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Invesco-SAI SUP 061516
Statement of Additional Information Supplement dated June 15, 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 immediately, the Statement of
Additional Information is revised as follows:
The following is added after the last paragraph under the section “Financial Statements”:
PricewaterhouseCoopers LLP informed the Trust that it has identified an issue related to its independence under Rule 2-01(c)(1)(ii)(A) of Regulation
S-X (referred to as the “Loan Rule”). The Loan Rule prohibits accounting firms, such as PricewaterhouseCoopers LLP, from being deemed independent if they have certain financial relationships with their audit clients or certain affiliates
of those clients. The Trust is required under various securities laws to have its financial statements audited by an independent accounting firm.
Invesco-SAI SUP 061516
The Loan Rule specifically provides that an accounting firm would not be independent if it receives a loan from a
lender that is a record or beneficial owner of more than ten percent of an audit client’s equity securities. For purposes of the Loan Rule, audit clients include the Funds as well as all registered investment companies advised by the Adviser
and its affiliates, including other subsidiaries of the Adviser’s parent company, Invesco Ltd. (collectively, the “Invesco Fund Complex”). PricewaterhouseCoopers LLP informed the Trust it has relationships with lenders who hold, as
record owner, more than ten percent of the shares of certain funds within the Invesco Fund Complex. These relationships call into question PricewaterhouseCoopers LLP’s independence under the Loan Rule with respect to those funds, as well as all
other funds in the Invesco Fund Complex.
PricewaterhouseCoopers LLP informed the Trust that it believes, after evaluating the facts and circumstances
related to its lending relationships, the ability of PricewaterhouseCoopers LLP to exercise objective and impartial judgment with respect to its audits of the Fund’s financial statements was not and will not be impaired. PricewaterhouseCoopers
LLP informed the Trust that its conclusion was based on a number of factors, including, among others, PricewaterhouseCoopers LLP’s belief that the lenders have no influence over the Adviser or the Funds and that the individuals at
PricewaterhouseCoopers LLP who arranged the lending relationships have no oversight of, or ability to influence, the individuals at PricewaterhouseCoopers LLP who conducted the audit of the Funds’ financial statements.
PricewaterhouseCoopers LLP informed the Trust that it is in discussions with the SEC’s Staff to resolve this matter. If the SEC were ultimately to
determine that PricewaterhouseCoopers LLP was not independent with respect to the Trust for certain periods, Fund filings with the SEC containing financial statements for such periods may be deemed non-compliant with applicable securities laws. Such
a determination could result in additional costs, impair the ability of the Funds to issue new shares or have other material adverse effects on the Funds.
Invesco-SAI SUP 061516