Morningstar Highlights

Third quarter

Data as of Sept. 30, 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 load-waived Class A shares as of Sept. 30, 2016

US value

US blend/core

US growth

Invesco Diversified Dividend Fund

Invesco S&P 500 Index Fund

Invesco Small Cap Growth Fund1

Invesco Dividend Income Fund

Invesco Equally-Weighted S&P 500 Fund

Invesco Growth and Income Fund

Global/international

Alternative

Balanced

Invesco Asia Pacific Growth Fund

Invesco Balanced-Risk Allocation Fund

Invesco Equity and Income Fund

Invesco Developing Markets Fund

Invesco Balanced-Risk Commodity Strategy Fund

Invesco Income Allocation Fund

Invesco European Growth Fund

Invesco Global Real Estate Income Fund

Invesco Multi-Asset Income Fund2

Invesco European Small Company Fund1

Invesco Gold & Precious Metals Fund

Invesco Global Growth Fund

Invesco Real Estate Fund

Invesco Greater China Fund

Invesco International Growth Fund
Taxable fixed income

Tax-free fixed income

Invesco Convertible Securities Fund

Invesco California Tax-Free Income Fund

Invesco Core Plus Bond Fund

Invesco High Yield Municipal Fund1

Invesco Corporate Bond Fund

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

1 Invesco European Small Company Fund, Invesco High Yield Municipal 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 load-waived Class A shares.
2016 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 Sept. 30, 2016

Ratings based on risk-adjusted returns

Share class
symbols

Overall

3 years

5 years

10 years

HHHHH
HHHH

HHH
HHH

HHHH

HHHHH
HHHH

HHHH
HHH

HHHH
HHH

HHHH
HHH

HHHH
HH

HHHH
HHHH

HHHHH
HHHH
79

Invesco California Tax Free Income Fund

vs. Morningstar Muni California Long Category
A shares (load waived)
A shares
Number of funds in category

HHHH
HH

HHHH
HH

HHHH
HHH

HHH
HH

A: CLFAX
C: CLFCX
Y: CLFDX

Invesco Convertible Securities Fund

vs. Morningstar Convertibles Category
A shares (load waived)
A shares
Number of funds in category

HHHH
HHH

HHH
H

HHH
HH

HHHH
HHHH

A: CNSAX
C: CNSCX
Y: CNSDX

HHHHH
HHH

HHHHH
HHH

HHHHH
HH
844

Invesco Corporate Bond Fund

vs. Morningstar Corporate Bond Category
A shares (load waived)
A shares
Number of funds in category

HHHH
HHH

HHHH
HHH

HH
HHH

HHH
HHH

A: ACCBX
C: ACCEX
Y: ACCHX

Invesco Developing Markets Fund

vs. Morningstar Diversified Emerging Markets Category
A shares (load waived)
A shares
Number of funds in category

HHHH
HHH

HHH
HH

H
HHH

HHHH
HHHH

A: GTDDX
C: GTDCX
Y: GTDYX

Invesco Diversified Dividend Fund

vs. Morningstar Large Value Category
A shares (load waived)
A shares
Number of funds in category

HHHHH
HHHH

HHHHH
HHHH

HHH
HH

HHHHH
HHH

A: LCEAX
C: LCEVX
Y: LCEYX

Invesco Dividend Income Fund

vs. Morningstar Large Value Category
A shares (load waived)
A shares
Number of funds in category

HHH
HHHH

H
HHHH

HH
HH

HHHHH
HHHHH

A: IAUTX
C: IUTCX
Y: IAUYX

Invesco Asia Pacific Growth Fund

vs. Morningstar Pacific/Asia ex-Japan Stock Category
A shares (load waived)
A shares
Number of funds in category
Invesco Balanced-Risk Allocation Fund
vs. Morningstar Tactical Allocation Category
A shares (load waived)
A shares
Number of funds in category
Invesco Balanced-Risk Commodity Strategy Fund
vs. Morningstar Commodities Broad Basket Category
A shares (load waived)
A shares
Number of funds in category

Invesco Core Plus Bond Fund

vs. Morningstar Intermediate-Term Bond Category
A shares (load waived)
A shares
Number of funds in category

66

289

121

117

78

956

171

602

1179

1179

66

289

121

117

78

956

171

602

1179

1179

56

194

103

72

146

435

1040

1040

21

90

42

93

190

761

761

A: ASIAX
C: ASICX
Y: ASIYX

A: ABRZX
C: ABRCX
Y: ABRYX

A: BRCAX
C: BRCCX
Y: BRCYX

A: ACPSX
C: CPCFX
Y: CPBYX

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.
2016 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 funds 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

Morningstar ratings for periods ended Sept. 30, 2016 (continued)

Ratings based on risk-adjusted returns

Share class
symbols

Overall

3 years

5 years

10 years

Invesco Equally-Weighted S&P 500 Fund

vs. Morningstar Large Blend Category
A shares (load waived)
A shares
Number of funds in category

HHHH
HHH

HHHH
H

HHHH
HHH

A: VADAX
C: VADCX
Y: VADDX

Invesco Equity and Income Fund

vs. Morningstar Allocation-50% to 70% Equity Category
A shares (load waived)
A shares
Number of funds in category

HHHH
HHH

HHHH
HHH

HHHH
HHH

A: ACEIX
C: ACERX
Y: ACETX

Invesco European Growth Fund

vs. Morningstar Europe Stock Category
A shares (load waived)
A shares
Number of funds in category

HHHH
HHHH

HHHH
HHH

HHH
HHH

HHHH
HHHH

A: AEDAX
C: AEDCX
Y: AEDYX

A: ESMAX
C: ESMCX
Y: ESMYX

Invesco Global Growth Fund

vs. Morningstar World Stock Category
A shares (load waived)
A shares
Number of funds in category

HHHH
HHH

HHH
HH

HHH
HHH

HHHH
HHH

A: AGGAX
C: AGGCX
Y: AGGYX

Invesco Global Real Estate Income Fund

vs. Morningstar Global Real Estate Category
A shares (load waived)
A shares
Number of funds in category

HHHH
HHH

HHH
HH

HH
H

HHHHH
HHHHH

A: ASRAX
C: ASRCX
Y: ASRYX

Invesco Gold & Precious Metals Fund

vs. Morningstar Equity Precious Metals Category
A shares (load waived)
A shares
Number of funds in category

HHHH
HHHH

HHH
HHH

HHHH
HHH

HHHH
HHHH

A: IGDAX
C: IGDCX
Y: IGDYX

Invesco Greater China Fund

vs. Morningstar China Region Category
A shares (load waived)
A shares
Number of funds in category

HHHH
HHHH

HHHH
HHH

HHH
HHH

A: AACFX
C: CACFX
Y: AMCYX

Invesco Growth and Income Fund

vs. Morningstar Large Value Category
A shares (load waived)
A shares
Number of funds in category

HHHH
HHH

HHH
HH

HHH
HHH

A: ACGIX
C: ACGKX
Y: ACGMX

HHHHH
HHHH

HHHHH
HHHH

HHHH
HHHH

HHHHH
HHHH

A: ACTHX
C: ACTFX
Y: ACTDX

Invesco Income Allocation Fund

vs. Morningstar Allocation-30% to 50% Equity Category
A shares (load waived)
A shares
Number of funds in category

HHHH
HHH

HHHHH
HHHH

HHHH
HHH

HHHH
HHH

A: ALAAX
C: CLIAX
Y: ALAYX

Invesco Intermediate Term Municipal Income Fund

vs. Morningstar Muni National Interm Category
A shares (load waived)
A shares
Number of funds in category

HHHH
HHHH

HHHH
HHH

HHHH
HHH

HHHH
HHHH

A: VKLMX
C: VKLCX
Y: VKLIX

Invesco European Small Company Fund

vs. Morningstar Europe Stock Category
A shares (load waived)
A shares
Number of funds in category

Invesco High Yield Municipal Fund

vs. Morningstar High Yield Muni Category
A shares (load waived)
A shares
Number of funds in category

1392

826

86

86

953

208

73

80

1179

171

481

309

1392

826

86

86

953

208

73

80

1179

171

481

309

1210

716

82

82

735

163

69

70

1040

146

421

268

911

492

63

63

425

81

50

40

761

103

276

177

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 Sept. 30, 2016 (continued)

Ratings based on risk-adjusted returns

Share class
symbols

Overall

3 years

5 years

10 years

Invesco International Growth Fund

vs. Morningstar Foreign Large Growth Category
A shares (load waived)
A shares
Number of funds in category

HHHH
HHH

HHH
HH

HHH
HH

HHHHH
HHHH

A: AIIEX
C: AIECX
Y: AIIYX

Invesco Limited Term Municipal Income Fund

vs. Morningstar Muni National Short Category
A shares (load waived)
A shares
Number of funds in category

HHHHH
HHHHH

HHHHH
HHHH

HHHHH
HHHHH

HHHHH
HHHHH

A: ATFAX
C: ATFCX
Y: ATFYX

Invesco Multi-Asset Income Fund

vs. Morningstar Multisector Bond Category
A shares (load waived)
A shares
Number of funds in category

HHHHH
HHHHH

HHHHH
HHHHH
254

Invesco Municipal Income Fund

vs. Morningstar Muni National Long Category
A shares (load waived)
A shares
Number of funds in category

HHHH
HHH

HHHH
HHH

HHHH
HHH

HHH
HHH

A: VKMMX
C: VMICX
Y: VMIIX

Invesco New York Tax Free Income Fund

vs. Morningstar Muni New York Long Category
A shares (load waived)
A shares
Number of funds in category

HHHH
HHH

HHHH
HHH

HHHH
HHH

HHHH
HHH

A: VNYAX
C: VNYCX
Y: VNYYX

Invesco Pennsylvania Tax Free Income Fund

vs. Morningstar Muni Pennsylvania Category
A shares (load waived)
A shares
Number of funds in category

HHHH
HHH

HHHH
HHH

HHHH
HHH

HHH
HHH

A: VKMPX
C: VKPCX
Y: VKPYX

Invesco Real Estate Fund

vs. Morningstar Real Estate Category
A shares (load waived)
A shares
Number of funds in category

HHHH
HHH

HHH
HH

HHH
HH

HHHH
HHH

A: IARAX
C: IARCX
Y: IARYX

Invesco S&P 500 Index Fund

vs. Morningstar Large Blend Category
A shares (load waived)
A shares
Number of funds in category

HHH
HHH

HHHH
HHH

HHHH
HHH

HHH
HHH

A: SPIAX
C: SPICX
Y: SPIDX

Invesco Small Cap Growth Fund

vs. Morningstar Small Growth Category
A shares (load waived)
A shares
Number of funds in category

HHHH
HHHH

HHHH
HHH

HHHH
HHH

HHHH
HHHH

A: GTSAX
C: GTSDX
Y: GTSYX

Quarterly Morningstar Highlights

325

192

254

181

89

73

250

1392

660

325

192

181

89

73

250

1392

660

275

176

169

80

71

219

1210

596

188

115

140

65

59

155

911

433

A: PIAFX
C: PICFX
Y: PIYFX

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
funds 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 funds 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 issuers 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 funds current prospectus for more detailed information regarding the specific
risks associated with an investment in each fund.

Quarterly Morningstar Highlights

Explore High-Conviction Investing with Invesco

At Invesco, were 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

All we do is investment management. That means we are solely

focused on delivering high-conviction portfolio solutions to meet your
unique needs.

Diversity of thought

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.

Passion to exceed

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 11/16

Invesco Distributors, Inc.

US13701