INVESCO Dynamics Fund, Inc.
                              (August 31, 1995)

                   INVESCO Emerging Opportunity Funds, Inc.
                             (September 11, 1995)

                          INVESCO Growth Fund, Inc.
                             (December 29, 1995)

                     INVESCO Industrial Income Fund, Inc.
                              (October 31, 1995)

                      INVESCO Multiple Asset Funds, Inc.
                             (November 30, 1995)


      Supplement to Statements of Additional Information of Above Funds
                  Date of Which is Indicated in Parentheses

      The  section of the above  Funds'  Statements  of  Additional  Information
entitled "Investment Practices - Placement of Portfolio Brokerage" is amended by
adding the following as the fifth  paragraph of that section,  without  deleting
any of the existing paragraphs:

      Certain  brokers are paid a fee (the  "Broker's  Fee") for  recordkeeping,
shareholder  communications  and  other  services  provided  by the  brokers  to
investors  purchasing  shares of the Funds through no  transaction  fee programs
("NTF  Programs")  offered  by the  brokers.  The  Broker's  Fee is based on the
average daily value of the investments in each Fund made by a broker and held in
omnibus  accounts  maintained  on behalf of investors  participating  in the NTF
Program. With respect to certain NTF Programs, the directors of the Company have
authorized  the Funds to apply dollars  generated  from the  Company's  Plan and
Agreement of Distribution pursuant to Rule 12b-1 under the 1940 Act (the "Plan")
to pay the entire Broker's Fee,  subject to the maximum Rule 12b-1 fee permitted
by the Plan.  With respect to other NTF Programs,  the Company's  directors have
authorized  each Fund to pay transfer agency fees to INVESCO based on the number
of investors who have beneficial  interests in the broker's  omnibus accounts in
that Fund.  INVESCO, in turn, pays these transfer agency fees to the broker as a
sub-transfer  agency or recordkeeping  fee in payment of all or a portion of the
Broker's Fee. In the event that the sub-transfer  agency or recordkeeping fee is
insufficient  to pay all of the Broker's Fee with respect to these NTF Programs,
the  directors  of the  Company  have  authorized  the  Funds to  apply  dollars
generated from the Plan to pay the remainder of the Broker's Fee, subject to the
maximum Rule 12b-1 fee permitted by the Plan. INVESCO itself pays the portion of
a Fund's Broker's Fee, if any, that exceeds the sum of the  sub-transfer  agency
or  recordkeeping  fee and Rule 12b-1 fee. The Company's  directors have further
authorized INVESCO to place a portion of each Fund's brokerage transactions with
certain brokers that sponsor NTF Programs, if INVESCO reasonably





believes that, in effecting the Fund's transactions in portfolio securities, the
broker is able to provide  the best  execution  of orders at the most  favorable
prices.  A portion of the  commissions  earned by such a broker  from  executing
portfolio  transactions  on behalf of a  specific  Fund may be  credited  by the
broker first against the sub-transfer  agency or recordkeeping  fee payable with
respect  to that  Fund,  and  second  against  any Rule 12b-1 fees used to pay a
portion of the  Broker's  Fee, on a basis which has resulted  from  negotiations
between  INVESCO and the broker.*  Thus,  the Fund pays  sub-transfer  agency or
recordkeeping  fees to the  broker in payment  of the  Broker's  Fee only to the
extent  that such fees are not offset by the Fund's  credits.  In the event that
the transfer  agency fee paid by a Fund to INVESCO with respect to investors who
have beneficial interests in a particular broker's omnibus accounts in that Fund
exceeds the Broker's Fee applicable to that Fund,  INVESCO may carry forward the
excess and apply it to future  Broker's Fees payable to that broker with respect
to the Fund. The amount of excess  transfer  agency fees carried forward will be
reviewed for possible adjustment by INVESCO prior to each fiscal year-end of the
Company. The Company's board of directors has also authorized the Company to pay
an amount equal to any credits  received by the Funds against  their  respective
Rule 12b-1 fees as a result of these arrangements to INVESCO in reimbursement of
other  expenses  incurred by INVESCO in engaging in the activities and providing
the services on behalf of the respective Funds contemplated by the Plan, subject
to the maximum Rule 12b-1 fee permitted by the Plan.

* With respect to INVESCO  Multiple Asset Funds,  Inc., the Company's  directors
have not  authorized  INVESCO to place any  portion of the  INVESCO  Multi-Asset
Allocation Fund's brokerage  transactions with brokers that sponsor NTF Programs
in order to obtain such credits.

      The date of this Supplement is March 1, 1996.