Invesco-SAI SUP 040116

Statement of Additional Information Supplement dated April 1, 2016

The purpose of this supplement is to provide you with changes to the current Statements of Additional Information for Class A, A2, AX, B, BX, C, CX, P, R, RX, R5, R6, S, Y, Invesco Cash Reserve, Investor Class, Cash Management, Corporate, Institutional, Personal Investment, Private Investment, Reserve and Resource Class shares of the Funds, as applicable, listed below:

Invesco Alternative Strategies Fund Invesco All Cap Market Neutral Fund Invesco American Franchise Fund Invesco American Value 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 Tax-Free Income Fund Invesco Charter Fund Invesco Comstock Fund Invesco Conservative Allocation Fund Invesco Conservative Income Fund Invesco Convertible Securities Fund Invesco Core Plus Bond Fund Invesco Corporate Bond Fund Invesco Developing Markets Fund Invesco Diversified Dividend Fund Invesco Dividend Income Fund Invesco Emerging Markets Flexible Bond Fund Invesco Emerging Markets Equity Fund Invesco Endeavor Fund Invesco Energy 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 Fund Invesco Global Core Equity Fund Invesco Global Growth Fund Invesco Global Health Care Fund Invesco Global Infrastructure Fund Invesco Global Low Volatility Equity Yield Fund Invesco Global Market Neutral Fund Invesco Global Markets Strategy Fund Invesco Global Opportunities Fund Invesco Global Real Estate Fund Invesco Global Real Estate Income Fund Invesco Global Small & Mid Cap Growth Fund Invesco Global Targeted Returns Fund Invesco Gold & Precious Metals Fund Invesco Greater China Fund Invesco Growth Allocation Fund Invesco Growth and Income Fund Invesco High Yield Fund Invesco High Yield Municipal Fund Invesco Income Allocation Fund Invesco Intermediate Term Municipal Income Fund Invesco International Allocation Fund Invesco International Companies Fund Invesco International Core Equity Fund Invesco International Growth Fund Invesco International Small Company Fund Invesco International Total Return Fund Invesco Limited Term Municipal Income Fund Invesco Long/Short Equity Fund Invesco Low Volatility Emerging Markets Fund Invesco Low Volatility Equity Yield Fund Invesco Macro International Equity Fund Invesco Macro Long/Short Fund Invesco Mid Cap Core Equity Fund Invesco Mid Cap Growth Fund Invesco MLP Fund Invesco Moderate Allocation Fund Invesco Money Market Fund Invesco Multi-Asset Inflation Fund Invesco Municipal Income Fund Invesco New York Tax Free Income Fund Invesco Pacific Growth Fund Invesco Pennsylvania Tax Free Income Fund Invesco Premium Income Fund Invesco Real Estate Fund Invesco S&P 500 Index Fund Invesco Select Companies Fund Invesco Select Opportunities Fund Invesco Short Duration High Yield Municipal Fund Invesco Short Duration Inflation Protected Fund Invesco Short Term Bond Fund Invesco Small Cap Discovery Fund Invesco Small Cap Equity Fund Invesco Small Cap Growth Fund Invesco Small Cap Value Fund Invesco Strategic Income Fund Invesco Strategic Real Return Fund Invesco Summit Fund Invesco Tax-Exempt Cash Fund Invesco Technology Fund Invesco Technology Sector Fund Invesco Unconstrained Bond Fund Invesco U.S. Government Fund Invesco U.S. Mortgage Fund Invesco Value Opportunities Fund Government & Agency Portfolio Government TaxAdvantage Portfolio Liquid Assets Portfolio Premier Portfolio Premier Tax-Exempt Portfolio Premier U.S. Government Money Portfolio STIC Prime Portfolio Tax-Free Cash Reserve Portfolio Treasury Portfolio

Effective March 29, 2016, Mss. Sheri Morris, Kelli Gallegos and Tracy Sullivan have been appointed as President, Principal Executive Officer and Treasurer; Vice President, Principal Financial Officer and Assistant Treasurer; and Vice President, Chief Tax Officer and Assistant Treasurer, respectively, of each Fund. Mr. Philip Taylor and Ms. Karen Dunn Kelley have each been appointed Senior Vice President of each Fund.

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The information below with respect to Mr. Philip Taylor and Mss. Sheri Morris and Karen Dunn Kelley replaces the current information in, and the information below with respect to Mss. Kelli Gallegos and Tracy Sullivan is added to, the table under “Appendix C – Trustees and Officers” in the Statement of Additional Information for each Fund.

“Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past 5 years	Number of Funds in Fund Complex Overseen by Trustee	Other Trusteeship(s)/ Directorship Held by Trustee/Director During Past 5 Years
Interested Trustees
Philip A. Taylor2 – 1954 Trustee and Senior Vice President	2006	Head of North American Retail and Senior Managing Director, Invesco Ltd.; Director, Co-Chairman, Co-President and Co-Chief Executive Officer, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Director, Chairman, Chief Executive Officer and President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.) (financial services holding company); Director and Chairman, Invesco Investment Services, Inc. (formerly known as Invesco Aim Investment Services, Inc.) (registered transfer agent) Chief Executive Officer, Invesco Corporate Class Inc. (corporate mutual fund company) Director, Chairman and Chief Executive Officer, Invesco Canada Ltd. (formerly known as Invesco Trimark Ltd./Invesco Trimark Ltèe) (registered investment adviser and registered transfer agent); Trustee and Senior Vice President, The Invesco Funds; Director, Invesco Investment Advisers LLC (formerly known as Van Kampen Asset Management); Director, Chief Executive Officer and President, Van Kampen Exchange Corp. Formerly: President and Principal Executive Officer, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); Executive Vice President, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Funds Group, Inc. (registered investment adviser and registered transfer agent); Director and Chairman, IVZ Distributors, Inc. (formerly known as INVESCO Distributors, Inc.) (registered broker dealer); Director, President and Chairman, Invesco Inc. (holding company), Invesco Canada Holdings Inc. (holding company), Trimark Investments Ltd./Placements Trimark Ltèe and Invesco Financial Services Ltd/Services Financiers Invesco Ltèe; Chief Executive Officer, Invesco Canada Fund Inc (corporate mutual fund company); Director and Chairman, Van Kampen Investor Services Inc.; Director, Chief Executive Officer and President, 1371 Preferred Inc. (holding company) and Van Kampen Investments Inc.; Director and President, AIM GP Canada Inc. (general partner for limited partnerships) and Van Kampen Advisors, Inc.; Director and Chief Executive Officer, Invesco Trimark Dealer Inc. (registered broker dealer); Director, Invesco Distributors, Inc. (formerly known	146	None

²  Mr. Taylor is considered an interested person (within the meaning of Section 2(a)(19) of the 1940 Act) of the Fund because he is an officer and a director of the Adviser.

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		as Invesco Aim Distributors, Inc.) (registered broker dealer); Manager, Invesco PowerShares Capital Management LLC; Director, Chief Executive Officer and President, Invesco Advisers, Inc.; Director, Chairman, Chief Executive Officer and President, Invesco Aim Capital Management, Inc.; President, Invesco Trimark Dealer Inc. and Invesco Trimark Ltd./Invesco Trimark Ltèe; Director and President, AIM Trimark Corporate Class Inc. and AIM Trimark Canada Fund Inc.; Senior Managing Director, Invesco Holding Company Limited; Director and Chairman, Fund Management Company (former registered broker dealer); President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only); President, AIM Trimark Global Fund Inc. and AIM Trimark Canada Fund Inc.
Officers
Name, Year of Birth and Position(s) Held with the Trust	Trustee and/or Officer Since	Principal Occupation(s) During Past Five Years	Number of Funds in Fund Complex Overseen by Trustee	Other Trusteeships(s)/ Directorships Held by Trustee/Director During Past 5  Years
Sheri Morris – 1964 President, Principal Executive Officer and Treasurer	1999	President, Principal Executive Officer and Treasurer, The Invesco Funds; Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); and Vice President, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Vice President and Principal Financial Officer, The Invesco Funds; Vice President, Invesco Aim Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; Assistant Vice President and Assistant Treasurer, The Invesco Funds and Assistant Vice President, Invesco Advisers, Inc., Invesco Aim Capital Management, Inc. and Invesco Aim Private Asset Management, Inc.; and Treasurer, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust and PowerShares Actively Managed Exchange-Traded Fund Trust	N/A	N/A
Karen Dunn Kelley – 1960 Senior Vice President	2004	Senior Managing Director, Investments, Invesco Ltd.; Director, Co-President, Co-Chief Executive Officer, and Co-Chairman, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Chairman and Director, Invesco Senior Secured Management, Inc.; Senior Vice President, Invesco Management Group, Inc. (formerly known as Invesco Aim Management Group, Inc.); Executive Vice President, Invesco Distributors, Inc. (formerly known as Invesco Aim Distributors, Inc.); Director, Invesco Mortgage Capital Inc. and Invesco Management Company Limited; Senior Vice	N/A	N/A

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		President, The Invesco Funds Formerly: Vice President, The Invesco Funds (other than AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust); and President and Principal Executive Officer, The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), Short-Term Investments Trust and Invesco Management Trust only); Director and President, INVESCO Asset Management (Bermuda) Ltd., Director, INVESCO Global Asset Management Limited and INVESCO Management S.A.; Senior Vice President, Van Kampen Investments Inc. and Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.) (registered investment adviser); Vice President, Invesco Advisers, Inc. (formerly known as Invesco Institutional (N.A.), Inc.); Director of Cash Management and Senior Vice President, Invesco Advisers, Inc. and Invesco Aim Capital Management, Inc.; Director and President, Fund Management Company; Chief Cash Management Officer, Director of Cash Management, Senior Vice President, and Managing Director, Invesco Aim Capital Management, Inc.; Director of Cash Management, Senior Vice President, and Vice President, Invesco Advisers, Inc. and The Invesco Funds (AIM Treasurer’s Series Trust (Invesco Treasurer’s Series Trust), and Short-Term Investments Trust only)
Kelli Gallegos – 1970 Vice President, Principal Financial Officer and Assistant Treasurer	2008	Vice President, Principal Financial Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A
Tracy Sullivan – 1962 Vice President, Chief Tax Officer and Assistant Treasurer	2008	Vice President, Chief Tax Officer and Assistant Treasurer, The Invesco Funds; Assistant Treasurer, Invesco PowerShares Capital Management LLC, PowerShares Exchange-Traded Fund Trust, PowerShares Exchange-Traded Fund Trust II, PowerShares India Exchange-Traded Fund Trust, PowerShares Actively Managed Exchange-Traded Fund Trust, and PowerShares Actively Managed Exchange-Traded Commodity Fund Trust Formerly: Assistant Vice President, The Invesco Funds	N/A	N/A”

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