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

                INVESCO EMERGING OPPORTUNITY FUNDS, INC.
           (October 1, 1997, as Supplemented October 8, 1997)

                       INVESCO GROWTH FUND, INC.
                           (January 1, 1998)

                       INVESCO INCOME FUNDS, INC.
                           (January 1, 1998)

                  INVESCO INDUSTRIAL INCOME FUND, INC.
                           (November 1, 1997)

                    INVESCO MONEY MARKET FUNDS, INC.
                           (October 1, 1997)

                   INVESCO MULTIPLE ASSET FUNDS, INC.
                         INVESCO Balanced Fund
                           (December 1, 1997)

                   INVESCO STRATEGIC PORTFOLIOS, INC.
                            (March 1, 1997)

                  INVESCO TAX-FREE INCOME FUNDS, INC.
                           (November 1, 1997)

            Supplement to Prospectus(es) of the Above Funds
               Date of Which Are Indicated in Parenthesis

On January 2, 1998,  all  employees  of the Funds'  sub-adviser,  INVESCO  Trust
Company ("INVESCO  Trust"),  that provided the Funds with sub-advisory  services
were made employees of the Funds' investment adviser,  INVESCO Funds Group, Inc.
("IFG").  INVESCO Trust is a wholly-owned  subsidiary of IFG. Effective February
3, 1998,  INVESCO Trust no longer provides sub-advisory  services to the Funds,
and IFG provides such day-to-day portfolio management services as the investment
adviser  to the  Funds.  This  change in no way  changes  the basis  upon  which
investment  advice is provided to the Funds,  the cost of those  services to the
Funds,  or the persons  actually  performing the  investment  advisory and other
services previously provided by INVESCO Trust.  Consequently,  all references to
INVESCO Trust Company in the Prospectus(es) should be deleted.


The date of this supplement is February 3, 1998.







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

                INVESCO EMERGING OPPORTUNITY FUNDS, INC.
                           (October 8, 1997)

                       INVESCO GROWTH FUND, INC.
                           (January 1, 1998)

                       INVESCO INCOME FUNDS, INC.
                           (January 1, 1998)

                  INVESCO INDUSTRIAL INCOME FUND, INC.
                           (November 1, 1997)

                    INVESCO MONEY MARKET FUNDS, INC.
                           (October 1, 1997)

                   INVESCO STRATEGIC PORTFOLIOS, INC.
                            (March 1, 1997)

                  INVESCO TAX-FREE INCOME FUNDS, INC.
                           (November 1, 1997)

       Supplement to Statements of Additional Information of the
                              Above Funds
               Date of Which Are Indicated in Parenthesis

On January 2, 1998,  all  employees  of the Funds'  sub-adviser,  INVESCO  Trust
Company ("INVESCO  Trust"),  that provided the Funds with sub-advisory  services
were made employees of the Funds' investment adviser,  INVESCO Funds Group, Inc.
("IFG").  INVESCO Trust is a wholly-owned  subsidiary of IFG. Effective February
3, 1998,  INVESCO Trust no longer  provides sub-advisory  services to the Fund,
and IFG provides such day-to-day portfolio management services as the investment
adviser  to the  Fund.  This  change in no way  changes  the  basis  upon  which
investment  advice is provided to the Funds,  the cost of those  services to the
Funds,  or the persons  actually  performing the  investment  advisory and other
services previously provided by INVESCO Trust.  Consequently,  all references to
INVESCO  Trust  Company in the  Statement of  Additional  Information  should be
deleted.

This Supplement  supersedes the Supplement  dated December 31, 1997 for the
INVESCO Capital  Appreciation  Funds, Inc., INVESCO Emerging  Opportunity Funds,
Inc.,  INVESCO  Industrial Income Fund, Inc.,  INVESCO Money Market Funds, Inc.,
INVESCO Strategic Portfolios, Inc. and INVESCO Tax-Free Income Funds, Inc..

The date of this supplement is February 3, 1998.