Morningstar Highlights Fourth quarter Data as of Dec. 31, 2016 Invesco offers funds that have competitive performance relative to their peers across most style boxes. Below are Invesco funds with four- and five-star overall Morningstar ratings. At Invesco, we believe our high-conviction approach to fundamental active and factor-based investing can add value for long-term investors. Learn more about our approach at invesco.com/highconviction. Morningstar four- and five-star rated Invesco Funds Overall ratings based on Class as of Dec. 31, 2016 US value US growth Global/international Invesco Diversified Dividend Fund Invesco Dividend Income Fund Invesco Growth and Income Fund Invesco Small Cap Growth Fund 1 Invesco Asia Pacific Growth Fund Invesco Developing Markets Fund Invesco European Growth Fund Invesco European Small Company Fund 1 Invesco Greater China Fund Invesco International Growth Fund Alternative Balanced Taxable fixed income Invesco All Cap Market Neutral Fund Invesco Balanced-Risk Commodity Strategy Fund Invesco Global Real Estate Income Fund Invesco Global Targeted Returns Fund Invesco Gold & Precious Metals Fund Invesco Long/Short Equity Fund Invesco Macro Allocation Strategy Fund Invesco Equity and Income Fund Invesco Income Allocation Fund Invesco Multi-Asset Income Fund 2 Invesco Convertible Securities Fund Invesco Core Plus Bond Fund Invesco Corporate Bond Fund Tax-free fixed income Invesco California Tax-Free Income Fund Invesco High Yield Municipal Fund Invesco Intermediate Term Municipal Income Fund Invesco Limited Term Municipal Income Fund Invesco Municipal Income Fund Invesco Pennsylvania Tax Free Income Fund 1 Invesco European Small Company Fund and Invesco Small Cap Growth Fund are in limited offering. For information on who may continue to invest, please see the prospectus for each fund. 2 On July 27, 2016, Invesco Premium Income Fund was renamed the Invesco Multi-Asset Income Fund. Source: Morningstar, Inc. The funds four- and five-star ratings are for Class. 2017 Morningstar, Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers. It may not be copied or distributed and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. Please see page 5 for important risk considerations.
Morningstar ratings for periods ended Dec. 31, 2016 Ratings based on risk-adjusted returns Invesco All Cap Market Neutral Fund vs. Morningstar Market Neutral Category Invesco Asia Pacific Growth Fund vs. Morningstar Pacific/Asia ex-japan Stock Category Invesco Balanced-Risk Commodity Strategy Fund vs. Morningstar Commodities Broad Basket Category Invesco California Tax Free Income Fund vs. Morningstar Muni California Long Category Invesco Convertible Securities Fund vs. Morningstar Convertibles Category Invesco Core Plus Bond Fund vs. Morningstar Intermediate-Term Bond Category Invesco Corporate Bond Fund vs. Morningstar Corporate Bond Category Invesco Developing Markets Fund vs. Morningstar Diversified Emerging Markets Category Invesco Diversified Dividend Fund vs. Morningstar Large Value Category Invesco Dividend Income Fund vs. Morningstar Large Value Category Invesco Equity and Income Fund vs. Morningstar Allocation-50% to 70% Equity Category Invesco European Growth Fund vs. Morningstar Europe Stock Category Invesco European Small Company Fund vs. Morningstar Europe Stock Category Overall 3 years 5 years 10 years H 118 H 67 H H 107 H HH H 87 76 H 869 169 606 H H 710 H 118 67 107 H HH H 87 HH 76 H 869 169 606 H H HH 710 H H 56 73 74 68 H 759 134 425 H H 934 HH 934 606 80 H 80 H 20 63 H 37 77 H 173 HH HH 680 H 680 419 59 59 Share class symbols A: CPNAX C: CPNCX Y: CPNYX A: ASIAX C: ASICX Y: ASIYX A: BRCAX C: BRCCX Y: BRCYX A: CLFAX C: CLFCX Y: CLFDX A: CNSAX C: CNSCX Y: CNSDX A: ACPSX C: CPCFX Y: CPBYX A: ACCBX C: ACCEX Y: ACCHX A: GTDDX C: GTDCX Y: GTDYX A: LCEAX C: LCEVX Y: LCEYX A: IAUTX C: IUTCX Y: IAUYX A: ACEIX C: ACERX Y: ACETX A: AEDAX C: AEDCX Y: AEDYX A: ESMAX C: ESMCX Y: ESMYX Ratings are based on a risk-adjusted return measure that accounts for variation in a fund s monthly performance, placing more emphasis on downward variations and rewarding consistent performance. The overall rating is derived from a weighted average of three-, five- and 10-year rating metrics, as applicable. Had fees not been waived and/or expenses reimbursed currently or in the past, the Morningstar rating would have been lower. 2017 Morningstar Inc. All rights reserved. The information contained herein is proprietary to Morningstar and/or its content providers. It may not be copied or distributed and isn t warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance cannot guarantee future results. Ratings are as of Dec. 31, 2016, and are subject to change monthly. A fund is eligible for a Morningstar Rating three years after inception. The top 10% of funds in a category receive five stars, the next 22.5% four stars, the next 35% three stars, the next 22.5% two stars and the bottom 10% one star. Ratings for other share classes may differ due to different performance characteristics. 2 Quarterly Morningstar Highlights
Morningstar ratings for periods ended Dec. 31, 2016 Ratings based on risk-adjusted returns (continued) Invesco Global Real Estate Income Fund vs. Morningstar Global Real Estate Category Invesco Global Targeted Returns Fund vs. Morningstar Multialternative Category Invesco Gold & Precious Metals Fund vs. Morningstar Equity Precious Metals Category Invesco Greater China Fund vs. Morningstar China Region Category Invesco Growth and Income Fund vs. Morningstar Large Value Category Invesco High Yield Municipal Fund vs. Morningstar High Yield Muni Category Invesco Income Allocation Fund vs. Morningstar Allocation-30% to 50% Equity Category Invesco Intermediate Term Municipal Income Fund vs. Morningstar Muni National Interm Category Invesco International Growth Fund vs. Morningstar Foreign Large Growth Category Invesco Limited Term Municipal Income Fund vs. Morningstar Muni National Short Category Invesco Long/Short Equity Fund vs. Morningstar Long-Short Equity Category Invesco Macro Allocation Strategy Fund vs. Morningstar Tactical Allocation Category Invesco Multi-Asset Income Fund vs. Morningstar Multisector Bond Category Invesco Municipal Income Fund vs. Morningstar Muni National Long Category Overall 3 years 5 years 10 years 186 239 H 71 93 H 142 413 256 312 H 172 H 167 251 213 144 186 239 71 93 H 142 H 413 256 312 H 172 H 167 251 H 213 144 HH 150 64 78 934 119 362 225 260 H 147 175 130 H 74 H 46 38 H 680 H 84 234 149 H 182 H 94 102 Share class symbols A: ASRAX C: ASRCX Y: ASRYX A: GLTAX C: GLTCX Y: GLTYX A: IGDAX C: IGDCX Y: IGDYX A: AACFX C: CACFX Y: AMCYX A: ACGIX C: ACGKX Y: ACGMX A: ACTHX C: ACTFX Y: ACTDX A: ALAAX C: CLIAX Y: ALAYX A: VKLMX C: VKLCX Y: VKLIX A: AIIEX C: AIECX Y: AIIYX A: ATFAX C: ATFCX Y: ATFYX A: LSQAX C: LSQCX Y: LSQYX A: GMSDX C: GMSEX Y: GMSHX A: PIAFX C: PICFX Y: PIYFX A: VKMMX C: VMICX Y: VMIIX The funds shown may currently be experiencing negative performance. For the most recent month-end performance figures, please visit invesco.com/performance. Please note that it is possible for a four- or five-star fund to exhibit low or negative performance within a given period. 3 Quarterly Morningstar Highlights
Morningstar ratings for periods ended Dec. 31, 2016 Ratings based on risk-adjusted returns (continued) Invesco Pennsylvania Tax Free Income Fund vs. Morningstar Muni Pennsylvania Category Invesco Small Cap Growth Fund vs. Morningstar Small Growth Category Overall 3 years 5 years 10 years 58 599 58 599 55 531 48 389 Share class symbols A: VKMPX C: VKPCX Y: VKPYX A: GTSAX C: GTSDX Y: GTSYX 4 Quarterly Morningstar Highlights
About risk The market movements of stocks of small- and mid-cap companies may be more abrupt and volatile than the market movements of stocks of larger, more established companies or the stock market in general, and small-cap companies, in particular, are generally less liquid than stocks of larger companies. Large-cap companies, compared to small- and mid-cap companies, tend to have more diversified business models, lower costs of capital and lower price fluctuations. Value, blend and growth are types of investment styles. Growth investing generally seeks stocks that offer the potential for greater-thanaverage earnings growth, and may entail greater risk than value or blend investing. Value investing generally seeks stocks that may be sound investments but are temporarily out of favor in the marketplace, and is subject to the risk that the valuations never improve or that the returns will trail other styles of investing or the overall stock markets. A blend investment combines the two styles. The risks of investing in securities of foreign issuers can include fluctuations in foreign currencies, foreign currency exchange controls, political and economic instability, differences in financial reporting, differences in securities regulation and trading, and foreign taxation issues. Funds that emphasize investments in issuers in the countries of Europe or Asia will have performance expected to be closely tied to social, political and economic conditions within countries in those regions and to be more volatile than the performance of more geographically diversified funds. Income generated from an underlying fund is based primarily on prevailing interest rates, which can vary widely over the short- and long-term. If interest rates drop, your income may drop as well. Businesses in the energy sector may be adversely affected by foreign, federal or state regulations governing energy production, distribution and sale as well as supply-and-demand for energy resources. Short-term fluctuations in energy prices may cause price fluctuations in an energy fund s shares. Investments in real estate related instruments may be affected by economic, legal, cultural, environmental or technological factors that affect property values, rents or occupancies of real estate. Real estate companies, including REITs or similar structures, tend to be small and mid-cap companies and their shares may be more volatile and less liquid. Fluctuations in the price of gold and precious metals may affect the profitability of companies in the gold and precious metals sector. Changes in the political or economic conditions of countries where companies in the gold and precious metals sector are located may have a direct effect on the price of gold and precious metals. Fixed income products are subject to risk, including credit risk of the issuer and the effects of changing interest rates. Market prices of fixed-income securities with intermediate lives generally fluctuate more in response to changes in interest rates than do market prices of municipal securities with shorter lives but generally fluctuate less than market prices of municipal securities with longer lives. If interest rates fall, it is possible that issuers of debt securities with high interest rates will prepay or call their securities before their maturity dates. In this event, the proceeds from the called securities would likely be reinvested by the fund in securities bearing the new, lower interest rates, resulting in a possible decline in the fund s income and distributions to shareholders Junk bonds involve a greater risk of default or price changes due to changes in the credit quality of the issuer. Municipal securities are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer s ability to make payments of principal and/or interest. Investments in convertible securities are subject to the risks associated with both fixed-income securities, including credit risk and interest rate risk, and common stocks. Convertible securities may have lower yields because they offer the opportunity to be converted into stock and if the stock is underperforming and the bond does not convert then the bond may have a lower return than a non-convertible bond. The performance of derivative instruments is tied to the performance of an underlying currency, security, index, commodity or other asset. In addition to risks relating to their underlying assets, the use of derivatives may include other, possibly greater, risks. Derivatives involve costs, may be volatile, and may involve a small initial investment relative to the risk assumed. Risks associated with the use of derivatives may include counterparty, margin, leverage, correlation, liquidity, tax, market, interest rate and management risks, as well as the risk of potential increased regulation of derivatives. Derivatives may also be more difficult to purchase, sell or value than other investments. The fund may lose more than the cash amount invested on investments in derivatives. Each of these risks is greater for the fund than mutual funds that do not use derivatives to implement their investment strategy. Each fund is subject to certain unique risks. Please review each fund s current prospectus for more detailed information regarding the specific risks associated with an investment in each fund. 5 Quarterly Morningstar Highlights
Explore High-Conviction Investing with Invesco At Invesco, we re dedicated to delivering an investment experience that helps you get more out of life. Our comprehensive range of high-conviction investment capabilities is designed to help you build portfolios in more precise and impactful ways, and not just settle for average. This high-conviction approach is built on three core tenets: A pure focus on investing Diversity of thought Passion to exceed All we do is investment management. That means we are solely focused on delivering high-conviction portfolio solutions to meet your unique needs. Each of our investment teams is empowered to implement its own trusted investment philosophy and process. Our diverse range of capabilities allows you to create high-conviction portfolios custom-built for your needs. We are passionate about going beyond average to uncover highconviction opportunities and provide an exceptional client experience. Contact us For more information, call your financial advisor or visit us at invesco.com/us. 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 MSTAR-BRO-1 01/17 Invesco Distributors, Inc. US979