Dear Fellow Shareholders:
Although the world's economies are gradually recovering from the financial crisis, it has not been a
smooth path. Unrest in the Middle East, persistently weak job and housing markets in the U.S. and
continued government balance sheet repair in Europe are contributing to a slow, labored march
toward global recovery.
In this environment, investors face risks that could make it more difficult to achieve their long-term
financial goals – a secure retirement, home ownership, a child's college education. Although
the markets are complex and dynamic, there are ways to simplify the process and potentially
increase your odds of achieving your goals. The best approach is to create a solid financial plan that
helps you save and invest in ways that anticipate your needs over the long term.
Your financial advisor can help you define your financial plan, develop an appropriate investment strategy and put you in a better position to achieve your financial goals over the long term. This can take some of the
guesswork out of the process and help you make thoughtful investments. Your financial advisor also can help you better
understand your tolerance for risk, so that your investment approach lets you sleep at night while getting you closer to your
goals. Lastly, your financial advisor can develop an asset allocation strategy that seeks to balance your investment approach,
providing some protection against a decline in the markets while allowing you to participate in rising markets. Invesco calls this
type of approach "intentional investing." It means thinking carefully, planning thoughtfully and acting deliberately.
While no investment can guarantee favorable returns, your Board remains committed to managing costs and enhancing the
performance of Invesco's funds as part of our Investor First orientation. We continue to oversee the funds with the same strong
sense of responsibility for your money and your continued trust that we've always maintained.
Thanks to the approval of our fund shareholders, Invesco has made great progress in realigning our U.S. mutual fund product
line following our acquisition of Morgan Stanley's retail asset management business, including Van Kampen Investments. When
completed, the realignment will reduce overlap in the product lineup, enhance efficiency across our product line and build a solid
foundation for further growth to meet client and shareholder needs. I would like to thank those of you who voted your proxy, and
I hope our shareholders haven't been too inconvenienced by the process.
As always, please contact me at
bruce@brucecrockett.com with any questions or concerns you may have. On behalf of your
Board, we look forward to continuing to represent your interests and serving your needs.
Sincerely,
Bruce L. Crockett
Independent Chair
Invesco Funds Board of Trustees
September 9, 2011
