Statements of Additional Information Supplement dated May 18, 2020

The purpose of this supplement is to provide you with changes to the current Statements of Additional Information for the Funds listed below:

Invesco American Franchise Fund

Invesco American Value Fund

Invesco Comstock Fund

Invesco Convertible Securities Fund

Invesco Core Plus Bond Fund

Invesco Dividend Income Fund

Invesco Energy Fund

Invesco Equally-Weighted S& P 500 Fund

Invesco Equity and Income Fund

Invesco Floating Rate Fund

Invesco Global Low Volatility Equity Yield Fund

Invesco Global Real Estate Income Fund

Invesco Growth and Income Fund

Invesco High Yield Municipal Fund

Invesco Income Allocation Fund

Invesco Intermediate Bond Factor Fund

Invesco Intermediate Term Municipal Income Fund

Invesco Limited Term Municipal Income Fund

Invesco Low Volatility Equity Yield Fund

Invesco Municipal Income Fund

Invesco Oppenheimer Government Money Market Fund

Invesco Oppenheimer Rochester^® AMT-Free New York Municipal Fund

Invesco Quality Income Fund

Invesco S&P 500 Index Fund

Invesco Select Risk: Growth Investor Fund

Invesco Select Risk: Moderately Conservative Investor Fund

Invesco Short Duration High Yield Municipal Fund

Invesco Small Cap Growth Fund

Invesco Small Cap Value Fund

Invesco Technology Fund

Invesco Value Opportunities Fund

 

This supplement amends the Statements of Additional Information for the above referenced funds and is in addition to any other supplement(s), unless otherwise specified. You should read this supplement in conjunction with the Statements of Additional Information and retain it for future reference.

As of May 15, 2020, the following funds are no longer included in the Statements of Additional Information:

Invesco California Tax-Free Income Fund

Invesco Gold & Precious Metals Fund

Invesco International Allocation Fund

Invesco Mid Cap Core Equity Fund

Invesco Moderate Allocation Fund

Invesco New York Tax Free Income Fund

Invesco Oppenheimer Government Cash Reserves Fund

Invesco Oppenheimer Intermediate Term Municipal Fund

Invesco Oppenheimer Ultra-Short Duration Fund

Invesco Pennsylvania Tax Free Income Fund

Invesco Small Cap Discovery Fund

MRGR-SAI-SUP-2