SEMIANNUAL REPORT
April 30, 1995
INVESCO
INTERNATIONAL
FUNDS, INC.
A No-Load Mutual Fund Seeking
Capital Appreciation Through Investment
In Designated Geographical Sectors.
INVESCO FUNDS
<PAGE>
INVESCO International Funds, Inc.
International Overview May 1995
Over the past six months, the world securities markets have beenbuffeted by
several crucial incidents: the Mexican meltdown, the free fall of the U.S.
dollar, the Kobe earthquake, and thestalling of the Japanese economy. Events in
Mexico had particularly widespread repercussions. The devaluation of the peso on
12/20/94 caused market turmoil throughout Latin America. Time does heal some
wounds, however:The peso is now making a comeback, as investors are cautiously
regaining confidence in the government's ability to manage thesituation.
Although Mexican inflation is running well above 10%annually, wages have not
risen dramatically, and monetary policyremains tight.
In Japan, the immediate outlook is less bright. The Nikkei Dow dropped
severely over the past six months, with an ailingdomestic economy largely to
blame. The surging yen is hurtingexport business. At home, prices are plummeting
- - and profits arefollowing suit.
Problems spread further afield throughout the Pacific Basin. For instance,
the Indonesian and Thai securities markets are also down; this follows poor
performance in 1994 for both areas. Last year was even tougher on Hong Kong
investors; however, the Hang Seng managed to eke out a slight gain over the
first four months of 1995, despite that area's close ties to the plummeting U.S.
dollar. The only real strength in Asia at present may be found in New Zealand
and Australia. In terms of industry sectors, utilities are doing relatively
well, but technology and consumer cyclicals are particularly weak.
Meanwhile, better tidings may be found in Europe as a result of the
ongoing recovery. In U.S. dollar terms, most markets have gained. Those up more
than 10% during the first four months of 1995 include Belgium, France, the
Netherlands, Sweden, and Switzerland; those up over 6% include the U.K.,
Denmark, Finland, and Spain.
Much of Europe's corporate strength may be found in consumer staples,
energy, and technology. Manufacturers of heavy equipment, such as construction
vehicles, are also seeing surging sales.
The wild card for the international markets remains the U.S. dollar. Now
well below the magic line of 100 yen/dollar, U.S. currency has dropped about 18%
against the Japanese yen in the first four months of 1995. Hoping to slow the
slide, the Japanese central bank has purchased a quarter trillion "dollars'
worth of dollars," while the U.S. Federal Reserve bought $3.6 billion, and the
German Bundesbank $1.4 billion.
The G-7 (a group of seven major industrial nations, including the U.S.,
Japan, Germany, France, the U.K., Canada, and Italy; plus Russia) met in late
April. To attract more investors, Japan and Germany want the Fed to raise
short-term interest rates - an unlikely scenario, given that quarterly economic
growth in the States has slowed to a near-target 2.8% annualized rate.
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 4/30/95; or, in
the case of European Fund and International Growth Fund, from inception through
4/30/95. (Of course, past performance is not a guarantee of future results.)*
The charts and other total return figures cited reflect the funds'
operating expenses, but the index do not have expenses, which would, of course,
have lowered their performance.
INVESCO's International Funds are each managed by a team of investment
professionals specializing in the respective geographic regions.
<PAGE>
European Fund
European Fund
Average Annualized Total Return*
as of 4/30/95
1 Year 0.53%
5 Years 5.46%
Since Inception (6.86) 7.34%
For the six-month period ended 4/30/95, European Fund had a total return
of 2.24%. This compared to a total return of 4.75% for the Morgan Stanley
Capital Index-Euro 17. (The MSCI-Euro 17 is an unmanaged, weighted index of
European stock markets. Of course, past performance is not a guarantee of future
results.)*
During the first four months of 1995, stock market results varied widely
throughout Europe. In local currency terms, the U.K. was up almost 5%. However,
many of the largest securities markets showed less positive results, or losses.
For instance, the German exchange declined over 4% and the Credit Suisse more
than 7%, while the French and Dutch markets eked out small gains. Among the
fund's key regional allocations are France, Germany, Switzerland, and the
Netherlands - hence, the underperformance compared to the broad index.
Graph:
This line graph illustrates the value of a $10,000 investment in INVESCO
European Fund, plus reinvested dividends and capital gain distributions,
for the ten-year period ended 4/30/95 as compared to the MSCI-Eur/Aust/Far
East Index.
There are problems in the more cyclical stocks, and the fund has
de-emphasized such areas as basic materials, capital goods & construction, and
finance. However, many industry segments are turning in positive performances in
1995. Presently, the fund is overweighted in consumer stocks, which offer better
value relative to historical price to earnings ratios - especially staples,
which tend to do well as economic recoveries mature.
Economic conditions are most solid in Britain, while inflation there
remains under control. We added to our holdings in the U.K. in several market
segments, including Albright & Wilson PLC and Laporte PLC (chemicals); Blue
Circle Industries PLC and Williams Holdings PLC (construction related); Sun
Alliance Group PLC (insurance); Racal Electronics PLC (electronics); and
Sainsbury (J) PLC (retail).
The fund is highlighting geographical areas where domestic demand is
likely to remain buoyant and economic growth should settle into a steady pace.
In our opinion, France and Germany fit this profile, despite their recent
underperformance. New holdings over the past six months include the French
companies VALEO and Peugeot SA (automobile related); Groupe Legris Industries
(machinery); Castorama Dubois Investisse SA (retail); Compagnie de Saint Gobain
(glass & ceramics products); and Seita (tobacco).
In Germany, we have taken new positions in Buderus AG (metals and mining);
Siemens AG (electronics); Moebel Walther AG (furniture manufacturing); Fresenius
AG (medical products & supplies); PUMA AG Rudolf Dassier Sport (textiles &
apparel manufacturers); and SAP AG (computer related).
Following our strategy of overweighting consumer staples, we also
purchased three Swiss drug companies: CIBA-GEIGY Ltd, Roche Holding AG Ltd
Genusscheine, and Sandoz AG Ltd.
Finally, we have reduced the fund's exposure to the Italian, Swedish, and
Spanish markets, partly as a result of the continuing high debt/soft currency
problems of those countries.
<PAGE>
Pacific Basin Fund
For the six-month period ended 4/30/95, Pacific Basin Fund had a total
return of negative 8.97%. This compared to a total return of negative 2.41% 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.)*
Japan has led the retreat for many of the region's stock markets. In local
currency terms, during the first four months of 1995, the Nikkei Dow lost nearly
15%, South Korea nearly 13%, Taiwan over 18%. The smaller markets offered global
investors no better: Singapore, Thailand, Indonesia, and the Philippines all
turned in losses, while Malaysia and Hong Kong achieved only small gains. The
fund's overweighting in Japan had obvious repercussions for its overall
performance during this period.
Pacific Basin Fund
Average Annualized Total Return*
as of 4/30/95
1 Year -2.04%
5 Years 5.01%
10 Years 13.04%
There are many weak sectors, especially within consumer cyclical and
technology industries. Financial stocks, where we have a significant focus, have
done relatively better. Utilities and selected media stocks are other bright
spots, and we have increased the fund's weighting in these areas.
Longer-term, we anticipate that the effects of the Kobe earthquake will be
to stimulate the Japanese economy. In addition, as the U.S. dollar strengthens
against the yen, earnings growth prospects for Japanese firms should also
improve. We remain overweighted in cyclical stocks, such as basic materials;
despite the recent correction in these securities, we believe they continue to
offer better potential.
Graph:
This line graph illustrates the value of a $10,000 investment in INVESCO
Pacific Basin Fund, plus reinvested dividends and capital gain
distributions, for the ten-year period ended 4/30/95 as compared to the
MSCI-Eur/Aust/Far East Index and MSCI-Pacific Index.
We have taken steps to diversify the fund more evenly across the various
industry sectors. Over the past six months, we have taken new positions in the
Bank of Tokyo (banking); Orix Corp (finance related); Tokyo Electric Power
(utilities); Maeda Corp (construction related); Makita Corp (machinery); Chugai
Pharmaceutical Co Ltd (medical related-drugs); DDI Corp and Nippon Comsys
(telecommunications); Kyocera Corp (electronics); and Nikon Corp (photo
equipment & supplies).
Allocations to most other regional markets were trimmed. We did take a new
position in Hutchison Whampoa, a diversified company traded on the Hong Kong
exchange. Several other holdings in this market were closed however, as were six
positions in Malaysia.
No new stakes were made in the Singapore market, which is closely tied to
that of Hong Kong. We closed positions in several companies, focusing on real
estate and business services.
In South Korea, we sold Daedong Industrial (tools), Goldstar Co
(electronics), and Shinyoung Securities (investment brokers).
International Growth Fund
International Growth Fund
Average Annualized Total Return*
as of 4/30/95
1 Year -1.95%
5 Years 2.65%
Since Inception (9/87) 4.75%
<PAGE>
For the six-month period ended 4/30/95, International Growth Fund had a
total return of negative 6.12%. The Morgan Stanley Capital
Index-Europe-Australia-Far East had a total return of positive 1.39% for the
same period. The fund's geographical allocations undoubtedly constrained
performance compared to the worldwide index. Japan's Nikkei Dow was off over 15%
during the first four months of 1995 in local currency; the Swiss and German
markets also had negative performances. (The MSCI-EAFE is a weighted index of
international stock markets. Of course, past performance is not a guarantee of
future results.)*
Graph:
This line graph illustrates the value of a $10,000 investment in INVESCO
International Growth Fund, plus reinvested dividends and capital gain
distributions, from inception through 4/30/95 as compared to
MSCI-Eur/Aust/Far East index.
Going forward, the fund is well-diversified across industry sectors. We
have evened our exposure somewhat by increasing our weightings in such areas as
consumer staples. For instance, during the past six months, we bought Chugai
Pharmaceutical Co Ltd (Japan medical related-drugs), Beiersdorf AG
(Germany-cosmetics & toiletries) and Fresenius AG (Germany-medical products &
supplies). Two new utility companies were also added: Tokyo Electric Power in
Japan and National Power PLC in the U.K.
We are maintaining the fund's long-term focus on finance. New fund
holdings during this period include Bank of Tokyo and Orix Corp (Japan), DBS
Land Ltd (Singapore), Deutsche Bank AG (Germany), and Sun Alliance Group PLC
(U.K.)
The weighting in consumer cyclicals was trimmed only slightly. We made
several new purchases - among them, two Japanese firms with a strong
international presence, Mitsubishi Motors and Nikon Corp.
New positions in capital goods & construction include two Japanese
companies, Maeda Corp (construction related) and Fujikura Ltd (electrical
equipment), plus two German firms, Siemens AG (electronics) and Jungheinrich AG
(machinery). The weighting in technology changed only slightly; however, we did
add one stock each from the U.K. and Japan.
In Latin America, we have cautiously taken advantage of some opportunities
created by fallout from the Mexican currency crisis. Our weighting in this
region, however, has decreased modestly over the past six months, as we sold our
position in one Mexican company and reduced our holdings in two Chilean firms.
New holdings include three Brazilian names, Aracruz Celulose SA ADR (paper
& paper products), Companhia Energetica de Sao Paulo Sponsored ADR (utilities),
and Telecomunicacoes Brasileiras SA-Telebras Sponsored ADR (utilities); and
Alpargatas Sociedad Anonima Industrial y Comercial (Argentina-textiles & apparel
manufacturers).
*Total return assumes reinvestment of dividends and capital gain
distributions for the periods indicated. 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 17, and MSCI-Pacific are
unmanaged indexes of common stocks considered to be representative of the
overall international, European, and Pacific Basin regional securities markets,
respectively. All are unmanaged indexes.
<PAGE>
INVESCO Fund Codes
These two-digit codes allow you to request information about
specific funds on PAL, your 24-hour Personal Account Line. To
call PAL, dial 1-800-424-8085.
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
30 Select Income
31 High Yield
Multiple Asset Funds
71 Balanced
70 Multi-Asset Allocation
Equity-Income Funds
15 Industrial Income
58 Utilities
Growth Funds
10 Growth
20 Dynamics
74 Small Company
60 Emerging Growth
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
April 30, 1995
Description Value
- --------------------------------------------------------------------------
EUROPEAN Fund
British Telecommunications PLC $ 4,739,115
Roche Holding AG Ltd
Genusscheine 4,521,674
Allianz AG Holding
Registered Shrs 4,316,466
Glaxo Holdings PLC
Sponsored ADR 4,252,500
BAT Industries PLC
Sponsored ADR 3,772,500
Deutsche Bank AG 3,482,358
British Gas PLC ADR 3,339,375
Sandoz Ltd Registered Shrs 3,279,335
Publicitas Holding SA
Registered Shrs 3,149,213
Moet Hennessy Louis Vuitton 3,095,711
INTERNATIONAL GROWTH Fund
Roche Holding AG Ltd
Genusscheine $ 1,205,780
Broken Hill Propriety 1,203,781
Internationale Nederlanden Groep 1,108,759
Formosa Fund IDR Representing
Registered Shrs 1,080,000
Allianz AG Holding Registered Shrs 1,046,972
Sumitomo Bank 953,112
Deutsche Bank AG 944,235
Lloyds Bank PLC 926,233
Societe Nationale Elf Aquitaine 916,940
Volvo AB Class B Free Shrs 902,975
PACIFIC BASIN Fund
Asahi Bank $ 5,321,622
Bank of Tokyo 4,975,036
Mitsubishi Bank 4,658,443
77 Bank 4,522,760
Tokyo Electric Power 4,514,310
ITOCHU Corp 4,090,836
Nomura Securities 4,046,680
Nissan Motor 3,653,914
Mitsubishi Heavy Industries 3,630,110
Fanuc Ltd 3,618,208
Composition of holdings is subject to change.
<PAGE>
INVESCO International Funds, Inc
Statement of Investment Securities
April 30, 1995
UNAUDITED
Shares or
Industry Principal
Description Code Amount Value
- -------------------------------------------------------------------------------
EUROPEAN Fund
COMMON STOCKS
& WARRANTS 91.71%
BELGIUM 0.79%
Generale Bank SA NV BK 4,500 $ 1,417,906
Kredietbank NV BK 1,740 432,256
------------
1,850, 162
------------
FINLAND 1.18%
Nokia A Shrs EL 68,000 2,779,420
------------
FRANCE 18.16%
Accor SA HM 7,000 804,401
AXA SA+ FR 40,000 2,112,470
Banque Nationale de Paris BK 60,000 2,921,761
BIC SA+ DV 10,000 1,670,742
Carrefour SA RT 5,000 2,511,206
Castorama Dubois
Investisse SA RT 8,000 1,326,814
Club Mediterranee SA*+ HM 10,000 1,010,595
Compagnie de Saint Gobain GC 20,000 2,591,687
Credit Local de France BS 29,000 2,475,754
Ecco SA* BS 2,300 314,914
Groupe Danone FD 14,000 2,319,071
Groupe Legris Industries* MY 14,000 1,061,125
L'Air Liguide SA+ CH 15,130 2,435,351
Lyonnaise des Eaux-Dumez+ PC 7,000 697,148
Moet Hennessy Louis Vuitton+ FD 16,250 3,095,711
Moulinex SA*+ HA 75,000 1,772,616
Peugeot SA* AM 17,500 2,528,016
Pinault-Printemps-Redoute RT 7,000 1,585,982
Roussel & Uclaf+ MD 15,000 2,154,646
Schneider SA+ DV 10,000 769,764
Seita* TO 7,781 237,489
Societe Centrale du Groupe des
Assurances Nationales SA+ FR 16,000 553,219
Societe Nationale Elf Aguitaine+ OG 35,000 2,800,428
Total Cie Francaise des
Petroles B Shrs OG 12,000 751,100
VALEO* AM 39,000 2,224,939
------------
42,726,949
------------
GERMANY 9.18%
Allianz AG Holding
Registered Shrs+ IN 2,350 4,316,466
Bayer AG+ CH 4,000 986,761
Bayerische Motoren Werke AG+ AM 1,972 1,012,892
Beiersdorf AG CT 2,000 1,562,613
Buderus AG MM 3,500 1,891,413
Deutsche Bank AG+ BK 7,081 3,482,358
Deutsche Bank AG
<PAGE>
Warrants (Exp 1996)* BK 9,000 135,426
Karstadt AG RT 2,500 $ 1,078,818
Philipp Holzmann AG+ EG 3,506 1,704,429
Siemens AG EL 5,000 2,434,349
Veba AG+ DV 8,000 2,986,327
------------
21,591,852
------------
ITALY 1.98%
Fiat SpA* AM 500,000 2,034,900
Montedison SpA
Warrants (Exp 1997)* CH 2,500,000 354,770
Sogefi SpA* AM 960,000 2,279,088
------------
4,668,758
------------
NETHERLANDS 8.20%
AKZO NV DV 10,000 1,161,815
Elsevier NV PR 250,000 2,743,175
Fortis Amev NV IN 52,500 2,778,675
Hagemeyer NV DV 18,000 1,556,833
Heineken NV FD 18,000 2,573,421
Hollandsche Beton
Groep NV CR 3,800 600,426
Hunter Douglas NV FM 17,000 729,685
KLM Royal Dutch Airlines* TR 20,000 609,308
Koninklijke KNP BT NV CN 35,000 1,057,252
Philips Electronics NV EE 35,000 1,337,379
Polygram NV RR 30,000 1,696,250
Wolters Kluwer PR 30,000 2,445,621
------------
19,289,840
------------
NORWAY 0.85%
Elkjop RT 20,000 353,584
Orkla AS A Free Shrs RT 20,000 859,852
Sensonor AS CI 87,200 791,835
-----------
2,005,271
-----------
SPAIN 3.33%
Banco Bilbao Vizcaya
SA Registered Shrs BK 50,000 1,348,418
Centros Comerciales Pryca SA* RT 90,000 1,593,733
Corporacion Bancaria
de Espana SA BK 70,000 2,263,068
Europistas Concesionaria
Espanola SA EG 17,500 152,814
Repsol SA Sponsored ADR OG 50,000 1,600,000
Viscofan Industria Navarra de
Envolturas Celulosicas SA CN 66,000 871,192
------------
7,829,225
------------
SWEDEN 5.59%
AGA AB Series B Shrs CH 200,000 2,325,710
SKF AB Series B Shrs MM 70,000 1,411,252
Atlas Copco AB B Free Shrs MY 128,000 1,761,485
Autoliv AB AM 30,000 1,358,270
Getinge Industrier AB
B Free Shrs MS 35,150 1,078,696
<PAGE>
Marieberg Tidnings
AB Series A Shrs PR 60,000 1,271,572
Munksjo AB PP 100,000 839,458
Svenskt Stal Series B Shrs MM 30,000 1,321,114
Volvo AB ADR Representing
Class B Shrs AM 95,000 1,793,125
------------
13,160,682
------------
SWITZERLAND 8.47%
Baloise-Holding
Registered Shrs IN 400 868,652
CIBA-GEIGY Ltd
Registered Shrs MD 3,000 2,059,545
Danzas AG
Participation Certificates TR 11,500 2,054,291
Registered Shrs TR 221 181,909
Edipresse SA Bearer Shrs PR 5,940 1,404,379
Publicitas Holding SA
Registered Shrs* AD 3,600 3,149,213
Roche Holding AG Ltd
Genusscheine MD 750 4,521,674
Sandoz Ltd Registered Shrs MD 5,000 3,279,335
Union Bank of Switzerland
Bearer Shrs BK 2,600 2,399,650
------------
19,918,648
------------
UNITED KINGDOM 33.98%
Albright & Wilson PLC* CH 500,000 1,392,045
BAT Industries PLC
Sponsored ADR DV 251,500 3,772,500
BTR PLC DV 560,000 2,964,974
BTR PLC Warrants (Exp l998)* DV 2,121 1,195
Beazer Homes PLC CR 700,000 1,543,319
Blue Circle Industries PLC CR 200,000 930,175
Boots PLC MD 120,000 984,892
Bowater PLC PP 150,000 1,079,039
Britannic Assurance PLC IN 200,000 1,647,923
British Gas PLC ADR UT 68,500 3,339,375
British Petroleum OG 230,000 1,656,372
British Telecommunications PLC TC 758,000 4,739,115
Burford Holdings PLC RE 290,000 483,032
Cable & Wireless PLC TC 180,000 1,163,041
Cadbury Schweppes PLC FD 201,428 1,450,608
Coats Viyella PLC TA 275,000 898,392
Cookson Group PLC MM 250,000 941,440
General Accident PLC IN 70,000 649,996
General Electric PLC EL 250,000 1,227,091
Glaxo Holdings PLC
Sponsored ADR MD 180,000 4,252,500
Glynwed International PLC MM 300,000 1,530,444
Granada Group PLC AV 160,000 1,466,394
Grand Metropolitan PLC DV 200,000 1,285,831
HSBC Holdings PLC BK 80,000 943,050
Hanson PLC DV 475,000 1,805,936
Laporte PLC CH 100,000 1,128,119
Legal & General Group PLC IN 400,000 3,038,358
Lloyds Bank PLC BK 200,000 2,058,295
MFI Furniture Group PLC FM 450,000 905,231
Marks & Spencer PLC RT 110,000 744,382
McKechnie PLC DV 300,000 2,056,685
<PAGE>
Meyer International PLC CR 100,000 $ 539,116
NFC PLC TR 375,000 1,062,138
National Power PLC UT 245,000 1,790,024
Peninsular & Oriental
Steam Navigation TR 200,000 1,863,569
Racal Electronics PLC* EL 475,000 1,865,179
Redland PLC CR 125,000 844,883
Sainsbury(J)PLC RT 250,000 1,760,172
Scottish Power PLC UT 353,270 1,921,589
Sedgwick Group PLC IN 400,000 1,010,640
Severn Trent PLC UT 270,000 2,307,256
Shell Transport &
Trading PLC OG 200,000 2,370,499
Siebe PLC CI 200,000 1,812,072
Sun Alliance Group PLC IN 450,000 2,440,503
Tesco PLC RT 325,000 1,461,848
Tomkins PLC CR 530,000 1,995,854
United Newspapers PLC PR 220,000 1,752,528
Williams Holdings PLC CR 200,000 1,071,794
------------
79,949,413
------------
TOTAL COMMON STOCKS
& WARRANTS
(Cost $199,130,875) 215,770,220
-----------
PREFERRED STOCKS 4.69%
GERMANY 4.69%
Fielmann AG
Non-Voting Pfd Shrs* RT 45,000 1,845,837
Fresenius AG
Non-voting Pfd Shrs+* MS 3,000 1,899,009
Jungheinrich AG
Non-voting Pfd Shrs+ MY 7,000 1,544,527
Moebel Walther AG
Non-voting Pfd Shrs* FM 2,500 1,215,366
PUMA AG Rudolf Dassier
Sport Non-Voting Pfd Shrs* TA 4,000 1,041,742
RWE AG
Non-Voting Pfd Shrs DV 10,000 2,696,231
SAP AG
Non-Voting Pfd Shrs CO 800 792,881
------------
TOTAL PREFERRED STOCKS
(Cost $9,569,553) 11,035,593
------------
SHORT-TERM INVESTMENTS--
COMMERCIAL PAPER 3.60%
UNITED STATES 3.60%
Associates Corp of North America
5.970%, 5/1/1995
(Cost $8,459,000) Fr $ 8,459,000 8,459,000
------------
TOTAL INVESTMENT SECURITIES AT VALUE 100.00% (Cost $217,159,428) (Cost for
Income Tax Purposes $217,251,082)
$ 235,264,813
=============
<PAGE>
INTERNATIONAL GROWTH FUND
COMMON STOCKS
& WARRANTS 87.66%
ARGENTINA 1.22%
Banco Frances del Rio de la Plata
SA Sponsored ADR BK 15,000 $ 275,625
CIA Naviera Perez Companc
SA Series B Shrs* DV 94,400 385,306
Telefonica de Argentina SA
Sponsored ADR
Representing Ord B Shrs UT 14,000 329,000
Yacimientos Petoliferos Fiscales
SA Sponsored ADR OG 16,000 324,000
------------
1,313,931
------------
AUSTRALIA 3.67%
Australian National
Industries Ltd MM 324,000 339,562
Broken Hill Proprietary MM 82,700 1,203,781
CRA Ltd MM 27,000 387,903
Lend Lease DV 25,000 319,504
National Australia Bank BK 85,000 736,170
News Corp PR 122,000 593,128
North Ltd MM 155,000 376,782
------------
3,956,830
------------
BELGIUM 0.42%
Kredietbank NV BK 1,835 455,856
------------
CHILE 0.78%
Chilgener SA ADR UT 15,000 420,000
Compania de Telefonos de Chile
SA Sponsored ADR UT 6,000 414,000
------------
834,000
------------
FINLAND 0.38%
Nokia A Shrs EL 10,000 408,738
------------
FRANCE 7.82%
Accor SA+ HM 3,500 402,201
Alcatel Alsthom Compagnie
Generale d'Electricite+ DV 7,650 710,758
Banque Nationale de Paris+ BK 3,600 175,306
Carrefour SA+ RT 1,090 547,443
Club Mediterranee SA*+ HM 5,027 508,026
Compagnie Generale des Eaux+ SV 3,960 417,946
Credit Local de Franc BS 5,805 495,578
Groupe Danone SA+ FD 3,190 528,417
Moet Hennessy Louis Vuitton+ FD 4,141 788,883
Moulinex SA*+ HA 13,625 322,025
Pinault-Printemps-Redoute + RT 1,725 390,831
Schneider SA+ DV 2,765 212,840
Seita*+ TO 6,499 198,360
Societe Generale+ BK 6,550 720,660
Societe Nationale Elf Aquitaine+ OG 11,460 916,940
Total Cio Francaise des
Petroles B Shrs+ OG 9,000 563,325
<PAGE>
VALEO*+ AM 9,125 520,579
------------
8,420,118
------------
GERMANY 5.42%
Allianz AG Holding
Registered Shrs+ IN 570 1,046,972
BASF Lacke & Farben AG+ CH 1,170 260,696
Bayer AG+ CH 3,090 762,273
Bayerische Motoren Werke AG+ AM 900 462,273
Beiersdorf AG+ CT 265 207,046
Bilfinger & Berger AG*+ CR 600 280,402
Buderus AG+ MM 535 289,116
Deutsche Bank AG+ BK 1,920 944,235
Karstadt AG+ RT 670 289,123
Siemens AG+ EL 1,330 647,537
Veba AG+ DV 1,740 649,526
------------
5,839,199
------------
HONG KONG 4.50%
Amoy Properties RE 566,000 471,729
CITIC Pacific Ltd DV 168,000 411,372
Hang Seng Bank BK 71,250 469,539
Hong Kong
Telecomunications Ltd TC 315,000 616,651
Hongkong Electric Holdings UT 80,000 245,510
Hongkong Land Holdings Ltd. RE 130,000 244,400
Hutchison Whampoa DV 175,000 759,790
Jardine Strategic Holdings DV 116,000 394,400
Sun Hung Kai Properties Ltd RE 75,700 483,214
Swire Pacific Ltd Class A Shrs TR 112,000 748,936
------------
4,845,541
------------
INDONESIA 0.24%
Astra International AM 200,000 255,360
------------
ITALY 1.57%
Assicurazioni Generali SpA* IN 32,340 777,389
Fiat SpA* AM 80,000 325,584
Stet-Societa Financiaria
Telefonica TC 207,500 590,151
------------
1,693,124
------------
JAPAN 22.18%
Bank of Tokyo BK 25,000 452,276
Chugai Pharmaceutical Co Ltd+ MD 50,000 538,565
DDI Corp+ TC 80 704,598
Dowa Mining+ MM 50,000 256,488
Fanuc Ltd+ EL 13,500 610,573
Fujikura Ltd+ EE 100,000 717,691
Fujitsu Ltd CO 67,000 684,996
Honda Motor+ AM 30,000 485,602
Itochu Corp+ DV 90,000 610,573
Jusco Co+ RT 30,000 614,143
Kaneka Corp CH 75,000 551,658
Kawasaki Steel*+ MM 160,000 647,469
Komatsu Ltd+ MY 75,000 596,290
Kyocera Corp+ EL 6,000 464,178
Maeda Corp Series 2 Warrants
<PAGE>
(Exp 1997)* CR 100 131,875
Mitsubishi Heavy Industries+ MY 80,000 580,818
Mitsubishi Motors+ AM 60,000 557,728
Mitsui & Co+ DV 60,000 514,166
Murata Manufacturing+ EE 16,000 637,947
Nikon Corp+ PH 85,000 724,356
Nippon Comsys+ TC 38,500 536,126
Nippon Express+ TR 52,000 514,309
Nippon Koei+ EG 47,250 532,002
Nippon Sanso+ CH 90,000 476,675
Nippon Yusen Kabushiki Kaisha TR 90,000 580,580
Nishimatsu Construction Co Ltd EG 50,000 601,051
Nisshinbo Industries TA 48,000 478,746
Nomura Securities IB 35,000 708,169
Oji Paper PP 50,000 559,394
Orix Corp FR 19,000 621,879
Sanwa Bank BK 38,000 823,142
Sharp Corp EL 37,000 607,716
Shimamura Co RT 13,200 494,885
Shizuoka Bank BK 54,000 745,541
Sumitomo Bank BK 44,000 953,112
Sumitomo Chemical CH 120,000 679,842
Sumitomo Warehouse SF 85,000 536,185
TDK Corp EE 9,000 411,333
Tokai Bank SL 59,000 758,395
Tokyo Electric Power UT 20,000 640,328
Toppan Printing PR 38,000 551,777
------------
23,893,177
------------
MALAYSIA 1.96%
Aokam Perdana Berhad FP 31,000 139,357
Commerce Asset-Holding Berhad BK 57,000 249,311
Edaran Otomobil Nasional
Berhad AM 21,000 149,684
Perusahaan Otomobil Nasional
Berhad-Proton AM 64,000 217,722
Public Bank Berhad BK 105,000 179,451
Resorts World Berhad RR 120,000 631,783
Sime Darby Berhad DV 48,000 122,469
Tenaga Nasional Berhad UT 59,000 262,838
United Engineers
Malaysia Berhad EG 28,000 161,024
------------
2,113,639
------------
MEXICO 1.67%
CEMEX SA CPO CR 100,000 307,172
Cifra SA de CV Series B ADR RT 300,000 447,600
Desc Sociedad de Fomento
Industial SA de CV ADR* DV 20,000 225,000
Empresas ICA
Sociedad Controladora
SA de CV ADR CR 25,000 212,500
Telefonos de Mexico SA de CV
Sponsored ADR Representing
Ord Series L Shrs UT 20,000 605,000
------------
1,797,272
------------
NETHERLANDS 4.51%
AKZO NV DV 3,785 439,747
<PAGE>
Elsevier NV PR 37,755 414,274
Getonics NV CO 4,590 188,127
Heineken NV FD 4,969 710,371
IS Himalayan Fund NV* IC 36,696 513,744
IS Himalayan Fund NV Warrants
(Exp 1996)* IC 5,839 4,379
Internationale
Nederlanden Groep NV IN 21,000 1,108,759
KLM Royal Dutch Airlines* TR 16,870 513,951
Philips Electronics NV EE 10,650 406,945
Unilever NV DV 4,150 556,351
------------
4,856,648
------------
NEW ZEALAND 0.71&
Brierley Investments Ltd DV 212,000 159,845
Carter Holt Harvey FP 81,000 206,120
Fletchler Challenge
Industries Ltd PP 66,000 177,248
Telecom Corp
of New Zealand Ltd TC 52,000 218,790
------------
762,003
------------
NORWAY 0.15%
Sensonor AS DV 18,275 165,949
------------
SINGAPORE 3.46%
City Developments RE 43,400 255,386
DBS Land Ltd RE 98,000 270,054
Development Bank
of Singapore BK 59,000 630,858
Fraser & Neave Ltd FD 24,200 265,705
Keppel Corp Ltd SH 70,000 567,636
Malayan Banking Berhad BK 67,500 465,016
Robinson & Co Ltd RT 800 3,330
Sime Darby Berhad DV 110,000 281,019
Singapore Airlines
Foreign Shrs TR 34,000 326,947
Singapore Press Holdings PR 21,000 361,679
United Overseas Bank BK 28,825 299,937
------------
3,727,567
------------
SOUTH KOREA 0.11%
Hyundai Motor GDR Ltd* AM 6,000 123,000
------------
SPAIN 2.06%
Banco Popular Espanol SA
Registered Shrs BK 6,000 819,773
Centros Comerciales Pryca SA* RT 15,810 279,966
Energia e Industrias Aragonesas* CR 16,200 83,298
Repsol SA OG 13,815 439,899
Tabacalera SA Series
Registered Shrs TO 17,664 599,049
------------
2,221,985
------------
SWEDEN 2.38%
AGA AB Series B Free Shrs CH 40,000 465,142
Astra AB Series A Free Shrs MD 19,380 565,404
Autoliv AB AM 7,260 328,701
<PAGE>
SKF AB Class B Free Shrs MM 14,825 298,883
Volvo AB Class B Free Shrs AM 48,070 902,975
------------
2,561,105
------------
SWITZERLAND 3.80%
CIBA-GEIGY Ltd
Registered Shrs MD 895 614,431
Edipresse SA Bearer Shrs PR 430 101,664
Nestle SA Registered Shrs FD 630 617,312
Publicitas Holding SA
Registered Shrs* AD 260 227,443
Roche Holding AG Ltd
Genusscheine* MD 200 1,205,780
Sandoz AG Ltd
Registered Shrs MD 900 590,280
Union Bank of Switzerland
Bearer Shrs BK 800 738,354
------------
4,095,264
------------
THAILAND 0.56%
Siam Cement Ltd Foreign Shrs CR 4,600 264,462
Siam Commercial Bank BK 40,000 338,283
------------
602,745
------------
TURKEY 0.37%
Migros Turk FD 150,000 396,000
------------
UNITED KINGDOM 17.72%
BAT Industries PLC DV 110,000 830,238
BTR PLC DV 84,000 444,746
BTR PLC Warrants
(Exp 1998)* DV 210,000 118,284
Beazer Homes PLC CR 190,000 418,901
Bowater PLC PP 55,000 395,646
Britannic Assurance PLC IN 70,000 576,773
British Gas PLC UT 120,000 582,245
British Telecomnunications PLC TC 110,000 687,734
Cadbury Schweppes PLC FD 51,428 370,365
Coats Viyella PLC TA 140,000 457,363
Foreign and Colonial
Smaller PLC IC 145,000 385,025
Formosa Fund IDR
Representing Registered Shrs IC 120 1,080,000
Glaxo Holdings PLC MD 58,000 685,578
Granada Group PLC AV 40,000 366,599
HSBC Holdings PLC BK 64,618 749,384
Hambro Countrywide PLC RE 216,000 104,283
Hanson PLC DV 87,000 330,771
Hanson PLC Warrants
(Exp 1997)* DV 100,000 25,347
Hickson International PLC CH 110,000 235,441
Korea Europe Fund IDR* IC 200 662,500
Laporte PLC CH 41,000 462,529
Legal & General Group PLC IN 80,000 607,672
Lloyds Bank PLC BK 90,000 926,233
MFI Furniture Group PLC FM 185,000 372,151
McKechnie PLC DV 70,000 479,893
Meyer International PLC CR 65,000 350,425
NFC PLC TR 100,000 283,237
<PAGE>
National Power PLC UT 70,000 511,436
Peninsular & Oriental
Steam Navigation TR 55,000 512,482
Racal Electronics PLC* EL 105,000 412,303
Rank Organisation PLC RR 90,000 614,109
Redland PLC CR 30,000 202,772
Sainsbury (J) PLC RT 70,000 492,848
Scottish Power PLC UT 64,754 352,225
Sedgwick Group PLC IN 175,000 442,155
Severn Trent PLC UT 63,000 538,866
Shell Transport
& Trading PLC OG 48,000 568,920
Siebe PLC CI 33,000 298,992
Sun Alliance Group PLC IN 80,000 433,867
Tomkins PLC CR 120,000 451,891
Williams Holdings PLC CR 50,000 267,948
------------
19,090,177
------------
TOTAL COMMON STOCKS
& WARRANTS
(Cost $90,216,752) 94,429,228
------------
PREFERRED STOCKS 2.11%
ARGENTINA 0.08%
Alpargatas Sociedad Anonima
Industrial y Comerical
Pfd Shrs* TA 230,000 86,284
------------
AUSTRALIA 0.25%
News Corp Ltd
Limited Voting Pfd Shrs PR 61,000 269,483
------------
BRAZIL 1.33%
Aracruz Celulose SA ADR PP 38,666 372,160
Companhia Energetica
de Sao Paulo
Sponsored ADR* UT 30,000 349,050
Companhia Energetica
de Sao Paulo
Sponsored ADR*~ UT 12,400 142,430
Telecomunicacoes Brasileiras
SA-Telebras
Sponsored ADR UT 15,545 555,961
Telecomunicacoes Brasileiras
SA-Telebras
Sponsored ADR~ UT 455 16,273
------------
1,435,874
------------
GERMANY 0.45%
Fresenius AG
Non-Voting Pfd Shrs+ MS 460 291,181
Jungheinrich AG
Non-Voting Pfd Shrs+ MY 850 187,550
------------
478,731
------------
TOTAL PREFERRED STOCKS
(Cost $2,159,039) 2,270,372
------------
FIXED INCOME SECURITIES 0.34%
<PAGE>
MALAYSIA 0.12%
United Engineers Berhad
Conv Deb. 2.000%, 3/1/2004 CR $ 135,000 138,037
------------
SOUTH KOREA 0.22%
Daewoo Electronics, Conv Unsub
Deb, 2.250%,12/31/2008 EL $ 230,000 235,175
------------
TOTAL FIXED INCOME SECURITIES
(Cost $369,928) 373,212
------------
SHORT-TERM INVESTMENTS--
REPURCHASE AGREEMENTS 9.89%
UNITED STATES 9.89%
Repurchase Agreement with State Street
Bank & Trust Co dated 4/28/1995 due
5/1/1995 at 5.500%, repurchased at
$10,654,881 (Collateralized by US
Treasury Notes due 8/15/1999 at 8.000%,
value $10,912,046)
(Cost $10,650,000) RA $10,650,000 $ 10,650,000
------------
TOTAL INVESTMENT SECURITIES AT VALUE 100.00%
(Cost $103,395,719)
(Cost for Income Tax Purposes $103,703,948) $107,722,812
============
PACIFIC BASIN Fund
COMMON STOCKS
& WARRANTS 92.69%
AUSTRALIA 5.10%
Broken Hill Proprietary MM 170,000 $ 2,474,520
CRA Ltd MM 175,000 2,514,185
National Australia Bank BK 250,000 2,165,205
News Corp Ltd PR 300,000 1,458,511
Western Mining Holdings MM 380,000 2,151,668
------------
10,764,089
------------
HONG KONG 9.74%
Amoy Properties RE 2,192,000 1,826,907
Cheung Kong Holdings RE 550,000 2,316,843
China Light & Power UT 500,000 2,358,192
Dairy Farm
International Holdings FD 600,000 636,000
Hang Seng Bank BK 300,000 1,977,005
Hongkong Land Holdings CR 900,000 1,692,000
Hutchison Whampoa DV 580,000 2,518,162
Jardine Matheson Holdings Ltd DV 280,000 2,226,000
Mandarin Oriental Hotel Group HM 600,000 828,000
Sun Hung Kai Properties Ltd RE 360,000 2,297,977
Swire Pacific Ltd Class A Shrs TR 280,000 1,872,340
------------
20,549,426
------------
<PAGE>
JAPAN 58.27%
77 Bank BK 400,000 4,522,760
Alpine Electronics EL 113,000 1,533,216
Asahi Bank+ BK 414,000 5,321,622
Asahi Diamond Industrial+ TL 220,230 3,276,472
Bank of Tokyo BK 275,000 4,975,036
Best Denki+ RT 90,000 1,435,381
Chugai Pharmaceutical Co Ltd+ MD 159,000 1,712,638
DDI Corp+ TC 300 2,642,244
Fanuc Ltd+ EL 80,000 3,618,208
Fujitsu Ltd+ CO 290,000 2,964,907
Hankyu Department Stores+ RT 305,000 3,470,385
Hitachi Metals+ MM 277,000 3,362,791
Hitachi Zosen+ MY 460,000 2,206,393
Itochu Corp+ DV 603,000 4,090,836
Kaneka Corp+ CH 411,000 3,023,084
Kyocera Corp+ EL 40,000 3,094,520
Maeda Corp Series 2 Warrants
(Exp 1997)* CR 900 l,186,875
Makita Corp+ MY 110,000 l,701,986
Matsushita Comununication
Industrial+ EL 60,000 l,328,263
Mitsubishi Bank+ BK 190,000 4,658,443
Mitsubishi Heavy Industries MY 500,000 3,630,110
Mitsubishi Materials MM 400,000 l,999,536
NGK Insulators DV 330,000 3,295,307
Nikon Corp PH 347,000 2,957,076
Nippon Comsys TC 220,000 3,063,575
Nippon Express TR 300,000 2,967,169
Nippon Yusen Kabushiki Kaisha TR 450,000 2,902,898
Nishimatsu Construction Co Ltd EG 256,000 3,077,381
Nissan Motor AM 500,000 3,653,914
Nomura Securities IB 200,000 4,046,680
Oji Paper PP 200,000 2,237,576
Onward Kashiyama Ltd+ RT 240,000 3,570,600
Orix Corp FR 105,000 3,436,703
Rohm Co EL 70,000 3,224,252
Sanyo Electric EL 400,000 2,256,619
Shin-etsu Chemical Ltd CH 120,000 2,328,031
Sumitomo Chemical CH 440,000 2,492,755
Sumitomo Metal Mining DV 165,000 1,476,800
Sumitomo Rubber Industries TI 365,000 3,166,944
Tokyo Electric Power UT 141,000 4,514,310
Toray Industries TA 365,000 2,550,063
------------
122,974,359
------------
MALAYSIA 3.36%
Commerce Asset-
Holding Berhad BK 200,000 874,776
Genting Berhad RE 105,000 956,787
Hong Leong Industries CR 349,000 1,851,569
Malayan Banking Berhad BK 55,000 376,437
Resorts World Berhad RR 300,000 l,579,457
Sime Darby Berhad DV 565,200 1,442,069
------------
7,081,095
------------
NEW ZEALAND 0.84%
Carter Holt Harvey FP 700,000 1,781,287
------------
PHILIPPINES 0.57%
<PAGE>
Manila Electric
Sponsored GDS~ UT 10,640 551,417
Philippine Long Distance
Telephone Sponsored ADR UT 10,120 645,150
------------
1,196,567
------------
SINGAPORE 7.91%
Development Bank
of Singapore BK 250,000 $ 2,673,127
Genting Berhad RE 97,500 888,590
Hotel Properties Ltd HM 1,483,000 2,766,992
Keppel Corp Ltd SH 324,500 2,631,397
Malayan Banking Berhad BK 195,000 l,343,381
Sime Darby Berhad DV 800 2,044
Singapore Press Holdings PR 184,000 3,169,001
United Overseas Bank BK 309,437 3,219,835
------------
16,694,367
------------
SOUTH KOREA 3.12%
Daewoo Corp* WH 5,563 69,702
Haitai Stores RT 1,664 20,194
Keangnam Enterprises CR l,523 26,376
Keangnam Enterprises New CR 33,805 554,402
Korea Electric Power UT 80,000 2,928,384
LG Electronics EL 48,793 2,067,730
Shinhan Bank BK 38,750 788,020
Shinhan Bank New BK 7,115 132,555
------------
6,587,363
------------
THAILAND 2.46%
Bangkok Bank Foreign Shrs BK 188,700 1,826,020
Siam Cement Ltd Foreign Shrs CR 28,000 1,609,771
Thai Farmers Bank Ltd Foreign
Shrs BK 200,000 l,756,469
------------
5,192,260
------------
UNITED KINGDOM 1.32%
HSBC Holdings PLC BK 240,916 2,793,936
------------
TOTAL COMMON STOCKS
& WARRANTS
(Cost $179,903,973) 195,614,749
------------
SHORT-TERM INVESTMENTS--
COMMERCIAL PAPER 7.31%
UNITED STATES 7.31%
American General
5.800%,5/l/1995 IN $ 7,000,000 7,000,000
Associates Corp of North America
5.970%,5/1/1995 FR $ 1,124,000 1,124,000
Chevron Oil Finance
5.920%,5/4/1995 FR $ 7,300,000 7,300,000
------------
TOTAL SHORT-TERM INVESTMENTS
(Cost $15,424,000) 15,424,000
------------
TOTAL INVESTMENT
<PAGE>
SECURITIES AT VALUE 100.00%
(Cost $195,327,973)
(Cost for Income Tax Purposes
$195,563,402) $211,038,749
============
+ Security has been designated as collateral for forward foreign currency
contracts.
* Security is non-income producing.
~ The following are restricted securities at April 30, 1995:
Value as
Acquisition Acquisition % of
Description Date Cost Net Assets
- -------------------------------------------------------------------------------
INTERNATIONAL GROWTH FUND
Companhia Energetica
de Sao Paulo
Sponsored ADR 6/01/94 $ 150,000 0.14%
Telecomunicacoes
Brasileiras SA-Telebras
Sponsored ADR 9/14/94 25,971 0.02%
----------
0.16%
==========
PACIFIC BASIN FUND
Manila Electric
Sponsored GDS 9/24/92 $ 217,233 0.26%
==========
<PAGE>
Forward Foreign Currency Contracts
Open at April 30, 1995:
Currency Currency
Units Value Unrealized
Currency/Value Date Sold (US$) Loss
- -------------------------------------------------------------------------------
EUROPEAN FUND
Deutsche Marks
5/15/1995 12,818,500 $ 8,408,331 $ (831,846)
French Francs
5/15/1995 45,779,100 8,652,749 (613,765)
------------ ------------
$ 17,061,080 $ (1,445,611)
============ ============
INTERNATIONAL GROWTH FUND
Deutsche Marks
5/30/1995 4,100,000 $ 2,783,624 $ (173,866)
French Francs
5/30/1995 29,500,000 5,719,937 (245,553)
Japanese Yen
5/30/1995 725,000,000 7,526,993 (1,117,182)
------------ ------------
$ 16,030,554 $ (1,536,601)
============ ============
PACIFIC BASIN FUND
Japanese Yen
6/30/1995 2,653,800,000 $ 30,000,000 $ (1,779,255)
============ ============
<PAGE>
SUMMARY OF INVESTMENTS BY INDUSTRY
%of
Industry Investment
Industry Code Securities Value
- -------------------------------------------------------------------------------
EUROPEAN FUND
Advertising AD 1.34% $ 3,149,213
Audio/Video AV 0.62 1,466,394
Automobile Related AM 5.62 13,231,230
Banking BK 7.40 17,402,188
Business Services BS 1.19 2,790,668
Chemicals CH 3.67 8,622,756
Computer Related CO 0.34 792,881
Construction Related CR 3.20 7,525,567
Containers CN 0.82 1,928,444
Control Instruments CI 1.11 2,603,907
Cosmetics & Toiletries CT 0.66 1,562,613
Diversified Companies DV 9.66 22,728,833
Electrical Equipment EE 0.57 1,337,379
Electronics EL 3.53 8,306,039
Engineering EG 0.79 1,857,243
Finance Related FR 4.73 11,124,689
Food Products & Beverages FD 4.01 9,438,811
Furniture Manufacturing FM 1.21 2,850,282
Glass & Ceramics Products GC 1.10 2,591,687
Hotels HM 0.77 1,814,996
Household Appliances HA 0.75 1,772,616
Insurance IN 7.12 16,751,213
Machinery MY 1.86 4,367,137
Medical Products & Supplies MS 1.27 2,977,705
Medical Related - Drugs MD 7.33 17,252,592
Metals & Mining MM 3.02 7,095,663
Oil & Gas Related OG 3.90 9,178,399
Paper & Paper Products PP 0.81 1,918,497
Pollution Control Related PC 0.30 697,148
Printing & Publishing PR 4.09 9,617,275
Real Estate Related RE 0.20 483,032
Recreation Related RR 0.72 1,696,250
Retail RT 6.43 15,122,228
Telecommunications TC 2.51 5,902,156
Textiles & Apparel
Manufacturers TA 0.82 1,940,134
Tobacco TO 0.10 237,489
Transportation TR 2.45 5,771,215
Utilities UT 3.98 9,358,244
---------- ------------
10.00% $235,264,813
========== ============
INTERNATIONAL GROWTH FUND
Advertising AD 0.21% $ 227,443
Audio/Video AV 0.34 366,599
Automobile Related AM 4.02 4,329,208
Banking BK 11.28 12,148,062
Business Services BS 0.46 495,578
Chemicals CH 3.61 3,894,256
Computer Related CO 0.81 873,123
Construction Related CR 2.89 3,109,683
Control Instruments CI 0.43 $ 464,941
Cosmetics & Toiletries CT 0.19 207,046
Diversified Companies DV 8.34 8,981,945
<PAGE>
Electrical Equipment EE 2.02 2,173,916
Electronics EL 3.14 3,386,220
Engineering EG 1.20 1,294,077
Finance Related FR 0.58 621,879
Food Products & Beverages FD 3.41 3,677,053
Forest Products FP 0.32 345,477
Furniture Manufacturing FM 0.34 372,151
Hotels HM 0.84 910,227
Household Appliances HA 0.30 322,025
Insurance IN 4.63 4,993,587
Investment Brokers IB 0.66 708,169
Investment Companies IC 2.46 2,645,648
Machinery MY 1.27 1,364,658
Medical Related - Drugs MD 3.90 4,200,038
Medical Products & Supplies MS 0.27 291,181
Metals & Mining MM 3.53 3,799,984
Oil & Gas Related OG 2.61 2,813,084
Paper & Paper Products PP 1.40 1,504,448
Photo Equipment & Supplies PH 0.67 724,356
Printing & Publishing PR 2.13 2,292,005
Real Estate Related RE 1.70 1,829,066
Recreation Related RR 1.16 1,245,892
Repurchase Agreement RA 9.89 10,650,000
Retail RT 3.30 3,560,169
Savings & Loan SL 0.70 758,395
Services SV 0.39 417,946
Ship Building SH 0.53 567,636
Storage Facilities SF 0.50 536,185
Telecommunications TC 3.11 3,354,050
Textiles & Apparel
Manufacturers TA 0.95 1,022,393
Tobacco TO 0.74 797,409
Transportation TR 3.23 3,480,442
Utilities UT 5.54 5,965,162
---------- ------------
100.00% $ 107,722,812
========== ============
PACIFIC BASIN FUND
Automobile Related AM 1.73% $ 3,653,914
Banking BK 18.67 39,404,627
Chemicals CH 3.72 7,843,870
Computer Related CO 1.41 2,964,907
Construction Related CR 3.28 6,920,993
Diversified Companies DV 7.13 15,051,218
Engineering EG 1.46 3,077,381
Electronics EL 8.11 17,122,808
Finance Related FR 5.62 11,860,703
Food Products & Beverages FD 0.30 636,000
Forest Products FP 0.84 1,781,287
Hotels HM 1.70 3,594,992
Insurance IN 3.32 7,000,000
Investment Brokers IB 1.92 4,046,680
Machinery MY 3.57 7,538,489
Medical Related - Drugs MD 0.81 1,712,638
Metals & Mining MM 5.93 12,502,700
Paper & Paper Products PP 1.06 2,237,576
Photo Equipment & Supplies PH 1.40 2,957,076
Printing & Publishing PR 2.19 4,627,512
Real Estate Related RE 3.93 8,287,104
Recreation Related RR 0.75 1,579,457
Retail RT 4.03 8,496,560
Ship Building SH 1.25 2,631,397
<PAGE>
Telecommunications TC 2.70 5,705,819
Textiles & Apparel
Manufacturers TA 1.21 2,550,063
Tire & Rubber Companies TI 1.50 3,166,944
Tools TL 1.55 3,276,472
Transportation TR 3.67 7,742,407
Utilities UT 5.21 10,997,453
Wholesale WH 0.03 69,702
---------- ------------
100.00% $211,038,749
========== ============
See Notes to Financial Statements
<PAGE>
INVESCO International Funds, Inc.
Statement of Assets and Liabilities
April 30, 1995
UNAUDITED
<TABLE>
<CAPTION>
International Pacific
European Growth Basin
Fund Fund Fund
------------------------------------------------
<S> <C> <C> <C>
ASSETS
Investment Securities:
At Cost $217,159,428 $103,395,719 $ 195,327,973
============ ============ ============
At Value $235,264,813 $107,722,812 $ 211,038,749
Cash 55,413 16,844 399,454
Receivables:
Investment Securities Sold 33,905,528 4,930,635 0
Fund Shares Sold 8,490,990 434,751 0
Dividends and Interest 2,053,112 566,924 899,743
Prepaid Expenses and Other Assets 152,653 63,312 96,457
------------ ------------ ------------
TOTAL ASSETS 279,922,509 113,735,278 212,434,403
------------ ------------ ------------
LIABILITIES
Payables:
Investment Securities Purchased 42,411,401 11,218,818 0
Fund Shares Repurchased 678,791 538,197 1,588,316
Depreciation on Forward
Foreign Currency Contracts 1,445,611 1,536,601 1,779,255
Accrued Expenses and Other
Payables 42,118 21,950 45,471
------------ ------------ ------------
TOTAL LIABILITIES 44,577,921 13,315,566 3,413,042
------------ ------------ ------------
Net Assets at Value $235,344,588 $100,419,712 $ 209,021,361
NET ASSETS
Paid-in Capital* $209,907,951 $ 96,897,739 $198,525,802
Accumulated Undistributed
Net Investment Income 2,288,013 56,484 652,075
Accumulated Undistributed
Net Realized Gain (Loss)
on Investment Securities 6,399,114 651,003 (4,131,277)
Net Appreciation of
Investment Securities 16,749,510 2,814,486 13,974,761
------------ ------------ ------------
Net Assets at Value $235,344,588 $100,419,712 $ 209,021,361
============ ============ ============
Shares Outstanding 17,772,875 6,541,324 15,159,728
Net Asset Value,
Offering and Redemption
Price per Share $13.24 $15.35 $13.79
============ ============ ============
<FN>
* 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
Six Months Ended April 30, 1995
UNAUDITED
<TABLE>
<CAPTION>
International Pacific
European Growth Basin
Fund Fund Fund
-------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
INCOME
Dividends $ 2,943,954 $ 995,116 $ 2,332,376
Interest 139,613 88,747 207,836
Foreign Taxes Withheld (440,750) (93,249) (223,427)
------------ ------------ ------------
TOTAL INCOME 2,642,817 990,614 2,316,785
------------ ------------ ------------
EXPENSES
Investment Advisory Fees 911,927 536,921 875,010
Transfer Agent Fees 451,246 181,964 442,080
Administrative Fees 23,239 13,138 22,550
Custodian Fees and Expenses 161,525 82,594 158,895
Directors' Fees and Expenses 11,811 6,757 11,169
Professional Fees and Expenses 18,594 14,109 17,458
Registration Fees and Expenses 47,481 36,556 54,085
Reports to Shareholders 80,723 34,596 78,083
Other Expenses 16,189 7,915 15,560
------------ ------------ ------------
TOTAL EXPENSES 1,722,735 914,550 1,674,890
------------ ------------ ------------
NET INVESTMENT INCOME 920,082 76,064 641,895
------------ ------------ ------------
REALIZED AND UNREALIZED GAIN
(LOSS)ON INVESTMENT SECURITIES
Net Realized Gain (Loss) on:
Investment Securities 12,424,624 1,316,539 (1,872,696)
Forward Foreign Currency
Contracts (2,990,720) (415,697) (2,120,455)
Total Net Realized ------------ ------------ ------------
Gain (Loss) 9,433,904 900,842 (3,993,151)
Change in Net Depreciation ------------ ------------ ------------
of Investment Securities (9,722,261) (10,931,018) (25,923,137)
NET LOSS ON ------------ ------------ ------------
INVESTMENT SECURITIES (288,357) (10,030,176) (29,916,288)
Net Increase (Decrease) in ------------ ------------ ------------
Net Assets from Operations $ 631,725 $ (9,954,112) $ (29,274,393)
============ ============ ============
</TABLE>
See Notes to Financial Statements
<PAGE>
INVESCO International Funds, Inc.
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
European Fund International Pacific
Growth Fund Basin Fund
Six Months Year Six Months Year Six Months Year
Ended Ended Ended Ended Ended Ended
April 30 October 31 April 30 October 31 April 30 October 31
1995 1994 1995 1994 1995 1994
------------ ------------ ------------ ----------- ------------ ----------
UNAUDITED UNAUDITED UNAUDITED
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS
Net Investment Income $ 920,082 $ 4,273,601 $ 76,064 $ 602,785 $ 641,895 $ 844,252
Net Realized Gain (Loss) on
Investment Securities 9,433,904 15,347,545 900,842 8,631,925 (3,993,151) 28,555,564
Change in Net Appreciation
(Depreciation) of Investment
Securities (9,722,261) (2,825,637) (10,931,018) 1,119,574 (25,923,137) 9,665,563
------------ ------------ ------------ ----------- ------------ ----------
NET INCREASE (DECREASE)
IN NET ASSETS FROM
OPERATIONS 631,725 16,795,509 (9,954,112) 10,354,284 (29,274,393) 39,065,379
------------ ------------ ------------ ----------- ------------ -----------
DISTRIBUTIONS
TO SHAREHOLDERS
Net Investment Income 0 (4,202,346) (67,723) (621,420) 0 (850,319)
Net Realized Gain on
Investment Securities 0 0 (5,845,911) 0 (28,585,579) (5,656,152)
------------ ------------ ------------ ----------- ------------ ----------
TOTAL DISTRIBUTIONS O (4,202,346) (5,913,634) (621,420) (28,585,579) (6,506,471)
------------ ------------ ------------ ----------- ------------ ----------
FUND SHARE TRANSACTIONS
Proceeds from Sales
of Shares 121,938,508 563,799,753 80,574,311 324,620,425 222,298,826 671,765,229
Reinvestment of
Distributions 0 3,982,993 5,851,592 613,588 27,685,914 6,152,449
------------ ------------ ------------ ------------ ------------ ----------
121,938,508 567,782,746 86,425,903 325,234,013 249,984,740 677,917,678
Amounts Paid for Repurchases
of Shares (237,067,755) (501,077,753) (132,022,658) (281,759,776) (335,991,739) (656,780,301)
------------ ------------ ------------ ------------ ------------ ----------
NET INCREASE (DECREASE)
IN NET ASSETS FROM FUND
SHARE TRANSACTIONS (115,129,247) 66,704,993 (45,596,755) 43,474,237 (86,006,999) 21,137,377
------------ ------------ ------------ ------------ ------------ ------------
Total Increase (Decrease)
in Net Assets (114,497,522) 79,298,156 (61,464,501) 53,207,101 (143,866,971) 53,696,285
NET ASSETS
<PAGE>
Beginning of Period 349,842,110 270,543,954 161,884,213 108,677,112 352,888,332 299,192,047
------------ ------------ ------------ ------------ ------------ ------------
End of Period $235,344,588 $349,842,110 $100,419,712 $ 161,884,213 $209,021,361 $352,888,332
============ ============ ============ ============ ============ ============
Accumulated Undistributed
Net Investment Income
Included in Net Assets
at End of Period $ 2,288,013 $ 1,367,931 $ 56,484 $ 48,143 $ 652,075 $ 10,180
FUND SHARE TRANSACTIONS
Shares Sold 9,725,209 43,524,229 5,301,725 19,445,127 15,995,956 41,934,196
Shares Issued from
Reinvestment of
Distributions 0 307,572 385,735 35,489 1,956,573 397,248
------------ ------------ ------------ ------------ ------------ ------------
9,725,209 43,831,801 5,687,460 19,480,616 17,952,529 42,331,444
Shares Repurchased (18,971.571) (38,992,404) (8,511,191) (17,014,660) (23,464,645) (41,460,858)
------------ ------------ ------------ ------------ ------------ ------------
Net Increase (Decrease)
in Fund Shares (9,246.362) 4,839,397 (2,823,731) 2,465,956 (5,512,116) 870,586
============ ============ ============ ============ ============ ============
</TABLE>
See Notes to Financial Statements
<PAGE>
INVESCO International Funds, Inc.
Notes to Financial Statements
UNAUDITED
NOTE 1--ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICES.
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.
Values of foreign securities are determined as of the time that
trading of such securities is completed each day on the principal stock
exchange on which it is listed, generally at various times prior to the
close of the New York Stock Exchange or, for certain markets, quoted
prices are obtained prior to the close of those markets. 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, or at 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 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 possible imposition of adverse foreign
governmental laws or currency exchange restrictions.
The Fund's use of forward foreign currency contracts for hedging
purposes 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
<PAGE>
necessarily 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. At October 31, 1994, the European Fund had net
realized capital loss carryovers of $3,649,786 and $1,058,439, which will
expire October 31, 2000 and 2001, respectively.
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 by each Fund from foreign sources may be
subject to foreign withholding taxes. Dividend 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 nontaxable dividends, net operating losses,
expiring capital loss carry forwards and deferral of wash sales.
F. FORWARD FOREIGN CURRENCY CONTRACTS--At April 30, 1995, each Fund 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 the Fund's custodian. The collateral is evaluated daily to ensure its
market value equals or exceeds the current market value of the 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.
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% of average net assets in excess of $700 million. International
Growth Fund's fees are based on the annual rate of 1.00% on the
<PAGE>
first $500 million of average net assets; reduced to 0.75% on the next $500
million of average net assets; and 0.65% of 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. Sub-advisory services are also
provided to international Growth Fund by MIL in accordance with a separate
arrangement between IFG and MIL. Fees for sub-advisory services are paid by IFG.
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 six months ended
April 30, 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 $102,599,259 $211,123,117
International Growth Fund 34,047,389 78,716,288
Pacific Basin Fund 52,402,323 171,630,400
There were no purchases or sales of U.S. Government securities.
NOTE 4--APPRECIATION AND DEPRECIATION. At April 30, 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 $22,139,319 $4,125,588 $18,013,731
International Growth Fund 8,778,800 4,759,936 4,018,864
Pacific Basin Fund 22,624,681 7,149,334 15,475,347
NOTE 5--TRANSACTIONS WITH AFFILIATES. Certain of the Fund's officers and
directors are also officers and directors of IFG or MIL.
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 six-months ended April 30,
1995, included in Directors' Fees and Expenses in the Statement of Operations
and prepaid pension costs and accrued pension liability included in prepaid
expenses and accrued expenses, respectively, in the Statement of Assets and
Liabilities were as follows:
Prepaid Accrued
Pension Pension Pension
Fund Expenses Costs Liability
- --------------------------------------------------------------------------------
European Fund $2,027 $11,925 $13,952
International Growth Fun 931 5,475 6,406
Pacific Basin Fund 2,089 12,292 14,381
<PAGE>
INVESCO International Funds, Inc.
Financial Highlights
(For a Fund Share Outstanding throughout Each Period)
<TABLE>
<CAPTION>
Six Months
Ended
April 30
1995 1994 1993 1992 1991 1990
UNAUDITED
EUROPEAN FUND
<S> <C> <C> <C> <C> <C> <C>
PER SHARE DATA
Net Asset Value--
Beginning of Period $ 12.95 $ 12.20 $ 10.14 $ 11.14 $ 11.04 $ 10.03
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income 0.08 0.16 0.14 0.20 0.22 0.26
Net Gains or (Losses) on
Securities (Both Realized
and Unrealized) 0.21 0.75 2.06 (1.00) 0.26 1.01
-------- -------- -------- -------- -------- --------
Total from Investment
Operations 0.29 0.91 2.20 (0.80) 0.48 1.27
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS
Dividends from Net
Investment Income 0.00 0.16 0.14 0.20 0.21 0.26
Distributions from Capital
Gains 0.00 0.00 0.00 0.00 0.17 0.00
-------- -------- -------- -------- -------- --------
Total Distributions 0.00 0.16 0.14 0.20 0.38 0.26
-------- -------- -------- -------- -------- --------
Net Asset Value --
End of Period $ 13.24 $ 12.95 $ 12.20 $ 10.14 $ 11.14 $ 11.04
======== ======== ======== ======== ======== ========
TOTAL RETURN 2.24%* 7.43% 21.78% (7.22%) 4.34% 12.70%
RATIOS
Net Assets -- End of
Period($000 Omitted) $235,345 $349,842 $270,544 $117,276 $74,497 $83,521
Ratio of Expenses to
Average Net Assets 0.70%* 1 .20% 1.28% 1.29% 1.43% 1.29%
Ratio of Net Investment
Income to Average Net
Assets 0.38%* 1 .28% 1.76% 2.23% 1 .83% 3.38%
Portfolio Turnover Rate 42%* 70% 44% 87% 61% 20%
<PAGE>
PACIFIC BASIN FUND#
PER SHARE DATA
Net Asset Value --
Beginning of Period $ 17.07 $ 15.11 $ 11.02 13.19 $ 11.95 $ 14.24
-------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income 0.04 0.04 0.04 0.07 0.11 0.05
Net Gains or (Losses) on
Securities (Both
Realized and Unrealized) (1.53) 2.28 4.09 (2.18) 1.23 (1.97)
-------- -------- -------- -------- -------- --------
Total from Investment
Operations (1.49) 2.32 4.13 (2.11) 1.34 (1.92)
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS
Dividends from Net
Investment Income 0.00 0.04 0.04 0.06 0.10 0.09
Distributions from
Capital Gains 1.79 0.32 0.00 0.00 0.00 0.28
-------- -------- -------- -------- -------- --------
Total Distributions 1.79 0.36 0.04 0.06 0.10 0.37
-------- -------- -------- -------- -------- --------
Net Asset Value --
End of Period $ 13.79 $ 17.07 $ 15.11 $ 11.02 $ 13.19 $ 11.95
======== ======== ======== ======== ======== ========
TOTAL RETURN (8.97%)* 15.63% 37.51% (16.03%) 11.27% (13.47%)
RATIOS
Net Assets -- End of
Period($000 Omitted) $209,021 $352,888 $299,192 $26,488 $27,683 $16,871
Ratio of Expenses to
Average Net Assets 0.71%* 1.24% 1.22% 1.78% 1.87% 1.79%
Ratio of Net Investment
Income to Average
Net Assets 0.27%* 0.28% 0.63% 0.66% 0.99% 0.36%
Portfolio Turnover Rate 22%* 70% 30% 123% 89% 93%
<FN>
# These amounts are based on operations for the period shown and, accordingly,
are not representative of a full year.
o The per share information for 1993 was compiled based on weighted average
shares.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
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 0.01 0.04 0.08 0.12 0.17 0.26
Net Gains or (Losses)
on Securities (Both
Realized and Unrealized) (1.08) 1.57 3.16 (1.94) 0.82 (2.65)
-------- -------- -------- -------- -------- --------
Total from Investment
Operations (1.07) 1.61 3.24 (1.82) 0.99 (2.39)
-------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS
Dividends from Net
Investment Income 0.01 0.07 0.06 0.11 0.17 0.02
Distributions from
Capital Gains 0.86 0.00 0.00 0.01 0.00 0.06
-------- -------- -------- -------- -------- --------
Total Distributions 0.87 0.07 0.06 0.12 0.17 0.08
-------- -------- -------- -------- -------- --------
Net Asset Value --
End of Period $ 15.35 $ 17.29 $ 15.75 $ 12.57 $ 14.51 $ 13.69
======== ======== ======== ======= ======= =======
TOTAL RETURN (6.12%)* 10.21% 29.08%* (12.52%) 7.19% (14.62%)
RATIOS
Net Assets --
End of Period
($000 Omitted) $100,420 $161,884 $108,677 $35,192 $42,039 $39,237
Ratio of Expenses to
Average Net Assets # 0.84%* 1.50% 1.43%~ 1.36% 1.48% 1.48%
Ratio of Net Investment
Income to Average
Net Assets # 0.07%* 0.46% 0.94%~ 0.83% 1.17% 1.85%
Portfolio Turnover Rate 31%* 87% 46%* 50% 71% 78%
<FN>
# The per share information 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 the adviser 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%.
~ Annualized
</FN>
</TABLE>
<PAGE>
INVESCO FUNDS
To receive general information and
prospectuses on any of INVESCO's funds
or retirement plans, or to obtain current account
or proce information,
Call toll-free: 1-800-525-8085
To reach PAL, your 24-hour Personal Account
Line, call: 1-800-424-8085
Or write to:
INVESCO Funds Group, Inc., Distributor
Post Office Box 173706
Denver, Colorado 80217-3706
This information must be preceded or accompanied by a
current prospectus.
