INVESCO SPECIALTY FUNDS, INC.
INVESCO Worldwide Capital Goods Fund
INVESCO Worldwide Communications Fund
INVESCO European Small Company Fund
Supplement to Prospectuses
dated September 11, 1995
INVESCO Asian Growth Fund
Supplement to Prospectus
dated March 1, 1996
The fourth paragraph in the section of the Funds' Prospectuses entitled
"Additional Information" is hereby amended to read as follows:
Transfer and Dividend Disbursing Agent. INVESCO Funds Group, Inc.,
7800 E. Union Ave., Denver, Colorado 80237, acts as registrar, transfer
agent, and dividend disbursing agent for the Funds pursuant to a Transfer
Agency Agreement which provides that each Fund will pay an annual fee of
$20.00 per shareholder account or omnibus account participant. The transfer
agency fee is not charged to each shareholder's or participant's account,
but is an expense of the Fund to be paid from the Fund's assets. Registered
broker-dealers, third party administrators of tax-qualified retirement plans
and other entities, including affiliates of INVESCO, may provide
sub-transfer agency or record-keeping services to a Fund which reduce or
eliminate the need for identical services to be provided on behalf of the
Fund by INVESCO. In such cases, INVESCO may pay the third party an annual
sub-transfer agency or record-keeping fee out of the transfer agency fee
which is paid to INVESCO by the Fund.
INVESCO Asian Growth Fund Only:
As discussed in the sections of the Asian Growth Fund's prospectus entitled
"Annual Fund Expenses," "Services Provided by the Fund -- Exchange Privilege"
and "How to Redeem Shares," the Fund retains a 1% fee to offset transaction
costs and other expenses associated with short-term redemptions and e xchanges,
which is imposed only on redemptions or exchanges of shares held less than 90
days. All references to this 90-day period in the prospectus are hereby amended
to refer to a three-month period.
The date of this Supplement is May 1, 1996.
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INVESCO LATIN AMERICAN GROWTH FUND
Supplement to Prospectus
dated September 11, 1995
Effective June 1, 1996, the section of the Fund's Prospectus entitled "Annual
Fund Expenses" will be amended to (1) delete the first paragraph and the
Shareholder Transaction Expenses and Annual Fund Operating Expenses tables and
related footnotes, and (2) substitute the following in their place:
Annual Fund Expenses
The Fund is no-load; there are no fees to purchase, exchange or redeem shares
other than a fee to redeem or exchange shares held less than three months. (See
"Shareholder Transaction Expenses.") The Fund, however, is authorized to pay a
distribution fee pursuant to Rule 12b-1 under the Investment Company Act of
1940. (See "How Shares Can Be Purchased--Distribution Expenses.") Lower expenses
benefit Fund shareholders by increasing the Fund's total return.
Shareholder Transaction Expenses
Sales load "charge" on purchases None
Sales load "charge" on reinvested dividends. None
Redemption fees 1.00%*
Exchange fees 1.00%*
*There is a 1% fee retained by the Fund to offset transaction costs and other
expenses associated with short-term redemptions and exchanges, which is imposed
only on redemptions or exchanges of shares held less than three months.
Annual Fund Operating Expenses (as a percentage of average net assets)
Management Fee 0.75%
12b-1 Fees 0.25%
Other Expenses (after voluntary expense limitation)(1) 1.00%
Transfer Agency Fee(2) 0.23%
General Services, Administrative Services,
Registration, Postage(3) 0.77%
Total Fund Operating Expenses (after voluntary expense
limitation)(1) 2.00%
(1) Certain Fund expenses are being absorbed voluntarily by INVESCO Funds Group,
Inc. ("INVESCO") and INVESCO Asset Management Limited ("IAML") to ensure that
expenses for the Fund will not exceed 2.00% of the Fund's average net assets
pursuant to an agreement among the Fund, INVESCO and IAML. In the absence of
such voluntary expense limitation, the Fund's "Other Expenses" and "Total Fund
Operating Expenses" in the above table would have been 3.49% and 4.49%,
respectively, of the Fund's average net assets based on the actual expenses of
the Fund for the fiscal period ended July 31, 1995.
(2) Consists of the transfer agency fee described under "Additional Information
- --Transfer and Dividend Disbursing Agent."
(3) Includes, but is not limited to, fees and expenses of directors, custodian
bank, legal counsel and auditors, a securities pricing service, costs of
administrative services furnished under an Administrative Services Agreement,
costs of registration of Fund shares under applicable laws, and costs of
printing and distributing reports to shareholders.
<PAGE>
Effective June 1, 1996, the third paragraph in the section of the Fund's
prospectus entitled "Investment Objective and Policies" is hereby amended to
read as follows:
Investment in this Fund involves above-average investment risk. It is
designed as a long-term investment and not for short-term trading purposes,
and should not be considered a complete investment program. A 1% fee,
described more fully under "Services Provided by the Fund" and "How to
Redeem Shares," is payable to the Fund for the benefit of remaining
shareholders for redemption or exchange of shares held less than three
months.
The fifth through seventh paragraphs of the section of the Fund's prospectus
entitled "The Fund and Its Management" are hereby amended to read as follows:
The following individuals serve as co-portfolio managers of the Fund
and are primarily responsible for determining, in consultation with the
senior investment policy group of IAML, the country-by-country allocation
of the portfolio's assets, overall stock selection methodology and the
ongoing implementation and risk control policies applicable to the
portfolio:
Peter Jarvis. Co-portfolio manager of the Fund since 1996; fund
manager with INVESCO Asset Management Limited since 1993 specializing in
Latin American equities. Mr. Jarvis earned a B.A. from St. John's College,
Oxford University.
Jane Lyon. Co-portfolio manager of the Fund since 1996; fund manager
with INVESCO Asset Management Limited specializing in Latin American
equities; began investment career in 1986. Ms. Lyon earned a B.A. from
Oxford University.
Mr. Jarvis and Ms. Lyon head a team of individual country specialists
who are responsible for managing security selection for their assigned
country's share of the allocation within the parameters established by
IAML's investment policy group.
Effective June 1, 1996, the section of the Fund's Prospectus entitled "Services
Provided by the Fund" is amended to (1) delete the fifth paragraph and (2)
substitute the following new paragraph in its place:
Upon an exchange of shares held less than three months (other than
shares acquired through reinvestment of dividends or other distributions),
a fee of 1% of the current net asset value of the shares being exchanged
will be assessed and retained by the Fund for the benefit of the remaining
shareholders. This fee is intended to encourage long-term investment in
the Fund, to avoid transaction and other expenses caused by early
redemptions, and to facilitate portfolio management. The fee is not a
deferred sales charge, is not a commission paid to INVESCO, and does not
benefit INVESCO in any way. The fee applies to redemptions from the Fund
and exchanges into any of the other no-load mutual funds which are also
advised and distributed by INVESCO. The Fund will use the "first-in,
first-out" method to determine the three months holding period. Under
this method the date of redemption or exchange will be compared with the
earliest purchase date of shares held in the account. If this holding
period is less than three months, the redemption/exchange fee will be
assessed on the current net asset value of the shares being redeemed.
<PAGE>
Additionally, effective June 1, 1996, the section of the Fund's Prospectus
entitled "How to Redeem Shares" is amended to (1) delete the first paragraph and
(2) substitute the following new paragraph in its place:
Shares of the Fund may be redeemed at any time at their current net
asset value per share next determined after a request in proper form is
received at the Fund's office. (See "How Shares Can Be Purchased.") Net
asset value per share at the time of redemption may be more or less than
the price you paid to purchase your shares, depending primarily upon the
Fund's investment performance. Upon the redemption of shares held less
than three months (other than shares acquired through reinvestment of
dividends or other distributions), a fee of 1% of the current net asset
value of the shares will be assessed and retained by the Fund for the
benefit of remaining shareholders. This fee is intended to encourage
long-term investment in the Fund, to avoid transaction and other expenses
caused by early redemptions, and to facilitate portfolio management. The
fee is not a deferred sales charge, is not a commission paid to INVESCO,
and does not benefit INVESCO in any way. The fee applies to redemptions
from the Fund and exchanges into any of the other no-load mutual funds
which are also advised and distributed by INVESCO. The Fund will use the
"first-in, first-out" method to determine the three-month holding period.
Under this method the date of redemption or exchange will be compared with
the earliest purchase date of shares held in the account. If this holding
period is less than three months, the redemption/exchange fee will be
assessed on the current net asset value of the shares being redeemed.
Effective May 1, 1996, the fourth paragraph of the section of the Fund's
Prospectus entitled "Additional Information" is hereby amended to read as
follows:
Transfer and Dividend Disbursing Agent. INVESCO Funds Group, Inc.,
7800 E. Union Ave., Denver, Colorado 80237, acts as registrar, transfer
agent, and dividend disbursing agent for the Fund pursuant to a Transfer
Agency Agreement which provides that the Fund will pay an annual fee of
$20.00 per shareholder account or omnibus account participant. The
transfer agency fee is not charged to each shareholder's or participant's
account, but is an expense of the Fund to be paid from the Fund's assets.
Registered broker-dealers, third party administrators of tax-qualified
retirement plans and other entities, including affiliates of INVESCO, may
provide sub-transfer agency or record-keeping services to the Fund which
reduce or eliminate the need for identical services to be provided on
behalf of the Fund by INVESCO. In such cases, INVESCO may pay the third
party an annual sub-transfer agency or record-keeping fee out of the
transfer agency fee which is paid to INVESCO by the Fund.
The date of this Supplement is May 1, 1996.
<PAGE>
INVESCO SPECIALTY FUNDS, INC.
Supplement to Statement of Additional Information
Dated September 11, 1995
The second paragraph in the section of the Funds' Statement of Additional
Information entitled "The Funds and Their Management -- Transfer Agency
Agreement" is hereby amended to read as follows:
The Transfer Agency Agreement provides that the Funds will pay to
INVESCO an annual fee of $20.00 per shareholder account or omnibus account
participant. This fee is paid monthly at 1/12 of the annual fee and is
based upon the actual number of shareholder accounts and omnibus account
participants in existence during each month. For the fiscal year ended
July 31, 1995, the Capital Goods Fund and the Communications Fund paid
INVESCO transfer agency fees of $20,517 and $64,043, respectively, prior
to the voluntary absorption of certain Fund expenses by INVESCO and the
applicable sub-adviser. For the period February 15, 1995 (inception)
through July 31, 1995, the European Small Company Fund and Latin American
Growth Fund paid INVESCO transfer agency fees of $2,300 and $5,295,
respectively, prior to the voluntary absorption of certain Fund expenses
by INVESCO and the applicable sub-adviser. The Asian Growth Fund paid
INVESCO no transfer agency fees as of the date of this Statement of
Additional Information, since it did not commence a public offering of
securities until March 1, 1996.
The section of the Funds' Statement of Additional Information entitled "The
Funds and Their Management -- Officers and Directors of the Company" is hereby
amended to (1) delete the second through the nineteenth paragraphs and (2)
substitute the following new paragraphs in their place:
All of the officers and directors of the Company hold comparable
positions with INVESCO Diversified Funds, Inc., INVESCO Dynamics Fund,
Inc., INVESCO Emerging Opportunity Funds, Inc., INVESCO Growth Fund, Inc.,
INVESCO Income Funds, Inc., INVESCO Industrial Income Fund, Inc., INVESCO
International Funds, Inc., INVESCO Money Market Funds, Inc., INVESCO
Multiple Asset Funds, Inc., INVESCO Strategic Portfolios, Inc., INVESCO
Tax-Free Income Funds, Inc., and INVESCO Variable Investment Funds, Inc.
All of the directors of the Company also serve as trustees of INVESCO
Value Trust. In addition, all of the directors of the Company also are
directors of INVESCO Advisor Funds, Inc. (formerly known as The EBI Funds,
Inc.); and, with the exception of Mr. Hesser, trustees of INVESCO
Treasurer's Series Trust. All of the officers of the Company also hold
comparable positions with INVESCO Value Trust. Set forth below is
<PAGE>
information with respect to each of the Company's officers and directors.
Unless otherwise indicated, the address of the directors and officers is
Post Office Box 173706, Denver, Colorado 80217-3706. Their affiliations
represent their principal occupations during the past five years.
CHARLES W. BRADY,*+ Chairman of the Board. Chief Executive Officer
and Director of INVESCO PLC, London, England, and of various subsidiaries
thereof. Chairman of the Board of INVESCO Advisor Funds, Inc., INVESCO
Treasurer's Series Trust and The Global Health Sciences Fund. Address:
1315 Peachtree Street, NE, Atlanta, Georgia. Born: May 11, 1935.
FRED A. DEERING,+# Vice Chairman of the Board. Vice Chairman of
INVESCO Advisor Funds, Inc., and INVESCO Treasurer's Series Trust. Trustee
of The Global Health Sciences Fund. Formerly, Chairman of the Executive
Committee and Chairman of the Board of Security Life of Denver Insurance
Company, Denver, Colorado; Director of ING America Life Insurance Company,
Urbaine Life Insurance Company and Midwestern United Life Insurance
Company. Address: Security Life Center, 1290 Broadway, Denver, Colorado.
Born: January 12, 1928.
DAN J. HESSER,+* President and Director. Chairman of the Board,
President, and Chief Executive Officer of INVESCO Funds Group, Inc.;
Director of INVESCO Trust Company. Trustee of The Global Health Sciences
Fund. Born: December 27, 1939.
VICTOR L. ANDREWS,** Director. Professor Emeritus, Chairman
Emeritus and Chairman of the CFO Roundtable of the Department of Finance
of Georgia State University, Atlanta, Georgia; President, Andrews
Financial Associates, Inc. (consulting firm); formerly, member of the
faculties of the Harvard Business School and the Sloan School of
Management of MIT. Dr. Andrews is also a Director of The Southeastern
Thrift and Bank Fund, Inc. and The Sheffield Funds, Inc. Address: 4625
Jettridge Drive, Atlanta, Georgia. Born: June 23, 1930.
BOB R. BAKER,+** Director. President and Chief Executive Officer of
AMC Cancer Research Center, Denver, Colorado, since January 1989; until
mid-December 1988, Vice Chairman of the Board of First Columbia Financial
Corporation (a financial institution), Englewood, Colorado. Formerly,
Chairman of the Board and Chief Executive Officer of First Columbia
Financial Corporation. Address: 1775 Sherman Street, #1000, Denver,
Colorado. Born: August 7, 1936.
<PAGE>
LAWRENCE H. BUDNER,# Director. Trust Consultant; prior to June 30,
1987, Senior Vice President and Senior Trust Officer of InterFirst Bank,
Dallas, Texas. Address: 7608 Glen Albens Circle, Dallas, Texas. Born:
July 25, 1930.
DANIEL D. CHABRIS,+# Director. Financial Consultant; Assistant
Treasurer of Colt Industries Inc., New York, New York, from 1966 to 1988.
Address: 15 Sterling Road, Armonk, New York. Born: August 1, 1923.
A.D. FRAZIER, JR.*,** Director. Chief Operating Officer of the
Atlanta Committee for the Olympic Games. From 1982 to 1991, Mr. Frazier
was employed in various capacities by First Chicago Bank, most recently as
Executive Vice President of the North American Banking Group. Trustee of
The Global Health Sciences Fund. Director of Magellan Health Services,
Inc. and of Charter Medical Corp. Address: 250 Williams Street, Suite
6000, Atlanta, Georgia. Born: June 23, 1944.
HUBERT L. HARRIS, JR.*, Director. President of INVESCO Services,
Inc. (since January 1990). Director of INVESCO PLC and Chief Financial
Officer of INVESCO Individual Services Group. Member of the Executive
Committee of the Alumni Board of Trustees of Georgia Institute of
Technology. Address: 1315 Peachtree Street, N.E., Atlanta, Georgia.
Born: July 15, 1943.
KENNETH T. KING,** Director. Formerly, Chairman of the Board of The
Capitol Life Insurance Company, Providence Washington Insurance Company,
and Director of numerous subsidiaries thereof in the U.S. Formerly,
Chairman of the Board of The Providence Capitol Companies in the United
Kingdom and Guernsey. Chairman of the Board of the Symbion Corporation (a
high technology company) until 1987. Address: 4080 North Circulo
Manzanillo, Tucson, Arizona. Born: November 16, 1925.
JOHN W. McINTYRE,# Director. Retired. Formerly, Vice Chairman of
the Board of Directors of The Citizens and Southern Corporation and
Chairman of the Board and Chief Executive Officer of The Citizens and
Southern Georgia Corp. and Citizens and Southern National Bank. Director
of Golden Poultry Co., Inc. Trustee of The Global Health Sciences Fund
and Gables Residential Trust. Address: 7 Piedmont Center, Suite 100,
Atlanta, Georgia. Born: September 14, 1930.
<PAGE>
GLEN A. PAYNE, Secretary. Senior Vice President, General Counsel
and Secretary of INVESCO Funds Group, Inc. and INVESCO Trust Company.
Formerly, employee of a U.S. regulatory agency, Washington, D.C., (June
1973 through May 1989.) Born: September 25, 1947.
RONALD L. GROOMS, Treasurer. Senior Vice President and Treasurer of
INVESCO Funds Group, Inc. and INVESCO Trust Company since January 1988.
Born: October 1, 1946.
WILLIAM J. GALVIN, JR., Assistant Secretary. Senior Vice President
of INVESCO Funds Group, Inc. and Trust Officer of INVESCO Trust Company.
Formerly, Vice President of 440 Financial Group from June 1990 to August
1992; Assistant Vice President of Putnam Companies from November 1986 to
June 1990. Born: August 21, 1956.
ALAN I. WATSON, Assistant Secretary. Vice President of INVESCO
Funds Group, Inc. and Trust Officer of INVESCO Trust Company. Born:
September 14, 1941.
JUDY P. WIESE, Assistant Treasurer. Vice President of INVESCO Funds
Group, Inc. and Trust Officer of INVESCO Trust Company. Born: February 3,
1948.
The tenth paragraph of the section of the Funds' Statement of Additional
Information entitled "The Funds and Their Management - Director Compensation"
(the paragraph immediately following footnote 7) is hereby amended to read as
follows:
Messrs. Brady, Harris and Hesser , as "interested persons" of the
Company and other funds in the INVESCO Complex, receive compensation as
officers or employees of INVESCO or its affiliated companies, and do not
receive any director's fees or other compensation from the Company or
other funds in the INVESCO Complex for their services as directors.
Because of the possibility that A.D. Frazier, Jr. may become employed by a
company affiliated with INVESCO at some point in the future, he was deemed
to be an "interested person" of the Company and of the other funds in the
INVESCO Complex effective May 1, 1996. Until such time as Mr. Frazier
actually becomes employed by an INVESCO-affiliated company, however, he
will continue to receive the same director's fees and other compensation
as the Company's independent directors.
The date of this Supplement is May 1, 1996.
