Morningstar Highlights

(1)

Morningstar Highlights

Third quarter

Data as of September 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 A shares as of September 30, 2015

US Value US Blend/Core US Growth

– Invesco American Value Fund – Invesco Diversified Dividend Fund – Invesco Dividend Income Fund – Invesco Equity and Income Fund – Invesco Growth and Income Fund – Invesco Small Cap Value Fund¹

– Invesco Equally Weighted S&P 500 Fund – Invesco Small Cap Discovery Fund – Invesco Small Cap Growth Fund¹

Tax-Free Fixed Income Global/International Alternative/Sector

– Invesco California Tax-Free Income Fund – Invesco High Yield Municipal Fund¹ – Invesco Intermediate Term Municipal

Income Fund

– Invesco Limited Term Municipal Income Fund – Invesco Municipal Income Fund

– Invesco New York Tax Free Income Fund

– Invesco Asia Pacific Growth Fund – Invesco European Growth Fund – Invesco European Small Company Fund – Invesco Global Growth Fund

– Invesco Global Opportunities Fund – Invesco International Growth Fund¹

– Invesco Balanced-Risk Commodity Strategy Fund – Invesco Global Real Estate Fund

– Invesco Global Real Estate Income Fund – Invesco Gold & Precious Metals Fund – Invesco Real Estate Fund

Balanced Taxable Fixed Income

– Invesco Balanced-Risk Allocation Fund – Invesco Income Allocation Fund

– Invesco Convertible Securities Fund – Invesco Core Plus Bond Fund

1 Invesco High Yield Municipal Fund, Invesco International Growth 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 A shares.

©2015 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 September 30, 2015

Ratings based on risk-adjusted returns

Nasdaq

symbol Overall 3 years 5 years 10 years

Invesco American Value Fund

vs. Morningstar Mid-Cap Value Category A shares (load waived)

A shares

Number of funds in category

MSAVX

HHHH HHH

425

HHH HH

425

HHHH HHH

368

HHHH HHHH

250 Invesco Asia Pacific Growth Fund

vs. Morningstar Pacific/Asia ex-Japan Stock Category A shares (load waived)

A shares

ASIAX

HHHHH

HHHH

79

HHH HH

79

HHHHH

HHHH

47

HHHHH

HHHH

20 Invesco Balanced-Risk Allocation Fund

vs. Morningstar Tactical Allocation Category A shares (load waived)

A shares

ABRZX

HHHH HHH

234

HHH HH

234

HHHH HHH

132

——

— Invesco Balanced-Risk Commodity Strategy Fund

vs. Morningstar Commodities Broad Basket Category A shares (load waived)

A shares

BRCAX

HHHH HHH

119

HHHH HHH

119

—

——

—

——

Invesco California Tax Free Income Fund vs. Morningstar Muni California Long Category A shares (load waived)

A shares

CLFAX

HHHH HHH

117

HHHH HH

117

HHHH HHH

109

HHH HHH

92 Invesco Convertible Securities Fund

vs. Morningstar Convertibles Category A shares (load waived)

A shares

CNSAX

HHHH HHH

78

HHH HH

78

HHHH HHH

70

HHHH HHHH

42 Invesco Core Plus Bond Fund

vs. Morningstar Intermediate-Term Bond Category A shares (load waived)

A shares

ACPSX

HHHH HHH

945

HHHHH

HH

945

HHHH HHH

831

—

——

Invesco Diversified Dividend Fund vs. Morningstar Large Value Category A shares (load waived)

A shares

LCEAX

HHHHH

1211

HHHHH

HHHH

1211

HHHHH

HHHH

1071

HHHHH

744

Invesco Dividend Income Fund vs. Morningstar Large Value Category A shares (load waived)

A shares

IAUTX

HHHH HHHH

1211

HHHH HHH

1211

HHHH HHH

1071

HHHHH

744 Invesco Equally Weighted S&P 500 Fund

vs. Morningstar Large Blend Category A shares (load waived)

A shares

VADAX

HHHH HHH

1391

HHHHH

HHH

1391

HHHH HHH

1242

HHHH HHH

878

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.

©2015 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.

(3)

Morningstar ratings for periods ended September 30, 2015

Ratings based on risk-adjusted returns

Nasdaq

Invesco Equity and Income Fund

vs. Morningstar Moderate Allocation Category A shares (load waived)

A shares

ACEIX

HHHH HHH

838

HHHHH

HHHH

838

HHHH HHHH

722

HHHH HHH

481 Invesco European Growth Fund

vs. Morningstar Europe Stock Category A shares (load waived)

A shares

AEDAX

HHHH HHHH

85

HHH HH

85

HHHH HHHH

79

HHHH HHHH

63 Invesco European Small Company Fund

vs. Morningstar Europe Stock Category A shares (load waived)

A shares

ESMAX

HHHHH

HHHH

85

HHHHH

HHHH

85

HHHHH

79

HHHHH

HHHH

63 Invesco Global Growth Fund

vs. Morningstar World Stock Category A shares (load waived)

A shares

AGGAX

HHHH HHH

1001

HHH HH

1001

HHH HHH

758

HHHH HHH

393 Invesco Global Opportunities Fund

vs. Morningstar World Stock Category A shares (load waived)

A shares

IAOPX

HHHH HHH

1001

HHHH HHH

1001

——

—

——

— Invesco Global Real Estate Fund

vs. Morningstar Global Real Estate Category A shares (load waived)

A shares

AGREX

HHHH HHH

192

HHH HH

192

HHH HH

154

HHHH HHH

48 Invesco Global Real Estate Income Fund

vs. Morningstar Global Real Estate Category A shares (load waived)

A shares

ASRAX

HHHH HHHH

192

HHH HH

192

HHHH HHH

154

HHHHH

48 Invesco Gold & Precious Metals Fund

vs. Morningstar Equity Precious Metals Category A shares (load waived)

A shares

IGDAX

HHHH HHHH

71

HHHH HHHH

71

HHHH HHHH

71

HHHH HHHH

51 Invesco Growth and Income Fund

vs. Morningstar Large Value Category A shares (load waived)

A shares

ACGIX

HHHH HHH

1211

HHH HH

1211

HHH HHH

1071

HHHH HHH

744 Invesco High Yield Municipal Fund

vs. Morningstar High Yield Muni Category A shares (load waived)

A shares

ACTHX

HHHHH

HHHH

160

HHHHH

HHHH

160

HHHHH

HHHH

151

HHHHH

HHHH

96 Invesco Income Allocation Fund

vs. Morningstar Conservative Allocation Category A shares (load waived)

A shares

ALAAX

HHHH HHH

725

HHHH HHH

725

HHHH HHH

567

——

— Invesco Intermediate Term Municipal Income Fund

vs. Morningstar Muni National Interm Category A shares (load waived)

A shares

VKLMX

HHHH HHH

277

HHHH HHH

277

HHHH HHH

233

HHHH HHH

162

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.

(continued)

(4)

Morningstar ratings for periods ended September 30, 2015

Ratings based on risk-adjusted returns

Nasdaq

Invesco International Growth Fund

vs. Morningstar Foreign Large Growth Category A shares (load waived)

A shares

AIIEX

HHHH HHH

301

HHH HH

301

HHH HHH

277

HHHHH

HHHH

183 Invesco Limited Term Municipal Income Fund

vs. Morningstar Muni National Short Category A shares (load waived)

A shares

ATFAX

HHHHH

187

HHHHH

187

HHHHH

172

HHHHH

120 Invesco Municipal Income Fund

vs. Morningstar Muni National Long Category A shares (load waived)

A shares

VKMMX

HHHH HHH

191

HHHH HHH

191

HHHH HHH

181

HHH HHH

147 Invesco New York Tax Free Income Fund

vs. Morningstar Muni New York Long Category A shares (load waived)

A shares

VNYAX

HHHH HHH

96

HHHH HHH

96

HHHHH

HHH

81

HHHH HHH

75 Invesco Real Estate Fund

vs. Morningstar Real Estate Category A shares (load waived)

A shares

IARAX

HHHH HHH

239

HHH HH

239

HHH HH

203

HHHH HHHH

151 Invesco Small Cap Discovery Fund

vs. Morningstar Small Growth Category A shares (load waived)

A shares

VASCX

HHHH HHH

653

HHH HH

653

HHH HH

579

HHHH HHH

408 Invesco Small Cap Growth Fund

vs. Morningstar Small Growth Category A shares (load waived)

A shares

GTSAX

HHHHH

HHHH

653

HHHHH

HHHH

653

HHHH HHHH

579

HHHHH

HHHH

408 Invesco Small Cap Value Fund

vs. Morningstar Small Value Category A shares (load waived)

A shares

VSCAX

HHHHH

HHHH

365

HHHHH

HHH

365

HHHH HHH

315

HHHHH

199

(continued)

(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-than- average 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.

(6)

Contact us

For more information, call your financial advisor or contact Invesco at 800 959 4246 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.

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

^®