INVESCO INDUSTRIAL INCOME FUND, INC.
Supplement to Prospectus
dated October 31, 1995
The first paragraph of the cover page of the Fund's prospectus is hereby amended
to read as follows:
INVESCO Industrial Income Fund, Inc. ("the Fund") is actively
managed to seek the best possible current income, while following sound
investment practices. Capital growth potential is an additional
consideration in the selection of portfolio securities. The Fund normally
invests at least 65% of its total assets in dividend-paying common stocks.
Up to 10% of the Fund's total assets may be invested in equity securities
that do not pay regular dividends. The remaining assets are invested in
other income-producing securities, such as corporate bonds. The Fund also
has the flexibility to invest in other types of securities.
The gray-shaded paragraph in the section of the Fund's Prospectus entitled
"Essential Information" is hereby amended to read as follows:
Investment Goal and Strategy. INVESCO Industrial Income Fund, Inc.
is a diversified mutual fund that seeks the best possible current income,
while following sound investment practices, with the added potential for
capital appreciation. It invests primarily in dividend-paying common
stocks of U.S. companies traded on national securities exchanges or
over-the-counter. The Fund also may invest in equity securities that do
not pay regular dividends and fixed-income securities, such as corporate
bonds. There is no guarantee that the Fund will meet its objective. See
"Investment Objective and Strategy."
The first and second paragraphs in the section of the Fund's Prospectus entitled
"Investment Objective and Strategy" are hereby amended to read as follows:
The Fund seeks the best possible current income while following
sound investment practices. This investment objective is fundamental and
cannot be changed without the approval of the Fund's shareholders. Capital
growth potential is an additional consideration in the selection of
portfolio securities. The Fund normally invests at least 65% of its total
assets in dividend-paying common stocks. Up to 10% of the Fund's total
assets may be invested in equity securities that do not pay regular
dividends. The remaining assets are invested in other income-producing
securities, such as corporate bonds. The Fund also has the flexibility to
invest in preferred stocks and convertible bonds. There is no maximum
limit on the amount of equity or debt securities in which the Fund may
invest. There is no assurance that the Fund's investment objective will be
met.
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The Fund's investments in equity securities are limited
to those that are readily marketable in the United States.
These securities include American Depository Receipts
("ADRs"), which represent shares of a foreign corporation held
by a U.S. bank that entitle the holder to all dividends and
capital gains. ADRs are denominated in U.S. dollars and trade
in the U.S. securities markets.
The eighth paragraph in the section of the Fund's Prospectus entitled "The Fund
and Its Management" is hereby amended to read as follows:
Under a Transfer Agency Agreement, IFG acts as registrar, transfer
agent and dividend disbursing agent for the Fund. The Fund pays an annual
fee of $20.00 per shareholder account or omnibus account participant for
these services. Registered broker-dealers, third party administrators of
tax-qualified retirement plans and other entities, including affiliates of
IFG, may provide equivalent services to the Fund. In these cases, IFG may
pay, out of the fee it receives from the Fund, an annual sub-transfer
agency or record-keeping fee to the third party.
The date of this Supplement is May 1, 1996.
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INVESCO INDUSTRIAL INCOME FUND, INC.
Supplement to Statement of Additional Information
Dated October 31, 1995
The first paragraph of the cover page of the Fund's Statement of Additional
Information is hereby amended to read as follows:
INVESCO INDUSTRIAL INCOME FUND, INC.'s ("the Fund's") investment
objective is to seek the best possible current income, while following
sound investment practices. Capital growth potential is an additional
consideration in the selection of portfolio securities. The Fund normally
invests at least 65% of its total assets in dividend-paying common stocks.
Up to 10% of the Fund's total assets may be invested in equity securities
that do not pay regular dividends. The remaining assets are invested in
other income-producing securities, such as corporate bonds. The Fund also
has the flexibility to invest other types of securities.
The first paragraph of the section of the Fund's Statement of Additional
Information entitled "Investment Policies and Restrictions" is hereby amended to
read as follows:
In pursuing its investment objective, the Fund endeavors to select
and purchase securities providing reasonably secure dividend or interest
income for the income-producing portion of its portfolio. Sometimes
warrants are acquired when offered with income-producing securities, but
the warrants are disposed of as soon as that can be done in an orderly
fashion consistent with the best interests of the Fund's shareholders.
Acquiring warrants involves a risk that the Fund will lose the premium it
pays to acquire warrants if the Fund does not exercise a warrant before it
expires. The major portion of the investment portfolio normally consists
of common stocks; however, there also may be substantial holdings of
convertible bonds and debentures, preferred stocks and straight debt
securities, including non-investment grade and unrated debt securities.
The second paragraph in the section of the Fund's Statement of Additional
Information entitled "The Fund and Its Management -- Transfer Agency Agreement"
is hereby amended to read as follows:
The Transfer Agency Agreement provides that the Fund shall pay to
INVESCO a fee of $20.00 per shareholder account or omnibus account
participant per year. This fee is paid monthly at 1/12 of the annual fee
and is based upon the actual number of shareholder accounts and omnibus
account participants in existence
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account participants in existence during each month. For the fiscal years
ended June 30, 1995, 1994, and 1993, the Fund paid INVESCO transfer agency
fees of $5,386,968, $4,168,479, and $3,650,070, respectively.
The section of the Fund's Statement of Additional Information entitled "The Fund
and Its Management -- Officers and Directors of the Fund" is hereby amended to
(1) delete the second through the nineteenth paragraphs and (2) substitute the
following new paragraphs in their place:
All of the officers and directors of the Fund hold comparable
positions with INVESCO Diversified Funds, Inc., INVESCO Dynamics Fund,
Inc., INVESCO Emerging Opportunity Funds, Inc., INVESCO Growth Fund, Inc.,
INVESCO Income Funds, Inc., INVESCO International Funds, Inc., INVESCO
Money Market Funds, Inc., INVESCO Multiple Asset Funds, Inc., INVESCO
Specialty Funds, Inc., INVESCO Strategic Portfolios, Inc., INVESCO
Tax-Free Income Funds, Inc., and INVESCO Variable Investment Funds, Inc.
All of the directors of the Fund also serve as trustees of INVESCO Value
Trust. In addition, all of the directors of the Fund also are directors of
INVESCO Advisor Funds, Inc. (formerly known as The EBI Funds, Inc.); and,
with the exception of Mr. Hesser, trustees of INVESCO Treasurer's Series
Trust. All of the officers of the Fund also hold comparable positions with
INVESCO Value Trust. Set forth below is information with respect to each
of the Fund's officers and directors. Unless otherwise indicated, the
address of the directors and officers is Post Office Box 173706, Denver,
Colorado 80217-3706. Their affiliations represent their principal
occupations during the past five years.
CHARLES W. BRADY,*+ Chairman of the Board. Chief Executive Officer
and Director of INVESCO PLC, London, England, and of various subsidiaries
thereof. Chairman of the Board of INVESCO Advisor Funds, Inc., INVESCO
Treasurer's Series Trust and The Global Health Sciences Fund. Address:
1315 Peachtree Street, NE, Atlanta, Georgia. Born: May 11, 1935.
FRED A. DEERING,+# Vice Chairman of the Board. Vice Chairman of
INVESCO Advisor Funds, Inc., and INVESCO Treasurer's Series Trust. Trustee
of The Global Health Sciences Fund. Formerly, Chairman of the Executive
Committee and Chairman of the Board of Security Life of Denver Insurance
Company, Denver, Colorado; Director of ING America Life Insurance Company,
Urbaine Life Insurance Company and Midwestern United Life Insurance
Company. Address: Security Life Center, 1290 Broadway, Denver, Colorado.
Born: January 12, 1928.
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DAN J. HESSER,+* President and Director. Chairman of the Board,
President, and Chief Executive Officer of INVESCO Funds Group, Inc.;
Director of INVESCO Trust Company. Trustee of The Global Health Sciences
Fund. Born: December 27, 1939.
VICTOR L. ANDREWS,** Director. Professor Emeritus, Chairman Emeritus
and Chairman of the CFO Roundtable of the Department of Finance of Georgia
State University, Atlanta, Georgia; President, Andrews Financial
Associates, Inc. (consulting firm); formerly, member of the faculties of
the Harvard Business School and the Sloan School of Management of MIT.
Dr. Andrews is also a Director of The Southeastern Thrift and Bank Fund,
Inc. and The Sheffield Funds, Inc. Address: 4625 Jettridge Drive, Atlanta,
Georgia. Born: June 23, 1930.
BOB R. BAKER,+** Director. President and Chief Executive Officer of
AMC Cancer Research Center, Denver, Colorado, since January 1989; until
mid-December 1988, Vice Chairman of the Board of First Columbia Financial
Corporation (a financial institution), Englewood, Colorado. Formerly,
Chairman of the Board and Chief Executive Officer of First Columbia
Financial Corporation. Address: 1775 Sherman Street, #1000, Denver,
Colorado. Born: August 7, 1936.
LAWRENCE H. BUDNER,# Director. Trust Consultant; prior to June 30,
1987, Senior Vice President and Senior Trust Officer of InterFirst Bank,
Dallas, Texas. Address: 7608 Glen Albens Circle, Dallas, Texas. Born:
July 25, 1930.
DANIEL D. CHABRIS,+# Director. Financial Consultant; Assistant
Treasurer of Colt Industries Inc., New York, New York, from 1966 to 1988.
Address: 15 Sterling Road, Armonk, New York. Born: August 1, 1923.
A.D. FRAZIER, JR.*,** Director. Chief Operating Officer of the
Atlanta Committee for the Olympic Games. From 1982 to 1991, Mr. Frazier
was employed in various capacities by First Chicago Bank, most recently as
Executive Vice President of the North American Banking Group. Trustee of
The Global Health Sciences Fund. Director of Magellan Health Services,
Inc. and of Charter Medical Corp. Address: 250 Williams Street, Suite
6000, Atlanta, Georgia. Born: June 23, 1944.
HUBERT L. HARRIS, JR.*, Director. President of INVESCO Services,
Inc. (since January 1990). Director of INVESCO PLC and Chief Financial
Officer of INVESCO Individual Services Group. Member of the Executive
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Committee of the Alumni Board of Trustees of Georgia Institute of
Technology. Address: 1315 Peachtree Street, N.E., Atlanta, Georgia.
Born: July 15, 1943.
KENNETH T. KING,** Director. Formerly, Chairman of the Board of The
Capitol Life Insurance Company, Providence Washington Insurance Company,
and Director of numerous subsidiaries thereof in the U.S. Formerly,
Chairman of the Board of The Providence Capitol Companies in the United
Kingdom and Guernsey. Chairman of the Board of the Symbion Corporation (a
high technology company) until 1987. Address: 4080 North Circulo
Manzanillo, Tucson, Arizona. Born: November 16, 1925.
JOHN W. McINTYRE,# Director. Retired. Formerly, Vice Chairman of
the Board of Directors of The Citizens and Southern Corporation and
Chairman of the Board and Chief Executive Officer of The Citizens and
Southern Georgia Corp. and Citizens and Southern National Bank. Director
of Golden Poultry Co., Inc. Trustee of The Global Health Sciences Fund
and Gables Residential Trust. Address: 7 Piedmont Center, Suite 100,
Atlanta, Georgia. Born: September 14, 1930.
GLEN A. PAYNE, Secretary. Senior Vice President, General Counsel
and Secretary of INVESCO Funds Group, Inc. and INVESCO Trust Company.
Formerly, employee of a U.S. regulatory agency, Washington, D.C., (June
1973 through May 1989.) Born: September 25, 1947.
RONALD L. GROOMS, Treasurer. Senior Vice President and Treasurer of
INVESCO Funds Group, Inc. and INVESCO Trust Company since January 1988.
Born: October 1, 1946.
WILLIAM J. GALVIN, JR., Assistant Secretary. Senior Vice President
of INVESCO Funds Group, Inc. and Trust Officer of INVESCO Trust Company.
Formerly, Vice President of 440 Financial Group from June 1990 to August
1992; Assistant Vice President of Putnam Companies from November 1986 to
June 1990. Born: August 21, 1956.
ALAN I. WATSON, Assistant Secretary. Vice President of INVESCO Funds
Group, Inc. and Trust Officer of INVESCO Trust Company. Born: September
14, 1941.
JUDY P. WIESE, Assistant Treasurer. Vice President of INVESCO Funds
Group, Inc. and Trust Officer of INVESCO Trust Company. Born: February 3,
1948.
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The ninth paragraph of the section of the Fund's Statement of Additional
Information entitled "The Fund and Its Management - Director Compensation" (the
paragraph immediately following footnote 6) is hereby amended to read as
follows:
Messrs. Brady, Harris and Hesser , as "interested persons" of the
Fund and other funds in the INVESCO Complex, receive compensation as
officers or employees of INVESCO or its affiliated companies, and do not
receive any director's fees or other compensation from the Fund or other
funds in the INVESCO Complex for their services as directors. Because of
the possibility that A.D. Frazier, Jr. may become employed by a company
affiliated with INVESCO at some point in the future, he was deemed to be
an "interested person" of the Fund and of the other funds in the INVESCO
Complex effective May 1, 1996. Until such time as Mr. Frazier actually
becomes employed by an INVESCO-affiliated company, however, he will
continue to receive the same director's fees and other compensation as the
Fund's independent directors.
The date of this Supplement is May 1, 1996.
