Invesco Announces Changes to Fund Names, Sales Charges and Share Classes

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1 July 23, 2012 Invesco Announces Changes to Fund Names, Sales Charges and Share Classes Invesco announces several planned changes that are designed to simplify our fund branding, clarify sales charge schedules, and broaden our share class structure. Please refer to the tables below for full details on our: Fund name changes New R6 share class New names for several other share classes, including Institutional to R5 Sales charge changes Changes to eligibility requirements for retirement plans in Class A shares at NAV Fund name changes Effective open of business Sept. 24, 2012, Invesco will remove the Van Kampen name from our retail open-end fund lineup an important step toward aligning our mutual fund product offerings under a single brand. These name changes do not affect the underlying portfolio management, strategy and discipline of the funds. In addition, each fund s ticker symbols and CUSIP are not affected by the new names. Affected Funds Fund Name Changes Current name Invesco Van Kampen American Franchise Fund Invesco Van Kampen American Value Fund Invesco Van Kampen Comstock Fund Invesco Van Kampen Corporate Bond Fund Invesco Van Kampen Equity and Income Fund Invesco Van Kampen Growth and Income Fund Invesco Van Kampen High Yield Municipal Fund Invesco Van Kampen Intermediate Term Municipal Income Fund Invesco Van Kampen Leaders Fund Invesco Van Kampen Mid Cap Growth Fund Invesco Van Kampen Municipal Income Fund Invesco Van Kampen New York Tax Free Income Fund Invesco Van Kampen Pennsylvania Tax Free Income Fund New name Invesco American Franchise Fund Invesco American Value Fund Invesco Comstock Fund Invesco Corporate Bond Fund Invesco Equity and Income Fund Invesco Growth and Income Fund Invesco High Yield Municipal Fund Invesco Intermediate Term Municipal Income Fund Invesco Leaders Fund Invesco Mid Cap Growth Fund Invesco Municipal Income Fund Invesco New York Tax Free Income Fund Invesco Pennsylvania Tax Free Income Fund Invesco Van Kampen Senior Loan Fund Invesco Senior Loan Fund 1 Invesco Van Kampen Small Cap Growth Fund Invesco Small Cap Discovery Fund 2 Invesco Van Kampen Small Cap Value Fund 3 Invesco Small Cap Value Fund 3 Invesco Van Kampen U.S. Mortgage Fund Invesco U.S. Mortgage Fund Invesco Van Kampen Value Opportunities Fund Invesco Value Opportunities Fund 1 For Invesco Van Kampen Senior Loan Fund, a closed-end interval fund, the name change to Invesco Senior Loan Fund will be effective open of business Dec. 3, In addition to the rebranding, the full fund name is changing to avoid name duplication with an existing fund. 3 The fund has limited public sales of its shares to certain investors. For more information on who may continue to invest in the fund, please see the prospectus.

2 Invesco to offer new R6 share class Effective open of business Sept. 24, 2012, Invesco will begin offering a new R6 share class for certain funds. The new R6 share class is intended primarily for employer-sponsored retirement plans that meet prospectus eligibility requirements. R6 may be appropriate for plan sponsors seeking to externalize all servicing fees and allows for individual reporting of fund-level and plan-level service fees. Why is Invesco launching the R6 share class? Plan sponsors, recordkeepers and consultants have expressed interest in a share class designed to help separate investment management fees from recordkeeping and administrative fees in defined contribution plans. The new R6 share class may provide plan sponsors the ability to simplify participant communications by allowing for individual reporting of fund-level and plan-level service fees. What are the features and eligibility of the new R6 share class? The new R6 share class offers eligible investors a share class option without 12b-1 fees or sub-transfer agency fees. The R6 share class is primarily intended for eligible retirement plans (e.g., 401(k) plans, 457 plans, employer sponsored 403(b) plans, profit sharing and money purchase pension plans, defined benefit plans and non-qualified deferred compensation plans) held through either a single plan-level or omnibus account with generally no more than one net redemption and one net purchase transaction each day. The minimum initial investment is $1 million per fund for retirement plans with the following exceptions: A defined contribution plan with at least $100 million of combined defined contribution and defined benefit plan assets, or Retirement plans investing through a retirement platform that administers at least $2.5 billion in retirement plan assets and trades multiple plans through an omnibus account. The R6 share class will also be available to institutional investors (as described in the prospectus), with a minimum initial investment of $10 million with an exception for those made by large investment companies as described in the prospectus. Which funds will offer the R6 share class? Effective open of business Sept. 24, 2012, Invesco Small Cap Discovery Fund, currently known as Invesco Van Kampen Small Cap Growth Fund, will offer the R6 share class. In addition, Invesco expects more than 40 funds to also offer the R6 share class in September. The information in this material related to the R6 share class is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted. Share classes to be renamed Effective open of business Sept. 24, 2012, Invesco will change the name of its Institutional share class to the R5 share class. Concurrently, existing A5, B5, C5 and R5 share classes will be renamed AX, BX, CX and RX, respectively. All eligibility requirements, ticker symbols and CUSIPs will remain the same. Why is Invesco changing the name of its Institutional share class? Invesco s Institutional share class was created for defined contribution plans, defined benefit plans, foundations, endowments and other institutional investors. Many competitors institutional shares, however, have broader eligibility language and may permit individual investors, rather than institutions, to invest. Changing the name to R5 clarifies the intended audience and aligns share class naming conventions with funds primarily utilized in the retirement plan marketplace. Further, the R5 share class naming convention aligns with Invesco s launch of R6 shares, providing a range of pricing levels to meet client needs. Why are A5, B5, C5 and R5 changing to AX, BX, CX and RX, and how many investors is this likely to affect? Invesco s current A5, B5, C5 and R5 shares are offered by six funds. With the renaming of Institutional shares to R5, it became necessary to rename the existing R5 shares. To avoid confusion, the decision was made to rename all of the -5 shares, which are currently closed to new investors. Page 2

3 Affected Funds Share Classes to be Renamed Institutional to R5 Invesco Balanced-Risk Allocation Fund Invesco Balanced-Risk Commodity Strategy Fund Institutional to R5 continued Invesco International Core Equity Fund Invesco International Growth Fund Invesco Balanced-Risk Retirement 2020 Fund Invesco International Small Company Fund 1 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 Charter Fund Invesco China Fund Invesco Conservative Allocation Fund Invesco Constellation Fund Invesco Convertible Securities Fund Invesco International Total Return Fund Invesco Limited Maturity Treasury Fund Invesco Mid Cap Core Equity Fund Invesco Moderate Allocation Fund Invesco Pacific Growth Fund Invesco Premium Income Fund Invesco Real Estate Fund Invesco Short Term Bond Fund Invesco Small Cap Equity Fund Invesco Core Plus Bond Fund Invesco Small Cap Growth Fund 1 Invesco Developing Markets Fund 1 Invesco Small Companies Fund 1,2 Invesco Diversified Dividend Fund Invesco Dynamics Fund Invesco Emerging Market Local Currency Debt Fund Invesco Emerging Markets Equity Fund Invesco Endeavor Fund Invesco Energy Fund Invesco Floating Rate Fund Invesco Global Core Equity Fund Invesco Global Growth Fund Invesco Global Quantitative Core Fund Invesco Global Real Estate Fund Invesco Global Real Estate Income Fund Invesco Global Small & Mid Cap Growth Fund Invesco Growth Allocation Fund Invesco Summit Fund Invesco Tax-Free Intermediate Fund Invesco Technology Fund Invesco U.S. Government Fund Invesco U.S. Quantitative Core Fund Invesco Utilities Fund Invesco Van Kampen American Franchise Fund Invesco Van Kampen American Value Fund Invesco Van Kampen Comstock Fund Invesco Van Kampen Corporate Bond Fund Invesco Van Kampen Equity and Income Fund Invesco Van Kampen Growth and Income Fund Invesco Van Kampen High Yield Municipal Fund Invesco Van Kampen Mid Cap Growth Fund Invesco High Yield Fund Invesco Van Kampen Small Cap Growth Fund 1,3 Invesco Income Allocation Fund Invesco International Allocation Fund Invesco Van Kampen U.S. Mortgage Fund Invesco Van Kampen Value Opportunities Fund A5, C5 and R5 to AX, CX, and RX, respectively A5, B5 and C5 to AX, BX and CX, respectively Invesco Balanced-Risk Retirement 2020 Fund 4 Invesco Money Market Fund 4 Invesco Balanced-Risk Retirement 2030 Fund 4 Invesco Balanced-Risk Retirement 2040 Fund 4 Invesco Balanced-Risk Retirement 2050 Fund 4 Invesco Balanced-Risk Retirement Now Fund 4 1 The fund has limited public sales of its shares to certain investors. For more information on who may continue to invest in the fund, please see the prospectus. 2 Effective Aug. 1, 2012, Invesco Small Companies Fund will be renamed Invesco Select Companies Fund. 3 This fund does not currently have an Institutional share class, but it will offer an R5 share class on Sept The -5 share classes of the fund have limited public sales of their shares to certain investors. For more information on who may continue to invest in the -5 share classes of the fund, please see the prospectus. Page 3

4 Changes to sales charges Effective open of business Sept. 24, 2012, Invesco will change the sales charges on several of its funds. Why is Invesco making the change? The changes are intended to ensure Invesco s funds are competitively priced in the marketplace. Schedule of Changes to Sales Charges Current Class A sales charge schedule New Class A sales charge schedule Category II Funds Category II Funds Amount of sale ($) Sales charge (%) Amount of sale ($) Sales charge (%) Less than 50, ,000 but less than 100, Less than 100, ,000 but less than 250, ,000 but less than 250, ,000 but less than 500, ,000 but less than 500, ,000 but less than 1 million ,000 but less than 1 million million and higher 0.00 $1 million and higher 0.00 Category IV Funds Category IV Funds Amount of sale ($) Sales charge (%) Amount of sale ($) Sales charge (%) Less than 100, Less than 100, ,000 but less than 250, ,000 but less than 250, ,000 but less than 500, ,000 but less than 500, ,000 but less than 1 million 1.00 $1 million and higher ,000 and higher 0.00 Change to Sales Charge Category Fund Current sales charge category New sales charge category Invesco Van Kampen Intermediate Term Municipal Income Fund Category II Category IV Which funds are affected? Category II and IV mutual funds include most taxable and tax-free income funds. A complete list of Category II and IV mutual funds follows: Affected Funds Changes to Sales Charges Category II Funds Invesco California Tax-Free Income Fund Invesco Core Plus Bond Fund Category II Funds continued Invesco Van Kampen Corporate Bond Fund Invesco Van Kampen High Yield Municipal Fund Invesco Emerging Market Local Currency Debt Fund Invesco Van Kampen Intermediate Term Municipal Income Fund 1 Invesco High Yield Fund Invesco High Yield Securities Fund Invesco International Total Return Fund Invesco Municipal Bond Fund Invesco Van Kampen Municipal Income Fund Invesco Van Kampen New York Tax Free Income Fund Invesco Van Kampen Pennsylvania Tax Free Income Fund Invesco Van Kampen U.S. Mortgage Fund Invesco U.S. Government Fund Category IV Funds Invesco Floating Rate Fund Invesco Limited Maturity Treasury Fund (Class A shares) Category IV Funds continued Invesco Short Term Bond Fund Invesco Tax-Free Intermediate Fund (Class A shares) 1 Effective open of business Sept. 24, 2012, Invesco Van Kampen Intermediate Term Municipal Income Fund will move from Category II to Category IV. Page 4

5 Changes to NAV eligibility requirements for retirement plans in Class A shares Effective open of business Sept. 24, 2012, Invesco will modify the eligibility requirements that retirement plans must meet in order to invest in Class A shares at NAV. The new requirements will allow plans that hold plan-level omnibus accounts with Invesco to be eligible. What are the changes? Prior to Sept. 24, 2012, eligibility for Class A shares at NAV is limited to those retirement plans that have at least $1 million in plan assets or have at least 100 eligible employees or execute multiple-plan transactions through a single omnibus account per fund. Effective open of business Sept. 24, 2012, eligibility will be extended to also include plans that execute planlevel transactions through an omnibus account. Will the change affect plans that are currently eligible for Class A shares at NAV? No, this change will not affect any plans that are currently invested in Class A shares at NAV. It will only affect plans that were not previously permitted to invest in Class A shares at NAV. Why is Invesco making the change? It is common in the mutual fund industry to extend Class A share NAV eligibility to those plans that trade at the plan level. Making this change will allow Invesco to be consistent with our peers in the industry and help to avoid any confusion on the part of our retirement plan investors. Change in Share Class Eligibility Current Class A share eligibility Certain retirement plans (the Plan or Plans ); provided, however, that such Plans: have assets of at least $1 million; or have at least 100 employees eligible to participate in the Plan; or execute multiple-plan transactions through a single omnibus account per fund. New Class A share eligibility Certain employer-sponsored retirement plans (the Plan or Plans ); provided, however, that such Plans have assets of at least $1 million; or have at least 100 employees eligible to participate in the Plan; or execute plan-level or multi-plan-level transactions through a single omnibus account per fund. Page 5

6 For more information Investors, please contact your financial advisor. Contact us Financial professionals, contact Invesco at: National Wirehouse Broker Dealer Client Services Independent Advisor Retirement Division Closed-End Funds Institutional and Insurance Sales Global Cash Management , option 2 Explore Intentional Investing with Invesco SM Intentional Investing SM is the science and art of investing with purpose, prudence and diligence. It s the philosophy that forms the foundation of our investors first approach, exemplified by our: Commitment to investment excellence We believe high-quality results begin with specialized insight and disciplined oversight. Depth of investment capabilities Our wide range of investment capabilities is designed to support a variety of financial objectives. Organizational strength As an independent firm, our global organization is solely focused on investment management. Before investing, investors should carefully read the prospectus and/or summary prospectus and carefully consider the investment objectives, risks, charges and expenses. For this and more complete information about the fund(s), investors should ask their advisors for a prospectus/summary prospectus or visit invesco.com/fundprospectus. Note: Not all products, materials or services available at all firms. Advisors, please contact your home office. invesco.com/us IFFCHG-BRO-1-E 07/12 Invesco Distributors, Inc. 10,313