Statutory Prospectus Supplement dated December 3, 2020

The purpose of this supplement is to provide you with changes to the current Statutory Prospectus for the Funds listed below:

Invesco Active Allocation Fund

Invesco Advantage International Fund

Invesco All Cap Market Neutral Fund

Invesco American Franchise Fund

Invesco American Value Fund

Invesco AMT-Free Municipal Income Fund

Invesco Asia Pacific Growth Fund

Invesco Balanced-Risk Allocation Fund

Invesco Balanced-Risk Commodity Strategy Fund

Invesco Balanced-Risk Retirement 2020 Fund

Invesco Balanced-Risk Retirement 2030 Fund

Invesco Balanced-Risk Retirement 2040 Fund

Invesco Balanced-Risk Retirement 2050 Fund

Invesco Balanced-Risk Retirement Now Fund

Invesco California Municipal Fund

Invesco Capital Appreciation Fund

Invesco Charter Fund

Invesco Comstock Fund

Invesco Comstock Select Fund

Invesco Conservative Income Fund – Class A, Class Y and Class R6

Invesco Convertible Securities Fund

Invesco Core Bond Fund

Invesco Core Plus Bond Fund

Invesco Corporate Bond Fund

Invesco Developing Markets Fund

Invesco Discovery Fund

Invesco Discovery Mid Cap Growth Fund

Invesco Diversified Dividend Fund

Invesco Dividend Income Fund

Invesco Emerging Markets All Cap Fund

Invesco Emerging Markets Innovators Fund

Invesco Emerging Markets Local Debt Fund

Invesco Emerging Markets Select Equity Fund

Invesco Endeavor Fund

Invesco Energy Fund

Invesco Environmental Focus Municipal Fund

Invesco Equally-Weighted S& P 500 Fund

Invesco Equity and Income Fund

Invesco European Growth Fund

Invesco European Small Company Fund

Invesco Floating Rate ESG Fund

Invesco Fundamental Alternatives Fund

Invesco Global Allocation Fund

Invesco Global Core Equity Fund

Invesco Global Focus Fund

Invesco Global Fund

Invesco Global Growth Fund

Invesco Global Infrastructure Fund

Invesco Global Low Volatility Equity Yield Fund

Invesco Global Opportunities Fund

Invesco Global Real Estate Fund

Invesco Global Real Estate Income Fund

Invesco Global Strategic Income Fund

Invesco Global Targeted Returns Fund

Invesco Gold & Special Minerals Fund

Invesco Government Money Market Fund

Invesco Greater China Fund

Invesco Growth and Income Fund

Invesco Health Care Fund

Invesco High Yield Bond Factor Fund

Invesco High Yield Fund

Invesco High Yield Municipal Fund

Invesco Income Allocation Fund

Invesco Income Fund

Invesco Intermediate Bond Factor Fund

Invesco Intermediate Term Municipal Income Fund

Invesco International Bond Fund

Invesco International Core Equity Fund

Invesco International Diversified Fund

Invesco International Equity Fund

Invesco International Growth Fund

Invesco International Select Equity Fund

Invesco International Small Company Fund

Invesco International Small-Mid Company Fund

Invesco Limited Term California Municipal Fund

Invesco Limited Term Municipal Income Fund

Invesco Low Volatility Equity Yield Fund

Invesco Macro Allocation Strategy Fund

Invesco Main Street All Cap Fund®

Invesco Main Street Fund®

Invesco Main Street Mid Cap Fund®

Invesco Main Street Small Cap Fund®

Invesco Master Event-Linked Bond Fund

Invesco Master Loan Fund

Invesco MSCI World SRI Index Fund

Invesco Multi-Asset Income Fund

Invesco Municipal Income Fund

Invesco NASDAQ 100 Index Fund

Invesco New Jersey Municipal Fund

Invesco Oppenheimer International Growth Fund

Invesco Pacific Growth Fund

Invesco Peak Retirement™ 2015 Fund

Invesco Peak Retirement™ 2020 Fund

Invesco Peak Retirement™ 2025 Fund

Invesco Peak Retirement™ 2030 Fund

Invesco Peak Retirement™ 2035 Fund

Invesco Peak Retirement™ 2040 Fund

Invesco Peak Retirement™ 2045 Fund

Invesco Peak Retirement™ 2050 Fund

Invesco Peak Retirement™ 2055 Fund

Invesco Peak Retirement™ 2060 Fund

Invesco Peak Retirement™ 2065 Fund

Invesco Peak Retirement™ Now Fund

Invesco Pennsylvania Municipal Fund

Invesco Premier Portfolio – Investor Class

Invesco Premier Tax-Exempt Portfolio – Investor Class

Invesco Premier U.S. Government Money Portfolio – Investor Class

Invesco Quality Income Fund

Invesco Real Estate Fund

Invesco Rising Dividends Fund

Invesco Rochester® AMT-Free New York Municipal Fund

Invesco Rochester® Limited Term New York Municipal Fund

Invesco Rochester® Municipal Opportunities Fund

Invesco Rochester® New York Municipals Fund

Invesco S&P 500 Index Fund

Invesco Select Companies Fund

Invesco Select Opportunities Fund

Invesco Select Risk: Conservative Investor Fund

Invesco Select Risk: Growth Investor Fund

Invesco Select Risk: High Growth Investor Fund

Invesco Select Risk: Moderate Investor Fund

Invesco Select Risk: Moderately Conservative Investor Fund

Invesco Senior Floating Rate Fund

Invesco Senior Floating Rate Plus Fund

Invesco Short Duration High Yield Municipal Fund

Invesco Short Duration Inflation Protected Fund

Invesco Short Term Bond Fund

Invesco Short Term Municipal Fund

Invesco Small Cap Equity Fund

Invesco Small Cap Growth Fund

Invesco Small Cap Value Fund

Invesco SteelPath MLP Alpha Fund

Invesco SteelPath MLP Alpha Plus Fund

Invesco SteelPath MLP Income Fund

Invesco SteelPath MLP Select 40 Fund

Invesco Summit Fund

Invesco Technology Fund

Invesco U.S. Government Money Portfolio

Invesco U.S. Managed Volatility Fund

Invesco Value Opportunities Fund

Invesco World Bond Factor Fund    

This supplement amends the Statutory Prospectus for each of the above referenced funds (the “Funds”) and is in addition to any other supplement(s), unless otherwise specified. You should read this supplement in conjunction with the Statutory Prospectus and retain it for future reference.

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Effective immediately:

1. The following information replaces in its entirety the first paragraph under the heading “Shareholder Account Information – Exchanging Shares - Excessive Short-Term Trading Activity (Market Timing) Disclosures” in the prospectus for each Fund:

While the Funds provide their shareholders with daily liquidity, their investment programs are designed to serve long-term investors and are not designed to accommodate excessive short-term trading activity in violation of our policies described below. Excessive short-term trading activity in the Funds’ shares (i.e., a purchase of Fund shares followed shortly thereafter by a redemption of such shares, or vice versa) may hurt the long-term performance of certain Funds by requiring them to maintain an excessive amount of cash or to liquidate portfolio holdings at a disadvantageous time, thus interfering with the efficient management of such Funds by causing them to incur increased brokerage and administrative costs. Where excessive short-term trading activity seeks to take advantage of arbitrage opportunities from stale prices for portfolio securities, the value of Fund shares held by long-term investors may be diluted. The Board has adopted policies and procedures designed to discourage excessive or short-term trading of Fund shares for all Funds except the money market funds, Invesco Conservative Income Fund and Invesco Short Term Municipal Fund. However, there is the risk that these Funds’ policies and procedures will prove ineffective in whole or in part to detect or prevent excessive or short-term trading. These Funds may alter their policies at any time without prior notice to shareholders if the Adviser believes the change would be in the best interests of long-term shareholders.

2. The following information is added at the end of the section under the heading “Shareholder Account Information – Exchanging Shares - Excessive Short-Term Trading Activity (Market Timing) Disclosures” in the prospectus for each Fund:

Invesco Short Term Municipal Fund. The Board of Invesco Short Term Municipal Fund has not adopted any policies and procedures that would limit frequent purchases and redemptions of such Fund’s shares. The Board of Invesco Short Term Municipal Fund considered the risks of not having a specific policy that limits frequent purchases and redemptions, and determined that those risks were minimal, especially in light of the reasons for not having such a policy as described below. Nonetheless, to the extent that the Fund must maintain additional cash and/or securities with short-term durations in greater amounts than may otherwise be required or borrow to honor redemption requests, the Fund’s yield could be negatively impacted.

The Board of Invesco Short Term Municipal Fund does not believe that it is appropriate to adopt any such policies and procedures for the Fund for the following reasons:

■ The Fund is designed to address the needs of retail investors who seek liquidity in their investment and seek the ability to purchase and redeem shares at any time.

■ Any policy that diminishes the ability of shareholders to purchase and redeem shares of the Fund will be detrimental to the continuing operations of the Fund.

■ The Fund generally invests in short duration liquid investment grade municipal securities.

Excessive trading activity in the Fund’s shares may cause the Fund to incur increased brokerage and administrative costs. The Fund and its agent reserve the right at any time to reject or cancel any part of any purchase order. This could occur if the Fund determines that such purchase may disrupt the Fund’s operation or performance.

3. The following information replaces in its entirety the last paragraph under the heading “Shareholder Account Information – Exchanging Shares - Excessive Short-Term Trading Activity (Market Timing) Disclosures – Purchase Blocking Policy” in the prospectus for each Fund:

The purchase blocking policy does not apply to Invesco Conservative Income Fund, Invesco Short Term Municipal Fund, Invesco Government Money Market Fund, Invesco Premier Portfolio, Invesco Premier Tax-Exempt Portfolio, Invesco Premier U.S. Government Money Portfolio and Invesco U.S. Government Money Portfolio.

Effective December 4, 2020:

4. The following information replaces in its entirety the information regarding purchases made through an Edward Jones platform or account under the heading “Shareholder Account Information – Initial Sales Charges (Class A Shares Only) – Class A Shares Sold Without an Initial Sales Charge – Waivers Available Through Certain Financial Intermediaries and Other Financial Intermediary-Specific Arrangements” in the prospectus for each Fund:

Edward D. Jones & Co., L.P. (“Edward Jones”)

Policies Regarding Transactions Through Edward Jones

The following information has been provided by Edward Jones:

Effective on or after December 4, 2020, the following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Shareholders purchasing Fund shares through the Edward Jones

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commission and fee-based platforms will be eligible for the following load waivers (front- end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Fund's prospectus or statement of additional information ("SAI"). In all instances, it is the shareholder's responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Invesco Funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

■ Front-end sales load waivers on Class A shares available at Edward Jones

■ Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate's life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones' policies and procedures.

■ Shares purchased in an Edward Jones fee-based program.

■ Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

■ Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account.

■ Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

■ Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

■ CDSC Waivers on Classes A and C shares available at Edward Jones

■ Death or disability of the shareholder.

■ Systematic withdrawals with up to 10% per year of the account value.

■ Return of excess contributions from an Individual Retirement Account (IRA).

■ Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches the qualified age based on applicable IRS regulations.

■ Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

■ Shares exchanged in an Edward Jones fee-based program.

■ Shares acquired through NAV reinstatement.

■ Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

■ Front-end load discounts available at Edward Jones: Breakpoints, Rights of Accumulation & Letters of Intent

■ Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.

■ Rights of Accumulation ("ROA") which entitles the shareholder to the applicable sales charge on a purchase of Class A shares will be determined by taking into account all share classes (except any assets held in group retirement plans) of Invesco Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations ("pricing groups"). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation.

■ The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

■ ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

■ Letters of Intent ("LOI") allow shareholders to receive sales charge and breakpoint discounts for purchases shareholders intend to make over a 13- month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

■ If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

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Other Important Information Regarding Transactions Through Edward Jones

Minimum Purchase Amounts

■ Initial purchase minimum: $250

■ Subsequent purchase minimum: none

Minimum Balances

■ Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

■ A fee-based account held on an Edward Jones platform

■ A 529 account held on an Edward Jones platform

■ An account with an active systematic investment plan or letter of intent (LOI)

Exchanging Share Classes

■ At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder's holdings in a fund to Class A shares of the same fund.

Effective January 11, 2021:

5. The following information replaces the table in the section under the heading “Shareholder Account Information – Choosing a Share Class” in the prospectus for each Fund:

Share Classes
Class A	Class C	Class R	Class Y	Class R5 and R6
■  Initial sales charge which may be waived or reduced1	■  No initial sales charge	■  No initial sales charge	■  No initial sales charge	■  No initial sales charge
■  CDSC on certain redemptions1	■  CDSC on redemptions within one year3	■  No CDSC	■  No CDSC	■  No CDSC
■  12b-1 fee of up to 0.25%2	■  12b-1 fee of up to 1.00%4	■  12b-1 fee of up to 0.50%	■  No 12b-1 fee	■  No 12b-1 fee
	■  Investors may only open an account to purchase Class C shares if they have appointed a financial intermediary. This restriction does not apply to Employer Sponsored Retirement and Benefit Plans.	■  Does not convert to Class A shares	■  Does not convert to Class A shares	■  Does not convert to Class A shares
	■  Purchase maximums apply	■  Intended for Retirement and Benefit Plans		■  Special eligibility requirements and investment minimums apply (see “Share Class Eligibility – Class R5 and R6 shares” below)

6. The following information replaces in its entirety in the section under the heading “Shareholder Account Information – Share Class Eligibility – Class R Shares” in the prospectus for each Fund:

Class R shares are intended for Retirement and Benefit Plans. If you received Class R shares as a result of a merger or reorganization of a predecessor fund into any of the Funds, you will be permitted to make additional Class R share purchases.

Effective January 15, 2021:

7. The following information replaces in its entirety the information regarding purchases made through an Ameriprise Financial platform or account under the heading “Shareholder Account Information – Initial Sales Charges (Class A Shares Only) – Class A Shares Sold Without an Initial Sales Charge – Waivers Available Through Certain Financial Intermediaries and Other Financial Intermediary-Specific Arrangements” in the prospectus for each Fund:

Ameriprise Financial

The following information applies to Class A shares purchases if you have an account with or otherwise purchase Fund shares through Ameriprise Financial:

Shareholders purchasing Fund shares through an Ameriprise Financial retail brokerage account will be eligible for the following front-end sales charge waivers, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI.

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■ Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

■ Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family).

■ Shares exchanged from Class C shares of the same fund in the month of or following the 7-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares or conversion of Class C shares following a shorter holding period, that waiver will apply.

■ Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

■ Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

■ Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement).

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