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Statement of Additional Information Supplement dated February 26, 2016

This supplement supersedes and replaces in its entirety the information included in the supplement to the Statements of Additional Information dated January 29, 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 as of the close of business on December 31, 2015, Messrs. Rodney F. Dammeyer and Hugo F. Sonnenschein retired as trustees of each Fund and any references to Messrs. Dammeyer and Sonnenschein serving as a trustee or committee member are hereby removed.

Effective as of January 29, 2016, the Boards of Trustees of the Funds listed above appointed Eli Jones, Ph.D. and Robert C. Troccoli as trustees of each Fund. The following information is added under “Management of the Trust” in the Statement of Additional Information for each Fund.

Management of the Trust

“Dr. Eli Jones, Trustee

Dr. Eli Jones has been a member of the Board of Trustees of the Invesco Funds since 2016.

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Dr. Jones is the dean of the Mays Business School at Texas A&M University and holder of the Peggy Pitman Mays Eminent Scholar Chair in Business. Dr. Jones has served as a director of Insperity, Inc. since April 2004 and is chair of the Compensation Committee and a member of the Nominating and Corporate Governance Committee. Prior to his current position, from 2012-2015, Dr. Jones was the dean of the Sam M. Walton College of Business at the University of Arkansas and holder of the Sam M. Walton Leadership Chair in Business. Prior to joining the faculty at the University of Arkansas, he was dean of the E. J. Ourso College of Business and Ourso Distinguished Professor of Business at Louisiana State University from 2008 to 2012; professor of marketing and associate dean at the C.T. Bauer College of Business at the University of Houston from 2007 to 2008; an associate professor of marketing from 2002 to 2007; and an assistant professor from 1997 until 2002. He taught at Texas A&M University for several years before joining the faculty of the University of Houston. Dr. Jones served as the executive director of the Program for Excellence in Selling and the Sales Excellence Institute at the University of Houston from 1997 to 2007. Before becoming a professor, he worked in sales and sales management for three Fortune 100 companies: Quaker Oats, Nabisco, and Frito-Lay. Dr. Jones is a past director of Arvest Bank. He received his Bachelor of Science degree in journalism in 1982, his MBA in 1986 and his Ph.D. in 1997, all from Texas A&M University.

The Board believes that Dr. Jones’ experience in academia and his experience in marketing benefits the Funds.

Robert C. Troccoli, Trustee

Robert C. Troccoli has been a member of the Board of Trustees of the Invesco Funds since 2016.

Mr. Troccoli retired in 2010 after a 39-year career with KPMG LLP. Since 2013 he has been an adjunct professor at the University of Denver’s Daniels College of Business.

Mr. Troccoli’s leadership roles during his career with KPMG included managing partner and partner in charge of the Denver office’s Financial Services Practice. He served regulated investment companies, investment advisors, private partnerships, private equity funds, sovereign wealth funds, and financial services companies. Toward the end of his career, Mr. Troccoli was a founding member of KPMG’s Private Equity Group in New York City, where he served private equity firms and sovereign wealth funds. Mr. Troccoli also served mutual fund clients along with several large private equity firms as Global Lead Partner of KPMG’s Private Equity Group.

The Board believes that Mr. Troccoli’s experience as a partner in a large accounting firm and his knowledge of investment companies, investment advisors, and private equity firms benefits the Funds.”

Effective February 22, 2016, Lisa Brinkley retired as Chief Compliance Officer of each Fund and any references to Lisa Brinkley serving as Chief Compliance Officer are hereby removed. Robert Leveille has been appointed as the Chief Compliance Officer of each Fund effective February 22, 2016.

The following information 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
Independent Trustees
Eli Jones – 1961 Trustee	2016	Professor and Dean, Mays Business School - Texas A&M University Formerly: Professor and Dean, Walton College of Business, University of Arkansas and E.J. Ourso College of Business, Louisiana State University and Director, Arvest Bank	146	Director of Insperity, Inc. (formerly known as Administaff)
Robert C. Troccoli – 1949 Trustee	2016	Adjunct Professor and Executive-in-Residence, University of Denver – Daniels College of Business Formerly: Senior Partner, KPMG LLP	146	None

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Officers
Name and 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
Robert R. Leveille – 1969 Chief Compliance Officer	2016	Chief Compliance Officer, Invesco Advisers, Inc. (registered investment adviser); and Chief Compliance Officer, The Invesco Funds Formerly: Chief Compliance Officer, Putnam Investments and the Putnam Funds	N/A	N/A”

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