Participant accounts
in a retirement plan that are eligible to purchase shares pursuant to a ROA at the plan level may not also be considered eligible to do so for the benefit of an individual
account owner.
Purchases of Class A shares of Invesco Conservative Income Fund,
Invesco Government Money Market Fund and Invesco Short Term Municipal Fund, Class AX shares or Invesco Cash Reserve Shares of Invesco Government Money Market Fund and
Invesco U.S. Government Money Portfolio, as applicable, or Investor Class shares of any Fund will not be taken into account in determining whether a purchase qualifies for a reduction in initial sales charges pursuant to ROAs or LOIs.
6. The following information replaces in its entirety the information appearing under the heading
“Shareholder Account Information – Redeeming
Shares* –Liquidity Fees and Redemption Gates” in the prospectus for each Fund:
Liquidity Fees
For Invesco Premier Portfolio, the Board, in its discretion, may impose liquidity fees of up to
2% of the value of the shares redeemed, if such fee is determined to be in the best interest of the Fund. The Board may delegate liquidity fee determinations to the Adviser or its officers, subject to written guidelines.
Liquidity fees are most likely to be imposed, if at all, during times of extraordinary market
stress. In the event that a liquidity fee is imposed, the Board expects that for the duration of its implementation and the day after which such fee is terminated, the Fund
would strike only one net asset value per day, at the Fund’s last scheduled net asset value calculation time.
The imposition and termination of a liquidity fee will be available on the Fund’s
website. In addition, a Fund will communicate such action through a supplement to its registration statement and may further communicate such action through a press release
or by other means. If a liquidity fee is applied by the Board, it will be charged on all redemption orders submitted after the effective time of the imposition of the fee by the Board. Liquidity fees would reduce the amount you receive upon redemption of your shares.
Liquidity fees will generally be used to assist a Fund to help preserve its market–based
NAV per share. It is possible that a liquidity fee will be returned to shareholders in the form of a distribution. The Board may, in its discretion, terminate a liquidity
fee at any time if it believes such action to be in the best interest of a Fund. When a fee is in place, the Fund may elect not to permit the purchase of shares or to subject the purchase of shares to certain conditions, which may include affirmation of the purchaser’s knowledge that a fee is in effect. When a fee is in place, shareholders will not be permitted to exchange into or out of a Fund.
There is some degree of uncertainty with respect to the tax treatment of liquidity fees
received by a Fund, and such tax treatment may be the subject to future IRS guidance. If a Fund receives liquidity fees, it will consider the appropriate tax treatment of
such fees to the Fund at such time.
Financial intermediaries are required to promptly take the steps requested by the Funds or
their designees to impose or help to implement a liquidity fee as requested from time to time, including the rejection of orders due to the imposition of a fee or the prompt
re-confirmation of orders following a notification regarding the implementation of a fee. If a liquidity fee is imposed, these steps are expected to include the submission of separate, rather than combined, purchase and redemption orders from the time of the effectiveness of the liquidity fee and the submission of such order information to the Fund or its designee prior to the next calculation of a Fund’s net asset value. Unless otherwise agreed to between a Fund and financial intermediary, the Fund will withhold liquidity fees on behalf of financial intermediaries. With regard to such orders, a redemption request that a Fund determines in its sole discretion has been received in good order by the Fund or its designated agent prior to the imposition of a liquidity fee may be paid by the Fund without the deduction of a liquidity fee. If a liquidity fee is imposed during the day, an intermediary who receives both purchase and redemption orders from a single account holder is not required to net the purchase and redemption orders. However, the intermediary is permitted to apply the liquidity fee to the net amount of redemptions (even if the purchase order was received prior to the time the liquidity fee was imposed).
Where a Financial Intermediary serves as a Fund’s agent for the purpose of receiving
orders, trades that are not transmitted to the Fund by the Financial Intermediary before the time required by the Fund or the transfer agent may, in the Fund’s
discretion, be processed on an as-of basis, and any cost or loss to the Fund or transfer agent or their affiliates, from such transactions shall be borne exclusively by the Financial Intermediary.
7. The following information replaces in its entirety the last sentence in the section under the
heading “Shareholder Account Information – Redeeming Shares* – Check Writing” in the prospectus for each Fund:
Until December 31, 2023, a check writing redemption request which is verifiably submitted to a
Fund’s agent before a liquidity fee is imposed will be considered a valid redemption and will be processed normally.