Invesco Energy Fund 425 Business combination disclosure

Filing by AIM Counselor Series Trust (Invesco Counselor Series Trust) 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

Pro Forma

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

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

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

Domestic Core Equity — A Share Class

Prospectus

Pro Forma

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

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

Invesco V.I. Select Dimensions Dividend Growth (Series I)

00888X849

0.72

Domestic Growth Equity — A Share Class

Prospectus

Pro Forma

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

Sector Equity — A Share Class

Prospectus

Pro Forma

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

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

Pro Forma

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

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

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

Pro Forma

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

Invesco Conservative Allocation

00141M481

ACNAX

1.09

Invesco Moderately Conservative Allocation

00141M317

CAAMX

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

Hybrid/Diversified — A Share Class

��

Prospectus

Pro Forma

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

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

Pro Forma

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

Pro Forma

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

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

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.

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

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.

	•		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

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 athttp://www.sec.gov.

Participants in the Solicitation

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

Invesco Energy Fund (IENAX) 425Business combination disclosure