INVESCO SPECIALTY FUNDS, INC.
INVESCO Asian Growth Fund
INVESCO European Small Company Fund
INVESCO Latin American Growth Fund
INVESCO Realty Fund
INVESCO S&P 500 Index Fund
INVESCO Worldwide Capital Goods Fund
INVESCO Worldwide Communications Fund
Supplement to Prospectuses dated December 1, 1997
On January 2, 1998, all employees of the INVESCO Worldwide Capital Goods and
INVESCO Worldwide Communications Funds' sub-adviser, INVESCO Trust Company
("INVESCO Trust"), that provided the Funds with sub-advisory services were made
employees of the Funds' investment adviser, INVESCO Funds Group, Inc. ("IFG").
INVESCO Trust is a wholly-owned subsidiary of IFG. Effective February 3, 1998,
INVESCO Trust no longer provides sub-advisory services to the Funds, and IFG
provides such day-to-day portfolio management services as the investment adviser
to the Funds. This change in no way changes the basis upon which investment
advice is provided to the Funds, the cost of those services to the Funds, or the
persons actually performing the investment advisory and other services
previously provided by INVESCO Trust. Consequently, all references to INVESCO
Trust Company in the Prospectus should be deleted.
The Section of the Asian Growth Fund's Prospectus entitled "Investment Objective
And Policies" is amended to (1) delete the last sentence of the first paragraph
and (2) insert the following sentence in its place:
While more than 50% of the Fund's total assets on occasion may be
invested in securities of Asian Issuers domiciled in, or with primary
operations in, a single country, Fund Management does not normally intend
to manage the Fund's investments with the view of investing more than 50%
of the Fund's total assets in securities of Asian Issuers domiciled in, or
with primary operations in, any one particular country.
The Section of the Asian Growth Fund's Prospectus entitled "The Fund and
Its Management" is amended to (1)delete the tenth paragraph and (2) insert the
following new paragraph in its place:
Out of its advisory fee which it receives from the Fund, IFG pays
INVESCO Asia, as sub-adviser to the Fund, a monthly fee, which is computed
at the following annual rates: prior to January 1, 1998, 0.375% on the
first $500 million of the Fund's average net assets, 0.325% on the next
$500 million of the Fund's average net assets and 0.275% on the Fund's
average net assets in excess of $1 billion; and effective January 1, 1998,
0.25% on the first $500 million of the Fund's average net assets, 0.2167%
on the next $500 million of the Fund's average net assets, and 0.1833% on
the Fund's average net assets in excess of $1 billion. No fee is paid by
the Fund to INVESCO Asia.
The Section of the European Small Company Fund's Prospectus entitled "The Fund
and Its Management is amended to (1) delete the eleventh paragraph and (2)
insert the following new paragraph in its place:
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Out of its advisory fee which it receives from the Fund, IFG pays
IAML, as sub-adviser to the Fund, a monthly fee, which is computed at the
following annual rates: prior to January 1, 1998, 0.375% on the first $500
million of the Fund's average net assets, 0.325% on the next $500 million
of the Fund's average net assets and 0.275% on the Fund's average net
assets in excess of $1 billion; and effective January 1, 1998, 0.25% on
the first $500 million of the Fund's average net assets, 0.2167% on the
next $500 million of the Fund's average net assets, and 0.1833% on the
Fund's average net assets in excess of $1 billion. No fee is paid by the
Fund to IAML.
The Section of the Latin American Growth Fund's Prospectus entitled "The Fund
and Its Management" is amended to (1) delete the eleventh paragraph and (2)
insert the following new paragraph in its place:
Out of its advisory fee which it receives from the Fund, IFG pays
IAML, as sub-adviser to the Fund, a monthly fee, which is computed at the
following annual rates: prior to January 1, 1998, 0.375% on the first $500
million of the Fund's average net assets, 0.325% on the next $500 million
of the Fund's average net assets and 0.275% on the Fund's average net
assets in excess of $1 billion; and effective January 1, 1998, 0.25% on
the first $500 million of the Fund's average net assets, 0.2167% on the
next $500 million of the Fund's average net assets, and 0.1833% on the
Fund's average net assets in excess of $1 billion. No fee is paid by the
Fund to IAML.
The Section of the Realty Fund's Prospectus entitled "The Fund and Its
Management" is amended to (1) delete the fifth paragraph and (2) insert the
following new paragraph in its place:
The Fund pays IFG a monthly management fee which is based upon a
percentage of the Fund's average net assets determined daily. The
management fee is computed at the annual rate of 0.75% of the Fund's
average net assets. Out of this advisory fee, IFG pays IRAI, as
sub-adviser to the Fund, an amount computed at the following annual rates:
prior to January 1, 1998, 0.30% of the Fund's average net assets, and
effective January 1, 1998, 0.25% of the Fund's average net assets. No fee
is paid by the Fund to IRAI.
The Section of the S&P 500 Index Fund's Prospectus entitled "The Fund and
Its Management" is amended to (1) delete the seventh paragraph and (2) insert
the following new paragraph in its place:
The Fund pays IFG a monthly management fee which is based upon a
percentage of the Fund's average net assets determined daily. The
management fee is computed at the annual rate of 0.25% of the Fund's
average net assets. Out of this advisory fee, IFG pays World, as sub-
adviser to the Fund, an amount computed at the following annual rates:
0.07% on the first $10 million of the Fund's average net assets, 0.05% on
the next $40 million of the Fund's average net assets, and 0.03% on the
Fund's average net assets in excess of $50 million. No fee is paid by the
Fund to World.
This Supplement supersedes the Supplement dated December 31, 1997.
The date of this Supplement is February 3, 1998.
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INVESCO SPECIALTY FUNDS, INC.
Supplement to Statement of Additional Information
dated December 1, 1997
On January 2, 1998, all employees of the INVESCO Capital Goods and INVESCO
Communications Funds' (the "Funds") sub-adviser, INVESCO Trust Company ("INVESCO
Trust"), that provided the Funds with sub-advisory services were made employees
of the Funds' investment adviser, INVESCO Funds Group, Inc. ("IFG"). INVESCO
Trust is a wholly-owned subsidiary of IFG. Effective February 3, 1998, INVESCO
Trust no longer provides sub-advisory services to the Funds, and IFG provides
such day-to-day portfolio management services as the investment adviser to the
Funds. This change in no way changes the basis upon which investment advice is
provided to the Funds, the cost of those services to the Funds, or the persons
actually performing the investment advisory and other services previously
provided by INVESCO Trust. Consequently, all references to INVESCO Trust Company
in the Statement of Additional Information should be deleted.
In addition, the Section of the above Company's Statement of Additional
Information entitled "The Funds and Their Management - Sub-Advisory Agreement"
is amended to (1) delete the seventh paragraph and (2) substitute the following
new paragraph in its place:
The European Small Company and Latin American Growth Sub- Agreement
provides that as compensation for its services, IAML shall receive from
IFG, at the end of each month, a fee based upon the average daily value of
the European Small Company Fund's and Latin American Growth Fund's net
assets at the following annual rates: prior to January 1, 1998, 0.375% on
the first $500 million of each Fund's average net assets, 0.325% on the
next $500 million of each Fund's average net assets and 0.275% on each
Fund's average net assets in excess of $1 billion; and effective January
1, 1998, 0.25% on the first $500 million of each Fund's average net
assets, 0.2167% on the next $500 million of each Fund's average net assets
and 0.1833% on each Fund's average net assets in excess of $1 billion. The
Asian Growth Sub-Agreement provides that as compensation for its services,
INVESCO Asia shall receive from IFG, at the end of each month, a fee based
upon the average daily value of the Asian Growth Fund's net assets at the
following annual rates: prior to January 1, 1998, 0.375% on the first $500
million of the Fund's average net assets, 0.325% on the next $500 million
of the Fund's average net assets and 0.275% on the Fund's average net
assets in excess of $1 billion; and effective January 1, 1998, 0.25% on
the first $500 million of the Fund's average net assets, 0.2167% on the
next $500 million of the Fund's average net assets and 0.1833% on the
Fund's average net assets in excess of $1 billion. The Realty
Sub-Agreement provides that, as compensation for its services, IRAI shall
receive from IFG, at the end of each month, a fee based upon the average
daily value of the Realty Fund's net assets at the following annual rates:
prior to January 1, 1998, 0.30% of the Fund's average daily net assets and
effective January 1, 1998, 0.25% on the Fund's average daily net assets.
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The S&P 500 Index Fund Sub- Agreement provides that as compensation for
its services, World shall receive from IFG, at the end of each month, a
fee based upon the average daily value of the S&P 500 Index Fund's net
assets at the rate of 0.07% on the first $10 million of the Fund's average
net assets, 0.05% on the next $40 million of the Fund's average net assets
and 0.03# on the Fund's average net assets in excess of $50 million.
This Supplement supersedes the Supplement dated December 31, 1997.
The date of this supplement is February 3, 1998.
