Exhibit 99.77B

PRICEWATERHOUSECOOPERS [PRICEWATERHOUSECOOPERS ICON]
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                                                     Pricewaterhousecoopers LLP
                                                     1670 Broadway
                                                     Suite 1000
                                                     Denver CO 80202-4870
                                                     Telephone (720) 931 7000
                                                     Facsimile (720) 931 7100

                        REPORT OF INDEPENDENT ACCOUNTANTS

To the Board of Directors and Shareholders
  INVESCO Bond Funds, Inc.


In planning and  performing  our audits of the  financial  statements of INVESCO
Bond Funds,  Inc. (the "Fund") for the year ended August 31, 2002, we considered
its internal control,  including control activities for safeguarding securities,
in order to determine our auditing  procedures for the purpose of expressing our
opinion on the financial  statements and to comply with the requirements of Form
N-SAR, not to provide assurance on internal control.

The  management of the Fund is  responsible  for  establishing  and  maintaining
internal control. In fulfilling this responsibility,  estimates and judgments by
management  are  required to assess the expected  benefits and related  costs of
controls.  Generally,  controls  that are  relevant  to an audit  pertain to the
entity's objective of preparing financial  statements for external purposes that
are  fairly   presented  in  conformity  with  generally   accepted   accounting
principles.   Those  controls   include  the   safeguarding  of  assets  against
unauthorized acquisition, use or disposition.

Because of inherent  limitations in internal control,  errors or fraud may occur
and not be detected.  Also,  projection of any evaluation of internal control to
future  periods  is  subject to the risk that  controls  may  become  inadequate
because of changes in conditions or that the  effectiveness  of their design and
operation may deteriorate.

Our consideration of internal control would not necessarily disclose all matters
in  internal   control  that  might  be  material   weaknesses  under  standards
established  by the  American  Institute  of  Certified  Public  Accountants.  A
material weakness is a condition in which the design or operation of one or more
of the internal control components does not reduce to a relatively low level the
risk  that  misstatements  caused  by error or fraud in  amounts  that  would be
material in relation to the financial statements being audited may occur and not
be  detected  within a timely  period  by  employees  in the  normal  course  of
performing  their assigned  functions.  However,  we noted no matters  involving
internal  control  and  its  operation,   including  controls  for  safeguarding
securities,  that we consider to be material  weaknesses  as defined above as of
August 31, 2002.

This  report is  intended  solely  for the  information  and use of the Board of
Directors,  management  and the  Securities  and Exchange  Commission and is not
intended  to be and  should not be used by anyone  other  than  these  specified
parties.

/s/ PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP
Denver, Colorado
October 4, 2002