INVESCO Capital Appreciation Funds, Inc.
INVESCO Dynamics Fund
Supplement to Prospectus dated July 3, 1997
A. The section of the above Fund's Prospectus entitled "Essential
Information--Organization and Management" is amended to (1) delete the second
paragraph, and (2) substitute the following paragraph in its place:
The Fund's investments are selected by two INVESCO
portfolio managers: INVESCO senior vice president and
portfolio manager Timothy J. Miller and Tom Wald. A
Chartered Financial Analyst, Mr. Miller earned his
M.B.A. from the University of Missouri-St. Louis and his
B.S.B.A. from St. Louis University. Portfolio manager
Tom Wald earned his M.B.A. from the Wharton School at
the University of Pennsylvania.
B. The section of the Fund's prospectus entitled "The Fund and Its
Management" is amended to (1) delete the third 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:
Timothy J. Miller, a Chartered Financial Analyst, has been the lead
portfolio manager of the Fund since October 1997 and portfolio
manager of the Fund since 1993. Mr. Miller also manages INVESCO
VIF-Dynamics Fund, INVESCO Small Company Growth Fund, INVESCO VIF-
Small Company Growth Fund, INVESCO Growth Fund, and INVESCO VIF-
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.
Tom Wald has been a co-portfolio manager of the Fund since
October 1997. Mr. Wald also manages INVESCO VIF-Dynamics Fund.
Mr. Wald was previously the senior health care analyst with Munder
Capital Management. Mr. Wald has also worked for Duff & Phelps
and Prudential Investment Corp. Mr. Wald received a M.B.A. from the
Wharton School at the University of Pennsylvania and a B.A. from
Tulane University.
The date of this Supplement is October 24, 1997.
