SEMIANNUAL REPORT
April 30, 1996
INVESCO
INTERNATIONAL
FUNDS, INC.
European
International Growth
Pacific Basin
No-Load Mutual Funds Seeking
Opportunities Overseas
INVESCO FUNDS
<PAGE>
Market Overview May 1996
In the United States, fears of a too-solid economy stalled the broad market
advance in April. While past performance is no guarantee of future results,
overseas stock performance was generally stronger during the early months of
1996. The most vigorous stock markets have been those of Latin America and Asia.
Led by the Mexican bolsa, South American markets have performed well this
year. The MSCI-Emerging Latin America Index was up 6.95% for the four months
ended 4/30/96; results for individual markets, however, varied significantly.(1)
Both Argentinean and Chilean stocks experienced small losses during the first
quarter. The Argentinean government has made some moves to lower interest rates
and provided cautiously optimistic economic news, resulting in a strong gain for
the year through 4/30/96. In Chile, monetary policy remains tight in an effort
to slow down inflationary economic growth.
Mexico's stock investors have put currency and political crises behind
them; in the first four months of 1996, Mexican equities advanced over 14% (in
local currency terms). The small Venezuelan equities market moved upwards at an
astonishing rate of more than 80%. Selected Brazilian stocks did well, despite a
level of political uncertainty over proposed social security reforms (which
eventually passed).
Performance in Europe was generally more sedate; the MSCI- Europe 18 Index
rose just 3.75% during the four months ended 4/30/96.(1) Economies there are
relatively sluggish; however, a number of companies have placed renewed emphasis
on restructuring, cost-control, and shareholder value. Equity investors
responded positively to these initiatives. Basic materials, industrials, and
consumer cyclicals were among the strongest performers, and numerous stock
markets far outperformed the European average.
France and the Netherlands led the way, with gains of over 14%.
Switzerland, Sweden, Spain, Belgium, and Germany also outperformed the U.S.,
each advancing over 10%. The U.K., on the other hand,
eked out only a modest gain.
In Asia, performance was strong. At the end of 1995, stocks throughout the
region had been oversold. As foreign investors returned during the first quarter
of 1996, numerous markets posted convincing gains. The MSCI-Pacific Index
advanced 7.34% over the four months ended 4/30/96.(1) Energy and consumer
staples were among the stand-outs here.
Hong Kong, whose market and currency are tied closely to those of the
U.S., struggled with fears of higher interest rates -- and won; the market
achieved a very respectable gain of nearly 9%. Malaysia saw double-digit
returns, as did Indonesia and the Philippines. And the Nikkei Dow1 advanced over
10%, as the Japanese economy broke from its long-term doldrums. The Taiwanese
market, on the other hand, held back during the military show enacted by the
Chinese government, but roared forward in April.
Investors should bear in mind that international investing entails special
risks, including currency fluctuations and differences in regulatory and
accounting rules.
<PAGE>
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 10-year period ended 4/30/96; or, in the
case of European Fund and International Growth Fund, from inception through
4/30/96. The charts and other total return figures cited reflect the funds'
operating expenses, but the indexes do not have expenses, which would, of
course, have lowered their performance.(2)
European Fund
For the six-month period ended 4/30/96, INVESCO European Fund had a total
return of 11.76%, compared to a total return of 7.35% for the Morgan Stanley
Capital Index-Euro 18. (The MSCI-Euro 18 is an unmanaged, weighted index of
European stock markets.)(1,2)
As noted above, the markets of many countries on the Continent did well;
the mediocre performance of the regional index may largely be attributed to
sub-par results in the U.K. Inflation there remains moderate, helped by high
unemployment, so there appears no immediate likelihood of interest rate cuts by
the central bank. Worse, the British trade imbalance has widened. However,
economic growth in the U.K. is expected to pick up during the second half of
1996, driven by improvements in consumer spending, and the equities market there
might easily rebound.
European Fund
Average Annualized Total Return
as of 4/30/96(2)
1 year 20.71%
-----------------------------------
5 years 9.15%
-----------------------------------
Since inception (6/86) 8.62%
-----------------------------------
Germany and France -- even though they are experiencing even higher
unemployment than Britain -- have advantages which led to market gains. Not the
least of these are positive trade balances. Further, Chancellor Kohl appears
ready to extract concessions from German unions, plus putting through major
public spending cuts.
Under the current favorable low-inflation environment prevailing
throughout most of Europe, we are overweighting growth stocks. When compared on
a global basis, many of these have very attractive valuations. Further, we're
seeking companies which are either current global market leaders (for example,
Nera Als) or companies gaining market share (such as Fielmann AG). Concurrently,
the fund is avoiding domestically oriented industries, such as construction.
<PAGE>
Graph:
This line graph represents a comparison of the value of a $10,000
investment in INVESCO European Fund to the value of a $10,000 investment
in the MSCI-Europe/Australia/Far East Index, assuming in each case
reinvestment of all dividends and capital gain distributions, for the
period from inception (6/86) through 4/30/96.
We are beginning to see distinctly U.S.-like measures taken by companies
seeking to improve profitability and shareholder value. For instance, merger and
acquisition activity by Fresenius AG; disposal of non-core businesses and
additional cost-cutting by Skis Rossignol SA; and stock buy-backs by other
companies. These steps have gone down well with equity investors.
Luxury goods are another promising area for growth potential; here we have
taken a new position in Safilo SpA, an upscale eyeglass frame-maker. Manutan is
another new holding; this is a French mail order company which is growing its
business and market share.
Pacific Basin Fund
Pacific Basin Fund
Average Annualized Total Return
as of 4/30/96(2)
1 year 13.69%
-----------------------------------
5 years 6.69%
-----------------------------------
10 years 10.27%
-----------------------------------
For the six-month period ended 4/30/96, INVESCO Pacific Basin Fund had a
total return of 12.87%, compared to a total return of 7.14% for the Morgan
Stanley Capital Index-Pacific. (The MSCI- Pacific is an unmanaged, weighted
index of Far Eastern stock markets.)(1,2)
The fund's performance during the period reflects our cautious building of
exposure to specific emerging markets. Through most of this period, we
underweighted Japan, which currently represents about 43% of net assets. As
noted above, the equities market here troughed during the summer of 1995, and
has recovered much of the ground lost during early 1995. Foreign investors have
led the market rally with substantial net positive purchases through the period.
The current market valuations for Japan suggests that the fund's approximately
43% weighting is appropriate.
Within the Japanese market during the most recent six-month period, the
fund's strongest performance came from non-ferrous metals, fish/farming, air
transport, real estate, and warehousing. Banks, utilities, other finance, and
communications generally underperformed.
<PAGE>
Graph:
This line graph represents a comparison of the value of a $10,000
investment in INVESCO Pacific Basin Fund to the value of a $10,000
investment in the MSCI-Pacific Index, assuming in each case reinvestment
of all dividends and capital gain distributions, for the ten period ended
4/30/96.
As prospects for good returns in other Asian countries improved, we have
built holdings in selected markets. Short-term returns from holdings in Thailand
and Singapore have been disappointing; however, we retain our belief that these
countries will take part in the regional upsurge.
Other markets performed substantially better than the Nikkei Dow(1) during
this period. Malaysia and Indonesia turned in particularly good results as
foreign investments in smaller, less liquid markets began to climb. The
Malaysian market had positive surprises on improving trade numbers, fueling
price advances.
As we shift more towards Malaysia and other growth areas, we are taking an
increasingly neutral position regarding the interest-rate sensitive markets,
such as Hong Kong.
The World Bank continues to forecast above-average economic growth for
Pacific Rim countries. While this in no way guarantees future stock performance,
it does underline the long-term growth potential of this region. At present, we
will view price weaknesses as temporary, generally signaling buying
opportunities.
International Growth Fund
International Growth Fund
Average Annualized Total Return
as of 4/30/96(2)
1 year 14.33%
-----------------------------------
5 years 5.23%
-----------------------------------
Since inception (9/87) 5.81%
-----------------------------------
For the six-month period ended 4/30/96, INVESCO International Growth Fund
had a total return of 10.48%. The Morgan Stanley Capital
Index-Europe/Australia/Far East had a total return of 13.37% for the same
period. (The MSCI-EAFE is a weighted index of international stock markets.)(1,2)
While we were overweighted in Asia and the European Continent during this
period, fund performance was hindered by holdings in the U.K. and Japan. While
both of these stock markets turned in positive performance for the period, they
underperformed other countries.
In the past six months, we have decreased Japanese and British holdings in
favor of increased weightings in France and selected emerging economies of
Southeast Asia, such as Malaysia, the Philippines, and South Korea. We have also
taken modest positions in Brazil.
<PAGE>
Graph:
This line graph represents a comparison of the value of a $10,000
investment in INVESCO International Growth Fund to the value of a $10,000
investment in the MSCI-Europe/Australia/Far East Index, assuming in each
case reinvestment of all dividends and capital gain distributions, for the
period from inception (9/87) through 4/30/96.
We are maintaining a core position in Hong Kong. In an effort to stabilize
its currency, Hong Kong is closely tied to the U.S. dollar, and consequently, is
extremely sensitive to U.S. interest rate changes. In recent months, the Hong
Kong market has thus been negatively affected by the slump in the bond market a
continent away. However, the Hang Seng Index(1) did manage a convincing advance
over the first four months of 1996, and we are hopeful that results will
strengthen over the next few months.
As discussed in the European Fund report above, numerous companies on the
Continent have taken aggressive, non-traditional measures to improve shareholder
value, and the market has responded positively. These firms include German and
Swiss fund holdings such as Hoechst AG, Siemens AG, and Sandoz AG Ltd.
At the special shareholder meeting held on 2/2/96, shareholders approved
two measures. The sub-advisory contract with INVESCO Asset Management Limited
was approved by 96.1% of shareholder votes cast, with 1.3% voting no, and 2.6%
abstaining. 79.6% of shareholder votes were cast in favor of an increase to the
fund's limitation on investing in companies located in developing countries,
while 2.2% voted against, 1.9% abstained, and 16.2% of shares held in street
name were not voted.
(1) The MSCI-EAFE, MSCI-Euro 18, MSCI-Pacific and MSCI-Emerging
Latin America are unmanaged indexes of common stocks
considered to be representative of the overall international,
European, Pacific Basin, and Latin American regional
securities markets, respectively. The Hang Seng Index and
Nikkei Dow are unmanaged indexes indicative of broad market
performance in Hong Kong and Japan, respectively. The S&P 500
is an unmanaged index indicative of the broad U.S. stock
market.
(2) 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.
<PAGE>
INVESCO International Funds, Inc.
Ten Largest Common Stock Holdings
April 30, 1996
Description Value
- ------------------------------------------------------------------------
EUROPEAN Fund
Sandoz AG Ltd Registered Shrs $5,447,093
Gucci Group NV New York Registered Shrs 5,437,500
Tomra Systems 5,435,491
De Rigo SpA ADR 4,619,265
Altran Technologies 4,449,040
Bayerische Motoren Werke AG 4,311,427
Rentokil Group PLC 4,304,846
Sage Group PLC 4,132,652
Sodexho SA 3,957,664
Elsevier NV 3,758,963
INTERNATIONAL GROWTH Fund
Canal Plus $1,540,534
Empresa Nacional de Electricidad SA 1,365,872
Banco Bilbao Vizcaya SA Registered Shrs 1,260,258
Christian Dior SA 1,248,300
AXA SA 1,224,155
HSBC Holdings PLC 1,170,871
Telefonaktiebolaget Ericsson
(L M) Series B Shrs 1,167,190
BIC SA 1,144,999
Hutchison Whampoa Ltd 1,085,902
Astra AB Series A Shrs 1,035,707
PACIFIC BASIN Fund
Cheung Kong Holdings $5,142,520
Sun Hung Kai Properties Ltd 4,766,979
New World Development Ltd 4,597,953
Hutchison Whampoa Ltd 4,467,709
HSBC Holdings PLC 4,343,710
CITIC Pacific Ltd 4,322,923
Henderson Land Development Ltd 4,304,824
Thai Farmers Bank Ltd Foreign Shrs 3,554,657
Petronas Gas Berhad 3,528,747
Bangkok Bank Foreign Shrs 3,478,815
Composition of holdings is subject to change.
<PAGE>
INVESCO International Funds, Inc.
Statement of Investment Securities
April 30, 1996
UNAUDITED
Shares or
Industry Principal
Description Code Amount Value
- ------------------------------------------------------------------------------
EUROPEAN Fund
COMMON STOCKS &
WARRANTS 90.52%
BELGIUM 1.47%
Barco NV EL 21,500 $3,417,905
--------------
DENMARK 2.25%
Falck Holding A/S SA 18,000 3,105,282
Oticon Holding A/S
Series A Shrs HC 20,000 2,131,076
--------------
5,236,358
--------------
FINLAND 2.52%
KCI Konecranes International* MY 65,000 1,178,869
Orion-yhtyma OY Series A Shrs MD 90,000 2,596,810
Tietotehdas OY Series B Shrs CO 60,000 2,102,179
--------------
5,877,858
--------------
FRANCE 18.26%
AXA SA IN 47,142 2,803,591
Altran Technologies FR 16,500 4,449,040
Axime* FR 13,466 1,656,819
CIPE-France SA SA 6,400 556,275
Canal Plus BR 15,000 3,667,937
Castorama-Dubois
Investissements RT 14,000 2,674,369
Cegedim SA* AD 5,640 577,367
Christian Dior SA DV 24,000 3,193,945
Christian Dior SA
Warrants (Exp 1998)* DV 30,000 622,912
Infogrames Entertainment SA* RR 3,000 570,761
Manutan* WH 10,000 1,742,222
Penauille Polyservices CS 14,000 1,754,970
Poliet SA BC 4,800 491,376
SGS-Thomson Microelectronics* EL 50,000 2,379,620
Sanofi SA CT 40,000 3,221,759
Skis Rossignol SA RR 7,000 2,413,422
Sodexho SA FR 10,000 3,957,664
Strafor Facom OE 32,000 2,317,812
Synthelabo MD 45,000 3,503,663
--------------
42,555,524
--------------
<PAGE>
GERMANY 4.69%
Bayer AG Warrants (Exp 1997)* CH 20,000 2,193,533
Bayerische Motoren Werke AG AM 8,000 4,311,427
Continental AG AM 100,000 1,724,701
Hoechst AG* CH 8,000 2,689,621
--------------
10,919,282
--------------
ITALY 7.51%
Bulgari SpA* RT 220,000 2,741,310
De Rigo SpA ADR* MS 150,220 4,619,265
Gucci Group NV New York
Registered Shrs* TA 100,000 5,437,500
Saes Getters SpA Non-Conv
Savings Shrs CH 100,000 1,980,900
Safilo SpA MS 135,000 2,730,287
--------------
17,509,262
--------------
NETHERLANDS 9.67%
ABN AMRO Holding NV BK 60,000 3,101,582
ASM Lithography Holding NV* MY 18,000 801,446
BE Semiconductor Industries NV
New York Registered Shrs* SE 130,600 1,959,000
Baan Co NV* CO 19,300 1,158,000
Elsevier NV PR 250,000 3,758,963
Getronics NV CO 42,000 2,912,759
Heineken NV FD 15,000 3,134,800
Internationale Nederlanden
Groep NV IN 45,000 3,469,610
Randstad Holding NV CS 35,000 2,239,643
--------------
22,535,803
--------------
NORWAY 6.67%
Alvern A/S* AD 75,000 820,346
Ark ASA* CO 60,000 1,052,778
Nera A/S TC 90,000 3,267,713
Sensonor A/S* CI 230,000 1,921,737
Sysdeco Group A/S* CO 150,000 1,800,205
Tomra Systems MY 591,398 5,435,491
Transocean A/S* OG 45,000 1,257,864
--------------
15,556,134
--------------
SPAIN 2.60%
Banco Bilbao Vizcaya SA
Registered Shrs BK 85,000 3,226,565
Empresa Nacional de
Electricidad SA UT 45,000 2,822,827
--------------
6,049,392
--------------
<PAGE>
SWEDEN 4.61%
Assa Abloy AB Series B Shrs MA 282,446 3,199,551
Autoliv AB AM 55,000 2,993,831
Caran AB Series B Shrs* CO 25,000 419,283
Nobelpharma AB MS 75,000 1,191,648
Pricer AB Series B Shrs* EL 50,000 926,837
Telefonaktiebolaget Ericsson
(L M) Series B Shrs TC 100,000 2,022,859
--------------
10,754,009
--------------
SWITZERLAND 7.80%
Adia SA Bearer Shrs CS 16,000 3,496,423
Oerlikon-Buhrle Holding AG Ltd
Registered Shrs* DV 20,000 2,137,060
Roche Holding AG Ltd
Genusscheine Non-Voting Shrs MD 300 2,353,578
Sandoz AG Ltd Registered Shrs MD 5,000 5,447,093
Sulzer AG Registered Shrs MA 3,000 2,019,763
Swiss Bank Sandoz Warrants
(Exp 1997)* BK 25,000 451,916
Swissair AG Registered Shrs* TR 2,300 2,267,292
--------------
18,173,125
--------------
UNITED KINGDOM 21.53%
Ashbourne PLC HC 300,000 625,750
Bass PLC FD 275,000 3,235,294
British Telecommunications
PLC TC 400,000 2,187,875
Business Post PLC CS 200,000 1,134,454
Carlton Communications PLC BR 400,000 2,797,118
Compass Group PLC CS 430,000 3,529,561
Glaxo Wellcome PLC
Sponsored ADR MD 70,000 1,688,750
Granada Group PLC AV 240,000 2,967,587
Inchcape PLC DV 70,575 311,360
Lloyds TSB Group PLC BK 540,800 2,584,705
Marks & Spencer PLC RT 160,000 1,064,826
Matthew Clark PLC FD 100,000 1,159,964
McKechnie PLC DV 150,000 1,168,217
Memory Corp PLC* CO 75,000 217,212
National Express Group PLC TR 75,000 561,600
National Power PLC UT 160,000 1,346,939
National Westminster Bank PLC BK 160,000 1,470,588
Orange PLC* TC 146,560 523,428
Peninsular & Oriental
Steam Navigation TR 200,000 1,566,626
Pilkington PLC GC 500,000 1,598,139
Rentokil Group PLC CS 750,000 4,304,846
Sage Group PLC CO 600,000 4,132,652
Sedgwick Group PLC IN 400,000 840,336
Severn Trent PLC UT 100,000 897,359
<PAGE>
Shell Transport & Trading
PLC Registered Shrs OG 175,000 2,301,733
Siebe PLC CI 160,000 2,064,826
Takare PLC HC 600,000 1,350,540
Tate & Lyle PLC FD 134,954 976,108
UniChem PLC WH 110,000 411,014
Visual Action Holdings PLC* CS 300,000 1,156,963
--------------
50,176,370
--------------
UNITED STATES 0.94%
OXiGENE Inc* MD 100,000 2,200,000
--------------
TOTAL COMMON STOCKS
& WARRANTS
(Cost $177,121,341) 210,961,022
--------------
PREFERRED STOCKS 6.60%
GERMANY 6.60%
Fielmann AG
Non-Voting Pfd Shrs RT 55,000 2,411,811
Fresenius AG
Non-Voting Pfd Shrs MS 26,000 4,018,000
PUMA AG Rudolf Dassler
Sport Non-Voting Pfd Shrs TA 4,000 1,377,153
SAP AG
Non-Voting Pfd Shrs CO 44,000 5,832,816
Sander (Jil) AG
Non-Voting Pfd Shrs TA 2,053 1,740,285
--------------
TOTAL PREFERRED STOCKS
(Cost $12,446,907) 15,380,065
--------------
SHORT-TERM INVESTMENTS -
COMMERCIAL PAPER 2.88%
UNITED STATES 2.88%
American Express Credit 5.330%,
5/1/1996 (Cost $6,702,000) FR 6,702,000 6,702,000
--------------
TOTAL INVESTMENT
SECURITIES AT VALUE 100.00%
(Cost $196,270,248#) 233,043,087
==============
INTERNATIONAL GROWTH Fund
COMMON STOCKS & WARRANTS 82.31%
ARGENTINA 0.66%
Perez Companc SA Sponsored
ADR Representing 2
Class B Shrs DV 50,850 639,240
--------------
AUSTRALIA 3.45%
Aberfoyle Ltd MM 125,000 365,629
Broken Hill Proprietary Ltd MM 29,900 460,568
<PAGE>
CRA Ltd MM 29,025 471,053
National Australia Bank Ltd BK 66,300 595,344
News Corp PR 105,100 616,495
WMC Ltd MM 111,000 809,952
--------------
3,319,041
--------------
BRAZIL 0.29%
Rhodia-Ster SA-GDR^ DV 33,000 276,052
--------------
CHILE 0.43%
Madeco SA ADR DV 8,500 212,500
Sociedad Quimica y Minera de
Chile SA Sponsored ADR CH 3,800 203,300
--------------
415,800
--------------
FINLAND 0.98%
Nokia A Shrs EL 17,700 630,722
Orion-yhtyma OY Series A Shrs MD 10,800 311,617
--------------
942,339
--------------
FRANCE 8.25%
AXA SA IN 20,584 1,224,155
BIC SA DV 10,400 1,144,999
Canal Plus BR 6,300 1,540,534
Carrefour SA RT 990 772,144
Christian Dior SA DV 9,380 1,248,300
Elf Aquitaine DV 11,200 831,353
Peugeot Citroen SA AM 5,100 711,221
Sodexho SA FR 1,200 474,920
--------------
7,947,626
--------------
GERMANY 4.02%
Bayer AG CH 2,300 739,372
Deutsche Bank AG BK 3,000 143,525
Hoechst AG* CH 3,000 1,008,608
Merck KGaA* MD 14,400 535,681
Siemens AG EL 1,070 584,886
Veba AG DV 17,300 858,458
--------------
3,870,530
--------------
GREECE 0.38%
Hellenic Telecommunications
Organization SA* TC 22,000 369,638
--------------
HONG KONG 5.31%
Bank of East Asia Ltd* BK 65,000 218,473
CITIC Pacific Ltd DV 162,000 636,649
Henderson Land Development Ltd RE 124,000 889,664
HongKong Telecommunications Ltd TC 235,000 448,096
<PAGE>
Hutchison Whampoa Ltd DV 175,000 1,085,902
New World Infrastructure Ltd* TR 393,000 873,841
Sun Hung Kai Properties Ltd RE 100,700 960,070
--------------
5,112,695
--------------
INDIA 0.37%
Larsen & Toubro Ltd* MY 19,000 358,530
--------------
INDONESIA 0.31%
PT Astra International
Foreign Shrs DV 200,000 296,010
--------------
ISRAEL 0.27%
Koor Industries Ltd
Sponsored ADR DV 14,000 262,500
--------------
ITALY 1.37%
Bulgari SpA* RT 29,000 361,354
Telecom Italia Mobile SpA TC 433,000 954,570
--------------
1,315,924
--------------
JAPAN 19.00%
Acom Co Ltd FR 10,000 377,067
Bank of Tokyo-Mitsubishi Ltd* BK 17,850 412,359
Chugai Pharmaceutical Ltd MD 40,000 389,477
DDI Corp TC 84 720,876
Dai-Tokyo Fire & Marine
Insurance IN 60,000 470,809
Fanuc Ltd EL 11,000 477,777
Fujikura Ltd EE 42,000 327,561
Fujitsu Ltd CO 37,000 381,458
House Food Corp FD 12,000 240,559
Itochu Corp DV 60,000 456,490
Kaneka Corp CH 74,000 517,794
Kawasaki Steel MM 145,000 530,137
Komatsu Ltd MY 38,000 366,375
Kyocera Corp EL 6,000 451,335
Maeda Corp Series 2 Warrants
(Exp 1997)* BC 100 172,500
Matsushita Communication
Industrial Ltd EL 17,000 454,390
Mitsubishi Estate Ltd RE 40,000 561,305
Mitsubishi Heavy Industries MY 50,000 445,798
Mitsubishi Materials MM 58,000 348,811
Nippon COMSYS TC 38,000 489,710
Nippon Yusen Kabushiki Kaisha TR 58,000 351,579
Nishimatsu Construction Ltd EG 38,000 446,180
Nissan Motor Ltd AM 53,000 447,249
Nomura Securities Ltd IB 26,000 565,887
Onward Kashiyama Ltd TA 23,000 388,618
ORIX Corp FR 12,000 496,010
Rohm Co Ltd EL 7,000 444,366
<PAGE>
Sanwa Bank Ltd BK 22,000 445,225
Secom Co Ltd EL 6,000 423,842
Sega Enterprises Ltd TH 9,500 484,269
Sharp Corp EL 34,000 590,706
Shizuoka Bank Ltd BK 35,000 474,436
Sumitomo Bank Ltd BK 25,000 534,576
Sumitomo Chemical Ltd CH 90,000 478,541
Sumitomo Warehouse Ltd* SF 60,000 442,743
Takara Standard Ltd TH 30,000 346,520
Teijin Ltd TA 45,000 247,003
Tobu Railway TR 75,000 518,348
Tokyo Electric Power UT 14,200 386,327
Tokyu Department Store RT 81,000 572,187
Yamato Transport Ltd TR 26,000 317,691
Yamazaki Baking FD 15,000 306,427
--------------
18,301,318
--------------
MALAYSIA 1.72%
Perusahaan Otomobil Nasional
Berhad-Proton AM 135,000 665,851
Petronas Gas Berhad OG 135,000 595,476
Resorts World Berhad RR 65,000 393,576
--------------
1,654,903
--------------
MEXICO 1.31%
Cemex SA de CV Series B Shrs BC 65,000 275,546
Cifra SA de CV Series B ADR* RT 200,000 264,000
Empresas la Moderna SA de CV
Sponsored ADR TO 11,000 204,875
Panamerican Beverages Class A FD 11,700 513,337
--------------
1,257,758
--------------
NETHERLANDS 5.28%
ABN AMRO Holding NV BK 16,000 827,088
Elsevier NV PR 44,000 661,578
Getronics NV CO 10,700 742,060
Heineken NV FD 4,000 835,947
IS Himalayan Fund NV* IC 36,696 568,788
IS Himalayan Fund NV Warrants
(Exp 1996)* IC 5,839 2,219
Internationale Nederlanden
Groep NV IN 10,500 809,576
Randstad Holding NV CS 10,000 639,898
--------------
5,087,154
--------------
NEW ZEALAND 0.43%
Carter Holt Harvey Ltd PP 17,000 40,281
Fletcher Challenge Building* BC 7,750 18,363
Fletcher Challenge Energy* OG 7,750 16,607
<PAGE>
Fletcher Challenge Paper* PP 15,500 31,936
Telecom Corp Ltd TC 73,000 309,843
--------------
417,030
--------------
NORWAY 0.19%
Sensonor A/S CI 22,231 185,748
--------------
PHILIPPINES 0.78%
C&P Homes BC 430,000 369,837
Universal Robina FD 750,000 379,871
--------------
749,708
--------------
PORTUGAL 0.29%
Cimentos de Portugal SA BC 15,000 281,379
--------------
SINGAPORE 3.20%
City Developments Ltd RE 38,400 335,932
DBS Land Ltd RE 129,000 522,973
Development Bank
Ltd Foreign Shrs BK 48,000 607,682
Keppel Corp Ltd DV 63,000 569,062
Malayan Banking Berhad BK 67,500 648,116
Singapore Press Holdings Ltd PR 21,200 401,081
--------------
3,084,846
--------------
SOUTH KOREA 0.64%
Korea Electric Power
Sponsored ADR UT 10,500 291,375
Samsung Electronics GDS Ltd*^ EL 7,690 326,812
--------------
618,187
--------------
SPAIN 2.73%
Banco Bilbao Vizcaya SA
Registered Shrs BK 33,200 1,260,258
Empresa Nacional de
Electricidad SA UT 21,774 1,365,872
--------------
2,626,130
--------------
SWEDEN 3.21%
Astra AB Series A Shrs MD 23,350 1,035,707
Autoliv AB AM 16,250 884,541
Telefonaktiebolaget Ericsson
(L M) Series B Shrs TC 57,700 1,167,190
--------------
3,087,438
--------------
SWITZERLAND 3.53%
Nestle SA Registered Shrs FD 660 732,272
<PAGE>
Roche Holding AG Ltd
Genusscheine Non-Voting Shrs MD 105 823,752
Sandoz AG Ltd Registered Shrs MD 930 1,013,159
Swissair AG Registered Shrs* TR 845 832,983
--------------
3,402,166
--------------
TAIWAN 0.41%
Taipei Fund IDR IC 5,000 395,000
--------------
THAILAND 0.84%
Ban Pu Public Ltd MM 5,600 141,941
Ban Pu Public Ltd
Foreign Shrs MM 5,400 143,715
Land & House Ltd Foreign Shrs RE 9,000 139,010
Siam Cement Ltd Foreign Shrs BC 3,500 180,198
Thai Farmers Bank Ltd
Foreign Shrs BK 18,000 206,733
--------------
811,597
--------------
UNITED KINGDOM 12.66%
BAA PLC TR 13,347 109,556
BAT Industries PLC DV 30,000 226,215
BOC Group PLC* CH 12,000 166,387
BTR PLC DV 61,000 292,917
Bass PLC FD 41,700 490,588
British Gas PLC UT 50,500 178,842
British Telecommunications PLC TC 90,000 492,272
Cadbury Schweppes PLC FD 46,428 359,845
Formosa Fund IDR Representing
Registered Shrs IC 120 972,000
General Accident PLC IN 41,000 388,835
Glaxo Wellcome PLC MD 16,300 197,146
Glynwed International PLC MM 47,000 260,954
Granada Group PLC AV 23,000 284,394
Grand Metropolitan PLC FD 20,500 134,431
HSBC Holdings PLC BK 78,418 1,170,871
Hays PLC BS 35,000 226,366
Korea Europe Fund IDR IC 200 937,500
LASMO PLC OG 180,000 524,010
Lloyds TSB Group PLC BK 96,272 460,123
MFI Furniture Group PLC FM 50,700 135,423
Marks & Spencer PLC RT 71,000 472,516
National Power PLC UT 40,000 336,735
National Westminster Bank PLC BK 32,100 295,037
Orange PLC* TC 8,333 29,775
Peninsular & Oriental
Steam Navigation TR 30,000 234,994
Prudential Corp PLC IN 48,600 333,651
Sainsbury (J) PLC RT 56,100 308,112
Scottish Power PLC UT 54,754 306,060
Sedgwick Group PLC IN 90,000 189,076
Severn Trent PLC UT 38,000 340,996
<PAGE>
Shell Transport & Trading
PLC Registered Shrs OG 30,000 394,583
Siebe PLC CI 25,000 322,629
Tate & Lyle PLC FD 27,474 198,716
Tomkins PLC DV 102,500 423,751
--------------
12,195,306
--------------
TOTAL COMMON STOCKS
& WARRANTS
(Cost $69,145,166) 79,281,593
--------------
PREFERRED STOCKS 3.40%
BRAZIL 1.51%
Companhia Energetica de Minas
Gerais Sponsored ADR
Representing Pfd Shrs^ UT 15,000 389,285
Telecomunicacoes Brasileiras
SA-Telebras Sponsored ADR
Representing Pfd Shrs TC 12,545 678,998
Telecomunicacoes Brasileiras
SA-Telebras Sponsored ADR
Representing Pfd Shrs^ TC 455 24,648
Usinas Siderurgicas de Minas
Gerais SA Sponsored ADR
Representing Pfd Shrs*^ MM 32,000 367,664
--------------
1,460,595
--------------
GERMANY 1.64%
Fresenius AG Non-Voting
Pfd Shrs MS 5,109 789,537
SAP AG Non-Voting Pfd Shrs CO 5,960 790,081
--------------
1,579,618
--------------
LUXEMBOURG 0.25%
Quilmes Industrial SA
Sponsored ADR Representing
Non-Voting Pfd Shrs* FD 20,000 237,500
--------------
TOTAL PREFERRED STOCKS
(Cost $2,674,447) 3,277,713
--------------
FIXED INCOME SECURITIES 0.73%
HONG KONG 0.20%
Bangkok Bank PLC
Unsecured Conv Deb
3.250%, 3/3/2004 BK 154,000 189,805
--------------
MALAYSIA 0.53%
United Engineers Berhad
Conv Deb, 2.000%, 3/1/2004 EG 430,000 512,775
--------------
<PAGE>
TOTAL FIXED INCOME
SECURITIES
(Cost $638,463) 702,580
--------------
SHORT-TERM INVESTMENTS -
REPURCHASE AGREEMENTS 13.56%
UNITED STATES 13.56%
Repurchase Agreement with State
Street Bank & Trust Co dated
4/30/1996 due 5/1/1996 at 4.750%,
repurchased at $13,056,723
(Collateralized by US Treasury
Notes due 11/15/2004 at 7.875%,
value $13,744,207)
(Cost $13,055,000) RA 13,055,000 13,055,000
--------------
TOTAL INVESTMENT SECURITIES AT VALUE 100.00%
(Cost $85,513,076)
(Cost for Income Tax Purposes
$85,668,649) 96,316,886
==============
PACIFIC BASIN Fund
COMMON STOCKS, RIGHTS
& WARRANTS 97.04%
AUSTRALIA 2.70%
CRA Ltd MM 8,513 138,159
Comalco Ltd MM 320,000 1,937,443
National Australia Bank Ltd BK 170,000 1,526,523
Western Mining Holding Ltd MM 300,000 2,189,059
--------------
5,791,184
--------------
HONG KONG 17.97%
Cheung Kong Holdings RE 720,000 5,142,520
CITIC Pacific Ltd DV 1,100,000 4,322,923
Hang Seng Bank Ltd BK 341,500 3,465,545
Henderson Land
Development Ltd RE 600,000 4,304,824
HongKong Telecommunications
Ltd TC 1,002,000 1,910,606
Hutchison Whampoa Ltd DV 720,000 4,467,709
New World Development Ltd RE 1,025,000 4,597,953
New World Infrastructure Ltd* TR 1,000,403 2,224,409
Sun Hung Kai Properties Ltd RE 500,000 4,766,979
Swire Pacific Ltd Class A Shrs DV 390,000 3,327,513
--------------
38,530,981
--------------
<PAGE>
INDONESIA 0.48%
PT Indosat TC 150,000 521,235
PT Telekomunikasi Indonesia* TC 300,000 498,713
--------------
1,019,948
--------------
JAPAN 43.02%
77 Bank Ltd BK 181,000 1,866,052
Acom Co Ltd FR 53,800 2,028,620
Asahi Bank Ltd++ BK 214,000 2,757,839
Bank of Tokyo-Mitsubishi Ltd BK 115,500 2,668,202
Bank of Tokyo-Mitsubishi Ltd* BK 56,000 1,288,328
Chugai Pharmaceutical Ltd++ MD 235,000 2,288,176
DDI Corp++ TC 399 3,424,160
Dai-Tokyo Fire & Marine
Insurance IN 185,000 1,451,660
Fanuc Ltd++ EL 55,000 2,388,887
Fujitsu Ltd++ CO 270,000 2,783,614
Hankyu Department Stores++ RT 130,000 1,898,699
Hitachi Metals Ltd++ MM 200,000 2,615,604
Hitachi Zosen++ MY 300,000 1,643,821
Itochu Corp++ DV 290,000 2,206,367
Kaneka Corp++ CH 315,000 2,204,124
Komatsu Ltd MY 220,000 2,121,121
Kyocera Corp++ EL 36,000 2,708,009
Maeda Corp Series 2 Warrants
(Exp 1997)* CR 400 690,000
Matsushita-Kotobuki Electronics
Industries Ltd EL 75,000 2,004,660
Mitsubishi Estate Ltd++ RE 130,000 1,824,241
Mitsubishi Heavy Industries++ MY 192,000 1,711,865
Mitsubishi Materials MM 230,000 1,383,215
Nikon Corp PH 75,000 1,009,489
Nippon COMSYS TC 200,000 2,577,420
Nippon Yusen Kabushiki Kaisha TR 210,000 1,272,959
Nippon Yusen Kabushiki Kaisha
Warrants (Exp 1997)* TR 100 124,375
Nishimatsu Construction Ltd EG 180,000 2,113,484
Nissan Motor Ltd AM 265,000 2,236,246
Nomura Securities Ltd IB 128,000 2,785,905
Onward Kashiyama Ltd++ TA 120,000 2,027,570
ORIX Corp FR 55,000 2,273,380
Rohm Co Ltd EL 42,000 2,666,198
Secom Co Ltd EL 30,000 2,119,212
Sega Enterprises Ltd TH 48,000 2,446,831
Sharp Corp EL 147,000 2,553,937
Sumitomo Chemical Ltd CH 285,000 1,515,380
Sumitomo Metal Mining Ltd MM 215,000 2,175,533
Sumitomo Warehouse Ltd* SF 343,000 2,531,017
Takara Standard Ltd TH 190,000 2,194,625
Teijin Ltd TA 280,000 1,536,906
Tobu Railway TR 315,000 2,177,061
Tokyo Electric Power UT 65,600 1,784,720
Yamato Transport Ltd TR 190,000 2,321,587
<PAGE>
Yamazaki Baking FD 90,000 1,838,560
Yasuda Trust & Banking Ltd BK 305,000 2,020,602
--------------
92,260,261
--------------
MALAYSIA 12.12%
Acidchem Berhad CH 750,000 2,060,107
Genting Berhad RE 2,500 22,456
HICOM Holdings Berhad AM 1,027,000 3,026,883
HICOM Holdings Berhad Rights
(Exp 1996)* AM 256,750 244,004
Malayan Banking Berhad BK 150,000 1,461,623
Petronas Gas Berhad OG 800,000 3,528,747
Rashid Hussain Berhad IB 700,000 2,470,123
Resorts World Berhad RR 441,000 2,670,259
Sime Darby Berhad DV 400,200 1,107,297
Technology Resources Industries
Berhad* TC 730,000 2,488,168
Telekom Berhad TC 250,000 2,355,840
Time Engineering Berhad* DV 500,000 1,463,628
United Engineers Berhad EG 450,000 3,085,649
--------------
25,984,784
--------------
PHILIPPINES 0.65%
Ayala Land Series B Shrs RE 500,000 774,077
Philippine National Bank* BK 42,000 626,142
--------------
1,400,219
--------------
SINGAPORE 10.00%
DBS Land Ltd RE 855,000 3,466,219
Development Bank Ltd
Foreign Shrs BK 265,000 3,354,910
Genting Berhad RE 97,500 859,887
Keppel Corp Ltd DV 380,500 3,436,951
Malayan Banking Berhad BK 195,000 1,872,334
Oversea-Chinese Banking Ltd
Foreign Shrs BK 206,000 2,827,740
Straits Steamship Land Ltd DV 750,000 2,613,799
Straits Steamship Land Ltd
Warrants (Exp 2000)* DV 156,250 244,488
United Overseas Bank Ltd BK 283,325 2,760,708
--------------
21,437,036
--------------
SOUTH KOREA 1.06%
Korea Electric Power UT 54,000 2,282,931
--------------
THAILAND 7.02%
Advanced Information Service
PLC Ltd TC 150,000 2,542,577
Bangkok Bank Foreign Shrs BK 240,000 3,478,815
<PAGE>
Industrial Finance of Thailand
Foreign Shrs FR 700,000 2,827,726
National Finance & Securities
Ltd Foreign Shrs IB 450,000 2,655,448
Thai Farmers Bank Ltd
Foreign Shrs BK 309,500 3,554,657
--------------
15,059,223
--------------
UNITED KINGDOM 2.02%
HSBC Holdings PLC BK 290,916 4,343,710
--------------
TOTAL COMMON STOCKS
RIGHTS & WARRANTS
(Cost $179,333,186) 208,110,277
--------------
SHORT-TERM INVESTMENTS -
COMMERCIAL PAPER 2.96%
UNITED STATES 2.96%
Associates Corp of North America
5.340%, 5/1/1996
(Cost $6,340,000) FR 6,340,000 6,340,000
--------------
TOTAL INVESTMENT SECURITIES AT VALUE 100.00%
(Cost $185,673,186)
(Cost for Income Tax Purposes
$186,153,287) 214,450,277
--------------
* Security is non-income producing.
# Also represents cost for income tax purposes.
++ Security has been designated as collateral for forward foreign
currency contracts.
^ The following are restricted securities at April 30, 1996:
Value as
Acquisition Acquisition % of
Description Date(s) Cost Net Assets
- -------------------------------------------------------------------------------
International Growth Fund
Companhia Energetica
de Minas Gerais
Sponsored ADR
Representing Pfd Shrs 1/24/96 $301,500 0.40%
Rhodia-Ster SA-GDR
9/15/95- 1/19/96 431,750 0.28
Samsung Electronics
GDS Ltd 8/16/95 246,000 0.34
<PAGE>
Telecomunicacoes
Brasileiras SA-
Telebras Sponsored
ADR Representing
Pfd Shrs 9/14/94 25,971 0.03
Usinas Siderurgicas
de Minas Gerais SA
Sponsored ADR
Representing Pfd Shrs
4/11/95- 1/24/96 342,750 0.38
--------
1.43%
========
Forward Foreign Currency Contracts
Open at April 30, 1996:
Currency Currency
Units Value Unrealized
Currency/Value Date Sold (US$) Loss
- -------------------------------------------------------------------------------
Pacific Basin Fund
Japanese Yen
7/17/1996 2,509,200 $23,450,467 $(700,583)
==============================
Summary of Investments by Industry
% of
Industry Investment
Industry Code Securities Value
- -------------------------------------------------------------------------------
European Fund
Advertising AD 0.60% $1,397,713
Audio/Video AV 1.27 2,967,587
Automobile Related AM 3.88 9,029,959
Banking BK 4.65 10,835,356
Broadcasting BR 2.77 6,465,055
Building & Construction BC 0.21 491,376
Chemicals CH 2.95 6,864,054
Commercial Services CS 7.56 17,616,860
Computer Related CO 8.42 19,627,884
Control Instruments CI 1.71 3,986,563
Cosmetics & Toiletries CT 1.38 3,221,759
Diversified Companies DV 3.19 7,433,494
Electronics EL 2.89 6,724,362
Finance Related FR 7.19 16,765,523
Food Products & Beverages FD 3.65 8,506,166
Glass & Ceramic Products GC 0.69 1,598,139
Health Care Related HC 1.76 4,107,366
Insurance IN 3.05 7,113,537
Machinery MY 3.18 7,415,806
Manufacturing MA 2.24 5,219,314
Medical Products & Supplies MS 5.39 12,559,200
Medical Related - Drugs MD 7.63 17,789,894
<PAGE>
Office Equipment OE 1.00 2,317,812
Oil & Gas Related OG 1.53 3,559,597
Printing & Publishing PR 1.61 3,758,963
Recreation Related RR 1.28 2,984,183
Retail RT 3.82 8,892,316
Safety Equipment & Services SA 1.57 3,661,557
Semiconductor Equipment SE 0.84 1,959,000
Telecommunications TC 3.43 8,001,875
Textiles & Apparel Manufacturers TA 3.67 8,554,938
Transportation TR 1.89 4,395,518
Utilities UT 2.18 5,067,125
Wholesale WH 0.92 2,153,236
-------------------------
100.00% $233,043,087
=========================
International Growth Fund
Audio/Video AV 0.30% $284,394
Automobile Related AM 2.81 2,708,862
Banking BK 8.81 8,489,651
Broadcasting BR 1.60 1,540,534
Building & Construction BC 1.35 1,297,823
Business Services BS 0.24 226,366
Chemicals CH 3.23 3,114,002
Commercial Services CS 0.66 639,898
Computer Related CO 1.99 1,913,599
Control Instruments CI 0.53 508,377
Diversified Companies DV 9.82 9,460,398
Electrical Equipment EE 0.34 327,561
Electronics EL 4.55 4,384,836
Engineering EG 1.00 958,955
Finance Related FR 1.40 1,347,997
Food Products & Beverages FD 4.60 4,429,493
Furniture Manufacturing FM 0.14 135,423
Insurance IN 3.55 3,416,102
Investment Brokers IB 0.59 565,887
Investment Companies IC 2.99 2,875,507
Machinery MY 1.22 1,170,703
Medical Products & Supplies MS 0.82 789,537
Medical Related - Drugs MD 4.47 4,306,539
Metals & Mining MM 4.05 3,900,424
Oil & Gas Related OG 1.59 1,530,676
Paper & Paper Products PP 0.07 72,217
Printing & Publishing PR 1.74 1,679,154
Real Estate Related RE 3.54 3,408,954
Recreation Related RR 0.41 393,576
Repurchase Agreements RA 13.55 13,055,000
Retail RT 2.86 2,750,313
Storage Facilities SF 0.46 442,743
Telecommunications TC 5.90 5,685,616
Textiles & Apparel Manufacturers TA 0.66 635,621
Tobacco TO 0.21 204,875
Toys & Hobbies TH 0.86 830,789
<PAGE>
Transportation TR 3.36 3,238,992
Utilities UT 3.73 3,595,492
-------------------------
100.00% $96,316,886
=========================
Pacific Basin Fund
Automobile Related AM 2.57% $5,507,133
Banking BK 18.59 39,873,730
Chemicals CH 2.69 5,779,611
Computer Related CO 1.30 2,783,614
Construction Related CR 0.32 690,000
Diversified Companies DV 10.81 23,190,675
Electronics EL 6.73 14,440,903
Engineering EG 2.42 5,199,133
Finance Related FR 6.28 13,469,726
Food Products & Beverages FD 0.86 1,838,560
Insurance IN 0.68 1,451,660
Investment Brokers IB 3.69 7,911,476
Machinery MY 2.55 5,476,807
Medical Related - Drugs MD 1.07 2,288,176
Metals & Mining MM 4.87 10,439,013
Oil & Gas Related OG 1.65 3,528,747
Photo Equipment & Supplies PH 0.47 1,009,489
Real Estate Related RE 12.01 25,759,156
Recreation Related RR 1.25 2,670,259
Retail RT 0.89 1,898,699
Storage Facilities SF 1.18 2,531,017
Telecommunications TC 7.61 16,318,719
Textiles & Apparel Manufacturers TA 1.66 3,564,476
Toys & Hobbies TH 2.16 4,641,456
Transportation TR 3.79 8,120,391
Utilities UT 1.90 4,067,651
-------------------------
100.00% $214,450,277
=========================
See Notes to Financial Statements
<PAGE>
INVESCO International Funds, Inc.
Statement of Assets and Liabilities
April 30, 1996
UNAUDITED
<TABLE>
<CAPTION>
International Pacific
European Growth Basin
Fund Fund Fund
--------------------------------------------------
ASSETS
Investment Securities:
<S> <C> <C> <C>
At Cost~ $196,270,248 $85,513,076 $185,673,186
==================================================
At Value~ 233,043,087 96,316,886 214,450,277
Cash 129,122 2,945 12,031
Foreign Currency
(Cost $5,546,833, $0 and
$932,632, respectively) 5,436,229 0 933,828
Receivables:
Investment Securities Sold 3,494,385 0 0
Fund Shares Sold 210,468 99,685 844,214
Dividends and Interest 1,676,241 524,954 649,760
Prepaid Expenses and Other Assets 52,035 25,379 58,600
--------------------------------------------------
TOTAL ASSETS 244,041,567 96,969,849 216,948,710
--------------------------------------------------
LIABILITIES
Payables:
Foreign Sub-Custodian
(Cost $1,907,532, $0, and $0,
respectively) 1,896,192 0 0
Distributions to Shareholders 0 135 0
Investment Securities
Purchased 9,550,528 0 1,859,037
Fund Shares Repurchased 524,911 74,720 409,211
Depreciation on Forward Foreign
Currency Contracts 0 0 700,583
Accrued Expenses and Other
Payables 44,068 19,101 46,869
--------------------------------------------------
TOTAL LIABILITIES 12,015,699 93,956 3,015,700
--------------------------------------------------
Net Assets at Value 232,025,868 96,875,893 213,933,010
==================================================
NET ASSETS
Paid-in Capital* 185,680,687 84,580,186 181,404,672
Accumulated Undistributed
Net Investment Income 290,127 81,045 224,284
Accumulated Undistributed
Net Realized Gain on
Investment Securities and
Foreign Currency Transactions 9,369,916 1,407,930 4,223,488
Net Appreciation of Investment
Securities and Foreign
Currency Transactions 36,685,138 10,806,732 28,080,566
--------------------------------------------------
Net Assets at Value 232,025,868 96,875,893 213,933,010
==================================================
<PAGE>
Shares Outstanding 16,134,398 5,783,288 13,911,909
Net Asset Value, Offering and
Redemption Price per Share 14.39 16.75 15.38
==================================================
<FN>
~ Investment securities at cost and value at April 30, 1996 include a repurchase
agreement of $13,055,000 for 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
Six Months Ended April 30, 1996
UNAUDITED
<TABLE>
<CAPTION>
International Pacific
European Growth Basin
Fund Fund Fund
--------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME
INCOME
Dividends $1,798,160 $771,903 $1,355,875
Interest 211,680 148,720 422,771
Foreign Taxes Withheld (255,061) (94,028) (127,531)
--------------------------------------------------
TOTAL INCOME 1,754,779 826,595 1,651,115
--------------------------------------------------
EXPENSES
Investment Advisory Fees 837,496 424,819 739,131
Transfer Agent Fees 386,260 170,012 391,869
Administrative Fees 21,750 11,372 19,783
Custodian Fees and Expenses 158,739 71,894 210,190
Directors' Fees and Expenses 10,060 6,165 8,748
Professional Fees and Expenses 16,069 13,763 15,577
Registration Fees and Expenses 31,876 28,843 38,529
Reports to Shareholders 43,955 33,120 44,288
Other Expenses 27,410 10,279 22,991
--------------------------------------------------
TOTAL EXPENSES 1,533,615 770,267 1,491,106
--------------------------------------------------
Fees and Expenses Paid
Indirectly (70,827) (25,110) (69,809)
NET EXPENSES 1,462,788 745,157 1,421,297
--------------------------------------------------
NET INVESTMENT INCOME 291,991 81,438 229,818
--------------------------------------------------
REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENT
SECURITIES
Net Realized Gain (Loss) on:
Investment Securities and
Foreign Currency Transactions 9,832,716 2,033,671 3,060,652
Forward Foreign Currency Contracts 0 (40,982) 2,294,246
--------------------------------------------------
Total Net Realized Gain 9,832,716 1,992,689 5,354,898
--------------------------------------------------
Change in Net Appreciation of
Investment Securities and
Foreign Currency Transactions 14,724,048 7,001,860 18,275,323
--------------------------------------------------
NET GAIN ON INVESTMENT SECURITIES 24,556,764 8,994,549 23,630,221
--------------------------------------------------
Net Increase in Net Assets
from Operations 24,848,755 9,075,987 23,860,039
==================================================
</TABLE>
See Notes to Financial Statements
<PAGE>
INVESCO International Funds, Inc.
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
International
European Fund Growth Fund Pacific 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
------------------------- ------------------------- -------------------------
1996 1995 1996 1995 1996 1995
UNAUDITED UNAUDITED UNAUDITED
<S> <C> <C> <C> <C> <C> <C>
OPERATIONS
Net Investment Income $291,991 $3,053,200 $81,438 $391,520 $229,818 $766,938
Net Realized Gain on
Investment Securities and
Foreign Currency Transactions 9,832,716 20,628,193 1,992,689 2,758,199 5,354,898 1,741,520
Change in Net Appreciation
(Depreciation) of Investment
Securities and Foreign Currency
Transactions 14,724,048 (4,510,681) 7,001,860 (9,940,632) 18,275,323 (30,092,655)
------------------------- ------------------------- -------------------------
NET INCREASE (DECREASE)
IN NET ASSETS FROM
OPERATIONS 24,848,755 19,170,712 9,075,987 (6,790,913) 23,860,039 (27,584,197)
------------------------- ------------------------- -------------------------
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income (509,065) (3,301,697) (396,689) (439,663) (432,102) (673,006)
In Excess of Net
Investment Income 0 0 0 (146,866) 0 0
Net Realized Gain on
Investment Securities (18,669,435) 0 (2,897,939) (5,845,914) (2,389,196) (28,585,579)
------------------------- ------------------------- -------------------------
TOTAL DISTRIBUTIONS (19,178,500) (3,301,697) (3,294,628) (6,432,443) (2,821,298) (29,258,585)
------------------------- ------------------------- -------------------------
FUND SHARE TRANSACTIONS
Proceeds from Sales of Shares 167,823,418 290,034,808 186,024,648 178,375,413 408,731,159 439,843,358
Reinvestment of Distributions 18,613,824 3,205,612 3,277,544 6,364,834 2,720,244 28,336,832
------------------------- ------------------------- -------------------------
186,437,242 293,240,420 189,302,192 184,740,247 411,451,403 468,180,190
<PAGE>
Amounts Paid for Repurchases
of Shares (184,281,215) (434,751,959) (173,598,196) (258,010,566) (372,930,798) (609,852,076)
------------------------- ------------------------- -------------------------
NET INCREASE (DECREASE)
IN NET ASSETS FROM FUND
SHARE TRANSACTIONS 2,156,027 (141,511,539) 15,703,996 (73,270,319) 38,520,605 (141,671,886)
------------------------- ------------------------- -------------------------
Total Increase (Decrease)
in Net Assets 7,826,282 (125,642,524) 21,485,355 (86,493,675) 59,559,346 (198,514,668)
NET ASSETS
Beginning of Period 224,199,586 349,842,110 75,390,538 161,884,213 154,373,664 352,888,332
------------------------- ------------------------- -------------------------
End of Period 232,025,868 224,199,586 96,875,893 75,390,538 213,933,010 154,373,664
========================= ========================= =========================
Accumulated Undistributed Net
Investment Income Included
in Net Assets at End of
Period 290,127 507,201 81,045 396,296 224,284 426,568
FUND SHARE TRANSACTIONS
Shares Sold 12,173,298 21,836,397 11,611,265 11,482,388 27,970,354 31,754,627
Shares Issued from Reinvestment
of Distributions 1,411,206 227,514 209,024 418,271 188,387 2,003,639
------------------------- ------------------------- -------------------------
13,584,504 22,063,911 11,820,289 11,900,659 28,158,741 33,758,266
Shares Repurchased (13,361,470) (33,171,784) (10,815,726) (16,486,989) (25,406,557) (43,270,385)
------------------------- ------------------------- -------------------------
Net Increase (Decrease) in
Fund Shares 223,034 (11,107,873) 1,004,563 (4,586,330) 2,752,184 (9,512,119)
========================= ========================= =========================
</TABLE>
See Notes to Financial Statements
<PAGE>
INVESCO International Funds, Inc.
Notes to Financial Statements
UNAUDITED
NOTE 1 -- ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES. INVESCO
International Funds, Inc. (the "Fund"), was incorporated in Maryland and
presently consists of three separate Funds: European Fund, International Growth
Fund and Pacific Basin Fund. The investment objectives of the respective Funds
are to seek capital appreciation through investments in designated geographical
sectors for the European and Pacific Basin Funds and to seek a high total return
through investments in designated geographical sectors for the International
Growth Fund. The Fund is registered under the Investment Company Act of 1940
(the "Act") as a diversified, open-end management investment company.
The following is a summary of significant accounting policies consistently
followed by the Fund in the preparation of its financial statements. The
preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and
the reported amounts of revenues and expenses during the reporting period.
Actual results could differ from those estimates.
A. SECURITY VALUATION -- Equity securities traded on national securities
exchanges or in the over-the-counter market are valued at the last sales
price in the market where such securities are primarily traded. If last
sales 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 one or more 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.
<PAGE>
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. Net realized and
unrealized gain or loss from investments includes fluctuations from
currency exchange rates and fluctuations in market value.
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 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 each Fund to sell a security
at a fair price and may substantially delay the sale of the security which
each 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
<PAGE>
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 expired capital loss carryforwards.
F. FORWARD FOREIGN CURRENCY CONTRACTS -- At April 30, 1996, Pacific Basin
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 Fund are fully
collateralized by other securities which are notated in the 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 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 agreement 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 and Expenses 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 INVESCO Asset
Management Limited ("IAM"), an affiliate of IFG, investment decisions of the
European and Pacific Basin Funds are made by IAM. 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.
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.
<PAGE>
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. As of May 1, 1996, the
transfer agent fee became $20.00 per shareholder account, or per participant in
an omnibus account, per year, computed in a manner similar to the previous fee.
NOTE 3 -- PURCHASES AND SALES OF INVESTMENT SECURITIES. For the six months ended
April 30, 1996, 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 $112,369,430 $128,382,967
International Growth Fund 35,463,075 32,998,789
Pacific Basin Fund 89,798,854 61,215,361
There were no purchases or sales of U.S. Government securities.
NOTE 4 -- APPRECIATION AND DEPRECIATION. At April 30, 1996, 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 $41,387,992 $4,615,153 $36,772,839
International Growth Fund 12,441,026 1,792,789 10,648,237
Pacific Basin Fund 29,661,287 1,364,297 28,296,990
NOTE 5 -- TRANSACTIONS WITH AFFILIATES. Certain of the Fund's officers and
directors are also officers and directors of IFG, IAM 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. As of July 1, 1996, benefits will be based on an annual
rate of 40% of the retainer fee at the time of retirement.
Pension expenses for the six months ended April 30, 1996, 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
<PAGE>
follows:
Unfunded
Pension Accrued Pension
Fund Expenses Pension Costs Liability
- ---------------------------------------------------------------------------
European Fund $1,303 $10,073 $19,483
International Growth Fund 439 4,856 9,018
Pacific Basin Fund 920 10,998 20,275
NOTE 6 -- LINE OF CREDIT. The Fund has available a Redemption Line of Credit
Facility ("LOC"), from a consortium of national banks, to be used for temporary
or emergency purposes to fund redemptions of investor shares. The LOC permits
borrowings to a maximum of 5% of the Net Assets at Value of each respective
Fund. Each Fund agrees to pay annual fees and interest on the unpaid principal
balance based on prevailing market rates as defined in the agreement. For the
six months ended April 30, 1996, there were no such borrowings.
<PAGE>
INVESCO International Funds, Inc.
Financial Highlights
(For a Fund Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
Six Months
Ended
April 30 Year Ended October 31
------------ ---------------------------------------------------------------------
1996 1995 1994 1993 1992 1991
UNAUDITED
<S> <C> <C> <C> <C> <C> <C>
European Fund
PER SHARE DATA
Net Asset Value -
Beginning of Period $14.09 $12.95 $12.20 $10.14 $11.14 $11.04
------------ ---------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income 0.02 0.23 0.16 0.14 0.20 0.22
Net Gains or (Losses) on Securities
(Both Realized and Unrealized) 1.52 1.12 0.75 2.06 (1.00) 0.26
------------ ---------------------------------------------------------------------
Total from Investment Operations 1.54 1.35 0.91 2.20 (0.80) 0.48
------------ ---------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from Net
Investment Income 0.03 0.21 0.16 0.14 0.20 0.21
Distributions from Capital Gains 1.21 0.00 0.00 0.00 0.00 0.17
------------ ---------------------------------------------------------------------
Total Distributions 1.24 0.21 0.16 0.14 0.20 0.38
------------ ---------------------------------------------------------------------
Net Asset Value -
End of Period 14.39 14.09 12.95 12.20 10.14 11.14
============ =====================================================================
TOTAL RETURN 11.76%* 10.42% 7.43% 21.78% (7.22%) 4.34%
RATIOS
Net Assets -End of Period
($000 Omitted) 232,026 224,200 349,842 270,544 117,276 74,497
Ratio of Expenses to Average
Net Assets 0.68%*@ 1.40%@ 1.20% 1.28% 1.29% 1.43%
Ratio of Net Investment Income to
Average Net Assets 0.13%* 1.26% 1.28% 1.76% 2.23% 1.83%
Portfolio Turnover Rate 52%* 96% 70% 44% 87% 61%
<FN>
* Based on operations for the period shown and, accordingly, are not
representative of a full year.
@ Ratio is based on Total Expenses of the Fund, which is before any expense
offset arrangements.
</FN>
</TABLE>
<PAGE>
INVESCO International Funds, Inc.
Financial Highlights (Continued)
(For a Fund Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
Six Months
Ended
April 30 Year Ended October 31
------------ ---------------------------------------------------------------------
1996 1995 1994 1993 1992 1991
UNAUDITED
<S> <C> <C> <C> <C> <C> <C>
Pacific Basin Fund<
PER SHARE DATA
Net Asset Value -
Beginning of Period $13.83 $17.07 $15.11 $11.02 $13.19 $11.95
------------ ---------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income 0.01 0.06 0.04 0.04 0.07 0.11
Net Gains or (Losses) on Securities
(Both Realized and Unrealized) 1.75 (1.45) 2.28 4.09 (2.18) 1.23
------------ ---------------------------------------------------------------------
Total from Investment Operations 1.76 (1.39) 2.32 4.13 (2.11) 1.34
------------ ---------------------------------------------------------------------
LESS DISTRIBUTIONS
Dividends from Net
Investment Income 0.03 0.06 0.04 0.04 0.06 0.10
Distributions from Capital Gains 0.18 1.79 0.32 0.00 0.00 0.00
------------ ---------------------------------------------------------------------
Total Distributions 0.21 1.85 0.36 0.04 0.06 0.10
------------ ---------------------------------------------------------------------
Net Asset Value -
End of Period 15.38 13.83 17.07 15.11 11.02 13.19
============ =====================================================================
TOTAL RETURN 12.87%* (8.31%) 15.63% 37.51% (16.03%) 11.27%
RATIOS
Net Assets - End of Period
($000 Omitted) $213,933 154,374 352,888 299,192 26,488 27,683
Ratio of Expenses to Average
Net Assets 0.75%*@ 1.52%@ 1.24% 1.22% 1.78% 1.87%
Ratio of Net Investment Income to
Average Net Assets 0.12%* 0.37% 0.28% 0.63% 0.66% 0.99%
Portfolio Turnover Rate 33%* 56% 70% 30% 123% 89%
</TABLE>
< The per share information for 1993 was computed based on weighted average
shares.
* Based on operations for the period shown and, accordingly, are not
representative of a full year.
@ Ratio is based on Total Expenses of the Fund, which is before any expense
offset arrangements.
<PAGE>
INVESCO International Funds, Inc.
Financial Highlights (Continued)
(For a Fund Share Outstanding Throughout Each Period)
<TABLE>
<CAPTION>
Six Months Period
Ended Year Ended Ended
April 30 October 31 October 31 Year Ended December 31
----------- ------------------------------- --------------------------------
1996 1995 1994 1993^ 1992 1991 1990
UNAUDITED
<S> <C> <C> <C> <C> <C> <C> <C>
International Growth Fund<
PER SHARE DATA
Net Asset Value -
Beginning of Period $15.78 $17.29 $15.75 $12.57 $14.51 $13.69 $16.16
----------- ------------------------------- --------------------------------
INCOME FROM INVESTMENT OPERATIONS
Net Investment Income 0.01 0.08 0.04 0.08 0.12 0.17 0.26
Net Gains or (Losses) on Securities
(Both Realized and Unrealized) 1.60 (0.61) 1.57 3.16 (1.94) 0.82 (2.65)
----------- ------------------------------- --------------------------------
Total from Investment Operations 1.61 (0.53) 1.61 3.24 (1.82) 0.99 (2.39)
----------- ------------------------------- --------------------------------
LESS DISTRIBUTIONS
Dividends from Net
Investment Income 0.08 0.09 0.07 0.06 0.11 0.17 0.02
In Excess of Net Investment Income 0.00 0.03 0.00 0.00 0.00 0.00 0.00
Distributions from Capital Gains 0.56 0.86 0.00 0.00 0.01 0.00 0.06
----------- ------------------------------- --------------------------------
Total Distributions 0.64 0.98 0.07 0.06 0.12 0.17 0.08
----------- ------------------------------- --------------------------------
Net Asset Value -
End of Period 16.75 15.78 17.29 15.75 12.57 14.51 13.69
=========== =============================== ================================
TOTAL RETURN 10.48%* (2.84%) 10.21% 29.08%* (12.52%) 7.19% (14.62%)
RATIOS
Net Assets - End of Period
($000 Omitted) 96,876 75,391 161,884 108,677 35,192 42,039 39,237
Ratio of Expenses to Average
Net Assets # 0.90%*@ 1.81%@ 1.50% 1.43%~ 1.36% 1.48% 1.48%
Ratio of Net Investment Income to
Average Net Assets # 0.10%* 0.41% 0.46% 0.94%~ 0.83% 1.17% 1.85%
Portfolio Turnover Rate 41%* 62% 87% 46%* 50% 71% 78%
<FN>
^ From January 1, 1993 to October 31, 1993, the Fund's new fiscal year end.
< The per share information for 1994 and 1993 was computed based on weighted
average shares.
* 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 is based on Total Expenses of the Fund, which is before any expense
offset arrangements.
~ Annualized
</FN>
</TABLE>
<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
Asian Growth 41 IVAGX AsianGr
- --------------------------------------------------------------------------------
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.
