INVESCO Industrial Income Fund, Inc.
Supplement to Prospectus dated November 1, 1997
The Section of the above Fund's Prospectus entitled "Investment
Policies and Risks--Debt Securities" is amended to (1) delete the third
paragraph, and (2) substitute the following paragraph in its place:
For the fiscal year ended June 30, 1997, the following
percentages of the Fund's total net assets were invested in corporate
bonds rated investment grade by Moody's or S&P at the time they were
purchased: Aaa--0.00%; Aa--0.05%; A-- 0.48%; and Baa--1.33%, and the
following percentages were invested in corporate bonds rated below
investment grade at the time of purchase: Ba--2.64%; B--4.00%;
C--0.38%; and D--0.00%. Finally, 0.23% of total net assets were
invested in unrated corporate bonds. All of these percentages were
determined on a dollar-weighted basis, calculated by averaging the
Fund's month-end portfolio holdings during the fiscal year. Keep in
mind that the Fund's holdings are actively traded, and bond ratings are
occasionally adjusted by ratings services, so these figures do not
represent the Fund's actual holdings or quality ratings as of June 30,
1997.
The date of this Supplement is December 8, 1997.
