Dear Fellow Shareholders:
One of our most important responsibilities as independent Trustees of the Invesco Funds is our annual review of the funds' advisory and sub-advisory contracts with Invesco. This annual review is required
by the Investment Company Act of 1940 and focuses on the nature and quality of the services
Invesco has provided as advisor to the Invesco Funds and the reasonableness of the fees that it
charges for those services.
In our roles as Trustees, we spend months reviewing thousands of pages of detailed information
that we request from Invesco in connection with our annual review. We focus on the quality and costs
of the services to be provided by Invesco and its affiliates. Some of the most important things we look
at are fund performance, expenses and fees. All of the Trustees have substantial personal investments
in the Invesco Funds complex. We're fund shareholders just like you.
We also use information from many independent sources during the review process, including materials provided by the
independent Senior Officer of the Invesco Funds, who reports directly to the independent Trustees. We also meet in private
sessions with independent legal counsel and review performance and fee data on the Invesco Funds prepared by Lipper Inc.,
an independent, third-party firm widely recognized as a leader in its field.
I'm pleased to report that the Invesco Funds Board determined in June that renewing the investment advisory agreement
and the sub-advisory contracts with Invesco would serve the best interests of each fund and its shareholders. For more detailed
information about our assessment and conclusions with respect to each of the Invesco Funds, visit invesco.com/us, click on the
"About Us" section and go to "
Legal Information." Information on the recent investment advisory renewal process can be found
by clicking the last item under "Corporate Governance."
In much the same way we review your fund's advisory contract each year, it's a good idea for you to review your own investment
plan with your financial advisor on a regular basis. Perhaps you need to reassess your original asset allocation because different
investments may grow at varying paces, or perhaps you're going through a significant life change. Regardless of your situation, a
financial advisor can provide guidance and experience to help you reach your financial goals.
As always, please contact me at bruce@brucecrockett.com with any questions or concerns you may have. On behalf of the 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
August 31, 2012
