Information Regarding Investment Advisory and Sub-Advisory Contracts

At meetings held on June 5-6, 2018 ,the Boards of Trustees (the Board or the Trustees) of the Invesco Funds as a whole, and the “independent” Trustees, who comprise over 75% of the Board, voting separately, approved the continuance of the Invesco Funds’ (the Funds) Master Investment Advisory Agreement with Invesco Advisers, Inc. (Invesco Advisers and the investment advisory agreement) and the Master Intergroup Sub-Advisory Contract for Mutual Funds with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Hong Kong Limited, Invesco Senior Secured Management, Inc. and Invesco Canada Ltd., and where applicable, separate Sub-Advisory Contracts with Invesco Capital Management LLC and Invesco Asset Management (India) Private Limited (collectively, the Affiliated Sub-Advisers and the sub-advisory contracts) for another year, effective July 1, 2018. After evaluating the factors discussed below, among others, the Board approved the renewal of the Funds’ investment advisory agreement and the sub-advisory contracts and determined that the compensation payable by the Funds to Invesco Advisers and by Invesco Advisers to the Affiliated Sub-Advisers is fair and reasonable.

The Board's Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees, which meet throughout the year to review the performance of funds advised by Invesco Advisers (the Invesco Funds). Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned Invesco Funds and other members of management to review detailed information about investment performance and portfolio attributes of these funds. The Board took into account evaluations and reports that it received from the Investments Committee and Sub-Committees, as well as the information provided to such committees and the Board throughout the year, in considering whether to approve each Invesco Fund’s investment advisory agreement and sub-advisory contracts.

As part of the contract renewal process, the Board reviews and considers information provided in response to detailed to detailed requests for information submitted to management by the independent Trustees with assistance from legal counsel to the independent Trustees. The Board receives comparative investment performance and fee data regarding the Invesco Funds prepared by Invesco Advisers and Broadridge Financial Solutions, Inc. (Broadridge), an independent mutual fund data provider. The Board also receives an independent written evaluation from the Senior Officer, an officer of the Invesco Funds who reports directly to the independent Trustees. The Senior Officer’s evaluation is prepared as part of his responsibility to manage the process by which the Invesco Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure they are negotiated in a manner that is at arms’ length and reasonable. In addition to meetings with Invesco Advisers and fund counsel throughout the year, the independent Trustees also discuss the continuance of the investment advisory agreement and subadvisory contracts in separate sessions with the Senior Officer and with independent legal counsel.

The discussion below is a summary of the Senior Officer’s independent written evaluation with respect to the Invesco Funds’ investment advisory agreement, as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Funds’ investment advisory agreement and sub-advisory contracts. The Trustees’ review and conclusions are based on the comprehensive consideration of all information presented to them during the course of the year and in prior years and are not the result of any single determinative factor. Moreover, one Trustee may have weighed a particular piece of information or factor differently than another Trustee. This information is current as of June 6, 2018.

Please click on the links below to view a discussion by fund of the factors the Trustees considered in evaluating the fairness and reasonableness of each fund’s advisory agreement and sub-advisory contracts. For each fund, the applicable link provides a summary of the Senior Officer’s independent written evaluation in 2017 and 2018 with respect to the investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the investment advisory agreement and sub-advisory contracts. Unless otherwise stated, this information is current as of June 2017 and June 2018 respectively, and does not reflect consideration of factors that became known to the Board after those respective dates, including for example, changes to the fund’s performance, advisory fees, expense limitations and/or fee waivers.