........................................... 13,000 723,125
Schering-Plough Corp. ................................... 30,100 1,441,038
Shaw Industries, Inc. ................................... 13,000 138,125
Southern Co. ............................................ 25,000 546,875
Southern New England Telecommunications Corp. ........... 23,350 907,731
Texas Utilities Co. ..................................... 11,000 378,813
Textron, Inc. ........................................... 20,000 1,327,500
</TABLE>
4
<PAGE>
<TABLE>
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<CAPTION>
Shares or
Principal
Description Amount Value
- --------------------------------------------------------------------------------
<S> <C> <C>
INVESCO ADVISOR MULTIFLEX FUND (CONTINUED)
Unifi, Inc. ............................................. 10,000 $ 373,750
Vulcan Materials Co. .................................... 11,000 863,500
Wachovia Corp. .......................................... 10,000 583,125
Wal-Mart Stores, Inc. ................................... 10,500 355,031
Waste Management, Inc. .................................. 22,500 722,812
Westvaco Corp. .......................................... 18,000 565,875
Whirlpool Corp. ......................................... 11,500 627,469
Xerox Corp. ............................................. 14,500 1,143,687
York International Corp. ................................ 12,500 575,000
------------
57,504,065
------------
SMALL CAPITALIZATION EQUITIES 23.59%
Actel Corp.* ............................................ 8,400 143,325
Acuson Corp.* ........................................... 18,700 430,100
ACX Technologies, Inc.* ................................. 10,200 229,500
Acxiom Corp.* ........................................... 25,400 520,700
ADAC Laboratories ....................................... 16,200 382,725
Advanced Technology Laboratories, Inc.* ................. 12,500 537,500
Aeroquip-Vickers, Inc. .................................. 7,800 368,550
Airborne Freight Corp. .................................. 11,600 485,750
ALBANK Financial Corp. .................................. 15,840 625,680
Alex Brown, Inc. ....................................... 4,200 296,625
America West Holdings Corp., Cl. B* ..................... 13,100 189,950
American Bankers Insurance Group, Inc. . ................ 17,600 1,113,200
AmeriSource Health Corp., Cl. A* ........................ 4,900 244,388
Amylin Pharmaceuticals, Inc.* ........................... 5,130 70,537
Applebee's International, Inc. .......................... 16,100 430,675
AptarGroup, Inc. ........................................ 6,700 303,175
Arvin Industries, Inc. .................................. 17,500 476,875
Ashland Coal, Inc. ...................................... 8,300 236,550
Aspen Technologies, Inc.* ............................... 9,600 361,200
Astoria Financial Corp. ................................. 22,100 1,049,750
Ballard Medical Products ................................ 32,400 650,025
BancTec, Inc.* .......................................... 21,800 565,437
Bell Industries, Inc.* .................................. 11,464 179,125
Berkley (W.R.) Corp. .................................... 11,200 659,400
Bindley Western Industries, Inc. ........................ 18,900 433,519
Black Box Corp.* ........................................ 4,200 169,050
Blount International, Inc., Cl. A ....................... 5,100 217,069
Boole & Babbage, Inc.* .................................. 18,000 382,500
Borg-Warner Automotive, Inc. ............................ 14,600 789,313
Brinker International, Inc.* ............................ 10,000 142,500
Bristol Hotel Co.* ...................................... 2,500 96,250
Brown & Sharpe Manufacturing Co.,
Cl. A* ................................................. 8,400 127,050
Burr-Brown Corp.* ....................................... 4,300 148,350
Cabot Oil & Gas Corp., Cl. A ............................ 20,100 354,263
Camco International, Inc. ............................... 7,700 421,575
Carlisle Cos., Inc. ..................................... 12,800 446,400
Carmike Cinemas, Inc., Cl. A* ........................... 17,000 556,750
</TABLE>
<TABLE>
- --------------------------------------------------------------------------------
<CAPTION>
Shares or
Principal
Description Amount Value
- --------------------------------------------------------------------------------
<S> <C> <C>
Carson Pirie Scott & Co.* ............................... 7,800 $ 247,650
Carter-Wallace, Inc. .................................... 31,900 570,212
CCB Financial Corp. ..................................... 5,100 372,937
Centex Corp. ............................................ 28,300 1,149,687
Central Louisiana Electric Co. .......................... 7,600 213,750
Central Maine Power Co. ................................. 16,000 198,000
Chart Industries, Inc. .................................. 7,100 194,362
Chesapeake Corp. ........................................ 23,200 783,000
CILCORP, Inc. ........................................... 5,500 226,531
CKE Restaurants, Inc. ................................... 22,350 706,819
CMAC Investment Corp. ................................... 10,300 491,825
Coast Savings Financial, Inc.* .......................... 15,600 708,825
Cognex Corp.* ........................................... 9,400 249,100
Commonwealth Energy System .............................. 10,400 248,950
Computer Management Sciences, Inc.* ..................... 2,500 51,250
Computer Task Group, Inc. ............................... 24,600 916,350
Coors (Adolph) Co., Cl. B ............................... 20,300 540,487
Cullen/Frost Bankers, Inc. .............................. 26,000 1,101,750
Dallas Semiconductor Corp. .............................. 9,300 365,025
Data General Corp.* ..................................... 10,700 278,200
Davox Corp.* ............................................ 12,800 457,600
Dean Foods Co. .......................................... 12,100 488,538
Delphi Financial Group, Inc., Cl. A* .................... 6,732 259,182
DeVry, Inc.* ............................................ 21,500 580,500
Dexter Corp. ............................................ 28,800 921,600
Dionex Corp.* ........................................... 9,100 466,375
E'town Corp. ............................................ 5,100 157,463
Earthgrains Co. ......................................... 7,800 511,388
Energen Corp. ........................................... 16,500 555,844
Ethan Allen Interiors, Inc. ............................. 6,600 376,200
EVI, Inc.* .............................................. 7,400 310,800
Expeditors International of
Washington, Inc. ....................................... 26,800 760,450
Fair Isaac & Co., Inc. .................................. 6,000 267,375
Faulding, Inc.* ......................................... 400 4,900
First Michigan Bank Corp. ............................... 6,930 209,633
First Midwest Bancorp, Inc. ............................. 11,500 364,406
Fred Meyer, Inc.* ....................................... 5,900 304,956
Frontier Insurance Group, Inc. .......................... 10,810 699,948
Fuller (H.B.) Co. ....................................... 5,000 275,000
Furniture Brands International, Inc.* ................... 32,700 633,563
G & K Services, Inc., Cl. A ............................. 10,900 406,025
Gerber Scientific, Inc. ................................. 22,900 452,275
Getchell Gold Corp.* .................................... 5,600 197,400
Gilead Sciences, Inc.* .................................. 7,700 212,712
Guarantee Life Cos., Inc. ............................... 16,700 419,588
Harbinger Corp.* ........................................ 9,300 260,400
Hawaiian Electric Industries, Inc. ...................... 15,200 587,100
Heartland Express, Inc.* ................................ 8,850 207,975
Home Ownership Funding, Pfd. ............................ 6,400 624,000
Horace Mann Educators Corp. ............................. 10,800 529,200
Houghton Mifflin Co. .................................... 9,200 614,100
</TABLE>
5
<PAGE>
<TABLE>
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<CAPTION>
Shares or
Principal
Description Amount Value
- --------------------------------------------------------------------------------
<S> <C> <C>
INVESCO ADVISOR MULTIFLEX FUND (CONTINUED)
ICN Pharmaceuticals, Inc. ............................... 7,200 $ 206,550
IDEX Corp. .............................................. 19,200 633,600
IES Industries, Inc. .................................... 8,800 259,600
Illinois Central Corp. .................................. 25,000 873,438
Immunex Corp.* .......................................... 12,500 453,125
Imperial Bancorp* ....................................... 8,900 256,988
Imperial Credit Industries, Inc.* ....................... 10,500 215,906
Integrated Health Services, Inc. ........................ 13,300 512,050
Interface, Inc. ......................................... 15,400 340,725
International Multifoods Corp. .......................... 11,600 291,450
Interstate Power Co. .................................... 9,300 266,213
Invacare Corp. .......................................... 34,500 806,437
Ionics, Inc.* ........................................... 4,700 213,850
Jabil Circuit, Inc.* .................................... 5,500 461,312
Jones Medical Industries, Inc. .......................... 4,200 199,500
Keane, Inc.* ............................................ 2,900 150,800
Kellwood Co. ............................................ 11,300 313,575
Kinetic Concepts, Inc. .................................. 36,600 658,800
Lands' End, Inc.* ....................................... 28,200 835,425
Lawyers Title Corp. ..................................... 12,300 232,163
Lazara Properties, Inc., Pfd. ........................... 5,000 492,750
Life Re Corp. ........................................... 5,200 242,450
Logicon, Inc. ........................................... 5,200 275,600
Louis Dreyfus Natural Gas Corp.* ........................ 24,200 393,250
Luby's Cafeterias, Inc. ................................. 10,400 207,350
Magna Group, Inc. ....................................... 12,200 423,950
Manitowoc Co., Inc. ..................................... 9,900 462,825
McClatchy Newspapers, Inc., Cl. A ....................... 7,000 205,625
Medusa Corp. ............................................ 8,800 337,700
Methode Electronics, Inc., Cl. A ........................ 26,300 522,712
Metromedia International Group, Inc.* ................... 4,800 60,900
Miller (Herman), Inc. ................................... 12,400 446,400
Minnesota Power & Light Co. ............................. 8,300 252,113
Multicare Cos., Inc.* ................................... 25,250 691,219
National Data Corp. ..................................... 5,700 246,881
National Steel Corp., Cl. B* ............................ 24,300 408,544
Nautica Enterprises, Inc.* .............................. 10,100 267,019
NeXstar Pharmaceuticals, Inc.* .......................... 6,800 96,900
Norrell Corp. ........................................... 29,800 983,400
Nortek, Inc.* ........................................... 6,700 161,637
NovaCare, Inc.* ......................................... 9,500 131,813
Octel Communications Corp.* ............................. 5,000 117,187
ONBANCorp., Inc. ........................................ 7,700 392,700
Oneida, Ltd. ............................................ 11,500 306,906
ONEOK, Inc. ............................................. 10,200 328,313
Orion Capital Corp. ..................................... 11,200 826,000
Parker & Parsley Petroleum Co. .......................... 15,700 555,387
Periphonics Corp.* ...................................... 16,000 344,000
Perrigo Co.* ............................................ 56,400 705,000
Pier 1 Imports, Inc. .................................... 6,500 172,250
</TABLE>
<TABLE>
- --------------------------------------------------------------------------------
<CAPTION>
Shares or
Principal
Description Amount Value
- --------------------------------------------------------------------------------
<S> <C> <C>
Poe & Brown, Inc. ....................................... 18,200 $ 673,400
Precision Castparts Corp. ............................... 5,950 354,769
Presidential Life Corp. ................................. 55,800 1,081,125
Primadonna Resorts, Inc.* ............................... 26,500 511,781
Prime Hospitality Corp.* ................................ 13,000 256,750
Pulitzer Publishing Co. ................................. 6,400 339,200
Pulte Corp. ............................................. 6,800 235,025
Quaker Fabric Corp.* .................................... 3,000 49,500
Quanex Corp. ............................................ 32,500 997,344
Quick & Reilly Group, Inc. .............................. 33,275 773,644
Raymond James Financial, Inc. ........................... 16,350 447,581
Reliance Group Holdings, Inc. ........................... 49,200 584,250
Remedy Corp.* ........................................... 5,300 212,000
Richfood Holdings, Inc. ................................. 3,000 78,000
Robbins & Myers, Inc. ................................... 23,100 750,750
Ross Stores, Inc. ....................................... 22,800 745,275
Scotsman Industries, Inc. ............................... 9,000 256,500
Sequa Corp., Cl. A* ..................................... 5,500 310,062
ShopKo Stores, Inc. ..................................... 15,400 392,700
SIGCORP, Inc. ........................................... 10,950 277,856
Sirrom Capital Corp. .................................... 2,900 100,050
Snyder Oil Corp. ........................................ 57,900 1,063,912
Sofamor Danek Group, Inc.* .............................. 8,800 402,600
Sovereign Bancorp ....................................... 28,900 440,725
Springs Industries, Inc., Cl. A ......................... 11,400 601,350
St. John Knits, Inc. .................................... 12,600 680,400
Standard Commercial Corp.* .............................. 13,534 235,153
Steel Dynamics, Inc.* ................................... 1,800 45,000
Stone & Webster, Inc. ................................... 14,900 636,044
Stratus Computer, Inc.* ................................. 6,700 335,000
Structural Dynamics Research Corp.* ..................... 4,100 107,625
Symantec Corp.* ......................................... 6,400 124,800
Tech Data Corp.* ........................................ 12,300 386,681
Technitrol, Inc. ........................................ 9,000 246,375
Tesoro Petroleum Corp.* ................................. 2,200 32,587
The Sports Authority, Inc.* ............................. 18,100 351,819
TheraTech, Inc.* ........................................ 3,800 44,650
Tier One Properties, Inc., Pfd. ......................... 5,000 498,125
Transaction Systems Architects, Inc.,
Cl. A* ................................................. 8,600 296,700
Tredegar Industries, Inc. ............................... 17,500 971,250
Trigon Healthcare, Inc.* ................................ 8,700 210,975
U.S. Home Corp.* ........................................ 7,200 191,250
U.S. Trust Corp. ........................................ 9,700 457,112
UNC, Inc.* .............................................. 21,600 315,900
United Stationers, Inc.* ................................ 3,300 83,325
Universal Corp. ......................................... 11,300 358,775
Universal Health Services, Inc., Cl. B* ................. 16,800 646,800
U.S. Office Products Co.* ............................... 5,300 161,981
Veritas DGC, Inc.* ...................................... 2,500 56,875
Waban, Inc.* ............................................ 11,700 376,594
Wang Laboratories, Inc.* ................................ 24,500 522,156
</TABLE>
6
<PAGE>
<TABLE>
- --------------------------------------------------------------------------------
<CAPTION>
Shares or
Principal
Description Amount Value
- --------------------------------------------------------------------------------
<S> <C> <C>
INVESCO ADVISOR MULTIFLEX FUND (CONTINUED)
Werner Enterprises, Inc. ................................ 18,300 $ 354,562
West Co., Inc. .......................................... 16,200 463,725
WestPoint Stevens, Inc.* ................................ 9,100 356,038
World Fuel Services Corp. ............................... 23,800 520,625
Yellow Corp.* ........................................... 17,800 398,275
Zilog, Inc.* ............................................ 22,600 429,400
------------
79,639,551
------------
INTERNATIONAL EQUITIES 20.79%
ABN AMRO Holdings N.V., ADR ............................. 80,000 1,510,000
Akzo Nobel N.V., ADR .................................... 20,000 1,382,500
Amcor, Ltd., ADR ........................................ 40,000 1,050,000
Associated British Foods PLC, ADR ....................... 165,000 1,423,834
Astra AB, ADR ........................................... 80,000 1,520,000
Banco Santander SA, ADR ................................. 62,700 1,939,781
BASF AG, ADR ............................................ 40,000 1,479,452
Bayer AG, ADR ........................................... 27,400 1,053,837
British Airways PLC, ADR ................................ 10,000 1,149,375
British Telecommunications PLC, ADR ..................... 20,000 1,485,000
Carlton Communications PLC, ADR ......................... 35,000 1,505,000
Cemex SA, "B", ADR ...................................... 80,000 770,000
Compagnie Cervecerias Unidas SA, ADR .................... 45,000 987,187
Credit Suisse Group, ADR ................................ 50,000 1,607,675
Dai Nippon Printing Co., Ltd., ADR ...................... 7,000 1,584,310
Den Danske Bank, ADR .................................... 14,000 1,363,954
Deutsche Bank AG, ADR ................................... 20,000 1,169,560
Development Bank of
Singapore, Ltd., ADR ................................... 30,000 1,510,500
Empresa Nacional
de Electricidad SA, ADR ................................ 18,000 1,531,125
Fuji Photo Film Co., Ltd., ADR .......................... 44,000 1,776,500
Glaxo Wellcome PLC, ADR ................................. 35,000 1,463,438
Groupe Danone, ADR ...................................... 35,000 1,157,733
Hitachi, Ltd., ADR ...................................... 12,000 1,356,000
Hong Kong Electric Holdings, Ltd., ADR .................. 200,000 805,440
HSBC Holdings PLC, ADR .................................. 5,000 1,503,752
Istituto Mobiliare Italiano SA, ADR ..................... 35,000 953,750
Kirin Brewery Co., Ltd., ADR ............................ 12,000 1,248,000
Konica Corp., ADR ....................................... 18,000 1,149,840
Kyocera Corp., ADR ...................................... 9,000 1,431,000
LVMH (Moet Hennessy Louis
Vuitton), ADR .......................................... 20,000 1,077,500
Matsushita Electric
Industrial Co., Ltd., ADR .............................. 6,000 1,227,000
National Australia Bank, Ltd., ADR ...................... 25,000 1,782,813
Nestle SA, ADR .......................................... 27,000 1,783,517
Norsk Hydro A/S, ADR .................................... 30,000 1,625,625
Novartis AG, ADR ........................................ 26,666 2,136,480
Novo Nordisk A/S, ADR ................................... 30,000 1,646,250
Portugal Telecommunications SA, ADR ..................... 30,000 1,203,750
</TABLE>
<TABLE>
- --------------------------------------------------------------------------------
<CAPTION>
Shares or
Principal
Description Amount Value
- --------------------------------------------------------------------------------
<S> <C> <C>
PowerGen PLC, ADR ....................................... 30,000 $ 1,455,000
Repsol SA, ADR .......................................... 27,000 1,145,813
Rio Tinto, Ltd., ADR* ................................... 24,000 1,623,905
RWE AG, ADR ............................................. 27,000 1,162,099
Sekisui House, Ltd., ADR ................................ 10,000 1,013,700
Shell Transport & Trading Co., ADR ...................... 12,500 1,571,875
Societe Generale, ADR ................................... 60,000 1,340,839
Stet Societa Finanziaria Telefonica SA, ADR.............. 30,000 1,751,250
Sun Hung Kai Properties, Ltd., ADR ...................... 85,000 1,023,094
Telefonica de Espana, ADR ............................... 20,000 1,725,000
Telefonos de Mexico SA, "L", ADR ........................ 15,000 716,250
Total SA, ADR ........................................... 30,000 1,522,500
Unilever N.V., PLC ...................................... 8,000 1,712,500
Vitro SA, ADR* .......................................... 1,160 13,050
Volvo AB, ADR ........................................... 40,000 1,070,000
------------
70,198,353
------------
REAL ESTATE EQUITIES 18.60%
American General Hospitality Corp. ...................... 103,300 2,556,675
Arden Realty Group, Inc. ................................ 56,900 1,479,400
Bay Apartment Communities, Inc. ......................... 40,600 1,502,200
Beacon Properties Corp. ................................. 88,800 2,963,700
Cali Realty Corp. ....................................... 54,200 1,842,800
CBL & Associates Properties, Inc. ....................... 79,600 1,910,400
Chelsea GCA Realty, Inc. ................................ 32,200 1,223,600
Duke Realty Investments, Inc. ........................... 33,200 1,344,600
Equity Residential Properties Trust ..................... 51,500 2,446,250
Essex Property Trust, Inc. .............................. 75,500 2,425,437
Excel Realty Trust, Inc. ................................ 35,500 936,312
FelCor Suite Hotels, Inc. ............................... 75,800 2,823,550
First Industrial Realty Trust, Inc. ..................... 79,000 2,310,750
Gables Residential Trust ................................ 60,100 1,517,525
General Growth Properties Trust ......................... 5,600 187,600
Glenborough Realty Trust, Inc. .......................... 19,100 482,275
Healthcare Realty Trust, Inc. ........................... 51,000 1,421,625
Highwoods Properties, Inc. .............................. 38,100 1,219,200
JDN Realty Corp. ........................................ 58,100 1,815,625
JP Realty, Inc. ......................................... 25,700 697,112
Kilroy Realty Corp. ..................................... 60,700 1,532,675
Kimco Realty Corp. ...................................... 28,050 890,588
Koger Equity, Inc. ...................................... 83,000 1,514,750
Liberty Property Trust .................................. 102,900 2,559,637
Merry Land & Investment Co., Inc. ....................... 69,300 1,502,944
MGI Properties, Inc. .................................... 69,900 1,542,169
Nationwide Health Properties, Inc. ...................... 35,900 789,800
Parkway Properties, Inc. ................................ 26,600 714,875
Patriot American Hospitality, Inc. ...................... 132,900 3,388,950
Prentiss Properties Trust ............................... 76,500 1,960,313
Price REIT, Inc. ........................................ 33,000 1,200,375
Public Storage, Inc. .................................... 77,900 2,278,575
RFS Hotel Investors, Inc. ............................... 55,500 999,000
Security Capital Industrial Trust ....................... 26,500 569,750
</TABLE>
7
<PAGE>
<TABLE>
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<CAPTION>
Shares or
Principal
Description Amount Value
- ---------------------------------------------------------------------------------
<S> <C> <C>
INVESCO ADVISOR MULTIFLEX FUND (CONTINUED)
Shurgard Storage Centers, Inc. ........................... 33,100 $ 926,800
Simon DeBartolo Group, Inc. .............................. 71,600 2,291,200
Spieker Properties, Inc. ................................. 23,200 816,350
Starwood Lodging Trust ................................... 28,350 1,210,191
Sun Communities, Inc. .................................... 24,000 805,500
Sunstone Hotel Investors, Inc. ........................... 64,900 941,050
TriNet Corporate Realty Trust, Inc. ...................... 38,300 1,266,294
------------
62,808,422
------------
TOTAL COMMON STOCKS
(Cost $206,152,617) ..................................... 270,150,391
------------
FIXED INCOME SECURITIES 17.64%
U.S. GOVERNMENT OBLIGATIONS 9.73%
U.S. TREASURY NOTES
5.500%, 09/30/1997 ...................................... 2,400,000 2,400,000
5.750%, 09/30/1997 ...................................... 1,550,000 1,550,969
5.875%, 08/15/1998 ...................................... 3,300,000 3,298,970
5.875%, 10/31/1998 ...................................... 2,300,000 2,297,125
6.875%, 07/31/1999 ...................................... 800,000 811,750
7.750%, 12/31/1999 ...................................... 1,655,000 1,713,959
6.250%, 05/31/2000 ...................................... 1,700,000 1,701,063
6.125%, 09/30/2000 ...................................... 1,150,000 1,144,610
6.250%, 02/15/2003 ...................................... 1,425,000 1,413,868
7.250%, 08/15/2004 ...................................... 1,010,000 1,052,925
6.875%, 05/15/2006 ...................................... 5,725,000 5,843,078
8.750%, 05/15/2017 ...................................... 3,095,000 3,723,672
7.875%, 02/15/2021 ...................................... 5,300,000 5,906,188
------------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $32,543,572) ...................................... 32,858,177
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS 3.86%
Fannie Mae
6.500%, 04/30/1999 ...................................... 1,000,000 1,000,651
Federal Home Loan Bank
6.075%, 01/22/1999 ...................................... 2,000,000 1,998,826
Federal Home Loan Mortgage Corp.,
Pool #380070, 9.000%, 01/01/2005 ........................ 305,675 317,233
Federal Home Loan Mortgage Corp.,
1506 E PAC, 5.700%, 04/15/2005 .......................... 1,000,000 984,020
Federal Home Loan Mortgage Corp.,
185 E PAC, 9.000%, 08/15/2006 ........................... 903,440 934,681
Federal Home Loan Mortgage Corp.,
Pool #554938, 8.000%, 08/01/2017 ........................ 339,496 347,241
Federal National Mortgage Assn.,
1992-152 J PAC, 7.000%, 05/25/2006 ...................... 810,000 813,937
Federal National Mortgage Assn.,
1992-24 H PAC, 7.500%, 11/25/2006 ....................... 1,000,000 1,016,190
Federal National Mortgage Assn.,
1994-85 K, 6.000%, 06/25/2009 ........................... 652,384 615,192
</TABLE>
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
Shares or
Principal
Description Amount Value
- -------------------------------------------------------------------------------
<S> <C> <C>
Federal National Mortgage Assn.,
Pool #190723, 6.000%, 04/01/2024 ...................... 2,008,627 $ 1,868,656
FHA/VA, Pool #140283
6.500%, 08/01/2003 .................................... 377,647 373,724
Government National Mortgage Assn., 1996-13 G, 7.000%,
01/16/2007 ............................................ 1,000,000 1,006,210
Government National Mortgage Assn.,
Pool #398551, 6.500%, 04/15/2026 ...................... 832,985 796,284
Government National Mortgage Assn.,
Pool #422835, 6.500%, 05/15/2026 ...................... 1,002,999 958,807
------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $13,032,589) .................................... 13,031,652
------------
ASSET BACKED SECURITIES 1.91%
ContiMortgage Home Equity Loan Trust,
1995-4 A4, 6.330%, 10/15/2010 ......................... 605,000 605,091
ContiMortgage Home Equity Loan Trust,
1997-1 A3, 6.480%, 01/15/2012 ......................... 1,000,000 1,000,050
First Plus Home Loan Trust,
1997-1 A2, 6.280%, 09/10/2006 ......................... 1,000,000 1,001,740
IMC Home Equity Loan Trust,
1997-3 A3, 6.710%, 01/20/2012 ......................... 1,500,000 1,500,469
NationsBank Auto Owner Trust
6.375%, 07/15/2006 .................................... 1,325,000 1,331,598
Premier Auto Trust,
1996-4 A3, 6.200%, 11/06/2000 ......................... 1,000,000 1,002,710
------------
TOTAL ASSET BACKED SECURITIES
(Cost $6,425,898) ..................................... 6,441,658
------------
CORPORATE BONDS 2.14%
Associates Corp., N.A.,
7.750%, 02/15/2005 .................................... 1,200,000 1,271,881
BellSouth Telecommunications, Inc.,
5.850%, 11/15/2045 .................................... 1,000,000 988,417
Beneficial Corp., 8.400%, 05/15/2008 ................... 1,000,000 1,115,673
General Electric Capital Corp.,
5.800% (Variable Rate), 04/01/2008 .................... 1,200,000 1,289,654
GTE Corp., 10.250%, 11/01/2020 ......................... 620,000 708,819
Motorola, Inc., 8.400%, 08/15/2031 ..................... 735,000 848,536
Spieker Properties, Inc.,
6.950%, 12/15/2002 .................................... 325,000 321,459
U.S. West Capital Funding Corp.,
6.310%, 11/01/2005 .................................... 675,000 666,396
------------
TOTAL CORPORATE BONDS
(Cost $7,163,175) ..................................... 7,210,835
------------
TOTAL FIXED INCOME SECURITIES
(Cost $59,165,234) .................................... 59,542,322
------------
</TABLE>
8
<PAGE>
<TABLE>
- --------------------------------------------------------------------------------
<CAPTION>
Shares or
Principal
Description Amount Value
- --------------------------------------------------------------------------------
<S> <C> <C>
INVESCO ADVISOR MULTIFLEX FUND (CONTINUED)
SHORT TERM INVESTMENTS 2.35%
UMB Bank, N.A., Money Market Fiduciary+, 4.290% ......... 7,949,700 $ 7,949,700
------------
TOTAL SHORT TERM INVESTMENTS
(Cost $7,949,700) ...................................... 7,949,700
------------
TOTAL INVESTMENTS
(100.00%) (Cost $273,267,551#) ......................... $337,642,413
============
INVESCO ADVISOR INTERNATIONAL VALUE FUND
COMMON STOCKS 95.98%
BASIC MATERIALS 5.35%
BASF AG, ADR ............................................ 40,000 $ 1,479,452
Cemex SA, "B", ADR ...................................... 125,000 1,203,713
Rio Tinto, Ltd., ADR* ................................... 27,000 1,826,893
------------
4,510,058
------------
CONSUMER CYCLICAL 2.83%
Canon, Inc., ADR ........................................ 12,000 1,638,000
Marui, Ltd., ADR ........................................ 20,000 744,558
------------
2,382,558
------------
CONSUMER STAPLES 19.43%
Amcor, Ltd., ADR ........................................ 50,000 1,312,500
Associated British Foods PLC, ADR ....................... 195,000 1,682,714
Dai Nippon Printing Co., Ltd., ADR ...................... 9,000 2,037,053
Glaxo Wellcome PLC, ADR ................................. 40,000 1,672,500
Groupe Danone, ADR ...................................... 50,000 1,653,905
J. Sainsbury PLC, ADR ................................... 60,000 1,455,600
Kirin Brewery Co., Ltd., ADR ............................ 15,000 1,560,000
LVMH (Moet-Hennessy Louis
Vuitton), ADR .......................................... 20,000 1,077,500
Nestle SA, ADR .......................................... 30,000 1,981,686
Unilever N.V., PLC ...................................... 9,000 1,926,562
------------
16,360,020
------------
DIVERSIFIED 14.84%
Akzo Nobel N.V., ADR .................................... 25,000 1,728,125
Bayer AG, ADR ........................................... 30,000 1,153,836
Elf Aquitaine SA, ADR ................................... 30,000 1,633,125
Kyocera Corp., ADR ...................................... 10,000 1,590,000
Norsk Hydro A/S, ADR .................................... 30,000 1,625,625
Novo-Nordisk A/S, ADR ................................... 35,000 1,920,625
RWE AG, ADR ............................................. 40,000 1,721,628
Swire Pacific, Ltd., ADR ................................ 125,000 1,125,388
------------
12,498,352
------------
</TABLE>
<TABLE>
- --------------------------------------------------------------------------------
<CAPTION>
Shares or
Principal
Description Amount Value
- --------------------------------------------------------------------------------
<S> <C> <C>
ENERGY 4.34%
Repsol SA, ADR .......................................... 40,000 $ 1,697,500
Royal Dutch Petroleum Co. ............................... 36,000 1,957,500
------------
3,655,000
------------
ELECTRONICS 5.84%
Carlton Communications PLC, ADR ......................... 40,000 1,720,000
Fuji Photo Film Co., Ltd., ADR .......................... 40,000 1,615,000
Hitachi, Ltd., ADR ...................................... 14,000 1,582,000
------------
4,917,000
------------
FINANCE 19.80%
Banco Santander SA, ADR ................................. 60,000 1,856,250
Den Danske Bank, ADR .................................... 20,000 1,948,506
Deutshe Bank AG, ADR .................................... 30,000 1,732,500
Development Bank of
Singapore, Ltd., ADR ................................... 35,000 1,762,250
HSBC Holdings PLC, ADR .................................. 7,000 2,105,253
ING Groep N.V., ADR ..................................... 45,000 2,086,875
Istituto Mobiliare Italiano, ADR ........................ 55,000 1,498,750
National Australia Bank, Ltd., ADR ...................... 30,000 2,139,375
Societe Generale Paris, ADR ............................. 69,000 1,541,964
------------
16,671,723
------------
PHARMACEUTICALS 5.18%
Astra AB, "A", ADR ...................................... 104,667 1,988,673
Astra AB, "B", ADR ...................................... 5,333 95,994
Novartis AG, ADR ........................................ 28,466 2,278,686
------------
4,363,353
------------
REAL ESTATE & HOUSING 2.63%
Sekisui House, Ltd., ADR ................................ 10,000 1,013,719
Sun Hung Kai Properties, Ltd., ADR ...................... 100,000 1,203,640
------------
2,217,359
------------
TELECOMMUNICATIONS 9.15%
British Telecommunications PLC, ADR ..................... 25,000 1,856,250
Stet Societa Finanziaria
Telefonica SA, ADR ..................................... 35,000 2,043,125
Telecomunicacoes Brasileiras SA, ADR .................... 8,000 1,214,000
Telefonica de Espana, ADR ............................... 19,000 1,638,750
Telefonos de Mexico SA, "L", ADR ........................ 20,000 955,000
------------
7,707,125
------------
TRANSPORTATION & SERVICES 2.05%
British Airways PLC, ADR ................................ 15,000 1,724,062
------------
</TABLE>
9
<PAGE>
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
Shares or
Principal
Description Amount Value
- -------------------------------------------------------------------------------
<S> <C> <C>
INVESCO ADVISOR INTERNATIONAL VALUE FUND (CONTINUED)
UTILITIES 4.54%
Empresa Nacional
de Electridad SA, ADR ................................. 25,000 $ 2,126,562
PowerGen PLC, ADR ...................................... 35,000 1,697,500
------------
3,824,062
------------
TOTAL COMMON STOCKS
(Cost $64,974,353) .................................... 80,830,672
------------
SHORT TERM INVESTMENTS 4.02%
UMB Bank, N.A., Money Market Fiduciary+, 4.290% ........ 3,388,746 3,388,746
------------
TOTAL SHORT TERM INVESTMENTS
(Cost $3,388,746) ..................................... 3,388,746
------------
TOTAL INVESTMENTS
(100.00%) (Cost $68,363,099#) ......................... $ 84,219,418
============
</TABLE>
The Fund's Portfolio of Investments at June 30, 1997, was concentrated in the
following countries:
<TABLE>
<CAPTION>
% OF MARKET
COUNTRY INVESTMENTS VALUE
- --------------------------------------------------------------------------------
<S> <C> <C>
Australia............................................... 6.27% $ 5,278,768
Brazil.................................................. 1.44% 1,214,000
Denmark................................................. 2.28% 1,920,625
France.................................................. 7.01% 5,906,494
Germany................................................. 7.23% 6,087,416
Great Britain........................................... 16.52% 13,913,879
Hong Kong............................................... 1.33% 1,125,388
Italy................................................... 4.21% 3,541,875
Japan................................................... 15.42% 12,983,970
Mexico.................................................. 1.13% 955,000
Netherlands............................................. 11.46% 9,647,568
Norway.................................................. 1.93% 1,625,625
Singapore............................................... 2.09% 1,762,250
Spain................................................... 10.12% 8,522,775
Sweden.................................................. 2.48% 2,084,667
Switzerland............................................. 5.06% 4,260,372
United States........................................... 4.02% 3,388,746
------ -----------
TOTAL................................................... 100.00% $84,219,418
====== ===========
</TABLE>
<TABLE>
- --------------------------------------------------------------------------------
<CAPTION>
Shares or
Principal
Description Amount Value
- --------------------------------------------------------------------------------
<S> <C> <C>
INVESCO ADVISOR REAL ESTATE FUND
COMMON STOCKS 94.66%
DIVERSIFIED 6.72%
First Union Real Estate Investments....................... 25,000 $ 353,125
Glenborough Realty Trust, Inc............................. 13,300 335,825
MGI Properties, Inc....................................... 27,900 615,544
Trizec Hahn Corp.......................................... 41,000 876,375
-----------
2,180,869
-----------
FINANCE 1.54%
AMRESCO, Inc.*............................................ 23,300 500,950
-----------
HEALTHCARE 1.96%
Healthcare Realty Trust, Inc.............................. 22,800 635,550
-----------
INDUSTRIAL 17.81%
Bedford Property Investors, Inc. ......................... 45,800 921,725
Duke Realty Investments, Inc.............................. 18,050 731,025
First Industrial Realty Trust, Inc........................ 34,700 1,014,975
Liberty Property Trust.................................... 44,450 1,105,694
Prentiss Properties Trust................................. 35,900 919,937
Servico, Inc.*............................................ 35,200 523,600
TriNet Corporate Realty Trust, Inc........................ 17,100 565,369
-----------
5,782,325
-----------
MORTGAGE BACKED SECURITIES 1.38%
Capstead Mortgage Corp.................................... 18,200 449,312
-----------
OFFICE 18.46%
Arden Realty Group, Inc. ................................. 31,100 808,600
Beacon Properties Corp.................................... 42,050 1,403,419
Cali Realty Corp.......................................... 26,700 907,800
Highwoods Properties, Inc................................. 9,050 289,600
Kilroy Realty Corp........................................ 33,700 850,925
Koger Equity, Inc......................................... 39,100 713,575
Parkway Properties, Inc................................... 22,700 610,062
Spieker Properties, Inc................................... 11,600 408,175
-----------
5,992,156
-----------
RECREATION 15.31%
American General Hospitality Corp. ....................... 37,400 925,650
FelCor Suite Hotels, Inc.................................. 32,700 1,218,075
Patriot American Hospitality, Inc......................... 63,500 1,619,250
RFS Hotel Investors, Inc. ................................ 25,100 451,800
Starwood Lodging Trust.................................... 10,800 461,025
Sunstone Hotel Investors, Inc............................. 20,400 295,800
-----------
4,971,600
-----------
RESIDENTIAL 13.59%
Bay Apartment Communities, Inc............................ 19,500 721,500
Equity Residential Properties Trust....................... 20,800 988,000
</TABLE>
10
<PAGE>
<TABLE>
- --------------------------------------------------------------------------------
<CAPTION>
Shares or
Principal
Description Amount Value
- --------------------------------------------------------------------------------
<S> <C> <C>
INVESCO ADVISOR REAL ESTATE FUND (CONTINUED)
Essex Property Trust, Inc. ............................... 31,600 $ 1,015,150
Gables Residential Trust ................................. 25,250 637,563
Merry Land & Investment Co., Inc. ........................ 25,800 559,537
Sun Communities, Inc. .................................... 14,600 490,013
-----------
4,411,763
-----------
RETAIL 13.68%
CBL & Associates Properties, Inc. ........................ 27,550 661,200
Chelsea GCA Realty, Inc. ................................. 6,200 235,600
Excel Realty Trust, Inc. ................................. 18,200 480,025
General Growth Properties, Inc. .......................... 22,000 737,000
JDN Realty Corp. ......................................... 13,600 425,000
Kimco Realty Corp. ....................................... 13,950 442,913
Price REIT, Inc. ......................................... 14,700 534,712
Simon DeBartolo Group, Inc. .............................. 28,900 924,800
-----------
4,441,250
-----------
SELF-STORAGE 4.21%
Public Storage, Inc. ..................................... 29,700 868,725
Shurgard Storage Centers, Inc. ........................... 17,750 497,000
-----------
1,365,725
-----------
TOTAL COMMON STOCKS
(Cost $25,930,593) ...................................... 30,731,500
-----------
SHORT TERM INVESTMENTS 5.34%
UMB Bank, N.A., Money Market
Fiduciary+, 4.290% ...................................... 1,733,324 1,733,324
-----------
TOTAL SHORT TERM INVESTMENTS
(Cost $1,733,324) ....................................... 1,733,324
-----------
TOTAL INVESTMENTS
(100.00%) (Cost $27,663,917#) ........................... $32,464,824
===========
</TABLE>
<TABLE>
- --------------------------------------------------------------------------------
<CAPTION>
Shares or
Principal
Description Amount Value
- --------------------------------------------------------------------------------
<S> <C> <C>
INVESCO ADVISOR INCOME FUND
FIXED INCOME SECURITIES 98.84%
U.S. GOVERNMENT OBLIGATIONS 69.93%
U.S. TREASURY NOTES
8.500%, 07/15/1997 ...................................... 2,000,000 $ 2,002,500
6.125%, 03/31/1998 ...................................... 1,600,000 1,605,000
8.000%, 08/15/1999 ...................................... 1,000,000 1,036,875
6.375%, 01/15/2000 ...................................... 2,000,000 2,010,626
7.500%, 11/15/2001 ...................................... 1,500,000 1,563,282
6.375%, 08/15/2002 ...................................... 1,500,000 1,499,063
6.250%, 02/15/2003 ...................................... 1,800,000 1,785,938
10.750%, 08/15/2005 ..................................... 1,250,000 1,576,172
9.375%, 02/15/2006 ...................................... 1,000,000 1,185,313
9.250%, 02/15/2016 ...................................... 1,200,000 1,501,500
7.250%, 08/15/2022 ...................................... 1,100,000 1,147,782
-----------
TOTAL U.S. GOVERNMENT OBLIGATIONS
(Cost $17,121,232)....................................... 16,914,051
-----------
U.S. GOVERNMENT AGENCY OBLIGATIONS 18.00%
FEDERAL HOME LOAN MORTGAGE CORP.
12.000%, 04/01/2000 Pool #20009 ......................... 5,161 5,511
6.500%, 07/01/2001 Gold
Pool #G50362 ........................................... 464,432 461,820
8.000%, 10/01/2010 Gold
Pool #G10518 ........................................... 662,560 680,987
-----------
1,148,318
-----------
FEDERAL NATIONAL MORTGAGE ASSN.
6.000%, 01/01/2009 Pool #50973 .......................... 67,421 64,956
6.000%, 04/01/2024 Pool #190723 ......................... 89,357 83,130
-----------
148,086
-----------
GOVERNMENT NATIONAL MORTGAGE ASSN.
6.000%, 10/15/2008 Pool #360191 ......................... 467,729 451,651
6.500%, 10/15/2008 Pool #354668 ......................... 739,277 727,726
7.000%, 10/15/2008 Pool #366622 ......................... 743,562 744,491
6.000%, 11/15/2008 Pool #370907 ......................... 337,290 325,695
7.500%, 03/15/2026 Pool #417287 ......................... 803,778 805,790
-----------
3,055,353
-----------
TOTAL U.S. GOVERNMENT
AGENCY OBLIGATIONS
(Cost $4,456,688) ....................................... 4,351,757
-----------
</TABLE>
11
<PAGE>
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
Shares or
Principal
Description Amount Value
- -------------------------------------------------------------------------------
<S> <C> <C>
INVESCO ADVISOR INCOME FUND (CONTINUED)
CORPORATE BONDS 10.91%
FINANCE 4.07%
Commercial Credit Co.,
5.550%, 02/15/2001 ..................................... 500,000 $ 481,468
National City Corp.,
7.200%, 05/15/2005 ..................................... 500,000 504,478
-----------
985,946
-----------
INDUSTRIAL 6.84%
Waste Management, Inc.,
6.375%, 07/01/1997 ..................................... 500,000 500,000
Ford Motor Credit Co.,
9.250%, 06/15/1998 ..................................... 35,000 36,019
Ford Motor Credit Co.,
7.500%, 11/15/1999 ..................................... 500,000 510,849
Rockwell International, Inc.,
6.625%, 06/01/2005 ..................................... 500,000 492,171
GTE Corp.,
10.250%, 11/01/2020 .................................... 100,000 114,326
-----------
1,653,365
-----------
TOTAL CORPORATE BONDS
(Cost $2,678,668) ...................................... 2,639,311
-----------
TOTAL FIXED INCOME SECURITIES
(Cost $24,256,588) ..................................... 23,905,119
-----------
SHORT TERM INVESTMENTS 1.16%
UMB Bank, N.A., Money Market
Fiduciary+, 4.290% ..................................... 281,734 281,734
-----------
TOTAL SHORT TERM INVESTMENTS
(Cost $281,734)......................................... 281,734
-----------
TOTAL INVESTMENTS
(100.00%) (Cost $24,538,322#)........................... $24,186,853
===========
</TABLE>
<TABLE>
- --------------------------------------------------------------------------------
<CAPTION>
Effective Shares or
Interest Principal
Description Rate % Amount Value
- --------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESCO ADVISOR CASH MANAGEMENT FUND
SHORT-TERM INVESTMENTS 100.00%
COMMERCIAL PAPER 98.56%
Abbott Laboratories 07/01/1997 .................. 5.500 400,000 $ 400,000
Potomac Electric Power Co. 07/01/1997 ........... 5.630 400,000 400,000
General Electric Credit Corp. 07/03/1997 ........ 5.570 400,000 399,876
Cargill, Inc. 07/07/1997 ........................ 5.550 400,000 399,630
New York Times Co.
07/07/1997 ..................................... 5.620 245,000 244,771
PACCAR Financial Corp. 07/07/1997 ............... 5.500 400,000 399,634
Donnelley (R.R.) & Sons Co. 07/07/1997 .......... 5.520 327,000 326,699
U.S. Borax, Inc. 07/07/1997 ..................... 5.520 400,000 399,632
Pacific Bell Co. 07/09/1997 ..................... 5.500 400,000 399,511
Southern California Edison Co. 07/09/1997 ....... 5.510 400,000 399,510
Met Life Funding, Inc.
07/10/1997 ..................................... 5.570 400,000 399,443
BellSouth Telecommunications, Inc.
07/11/1997 ..................................... 5.480 400,000 399,391
Greenwich Funding Corp. 07/11/1997 .............. 5.560 450,000 449,305
Kellogg Co. 07/11/1997 .......................... 5.500 300,000 299,542
Monsanto Co. 07/11/1997 ......................... 5.600 400,000 399,378
Chubb Capital Corp. 07/14/1997 .................. 5.510 400,000 399,204
National Rural Utilities Cooperative
07/21/1997 ..................................... 5.520 400,000 398,773
Idaho Power Co. 07/24/1997 ...................... 5.530 400,000 398,587
DuPont (E.I.) de Nemours Co. 07/28/1997 ......... 5.520 400,000 398,344
Disney (Walt) Co. 07/28/1997 .................... 5.480 400,000 398,356
Pacific Gas & Electric Co. 08/11/1997 ........... 5.540 400,000 397,476
Alabama Power Co. 08/15/1997 .................... 5.540 400,000 397,230
----------
TOTAL COMMERCIAL PAPER
(Cost $8,504,292) .............................. 8,504,292
----------
</TABLE>
12
<PAGE>
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
Shares or
Principal
Description Amount Value
- -------------------------------------------------------------------------------
<S> <C> <C> <C>
INVESCO ADVISOR CASH MANAGEMENT FUND (CONTINUED)
OTHER SECURITIES 1.44%
UMB Bank, N.A., Money Market Fiduciary+ 4.290% (Cost
$124,295) ........................................... 124,295 $ 124,295
----------
TOTAL INVESTMENTS
(100.00%) (Cost $8,628,587#)......................... $8,628,587
==========
</TABLE>
* SECURITY IS NON-INCOME PRODUCING.
ADR REPRESENTS AMERICAN DEPOSITARY RECEIPTS.
+ PRINCIPAL AND INTEREST ARE PAYABLE ON DEMAND.
# ALSO REPRESENTS COST FOR FEDERAL INCOME TAX PURPOSES.
The accompanying notes are an integral part of these financial statements.
13
<PAGE>
INVESCO Advisor Funds, Inc.
STATEMENT OF ASSETS AND LIABILITIES
June 30, 1997
(unaudited)
<TABLE>
<CAPTION>
INTERNATIONAL CASH
FLEX EQUITY MULTIFLEX VALUE REAL ESTATE INCOME MANAGEMENT
FUND FUND FUND FUND FUND FUND FUND
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investment securities:
At cost................ $410,224,755 $ 99,215,703 $273,267,551 $68,363,099 $27,663,917 $24,538,322 $8,628,587
-------------------------------------------------------------------------------------------
-------------------------------------------------------------------------------------------
At value............... $568,231,496 $159,879,045 $337,642,413 $84,219,418 $32,464,824 $24,186,853 $8,628,587
Cash.................... 0 0 37,433 51,467 0 0 3,714
Receivables:
Investment securities
sold.................. 0 0 8,180,631 0 343,801 0 0
Fund shares sold....... 1,261,753 762,544 711,519 1,098,748 180,662 7,985 0
Dividends and interest. 3,957,404 303,819 1,907,050 281,502 276,684 508,017 812
Other assets............ 9,740 3,647 3,851 0 748 2,152 273
-------------------------------------------------------------------------------------------
TOTAL ASSETS............ 573,460,393 160,949,055 348,482,897 85,651,135 33,266,719 24,705,007 8,633,386
-------------------------------------------------------------------------------------------
LIABILITIES
Payables:
Distributions to
shareholders.......... 0 0 0 0 0 0 9,215
Investment securities
purchased............. 0 0 13,827,355 684,580 510,400 0 0
Fund shares
repurchased........... 381,329 110,405 138,441 186,484 20,080 67,969 0
Other.................. 1,074,818 300,860 676,106 167,624 60,613 32,873 6,704
-------------------------------------------------------------------------------------------
TOTAL LIABILITIES....... 1,456,147 411,265 14,641,902 1,038,688 591,093 100,842 15,919
-------------------------------------------------------------------------------------------
NET ASSETS.............. $572,004,246 $160,537,790 $333,840,995 $84,612,447 $32,675,626 $24,604,165 $8,617,467
===========================================================================================
NET ASSETS
Paid-in capital......... $402,935,567 $ 92,067,459 $257,169,297 $67,579,267 $27,202,696 $25,946,358 $8,618,777
Accumulated
undistributed
(overdistributed) net
investment income...... (22,863) (45,693) 107,269 (48,015) 19,325 (47,011) 0
Accumulated net realized
gain (loss) on
investments............ 11,084,801 7,852,682 12,189,567 1,224,876 652,698 (943,713) (1,310)
Unrealized net
appreciation
(depreciation) of
investments............ 158,006,741 60,663,342 64,374,862 15,856,319 4,800,907 (351,469) 0
-------------------------------------------------------------------------------------------
NET ASSETS.............. $572,004,246 $160,537,790 $333,840,995 $84,612,447 $32,675,626 $24,604,165 $8,617,467
===========================================================================================
CLASS A SHARES:
Net assets.............. $ 6,303,612 $ 1,458,220 $ 2,615,782 $ 2,059,015 $ 1,430,622 $ 29,581 $ 135,774
===========================================================================================
Shares outstanding...... 84,618 15,430 45,713 33,623 24,486 611 135,777
===========================================================================================
NET ASSET VALUE PER
SHARE.................. $ 74.50 $ 94.51 $ 57.22 $ 61.24 $ 58.43 $ 48.43 $ 1.00
===========================================================================================
Offering price per share
(net asset value plus
sales charge)*......... $ 78.84 $ 100.01 $ 60.55 $ 64.80 $ 61.34 $ 50.85 $ 1.00
===========================================================================================
CLASS C SHARES:
Net assets.............. $565,700,634 $159,079,570 $331,225,213 $82,553,432 $31,245,004 $24,574,584 $8,481,693
===========================================================================================
Shares outstanding...... 7,575,046 1,678,737 5,771,985 1,348,100 533,780 506,313 8,482,329
===========================================================================================
NET ASSET VALUE PER
SHARE.................. $ 74.68 $ 94.76 $ 57.38 $ 61.24 $ 58.54 $ 48.54 $ 1.00
===========================================================================================
</TABLE>
*Sales charge of 5.50% of offering price for all funds except Real Estate and
Income which is 4.75% of offering price.
The accompanying notes are an integral part of these financial statements.
14
<PAGE>
INVESCO Advisor Funds, Inc.
STATEMENT OF OPERATIONS
Six Months Ended June 30, 1997 (unaudited)
<TABLE>
<CAPTION>
INTERNATIONAL CASH
FLEX EQUITY MULTIFLEX VALUE REAL ESTATE INCOME MANAGEMENT
FUND FUND FUND FUND FUND FUND FUND
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
INCOME
Dividends............... $ 4,135,865 $ 1,439,020 $ 3,351,201 $ 1,056,237 $ 606,330 $ 0 $ 0
Interest................ 5,929,497 169,584 1,892,570 61,342 30,636 870,766 257,910
-----------------------------------------------------------------------------------
TOTAL INCOME........... 10,065,362 1,608,604 5,243,771 1,117,579 636,966 870,766 257,910
-----------------------------------------------------------------------------------
EXPENSES
Investment advisory fees
(Note 2)............... 1,950,595 546,565 1,455,688 330,700 119,030 80,946 23,624
Distribution fees--Class
A (Note 2)............. 3,239 471 1,367 750 809 50 0
Distribution fees--Class
C (Note 2)............. 2,587,837 726,872 1,450,221 327,699 129,019 74,599 0
Directors fees &
expenses (Note 2)...... 44,410 12,446 24,456 5,506 1,995 2,182 642
Operating services fees
(Note 2)............... 1,164,099 327,939 607,070 148,815 59,515 56,040 21,261
-----------------------------------------------------------------------------------
TOTAL EXPENSES......... 5,750,180 1,614,293 3,538,802 813,470 310,368 213,817 45,527
Less: Advisory fee
waiver................. 0 0 0 0 0 (31,132) 0
-----------------------------------------------------------------------------------
NET EXPENSES............ 5,750,180 1,614,293 3,538,802 813,470 310,368 182,685 45,527
-----------------------------------------------------------------------------------
NET INVESTMENT INCOME
(LOSS)................. 4,315,182 (5,689) 1,704,969 304,109 326,598 688,081 212,383
-----------------------------------------------------------------------------------
REALIZED AND UNREALIZED
GAIN (LOSS) ON
INVESTMENT SECURITIES
Net realized gain (loss)
on investments......... 11,358,539 7,800,748 12,348,346 1,177,374 657,371 (13,575) (144)
Change in unrealized net
appreciation
(depreciation) of
investments............ 50,116,008 17,151,168 18,136,057 8,740,095 426,913 (163,074) 0
-----------------------------------------------------------------------------------
NET GAIN (LOSS) ON
INVESTMENTS............ 61,474,547 24,951,916 30,484,403 9,917,469 1,084,284 (176,649) (144)
-----------------------------------------------------------------------------------
NET INCREASE IN NET
ASSETS RESULTING
FROM OPERATIONS........ $65,789,729 $24,946,227 $32,189,372 $10,221,578 $1,410,882 $ 511,432 $212,239
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
15
<PAGE>
INVESCO Advisor Funds, Inc.
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
FLEX FUND EQUITY FUND MULTIFLEX FUND
-------------------------- -------------------------- --------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR
JUNE 30, ENDED JUNE 30, ENDED JUNE 30, ENDED
1997 DECEMBER 31, 1997 DECEMBER 31, 1997 DECEMBER 31,
(UNAUDITED) 1996 (UNAUDITED) 1996 (UNAUDITED) 1996
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS
Net investment income
(loss)................. $ 4,315,182 $ 8,108,449 $ (5,689) $ 302,211 $ 1,704,969 $ 2,502,127
Net realized gain on
investments............ 11,358,539 23,531,236 7,800,748 5,485,198 12,348,346 10,629,068
Change in unrealized net
appreciation of
investments............ 50,116,008 26,214,708 17,151,168 14,241,394 18,136,057 23,172,870
-----------------------------------------------------------------------------------
NET INCREASE IN NET
ASSETS FROM OPERATIONS. 65,789,729 57,854,393 24,946,227 20,028,803 32,189,372 36,304,065
-----------------------------------------------------------------------------------
DISTRIBUTIONS TO
SHAREHOLDERS
Net investment income
Class A................ (70,342) 0 (6,926) 0 (23,908) 0
Class C................ (4,337,512) (8,041,627) (10,863) (326,780) (1,697,930) (2,400,549)
Net realized gain on
investments
Class A................ (957) 0 (38,949) 0 (26,082) 0
Class C................ (89,685) (23,712,747) (4,215,007) 0 (3,332,462) (7,382,073)
-----------------------------------------------------------------------------------
TOTAL DISTRIBUTIONS..... (4,498,496) (31,754,374) (4,271,745) (326,780) (5,080,382) (9,782,622)
-----------------------------------------------------------------------------------
CAPITAL SHARE
TRANSACTIONS
Net (Note 5)........... 20,795,075 64,656,241 2,447,562 4,140,414 39,888,873 65,729,841
-----------------------------------------------------------------------------------
TOTAL INCREASE IN NET
ASSETS................. 82,086,308 90,756,260 23,122,044 23,842,437 66,997,863 92,251,284
NET ASSETS
Beginning of period..... 489,917,938 399,161,678 137,415,746 113,573,309 266,843,132 174,591,848
-----------------------------------------------------------------------------------
End of period........... $572,004,246 $489,917,938 $160,537,790 $137,415,746 $333,840,995 $266,843,132
-----------------------------------------------------------------------------------
-----------------------------------------------------------------------------------
Accumulated
undistributed
(overdistributed) net
investment income
included in net assets
at end of period....... $ (22,863) $ 69,809 $ (45,693) $ (22,215) $ 107,269 $ 124,138
</TABLE>
The accompanying notes are an integral part of these financial statements.
16
<PAGE>
INVESCO Advisor Funds, Inc.
STATEMENT OF CHANGES IN NET ASSETS (CONTINUED)
<TABLE>
<CAPTION>
CASH
INTERNATIONAL VALUE FUND REAL ESTATE FUND INCOME FUND MANAGEMENT FUND
------------------------ ------------------------- ------------------------- -------------------------
SIX MONTHS SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR
JUNE 30, ENDED JUNE 30, ENDED JUNE 30, ENDED JUNE 30, ENDED
1997 DECEMBER 31, 1997 DECEMBER 31, 1997 DECEMBER 31, 1997 DECEMBER 31,
(UNAUDITED) 1996 (UNAUDITED) 1996 (UNAUDITED) 1996 (UNAUDITED) 1996
--------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
OPERATIONS
Net investment
income (loss)..... $ 304,109 $ (49,154) $ 326,598 $ 364,733 $ 688,081 $ 1,532,326 $ 212,383 $ 836,628
Net realized gain
(loss) on
investments....... 1,177,374 226,482 657,371 177,126 (13,575) 893,589 (144) (22)
Change in
unrealized net
appreciation
(depreciation) of
investments....... 8,740,095 6,597,676 426,913 4,153,030 (163,074) (2,884,993) 0 0
--------------------------------------------------------------------------------------------------------
NET INCREASE
(DECREASE) IN NET
ASSETS FROM
OPERATIONS........ 10,221,578 6,775,004 1,410,882 4,694,889 511,432 (459,078) 212,239 836,606
--------------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO
SHAREHOLDERS
Net investment
income
Class A........... (13,230) 0 (18,905) 0 (919) 0 (2,537) 0
Class C........... (290,381) 0 (323,252) (332,659) (694,669) (1,549,005) (210,000) (836,527)
Net realized gain
on investments
Class A........... (1,644) 0 (1,887) 0 0 0 0 0
Class C........... (72,695) (102,718) (43,208) (134,173) 0 0 0 0
--------------------------------------------------------------------------------------------------------
TOTAL
DISTRIBUTIONS..... (377,950) (102,718) (387,252) (466,832) (695,588) (1,549,005) (212,537) (836,527)
--------------------------------------------------------------------------------------------------------
CAPITAL SHARE
TRANSACTIONS
Net (Note 5)...... 22,852,843 35,777,007 11,085,515 10,773,564 (1,373,989) (3,815,146) (7,328,540) (4,492,544)
--------------------------------------------------------------------------------------------------------
TOTAL INCREASE
(DECREASE) IN NET
ASSETS............ 32,696,471 42,449,293 12,109,145 15,001,621 (1,558,145) (5,823,229) (7,328,838) (4,492,465)
NET ASSETS
Beginning of
period............ 51,915,976 9,466,683 20,566,481 5,564,860 26,162,310 31,985,539 15,946,305 20,438,770
--------------------------------------------------------------------------------------------------------
End of period...... $84,612,447 $51,915,976 $32,675,626 $20,566,481 $24,604,165 $26,162,310 $ 8,617,467 $15,946,305
========================================================================================================
Accumulated
undistributed
(overdistributed)
net investment
income included in
net assets at end
of period......... $(48,015) $ (48,513) $ 19,325 $ 34,884 $ (47,011) $ (39,504) $ 0 $ 101
</TABLE>
The accompanying notes are an integral part of these financial statements.
17
<PAGE>
INVESCO Advisor Funds, Inc.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
NOTE 1 -- ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES. The INVESCO
Advisor Funds, Inc. (which had been known as The EBI Funds, Inc., prior to
January 15, 1996 and, hereafter, is referred to as the "Fund") is registered
under the Investment Company Act of 1940 (the "Act") as a diversified, open-
end management investment company. The Fund consists of seven separate
investment portfolios, INVESCO Advisor Flex Fund ("Flex"), INVESCO Advisor
Equity Fund ("Equity"), INVESCO Advisor MultiFlex Fund ("MultiFlex"), INVESCO
Advisor International Value Fund ("International Value"), INVESCO Advisor Real
Estate Fund ("Real Estate"), INVESCO Advisor Income Fund ("Income") and
INVESCO Advisor Cash Management Fund ("Cash Management"). Real Estate and
International Value commenced operations on May 1, 1995. The Relative Return
Bond Fund merged into the Income Fund on December 15, 1995. See Note 8.
A 25 for 1 split of Equity, Flex and Income capital shares was effected on
January 2, 1992, which resulted in a corresponding reduction in the net asset
value per share. All per share information presented in the financial state-
ments and financial highlights for Equity, Flex and Income has been restated
to reflect the stock split.
The following significant accounting policies are in conformity with gener-
ally accepted accounting principles for investment companies. Such policies
are consistently followed by the Fund in the preparation of financial state-
ments. The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and as-
sumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
A. SECURITY VALUATION -- Securities held by Cash Management are valued using
the amortized cost method of valuation, which approximates market value. If
such valuation does not reflect a security's fair value, it is valued at
fair value as determined in good faith by the Fund's board of directors.
For Equity, Flex, MultiFlex, Income, Real Estate and the International
Value, securities traded on national securities exchanges are valued at the
last sale price on the exchange where such securities are primarily traded.
Securities traded in the over-the-counter market and listed securities for
which no sale was reported on the valuation date are valued at bid price (or
yield equivalent thereof) obtained from one or more dealers making a market
for such securities or by a pricing service approved by the Fund's board of
directors. If market quotations or pricing service valuations are not readily
available, securities are valued at fair value as determined in good faith by
the Fund's board of directors. Securities which are considered short-term
investments when purchased are stated at amortized cost (which approximates
market value) if maturity of the investment is 60 days or less, or at market
value if maturity is greater than 60 days.
B. SECURITY TRANSACTIONS AND RELATED INVESTMENT INCOME -- Security transac-
tions are accounted for on trade date and dividend income is recorded on
ex-dividend date. Interest income is recorded on the accrual basis. Dis-
counts on debt securities purchased are accreted over the life of the re-
spective security as adjustments to interest income. Costs used in deter-
mining realized gains and losses on the sale of investment securities are
those of specific securities sold.
C. FEDERAL INCOME TAXES -- Each investment portfolio intends to comply with
the provisions of the Internal Revenue Code applicable to regulated invest-
ment companies and, accordingly, distributes net investment income and net
realized capital gains, if any, to relieve it from federal income taxes. At
December 31, 1996, Equity had net capital loss carryforwards aggregating
$190,964. These carryforwards expire in 2004. At December 31, 1996, Income
had net capital loss carryforwards of $851,788 of which $29,229 was re-
ceived from the merger with Relative Return Fund (see Note 8). These
carryforwards expire in 2002. At December 31, 1996, Cash Management had net
capital loss carryforwards aggregating $600. These carryforwards expire in
2000. To the extent future capital gains are offset by capital loss
carryforwards, such gains will generally not be distributed to sharehold-
ers.
18
<PAGE>
D. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- For Equity, Flex, MultiFlex,
Income, Real Estate and International Value Funds, dividends and distribu-
tions are recorded on the ex-dividend date. All of Cash Management's net
investment income is distributed to shareholders by dividends declared
daily and paid monthly.
E. NEW SHARE CLASS -- Effective December 31, 1996, INVESCO commenced offering
two classes of shares. Class A shares are sold with a front-end sales
charge of 5.50% of offering price for all funds except Real Estate and In-
come which is 4.75% of offering price. Class C shares are sold with a con-
tingent deferred sales charge of 1% for redemptions during the first 18
months. Both classes have identical voting, dividend, liquidation and other
rights, except that each class bears different distribution expenses. In-
come, other expenses and accumulated realized gains and losses of each Fund
are allocated to the respective class on the basis of relative net asset
value each day.
NOTE 2 -- INVESTMENT ADVISORY AND OTHER AGREEMENTS. INVESCO Services, Inc.
("ISI"), serves as each investment portfolio's investment adviser. As
compensation for its services to each investment portfolio, ISI receives an
investment advisory fee which is accrued daily and paid monthly. These fees
are based on the annual rate of 0.75% of the respective average daily net
assets of Equity and Flex, 0.40% of the respective average daily net assets of
Income, 0.90% of the respective average daily net assets of Real Estate, 0.50%
of the respective average daily net assets of Cash Management and 1.00% of the
average daily net assets of MultiFlex and International Value. ISI has entered
into a sub-advisory agreement with INVESCO Capital Management, Inc. ("ICM"),
with respect to Equity, Flex, Income, Cash Management and International Value
whereby investment decisions for these investment portfolios are made by ICM.
Fees for these sub-advisory services are paid by ISI to ICM at an annual rate
of 0.20% of the average daily net assets of Equity and Flex and 0.10% of the
average daily net assets of Income and Cash Management and for International
Value, 0.35% of average net assets on the first $50 million of assets, 0.30%
of average net assets on the next $50 million of assets, and 0.25% of average
net assets on assets in excess of $100 million. ISI has also entered into a
sub-advisory agreement with INVESCO Management & Research, Inc. ("IMR"), with
respect to MultiFlex, whereby investment decisions for this investment
portfolio are made by IMR. Fees for these sub-advisory services are paid by
ISI to IMR based on annual rates equal to 0.35% of the average daily net
assets of MultiFlex Fund on the first $500 million of assets and 0.25% of
assets in excess of $500 million. In addition, ISI has entered into a sub-
advisory agreement with INVESCO Realty Advisors, Inc. ("IRA"), with respect to
Real Estate, whereby investment decisions for this investment portfolio are
made by IRA. Fees for this sub-advisory service are paid by ISI to IRA based
on annual rates equal to 0.35% of average net assets of Real Estate on the
first $100 million of assets and 0.25% of average net assets on assets in
excess of $100 million.
ISI is the principal underwriter for the Fund. All of the portfolios (except
Cash Management) have entered into distribution plans (the "Plans") with ISI
in accordance with Rule 12b-1 of the Act. Under the Plans, for Class A, ISI
receives annual fees of 0.35% of the average daily net assets for Equity,
Flex, MultiFlex, Real Estate, International Value and 0.25% for Income. For
Class C, ISI receives annual fees of 1.00% of average daily net assets for Eq-
uity, Flex, MultiFlex, Real Estate, International Value and 0.60% of average
daily net assets for Income. ISI advised the Fund that for the six months
ended June 30, 1997, it received approximately $6,996, $15,087, $770, $3,541,
$10,705, $7,485 and $1,276 in contingent deferred sales charges ("CDSC") from
certain shareholder redemptions of Equity, Flex, Income, Cash Management,
MultiFlex, International Value and Real Estate Funds, respectively. Certain
officers or directors of the Fund are officers or directors of ISI.
Each investment portfolio has also entered into an operating services agree-
ment with ISI. Under the respective operating services agreements, each in-
vestment portfolio pays ISI an annual fee of 0.50% (effective December 31,
1996 the annual fee became 0.45%) of daily average net assets for providing or
arranging to provide accounting, legal (except litigation), dividend disburs-
ing, transfer agent, registrar, custodial, shareholder reporting, sub-account-
ing and recordkeeping services and functions. These agreements provide that
ISI will pay all fees and expenses associated with these and other functions,
including, but not limited to, registration fees, shareholder meeting fees,
and proxy statement and shareholder report expenses. The combined effect of
the advisory agreements, distribution plans and operating services agreements
of each investment portfolio
19
<PAGE>
is to place a cap or ceiling on the total expenses of each investment portfo-
lio, other than brokerage commissions, interest, taxes, litigation, directors'
fees and expenses, and other extraordinary expenses.
If, in any calendar year, the average net assets of each of the Equity or
Flex Portfolios are less than $500 million, each Portfolio's expenses shall
not exceed 1.55% for Class A and 2.20% for Class C; on the next $500 million
of net assets, expenses shall not exceed 1.50% for Class A and 2.15% for Class
C; on the next $1 billion of net assets, expenses shall not exceed 1.45% for
Class A and 2.10% for Class C; and on all assets over $2 billion, expenses
shall not exceed 1.40% for Class A and 2.05% for Class C. If, in any calendar
year, the average net assets of the MultiFlex or International Value Portfo-
lios are less than $100 million, expenses shall not exceed 1.80% for Class A
and 2.45% for Class C; on the next $400 million of net assets, expenses shall
not exceed 1.75% for Class A and 2.40% for Class C; on the next $500 million,
expenses shall not exceed 1.70% for Class A and 2.35% for Class C; on the next
$1 billion of net assets, expenses shall not exceed 1.65% for Class A and
2.30% for Class C; and on all assets over $2 billion, expenses shall not ex-
ceed 1.60% for Class A and 2.25% for Class C. If, in any calendar year, the
average net assets of the Real Estate Portfolio are less than $500 million,
expenses shall not exceed 1.70% for Class A and 2.35% for Class C; on the next
$500 million, expenses shall not exceed 1.65% for Class A and 2.30% for Class
C; and on all assets over $1 billion, expenses shall not exceed 1.60% for
Class A and 2.25% for Class C. In any calendar year, the expenses of the In-
come Portfolio may not exceed 1.35% for Class A and 1.70% for Class C, and the
expenses of the Cash Management Portfolio may not exceed 0.95% of average net
assets. The Adviser has agreed to reimburse the Income Portfolio for a three-
year period beginning October 1, 1995, so that the expenses shall not exceed
1.10% for Class A and 1.45% for Class C of average net assets per annum.
At June 30, 1997, 1.31% of the outstanding capital shares of Cash Management
were owned by affiliated parties.
NOTE 3 -- PURCHASES AND SALES OF INVESTMENT SECURITIES. For the six months
ended June 30, 1997, the aggregate cost of purchases and proceeds from sales
of U.S. Government Securities were:
<TABLE>
<CAPTION>
PURCHASES SALES
-----------------------
<S> <C> <C>
Flex.................................................... $28,888,206 $ 5,401,563
MultiFlex............................................... 23,167,767 8,797,396
Income.................................................. 0 958,270
The aggregate cost of purchases and proceeds from sales of all other securi-
ties (excluding all short-term securities) were:
<CAPTION>
PURCHASES SALES
-----------------------
<S> <C> <C>
Flex.................................................... $14,042,849 $30,236,886
Equity.................................................. 13,583,695 17,853,242
MultiFlex............................................... 93,829,413 63,314,918
International Value..................................... 25,840,378 4,581,647
Real Estate............................................. 16,599,108 6,251,353
</TABLE>
NOTE 4 -- UNREALIZED APPRECIATION AND DEPRECIATION. At June 30, 1997, the
gross unrealized appreciation and depreciation of securities for federal
income tax purposes was as follows:
<TABLE>
<CAPTION>
NET
GROSS GROSS UNREALIZED
UNREALIZED UNREALIZED APPRECIATION
APPRECIATION (DEPRECIATION) (DEPRECIATION)
------------------------------------------
<S> <C> <C> <C>
Flex................................. $163,344,223 $(5,337,482) $158,006,741
Equity............................... 61,475,456 (812,114) 60,663,342
MultiFlex............................ 66,023,882 (1,649,020) 64,374,862
International Value.................. 16,170,213 (313,894) 15,856,319
Real Estate.......................... 4,813,031 (12,124) 4,800,907
Income............................... 253,247 (604,716) (351,469)
</TABLE>
20
<PAGE>
NOTE 5 -- CAPITAL SHARES. The authorized capital stock of the Fund consists of
10,075,000,000 shares of common stock having a par value of $0.001 per share.
The authorized capital stock of the Fund has been classified as 10,000,000
shares of each of the Equity, Income, Real Estate and International Value
Portfolios; 15,000,000 shares of MultiFlex Portfolio; 20,000,000 shares of
Flex Portfolio; and 10,000,000,000 shares of the Cash Management Portfolio.
Authorized shares of each Portfolio are divided between Class A and Class C
shares, as follows:
<TABLE>
<CAPTION>
PORTFOLIO NAME CLASS A SHARES CLASS C SHARES
- --------------------------------------------------------------------------------
<S> <C> <C>
Flex.............................................. 7,500,000 12,500,000
Equity............................................ 5,000,000 5,000,000
MultiFlex......................................... 5,000,000 10,000,000
International Value............................... 5,000,000 5,000,000
Real Estate....................................... 5,000,000 5,000,000
Income............................................ 5,000,000 5,000,000
Cash Management................................... 5,000,000,000 5,000,000,000
</TABLE>
CAPITAL SHARE TRANSACTIONS WERE AS FOLLOWS:
<TABLE>
<CAPTION>
FLEX FUND EQUITY FUND
------------------------------------------------ ----------------------------------------------
SIX MONTHS SIX MONTHS
ENDED JUNE 30, 1997 YEAR ENDED ENDED JUNE 30, 1997 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1996 (UNAUDITED) DECEMBER 31, 1996
---------------------- ------------------------ ---------------------- ----------------------
SHARES VALUE SHARES VALUE SHARES VALUE SHARES VALUE
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CAPITAL SHARE TRANSACTIONS
CLASS A
Shares sold............ 83,766 $ 5,977,763 -- -- 15,116 $ 1,392,818 -- --
Shares issued from
reinvestment of
distributions......... 871 64,028 -- -- 314 29,932 -- --
--------------------------------------------------------------------------------------------
84,637 6,041,791 15,430 1,422,750
Shares repurchased..... (19) (5,204) -- -- 0 0 -- --
--------------------------------------------------------------------------------------------
NET INCREASE........... 84,618 $ 6,036,587 -- -- 15,430 $ 1,422,750 -- --
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
CLASS C
Shares sold............ 681,732 $ 47,557,337 1,649,247 $107,726,947 115,881 $ 10,284,146 263,161 $ 19,738,118
Shares issued from
reinvestment of
distributions......... 51,839 3,761,280 414,833 27,317,233 34,997 3,349,140 3,271 248,270
--------------------------------------------------------------------------------------------
733,571 51,318,617 2,064,080 135,044,180 150,878 13,633,286 266,432 19,986,388
Shares repurchased..... (524,268) (36,560,129) (1,070,366) (70,387,939) (142,099) (12,608,474) (209,472) (15,845,974)
--------------------------------------------------------------------------------------------
NET INCREASE........... 209,303 $ 14,758,488 993,714 $ 64,656,241 8,779 $ 1,024,812 56,960 $ 4,140,414
--------------------------------------------------------------------------------------------
--------------------------------------------------------------------------------------------
</TABLE>
21
<PAGE>
<TABLE>
<CAPTION>
MULTIFLEX FUND INTERNATIONAL VALUE FUND
---------------------------------------------- -------------------------------------------
SIX MONTHS SIX MONTHS
ENDED JUNE 30, 1997 YEAR ENDED ENDED JUNE 30, 1997 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1996 (UNAUDITED) DECEMBER 31, 1996
---------------------- ---------------------- -------------------- ---------------------
SHARES VALUE SHARES VALUE SHARES VALUE SHARES VALUE
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CAPITAL SHARE TRANSACTIONS
CLASS A
Shares sold............. 44,879 $ 2,428,734 -- -- 34,336 $ 1,972,994 -- --
Shares issued from
reinvestment of
distributions.......... 838 47,484 -- -- 154 9,419 -- --
-------------------------------------------------------------------------------------------
45,717 2,476,218 34,490 1,982,413
Shares repurchased...... (4) (3,391) -- -- (867) (50,657) -- --
-------------------------------------------------------------------------------------------
NET INCREASE............ 45,713 $ 2,472,827 -- -- 33,623 $ 1,931,756 -- --
===========================================================================================
CLASS C
Shares sold............. 960,464 $51,579,183 1,650,164 $80,727,974 461,455 $25,478,741 793,073 $37,650,713
Shares issued from
reinvestment of
distributions.......... 79,194 4,496,208 173,184 8,779,155 2,753 168,348 1,093 52,532
-------------------------------------------------------------------------------------------
1,039,658 56,075,391 1,823,348 89,507,129 464,208 25,647,089 794,166 37,703,245
Shares repurchased...... (346,373) (18,659,345) (482,083) (23,777,288) (83,226) (4,726,002) (39,722) (1,926,238)
-------------------------------------------------------------------------------------------
NET INCREASE............ 693,285 $37,416,046 1,341,265 $65,729,841 380,982 $20,921,087 754,444 $35,777,007
===========================================================================================
<CAPTION>
REAL ESTATE FUND INCOME FUND
---------------------------------------------- -------------------------------------------
SIX MONTHS SIX MONTHS
ENDED JUNE 30, 1997 YEAR ENDED ENDED JUNE 30, 1997 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1996 (UNAUDITED) DECEMBER 31, 1996
---------------------- ---------------------- -------------------- ---------------------
SHARES VALUE SHARES VALUE SHARES VALUE SHARES VALUE
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
CAPITAL SHARE TRANSACTIONS
CLASS A
Shares sold............. 24,187 $ 1,372,917 -- -- 592 $ 29,848 -- --
Shares issued from
reinvestment of
distributions.......... 317 18,059 -- -- 19 919 -- --
-------------------------------------------------------------------------------------------
24,504 1,390,976 611 30,767
Shares repurchased...... (18) (981) -- -- 0 0 -- --
-------------------------------------------------------------------------------------------
NET INCREASE............ 24,486 $ 1,389,995 -- -- 611 $ 30,767 -- --
===========================================================================================
CLASS C
Shares sold............. 184,443 $10,424,045 235,928 $10,888,988 42,558 $ 2,068,504 92,901 $ 4,592,854
Shares issued from
reinvestment of
distributions.......... 5,616 320,698 8,603 421,963 11,737 567,354 26,073 1,278,365
-------------------------------------------------------------------------------------------
190,059 10,744,743 244,531 11,310,951 54,295 2,635,858 118,974 5,871,219
Shares repurchased...... (18,553) (1,049,223) (11,611) (537,387) (83,272) (4,040,614) (196,204) (9,686,365)
-------------------------------------------------------------------------------------------
NET INCREASE (DECREASE). 171,506 $ 9,695,520 232,920 $10,773,564 (28,977) ($1,404,756) (77,230) ($3,815,146)
===========================================================================================
</TABLE>
22
<PAGE>
<TABLE>
<CAPTION>
CASH MANAGEMENT FUND
--------------------------------------------------
SIX MONTHS
ENDED JUNE 30, 1997 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1996
------------------------ ------------------------
SHARES VALUE SHARES VALUE
--------------------------------------------------
<S> <C> <C> <C> <C>
CAPITAL SHARE
TRANSACTIONS
CLASS A
Shares sold..... 148,177 $ 148,177 -- --
Shares issued
from
reinvestment of
distributions.. 2,400 2,400 -- --
--------------------------------------------------
150,577 150,577
Shares
repurchased.... (14,800) (14,800) -- --
--------------------------------------------------
NET INCREASE.... 135,777 $ 135,777 -- --
==================================================
CLASS C
Shares sold..... 11,078,374 $11,078,374 35,844,336 $35,844,336
Shares issued
from
reinvestment of
distributions.. 199,174 199,174 487,618 487,618
--------------------------------------------------
11,277,548 11,277,548 36,331,954 36,331,954
Shares
repurchased.... (18,741,865) (18,741,865) (40,824,498) (40,824,498)
--------------------------------------------------
NET DECREASE.... (7,464,317) ($7,464,317) (4,492,544) ($4,492,544)
==================================================
</TABLE>
NOTE 6 -- FOREIGN SECURITIES. Certain Portfolios invest in American Depositary
Receipts of foreign companies. Underlying the American Depositary Receipts are
investments in foreign securities. Foreign securities investments involve
special risks and considerations not typically associated with those of U.S.
origin. These risks include, but are not limited to, re-evaluation of
currencies, adverse political, social and economic developments and less
reliable information about issuers. Moreover, securities of many foreign
companies and markets may be less liquid and their prices more volatile than
those of U. S. companies and markets.
NOTE 7 -- TRANSACTIONS WITH AFFILIATES. The Fund has adopted an unfunded
noncontributory defined benefit pension 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 25% of the retainer fee at the time of retirement
(effective July 1, 1996, benefits are based on an annual rate of 40% of the
retainer fee at the time of retirement).
Pension expenses for Flex, Equity, MultiFlex, International, Real Estate and
Income for the six months ended June 30, 1997 of $1,978, $568, $981, $140, $50
and $134, respectively, are included in Directors' Fees and Expenses in the
Statement of Operations. Unfunded accrued pension costs for Flex, Equity,
MultiFlex, Income and Cash Management Funds of $14,718, $4,387, $7,091, $1,194
and $273, respectively, and pension liabilities for Flex, Equity, MultiFlex,
International, Real Estate, Income and Cash Management of $27,793, $8,319,
$13,014, $140, $50, $2,354 and $824, respectively, are included in other as-
sets and liabilities in the Statement of Assets and Liabilities.
NOTE 8 -- In accordance with the terms of an agreement approved by Relative
Return Bond Fund shareholders on December 15, 1995, the Income Fund issued
64,390 of its capital shares in exchange for the net assets of Relative Return
Bond Fund of $3,327,189, including $147,389 of unrealized appreciation;
combined net assets were $31,571,199 as of the merger date. Shareholders of
Relative Return Bond Fund received .788 shares of Income Fund for each share
of Relative Return Bond Fund. The transaction, which was a tax-free exchange,
has been accounted for by combining the assets and liabilities of each Fund at
their value on the date of the merger. The identified cost of investments were
similarly combined.
NOTE 9 -- SUBSEQUENT EVENT. AIM Advisors, Inc. became the investment adviser
to the Fund effective August 4, 1997, as approved by the shareholders of the
Fund at the meeting held July 9, 1997 (see page 25 for further information).
23
<PAGE>
INVESCO Advisor Funds, Inc.
SPECIAL MEETING OF SHAREHOLDERS (UNAUDITED)
A Special Meeting of Shareholders was held on January 31, 1997. At the meet-
ing, shareholders of the Funds were asked to consider the following:
1. A new Investment Advisory Agreement with Invesco Services, Inc. ("ISI")
(shareholders of all portfolios)
2. A new Sub-Advisory Agreement between ISI and INVESCO Capital Management,
Inc. ("ICM") (for shareholders of Equity Fund, Flex Fund, International
Value Fund and Income Fund only).
A new Sub-Advisory Agreement between ISI and INVESCO Management & Research,
Inc. ("IMR") (for shareholders of Multiflex Fund only).
A new Sub-Advisory Agreement between ISI and INVESCO Realty Advisors, Inc.
("IRA") (for shareholders of Real Estate Fund only).
3. Election of a new Board of Trustees (shareholders of all Funds).
4. Ratify the selection of Price Waterhouse LLP as independent auditors.
The result of all matters voted on by shareholders of the Funds at the Special
Meeting held on January 31, 1997 were as follows:
1. Approval of Investment Advisory Agreement
<TABLE>
<S> <C>
INVESCO Advi-
sor Equity
Portfolio 1,143,589 (95.4% of votes cast)
INVESCO Advi-
sor Flex
Portfolio 4,311,558 (95.0% of votes cast)
INVESCO Advi-
sor Income
Portfolio 321,599 (89.6% of votes cast)
INVESCO Advi-
sor Interna-
tional Value
Portfolio 678,381 (92.5% of votes cast)
INVESCO Advi-
sor
MultiFlex
Portfolio 2,763,987 (94.2% of votes cast)
INVESCO Advi-
sor Real Es-
tate Portfo-
lio 217,987 (97.0% of votes cast)
INVESCO Advi-
sor Cash
Management
Portfolio 16,004,582 (99.3% of votes cast)
</TABLE>
2. Approval of new Sub-Advisory Agreement
<TABLE>
<S> <C>
INVESCO Advi-
sor Equity
Portfolio 1,127,774 (94.1% of votes cast)
INVESCO Advi-
sor Flex
Portfolio 4,297,439 (94.7% of votes cast)
INVESCO Advi-
sor Income
Portfolio 320,517 (89.3% of votes cast)
INVESCO Advi-
sor Interna-
tional Value
Portfolio 678,622 (92.5% of votes cast)
INVESCO Advi-
sor
MultiFlex
Portfolio 2,756,543 (94.0% of votes cast)
INVESCO Advi-
sor Real Es-
tate Portfo-
lio 218,291 (97.1% of votes cast)
INVESCO Advi-
sor Cash
Management 15,977,357 (99.1% of votes cast)
</TABLE>
3. Election of Trustees
<TABLE>
<S> <C>
Charles W. Brady 25,893,697 (99.2% of votes cast)
Dan J. Hesser 25,893,435 (99.2% of votes cast)
Fred A. Deering 25,894,230 (99.2% of votes cast)
Victor L. Andrews 25,894,925 (99.2% of votes cast)
Bob R. Baker 25,846,802 (99.0% of votes cast)
Lawrence H. Budner 25,845,204 (99.0% of votes cast)
Daniel D. Chabris 25,851,164 (99.0% of votes cast)
A.D. Frazier, Jr. 25,867,574 (99.1% of votes cast)
Hubert L. Harris, Jr. 25,893,674 (99.2% of votes cast)
Kenneth T. King 25,881,471 (99.2% of votes cast)
John W. McIntyre 25,893,746 (99.2% of votes cast)
</TABLE>
24
<PAGE>
4.Ratify selection of Independent Auditors
<TABLE>
<S> <C>
INVESCO Advi-
sor Equity
Portfolio 1,144,512 (95.5% of votes cast)
INVESCO Advi-
sor Flex
Portfolio 4,393,989 (96.8% of votes cast)
INVESCO Advi-
sor Income
Portfolio 331,749 (92.4% of votes cast)
INVESCO Advi-
sor Interna-
tional Value
Portfolio 685,211 (93.4% of votes cast)
INVESCO Advi-
sor
MultiFlex
Portfolio 2,818,060 (96.1% of votes cast)
INVESCO Advi-
sor Real Es-
tate Portfo-
lio 220,980 (98.3% of votes cast)
INVESCO Advi-
sor Cash
Management
Portfolio 15,862,537 (98.4% of votes cast)
</TABLE>
INVESCO Advisor Funds, Inc.
SPECIAL MEETING OF SHAREHOLDERS (UNAUDITED)
A Special Meeting of Shareholders was held on July 9, 1997. At the meeting,
shareholders of the Funds were asked to consider the following:
1. A new Investment Advisory Agreement with AIM Advisors, Inc. ("AIM")
(shareholders of all portfolios)
2. A new Sub-Advisory Agreement between AIM and INVESCO Capital Management,
Inc. ("ICM") (for shareholders of Equity Fund, Flex Fund and Income Fund
only).
A new Sub-Advisory Agreement between AIM and INVESCO Management & Research,
Inc. ("IMR") (for shareholders of Multiflex Fund only).
A new Sub-Advisory Agreement between AIM and INVESCO Realty Advisors, Inc.
("IRA") (for shareholders of Real Estate Fund only).
3. A new Sub-Advisory Agreement with INVESCO Global Asset Management, Limited
(for shareholders of International Value Fund only).
4. Election of a new Board of Trustees (shareholders of all Funds).
5. Approve amended investment restrictions (shareholders of all Funds).
The result of all matters voted on by shareholders of the Funds at the Special
Meeting held on July 9, 1997 were as follows:
1. Approval of Investment Advisory Agreement
<TABLE>
<S> <C>
INVESCO Advisor Equity Portfolio 930,214 (94.4% of votes cast)
INVESCO Advisor Flex Portfolio 4,100,359 (94.0% of votes cast)
INVESCO Advisor Income Portfolio 267,288 (93.6% of votes cast)
INVESCO Advisor International Value Portfolio 600,807 (91.1% of votes cast)
INVESCO Advisor MultiFlex Portfolio 2,742,182 (93.0% of votes cast)
INVESCO Advisor Real Estate Portfolio 317,988 (93.8% of votes cast)
INVESCO Advisor Cash Management Portfolio 4,593,432 (94.5% of votes cast)
</TABLE>
2 and 3. Approval of new Sub-Advisory Agreement
<TABLE>
<S> <C>
INVESCO Advisor Equity Portfolio 927,232 (94.1% of votes cast)
INVESCO Advisor Flex Portfolio 4,100,359 (93.8% of votes cast)
INVESCO Advisor Income Portfolio 267,288 (94.4% of votes cast)
INVESCO Advisor MultiFlex Portfolio 2,742,182 (92.8% of votes cast)
INVESCO Advisor Real Estate Portfolio 317,988 (93.8% of votes cast)
INVESCO Advisor International Value Portfolio 601,427 (91.2% of votes cast)
</TABLE>
25
<PAGE>
INVESCO Advisor Funds, Inc.
SPECIAL MEETING OF SHAREHOLDERS (UNAUDITED)--(CONTINUED)
4. Election of Trustees
<TABLE>
<S> <C>
Charles T. Bauer 14,301,663 (96.7% of votes cast)
Bruce L. Crockett 14,333,450 (96.9% of votes cast)
Owen Daly II 14,315,469 (96.8% of votes cast)
Jack Fields 14,309,241 (96.8% of votes cast)
Carl Frischling 14,325,211 (96.9% of votes cast)
Robert H. Graham 14,328,888 (96.9% of votes cast)
John F. Kroeger 14,279,060 (96.6% of votes cast)
Lewis F. Pennock 14,325,898 (96.9% of votes cast)
Ian W. Robinson 14,284,791 (96.6% of votes cast)
Louis S. Sklar 14,331,039 (96.9% of votes cast)
</TABLE>
5.Approval of Amended Investment Restrictions
<TABLE>
<S> <C>
INVESCO Advisor Equity Portfolio 805,409 (91.0% of votes cast)
INVESCO Advisor Flex Portfolio 3,589,811 (90.3% of votes cast)
INVESCO Advisor Income Portfolio 239,437 (89.6% of votes cast)
INVESCO Advisor International Value Portfolio 540,220 (87.8% of votes cast)
INVESCO Advisor MultiFlex Portfolio 2,386,175 (89.2% of votes cast)
INVESCO Advisor Real Estate Portfolio 252,240 (89.4% of votes cast)
INVESCO Advisor Cash Management Portfolio 4,602,408 (95.4% of votes cast)
</TABLE>
26
<PAGE>
INVESCO Advisor Funds, Inc.
FINANCIAL HIGHLIGHTS
The table below sets forth financial data for a capital share outstanding
throughout each period presented.
<TABLE>
<CAPTION>
FLEX FUND
SIX MONTHS
ENDED JUNE 30, YEAR ENDED DECEMBER 31,
---------------------------------------------------------------------
1997 1996 1995 1994 1993 1992
---------------------------------------------------------------------
(UNAUDITED)
CLASS A CLASS C
---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period.... $ 66.51 $ 66.51 $ 62.64 $ 50.50 $ 54.16 $ 51.04 $ 49.35
---------------------------------------------------------------------
INVESTMENT OPERATIONS
Net investment income... 1.07 0.57 1.18 1.29 1.26 1.10 1.39
Net gain (loss) on
securities (both
realized and
unrealized)............ 7.97 8.19 7.25 12.38 (0.91) 4.22 2.37
---------------------------------------------------------------------
Total from investment
operations............. 9.04 8.76 8.43 13.67 0.35 5.32 3.76
---------------------------------------------------------------------
DISTRIBUTIONS
Dividends (from net
investment income)..... (1.04) (0.58) (1.17) (1.29) (1.25) (1.09) (1.35)
Distributions (from
capital gains)......... (0.01) (0.01) (3.39) (0.24) (2.76) (1.11) (0.72)
---------------------------------------------------------------------
Total distributions..... (1.05) (0.59) (4.56) (1.53) (4.01) (2.20) (2.07)
---------------------------------------------------------------------
Net asset value, end of
period................. $ 74.50 $ 74.68 $ 66.51 $ 62.64 $ 50.50 $ 54.16 $ 51.04
---------------------------------------------------------------------
---------------------------------------------------------------------
TOTAL RETURN/1/......... 13.63%# 13.20%# 13.61% 27.30% 0.64% 10.48% 7.72%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of
period (in 000's)...... $ 6,303 $565,701 $489,918 $399,162 $243,848 $274,349 $165,727
Ratio of expenses to
average net assets*.... 0.73%# 1.10%# 2.26% 2.28% 2.25% 2.25% 2.17%
Ratio of net investment
income to average
net assets*............ 1.19%# 0.82%# 1.81% 2.28% 2.32% 2.10% 2.81%
Portfolio turnover rate. 7%# 7%# 26% 5% 36% 27% 15%
Average commission rate
paid................... $0.0518 $ 0.0518 $ 0.0549 -- -- -- --
</TABLE>
/1Total/return assumes dividend reinvestment and does not reflect the effect
of sales charges.
* INVESCO Capital Management, Inc. voluntarily absorbed certain expenses of
the Fund aggregating $18,993 for 1993. If such expenses had not been
absorbed, the ratio of expenses to average net assets would have been 2.26%
and the ratio of net investment income to average net assets would have been
2.09%.
# Not annualized.
The accompanying notes are an integral part of these financial statements.
27
<PAGE>
INVESCO Advisor Funds, Inc.
FINANCIAL HIGHLIGHTS (CONTINUED)
The table below sets forth financial data for a capital share outstanding
throughout each period presented.
<TABLE>
<CAPTION>
EQUITY FUND
SIX MONTHS
ENDED JUNE 30, YEAR ENDED DECEMBER 31,
-----------------------------------------------------------------
1997 1996 1995 1994 1993 1992
-----------------------------------------------------------------
(UNAUDITED)
CLASS A CLASS C
-----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, begin-
ning of period......... $ 82.29 $ 82.29 $ 70.41 $ 55.83 $ 59.61 $ 63.27 $ 63.38
-----------------------------------------------------------------
INVESTMENT OPERATIONS
Net investment income
(loss)................. 0.55 (0.01) 0.18 0.41 0.36 0.41 0.60
Net gain on securities
(both realized
and unrealized)........ 14.85 15.06 11.90 16.44 1.26 5.40 2.44
-----------------------------------------------------------------
Total from investment
operations............. 15.40 15.05 12.08 16.85 1.62 5.81 3.04
-----------------------------------------------------------------
DISTRIBUTIONS
Dividends (from net
investment income)..... (0.61) (0.01) (0.20) (0.41) (0.36) (0.41) (0.57)
Distributions (from
capital gains)......... (2.57) (2.57) 0.00 (1.86) (5.04) (9.06) (2.58)
-----------------------------------------------------------------
Total distributions..... (3.18) (2.58) (0.20) (2.27) (5.40) (9.47) (3.15)
-----------------------------------------------------------------
Net asset value, end of
period................. $ 94.51 $ 94.76 $ 82.29 $ 70.41 $ 55.83 $ 59.61 $ 63.27
-----------------------------------------------------------------
-----------------------------------------------------------------
TOTAL RETURN/1/......... 18.70%# 18.26%# 17.17% 30.28% 2.69% 9.16% 4.84%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of
period (in 000's)...... $ 1,458 $159,080 $137,416 $113,573 $77,929 $86,659 $91,146
Ratio of expenses to
average net assets*.... 0.73%# 1.10%# 2.26% 2.28% 2.25% 2.25% 2.18%
Ratio of net investment
income to average
net assets*............ 0.37%# 0.00%# 0.24% 0.64% 0.61% 0.62% 0.90%
Portfolio turnover rate. 10%# 10%# 19% 17% 21% 47% 41%
Average commission rate
paid................... $0.0478 $ 0.0478 $ 0.0590 -- -- -- --
</TABLE>
/1Total/return assumes dividend reinvestment and does not reflect the effect
of sales charges.
* INVESCO Capital Management, Inc. voluntarily absorbed certain expenses of
the Fund aggregating $3,227 for 1993. If such expenses had not been
absorbed, the ratio of expenses to average net assets for 1993 would have
been 2.25% and the ratio of net investment income to average net assets for
1993 would have been 0.62%.
# Not annualized.
The accompanying notes are an integral part of these financial statements.
28
<PAGE>
INVESCO Advisor Funds, Inc.
FINANCIAL HIGHLIGHTS (CONTINUED)
The table below sets forth financial data for a capital share outstanding
throughout each period presented.
<TABLE>
<CAPTION>
MULTIFLEX FUND
SIX MONTHS FOR THE PERIOD
ENDED JUNE 30, YEAR ENDED DECEMBER 31, NOV. 17, 1993/2/ TO
------------------ ---------------------------- DEC. 31, 1993
1997 1996 1995 1994
--------------------------------------------------------------
(UNAUDITED)
CLASS A CLASS C
--------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period.... $ 52.54 $ 52.54 $ 46.71 $ 39.13 $ 40.16 $ 40.00
--------------------------------------------------------------
INVESTMENT OPERATIONS
Net investment income... 0.63 0.30 0.55 0.64 0.62 0.02
Net gain (loss) on
securities (both
realized and
unrealized)............ 5.28 5.43 7.31 7.75 (1.03) 0.16
--------------------------------------------------------------
Total from investment
operations............. 5.91 5.73 7.86 8.39 (0.41) 0.18
--------------------------------------------------------------
DISTRIBUTIONS
Dividends (from net
investment income)..... (0.64) (0.30) (0.53) (0.64) (0.62) (0.02)
Distributions (from
capital gains)......... (0.59) (0.59) (1.50) (0.17) 0.00 0.00
--------------------------------------------------------------
Total distributions..... (1.23) (0.89) (2.03) (0.81) (0.62) (0.02)
--------------------------------------------------------------
Net asset value, end of
period................. $ 57.22 $ 57.38 $ 52.54 $ 46.71 $ 39.13 $ 40.16
--------------------------------------------------------------
--------------------------------------------------------------
TOTAL RETURN/1/......... 11.29%# 10.92%# 17.03% 21.58% (1.02%) 0.46%#
RATIOS/SUPPLEMENTAL DATA
Net assets, end of
period (in 000's)...... $ 2,616 $331,225 $266,843 $174,592 $120,220 $12,241
Ratio of expenses to
average net assets..... 0.84%# 1.21%# 2.45% 2.50% 2.49% 2.50%*
Ratio of net investment
income to average net
assets................. 0.95%# 0.58%# 1.16% 1.53% 2.01% 1.09%*
Portfolio turnover rate. 25%# 25%# 62% 50% 81% 0.53%#
Average commission rate
paid................... $0.0586 $ 0.0586 $ 0.0577 -- -- --
</TABLE>
/1/Total return assumes dividend reinvestment and does not reflect the effect
of sales charges.
/2/Commencement of operations.
*Annualized.
#Not annualized.
The accompanying notes are an integral part of these financial statements.
29
<PAGE>
INVESCO Advisor Funds, Inc.
FINANCIAL HIGHLIGHTS (CONTINUED)
The table below sets forth financial data for a capital share outstanding
throughout each period presented.
<TABLE>
<S> <C> <C> <C> <C>
INTERNATIONAL VALUE FUND
<CAPTION>
SIX MONTHS YEAR ENDED
ENDED JUNE 30, JUNE 30, FOR THE PERIOD
----------------- ------------ MAY 1, 1995/2/ TO
1997 1996 DEC. 31, 1995
--------------------------------------------------
(UNAUDITED)
CLASS A CLASS C
--------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning
of period.................. $ 53.68 $ 53.68 $ 44.51 $40.00
--------------------------------------------------
INVESTMENT OPERATIONS
Net investment income
(loss)..................... 0.50 0.23 (0.05) 0.00
Net gain on securities (both
realized and unrealized)... 7.55 7.60 9.37 4.51
--------------------------------------------------
Total from investment
operations................. 8.05 7.83 9.32 4.51
--------------------------------------------------
DISTRIBUTIONS
Dividends (from net
investment income)......... (0.44) (0.22) 0.00 0.00
Distributions (from capital
gains)..................... (0.05) (0.05) (0.15) 0.00
--------------------------------------------------
Total distributions......... (0.49) (0.27) (0.15) 0.00
--------------------------------------------------
Net asset value, end of
period..................... $ 61.24 $ 61.24 $ 53.68 $44.51
==================================================
TOTAL RETURN/1/............. 15.01%# 14.59%# 20.99% 11.28%#
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(in 000's)................. $ 2,059 $82,553 $51,916 $9,467
Ratio of expenses to average
net assets................. 0.85%# 1.22%# 2.50% 2.50%*
Ratio of net investment
income to average net
assets..................... 0.82%# 0.45%# (0.16%) 0.03%*
Portfolio turnover rate..... 7%# 7%# 5% 2%#
Average commission rate
paid....................... $0.0575 $0.0575 $0.0602 --
</TABLE>
/1/Total return assumes dividend reinvestment and does not reflect the effect
of sales charges.
/2/Commencement of operations.
*Annualized.
#Not annualized.
The accompanying notes are an integral part of these financial statements.
30
<PAGE>
INVESCO Advisor Funds, Inc.
FINANCIAL HIGHLIGHTS (CONTINUED)
The table below sets forth financial data for a capital share outstanding
throughout each period presented.
<TABLE>
<S> <C> <C> <C> <C>
REAL ESTATE FUND
<CAPTION>
SIX MONTHS YEAR ENDED
ENDED JUNE 30, DECEMBER 31, FOR THE PERIOD
----------------- ------------- MAY 1, 1995/2/ TO
1997 1996 DEC. 31, 1995
---------------------------------------------------
(UNAUDITED)
CLASS A CLASS C
---------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning
of period................. $ 56.77 $ 56.77 $ 43.02 $40.00
---------------------------------------------------
INVESTMENT OPERATIONS
Net investment income...... 0.93 0.57 1.30 0.64
Net gain on securities
(both realized and
unrealized)............... 1.76 1.91 14.06 3.00
---------------------------------------------------
Total from investment
operations................ 2.69 2.48 15.36 3.64
---------------------------------------------------
DISTRIBUTIONS
Dividends (from net
investment income)........ (0.95) (0.63) (1.23) (0.62)
Distributions (from capital
gains).................... (0.08) (0.08) (0.38) 0.00
---------------------------------------------------
Total distributions........ (1.03) (0.71) (1.61) (0.62)
---------------------------------------------------
Net asset value, end of
period.................... $ 58.43 $ 58.54 $ 56.77 $43.02
===================================================
TOTAL RETURN/1/............ 4.79%# 4.41%# 36.43% 9.12%#
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period
(in 000's)................ $ 1,431 $31,245 $20,566 $5,565
Ratio of expenses to
average net assets........ 0.80%# 1.17%# 2.40% 2.40%*
Ratio of net investment
income to average net
assets.................... 1.59%# 1.22%# 3.21% 4.68%*
Portfolio turnover rate.... 25%# 25%# 25% 7%#
Average commission rate
paid...................... $0.0599 $0.0599 $0.0601 --
</TABLE>
/1/Total return assumes dividend reinvestment and does not reflect the effect
of sales charges.
/2/Commencement of operations.
*Annualized.
#Not annualized.
The accompanying notes are an integral part of these financial statements.
31
<PAGE>
INVESCO Advisor Funds, Inc.
FINANCIAL HIGHLIGHTS (CONTINUED)
The table below sets forth financial data for a capital share outstanding
throughout each period presented.
<TABLE>
<CAPTION>
INCOME FUND
SIX MONTHS
ENDED JUNE 30, YEAR ENDED DECEMBER 31,
-----------------------------------------------------------------
1997 1996 1995 1994 1993 1992
-----------------------------------------------------------------
(UNAUDITED)
CLASS A CLASS C
-----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period.... $48.87 $ 48.87 $ 52.22 $ 45.33 $ 48.60 $ 47.41 $ 47.77
-----------------------------------------------------------------
INVESTMENT OPERATIONS
Net investment income... 1.45 1.33 2.61 2.44 2.40 2.28 2.57
Net gain (loss) on
securities (both
realized
and unrealized)........ (0.36) (0.31) (3.31) 6.91 (3.27) 1.20 (0.37)
-----------------------------------------------------------------
Total from investment
operations............. 1.09 1.02 (0.70) 9.35 (0.87) 3.48 2.20
-----------------------------------------------------------------
DISTRIBUTIONS
Dividends (from net
investment income)..... (1.53) (1.35) (2.65) (2.46) (2.40) (2.29) (2.56)
-----------------------------------------------------------------
Total distributions..... (1.53) (1.35) (2.65) (2.46) (2.40) (2.29) (2.56)
-----------------------------------------------------------------
Net asset value, end of
period................. $48.43 $ 48.54 $ 48.87 $ 52.22 $ 45.33 $ 48.60 $ 47.41
=================================================================
TOTAL RETURN/1/......... 2.26%# 2.13%# (1.23%) 21.12% (1.80%) 7.39% 4.74%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of
period (in 000's)...... $ 29 $24,575 $26,162 $31,986 $25,467 $42,872 $47,096
Ratio of expenses to
average net assets*.... 0.55%# 0.72%# 1.51% 2.19% 2.25% 2.25% 2.25%
Ratio of net investment
income to average net
assets*................ 2.91%# 2.74%# 5.30% 4.94% 5.09% 4.56% 5.48%
Portfolio turnover rate. 0%# 0%# 34% 24% 59% 92% 16%
</TABLE>
/1/Total return assumes dividend reinvestment and does not reflect the effect of
sales charges.
* INVESCO Capital Management, Inc. voluntarily absorbed certain expenses of the
Fund aggregating $31,132, $72,341, $17,720 and $17,632, for the six months
ended June 30, 1997 and the years ended 1996, 1995 and 1993, respectively. If
such expenses had not been absorbed, the ratio of expenses to average net
assets would have been 0.68%, 0.85%, 1.76%, 2.25% and 2.29%, for Class A and
Class C for the six months ended June 30, 1997 and the years ended 1996,
1995, and 1993, respectively.
The ratio of net investment income to average net assets would have been
2.79%, 2.62%, 5.05%, 4.88% and 4.52%, for Class A and Class C for the six
months ended June 30, 1997 and the years ended 1996, 1995 and 1993,
respectively.
# Not annualized.
The accompanying notes are an integral part of these financial statements.
32
<PAGE>
INVESCO Advisor Funds, Inc.
FINANCIAL HIGHLIGHTS (CONTINUED)
The table below sets forth financial data for a capital share outstanding
throughout each period presented.
<TABLE>
<CAPTION>
CASH MANAGEMENT FUND
SIX MONTHS
ENDED JUNE 30, YEAR ENDED DECEMBER 31,
---------------------------------------------------------------
1997 1996 1995 1994 1993 1992
---------------------------------------------------------------
(UNAUDITED)
CLASS A CLASS C
---------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period.... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------------------------------------------------------------
INVESTMENT OPERATIONS
Net investment income... 0.02 0.02 0.04 0.05 0.03 0.02 0.03
---------------------------------------------------------------
DISTRIBUTIONS
Dividends (from net
investment income)..... (0.02) (0.02) (0.04) (0.05) (0.03) (0.02) (0.03)
---------------------------------------------------------------
Net asset value, end of
period................. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
===============================================================
TOTAL RETURN/1/......... 2.23%# 2.23%# 4.48% 5.04% 3.30% 2.20% 3.00%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of
period (in 000's)...... $ 136 $8,481 $15,946 $20,439 $15,212 $13,827 $20,431
Ratio of expenses to
average net assets*.... 0.48%# 0.48%# 1.04% 1.00% 1.00% 0.95% 0.73%
Ratio of net investment
income to average net
assets*................ 2.23%# 2.23%# 4.36% 4.91% 3.23% 2.17% 2.94%
</TABLE>
/1/Total return assumes dividend reinvestment and does not reflect the effect
of sales charges.
* INVESCO Capital Management, Inc. voluntarily absorbed certain expenses of
the Fund aggregating $15,099 and $38,925 for 1993 and 1992, respectively. If
such expenses had not been absorbed the ratio of expenses to average net
assets would have been 1.03% and 0.92% for 1993 and 1992, respectively, and
the ratio of net investment income to average net assets would have been
2.09% and 2.75% for 1993 and 1992, respectively.
# Not annualized.
The accompanying notes are an integral part of these financial statements.
33
<PAGE>
INVESCO SERVICES, INC.
Investment Advisor
Manager
Distributor
INVESCO CAPITAL MANAGEMENT, INC.
Sub-Advisor:
INVESCO Advisor Flex Fund
INVESCO Advisor Equity Fund
INVESCO Advisor International Value Fund
INVESCO Advisor Income Fund
INVESCO Advisor Cash Management Fund
INVESCO MANAGEMENT & RESEARCH, INC.
Sub-Advisor:
INVESCO Advisor MultiFlex Fund
INVESCO REALTY ADVISORS, INC.
Sub-Advisor:
INVESCO Advisor Real Estate Fund
FUND/PLAN SERVICES, INC.
Transfer Agent and Administrator
UMB BANK, N.A.
Custodian
PRICE WATERHOUSE LLP
Independent Accountants
LOGO
OF INVESCO SERVICES, INC. APPEARS HERE
Invesco Services, Inc.
1355 Peachtree Street, N.E.
Atlanta, Georgia 30309
(404) 892-0666
(800) 972-9030
This information must be preceded or
accompanied by a current prospectus
ADV-SAR-1
SEMIANNUAL REPORT
---------------------------------------
June 30, 1997
LOGO
OF INVESCO SERVICES, INC. APPEARS HERE
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