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Statement of Additional Information Supplement dated June 10, 2019

The purpose of this supplement is to provide you with changes to the current Statements of Additional Information for Class A, A2, AX, 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 All Cap Market Neutral Fund Invesco Alternative Strategies 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 Select 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 Infrastructure Fund Invesco Global Low Volatility Equity Yield Fund Invesco Global Market Neutral Fund Invesco Global Opportunities Fund Invesco Global Real Estate Fund Invesco Global Real Estate Income Fund Invesco Global Responsibility Equity Fund Invesco Global Small & Mid Cap Growth Fund Invesco Global Targeted Returns Fund Invesco Gold & Precious Metals Fund Invesco Government & Agency Portfolio Invesco Government Money Market Fund Invesco Greater China Fund Invesco Growth Allocation Fund Invesco Growth and Income Fund Invesco Health Care Fund Invesco High Yield Fund Invesco High Yield Municipal Fund Invesco Income Allocation Fund Invesco Income Fund Invesco Intermediate Term Municipal Income Fund Invesco International Allocation Fund Invesco International Core Equity Fund Invesco International Growth Fund Invesco International Select Equity Fund Invesco International Small Company Fund Invesco Limited Term Municipal Income Fund Invesco Liquid Assets Portfolio Invesco Long/Short Equity Fund Invesco Low Volatility Emerging Markets Fund Invesco Low Volatility Equity Yield Fund Invesco Macro Allocation Strategy Fund Invesco Mid Cap Core Equity Fund Invesco Mid Cap Growth Fund Invesco MLP Fund Invesco Moderate Allocation Fund Invesco Multi-Asset Income Fund Invesco Multi-Asset Inflation Fund Invesco Municipal Income Fund Invesco New York Tax Free Income Fund Invesco OFI Pictet Global Environmental Solutions Fund Invesco Oppenheimer Capital Appreciation Fund Invesco Oppenheimer Capital Income Fund Invesco Oppenheimer Developing Markets Fund Invesco Oppenheimer Discovery Fund Invesco Oppenheimer Discovery Mid Cap Growth Fund Invesco Oppenheimer Dividend Opportunity Fund Invesco Oppenheimer Emerging Markets Innovators Fund Invesco Oppenheimer Emerging Markets Local Debt Fund Invesco Oppenheimer Equity Income Fund Invesco Oppenheimer Fundamental Alternatives Fund Invesco Oppenheimer Global Allocation Fund Invesco Oppenheimer Global Focus Fund Invesco Oppenheimer Global Fund Invesco Oppenheimer Global High Yield Fund Invesco Oppenheimer Global Multi-Asset Growth Fund Invesco Oppenheimer Global Multi-Asset Income Fund Invesco Oppenheimer Global Opportunities Fund Invesco Oppenheimer Global Strategic Income Fund Invesco Oppenheimer Global Unconstrained Bond Fund Invesco Oppenheimer Gold & Special Minerals Fund Invesco Oppenheimer Government Cash Reserves Fund Invesco Oppenheimer Government Money Market Fund Invesco Oppenheimer Institutional Government Money Market Fund Invesco Oppenheimer Intermediate Income Fund Invesco Oppenheimer Intermediate Term Municipal Fund Invesco Oppenheimer International Bond Fund Invesco Oppenheimer International Diversified Fund Invesco Oppenheimer International Equity Fund Invesco Oppenheimer International Growth Fund Invesco Oppenheimer International Small-Mid Company Fund Invesco Oppenheimer Limited-Term Bond Fund Invesco Oppenheimer Limited-Term Government Fund Invesco Oppenheimer Macquarie Global Infrastructure Fund Invesco Oppenheimer Main Street All Cap Fund^® Invesco Oppenheimer Main Street Fund^® Invesco Oppenheimer Main Street Mid Cap Fund^® Invesco Oppenheimer Main Street Small Cap Fund^® Invesco Oppenheimer Master Event-Linked Bond Fund Invesco Oppenheimer Master Inflation Protected Securities Fund Invesco Oppenheimer Master Loan Fund Invesco Oppenheimer Mid Cap Value Fund Invesco Oppenheimer Municipal Fund Invesco Oppenheimer Portfolio Series: Active Allocation Fund Invesco Oppenheimer Portfolio Series: Conservative Investor Fund Invesco Oppenheimer Portfolio Series: Growth Investor Fund Invesco Oppenheimer Portfolio Series: Moderate Investor Fund Invesco Oppenheimer Preferred Securities and Income Fund Invesco Oppenheimer Real Estate Fund Invesco Oppenheimer Rising Dividends Fund Invesco Oppenheimer Rochester^® AMT-Free Municipal Fund Invesco Oppenheimer Rochester^® AMT-Free New York Municipal Fund

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Invesco Oppenheimer Rochester^® California Municipal Fund Invesco Oppenheimer Rochester^® High Yield Municipal Fund Invesco Oppenheimer Rochester^® Limited Term California Municipal Fund Invesco Oppenheimer Rochester^® Limited Term New York Municipal Fund Invesco Oppenheimer Rochester^® Municipals Fund Invesco Oppenheimer Rochester^® New Jersey Municipal Fund Invesco Oppenheimer Rochester^® Pennsylvania Municipal Fund Invesco Oppenheimer Rochester^® Short Duration High Yield Municipal Fund Invesco Oppenheimer Senior Floating Rate Fund Invesco Oppenheimer Senior Floating Rate Plus Fund Invesco Oppenheimer Short Term Municipal Fund Invesco Oppenheimer Small Cap Value Fund Invesco Oppenheimer SteelPath MLP & Energy Infrastructure Fund Invesco Oppenheimer SteelPath MLP Alpha Fund Invesco Oppenheimer SteelPath MLP Alpha Plus Fund Invesco Oppenheimer SteelPath MLP Income Fund Invesco Oppenheimer SteelPath MLP Select 40 Fund Invesco Oppenheimer SteelPath Panoramic Fund Invesco Oppenheimer Total Return Bond Fund Invesco Oppenheimer Ultra-Short Duration Fund Invesco Oppenheimer Value Fund Invesco Pacific Growth Fund Invesco Peak Retirement^TM 2015 Fund Invesco Peak Retirement^TM 2020 Fund Invesco Peak Retirement^TM 2025 Fund Invesco Peak Retirement^TM 2030 Fund Invesco Peak Retirement^TM 2035 Fund Invesco Peak Retirement^TM 2040 Fund Invesco Peak Retirement^TM 2045 Fund Invesco Peak Retirement^TM 2050 Fund Invesco Peak Retirement^TM 2055 Fund Invesco Peak Retirement^TM 2060 Fund Invesco Peak Retirement^TM 2065 Fund Invesco Peak Retirement^TM Now Fund Invesco Pennsylvania Tax Free Income Fund Invesco Premier Portfolio Invesco Premier Tax-Exempt Portfolio Invesco Premier U.S. Government Money Portfolio Invesco Quality 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 STIC Prime Portfolio Invesco Strategic Real Return Fund Invesco Summit Fund Invesco Tax-Exempt Cash Fund Invesco Tax-Free Cash Reserve Portfolio Invesco Technology Fund Invesco Technology Sector Fund Invesco Treasury Portfolio Invesco Treasury Obligations Portfolio Invesco U.S. Managed Volatility Fund Invesco Value Opportunities Fund Invesco World Bond Fund

Effective June 10, 2019, the Board of Trustees (the “Board”) appointed Beth Ann Brown, Elizabeth Krentzman, Joel W. Motley, Daniel S. Vandivort and James D. Vaughn as trustees of each Fund. The following information is added under “Management of the Trust – Board of Trustees – Independent Trustees” in the Statement of Additional Information for each Fund.

“Beth Ann Brown, Trustee

Beth Ann Brown has been a member of the Board of Trustees of the Invesco Funds since 2019. From 2016 to 2019, Ms. Brown served on the boards of certain investment companies in the Oppenheimer Funds complex.

Ms. Brown has served as Director of Caron Engineering, Inc. since 2018 and an Independent Consultant since September 2012. Since 2013, she also serves as Vice President and Director of Grahamtastic Connection, a non-profit organization.

Previously, Ms. Brown served in various capacities at Columbia Management Investment Advisers LLC, including Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts. She also served as Senior Vice President, National Account Manager from 2002-2004 and Senior Vice President, Key Account Manager from 1999 to 2002 of Liberty Funds Distributor, Inc.

From 2014 and 2017, Ms. Brown served on the Board of Advisors of Caron Engineering Inc. and as President and Director of Acton Shapleigh Youth Conservation Corps, a non–profit organization, from 2012 to 2015.

The Board believes that Ms. Brown’s experience in financial services and investment management and as a director of other investment companies benefits the Funds.

Elizabeth Krentzman, Trustee

Elizabeth Krentzman has been a member of the Board of Trustees of the Invesco Funds since 2019. From 2014 to 2019, Ms. Krentzman served on the boards of certain investment companies in the Oppenheimer Funds complex.

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Ms. Krentzman currently serves as a member of the Board of Trustees and Audit Committee of the University of Florida National Board Foundation. She is a member of the Cartica Funds Board of Directors (private investment funds). Ms. Krentzman is also a member of the Board of Trustees and Audit Committee of the University of Florida Law Center Association, Inc.

Previously, Ms. Krentzman served from 1997 to 2004 and from 2007 and 2014 in various capacities at Deloitte & Touche LLP, including Principal and Chief Regulatory Advisor for Asset Management Services, U.S. Mutual Fund Leader and National Director of the Investment Management Regulatory Consulting Practice. She served as General Counsel of the Investment Company Institute from 2004 to 2007.

From 1996 to 1997, Ms. Krentzman served as an Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S. Securities and Exchange Commission. She also served from 1987 to 1996 in various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission and as an Associate at Ropes & Gray LLP.

The Board believes that Ms. Krentzman’s legal background, experience in financial services and accounting and as a director of other investment companies benefits the Funds.

Joel W. Motley, Trustee

Joel W. Motley has been a member of the Board of Trustees of the Invesco Funds since 2019. From 2002 to 2019, Mr. Motley served on the boards of certain investment companies in the Oppenheimer Funds complex.

Since 2016, Mr. Motley has served as an independent director of the Office of Finance of the Federal Home Loan Bank System. He is a member of the Vestry of Trinity Wall Street since 2011 and has served as Managing Director of Carmona Motley, Inc., a privately-held financial advisory firm, since January 2002.

Mr. Motley also serves as a member of the Finance and Budget Committee of the Council on Foreign Relations. He is a member of the Investment Committee and is Chairman Emeritus of the Board of Human Rights Watch and a member of the Investment Committee and the Board of Historic Hudson Valley.

Since 2011, he has served as a Board Member and Investment Committee Member of the Pulitzer Center for Crisis Reporting, a non-profit journalism organization. Mr. Motley also serves as Director and member of the Board and Investment Committee of The Greenwall Foundation and as a Director of Friends of the LRC, a Southern Africa legal services foundation.

Previously, Mr. Motley served as Managing Director of Public Capital Advisors, LLC, a privately held financial advisory firm, from 2006 to 2017. He also served as Managing Director of Carmona Motley Hoffman Inc. a privately-held financial advisor and served as a Director of Columbia Equity Financial Corp. a privately-held financial advisor from 2002 to 2007.

The Board believes that Mr. Motley’s experience in financial services and as a director of other investment companies benefits the Funds.

Daniel S. Vandivort, Trustee

Daniel S. Vandivort has been a member of the Board of Trustees of the Invesco Funds since 2019. From 2014 to 2019, Mr. Vandivort served on the boards of certain investment companies in the Oppenheimer Funds complex.

Mr. Vandivort is currently Treasurer, Chairman of the Audit and Finance Committee and Trustee of the Board of Trustees at Huntington Disease Foundation of America. He also serves as President of Flyway Advisory Services LLC, a consulting and property management company.

Previously, Mr. Vandivort served as Chairman and Lead Independent Director, Chairman of the Audit Committee and Director of Value Line Funds from 2008 through 2014.

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The Board believes that Mr. Vandivort’s experience in financial services and investment management and as a director of other investment companies benefits the Funds.

James D. Vaughn, Trustee

James D. Vaughn has been a member of the Board of Trustees of the Invesco Funds since 2019. From 2012 to 2019, Mr. Vaughn served on the boards of certain investment companies in the Oppenheimer Funds complex.

Prior to his retirement, Mr. Vaughn formerly served as managing partner of the Denver office of Deloitte & Touche LLP, and held various positions in the Denver and New York offices during his 32 year career.

He currently serves as a Board member and Chairman of Audit Committee of AMG National Trust Bank since 2005. He serves as a Trustee and member of the Investment Committee of the University of South Dakota Foundation. Mr. Vaughn also currently serves as a Board member, Audit Committee member and past Board Chair of Junior Achievement since 1993.

Previously, Mr. Vaughn served as Trustee and Chairman of the Audit Committee of Schroder Funds from 2003 to 2012. He also previously served as a Board Member of Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network.

The Board believes that Mr. Vaughn’s experience in financial services and accounting and as a director of other investment companies benefits the Funds.”

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
“Beth Ann Brown –1968 Trustee	2019	Independent Consultant Formerly: Head of Intermediary Distribution, Managing Director, Strategic Relations, Managing Director, Head of National Accounts; Senior Vice President, National Account Manager and Senior Vice President, Key Account Manager, Columbia Management Investment Advisers LLC; Vice President, Key Account Manager, Liberty Funds Distributor, Inc.; and Trustee of certain Oppenheimer Funds	225	Director, Board of Directors of Caron Engineering Inc.; Advisor, Board of Advisors of Caron Engineering Inc.; President and Director, of Acton Shapleigh Youth Conservation Corps (non -profit); and Vice President and Director of Grahamtastic Connection (non-profit)
Elizabeth Krentzman – 1959 Trustee	2019	Formerly, Principal and Chief Regulatory Advisor for Asset Management Services and U.S. Mutual Fund Leader of Deloitte & Touche LLP; General Counsel of the Investment Company Institute (trade association); National Director of the Investment Management Regulatory Consulting Practice, Principal, Director and Senior Manager of Deloitte & Touche LLP; Assistant Director of the Division of Investment Management - Office of Disclosure and Investment Adviser Regulation of the U.S.	225	Trustee of the University of Florida National Board Foundation and Audit Committee Member; Member of the Cartica Funds Board of Directors (private

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		Securities and Exchange Commission and various positions with the Division of Investment Management – Office of Regulatory Policy of the U.S. Securities and Exchange Commission; Associate at Ropes & Gray LLP.; Advisory Board Member of the Securities and Exchange Commission Historical Society; and Trustee of certain Oppenheimer Funds		investment funds); Member of the University of Florida Law Center Association, Inc. Board of Trustees and Audit Committee Member
Joel W. Motley – 1952 Trustee	2019	Director of Office of Finance Federal Home Loan Bank; Member of the Vestry of Trinity Wall Street; Managing Director of Carmona Motley Hoffman Inc. (privately held financial advisor); Member of the Finance and Budget Committee of the Council on Foreign Relations, Member of the Investment Committee and Board of Human Rights Watch and Member of the Investment Committee and Board of Historic Hudson Valley Formerly, Managing Director of Public Capital Advisors, LLC (privately held financial advisor); Managing Director of Carmona Motley Hoffman, Inc. (privately held financial advisor); Trustee of certain Oppenheimer Funds; and Director of Columbia Equity Financial Corp. (privately held financial advisor)	225	Director of Greenwall Foundation; Member of Board and Investment Committee of The Greenwall Foundation; Director of Southern Africa Legal Services Foundation; Board Member and Investment Committee Member of Pulitzer Center for Crisis Reporting (non-profit journalism)
Daniel S. Vandivort – 1954 Trustee	2019	Treasurer, Chairman of the Audit and Finance Committee, and Trustee, Board of Trustees, Huntington Disease Foundation of America; and President, Flyway Advisory Services LLC (consulting and property management) Formerly: Trustee and Governance Chair, Board of Trustees (New York), Oppenheimer Funds	225	Chairman and Lead Independent Director, Chairman of the Audit Committee, and Director, Board of Directors, Value Line Funds
James D. Vaughn – 1945 Trustee	2019	Retired Formerly: Managing Partner, Deloitte & Touche LLP; Trustee and Chairman of the Audit Committee, Schroder Funds; Board Member, Mile High United Way, Boys and Girls Clubs, Boy Scouts, Colorado Business Committee for the Arts, Economic Club of Colorado and Metro Denver Network; and Trustee of certain Oppenheimer Funds	225	Board member and Chairman of Audit Committee of AMG National Trust Bank; Trustee and Investment Committee member, University of South Dakota Foundation; Board member, Audit Committee Member and past Board Chair, Junior Achievement”

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