425 1 h77594ae425.htm 425 e425
Filing by AIM Variable Insurance Funds (Invesco Variable Insurance Funds) pursuant to Rule 425 under the Securities Act of 1933, and deemed filed under Rule 14a-12(b) under the Securities Exchange Act of 1934.
Subject Companies:
AIM Counselor Series Trust (Invesco Counselor Series Trust)
(SEC File No. 811-09913)
AIM Equity Funds (Invesco Equity Funds)
(SEC File No. 811-01424)
AIM Funds Group (Invesco Funds Group)
(SEC File No. 811-01540)
AIM Growth Series (Invesco Growth Series)
(SEC File No. 811-02699)
AIM Investment Funds (Invesco Investment Funds)
(SEC File No. 811-05426)
AIM Investment Securities Funds (Invesco Investment Securities Funds)
(SEC File No. 811-05686)
AIM Sector Funds (Invesco Sector Funds)
(SEC File No. 811-03826)
AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds)
(SEC File No. 811-07890)
AIM Variable Insurance Funds (Invesco Variable Insurance Funds)
(SEC File No. 811-07452)
InFocus
November 10, 2010
Invesco U.S. mutual fund product alignment
On June 1, Invesco completed its acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments.
The combination of Invesco and Van Kampen/Morgan Stanley retail expanded the depth and breadth of investment capabilities we offer investors and significantly enhanced our U.S. market presence. The Invesco and Van Kampen/Morgan Stanley retail investment capabilities were highly complementary, which enabled us to provide a more balanced product offering to investors. As a result of the combination, Invesco gained investment talent for a number of investment strategies, including U.S. Value Equity, U.S. Small Cap Growth Equity, Tax-Free Municipals, Bank Loans and others. With this enhanced expertise and a comprehensive range of diverse investment capabilities, we believe Invesco is better positioned than ever to meet the needs of investors across the globe.
As we have communicated publicly, we are reviewing the full Invesco product line and making decisions that will sharpen our offering to investors. A key goal of this effort is to reduce overlap and enhance efficiency across the product line for the benefit of fund shareholders.
As the next step in the process of integrating the combined business, the Invesco Funds Board of Trustees has approved a realignment of our U.S. mutual fund product line, pending shareholder approval. When completed, the proposed realignment will:
  •   Ensure a broad product lineup
 
  •   Distinguish and emphasize Invesco’s most compelling investment processes and strategies
 
  •   Reduce overlap in the product lineup to help lower costs
 
  •   Build a solid foundation for further growth to meet client and shareholder needs
As an investment-led organization, Invesco is dedicated to achieving strong, long-term investment performance on behalf of our shareholders and ensuring that our actions are guided by our “clients first” culture. To achieve this, our approach for realigning the funds favors those funds whose investment teams will be managing the fund on a go-forward basis and which have in place the longest tenured track record that is most representative of the team’s investment process.
An important consideration in our realignment efforts was to ensure that fund expenses on the resulting mutual fund product line remain competitive and that we seek ways to continue managing overall expenses for the benefit of shareholders. We are pleased to report that, through the realignment, most shareholders will experience a reduction in the total expense ratio for their funds and, in aggregate, shareholders will receive an estimated $78 million in benefits over the next two years through fee reductions, contractual expense limitations and certain one-

 

 

time cost savings*. In those limited instances where management fee expenses are estimated to increase, Invesco will cap expenses on the acquiring fund at the lowest total expense ratio cap of any approved fund in each proposed transaction.
You will find specific details regarding the proposed changes to each fund in the chart below. We anticipate the realignment process will take from 6-9 months to complete as each of the proposed transactions must receive the required regulatory and fund shareholder approvals. Some important milestones in this process include:
  •   Fund proxy statement filings (targeting November/December 2010)
 
  •   Proxy statement mailing to fund shareholders (targeting January 2011)
 
  •   Fund shareholder meetings (targeting second quarter 2011)
 
  •   Realignment completed (targeting second quarter 2011)
Invesco U.S. Mutual Fund Product Alignment
Domestic Value Equity — A Share Class
                                                 
                Prospectus               Prospectus   Pro Forma
                Total Expense               Total Expense   Total Expense
Target Fund   CUSIP   Symbol   Ratio(1)   Acquiring Fund   CUSIP   Symbol   Ratio(1)   Ratio(2)
Invesco Basic Value
    00141M747     GTVLX     1.41     Invesco Van Kampen Value Opportunities   00143M398   VVOAX     1.41       1.35  
Invesco Fundamental Value
    00142J750     FVFAX     1.53     Invesco Van Kampen Growth and Income   00142J362   ACGIX     0.75       0.75  
Invesco Large Cap Relative Value
    00142J719     IVABX     0.92                              
Invesco Large Cap Basic Value
    001413681     LCBAX     1.66     Invesco Van Kampen Comstock   00143M711   ACSTX     0.89       0.89  
Invesco Value
    00143M505     VLUAX     1.25                              
Invesco Value II
    00143M885     MPVAX     0.97                              
Invesco Mid Cap Basic Value
    008879397     MDCAX     1.66     Invesco Van Kampen American Value   00143M844   MSAVX     1.32       1.35  
Invesco Mid-Cap Value
    00142F394     MDFAX     1.52                              
Invesco Small-Mid Special Value
    00142F352     JBJAX     1.46     Invesco Van Kampen Small Cap Value   00143M539   VSCAX     1.27       1.03  
Invesco Special Value
    00142F311     SVFAX     1.32                              
Invesco US Small Cap Value
    00142F170     MCVAX     1.07                              
Invesco US Small-Mid Cap Value
    00143M109     MSMMX     1.52                              
Invesco Van Kampen V.I. Value (Series I)
    00888X559           0.86     Invesco Van Kampen V.I. Comstock (Series I)   00888X773         0.62       0.62  
Domestic Core Equity — A Share Class
                                                     
                Prospectus                   Prospectus   Pro Forma
                Total Expense                   Total Expense   Total Expense
Target Fund   CUSIP   Symbol   Ratio(1)   Acquiring Fund   CUSIP   Symbol   Ratio(1)   Ratio(2)
Invesco Dividend Growth Securities
    00142J859     DIVAX     0.95     Invesco Diversified Dividend Fund     001413541     LCEAX     1.13       0.96  
Invesco Financial Services (Sector)
    00142F709     IFSAX     1.70                                  
Invesco Van Kampen Core Equity
    00142J537     VCEAX     1.20                                  
Invesco Select Equity
    008879207     AGWFX     1.64     Invesco Structured Core     00141A818     SCAUX     1.00       1.00  
Invesco Van Kampen Equity Premium Income
    00142J412     VEPAX     1.18                                  
Invesco V.I. Financial Services (Sector — Series I)
    008892457           1.29     Invesco V.I. Dividend Growth (Series I)     00888X104           0.67       0.67  
Invesco V.I. Select Dimensions Dividend Growth (Series I)
    00888X849           0.72                                  
Domestic Growth Equity — A Share Class
                                                     
                Prospectus                   Prospectus   Pro Forma
                Total Expense                   Total Expense   Total Expense
Target Fund   CUSIP   Symbol   Ratio(1)   Acquiring Fund   CUSIP   Symbol   Ratio(1)   Ratio(2)
Invesco Large Cap Growth
    001413749     LCGAX     1.56     Invesco Van Kampen American Franchise     00142J578     VAFAX     1.31       1.05  
Invesco Van Kampen Capital Growth
    00143M778     ACPAX     1.06                                  
Invesco Van Kampen Enterprise
    00143M646     ACENX     1.17                                  
Invesco V.I. Dynamics (Series I)
    008892473           1.31     Invesco V.I. Capital Development     008892853           1.11       1.12  
Invesco V.I. Large Cap Growth (Series I)
    008892564           1.02     Invesco Van Kampen V.I. Capital Growth (Series I)     00888X799           0.84       0.84  
Sector Equity — A Share Class
                                                 
            Prospectus                   Prospectus   Pro Forma
            Total Expense                   Total Expense   Total Expense
Target Fund   CUSIP   Symbol   Ratio(1)   Acquiring Fund   CUSIP   Symbol   Ratio(1)   Ratio(2)
Invesco Commodities Strategy
  00141V622   COAAX     1.20     Invesco Balanced-Risk Commodity Strategy (proposed)     00888Y102     BRCAX     1.23       1.23  
Invesco Health Sciences
  00141V358   HCRAX     1.60     Invesco Global Health Care     00141T106     GGHCX     1.33       1.32  
Invesco Multi-Sector
  00141A701   IAMSX     1.32     Invesco Charter     001413103     CHTRX     1.31       1.30  
Invesco Technology Sector
  00142F261   IFOAX     1.95     Invesco Technology     00142F642     ITYAX     1.75       1.77  
Invesco Van Kampen Technology
  00143M489   VTFAX     1.95                                  
Invesco Van Kampen Real Estate Securities
  00888W668   ACREX     1.57     Invesco Real Estate     00142C565     IARAX     1.34       1.37  
Invesco Van Kampen Utility
  00143M448   VKUAX     1.32     Invesco Utilities     00142F535     IAUTX     1.55       1.33  

 

 

International/Global/Regional Equity — A Share Class
                                                 
            Prospectus                   Prospectus   Pro Forma
            Total Expense                   Total Expense   Total Expense
Target Fund   CUSIP   Symbol   Ratio(1)   Acquiring Fund   CUSIP   Symbol   Ratio(1)   Ratio(2)
Invesco Global
  00141T346   ATKAX     2.26     Invesco Global Core Equity     00141L103     AWSAX     1.93       1.25  
Invesco Global Dividend Growth Securities
  00141V390   GLBAX     1.25                                  
Invesco Van Kampen Global Equity Allocation
  00142R109   MSGAX     1.70                                  
Invesco Van Kampen Global Franchise
  00142R505   VGFAX     1.26                                  
Invesco Global Advantage
  00141V440   GADAX     1.39     Invesco Global Growth     008882300     AGGAX     1.81       1.42  
Invesco Japan
  00141V887   AJFAX     2.26     Invesco Pacific Growth     00141V267     TGRAX     1.88       1.88  
Invesco Van Kampen Emerging Markets
  00141V218   MSRAX     2.00     Invesco Developing Markets     00141T577     GTDDX     1.73       1.74  
Invesco Van Kampen International Advantage
  00142R828   VKIAX     1.65     Invesco International Growth     008882102     AIIEX     1.53       1.42  
Invesco Van Kampen International Growth
  00142R778   VIFAX     1.40                                  
Invesco Van Kampen V.I. International Growth Equity (Series I)
  00888X625         1.11     Invesco V.I. International Growth (Series I)     008892507           1.06       1.06  
Invesco V.I. Global Dividend Growth (Series I)
  00888X302         0.94     Invesco Van Kampen V.I. Global Value Equity (Series I)     00888X716           1.15       0.94  
Target Date/Target Risk — A Share Class
                                             
            Prospectus               Prospectus   Pro Forma
            Total Expense               Total Expense   Total Expense
Target Fund   CUSIP   Symbol   Ratio(1)   Acquiring Fund   CUSIP   Symbol   Ratio(1)   Ratio(2)
Invesco Balanced-Risk Retirment 2010
  00888U605   INJAX     0.91     Invesco Balanced-Risk Retirement Now   00888U100   IANAX     0.88       0.88  
Invesco Conservative Allocation
  00141M481   ACNAX     1.09     Invesco Moderately Conservative Allocation   00141M317   CAAMX     1.03       1.03  
Invesco Van Kampen Asset Allocation Conservative
  00888W809   VACAX     1.02                              
Invesco Moderate Growth Allocation
  00141M366   AAMGX     1.11     Invesco Growth Allocation   00141M549   AADAX     1.23       1.14  
Invesco Van Kampen Asset Allocation Growth
  00888W858   VKAAX     1.15                              
Invesco Van Kampen Asset Allocation Moderate
  00888W817   VAMAX     1.09     Invesco Moderate Allocation   00141M432   AMKAX     1.08       1.08  
Hybrid/Diversified — A Share Class
                                                 
                Prospectus               Prospectus   Pro Forma
                Total Expense               Total Expense   Total Expense
Target Fund   CUSIP   Symbol   Ratio(1)   Acquiring Fund   CUSIP   Symbol   Ratio(1)   Ratio(2)
Invesco Balanced
    00142J404     BGRAX     1.08     Invesco Van Kampen Equity and Income   00142J479   ACEIX     0.78       0.79  
Invesco Basic Balanced
    008879439     BBLAX     1.33                              
Invesco Van Kampen Harbor
    00888W767     ACHBX     1.11     Invesco Convertible Securities   00888W403   CNSAX     1.27       1.10  
Invesco V.I. Select Dimensions Balanced (Series I)
    00888X864           0.82     Invesco Van Kampen V.I. Equity and Income (Series I)   00888X757         0.71       0.71  
Invesco V.I. Basic Balanced (Series I)
    008892861           0.92                              
Invesco V.I. Income Builder (Series I)
    00888X708           1.02                              
Taxable Fixed Income — A Share Class
                                                     
                Prospectus                   Prospectus   Pro Forma
                Total Expense                   Total Expense   Total Expense
Target Fund   CUSIP   Symbol   Ratio(1)   Acquiring Fund   CUSIP   Symbol   Ratio(1)   Ratio(2)
Invesco Core Bond
    00142C730     TBRAX     0.83     Invesco Core Plus Bond     00141A529     ACPSX     0.90       0.75  
Invesco Van Kampen Core Plus Fixed Income
    001421809     VCPAX     0.75                                  
Invesco Income
    00142C870     AMIFX     1.11     Invesco Van Kampen Corporate Bond     001421858     ACCBX     0.89       0.92  
Invesco LIBOR Alpha
    00141V101     EASBX     0.88     Invesco Short Term Bond     00142C433     STBAX     0.68       0.58  
Invesco Van Kampen Limited Duration
    001421684     ACFMX     0.90                                  
Invesco Van Kampen Government Securities
    001421791     ACGVX     1.03     Invesco U.S. Government     00142C847     AGOVX     1.04       0.89  
Invesco Van Kampen High Yield
    001421742     ACHYX     0.89     Invesco High Yield     00142C706     AMHYX     0.99       0.89  
Invesco Van Kampen V.I. Government (Series I)
    00888X682           0.60     Invesco V.I. Government Securities (Series I)     008892309           0.73       0.60  
Invesco Van Kampen V.I. High Yield (Series I)
    00888X641           0.81     Invesco V.I. High Yield (Series I)     008892846           0.95       0.80  

 

 

Tax-Free Fixed Income — A Share Class
                                                     
                Prospectus                   Prospectus   Pro Forma
                Total Expense                   Total Expense   Total Expense
Target Fund   CUSIP   Symbol   Ratio(1)   Acquiring Fund   CUSIP   Symbol   Ratio(1)   Ratio(2)
Excluding Interest Expenses
                                                    
Invesco Municipal
    001419829     MSMHX     0.75     Invesco Van Kampen Intermediate Term Municipal Income     001419597     VKLMX     0.90       0.75  
Invesco New York Tax-Free Income
    00142J669     NYFAX     0.90     Invesco Van Kampen New York Tax Free Income     001419514     VNYAX     0.78       0.78  
Invesco Tax-Exempt Securities
    001419779     TAXAX     0.82     Invesco Van Kampen Municipal Income     001419555     VKMMX     0.89       0.83  
Invesco Van Kampen Insured Tax Free Income
    001419647     VKMTX     0.90                                  
Invesco Van Kampen California Insured Tax Free
    001419738     VKCIX     0.91     Invesco California Tax-Free Income     00142J800     CLFAX     0.84       0.85  
 
(1)   Expense ratios reflected in this table are the total expense ratios included in each fund’s current prospectus excluding interest expense. Interest expenses, as with other investment related expenses vary over time. The Adviser believes comparing operating expenses better illustrates the impact of the proposed reorganization on these expenses. For funds with interest expenses the total expense ratios including interest expenses are as follows: Invesco Van Kampen Intermediate Term Municipal Income 0.93, pro forma 0.78; Invesco New York Tax-Free Income 0.97, Invesco Van Kampen New York Tax Free Income 0.84, pro forma 0.84; Invesco Tax-Exempt Securities 0.86, Invesco Van Kampen Insured Tax-Free Income 1.00, Invesco Van Kampen Municipal Income 1.00, pro forma 0.94; Invesco Van Kampen California Insured Tax Free 0.92, Invesco California Tax-Free Income 0.88, pro forma 0.89.
 
(2)   For each set of proposed reorganization transactions, the pro forma total expense ratios reflected in the table are estimates and assume that all proposed reorganizations into each acquiring fund are approved by shareholders. These estimates include the contractual expenses of the acquiring fund but exclude certain duplicative costs of operating each fund on a stand-alone basis. Actual pro forma total expense ratios may vary from these estimates. Invesco believes that fluctuations of 1—3 basis points may be expected in the ordinary course of operations. If fewer than all reorganizations in a set of proposed reorganizations are approved by target fund shareholders, the pro forma total expense ratios may differ and may be more than the pro forma total expense ratios reflected. The pro forma total expense ratio reflected may be equal to the rate at which Invesco has agreed to cap total expenses of the Acquiring Fund for a period of time following the close of each proposed reorganization. Without these caps, total expenses may be higher. Please refer to the joint proxy/registration statement to be filed for each reorganization for specific pro forma comparative data applicable to your fund.
We believe these changes will enhance our offering and better enable Invesco to deliver strong, consistent investment results to investors over the long term. We will continue to communicate with you as we work to ensure a smooth transition for those funds impacted by these changes. For more information, investors should contact their financial adviser or visit invesco.com/us.
National Wirehouse Division
800-998-4246
Regional Broker Division
800-826-5267
Independent Adviser Division
800-337-4246
Retirement Plan Division
800-370-1519
Institutional and Insurance Sales Division
800-410-4246
Client Services
800-959-4246
Closed-End Funds
800-341-2929
 
*   Where to Find Additional Information
In connection with the proposed realignment, the acquiring funds will file a Proxy Statement/ Prospectus with the Securities and Exchange Commission (the “Commission”). All shareholders are advised to read the Proxy Statement/Prospectus in its entirety when it becomes available, because it will contain important information regarding the target funds, the acquiring funds, the realignment, the target fund board’s considerations in recommending the realignment, the persons soliciting proxies in connection with the realignment and the interest of these persons in the transactions and related matters. The Proxy Statement/Prospectus is expected to be mailed to target fund shareholders once the Proxy Statement/Prospectus is declared effective by the Commission. Shareholders may obtain a free copy of the Proxy Statement/Prospectus when available and other documents filed by the acquiring funds with the Commission at the Commission’s web site at http://www.sec.gov. In addition, copies of the Proxy Statement/Prospectus, once available, may be obtained, free of charge, by directing a request via mail or phone to Invesco, 11 Greenway Plaza, Suite 2500, Houston, TX 77046, 800-959-4246. In addition to

 

 

the Proxy Statement/Prospectus, each target fund and acquiring fund file annual and semi-annual reports and other information with the Commission. You may read and copy any reports, statements, or other information filed by a target fund or acquiring fund at the Commission’s public reference rooms at 100 F Street, N.E., Washington, D.C., 20549-0213. Please call the Commission at 1-800-SEC-0330 for further information on the public reference room. Filings made with the Commission by either the target fund or acquiring fund are also available to the public from commercial document-retrieval services and at the Web site maintained by the Commission at http://www.sec.gov.
Participants in the Solicitation
The acquiring funds, target funds and their respective trustees, officers and certain employees may be soliciting proxies from shareholders in favor of the realignment. Information concerning persons who may be considered participants in the solicitation of the target fund’s shareholders under the rules of the Commission will be set forth in the Proxy Statement/Prospectus to be filed for the acquiring funds in November 2010.
Carefully consider a fund’s investment objectives, risks, charges, and expenses before investing. For a current prospectus containing this and other information, visit invesco.com/fundprospectus. Read the prospectus carefully before investing.
(GRAPHIC)
Consider the investment objectives, risks, charges and expenses carefully. Please read the prospectus carefully before investing. For this and more complete information about the fund(s), investors should ask their advisers for a prospectus/summary prospectus or should visit invesco.com/fundprospectus. The Invesco variable insurance funds are used solely as investment vehicles by insurance company separate accounts to fund variable annuity contracts and variable life insurance policies. Shares of variable insurance funds cannot be purchased directly. Expenses and fees are determined by the offering insurance company and will vary. Invesco Distributor, Inc does not offer any variable products.
All data provided by Invesco unless otherwise noted.
Invesco Distributors, Inc. 11/2010

 

 

Filing by AIM Variable Insurance Funds (Invesco Variable Insurance Funds) pursuant to Rule 425 under the Securities Act of 1933, and deemed filed under Rule 14a-12(b) under the Securities Exchange Act of 1934.
Subject Companies:
AIM Counselor Series Trust (Invesco Counselor Series Trust)
(SEC File No. 811-09913)
AIM Equity Funds (Invesco Equity Funds)
(SEC File No. 811-01424)
AIM Funds Group (Invesco Funds Group)
(SEC File No. 811-01540)
AIM Growth Series (Invesco Growth Series)
(SEC File No. 811-02699)
AIM Investment Funds (Invesco Investment Funds)
(SEC File No. 811-05426)
AIM Investment Securities Funds (Invesco Investment Securities Funds)
(SEC File No. 811-05686)
AIM Sector Funds (Invesco Sector Funds)
(SEC File No. 811-03826)
AIM Tax-Exempt Funds (Invesco Tax-Exempt Funds)
(SEC File No. 811-07890)
AIM Variable Insurance Funds (Invesco Variable Insurance Funds)
(SEC File No. 811-07452)
Letter to accompany sticker in e-delivery USPS mailing to fund shareholders
[Invesco Distributor letterhead]
November 10, 2010
Dear Shareholder,
On June 1, Invesco completed its acquisition of Morgan Stanley’s retail asset management business, including Van Kampen Investments.
The combination of Invesco and Van Kampen/Morgan Stanley retail expanded the depth and breadth of investment capabilities we offer investors and significantly enhanced our U.S. market presence. The Invesco and Van Kampen/Morgan Stanley retail investment capabilities were highly complementary, which enabled us to provide a more balanced product offering to investors. As a result of the combination, Invesco gained investment talent for a number of investment strategies, including U.S. Value Equity, U.S. Small Cap Growth Equity, Tax-Free Municipals, Bank Loans and others. With this enhanced expertise and a comprehensive range of diverse investment capabilities, we believe Invesco is better positioned than ever to meet the needs of investors across the globe.
As we have communicated publicly, we are reviewing the full Invesco product line and making decisions that will sharpen our offering to investors. A key goal of this effort is to reduce overlap and enhance efficiency across the product line for the benefit of fund shareholders.

 

 

As the next step in the process of integrating the combined business, the Invesco Funds Board of Trustees has approved a realignment of our U.S. mutual fund product line, pending shareholder approval. When completed, the proposed realignment will:
  •   Ensure a broad product lineup
 
  •   Distinguish and emphasize Invesco’s most compelling investment processes and strategies
 
  •   Reduce overlap in the product lineup to help lower costs
 
  •   Build a solid foundation for further growth to meet client and shareholder needs
As an investment-led organization, Invesco is dedicated to achieving strong, long-term investment performance on behalf of our shareholders and ensuring that our actions are guided by our “clients first” culture. To achieve this, our approach for realigning the funds favors those funds whose investment teams will be managing the fund on a go-forward basis and which have in place the longest tenured track record that is most representative of the current team’s investment process.
An important consideration in our realignment efforts was to ensure that fund expenses on the resulting mutual fund product line remain competitive and that we seek ways to continue managing overall expenses for the benefit of shareholders. We are pleased to report that, through the realignment, most shareholders will experience a reduction in the total expense ratio for their funds and, in aggregate, shareholders will receive an estimated $77 million in benefits over the next two years through fee reductions, contractual expense limitations and certain one-time cost savings1. In those limited instances where management fee expenses are estimated to increase, Invesco will cap expenses on the acquiring fund at the lowest total expense ratio cap of any approved fund in each proposed transaction.
You will find additional information regarding the proposed changes by visiting invesco.com/us. We anticipate the realignment process will take from 6-9 months to complete as each of the proposed transactions must receive the required regulatory and fund shareholder approvals. Some important milestones in this process include:
  •   Fund proxy statement filings (targeting November/December 2010)
 
  •   Proxy statement mailing to fund shareholders (targeting January 2011)
 
  •   Fund shareholder meetings (targeting second quarter 2011)
 
  •   Realignment completed (targeting second quarter 2011)
We believe these changes will enhance our offering and better enable Invesco to deliver strong, consistent investment results to investors over the long term. We will continue to communicate with you as we work to ensure a smooth transition for those funds impacted by these changes. Should you have questions in the meantime, please call Invesco at 800-959-4246 or visit invesco.com/us. We value our relationship with you and remain dedicated to helping investors achieve their financial objectives.
Sincerely,
Phil Taylor
Senior Managing Director

 

 

Head of North American Retail
1   Where to Find Additional Information
In connection with the proposed realignment, the acquiring funds will file a Proxy Statement/ Prospectus with the Securities and Exchange Commission (the “Commission”). All shareholders are advised to read the Proxy Statement/Prospectus in its entirety when it becomes available, because it will contain important information regarding the target funds, the acquiring funds, the realignment, the target fund board’s considerations in recommending the realignment, the persons soliciting proxies in connection with the realignment and the interest of these persons in the transactions and related matters. The Proxy Statement/Prospectus is expected to be mailed to target fund shareholders once the Proxy Statement/Prospectus is declared effective by the Commission. Shareholders may obtain a free copy of the Proxy Statement/Prospectus when available and other documents filed by the acquiring funds with the Commission at the Commission’s web site at http://www.sec.gov. In addition, copies of the Proxy Statement/Prospectus, once available, may be obtained, free of charge, by directing a request via mail or phone to Invesco, 11 Greenway Plaza, Suite 2500, Houston, TX 77046, 800-959-4246. In addition to the Proxy Statement/Prospectus, each target fund and acquiring fund file annual and semi-annual reports and other information with the Commission. You may read and copy any reports, statements, or other information filed by a target fund or acquiring fund at the Commission’s public reference rooms at 100 F Street, N.E., Washington, D.C., 20549-0213. Please call the Commission at 1-800-SEC-0330 for further information on the public reference room. Filings made with the Commission by either the target fund or acquiring fund are also available to the public from commercial document-retrieval services and at the Web site maintained by the Commission at http://www.sec.gov.
Participants in the Solicitation
The acquiring funds, target funds and their respective trustees, officers and certain employees may be soliciting proxies from shareholders in favor of the realignment. Information concerning persons who may be considered participants in the solicitation of the target fund’s shareholders under the rules of the Commission will be set forth in the Proxy Statement/Prospectus to be filed for the acquiring funds in November 2010.
Carefully consider a fund’s investment objectives, risks, charges, and expenses before investing. For a current prospectus containing this and other information, visit invesco.com/fundprospectus. Read the prospectus carefully before investing.
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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 advisers for a prospectus/summary prospectus or visit invesco.com/fundprospectus.
Invesco Distributors, Inc. 11/2010