INVESCO EQUITY FUNDS, INC.
          (formerly INVESCO Capital Appreciation Funds, Inc.)
                         INVESCO Dynamics Fund
                      INVESCO Growth & Income Fund
                          (September 1, 1998)

                    INVESCO DIVERSIFIED FUNDS, INC.
                    INVESCO Small Company Value Fund
                           (December 1, 1997)

                INVESCO EMERGING OPPORTUNITY FUNDS, INC.
                   INVESCO  Small  Company  Growth  Fund 
             (October 1, 1997 as supplemented October 8, 1997)

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

                       INVESCO INCOME FUNDS, INC.
                       INVESCO Select Income Fund
                        INVESCO High Yield Fund
                      INVESCO Short-Term Bond Fund
                           (January 1, 1998)

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

                   INVESCO MULTIPLE ASSET FUNDS, INC.
                         INVESCO Balanced Fund
                  INVESCO Multi-Asset Allocation Fund
                           (December 1, 1997)

                     INVESCO SPECIALTY FUNDS, INC.
                          INVESCO Realty Fund
                           (December 1, 1997)

                          INVESCO VALUE TRUST
               INVESCO Intermediate Government Bond Fund
                       INVESCO Value Equity Fund
                       INVESCO Total Return Fund
                           (January 1, 1998)

                INVESCO VARIABLE INVESTMENT FUNDS, INC.
                         VIF-Dynamics Portfolio
                       VIF-Total Return Portfolio
                   VIF-Small Company Growth Portfolio
                          VIF-Growth Portfolio
                        VIF-Technology Portfolio
                     VIF-Health Sciences Portfolio
                        VIF-High Yield Portfolio
                    VIF-Industrial Income Portfolio
                        VIF-Utilities Portfolio
                          VIF-Realty Portfolio
                    (May 1, 1998 and July 6, 1998)

             Supplement to Prospectuses of the Above Funds
               Date of Which Are Indicated In Parenthesis

Each of the above Funds has the ability to invest up to 25% of its total  assets
in the securities of non-U.S.  issuers.  Accordingly,  the prospectuses of these
Funds are amended to include the following  information under the section titled
"Investment  Policies  and Risks - Foreign  Securities"  or,  with regard to the
INVESCO Value Trust Funds and the INVESCO Variable  Investment  Portfolios,  the
section titled "Risk Factors - Foreign Securities":





Austria,  Belgium,  Finland, France, Germany,  Ireland, Italy,  Luxembourg,  The
Netherlands,  Portugal and Spain are presently  members of the European Economic
and  Monetary  Union (the  "EMU").  EMU intends to  establish a common  European
currency for EMU countries which will be known as the "euro." Each participating
country  presently  plans to adopt the euro as its  currency on January 1, 1999.
The old national  currencies  will be  sub-currencies  of the euro until July 1,
2002, at which time the old currencies will disappear  entirely.  Other European
countries may adopt the euro in the future.

The planned  introduction of the euro presents some  uncertainties  and possible
risks,  including whether the payment and operational systems of banks and other
financial  institutions will be ready by January 1, 1999; whether exchange rates
for existing currencies and the euro will be adequately established; and whether
suitable  clearing  and  settlement  systems for the euro will be in  operation.
These and other factors may cause market  disruptions before or after January 1,
1999 and could adversely affect the value of securities held by the Fund.

The date of this supplement in September 1, 1998.