Returns as of date: 09/30/2009 Cum. = cumulative returns / Ann. = average annual total returns
Class
Sales Charge
1 Mo.
3 Mo.
YTD
1 Yr.
3 Yr.
5 Yr.
10 Yr.
15 Yr.
Since Incept.
A Cum. (NAV)
N/A
9.77%
14.70%
32.04%
7.27%
-0.19%
16.66%
46.42%
N/A
51.19%
A Cum. (Load)
4.75%
4.57%
9.24%
25.86%
2.19%
-4.90%
11.15%
39.46%
N/A
44.00%
A Ann. (NAV)
N/A
N/A
N/A
N/A
N/A
-0.06%
3.13%
3.89%
N/A
3.58%
A Ann. (Load)
4.75%
N/A
N/A
N/A
N/A
-1.66%
2.14%
3.38%
N/A
3.15%
B Cum. (NAV)
N/A
9.70%
14.48%
31.29%
6.44%
-2.42%
12.38%
37.99%
N/A
42.03%
B Cum. (Load)
5.00% (CDSC)
4.70%
9.48%
26.29%
1.44%
-4.95%
10.61%
37.99%
N/A
42.03%
B Ann. (NAV)
N/A
N/A
N/A
N/A
N/A
-0.81%
2.36%
3.27%
N/A
3.03%
B Ann. (Load)
5.00% (CDSC)
N/A
N/A
N/A
N/A
-1.68%
2.04%
3.27%
N/A
3.03%
C Cum. (NAV)
N/A
9.56%
14.50%
31.12%
6.30%
-2.45%
12.23%
35.74%
N/A
38.12%
C Cum. (Load)
1.00% (CDSC)
8.56%
13.50%
30.12%
5.30%
-2.45%
12.23%
35.74%
N/A
38.12%
C Ann. (NAV)
N/A
N/A
N/A
N/A
N/A
-0.82%
2.34%
3.10%
N/A
2.79%
C Ann. (Load)
1.00% (CDSC)
N/A
N/A
N/A
N/A
-0.82%
2.34%
3.10%
N/A
2.79%
Class
Sales Charge
1 Mo.
3 Mo.
YTD
1 Yr.
3 Yr.
5 Yr.
10 Yr.
15 Yr.
Since Incept.
Y Cum. (NAV)
N/A
9.78%
14.75%
32.23%
7.63%
0.14%
17.05%
46.92%
N/A
N/A
Y Cum. (Load)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Y Ann. (NAV)
N/A
N/A
N/A
N/A
N/A
0.05%
3.20%
3.92%
N/A
N/A
Y Ann. (Load)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Returns as of date: 09/30/2009 Cum. = cumulative returns / Ann. = average annual total returns
Benchmark
Sales Charge
1 Mo.
3 Mo.
YTD
1 Yr.
3 Yr.
5 Yr.
10 Yr.
15 Yr.
Since Incept.
Cum. Style-Specific: Barclays Capital High Yield Muni IX
N/A
9.56%
13.64%
32.76%
4.55%
-3.25%
18.65%
56.68%
N/A
Ann. Style-Specific: Barclays Capital High Yield Muni IX
N/A
N/A
N/A
N/A
N/A
-1.09%
3.48%
4.59%
N/A
Cum. Broad-Based: Barclays Capital Muni Bond IX Tr
N/A
3.59%
7.12%
14.00%
14.85%
16.19%
26.28%
75.22%
143.13%
Ann. Broad-Based: Barclays Capital Muni Bond IX Tr
N/A
N/A
N/A
N/A
N/A
5.13%
4.78%
5.77%
6.10%
Style-Specific Source: Invesco Aim, Barclays Capital
Broad-Based Source: Lipper Inc.
Had fees not been waived and/or expenses reimbursed, returns would have been lower.
Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Investment return and principal value will vary so that you may have a gain or a loss when you sell shares.
Performance figures reflect reinvested distributions and changes in net asset value (NAV) and the effect of the maximum sales charge unless otherwise stated.
Performance shown at NAV does not include applicable front-end or CDSC sales charges, which would have reduced the performance.
The contingent deferred sales charge (CDSC) on Class B shares declines from 5% beginning at the time of purchase to zero at the beginning of the seventh year. Performance shown at NAV does not include sales charges, which would have reduced the performance.
No contingent deferred sales charge (CDSC) will be imposed on redemptions of Class C shares following one year from the date shares were purchased. Performance shown at NAV does not include sales charges, which would have reduced the performance.
After-tax returns include sales charges and are calculated using the historical highest individual federal marginal income tax rate and do not reflect the effect of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown.
Class Y shares have no sales charge; therefore, performance is at NAV. Class Y shares are closed to most investors. Please see the prospectus for more details.
Class Y share's inception date is October 3, 2008; returns since that date are historical returns. All other returns are blended returns of historical Class Y share performance and restated Class A share performance (for periods prior to the inception date of Class Y shares) at net asset value and reflect the Rule 12b-1 fees applicable to Class A shares. Class A shares inception date as noted in table. Class Y shares would have had different returns due to differences in the expense structure of the Class Y shares.
Average Annual Total Returns as of date: 09/30/2009
Sales Charge
1 Yr.
3 Yr.
5 Yr.
10 Yr.
Since Incept.
Cum.
Ann.
Ann.
Ann.
Ann.
Class A - Returns Before Taxes (NAV)
N/A
7.27%
-0.06%
3.13%
3.89%
3.58%
A - Returns Before Taxes (Load)
4.75%
2.19%
-1.66%
2.14%
3.38%
3.15%
Class A - Return After Taxes on Distributions (NAV)
N/A
7.27%
-0.06%
3.13%
3.89%
3.58%
A - Return After Taxes on Distributions (Load)
4.75%
2.19%
-1.66%
2.14%
3.38%
3.15%
Class A - Return After Taxes on Distributions and Sale of Fund Shares (NAV)
N/A
6.83%
0.73%
3.48%
4.14%
3.86%
A - Return After Taxes on Distributions and Sale of Fund Shares (Load)
4.75%
3.43%
-0.64%
2.61%
3.69%
3.47%
Class B - Returns Before Taxes (NAV)
N/A
6.44%
-0.81%
2.36%
3.27%
3.03%
B - Returns Before Taxes (Load)
5.00% (CDSC)
1.44%
-1.68%
2.04%
3.27%
3.03%
Class B - Return After Taxes on Distributions (NAV)
N/A
6.44%
-0.81%
2.36%
3.27%
3.03%
B - Return After Taxes on Distributions (Load)
5.00% (CDSC)
1.44%
-1.68%
2.04%
3.27%
3.03%
Class B - Return After Taxes on Distributions and Sale of Fund Shares (NAV)
N/A
6.04%
-0.01%
2.72%
3.53%
3.31%
B - Return After Taxes on Distributions and Sale of Fund Shares (Load)
5.00% (CDSC)
2.79%
-0.73%
2.44%
3.53%
3.31%
Class C - Returns Before Taxes (NAV)
N/A
6.30%
-0.82%
2.34%
3.10%
2.79%
C - Returns Before Taxes (Load)
1.00% (CDSC)
5.30%
-0.82%
2.34%
3.10%
2.79%
Class C - Return After Taxes on Distributions (NAV)
N/A
6.30%
-0.82%
2.34%
3.10%
2.79%
C - Return After Taxes on Distributions (Load)
1.00% (CDSC)
5.30%
-0.82%
2.34%
3.10%
2.79%
Class C - Return After Taxes on Distributions and Sale of Fund Shares (NAV)
N/A
5.94%
-0.02%
2.69%
3.37%
3.07%
C - Return After Taxes on Distributions and Sale of Fund Shares (Load)
1.00% (CDSC)
5.29%
-0.02%
2.69%
3.37%
3.07%
Class Y - Returns Before Taxes (NAV)
N/A
7.63%
0.05%
3.20%
3.92%
N/A
Y - Returns Before Taxes (Load)
N/A
N/A
N/A
N/A
N/A
N/A
Had fees not been waived and/or expenses reimbursed, returns would have been lower.
Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Investment return and principal value will vary so that you may have a gain or a loss when you sell shares.
Performance figures reflect reinvested distributions and changes in net asset value (NAV) and the effect of the maximum sales charge unless otherwise stated.
Performance shown at NAV does not include applicable front-end or CDSC sales charges, which would have reduced the performance.
The contingent deferred sales charge (CDSC) on Class B shares declines from 5% beginning at the time of purchase to zero at the beginning of the seventh year. Performance shown at NAV does not include sales charges, which would have reduced the performance.
No contingent deferred sales charge (CDSC) will be imposed on redemptions of Class C shares following one year from the date shares were purchased. Performance shown at NAV does not include sales charges, which would have reduced the performance.
After-tax returns include sales charges and are calculated using the historical highest individual federal marginal income tax rate and do not reflect the effect of state and local taxes. Actual after-tax returns depend on the investor's tax situation and may differ from those shown.
Class Y shares have no sales charge; therefore, performance is at NAV. Class Y shares are closed to most investors. Please see the prospectus for more details.
Class Y share's inception date is October 3, 2008; returns since that date are historical returns. All other returns are blended returns of historical Class Y share performance and restated Class A share performance (for periods prior to the inception date of Class Y shares) at net asset value and reflect the Rule 12b-1 fees applicable to Class A shares. Class A shares inception date as noted in table. Class Y shares would have had different returns due to differences in the expense structure of the Class Y shares.
Returns as of date: 10/31/2009 Cum. = cumulative returns / Ann. = average annual total returns
Class
Sales Charge
1 Mo.
3 Mo.
YTD
1 Yr.
3 Yr.
5 Yr.
10 Yr.
15 Yr.
Since Incept.
A Cum. (NAV)
N/A
-1.99%
10.67%
29.41%
17.29%
-2.90%
13.12%
47.96%
N/A
48.18%
A Cum. (Load)
4.75%
-6.61%
5.45%
23.36%
11.72%
-7.55%
7.80%
40.97%
N/A
41.13%
A Ann. (NAV)
N/A
N/A
N/A
N/A
N/A
-0.98%
2.50%
4.00%
N/A
3.38%
A Ann. (Load)
4.75%
N/A
N/A
N/A
N/A
-2.58%
1.51%
3.49%
N/A
2.96%
B Cum. (NAV)
N/A
-2.05%
10.47%
28.61%
16.39%
-5.06%
8.98%
39.46%
N/A
39.20%
B Cum. (Load)
5.00% (CDSC)
-6.92%
5.47%
23.61%
11.39%
-7.51%
7.26%
39.46%
N/A
39.20%
B Ann. (NAV)
N/A
N/A
N/A
N/A
N/A
-1.71%
1.73%
3.38%
N/A
2.84%
B Ann. (Load)
5.00% (CDSC)
N/A
N/A
N/A
N/A
-2.57%
1.41%
3.38%
N/A
2.84%
C Cum. (NAV)
N/A
-1.92%
10.47%
28.60%
16.39%
-4.96%
8.98%
37.37%
N/A
35.47%
C Cum. (Load)
1.00% (CDSC)
-2.90%
9.47%
27.60%
15.39%
-4.96%
8.98%
37.37%
N/A
35.47%
C Ann. (NAV)
N/A
N/A
N/A
N/A
N/A
-1.68%
1.73%
3.23%
N/A
2.60%
C Ann. (Load)
1.00% (CDSC)
N/A
N/A
N/A
N/A
-1.68%
1.73%
3.23%
N/A
2.60%
Class
Sales Charge
1 Mo.
3 Mo.
YTD
1 Yr.
3 Yr.
5 Yr.
10 Yr.
15 Yr.
Since Incept.
Y Cum. (NAV)
N/A
-1.97%
10.73%
29.62%
17.56%
-2.54%
13.53%
48.50%
N/A
N/A
Y Cum. (Load)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Y Ann. (NAV)
N/A
N/A
N/A
N/A
N/A
-0.85%
2.57%
4.03%
N/A
N/A
Y Ann. (Load)
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
Returns as of date: 10/31/2009 Cum. = cumulative returns / Ann. = average annual total returns
Benchmark
Sales Charge
1 Mo.
3 Mo.
YTD
1 Yr.
3 Yr.
5 Yr.
10 Yr.
15 Yr.
Since Incept.
Cum. Style-Specific: Barclays Capital High Yield Muni IX
N/A
-0.95%
11.83%
31.51%
14.53%
-5.04%
16.22%
58.26%
N/A
Ann. Style-Specific: Barclays Capital High Yield Muni IX
N/A
N/A
N/A
N/A
N/A
-1.71%
3.05%
4.70%
N/A
Cum. Broad-Based: Barclays Capital Muni Bond IX Tr
N/A
-2.10%
3.15%
11.61%
13.60%
13.04%
22.57%
73.42%
142.33%
Ann. Broad-Based: Barclays Capital Muni Bond IX Tr
N/A
N/A
N/A
N/A
N/A
4.17%
4.15%
5.66%
6.08%
Style-Specific Source: Invesco Aim, Barclays Capital
Broad-Based Source: Lipper Inc.
Average Annual Total Returns as of date: 10/31/2009
Sales Charge
1 Yr.
3 Yr.
5 Yr.
10 Yr.
Since Incept.
Cum.
Ann.
Ann.
Ann.
Ann.
Class A - Returns Before Taxes (NAV)
N/A
17.29%
-0.98%
2.50%
4.00%
3.38%
A - Returns Before Taxes (Load)
4.75%
11.72%
-2.58%
1.51%
3.49%
2.96%
Class A - Return After Taxes on Distributions (NAV)
N/A
17.29%
-0.98%
2.50%
3.99%
3.38%
A - Return After Taxes on Distributions (Load)
4.75%
11.72%
-2.58%
1.51%
3.49%
2.95%
Class A - Return After Taxes on Distributions and Sale of Fund Shares (NAV)
N/A
13.60%
-0.03%
2.95%
4.26%
3.69%
A - Return After Taxes on Distributions and Sale of Fund Shares (Load)
4.75%
9.86%
-1.41%
2.09%
3.81%
3.31%
Class B - Returns Before Taxes (NAV)
N/A
16.39%
-1.71%
1.73%
3.38%
2.84%
B - Returns Before Taxes (Load)
5.00% (CDSC)
11.39%
-2.57%
1.41%
3.38%
2.84%
Class B - Return After Taxes on Distributions (NAV)
N/A
16.39%
-1.71%
1.73%
3.38%
2.84%
B - Return After Taxes on Distributions (Load)
5.00% (CDSC)
11.39%
-2.57%
1.41%
3.38%
2.84%
Class B - Return After Taxes on Distributions and Sale of Fund Shares (NAV)
N/A
12.73%
-0.76%
2.18%
3.64%
3.15%
B - Return After Taxes on Distributions and Sale of Fund Shares (Load)
5.00% (CDSC)
9.48%
-1.48%
1.92%
3.64%
3.15%
Class C - Returns Before Taxes (NAV)
N/A
16.39%
-1.68%
1.73%
3.23%
2.60%
C - Returns Before Taxes (Load)
1.00% (CDSC)
15.39%
-1.68%
1.73%
3.23%
2.60%
Class C - Return After Taxes on Distributions (NAV)
N/A
16.39%
-1.68%
1.73%
3.23%
2.60%
C - Return After Taxes on Distributions (Load)
1.00% (CDSC)
15.39%
-1.68%
1.73%
3.23%
2.60%
Class C - Return After Taxes on Distributions and Sale of Fund Shares (NAV)
N/A
12.73%
-0.74%
2.18%
3.49%
2.92%
C - Return After Taxes on Distributions and Sale of Fund Shares (Load)
1.00% (CDSC)
12.08%
-0.74%
2.18%
3.49%
2.92%
Class Y - Returns Before Taxes (NAV)
N/A
17.56%
-0.85%
2.57%
4.03%
N/A
Y - Returns Before Taxes (Load)
N/A
N/A
N/A
N/A
N/A
N/A
Distribution History The fund pays dividends
Monthly.
This report must be accompanied or preceded by a currently effective fund prospectus which contains more complete information, including sales charges and expenses. Investors should read it carefully before investing.
This total may include shares that are not displayed.
Top Five Sectors as of date:
08/31/2009
1
Charter
2
Hospital
3
Healthcare CCRC
4
Tax Increment Financing
5
CCRC/Rental
Top Ten Fixed Income Holdings as of date: 10/31/2009
Holding Name
Coupon Percent
Bond Maturity Date
Percent of Holdings
1
MOON PA INDL DEV AUTH 1ST MTG REV
0.240%
07/01/2038
3.19%
2
ILLINOIS FIN AUTH REV
6.875%
08/15/2038
1.02%
3
WEST VIRGINIA ST HOSP FIN AUTH HOSP
6.500%
10/01/2038
0.72%
4
HILLSIDE ILL TAX INCREMENT REV
7.000%
01/01/2028
0.70%
5
LOUISVILLE & JEFFERSON CNTY KYMETRO
6.125%
02/01/2037
0.59%
6
ROCKDALE CNTY GA DEV AUTH PROJ REV
6.125%
01/01/2034
0.59%
7
UTAH ST CHARTER SCH FIN AUTH
5.800%
06/15/2038
0.53%
8
CALIFORNIA HEALTH FACS FING AUTH RE
6.500%
11/01/2038
0.51%
9
COLORADO EDL & CULTURAL FACS AUTH
8.250%
11/01/2039
0.50%
10
TARRANT CNTY TEX CULTURAL ED FACS
5.750%
11/15/2037
0.49%
Holdings are subject to change.
Top Ten Industries* as of date: 10/31/2009
1
Muni Healthcare Hospitals
24.29%
2
Muni Misc Rev Streams
21.09%
3
Muni Educ Charter Schools
8.84%
4
Muni Healthcare Nursing Homes
4.40%
5
Muni Pre-Refunded & Escrowed
4.05%
6
Muni Tax Increment Financing (TIF)
3.66%
7
Muni Educ Univ & Special
3.61%
8
Muni Ind Develop & Pollution Ctrl
3.41%
9
Muni Healthcare CCRC Endowmnt
3.21%
10
Muni G.O. Spcl District (Inc Edu)
2.89%
*The holdings are organized according to the Global Industry Classification Standard,
which was developed by and is the exclusive property and a service mark of
Morgan Stanley Capital International Inc. and Standard & Poor's.
Fixed Income Statistics
as of date:
10/31/2009
Duration Yrs.
8.54
Avg. Maturity Yrs.
20.21
Avg. Coupon %
6.02
Avg. Cost $
89.68
Avg. Market Val. $
N/A
Avg. Cost %
N/A
Avg. Market Val. %
N/A
Bond Quality Ratings
10/31/2009
Bond Rating
Total
AAA%
1.14
AA%
5.93
A%
7.63
BBB%
15.81
BB%
3.84
B%
.45
CCC%
0
CC%
0
C%
0
D%
0
NR%
60.73
MPT Statistics
as of date: 10/31/2009 Based on A shares
3 Year Sharpe Ratio
-0.26
3 Year Standard Deviation
12.29
5 Year Standard Deviation
9.61
10 Year Standard Deviation
7.12
Source: StyleADVISOR
MPT Statistics
as of date: 10/31/2009 Based on A shares (Source: StyleADVISOR)
(vs. Broad Based Benchmark)
Barclays Capital Muni Bond IX Tr
(vs. Style Specific Benchmark)
Barclays Capital High Yield Muni IX
3 Year Alpha
-5.12%
3 Year Alpha
0.66%
3 Year Beta
1.36
3 Year Beta
0.97
3 Year R-Squared
0.45
3 Year R-Squared
0.94
Source: Lipper Inc.
Source: Invesco Aim, Barclays Capital
The Modern Portfolio Theory (MPT) Statistics section shows the Sharpe, Standard Deviation, Alpha, Beta and R2 statistics for the item. Modern Portfolio Theory statistics - statistical calculations applied to an investment strategy that seeks to construct an optimal portfolio by considering the relationship between risk and return. Sharpe ratio is a risk-adjusted measure calculated using standard deviation and excess return to determine reward per unit of risk. The higher the Sharpe ratio, the better the fund's historical risk-adjusted performance. Standard Deviation measures a fund's range of total returns and identifies the spread of a fund's short-term fluctuations. It is useful when comparing the volatility of funds with different objectives. Alpha is a coefficient measuring the risk-adjusted performance, considering the risk due to the specific security, rather than the overall market. A positive alpha indicates that the manager has been successful at security selection and has produced a rate of return which is more than commensurate with the security's risk posture. Beta coefficient is a measure of a security's volatility relative to the market. An index relevant to the security's stated investment category is used as the proxy for the market, and is considered to have a 1.00 Beta. Therefore, if a security has a Beta of 1.50, it has been historically 50% more volatile than the market for the period shown. R-squared is the percentage of a fund's movements explained by movement in its benchmark index. Values of r-squared range from 0 to 1, where 0 indicates no correlation and 1 indicates perfect correlation.
Because the fund may invest a relatively high percentage of its total assets in municipal securities issued by entities having similar characteristics, the value of your shares may rise and fall more than the shares of a fund that invests in a broader range of securities.
Investing in higher-yielding, lower-rated municipal bonds (commonly known as "junk bonds") has a greater risk of price fluctuation and loss of principal and income than higher-rated general obligation municipal bonds and U.S. governement securities, such as U.S. Treasury bills, notes and bonds. Treasuries are guaranteed by the government for repayment of principal and interest if held to maturity. Fund shares are not insured, and their value and yield will vary with market conditions. Investors should carefully assess the risk associated with investing in the fund.
Invesco AimSM is a service mark of Invesco Aim Management Group, Inc. Invesco Aim Advisors, Inc., Invesco Aim Capital Management, Inc., Invesco Aim Private Asset Management, Inc. and Invesco PowerShares Capital Management LLC are the investment advisors for the products and services represented by Invesco Aim; they each provide investment advisory services to individual and institutional clients and do not sell securities. Please refer to each fund’s prospectus for information on the fund’s subadvisors. Invesco Aim Distributors, Inc. is the U.S. distributor for the retail mutual funds, exchange-traded funds and institutional money market funds and the subdistributor for the STIC Global Funds represented by Invesco Aim. All entities are indirect, wholly owned subsidiaries of Invesco Ltd.
Consider the investment objectives, risks, and charges and expenses carefully before investing. For this and other information about AIM funds, please obtain a prospectus from your financial advisor and read it carefully before investing.
NOT FDIC INSURED
MAY LOSE VALUE
NO BANK GUARANTEE
Invesco Aim Management Group, Inc. data unless otherwise noted.
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