INVESCO Diversified Funds, Inc.
                             (November 30, 1995)

                         INVESCO Dynamics Fund, Inc.
                             (September 1, 1996)

                   INVESCO Emerging Opportunity Funds, Inc.
                              (October 1, 1996)

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

                          INVESCO Income Funds, Inc.
                             (December 29, 1995)

                     INVESCO Industrial Income Fund, Inc.
                              (November 1, 1996)

                       INVESCO International Fund, Inc.
                             (February 29, 1996)

                       INVESCO Money Market Funds, Inc.
                              (October 1, 1996)

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

                        INVESCO Specialty Funds, Inc.
                     INVESCO Worldwide Capital Goods Fund
                    INVESCO Worldwide Communications Fund
                     INVESCO European Small Company Fund
                      INVESCO Latin American Growth Fund
                             (September 11, 1995)
                          INVESCO Asian Growth Fund
                               (March 1, 1996)

                      INVESCO Strategic Portfolios, Inc.
                             (February 29, 1996)

                     INVESCO Tax-Free Income Funds, Inc.
                              (November 1, 1996)

                       INVESCO Treasurer's Series Trust
                                (May 1, 1996)







                             INVESCO Value Trust
                             (December 29, 1995)

                   INVESCO Variable Investment Funds, Inc.
                                (May 1, 1996)


                 Supplement to Prospectuses of the Above Funds
                   Date of Which is Indicated in Parenthesis

      The section of each Fund's  Prospectus  entitled  "The Fund and  Its/Their
Management"  is amended to add the  following  new paragraph at the beginning of
that section:

      On November 4, 1996 an  Agreement  and Plan of Merger  among  INVESCO plc,
INVESCO Group Services, Inc. ("Services") and AIM Management Group, Inc. ("AIM")
was signed under which AIM will be merged with Services.  When this merger takes
effect,  which is expected  to occur in the first part of 1997,  the above named
Funds' Investment Advisory, Sub-Advisory, Distribution, Administrative Services,
Transfer Agency, and Rule 12b-1 Agreements (the "Agreements") will automatically
terminate.  Consummation of this merger is conditioned,  among other things,  on
new Agreements,  essentially identical to the existing Agreements, including the
provisions  governing  fees,  being  presented  to, and  approved by, the Funds'
Boards of  Directors/Trustees,  and, where  necessary,  the Funds'  shareholders
prior to this merger taking effect.  The meetings of the Funds'  shareholders to
consider  approving the necessary new  Agreements are expected to occur in early
1997.  Fund  Management  anticipates  that  the key  personnel  responsible  for
providing services to the Funds will remain unchanged.

      This supplement is dated November 5, 1996.