INVESCO Growth Fund, Inc.

                Supplement to Prospectus dated January 1, 1997

The  section  of  the  above  Fund's  Prospectus  entitled  "The  Fund  and  Its
Management" is amended to (1) delete the fifth paragraph, and (2) substitute the
following paragraphs in its place:

      The Fund is managed by two members of the INVESCO  Growth  Team,  which is
      headed by Timothy J.  Miller.  The  following  individuals  are  primarily
      responsible  for  the  day-to-day   management  of  the  Fund's  portfolio
      holdings:

      Trent E. May, a Chartered Financial Analyst, has been the lead portfolio 
      manager of the Fund since October 1997 (co-portfolio manager since 1996).
      Mr. May also manages INVESCO VIF-Growth Fund, INVESCO Small Company Growth
      Fund, and INVESCO VIF-Small Company Growth Fund and is a vice president of
      INVESCO Trust Company.  Mr. May began his investment career in 1991 and
      was most recently senior equity fund manager/equity analyst with Munder 
      Capital Management in Detroit.  Mr. May received a M.B.A. from Rollins 
      College and a B.S. in Engineering from the Florida Institute of 
      Technology.

      Timothy J. Miller, a Chartered Financial Analyst, has been a co-portfolio
      manager of the Fund since 1996.  Mr. Miller also manages INVESCO 
      VIF-Growth Fund, INVESCO Dynamics Fund, INVESCO VIF-Dynamics Fund, INVESCO
      Small Company Growth Fund, and INVESCO VIF-Small Company Growth Fund and 
      is a senior vice president of INVESCO Trust Company.  Mr. Miller was 
      previously an analyst and portfolio manager with Mississippi Valley
      Advisors from 1979 to 1992.  Mr. Miller received a M.B.A. from the 
      University of Missouri-St. Louis and a B.S.B.A. from St. Louis University.

The date of this Supplement is October 24, 1997.