Game semantics using function inventories This talk presents work in progress. We analyze the semantics of higher-order references presented by Abramsky, Honda and McCusker, and see that a term's denotation can be obtained directly from operational semantics. (By contrast with earlier work, it is not necessary for the term to be eta-long.) The principle is that players pass each other functions, so that each player's inventory of functions grows over time. This gives a convenient operational technique for proving observational equivalence. It also give an account of the denotational semantics using the set of strategies is given by a domain equation, and pointers between moves are no longer required. And there are variant domain equations for the various constraints (bracketing, visibility, innocence) that may be imposed. This is joint work with Soren Lassen.