Filing by AIM Investment Funds (Invesco Investment 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 Equity Funds (Invesco Equity Funds)
(SEC File No. 811-01424)
AIM Investment Funds (Invesco Investment Funds)
(SEC File No. 811-05426)
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)

Invesco Product Line Reorganization

Important Target Dates

§		Week of Jan. 19, 2012
		Proxy mailing to shareholders begins
§		April 2, 2012
		Shareholder meeting
§		April 30, 2012
		Anticipated close
		(Prior to open of business)

After careful consideration, the Invesco Funds Board of Trustees has approved reorganizations of our U.S. mutual fund lineup — pending shareholder approval — to reduce overlap and enhance efficiency across our product offerings. Proxy statements outlining the proposals will be mailed to shareholders of record in January 2012. The record date for the proxy was Jan. 4, 2012.

In support of this initiative, the proxy solicitor, Computershare Fund Services, may contact shareholders of the affected funds by telephone and/or mail and encourage them to vote their shares. The chart below identifies the funds involved in the reorganizations.

Proposed Fund
Reorganizations
Target Fund		CUSIP		Symbol		Acquiring Fund		CUSIP		Symbol
Invesco Commodities Strategy Fund						Invesco Balanced-Risk Commodity Strategy Fund
Class A Shares		00141V622		COAAX		Class A Shares		00888Y102		BRCAX
Class B Shares		00141V614		COAHX		Class B Shares		00888Y201		BRCBX
Class C Shares		00141V598		COACX		Class C Shares		00888Y300		BRCCX
Class R Shares		00141V580		COARX		Class R Shares		00888Y409		BRCRX
Class Y Shares		00141V572		COAIX		Class Y Shares		00888Y508		BRCYX
Institutional Class Shares		00141V564		COAJX		Institutional Class Shares		00888Y607		BRCNX
Invesco U.S. Mid Cap Value Fund						Invesco Van Kampen American Value Fund
Class A Shares		00142F220		MMCAX		Class A Shares		00143M844		MSAVX
Class B Shares		00142F212		MMCDX		Class B Shares		00143M836		MGAVX
Class C Shares		00142F196		MMCCX		Class C Shares		00143M828		MSVCX
Class Y Shares		00142F188		MPMVX		Class Y Shares		00143M794		MSAIX
						Class R Shares		00143M810		MSARX
						Institutional Class Shares		00143M786		MSAJX

Proposed Fund
Reorganizations
Target Fund		CUSIP		Symbol		Acquiring Fund		CUSIP		Symbol
Invesco High Income Municipal Fund						Invesco Van Kampen High Yield Municipal Fund
Class A Shares		001419506		AHMAX		Class A Shares		001419688		ACTHX
Class B Shares		001419605		AHMBX		Class B Shares		001419670		ACTGX
Class C Shares		001419704		AHMCX		Class C Shares		001419662		ACTFX
Class Y Shares		001419852		AHMYX		Class Y Shares		001419654		ACTDX
Institutional Class Shares		001419860		AHMIX		Institutional Class Shares		001419464		ACTNX1
Invesco Capital Development Fund						Invesco Van Kampen Mid Cap Growth Fund
Class A Shares		001413863		ACDAX		Class A Shares		00143M596		VGRAX
Class B Shares		001413848		ACDBX		Class B Shares		00143M588		VGRBX
Class C Shares		001413822		ACDCX		Class C Shares		00143M570		VGRCX
Class R Shares		001413459		ACDRX		Class R Shares		00143M562		VGRRX
Class Y Shares		00141B105		ACDYX		Class Y Shares		00143M554		VGRDX
Institutional Class Shares		001413483		ACDVX		Institutional Class Shares		00143M547		VGRJX
Investor Class Shares		001413210		ACDIX		Class A Shares		00143M596		VGRAX
Invesco V.I. Leisure Fund						Invesco Van Kampen V.I. Capital Growth Fund
Series I		008892366				Series I		00888X799
Series II		008892358				Series II		00888X781
Invesco V.I. Capital Appreciation Fund						Invesco Van Kampen V.I. Capital Growth Fund
Series I		008892101				Series I		00888X799
Series II		008892754				Series II		00888X781
Invesco V.I. Capital Development Fund						Invesco Van Kampen V.I. Mid Cap Growth Fund
Series I		008892853				Series I		00888X591
Series II		008892747				Series II		00888X583

Contact us

Should you have questions, please contact your financial advisor for more information. For more information, financial professionals should contact Invesco at:

National Wirehouse		Independent Advisor		Institutional and Insurance Sales
800 998 4246		800 337 4246		800 410 4246
Regional Broker Dealer		Retirement Division		Registered Investment Adviser
800 421 0807		800 370 1519		800 421 4023
Client Services		Closed-End Funds		Global Cash Management
800 959 4246		800 341 2929		800 659 1005, option 2

Explore Intentional Investing with Invesco^SM

Intentional Investing^SM is the science and art of investing with purpose, prudence and diligence. It’s the philosophy that forms the foundation of our “investors-first” approach, exemplified by our:

Commitment to		Depth of investment		Organizational
investment excellence		capabilities		strength
We believe high-quality results		Our wide range of investment		As an independent firm, our global
begin with specialized insight		capabilities is designed to support		organization is solely focused on
and disciplined oversight.		a variety of financial objectives.		investment management.

About risk

See prospectus and shareholder reports for complete details about the risks associated with each fund.

Where to find additional information

Each fund listed above as an Acquiring Fund will file with the Securities and Exchange Commission (the SEC) definitive proxy materials that will include a prospectus for the Acquiring Fund and a proxy statement for each applicable Target Fund. All Target Fund shareholders are advised to read the definitive proxy statements in their entirety when they become available because they will contain important information regarding the funds, the board’s considerations in recommending the reorganizations, the identity of the participants in the solicitation, and a description of any interest of those persons in the transactions and related matters.

Definitive proxy statements are expected to be mailed to fund shareholders during the first half of 2012. Shareholders may obtain a free copy of the definitive proxy statements when available, along with other documents filed by the funds with the SEC, at the SEC’s website at http://www.sec.gov. In addition, copies of the definitive proxy statements, once available, may be obtained, free of charge, by directing a request to Invesco via mail to 11 Greenway Plaza, Suite 2500, Houston, TX 77046 or via phone to 800 959 4246.

Each fund also files annual and semiannual reports and other information with the SEC. You may read and copy any reports, statements, or other information filed by a fund at the SEC’s public reference room at 100 F Street, N.E., Washington, D.C., 20549. Please call the SEC at 1 800 SEC 0330 for further information on the public reference room. Filings made with the SEC by a fund are also available to the public from commercial document-retrieval services and at the website maintained by the SEC at http://www.sec.gov.

The foregoing is not an offer for sale of any security or a solicitation of any proxy.

NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE

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.com/us                      IFPA-FLY-3-E           01/12                     442                                          Invesco Distributors, Inc.