Morningstar Highlights

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1 Morningstar Highlights Second quarter Data as of June 30, 2015 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. Morningstar four- and five-star rated Invesco Funds Overall ratings based on load-waived Class as of June 30, 2015 US Value US Blend/Core US Growth Invesco American Value Fund Invesco Comstock Fund Invesco Equity and Income Fund Invesco Diversified Dividend Fund Invesco Growth and Income Fund Invesco Small Cap Value Fund 1 Invesco Equally Weighted S&P 500 Fund Invesco Small Cap Discovery Fund Invesco Small Cap Growth Fund 1 Tax-Free Fixed Income Global/International Alternative/Sector Invesco High Yield Municipal Fund 1 Invesco Intermediate Term Municipal Income Fund Invesco Limited Term Municipal Income Fund Invesco Municipal Income Fund Invesco New York Tax Free Income Fund Invesco Pennsylvania Tax Free Income Fund Invesco Asia Pacific Growth Fund Invesco Developing Markets Fund 1 Invesco European Growth Fund Invesco European Small Company Fund Invesco Global Growth Fund Invesco Global Small & Mid Cap Growth Fund Invesco International Growth Fund Invesco Floating Rate Fund Invesco Global Real Estate Fund Invesco Global Real Estate Income Fund Invesco Gold & Precious Metals Fund Invesco Real Estate Fund Balanced Invesco Balanced-Risk Allocation Fund Invesco Income Allocation Fund Invesco Premium Income Fund Taxable Fixed Income Invesco Convertible Securities Fund Invesco Core Plus Bond Fund 1 Invesco Developing Markets Fund, Invesco High Yield Municipal Fund, Invesco Small Cap Growth Fund and Invesco Small Cap Value Fund are in limited offering. For information on who may continue to invest, please see the prospectus for each fund. Source: Morningstar, Inc. The funds four- and five-star ratings are for load-waived Class 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.

2 Morningstar ratings for periods ended June 30, 2015 Ratings based on risk-adjusted returns Invesco American Value Fund vs. Morningstar Mid-Cap Value Category (load waived) Invesco Asia Pacific Growth Fund vs. Morningstar Pacific/Asia ex-japan Stock Category (load waived) Invesco Balanced-Risk Allocation Fund vs. Morningstar Tactical Allocation Category (load waived) Invesco Comstock Fund vs. Morningstar Large Value Category (load waived) Invesco Convertible Securities Fund vs. Morningstar Convertibles Category (load waived) Invesco Core Plus Bond Fund vs. Morningstar Intermediate-Term Bond Category (load waived) Invesco Developing Markets Fund vs. Morningstar Diversified Emerging Markets Category (load waived) Invesco Diversified Dividend Fund vs. Morningstar Large Value Category (load waived) Invesco Equally Weighted S&P 500 Fund vs. Morningstar Large Blend Category (load waived) Invesco Equity and Income Fund vs. Morningstar Moderate Allocation Category (load waived) Nasdaq symbol Overall 3 years 5 years 10 years MSAVX ASIAX ABRZX ACSTX CNSAX ACPSX GTDDX LCEAX VADAX ACEIX 429 H H H H H 549 H H 549 H H H H H H 1045 H 1225 H H H H 167 H H The Overall Morningstar Rating is derived from a weighted average of the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics. The overall rating includes effects of sales charges, loads and redemption fees, while the load waived rating does not. Load-waived rating should only be considered by investors who are not subject to a front-end sales charge. Load-waived A share star ratings are intended for those investors who have access to such purchase terms (e.g., plan participants of a defined contribution plan). Not all A share mutual funds for which Morningstar calculates a load-waived A share star rating may actually waive their front-end sales load. Consult a current prospectus for information on reduced/waived sales charges and breakpoints 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. Ratings are based on a risk-adjusted return measure that accounts for variation in a fund s monthly performance, placing more emphasis on the downward variations and rewarding consistent performance. With-load ratings include the effect of sales charges, loads and redemption fees. Load-waived ratings exclude sales charges, loads and redemption fees, and are only applicable to investors not subject to sales charges. 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. (Each share class is counted as a fraction of one fund within this scale and rates separately, which may cause slight variations in the distribution percentages.) Ratings for other share classes may differ due to different performance characteristics. Past performance is no guarantee of future results. 2 Quarterly Morningstar Highlights

3 Morningstar ratings for periods ended June 30, 2015 Ratings based on risk-adjusted returns (continued) Invesco European Growth Fund vs. Morningstar Europe Stock Category (load waived) Invesco European Small Company Fund vs. Morningstar Europe Stock Category (load waived) Invesco Floating Rate Fund vs. Morningstar Bank Loan Category (load waived) Invesco Global Growth Fund vs. Morningstar World Stock Category (load waived) Invesco Global Real Estate Fund vs. Morningstar Global Real Estate Category (load waived) Invesco Global Real Estate Income Fund vs. Morningstar Global Real Estate Category (load waived) Invesco Global Small & Mid Cap Growth Fund vs. Morningstar World Stock Category (load waived) Invesco Gold & Precious Metals Fund vs. Morningstar Equity Precious Metals Category (load waived) Invesco Growth and Income Fund vs. Morningstar Large Value Category (load waived) Invesco High Yield Municipal Fund vs. Morningstar High Yield Muni Category (load waived) Invesco Income Allocation Fund vs. Morningstar Conservative Allocation Category (load waived) Invesco Intermediate Term Municipal Income Fund vs. Morningstar Muni National Interm Category (load waived) Nasdaq symbol Overall 3 years 5 years 10 years AEDAX ESMAX AFRAX AGGAX AGREX ASRAX AGAAX IGDAX ACGIX ACTHX ALAAX VKLMX H H 71 H H H H H H 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

4 Morningstar ratings for periods ended June 30, 2015 Ratings based on risk-adjusted returns (continued) Invesco International Growth Fund vs. Morningstar Foreign Large Growth Category (load waived) Invesco Limited Term Municipal Income Fund vs. Morningstar Muni National Short Category (load waived) Invesco Municipal Income Fund vs. Morningstar Muni National Long Category (load waived) Invesco New York Tax Free Income Fund vs. Morningstar Muni New York Long Category (load waived) Invesco Pennsylvania Tax Free Income Fund vs. Morningstar Muni Pennsylvania Category (load waived) Invesco Premium Income Fund vs. Morningstar Multisector Bond Category (load waived) Invesco Real Estate Fund vs. Morningstar Real Estate Category (load waived) Invesco Small Cap Discovery Fund vs. Morningstar Small Growth Category (load waived) Invesco Small Cap Growth Fund vs. Morningstar Small Growth Category (load waived) Invesco Small Cap Value Fund vs. Morningstar Small Value Category (load waived) Nasdaq symbol Overall 3 years 5 years 10 years AIIEX ATFAX VKMMX VNYAX VKMPX PIAFX IARAX VASCX GTSAX VSCAX 296 H H H H H H H 232 H H H H H H H 305 H 174 H H H 413 H H Quarterly Morningstar Highlights

5 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

6 Explore Intentional Investing with Invesco At Invesco, all of our people and all of our resources are dedicated to helping investors achieve their financial objectives. It s a philosophy of investment excellence we call Intentional Investing, and it guides the way we: Manage investments Provide choices Connect with our clients Our dedicated investment professionals search the world for the best opportunities, and each investment team follows a clear, disciplined process to build portfolios and mitigate risk. We manage investment strategies across all major asset classes and deliver them through a variety of vehicles. Our wide range of choices allows you to create a portfolio that s purpose-built for your needs. We re committed to giving you the expert insights you need to make informed investing decisions, and we are well-equipped to provide high-quality support for investors and advisors. Contact us For more information, call your financial advisor or contact Invesco at from 7 a.m. to 6 p.m. Central time on weekdays. You can also 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 07/15 Invesco Distributors, Inc. US7932

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