INVESCO CAPITAL APPRECIATION FUNDS, INC.
                                (July 3, 1997)

                          INVESCO GROWTH FUND, INC.
                              (January 1, 1997)

                     INVESCO INDUSTRIAL INCOME FUND, INC.
                              (November 1, 1996)

                      INVESCO MULTIPLE-ASSET FUNDS, INC.
                              (December 1, 1996)

                        INVESCO SPECIALTY FUNDS, INC.
                          INVESCO Asian Growth Fund
                     INVESCO European Small Company Fund
                      INVESCO Latin American Growth Fund
                     INVESCO Worldwide Capital Goods Fund
                    INVESCO Worldwide Communications Fund
                              (December 1, 1996)
                             INVESCO Realty Fund
                               (June 30, 1997)

                  Supplement to Prospectuses of Above Funds,
                 Dates of Which Are Indicated in Parenthesis

At numerous  places in each of the above Funds'  Prospectuses,  it is noted that
INVESCO Funds Group,  Inc.  ("IFG") is the  investment  adviser,  administrator,
transfer  agent and  distributor of the Fund(s).  Effective  September 30, 1997,
INVESCO Distributors,  Inc. ("IDI"), a newly-created  wholly-owned subsidiary of
IFG, will become the distributor of the Fund(s). Effective on that date, INVESCO
Capital  Appreciation Funds, Inc., INVESCO Growth Fund, Inc., INVESCO Industrial
Income Fund, Inc.,  INVESCO  Multiple-Asset  Funds,  Inc. and INVESCO  Specialty
Funds, Inc. (the "Companies")  entered into new Distribution  Agreements and new
12b-1 Plans and Agreements of Distribution (the  "Agreements") with IDI that are
substantially  identical to the corresponding  agreements the Companies had with
IFG for  distribution  services.  The Agreements were approved by each Company's
Board of Directors at a meeting held on September 2, 1997.  The Agreements in no
way change the basis upon which distribution  services are being provided to the
Fund(s)  by  IFG-affiliated  companies.  IFG  remains  the  investment  adviser,
administrator and transfer agent for the Fund(s).

The date of this Supplement is September 29, 1997.





                   INVESCO CAPITAL APPRECIATION FUNDS, INC.
                                (July 3, 1997)

                          INVESCO GROWTH FUND, INC.
                              (January 1, 1997)

                     INVESCO INDUSTRIAL INCOME FUND, INC.
                              (November 1, 1996)

                      INVESCO MULTIPLE-ASSET FUNDS, INC.
                              (December 1, 1996)

                     INVESCO TAX-FREE INCOME FUNDS, INC.
                              (November 1, 1996)

         Supplement to Statements of Additional Information of Above
            Companies, Dates of Which Are Indicated in Parenthesis

At numerous places in each Company's Statement of Additional Information,  it is
noted  that  INVESCO  Funds  Group,  Inc.  ("IFG")  is the  investment  adviser,
administrator,  transfer  agent  and  distributor  of  the  Companies'  Fund(s).
Effective   September  30,  1997,   INVESCO   Distributors,   Inc.  ("IDI"),   a
newly-created wholly-owned subsidiary of IFG, will become the distributor of the
Fund(s).  Effective on that date,  the Companies  entered into new  Distribution
Agreements and new 12b-1 Plans and Agreements of Distribution (the "Agreements")
with IDI that are substantially  identical to the  corresponding  agreements the
Companies had with IFG for distribution  services.  The Agreements were approved
by each Company's Board of Directors at a meeting held on September 2, 1997. The
Agreements in no way change the basis upon which distribution services are being
provided to the Fund(s) by IFG- affiliated companies. IFG remains the investment
adviser, administrator and transfer agent for the Fund(s).

The date of this Supplement is September 29, 1997.