ANNUAL REPORT
October 31, 1995
INVESCO
INTERNATIONAL
FUNDS, INC.
European
International Growth
Pacific Basin
No-Load Mutual Funds Seeking
Opportunities Overseas
INVESCO FUNDS
<PAGE>
INVESCO International Funds, Inc.
International Overview November 1995
International equities have not enjoyed the outstanding year seen by the
S&P 500.
Only the Venezuelan market has come close to matching the advances of the robust
U.S. stock market in 1995.
Stock exchanges throughout Asia and the Pacific Rim have been affected by the
long Japanese slowdown. In local currency terms, the Nikkei 225 Average has
fallen more than 10%. The fiasco in the trading department of the Daiwa Bank has
cast a shadow over the rest of Japan's financial community, and prices for
banking stocks have suffered commensurately. Foreign investment in the Tokyo
Exchange has dropped significantly, further depressing prices.
Outlook on Asia
While several Pacific Rim securities markets such as Hong Kong and Australia
have posted positive returns year-to-date, many are mired in losses. For
instance, through 10/31/95, Taiwan was down over 30% and Singapore was off about
6%. The problems for these latter markets originate in lower -- though still
positive -- growth rates in Gross Domestic Product (GDP). Hong Kong, on the
other hand, is experiencing a continued high correlation with the U.S.
securities markets -- hence, its market advance of about 20% in 1995.
Next year is expected to produce improvement for the Japanese economy, with
growth in GDP of about 2% on an annualized basis. If this scenario plays out as
anticipated, companies throughout this region may benefit through improved
earnings and stronger stock prices.
Europe, the U.K. and Latin America
In Europe, most exchanges are enjoying a moderately positive year, sustained
by an equally moderate economic recovery. While the French and Italian markets
have dropped this year, price advances have been forthcoming in the U.K.,
Switzerland, and the Netherlands. Returns were particularly strong from such
diverse areas as entertainment, industrial technology, pharmaceuticals, and
aluminum. Overall, the best performing sectors were consumer staples and
technology.
The outlook is good for continued, though modest, growth in GDP for the U.K.
and most countries on the Continent. Inflation remains mild, except for Spain
and Italy. Consensus GDP forecasts for individual countries are in the range of
2% to 3% throughout Europe, figures which are indicative of softening economic
growth and corporate earnings, but still positive for most markets.
Broad economic and political uncertainty continue to drag down markets
throughout Latin America. In local currency, the Mexican stock market is down
about 3% for the year. But the peso's weakness translates that into a loss of
over 30% in U.S. dollar terms. Chile's IGPA General index is up for the year,
but other key markets, such as Argentina, have had problems in 1995.
INVESCO International Funds, Inc.
Each of the funds is managed by a team of investment professionals
specializing in various countries. A senior investment policy group determines
the country-by- country allocation of the fund's assets, overall stock selection
methodology, and risk control policies.
The line graphs on the following pages illustrate the value of a $10,000
investment in each of the INVESCO International Funds, plus reinvested dividends
and capital gain distributions, for the ten-year period ended 10/31/95; or, in
the case of European Fund and International Growth Fund, from inception through
10/31/95. (Of course, past performance is not a guarantee of future results.)*
The charts and other total return figures cited reflect the portfolios'
operating expenses, but the indexes do not have expenses, which would, of
course, have lowered their performance.
<PAGE>
European Fund
For the one-year period ended 10/31/95, INVESCO European Fund had a total
return of 10.42%. This roughly matches the solid if unspectacular total return
of 10.56% for the Morgan Stanley Capital Index-Euro 18. (The MSCI-Euro 18 is an
unmanaged, weighted index of European stock markets.** Of course, past
performance is not a guarantee of future results.)*
Over the past six months, we have reduced our exposure in France and the U.K.,
in favor of some of the smaller markets such as Sweden, Norway, Finland,
Switzerland and the Netherlands. This move reflects our emphasis on companies
that have the potential to grow profits consistently despite the weaker economic
environment.
Industry weightings have been adjusted significantly over the past year. We
have moved away from the more cyclical sectors, such as capital goods &
construction, consumer cyclicals, and finance. Instead, we are building up
holdings in consumer staples and utilities, which are more defensive areas.
European Fund
Average Annualized Total Return
as of 10/31/95*
1 year 10.42%
-----------------------------------
5 years 6.94%
-----------------------------------
Since inception (6/86) 7.82%
-----------------------------------
Pharmaceuticals and medical devices in particular have outperformed the broad
market in 1995, and appear likely to repeat next year. Our newer holdings
include Merck KGaA (Germany), a leader in niche products. Beverages is another
category that has done well; here we have taken positions in Bass PLC (U.K.) and
Heineken NV (the Netherlands).
On the utilities side, over the past year we have added Nera A/S (Norway),
Telefonkatiebologet Ericsson (L M) (Sweden), Ericsson SpA (Italy), and Empresa
Nacional de Electricidad SA(Spain).
Technology is also receiving more attention; this sector tends to be less
dependent upon economic cycles. In the past year, we have taken positions in
Nokia A Shrs. (Finland), SGS-Thomson Microelectronics NV (France), Getronics NV
(the Netherlands), and Siemens AG (Germany), among others.
Graph:
This line graph compares the value of a $10,000 investment in the INVESCO
European Fund to the value of a $10,000 investment in the MSCI-Europe/Far
East/Australia Index, assuming in each case reinvestment of all dividends
and capital gain distributions, for the period from inception (6/86)
through 10/31/95.
International Growth Fund
For the one-year period ended 10/31/95, INVESCO International Growth Fund had
a total return of -2.84%. The Morgan Stanley Capital Index-Europe/Australia/Far
East had a total return of -0.07% for the same period. The fund underperformed
the index over the past 12 months partly because of over-exposure to emerging
markets, which have had a rocky year. (The MSCI-EAFE is a weighted index of
international stock markets.** Of course, past performance is not a guarantee of
future results.)*
We had anticipated a cyclical improvement in the Japanese economy, with
concomitant stock market gains. However, that recovery has not yet occurred;
many analysts believe it will be well into 1996 before positive figures
predominate in that country's growth rate.
In the meantime, we expect to allocate more heavily towards Europe. For
example, our second largest geographic focus is the United Kingdom. The fund's
results from this market were much stronger, reflecting a broad advance of about
15% thus far in 1995.
<PAGE>
Graph:
This line graph compares the value of a $10,000 investment in the INVESCO
International Growth Fund to the value of a $10,000 investment in the
MSCI- Europe/Far East/Australia Index, assuming in each case reinvestment
of all dividends and capital gain distributions, for the period from
inception (7/86) through 10/31/95.
We should note that, over the six months ended 10/31/95, the fund has strongly
outperformed the broad index. During this most recent period, International
Growth Fund achieved a positive return of 3.49%, while the MSCI-EAFE had a
return of negative 1.44%.*
The improvement in the fund's comparative performance may be attributed to a
shift in industry sector weightings. Over the past few months, we have gradually
refocused the fund away from cyclicals, towards consumer staples. Many holdings
in finance, capital goods & construction, and consumer cyclicals such as retail
have been trimmed or eliminated.
Our strategy is based upon the belief that slower economic growth will
continue. Industries with the best potential over the next few months may well
be larger capitalization firms with proven track records.
International Growth Fund
Average Annualized Total Return
as of 10/31/95*
1 year -2.84%
-----------------------------------
5 years 4.02%
-----------------------------------
Since inception (9/87) 4.89%
-----------------------------------
This belief has been borne out by results from individual fund holdings. Among
stocks we have owned for one year or longer, Moet Hennessey Louis Vuitton
(France), Nestle SA Registered Shrs. (Switzerland), and Sandoz AG Ltd.
Registered Shrs. (Switzerland) -- all consumer staples -- have all appreciated
strongly in value since they were purchased. Likewise, technology holdings have
also done well, including Kyocera Corp (Japan) and Siebe PLC (U.K.).
New holdings in consumer staples include Bass PLC (U.K.), Tate & Lyle PLC
(U.K.), Fresenius AG (Germany), Merck KGaA (Germany), Roche Holding AG Ltd.
Genusscheine (Switzerland), Sanofi SA (France), Chugai Pharmaceutical Ltd.
(Japan), and Yamazaki Baking (Japan).
Despite already impressive 1995 results -- and recent pullbacks, particularly
in Europe -- we believe technology stocks continue to offer growth potential and
attractive valuations. On the technology side, we have opened positions in
Getronics NV (the Netherlands), Nokia A Shrs. (Finland), Samsung Electronics GDS
Ltd. (South Korea), Sensonor A/S (Norway), Siemens AG (Germany), and SAP AG
(Germany).
Pacific Basin Fund
For the one-year period ended 10/31/95, INVESCO Pacific Basin Fund had a total
return of -8.31%, compared to a total return of -11.04% for the Morgan Stanley
Capital Index-Pacific. (The MSCI-Pacific is an unmanaged, weighted index of Far
Eastern stock markets.** Of course, past performance is not a guarantee of
future results.)*
<PAGE>
Pacific Basin Fund
Average Annualized Total Return
as of 10/31/95*
1 year -8.31%
-----------------------------------
5 years 6.37%
-----------------------------------
10 years 11.86%
-----------------------------------
While the fund outperformed the index, investors are bound to be disappointed
when comparing results from the last two fiscal years. Investors in the Pacific
Rim were rewarded in 1994 for favoring the Far East over the United States; in
1995, that situation has reversed. Over the past six months we have
significantly decreased our exposure in Japan, while simultaneously building up
positions in Hong Kong and, to a lesser extent, Malaysia. This shift helped
reduce potential losses, but the fund was not able to avoid them entirely.
Graph:
This line graph represents a comparison of the value of a $10,000
investment in the INVESCO Pacific Basin Fund to the value of a $10,000
investment in the MSCI-Pacific Indexe, assuming in each case reinvestment
of all dividends and capital gain distributions, for the ten year period
ended 10/31/95.
We have positioned Pacific Basin Fund to benefit from the potential mild
recovery anticipated for 1996. In Japan, for example, we are underweighted in
bank stocks, which have been battered by the still-unfolding Daiwa Bank scandal.
Currently, we favor construction, chemical, and communications stocks; earnings
here should improve as the long Japanese recession draws to a close.
In the past 12 months, new holdings in basic materials included Comalco Ltd
(Australia), Land & General Berhad (Malaysia), and Acidchem Berhad (Malaysia).
In the diversified sector, we have opened positions in Hutchison Whampoa Ltd.
(Hong Kong), New World Infrastructure Ltd (Hong Kong), United Engineers Malaysia
Berhad (Malaysia), and Komatsu Ltd (Japan).
Finance remains our strongest focus, and has become more so over the past six
months. As mentioned above, the focus here is not on banking but on other
industries, such as insurance, securities brokerage, and real estate. Since
April, we have taken positions in Henderson Land Development Ltd. (Hong Kong),
New World Development Ltd (Hong Kong), Industrial Finance (Thailand), and Ayala
Land Series B Shrs (Philippines).
*Total return assumes reinvestment of dividends and capital gain distributions
for the periods indicated. Past performance is not a guarantee of future
results. Investment return and principal value will fluctuate so that, when
redeemed, an investor's shares may be worth more or less than when purchased.
**The MSCI-EAFE, MSCI-Euro 18, and MSCI-Pacific are unmanaged indices of common
stocks considered to be representative of the overall International, European,
and Pacific Basin regional securities markets, respectively. The S&P 500 is an
unmanaged index indicative of the broad U.S. stock market.
<PAGE>
INVESCO Fund Codes
These two-digit codes appear after your account number on Investment
Summaries and confirmations. You may also use them to request information about
specific funds on PAL(r), your Personal Account Line.
Money Market Funds
44 U.S. Government Money Fund
25 Cash Reserves
40 Tax-Free Money Fund
Tax-Exempt Funds
36 Tax-Free Intermediate Bond
35 Tax-Free Long-Term Bond
Income Funds
33 Short-Term Bond
32 U.S. Government Securities
47 Intermediate Government Bond
30 Select Income
31 High Yield
Multiple Asset Funds
71 Balanced
70 Multi-Asset Allocation
48 Total Return
Equity-Income Funds
15 Industrial Income
58 Utilities
Growth Funds
10 Growth
20 Dynamics
74 Small Company
60 Emerging Growth
46 Value Equity
Sector Funds
50 Energy
59 Environmental Services
57 Financial Services
51 Gold
52 Health Sciences
53 Leisure
55 Technology
38 Worldwide Capital Goods
39 Worldwide Communications
International Funds
49 International Growth
56 European
37 European Small Company
34 Latin American Growth
54 Pacific Basin
For more information about any of the INVESCO Funds, including management fees
and expenses, please call us at 1-800-525-8085 for a prospectus. Read it
carefully before you invest or send money.
<PAGE>
INVESCO International Funds, Inc.
Ten Largest Common Stock Holdings
October 31, 1995
<TABLE>
<CAPTION>
Description Value
- ---------------------------------------------------------------------------------------
EUROPEAN Fund
<S> <C>
Roche Holding AG Ltd Genusscheine
Non-Voting Shrs $ 7,259,125
Sandoz AG Ltd Registered Shrs 5,771,225
Nokia A Shrs 5,721,557
Telefonaktiebolaget Ericsson (L M)
Series B Shrs 5,624,217
Philips Electronics NV 5,404,718
Hoganasgruppen AB
Series B Shrs 5,388,652
SGS-Thomson
Microelectronics NV 5,300,032
Elsevier NV 4,906,016
Nera A/S 4,654,026
Tomra Systems 4,362,156
INTERNATIONAL GROWTH Fund
HSBC Holdings PLC $1,388,361
Internationale Nederlanden Groep NV 1,137,465
Heineken NV 1,048,693
Sanofi SA 1,044,789
Siemens AG 1,027,111
Roche Holding AG Ltd Genusscheine
Non-Voting Shrs 1,016,278
Hutchison Whampoa Ltd 964,200
Sandoz AG Ltd Registered Shrs 956,374
Astra International Foreign Shrs 949,396
Nestle SA Registered Shrs 942,366
PACIFIC BASIN Fund
HSBC Holdings PLC $5,193,235
Hutchison Whampoa Ltd 4,854,058
Cheung Kong Holdings 4,302,595
Swire Pacific Ltd Class A Shrs 3,927,029
Sun Hung Kai Properties Ltd 3,641,843
New World Development Ltd 3,277,918
Henderson Land Development Ltd 3,227,671
Development Bank of Singapore Ltd 3,057,686
China Light & Power Ltd 3,034,662
Bangkok Bank Foreign Shrs 2,991,681
</TABLE>
Composition of holdings is subject to change.
<PAGE>
INVESCO International Funds, Inc.
Statement of Investment Securities
October 31, 1995
<TABLE>
<CAPTION>
Shares or
Industry Principal
Description Code Amount Value
- -----------------------------------------------------------------------------------------------
EUROPEAN Fund
<S> <C> <C>
COMMON STOCKS,
RIGHTS & WARRANTS 92.46%
BELGIUM 1.28%
Barco NV EL 25,000 $2,812,646
------------
DENMARK 1.31%
Falck Holding A/S* SA 23,000 2,890,509
------------
FINLAND 3.33%
Nokia A Shrs EL 100,000 5,721,557
Tietotehdas Oy Series B Shrs CO 60,000 1,624,639
------------
7,346,196
------------
FRANCE 12.20%
AXA SA IN 60,000 3,330,544
Altran Technologies FR 13,000 1,857,183
Carrefour SA RT 4,000 2,347,894
Castorama-Dubois
Investissements RT 14,000 2,269,005
Cegedim SA* AD 7,500 542,624
Ecco SA FR 10,000 1,549,185
SGS-Thomson
Microelectronics* EL 115,000 5,300,032
Sanofi SA CT 66,000 4,207,203
Sodexho SA FR 10,000 2,589,469
Synthelabo MD 45,000 2,895,219
------------
26,888,358
------------
GERMANY 5.78%
Allianz AG Holding
Registered Shrs IN 1,300 2,404,672
Deutsche Bank AG BK 35,810 1,618,989
Deutsche Bank AG
Warrants (Exp 1996)* BK 9,000 22,367
Hoechst AG CH 15,000 3,937,726
Merck KGaA* MD 38,970 1,627,094
Siemens AG EL 6,000 3,144,217
------------
12,755,065
------------
ITALY 3.31%
De Rigo SpA ADR* MS 110,220 2,273,287
Ericsson SpA TC 110,000 1,558,722
Gucci Group NV New York
Registered Shrs* TA 58,580 1,757,400
Olivetti (Ing C) & C SpA* CO 2,300,000 1,716,099
------------
7,305,508
------------
<PAGE>
NETHERLANDS 11.42%
Elsevier NV PR 380,000 4,906,016
Fortis Amev NV IN 40,000 2,508,701
Getronics NV CO 50,000 2,382,759
Heineken NV FD 15,000 2,658,058
Internationale Nederlanden
Groep NV IN 45,000 2,679,892
Koninklijke KNP BT NV CN 40,000 1,202,455
Philips Electronics NV EE 140,000 5,404,718
PolyGram NV RR 55,000 3,428,579
------------
25,171,178
------------
NORWAY 6.45%
Nera A/S TC 130,000 4,654,026
Sensonor A/S* CI 230,000 1,956,970
Sysdeco Group A/S* CO 150,000 3,250,915
Tomra Systems MY 691,398 4,362,156
------------
14,224,067
------------
SPAIN 4.08%
Banco Bilbao Vizcaya SA
Registered Shrs BK 100,000 3,051,140
Centros Comerciales Pryca SA RT 125,000 2,658,500
Empresa Nacional de
Electricidad SA UT 66,000 3,277,072
------------
8,986,712
------------
SWEDEN 8.52%
Atlas Copco AB
Series B Shrs MY 78,600 1,189,011
Autoliv AB AM 55,000 3,154,168
Hoganasgruppen AB
Series B Shrs MM 200,000 5,388,652
Munksjoe AB PP 100,000 722,501
Telefonaktiebolaget Ericsson (L M)
Series B Rights* TC 26,500 562,422
Series B Shrs TC 265,000 5,624,217
Volvo AB ADR
Representing Class B Shrs AM 95,000 2,149,375
------------
18,790,346
------------
SWITZERLAND 9.02%
Danzas Holding AG
Participation Certificates TR 8,500 1,518,257
Registered Shrs TR 221 184,734
Lem Holdings SA
Bearer Shrs EE 4,320 1,642,093
Publicitas Holding SA
Registered Shrs AD 2,000 2,058,952
Roche Holding AG Ltd
Genusscheine Non-Voting Shrs MD 1,000 7,259,125
Sandoz AG Ltd Registered Shrs MD 7,000 5,771,225
Swissair AG Registered Shrs* TR 2,300 1,446,986
------------
19,881,372
------------
<PAGE>
UNITED KINGDOM 25.76%
BAA PLC TR 120,000 931,592
BAT Industries PLC
Sponsored ADR DV 195,000 3,241,875
BTR PLC DV 500,000 2,650,872
Bass PLC FD 163,000 1,705,221
Beazer Homes PLC CR 450,000 1,093,485
Boots Co PLC MD 70,000 618,537
British Gas PLC ADR UT 53,000 2,014,000
British Petroleum OG 200,000 1,469,025
British Telecommunications
PLC TC 550,000 3,267,437
Burford Holdings PLC RE 290,000 571,989
Cable & Wireless PLC TC 180,000 1,175,851
Cadbury Schweppes PLC FD 150,000 1,237,863
Courtaulds Textiles PLC TA 80,000 518,813
General Accident PLC IN 70,000 714,631
General Electric PLC EL 250,000 1,238,651
Glaxo Wellcome PLC
Sponsored ADR MD 140,000 3,797,500
Glynwed International PLC MM 300,000 1,590,523
Granada Group PLC AV 90,000 959,994
Grand Metropolitan PLC FD 150,000 1,036,680
HSBC Holdings PLC
Registered Shrs BK 80,000 1,187,843
Hanson PLC DV 550,000 1,681,450
Hickson International PLC CH 700,000 1,159,756
Inchcape PLC DV 70,575 348,558
Lloyds Bank PLC BK 200,000 2,458,368
Marks & Spencer PLC RT 110,000 735,933
McKechnie PLC DV 150,000 1,031,947
Memory Corp PLC* CO 75,000 570,411
National Power PLC UT 160,000 1,244,647
National Westminster
Bank PLC BK 115,000 1,146,818
Peninsular & Oriental
Steam Navigation TR 200,000 1,521,096
Pilkington PLC GC 400,000 1,192,892
Prudential Corp PLC IN 70,000 437,394
Racal Electronics PLC EL 175,000 698,615
Redland PLC CR 125,000 688,359
Sainsbury (J) PLC RT 250,000 1,672,574
Scottish Power PLC UT 270,000 1,486,855
Sedgwick Group PLC IN 400,000 669,030
Severn Trent PLC UT 150,000 1,521,885
Shell Transport & Trading
PLC Registered Shrs OG 200,000 2,338,448
Tate & Lyle PLC FD 134,954 956,118
Tesco PLC RT 135,000 639,049
Tomkins PLC DV 400,000 1,574,744
------------
56,797,329
------------
TOTAL COMMON STOCKS,
RIGHTS & WARRANTS
(Cost $185,163,502) 203,849,286
PREFERRED STOCKS 6.25%
GERMANY 6.25%
<PAGE>
Fielmann AG
Non-Voting Pfd Shrs RT 55,000 3,026,699
Fresenius AG
Non-Voting Pfd Shrs MS 4,000 3,195,342
PUMA AG Rudolf Dassler
Sport Non-Voting Pfd Shrs* TA 4,000 1,107,719
SAP AG
Non-Voting Pfd Shrs CO 42,000 6,441,809
------------
TOTAL PREFERRED STOCKS
(Cost $10,585,567) 13,771,569
------------
SHORT-TERM INVESTMENTS --
COMMERCIAL PAPER 1.29%
UNITED STATES 1.29%
Associates Corp of North America
5.870%, 11/1/1995
(Cost $2,849,000) FR $2,849,000 $2,849,000
------------
TOTAL INVESTMENT SECURITIES AT VALUE 100.00%
(Cost $198,598,069) (Cost for
Income Tax Purposes $199,061,667) $220,469,855
============
INTERNATIONAL GROWTH Fund
COMMON STOCKS,
RIGHTS & WARRANTS 89.52%
ARGENTINA 0.67%
Telefonica de Argentina SA
Sponsored ADR
Representing Ord B Shrs UT 12,000 $ 249,000
Yacimientos Petroliferos
Fiscales SA Sponsored ADR OG 16,000 274,000
------------
523,000
------------
AUSTRALIA 4.03%
Broken Hill Proprietary Ltd MM 60,000 811,515
CRA Ltd MM 27,000 415,707
National Australia Bank Ltd BK 85,000 726,773
News Corp PR 122,000 614,372
Western Mining Holdings Ltd MM 89,000 570,053
------------
3,138,420
------------
BRAZIL 0.39%
Rhodia-Ster SA-GDR^ DV 23,000 301,314
------------
CHILE 0.56%
Enersis SA Sponsored ADR UT 9,000 226,125
Madeco SA ADR DV 8,500 211,438
------------
437,563
------------
FINLAND 0.85%
Nokia A Shrs EL 11,500 657,979
------------
<PAGE>
FRANCE 7.05%
AXA SA++ IN 14,390 798,775
BIC SA++ DV 9,600 910,381
Carrefour SA++ RT 990 581,104
Elf Aquitaine++ DV 8,000 544,463
L'Air Liquide SA++ CH 4,015 672,874
Moet Hennessy Louis Vuitton++ FD 4,691 932,851
Sanofi SA++ CT 16,390 1,044,789
------------
5,485,237
------------
GERMANY 6.67%
Allianz AG Holding
Registered Shrs IN 415 767,645
Bayerische Motoren Werke AG AM 1,150 616,523
Deutsche Bank AG BK 18,800 849,958
Hoechst AG CH 3,000 787,545
Merck KGaA* MD 7,240 302,288
Siemens AG EL 1,960 1,027,111
Veba AG DV 20,500 841,223
------------
5,192,293
------------
HONG KONG 4.50%
Amoy Properties Ltd RE 366,000 352,660
CITIC Pacific Ltd DV 121,000 377,939
HongKong Telecommunications
Ltd TC 315,000 550,001
Hutchison Whampoa Ltd DV 175,000 964,200
Sun Hung Kai Properties Ltd RE 75,700 604,578
Swire Pacific Ltd Class A Shrs DV 87,000 652,629
------------
3,502,007
------------
INDONESIA 0.51%
Astra International Foreign Shrs DV 200,000 400,400
------------
ITALY 1.29%
Assicurazioni Generali SpA IN 14,000 326,103
Stet-Societa Finanziaria
Telefonica SpA TC 240,500 680,833
------------
1,006,936
------------
JAPAN 19.46%
Chugai Pharmaceutical Ltd MD 50,000 456,726
DDI Corp TC 60 486,457
Dai-Tokyo Fire &
Marine Insurance* IN 75,000 481,910
Fanuc Ltd EL 9,500 411,591
Fujikura Ltd EE 45,000 284,745
Fujitsu Ltd CO 45,000 536,922
Itochu Corp DV 90,000 533,401
Jusco Co Ltd RT 21,000 492,912
Kaneka Corp CH 75,000 469,440
Kawasaki Steel MM 160,000 532,032
Komatsu Ltd MY 55,000 430,320
Kyocera Corp EL 6,000 491,738
Maeda Corp Series 2 Warrants
(Exp 1997)* CR 100 102,500
Mitsubishi Estate Ltd RE 30,000 319,806
Mitsubishi Heavy Industries MY 55,000 424,403
<PAGE>
Mitsubishi Motors AM 39,000 324,970
Murata Manufacturing Ltd EE 8,000 274,622
Nikon Corp PH 27,000 385,528
Nippon COMSYS TC 38,000 401,371
Nippon Yusen Kabushiki Kaisha TR 70,000 374,476
Nishimatsu Construction Ltd EG 35,000 393,645
Nisshinbo Industries DV 30,000 266,407
Nomura Securities Ltd IB 35,000 640,101
ORIX Corp FR 10,000 352,080
Sanwa Bank Ltd BK 29,000 493,499
Sega Enterprises Ltd TH 4,500 238,534
Sharp Corp EL 30,000 416,628
Shimamura Co Ltd RT 13,000 462,790
Shizuoka Bank Ltd BK 54,000 639,025
Sumitomo Bank Ltd BK 36,000 637,265
Sumitomo Chemical Ltd CH 120,000 557,460
Tokai Bank Ltd BK 59,000 617,411
Tokyo Electric Power UT 15,200 398,398
Yamato Transport Ltd* TR 35,000 376,530
Yamazaki Baking FD 25,000 442,545
------------
15,148,188
------------
MALAYSIA 1.46%
Land & General Berhad PP 78,000 180,967
Perusahaan Otomobil Nasional
Berhad-Proton AM 64,000 229,021
Petronas Gas Berhad* OG 72,000 243,492
Resorts World Berhad RR 75,000 365,709
Sime Darby Berhad DV 48,000 119,858
------------
1,139,047
------------
MEXICO 0.84%
Cifra SA de CV Series B ADR RT 200,000 214,000
Telefonos de Mexico SA de CV
Sponsored ADR Representing
Ord Series L Shrs UT 16,000 440,000
------------
654,000
------------
NETHERLANDS 6.86%
Elsevier NV PR 44,700 577,102
Getronics NV CO 12,700 605,221
Heineken NV FD 5,918 1,048,693
IS Himalayan Fund NV* IC 36,696 469,709
IS Himalayan Fund NV Warrants
(Exp 1996)* IC 5,839 2,920
Internationale Nederlanden
Groep NV IN 19,100 1,137,465
Koninklijke KNP BT NV CN 21,000 631,289
Philips Electronics NV EE 22,400 864,755
------------
5,337,154
------------
NEW ZEALAND 0.77%
Carter Holt Harvey Ltd PP 81,000 193,555
Fletcher Challenge Ltd PP 66,000 175,722
Fletcher Challenge Ltd-Forests
Division PP 9,364 12,919
<PAGE>
Telecom Corp of New Zealand
Ltd TC 52,000 215,906
------------
598,102
------------
NORWAY 0.20%
Sensonor A/S* CI 18,275 155,494
------------
SINGAPORE 3.45%
City Developments Ltd RE 43,400 268,451
DBS Land Ltd RE 98,000 289,580
Development Bank Ltd BK 59,000 675,668
Keppel Corp Ltd DV 41,000 336,208
Malayan Banking Berhad BK 67,500 534,427
Sime Darby Berhad DV 75,000 185,565
Singapore Press Holdings Ltd PR 25,200 393,695
------------
2,683,594
------------
SOUTH KOREA 0.47%
Hyundai Motor GDR Ltd* AM 6,000 103,500
Samsung Electronics
GDS Ltd*^ EL 4,000 260,000
------------
363,500
------------
SPAIN 2.12%
Banco Bilbao Vizcaya
SA Registered Shrs BK 21,300 649,893
Centros Comerciales Pryca SA RT 21,610 459,601
Repsol SA OG 18,065 538,628
------------
1,648,122
------------
SWEDEN 3.69%
AGA AB Series B Shrs CH 42,400 548,860
Astra AB Series A Shrs MD 25,850 949,396
Autoliv AB AM 8,250 473,125
Telefonaktiebolaget Ericsson (L M)
Series B Rights* TC 3,845 81,604
Series B Shrs TC 38,450 816,042
------------
2,869,027
------------
SWITZERLAND 4.47%
Nestle SA Registered Shrs FD 900 942,366
Roche Holding AG Ltd
Genusscheine Non-Voting Shrs MD 140 1,016,278
Sandoz AG Ltd Registered Shrs MD 1,160 956,374
Swissair AG Registered Shrs* TR 900 566,212
------------
3,481,230
------------
THAILAND 0.90%
Land & House Ltd
Foreign Shrs* RE 9,000 145,232
Siam Cement Ltd Foreign Shrs CR 4,600 250,845
Thai Farmers Ltd Bank
Foreign Shrs BK 37,000 305,885
------------
701,962
------------
<PAGE>
TURKEY 0.59%
Koc Holding A/S DV 900,000 175,275
Migros Turk A/S WH 250,000 280,250
------------
455,525
------------
UNITED KINGDOM 17.72%
BAA PLC TR 45,000 349,347
BAT Industries PLC DV 85,000 696,091
BTR PLC DV 74,000 392,329
Bass PLC FD 31,700 331,629
Beazer Homes PLC CR 130,000 315,896
British Gas PLC UT 108,000 410,696
British Telecommunications
PLC TC 110,000 653,487
Cadbury Schweppes PLC FD 46,428 383,143
Formosa Fund IDR Representing
Registered Shrs IC 120 912,000
Glaxo Wellcome PLC MD 52,000 700,304
Glynwed International PLC MM 57,000 302,199
Granada Group PLC AV 23,000 245,332
Grand Metropolitan PLC FD 35,000 241,892
HSBC Holdings PLC BK 95,418 1,388,361
Hanson PLC DV 120,000 366,862
Hanson PLC Warrants
(Exp 1997)* DV 104,529 10,721
Hickson International PLC CH 120,000 198,815
Inchcape PLC DV 36,698 181,245
Korea Europe Fund IDR IC 200 900,000
Lloyds Bank PLC BK 43,000 528,549
National Power PLC UT 40,000 311,162
National Westminster
Bank PLC BK 32,100 320,112
Peninsular & Oriental
Steam Navigation TR 37,000 281,403
Pilkington PLC GC 120,000 357,868
Redland PLC CR 45,000 247,809
Sainsbury (J) PLC RT 62,000 414,798
Scottish Power PLC UT 64,754 356,592
Sedgwick Group PLC IN 110,000 183,983
Severn Trent PLC UT 42,000 426,128
Shell Transport & Trading
PLC Registered Shrs OG 35,000 409,228
Siebe PLC CI 25,000 296,842
Tate & Lyle PLC FD 39,474 279,664
Tomkins PLC DV 100,000 393,686
------------
13,788,173
------------
TOTAL COMMON STOCKS,
RIGHTS & WARRANTS
(Cost $65,919,943) 69,668,267
------------
PREFERRED STOCKS 2.37%
BRAZIL 1.21%
Companhia Energetica
de Sao Paulo
Sponsored ADR Representing
Pfd Shrs* UT 20,000 217,500
<PAGE>
Companhia Energetica
de Sao Paulo
Sponsored ADR Representing
Pfd Shrs*^ UT 12,400 126,863
Telecomunicacoes Brasileiras
SA-Telebras
Sponsored ADR Representing
Pfd Shrs TC 8,545 344,275
Telecomunicacoes Brasileiras
SA-Telebras
Sponsored ADR Representing
Pfd Shrs^ TC 455 18,332
Usinas Siderurgicas de Minas
Gerais SA Sponsored ADR
Representing Pfd Shrs*^ MM 25,000 236,538
------------
943,508
------------
GERMANY 1.16%
Fresenius AG Non-Voting
Pfd Shrs MS 420 335,511
SAP AG Non-Voting
Pfd Shrs CO 3,680 564,425
------------
899,936
------------
TOTAL PREFERRED STOCKS
(Cost $1,739,048) 1,843,444
------------
FIXED INCOME SECURITIES 0.41%
MALAYSIA 0.41%
United Engineers Berhad
Conv Deb, 2.000%, 3/1/2004
(Cost $301,128) EG $290,000 321,900
------------
SHORT-TERM INVESTMENTS --
REPURCHASE AGREEMENTS 7.70%
UNITED STATES 7.70%
Repurchase Agreement with State Street Bank
& Trust Co dated 10/31/1995 due
11/1/1995 at 5.250%, repurchased at
$5,990,874 (Collateralized by US
Treasury Notes due 2/29/2000 at 7.125%,
value $6,114,659)
(Cost $5,990,000) RA $5,990,000 5,990,000
------------
TOTAL INVESTMENT SECURITIES AT VALUE 100.00%
(Cost $73,950,119) (Cost for Income
Tax Purposes $74,615,976) $ 77,823,611
============
<PAGE>
PACIFIC BASIN Fund
COMMON STOCKS,
RIGHTS & WARRANTS 100.00%
AUSTRALIA 4.93%
CRA Ltd MM 126,500 $1,947,666
Comalco Ltd MM 362,300 1,827,239
National Australia Bank Ltd BK 210,000 1,795,556
Western Mining Holdings Ltd MM 340,000 2,177,732
------------
7,748,193
------------
HONG KONG 21.01%
Cheung Kong Holdings RE 763,000 4,302,595
China Light & Power Ltd UT 569,500 3,034,662
Hang Seng Bank Ltd BK 341,500 2,859,894
Henderson Investment Ltd RE 2,635,000 2,147,043
Henderson Land
Development Ltd RE 539,000 3,227,671
Hopewell Holdings Ltd RE 2,500,000 1,576,282
Hutchison Whampoa Ltd DV 881,000 4,854,058
New World Development Ltd RE 842,000 3,277,918
New World Infrastructure Ltd* TR 99,403 174,847
Sun Hung Kai Properties Ltd RE 456,000 3,641,843
Swire Pacific Ltd Class A Shrs DV 523,500 3,927,029
------------
33,023,842
------------
JAPAN 42.60%
77 Bank Ltd BK 270,000 $ 2,508,570
Asahi Bank Ltd++ BK 214,000 2,134,778
Asahi Diamond Industrial Ltd++ MY 140,000 1,793,652
Bank of Tokyo Ltd BK 170,000 2,477,274
Chugai Pharmaceutical Ltd++ MD 200,000 1,826,904
DDI Corp++ TC 280 2,270,133
Fanuc Ltd++ EL 40,000 1,733,016
Fujitsu Ltd++ CO 190,000 2,267,004
Hankyu Department Stores++ RT 130,000 1,601,964
Hitachi Metals Ltd++ MM 200,000 2,464,560
Hitachi Zosen++ MY 400,000 1,967,736
Itochu Corp++ DV 250,000 1,481,670
Kaneka Corp++ CH 340,000 2,128,128
Komatsu Ltd MY 220,000 1,721,280
Kyocera Corp++ EL 25,000 2,048,910
Maeda Corp Series 2 Warrants
(Exp 1997)* CR 400 410,000
Matsushita Communication
Industrial Ltd++ EL 60,000 1,349,640
Mitsubishi Bank Ltd++ BK 120,000 2,347,200
Mitsubishi Estate Ltd++ RE 145,000 1,545,729
Mitsubishi Heavy Industries MY 280,000 2,160,598
Mitsubishi Materials MM 400,000 1,807,344
NGK Insulators Ltd DV 160,000 1,474,042
Nikon Corp PH 75,000 1,070,910
Nippon COMSYS TC 130,000 1,373,112
Nippon Yusen Kabushiki Kaisha TR 370,000 1,979,374
Nishimatsu Construction Ltd EG 130,000 1,462,110
Nissan Motor Ltd AM 280,000 1,889,496
Nomura Securities Ltd IB 150,000 2,743,290
Onward Kashiyama Ltd++ TA 120,000 1,654,776
ORIX Corp FR 5,000 176,040
Rohm Co Ltd EL 38,000 2,296,735
Sega Enterprises Ltd TH 30,000 1,590,228
<PAGE>
Sumitomo Chemical Ltd CH 460,000 2,136,930
Sumitomo Metal Mining Ltd MM 165,000 1,302,256
Tokyo Electric Power UT 65,650 1,720,713
Toray Industries TA 265,000 1,656,096
Yamato Transport Ltd* TR 75,000 806,850
Yamazaki Baking FD 90,000 1,593,162
------------
66,972,210
------------
MALAYSIA 7.78%
Acidchem Berhad CH 470,000 1,626,424
Commerce Asset-Holding
Berhad BK 200,000 990,955
Genting Berhad RE 100,000 861,187
Land & General Berhad PP 490,000 1,136,845
Malayan Banking Berhad BK 175,000 1,410,734
Petronas Gas Berhad* OG 120,000 405,820
Resorts World Berhad RR 390,000 1,901,689
Sime Darby Berhad DV 742,200 1,853,310
United Engineers
Malaysia Berhad EG 330,000 2,050,333
------------
12,237,297
------------
PHILIPPINES 1.22%
Ayala Land Series B Shrs RE 650,000 750,575
Manila Electric Sponsored GDS^ UT 15,960 595,201
Philippine Long Distance
Telephone Sponsored ADR UT 10,120 567,985
------------
1,913,761
------------
SINGAPORE 8.61%
Development Bank Ltd BK 267,000 3,057,686
Genting Berhad RE 97,500 827,089
Keppel Corp Ltd DV 257,500 2,111,552
Malayan Banking Berhad BK 195,000 1,543,900
Oversea-Chinese Banking Ltd
Foreign Shrs BK 176,000 2,065,320
Straits Steamship Land Ltd DV 625,000 1,749,612
United Overseas Bank Ltd BK 248,325 2,176,751
------------
13,531,910
------------
SOUTH KOREA 3.11%
Hyundai Motor GDR Ltd* AM 25,500 446,250
Korea Electric Power UT 54,000 2,223,207
LG Electronics* EL 48,793 2,098,114
LG Electronics Rights* EL 2,846 120,519
------------
4,888,090
------------
THAILAND 7.44%
Bangkok Bank Foreign Shrs BK 289,500 2,991,681
Industrial Finance of Thailand
Foreign Shrs* FR 760,000 2,492,074
National Finance & Securities
Ltd Foreign Shrs IB 440,000 2,011,148
Siam Cement Ltd Foreign Shrs CR 30,000 1,635,945
<PAGE>
Thai Farmers Ltd Bank
Foreign Shrs BK 309,500 2,558,688
------------
11,689,536
------------
UNITED KINGDOM 3.30%
HSBC Holdings PLC BK 356,916 5,193,235
------------
TOTAL COMMON STOCKS,
RIGHTS & WARRANTS
(Cost $147,689,041) 157,198,074
------------
TOTAL INVESTMENT SECURITIES AT VALUE 100.00%
(Cost $147,689,041) (Cost for
Income Tax Purposes $148,521,632) $157,198,074
============
<FN>
* Security is non-income producing.
++ Security has been designated as collateral for forward foreign currency
contracts.
^ The following are restricted securities at October 31, 1995:
Value as
Acquisition Acquisition % of
Description Date Cost Net Assets
- ------------------------------------------------------------------------------------------------
International Growth Fund
Companhia Energetica
de Sao Paulo
Sponsored ADR
Representing Pfd Shrs 6/1/94 $ 150,000 0.17%
Rhodia-Ster SA-GDR 9/15/95 339,250 0.40
Samsung Electronics
GDS Ltd 8/16/95 246,000 0.34
Telecomunicacoes Brasileiras
SA-Telebras
Sponsored ADR
Representing Pfd Shrs 9/14/94 25,971 0.02
Usinas Siderurgicas de Minas
Gerais SA Sponsored ADR
Representing Pfd Shrs 7/20/95 271,875 0.31
------
1.24%
======
Pacific Basin Fund
Manila Electric
Sponsored GDS 9/24/92 $ 298,900 0.39%
======
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Forward Foreign Currency Contracts
Open at October 31, 1995:
Currency Currency
Units Value Unrealized
Currency/Value Date Sold (US$) Gain/(Loss)
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
International Growth Fund
French Francs
11/30/1995 10,000,000 $1,965,061 $(81,439)
Pacific Basin Fund
Japanese Yen
1/17/1996 2,509,200 $25,167,503 $298,821
</TABLE>
<TABLE>
<CAPTION>
Summary of Investments by Industry
% of
Industry Investment
Industry Code Securities Value
- ------------------------------------------------------------------------------------------------
<S> <C> <C>
European Fund
Advertising AD 1.18% $2,601,576
Audio/Video AV 0.44 959,994
Automobile Related AM 2.40 5,303,543
Banking BK 4.30 9,485,525
Chemicals CH 2.31 5,097,482
Computer Related CO 7.25 15,986,632
Control Instruments CI 0.89 1,956,970
Construction Related CR 0.81 1,781,844
Containers CN 0.54 1,202,455
Cosmetics & Toiletries CT 1.91 4,207,203
Diversified DV 4.78 10,529,446
Electrical Equipment EE 3.20 7,046,811
Electronics EL 8.58 18,915,718
Finance Related FR 4.01 8,844,837
Food Products & Beverages FD 3.44 7,593,940
Glass & Ceramics Products GC 0.54 1,192,892
Insurance IN 5.78 12,744,864
Machinery MY 2.52 5,551,167
Medical Products & Supplies MS 2.48 5,468,629
Medical Related - Drugs MD 9.96 21,968,700
Metals & Mining MM 3.17 6,979,175
Oil & Gas Related OG 1.73 3,807,473
Paper & Paper Products PP 0.33 722,501
Printing & Publishing PR 2.23 4,906,016
Real Estate Related RE 0.26 571,989
Recreation Related RR 1.56 3,428,579
Retail RT 6.05 13,349,654
Safety Equipment & Services SA 1.31 2,890,509
Telecommunications TC 7.64 16,842,675
Textiles & Apparel Manufacturers TA 1.53 3,383,932
Transportation TR 2.54 5,602,665
Utilities UT 4.33 9,544,459
--------- --------------
100.00% $220,469,855
========= ==============
<PAGE>
International Growth Fund
Audio/Video AV 0.31% $245,332
Automobile Related AM 2.25 1,747,139
Banking BK 10.75 8,366,826
Chemicals CH 4.16 3,234,994
Computer Related CO 2.19 1,706,568
Construction Related CR 1.18 917,050
Containers CN 0.81 631,289
Control Instruments CI 0.58 452,336
Cosmetics & Toiletries CT 1.34 1,044,789
Diversified DV 11.39 8,861,635
Electrical Equipment EE 1.83 1,424,122
Electronics EL 4.20 3,265,047
Engineering EG 0.92 715,545
Finance Related FR 0.45 352,080
Food Products & Beverages FD 5.91 4,602,783
Glass & Ceramics Products GC 0.46 357,868
Insurance IN 4.75 3,695,881
Investment Brokers IB 0.82 640,101
Investment Companies IC 2.94 2,284,629
Machinery MY 1.10 854,723
Medical Products & Supplies MS 0.43 335,511
Medical Related - Drugs MD 5.63 4,381,366
Metals & Mining MM 3.69 2,868,044
Oil & Gas Related OG 1.88 1,465,348
Paper & Paper Products PP 0.72 563,163
Photo Equipment & Supplies PH 0.50 385,528
Printing & Publishing PR 2.04 1,585,169
Real Estate Related RE 2.54 1,980,307
Recreation Related RR 0.47 365,709
Repurchase Agreements RA 7.70 5,990,000
Retail RT 3.37 2,625,205
Telecommunications TC 5.46 4,248,308
Toys & Hobbies TH 0.31 238,534
Transportation TR 2.50 1,947,968
Utilities UT 4.06 3,162,464
Wholesale WH 0.36 280,250
--------- --------------
100.00% $77,823,611
========= ==============
<PAGE>
Pacific Basin Fund
Automobile Related AM 1.49% $2,335,746
Banking BK 22.97 36,112,222
Chemicals CH 3.75 5,891,482
Computer Related CO 1.44 2,267,004
Construction Related CR 1.30 2,045,945
Diversified DV 11.10 17,451,273
Electronics EL 6.14 9,646,934
Engineering EG 2.23 3,512,443
Finance Related FR 1.70 2,668,114
Food Products & Beverages FD 1.01 1,593,162
Investment Brokers IB 3.03 4,754,438
Machinery MY 4.86 7,643,266
Medical Related - Drugs MD 1.16 1,826,904
Metals & Mining MM 7.33 11,526,797
Oil & Gas Related OG 0.26 405,820
Paper & Paper Products PP 0.72 1,136,845
Photo Equipment & Supplies PH 0.68 1,070,910
Real Estate Related RE 14.10 22,157,932
Recreation Products & Services RR 1.21 1,901,689
Retail RT 1.02 1,601,964
Telecommunications TC 2.32 3,643,245
Textiles & Apparel Manufacturers TA 2.11 3,310,872
Toys & Hobbies TH 1.01 1,590,228
Transportation TR 1.88 2,961,071
Utilities UT 5.18 8,141,768
--------- --------------
100.00% $157,198,074
========= ==============
</TABLE>
See Notes to Financial Statements
<PAGE>
INVESCO International Funds, Inc.
Statement of Assets and Liabilities
October 31, 1995
<TABLE>
<CAPTION>
International Pacific
European Growth Basin
Fund Fund Fund
------------ ------------ ------------
ASSETS
Investment Securities:
<S> <C> <C> <C>
At Cost~ $198,598,069 $73,950,119 $147,689,041
============ ============ ============
At Value~ $220,469,855 $77,823,611 $157,198,074
Cash 12,078 10,570 0
Foreign Currency (Cost $0, $52,297
and $0, respectively) 0 52,088 0
Receivables:
Investment Securities Sold 5,973,078 421,000 1,164,717
Fund Shares Sold 313,458 41,874 602,307
Dividends and Interest 1,464,153 330,574 535,384
Appreciation on Forward Foreign
Currency Contracts 0 0 298,821
Prepaid Expenses and Other Assets 131,182 54,378 48,798
------------ ------------ ------------
TOTAL ASSETS 228,363,804 78,734,095 159,848,101
------------ ------------ ------------
LIABILITIES
Payables:
Custodian 0 0 3,553,391
Foreign Sub-Custodian
(Cost $328,612, $0 and $0,
respectively) 315,176 0 0
Distributions to Shareholders 93,190 4,723 20,712
Investment Securities Purchased 2,857,263 147,705 0
Fund Shares Repurchased 849,079 3,089,678 1,855,162
Depreciation on Forward Foreign
Currency Contracts 0 81,439 0
Accrued Expenses and Other Payables 49,510 20,012 45,172
------------ ------------ ------------
TOTAL LIABILITIES 4,164,218 3,343,557 5,474,437
------------ ------------ ------------
Net Assets at Value $224,199,586 $75,390,538 $154,373,664
============ ============ ============
NET ASSETS
Paid-in Capital* $183,524,660 $68,876,190 $142,884,067
Accumulated Undistributed Net
Investment Income (Loss) 507,201 396,296 426,568
Accumulated Undistributed Net
Realized Gain on Investment
Securities and Foreign Currency
Transactions 18,206,635 2,313,180 1,257,786
Net Appreciation of Investment
Securities and Foreign
Currency Transactions 21,961,090 3,804,872 9,805,243
------------ ------------ ------------
Net Assets at Value $224,199,586 $75,390,538 $154,373,664
============ ============ ============
Shares Outstanding 15,911,364 4,778,725 11,159,725
Net Asset Value, Offering
and Redemption
Price per Share $14.09 $ 15.78 $13.83
============ ============ ============
<FN>
~ Investment securities at cost and value at October 31, 1995 include a
repurchase agreement of $5,990,000 for the International Growth Fund.
* The Fund has 500 million authorized shares of common stock, par value of
$0.01 per share. Of such shares, 100 million have been allocated to each
individual Fund.
</FN>
</TABLE>
See Notes to Financial Statements
<PAGE>
INVESCO International Funds, Inc.
Statement of Operations
Year Ended October 31, 1995
<TABLE>
<CAPTION>
International Pacific
European Growth Basin
Fund Fund Fund
------------ ------------ ------------
INVESTMENT INCOME
INCOME
<S> <C> <C> <C>
Dividends $6,938,738 $2,095,979 $ 3,822,215
Interest 400,434 187,153 298,726
Foreign Taxes Withheld (1,000,407) (230,174) (326,715)
------------ ------------ ------------
TOTAL INCOME 6,338,765 2,052,958 3,794,226
------------ ------------ ------------
EXPENSES
Investment Advisory Fees 1,815,386 963,765 1,571,623
Transfer Agent Fees 869,684 361,657 852,343
Administrative Fees 46,308 24,541 41,483
Custodian Fees and Expenses 361,716 205,028 413,996
Directors' Fees and Expenses 23,336 13,782 21,686
Professional Fees and Expenses 34,014 26,117 31,306
Registration Fees and Expenses 89,727 72,378 95,204
Reports to Shareholders 135,186 61,384 129,537
Other Expenses 24,593 11,495 22,668
------------ ------------ ------------
TOTAL EXPENSES 3,399,950 1,740,147 3,179,846
Fees Paid Indirectly (114,385) (78,709) (152,558)
------------ ------------ ------------
NET EXPENSES 3,285,565 1,661,438 3,027,288
------------ ------------ ------------
NET INVESTMENT INCOME 3,053,200 391,520 766,938
------------ ------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS)
ON INVESTMENT SECURITIES
Net Realized Gain (Loss) on:
Investment Securities and
Foreign Currency Transactions 24,863,671 3,134,817 (28,623)
Forward Foreign Currency
Contracts (4,235,478) (376,618) 1,770,143
------------ ------------ ------------
Total Net Realized Gain 20,628,193 2,758,199 1,741,520
------------ ------------ ------------
Change in Net Depreciation of
Investment Securities and
Foreign Currency Transactions (4,510,681) (9,940,632) (30,092,655)
------------ ------------ ------------
NET GAIN (LOSS) ON
INVESTMENT SECURITIES 16,117,512 (7,182,433) (28,351,135)
------------ ------------ ------------
Net Increase (Decrease) in
Net Assets from Operations $ 19,170,712 $(6,790,913) $(27,584,197)
============ ============ ============
</TABLE>
See Notes to Financial Statement
<PAGE>
INVESCO International Funds, Inc.
Statement of Changes in Net Assets
Year Ended October 31
<TABLE>
<CAPTION>
International
European Fund Growth Fund Pacific Basin Fund
------------------------- ------------------------- -------------------------
1995 1994 1995 1994 1995 1994
OPERATIONS
<S> <C> <C> <C> <C> <C> <C>
Net Investment Income $3,053,200 $4,273,601 $391,520 $602,785 $766,938 $844,252
Net Realized Gain
on Investment Securities and
Foreign Currency Transactions 20,628,193 15,347,545 2,758,199 8,631,925 1,741,520 28,555,564
Change in Net Appreciation
(Depreciation) of Investment
Securities and Foreign Currency
Transactions (4,510,681) (2,825,637) (9,940,632) 1,119,574 (30,092,655) 9,665,563
------------------------- ------------------------- -------------------------
NET INCREASE (DECREASE)
IN NET ASSETS FROM
OPERATIONS 19,170,712 16,795,509 (6,790,913) 10,354,284 (27,584,197) 39,065,379
------------------------- ------------------------- -------------------------
DISTRIBUTIONS
TO SHAREHOLDERS
Net Investment Income (3,301,697) (4,202,346) (439,663) (621,420) (673,006) (850,319)
In Excess of Net Invesment Income 0 0 (146,866) 0 0 0
Net Realized Gain on
Investment Securities 0 0 (5,845,914) 0 (28,585,579) (5,656,152)
------------------------- ------------------------- -------------------------
TOTAL DISTRIBUTIONS (3,301,697) (4,202,346) (6,432,443) (621,420) (29,258,585) (6,506,471)
------------------------- ------------------------- -------------------------
FUND SHARE TRANSACTIONS
Proceeds from Sales of Shares 290,034,808 563,799,753 178,375,413 324,620,425 439,843,358 671,765,229
Reinvestment of Distributions 3,205,612 3,982,993 6,364,834 613,588 28,336,832 6,152,449
------------------------- ------------------------- -------------------------
293,240,420 567,782,746 184,740,247 325,234,013 468,180,190 677,917,678
Amounts Paid for Repurchases
of Shares (434,751,959) (501,077,753) (258,010,566)(281,759,776) (609,852,076) (656,780,301)
------------------------- ------------------------- -------------------------
NET INCREASE (DECREASE) IN
NET ASSETS FROM FUND
SHARE TRANSACTIONS (141,511,539) 66,704,993 (73,270,319) 43,474,237 (141,671,886) 21,137,377
------------------------- ------------------------- -------------------------
Total Increase (Decrease) in
Net Assets (125,642,524) 79,298,156 (86,493,675) 53,207,101 (198,514,668) 53,696,285
NET ASSETS
Beginning of Period 349,842,110 270,543,954 161,884,213 108,677,112 352,888,332 299,192,047
------------------------- ------------------------- -------------------------
End of Period $224,199,586 $349,842,110 $75,390,538 $161,884,213 $154,373,664 $352,888,332
========================= ========================= =========================
Accumulated Undistributed
Net Investment Income (Loss)
Included in Net Assets at
End of Period $507,201 $1,367,931 $396,296 $48,143 $426,568 $10,180
FUND SHARE TRANSACTIONS
Shares Sold 21,836,397 43,524,229 11,482,388 19,445,127 31,754,627 41,934,196
Shares Issued from Reinvestment
of Distributions 227,514 307,572 418,271 35,489 2,003,639 397,248
------------------------- ------------------------- -------------------------
22,063,911 43,831,801 11,900,659 19,480,616 33,758,266 42,331,444
Shares Repurchased (33,171,784) (38,992,404) (16,486,989) (17,014,660) (43,270,385) (41,460,858)
------------------------- ------------------------- -------------------------
Net Increase (Decrease) in
Fund Shares (11,107,873) 4,839,397 (4,586,330) 2,465,956 (9,512,119) 870,586
========================= ========================= =========================
</TABLE>
See Notes to Financial Statements
<PAGE>
INVESCO International Funds, Inc.
Notes to Financial Statements
NOTE 1 -- ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES. INVESCO
International Funds, Inc. (the "Fund"), a Maryland Corporation, consists of
three separate funds: European Fund, International Growth Fund and Pacific Basin
Fund. The Fund is registered under the Investment Company Act of 1940 (the
"Act") as a diversified, open-end management investment company. The
International Growth Fund's fiscal year-end was changed from December 31 to
October 31 in 1993.
The following is a summary of significant accounting policies
consistently followed by the Fund in the preparation of its financial
statements.
A. SECURITY VALUATION -- Equity securities traded on national securities
exchanges or in the over-the-counter market are valued at the last sale
price in the market where such securities are primarily traded. If last
sale prices are not available, securities are valued at the highest
closing bid price 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.
Foreign securities are valued at the closing price on the principal
stock exchange on which they are traded. In the event that closing prices
are not available for foreign securities, prices will be obtained from the
principal stock exchange at or prior to the close of the New York Stock
Exchange. Foreign currency exchange rates are determined daily prior to
the close of the New York Stock Exchange.
Debt securities are valued at evaluated bid prices as determined by a
pricing service approved by the Fund's board of directors. If evaluated
bid prices are not available, debt securities are valued by averaging the
bid prices obtained from dealers making a market for such securities.
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. Restricted securities are valued in
accordance with procedures established by the Fund's board of directors.
Short-term securities are stated at amortized cost (which approximates
market value) if maturity is 60 days or less at the time of purchase, or
market value if maturity is greater than 60 days.
B. REPURCHASE AGREEMENTS -- Repurchase agreements held by the Fund are fully
collateralized by U.S. Government securities and such collateral is in the
possession of the Fund's custodian. The collateral is evaluated daily to
ensure its market value exceeds the current market value of the repurchase
agreements including accrued interest.
C. SECURITY TRANSACTIONS AND RELATED INVESTMENT INCOME -- Security
transactions are accounted for on the trade date and dividend income is recorded
on the ex dividend date. Certain dividends from foreign securities will be
recorded as soon as the Fund is informed of the dividend if such information is
obtained subsequent to the ex-dividend date. Interest income, which may be
comprised of stated coupon rate, market discount and original issue discount, is
recorded on the accrual basis. Discounts on debt securities purchased are
amortized over the life of the respective security as adjustments to interest
income. Cost is determined on the specific identification basis.
The Fund may have elements of risk due to concentrated investments in
foreign issuers located in a specific country. Such concentrations may
subject the Fund to additional risks resulting from future political or
economic conditions and/or possible impositions of adverse foreign
governmental laws or currency exchange restrictions. The Funds combine
fluctuations from currency exchange rates and fluctuations in market value
when computing net realized and unrealized gain and loss from investments.
The Fund may hold forward foreign currency contracts for investment
purposes with the intent to hedge the portfolio against on going exposure
to market value and interest rate fluctuations. The Fund's use of forward
foreign currency contracts may subject it to certain risks as a result of
unanticipated movements in foreign exchange rates. The Fund may enter into
offsetting forward contracts to reduce the risk of such movements. The net
position of such forward contracts is presented in the Statement of Assets
and Liabilities and may have additional elements of risk which may not
necessarily
<PAGE>
be reflected. The Fund does not hold forward foreign currency
contracts for trading purposes.
Restricted securities held by the Fund may not be sold except in exempt
transactions or in a public offering registered under the Securities Act
of 1933. The risk of investing in such securities is generally greater
than the risk of investing in the securities of widely held, publicly
traded companies. Lack of a secondary market and resale restrictions may
result in the inability of the Fund to sell a security at a fair price and
may substantially delay the sale of the security which the Fund seeks to
sell. In addition, these securities may exhibit greater price volatility
than securities for which secondary markets exist.
D. FEDERAL AND STATE TAXES -- The Fund has complied and continues to comply
with the provisions of the Internal Revenue Code applicable to regulated
investment companies and, accordingly, has made or intends to make
sufficient distributions of net investment income and net realized capital
gains, if any, to relieve it from all federal and state income taxes and
federal excise taxes.
Net capital loss carryovers utilized in 1995 by European Fund amounted
to $4,708,225.
To the extent future capital gains are offset by capital loss
carryovers such gains will not be distributed to shareholders.
Dividends paid by the Fund from net investment income and distributions
of net realized short-term capital gains are, for federal income tax
purposes, taxable as ordinary income to shareholders. Each Fund has
elected to treat a portion of distributions of both realized and
unrealized gains on forward foreign currency contracts as capital gain
distributions.
Investment income received from foreign sources may be subject to
foreign withholding taxes. Dividend and interest income is shown gross of
foreign withholding taxes in the accompanying financial statements.
E. DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS -- Dividends and
distributions to shareholders are recorded by the Fund on the ex
dividend/distribution date. The Fund distributes net realized capital gains, if
any, to its shareholders at least annually, if not offset by capital loss
carryovers. Income distributions and capital gain distributions are determined
in accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are primarily due to differing
treatments for foreign currency transactions, nontaxable dividends, net
operating losses and expiring capital loss carryforwards.
For the year ended October 31, 1995, the effects of such differences
were as follows:
Accumulated
Accumulated Undistributed
Undistributed Net Realized
Net Gain on
Investment Investment Paid-in
Fund Income Securities Capital
- --------------------------------------------------------------------------------
European Fund $(612,233) $ 613,232 $ (999)
International Growth Fund 543,162 (195,177) (347,985)
Pacific Basin Fund 322,456 (345,608) 23,152
Net investment income and net assets were not affected.
F. FORWARD FOREIGN CURRENCY CONTRACTS -- At October 31, 1995, International
Growth and Pacific Basin Funds had outstanding forward foreign currency
contracts. Unrealized gain or loss on forward foreign currency contracts
is calculated daily as the difference between the contract exchange rate
and the closing forward rate applied to the face amount of the contract.
Forward foreign currency contracts held by the Funds are fully
collateralized by other securities which are notated in the accompanying
Statement of Investment Securities. Such collateral is in the possession
of
<PAGE>
the Fund's custodian. The collateral is evaluated daily to
ensure its market value equals or exceeds the current market value
of the corresponding forward foreign currency contract.
G. EXPENSES -- Each of the Funds bears expenses incurred specifically on its
behalf and, in addition, each Fund bears a portion of general expenses,
based on the relative net assets of each Fund.
Under an arrangement between each Fund and the Fund's Custodian, agreed
upon Custodian Fees and Expenses are reduced by credits granted by the
Custodian from any temporarily uninvested cash. Such credits are included
in Fees Paid Indirectly in the Statement of Operations.
NOTE 2 -- INVESTMENT ADVISORY AND OTHER AGREEMENTS. INVESCO Funds Group, Inc.
("IFG") serves as the Fund's investment adviser. As compensation for its
services to the Fund, IFG receives an investment advisory fee which is accrued
daily at the applicable rate and paid monthly. The fee for European and Pacific
Basin Funds is based on the annual rate of 0.75% on the first $350 million of
average net assets; reduced to 0.65% on the next $350 million of average net
assets; and 0.55% on average net assets in excess of $700 million. International
Growth Fund's fees are based on the annual rate of 1.00% on the first $500
million of average net assets; reduced to 0.75% on the next $500 million of
average net assets; and 0.65% on average net assets in excess of $1 billion.
In accordance with a Sub-Advisory Agreement between IFG and MIM
International, Limited ("MIL"), an affiliate of IFG, investment decisions of the
European and Pacific Basin Funds are made by MIL. A separate Sub-Advisory
Agreement between IFG and INVESCO International Limited ("IIL"), an affiliate of
IFG, provides that investment decisions of the International Growth Fund are
made by IIL. Fees for such sub-advisory services are paid by IFG. Effective
November 10, 1995 INVESCO Asset Management Limited ("IAM"), an affiliate of IFG,
will serve as sub-advisor for European and Pacific Basin Funds under terms
similiar to the previous Sub- Adivsory Agreement between IFG and MIL.
In accordance with an Administrative Agreement, each Fund pays IFG an
annual fee of $10,000, plus an additional amount computed at an annual rate of
0.015% of average net assets to provide administrative, accounting and clerical
services.
The fee is accrued daily and paid monthly.
IFG receives a transfer agent fee at an annual rate of $14.00 per
shareholder account, or per participant in an omnibus account. IFG may pay such
fee for participants in omnibus accounts to affiliates or third parties. The fee
is paid monthly at one-twelfth of the annual fee and is based upon the actual
number of accounts in existence during each month.
NOTE 3 -- PURCHASES AND SALES OF INVESTMENT SECURITIES. For the year ended
October 31, 1995, the aggregate cost of purchases and proceeds from sales of
investment securities (excluding all U.S. Government securities and short-term
securities) were as follows:
Fund Purchases Sales
- ------------------------------------------------------------------------------
European Fund $226,431,199 $360,345,464
International Growth Fund 58,369,179 129,641,956
Pacific Basin Fund 115,164,434 268,451,479
There were no purchases or sales of U.S. Government securities.
NOTE 4 -- APPRECIATION AND DEPRECIATION. At October 31, 1995, the gross
appreciation of securities in which there was an excess of value over tax cost,
the gross depreciation of securities in which there was an excess of tax cost
over value and the resulting net appreciation by Fund were as follows:
Gross Gross Net
Fund Appreciation Depreciation Appreciation
- --------------------------------------------------------------------------------
European Fund $27,001,541 $5,593,353 $21,408,188
International Growth Fund 7,999,228 4,791,593 3,207,635
Pacific Basin Fund 17,836,641 9,160,199 8,676,442
<PAGE>
NOTE 5 -- TRANSACTIONS WITH AFFILIATES. Certain of the Fund's
officers and directors are also officers and directors of IFG, MIL or IIL.
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.
Pension expenses for the year ended October 31, 1995, included in
Directors' Fees and Expenses in the Statement of Operations, and unfunded
accrued pension costs and pension liability included in prepaid expenses and
accrued expenses, respectively, in the Statement of Assets and Liabilities were
as follows:
Unfunded
Pension Accrued Pension
Fund Expenses Pension Costs Liability
- --------------------------------------------------------------------------------
European Fund $4,054 $11,924 $20,032
International Growth Fund 1,861 5,476 9,198
Pacific Basin Fund 4,178 12,292 20,648
<PAGE>
INVESCO International Funds, Inc.
Financial Highlights
(For a Fund Share Outstanding throughout Each Period)
<TABLE>
<CAPTION>
Year ended October 31
--------------------------------------------------------------------
1995 1994 1993 1992 1991
European Fund
<S> <C> <C> <C> <C> <C>
PER SHARE DATA
Net Asset Value-- Beginning of Period $ 12.95 $12.20 $10.14 $11.14 $ 11.04
--------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income 0.23 0.16 0.14 0.20 0.22
Net Gains or (Losses) on Securities
(Both Realized and Unrealized) 1.12 0.75 2.06 (1.00) 0.26
--------------------------------------------------------------------
Total from Investment Operations 1.35 0.91 2.20 (0.80) 0.48
--------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from Net Investment Income 0.21 0.16 0.14 0.20 0.21
Distributions from Capital Gains 0.00 0.00 0.00 0.00 0.17
--------------------------------------------------------------------
Total Distributions 0.21 0.16 0.14 0.20 0.38
--------------------------------------------------------------------
Net Asset Value-- End of Period $ 14.09 $12.95 $ 12.20 $10.14 $ 11.14
====================================================================
TOTAL RETURN 10.42% 7.43% 21.78% (7.22%) 4.34%
RATIOS
Net Assets--End of Period ($000 Omitted) $224,200 $349,842 $270,544 $117,276 $74,497
Ratio of Expenses to Average Net Assets 1.40%@ 1.20% 1.28% 1.29% 1.43%
Ratio of Net Investment Income to
Average Net Assets 1.26% 1.28% 1.76% 2.23% 1.83%
Portfolio Turnover Rate 96% 70% 44% 87% 61%
<FN>
# Ratio is calculated using Total Expenses which include the indirectly paid
fees.
</FN>
</TABLE>
<PAGE>
INVESCO International Funds, Inc.
Financial Highlights (Continued)
(For a Fund Share Outstanding throughout Each Period)
<TABLE>
<CAPTION>
Year ended October 31
--------------------------------------------------------------------
1995 1994 1993 1992 1991
Pacific Basin Fund#
<S> <C> <C> <C> <C> <C>
PER SHARE DATA
Net Asset Value-- Beginning of Period $17.07 $15.11 $11.02 $13.19 $ 11.95
--------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income 0.06 0.04 0.04 0.07 0.11
Net Gains or (Losses) on Securities
(Both Realized and Unrealized) (1.45) 2.28 4.09 (2.18) 1.23
--------------------------------------------------------------------
Total from Investment Operations (1.39) 2.32 4.13 (2.11) 1.34
--------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from Net Investment Income 0.06 0.04 0.04 0.06 0.10
Distributions from Capital Gains 1.79 0.32 0.00 0.00 0.00
--------------------------------------------------------------------
Total Distributions 1.85 0.36 0.04 0.06 0.10
--------------------------------------------------------------------
Net Asset Value-- End of Period $ 13.83 $17.07 $ 15.11 $11.02 $ 13.19
====================================================================
TOTAL RETURN (8.31%) 15.63% 37.51% (16.03%) 11.27%
RATIOS
Net Assets-- End of Period ($000 Omitted) $154,374 $352,888 $299,192 $26,488 $27,683
Ratio of Expenses to Average Net Assets 1.52%@ 1.24% 1.22% 1.78% 1.87%
Ratio of Net Investment Income
to Average Net Assets 0.37% 0.28% 0.63% 0.66% 0.99%
Portfolio Turnover Rate 56% 70% 30% 123% 89%
<FN>
# The per share information for the Pacific Basin Fund for 1993 was computed based on weighted average
shares.
@ Ratio reflects total expenses prior to any expense offset.
</FN>
</TABLE>
<PAGE>
INVESCO International Funds, Inc.
Financial Highlights (Continued)
(For a Fund Share Outstanding throughout Each Period)
<TABLE>
<CAPTION>
Period
Ended
Year ended October 31 October 31 Year Ended December 31
----------------------------- ---------- ------------------------------
1995 1994 1993 1992 1991 1990
(Note 1)
International Growth Fund<
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA
Net Asset Value-- Beginning of Period $ 17.29 $15.75 $12.57 $14.51 $ 13.69 $16.16
----------------------------- ---------- ------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income 0.08 0.04 0.08 0.12 0.17 0.26
Net Gains or (Losses) on Securities
(Both Realized and Unrealized) (0.61) 1.57 3.16 (1.94) 0.82 (2.65)
----------------------------- ---------- ------------------------------
Total from Investment Operations (0.53) 1.61 3.24 (1.82) 0.99 (2.39)
----------------------------- ---------- ------------------------------
LESS DISTRIBUTIONS
Dividends from Net Investment Income 0.09 0.07 0.06 0.11 0.17 0.02
In Excess of Net Investment Income 0.03 0.00 0.00 0.00 0.00 0.00
Distributions from Capital Gains 0.86 0.00 0.00 0.01 0.00 0.06
----------------------------- ---------- ------------------------------
Total Distributions 0.98 0.07 0.06 0.12 0.17 0.08
----------------------------- ---------- ------------------------------
Net Asset Value-- End of Period $ 15.78 $ 17.29 $ 15.75 $12.57 $ 14.51 $ 13.69
============================= ========== ==============================
TOTAL RETURN (2.84%) 10.21% 29.08%* (12.52%) 7.19% (14.62%)
RATIOS
Net Assets -- End of Period
($000 Omitted) $75,391 $161,884 $108,677 $35,192 $42,039 $39,237
Ratio of Expenses to Average
Net Assets# 1.81%@ 1.50% 1.43%~ 1.36% 1.48% 1.48%
Ratio of Net Investment Income
to Average Net Assets# 0.41% 0.46% 0.94%~ 0.83% 1.17% 1.85%
Portfolio Turnover Rate 62% 87% 46%* 50% 71% 78%
<FN>
< The per share information for the International Growth Fund for 1994 and
1993 was computed based on weighted average shares.
* These amounts are based on operations for the period shown and,
accordingly, are not representative of a full year.
# Various expenses of the Fund were voluntarily absorbed by IFG for the year
ended December 31, 1990. If such expenses had not been voluntarily
absorbed, ratio of expenses to average net assets would have been 1.49%,
and ratio of net investment income to average net assets would have been
1.84%.
@ Ratio reflects total expenses prior to any expense offset.
~ Annualized
</FN>
</TABLE>
<PAGE>
Report of Independent Accountants
To the Board of Directors and Shareholders of INVESCO International Funds, Inc.
In our opinion, the accompanying statement of assets and liabilities, including
the statement of investment securities, and the related statements of operations
and of changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of each of the portfolios constituting
INVESCO International Funds, Inc. (the "Fund") at October 31, 1995, the results
of each of their operations for the year ended, the changes in each of their net
assets for each of the two years in the period then ended and the financial
highlights for each of the periods indicated, in conformity with generally
accepted accounting principles. These financial statements and financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund' s management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at October 31, 1995 by
correspondence with the custodian and the application of alternative auditing
procedures for unsettled security transactions, provide a reasonable basis for
the opinion expressed above.
PRICE WATERHOUSE LLP
Denver, Colorado
December 4, 1995
<PAGE>
FAMILY OF FUNDS
Newspaper
Fund Name Fund Code Ticker Symbol Abbreviation
- --------------------------------------------------------------------------------
International
Latin American Growth 34 IVSLX LatinAmGr
European Small Company 37 IVECX EuroSmCo
European 56 FEURX Europ
Pacific Basin 54 FPBSX PcBas
International Growth 49 FSIGX IntlGr
- --------------------------------------------------------------------------------
Sector
Energy 50 FSTEX Enrgy
Environmental Services 59 FSEVX Envirn
Financial Services 57 FSFSX FinSvc
Gold 51 FGLDX Gold
Health Sciences 52 FHLSX HlthSc
Leisure 53 FLISX Leisur
Technology 55 FTCHX Tech
Worldwide Capital Goods 38 ISWGX WldCap
Worldwide Communications 39 ISWCX WldCom
- --------------------------------------------------------------------------------
Growth, Value
Emerging Growth 60 FIEGX Emgrth
Value Equity 46 FSEQX ValEq
Small Company 74 IDSCX DivSmCo
Dynamics 20 FIDYX Dynm
Growth 10 FLRFX Grwth
- --------------------------------------------------------------------------------
Equity-Income
Industrial Income 15 FIIIX IndInc
Utilities 58 FSTUX Util
- --------------------------------------------------------------------------------
Balanced/Multiple-Asset
Multi-Asset Allocation 70 IMAAX MulAstAl
Balanced 71 IMABX Bal
Total Return 48 FSFLX TotRtn
- --------------------------------------------------------------------------------
Bond
High Yield 31 FHYPX HiYld
Select Income 30 FBDSX SelInc
U.S. Government Securities 32 FBDGX USGvt
Intermediate Government Bond 47 FIGBX IntGov
Short-Term Bond 33 INIBX ShTrBd
- --------------------------------------------------------------------------------
Tax-Exempt
Tax-Free Long-Term Bond 35 FTIFX TxFre
Tax-Free Intermediate Bond 36 * *
- --------------------------------------------------------------------------------
Money Market
Tax-Free Money Fund 40 FFRXX N/A
Cash Reserves 25 FDSXX N/A
U.S. Government Money Fund 44 FUGXX N/A
* This fund does not meet size requirements to be assigned a ticker symbol in
newspaper listings.
For more information about any of the INVESCO Funds, including management fees
and expenses, please call us at 1-800-525-8085 for a prospectus. Read it
carefully before you invest or send money.
<PAGE>
INVESCO FUNDS
To receive general information and prospectuses
on any of INVESCO's funds or retirement plans,
or to obtain current account or price information,
call toll-free:
1-800-525-8085
To reach PAL(r), your 24-hour Personal Account
Line call: 1-800-424-8085
Or write to:
INVESCO Funds Group, Inc.,(sm) Distributor
Post Office Box 173706
Denver, Colorado 80217-3706
If you're in Denver, pleas visit one of our
convenient Investor Centers:
Cherry Creek, 155-B Fillmore Street;
Denver Tech Center, 7800 East Union Avenue,
Lobby Level
This information must be preceded or accompanied by an effective prospectus.
