
Statutory Prospectus Supplement dated October 7, 2011 The purpose of this supplement is to provide you with changes to the current Statutory Prospectuses for Classes A, A2, A5, B, B5, C, C5, P, R, R5, S, Y, Invesco Cash Reserve and Investor class shares (the “Retail Classes”) and Institutional class shares of the Funds listed below: 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 Capital Development Fund Invesco Charter Fund Invesco China Fund Invesco Commodities Strategy Fund Invesco Constellation Fund Invesco Convertible Securities Fund Invesco Core Plus Bond Fund Invesco Disciplined Equity Fund Invesco Developing Markets Fund Invesco Diversified Dividend Fund Invesco Dynamics Fund Invesco Emerging Markets Equity Fund Invesco Emerging Market Local Currency Debt Fund Invesco Endeavor Fund Invesco Energy Fund Invesco Equally-Weighted S&P 500 Fund Invesco European Growth Fund Invesco European Small Company Fund Invesco Floating Rate Fund Invesco Global Advantage Fund Invesco Global Core Equity Fund Invesco Global Equity Fund Invesco Global Growth Fund Invesco Global Health Care Fund Invesco Global Real Estate Fund Invesco Global Real Estate Income Fund Invesco Global Small & Mid Cap Growth Fund Invesco Gold & Precious Metals Fund Invesco Growth Allocation Fund Invesco High Income Municipal Fund Invesco High Yield Fund Invesco High Yield Securities Fund Invesco Income Allocation Fund Invesco International Allocation Fund Invesco International Core Equity Fund Invesco International Growth Fund Invesco International Small Company Fund Invesco International Total Return Fund Invesco Leisure Fund Invesco Limited Maturity Treasury Fund Invesco Mid Cap Core Equity Fund Invesco Moderate Allocation Fund Invesco Moderately Conservative Allocation Fund Invesco Money Market Fund Invesco Municipal Bond Fund Invesco Pacific Growth Fund Invesco Real Estate Fund Invesco S&P 500 Index Fund Invesco Short Term Bond Fund Invesco Small Cap Equity Fund Invesco Small Cap Growth Fund Invesco Small Companies Fund Invesco Structured Core Fund Invesco Summit Fund Invesco Tax-Exempt Cash Fund Invesco Tax-Free Intermediate Fund Invesco Technology Fund Invesco Technology Sector Fund Invesco U.S. Government Fund Invesco U.S. Mid Cap Value Fund Invesco Utilities Fund Invesco Value Fund Invesco Van Kampen American Franchise Fund Invesco Van Kampen American Value Fund Invesco Van Kampen Comstock Fund Invesco Van Kampen Corporate Bond Fund Invesco Van Kampen Equity and Income Fund Invesco Van Kampen Growth and Income Fund Invesco Van Kampen High Yield Municipal Fund Invesco Van Kampen Intermediate Term Municipal Income Fund Invesco Van Kampen Leaders Fund Invesco Van Kampen Mid Cap Growth Fund Invesco Van Kampen Municipal Income Fund Invesco Van Kampen New York Tax Free Income Fund Invesco Van Kampen Pennsylvania Tax Free Income Fund Invesco Van Kampen Small Cap Growth Fund Invesco Van Kampen Small Cap Value Fund Invesco Van Kampen U.S. Mortgage Fund Invesco Van Kampen Value Opportunities Fund Premier Portfolio Premier Tax-Exempt Portfolio Premier U.S. Government Money Portfolio Effective January 1, 2012, the Invesco and Invesco Van Kampen Funds (the “Funds”) will eliminate the 2% redemption fees (“Redemption Fees”), if applicable, assessed on shares of the Funds redeemed or exchanged within 31 days of purchase. Effective January 1, 2012, the “Redemption/Exchange Fee”, if applicable, listed in the “Shareholder Fees” table in each Fund’s prospectus is hereby revised to show 0.00% for each share Class, and all remaining references in the prospectus to Redemption Fees are removed. On that date, the Funds also will eliminate the limit on the number of exchanges in the Funds (“Exchange Limits”), generally set to four exchanges out of a Fund per calendar year, and all references in each Fund’s prospectus to Exchange Limits are removed. To limit the negative effects of excessive trading in the Funds, the Funds (except those listed below) will implement a “purchase blocking policy” as described below. Also effective January 1, 2012, for any of the Retail Classes, the Reinstatement Privilege is suspended for the period of time in which a purchase block is in place on a shareholder’s account. “Purchase Blocking Policy. The Funds (except those listed below) have adopted a policy under which any shareholder redeeming shares having a value of $5,000 or more from a Fund on any trading day will be precluded from investing in that Fund for 30 calendar days after the redemption transaction date. The policy applies to redemptions and purchases that are part of exchange transactions. Under the purchase blocking policy, certain purchases will not be prevented and certain redemptions will not trigger a purchase block, such as: purchases and redemptions of shares having a value of less than $5,000; systematic purchase, redemption and exchange account options; transfers of shares within the same Fund; non-discretionary rebalancing in fund-of-funds; asset allocation features; fee-based accounts; account maintenance fees; small balance account fees; plan-level omnibus retirement plans or employee benefit plans; death and disability and hardship distributions; loan transactions; transfers of assets; retirement plan rollovers; IRA conversions and re-characterizations; and mandatory distributions from retirement accounts. The Funds reserve the right to modify any of the parameters (including those not listed above) of the purchase blocking policy at any time. Further the purchase blocking policy may be waived with respect to specific shareholder accounts in those instances where Invesco Advisers, Inc. (“Invesco”) determines that its surveillance procedures are adequate to detect frequent trading in Fund shares. To the extent that certain systems or intermediaries (such as investment dealers holding shareholder accounts in street name, retirement plan record keepers, insurance company separate accounts and bank trust companies) are unable to apply the purchase blocking policy, Invesco will work with those system providers or intermediaries to apply their own procedures, provided that Invesco believes the procedures are reasonably designed to enforce the frequent trading policies of the Funds. You should refer to disclosures provided by the intermediaries with which you have an account to determine the specific trading restrictions that apply to you. If Invesco identifies any activity that may constitute frequent trading, it reserves the right to contact the intermediary and request that the intermediary either provide information regarding an account owner’s transactions or restrict the account owner’s trading. There is no guarantee that all instances of frequent trading in fund shares will be prevented. The purchase blocking policy does not apply to Invesco Money Market Fund, Invesco Tax-Exempt Cash Fund, Premier Portfolio, Premier Tax-Exempt Portfolio and Premier U.S. Government Money Portfolio.”

Statutory Prospectus Supplement dated October 7, 2011

The purpose of this supplement is to provide you with changes to the current Statutory Prospectuses for Classes A, A2, A5, B, B5, C, C5, P, R, R5, S, Y, Invesco Cash Reserve and Investor class shares (the “Retail Classes”) and Institutional class shares of the Funds listed below:

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 Capital Development Fund
Invesco Charter Fund
Invesco China Fund
Invesco Commodities Strategy Fund
Invesco Constellation Fund
Invesco Convertible Securities Fund
Invesco Core Plus Bond Fund
Invesco Disciplined Equity Fund
Invesco Developing Markets Fund
Invesco Diversified Dividend Fund
Invesco Dynamics Fund
Invesco Emerging Markets Equity Fund
Invesco Emerging Market Local Currency Debt Fund
Invesco Endeavor Fund
Invesco Energy Fund
Invesco Equally-Weighted S&P 500 Fund
Invesco European Growth Fund
Invesco European Small Company Fund
Invesco Floating Rate Fund
Invesco Global Advantage Fund
Invesco Global Core Equity Fund

Invesco Global Equity Fund
Invesco Global Growth Fund
Invesco Global Health Care Fund
Invesco Global Real Estate Fund
Invesco Global Real Estate Income Fund
Invesco Global Small & Mid Cap Growth Fund
Invesco Gold & Precious Metals Fund
Invesco Growth Allocation Fund
Invesco High Income Municipal Fund
Invesco High Yield Fund
Invesco High Yield Securities Fund
Invesco Income Allocation Fund
Invesco International Allocation Fund
Invesco International Core Equity Fund
Invesco International Growth Fund
Invesco International Small Company Fund
Invesco International Total Return Fund
Invesco Leisure Fund
Invesco Limited Maturity Treasury Fund
Invesco Mid Cap Core Equity Fund
Invesco Moderate Allocation Fund
Invesco Moderately Conservative Allocation Fund
Invesco Money Market Fund
Invesco Municipal Bond Fund
Invesco Pacific Growth Fund
Invesco Real Estate Fund
Invesco S&P 500 Index Fund
Invesco Short Term Bond Fund
Invesco Small Cap Equity Fund
Invesco Small Cap Growth Fund
Invesco Small Companies Fund
Invesco Structured Core Fund
Invesco Summit Fund
Invesco Tax-Exempt Cash Fund

Invesco Tax-Free Intermediate Fund
Invesco Technology Fund
Invesco Technology Sector Fund
Invesco U.S. Government Fund
Invesco U.S. Mid Cap Value Fund
Invesco Utilities Fund
Invesco Value Fund
Invesco Van Kampen American Franchise Fund
Invesco Van Kampen American Value Fund
Invesco Van Kampen Comstock Fund
Invesco Van Kampen Corporate Bond Fund
Invesco Van Kampen Equity and Income Fund
Invesco Van Kampen Growth and Income Fund
Invesco Van Kampen High Yield Municipal Fund
Invesco Van Kampen Intermediate Term Municipal Income Fund
Invesco Van Kampen Leaders Fund
Invesco Van Kampen Mid Cap Growth Fund
Invesco Van Kampen Municipal Income Fund
Invesco Van Kampen New York Tax Free Income Fund
Invesco Van Kampen Pennsylvania Tax Free Income Fund
Invesco Van Kampen Small Cap Growth Fund
Invesco Van Kampen Small Cap Value Fund
Invesco Van Kampen U.S. Mortgage Fund
Invesco Van Kampen Value Opportunities Fund
Premier Portfolio
Premier Tax-Exempt Portfolio
Premier U.S. Government Money Portfolio

Effective January 1, 2012, the Invesco and Invesco Van Kampen Funds (the “Funds”) will eliminate the 2% redemption fees (“Redemption Fees”), if applicable, assessed on shares of the Funds redeemed or exchanged within 31 days of purchase. Effective January 1, 2012, the “Redemption/Exchange Fee”, if applicable, listed in the “Shareholder Fees” table in each Fund’s prospectus is hereby revised to show 0.00% for each share Class, and all remaining references in the prospectus to Redemption Fees are removed. On that date, the Funds also will eliminate the limit on the number of exchanges in the Funds (“Exchange Limits”), generally set to four exchanges out of a Fund per calendar year, and all references in each Fund’s prospectus to Exchange Limits are removed. To limit the negative effects of excessive trading in the Funds, the Funds (except those listed below) will implement a “purchase blocking policy” as described below. Also effective January 1, 2012, for any of the Retail Classes, the Reinstatement Privilege is suspended for the period of time in which a purchase block is in place on a shareholder’s account.

“Purchase Blocking Policy. The Funds (except those listed below) have adopted a policy under which any shareholder redeeming shares having a value of $5,000 or more from a Fund on any trading day will be precluded from investing in that Fund for 30 calendar days after the redemption transaction date. The policy applies to redemptions and purchases that are part of exchange transactions. Under the purchase blocking policy, certain purchases will not be prevented and certain redemptions will not trigger a purchase block, such as: purchases and redemptions of shares having a value of less than $5,000; systematic purchase, redemption and exchange account options; transfers of shares within the same Fund; non-discretionary rebalancing in fund-of-funds; asset allocation features; fee-based accounts; account maintenance fees; small balance account fees; plan-level omnibus retirement plans or employee benefit plans; death and disability and hardship distributions; loan transactions; transfers of assets; retirement plan rollovers; IRA conversions and re-characterizations; and mandatory distributions from retirement accounts.

The Funds reserve the right to modify any of the parameters (including those not listed above) of the purchase blocking policy at any time. Further the purchase blocking policy may be waived with respect to specific shareholder accounts in those instances where Invesco Advisers, Inc. (“Invesco”) determines that its surveillance procedures are adequate to detect frequent trading in Fund shares.

To the extent that certain systems or intermediaries (such as investment dealers holding shareholder accounts in street name, retirement plan record keepers, insurance company separate accounts and bank trust companies) are unable to apply the purchase blocking policy, Invesco will work with those system providers or intermediaries to apply their own procedures, provided that Invesco believes the procedures are reasonably designed to enforce the frequent trading policies of the Funds. You should refer to disclosures provided by the intermediaries with which you have an account to determine the specific trading restrictions that apply to you. If Invesco identifies any activity that may constitute frequent trading, it reserves the right to contact the intermediary and request that the intermediary either provide information regarding an account owner’s transactions or restrict the account owner’s trading. There is no guarantee that all instances of frequent trading in fund shares will be prevented.

The purchase blocking policy does not apply to Invesco Money Market Fund, Invesco Tax-Exempt Cash Fund, Premier Portfolio, Premier Tax-Exempt Portfolio and Premier U.S. Government Money Portfolio.”