Invesco Advisers, Inc.

Guiding Principles of Invesco's Proxy Voting Policies and Procedures

Invesco's investment advisory affiliates (the "Advisory Affiliates") may be authorized by their clients, including the funds they manage ("Clients"), to vote proxies appurtenant to the securities owned by such Clients. If so authorized, the Advisory Affiliates carry out this responsibility by voting proxies in a manner reasonably designed to maximize the economic interests of its Clients and to minimize any real or perceived conflicts of interest of the Advisory Affiliate. The Advisory Affiliates may determine not to vote proxies if an Advisory Affiliate determines that the cost or restrictions placed on a Client are outweighed by the benefit to such Client of voting the proxy.

While each Advisory Affiliate has specific policies and procedures under which it makes proxy voting decisions and administers proxy voting, all Advisory Affiliates are guided by the following principles:

  • The Advisory Affiliates vote for proposals that maximize long-term shareholder value.
  • The Advisory Affiliates believe in corporate accountability and support governance structures reinforcing management's accountability to its board of directors and a board of directors' accountability to its shareholders.
  • The Advisory Affiliates believe that environmental, social and corporate governance proposals can influence long-term shareholder value and should be voted in a manner where such long-term shareholder value is maximized.

Invesco Advisers, Inc.

Invesco Advisers, Inc.

The following funds are managed by Invesco Advisers, Inc. and vote its proxies in accordance with the Invesco Advisers, Inc. Proxy Voting Policies and Procedures:

* The Sub-Adviser to the Fund, if different, is noted next to the Fund name.

  • Invesco Advantage Municipal Income Trust II
  • Invesco All Cap Market Neutral Fund
  • Invesco Alternative Strategies Fund
  • Invesco American Franchise Fund
  • Invesco American Value Fund
  • Invesco Asia Pacific Growth Fund
  • Invesco Balanced-Risk Aggressive Allocation Fund
  • Invesco Balanced-Risk Allocation Fund
  • Invesco Balanced-Risk Commodity Strategy Fund
  • Invesco Balanced-Risk Retirement 2020 Fund
  • Invesco Balanced-Risk Retirement 2030 Fund
  • Invesco Balanced-Risk Retirement 2040 Fund
  • Invesco Balanced-Risk Retirement 2050 Fund
  • Invesco Balanced-Risk Retirement Now Fund
  • Invesco Bond Fund
  • Invesco California Tax-Free Income Fund
  • Invesco California Value Municipal Income Trust
  • Invesco Charter Fund
  • Invesco Comstock Fund
  • Invesco Conservative Allocation Fund
  • Invesco Conservative Income Fund
  • Invesco Convertible Securities Fund
  • Invesco Core Plus Bond Fund
  • Invesco Corporate Bond Fund
  • Invesco Developing Markets Fund
  • Invesco Diversified Dividend Fund
  • Invesco Dividend Income Fund
  • Invesco Dynamic Credit Opportunities Fund* - Sub-advised by both Invesco Senior Secured Management, Inc. and Invesco Asset Management Limited
  • Invesco Emerging Markets Equity Fund
  • Invesco Emerging Markets Flexible Bond Fund
  • Invesco Equally-Weighted S&P 500 Fund
  • Invesco Equity and Income Fund
  • Invesco European Growth Fund
  • Invesco European Small Company Fund
  • Invesco Exchange Fund
  • Invesco Floating Rate Fund* – Sub-advised by Invesco Senior Secured Management, Inc.
  • Invesco Global Core Equity Fund
  • Invesco Global Growth Fund
  • Invesco Global Health Care Fund
  • Invesco Global Infrastructure Fund* - Sub-advised by Invesco Asset Management Limited
  • Invesco Global Real Estate Fund* - Sub-advised by Invesco Asset Management Limited
  • Invesco Global Real Estate Income Fund* - Sub-advised by Invesco Asset Management Limited
  • Invesco Global Small & Mid Cap Growth Fund
  • Invesco Government & Agency Portfolio
  • Invesco Growth Allocation Fund
  • Invesco Growth and Income Fund
  • Invesco High Income Trust II
  • Invesco High Yield Fund
  • Invesco High Yield Municipal Fund
  • Invesco Income Allocation Fund
  • Invesco Intermediate Term Municipal Income Fund
  • Invesco International Allocation Fund
  • Invesco International Core Equity Fund
  • Invesco International Growth Fund
  • Invesco International Small Company Fund
  • Invesco Limited Term Municipal Income Fund
  • Invesco Liquid Assets Portfolio
  • Invesco Long/Short Equity Fund
  • Invesco Low Volatility Equity Yield Fund
  • Invesco Macro Allocation Strategy Fund
  • Invesco Macro International Equity Fund
  • Invesco Macro Long/Short Fund
  • Invesco Mid Cap Core Equity Fund
  • Invesco Mid Cap Growth Fund
  • Invesco MLP Fund* - Sub-advised by Invesco Asset Management Limited
  • Invesco Moderate Allocation Fund
  • Invesco Money Market Fund
  • Invesco Multi-Asset Income Fund
  • Invesco Municipal Income Fund
  • Invesco Municipal Income Opportunities Trust
  • Invesco Municipal Opportunity Trust
  • Invesco Municipal Trust
  • Invesco Multi-Asset Inflation Fund
  • Invesco New York Tax Free Income Fund
  • Invesco Pennsylvania Tax Free Income Fund
  • Invesco Pennsylvania Value Municipal Income Trust
  • Invesco Premier Portfolio
  • Invesco Premier Tax-Exempt Portfolio
  • Invesco Premier U.S. Government Money Portfolio
  • Invesco Quality Municipal Income Trust
  • Invesco Real Estate Fund* - Sub-advised by Invesco Asset Management Limited
  • Invesco S&P 500 Index Fund
  • Invesco Senior Income Trust* – Sub-advised by Invesco Senior Secured Management, Inc.
  • Invesco Senior Loan Fund* – Sub-advised by Invesco Senior Secured Management, Inc.
  • Invesco Short Duration High Yield Municipal Fund
  • Invesco Short Duration Inflation Protected Fund
  • Invesco Short Term Bond Fund
  • Invesco Small Cap Discovery Fund
  • Invesco Small Cap Equity Fund
  • Invesco Small Cap Growth Fund
  • Invesco Small Cap Value Fund
  • Invesco STIC Prime Portfolio
  • Invesco Strategic Income Fund
  • Invesco Strategic Real Return Fund*– Sub-advised by Invesco Senior Secured Management, Inc.
  • Invesco Summit Fund
  • Invesco Tax-Exempt Cash Fund
  • Invesco Tax-Free Cash Reserve Portfolio
  • Invesco Technology Fund
  • Invesco Technology Sector Fund
  • Invesco Treasury Obligations Portfolio
  • Invesco Treasury Portfolio
  • Invesco Trust for Investment Grade Municipals
  • Invesco Trust for Investment Grade New York Municipals
  • Invesco Unconstrained Bond Fund
  • Invesco U.S. Government Fund
  • Invesco U.S. Mortgage Fund
  • Invesco V.I. American Franchise Fund
  • Invesco V.I. American Value Fund
  • Invesco V.I. Balanced-Risk Allocation Fund
  • Invesco V.I. Comstock Fund
  • Invesco V.I. Core Equity Fund
  • Invesco V.I. Core Plus Bond Fund
  • Invesco V.I. Diversified Dividend Fund
  • Invesco V.I. Equally-Weighted S&P 500 Fund
  • Invesco V.I. Equity and Income Fund
  • Invesco V.I. Global Core Equity Fund
  • Invesco V.I. Global Health Care Fund
  • Invesco V.I. Global Real Estate Fund* - Sub-advised by Invesco Asset Management Limited
  • Invesco V.I. Government Money Market Fund
  • Invesco V.I. Government Securities Fund
  • Invesco V.I. Growth and Income Fund
  • Invesco V.I. High Yield Fund
  • Invesco V.I. International Growth Fund
  • Invesco V.I. Managed Volatility Fund
  • Invesco V.I. Mid Cap Core Equity Fund
  • Invesco V.I. Mid Cap Growth Fund
  • Invesco V.I. S&P 500 Index Fund
  • Invesco V.I. Small Cap Equity Fund
  • Invesco V.I. Technology Fund
  • Invesco V.I. Value Opportunities Fund
  • Invesco Value Municipal Income Trust
  • Invesco Value Opportunities Fund

Invesco Asset Management Limited

Invesco Perpetual Stewardship Policy

The following Invesco funds are managed by Invesco Asset Management Limited and vote its proxies in accordance with the Invesco Asset Management Limited Proxy Voting Policies and Procedures. Note that the procedures are referred to as the Invesco Perpetual Proxy Voting Policies and Procedures.

  • Invesco Global Opportunities Fund
  • Invesco Global Targeted Returns Fund
  • Invesco International Total Return Fund

Invesco Canada

Invesco Canada Ltd. Proxy Voting Policies and Procedure

The following Invesco funds are managed by Invesco Canada Ltd. and vote its proxies in accordance with the Invesco Canada Ltd. Proxy Voting Policies and Procedures:

  • Invesco Endeavor Fund
  • Invesco Energy Fund
  • Invesco Gold & Precious Metals Fund
  • Invesco International Companies Fund
  • Invesco Select Companies Fund
  • Invesco Select Opportunities Fund

Invesco Hong Kong Limited

Invesco Hong Kong Limited Proxy Voting Policies and Procedures

The following Invesco funds are managed by Invesco Hong Kong Limited and vote its proxies in accordance with the Invesco Hong Kong Ltd. Proxy Voting Policies and Procedures:

  • Invesco Greater China Fund
  • Invesco Pacific Growth Fund* - Sub-advised by both Invesco Hong Kong Limited and Invesco Asset Management (Japan) Limited

Invesco Asset Management Deutschland GmbH

Invesco Asset Management Deutschland GmbH Proxy Voting Policies and Procedures

  • Invesco Global Low Volatility Equity Yield Fund*- Sub-advised by Invesco Asset Management Deutschland GmbH
  • Invesco Global Market Neutral Fund*- Sub-Advised by Invesco Asset Management Deutschland GmbH
  • Invesco Low Volatility Emerging Markets Fund*- Sub-Advised by Invesco Asset Management Deutschland GmbH

Effective December 15, 2017, the Government & Agency Portfolio, Liquid Asset Portfolio, Premier Portfolio, Premier Tax-Exempt Portfolio, Premier U.S. Government Money Portfolio, STIC Prime Portfolio, Tax-Free Cash Reserve Portfolio, Treasury Obligations Portfolio and Treasury Portfolio were renamed to add “Invesco” to the names. There were no changes to the CUSIPs, tickers or investment objectives.

Invesco Government & Agency Portfolio, Invesco Government Money Market Fund, Invesco Premier U.S. Government Money Portfolio, Invesco Treasury Obligations Portfolio, Invesco Treasury Portfolio, Invesco V.I. Government Money Market Fund
You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Invesco Premier Portfolio, Invesco Tax-Exempt Cash Fund, Invesco Tax-Free Cash Reserve Portfolio
You could lose money by investing in the Fund. Although the Fund seeks to preserve your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below the required minimums because of market conditions or other factors. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.

Invesco Liquid Assets Portfolio, Invesco Premier Tax-Exempt Portfolio, Invesco STIC Prime Portfolio
You could lose money by investing in the Fund. Because the share price of the Fund will fluctuate; when you sell your shares they may be worth more or less than what you originally paid for them. The Fund may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund's liquidity falls below the required minimums because of market conditions or other factors. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund's sponsor has no legal obligation to provide financial support to the Fund, and you should not expect that the sponsor will provide financial support to the Fund at any time.