Disclosure - Invesco Van Kampen High Yield Municipal Fund

Fund objective

The fund seeks federal tax-exempt current income and taxable capital appreciation.

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit invesco.com/performance for the most recent month end performance. Performance figures reflect reinvested distributions and changes in net asset value (NAV). Performance shown at NAV does not include applicable front-end sales charge. If sales charges had been reflected, performance would be lower. Investment return and principal value will vary so that you may have a gain or a loss when you sell shares. Had fees not been waived and/or expenses reimbursed in the past, returns would have been lower.

The gross expense ratio is 0.93% for Class A shares. Expenses are as of the fund's fiscal year end as outlined in the fund's current prospectus.

About risk

All or a portion of the fund's otherwise tax-exempt income may be taxable to those shareholders subject to the federal alternative minimum tax.

If interest rates fall, it is possible that issuers of debt securities with high interest rates will prepay or call their securities prior to maturity, possibly causing the proceeds to be reinvested in securities bearing the new, lower interest rates and reducing the fund's income and distributions to shareholders.

The issuer of instruments in which the fund invests may be unable to meet interest and/or principal payments, thereby causing its instruments to decrease in value and lowering the issuer's credit rating.

In addition to risks relating to their underlying instruments, the use of derivatives may include other, possibly greater, risks such as counterparty, leverage, correlation, liquidity, tax, market, interest rate and management risks. Derivatives may also be more difficult to purchase, sell or value than other investments. The fund may lose more than the cash amount invested in derivatives.

Junk bonds involve a greater risk of default or price changes due to changes in the credit quality of the issuer.

The income you receive from the fund is based primarily on prevailing interest rates, which can vary widely over the short- and long-term. If interest rates drop, your income from the fund may drop as well.

Interest rate risk refers to the risk that bond prices generally fall as interest rates rise; conversely, bond prices generally rise as interest rates fall.

Inverse floating rate obligations may be subject to greater price volatility than a fixed income security with similar qualities. When short-term interest rates rise, they may decrease in value and produce less or no income and are subject to risks similar to derivatives.

Leverage created from borrowing or certain types of transactions or instruments may impair the fund's liquidity, cause it to liquidate positions at an unfavorable time, increase volatility or otherwise not achieve its intended objective.

The fund may hold illiquid securities that it is unable to sell at the preferred time or price and could lose its entire investment in such securities.

The investment techniques and risk analysis used by the fund's portfolio managers may not produce the desired results.

Securities which are in the medium- and lower-grade categories generally offer higher yields than are offered by higher-grade securities of similar maturity, but they also generally involve more volatility and greater risks, such as greater credit risk, market risk, liquidity risk, management risk, and regulatory risk.

The fund may invest in municipal securities issued by entities having similar characteristics. The issuers may be located in the same geographic area or may pay their interest obligations from revenue of similar projects. This may make the fund's investments more susceptible to similar social, economic, political or regulatory occurrences. As the similarity in issuers increases, the potential for fluctuation in the fund's net asset value also increases.

The fund may invest in municipal securities. Constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives, and the issuer's regional economic conditions may affect the municipal security's value, interest payments, repayment of principal and the fund's ability to sell it.

Reinvestment risk is the risk that a bond's cash flows (coupon income and principal repayment) will be reinvested at an interest rate below that on the original bond. Fluctuations in the values of synthetic securities may not correlate perfectly with the instruments they are designed to replicate. Synthetic securities may be subject to interest rate changes, market price fluctuations, counterparty risk and liquidity risk.

The absence of an active secondary market for certain variable and floating rate notes could make it difficult to dispose of the instruments, and a portfolio could suffer a loss if the issuer defaults during periods in which a portfolio is not entitled to exercise its demand rights.

Diversification does not guarantee a profit or eliminate the risk of loss.

Important Information:

A credit rating is an assessment provided by a nationally recognized statistical rating organization (NRSRO) of the creditworthiness of an issuer with respect to debt obligations, including specific securities, money market instruments or other debts. Ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest); ratings are subject to change without notice. Not Rated indicates the debtor was not rated, and should not be interpreted as indicating low quality. For more information on rating methodologies, please visit the following NRSRO websites: www.standardandpoors.com and select 'Understanding Ratings' under Rating Resources on the homepage; www.moodys.com and select 'Rating Methodologies' under Research and Ratings on the homepage.

U.S. Treasury securities are direct obligations of the U.S. government and can take the form of bonds, notes or bills. U.S. Treasuries are backed by the "full faith and credit" of the U.S. government, if held to maturity.

A basis point is the movement of interest rates or yields expressed in hundredths of a point.

The BBB municipal spread represents the difference in yields between the Barclays Municipal BBB 10-Year Index, which measures the performance of BBB 10-year municipal securities within the fixed income market and the Barclays Municipal AAA 10-Year Index, which measures the performance of AAA 10-year municipal securities within the fixed income market.

The opinions expressed are those of the portfolio management team as of June 30, 2012, are based on current market conditions and are subject to change without notice. These opinions may differ from those of other Invesco investment professionals.

The Barclays Municipal Bond Index is an unmanaged index considered representative of the tax-exempt bond market. The Barclays High Yield Municipal Bond Index is an unmanaged index consisting of noninvestment-grade, unrated or below Ba1 bonds. Though yields may be higher, securities rated below investment grade are subject to greater risk than investment grade securities. The indexes do not include any expenses, fees, or sales charges, which would lower performance. The indexes are unmanaged and should not be considered an investment.