497K
Invesco-SUP-GBL
Summary Prospectus, Statutory Prospectus and Statement of Additional Information Supplement dated December 6, 2017
The purpose of this supplement is to provide you with changes to the current Summary and Statutory Prospectuses and Statements of Additional Information
for Class A, A3, AX, B, BX, C, CX, P, R, RX, Y, R5, R6, S, Invesco Cash Reserve and Investor Class shares of the Funds, as applicable, listed below:
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 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 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 Global Core Equity
Fund
Invesco Global Growth Fund
Invesco Global Health Care
Fund
Invesco Global Low Volatility Equity Yield 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 Government
Money Market 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 Core
Equity Fund
Invesco International Growth Fund
Invesco International Small Company Fund
Invesco Low Volatility
Equity Yield Fund
Invesco Mid Cap Core Equity Fund
Invesco
Mid Cap Growth Fund
Invesco Moderate Allocation Fund
Invesco Municipal Income Fund
Invesco New York Tax Free Income
Fund
Invesco Pennsylvania Tax Free Income Fund
Invesco
Quality Income Fund
Invesco Real Estate Fund
Invesco
S&P 500 Index Fund
Invesco Select Companies Fund
Invesco Small Cap Discovery Fund
Invesco Small Cap Equity Fund
Invesco Small Cap Growth Fund
Invesco Small Cap Value Fund
Invesco Summit Fund
Invesco Technology Fund
Invesco U.S. Government Fund
Invesco Value Opportunities Fund
Invesco World Bond Fund
At a meeting held on
November 29 - December 1, 2017, the Funds’ Boards of Trustees approved the early conversion of the Funds’ Class B shares and Class BX shares, as applicable, into Class A shares and Class AX shares, respectively, to
occur on or about January 26, 2018. At the close of business on or about January 26, 2018, (the “Conversion Date”) all outstanding Class B shares and Class BX shares of each applicable Fund will be converted to
Class A shares and Class AX shares, respectively of the same Fund, which is prior to the date the Class B shares and Class BX shares would normally be converted to Class A shares and Class AX shares. Class B shares
and Class BX shares are not available for purchase. No contingent deferred sales charges (“CDSCs”) will be payable in connection with this early conversion. The conversion of each Fund’s Class B shares and Class BX
shares into Class A shares and Class AX shares, respectively on the Conversion Date is not expected to be a taxable event for federal income tax purposes, and should not result in the recognition of gain or loss by converting shareholders,
although each shareholder should consult with his or her own tax adviser.
Effective as of the Conversion Date, all references to
Class B shares and Class BX shares, respectively, in the Funds’ Prospectuses and Statements of Additional Information are deleted.
Invesco-SUP-GBL