INVESCO Specialty Funds, Inc.
Supplement to Statement of Additional Information
Dated September 11, 1995
INVESCO International Funds, Inc.
Supplement to Statement of Additional Information
Dated February 28, 1995
The sub-adviser to the INVESCO European Small Company Fund and the INVESCO Latin
American Growth Fund, both of which are series of INVESCO Specialty Funds, Inc.,
and the INVESCO European Fund and INVESCO Pacific Basin Fund, both of which are
series of INVESCO International Funds, Inc. has been changed from MIM
International Limited ("MIL") to INVESCO Asset Management Limited ("IAML"). IAML
is INVESCO PLC's primary investment management company in Europe and, like MIL,
is located at 11 Devonshire Square in London, England. This change was made in
connection with a reorganization of INVESCO PLC's European subsidiaries, and has
no effect whatsoever on the services provided to the Funds. The individuals who
currently are managing the Funds' portfolios will not change, and the same
persons who controlled the operations of MIL control the operations of IAML.
As a result of this reorganization, the Statements of Additional Information of
the above Funds are hereby amended as follows:
INVESCO Specialty Funds, Inc.
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The second paragraph of the subsection of the Statement of Additional
Information entitled "The Funds and Their Management - Sub-Advisory Agreements"
is hereby amended to read as follows:
IAML serves as sub-adviser to the European Small Company Fund and the
Latin American Growth Fund pursuant to a sub-advisory agreement (the
"European and Latin American Sub- Agreement") with INVESCO that was
assumed by IAML from MIM International Limited ("MIL"), another indirect
wholly-owned subsidiary of INVESCO PLC, on November 10, 1995. This
agreement was approved on October 19, 1994 by a vote cast in person by a
majority of the directors of the Company, including a majority of the
directors who are not "interested persons" of the Company, INVESCO, IAML
or MIL at a meeting called for such purpose. The European and Latin
American Sub-Agreement was approved on February 8, 1995, by INVESCO as the
then sole shareholder of the European Small Company Fund and the Latin
American Growth Fund for an initial term expiring April 30, 1996.
Thereafter, the European and Latin American Sub-Agreement may be continued
from year to year as to each Fund as long as each such continuance is
specifically approved by the board of directors of the Company, or by a
vote of the holders of a majority, as defined in the Investment Company
Act of 1940, of the outstanding shares of the Fund. Each such continuance
also must be approved by a majority of the directors who are not parties
to the European and Latin American Sub-Agreement or interested
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persons (as defined in the Investment Company Act of 1940) of any such
party, cast in person at a meeting called for the purpose of voting on
such continuance. The European and Latin American Sub-Agreement may be
terminated at any time without penalty by either party or the Company upon
sixty (60) days' written notice, and terminates automatically in the event
of an assignment to the extent required by the Investment Company Act of
1940 and the rules thereunder.
In addition, all other references to MIL in the Statement of Additional
Information of INVESCO Specialty Funds, Inc. are hereby amended to refer to
IAML.
INVESCO International Funds, Inc.
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The first two paragraphs of the subsection of the Statement of Additional
Information entitled "The Funds and Their Management - The Sub-Adviser" are
hereby amended to read as follows:
The Sub-Adviser. INVESCO, as investment adviser, has contracted with
INVESCO Asset Management Limited ("IAML") to provide investment advisory
and research services on behalf of INVESCO European Fund and INVESCO
Pacific Basin Fund. IAML has the primary responsibility for providing
portfolio investment management services to these Funds. IAML is an
indirect wholly-owned subsidiary of INVESCO PLC.
On December 31, 1993, INVESCO MIM International, Inc., which had been
acting as sub-adviser to the INVESCO International Growth Fund, ceased
doing business as a result of an internal corporate reorganization. Since
that time, INVESCO, as the Fund's investment adviser, has provided all
portfolio management services to the Fund. This internal reorganization
did not affect in any way the portfolio management services being provided
to INVESCO International Growth Fund. On October 25, 1995, the Company's
board of directors selected IAML to be the new sub-adviser for the INVESCO
International Growth Fund and approved a new sub-advisory agreement for
the Fund between INVESCO and IAML. The new sub-advisory agreement will
become effective upon its approval by the holders of a majority of the
outstanding voting securities, as defined in the 1940 Act, of the INVESCO
International Growth Fund. Until such approval is obtained, INVESCO will
continue to provide all portfolio management services to the Fund. The
portfolio management services provided to the Fund by INVESCO are
identical to the portfolio management services provided to the INVESCO
European and Pacific Basin Funds by IAML, and are described below under
"Sub-Advisory Agreement."
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The first paragraph of the subsection of the Statement of Additional
Information entitled "The Funds and Their Management - Sub-Advisory Agreement"
is hereby amended to read as follows:
IAML serves as sub-adviser to the INVESCO European and Pacific Basin Funds
pursuant to a sub-advisory agreement (the "Sub- Agreement") with INVESCO
that was assumed by IAML from MIM International Limited ("MIL"), another
indirect wholly-owned subsidiary of INVESCO PLC, on November 10, 1995. The
Sub- Agreement was approved on April 21, 1993, by a vote cast in person by
a majority of the directors of the Company, including a majority of the
directors who are not "interested persons" of the Company, INVESCO, IAML
or MIL at a meeting called for such purpose. Pursuant to authorizations
granted by the public shareholders of the respective Predecessor Funds at
meetings held on May 24, 1993, the respective Predecessor Funds, as the
initial shareholders of the INVESCO European and Pacific Basin Funds,
approved the Sub-Agreement on June 24, 1993, for an initial term expiring
April 30, 1995. The Sub-Agreement has been continued by action of the
board of directors until April 30, 1996. Thereafter, the Sub-Agreement may
be continued from year to year as to each Fund as long as each such
continuance is specifically approved by the board of directors of the
Company, or by a vote of the holders of a majority of the outstanding
shares of the Fund, as defined in the 1940 Act. Each such continuance also
must be approved by a majority of the directors who are not parties to the
Sub-Agreement or interested persons (as defined in the 1940 Act) of any
such party, cast in person at a meeting called for the purpose of voting
on such continuance. The Sub-Agreement may be terminated at any time
without penalty by either party or the Company upon sixty (60) days'
written notice, and terminates automatically in the event of an assignment
to the extent required by the 1940 Act and the rules thereunder.
In addition, all other references to MIL in the Statement of Additional
Information of INVESCO International Funds, Inc. are hereby amended to refer to
IAML.
The date of this Supplement is November 10, 1995
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INVESCO European Small Company Fund
INVESCO Latin American Growth Fund
Supplement to Prospectuses of Above Funds Dated September 11, 1995
INVESCO European Fund
INVESCO Pacific Basin Fund
Supplement to Prospectus of Above Funds Dated February 28, 1995
The sub-adviser to the above Funds has been changed from MIM International
Limited ("MIL") to INVESCO Asset Management Limited ("IAML"). IAML is INVESCO
PLC's primary investment management company in Europe and, like MIL, is located
at 11 Devonshire Square in London, England. This change was made in connection
with a reorganization of INVESCO PLC's European subsidiaries, and has no effect
whatsoever on the services provided to the Funds. The individuals who currently
are managing the Funds' portfolios will not change, and the same persons who
controlled the operations of MIL control the operations of IAML.
As a result of this reorganization, the Prospectuses of the above Funds are
hereby amended as follows:
INVESCO European Small Company Fund
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The third paragraph of the section of the Fund's Prospectus entitled "The Fund
and Its Management" is hereby amended to read as follows:
Pursuant to an agreement with INVESCO, INVESCO Asset Management Limited ("IAML")
serves as the sub-adviser to the Fund. In that capacity, IAML has the primary
responsibility, under the supervision of INVESCO, for providing portfolio
management services to the Fund. IAML also is an indirect wholly-owned
subsidiary of INVESCO PLC. IAML also acts as sub-adviser to the INVESCO European
Fund, the INVESCO Pacific Basin Fund and the INVESCO Latin American Growth Fund.
Although the Company is not a party to the sub- advisory agreement, that
agreement has been approved by INVESCO as the then sole shareholder of the Fund.
INVESCO Latin American Growth Fund
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The fourth paragraph of the section of the Fund's Prospectus entitled "The Fund
and Its Management" is hereby amended to read as follows:
Pursuant to an agreement with INVESCO, INVESCO Asset Management Limited ("IAML")
serves as the sub-adviser to the Fund. In that capacity, IAML has the primary
responsibility, under the supervision of INVESCO, for providing
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portfolio management services to the Fund. IAML also is an indirect wholly-owned
subsidiary of INVESCO PLC. IAML also acts as sub-adviser to the INVESCO European
Fund, the INVESCO Pacific Basin Fund and the INVESCO European Small Company
Fund. Although the Company is not a party to the sub-advisory agreement, that
agreement has been approved by INVESCO as the then sole shareholder of the Fund.
INVESCO European Fund and INVESCO Pacific Basin Fund
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The fifth paragraph of the section of the Funds' Prospectus entitled "The Funds
and Their Management" is hereby amended to read as follows:
Pursuant to an agreement with INVESCO, INVESCO Asset Management Limited ("IAML")
serves as the sub-adviser to INVESCO European Fund and INVESCO Pacific Basin
Fund. In that capacity, IAML has the primary responsibility, under the
supervision of INVESCO, for providing portfolio management services to the
Funds. IAML also is an indirect wholly-owned subsidiary of INVESCO PLC. IAML
also acts as sub-adviser to the INVESCO European Small Company Fund and the
INVESCO Latin American Growth Fund. Although the Funds are not parties to the
sub-advisory agreement, that agreement has been approved by the shareholders of
the Funds.
All Funds
In addition, all other references to MIL in the Prospectuses of the above Funds
are hereby amended to refer to IAML.
The date of this Supplement is November 10, 1995
