Aim Tax Exempt Funds N-CSRS Certified semi-annual shareholder report (management investment company)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number 811- 07890

AIM Tax-Exempt Funds

(Exact name of registrant as specified in charter)

11 Greenway Plaza, Suite 100 Houston, Texas	77046
(Address of principal executive offices)	(Zip code)

Philip A. Taylor 11 Greenway Plaza, Suite 100 Houston, Texas 77046

(Name and address of agent for service)

Registrant’s telephone number, including area code: (713) 626-1919

Date of fiscal year end: 3/31

Date of reporting period: 9/30/09

Item 1. Reports to Stockholders.

AIM High Income Municipal Fund

Semiannual Report to Shareholders § September 30, 2009

2	Fund Performance
4	Letters to Shareholders
5	Schedule of Investments
25	Financial Statements
27	Notes to Financial Statements
33	Financial Highlights
34	Fund Expenses
35	Approval of Investment Advisory and Sub-Advisory Agreements

For the most current month-end Fund performance and commentary, please visit invescoaim.com.

Unless otherwise noted, all data provided by Invesco Aim.

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.

NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

Supplement to Semiannual Report dated 9/30/09

AIM High Income Municipal Fund

Institutional Class Shares

The following information has been prepared to provide Institutional Class shareholders with a performance overview specific to their holdings. Institutional Class shares are offered exclusively to institutional investors, including defined contribution plans that meet certain criteria.

     Institutional Class shares’ inception date is July 31, 2006. Returns since that date are historical returns. All other returns are blended returns of historical Institutional Class share performance and restated Class A share performance (for periods prior to the inception date of Institutional Class shares) at net asset value (NAV) and reflect the Rule 12b-1 fees applicable to Class A shares. Class A shares’ inception date is January 2, 1998.

     Institutional Class shares have no sales charge; therefore, performance is at NAV. Performance of Institutional Class shares will differ from performance of other share classes primarily due to differing sales charges and class expenses.

     After-tax returns are calculated using the historical highest individual federal marginal income tax rate. They 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. After-tax returns shown are not relevant to investors who hold their shares in tax-deferred accounts such as 401(k)s or IRAs.

Average Annual Total Returns

For periods ended 9/30/09

							After Taxes
							on Distributions
				After Taxes			and Sale of
	Before Taxes			on Distributions			Fund Shares
10 Years		3.97	%		3.97	%		4.23	%
5 Years		3.29			3.29			3.65
1 Year		7.40			7.40			6.99
6 Months*		22.89			22.89			16.15

*Cumulative total return that has not been annualized

     The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this supplement for Institutional Class shares was 0.55%.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this supplement for Institutional Class shares was 0.76%.The expense ratios presented above may vary from the expense ratios presented in other sections of the actual report that are based on expenses incurred during the period covered by the report.

     Had the advisor not waived fees and/ or expenses, performance would have been lower.

     Please note that past performance is not indicative of future results. More recent returns may be more or less than those shown. All returns assume reinvestment of distributions at NAV. Investment return and principal value will fluctuate so your shares, when

redeemed, may be worth more or less than their original cost. See full report for information on comparative benchmarks. Please consult your Fund prospectus for more information. For the most current month-end performance, please call 800 451 4246 or visit invescoaim.com.

1 Total annual operating expenses less any voluntary fee waivers and/or expense reimbursements by the advisor. Voluntary arrangements can be discontinued or modified at any time without further notice to investors. See current prospectus for more information.

Over for information on your Fund’s expenses.

This supplement 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.


FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC This material is for institutional investor use only and may not be quoted, reproduced, shown to the public or used in written form as sales literature for public use.

invescoaim.com    HIM-INS-2       Invesco Aim Distributors, Inc.

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period April 1, 2009 through September 30, 2009.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

HYPOTHETICAL

ACTUAL

(5% annual return before expenses)

Beginning

Ending

Expenses

Ending

Expenses

Annualized

Account Value

Account Value

Paid During

Account Value

Paid During

Expense

Class

(04/01/09)

(09/30/09)1

Period2

(09/30/09)

Period2

Ratio

Institutional

$

1,000.00

$

1,228.90

$

3.07

$

1,022.31

$

2.79

0.55

%

1	The actual ending account value is based on the actual total return of the Fund for the period April 1, 2009 through September 30, 2009, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.
2	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 183/365 to reflect the most recent fiscal half year.

AIM High Income Municipal Fund

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 3/31/09 to 9/30/09, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	22.75	%
Class B Shares	22.28
Class C Shares	22.12
Class Y Shares	22.86
Barclays Capital Municipal Bond Index▼ (Broad Market Index)	9.38
Barclays Capital High Yield Municipal Bond Index■ (Style-Specific Index)	23.33
Lipper High Yield Municipal Debt Funds Index▼ (Peer Group Index)	25.94
▼Lipper Inc.; ■Invesco Aim, Barclays Capital

The Barclays Capital Municipal Bond Index covers municipal bonds with a minimum credit rating of Baa, an outstanding par value of at least $5 million and issued as a part of a transaction of at least $50 million. The bonds must have been issued after December 31, 1990, and have a remaining maturity of at least one year.

     The Barclays Capital High Yield Municipal Bond Index includes bonds that are non-rated or rated Ba1 or below. They must have an outstanding par value of at least $3 million and be issued as part of a transaction of at least $20 million. The bonds must have a dated-date after December 31, 1990 and must be at least one year from their maturity date.

     The Lipper High Yield Municipal Debt Funds Index is an equally weighted representation of the largest funds in the Lipper High Yield Municipal Debt Funds category. These funds invest at least 50% of their assets in lower rated municipal debt issues.

     The Fund is not managed to track the performance of any particular index, including the indexes defined here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.

     A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group reflects fund expenses; performance of a market index does not.

2 AIM High Income Municipal Fund

Average Annual Total Returns

As of 9/30/09, including maximum applicable sales charges

								After Taxes
								on Distributions
					After Taxes			and Sale of
		Before Taxes			on Distributions			Fund Shares
Class A Shares
Inception (1/2/98)			3.15	%		3.15	%		3.47	%
10	Years		3.38			3.38			3.69
5	Years		2.14			2.14			2.61
1	Year		2.19			2.19			3.43
Class B Shares
Inception (1/2/98)			3.03	%		3.03	%		3.31	%
10	Years		3.27			3.27			3.53
5	Years		2.04			2.04			2.44
1	Year		1.44			1.44			2.79
Class C Shares
Inception (1/2/98)			2.79	%		2.79	%		3.07	%
10	Years		3.10			3.10			3.37
5	Years		2.34			2.34			2.69
1	Year		5.30			5.30			5.29
Class Y Shares
10	Years		3.92	%		3.92	%		4.18	%
5	Years		3.20			3.20			3.55
1	Year		7.63			7.63			7.14

Class Y shares’ inception date is October 3, 2008; returns since that date are actual returns. All other returns are blended returns of actual 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. The restated Class A share performance reflects the Rule 12b-1 fees applicable to Class A shares as well as any fee waivers or expense reimbursements received by Class A shares. Class A shares’ inception date is January 2, 1998.

     The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Please visit invescoaim.com for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.

     The net annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C and Class Y shares was 0.80%, 1.55%, 1.55% and 0.55%, respectively.¹ The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class B, Class C and Class Y shares was 0.99%, 1.74%, 1.74% and 0.74%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

     Class A share performance reflects the maximum 4.75% sales charge, and Class B and Class C share performance reflects the applicable contingent deferred sales charge (CDSC) for the period involved. The CDSC on Class B shares declines from 5% beginning at the time of purchase to 0% at the beginning of the seventh year. The CDSC on Class C shares is 1% for the first year after purchase. Class Y shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

     The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

     After-tax returns are calculated using the historical highest individual federal marginal income tax rate. They 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. After-tax returns shown are not relevant to investors who hold their shares in tax-deferred accounts such as 401(k)s or IRAs.

     Had the advisor not waived fees and/ or reimbursed expenses, performance would have been lower.

1 Total annual operating expenses less any voluntary fee waivers and/or expense reimbursements by the advisor. Voluntary arrangements can be discontinued or modified at any time without further notice to investors. See current prospectus for more information.

3 AIM High Income Municipal Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

In these times of market uncertainty, wise investors stay focused on long-term goals and maintain an appropriately diversified investment program. We believe the route to financial success is more like a marathon than a sprint.

     Please be assured that your Board continues to oversee the AIM Funds with a strong sense of responsibility for your money and your trust. As always, we seek to manage costs and enhance performance in ways that put your interests first.

     A busy 2009 proxy season, during which Invesco Aim Advisors, Inc.’s proxy committee votes shares held by the Funds on your behalf, is nearly over. This year, after careful case-by-case analysis, the proxy committee voted with corporate management less often than in previous years, focusing on the issues of board independence, say-on-pay initiatives and stock option re-pricing in light of the market’s decline.

     At its June meeting, your Board reviewed and renewed the investment advisory contracts between the AIM Funds and Invesco Aim Advisors, Inc. You can find the results of this rigorous annual process at invescoaim.com under “Products & Performance/ Investment Advisory Agreement Renewals.”

     You are always welcome to contact me at bruce@brucecrockett.com with any questions or concerns you may have. We look forward to representing you and serving you in the coming months.

Sincerely,

Bruce L. Crockett
Independent Chair, AIM Funds Board of Trustees

Philip Taylor

Dear Shareholders:

After an unprecedented downturn late last year and early this year, major market indexes in the U.S. and abroad rebounded in the second and third quarters of 2009. While this may give investors reason to hope that better times may be ahead, considerable uncertainty remains — both about the health of the U.S. and global economies and about the sustainability of recent positive market trends.

     The chairman of the U.S. Federal Reserve has testified that while several specific economic indicators have improved in recent months, he believes economic recovery is likely to be gradual in 2010 with some acceleration in 2011.

Staying in touch

While your individual financial adviser should always be your primary source of information and advice about the markets and your investments, we here at Invesco Aim also can provide helpful information. Our website, invescoaim.com, features “Investment Perspectives” — articles written by our investment professionals that provide timely market commentary, general investor education and sector updates.

     You can also access your Fund’s most recent quarterly commentary at invescoaim.com. Simply click on “Products and Performance” at the top of the website; next, select “Mutual Funds”; and then click on “Quarterly Commentary.”

A single focus

Invesco Aim’s investment professionals have managed clients’ money in up markets and down markets. While market conditions can change often, and dramatically, what will not change is our commitment to putting our clients first, helping you achieve your financial goals and providing excellent customer service.

     If you have questions about this report or your account, please contact one of our skilled client services representatives at 800 959 4246. If you have questions or comments for me, please email me directly at phil@invescoaim.com.

     Thank you for investing with us.

Sincerely,

Philip Taylor
Senior Managing Director, Invesco Ltd.
CEO, Invesco Aim

4 AIM High Income Municipal Fund

Schedule of Investments

September 30, 2009

(Unaudited)

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Municipal Obligations–98.47%
Alaska–0.47%
Alaska Industrial Development & Export Authority (Boys & Girls Home & Family Services, Inc.);
Series 2007, Community Provider IDR		5.70	%		12/01/17	$	1,000	$	920,150
Series 2007, Community Provider IDR		6.00	%		12/01/36		3,000		2,139,330
									3,059,480
Arizona–3.03%
Centerra Community Facilities District; Series 2005, Unlimited Tax GO		5.50	%		07/15/29		365		289,971
Pima (County of) Industrial Development Authority (Acclaim Charter School); Series 2006, Educational Facilities IDR		5.70	%		12/01/26		2,200		1,869,802
Pima (County of) Industrial Development Authority (Choice Education & Development Corp.);
Series 2006, Educational Facilities IDR		6.25	%		06/01/26		1,000		853,340
Series 2006, Educational Facilities IDR		6.38	%		06/01/36		1,000		811,140
Pima (County of) Industrial Development Authority (Coral Academy Science);
Series 2008 A, Educational Facilities IDR		7.13	%		12/01/28		2,120		2,078,088
Series 2008 A, Educational Facilities IDR		7.25	%		12/01/38		1,100		1,055,549
Pima (County of) Industrial Development Authority (Desert Heights Charter School); Series 2003, Educational Facilities IDR		7.25	%		08/01/19		830		841,072
Pima (County of) Industrial Development Authority (Horizon Community Learning Center); Series 2005, Ref. Educational Facilities IDR		5.25	%		06/01/35		1,500		1,214,745
Pima (County of) Industrial Development Authority (Legacy Traditional School) Series 2009, Educational Facilities IDR		8.50	%		07/01/39		1,750		1,886,780
Pima (County of) Industrial Development Authority (P.L.C. Charter Schools);
Series 2006, Educational Facilities IDR		6.50	%		04/01/26		1,000		905,350
Series 2006, Educational Facilities IDR		6.75	%		04/01/36		1,000		883,600
Pima (County of) Industrial Development Authority (Paradise Education Center);
Series 2006, Ref. Educational Facilities IDR		5.88	%		06/01/22		535		439,503
Series 2006, Ref. Educational Facilities IDR		6.00	%		06/01/36		830		617,088
Pima (County of) Industrial Development Authority (Valley Academy); Series 2008, Educational Facilities IDR		6.50	%		07/01/38		2,815		2,554,697
Pinal (County of) Electric District No. 4; Series 2008, RB		6.00	%		12/01/38		1,650		1,675,393
Tucson (City of) Industrial Development Authority (Arizona AgriBusiness & Equine Center, Inc.); Series 2004 A, Educational Facilities IDR		6.13	%		09/01/34		500		435,530
University Medical Center Corp.;
Series 2009, Hospital RB		6.25	%		07/01/29		500		540,910
Series 2009, Hospital RB		6.50	%		07/01/39		500		540,045
									19,492,603
California–2.68%
Abag Finance Authority for Nonprofit Corps. (Hamlin School); Series 2007, RB		5.00	%		08/01/37		3,000		2,372,700
California (State of) Educational Facilities Authority (Fresno Pacific University); Series 2000 A, RB		6.75	%		03/01/19		1,000		1,003,450
California (State of) Educational Facilities Authority (University of Southern California); Series 2009 A, RB		5.00	%		10/01/38		2,000		2,127,400
California (State of) Health Facilities Financing Authority (Children’s Hospital of Orange County); Series 2009, RB		6.50	%		11/01/38		3,000		3,203,340
California (State of) Municipal Finance Authority (American Heritage Education Foundation); Series 2006 A, Education RB		5.25	%		06/01/36		1,150		957,536
California (State of) Municipal Finance Authority (King/Chavez); Series 2009 A, Educational Facilities RB		8.50	%		10/01/29		1,000		1,125,020
California (State of) Statewide Communities Development Authority (Drew School); Series 2007, RB		5.30	%		10/01/37		500		386,750
California (State of) Statewide Communities Development Authority (Front Porch Communities & Services); Series 2007 A, RB(a)		5.13	%		04/01/37		2,000		1,694,720

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

5        AIM High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
California–(continued)
California (State of) Statewide Communities Development Authority (Hospice of Napa Valley); Series 2004 A, RB		7.00	%		01/01/34	$	900	$	825,615
California (State of) Statewide Communities Development Authority (Huntington Park Charter School); Series 2007 A, Educational Facilities RB		5.25	%		07/01/42		1,500		1,124,715
California (State of) Statewide Communities Development Authority (Notre Dame de Namur University); Series 2003, RB		6.50	%		10/01/23		1,000		758,290
California (State of); Series 2009, Various Purpose Unlimited Tax GO		6.00	%		04/01/35		1,500		1,665,075
									17,244,611
Colorado–9.72%
Antelope Heights Metropolitan District; Series 2003, Limited Tax GO(b)(c)		8.00	%		12/01/13		500		632,330
Arista Metropolitan District; Series 2005, Special Limited Tax GO		6.75	%		12/01/35		2,000		1,432,360
Beacon Point Metropolitan District; Series 2005 A, Limited Tax GO		6.25	%		12/01/35		1,500		1,177,350
Bradburn Metropolitan District No. 3; Series 2003, Limited Tax GO		7.50	%		12/01/33		500		436,600
Bromley Park Metropolitan District No. 2;
Series 2002 B, Limited Tax GO(b)(c)		8.05	%		12/01/12		500		615,820
Series 2003, Limited Tax GO(b)(c)		8.05	%		12/01/12		534		657,696
Buckhorn Valley Metropolitan District No. 2; Series 2003, Limited Tax GO		7.00	%		12/01/23		60		54,115
Castle Oaks Metropolitan District;
Series 2005, Limited Tax GO		6.00	%		12/01/25		1,000		800,170
Series 2005, Limited Tax GO		6.13	%		12/01/35		1,500		1,125,630
Colorado (State of) Educational & Cultural Facilities Authority (Banning Lewis Ranch Academy); Series 2006, Charter School RB(a)		6.13	%		12/15/35		2,950		2,680,901
Colorado (State of) Educational & Cultural Facilities Authority (Brighton Charter School); Series 2006, RB		6.00	%		11/01/36		1,695		1,116,259
Colorado (State of) Educational & Cultural Facilities Authority (Carbon Valley Academy); Series 2006, Charter School RB		5.63	%		12/01/36		1,160		951,513
Colorado (State of) Educational & Cultural Facilities Authority (Community Leadership Academy);
Series 2008, Charter School RB		6.25	%		07/01/28		650		600,073
Series 2008, Charter School RB		6.50	%		07/01/38		1,000		913,110
Colorado (State of) Educational & Cultural Facilities Authority (Denver Academy); Series 2003 A, Ref. RB		7.00	%		11/01/23		500		513,665
Colorado (State of) Educational & Cultural Facilities Authority (Denver School of Science & Technology); Series 2004, RB		5.00	%		12/01/13		650		652,073
Colorado (State of) Educational & Cultural Facilities Authority (Excel Academy); Series 2003, Charter School RB(b)(c)		7.30	%		12/01/11		515		586,374
Colorado (State of) Educational & Cultural Facilities Authority (Flagstaff Academy);
Series 2008 A, Charter School RB		6.75	%		08/01/28		1,215		1,226,506
Series 2008 A, Charter School RB		7.00	%		08/01/38		1,500		1,513,545
Colorado (State of) Educational & Cultural Facilities Authority (Knowledge Quest Academy); Series 2005, Charter School RB		6.50	%		05/01/36		930		853,294
Colorado (State of) Educational & Cultural Facilities Authority (Monument Academy);
Series 2007, Charter School RB		5.88	%		10/01/27		2,500		2,124,050
Series 2007, Charter School RB		6.00	%		10/01/37		1,635		1,327,031
Series 2008 A, Charter School RB		7.25	%		10/01/39		500		493,680
Colorado (State of) Educational & Cultural Facilities Authority (New Vision Charter School); Series 2008, RB(a)		6.75	%		04/01/40		1,860		1,762,648
Colorado (State of) Educational & Cultural Facilities Authority (North Star); Series 2008 A, Ref. & Improvement RB(a)		8.25	%		11/01/39		3,000		3,196,830
Colorado (State of) Educational & Cultural Facilities Authority (Northeast Academy); Series 2007, Charter School RB(a)		5.75	%		05/15/37		2,555		2,051,512
Colorado (State of) Educational & Cultural Facilities Authority (Peak to Peak Charter School); Series 2001, RB(b)(c)		7.63	%		08/15/11		500		563,585
Colorado (State of) Educational & Cultural Facilities Authority (Platte Academy);
Series 2002 A, Charter School RB(b)(c)		7.25	%		03/01/10		500		512,030
Series 2002 A, Charter School RB(b)(c)		7.25	%		03/01/10		500		514,390
Colorado (State of) Educational & Cultural Facilities Authority (The Classical Academy); Series 2008 A, Charter School RB		7.40	%		12/01/38		2,000		2,252,160
Colorado (State of) Educational & Cultural Facilities Authority (Union Colony Charter School); Series 2007, RB(a)		5.75	%		12/01/37		1,650		1,356,036

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6        AIM High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Colorado–(continued)
Colorado (State of) Educational & Cultural Facilities Authority (Vail Christian High School); Series 2007, Independent School Improvement RB(a)(e)		5.50	%		06/01/37	$	2,000	$	1,310,160
Colorado (State of) Educational & Cultural Facilities Authority (Windsor Academy); Series 2007, Charter School RB		5.70	%		05/01/37		1,600		1,252,496
Colorado (State of) Health Facilities Authority (Christian Living Communities);
Series 2009 A, RB		8.25	%		01/01/24		375		399,833
Series 2009 A, RB		9.00	%		01/01/34		750		816,142
Colorado Springs (City of) Urban Renewal Authority (University Village Colorado); Series 2008 A, Tax Increment Allocation RB		7.00	%		12/01/29		3,000		2,644,620
Confluence Metropolitan District;
Series 2007, Tax Supported RB		5.25	%		12/01/17		790		660,582
Series 2007, Tax Supported RB		5.45	%		12/01/34		1,465		987,161
Conservatory Metropolitan District (Arapahoe County); Series 2005, Limited Tax GO(b)(c)		6.75	%		12/01/13		810		996,114
Copperleaf Metropolitan District No. 2;
Series 2006, Limited Tax GO		5.85	%		12/01/26		1,000		729,830
Series 2006, Limited Tax GO		5.95	%		12/01/36		1,750		1,176,420
Country Club Village Metropolitan District; Series 2006, Limited Tax GO		6.00	%		12/01/34		600		411,612
Grandby Ranch Metropolitan District; Series 2006, Limited Tax GO		6.75	%		12/01/36		3,000		2,313,210
Huntington Trails Metropolitan District; Series 2006, Limited Tax GO		6.25	%		12/01/36		1,000		740,410
Jordan Crossing Metropolitan District; Series 2006, Limited Tax GO		5.75	%		12/01/36		1,415		877,979
Liberty Ranch Metropolitan District; Series 2006, Limited Tax GO		6.25	%		12/01/36		1,645		1,217,974
Madre Metropolitan District No. 2; Series 2007 A, Limited Tax GO		5.50	%		12/01/36		500		331,605
Montrose (County of) (The Homestead at Montrose, Inc.);
Series 2003 A, Health Care Facilities RB		5.75	%		02/01/15		250		248,845
Series 2003 A, Health Care Facilities RB		6.75	%		02/01/22		300		300,531
Series 2003 A, Health Care Facilities RB		7.00	%		02/01/25		800		801,912
Murphy Creek Metropolitan District No. 3; Series 2006, Ref. & Improvement Limited Tax GO		6.13	%		12/01/35		2,000		1,008,760
Northwest Metropolitan District No. 3;
Series 2005, Limited Tax GO		6.13	%		12/01/25		1,000		811,210
Series 2005, Limited Tax GO		6.25	%		12/01/35		1,000		763,440
Piney Creek Metropolitan District; Series 2005, Limited Tax GO		5.50	%		12/01/35		1,200		982,632
Reata South Metropolitan District; Series 2007 A, Limited Tax GO		7.25	%		06/01/37		1,000		856,280
Riverdale Peaks II Metropolitan District; Series 2005, Limited Tax GO		6.50	%		12/01/35		1,000		728,920
Silver Peaks Metropolitan District No. 2; Series 2006, Limited Tax GO		5.75	%		12/01/36		1,000		688,940
Southlands Metropolitan District No. 1; Series 2004, Unlimited Tax GO(b)(c)		7.13	%		12/01/14		500		632,120
Table Rock Metropolitan District; Series 2003, Limited Tax GO(b)(c)		7.00	%		12/01/13		700		841,120
University of Northern Colorado (Auxiliary Facilities System); Series 2001, Ref. & Improvement RB (INS–Ambac Assurance Corp.)(d)		5.00	%		06/01/23		1,000		1,016,430
Valagua Metropolitan District; Series 2008, Limited Tax GO		7.75	%		12/01/37		1,000		893,870
Wyndham Hill Metropolitan District No. 2;
Series 2005, Limited Tax GO		6.25	%		12/01/25		85		68,281
Series 2005, Limited Tax GO		6.38	%		12/01/35		500		377,825
									62,580,600
Delaware–0.54%
New Castle (County of) (Newark Charter School, Inc.); Series 2006, RB		5.00	%		09/01/30		1,610		1,393,648

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7        AIM High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Delaware–(continued)
Sussex (County of) (Cadbury at Lewes);
Series 2006 A, First Mortgage RB		5.45	%		01/01/16	$	865	$	830,019
Series 2006 A, First Mortgage RB		5.90	%		01/01/26		750		705,878
Series 2006 A, First Mortgage RB		6.00	%		01/01/35		600		526,092
									3,455,637
District of Columbia–0.81%
District of Columbia (Medlantic/Helix); Series 1998 B, RB (INS–Financial Security Assurance Inc.)(d)		5.00	%		08/15/38		3,000		3,088,350
District of Columbia (Sibley Memorial Hospital); Series 2009, Hospital RB		6.38	%		10/01/39		2,000		2,133,260
									5,221,610
Florida–5.41%
Alachua (County of) (North Florida Retirement Village, Inc.); Series 2007, IDR		5.88	%		11/15/36		3,000		2,584,080
Brevard (County of) Health Facilities Authority (Health First, Inc.); Series 2009, RB		7.00	%		04/01/39		2,100		2,298,177
Concorde Estates Community Development District; Series 2004 B, Capital Improvement Special Assessment RB(e)		5.00	%		05/01/11		300		152,235
Cory Lakes Community Development District;
Series 2001 A, Special Assessment RB		8.38	%		05/01/17		335		355,961
Series 2001 B, Special Assessment RB		8.38	%		05/01/17		180		191,263
Cypress Lakes Community Development District; Series 2004 A, Special Assessment RB		6.00	%		05/01/34		525		488,528
East Homestead Community Development District; Series 2005, Special Assessment RB		5.45	%		11/01/36		675		509,051
Florida (State of) Development Finance Corp. (Palm Bay Academy, Inc.);
Series 2006 A, RB		6.00	%		05/15/36		2,130		1,566,338
Series 2007 A, RB		6.13	%		05/15/37		1,855		1,382,272
Florida (State of) Development Finance Corp. (Sculptor Charter School); Series 2008 A, RB		7.25	%		10/01/38		2,710		2,737,588
Gramercy Farms Community Development District; Series 2007 B, Special Assessment RB		5.10	%		05/01/14		1,000		475,200
Hillsborough (County of) Industrial Development Authority (Healthcare Facilities Remarketing); Series 2008 B, IDR		8.00	%		08/15/32		1,000		1,132,850
Lakeland (City of) (Carpenters Accident Investor);
Series 2008, Ref. Retirement Community First Mortgage RB(a)		6.25	%		01/01/28		500		452,100
Series 2008, Ref. Retirement Community First Mortgage RB(a)		6.38	%		01/01/43		1,500		1,256,415
Lee (County of) Industrial Development Authority (Cypress Cove at HealthPark); Series 2002 A, Health Care Facilities IDR		6.75	%		10/01/32		1,250		1,162,787
Miami Beach (City of) Health Facilities Authority (Mount Sinai Medical Center);
Series 2001 A, Hospital RB		6.70	%		11/15/19		1,000		1,015,330
Series 2004, Ref. Hospital RB(a)		6.75	%		11/15/29		500		478,775
Midtown Miami Community Development District;
Series 2004 A, Special Assessment RB		6.00	%		05/01/24		945		800,462
Series 2004 A, Special Assessment RB		6.25	%		05/01/37		1,000		817,590
Mount Dora (City of) Health Facilities Authority (Waterman Village); Series 2004 A, Ref. RB		5.75	%		08/15/18		750		744,547
Orange (County of) Health Facilities Authority (Orlando Lutheran Towers, Inc.);
Series 2005, Ref. Health Care Facilities RB		5.38	%		07/01/20		1,100		993,036
Series 2005, Ref. Health Care Facilities RB		5.70	%		07/01/26		1,000		888,140
Series 2007, First Mortgage RB		5.50	%		07/01/32		1,000		794,110
Series 2007, First Mortgage RB		5.50	%		07/01/38		1,000		775,870
Orlando (City of) Urban Community Development District; Series 2004, Capital Improvement Special Assessment RB		6.25	%		05/01/34		1,000		786,370
Poinciana Community Development District; Series 2000 A, Special Assessment RB		7.13	%		05/01/31		600		600,204
Port St. Lucie (City of) (Southwest Annexation District No. 1); Series 2007 B, Special Assessment RB (INS–National Public Finance Guarantee Corp.)(d)		5.00	%		07/01/40		2,000		1,813,360
Reunion East Community Development District; Series 2002 A, Special Assessment RB		7.38	%		05/01/33		1,000		696,680

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8        AIM High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Florida–(continued)
Sarasota (County of) Health Facilities Authority (Village on the Isle);
Series 2007, Ref. Retirement Facilities RB		5.00	%		01/01/17	$	1,500	$	1,451,160
Series 2007, Ref. Retirement Facilities RB		5.50	%		01/01/27		1,500		1,338,465
Series 2007, Ref. Retirement Facilities RB		5.50	%		01/01/32		1,500		1,185,660
St. Johns (County of) Industrial Development Authority (Glenmoor);
Series 2006 A, Health Care IDR		5.25	%		01/01/26		1,000		848,830
Series 2006 A, Health Care IDR		5.38	%		01/01/40		1,000		781,070
St. Petersburg (City of) Health Facilities Authority (All Children’s Hospital, Inc. Obligated Group);
Series 2009 A, Ref. RB		6.25	%		11/15/29		150		164,870
Series 2009 A, Ref. RB		6.50	%		11/15/39		1,000		1,096,300
									34,815,674
Georgia–1.42%
Atlanta (City of) (Atlantic Station);
Series 2001, Tax Allocation RB(b)(c)		7.75	%		12/01/11		550		615,181
Series 2001, Tax Allocation RB(b)(c)		7.90	%		12/01/11		750		872,317
Atlanta (City of) (Eastside);
Series 2005 B, Tax Allocation RB		5.40	%		01/01/20		1,000		972,320
Series 2005 B, Tax Allocation RB		5.60	%		01/01/30		2,000		1,784,220
Atlanta (City of) (Princeton Lakes); Series 2006, Tax Allocation RB(a)		5.50	%		01/01/31		630		540,452
Fulton (County of) Residential Care Facilities for the Elderly Authority (Canterbury Court);
Series 2004 A, RB		6.13	%		02/15/26		500		472,195
Series 2004 A, RB		6.13	%		02/15/34		200		180,342
Rockdale (County of) Development Authority (Visy Paper); Series 2007 A, RB(f)		6.13	%		01/01/34		4,500		3,730,455
									9,167,482
Hawaii–0.35%
Hawaii (State of) Department of Budget & Finance (15 Craigside),
Series 2009 A, Special Purpose RB		8.75	%		11/15/29		850		923,687
Series 2009 A, Special Purpose RB		9.00	%		11/15/44		1,250		1,348,937
									2,272,624
Idaho–1.03%
Idaho (State of) Housing & Finance Association (Liberty Charter School); Series 2008 A, Nonprofit Facilities RB		6.00	%		06/01/38		750		705,142
Idaho (State of) Housing & Finance Association (North Star Charter School);
Series 2009 A, Nonprofit Facilities RB		9.00	%		07/01/21		150		171,035
Series 2009 A, Nonprofit Facilities RB		9.25	%		07/01/29		1,000		1,138,670
Series 2009 A, Nonprofit Facilities RB		9.50	%		07/01/39		2,005		2,284,457
Idaho (State of) Housing & Finance Association (Victory Charter School, Inc.); Series 2009 A, Nonprofit Facilities RB		8.25	%		07/01/39		745		825,624
Idaho (State of) Housing & Finance Association; Series 2008 A, Nonprofit Facilities RB		6.13	%		07/01/38		1,580		1,483,667
									6,608,595
Illinois–8.71%
Belleville (City of) (Frank Scott Parkway Redevelopment); Series 2007 A, Ref. Tax Increment Allocation RB		5.70	%		05/01/36		1,000		721,890
Chicago (City of) (Chatham Ridge Redevelopment);
Series 2002, Tax Increment Allocation RB		5.95	%		12/15/12		275		280,022
Series 2002, Tax Increment Allocation RB		6.05	%		12/15/13		475		482,334
Chicago (City of) (Lake Shore East);
Series 2003, Special Assessment RB		6.63	%		12/01/22		500		472,895
Series 2003, Special Assessment RB		6.75	%		12/01/32		500		453,435

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9        AIM High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Illinois–(continued)
Du Page (County of) Special Service Area No. 31 (Monarch Landing);
Series 2006, Special Tax RB		5.40	%		03/01/16	$	245	$	227,380
Series 2006, Special Tax RB		5.63	%		03/01/36		1,250		893,012
Hillside (Village of) (Mannheim Redevelopment);
Series 2008, Sr. Lien Tax Increment Allocation RB		6.55	%		01/01/20		1,000		891,980
Series 2008, Sr. Lien Tax Increment Allocation RB		7.00	%		01/01/28		5,000		4,305,700
Illinois (State of) Finance Authority (Beacon Hill);
Series 2005 A, Ref. RB		5.15	%		02/15/13		655		655,616
Series 2005 A, Ref. RB		5.25	%		02/15/14		300		300,168
Series 2005 A, Ref. RB		5.35	%		02/15/15		225		224,082
Illinois (State of) Finance Authority (Clare Oaks);
Series 2006 A, RB		6.00	%		11/15/27		1,000		849,930
Series 2006 A, RB		6.00	%		11/15/39		3,500		2,700,565
Illinois (State of) Finance Authority (Fairview Obligated Group);
Series 2008 A, Ref. RB		6.13	%		08/15/28		1,000		915,060
Series 2008 A, Ref. RB		6.25	%		08/15/35		1,000		903,680
Series 2008 A, Ref. RB		6.25	%		08/15/40		1,000		894,640
Illinois (State of) Finance Authority (Luther Oaks);
Series 2006 A, RB		6.00	%		08/15/26		850		742,943
Series 2006 A, RB		5.70	%		08/15/28		500		415,205
Series 2006 A, RB		6.00	%		08/15/39		1,460		1,197,258
Illinois (State of) Finance Authority (Monarch Landing, Inc. Facility); Series 2007 A, RB		7.00	%		12/01/27		2,000		1,260,360
Illinois (State of) Finance Authority (Rush University Medical Center Obligated Group);
Series 2009 A, RB		7.25	%		11/01/30		1,865		2,153,571
Series 2009 A, RB		7.25	%		11/01/38		2,000		2,272,060
Illinois (State of) Finance Authority (Sedgebrook, Inc. Facility);
Series 2007 A, RB		5.63	%		11/15/17		1,345		1,196,337
Series 2007 A, RB		6.00	%		11/15/27		2,000		1,227,600
Series 2007 A, RB		6.00	%		11/15/37		2,000		1,090,260
Illinois (State of) Finance Authority (Silver Cross Hospital & Medical Centers);
Series 2009, RB		6.88	%		08/15/38		6,000		6,432,600
Series 2009, RB		7.00	%		08/15/44		1,000		1,073,450
Illinois (State of) Finance Authority (Smith Village);
Series 2005 A, RB		5.70	%		11/15/20		500		459,340
Series 2005 A, RB		6.13	%		11/15/25		1,000		913,600
Series 2005 A, RB		6.25	%		11/15/35		1,500		1,313,310
Illinois (State of) Finance Authority (Three Crowns Park Plaza);
Series 2006 A, RB		5.88	%		02/15/26		1,000		902,990
Series 2006 A, RB		5.88	%		02/15/38		1,500		1,273,590
Illinois (State of) Health Facilities Authority (Bethesda Home & Retirement Center); Series 1999 A, RB		6.25	%		09/01/14		500		505,350
Illinois (State of) Health Facilities Authority (Lutheran Senior Ministries Obligated Group); Series 2001 A, RB(b)(c)		7.38	%		08/15/11		1,000		1,117,640
Illinois (State of) Health Facilities Authority (Villa St. Benedict); Series 2003 A-1, RB(e)		6.90	%		11/15/33		2,000		883,000
Illinois (State of) Health Facilities Authority; Series 2003 A, RB		7.00	%		11/15/32		800		790,888
Lincolnshire (Village of) Special Service Area No. 1 (Sedgebrook);
Series 2004, Special Tax RB		5.00	%		03/01/11		235		231,585
Series 2004, Special Tax RB		6.25	%		03/01/34		750		576,780
Lombard (City of) Public Facilities Corp. (Lombard Conference Center & Hotel);
Series 2005 A-1, First Tier RB		6.38	%		01/01/15		750		699,045
Series 2005 A-1, First Tier RB		7.13	%		01/01/36		2,500		2,177,975

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10        AIM High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Illinois–(continued)
Malta (Village of) (Prairie Springs); Series 2006, Tax Increment Allocation RB(a)		5.75	%		12/30/25	$	2,000	$	1,244,460
Southwestern Illinois Development Authority (City of Collinsville Limited Incremental Sales Tax); Series 2007, Local Government Program RB		5.35	%		03/01/31		1,000		773,360
Southwestern Illinois Development Authority (Eden Retirement Center, Inc.);
Series 2006, Senior Care Facilities RB		5.50	%		12/01/26		800		708,064
Series 2006, Senior Care Facilities RB		5.85	%		12/01/36		3,000		2,573,160
St. Charles (City of) (Zylstra);
Series 2008, Sr. Lien Limited Incremental Sales Tax RB		6.95	%		01/01/21		2,000		1,865,220
Series 2008, Sr. Lien Limited Incremental Sales Tax RB		6.95	%		01/01/25		2,000		1,827,820
									56,071,210
Indiana–1.25%
Indiana (State of) Finance Authority (Irvington Community School);
Series 2009 A, Educational Facilities RB		7.75	%		07/01/23		290		321,926
Series 2009 A, Educational Facilities RB		8.00	%		07/01/29		1,385		1,544,788
Series 2009 A, Educational Facilities RB		9.00	%		07/01/39		1,000		1,168,850
Indiana (State of) Health & Educational Facilities Financing Authority (Community Foundation of Northwest Indiana Obligated Group);
Series 2007, Hospital RB		5.50	%		03/01/27		3,000		3,023,460
Series 2007, Hospital RB		5.50	%		03/01/37		1,000		990,170
Petersburg (City of) (Indianapolis Power & Light Co.); Series 1991, Ref. PCR		5.75	%		08/01/21		1,000		1,029,410
									8,078,604
Iowa–1.74%
Des Moines (City of) (Luther Park Apartments, Inc.); Series 2004, Senior Housing RB		6.00	%		12/01/23		500		448,420
Iowa (State of) Finance Authority (Bethany Life Communities);
Series 2006 A, Ref. Senior Housing RB		5.45	%		11/01/26		345		293,136
Series 2006 A, Ref. Senior Housing RB		5.55	%		11/01/41		795		617,874
Iowa (State of) Finance Authority (Boys & Girls Home & Family Services, Inc.); Series 2007, Community Provider RB		5.80	%		12/01/22		1,000		885,150
Iowa (State of) Finance Authority (Friendship Haven); Series 2004 A, Retirement Community RB		6.13	%		11/15/32		500		448,710
Iowa (State of) Finance Authority (Wedum Walnut Ridge LLC);
Series 2007 A, Senior Housing RB		5.50	%		12/01/32		2,000		1,098,760
Series 2007 A, Senior Housing RB		5.63	%		12/01/45		1,000		500,160
Marion (City of) (Village Place at Marion);
Series 2005 A, MFH RB		5.65	%		09/01/25		155		135,095
Series 2005 A, MFH RB		6.00	%		09/01/35		400		340,664
Polk (County of) (Luther Park Health Center, Inc.);
Series 2004, Health Care Facilities RB		6.00	%		10/01/24		290		260,597
Series 2004, Health Care Facilities RB		6.15	%		10/01/36		600		507,090
Scott (County of) (Ridgecrest Village);
Series 2000 A, RB(b)(c)		7.25	%		11/15/10		750		812,843
Series 2004, Ref. RB		4.75	%		11/15/12		750		751,905
Series 2004, Ref. RB		5.63	%		11/15/18		2,000		1,972,540
Series 2006, Ref. RB		5.25	%		11/15/21		1,000		875,550
Washington (City of) (United Presbyterian Home); Series 2006 A, Ref. Senior Housing RB		5.60	%		12/01/36		1,615		1,279,661
									11,228,155
Kansas–2.14%
Hutchinson (City of) (Wesley Towers, Inc.); Series 1999 A, Ref. & Improvement Health Care Facilities RB		6.25	%		11/15/19		750		750,165
Kansas (State of) Development Finance Authority (Adventist Health System); Series 2009, Hospital RB		5.75	%		11/15/38		1,900		2,051,202

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11        AIM High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Kansas–(continued)
Labette (County of);
Series 2007 A, Ref. & Improvement Hospital RB		5.75	%		09/01/29	$	750	$	735,158
Series 2007 A, Ref. & Improvement Hospital RB		5.75	%		09/01/37		600		570,432
Olathe (City of) (Aberdeen Village, Inc); Series 2005 A, Ref. Senior Living Facilities RB		5.60	%		05/15/28		1,500		1,236,615
Olathe (City of) (Catholic Care Campus, Inc.);
Series 2006 A, Senior Living Facilities RB		6.00	%		11/15/26		1,000		950,690
Series 2006 A, Senior Living Facilities RB		6.00	%		11/15/38		2,000		1,750,380
Olathe (City of) (West Village Center);
Series 2007, Special Obligation Tax Increment Allocation RB		5.30	%		09/01/17		500		435,435
Series 2007, Special Obligation Tax Increment Allocation RB		5.45	%		09/01/22		1,160		916,458
Series 2007, Special Obligation Tax Increment Allocation RB		5.50	%		09/01/26		1,000		741,210
Overland Park Transportation Development District (Grass Creek); Series 2006, Special Assessment RB		5.13	%		09/01/28		1,565		1,167,474
Roeland Park (City of) (Roeland Park Redevelopment, LLC); Series 2005, Special Obligation Tax Increment Allocation RB		5.75	%		08/01/24		920		684,949
Roeland Park (City of) Transportation Development District (TDD #1);
Series 2005, Sales Tax RB		5.75	%		12/01/25		445		327,796
Series 2006 A, Sales Tax RB		5.88	%		12/01/09		10		10,003
Series 2006 A, Sales Tax RB		5.88	%		12/01/25		985		736,061
Roeland Park (City of) Transportation Development District (TDD #2); Series 2006 B, Sales Tax RB(e)		5.88	%		12/01/25		1,000		747,270
									13,811,298
Kentucky–0.58%
Louisville & Jefferson (Counties of) Metropolitan Government (Jewish Hospital & St. Mary’s Healthcare); Series 2008, Health Facilities RB		6.13	%		02/01/37		3,500		3,735,970
Louisiana–0.23%
Louisiana (State of) Local Government Environmental Facilities & Community Development Authority (Westlake Chemical Corp.); Series 2007, RB		6.75	%		11/01/32		1,500		1,461,255
Maine–0.08%
Maine (State of) Turnpike Authority; Series 2003, RB (INS–Ambac Assurance Corp.)(d)		5.00	%		07/01/33		500		513,375
Maryland–1.27%
Annapolis (City of) (Park Place); Series 2005 A, Special Obligation RB		5.35	%		07/01/34		2,000		1,586,680
Anne Arundel (County of) (Parole Town Center); Series 2002, Tax Increment Allocation Financing RB		5.00	%		07/01/12		100		101,119
Baltimore (City of) (Strathdale Manor); Series 2003, Special Obligation RB		7.00	%		07/01/33		968		949,202
Howard (County of); Series 2000 A, Retirement Community RB(b)(c)		7.88	%		05/15/10		780		840,005
Maryland (State of) Health & Higher Educational Facilities Authority (Washington County Hospital);
Series 2008, RB		5.75	%		01/01/38		500		505,180
Series 2008, RB		6.00	%		01/01/43		2,750		2,838,110
Maryland (State of) Industrial Development Financing Authority (Our Lady of Good Counsel High School Facility); Series 2005 A, Economic IDR		6.00	%		05/01/35		1,500		1,363,725
									8,184,021
Massachusetts–1.31%
Massachusetts (State of) Development Finance Agency (Briarwood Retirement Community); Series 2001 B, RB(b)(c)		7.50	%		12/01/10		500		545,195
Massachusetts (State of) Development Finance Agency (Linden Ponds, Inc. Facility); Series 2007 A, RB		5.00	%		11/15/14		1,000		1,022,150
Massachusetts (State of) Development Finance Agency (New England Conservatory of Music); Series 2008, RB		5.25	%		07/01/38		2,500		2,385,750

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12        AIM High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Massachusetts–(continued)
Massachusetts (State of) Development Finance Agency (Sabis International Charter School);
Series 2009 A, RB		6.85	%		04/15/23	$	745	$	800,361
Series 2009 A, RB		6.90	%		04/15/25		895		955,063
Series 2009 A, RB		8.00	%		04/15/31		1,000		1,130,620
Series 2009 A, RB		8.00	%		04/15/39		1,000		1,128,230
Massachusetts (State of) Health & Educational Facilities Authority (Christopher House, Inc.); Series 1999 A, Ref. RB		6.88	%		01/01/29		500		464,045
									8,431,414
Michigan–1.42%
Advanced Technology Academy; Series 2008, Public School Academy RB		6.00	%		11/01/37		1,000		848,740
Chandler Park Academy; Series 2005, Public School Academy RB		5.13	%		11/01/30		1,050		913,678
Detroit (City of) Community High School;
Series 2005, Public School Academy RB		5.65	%		11/01/25		1,485		1,146,554
Series 2005, Public School Academy RB		5.75	%		11/01/30		1,000		734,630
Gaylord (City of) Hospital Finance Authority (Otsego Memorial Hospital Association); Series 2004, Ref. Limited Obligation RB		6.50	%		01/01/31		700		615,342
Gogebic (County of) Hospital Finance Authority (Grand View Health System, Inc.); Series 1999, Ref. RB		5.88	%		10/01/16		920		907,930
Mecosta (County of) General Hospital; Series 1999, Ref. RB		6.00	%		05/15/18		500		488,795
Michigan (State of) Hospital Finance Authority (Presbyterian Villages of Michigan Obligated Group);
Series 2005, Ref. RB		4.88	%		11/15/16		685		655,134
Series 2005, Ref. RB		5.25	%		11/15/25		450		362,264
Series 2005, Ref. RB		5.50	%		11/15/35		750		572,212
Michigan (State of) Municipal Bond Authority (YMCA Service Learning Academy);
Series 2001, Public School Academy Facilities Program RB		7.63	%		10/01/21		700		685,083
Series 2001, Public School Academy Facilities Program RB		7.75	%		10/01/31		500		474,570
Michigan (State of) Strategic Fund (Detroit Edison Pollution Control); Series 2001 C, Ref. Limited Obligation PCR		5.45	%		09/01/29		725		731,003
									9,135,935
Minnesota–8.80%
Apple Valley (City of) Economic Development Authority (Evercare Senior Living, LLC);
Series 2005 A, Health Care RB		6.00	%		12/01/25		500		479,980
Series 2005 A, Health Care RB		6.13	%		06/01/35		2,240		2,095,878
Baytown (Town of) (St. Croix Preparatory Academy);
Series 2008 A, Lease RB		6.75	%		08/01/28		1,000		978,530
Series 2008 A, Lease RB		7.00	%		08/01/38		700		682,164
Becker (City of) (Shepherd of Grace);
Series 2006, Senior Housing RB		5.88	%		05/01/29		1,000		918,720
Series 2006, Senior Housing RB		6.00	%		05/01/41		1,000		908,480
Brooklyn Park (City of) (Prairie Seeds Academy);
Series 2009 A, Lease RB		9.00	%		03/01/29		2,620		2,939,116
Series 2009 A, Lease RB		9.25	%		03/01/39		715		802,552
Carlton (City of) (Inter-Faith Care Center); Series 2006, Ref. Health Care & Housing Facilities RB		5.70	%		04/01/36		1,500		1,295,310
Cold Spring (City of) (Assumption Home, Inc.);
Series 2005, Nursing Home & Senior Housing RB		5.50	%		03/01/25		425		391,744
Series 2005, Nursing Home & Senior Housing RB		5.75	%		03/01/35		600		526,860
Series 2008, Health Care Facilities RB		7.50	%		03/01/38		1,000		1,076,920
Dakota (County of) Community Development Agency (Highview Hills Senior Housing); Series 2008 A, MFH RB		7.00	%		08/01/45		2,000		1,921,380
Eveleth (City of) (Manor House & Woodland Homes);
Series 2006 A-1, Senior MFH RB		5.50	%		10/01/25		510		466,359
Series 2006 A-1, Senior MFH RB		5.70	%		10/01/36		3,000		2,568,270

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13        AIM High Income Municipal Fund

						��
							Principal
	Interest			Maturity			Amount
	Rate			Date			(000)		Value
Minnesota–(continued)
Fairmont (City of) (Goldfinch Estates-Governmental & Educational Assistance Corp.); Series 2005 A, Housing Facilities RB		6.25	%		10/01/25		$	2,500	$	2,387,025
Fairmont (City of) (Homestead-Governmental & Educational Assistance Corp.); Series 2002 A-1, Housing Facilities RB		7.25	%		04/01/22			915		913,509
Falcon Heights (City of) (Kaleidoscope Charter School);
Series 2007 A, Lease RB		6.00	%		11/01/27			400		359,292
Series 2007 A, Lease RB		6.00	%		11/01/37			550		468,540
Glencoe (City of) (Glencoe Regional Health Services);
Series 2001, Health Care Facilities RB(b)(c)		7.40	%		04/01/11			250		276,928
Series 2001, Health Care Facilities RB(b)(c)		7.50	%		04/01/11			500		554,600
Maple Grove (City of) (Maple Grove Hospital Corp.); Series 2007, Health Care System RB		5.25	%		05/01/37			1,000		998,500
Maplewood (City of) (Volunteers of America Care Center);
Series 2005 A, Ref. Health Care Facilities RB		5.00	%		10/01/13			775		755,826
Series 2005 A, Ref. Health Care Facilities RB		5.25	%		10/01/19			1,250		1,145,000
Series 2005 A, Ref. Health Care Facilities RB		5.38	%		10/01/24			2,500		2,168,200
Minneapolis (City of) (Grant Park); Series 2006, Tax Increment Allocation RB		5.35	%		02/01/30			1,450		1,134,726
Minneapolis (City of) (Village at St. Anthony Falls); Series 2004, Ref. Tax Increment Allocation RB		5.75	%		02/01/27			605		470,902
Minnesota (State of) Higher Education Facilities Authority (University of St. Thomas); Series 2009 6-X, RB		5.25	%		04/01/39			500		530,155
Monticello (City of) (FiberNet Monticello); Series 2008, Telecommunications RB		6.75	%		06/01/31			2,000		1,781,000
North Oaks (City of) (Presbyterian Homes of North Oaks, Inc.);
Series 2007, Senior Housing RB		6.25	%		10/01/47			2,400		2,239,560
Series 2007, Senior Housing RB		6.50	%		10/01/47			1,000		956,750
Northwest Multi-County Housing & Redevelopment Authority (Pooled Housing Program);
Series 2005 A, Ref. Governmental Housing RB		5.35	%		07/01/15			70		67,774
Series 2005 A, Ref. Governmental Housing RB		6.20	%		07/01/30			2,000		1,807,800
Oakdale (City of) (Oak Meadows); Series 2004, Ref. Senior Housing RB		6.00	%		04/01/24			1,000		934,810
Oronoco (City of) (Wedum Shorewood Campus); Series 2006, Ref. MFH RB		5.25	%		06/01/26			1,600		1,463,488
Owatonna (City of) (Senior Living): Series 2006 A, Senior Housing RB		5.80	%		10/01/29			800		728,904
Pine City (City of) (Lakes International Language Academy);
Series 2006 A, Lease RB		6.00	%		05/01/26			480		435,922
Series 2006 A, Lease RB		6.25	%		05/01/35			1,550		1,382,135
Ramsey (City of) (Pact Charter School);
Series 2004 A, Lease RB		6.50	%		12/01/22			925		906,500
Series 2004 A, Lease RB		6.75	%		12/01/33			150		143,373
Rochester (City of) (Mayo Clinic); Series 2006, Health Care Facilities RB		5.00	%		11/15/36			2,760		2,876,693
Rochester (City of) (Samaritan Bethany, Inc.);
Series 2003 A, Health Care & Housing RB		5.38	%		08/01/12			165		167,610
Series 2003 A, Health Care & Housing RB		5.50	%		08/01/13			195		198,046
St. Cloud (City of) Housing & Redevelopment Authority (Sterling Heights Apartments);
Series 2002, MFH RB(f)		7.00	%		10/01/23			495		440,798
Series 2002, MFH RB(f)		7.45	%		10/01/32			155		135,870
St. Paul (City of) Housing & Redevelopment Authority (Community of Peace Academy); Series 2001 A, Lease RB(b)(c)		7.38	%		12/01/10			900		988,794
St. Paul (City of) Housing & Redevelopment Authority (Hmong Academy);
Series 2006 A, Lease RB		5.75	%		09/01/26			300		266,121
Series 2006 A, Lease RB		6.00	%		09/01/36			390		337,537
St. Paul (City of) Housing & Redevelopment Authority (New Spirit Charter School); Series 2002 A, Lease RB		7.50	%		12/01/31			890		903,136
St. Paul (City of) Housing & Redevelopment Authority (Rossy & Richard Shaller Family Sholom East Campus);
Series 2007 A, RB		5.05	%		10/01/27			1,750		1,468,320
Series 2007 A, RB		5.15	%		10/01/42			275		204,801

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14        AIM High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Minnesota–(continued)
Vadnais Heights (City of) (Agriculture & Food Sciences Academy);
Series 2004 A, Lease RB		6.38	%		12/01/24	$	900	$	790,947
Series 2004 A, Lease RB		6.60	%		12/01/34		275		231,756
Washington (County of) Housing & Redevelopment Authority (Birchwood & Woodbury);
Series 2007 A, Health Care & Housing RB		5.00	%		12/01/14		1,000		929,540
Series 2007 A, Health Care & Housing RB		5.55	%		12/01/27		1,210		1,123,001
Series 2007 A, Health Care & Housing RB		5.63	%		06/01/37		1,000		877,240
Woodbury (City of) (Math & Science Academy);
Series 2002 A, Ref. Lease RB		7.38	%		12/01/24		250		257,545
Series 2002 A, Ref. Lease RB		7.50	%		12/01/31		750		770,820
Worthington (City of) (Ecumen Corp. Guaranty-Meadows); Series 2009 A, Housing & Health Care RB		6.38	%		05/01/39		650		661,810
									56,693,867
Missouri–3.42%
370/Missouri Bottom Road/Tussig Road Transportation Development District (Hazelwood);
Series 2002, RB		7.00	%		05/01/22		750		734,625
Series 2002, RB		7.20	%		05/01/33		500		463,675
Branson (City of) Industrial Development Authority (Branson Landing-Retail); Series 2005, Tax Increment Allocation IDR		5.25	%		06/01/21		1,410		1,073,066
Branson Hills Infrastructure Facilities Community Improvement District;
Series 2007 A, Special Assessment RB		5.00	%		04/01/11		550		552,524
Series 2007 A, Special Assessment RB		5.00	%		04/01/13		300		297,912
Series 2007 A, Special Assessment RB		5.00	%		04/01/15		500		486,880
Cass (County of);
Series 2007, Hospital RB		5.00	%		05/01/16		1,000		1,026,470
Series 2007, Hospital RB		5.63	%		05/01/38		1,300		1,165,372
Chillicothe (City of) (South U.S. 65); Series 2006, Tax Increment Allocation RB		5.50	%		04/01/21		1,000		903,330
Des Peres (City of) (West County Center); Series 2002 A, Ref. Tax Increment Allocation RB		5.75	%		04/15/20		1,000		941,190
Desloge (City of) (U.S. Highway 67/State Street Redevelopment); Series 2005, Ref. Tax Increment Allocation RB		5.20	%		04/15/20		425		377,868
Grandview (City of) Industrial Development Authority (Grandview Crossing); Series 2006, Tax Increment Allocation IDR(e)		5.75	%		12/01/28		1,250		514,588
Grundy (County of) Industrial Development Authority (Wright Memorial Hospital),
Series 2009, Health Facilities RB		6.45	%		09/01/29		1,000		1,010,140
Series 2009, Health Facilities RB		6.75	%		09/01/34		1,250		1,278,000
Kansas City (City of) Tax Increment Financing Commission (Maincor); Series 2007 A, Tax Increment Allocation RB		5.25	%		03/01/18		500		493,295
Maplewood (City of) (Maplewood South Redevelopment Area); Series 2005, Ref. Tax Increment RB		5.75	%		11/01/26		1,350		1,172,340
Platte (County of) Industrial Development Authority (Zona Rosa Phase II Retail); Series 2007, Transportation IDR		6.85	%		04/01/29		3,500		3,036,985
Polk (County of) Industrial Development Authority (Citizens Memorial Health Care Foundation); Series 2008, Health Facilities IDR		6.50	%		01/01/33		2,000		1,815,700
Richmond Heights (City of) (Francis Place Redevelopment); Series 2005, Ref. & Improvement Tax Increment & Transportation Sales Tax RB		5.63	%		11/01/25		750		645,502
St. Joseph (City of) Industrial Development Authority (The Shoppes at North Village);
Series 2005 A, Tax Increment Allocation IDR		5.25	%		11/01/13		500		508,050
Series 2005 A, Tax Increment Allocation IDR		5.50	%		11/01/27		750		659,265
Series 2005 B, Tax Increment Allocation IDR		5.50	%		11/01/27		1,000		879,020
St. Louis (City of) Industrial Development Authority (Confluence Academy); Series 2007 A, IDR		5.35	%		06/15/32		750		579,330
St. Louis (County of) Industrial Development Authority (St. Andrew’s Resources for Seniors); Series 2007 A, Senior Living Facilities IDR		6.38	%		12/01/41		1,000		848,820
Strother Interchange Transportation Development District (Lees Summit); Series 2006, RB		5.00	%		05/01/24		675		544,307
									22,008,254

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15        AIM High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Montana–0.10%
Montana (State of) Facility Finance Authority (St. John’s Lutheran Ministries); Series 2006 A, Senior Living RB		6.13	%		05/15/36	$	750	$	631,935
Nevada–0.08%
University and Community College System of Nevada; Series 2002 A, RB (INS–Financial Guaranty Insurance Co.)(d)		5.40	%		07/01/31		500		516,070
New Hampshire–0.55%
New Hampshire (State of) Business Finance Authority (Huggins Hospital) Series 2009, First Mortgage RB		6.88	%		10/01/39		2,000		2,017,240
New Hampshire (State of) Health & Education Facilities Authority (The Huntington at Nashua);
Series 2003 A, RB		6.88	%		05/01/23		750		768,172
Series 2003 A, RB		6.88	%		05/01/33		750		755,483
									3,540,895
New Jersey–1.95%
Burlington (County of) Bridge Commission (The Evergreens); Series 2007, Economic Development RB		5.63	%		01/01/38		2,400		1,974,312
New Jersey (State of) Economic Development Authority (Cedar Crest Village, Inc. Facility); Series 2001 A, Retirement Community RB(b)(c)		7.25	%		11/15/11		500		562,260
New Jersey (State of) Economic Development Authority (Continental Airlines, Inc.);
Series 1999, Special Facilities RB(f)		6.25	%		09/15/29		1,010		938,351
Series 2000, Special Facilities RB(f)		7.00	%		11/15/30		565		565,927
Series 2000, Special Facilities RB(f)		7.20	%		11/15/30		425		427,350
Series 2003, Special Facilities RB(f)		9.00	%		06/01/33		500		526,450
New Jersey (State of) Economic Development Authority (Lions Gate);
Series 2005 A, First Mortgage RB		5.00	%		01/01/15		825		815,570
Series 2005 A, First Mortgage RB		5.75	%		01/01/25		710		648,620
Series 2005 A, First Mortgage RB		5.88	%		01/01/37		1,360		1,142,427
New Jersey (State of) Economic Development Authority (Seashore Gardens Living Center);
Series 2001, First Mortgage RB(b)(c)		8.00	%		04/01/11		800		900,312
Series 2001, First Mortgage RB(b)(c)		8.00	%		04/01/11		500		562,695
Series 2006, First Mortgage RB		5.30	%		11/01/26		1,100		954,503
Series 2006, First Mortgage RB		5.38	%		11/01/36		700		561,806
New Jersey (State of) Health Care Facilities Financing Authority (Virtual Health); Series 2009, RB (INS–Assured Guaranty Ltd.)(d)		5.50	%		07/01/38		1,000		1,081,450
New Jersey (State of) Transportation Trust Fund Authority; Series 2005 B, RB (INS–Ambac Assurance Corp.)(d)		5.25	%		12/15/23		750		873,000
									12,535,033
New Mexico–0.19%
Mariposa East Public Improvement District;
Series 2006, Unlimited Tax GO		5.75	%		09/01/21		500		431,095
Series 2006, Unlimited Tax GO		6.00	%		09/01/32		1,000		775,000
									1,206,095
New York–1.82%
Broome (County of) Industrial Development Agency (Good Shepherd Village);
Series 2008 A, Continuing Care Retirement IDR		6.15	%		07/01/18		500		487,585
Series 2008 A, Continuing Care Retirement IDR		6.75	%		07/01/28		600		518,844
Series 2008 A, Continuing Care Retirement IDR		6.88	%		07/01/40		1,000		829,730
East Rochester (City of) Housing Authority (Woodland Village); Series 2006, Ref. Senior Living RB		5.50	%		08/01/33		1,700		1,401,106
Erie (County of) Industrial Development Agency (Orchard Park CCRC, Inc.); Series 2006 A, IDR		6.00	%		11/15/26		1,100		985,072
Monroe (County of) Industrial Development Agency (Woodland Village); Series 2000, Civic Facilities IDR(b)(c)		8.55	%		11/15/10		1,000		1,107,140
Nassau (County of) Industrial Development Agency (Amsterdam at Harborside); Series 2007 A, Continuing Care Retirement IDR		6.50	%		01/01/27		1,000		956,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16        AIM High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New York–(continued)
New York (State of) Dormitory Authority (Mount Sinai NYU Health Obligated Group); Series 2000, RB		5.50	%		07/01/26	$	500	$	500,295
Syracuse (City of) Industrial Development Agency (Jewish Home of Central New York, Inc.);
Series 2001 A, First Mortgage IDR		7.38	%		03/01/21		350		351,484
Series 2001 A, First Mortgage IDR		7.38	%		03/01/31		500		479,000
Ulster (County of) Industrial Development Agency,
Series 2007 A, Civic Facilities IDR		6.00	%		09/15/27		2,000		1,874,760
Series 2007 A, Civic Facilities IDR		6.00	%		09/15/37		2,000		1,691,740
Westchester (County of) Industrial Development Agency (Hebrew Hospital Senior Housing, Inc.); Series 2000 A, Continuing Care Retirement IDR(b)(c)		7.38	%		07/01/10		500		535,695
									11,718,451
North Carolina–0.69%
North Carolina (State of) Medical Care Commission (Pennybyrn at Maryfield); Series 2005 A, Health Care Facilities RB		6.13	%		10/01/35		1,300		975,442
North Carolina (State of) Medical Care Commission (Southminister); Series 2007 A, First Mortgage Retirement Facilities RB		5.75	%		10/01/37		1,500		1,207,770
North Carolina (State of) Medical Care Commission (The Presbyterian Homes Obligated Group);
Series 2006, First Mortgage Health Care Facilities RB		5.60	%		10/01/36		1,000		833,290
Series 2006 B, Ref. First Mortgage Health Care Facilities RB		5.20	%		10/01/21		1,500		1,432,935
									4,449,437
North Dakota–0.66%
Grand Forks (City of) (4000 Valley Square);
Series 2006, Ref. Senior Housing RB		5.13	%		12/01/21		1,315		1,156,345
Series 2006, Ref. Senior Housing RB		5.30	%		12/01/34		855		634,829
Traill (County of) (Hillsboro Medical Center);
Series 2007, Health Care RB		5.25	%		05/01/20		500		446,145
Series 2007, Health Care RB		5.50	%		05/01/26		1,520		1,283,731
Series 2007, Health Care RB		5.50	%		05/01/42		1,000		749,810
									4,270,860
Ohio–2.65%
Adams (County of); Series 2005, Hospital Facilities Improvement RB		5.75	%		09/01/10		395		387,404
Centerville (City of) (Bethany Lutheran Village Continuing Care Facility Expansion);
Series 2007 A, Health Care RB		5.75	%		11/01/22		1,000		998,120
Series 2007 A, Health Care RB		6.00	%		11/01/27		2,000		1,933,560
Cleveland-Cuyahoga (County of) Port Authority (St. Clarence-Governmental & Educational Assistance Corp., LLC); Series 2006 A, Senior Housing RB		6.25	%		05/01/38		2,210		1,613,366
Cleveland-Cuyahoga (County of) Port Authority; Series 2001, Special Assessment Tax Increment RB		7.35	%		12/01/31		1,000		1,006,210
Cuyahoga (County of) (Canton, Inc.); Series 2000, Hospital Facilities RB		7.50	%		01/01/30		750		765,068
Cuyahoga (County of) (Eliza Jennings Senior Care Network);
Series 2007 A, Health Care & Independent Living Facilities RB		5.75	%		05/15/27		1,000		855,960
Series 2007 A, Health Care & Independent Living Facilities RB		6.00	%		05/15/37		1,000		863,230
Hickory Chase Community Authority;
Series 2008, Infrastructure Improvement RB		6.75	%		12/01/27		2,000		1,305,480
Series 2008, Infrastructure Improvement RB		7.00	%		12/01/38		1,500		979,110
Lucas (County of) (Sunset Retirement Communities);
Series 2000 A, Ref. & Improvement Health Care Facilities RB		6.50	%		08/15/20		920		938,906
Series 2000 A, Ref. & Improvement Health Care Facilities RB		6.55	%		08/15/24		500		508,660
Norwood (City of) (Cornerstone at Norwood);
Series 2006, Tax Increment Financing RB		5.25	%		12/01/15		1,080		995,144
Series 2006, Tax Increment Financing RB		5.75	%		12/01/20		1,300		1,115,686

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17        AIM High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Ohio–(continued)
Toledo-Lucas (County of) Port Authority (St. Mary Woods);
Series 2004 A, RB		6.00	%		05/15/24	$	1,750	$	1,545,950
Series 2004 A, RB		6.00	%		05/15/34		1,500		1,250,250
									17,062,104
Oklahoma–0.87%
Cleveland (County of) Justice Authority (Detention Facility); Series 2009 B, Sales Tax RB		5.75	%		03/01/29		1,400		1,492,008
Oklahoma (County of) Finance Authority (Epworth Villa);
Series 2005 A, Ref. RB		5.00	%		04/01/15		1,025		996,218
Series 2005 A, Ref. RB		5.70	%		04/01/25		2,500		2,258,950
Oklahoma (State of) Development Finance Authority (Comanche County Hospital); Series 2002 B, RB		6.60	%		07/01/31		825		844,767
									5,591,943
Oregon–1.09%
Clackamas (County of) Hospital Facilities Authority (Odd Fellows Home-Friendship Health Center); Series 1998 A, Ref. RB		5.88	%		09/15/21		230		207,485
Clackamas (County of) Hospital Facilities Authority (Willamette Falls Hospital); Series 2005, Ref. Gross RB		5.13	%		04/01/26		1,000		906,220
Oregon (State of) Health & Science University;
Series 2009 A, RB		5.88	%		07/01/33		2,500		2,719,325
Series 2009 A, RB		5.75	%		07/01/39		1,175		1,260,082
Yamhill (County of) Hospital Authority (Friendsview Retirement Community); Series 2003, RB(b)(c)		7.00	%		12/01/13		1,555		1,897,069
									6,990,181
Pennsylvania–8.58%
Allegheny (County of) Hospital Development Authority (Villa St. Joseph of Baden, Inc.); Series 1998, Health Care Facilities RB		6.00	%		08/15/28		500		437,150
Allegheny (County of) Industrial Development Authority (Propel Schools-Homestead); Series 2004 A, Charter School IDR		7.00	%		12/15/15		685		704,091
Blair (County of) Industrial Development Authority (Village of Pennsylvania State);
Series 2002 A, IDR		6.90	%		01/01/22		500		490,870
Series 2002 A, IDR		7.00	%		01/01/34		500		479,700
Butler (County of) Hospital Authority (Butler Health System);
Series 2009, RB		7.13	%		07/01/29		2,145		2,422,456
Series 2009, RB		7.25	%		07/01/39		1,590		1,778,558
Chartiers Valley Industrial & Commercial Development Authority (Asbury Health Center);
Series 1999, Ref. First Mortgage IDR		6.38	%		12/01/19		1,000		1,008,570
Series 2006, Ref. First Mortgage IDR		5.13	%		12/01/12		500		498,925
Series 2006, Ref. First Mortgage IDR		5.25	%		12/01/13		500		502,840
Series 2006, Ref. First Mortgage IDR		5.25	%		12/01/15		260		259,912
Series 2006, Ref. First Mortgage IDR		5.38	%		12/01/16		500		469,400
Series 2006, Ref. First Mortgage IDR		5.75	%		12/01/22		935		837,994
Chester (County of) Industrial Development Authority (Avon Grove Charter School); Series 2007 A, IDR		6.25	%		12/15/27		1,000		885,840
Crawford (County of) Hospital Authority (Wesbury United Methodist Community); Series 1999, Senior Living Facilities RB		6.25	%		08/15/29		750		691,095
Cumberland (County of) Municipal Authority (Messiah Village); Series 2008 A, RB		6.00	%		07/01/35		1,000		923,730
Cumberland (County of) Municipal Authority (Presbyterian Homes Obligated Group);
Series 2008 A, RB		5.00	%		01/01/17		2,000		2,002,260
Series 2008 A, RB		5.35	%		01/01/20		515		517,395
Series 2008 A, RB		5.45	%		01/01/21		885		889,363
Cumberland (County of) Municipal Authority (Wesley Affiliated Services, Inc.); Series 2002 A, Retirement Community RB(b)(c)		7.13	%		01/01/13		700		830,207
Fulton (County of) Industrial Development Authority (The Fulton County Medical Center); Series 2006, Hospital IDR		5.88	%		07/01/31		1,500		1,277,205
Lancaster (County of) Hospital Authority (Saint Anne’s Home for the Aged, Inc.); Series 1999, Health Center RB		6.63	%		04/01/28		500		474,515

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18        AIM High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Pennsylvania–(continued)
Lancaster (County of) Industrial Development Authority (Garden Spot Village);
Series 2000 A, IDR(b)(c)		7.60	%		05/01/10	$	250	$	263,090
Series 2000 A, IDR(b)(c)		7.63	%		05/01/10		500		526,250
Lawrence (County of) Industrial Development Authority (Shenango Presbyterian Senior Care Obligated Group); Series 2001 B, Senior Health & Housing Facilities IDR(b)(c)		7.50	%		11/15/11		1,000		1,151,960
Lehigh (County of) General Purpose Authority (Bible Fellowship Church Home Inc.);
Series 2001, First Mortgage RB		7.63	%		11/01/21		250		260,082
Series 2001, First Mortgage RB		7.75	%		11/01/33		750		764,835
Moon (Township of) Industrial Development Authority (Providence Point); Series 2007, First Mortgage IDR (LOC–Lloyds TSB Bank PLC)(g)(h)		0.35	%		07/01/38		27,285		27,285,000
North Penn (Region of) Health Hospital & Education Authority (Maple Village); Series 2000 A, Hospital RB(b)(c)		8.00	%		04/01/10		300		311,214
Pennsylvania (State of) Economic Development Financing Authority (Northwestern Human Services, Inc.); Series 1998 A, RB		5.25	%		06/01/14		1,000		986,320
Pennsylvania (State of) Higher Educational Facilities Authority (Student Association, Inc. at California University of Pennsylvania);
Series 2000 A, Student Housing RB		6.75	%		09/01/20		500		513,300
Series 2000 A, Student Housing RB		6.75	%		09/01/32		320		322,451
Philadelphia (City of) Industrial Development Authority (Cathedral Village); Series 2003 A, IDR		6.88	%		04/01/34		500		473,630
Philadelphia (City of) Industrial Development Authority (Russell Byers Charter School);
Series 2007 A, IDR		5.15	%		05/01/27		1,000		873,530
Series 2007 A, IDR		5.25	%		05/01/37		1,000		830,600
Philadelphia (City of) Industrial Development Authority; Series 2007 A, IDR		5.50	%		09/15/37		2,700		2,326,212
									55,270,550
Puerto Rico–0.38%
Puerto Rico (Commonwealth of) Sales Tax Financing Corp.; First Sub. Series 2009 A, RB		5.50	%		08/01/28		2,250		2,451,375
Rhode Island–0.77%
Rhode Island (State of) Health & Educational Building Corp. (Lifespan Obligated Group);
Series 2009 A, Hospital Financing RB		7.00	%		05/15/39		2,500		2,741,875
Series 2009 A, Hospital Financing RB (INS–Assured Guaranty Ltd.)(d)		6.25	%		05/15/30		2,000		2,205,080
									4,946,955
South Carolina–1.87%
South Carolina (State of) Jobs-Economic Development Authority (Lutheran Homes);
Series 2007, Ref. First Mortgage Health Care Facilities RB		5.00	%		05/01/14		1,035		1,055,762
Series 2007, Ref. First Mortgage Health Care Facilities RB		5.38	%		05/01/21		1,500		1,381,455
Series 2007, Ref. First Mortgage Health Care Facilities RB		5.50	%		05/01/28		1,100		951,357
South Carolina (State of) Jobs-Economic Development Authority (Palmetto Health Alliance);
Series 2000 A, Hospital Facilities Improvement RB(b)(c)		7.38	%		12/15/10		800		871,024
Series 2003 A, Ref. Hospital Facilities RB		6.13	%		08/01/23		1,500		1,555,470
Series 2003 A, Ref. Hospital Facilities RB		6.25	%		08/01/31		1,570		1,610,082
South Carolina (State of) Jobs-Economic Development Authority (South Carolina Episcopal Home at Still Hopes);
Series 2004 A, Residential Care Facilities RB		6.25	%		05/15/25		750		733,860
Series 2004 A, Residential Care Facilities RB		6.38	%		05/15/32		1,250		1,168,763
South Carolina (State of) Jobs-Economic Development Authority (The Woodlands at Furman); Series 2007 A, RB		6.00	%		11/15/37		2,000		1,618,700
South Carolina (State of) Jobs-Economic Development Authority (Wesley Commons);
Series 2000, First Mortgage Health Facilities RB(b)(c)		7.75	%		10/01/10		700		760,998
Series 2000, First Mortgage Health Facilities RB(b)(c)		8.00	%		10/01/10		300		326,856
									12,034,327

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19        AIM High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
South Dakota–0.25%
Sioux Falls (City of); Series 2008 A, Tax Increment Allocation RB		5.75	%		01/15/28	$	1,300	$	1,099,332
South Dakota (State of) Health & Educational Facilities Authority (Westhills Village Retirement Community); Series 2003, RB		5.65	%		09/01/23		500		511,950
									1,611,282
Tennessee–0.53%
Blount (County of) Health & Educational Facilities Board (Asbury, Inc.); Series 2007 A, Ref. RB		5.13	%		04/01/23		1,690		1,403,139
Davidson and Williamson (Counties of) Harpeth Valley Utilities District; Series 2004, Utilities Improvement RB (INS–National Public Finance Guarantee Corp.)(d)		5.00	%		09/01/34		1,000		1,032,810
Johnson City (City of) Health & Educational Facilities Board (Appalachian Christian Village);
Series 2004 A, Retirement Facilities RB		6.00	%		02/15/24		500		465,790
Series 2004 A, Retirement Facilities RB		6.25	%		02/15/32		600		537,342
									3,439,081
Texas–8.03%
Abilene (City of) Health Facilities Development Corp. (Sears Methodist Retirement System Obligated Group Report); Series 2003 A, Retirement Facilities RB		7.00	%		11/15/33		2,400		2,110,320
Atlanta (City of) Hospital Authority; Series 1999, RB		6.70	%		08/01/19		470		475,640
Bexar (County of) Housing Finance Corp. (American Opportunity for Housing-Cinnamon Creek Apartments); Sr. Series 2002 A-1, MFH RB		6.85	%		12/01/23		750		641,205
Clifton Higher Education Finance Corp. (Tejano Center for Community Concerns, Inc.–Raul Yzaguirre School for Success); Series 2009 A, Ref. RB		9.00	%		02/15/38		2,000		2,354,880
Corpus Christi (Port of) Industrial Development Corp. (Valero); Series 1997 C, Ref. IDR		5.40	%		04/01/18		605		605,151
Dallas-Fort Worth (Cities of) International Airport Facilities Improvement Corp.; Series 2000 A-3, Ref. RB(f)		9.13	%		05/01/29		500		483,865
Decatur (City of) Hospital Authority (Wise Regional Health System);
Series 2004 A, RB		5.63	%		09/01/13		1,735		1,840,679
Series 2004 A, RB		7.00	%		09/01/25		2,825		2,819,406
Series 2004 A, RB		7.13	%		09/01/34		905		903,670
Gulf Coast Waste Disposal Authority (Valero Energy Corp.); Series 2001, RB(f)		6.65	%		04/01/32		900		913,410
Harris (County of) Health Facilities Development Corp. (Memorial Hermann Healthcare System); Series 2008 B, Hospital RB		7.20	%		12/01/28		1,000		1,101,900
HFDC of Central Texas, Inc. (Villa de San Antonio); Series 2004 A, RB		6.00	%		05/15/25		500		362,780
HFDC of Central Texas, Inc.;
Series 2006 A, Retirement Facilities RB		5.63	%		11/01/26		750		638,280
Series 2006 A, Retirement Facilities RB		5.50	%		11/01/31		500		403,845
Series 2006 A, Retirement Facilities RB		5.75	%		11/01/36		1,000		747,380
Hidalgo (County of) Health Services Corp. (Mission Hospital, Inc.);
Series 2005, Hospital RB		5.00	%		08/15/15		500		505,845
Series 2005, Hospital RB		5.00	%		08/15/19		700		691,908
Hopkins (County of) Hospital District;
Series 2008, RB		6.00	%		02/15/33		1,000		918,920
Series 2008, RB		6.00	%		02/15/38		1,000		904,530
Houston (City of) (Continental Airlines, Inc. Terminal E); Series 2001 E, Airport System Special Facilities RB(f)		6.75	%		07/01/29		500		491,375
Houston (City of) Health Facilities Development Corp. (Buckingham Senior Living Community);
Series 2004 A, Retirement Facilities RB(b)(c)		7.00	%		02/15/14		300		364,473
Series 2004 A, Retirement Facilities RB(b)(c)		7.00	%		02/15/14		750		911,183
Series 2004 A, Retirement Facilities RB(b)(c)		7.13	%		02/15/14		450		548,838
La Vernia Higher Education Finance Corp. (Amigos Por Vida/Friends for Life); Series 2008, RB		6.38	%		02/15/37		1,635		1,391,483

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20        AIM High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Texas–(continued)
La Vernia Higher Education Finance Corp.;
Series 2008 A, RB		6.25	%		02/15/17	$	1,245	$	1,266,190
Series 2008 A, RB		7.13	%		02/15/38		2,000		2,032,700
Lufkin (City of) Health Facilities Development Corp. (Memorial Health System of East Texas); Series 2007, RB		5.50	%		02/15/37		1,000		889,060
Matagorda (County of) Navigation District No. 1 (Central Power & Light Co.); Series 2001 A, PCR		6.30	%		11/01/29		1,000		1,106,470
Meadow Parc Development, Inc. (Meadow Parc Apartments); Series 1998, MFH RB		6.50	%		12/01/30		1,135		935,603
Mesquite (City of) Health Facilities Development Corp. (Christian Care Centers, Inc.); Series 2005, Retirement Facilities RB		5.63	%		02/15/35		945		824,881
Midlothian (City of) Development Authority;
Series 2001, Tax Increment Contract Allocation RB(b)(c)		7.88	%		05/15/11		1,000		1,130,110
Series 2004, Tax Increment Contract Allocation RB(a)		6.20	%		11/15/29		1,000		897,390
North Central Texas Health Facilities Development Corp. (Children’s Medical Center of Dallas); Series 2009, Hospital RB		5.75	%		08/15/39		1,500		1,604,850
Pearland (City of) Development Authority; Series 2009, Tax Increment Contract Allocation RB		5.88	%		09/01/29		805		844,517
Tarrant (County of) Cultural Education Facilities Finance Corp. (Buckingham Senior Living Community, Inc.);
Series 2007, Retirement Facilities RB		5.63	%		11/15/27		1,500		1,430,280
Series 2007, Retirement Facilities RB		5.75	%		11/15/37		3,500		3,260,145
Tarrant (County of) Cultural Education Facilities Finance Corp. (C.C. Young Memorial Home);
Series 2007, Retirement Facilities RB		5.25	%		02/15/17		1,150		1,126,896
Series 2007, Retirement Facilities RB		5.75	%		02/15/25		1,500		1,333,410
Series 2007, Retirement Facilities RB		5.75	%		02/15/29		1,600		1,359,472
Tarrant (County of) Cultural Education Facilities Finance Corp. (Northwest Senior Housing Corp.-Edgemere);
Series 2006 A, Retirement Facilities RB		6.00	%		11/15/26		1,200		1,139,640
Series 2006 A, Retirement Facilities RB		6.00	%		11/15/36		2,000		1,782,600
Travis (County of) Health Facilities Development Corp. (Querencia Barton Creek);
Series 2005, Retirement Facilities RB		5.50	%		11/15/25		1,650		1,466,883
Series 2005, Retirement Facilities RB		5.65	%		11/15/35		1,250		1,019,438
University of Houston (Consolidated System); Series 2009 A, Ref. RB		5.00	%		02/15/34		2,000		2,138,840
Woodhill Public Facilities Corp. (Woodhill Apartments); Series 1999, MFH RB		7.50	%		12/01/29		1,000		1,000,830
									51,721,171
Utah–3.10%
Provo (City of) (Freedom Academy Foundation); Series 2007, Charter School RB		5.50	%		06/15/37		1,450		1,149,908
Utah (County of) (Lakeview Academy); Series 2007 A, Charter School RB		5.63	%		07/15/37		2,200		1,869,230
Utah (County of) (Renaissance Academy);
Series 2007 A, Charter School RB		5.35	%		07/15/17		1,000		930,450
Series 2007 A, Charter School RB		5.63	%		07/15/37		1,350		1,147,027
Utah (County of) (Ronald Wilson Reagan Academy);
Series 2007 A, Charter School RB		5.75	%		02/15/22		340		308,832
Series 2007 A, Charter School RB		6.00	%		02/15/38		2,710		2,392,605
Utah (State of) Charter School Finance Authority (Channing Hall);
Series 2007 A, RB(a)		5.88	%		07/15/27		780		706,095
Series 2007 A, RB(a)		6.00	%		07/15/37		2,100		1,834,854
Utah (State of) Charter School Finance Authority (George Washington Academy);
Series 2008 A, RB		6.75	%		07/15/28		1,340		1,297,616
Series 2008 A, RB		7.00	%		07/15/40		1,690		1,623,938
Utah (State of) Charter School Finance Authority (Rockwell Charter High School); Series 2008 A, RB		7.00	%		08/15/38		2,000		1,526,620
Utah (State of) Charter School Finance Authority (Summit Academy); Series 2007 A, RB		5.80	%		06/15/38		3,800		3,366,078
West Valley City (City of) (Monticello Academy); Series 2007, Ref. Charter School RB(a)		6.38	%		06/01/37		2,000		1,808,460
									19,961,713

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21        AIM High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Virginia–2.11%
Chesterfield (County of) Health Center Commission (Lucy Corr Village);
Series 2008 A, Residential Care Facilities RB		6.13	%		12/01/30	$	2,000	$	1,875,380
Series 2008 A, Residential Care Facilities RB		6.25	%		12/01/38		2,000		1,833,900
Henrico (County of) Economic Development Authority (Virginia United Methodist Homes); Series 2002 A, Ref. Residential Care Facilities RB		6.50	%		06/01/22		750		768,128
Lexington (City of) Industrial Development Authority (Kendall at Lexington);
Series 2007 A, Residential Care Facilities Mortgage IDR		5.25	%		01/01/21		895		820,984
Series 2007 A, Residential Care Facilities Mortgage IDR		5.38	%		01/01/22		780		716,453
Series 2007 A, Residential Care Facilities Mortgage IDR		5.38	%		01/01/23		425		381,790
Series 2007 A, Residential Care Facilities Mortgage IDR		5.38	%		01/01/28		750		642,060
Series 2007 A, Residential Care Facilities Mortgage IDR		5.50	%		01/01/37		1,300		1,044,069
Lynchburg (City of) Industrial Development Authority (The Summit); Series 2002 A, Residential Care Facilities Mortgage IDR		6.25	%		01/01/28		500		455,400
Norfolk Redevelopment & Housing Authority (Fort Norfolk Retirement Community, Inc.-Harbor’s Edge);
Series 2004 A, First Mortgage RB		6.00	%		01/01/25		500		457,455
Series 2004 A, First Mortgage RB		6.13	%		01/01/35		1,100		936,375
Peninsula Ports Authority (Virginia Baptist Homes);
Series 2003 A, Residential Care Facilities RB(b)(c)		7.38	%		12/01/13		500		612,620
Series 2006 C, Ref. Residential Care Facilities RB		5.38	%		12/01/26		1,000		642,990
Series 2006 C, Ref. Residential Care Facilities RB		5.40	%		12/01/33		1,000		643,070
Peninsula Town Center Community Development Authority,
Series 2007, Special Obligations RB		6.35	%		09/01/28		1,000		881,000
Series 2007, Special Obligations RB		6.45	%		09/01/37		1,000		849,260
									13,560,934
Washington–1.40%
Klickitat (County of) Public Hospital District No. 2 (Skyline Hospital); Series 2007, RB		6.50	%		12/01/38		2,000		1,792,240
Skagit (County of) Public Hospital District No. 1 (Skagit Valley Hospital); Series 2007, RB		5.75	%		12/01/28		1,250		1,241,288
Washington (State of) Health Care Facilities Authority (Multi-Care Health System); Series 2007 B, RB (INS–Financial Security Assurance Inc.)(d)		5.00	%		08/15/41		1,000		1,022,970
Washington (State of) Health Care Facilities Authority (Seattle Cancer Care Alliance); Series 2009, RB		7.38	%		03/01/38		500		563,080
Washington (State of) Health Care Facilities Authority (Swedish Health Services); Series 2009 A, RB		6.50	%		11/15/33		1,500		1,588,020
Washington (State of) Health Care Facilities Authority; Series 2007 C, RB (INS–Radian Asset Assurance, Inc.)(d)		5.50	%		08/15/42		3,000		2,830,590
									9,038,188
West Virginia–1.29%
Harrison (County of) Commission (Charles Pointe No. 2); Series 2008 A, Ref. Tax Increment Allocation RB		7.00	%		06/01/35		1,500		1,261,950
Harrison County (County of) Commission (Charles Pointe No. 2); Series 2008 B, Ref. Tax Increment Allocation RB		7.00	%		06/01/28		1,000		875,820
West Virginia (State of) Hospital Finance Authority (Thomas Health System);
Series 2008, RB		6.50	%		10/01/38		5,000		4,610,400
Series 2008, RB		6.75	%		10/01/43		1,650		1,528,791
									8,276,961
Wisconsin–3.02%
Milwaukee (City of) Redevelopment Authority (Academy of Learning & Leadership, Inc.);
Series 2007 A, Education RB		5.50	%		08/01/22		300		254,133
Series 2007 A, Education RB		5.65	%		08/01/37		1,540		1,195,687
Milwaukee (City of) Redevelopment Authority (Milwaukee Science Education Consortium, Inc.); Series 2005 A, RB		5.75	%		08/01/35		1,815		1,502,566

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22        AIM High Income Municipal Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Wisconsin–(continued)
Wisconsin (State of) Health & Educational Facilities Authority (AE Nursing Centers);
Series 2008, RB		7.15	%		06/01/28	$	1,100	$	1,051,941
Series 2008, RB		7.25	%		06/01/38		1,000		927,550
Wisconsin (State of) Health & Educational Facilities Authority (Beaver Dam Community Hospitals, Inc.);
Series 2004 A, RB		6.50	%		08/15/26		250		251,425
Series 2004 A, RB		6.75	%		08/15/34		950		955,367
Wisconsin (State of) Health & Educational Facilities Authority (Community Memorial Hospital, Inc.); Series 2003, RB		7.13	%		01/15/22		990		990,396
Wisconsin (State of) Health & Educational Facilities Authority (Community Rehabilitation Providers Facilities Acquisition Program); Series 1998, RB		6.88	%		12/01/23		200		189,928
Wisconsin (State of) Health & Educational Facilities Authority (Eastcastle Place, Inc.);
Series 2004, RB		6.00	%		12/01/24		500		477,450
Series 2004, RB		6.13	%		12/01/34		1,000		881,200
Wisconsin (State of) Health & Educational Facilities Authority (Marshfield Clinic); Series 2001 B, RB		6.00	%		02/15/25		2,000		2,026,260
Wisconsin (State of) Health & Educational Facilities Authority (New Castle Place); Series 2001 A, RB		7.00	%		12/01/31		250		249,408
Wisconsin (State of) Health & Educational Facilities Authority (Oakwood Village); Series 2000 A, RB(c)		7.63	%		08/15/30		1,000		1,020,220
Wisconsin (State of) Health & Educational Facilities Authority (Southwest Health Center); Series 2004 A, RB		6.13	%		04/01/24		260		239,372
Wisconsin (State of) Health & Educational Facilities Authority (St. John’s Community Inc.);
Series 2009 A, RB		7.25	%		09/15/29		1,000		1,001,020
Series 2009 A, RB		7.63	%		09/15/39		1,000		1,054,650
Wisconsin (State of) Health & Educational Facilities Authority (Tomah Memorial Hospital, Inc.);
Series 2003, RB		6.00	%		07/01/15		100		102,413
Series 2003, RB		6.13	%		07/01/16		150		150,167
Series 2003, RB		6.63	%		07/01/28		750		722,662
Wisconsin (State of) Health & Educational Facilities Authority (Wisconsin Illinois Senior Housing, Inc.);
Series 2006, Ref. RB		5.50	%		08/01/16		2,020		2,005,092
Series 2006, Ref. RB		5.80	%		08/01/29		2,400		2,181,936
									19,430,843
Wyoming–0.08%
Teton (County of) Hospital District (St. John’s Medical Center); Series 2002, RB		6.75	%		12/01/22		500		504,125
TOTAL INVESTMENTS(i)–98.47% (Cost $684,100,346)									634,032,783
OTHER ASSETS LESS LIABILITIES–1.53%									9,839,075
NET ASSETS–100.00%								$	643,871,858

Investment Abbreviations:

GO	– General Obligation Bonds
IDR	– Industrial Development Revenue Bonds
INS	– Insurer
LOC	– Letter of Credit
MFH	– Multi-Family Housing
PCR	– Pollution Control Revenue Bonds
RB	– Revenue Bonds
Ref.	– Refunding
Sr.	– Senior

Notes to Schedule of Investments:

(a)	Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at September 30, 2009 was $23,271,808, which represented 3.61% of the Fund’s Net Assets.
(b)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(c)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(d)	Principal and/or interest payments are secured by the bond insurance company listed.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23        AIM High Income Municipal Fund

(e)	Defaulted security. Currently, the issuer is partially or fully in default with respect to interest payments. The aggregate value of these securities at September 30, 2009 was $3,607,253, which represented 0.56% of the Fund’s Net Assets.
(f)	Security subject to the alternative minimum tax.
(g)	Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on September 30, 2009.
(h)	Security is considered a cash equivalent.
(i)	Entities may either issue, guarantee, back or otherwise enhance the credit quality of a security. The entities are not primarily responsible for the issuer’s obligation but may be called upon to satisfy issuers obligations. No concentration of any single entity was greater than 5%.

Portfolio Composition

By credit quality

as of September 30, 2009

Pre-refunded	4.3	%
AAA	1.2
AA	6.6
A	7.4
BBB	15.4
BB	3.8
B	0.5
Cash	0.1
Not rated	60.7

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24        AIM High Income Municipal Fund

Statement of Assets and Liabilities

September 30, 2009

(Unaudited)

Assets:
Investments, at value (Cost $684,100,346)	$	634,032,783
Receivables for:
Investments sold		110,000
Fund shares sold		4,188,737
Dividends and interest		12,144,942
Investment for trustee deferred compensation and retirement plans		27,416
Other assets		29,735
Total assets		650,533,613
Liabilities:
Payables for:
Investments purchased		3,975,570
Fund shares reacquired		477,905
Amount due custodian		800,530
Dividends		1,008,275
Accrued fees to affiliates		258,601
Accrued other operating expenses		75,715
Trustee deferred compensation and retirement plans		65,159
Total liabilities		6,661,755
Net assets applicable to shares outstanding	$	643,871,858
Net assets consist of:
Shares of beneficial interest	$	747,978,312
Undistributed net investment income		1,397,966
Undistributed net realized gain (loss)		(55,436,857	)
Unrealized appreciation (depreciation)		(50,067,563	)
	$	643,871,858
Net Assets:
Class A	$	396,966,232
Class B	$	21,157,613
Class C	$	136,058,694
Class Y	$	44,398,582
Institutional Class	$	45,290,737
Shares outstanding, $0.001 par value per share, unlimited number of shares authorized:
Class A		51,693,510
Class B		2,751,499
Class C		17,706,655
Class Y		5,774,756
Institutional Class		5,896,544
Class A:
Net asset value per share	$	7.68
Maximum offering price per share (Net asset value of $7.68 divided by 95.25%)	$	8.06
Class B:
Net asset value and offering price per share	$	7.69
Class C:
Net asset value and offering price per share	$	7.68
Class Y:
Net asset value and offering price per share	$	7.69
Institutional Class:
Net asset value and offering price per share	$	7.68

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

25        AIM High Income Municipal Fund

Statement of Operations

For the six months ended September 30, 2009

(Unaudited)

Investment income:
Interest	$	19,907,743
Expenses:
Advisory fees		1,633,769
Administrative services fees		83,134
Custodian fees		13,427
Distribution fees:
Class A		424,353
Class B		95,034
Class C		538,080
Transfer agent fees — Class A, B, C and Y		133,302
Transfer agent fees — Institutional		26,571
Trustees’ and officers’ fees and benefits		16,055
Other		159,333
Total expenses		3,123,058
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(560,814	)
Net expenses		2,562,244
Net investment income		17,345,499
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities		(6,965,608	)
Change in net unrealized appreciation of investment securities		104,815,131
Net realized and unrealized gain		97,849,523
Net increase in net assets resulting from operations	$	115,195,022

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

26        AIM High Income Municipal Fund

Statement of Changes in Net Assets

For the six months ended September 30, 2009 and the year ended March 31, 2009

(Unaudited)

	September 30,			March 31,
	2009			2009
Operations:
Net investment income	$	17,345,499		$	34,271,334
Net realized gain (loss)		(6,965,608	)		(26,973,935	)
Change in net unrealized appreciation (depreciation)		104,815,131			(119,029,870	)
Net increase (decrease) in net assets resulting from operations		115,195,022			(111,732,471	)
Distributions to shareholders from net investment income:
Class A		(10,963,174	)		(21,958,475	)
Class B		(546,844	)		(1,195,315	)
Class C		(3,073,661	)		(5,260,406	)
Class Y		(999,088	)		(470,291	)
Institutional Class		(1,759,378	)		(4,890,134	)
Total distributions from net investment income		(17,342,145	)		(33,774,621	)
Share transactions-net:
Class A		23,758,059			17,990,381
Class B		(84,923	)		(4,140,540	)
Class C		24,445,288			19,165,107
Class Y		24,588,388			16,445,547
Institutional Class		(13,687,242	)		(17,187,361	)
Net increase in net assets resulting from share transactions		59,019,570			32,273,134
Net increase (decrease) in net assets		156,872,447			(113,233,958	)
Net assets:
Beginning of period		486,999,411			600,233,369
End of period (includes undistributed net investment income of $1,397,966 and $1,394,612, respectively)	$	643,871,858		$	486,999,411

Notes to Financial Statements

September 30, 2009

(Unaudited)

NOTE 1—Significant Accounting Policies

AIM High Income Municipal Fund (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of three separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

  The Fund’s investment objective is to achieve a high a level of current income that is exempt from federal income taxes.

  The Fund currently consists of five different classes of shares: Class A, Class B, Class C, Class Y and Institutional Class. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waiver shares may be subject to contingent deferred sales charges (“CDSC”). Class B shares and Class C shares are sold with a CDSC. Class Y and Institutional Class shares are sold at net asset value. Generally, Class B shares will automatically convert to Class A shares on or about the month-end which is at least eight years after the date of purchase.

  The Fund is offered on a limited basis to certain investors. The limited offering is subject to the terms and conditions set forth in the prospectus, and the Fund may cease the limited offering and/or resume sales to other new investors on a future date if the advisor determines it is appropriate and the Board of Trustees approves.

  The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

27        AIM High Income Municipal Fund

A.	Security Valuations — Securities, including restricted securities, are valued according to the following policy.
	Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices and may reflect appropriate factors such as institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Securities with a demand feature exercisable within one to seven days are valued at par. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and principal payments.
	Securities for which market quotations either are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B.	Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.
	The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain/loss for investments no longer held and as unrealized gain/loss for investments still held.
	Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized and unrealized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the advisor.
	The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.
C.	Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment advisor may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.	Distributions — Distributions from income are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally paid annually and recorded on ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
E.	Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
	In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.
	The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.	Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to the Institutional Class are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
G.	Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period end date and before the date the financial statements are released to print, which is generally 45 days from the period end date.

28        AIM High Income Municipal Fund

H.	Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.	Other Risks — The Fund normally invests at least 80% of its net assets in lower-quality debt securities, i.e., “junk bonds”. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors’ claims.
	The value of, payment of interest on, repayment of principal for and the ability of the Fund to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers in which the Fund invests are located.
	Many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and the Fund.
	There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Aim Advisors, Inc. (the “Advisor” or “Invesco Aim”). Under the terms of the investment advisory agreement, the Fund pays an advisory fee to the Advisor based on the annual rate of the Fund’s average daily net assets as follows:

Average Net Assets	Rate
First $500 million		0	.60%
Over $500 million up to and including $1 billion		0	.55%
Over $1 billion up to and including $1.5 billion		0	.50%
Over $1.5 billion		0	.45%

  Under the terms of a master sub-advisory agreement the Advisor and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Global Asset Management (N.A.), Inc., Invesco Hong Kong Limited, Invesco Institutional (N.A.), Inc., Invesco Senior Secured Management, Inc. and Invesco Trimark Ltd. (collectively, the “Affiliated Sub-Advisors”) the Advisor, not the Fund, may pay 40% of the fees paid to the Advisor to any such Affiliated Sub-Advisor(s) that provide discretionary investment management services to the Fund based on the percentage of assets allocated to such Sub-Advisor(s).

  The Advisor has voluntarily agreed to waive advisory fees and/or reimburse expenses to the extent necessary to limit total annual operating expenses (excluding certain items discussed below) of Class A, Class B, Class C, Class Y and Institutional Class shares to 0.80%, 1.55%, 1.55%, 0.55% and 0.55% of average daily net assets, respectively. In determining the Advisor’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account, and could cause the net annual operating expenses to exceed the numbers reflected above: (i) interest; (ii) taxes; (iii) dividend expense on short sales; (iv) extraordinary itemsor non-routine items; (v) expenses related to a merger or reorganization, as approved by the Fund’s Board of Trustees; and (vi) expenses that the Fund has incurred but did not actually pay because of an expense offset arrangement. Currently, in addition to the expense reimbursement arrangement with Invesco Ltd. (“Invesco”) described more fully below, the expense offset arrangements from which the Fund may benefit are in the form of credits that the Fund receives from banks where the Fund or its transfer agent has deposit accounts in which it holds uninvested cash. Those credits are used to pay certain expenses incurred by the Fund. Voluntary fee waivers or reimbursements may be modified or discontinued at any time upon consultation with the Board of Trustees without further notice to investors. To the extent that the annualized expense ratio does not exceed the expense limitation, the Advisor will retain its ability to be reimbursed for fee waivers or reimbursements prior to the end of each fiscal year.

  For the six months ended September 30, 2009, the Advisor waived advisory fees $400,861 and reimbursed class level expenses of $90,050, $5,042, $28,546, $7,989 and $26,570 of Class A, Class B, Class C, Class Y, and Institutional Class shares, respectively.

  At the request of the Trustees of the Trust, Invesco agreed to reimburse expenses incurred by the Fund in connection with market timing matters in the AIM Funds, which may include legal, audit, shareholder reporting, communications and trustee expenses. These expenses along with the related expense reimbursement are included in the Statement of Operations. For the six months ended September 30, 2009, Invesco reimbursed expenses of the Fund in the amount of $80.

  The Trust has entered into a master administrative services agreement with Invesco Aim pursuant to which the Fund has agreed to pay Invesco Aim for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended September 30, 2009, expenses incurred under the agreement are shown in the Statement of Operations as administrative services fees.

  The Trust has entered into a transfer agency and service agreement with Invesco Aim Investment Services, Inc. (“IAIS”) pursuant to which the Fund has agreed to pay IAIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IAIS for certain expenses incurred by IAIS in the course of providing such services. IAIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IAIS to intermediaries that provide omnibus account services or sub-accounting are charged back to the Fund,

  subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended September 30, 2009, expenses incurred under the agreement are shown in the Statement of Operations as transfer agent fees.

  The Trust has entered into master distribution agreements with Invesco Aim Distributors, Inc. (“IADI”) to serve as the distributor for the Class A, Class B, Class C, Class Y and Institutional Class shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s

29        AIM High Income Municipal Fund

Class A, Class B and Class C shares (collectively the “Plans”). The Fund, pursuant to the Plans, pays IADI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A shares and 1.00% of the average daily net assets of Class B and Class C shares. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) impose a cap on the total sales charges, including asset-based sales charges that may be paid by any class of shares of the Fund. For the six months ended September 30, 2009, expenses incurred under the Plans are shown in the Statement of Operations as distribution fees.

  Front-end sales commissions and CDSC (collectively the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended September 30, 2009, IADI advised the Fund that IADI retained $70,306 in front-end sales commissions from the sale of Class A shares and $2,581, $9,660 and $9,175 from Class A, Class B and Class C shares, respectively, for CDSC imposed on redemptions by shareholders.

  Certain officers and trustees of the Trust are officers and directors of Invesco Aim, IAIS and/or IADI.

NOTE 3—Additional Valuation Information

Generally Accepted Accounting Principles (GAAP) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3) generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 —	Prices are determined using quoted prices in an active market for identical assets.
Level 2 —	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3 —	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

  The following is a summary of the tiered valuation input levels, as of the end of the reporting period, September 30, 2009. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Municipal Obligations	$	—	$	634,032,783	$	—	$	634,032,783

NOTE 4—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other AIM Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment advisor (or affiliated investment advisors), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended September 30, 2009, the Fund engaged in securities sales of $4,350,528.

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions. For the six months ended September 30, 2009, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,676.

NOTE 6—Trustees’ and Officers’ Fees and Benefits

“Trustees’ and Officers’ Fees and Benefits” include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and “Trustees’ and Officers’ Fees and Benefits” also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various AIM Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees are eligible to participate in a retirement plan that provides for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. “Trustees’ and Officers’ Fees and Benefits” include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

  During the six months ended September 30, 2009, the Fund paid legal fees of $1,663 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A member of that firm is a Trustee of the Trust.

30        AIM High Income Municipal Fund

NOTE 7—Cash Balances

The Fund may borrow for leveraging in an amount up to 5% of the Fund’s total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with The Bank of New York Mellon, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (i) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (ii) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco Aim, not to exceed the contractually agreed upon rate. A Fund may not purchase additional securities when any borrowings from banks exceeds 5% of the Fund’s total assets.

NOTE 8—Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

  Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

  The Fund had a capital loss carryforward as of March 31, 2009 which expires as follows:

	Capital Loss
Expiration	Carryforward*
March 31, 2010	$	3,255,459
March 31, 2011		972,821
March 31, 2012		1,072,111
March 31, 2013		2,599,981
March 31, 2014		376,854
March 31, 2015		622,423
March 31, 2016		4,837,280
March 31, 2017		14,375,305
Total capital loss carryforward	$	28,112,234

*  Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended September 30, 2009 was $66,185,747 and $23,309,947, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	16,212,644
Aggregate unrealized (depreciation) of investment securities		(66,269,582	)
Net unrealized appreciation (depreciation) of investment securities	$	(50,056,938	)
Cost of investments for tax purposes is $684,089,721.

31        AIM High Income Municipal Fund

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	September 30, 2009(a)						March 31, 2009
	Shares			Amount			Shares			Amount
Sold:
Class A		10,116,259		$	69,619,919			21,013,893		$	154,988,660
Class B		318,143			2,204,062			511,324			3,827,007
Class C		4,306,917			29,929,767			6,263,920			47,413,934
Class Y(b)		4,080,141			27,706,240			2,270,249			17,140,130
Institutional Class		1,060,531			7,271,617			2,581,337			19,166,377
Issued as reinvestment of dividends:
Class A		933,849			6,537,647			1,842,877			13,353,674
Class B		40,082			282,467			75,025			539,333
Class C		286,114			2,008,090			487,859			3,498,074
Class Y		76,489			540,803			47,741			308,996
Institutional Class		248,115			1,717,026			478,320			3,444,464
Automatic conversion of Class B shares to Class A shares:
Class A		203,267			1,398,146			441,071			3,200,774
Class B		(202,962	)		(1,398,146	)		(440,494	)		(3,200,774	)
Reacquired:
Class A(b)		(7,916,770	)		(53,797,653	)		(21,943,013	)		(153,552,727	)
Class B		(169,177	)		(1,173,306	)		(712,799	)		(5,306,106	)
Class C		(1,086,728	)		(7,492,569	)		(4,425,111	)		(31,746,901	)
Class Y		(552,072	)		(3,658,655	)		(147,792	)		(1,003,579	)
Institutional Class		(3,274,386	)		(22,675,885	)		(6,179,096	)		(39,798,202	)
Net increase in share activity		8,467,812		$	59,019,570			2,165,311		$	32,273,134

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 49% of the outstanding shares of the Fund. IADI has an agreement with these entities to sell Fund shares. The Fund, Invesco Aim and/or Invesco Aim affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco Aim and/or Invesco Aim affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Trust has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

(b)

Effective upon the commencement date of Class Y shares, October 3, 2008, the following shares were converted from Class A shares into Class Y shares of the Fund:

Class	Shares			Amount
Class Y		2,038,098		$	15,550,688
Class A		(2,038,098	)		(15,550,688	)

32        AIM High Income Municipal Fund

NOTE 11—Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

																						Ratio of			Ratio of
						Net gains																expenses			expenses
						(losses) on																to average			to average net			Ratio of net
	Net asset					securities						Dividends										net assets			assets without			investment
	value,		Net			(both			Total from			from net			Net asset					Net assets,		with fee waivers			fee waivers			income
	beginning		investment			realized and			investment			investment			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		income			unrealized)			operations			income			of period		Return(a)			(000s omitted)		absorbed			absorbed			net assets			turnover(b)
Class A
Six months ended 09/30/09	$	6.46	$	0.22	(c)	$	1.22		$	1.44		$	(0.22	)	$	7.68		22.75	%	$	396,966		0.80	%(d)		1.00	%(d)		6.46	%(d)		4	%
Year ended 03/31/09		8.20		0.45	(c)		(1.74	)		(1.29	)		(0.45	)		6.46		(16.21	)		312,444		0.75			0.99			6.07			22
Year ended 03/31/08		9.15		0.45			(0.96	)		(0.51	)		(0.44	)		8.20		(5.70	)		385,396		0.70			0.98			5.13			23
Year ended 03/31/07		8.97		0.45			0.17			0.62			(0.44	)		9.15		7.11			348,602		0.65			1.01			4.99			10
Year ended 03/31/06		8.76		0.47			0.21			0.68			(0.47	)		8.97		7.92			247,296		0.56			1.03			5.18			16
Year ended 03/31/05		8.73		0.51			0.04			0.55			(0.52	)		8.76		6.51			132,996		0.55			1.08			5.83			12
Class B
Six months ended 09/30/09		6.47		0.20	(c)		1.22			1.42			(0.20	)		7.69		22.28			21,158		1.55	(d)		1.75	(d)		5.71	(d)		4
Year ended 03/31/09		8.21		0.40	(c)		(1.75	)		(1.35	)		(0.39	)		6.47		(16.85	)		17,894		1.50			1.74			5.32			22
Year ended 03/31/08		9.16		0.39			(0.96	)		(0.57	)		(0.38	)		8.21		(6.39	)		27,354		1.45			1.73			4.38			23
Year ended 03/31/07		8.98		0.38			0.18			0.56			(0.38	)		9.16		6.31			39,066		1.40			1.76			4.24			10
Year ended 03/31/06		8.77		0.40			0.21			0.61			(0.40	)		8.98		7.12			45,422		1.31			1.78			4.43			16
Year ended 03/31/05		8.74		0.44			0.05			0.49			(0.46	)		8.77		5.73			46,429		1.30			1.83			5.08			12
Class C
Six months ended 09/30/09		6.47		0.20	(c)		1.21			1.41			(0.20	)		7.68		22.12			136,059		1.55	(d)		1.75	(d)		5.71	(d)		4
Year ended 03/31/09		8.20		0.39	(c)		(1.73	)		(1.34	)		(0.39	)		6.47		(16.75	)		91,821		1.50			1.74			5.32			22
Year ended 03/31/08		9.16		0.38			(0.96	)		(0.58	)		(0.38	)		8.20		(6.51	)		97,388		1.45			1.73			4.38			23
Year ended 03/31/07		8.97		0.38			0.19			0.57			(0.38	)		9.16		6.43			80,702		1.40			1.76			4.24			10
Year ended 03/31/06		8.77		0.40			0.20			0.60			(0.40	)		8.97		7.01			56,763		1.31			1.78			4.43			16
Year ended 03/31/05		8.74		0.44			0.05			0.49			(0.46	)		8.77		5.73			33,114		1.30			1.83			5.08			12
Class Y
Six months ended 09/30/09		6.47		0.23	(c)		1.22			1.45			(0.23	)		7.69		22.86			44,399		0.55	(d)		0.75	(d)		6.71	(d)		4
Year ended 03/31/09(e)		7.63		0.20	(c)		(1.13	)		(0.93	)		(0.23	)		6.47		(12.21	)		14,033		0.51	(f)		0.78	(f)		6.31	(f)		22
Institutional Class
Six months ended 09/30/09		6.46		0.23	(c)		1.22			1.45			(0.23	)		7.68		22.89			45,291		0.55	(d)		0.80	(d)		6.71	(d)		4
Year ended 03/31/09		8.20		0.47	(c)		(1.75	)		(1.28	)		(0.46	)		6.46		(15.99	)		50,807		0.50			0.76			6.32			22
Year ended 03/31/08		9.16		0.47			(0.96	)		(0.49	)		(0.47	)		8.20		(5.56	)		90,096		0.45			0.75			5.38			23
Year ended 03/31/07(e)		8.98		0.32			0.17			0.49			(0.31	)		9.16		5.53			51,501		0.40	(f)		0.77	(f)		5.24	(f)		10

(a)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
(b)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(c)	Calculated using average shares outstanding.
(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $338,555, $18,955, $107,322, $30,035 and $52,153 for Class A, Class B, Class C, Class Y and Institutional Class shares, respectively.
(e)	Commencement date of October 3, 2008 and July 31, 2006 for Class Y and Institutional Class shares, respectively.
(f)	Annualized.

33        AIM High Income Municipal Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, and redemption fees, if any; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period April 1, 2009 through September 30, 2009.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

  The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

  Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions, and redemption fees, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

							HYPOTHETICAL
							(5% annual return before
			ACTUAL				expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(04/01/09)		(09/30/09)1		Period2		(09/30/09)		Period2		Ratio
A	$	1,000.00	$	1,227.50	$	4.47	$	1,021.06	$	4.05		0.80	%
B		1,000.00		1,222.80		8.64		1,017.30		7.84		1.55
C		1,000.00		1,221.20		8.63		1,017.30		7.84		1.55
Y		1,000.00		1,228.60		3.07		1,022.31		2.79		0.55

1	The actual ending account value is based on the actual total return of the Fund for the period April 1, 2009 through September 30, 2009, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.
2	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 183/365 to reflect the most recent fiscal half year.

34        AIM High Income Municipal Fund

Approval of Investment Advisory and Sub-Advisory Agreements

The Board of Trustees (the Board) of AIM Tax-Exempt Funds is required under the Investment Company Act of 1940 to approve annually the renewal of the AIM High Income Municipal Fund (the Fund) investment advisory agreement with Invesco Aim Advisors, Inc. (Invesco Aim) and the Master Intergroup Sub-Advisory Contract for Mutual Funds (the sub-advisory contracts) with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Global Asset Management (N.A.), Inc., Invesco Hong Kong Limited, Invesco Institutional (N.A.), Inc., Invesco Senior Secured Management, Inc. and Invesco Trimark Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on June 16-17, 2009, the Board as a whole, and the disinterested or “independent” Trustees voting separately, approved the continuance of the Fund’s investment advisory agreement and the sub-advisory contracts for another year, effective July 1, 2009. In doing so, the Board determined that the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interests of the Fund and its shareholders and that the compensation to Invesco Aim and the Affiliated Sub-Advisers under the Fund’s investment advisory agreement and sub-advisory contracts is fair and reasonable.

The Board’s Fund Evaluation Process

The Board’s Investments Committee has established three Sub-Committees that are responsible for overseeing the management of a number of the series portfolios of the AIM Funds. This Sub-Committee structure permits the Trustees to focus on the performance of the AIM Funds that have been assigned to them. The Sub-Committees meet throughout the year to review the performance of their assigned funds, and the Sub-Committees review monthly and quarterly comparative performance information and periodic asset flow data for their assigned funds. These materials are prepared under the direction and supervision of the independent Senior Officer, an officer of the AIM Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned funds and other members of management and review with these individuals the performance, investment objective(s), policies,

strategies and limitations of these funds.

     In addition to their meetings throughout the year, the Sub-Committees meet at designated contract renewal meetings each year to conduct an in-depth review of the performance, fees, expenses, and other matters related to their assigned funds. During the contract renewal process, the Trustees receive comparative performance and fee data regarding the AIM Funds prepared by an independent company, Lipper, Inc. (Lipper), under the direction and supervision of the Senior Officer who also prepares a separate analysis of this information for the Trustees. Each Sub-Committee then makes recommendations to the Investments Committee regarding the fees and expenses of their assigned funds. The Investments Committee considers each Sub-Committee’s recommendations and makes its own recommendations regarding the fees and expenses of the AIM Funds to the full Board. The Investments Committee also considers each Sub-Committee’s recommendations in making its annual recommendation to the Board whether to approve the continuance of each AIM Fund’s investment advisory agreement and sub-advisory contracts for another year.

     The independent Trustees met separately during their evaluation of the Fund’s investment advisory agreement and sub-advisory contracts with independent legal counsel. The independent Trustees were also assisted in their annual evaluation of the Fund’s investment advisory agreement by the Senior Officer. One responsibility of the Senior Officer is to manage the process by which the AIM Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure that they are negotiated in a manner that is at arms’ length and reasonable. Accordingly, the Senior Officer must either supervise a competitive bidding process or prepare an independent written evaluation. The Senior Officer recommended that an independent written evaluation be provided and, at the direction of the Board, prepared an independent written evaluation.

     During the annual contract renewal process, the Board considered the factors discussed below in evaluating the fairness and reasonableness of the Fund’s investment advisory agreement and sub-advisory contracts. The Board considered all of the information provided to them, including information provided at their meetings throughout the year as part of

their ongoing oversight of the Fund, and did not identify any particular factor that was controlling. Each Trustee may have evaluated the information provided differently from another Trustee and attributed different weight to the various factors. The Trustees recognized that the advisory arrangements and resulting advisory fees for the Fund and the other AIM Funds are the result of years of review and negotiation between the Trustees and Invesco Aim, that the Trustees may focus to a greater extent on certain aspects of these arrangements in some years than in others, and that the Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years.

     The discussion below serves as a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, information set forth below is as of June 17, 2009, and does not reflect any changes that may have occurred since that date, including but not limited to changes to the Fund’s performance, advisory fees, expense limitations and/or fee waivers.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Aim

The Board reviewed the advisory services provided to the Fund by Invesco Aim under the Fund’s investment advisory agreement, the performance of Invesco Aim in providing these services, and the credentials and experience of the officers and employees of Invesco Aim who provide these services. The Board’s review of the qualifications of Invesco Aim to provide these services included the Board’s consideration of Invesco Aim’s portfolio and product review process, various back office support functions provided by Invesco Aim and its affiliates, and Invesco Aim’s equity and fixed income trading operations. The Board concluded that the nature, extent and quality of the advisory services provided to the Fund by Invesco Aim are appropriate and that Invesco Aim currently is providing satisfactory

35 AIM High Income Municipal Fund continued

advisory services in accordance with the terms of the Fund’s investment advisory agreement. In addition, based on their ongoing meetings throughout the year with the Fund’s portfolio manager or managers, the Board concluded that these individuals are competent and able to continue to carry out their responsibilities under the Fund’s investment advisory agreement.

     In determining whether to continue the Fund’s investment advisory agreement, the Board considered the prior relationship between Invesco Aim and the Fund, as well as the Board’s knowledge of Invesco Aim’s operations, and concluded that it is beneficial to maintain the current relationship, in part, because of such knowledge. The Board also considered the steps that Invesco Aim and its affiliates continue to take to improve the quality and efficiency of the services they provide to the AIM Funds in the areas of investment performance, product line diversification, distribution, fund operations, shareholder services and compliance. The Board concluded that the quality and efficiency of the services Invesco Aim and its affiliates provide to the AIM Funds in each of these areas support the Board’s approval of the continuance of the Fund’s investment advisory agreement.

B. Nature, Extent and Quality of Services Provided by Affiliated Sub-Advisers

The Board reviewed the services provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board concluded that the nature, extent and quality of the services provided by the Affiliated Sub-Advisers are appropriate. The Board noted that the Affiliated Sub-Advisers, which have offices and personnel that are geographically dispersed in financial centers around the world, can provide research and other information and make recommendations on the markets and economies of various countries and securities of companies located in such countries or on various types of investments and investment techniques. The Board noted that investment decisions for the Fund are made by Invesco Institutional (N.A.), Inc. (Invesco Institutional). The Board concluded that the sub-advisory contracts benefit the Fund and its shareholders

by permitting Invesco Aim to utilize the additional resources and talent of the Affiliated Sub-Advisers in managing the Fund.

C. Fund Performance

The Board considered Fund performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Institutional currently manages assets of the Fund.

     The Board compared the Fund’s performance during the past one, three and five calendar years to the performance of all funds in the Lipper performance universe that are not managed by Invesco Aim or an Affiliated Sub-Adviser and against the Lipper High Yield Municipal Debt Funds Index. The Board noted that the Fund’s performance was in the third quintile of its performance universe for the one and three year periods, and the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that the Fund’s performance was above the performance of the Index for the one, three and five year periods. Although the independent written evaluation of the Fund’s Senior Officer only considered Fund performance through the most recent calendar year, the Board also reviewed more recent Fund performance and this review did not change their conclusions. The Board noted that, in response to the Board’s focus on fund performance, Invesco Aim has taken a number of actions intended to improve the investment process for the funds.

D. Advisory and Sub-Advisory Fees and Fee Waivers

The Board compared the Fund’s contractual advisory fee rate to the contractual advisory fee rates of funds in the Fund’s Lipper expense group that are not managed by Invesco Aim or an Affiliated Sub-Adviser, at a common asset level. The Board noted that the Fund’s contractual advisory fee rate was above the median contractual advisory fee rate of funds in its expense group. The Board also reviewed the methodology used by Lipper in determining contractual fee rates, which includes using audited financial data from the most recent annual report of each fund in the expense group that was publicly available as of the

end of the past calendar year. The Board noted that some comparative data did not reflect the market downturn that occurred in the fourth quarter of 2008. The Board noted that neither Invesco Aim nor its affiliates serve as an adviser to other domestic mutual funds or other domestic clients with investment strategies comparable to those of the Fund.

     The Board noted that Invesco Aim has voluntarily agreed to waive fees and/or limit expenses of the Fund in an amount necessary to limit total annual operating expenses to a specified percentage of average daily net assets for each class of the Fund. The Board considered the voluntary nature of this fee waiver/ expense limitation and noted that it can be terminated at any time by Invesco Aim without further notice to investors. The Board considered the effect this expense limitation would have on the Fund’s estimated total expenses. The Board also noted that Invesco Aim has agreed to reduce the per account transfer agent fee for all the retail funds, including the Fund, effective July 1, 2009.

     The Board also considered the services provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts and the services provided by Invesco Aim pursuant to the Fund’s advisory agreement, as well as the allocation of fees between Invesco Aim and the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that the sub-advisory fees have no direct effect on the Fund or its shareholders, as they are paid by Invesco Aim to the Affiliated Sub-Advisers, and that Invesco Aim and the Affiliated Sub-Advisers are affiliates.

     After taking account of the Fund’s contractual advisory fee rate, the contractual sub-advisory fee rate, the comparative advisory fee information discussed above, the expense limitations and other relevant factors, the Board concluded that the Fund’s advisory and sub-advisory fees are fair and reasonable.

E. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from such economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board noted that the Fund’s contractual advisory fee schedule includes three breakpoints and that the level of the Fund’s advisory fees, as a percentage of

36 AIM High Income Municipal Fund continued

the Fund’s net assets, has decreased as net assets increased because of the breakpoints. Based on this information, the Board concluded that the Fund’s advisory fees appropriately reflect economies of scale at current asset levels. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of all of the AIM Funds and affiliates.

F. Profitability and Financial Resources

The Board reviewed information from Invesco Aim concerning the costs of the advisory and other services that Invesco Aim and its affiliates provide to the Fund and the profitability of Invesco Aim and its affiliates in providing these services. The Board also reviewed information concerning the financial condition of Invesco Aim and its affiliates. The Board reviewed with Invesco Aim the methodology used to prepare the profitability information. The Board considered the overall profitability of Invesco Ltd., the ultimate parent of Invesco Aim and the Affiliated Sub-Advisers, and of Invesco Aim, as well as the profitability of Invesco Aim in connection with managing the Fund. The Board noted that Invesco Aim continues to operate at a net profit, although the reduction of assets under management as a result of market movements and the increase in voluntary fee waivers for affiliated money market funds have reduced the profitability of Invesco Aim and its affiliates. The Board concluded that the Fund’s fees are fair and reasonable, and that the level of profits realized by Invesco Aim and its affiliates from providing services to the Fund is not excessive in light of the nature, quality and extent of the services provided. The Board considered whether Invesco Aim is financially sound and has the resources necessary to perform its obligations under the Fund’s investment advisory agreement, and concluded that Invesco Aim has the financial resources necessary to fulfill these obligations. The also Board considered whether each Affiliated Sub-Adviser is financially sound and has the resources necessary to perform its obligations under the sub-advisory contracts, and concluded that each Affiliated Sub-Adviser has the financial resources necessary to fulfill these obligations.

G. Collateral Benefits to Invesco Aim and its Affiliates

The Board considered various other benefits received by Invesco Aim and its affiliates resulting from Invesco Aim’s relationship with the Fund, including the fees received by Invesco Aim and its affiliates for their provision of administrative, transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Aim and its affiliates in providing these services and the organizational structure employed by Invesco Aim and its affiliates to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board. The Board concluded that Invesco Aim and its affiliates are providing these services in a satisfactory manner and in accordance with the terms of their contracts, and are qualified to continue to provide these services to the Fund.

     The Board considered the benefits realized by Invesco Aim and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research and execution services from Invesco Aim and the Affiliated Sub-Advisers to the funds and therefore may reduce Invesco Aim’s and the Affiliated Sub-Advisers’ expenses. The Board concluded that Invesco Aim’s and the Affiliated Sub-Advisers’ soft dollar arrangements are appropriate. The Board also concluded that, based on their review and representations made by the Chief Compliance Officer of Invesco Aim, these arrangements are consistent with regulatory requirements.

     The Board considered the fact that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Aim pursuant to procedures approved by the Board. The Board noted that Invesco Aim will receive advisory fees from these affiliated money market funds attributable to such investments, although Invesco Aim has contractually agreed to waive through at least June 30, 2010, the advisory fees payable by the Fund in an amount equal to 100% of the net advisory fees Invesco Aim receives from the affiliated money market funds with respect to the Fund’s

investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the Fund’s investment of uninvested cash and cash collateral from any securities lending arrangements in the affiliated money market funds is in the best interests of the Fund and its shareholders.

37 AIM High Income Municipal Fund

Go Paperless with eDelivery Visit invescoaim.com/edelivery to receive quarterly statements, tax forms, fund reports and prospectuses with a service that’s all about eeees: – environmentally friendly. Go green by reducing the – efficient. Stop waiting for regular mail. Your documents number of trees used to produce paper. will be sent via email as soon as they’re available. – economical. Help reduce your fund’s printing and delivery – easy. Download, save and print files using your home expenses and put more capital back in your fund’s returns. computer with a few clicks of your mouse. This service is provided by Invesco Aim Investment Services, Inc.

Important Notice Regarding Delivery of Security Holder Documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Aim Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within thirty days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invescoaim.com. From our home page, click on Products & Performance, then Mutual Funds, then Fund Overview. Select your Fund from the drop-down menu and click on Complete Quarterly Holdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 942 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-07890 and 033-66242.

     A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or on the Invesco Aim website, invescoaim.com. On the home page, scroll down and click on Proxy Policy. The information is also available on the SEC website, sec.gov.

     Information regarding how the Fund voted proxies related to its portfolio securities during the 12 months ended June 30, 2009, is available at our website. Go to invescoaim.com, access the About Us tab, click on Required Notices and then click on Proxy Voting Activity. Next, select the Fund from the drop-down menu. The information is also available on the SEC website, sec.gov.

If used after January 20, 2010, this report must be accompanied by a Fund fact sheet or Invesco Aim Quarterly Performance Review for the most recent quarter-end. Invesco Aim^SM 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 advisers 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 subadvisers. 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.

     It is anticipated that on or about the end of the fourth quarter of 2009, Invesco Aim Advisors, Inc., Invesco Aim Capital Management, Inc., Invesco Aim Private Asset Management, Inc. and Invesco Global Asset Management (N.A.), Inc. will be merged into Invesco Institutional (N.A.), Inc., and the consolidated adviser firm will be renamed Invesco Advisers, Inc. Additional information will be posted at invescoaim.com on or about the end of the fourth quarter of 2009.

invescoaim.com HIM-SAR-1 Invesco Aim Distributors, Inc.

AIM Tax-Exempt Cash Fund

Semiannual Report to Shareholders § September 30, 2009

2	Fund Performance
3	Letters to Shareholders
4	Schedule of Investments
8	Financial Statements
10	Notes to Financial Statements
15	Financial Highlights
16	Fund Expenses
17	Approval of Investment Advisory and Sub-Advisory Agreements

For the most current month-end Fund performance and commentary, please visit invescoaim.com.

Unless otherwise noted, all data provided by Invesco Aim.

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.

NOT FDIC INSURED MAY LOSE VALUE NO BANK  GUARANTEE

Fund Performance

Fund Performance

AIM Tax-Exempt Cash Fund 7-Day SEC Yields

As of 9/30/09

										Taxable Equivalent
							7-Day SEC Yields			7-Day SEC Yields
							Had Fees Not			Had Fees Not
							Been Waived			Been Waived
				Taxable Equivalent			and/or Expenses			and/or Expenses
	7-Day SEC Yields			7-Day SEC Yields*			Reimbursed			Reimbursed*
Class A Shares		0.47	%		0.72	%		0.32	%		0.49	%
Class Y Shares		0.47			0.72			0.47			0.72
Investor Class Shares		0.47			0.72			0.47			0.72

* Based on the highest personal income tax rate in effect on September 30, 2009 — 35%.

Yields will fluctuate. Had the distributor not waived fees and/or reimbursed expenses on Class A shares, performance would have been lower.

Performance quoted is past performance and cannot guarantee comparable future results; current performance may be lower or higher. Visit invescoaim.com for the most recent month-end performance.

An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency and is not a deposit or other obligation of, or guaranteed by, a depository institution. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

2 AIM Tax-Exempt Cash Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

In these times of market uncertainty, wise investors stay focused on long-term goals and maintain an appropriately diversified investment program. We believe the route to financial success is more like a marathon than a sprint.

     Please be assured that your Board continues to oversee the AIM Funds with a strong sense of responsibility for your money and your trust. As always, we seek to manage costs and enhance performance in ways that put your interests first.

     A busy 2009 proxy season, during which Invesco Aim Advisors, Inc.’s proxy committee votes shares held by the Funds on your behalf, is nearly over. This year, after careful case-by-case analysis, the proxy committee voted with corporate management less often than in previous years, focusing on the issues of board independence, say-on-pay initiatives and stock option re-pricing in light of the market’s decline.

     At its June meeting, your Board reviewed and renewed the investment advisory contracts between the AIM Funds and Invesco Aim Advisors, Inc. You can find the results of this rigorous annual process at invescoaim.com under “Products & Performance/ Investment Advisory Agreement Renewals.”

     You are always welcome to contact me at bruce@brucecrockett.com with any questions or concerns you may have. We look forward to representing you and serving you in the coming months.

Sincerely,

Bruce L. Crockett

Independent Chair, AIM Funds Board of Trustees

Philip Taylor

Dear Shareholders:

After an unprecedented downturn late last year and early this year, major market indexes in the U.S. and abroad rebounded in the second and third quarters of 2009. While this may give investors reason to hope that better times may be ahead, considerable uncertainty remains — both about the health of the U.S. and global economies and about the sustainability of recent positive market trends.

     The chairman of the U.S. Federal Reserve has testified that while several specific economic indicators have improved in recent months, he believes economic recovery is likely to be gradual in 2010 with some acceleration in 2011.

Staying in touch

While your individual financial adviser should always be your primary source of information and advice about the markets and your investments, we here at Invesco Aim also can provide helpful information. Our website, invescoaim.com, features “Investment Perspectives” — articles written by our investment professionals that provide timely market commentary, general investor education and sector updates.

     You can also access your Fund’s most recent quarterly commentary at invescoaim.com. Simply click on “Products and Performance” at the top of the website; next, select “Mutual Funds”; and then click on “Quarterly Commentary.”

A single focus

Invesco Aim’s investment professionals have managed clients’ money in up markets and down markets. While market conditions can change often, and dramatically, what will not change is our commitment to putting our clients first, helping you achieve your financial goals and providing excellent customer service.

     If you have questions about this report or your account, please contact one of our skilled client services representatives at 800 959 4246. If you have questions or comments for me, please email me directly at phil@invescoaim.com.

     Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

CEO, Invesco Aim

3 AIM Tax-Exempt Cash Fund

Schedule of Investments

September 30, 2009

(Unaudited)

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Municipal Obligations–83.92%
Alabama–0.95%
Gardendale (City of) (Woodbrook Apartments); Series 2002 D, Ref. VRD MFH RB (CEP–Federal Home Loan Mortgage Corp.)(a)		0.54	%		10/01/32	$	500	$	500,000
Colorado–9.62%
Colorado (State of) Health Facilities Authority (Catholic Health Initiatives); Series 2008 C-4, VRD RB(a)		3.75	%		10/01/41		300		300,730
Colorado (State of) Housing & Finance Authority (Woodstream Village); Series 1985, VRD MFH RB (CEP–Federal National Mortgage Association)(a)		0.35	%		02/01/31		1,435		1,435,000
Southglenn Metropolitan District; Series 2007, VRD Special RB (LOC–BNP Paribas)(a)(b)(c)		0.40	%		12/01/30		3,325		3,325,000
									5,060,730
District of Columbia–1.84%
District of Columbia (American Psychological Association); Series 2003, VRD RB (LOC–Bank of America, N.A.)(a)(b)		0.39	%		03/01/28		970		970,000
Florida–2.55%
Florida (State of) Housing Finance Corp. (Charleston Landings Apartments); Series 2001 I-A, Ref. VRD MFH RB (CEP–Federal Home Loan Mortgage Corp.)(a)		0.39	%		07/01/31		700		700,000
Florida (State of) Housing Finance Corp. (Lighthouse Bay Apartments); Series 2002 N-1, Ref. VRD Multifamily Mortgage RB (CEP–Federal Home Loan Mortgage Corp.)(a)		0.40	%		11/01/32		640		640,000
									1,340,000
Idaho–0.95%
Custer (County of) (Standard Oil Co.); Series 1983, PCR(a)(c)		0.75	%		10/01/09		500		500,000
Illinois–3.63%
Illinois (State of) Finance Authority (Advocate Health Care Network); Series 2008 A-2, VRD RB(a)		0.75	%		11/01/30		200		200,000
Illinois (State of) Finance Authority (Loyola University of Chicago Financing Program); Series 2008, Commercial Paper RN (LOC–JPMorgan Chase Bank, N.A.)(b)		0.45	%		02/04/10		600		600,000
Metropolitan Pier and Exposition Authority (McCormick Place Expansion); Series 1999 A, Ref. RB(d)(e)		5.75	%		12/15/09		400		408,243
West Chicago (City of) (Liquid Container, LP); Series 1991, VRD IDR RB (LOC–Bank of America, N.A.)(a)(b)		0.41	%		03/01/15		700		700,000
									1,908,243
Indiana–1.14%
Indiana (State of) Health Facility Financing Authority (Capital Access Designated Pool Program); Series 2000, VRD RB (LOC–PNC Bank, N.A.)(a)(b)		0.40	%		01/01/20		600		600,000
Kentucky–0.48%
Kentucky (State of) Rural Water Finance Corp.; Series 2009 B-1, Public Construction RN		2.00	%		03/01/10		250		250,824
Maryland–5.71%
Maryland (State of) Health & Higher Educational Facilities Authority (Pickersgill, Inc.); Series 2005 B, VRD RB (LOC–Branch Banking & Trust Co.)(a)(b)		0.33	%		01/01/35		3,000		3,000,000
Massachusetts–2.71%
Massachusetts (State of) Development Finance Agency (MassDevelopment CP Program 5 Issue); Series 2007, Commercial Paper RN (LOC– TD Bank, N.A.)(b)		0.40	%		10/06/09		823		823,000
Massachusetts (State of) Development Finance Agency (New Bedford Whaling Museum); Series 1999, VRD RB (LOC–Bank of America, N.A.)(a)(b)		0.30	%		09/01/29		600		600,000
									1,423,000

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

4        AIM Tax-Exempt Cash Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Michigan–0.95%
Michigan (State of) Housing Development Authority (Parks and Taylor Apartments); Series 2002 A, VRD MFH Limited Obligation RB (CEP–Federal National Mortgage Association)(a)		0.40	%		08/15/32	$	500	$	500,000
Minnesota–2.68%
Maplewood (City of) (Mounds Park Academy); Series 2003, VRD Educational Facilities RB (LOC–U.S. Bank, N.A.)(a)(b)		0.40	%		10/01/23		725		725,000
Minnesota (State of) Independent School District No. 316 (The Greenway Schools); Series 2009 A, Aid Anticipation Ctfs. of Indebtedness Unlimited Tax GO Bonds		1.50	%		09/10/10		180		181,516
Minnesota (State of) Rural Water Finance Authority; Series 2009, Public Projects Construction RN		2.25	%		05/01/10		250		251,801
Minnesota (State of) School Districts Tax & Aid Anticipation Borrowing Program (Minnesota School District Credit Enhancement Program); Series 2009, COP		2.00	%		09/10/10		250		253,465
									1,411,782
Mississippi–0.65%
Jackson (County of); Series 1994, Ref. VRD Water System Unlimited Tax GO Bonds (CEP–Chevron Corp.)(a)		0.46	%		11/01/24		340		340,000
North Carolina–2.77%
North Carolina (State of) Educational Facilities Finance Agency (Gardner-Webb University); Series 1997, VRD RB (LOC–Wells Fargo Bank, N.A.)(a)(b)(f)		0.39	%		07/01/17		1,025		1,025,000
North Carolina (State of) Medical Care Commission (Depaul Community Facilities, Inc.); Series 1999, First Mortgage Health Care Facilities RB(d)(e)		7.63	%		11/01/09		420		430,009
									1,455,009
North Dakota–3.80%
Fargo (City of) (Case Oil Co.); Series 1984, VRD Commercial Development RB (LOC–U.S. Bank N.A.)(a)(b)		0.50	%		12/01/14		2,000		2,000,000
Ohio–2.19%
Dublin (City of) City School District; Series 2009, School Construction Unlimited Tax GO BAN		2.00	%		10/15/09		300		300,155
Hamilton (County of) (Children’s Hospital Medical Center); Series 1997 A, VRD RB (LOC–PNC Bank, N.A.)(a)(b)		0.40	%		05/15/17		600		600,000
Vandalia-Butler City School District; Series 2009 A, School Improvement Unlimited Tax GO BAN		1.50	%		03/01/10		250		250,770
									1,150,925
Oklahoma–2.85%
Oklahoma (County of) Finance Authority (Oxford Oaks, Watersedge & Gardens at Reding Apartments); Series 2000, Ref. VRD MFH RB (CEP–Federal National Mortgage Association)(a)		0.37	%		07/15/30		1,500		1,500,000
Pennsylvania–8.04%
Crawford (County of) Industrial Development Authority (Allegheny College); Series 2009 B, VRD College RB (LOC–PNC Bank, N.A.)(a)(b)		0.31	%		11/01/39		2,000		2,000,000
Moon (Township of) Industrial Development Authority (Providence Point); Series 2007, First Mortgage IDR (LOC–Lloyds TSB Bank PLC)(a)(b)(c)		0.35	%		07/01/38		1,620		1,620,000
Pennsylvania (State of) Economic Development Financing Authority (Pennsylvania Treasury Department Hospital Enhancement Loan Program- Indiana Regional Medical Center); Series 2006 A2, VRD RB (LOC–PNC Bank, N.A.)(a)(b)		0.46	%		06/01/11		610		610,000
									4,230,000
Rhode Island–0.48%
Rhode Island (State of) & Providence Plantations; Series 2009, Unlimited GO TAN		2.50	%		06/30/10		250		253,678
South Carolina–1.00%
Charleston (County of); Series 2009 B, Ref. Unlimited Tax GO Bonds		2.00	%		08/01/10		240		242,583
Greenville (County of) School District; Series 2009 C, Unlimited Tax GO Bonds		2.00	%		06/01/10		280		282,792
									525,375

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

5        AIM Tax-Exempt Cash Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Tennessee–4.28%
Hawkins (County of) Industrial Development Board (Leggett & Platt Inc.); Series 1988 B, Ref. VRD IDR RB (LOC–Wells Fargo Bank, N.A.)(a)(b)		0.50	%		10/01/27	$	1,750	$	1,750,000
Shelby (County of) Health, Educational and Housing Facility Board (Providence Place Apartments); Series 2007, Ref. VRD MFH RB (CEP–Federal National Mortgage Association)(a)		0.40	%		12/15/42		500		500,000
									2,250,000
Texas–9.79%
Arlington (City of); Series 2005 A, GO Commercial Paper Notes		0.40	%		10/02/09		1,500		1,500,000
Garland (City of); Series 2008, GO Commercial Paper Notes		0.35	%		11/02/09		750		750,000
Hockley (County of) Industrial Development Corp. (Amoco Corp.);
Series 1983, VRD PCR(a)(c)		0.50	%		03/01/14		250		250,000
Series 1985, VRD PCR(a)(c)		0.72	%		11/01/19		240		240,000
Houston (City of); Series 2009 A, Limited Public Improvement Ref. GO Bonds		2.00	%		03/01/10		265		266,596
JP Morgan PUTTERs (Frisco (City of) Independent School District); Series 2009-3373, VRD Unlimited Tax School Building GO Bonds(a)(f)(g)		0.43	%		08/15/16		1,750		1,750,000
Travis (County of); Series 2008, Limited Tax GO Ctfs.		3.25	%		03/01/10		160		161,655
Tyler (City of) Independent School District; Series 2005 A, Ref. Unlimited Tax GO Bonds (CEP–Texas Permanent School Fund)		3.50	%		02/15/10		225		227,250
									5,145,501
Utah–1.41%
Sanpete (County of) (Wasatch Academy); Series 2003, VRD School Facility RB (LOC–U.S. Bank, N.A.)(a)(b)		0.34	%		08/01/28		740		740,000
Washington–5.61%
Seattle (Port of) Industrial Development Corp. (Sysco Food Services of Seattle, Inc.); Series 1994, Ref. VRD RB(a)		0.34	%		11/01/25		1,850		1,850,000
Washington (State of) Housing Finance Commission (Seattle Country Day School); Series 2006, VRD Non-Profit RB (LOC–Bank of America, N.A.)(a)(b)		0.37	%		07/01/32		1,100		1,100,000
									2,950,000
Wisconsin–3.80%
Madison (City of) Community Development Authority (Hamilton Point Apartments); Series 1997 A, Ref. VRD MFH RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)(f)		0.51	%		10/01/22		745		745,000
Marathon (County of); Series 2009 A, Unlimited Tax GO Promissory Notes		2.50	%		12/01/09		250		250,730
Wisconsin (State of) Health & Educational Facilities Authority (Three Pillars Senior Living Communities); Series 2004 B, VRD RB (LOC–JPMorgan Chase Bank, N.A.)(a)(b)		0.54	%		08/15/34		1,000		1,000,000
									1,995,730
Wyoming–4.04%
Gillette (City of) (Pacificorp); Series 1988, Ref. PCR (LOC–Barclays Bank PLC)(a)(b)(c)		0.28	%		01/01/18		2,125		2,125,000
TOTAL INVESTMENTS(h)(i)–83.92% (Cost $44,125,797)									44,125,797
OTHER ASSETS LESS LIABILITIES–16.08%									8,456,119
NET ASSETS–100.00%								$	52,581,916

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6        AIM Tax-Exempt Cash Fund

Investment Abbreviations:

BAN	– Bond Anticipation Note
CEP	– Credit Enhancement Provider
COP	– Certificates of Participation
Ctfs.	– Certificates
GO	– General Obligation
IDR	– Industrial Development Revenue Bonds
INS	– Insurer
LOC	– Letter of Credit
MFH	– Multi-Family Housing
PCR	– Pollution Control Revenue Bonds
PUTTERs	– Putable Tax-Exempt Receipts
RB	– Revenue Bonds
Ref,	– Refunding
RN	– Revenue Notes
TAN	– Tax Anticipation Notes
VRD	– Variable Rate Demand

Notes to Schedule of Investments:

(a)	Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on September 30, 2009.
(b)	Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(c)	The security is credit guaranteed, enhanced or has credit risk by a foreign entity. The foreign credit exposure to countries other than the United States of America (as a percentage of net assets) is summarized as follows: United Kingdom: 9.01%; France: 6.32%.
(d)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(e)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(f)	Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The aggregate value of these securities at September 30, 2009 was $3,520,000, which represented 6.69% of the Fund’s Net Assets.
(g)	Synthetic municipal instruments; involves the deposit into a trust of one or more long-term tax-exempt bonds or notes (“Underlying Bonds.”), a sale of certificates evidencing interests in the trust to investors such as the Fund. The trustee receives the long-term fixed interest payments on the Underlying Bonds, and pays certificate holders variable rate interest payments based upon a short-term reset periodically.
(h)	This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

Entities	Percentage
Federal National Mortgage Association		7.48	%
PNC Bank, N.A.		7.25
U.S. Bank, N.A.		6.59
Bank of America, N.A.		6.41
BNP Paribas		6.32
Branch Banking and Trust Co.		5.71
Wells Fargo Bank, N.A.		5.28

⁽ⁱ⁾ Also represents cost for federal income tax purposes.

Portfolio Composition*

Number of days to Maturity

as of September 30, 2009

1-7	84.8	%
8-30	0.7
31-90	5.4
91-180	5.8
181+	3.3

*  The number of days to maturity of each holding is determined in accordance with the provisions of Rule 2a-7 of the Investment Company Act of 1940.

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7        AIM Tax-Exempt Cash Fund

Statement of Assets and Liabilities

September 30, 2009

(Unaudited)

Assets:
Investments, at value (Cost $44,125,797)	$	44,125,797
Receivables for:
Investments sold		95,000
Fund shares sold		10,144,918
Interest		59,133
Fund expenses absorbed		14,289
Investment for trustee deferred compensation and retirement plans		36,404
Other assets		20,290
Total assets		54,495,831
Liabilities:
Payables for:
Fund shares reacquired		1,775,463
Amount due custodian		54,054
Dividends		142
Accrued fees to affiliates		5,916
Accrued other operating expenses		34,227
Trustee deferred compensation and retirement plans		44,113
Total liabilities		1,913,915
Net assets applicable to shares outstanding	$	52,581,916
Net assets consist of:
Shares of beneficial interest	$	52,558,587
Undistributed net investment income		23,329
	$	52,581,916
Net Assets:
Class A	$	27,303,420
Class Y	$	13,592,949
Investor Class	$	11,685,547
Shares outstanding, $0.001 par value per share, unlimited number of shares authorized:
Class A		27,317,183
Class Y		13,593,025
Investor Class		11,689,332
Net asset value, offering and redemption price per share for each class	$	1.00

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8        AIM Tax-Exempt Cash Fund

Statement of Operations

For the six months ended September 30, 2009

(Unaudited)

Investment income:
Interest	$	117,600
Expenses:
Advisory fees		74,127
Administrative services fees		25,068
Custodian fees		2,612
Distribution fees — Class A		15,621
Transfer agent fees		34,287
Trustees’ and officers’ fees and benefits		8,933
Registration and filing fees		23,927
Professional services fees		25,138
Other		18,534
Total expenses		228,247
Less: Fees waived, expenses reimbursed and expense offset arrangement(s)		(128,552	)
Net expenses		99,695
Net investment income		17,905
Net increase in net assets resulting from operations	$	17,905

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9        AIM Tax-Exempt Cash Fund

Statement of Changes in Net Assets

For the six months ended September 30, 2009 and the year ended March 31, 2009

(Unaudited)

	September 30,			March 31,
	2009			2009
Operations:
Net investment income	$	17,905		$	489,070
Distributions to shareholders from net investment income:
Class A		(7,173	)		(294,652	)
Class Y		(5,862	)		(39,367	)
Investor Class		(4,870	)		(155,051	)
Total distributions from net investment income		(17,905	)		(489,070	)
Share transactions-net:
Class A		8,464,928			(12,952,536	)
Class Y		2,423,662			11,169,363
Investor Class		(961,095	)		(1,333,818	)
Net increase (decrease) in net assets resulting from share transactions		9,927,495			(3,116,991	)
Net increase (decrease) in net assets		9,927,495			(3,116,991	)
Net assets:
Beginning of period		42,654,421			45,771,412
End of period (includes undistributed net investment income of $23,329 and $23,329, respectively)	$	52,581,916		$	42,654,421

Notes to Financial Statements

September 30, 2009

(Unaudited)

NOTE 1—Significant Accounting Policies

AIM Tax-Exempt Cash Fund (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of three separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

  The Fund’s investment objective is to provide as high a level of tax-exempt income as is consistent with the preservation of capital and maintenance of liquidity.

  The Fund currently consists of three different classes of shares: Class A, Class Y and Investor Class. Investor Class shares of the Fund are offered only to certain grandfathered investors. Under certain circumstances, Class A shares are subject to contingent deferred sales charges (“CDSC”). Class A, Class Y and Investor Class shares are sold at net asset value.

  The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations — The Fund’s securities are recorded on the basis of amortized cost which approximates value as permitted by Rule 2a-7 under the 1940 Act. This method values a security at its cost on the date of purchase and, thereafter, assumes a constant amortization to maturity of any premiums or accretion of any discounts.
	Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B.	Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income, adjusted for amortization of premiums and accretion of discounts on investments, is recorded on the accrual basis from settlement date.
	The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain/loss for investments no longer held and as unrealized gain/loss for investments still held.
	Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized gain (loss) from investment securities

10        AIM Tax-Exempt Cash Fund

	reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the advisor.
	The Fund allocates realized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.
C.	Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment advisor may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.	Distributions — Distributions from income are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally paid annually and recorded on ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
E.	Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
	In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.
	The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.	Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund and which are directly attributable to that class are charged to the operations of such class. All other expenses are allocated among the classes based on relative net assets.
G.	Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period end date and before the date the financial statements are released to print, which is generally 45 days from the period end date.
H.	Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.	Other Risks — The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.
	Since, many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and a Fund’s investments in municipal securities.
	There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Aim Advisors, Inc. (the “Advisor” or “Invesco Aim”). Under the terms of the investment advisory agreement, the Fund pays an advisory fee to the Advisor at the annual rate of 0.35% of the Fund’s average daily net assets.

  Under the terms of a master sub-advisory agreement the Advisor and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Global Asset Management (N.A.), Inc., Invesco Hong Kong Limited, Invesco Institutional (N.A.), Inc., Invesco Senior Secured Management, Inc. and Invesco Trimark Ltd. (collectively, the “Affiliated Sub-Advisors”) the Advisor, not the Fund, may pay 40% of the fees paid to the Advisor to any such Affiliated Sub-Advisor(s) that provide discretionary investment management services to the Fund based on the percentage of assets allocated to such Sub-Advisor(s).

  Effective August 14, 2009, Invesco Aim and/or Invesco Aim Distributors, Inc. (“IADI”) voluntarily agreed to waive all fees and/or reimburse all expenses in order to increase the Fund’s yield. Voluntary fee waivers and/or reimbursements may be modified at any time upon consultation with the Board to Trustees without further notice to investors.

  For the six months ended September 30, 2009, the Advisor waived advisory fees of $74,127 and reimbursed Fund level expenses of $38,125 of Class A, Class Y and Investor Class shares in proportion to the net assets of each class to increase the Fund’s yield.

11        AIM Tax-Exempt Cash Fund

  The Trust has entered into a master administrative services agreement with Invesco Aim pursuant to which the Fund has agreed to pay Invesco Aim for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended September 30, 2009, expenses incurred under the agreement are shown in the Statement of Operations as administrative services fees.

  The Trust has entered into a transfer agency and service agreement with Invesco Aim Investment Services, Inc. (“IAIS”) pursuant to which the Fund has agreed to pay IAIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IAIS for certain expenses incurred by IAIS in the course of providing such services. IAIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IAIS to intermediaries that provide omnibus account services or sub-accounting are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended September 30, 2009, expenses incurred under the agreement are shown in the Statement of Operations as transfer agent fees.

  The Trust has entered into master distribution agreements with Invesco Aim Distributors, Inc. (“IADI”) to serve as the distributor for the Class A, Class Y and Investor Class shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A and Investor Class shares (collectively the “Plans”). Effective July 1, 2009, the Fund, pursuant to the Plans, pays IADI compensation up to a maximum annual rate of 0.10% of the Fund’s average daily net assets of Class A shares. Prior to July 1, 2009, the Fund paid IADI compensation up to a maximum annual rate of 0.25% of the Fund’s average daily net assets of Class A shares. Of the Rule 12b-1 payments, up to 0.25% of the average daily net assets of Class A shares may be paid to furnish continuing personal shareholder services to customers who purchase and own the shares of such classes. Any amounts not paid as a service fee under the Plans would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) also impose a cap on the total sales charges, including asset-based sales charges that may be paid by any class of shares of the Fund. IADI had contractually agreed to waive 0.15% of the Rule 12b-1 plan fees of Class A shares through June 30, 2009. Pursuant to the Plans, for the six months ended September 30, 2009, the Class A shares paid $0 after IADI waived Plan fees of $6,832 and reimbursed expenses of $8,789 to increase the fund’s yield.

  Front-end sales commissions and CDSC (collectively the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended September 30, 2009, IADI advised the Fund that IADI retained $0 in front-end sales commissions from the sale of Class A shares and $0 from Class A shares for CDSC imposed upon redemptions by shareholders.

  Certain officers and trustees of the Trust are officers and directors of Invesco Aim, IAIS and/or IADI.

NOTE 3—Additional Valuation Information

Generally Accepted Accounting Principles (GAAP) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3) generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 —	Prices are determined using quoted prices in an active market for identical assets.
Level 2 —	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3 —	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

  The following is a summary of the tiered valuation input levels, as of the end of the reporting period, September 30, 2009. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Municipal Obligations	$	—	$	44,125,797	$	—	$	44,125,797

NOTE 4—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other AIM Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment advisor (or affiliated investment advisors), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended September 30, 2009, the Fund engaged in securities purchases of $34,435,435 and securities sales of $21,960,299, which resulted in net realized gains (losses) of $0.

12        AIM Tax-Exempt Cash Fund

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions. For the six months ended September 30, 2009, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $680.

NOTE 6—Trustees’ and Officers’ Fees and Benefits

“Trustees’ and Officers’ Fees and Benefits” include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and “Trustees’ and Officers’ Fees and Benefits” also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various AIM Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees are eligible to participate in a retirement plan that provides for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. “Trustees’ and Officers’ Fees and Benefits” include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

  During the six months ended September 30, 2009, the Fund paid legal fees of $1,212 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A member of that firm is a Trustee of the Trust.

NOTE 7—Cash Balances

The Fund is permitted temporarily to overdraft or leave balances in its account with its custodian bank, The Bank of New York Mellon. The parties compensate one another for any overdraft or remaining balance in the account by either earning the interest that accrues on the overdrawn or balance amount in the account or by paying the other party a contractually agreed upon fee.

NOTE 8—Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

  The Fund did not have a capital loss carryforward as of March 31, 2009.

13        AIM Tax-Exempt Cash Fund

NOTE 9—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	September 30, 2009(a)						March 31, 2009
	Shares			Amount			Shares			Amount
Sold:
Class A		16,459,938		$	16,459,938			49,518,290		$	49,518,290
Class Y(b)		12,047,646			12,047,646			23,067,011			23,067,011
Investor Class		2,093,332			2,093,332			9,681,443			9,681,443
Issued as reinvestment of dividends:
Class A		6,928			6,928			268,124			268,124
Class Y		5,849			5,849			39,292			39,292
Investor Class		4,737			4,737			148,375			148,375
Reacquired:
Class A(b)		(8,001,938	)		(8,001,938	)		(62,738,950	)		(62,738,950	)
Class Y		(9,629,833	)		(9,629,833	)		(11,936,940	)		(11,936,940	)
Investor Class(b)		(3,059,164	)		(3,059,164	)		(11,163,636	)		(11,163,636	)
Net increase (decrease) in share activity		9,927,495		$	9,927,495			(3,116,991	)	$	(3,116,991	)

(a)

There is an entity that is a record owner of more than 5% of the outstanding shares of the Fund that owns 13% of the outstanding shares of the Fund. IADI has an agreement with this entity to sell Fund shares. The Fund, Invesco Aim and/or Invesco Aim affiliates may make payments to this entity, which is considered to be related to the Fund, for providing services to the Fund, Invesco Aim and/or Invesco Aim affiliates including but not limited to services such as, securities brokerage, distribution, third party record keeping and account servicing. The Trust has no knowledge as to whether all or any portion of the shares owned of record by this entity are owned beneficially.

(b)

Effective upon the commencement date of Class Y shares, October 3, 2008, the following shares were converted from Class A and Investor Class into Class Y shares of the Fund:

Class	Shares			Amount
Class Y		14,424,445		$	14,424,445
Class A		(14,273,504	)		(14,273,504	)
Investor Class		(150,941	)		(150,941	)

14        AIM Tax-Exempt Cash Fund

NOTE 10—Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

																Ratio of			Ratio of
																expenses			expenses
																to average			to average net			Ratio of net
	Net asset					Dividends										net assets			assets without			investment
	value,		Net			from net			Net asset					Net assets,		with fee waivers			fee waivers			income
	beginning		investment			investment			value, end		Total			end of period		and/or expenses			and/or expenses			to average
	of period		income			income			of period		Return(a)			(000s omitted)		absorbed			absorbed			net assets
Class A
Six months ended 09/30/09	$	1.00	$	0.00	(b)	$	(0.00	)	$	1.00		0.04	%	$	27,303		0.47	%(c)		1.18	%(c)		0.09	%(c)
Year ended 03/31/09		1.00		0.01	(b)		(0.01	)		1.00		1.06			18,838		0.98			1.18			1.05
Year ended 03/31/08		1.00		0.03			(0.03	)		1.00		2.62			31,812		0.92			1.07			2.58
Year ended 03/31/07		1.00		0.03			(0.03	)		1.00		2.66			38,106		1.03			1.19			2.62
Year ended 03/31/06		1.00		0.02			(0.02	)		1.00		1.88			37,828		0.94			1.09			1.84
Year ended 03/31/05		1.00		0.01			(0.01	)		1.00		0.72			46,914		0.80			1.00			0.68
Class Y
Six months ended 09/30/09		1.00		0.00	(b)		(0.00	)		1.00		0.04			13,593		0.47	(c)		1.00	(c)		0.09	(c)
Year ended 03/31/09(d)		1.00		0.00	(b)		(0.00	)		1.00		0.27			11,169		0.94	(e)		1.01	(e)		1.09	(e)
Investor Class
Six months ended 09/30/09		1.00		0.00	(b)		(0.00	)		1.00		0.04			11,686		0.47	(c)		1.00	(c)		0.09	(c)
Year ended 03/31/09		1.00		0.01	(b)		(0.01	)		1.00		1.14			12,647		0.90			0.93			1.13
Year ended 03/31/08		1.00		0.03			(0.03	)		1.00		2.72			13,959		0.82			0.82			2.68
Year ended 03/31/07		1.00		0.03			(0.03	)		1.00		2.76			13,203		0.93			0.94			2.72
Year ended 03/31/06		1.00		0.02			(0.02	)		1.00		1.98			14,405		0.84			0.84			1.94
Year ended 03/31/05		1.00		0.01			(0.01	)		1.00		0.82			17,215		0.70			0.75			0.78

(a)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America. Does not include sales charges and is not annualized for periods less than one year, if applicable.
(b)	Calculated using average shares outstanding.
(c)	Ratios are annualized and based on average daily net assets (000’s omitted) of $17,530, $12,782 and $11,931 for Class A, Class Y and Investor Class shares, respectively.
(d)	Commencement date of October 3, 2008.
(e)	Annualized.

15        AIM Tax-Exempt Cash Fund

Calculating Your Ongoing Fund Expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, and redemption fees, if any; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period April 1, 2009 through September 30, 2009.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

  The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

  Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions, and redemption fees, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

							HYPOTHETICAL
							(5% annual return before
			ACTUAL				expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(04/01/09)		(09/30/09)1		Period2		(09/30/09)		Period2		Ratio
A	$	1,000.00	$	1,000.40	$	2.36	$	1,022.71	$	2.38		0.47	%
Y		1,000.00		1,000.40		2.36		1,022.71		2.38		0.47
Investor		1,000.00		1,000.40		2.36		1,022.71		2.38		0.47

1	The actual ending account value is based on the actual total return of the Fund for the period April 1, 2009 through September 30, 2009, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.
2	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 183/365 to reflect the most recent fiscal half year.

16        AIM Tax-Exempt Cash Fund

Approval of Investment Advisory and Sub-Advisory Agreements

The Board of Trustees (the Board) of AIM Tax-Exempt Funds is required under the Investment Company Act of 1940 to approve annually the renewal of the AIM Tax-Exempt Cash Fund (the Fund) investment advisory agreement with Invesco Aim Advisors, Inc. (Invesco Aim) and the Master Intergroup Sub-Advisory Contract for Mutual Funds (the sub-advisory contracts) with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Global Asset Management (N.A.), Inc., Invesco Hong Kong Limited, Invesco Institutional (N.A.), Inc., Invesco Senior Secured Management, Inc. and Invesco Trimark Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on June 16-17, 2009, the Board as a whole, and the disinterested or “independent” Trustees voting separately, approved the continuance of the Fund’s investment advisory agreement and the sub-advisory contracts for another year, effective July 1, 2009. In doing so, the Board determined that the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interests of the Fund and its shareholders and that the compensation to Invesco Aim and the Affiliated Sub-Advisers under the Fund’s investment advisory agreement and sub-advisory contracts is fair and reasonable.

The Board’s Fund Evaluation Process
The Board’s Investments Committee has established three Sub-Committees that are responsible for overseeing the management of a number of the series portfolios of the AIM Funds. This Sub-Committee structure permits the Trustees to focus on the performance of the AIM Funds that have been assigned to them. The Sub-Committees meet throughout the year to review the performance of their assigned funds, and the Sub-Committees review monthly and quarterly comparative performance information and periodic asset flow data for their assigned funds. These materials are prepared under the direction and supervision of the independent Senior Officer, an officer of the AIM Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned funds and other members of management and review with these individuals the

performance, investment objective(s), policies, strategies and limitations of these funds.

     In addition to their meetings throughout the year, the Sub-Committees meet at designated contract renewal meetings each year to conduct an in-depth review of the performance, fees, expenses and other matters related to their assigned funds. During the contract renewal process, the Trustees receive comparative performance and fee data regarding the AIM Funds prepared by an independent company, Lipper, Inc. (Lipper), under the direction and supervision of the Senior Officer who also prepares a separate analysis of this information for the Trustees. Each Sub-Committee then makes recommendations to the Investments Committee regarding the fees and expenses of their assigned funds. The Investments Committee considers each Sub-Committee’s recommendations and makes its own recommendations regarding the fees and expenses of the AIM Funds to the full Board. The Investments Committee also considers each Sub-Committee’s recommendations in making its annual recommendation to the Board whether to approve the continuance of each AIM Fund’s investment advisory agreement and sub-advisory contracts for another year.

     The independent Trustees met separately during their evaluation of the Fund’s investment advisory agreement and sub-advisory contracts with independent legal counsel. The independent Trustees were also assisted in their annual evaluation of the Fund’s investment advisory agreement by the Senior Officer. One responsibility of the Senior Officer is to manage the process by which the AIM Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure that they are negotiated in a manner that is at arms’ length and reasonable. Accordingly, the Senior Officer must either supervise a competitive bidding process or prepare an independent written evaluation. The Senior Officer recommended that an independent written evaluation be provided and, at the direction of the Board, prepared an independent written evaluation.

     During the annual contract renewal process, the Board considered the factors discussed below in evaluating the fairness and reasonableness of the Fund’s investment advisory agreement and sub-advisory contracts. The Board considered all of the information provided to them,

including information provided at their meetings throughout the year as part of their ongoing oversight of the Fund, and did not identify any particular factor that was controlling. Each Trustee may have evaluated the information provided differently from another Trustee and attributed different weight to the various factors. The Trustees recognized that the advisory arrangements and resulting advisory fees for the Fund and the other AIM Funds are the result of years of review and negotiation between the Trustees and Invesco Aim, that the Trustees may focus to a greater extent on certain aspects of these arrangements in some years than in others, and that the Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years.

     The discussion below serves as a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, information set forth below is as of June 17, 2009, and does not reflect any changes that may have occurred since that date, including but not limited to changes to the Fund’s performance, advisory fees, expense limitations and/or fee waivers.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Aim

The Board reviewed the advisory services provided to the Fund by Invesco Aim under the Fund’s investment advisory agreement, the performance of Invesco Aim in providing these services, and the credentials and experience of the officers and employees of Invesco Aim who provide these services. The Board’s review of the qualifications of Invesco Aim to provide these services included the Board’s consideration of Invesco Aim’s portfolio and product review process, various back office support functions provided by Invesco Aim and its affiliates, and Invesco Aim’s equity and fixed income trading operations. The Board concluded that the nature, extent and quality of the advisory services

17 AIM Tax-Exempt Cash Fund continued

provided to the Fund by Invesco Aim are appropriate and that Invesco Aim currently is providing satisfactory advisory services in accordance with the terms of the Fund’s investment advisory agreement. In addition, based on their ongoing meetings throughout the year with the Fund’s portfolio manager or managers, the Board concluded that these individuals are competent and able to continue to carry out their responsibilities under the Fund’s investment advisory agreement.

     In determining whether to continue the Fund’s investment advisory agreement, the Board considered the prior relationship between Invesco Aim and the Fund, as well as the Board’s knowledge of Invesco Aim’s operations, and concluded that it is beneficial to maintain the current relationship, in part, because of such knowledge. The Board also considered the steps that Invesco Aim and its affiliates continue to take to improve the quality and efficiency of the services they provide to the AIM Funds in the areas of investment performance, product line diversification, distribution, fund operations, shareholder services and compliance. The Board concluded that the quality and efficiency of the services Invesco Aim and its affiliates provide to the AIM Funds in each of these areas support the Board’s approval of the continuance of the Fund’s investment advisory agreement.

B. Nature, Extent and Quality of Services Provided by Affiliated Sub-Advisers

The Board reviewed the services provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board concluded that the nature, extent and quality of the services provided by the Affiliated Sub-Advisers are appropriate. The Board noted that the Affiliated Sub-Advisers, which have offices and personnel that are geographically dispersed in financial centers around the world, can provide research and other information and make recommendations on the markets and economies of various countries and securities of companies located in such countries or on various types of investments and investment techniques. The Board noted that investment decisions for the Fund are made by Invesco Institutional (N.A.), Inc.

(Invesco Institutional). The Board concluded that the sub-advisory contracts benefit the Fund and its shareholders by permitting Invesco Aim to utilize the additional resources and talent of the Affiliated Sub-Advisers in managing the Fund.

C. Fund Performance

The Board considered Fund performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Institutional currently manages assets of the Fund.

     The Board compared the Fund’s performance during the past one, three and five calendar years to the performance of all funds in the Lipper performance universe that are not managed by Invesco Aim or an Affiliated Sub-Adviser and against the Lipper Tax-Exempt Money Market Funds Index. The Board noted that the Fund’s performance was in the fourth quintile of its performance universe for the one year period, and the fifth quintile for the three and five year periods (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that the Fund’s performance was below the performance of the Index for the one, three and five year periods. Invesco Aim advised the Board that the Fund has historically been priced consistent with its role as a conduit to and from other Invesco Aim products, which impacts performance. Although the independent written evaluation of the Fund’s Senior Officer only considered Fund performance through the most recent calendar year, the Board also reviewed more recent Fund performance and this review did not change their conclusions. The Board noted that, in response to the Board’s focus on fund performance, Invesco Aim has taken a number of actions intended to improve the investment process for the funds.

D. Advisory and Sub-Advisory Fees and Fee Waivers

The Board compared the Fund’s contractual advisory fee rate to the contractual advisory fee rates of funds in the Fund’s Lipper expense group that are not managed by Invesco Aim or an Affiliated Sub-Adviser, at a common asset level. The Board noted that the Fund’s contractual advisory fee rate was below the median contractual advisory fee rate of

funds in its expense group. The Board also reviewed the methodology used by Lipper in determining contractual fee rates, which includes using audited financial data from the most recent annual report of each fund in the expense group that was publicly available as of the end of the past calendar year. The Board noted that some comparative data was at least one year old and that other data did not reflect the market downturn that occurred in the fourth quarter of 2008.

     The Board also compared the Fund’s effective fee rate (the advisory fee after any advisory fee waivers and before any expense limitations/waivers) to the advisory fee rates of other domestic clients of Invesco Aim and it affiliates with investment strategies comparable to those of the Fund, including one mutual fund advised by Invesco Aim and sub-advised by Invesco Institutional. The Board noted that the Fund’s rate was above the effective fee rate for the other mutual fund.

     The Board noted that Invesco Aim has agreed to reduce the per account transfer agent fee for all the retail funds, including the Fund, effective July 1, 2009.

     The Board also considered the services provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts and the services provided by Invesco Aim pursuant to the Fund’s advisory agreement, as well as the allocation of fees between Invesco Aim and the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that the sub-advisory fees have no direct effect on the Fund or its shareholders, as they are paid by Invesco Aim to the Affiliated Sub-Advisers, and that Invesco Aim and the Affiliated Sub-Advisers are affiliates.

     After taking account of the Fund’s contractual advisory fee rate, the contractual sub-advisory fee rate, the comparative advisory fee information discussed above and other relevant factors, the Board concluded that the Fund’s advisory and sub-advisory fees are fair and reasonable.

E. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from such economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board noted that the Fund’s contractual advisory fee schedule does not include

18 AIM Tax-Exempt Cash Fund continued

any breakpoints. However, the Board noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of all of the AIM Funds and affiliates.

F. Profitability and Financial Resources

The Board reviewed information from Invesco Aim concerning the costs of the advisory and other services that Invesco Aim and its affiliates provide to the Fund and the profitability of Invesco Aim and its affiliates in providing these services. The Board also reviewed information concerning the financial condition of Invesco Aim and its affiliates. The Board reviewed with Invesco Aim the methodology used to prepare the profitability information. The Board considered the overall profitability of Invesco Ltd., the ultimate parent of Invesco Aim and the Affiliated Sub-Advisers, and of Invesco Aim, as well as the profitability of Invesco Aim in connection with managing the Fund. The Board noted that Invesco Aim continues to operate at a net profit, although the reduction of assets under management as a result of market movements and the increase in voluntary fee waivers for affiliated money market funds have reduced the profitability of Invesco Aim and its affiliates. The Board concluded that the Fund’s fees are fair and reasonable, and that the level of profits realized by Invesco Aim and its affiliates from providing services to the Fund is not excessive in light of the nature, quality and extent of the services provided. The Board considered whether Invesco Aim is financially sound and has the resources necessary to perform its obligations under the Fund’s investment advisory agreement, and concluded that Invesco Aim has the financial resources necessary to fulfill these obligations. The also Board considered whether each Affiliated Sub-Adviser is financially sound and has the resources necessary to perform its obligations under the sub-advisory contracts, and concluded that each Affiliated Sub-Adviser has the financial resources necessary to fulfill these obligations.

G. Collateral Benefits to Invesco Aim and its Affiliates

The Board considered various other benefits received by Invesco Aim and its affiliates resulting from Invesco Aim’s relationship with the Fund, including the fees received by Invesco Aim and its affiliates for their provision of

administrative, transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Aim and its affiliates in providing these services and the organizational structure employed by Invesco Aim and its affiliates to provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board. The Board concluded that Invesco Aim and its affiliates are providing these services in a satisfactory manner and in accordance with the terms of their contracts, and are qualified to continue to provide these services to the Fund.

     The Board considered the benefits realized by Invesco Aim and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research and execution services from Invesco Aim and the Affiliated Sub-Advisers to the funds and therefore may reduce Invesco Aim’s and the Affiliated Sub-Advisers’ expenses. The Board concluded that Invesco Aim’s and the Affiliated Sub-Advisers’ soft dollar arrangements are appropriate. The Board also concluded that, based on their review and representations made by the Chief Compliance Officer of Invesco Aim, these arrangements are consistent with regulatory requirements.

     The Board considered the fact that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Aim pursuant to procedures approved by the Board. The Board noted that Invesco Aim will receive advisory fees from these affiliated money market funds attributable to such investments, although Invesco Aim has contractually agreed to waive through at least June 30, 2010, the advisory fees payable by the Fund in an amount equal to 100% of the net advisory fees Invesco Aim receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the Fund’s investment of uninvested cash and cash collateral from any securities lending arrangements in the affiliated money market funds is in the best interests of the Fund and its shareholders.

19 AIM Tax-Exempt Cash Fund

Important Notice Regarding Delivery of Security Holder Documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Aim Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within thirty days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invescoaim.com. From our home page, click on Products & Performance, then Mutual Funds, then Fund Overview. Select your Fund from the drop-down menu and click on Complete Quarterly Holdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 942 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-07890 and 033-66242.

     A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or on the Invesco Aim website, invescoaim.com. On the home page, scroll down and click on Proxy Policy. The information is also available on the SEC website, sec.gov.

     Information regarding how the Fund voted proxies related to its portfolio securities during the 12 months ended June 30, 2009, is available at our website. Go to invescoaim.com, access the About Us tab, click on Required Notices and then click on Proxy Voting Activity. Next, select the Fund from the drop-down menu. The information is also available on the SEC website, sec.gov.

If used after January 20, 2010, this report must be accompanied by a Fund fact sheet or Invesco Aim Quarterly Performance Review for the most recent quarter-end. Invesco Aim^SM 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 advisers 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 subadvisers. 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.

     It is anticipated that on or about the end of the fourth quarter of 2009, Invesco Aim Advisors, Inc., Invesco Aim Capital Management, Inc., Invesco Aim Private Asset Management, Inc. and Invesco Global Asset Management (N.A.), Inc. will be merged into Invesco Institutional (N.A.), Inc., and the consolidated adviser firm will be renamed Invesco Advisers, Inc. Additional information will be posted at invescoaim.com on or about the end of the fourth quarter of 2009.

invescoaim.com TEC-SAR-1 Invesco Aim Distributors, Inc.

AIM Tax-Free Intermediate Fund

Semiannual Report to Shareholders § September 30, 2009

2	Fund Performance
3	Letters to Shareholders
4	Schedule of Investments
24	Financial Statements
26	Notes to Financial Statements
31	Financial Highlights
32	Fund Expenses
33	Approval of Investment Advisory and Sub-Advisory Agreements

For the most current month-end Fund performance and commentary, please visit invescoaim.com.

Unless otherwise noted, all data provided by Invesco Aim.

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.

NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

Supplement to Semiannual Report dated 9/30/09

AIM Tax-Free Intermediate Fund

Institutional Class Shares

The following information has been prepared to provide Institutional Class shareholders with a performance overview specific to their holdings. Institutional Class shares are offered exclusively to institutional investors, including defined contribution plans that meet certain criteria.

Average Annual Total Returns
For periods ended 9/30/09
10 Years	4.77	%
5 Years	4.03
1 Year	11.96
6 Months*	6.68

^* Cumulative total return that has not been annualized

Institutional Class shares’ inception date is July 30, 2004. Returns since that date are historical returns. All other returns are blended returns of historical Institutional Class share performance and restated Class A share performance (for periods prior to the inception date of Institutional Class shares) at net asset value (NAV) and reflect the Rule 12b-1 fees applicable to Class A shares. Class A shares’ inception date is May 11, 1987.

     Institutional Class shares have no sales charge; therefore, performance is at NAV. Performance of Institutional Class shares will differ from performance of other share classes primarily due to differing sales charges and class expenses.

     The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this supplement for Institutional Class shares was 0.50%.The expense ratios presented above may vary from the expense ratios presented in other sections of the actual report that are based on expenses incurred during the period covered by the report.

     Had the advisor not waived fees and/ or expenses in the past, performance would have been lower.

     Please note that past performance is not indicative of future results. More recent returns may be more or less than those shown. All returns assume reinvestment of distributions at NAV. Investment return and principal value will fluctuate so your shares, when redeemed, may be worth more or less than their original cost. See full report for information on comparative benchmarks. Please consult your Fund prospectus for more information. For the most current month-end performance, please call 800 451 4246 or visit invescoaim.com.

Over for information on your Fund’s expenses.

This supplement 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.


FOR INSTITUTIONAL INVESTOR USE ONLY – NOT FOR USE WITH THE PUBLIC This material is for institutional investor use only and may not be quoted, reproduced, shown to the public or used in written form as sales literature for public use.

invescoaim.com    TFI-INS-2       Invesco Aim Distributors, Inc.

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period April 1, 2009 through September 30, 2009.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

HYPOTHETICAL

ACTUAL

(5% annual return before expenses)

Beginning

Ending

Expenses

Ending

Expenses

Annualized

Account Value

Account Value

Paid During

Account Value

Paid During

Expense

Class

(04/01/09)

(09/30/09)1

Period2

(09/30/09)

Period2

Ratio

Institutional

$

1,000.00

$

1,066.80

$

2.18

$

1,022.96

$

2.13

0.42

%

1	The actual ending account value is based on the actual total return of the Fund for the period April 1, 2009 through September 30, 2009, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.
2	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 183/365 to reflect the most recent fiscal half year.

AIM Tax-Free Intermediate Fund

Fund Performance

Performance summary

Fund vs. Indexes

Cumulative total returns, 3/31/09 to 9/30/09, at net asset value (NAV). Performance shown does not include applicable contingent deferred sales charges (CDSC) or front-end sales charges, which would have reduced performance.

Class A Shares	6.68	%
Class A3 Shares	6.55
Class Y Shares	6.59
Barclays Capital Municipal Bond Index▼ (Broad Market Index)	9.38
Merrill Lynch 3-7 Year Municipal Index▼ (Style-Specific Index)	4.64
Lipper Intermediate Municipal Debt Funds Index▼ (Peer Group Index)	7.82

^▼ Lipper Inc.

The Barclays Capital Municipal Bond Index covers municipal bonds with a minimum credit rating of Baa, an outstanding par value of at least $5 million and issued as a part of a transaction of at least $50 million. The bonds must have been issued after December 31, 1990, and have a remaining maturity of at least one year.

      The Merrill Lynch 3-7 Year Municipal Index is a domestic bond index that holds municipal bonds with maturities that range between three and seven years.

      The Lipper Intermediate Municipal Debt Funds Index is an equally weighted representation of the largest funds in the Lipper Intermediate Municipal Debt Funds category. These funds invest in municipal debt issues with dollar-weighted average maturities of five to ten years.

     The Fund is not managed to track the performance of any particular index, including the indexes defined here, and consequently, the performance of the Fund may deviate significantly from the performance of the indexes.

      A direct investment cannot be made in an index. Unless otherwise indicated, index results include reinvested dividends, and they do not reflect sales charges. Performance of the peer group reflects fund expenses; performance of a market index does not.

The inception date of Class A3 shares is October 31, 2002. Returns since that date are historical returns. All other returns are the blended returns of the historical performance of the Fund’s Class A3 shares since their inception and the restated historical performance of the Fund’s Class A shares (for periods prior to the inception of Class A3 shares) at net asset value, adjusted to reflect the Rule 12b-1 fees applicable to Class A3 shares. Class A shares’ inception date is May 11, 1987.
     Class Y shares’ inception date is October 3, 2008; returns since that date are actual returns. All other returns are blended returns of actual 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. The restated Class A share performance reflects the Rule 12b-1 fees applicable to Class A shares as well as any fee waivers or expense reimbursements received by Class A shares. Class A shares’ inception date is May 11, 1987.
      The performance data quoted represent past performance and cannot guarantee comparable future results; current performance may be lower or higher. Please visit invescoaim.com for the most recent month-end performance. Performance figures reflect reinvested distributions, changes in net asset value and the effect of the maximum applicable sales charge unless otherwise stated. Performance figures do not reflect deduction of taxes a shareholder would pay on Fund distributions or sale of Fund shares. Investment return and principal value will fluctuate so that you may have a gain or loss when you sell shares.
      The total annual Fund operating expense ratio set forth in the most recent Fund prospectus as of the date of this report for Class A, Class A3 and Class Y shares was 0.44%, 0.69% and

Average Annual Total Returns

As of 9/30/09, including maximum applicable sales charges

Class A Shares
Inception (5/11/87)	5.43	%
10 Years	4.69
5 Year	3.86
1 Year	10.92
Class A3 Shares
10 Year	4.46	%
5 Years	3.79
1 Year	11.81
Class Y Shares
10 Year	4.78	%
5 Years	4.05
1 Year	11.97

0.44%, respectively. The expense ratios presented above may vary from the expense ratios presented in other sections of this report that are based on expenses incurred during the period covered by this report.

     Class A share performance reflects the maximum 1.00% sales charge. Class A3 shares do not have a front- end sales charge or a CDSC; therefore, performance quoted is at net asset value. Class Y shares do not have a front-end sales charge or a CDSC; therefore, performance is at net asset value.

     The performance of the Fund’s share classes will differ primarily due to different sales charge structures and class expenses.

     Had the advisor not waived fees and/or reimbursed expenses in the past, performance would have been lower.

2 AIM Tax-Free Intermediate Fund

Letters to Shareholders

Bruce Crockett

Dear Fellow Shareholders:

In these times of market uncertainty, wise investors stay focused on long-term goals and maintain an appropriately diversified investment program. We believe the route to financial success is more like a marathon than a sprint.

      Please be assured that your Board continues to oversee the AIM Funds with a strong sense of responsibility for your money and your trust. As always, we seek to manage costs and enhance performance in ways that put your interests first.

      A busy 2009 proxy season, during which Invesco Aim Advisors, Inc.’s proxy committee votes shares held by the Funds on your behalf, is nearly over. This year, after careful case-by-case analysis, the proxy committee voted with corporate management less often than in previous years, focusing on the issues of board independence, say-on-pay initiatives and stock option re-pricing in light of the market’s decline.

      At its June meeting, your Board reviewed and renewed the investment advisory contracts between the AIM Funds and Invesco Aim Advisors, Inc. You can find the results of this rigorous annual process at invescoaim.com under “Products & Performance/ Investment Advisory Agreement Renewals.”
      You are always welcome to contact me at bruce@brucecrockett.com with any questions or concerns you may have. We look forward to representing you and serving you in the coming months.

Sincerely,

Bruce L. Crockett

Independent Chair, AIM Funds Board of Trustees

Philip Taylor

Dear Shareholders:

After an unprecedented downturn late last year and early this year, major market indexes in the U.S. and abroad rebounded in the second and third quarters of 2009. While this may give investors reason to hope that better times may be ahead, considerable uncertainty remains — both about the health of the U.S. and global economies and about the sustainability of recent positive market trends.
     The chairman of the U.S. Federal Reserve has testified that while several specific economic indicators have improved in recent months, he believes economic recovery is likely to be gradual in 2010 with some acceleration in 2011.

Staying in touch

While your individual financial adviser should always be your primary source of information and advice about the markets and your investments, we here at Invesco Aim also can provide helpful information. Our website, invescoaim.com, features “Investment Perspectives” — articles written by our investment professionals that provide timely market commentary, general investor education and sector updates.
     You can also access your Fund’s most recent quarterly commentary at invescoaim.com. Simply click on “Products and Performance” at the top of the website; next, select “Mutual Funds”; and then click on “Quarterly Commentary.”

A single focus

Invesco Aim’s investment professionals have managed clients’ money in up markets and down markets. While market conditions can change often, and dramatically, what will not change is our commitment to putting our clients first, helping you achieve your financial goals and providing excellent customer service.

     If you have questions about this report or your account, please contact one of our skilled client services representatives at 800 959 4246. If you have questions or comments for me, please email me directly at phil@invescoaim.com.

     Thank you for investing with us.

Sincerely,

Philip Taylor

Senior Managing Director, Invesco Ltd.

CEO, Invesco Aim

3 AIM Tax-Free Intermediate Fund

Schedule of Investments

September 30, 2009

(Unaudited)

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Municipal Obligations–100.13%
Alabama–1.38%
Alabama Special Care Facilities Financing Authority of Birmingham (Ascension Health Senior Credit Group); Series 2006 C-1, RB(a)		4.10	%		11/03/16	$	2,000	$	2,074,760
Birmingham (City of) Special Care Facilities Financing Authority (Children’s Hospital), Series 2009, RB (INS–Assured Guaranty Corp.)(b)		4.50	%		06/01/18		990		1,015,809
Series 2009, RB (INS–Assured Guaranty Corp.)(b)		4.63	%		06/01/19		750		770,618
Series 2009, RB (INS–Assured Guaranty Corp.)(b)		5.00	%		06/01/21		525		544,619
Series 2009, RB (INS–Assured Guaranty Corp.)(b)		5.25	%		06/01/24		1,000		1,041,460
Series 2009, RB (INS–Assured Guaranty Corp.)(b)		5.75	%		06/01/29		2,000		2,095,520
Birmingham (City of) Waterworks Board; Series 2009 A, Water RB (INS–Assured Guaranty Corp.)(b)		5.00	%		01/01/20		2,500		2,853,500
Birmingham (City of); Series 2001 B, Ref. Unlimited Tax GO Wts. (INS–Financial Security Assurance Inc.)(b)		5.25	%		07/01/10		1,950		2,010,840
Lauderdale (County of) & Florence (City of) Health Care Authority (Coffee Health Group Project); Series 2000 A, RB (INS–National Public Finance Guarantee Corp.)(b)		5.50	%		07/01/11		1,200		1,234,200
Mobile (City of) Industrial Development Board (Alabama Power Co.); Series 2007 C, Pollution Control IDR(a)		5.00	%		03/19/15		2,150		2,343,543
									15,984,869
Alaska–0.28%
Alaska (State of) Municipal Bond Bank Authority; Series 2009-1, RB		5.63	%		09/01/29		250		275,680
Alaska Industrial Development & Export Authority (Greater Fairbanks); Series 2004 A, RB (INS–Financial Security Assurance Inc.)(b)		5.13	%		04/01/19		1,000		1,073,490
Alaska Southeast Power Agency; Series 2009, Electric Ref. RB (INS–Assured Guaranty Corp.)(b)		5.13	%		06/01/24		650		713,154
North Slope (Borough of); Series 2008 A, Ref. Unlimited Tax GO		5.50	%		06/30/19		1,000		1,200,660
									3,262,984
Arizona–1.76%
Maricopa (County of) Arizona Pollution Control Corp. (Arizona Public Service Co. Palo Verde Project); Series 2009 B, Ref. PCR(a)		5.50	%		05/01/12		2,500		2,599,900
Mohave (County of) Kingman Unified School District No. 20; Series 2009 C, School Improvement Unlimited Tax GO (INS–Assured Guaranty Corp.)(b)		5.00	%		07/01/23		1,500		1,682,505
Phoenix (City of) Civic Improvement Corp.; Series 2001, Ref. Wastewater System Jr. Lien RB (INS–National Public Finance Guarantee Corp.)(b)		5.25	%		07/01/11		3,000		3,210,060
Pima (County of) Amphitheater Unified School District No. 10; Series 2009 B, School Improvement Unlimited Tax GO (INS–Assured Guaranty Corp.)(b)		4.00	%		07/01/18		1,250		1,290,050
Salt River Agricultural Improvement & Power, Series 2009 B, RB		3.00	%		01/01/14		5,000		5,270,950
Series 2009 B, RB		4.00	%		01/01/15		5,000		5,502,750
Yuma (City of) Municipal Property Corp.; Series 2007 D, Municipal Facilities RB (INS–XL Capital Assurance Inc.)(b)		5.00	%		07/01/24		750		805,732
									20,361,947
Arkansas–0.41%
Arkansas Development Finance Authority; Series 2009 A, Correctional Facilities RB		4.88	%		05/15/28		705		738,339
Bentonville (City of); Series 2007, Sales & Use Tax RB (INS–Ambac Assurance Corp.)(b)		4.38	%		11/01/25		1,000		991,980
Independence (County of) (Entergy Mississippi, Inc.); Series 1999, Pollution Control RB (INS–Ambac Assurance Corp.)(b)		4.90	%		07/01/22		1,000		1,021,530

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

4        AIM Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Arkansas–(continued)
Little Rock (City of) School District; Series 2001 C, Limited Tax GO (INS–Financial Security Assurance Inc.)(b)		5.00	%		02/01/10	$	1,000	$	1,015,880
University of Arkansas; Series 2009, Capital Improvement RB		4.00	%		10/01/29		1,000		993,190
									4,760,919
California–12.18%
Albany Unified School District; Series 2009 A, Unlimited Tax GO (INS–Assured Guaranty Corp.)(b)		5.00	%		08/01/25		1,520		1,599,283
Alhambra Unified School District (Election of 2004); Series 2009 B, Unlimited Tax GO (INS–Assured Guaranty Corp.)(b)		5.25	%		08/01/28		1,350		1,481,436
California (State of);
Series 2005 B5, Unlimited Tax VRD GO (LOC–Depfa Bank PLC)(c)(d)(e)		1.50	%		05/01/40		25,105		25,105,000
Series 2008 B, Economic Recovery Unlimited Tax GO(a)		5.00	%		03/01/11		10,000		10,516,700
California Health Facilities Financing Authority (St. Joseph);
Series 2009 C, RB(a)		5.00	%		10/16/14		3,000		3,234,450
Series 2009 D, RB(a)		5.00	%		10/18/16		6,000		6,403,260
California Pollution Control Financing Authority (BP West Coast Products LLC); Series 2009, Ref. Environmental Improvement RB(a)		2.60	%		09/02/14		4,500		4,550,715
California State Department of Veterans Affairs; Series 2002 A, Home Purchase RB (INS–Ambac Assurance Corp.)(b)		5.35	%		12/01/27		4,000		4,095,880
California Statewide Communities Development Authority (Enloe Medical Center);
Series 2008 A, RB (INS–Cal-Mortgage)(b)		5.00	%		08/15/17		385		410,772
Series 2008 A, RB (INS–Cal-Mortgage)(b)		5.25	%		08/15/19		325		349,053
California Statewide Communities Development Authority (Henry Mayo Newhall Memorial); Series 2007 B, RB (INS–Ambac Assurance Corp.)(b)		5.05	%		10/01/28		1,500		1,545,945
California Statewide Communities Development Authority (Kaiser Permanente); Series 2002 E, RB(a)		4.00	%		05/02/11		1,000		1,024,150
California Statewide Communities Development Authority (Southern California Edison Co.); Series 2006 A, Pollution Control Ref. RB (INS–XL Capital Assurance Inc.)(a)(b)		4.10	%		04/01/13		1,175		1,210,567
Evergreen Elementary School District;
Series 2009, Unlimited Tax GO (INS–Assured Guaranty Corp.)(b)(f)		6.04	%		08/01/25		3,000		1,306,230
Series 2009, Unlimited Tax GO (INS–Assured Guaranty Corp.)(b)(f)		6.33	%		08/01/28		1,000		355,290
Fresno (City of) Sewer Revenue; Series 2008 A, RB (INS–Assured Guaranty Corp.)(b)		5.00	%		09/01/25		2,040		2,251,263
Grant Joint Union High School District; Series 2007, VRD COP (INS–Financial Security Assurance Inc.)(b)(c)(d)		1.90	%		06/01/41		900		900,000
Lake Tahoe (City of) Unified School District (Election of 2008); Series 2009, Unlimited Tax GO (INS–Financial Security Assurance Inc.)(b)		5.00	%		08/01/24		1,000		1,092,350
Los Angeles (City of) Department of Airports (Los Angeles International Airport); Series 2008 C, RB		5.00	%		05/15/28		1,000		1,050,690
Los Angeles (City of) Harbor Department; Series 2009 C, Ref. RB		5.00	%		08/01/21		2,000		2,322,520
Los Angeles (City of) Unified School District; Series 2009 I, Unlimited Tax GO		5.00	%		07/01/26		670		727,573
Lynwood Utility Authority; Series 2009 A, Enterprise Ref. RB (INS–Assured Guaranty Corp.)(b)		5.00	%		06/01/29		500		522,590
Madera Irrigation District; Series 2008, Ref. Water Revenue RB		5.00	%		01/01/23		2,250		2,371,095
Monrovia Financing Authority (Library); Series 2007, Lease RB (INS–Ambac Assurance Corp.)(b)		4.63	%		12/01/32		1,000		994,310
New Haven Unified School District;
Series 2009, Ref. General Obligation (INS–Assured Guaranty Corp.)(b)		5.00	%		08/01/20		3,030		3,412,598
Series 2009, Ref. General Obligation (INS–Assured Guaranty Corp.)(b)		5.00	%		08/01/21		1,290		1,437,408
Newport Beach (City of) (Hoag Memorial Hospital Presbyterian); Series 2009 D, RB(a)		5.00	%		02/07/13		1,000		1,086,750
Norwalk–La Mirada Unified School District; Series 2006, VRD COP (INS–Financial Security Assurance Inc.)(b)(c)(d)		1.90	%		04/01/25		1,000		1,000,000
Rancho Mirage (City of) Joint Powers Financing Authority (Eisenhower Medical Center); Series 2007 A, RB		5.00	%		07/01/21		1,000		1,042,990
Redlands Unified School District (Election of 2008); Series 2008, Unlimited Tax GO (INS–Financial Security Assurance Inc.)(b)		5.00	%		07/01/25		1,000		1,094,040

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

5        AIM Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
California–(continued)
Sacramento (County of), Series 2009 B RB,		5.00	%		07/01/18	$	1,000	$	1,138,050
Series 2009 D RB, (INS–Assured Guaranty Corp.)(b)		5.13	%		07/01/25		1,500		1,628,115
San Bernardino (County of); Series 1998, Medical Center Project VRD COP (INS–National Public Finance Guarantee Corp.)(b)(c)(d)		3.75	%		08/01/26		40,000		40,000,000
San Diego (City of) Public Facilities Financing Authority;
Series 2009 B, Ref. Sr. Sewer RB		5.00	%		05/15/13		1,000		1,113,840
Series 2009 B, Ref. Sr. Sewer RB		5.00	%		05/15/14		500		564,330
Santa Ana (City of) (Local Street Improvement); Series 2007, Gas Tax Revenue COP (INS–National Public Finance Guarantee Corp.)(b)		4.38	%		01/01/24		1,000		934,630
Val Verde Unified School District; Series 2009 A, Ref. COP (INS–Assured Guaranty Corp.)(b)		5.00	%		03/01/29		2,040		2,095,447
Vernon (City of);
Series 2009 A, Electric Systems RB		5.50	%		08/01/15		500		558,160
Series 2009 A, Electric Systems RB		5.13	%		08/01/21		3,500		3,732,015
West Contra Costa Unified School District; Series 2005 B, Unlimited Tax GO		6.00	%		08/01/27		1,000		1,208,770
West Sacramento (City of) Area Flood Control Agency; Series 2008, Special Assessment RB		5.13	%		09/01/23		1,075		1,106,799
Yosemite Community College District; Series 2008 C, Unlimited Tax GO (INS–Financial Security Assurance Inc.)(b)		5.00	%		08/01/28		2,210		2,396,988
									140,972,052
Colorado–1.26%
Adams State College;
Series 2009 A, Auxiliary Facilities Improvement RB		5.20	%		05/15/27		340		373,912
Series 2009 A, Auxiliary Facilities Improvement RB		5.00	%		05/15/29		450		483,403
Aurora (City of) (The Children’s Hospital); Series 2004 D, RB (INS–Financial Security Assurance Inc.)(b)		5.00	%		12/01/20		1,000		1,089,860
Colorado Educational & Cultural Facilities Authority (Charter School Classical); Series 2008 A, RB		6.75	%		12/01/23		1,000		1,116,450
Colorado Health Facilities Authority, Series 2003 A RB, (INS–Financial Security Assurance Inc.)(b)		5.00	%		05/15/15		1,000		1,088,620
Series 2003 A RB, (INS–Financial Security Assurance Inc.)(b)		5.25	%		05/15/26		1,000		1,086,510
Colorado School of Mines; Series 2009 A, Enterprise & Improvement Ref. RB		5.00	%		12/01/29		500		542,835
Denver (City and County of) School District No. 1; Series 2009 A, Unlimited Tax GO		5.00	%		12/01/28		1,000		1,116,880
Municipal Subdistrict, Northern Colorado Water Conservancy District; Series 2007 J, Ref. Water RB (INS–Ambac Assurance Corp.)(b)		5.00	%		12/01/14		1,300		1,467,479
Northwest Parkway Public Highway Authority; Sr. Series 2001 A, RB(g)		5.00	%		06/15/11		1,000		1,064,220
Public Authority for Colorado Energy;
Series 2008, Natural Gas RB		6.13	%		11/15/23		1,000		1,090,620
Series 2008, Natural Gas RB		6.25	%		11/15/28		2,415		2,636,504
University of Colorado Hospital Authority; Series 1997 A, Ref. RB (INS–Ambac Assurance Corp.)(b)		5.25	%		11/15/22		1,470		1,470,823
									14,628,116
Connecticut–0.10%
New Haven (City of) Solid Waste Authority; Series 2008, RB		5.13	%		06/01/23		1,000		1,093,940
District of Columbia–2.73%
District of Columbia (Georgetown University);
Series 2001 C, RB(a)		5.25	%		04/01/23		2,125		2,280,954
Series 2009 A, RB		5.00	%		04/01/15		2,000		2,205,780

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

6        AIM Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
District of Columbia–(continued)
District of Columbia;
Series 1999 A, Unlimited Tax GO(a)(b)(g)		5.38	%		12/01/09	$	23,925	$	24,362,588
Series 2001 A, Unlimited Tax GO(a)(b)(g)		5.50	%		12/01/09		1,705		1,736,542
Series 1999 B, Ref. Unlimited Tax GO (INS–Financial Security Assurance Inc.)(b)		5.50	%		06/01/10		1,000		1,033,880
									31,619,744
Florida–5.44%
Broward (County of); Series 2009 O, Ref. Airport System RB		5.00	%		10/01/14		1,490		1,671,750
Citizens Property Insurance Corp.;
Series 2008 A-1, Sr. Sec. High Risk RB		5.00	%		06/01/11		2,100		2,166,423
Series 2009 A-1, Sr. Sec. High Risk RB (INS–Assured Guaranty Corp.)(b)		4.00	%		06/01/12		2,000		2,084,220
Series 2009 A-1, Sr. Sec. High Risk RB (INS–Assured Guaranty Corp.)(b)		5.00	%		06/01/16		2,000		2,141,100
Series 2009 A-2, Sr. Sec. High Risk Revenue Notes		4.50	%		06/01/10		3,000		3,041,010
Florida (State of) Board of Education;
Series 2000 B, Lottery RB (INS–National Public Finance Guarantee Corp.)(b)		5.75	%		07/01/10		1,000		1,036,190
Series 2009 A, Lottery RB		5.00	%		07/01/23		2,000		2,169,760
Series 2009 A, Lottery RB		5.25	%		07/01/24		1,640		1,800,359
Florida (State of) Department of Education; Series 2006 A, Community College Capital Improvement RB (INS–National Public Finance Guarantee Corp.)(b)		5.00	%		07/01/18		1,335		1,454,055
Florida (State of) Department of Environmental Protection;
Series 2002 B, Florida Forever RB (INS–National Public Finance Guarantee Corp.)(b)		5.25	%		07/01/22		3,000		3,148,800
Series 2003 C, Florida Forever RB (INS–Ambac Assurance Corp.)(b)		5.00	%		07/01/19		3,525		3,768,472
Florida Hurricane Catastrophe Fund Finance Corp.;
Series 2006 A, RB (INS–National Public Finance Guarantee Corp.)(b)		5.00	%		07/01/11		4,500		4,743,720
Series 2008 A, RB		5.00	%		07/01/13		1,560		1,691,243
Hillsborough (County of) Industrial Development Authority (Tampa Electric); Series 2007 B, Pollution Control IDR(a)		5.15	%		09/01/13		500		520,155
Jacksonville (City of); Series 2003, Better Jacksonville RB (INS–National Public Finance Guarantee Corp.)(b)		5.25	%		10/01/16		3,000		3,324,690
JEA;
Series 2002 D, Sub. Electric System RB		4.63	%		10/01/22		500		500,315
Series 2009 Three A, Electric System RB		5.00	%		10/01/26		1,125		1,173,757
Kissimmee (City of) Utility Authority;
Series 2003, Ref. Electric System RB (INS–Financial Security Assurance Inc.)(b)		5.25	%		10/01/15		750		852,210
Series 2003, Ref. Electric System RB (INS–Financial Security Assurance Inc.)(b)		5.25	%		10/01/16		1,500		1,713,480
Series 2003, Ref. Electric System RB (INS–Financial Security Assurance Inc.)(b)		5.00	%		10/01/17		1,900		2,142,630
Miami-Dade (County of) (Jackson Health System);
Series 2009, Public Facilities RB (INS–Assured Guaranty Corp.)(b)		5.00	%		06/01/18		1,000		1,077,690
Series 2009, Public Facilities RB (INS–Assured Guaranty Corp.)(b)		5.50	%		06/01/29		2,000		2,155,280
Miami-Dade (County of) Health Facilities Authority (Miami Children’s Hospital); Series 2006 A-2, RB (INS–National Public Finance Guarantee Corp.)(a)(b)		4.55	%		08/01/13		250		260,120
Miami-Dade (County of);
Series 2008 C, Water & Sewer System RB (INS–Berkshire Hathaway Assurance Corp.)(b)		5.50	%		10/01/20		1,500		1,780,530
Series 2008 C, Water & Sewer System RB (INS–Berkshire Hathaway Assurance Corp.)(b)		5.00	%		10/01/24		1,500		1,666,965
Series 2008 C, Water & Sewer System RB (INS–Berkshire Hathaway Assurance Corp.)(b)		5.13	%		10/01/25		1,500		1,673,715
Series 2009 A, Aviation RB (INS–Assured Guaranty Corp.)(b)		5.00	%		10/01/27		120		127,978
Series 2009 B, Aviation RB (INS–Assured Guaranty Corp.)(b)		5.00	%		10/01/26		1,000		1,075,790
Series 2009 B, Aviation RB (INS–Assured Guaranty Corp.)(b)		5.00	%		10/01/29		1,000		1,054,760
Orange (County of); Series 2005, Ref. Tourist Development Tax RB (INS–Ambac Assurance Corp.)(b)		5.00	%		10/01/12		1,095		1,198,992

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

7        AIM Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Florida–(continued)
Pasco (County of);
Series 2009 A, Water & Sewer System RB		5.00	%		10/01/16	$	750	$	859,140
Series 2009 A, Water & Sewer System RB		4.00	%		10/01/17		500		537,550
Port St. Lucie (City of); Series 2008, Ref. COP (INS–Assured Guaranty Corp.)(b)		6.25	%		09/01/27		500		577,590
Village Center Community Development District; Series 1998 A, Ref. Recreational RB (INS–National Public Finance Guarantee Corp.)(b)		5.50	%		11/01/10		1,105		1,140,669
Winter Park (City of);
Series 2009, Water & Sewer System Ref. Improvement RB		4.25	%		12/01/24		750		774,503
Series 2009 A, Electric Ref. RB (INS–Financial Security Assurance Inc.)(b)		4.00	%		10/01/19		500		526,645
Series 2009 A, Electric Ref. RB (INS–Financial Security Assurance Inc.)(b)		4.38	%		10/01/22		325		340,844
Series 2009 A, Electric Ref. RB (INS–Financial Security Assurance Inc.)(b)		5.00	%		10/01/29		4,695		4,983,414
									62,956,514
Georgia–5.03%
Atlanta (City of);
Series 2003 C-2, Airport General VRD Ref. RB (INS–National Public Finance Guarantee Corp.)(b)(c)(d)		2.00	%		01/01/30		21,925		21,925,000
Series 2003 C-3, Airport General VRD Ref. RB (INS–National Public Finance Guarantee Corp.)(b)(c)(d)		2.00	%		01/01/30		9,300		9,300,000
Burke (County of) Development Authority (Georgia Power Co.); Series 1995, Pollution Control RB(a)		3.75	%		01/12/12		4,000		4,129,560
Dalton (City of); Series 1999, Combined Utilities RB (INS–Financial Security Assurance Inc.)(b)		5.75	%		01/01/10		1,015		1,028,855
Georgia (State of); Series 1992 B, Unlimited Tax GO		6.30	%		03/01/10		1,000		1,024,920
Glynn-Brunswick Memorial Hospital Authority;
Series 2008 A, RAC		5.00	%		08/01/20		1,000		1,036,060
Series 2008 A, RAC		5.25	%		08/01/23		1,000		1,064,630
Gwinnett (County of) Hospital Authority (Gwinnett Hospital System, Inc. Project); Series 2007 C, RAC (INS–Financial Security Assurance Inc.)(b)(c)(d)		2.10	%		07/01/42		12,200		12,200,000
Macon-Bibb (County of) Hospital Authority;
Series 2009, RAC		4.00	%		08/01/19		635		645,319
Series 2009, RAC		4.00	%		08/01/20		710		716,305
Series 2009, RAC		5.00	%		08/01/24		1,260		1,329,035
South Regional Joint Development Authority (Valdosta State University);
Series 2007, Parking & Health RB (INS–XL Capital Assurance Inc.)(b)		5.00	%		08/01/20		1,385		1,518,597
Series 2007, Parking & Health RB (INS–XL Capital Assurance Inc.)(b)		5.00	%		08/01/21		1,490		1,618,766
Series 2007, Parking & Health RB (INS–XL Capital Assurance Inc.)(b)		5.00	%		08/01/22		605		651,542
									58,188,589
Guam–0.13%
Guam (Government of);
Series 2009 A, Limited Obligation RB		5.00	%		12/01/12		480		501,605
Series 2009 A, Limited Obligation RB		5.00	%		12/01/15		1,000		1,044,460
									1,546,065
Hawaii–0.09%
Hawaii (State of);
Series 1993 CA, Unlimited Tax GO(g)		5.75	%		01/01/10		880		891,334
Series 1993 CA, Unlimited Tax GO (INS–National Public Finance Guarantee Corp.)(b)		5.75	%		01/01/10		120		121,516
									1,012,850
Idaho–0.64%
Caldwell (City of) Urban Renewal Agency; Series 2008, Tax Allocation RB		4.00	%		09/01/19		1,205		1,247,428
Idaho (State of) Health Facilities Authority (Trinity Health Group); Series 2008 B, RB		5.63	%		12/01/19		1,000		1,156,060

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

8        AIM Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Idaho–(continued)
Idaho (State of) Housing & Finance Association;
Series 2008 D, Class III, Single Family Mortgage RB		5.35	%		01/01/29	$	1,000	$	1,042,600
Series 2009 A, Grant & Revenue Anticipation RB		5.25	%		07/15/25		500		572,205
Series 2009 B, Class III, Single Family Mortgage RB		5.65	%		07/01/26		1,500		1,563,810
University of Idaho; Series 2007 B, RB (INS–Financial Security Assurance Inc.)(a)(b)		4.50	%		04/01/18		1,750		1,853,303
									7,435,406
Illinois–5.91%
Chicago (City of) Board of Education; Series 2005 D, VRD Unlimited Tax GO (INS–Assured Guaranty Ltd.)(b)(c)(d)		4.10	%		03/01/36		18,080		18,080,000
Chicago (City of) Transit Authority (Federal Transit Administration Section 5309); Series 2008 A, RB (INS–Assured Guaranty Ltd.)(b)		5.25	%		06/01/23		2,500		2,842,200
Cook (County of);
Series 2004 A, Unlimited Tax GO (INS–Ambac Assurance Corp.)(b)		5.00	%		11/15/17		5,000		5,523,600
Series 2009 A, Unlimited Tax GO		5.00	%		11/15/19		2,000		2,335,560
Dolton (Village of);
Series 2009 A, Unlimited Tax GO (INS–Assured Guaranty Ltd.)(b)		4.25	%		12/01/21		1,000		1,046,390
Series 2009 A, Unlimited Tax GO (INS–Assured Guaranty Ltd.)(b)		4.25	%		12/01/22		1,000		1,038,650
Series 2009 A, Unlimited Tax GO (INS–Assured Guaranty Ltd.)(b)		4.50	%		12/01/23		1,000		1,049,070
Series 2009 A, Unlimited Tax GO (INS–Assured Guaranty Ltd.)(b)		4.50	%		12/01/24		1,000		1,042,240
Series 2009 A, Unlimited Tax GO (INS–Assured Guaranty Ltd.)(b)		4.50	%		12/01/26		1,000		1,030,420
Illinois (State of) Educational Facilities Authority (University of Chicago); Series 1998, RB(a)		3.38	%		02/03/14		1,000		1,041,000
Illinois (State of) Finance Authority (Children’s Memorial Hospital); Series 2008 A, RB (INS–Assured Guaranty Ltd.)(b)		5.25	%		08/15/33		1,000		1,040,950
Illinois (State of) Finance Authority (Resurrection Health Care); Series 1999 A, RB (INS–Financial Security Assurance Inc.)(b)		5.00	%		05/15/17		2,000		2,170,320
Illinois (State of) Finance Authority (University of Chicago Medical Center); Series 2009 C, RB		5.25	%		08/15/29		2,000		2,060,480
Illinois (State of) Health Facilities Authority (Advocate Health Care); Series 2003 A, RB(a)		4.38	%		07/01/14		1,000		1,000,700
Illinois (State of);
First Series 2001, Ref. Unlimited Tax GO (INS–Financial Security Assurance Inc.)(b)		5.25	%		10/01/11		1,790		1,940,091
Series 1999 Z, Sales Tax RB		5.00	%		06/15/19		500		506,565
Series 2000, Unlimited Tax GO (INS–National Public Finance Guarantee Corp.)(b)		6.10	%		01/01/20		1,500		1,519,200
Series 2003 B, Unlimited Tax VRD GO(c)(d)		3.00	%		10/01/33		830		830,000
Illinois Student Assistance Commission; Series 2009, RB (INS–Assured Guaranty Ltd.)(b)		3.15	%		05/01/14		2,000		2,004,100
Kane & De Kalb (Counties of) Community Unit School District No. 302; Series 2008, Unlimited Tax GO (INS–Financial Security Assurance Inc.)(b)		5.50	%		02/01/28		1,500		1,645,860
Kendall-Grundy (County of) Forest Preservation District; Series 2007, Unlimited Tax GO (INS–National Public Finance Guarantee Corp.)(b)		5.25	%		01/01/23		4,000		4,525,320
Kendall-Grundy, Kane & Will (Counties of) High School District No. 308 ; Series 2007 A, Ref. Unlimited Tax GO (INS–National Public Finance Guarantee Corp.)(b)		4.38	%		10/01/21		1,000		1,041,950
Kendall-Grundy, Kane & Will (Counties of) High School District No. 308; Series 2007, Unlimited Tax GO (INS–Assured Guaranty Ltd.)(b)		5.00	%		02/01/23		5,795		6,410,893
Madison & Saint Clair (Counties of) School District No. 10 (Collinsville School Building); Series 2001, Unlimited Tax GO (INS–National Public Finance Guarantee Corp.)(b)		5.00	%		02/01/11		1,150		1,182,602
Northern Municipal Power Agency (Prairie St. Power Project); Series 2007 A, RB (INS–National Public Finance Guarantee Corp.)(b)		5.00	%		01/01/19		1,000		1,102,140
Southern Illinois University; Series 2006 A, Housing & Auxiliary Facilities System RB (INS–National Public Finance Guarantee Corp.)(b)		5.25	%		04/01/19		1,000		1,127,930

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

9        AIM Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Illinois–(continued)
St. Clair (County of);
Series 2009, Unlimited Tax GO		5.00	%		10/01/19	$	1,000	$	1,152,580
Series 2009, Unlimited Tax GO		5.00	%		10/01/21		1,480		1,666,924
Will, Grundy and Etc. (Counties of) Community College District No. 525 (Joliet Jr. College); Series 2008, Unlimited Tax GO		5.75	%		06/01/27		410		467,585
									68,425,320
Indiana–1.28%
Clark-Pleasant Middle School Building Corp.; Series 2009, First Mortgage RB		5.00	%		07/15/22		1,000		1,114,880
Indiana Health Facility Financing Authority; Series 2005, RB(a)		5.00	%		06/01/14		3,500		3,913,210
Indianapolis Local Public Improvement Bond Bank (Waterworks); Series 2009 A, RB (INS–Assured Guaranty Ltd.)(b)		5.25	%		01/01/29		1,000		1,117,540
Monroe (County of) Community 1996 School Building Corp.; Series 2009, First Mortgage RB (INS–Financial Security Assurance Inc.)(b)		5.13	%		01/15/24		2,285		2,602,318
Portage (City of) Redevelopment District; Series 2008, Ref. Tax Increment Allocation RB (INS–CIFG Guaranty, Ltd.)(b)		5.00	%		01/15/22		2,470		2,481,140
Rockport (City of) (Indiana Michigan Power Co.);
Series 2009 A, Ref. PCR(a)		6.25	%		06/02/14		1,000		1,098,980
Series 2009 A, Ref. PCR(a)		6.25	%		06/02/14		500		549,490
University of Southern Indiana; Series 2009 J, Student Fee RB (INS–Assured Guaranty Ltd.)(b)		5.00	%		10/01/23		400		440,228
Zionsville (City of) Community Schools Building Corp.; Series 2002, First Mortgage RB(b)(g)		5.00	%		07/15/11		1,420		1,529,993
									14,847,779
Iowa–0.46%
Coralville (City of); Series 2009 D, Unlimited Tax GO Urban Renewal Bond Anticipation Project Notes		4.00	%		05/01/11		1,000		1,028,790
Iowa Finance Authority;
Series 2005, Health System RB (INS–Assured Guaranty Corp.)(b)		5.00	%		02/15/13		1,500		1,621,875
Series 2005, Health System RB (INS–Assured Guaranty Corp.)(b)		5.00	%		02/15/18		1,000		1,093,600
Series 2005, Health System RB (INS–Assured Guaranty Corp.)(b)		5.00	%		02/15/19		500		546,930
Series 2009 F, RB(a)		5.00	%		08/15/12		1,000		1,077,740
									5,368,935
Kansas–0.82%
Dodge City (City of); Series 2009, Sales Tax RB (INS–Assured Guaranty Ltd.)(b)		5.00	%		06/01/21		1,000		1,155,030
Johnson (County of) Water District No. 1; Series 2001, Water RB		5.00	%		06/01/11		1,770		1,898,272
Kansas Development Finance Authority (Adventist Health System);
Series 2009, Hospital RB		5.00	%		11/15/16		1,000		1,101,310
Series 2009 D, Hospital RB		3.00	%		11/15/11		700		712,138
Series 2009 D, Hospital RB		5.00	%		11/15/24		1,585		1,655,913
Wichita (City of); Series 2009 A, Hospital Ref. & Improvement RB		4.50	%		11/15/12		1,000		1,065,420
Wyandotte (County of), School District No. 500; Series 2001, Unlimited Tax GO (INS–Financial Security Assurance Inc.)(b)		5.50	%		09/01/11		1,750		1,908,042
									9,496,125
Kentucky–2.12%
Christian (County of) (Jennie Stuart Medical Center); Series 2006, RB (INS–Assured Guaranty Corp.)(b)		5.25	%		02/01/28		2,500		2,613,075
Kentucky (State of) Economic Development Finance Authority (Catholic Health Initiatives); Series 2004 D, RB(a)		3.50	%		11/10/10		1,000		1,019,860
Kentucky (State of) Economic Development Finance Authority (Louisville Arena Project); Sub. Series 2008 A-1, RB (INS–Assured Guaranty Corp.)(b)		5.75	%		12/01/28		500		553,500

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

10        AIM Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Kentucky–(continued)
Louisville & Jefferson (County of) Metropolitan Government (Jewish Hospital & St. Mary’s Healthcare) Series 2008, RB		6.00	%		02/01/22	$	1,000	$	1,048,120
Louisville & Jefferson (County of) Metropolitan Sewer District;
Series 2009 B, Sewer and Drainage RB		5.00	%		05/15/14		2,500		2,811,075
Series 2009 B, Sewer and Drainage RB		5.00	%		05/15/15		2,500		2,833,850
Series 2009 B, Sewer and Drainage RB		5.00	%		05/15/20		10,000		11,415,800
Paducah (City of) Electric Plant Board; Series 2009 A, RB (INS–Assured Guaranty Corp.)(b)		5.00	%		10/01/24		2,000		2,239,880
									24,535,160
Louisiana–4.03%
East Baton Rouge Sewerage Commission; Series 2009 A, RB		4.50	%		02/01/22		1,000		1,063,110
Louisiana Citizens Property Insurance Corp.; Series 2009 C-3, Assessment RB (INS–Assured Guaranty Corp.)(b)		6.13	%		06/01/25		1,500		1,723,065
Louisiana Energy & Power Authority; Series 2000, Ref. Power Project RB (INS–Financial Security Assurance Inc.)(b)		5.75	%		01/01/11		2,500		2,645,175
Louisiana Local Government Environmental Facilities and Community Development Authority (Jefferson Parish); Series 2009 A, RB		5.00	%		04/01/18		1,000		1,118,070
Louisiana Local Government Environmental Facilities and Community Development Authority (Lake Charles);
Series 2009, RB (INS–Assured Guaranty Corp.)(b)		4.00	%		04/01/16		1,435		1,525,132
Series 2009, RB (INS–Assured Guaranty Corp.)(b)		4.00	%		04/01/17		1,000		1,054,900
Series 2009, RB (INS–Assured Guaranty Corp.)(b)		4.00	%		04/01/18		1,555		1,627,261
Louisiana Local Government Environmental Facilities and Community Development Authority (Louisiana Community and Technical College System); Series 2009 B, RB (INS–Assured Guaranty Corp.)(b)		5.00	%		10/01/26		1,500		1,609,860
Louisiana Local Government Environmental Facilities and Community Development Authority (Monroe Airport Terminal); Series 2009, RB (INS–Assured Guaranty Corp.)(b)		5.00	%		02/01/29		1,000		1,058,720
Louisiana Offshore Terminal Authority; Series 2007 A, VRD Deepwater Port Ref. RB (LOC–Suntrust Bank.)(c)(d)(e)		0.60	%		09/01/27		17,000		17,000,000
Louisiana Public Facilities Authority (Baton Rouge General Medical Center); Series 2004, RB (INS–National Public Finance Guarantee Corp.)(b)		5.00	%		07/01/14		1,000		1,099,330
Louisiana Public Facilities Authority (Black & Gold Facilities Project); Series 2007 A, RB (INS–CIFG Guaranty, Ltd.)(b)		5.00	%		07/01/22		500		503,315
Louisiana Public Facilities Authority (Christus Health);
Series 2008 B, Ref. RB (INS–Assured Guaranty Corp.)(b)		5.75	%		07/01/18		1,000		1,068,560
Series 2009 A, Ref. RB		5.00	%		07/01/13		1,500		1,606,755
Series 2009 A, Ref. RB		5.00	%		07/01/15		1,000		1,067,820
Series 2009 A, Ref. RB		5.00	%		07/01/16		1,000		1,062,860
Series 2009 A, Ref. RB		5.25	%		07/01/20		1,000		1,069,200
Louisiana Public Facilities Authority (Hurricane Recovery Program); Series 2007, RB (INS–Ambac Assurance Corp.)(b)		5.00	%		06/01/18		1,000		1,082,530
Louisiana Public Facilities Authority (Nineteenth Judicial District Court); Series 2007, RB (INS–Financial Guaranty Insurance Co.)(b)		4.50	%		06/01/21		1,000		1,048,250
Louisiana Public Facilities Authority (Ochsner Clinic Foundation Project); Series 2007 A, RB		5.00	%		05/15/10		1,320		1,338,111
Monroe (City of) (Economic Development Garret Rd.);
Series 2008, Sales Tax Increment Ref. RB (INS–Assured Guaranty Corp.)(b)		5.25	%		03/01/22		1,300		1,370,967
Series 2008, Sales Tax Increment Ref. RB (INS–Assured Guaranty Corp.)(b)		5.38	%		03/01/24		1,000		1,053,860
New Orleans (City of) Aviation Board;
Series 2009 A-1, Restructuring Ref. RB (INS–Assured Guaranty Corp.)(b)		5.00	%		01/01/19		500		562,185
Series 2009 A-1, Restructuring Ref. RB (INS–Assured Guaranty Corp.)(b)		6.00	%		01/01/23		1,000		1,155,850
New Orleans (City of); Series 2009, Sewage Service Ref. RB (INS–Assured Guaranty Corp.)(b)		6.25	%		06/01/29		1,000		1,072,630
									46,587,516

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

11        AIM Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Maine–0.47%
Lewiston (City of);
Series 2008 B, Unlimited Tax GO (INS–Financial Security Assurance Inc.)(b)		5.00	%		12/15/19	$	750	$	846,240
Series 2008 B, Unlimited Tax GO (INS–Financial Security Assurance Inc.)(b)		5.00	%		12/15/20		870		976,184
Series 2008 B, Unlimited Tax GO (INS–Financial Security Assurance Inc.)(b)		5.50	%		12/15/23		950		1,079,200
Maine (State of) Housing Authority; Series 2009 B, RB		5.00	%		11/15/29		2,500		2,580,475
									5,482,099
Maryland–1.12%
Baltimore (City of) (Water Project); Series 2009 A, Sub. Project RB		5.13	%		07/01/29		250		269,162
Housing Opportunities Commission of Montgomery County; Series 2009 A, Single Family Mortgage RB		3.38	%		07/01/16		1,000		1,020,590
Maryland Health & Higher Educational Facilities Authority (Annapolis Life Care, Inc.); Series 2007, VRD RB (LOC–RBS Citizens, N.A.)(c)(d)(e)		1.50	%		07/01/40		5,000		5,000,000
Maryland Health & Higher Educational Facilities Authority (Lifebridge Health);
Series 2008, RB		5.00	%		07/01/18		1,000		1,084,760
Series 2008, RB (INS–Assured Guaranty Corp.)(b)		5.00	%		07/01/20		1,000		1,100,670
Series 2008, RB (INS–Assured Guaranty Corp.)(b)		5.00	%		07/01/22		1,005		1,096,194
Maryland Health & Higher Educational Facilities Authority (The Johns Hopkins Hospital);
Series 2008, Health System RB(a)		5.00	%		05/15/13		1,000		1,090,120
Series 2008, Health System RB(a)		5.00	%		05/15/15		615		679,415
Maryland Health & Higher Educational Facilities Authority (University of Maryland Medical System);
Series 2008 F, Health System RB		5.00	%		07/01/17		500		546,255
Series 2008 F, Health System RB		4.50	%		07/01/20		500		520,155
Maryland Health & Higher Educational Facilities Authority (Washington County Hospital); Series 2008, RB		5.00	%		01/01/20		500		509,440
									12,916,761
Massachusetts–4.05%
Massachusetts (State of); Series 2001 D, Construction Loan Limited Tax GO(a)(g)		5.25	%		11/01/11		2,500		2,721,400
Massachusetts Health & Educational Facilities Authority (Baystate Medical Center); Series 2009 K, RB(a)		5.00	%		07/01/13		2,500		2,658,725
Massachusetts Health & Educational Facilities Authority (Lesley University); Series 2009 A, RB (INS–Assured Guaranty Corp.)(b)		5.00	%		07/01/23		1,095		1,230,145
Massachusetts Health & Educational Facilities Authority (Northeastern University); Series 2009 T-2, RB(a)		4.10	%		04/19/12		1,485		1,515,368
Massachusetts Industrial Finance Agency (Milton Academy); Series 1997, VRD RB (INS–National Public Finance Guarantee Corp.)(b)(c)(d)		4.00	%		03/01/27		3,500		3,500,000
Massachusetts Turnpike Authority; Series 1999 A, RB (INS–Ambac Assurance Corp.)(b)		5.25	%		01/01/29		35,000		35,218,400
									46,844,038
Michigan–2.71%
Avondale School District; Series 2009, Ref. Unlimited Tax GO (INS–Assured Guaranty Corp.)(b)		4.00	%		05/01/19		1,000		1,012,220
Battle Creek (City of); Series 2008, Downtown Development Ref. Unlimited Tax GO (INS–Ambac Assurance Corp.)(b)		5.00	%		05/01/15		1,110		1,223,964
Hartland Consolidated Schools; Series 2001, Ref. Unlimited Tax GO (CEP–Michigan School Bond Loan Fund)		5.50	%		05/01/11		1,000		1,063,920
Hastings Area School System; Series 2009, Ref. Unlimited Tax GO (INS–Assured Guaranty Corp.)(b)		3.25	%		05/01/15		1,475		1,517,554
Michigan Building Authority;
Series 2003 I, Ref. RB (INS–Financial Security Assurance Inc.)(b)		5.25	%		10/15/16		4,315		4,696,964
Series 2009 I, Ref. RB (INS–Assured Guaranty Corp.)(b)		5.25	%		10/15/24		1,040		1,159,745
Michigan Hospital Finance Authority (McLaren Health Care); Series 2008, RB		5.25	%		05/15/18		1,100		1,164,834
Michigan Municipal Bond Authority (Downtown Development Local Project);
Series 2009 A, Local Government Loan Program RB		5.00	%		05/01/21		1,515		1,629,216
Series 2009 A, Local Government Loan Program RB		5.13	%		05/01/23		800		856,568
Series 2009 A, Local Government Loan Program RB		5.25	%		05/01/24		500		536,570

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

12        AIM Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Michigan–(continued)
Michigan Municipal Bond Authority;
Series 2009 C, Local Government Loan Program RB (CEP–Michigan School Bond Loan Fund)		5.00	%		05/01/15	$	1,850	$	2,054,425
Series 2009 C, Local Government Loan Program RB (CEP–Michigan School Bond Loan Fund)		5.00	%		05/01/16		1,860		2,061,308
Michigan Strategic Fund (Detroit Edison Co.); Series 1995 CC, Ref. Limited Obligation RB (INS–Ambac Assurance Corp.)(a)(b)		4.85	%		09/01/11		2,025		2,063,941
School District of Ypsilanti;
Series 1998, Unlimited Tax GO (INS–National Public Finance Guarantee Corp.)(b)		5.00	%		05/01/18		1,000		1,002,870
Series 2009, Unlimited Tax GO (INS–Assured Guaranty Corp.)(b)		4.00	%		05/01/12		2,270		2,378,801
Series 2009, Unlimited Tax GO (INS–Assured Guaranty Corp.)(b)		4.00	%		05/01/14		1,985		2,102,353
Series 2009, Unlimited Tax GO (INS–Assured Guaranty Corp.)(b)		5.00	%		05/01/18		1,270		1,399,299
Taylor (City of); Series 2001, COP (INS–Ambac Assurance Corp.)(b)		5.00	%		02/01/11		495		520,319
Troy (City of) Downtown Development Authority; Series 2001, Ref. & Development Tax Allocation RB (INS–National Public Finance Guarantee Corp.)(b)		5.00	%		11/01/10		1,265		1,318,256
Wayne State University; Series 2007 A, RB (INS–National Public Finance Guarantee Corp.)(b)		5.00	%		11/15/12		1,190		1,281,392
Wyandotte (City of); Series 2009 A, Ref. Electric System RB (INS–Assured Guaranty Corp.)(b)		5.25	%		10/01/28		250		274,090
									31,318,609
Minnesota–1.50%
Duluth (City of) Independent School District No. 709;
Series 2009 B, COP		4.00	%		03/01/12		1,050		1,101,377
Series 2009 B, COP		4.00	%		03/01/13		1,325		1,402,049
Series 2009 B, COP		4.00	%		03/01/14		1,360		1,442,430
Series 2009 B, COP		4.00	%		03/01/15		1,400		1,486,156
Minneapolis-St. Paul Metropolitan Airports Commission; Series 2007 B, RB (INS–National Public Finance Guarantee Corp.)(b)		5.00	%		01/01/19		2,780		3,071,149
Minnesota (State of); Series 2009 D, Unlimited Tax GO		4.00	%		08/01/23		3,360		3,605,146
Minnesota Higher Education Facilities Authority (University of St. Thomas); Series 2009 Six-X, RB		5.00	%		04/01/24		500		543,270
Minnesota Housing Finance Agency;
Series 2009 A, Residential Housing Finance RB		5.20	%		01/01/23		995		1,061,177
Series 2009 B, Residential Housing Finance RB		5.45	%		07/01/24		990		1,059,567
Western Minnesota Municipal Power Agency;
Series 2001 A, Ref. RB (INS–Ambac Assurance Corp.)(b)		5.50	%		01/01/10		1,245		1,259,666
Series 2001 A, Ref. RB (INS–Ambac Assurance Corp.)(b)		5.50	%		01/01/11		1,300		1,367,106
									17,399,093
Mississippi–0.51%
Alcorn State University Educational Building Corp. (Student Housing Project); Series 2009 A, RB		4.63	%		09/01/26		1,695		1,788,089
Mississippi Development Bank (Lowndes County Industrial Development); Series 2007, Special Obligation IDR (INS–Financial Security Assurance Inc.)(b)		5.00	%		07/01/19		1,160		1,316,786
Mississippi Development Bank; Series 2009, Special Obligation Limited Tax Bonds (INS–Assured Guaranty Corp.)(b)		5.00	%		07/01/24		1,000		1,090,160
Rankin (County of) School District; Series 2001, Unlimited Tax GO (INS–Financial Security Assurance Inc.)(b)		5.00	%		10/01/11		1,625		1,755,260
									5,950,295
Missouri–1.11%
Cape Girardeau (County of) Industrial Development Authority (St. Francis Medical Center); Series 2009, Health Care Facilities IDR		5.50	%		06/01/29		250		265,580
Cass (County of); Series 2007, Hospital RB		5.00	%		05/01/17		500		508,630
Kansas City (City of); Series 2008 A, Ref. General Improvement Airport RB		4.00	%		09/01/14		1,000		1,074,430
Ladue School District; Series 2007, Ref. & Improvement Unlimited Tax GO		5.00	%		03/01/25		1,250		1,397,787

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

13        AIM Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Missouri–(continued)
Missouri (State of) Development Finance Board (Missouri Association Municipal Utilities); Series 1999, VRD Lease RB(c)(d)(h)		5.50	%		12/01/22	$	1,370	$	1,370,000
Missouri (State of) Environmental Improvement & Energy Resources Authority; Series 2001 C, RB		5.00	%		07/01/23		1,000		1,059,580
Missouri Health & Educational Facilities Authority (University of Missouri–Columbia Arena); Series 2001, RB		5.00	%		11/01/19		2,540		2,699,893
Missouri Health & Educational Facilities Authority (Webster University); Series 2001, Educational Facilities RB (INS–National Public Finance Guarantee Corp.)(b)		5.00	%		04/01/11		1,075		1,124,106
Missouri Housing Development Commission; Series 2008 B2, Single Family Mortgage RB (CEP–GNMA/FNMA/FHLMC)(b)		5.10	%		03/01/28		485		505,535
St. Louis (City of) (Lambert-St. Louis International Airport); Series 2007 A, Ref. Airport RB (INS–Financial Security Assurance Inc.)(b)		5.00	%		07/01/20		1,125		1,233,855
St. Louis (City of) Municipal Finance Corp. (Convention Center Capital Improvement); Series 2008, Leasehold RB (INS–Assured Guaranty Ltd.)(b)		5.00	%		07/15/21		1,500		1,643,925
									12,883,321
Montana–0.22%
Helena (City of); Series 2009, COP		5.00	%		01/01/29		400		429,696
Montana (State of) Facility Finance Authority (Glendive Medical Center);
Series 2008 A, Master Loan Program RB		4.63	%		07/01/18		1,010		1,097,355
Series 2008 A, Master Loan Program RB		4.75	%		07/01/28		1,000		1,031,000
									2,558,051
Nebraska–0.16%
Douglas (County of) School District No. 10 (Elkhorn Public Schools); Series 2009, Unlimited Tax GO		5.45	%		06/15/22		500		544,110
Nebraska Elementary & Secondary School Finance Authority (Boys Town); Series 2008, Educational Facilities RB		4.75	%		09/01/28		1,000		1,051,940
Nebraska Municipal Energy Agency; Series 2009 A, Ref. Power Supply System RB (INS–Berkshire Hathaway Assurance Corp.)(b)		5.13	%		04/01/29		250		278,748
									1,874,798
Nevada–1.91%
Clark (County of);
Series 2006, Limited Tax GO (INS–Ambac Assurance Corp.)(b)		5.00	%		11/01/21		5,235		5,724,577
Series 2009 C, Airport System Sub. Lien RB (INS–Financial Security Assurance Inc.)(b)		5.00	%		07/01/22		1,000		1,101,260
Series 2009 C, Airport System Sub. Lien RB (INS–Financial Security Assurance Inc.)(b)		5.00	%		07/01/23		4,000		4,362,360
Series 2009 C, Airport System Sub. Lien RB (INS–Financial Security Assurance Inc.)(b)		5.00	%		07/01/24		2,000		2,165,120
Series 2009 C, Airport System Sub. Lien RB (INS–Financial Security Assurance Inc.)(b)		5.00	%		07/01/25		1,500		1,613,160
Humboldt (County of) (Idaho Power Co. Project); Series 2003, PCR		5.15	%		12/01/24		4,000		4,228,400
Nevada (State of); Series 1999 A, Capital Improvement & Cultural Affairs Limited Tax GO		5.00	%		02/01/10		1,500		1,520,745
Reno (City of) (Washoe Medical Center); Series 2005 A, RB (INS–Financial Security Assurance Inc.)(b)		5.25	%		06/01/17		1,300		1,423,422
									22,139,044
New Hampshire–0.51%
New Hampshire Health & Education Facilities Authority; Series 2006, VRD RB (LOC–Citizens Bank N.A.)(c)(d)(e)		1.50	%		05/01/36		3,500		3,500,000
New Hampshire Housing Financing Authority;
Series 2008 E, Single Family Mortgage Acquisition RB		5.05	%		07/01/23		500		527,030
Series 2008 E, Single Family Mortgage Acquisition RB		5.30	%		07/01/28		250		262,063
Series 2009 A, Single Family Mortgage Acquisition RB		5.13	%		07/01/29		1,500		1,558,695
									5,847,788
New Jersey–1.13%
New Jersey (State of) Economic Development Authority; Series 2004, Cigarette Tax RB		5.50	%		06/15/16		1,305		1,350,936

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

14        AIM Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
New Jersey–(continued)
New Jersey Transportation Trust Fund Authority;
Series 1999 A, Transportation System RB(g)		5.50	%		06/15/10	$	7,060	$	7,319,808
Series 1999 A, Transportation System RB		5.50	%		06/15/10		720		744,214
Newark (City of) Housing Authority (South Ward Police Facility);
Series 2009, RB (INS–Assured Guaranty Ltd.)(b)		5.00	%		12/01/21		1,130		1,237,045
Series 2009, RB (INS–Assured Guaranty Ltd.)(b)		5.38	%		12/01/26		500		540,870
Paterson (City of);
Series 2009, Unlimited Tax General Improvement GO (INS–Financial Security Assurance Inc.)(b)		4.25	%		06/15/12		1,600		1,677,808
Series 2009, Unlimited Tax General Improvement GO (INS–Financial Security Assurance Inc.)(b)		5.00	%		06/15/16		200		218,752
									13,089,433
New York–3.36%
Babylon Industrial Development Agency;
Series 2009 A, Resource Recovery RB		5.00	%		01/01/14		560		612,814
Series 2009 A, Resource Recovery RB		5.00	%		01/01/18		445		490,118
Series 2009 A, Resource Recovery RB		5.00	%		01/01/19		365		401,872
Chautauqua (County of) Industrial Development Agency; Series 2007 B, VRD RB (LOC–Citizens Bank N.A.)(c)(d)(e)		1.50	%		07/01/39		11,860		11,860,000
Dormitory Authority of the State of New York (Frances Schervier Obligated Group); Series 1997, RB (INS–Financial Security Assurance Inc.)(b)		5.50	%		07/01/10		1,205		1,248,055
Dormitory Authority of the State of New York (School District Building Financing); Series 2008 D, RB (INS–Assured Guaranty Ltd.)(b)		5.75	%		10/01/24		1,000		1,147,500
Dormitory Authority of the State of New York (St. Lawrence University Center); Series 2009, RB		5.00	%		07/01/14		2,000		2,183,740
Dormitory Authority of the State of New York;
Series 2002 B, RB(a)		5.25	%		05/15/12		3,000		3,240,120
Series 2009, Yeshiva University RB		5.00	%		09/01/22		2,635		3,020,132
Series 2009 A, Ref. RB		5.00	%		07/01/18		2,000		2,287,600
New York (City of) Housing Development Corp.; Series 2009 C-2, MFH RB		3.50	%		05/01/13		1,085		1,095,796
New York (City of) Transitional Finance Authority;
Series 2009 S-5, Building Aid RB		5.00	%		01/15/16		2,000		2,298,760
Series 2009 S-5, Building Aid RB		5.00	%		01/15/17		1,875		2,161,987
New York (City of); Series 2008 Subseries. J-1, Unlimited Tax GO		5.00	%		08/01/17		750		863,355
New York (State of) Housing Finance Agency; Series 2009 B, Affordable Housing RB		1.45	%		11/01/11		1,000		996,750
Tompkins (County of) Industrial Development Agency; Series 2001 A, VRD RB (LOC–Citizens Bank N.A.)(c)(d)(e)		1.50	%		12/01/21		2,000		2,000,000
Tompkins (County of) Industrial Development Agency (Tompkins Cortland Community College Foundation); Series 2006, VRD RB (LOC–Citizens Bank N.A.)(c)(d)(e)		1.50	%		01/01/37		3,025		3,025,000
									38,933,599
North Carolina–1.82%
Charlotte-Mecklenburg Hospital Authority (Carolinas Healthcare System);
Series 2007 A, Ref. Health Care System RB		5.00	%		01/15/19		1,000		1,093,050
Series 2007 B, Ref. Health Care System VRD RB(c)(d)		2.00	%		01/15/38		10,000		10,000,000
Series 2008 A, Ref. Health Care System RB		4.63	%		01/15/26		1,000		1,037,250
Series 2009 A, Ref. Health Care System RB		5.00	%		01/15/20		3,500		3,872,225
Series 2009 A, Ref. Health Care System RB		5.00	%		01/15/26		1,665		1,783,714
North Carolina Eastern Municipal Power Agency;
Series 2008 C, Power System RB (INS–Assured Guaranty Ltd.)(b)		6.00	%		01/01/19		250		268,335
Series 2009 B, Power System RB		5.00	%		01/01/17		500		547,315

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

15        AIM Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
North Carolina–(continued)
Oak Island (Town of) (Waste Water Project);
Series 2008 A, Enterprise System RB (INS–National Public Finance Guarantee Corp.)(b)		5.00	%		06/01/20	$	1,065	$	1,166,580
Series 2008 A, Enterprise System RB (INS–National Public Finance Guarantee Corp.)(b)		5.00	%		06/01/23		1,210		1,292,353
									21,060,822
North Dakota–0.18%
Fargo (City of) (Meritcare Obligated Group); Series 2000 A, Health System RB (INS–Financial Security Assurance Inc.)(b)		5.60	%		06/01/21		2,000		2,042,680
Ohio–4.14%
Akron (City of);
Series 2009, Waterworks System Mortgage Ref. & Improvement RB (INS–Assured Guaranty Ltd.)(b)		5.00	%		03/01/16		2,675		3,051,747
Series 2009, Waterworks System Mortgage Ref. & Improvement RB (INS–Assured Guaranty Ltd.)(b)		5.00	%		03/01/18		2,010		2,304,043
Buckeye (City of) Tobacco Settlement Financing Authority;
Series 2007 A-1, Sr. Asset-Backed RB		5.00	%		06/01/12		930		971,013
Series 2007 A-2, Sr. Asset-Backed Turbo Term RB		5.38	%		06/01/24		610		593,371
Cleveland (City of);
Series 2009 C, Airport System RB (INS–Assured Guaranty Ltd.)(b)		5.00	%		01/01/18		2,000		2,253,020
Series 2009 C, Airport System RB (INS–Assured Guaranty Ltd.)(b)		5.00	%		01/01/19		2,000		2,258,900
Series 2009 C, Airport System RB (INS–Assured Guaranty Ltd.)(b)		5.00	%		01/01/20		4,000		4,463,840
Series 2009 C, Airport System RB (INS–Assured Guaranty Ltd.)(b)		5.00	%		01/01/23		3,000		3,273,570
Series 2009 C, Airport System RB (INS–Assured Guaranty Ltd.)(b)		5.00	%		01/01/27		2,000		2,115,200
Ohio (State of) (Cleveland Clinic);
Series 2009 B, Hospital Facilities RB		4.75	%		01/01/20		3,000		3,266,850
Series 2009 B, Hospital Facilities RB		4.75	%		01/01/21		2,000		2,161,540
Series 2009 B, Hospital Facilities RB		5.00	%		01/01/22		1,000		1,076,640
Series 2009 B, Hospital Facilities RB		5.00	%		01/01/23		3,000		3,213,150
Series 2009 B, Hospital Facilities RB		5.00	%		01/01/25		3,000		3,182,250
Series 2009 B, Hospital Facilities RB		5.00	%		01/01/26		3,000		3,177,510
Series 2009 B, Hospital Facilities RB		5.00	%		01/01/27		1,000		1,052,130
Ohio (State of); Series 2009 A II, Parks & Recreation Capital Facilities RB		5.00	%		12/01/19		1,825		2,104,225
Ohio Air Quality Development Authority (First Energy Generation Corp. Project); Series 2009 C, Ref. PCR		5.63	%		06/01/18		3,000		3,266,820
Ohio State Higher Educational Facility Commission (University Hospital Health System); Series 2009 C, RB(a)		4.88	%		07/15/15		2,500		2,578,550
Toledo (City of); Series 2009, City Services Special Assessment Notes		4.00	%		06/01/11		1,500		1,529,070
									47,893,439
Oklahoma–1.72%
Cleveland County Justice Authority (Detention Facility); Series 2009 A, Sales Tax RB		5.00	%		03/01/22		1,000		1,055,850
Mustang Improvement Authority; Series 1999, Utility System RB (INS–Financial Security Assurance Inc.)(b)		5.25	%		10/01/09		275		275,036
Oklahoma (State of) Development Finance Authority (Oklahoma State System of Higher Education);
Series 2009 A, Master Real Property Lease RB		4.00	%		06/01/20		1,000		1,055,900
Series 2009 A, Master Real Property Lease RB		4.10	%		06/01/21		1,000		1,050,580
Series 2009 A, Master Real Property Lease RB		4.20	%		06/01/22		1,000		1,045,840
Series 2009 A, Master Real Property Lease RB		4.25	%		06/01/23		1,000		1,040,850
Oklahoma County Finance Authority (Western Heights Public Schools Project); Series 2009, Educational Facilities Lease RB		4.50	%		09/01/19		2,000		2,066,260
Oklahoma Industries Authority (Oklahoma Medical Research Foundation); Series 2008, RB		5.50	%		07/01/29		1,250		1,315,487

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

16        AIM Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Oklahoma–(continued)
Oklahoma Municipal Power Authority;
Series 2008 A, Power Supply System RB		5.25	%		01/01/18	$	300	$	349,245
Series 2008 A, Power Supply System RB		5.38	%		01/01/19		250		290,628
Series 2008 A, Power Supply System RB		5.88	%		01/01/28		250		282,280
Tulsa (County of) Industrial Authority;
Series 2003 A, Capital Improvement RB		4.00	%		05/15/16		5,000		5,335,100
Series 2005 A, Capital Improvement RB		4.00	%		05/15/17		1,000		1,062,490
Series 2009, Educational Facilities Lease RB		4.00	%		09/01/14		2,000		2,154,940
Tulsa Industrial Authority (University of Tulsa); Series 2009, Ref. RB		5.00	%		10/01/23		1,500		1,572,195
									19,952,681
Oregon–0.27%
Clackamas County Hospital Facility Authority (Legacy Health System); Series 2009 B, RB(a)		5.00	%		07/15/12		1,000		1,055,500
Oregon (State of) Department of Administrative Services; Series 2009 A, Lottery RB		5.00	%		04/01/28		500		556,340
Salem-Keizer School District No. 24J; Series 2009 B, Unlimited Tax GO(f)		5.24	%		06/15/23		2,500		1,471,475
									3,083,315
Pennsylvania–6.42%
Bethel Park School District;
Series 2009, Limited Tax GO		3.00	%		08/01/13		500		521,985
Series 2009, Limited Tax GO		4.00	%		08/01/17		800		857,432
Series 2009, Limited Tax GO		5.00	%		08/01/29		1,000		1,067,190
Blair County Hospital Authority (Altoona Hospital Project); Series 1998 A, Hospital RB (INS–Ambac Assurance Corp.)(b)		5.50	%		07/01/10		1,000		1,007,680
Lackawanna (County of); Series 2008 B, Unlimited Tax VRD GO (INS–Financial Security Assurance Inc.)(b)(c)(d)		1.10	%		09/01/35		11,115		11,115,000
Moon (Township of), Pennsylvania Industrial Development Authority (Providence Point); Series 2007, First Mortgage IDR (LOC–Lloyds TSB Bank PLC)(c)(d)(e)		0.35	%		07/01/38		21,725		21,725,000
Pennsylvania Economic Development Financing Authority (Exelon Generation, LLC Project); Series 2009 A, Exempt Facilities RB(a)		5.00	%		06/01/12		1,000		1,053,870
Pennsylvania Higher Educational Facilities Authority (Carnegie Mellon University);
Series 2009, RB		5.00	%		08/01/17		1,000		1,164,500
Series 2009, RB		4.25	%		08/01/19		3,000		3,283,320
Series 2009, RB		5.00	%		08/01/21		750		853,567
Pennsylvania Higher Educational Facilities Authority (University of Pennsylvania Health System); Series 2008 B, RB		5.00	%		08/15/13		1,000		1,096,600
Pennsylvania Turnpike Commission;
Series 2008 C, Sub. RB (INS–Assured Guaranty Ltd.)(b)		6.00	%		06/01/23		500		598,870
Series 2009 B, Sub. RB		5.00	%		06/01/21		3,500		4,033,155
Series 2009 B, Sub. RB		5.25	%		06/01/24		2,500		2,861,000
Philadelphia (City of);
Series 2009 A, Unlimited Tax GO (INS–Assured Guaranty Ltd.)(b)		4.50	%		08/01/20		2,000		2,156,680
Series 2009 A, Unlimited Tax GO (INS–Assured Guaranty Ltd.)(b)		5.25	%		08/01/21		2,500		2,829,950
Series 2009 A, Unlimited Tax GO (INS–Assured Guaranty Ltd.)(b)		5.25	%		08/01/22		5,000		5,581,850
Series 2009 A, Water & Wastewater RB		5.00	%		01/01/27		250		264,990
Series 2009 B, Limited Tax GO (INS–Assured Guaranty Ltd.)(b)		5.75	%		07/15/17		1,000		1,165,520
Series 2009 B, Limited Tax GO (INS–Assured Guaranty Ltd.)(b)		6.00	%		07/15/18		1,000		1,168,720
Series 2009 B, Limited Tax GO (INS–Assured Guaranty Ltd.)(b)		6.25	%		07/15/23		2,000		2,288,820
Reading (City of); Series 2008, Unlimited Tax GO (INS–Financial Security Assurance Inc.)(b)		5.63	%		11/01/23		1,500		1,704,300

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

17        AIM Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Pennsylvania–(continued)
Southeastern Pennsylvania Transportation Authority; Series 1999 B, Ref. RB (INS–National Public Finance Guarantee Corp.)(b)		5.25	%		03/01/17	$	3,000	$	3,034,950
University of Pittsburgh of the Commonwealth System of Higher Education (University Capital Project);
Series 2002 B, Ref. RB(a)		5.50	%		09/15/13		1,000		1,124,720
Series 2005 A, RB(a)		5.50	%		09/15/13		1,000		1,124,720
West Mifflin Area School District; Series 2009, Limited Tax GO (INS–Financial Security Assurance Inc.)(b)		5.50	%		04/01/24		500		579,795
									74,264,184
Puerto Rico–0.78%
Puerto Rico Public Buildings Authority; Series 2004 K, Ref. Government Facilities RB (INS–Financial Security Assurance Inc.)(b)		5.25	%		07/01/27		2,450		2,620,545
Puerto Rico Sales Tax Financing Corp.;
First Sub. Series 2009 A, Sales Tax RB(a)		5.00	%		08/01/11		3,000		3,127,530
First Sub. Series 2009 A, Sales Tax RB		5.00	%		08/01/19		3,000		3,329,670
									9,077,745
Rhode Island–0.44%
Rhode Island Health & Educational Building Corp. (Public Schools Financing Program); Series 2007 B, RB (INS–Ambac Assurance Corp.)(b)		5.00	%		05/15/21		1,000		1,082,470
Rhode Island Health & Educational Building Corp. (University of Rhode Island); Series 2009 B, Higher Education Facilities RB (INS–Assured Guaranty Ltd.)(b)		5.25	%		09/15/29		1,250		1,348,500
Rhode Island Student Loan Authority;
Series 2009 A, Hospital Financing RB (INS–Assured Guaranty Ltd.)(b)		6.13	%		05/15/27		500		552,180
Series 2009 A, Student Loan RB		4.75	%		12/01/15		1,150		1,219,725
Woonsocket (City of); Series 2000, Unlimited Tax GO (INS–National Public Finance Guarantee Corp.)(b)		5.25	%		10/01/10		840		872,936
									5,075,811
South Carolina–1.24%
Oconee (County of) (Duke Energy Carolinas Project); Series 2009, Pollution Control Ref. RB		3.60	%		02/01/17		2,650		2,730,984
South Carolina (State of); Series 2001 B, Capital Improvements Unlimited Tax GO		5.50	%		04/01/11		1,000		1,073,590
South Carolina Jobs–Economic Development Authority (Palmetto Health Alliance);
Series 2005 A, Ref. RB (INS–Financial Security Assurance Inc.)(b)		4.00	%		08/01/17		1,500		1,563,495
Series 2009, Ref. and Improvement RB		3.00	%		08/01/10		500		504,380
Series 2009, Ref. and Improvement RB		3.00	%		08/01/11		1,000		1,009,380
Series 2009, Ref. and Improvement RB		5.00	%		08/01/15		500		521,695
Series 2009, Ref. and Improvement RB		5.00	%		08/01/17		1,000		1,021,390
Series 2009, Ref. and Improvement RB		5.00	%		08/01/18		500		507,100
South Carolina Public Service Authority; Series 1999 A, RB (INS–National Public Finance Guarantee Corp.)(b)		5.50	%		01/01/10		1,000		1,013,200
South Carolina Transportation Infrastructure Bank; Series 2004 A, RB (INS–Ambac Assurance Corp.)(b)		5.25	%		10/01/22		1,390		1,513,057
Spartanburg Regional Health Services District;
Series 2003 A, RB (INS–Assured Guaranty Ltd.)(b)		4.50	%		04/15/27		1,735		1,751,153
Series 2008 D, Ref. RB (INS–Assured Guaranty Ltd.)(b)		5.25	%		04/15/20		1,000		1,111,920
									14,321,344

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

18        AIM Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
South Dakota–0.25%
South Dakota Health & Educational Facilities Authority (Sanford Health);
Series 2009, RB		5.00	%		11/01/16	$	500	$	542,545
Series 2009, RB		5.00	%		11/01/17		430		463,136
Series 2009, RB		5.00	%		11/01/24		1,000		1,037,680
Series 2009, RB		5.25	%		11/01/29		500		517,395
South Dakota Housing Development Authority (Home Ownership Mortgage); Series 2008 G, RB		5.10	%		05/01/18		250		274,842
									2,835,598
Tennessee–0.42%
Jackson (City of) (Jackson-Madison County General Hospital Project); Series 2008, Ref. & Improvement RB		5.25	%		04/01/23		1,000		1,057,570
Sevierville (City of) Public Building Authority; Series 2009, Local Government Public Improvement RB		4.00	%		06/01/14		2,500		2,694,675
Shelby (County of) Health Educational & Housing Facilities Board (Methodist Healthcare–University Hospital) Series 2004 B, RB (INS–Financial Security Assurance Inc.)(b)		5.00	%		09/01/17		1,000		1,110,980
									4,863,225
Texas–8.01%
Aldine Independent School District; Series 2003, Unlimited Tax School Building GO (CEP–Texas Permanent School Fund)		3.00	%		02/15/15		500		528,760
Amarillo Health Facilities Corp. (Baptist St. Anthony’s Hospital); Series 1998, RB (INS–Financial Security Assurance Inc.)(b)		5.50	%		01/01/10		1,275		1,287,610
Austin (City of); Series 2001, Limited Tax Certificates GO		5.00	%		09/01/11		1,900		2,055,154
Beaumont Independent School District; Series 2003, Unlimited Tax School Building GO (INS–Assured Guaranty Ltd.)(b)		5.00	%		02/15/24		1,500		1,654,095
Corpus Christi Independent District; Series 2009, School Building Unlimited Tax GO		5.00	%		08/15/22		1,500		1,739,820
Dallas (City of) (Civic Center Convention Complex); Series 2009, Ref. & Improvement RB (INS–Assured Guaranty Ltd.)(b)		5.00	%		08/15/26		585		633,801
Dallas and Fort Worth (Cities of); Series 2009 A, Ref. RB		4.00	%		11/01/14		2,000		2,151,420
Dallas County Utility & Reclamation District, Series 2005 A, Ref. Unlimited Tax GO (INS–Ambac Assurance Corp.)(b)		5.00	%		02/15/19		1,000		1,045,720
Series 2005 A, Ref. Unlimited Tax GO (INS–Ambac Assurance Corp.)(b)		5.15	%		02/15/21		3,000		3,121,260
Garland (City of); Series 2001, Limited Tax Certificates GO (INS–National Public Finance Guarantee Corp.)(b)		5.25	%		02/15/11		2,435		2,583,024
Gulf Coast Waste Disposal Authority; Series 2006, Environmental Facilities RB(a)		2.30	%		09/03/13		2,500		2,521,750
Harris County Cultural Education Facilities Finance Corp. (Baylor College of Medicine); Series 2008 D, Ref. RB		5.13	%		11/15/23		750		775,643
Harris County Cultural Education Facilities Finance Corp. (TECO); Series 2009 A, Thermal Utility RB		5.00	%		11/15/19		485		559,656
Harris County Cultural Education Facilities Finance Corp. (Texas Children’s Hospital Project);
Series 2009, Hospital RB		3.50	%		10/01/13		750		783,938
Series 2009, Hospital RB		5.00	%		10/01/24		1,750		1,861,912
Harris County Cultural Education Facilities Finance Corp. (Texas Medical Center); Series 2009 A, Ref. Special Facilities RB (INS–Assured Guaranty Ltd.)(b)		5.00	%		05/15/23		1,500		1,633,680
Harris County Cultural Education Facilities Finance Corp. (The Methodist Hospital System); Series 2009 B-1, Ref. RB(a)		5.00	%		06/01/12		1,630		1,766,333
Houston (City of) Convention & Entertainment Facilities Department;
Series 2001 A, Ref. Hotel Occupancy and Special Tax RB (INS–Ambac Assurance Corp.)(b)		5.50	%		09/01/10		1,000		1,039,030
Series 2001 A, Ref. Hotel Occupancy and Special Tax RB (INS–Ambac Assurance Corp.)(b)		5.50	%		09/01/11		4,000		4,295,480
Series 2001 B, Hotel Occupancy and Special Tax RB (INS–Ambac Assurance Corp.)(b)		5.25	%		09/01/10		1,000		1,036,750
Series 2001 B, Hotel Occupancy and Special Tax RB (INS–Ambac Assurance Corp.)(b)		5.25	%		09/01/11		2,360		2,523,218
Series 2001 B, Hotel Occupancy and Special Tax RB (INS–Ambac Assurance Corp.)(b)		5.50	%		09/01/11		2,460		2,641,720

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

19        AIM Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Texas–(continued)
Houston (City of);
Series 2009 A, Airport Sr. Lien Ref. RB		5.00	%		07/01/15	$	325	$	366,044
Series 2009 A, Airport Sr. Lien Ref. RB		5.00	%		07/01/16		250		281,568
Series 2009 A, Airport Sr. Lien Ref. RB		5.00	%		07/01/17		340		382,952
Series 2009 A, Airport Sr. Lien Ref. RB		5.00	%		07/01/18		500		564,135
Series 2009 A, Airport Sr. Lien Ref. RB		5.00	%		07/01/19		250		279,850
Humble Independent School District; Series 2009, Unlimited Tax GO		3.00	%		02/15/15		1,190		1,242,788
Katy Independent School District; Series 1999 A, Unlimited Tax GO (CEP–Texas Permanent School Fund)		5.20	%		02/15/10		1,285		1,290,256
Lake Worth (City of); Series 2008, Limited Tax Certificates GO (INS–Assured Guaranty Ltd.)(b)		5.00	%		10/01/27		1,230		1,349,507
Lower Colorado River Authority;
Series 1999 A, Ref. RB (INS–Financial Security Assurance Inc.)(b)		5.88	%		05/15/14		2,665		2,702,683
Series 1999 B, Ref. RB (INS–Financial Security Assurance Inc.)(b)		6.00	%		05/15/10		1,460		1,481,228
Series 2009, Ref. RB		5.25	%		05/15/29		500		535,870
Lubbock Health Facilities Development Corp. (St. Joseph Health System); Series 2008 A, Ref. RB(a)		3.05	%		10/16/12		2,500		2,522,100
Mansfield (City of); Series 2008, Limited Tax Certificates GO		6.13	%		02/15/26		500		575,955
North Fort Bend Water Authority; Series 2009, Water System RB (INS–Assured Guaranty Ltd.)(b)		5.00	%		12/15/24		2,000		2,259,400
North Texas Municipal Water District; Series 2001, Water System RB (INS–National Public Finance Guarantee Corp.)(b)		5.00	%		09/01/11		1,040		1,120,392
North Texas Tollway Authority;
Series 2005 C, Dallas North RB		5.38	%		01/01/21		2,000		2,176,900
Series 2008 E-3, Ref. First Tier System RB(a)		5.75	%		01/01/16		1,450		1,569,871
Series 2008 G, Ref. First Tier System RB(a)		5.00	%		01/01/10		1,000		1,008,590
Series 2008 H, Ref. First Tier System RB(a)		5.00	%		01/01/13		3,150		3,332,668
Series 2008 L-2, Ref. First Tier System RB(a)		6.00	%		01/01/13		1,000		1,087,730
Series 2009 A, First Tier System RB		5.00	%		01/01/13		2,445		2,612,605
Parker (County of); Series 2009, Unlimited Tax GO (INS–Assured Guaranty Ltd.)(b)		5.25	%		02/15/26		1,000		1,131,960
Sachse (City of); Series 2009, Ref. & Improvement Limited Tax GO (INS–Assured Guaranty Ltd.)(b)		5.00	%		02/15/24		500		561,525
San Antonio (City of);
Series 1994, Electric & Gas RB		5.00	%		02/01/12		2,375		2,591,362
Series 1998 A, Ref. Limited Tax GO		5.00	%		02/01/11		1,490		1,495,424
Tarrant County Cultural Education Facilities Finance Corp. (Hendrick Medical Center);
Series 2009 A, RB (INS–Assured Guaranty Ltd.)(b)		5.00	%		09/01/13		500		541,130
Series 2009 A, RB (INS–Assured Guaranty Ltd.)(b)		3.75	%		09/01/14		1,000		1,031,410
Series 2009 A, RB (INS–Assured Guaranty Ltd.)(b)		5.00	%		09/01/22		500		524,175
Series 2009 A, RB (INS–Assured Guaranty Ltd.)(b)		5.00	%		09/01/24		1,280		1,335,923
Series 2009 B, RB (INS–Assured Guaranty Ltd.)(b)		5.25	%		09/01/28		1,000		1,051,270
Tarrant County Cultural Education Facilities Finance Corp.; Series 2007 A, Texas Health Resources Ref. RB		5.00	%		02/15/19		4,405		4,762,598
Texas Woman’s University; Series 2008, Revenue Financing System RB		5.13	%		07/01/26		1,500		1,590,495
Trinity River Authority; Series 2005, Ref. and Improvement RB (INS–National Public Finance Guarantee Corp.)(b)		5.00	%		02/01/24		4,240		4,427,111
West Harris County Regional Water Authority;
Series 2005, Water System RB (INS–Financial Security Assurance Inc.)(b)		5.00	%		12/15/17		1,000		1,085,430
Series 2009, Water System RB		5.00	%		12/15/16		1,000		1,124,250
Series 2009, Water System RB		5.00	%		12/15/22		2,215		2,416,875
									92,653,804

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

20        AIM Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
Utah–0.20%
Salt Lake Valley Fire Service Area; Series 2008, Lease RB		5.00	%		04/01/22	$	500	$	555,055
South Valley Sewer District; Series 2009 A, RB		4.00	%		01/01/15		600		657,654
Tooele School District; Series 2001, Unlimited Tax GO (CEP–Utah School Bond Guaranty)		4.50	%		06/01/11		1,075		1,142,639
									2,355,348
Vermont–0.23%
University of Vermont & State Agricultural College; Series 2009, RB		5.00	%		10/01/28		1,500		1,616,250
Vermont Educational & Health Buildings Financing Agency (Fletcher Allen Heath Care); Series 2004 B, RB (INS–Financial Security Assurance Inc.)(a)(b)		5.00	%		06/01/18		1,000		1,046,760
									2,663,010
Virgin Islands–0.14%
Virgin Islands Public Finance Authority (Diageo Project); Series 2009 A, Sub. RB		6.75	%		10/01/19		1,500		1,671,630
Virginia–2.09%
Chesterfield (County of) Economic Development Authority (Virginia Electric & Power Company Project); Series 2009 A, Ref. PCR		5.00	%		05/01/23		500		534,130
Norton (City of) Industrial Development Authority (Norton Community Hospital); Series 2001, Ref. & Improvement Hospital IDR (INS–ACA Financial Guaranty Corp.)(b)		5.13	%		12/01/10		1,315		1,325,152
Virginia Resource Authority; Series 2008, Sub. Clean Water Revolving RB		5.00	%		10/01/29		1,315		1,472,129
Virginia Small Business Financing Authority; Series 2008 B, Carilion Clinic Obligation VRD RB(c)(d)		0.33	%		07/01/42		18,700		18,700,000
York (County of) Economic Development Authority (Virginia Electric & Power Company Project); Series 2009 A, Ref. PCR(a)		4.05	%		05/01/14		2,000		2,095,760
									24,127,171
Washington–2.51%
Clark (County of) Public Utility District No. 1;
Series 2009, Ref. Electric Systems RB		5.00	%		01/01/26		500		537,120
Series 2009, Ref. Electric Systems RB		5.00	%		01/01/27		215		229,592
Series 2009, Ref. Electric Systems RB		5.00	%		01/01/28		300		318,462
Cowlitz (County of) (Wastewater Treatment); Series 2002, Ref. RB (INS–National Public Finance Guarantee Corp.)(b)		5.50	%		11/01/19		2,500		2,775,525
Energy Northwest (Project #3);
Series 2001 A, Ref. Electric RB (INS–Financial Security Assurance Inc.)(b)		5.50	%		07/01/10		1,000		1,038,370
Series 2001 A, Ref. Electric RB (INS–Financial Security Assurance Inc.)(b)		5.50	%		07/01/11		7,500		8,098,500
Seattle (City of); Series 2001, Ref. Municipal Light & Power Improvements RB (INS–Financial Security Assurance Inc.)(b)		5.25	%		03/01/11		3,000		3,187,620
Snohomish (County of);
Series 2001, Limited Tax GO(g)		5.25	%		12/01/11		300		327,366
Series 2001, Limited Tax GO		5.25	%		12/01/11		2,385		2,604,825
Washington (State of) (Department of Ecology); Series 2001, Ref. COP (INS–Ambac Assurance Corp.)(b)		4.75	%		04/01/11		5,310		5,413,120
Washington (State of); Series 2001 R-A, Ref. Unlimited Tax GO		5.00	%		09/01/10		1,745		1,817,592
Washington Health Care Facilities Authority (Multicare Health System); Series 2008 A, RB (INS–Assured Guaranty Ltd.)(b)		5.75	%		08/15/29		450		492,548
Washington Health Care Facilities Authority; Series 2008, RB (CEP–FHA)		5.25	%		08/01/23		1,000		1,062,360
Washington Higher Education Facilities Authority (Gonzaga University); Series 2009, Ref. RB		5.38	%		04/01/20		1,050		1,128,813
									29,031,813

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

21        AIM Tax-Free Intermediate Fund

						Principal
	Interest			Maturity		Amount
	Rate			Date		(000)		Value
West Virginia–0.21%
West Virginia Hospital Finance Authority;
Series 2003 D, Improvement RB (INS–Financial Security Assurance Inc.)(b)		5.38	%		06/01/28	$	1,200	$	1,299,660
Series 2009 A, Ref. and Improvement RB		5.00	%		09/01/13		1,000		1,069,440
									2,369,100
Wisconsin–4.04%
Fond du Lac (City of) School District; Series 2000, Ref. Unlimited Tax GO(a)(g)		5.25	%		04/01/10		1,000		1,024,880
Wisconsin (State of);
Series 1993 2, Ref. Unlimited Tax GO		5.13	%		11/01/11		2,000		2,175,840
Series 1999 C, Unlimited Tax GO		5.75	%		05/01/10		2,000		2,063,420
Wisconsin Health & Educational Facilities Authority (Aurora Health Care);
Series 2009 B, RB(a)		4.75	%		08/15/14		1,000		1,010,940
Series 2009 B, RB(a)		5.13	%		08/15/16		1,000		1,032,850
Wisconsin Health & Educational Facilities Authority (Bay Area Medical Center); Series 2008, VRD RB(c)(d)(e)		3.50	%		02/01/38		20,000		20,000,000
Wisconsin Health & Educational Facilities Authority (Childrens Hospital); Series 2008 B, RB		5.50	%		08/15/29		3,000		3,251,520
Wisconsin Health & Educational Facilities Authority (Oakwood); Series 2000 B, VRD RB(c)(d)(e)		2.00	%		08/15/30		4,915		4,915,000
Wisconsin Health & Educational Facilities Authority (St. John’s Communities, Inc.); Series 2005, VRD RB (LOC–M&I Marshall & Ilsley Bank)(c)(d)(e)		2.00	%		10/01/22		8,570		8,570,000
Wisconsin Health & Educational Facilities Authority (St. Mary’s School); Series 2004, VRD RB (LOC–M&I Marshall & Ilsley Bank)(c)(d)(e)		3.00	%		08/01/19		1,830		1,830,000
Wisconsin Health & Educational Facilities Authority (ThedaCare, Inc.); Series 2005, RB (INS–Ambac Assurance Corp.)(b)		5.00	%		12/15/16		855		897,895
									46,772,345
Wyoming–0.21%
Sweetwater (County of); Series 2006, Pollution Control Ref. RB		5.25	%		07/15/26		1,200		1,302,204
Wyoming Municipal Power Agency; Series 2008 A, RB		5.38	%		01/01/25		1,000		1,084,800
									2,387,004
TOTAL INVESTMENTS(i)–100.13% (Cost $1,117,817,862)									1,158,823,828
OTHER ASSETS LESS LIABILITIES–(0.13)%									(1,529,006	)
NET ASSETS–100.00%								$	1,157,294,822

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

22        AIM Tax-Free Intermediate Fund

Investment Abbreviations:

CEP	– Credit Enhancement Provider
COP	– Certificates of Participation
Ctfs.	– Certificates
FHLMC	– Federal Home Loan Mortgage Corporation
FHA	– Federal Housing Administration
FNMA	– Federal National Mortgage Association
GNMA	– Government National Mortgage Association
GO	– General Obligation Bonds
IDR	– Industrial Development Revenue Bonds
INS	– Insurer
Jr.	– Junior
LOC	– Letter of Credit
MFH	– Multi-Family Housing
PCR	– Pollution Control Revenue Bonds
RAC	– Revenue Anticipation Certificates
RB	– Revenue Bonds
Ref.	– Refunding
Sec.	– Secured
Sr.	– Senior
Sub.	– Subordinated
VRD	– Variable Rate Demand
Wts.	– Warrants

Notes to Schedule of Investments:

(a)	Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.
(b)	Principal and/or interest payments are secured by the bond insurance company listed.
(c)	Demand security payable upon demand by the Fund at specified time intervals no greater than thirteen months. Interest rate is redetermined periodically. Rate shown is the rate in effect on September 30, 2009.
(d)	Security is considered a cash equivalent.
(e)	Principal and interest payments are fully enhanced by a letter of credit from the bank listed or a predecessor bank, branch or subsidiary.
(f)	Zero coupon bond issued at a discount. The interest rate shown represents the yield to maturity at time of purchase.
(g)	Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.
(h)	Security purchased or received in a transaction exempt from registration under the Securities Act of 1933, as amended. The security may be resold pursuant to an exemption from registration under the 1933 Act, typically to qualified institutional buyers. The value of this security at September 30, 2009 represented 0.12% of the Fund’s Net Assets.
(i)	This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.

Entities	Percentage
Assured Guaranty Corp.		15.0	%
National Public Finance Guarantee Corp.		11.6
Financial Security Assurance Inc.		10.5
Ambac Assurance Corp.		8.3

Portfolio Composition

By credit quality, based on Net Assets

as of September 30, 2008

AAA	26.5	%
AA	45.2
A	20.9
BBB	7.0
NR	0.4

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

23        AIM Tax-Free Intermediate Fund

Statement of Assets and Liabilities

September 30, 2009

(Unaudited)

Assets:
Investments, at value (Cost $1,117,817,862)	$	1,158,823,828
Receivables for:
Investments sold		750,021
Fund shares sold		30,099,649
Dividends and interest		10,034,679
Investment for trustee deferred compensation and retirement plans		39,006
Other assets		72,222
Total assets		1,199,819,405
Liabilities:
Payables for:
Investments purchased		38,251,830
Fund shares reacquired		2,450,749
Amount due custodian		670,265
Dividends		760,009
Accrued fees to affiliates		225,521
Accrued other operating expenses		85,345
Trustee deferred compensation and retirement plans		80,864
Total liabilities		42,524,583
Net assets applicable to shares outstanding	$	1,157,294,822
Net assets consist of:
Shares of beneficial interest	$	1,115,816,626
Undistributed net investment income		938,067
Undistributed net realized gain (loss)		(465,837	)
Unrealized appreciation		41,005,966
	$	1,157,294,822
Net Assets:
Class A	$	114,223,638
Class A3	$	967,372,997
Class Y	$	73,013,761
Institutional Class	$	2,684,426
Shares outstanding, $0.001 par value per share, unlimited number of shares authorized:
Class A		10,189,250
Class A3		86,321,421
Class Y		6,519,276
Institutional Class		239,835
Class A:
Net asset value per share	$	11.21
Maximum offering price per share (Net asset value of $11.21 divided by 99.00%)	$	11.32
Class A3:
Net asset value and offering price per share	$	11.21
Class Y:
Net asset value and offering price per share	$	11.20
Institutional Class:
Net asset value and offering price per share	$	11.19

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

24        AIM Tax-Free Intermediate Fund

Statement of Operations

For the six months ended September 30, 2009

(Unaudited)

Investment income:
Interest	$	13,593,299
Expenses:
Advisory fees		931,415
Administrative services fees		89,200
Custodian fees		13,834
Distribution Fees — Class A3		618,963
Transfer agent fees — A, A3 and Y		156,222
Transfer agent fees — Institutional		682
Trustees’ and officers’ fees and benefits		15,938
Other		161,987
Total expenses		1,988,241
Less: Expense offset arrangement(s)		(1,630	)
Net expenses		1,986,611
Net investment income		11,606,688
Realized and unrealized gain (loss) from:
Net realized gain (loss) from investment securities		(1,188	)
Change in net unrealized appreciation of investment securities		35,411,473
Net realized and unrealized gain		35,410,285
Net increase in net assets resulting from operations	$	47,016,973

See accompanying Notes to Financial Statements which are an integral part of the financial statements.

25        AIM Tax-Free Intermediate Fund

Statement of Changes in Net Assets

For the six months ended September 30, 2009 and the year ended March 31, 2009

(Unaudited)

	September 30,			March 31,
	2009			2009
Operations:
Net investment income	$	11,606,688		$	12,875,673
Net realized gain (loss)		(1,188	)		(430,404	)
Change in net unrealized appreciation		35,411,473			52,804
Net increase in net assets resulting from operations		47,016,973			12,498,073
Distributions to shareholders from net investment income:
Class A		(2,239,907	)		(6,057,714	)
Class A3		(9,130,580	)		(4,711,061	)
Class Y		(686,526	)		(713,178	)
Institutional Class		(57,784	)		(49,518	)
Total distributions from net investment income		(12,114,797	)		(11,531,471	)
Distributions to shareholders from net realized gains:
Class A		—			(64,720	)
Class A3		—			(75,207	)
Class Y		—			(19,457	)
Institutional Class		—			(572	)
Total distributions from net realized gains		—			(159,956	)
Share transactions-net:
Class A		(7,265,379	)		(49,919,830	)
Class A3		715,143,651			185,907,926
Class Y		41,189,607			28,736,255
Institutional Class		216,872			1,450,963
Net increase in net assets resulting from share transactions		749,284,751			166,175,314
Net increase in net assets		784,186,927			166,981,960
Net assets:
Beginning of period		373,107,895			206,125,935
End of period (includes undistributed net investment income of $938,067 and $1,446,176, respectively)	$	1,157,294,822		$	373,107,895

Notes to Financial Statements

September 30, 2009

(Unaudited)

NOTE 1—Significant Accounting Policies

AIM Tax-Free Intermediate Fund (the “Fund”) is a series portfolio of AIM Tax-Exempt Funds (the “Trust”). The Trust is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end series management investment company consisting of three separate portfolios, each authorized to issue an unlimited number of shares of beneficial interest. The assets, liabilities and operations of each portfolio are accounted for separately. Information presented in these financial statements pertains only to the Fund. Matters affecting each portfolio or class will be voted on exclusively by the shareholders of such portfolio or class.

  The Fund’s investment objective is to generate as high a level of tax-exempt income as is consistent with preservation of capital.

  The Fund currently consists of four different classes of shares: Class A, Class A3, Class Y and Institutional Class. As of the close of business on October 30, 2002, Class A shares are closed to new investors. Class A shares are sold with a front-end sales charge unless certain waiver criteria are met and under certain circumstances load waiver shares may be subject to contingent deferred sales charges (“CDSC”). Class A3, Class Y and Institutional Class shares are sold at net asset value.

26        AIM Tax-Free Intermediate Fund

  The following is a summary of the significant accounting policies followed by the Fund in the preparation of its financial statements.

A.	Security Valuations — Securities, including restricted securities, are valued according to the following policy.
	Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices and may reflect appropriate factors such as institution-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, individual trading characteristics and other market data. Short-term obligations, including commercial paper, having 60 days or less to maturity are recorded at amortized cost which approximates value. Securities with a demand feature exercisable within one to seven days are valued at par. Debt securities are subject to interest rate and credit risks. In addition, all debt securities involve some risk of default with respect to interest and principal payments.
	Securities for which market quotations either are not readily available or are unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.
	Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.
B.	Securities Transactions and Investment Income — Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.
	The Fund may periodically participate in litigation related to Fund investments. As such, the Fund may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain/loss for investments no longer held and as unrealized gain/loss for investments still held.
	Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of realized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the realized net gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Fund’s net asset value and, accordingly, they reduce the Fund’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Fund and the advisor.
	The Fund allocates realized and unrealized capital gains and losses to a class based on the relative net assets of each class. The Fund allocates income to a class based on the relative value of the settled shares of each class.
C.	Country Determination — For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment advisor may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.
D.	Distributions — Distributions from income are declared daily and paid monthly. Distributions from net realized capital gain, if any, are generally paid annually and recorded on ex-dividend date. The Fund may elect to treat a portion of the proceeds from redemptions as distributions for federal income tax purposes.
E.	Federal Income Taxes — The Fund intends to comply with the requirements of Subchapter M of the Internal Revenue Code necessary to qualify as a regulated investment company and to distribute substantially all of the Fund’s taxable and tax-exempt earnings to shareholders. As such, the Fund will not be subject to federal income taxes on otherwise taxable income (including net realized capital gain) that is distributed to shareholders. Therefore, no provision for federal income taxes is recorded in the financial statements.
	In addition, the Fund intends to invest in such municipal securities to allow it to qualify to pay shareholders “exempt-interest dividends”, as defined in the Internal Revenue Code.
	The Fund files tax returns in the U.S. Federal jurisdiction and certain other jurisdictions. Generally the Fund is subject to examinations by such taxing authorities for up to three years after the filing of the return for the tax period.
F.	Expenses — Fees provided for under the Rule 12b-1 plan of a particular class of the Fund are charged to the operations of such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses attributable to the Institutional Class are charged to such class. Transfer agency fees and expenses and other shareholder recordkeeping fees and expenses relating to all other classes are allocated among those classes based on relative net assets. All other expenses are allocated among the classes based on relative net assets.
G.	Accounting Estimates — The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period including estimates and assumptions related to taxation. Actual results could differ from those estimates by a significant amount. In addition, the Fund monitors for material events or transactions that may occur or become known after the period end date and before the date the financial statements are released to print, which is generally 45 days from the period end date.

27        AIM Tax-Free Intermediate Fund

H.	Indemnifications — Under the Trust’s organizational documents, each Trustee, officer, employee or other agent of the Trust is indemnified against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts, including the Fund’s servicing agreements, that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Fund that have not yet occurred. The risk of material loss as a result of such indemnification claims is considered remote.
I.	Other Risks — The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.
	Since, many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and a Fund’s investments in municipal securities.
	There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

NOTE 2—Advisory Fees and Other Fees Paid to Affiliates

The Trust has entered into a master investment advisory agreement with Invesco Aim Advisors, Inc. (the “Advisor” or “Invesco Aim”). Under the terms of the investment advisory agreement, the Fund pays an advisory fee to the Advisor based on the annual rate of the Fund’s average daily net assets as follows:

Average Net Assets	Rate
First $500 million		0	.30%
Over $500 million up to and including $1 billion		0	.25%
Over $1 billion		0	.20%

  Under the terms of a master sub-advisory agreement the Advisor and each of Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Global Asset Management (N.A.), Inc., Invesco Hong Kong Limited, Invesco Institutional (N.A.), Inc., Invesco Senior Secured Management, Inc. and Invesco Trimark Ltd. (collectively, the “Affiliated Sub-Advisors”) the Advisor, not the Fund, may pay 40% of the fees paid to the Advisor to any such Affiliated Sub-Advisor(s) that provide discretionary investment management services to the Fund based on the percentage of assets allocated to such Sub-Advisor(s).

  At the request of the Trustees of the Trust, Invesco Ltd. (‘Invesco”) agreed to reimburse expenses incurred by the Fund in connection with market timing matters in the AIM Funds, which may include legal, audit, shareholder reporting, communications and trustee expenses. These expenses along with the related expense reimbursement are included in the Statement of Operations. For the six months ended September 30, 2009, Invesco did not reimburse expenses of the Fund.

  The Trust has entered into a master administrative services agreement with Invesco Aim pursuant to which the Fund has agreed to pay Invesco Aim for certain administrative costs incurred in providing accounting services to the Fund. For the six months ended September 30, 2009, expenses incurred under the agreement are shown in the Statement of Operations as administrative services fees.

  The Trust has entered into a transfer agency and service agreement with Invesco Aim Investment Services, Inc. (“IAIS”) pursuant to which the Fund has agreed to pay IAIS a fee for providing transfer agency and shareholder services to the Fund and reimburse IAIS for certain expenses incurred by IAIS in the course of providing such services. IAIS may make payments to intermediaries that provide omnibus account services, sub-accounting services and/or networking services. All fees payable by IAIS to intermediaries that provide omnibus account services or sub-accounting are charged back to the Fund, subject to certain limitations approved by the Trust’s Board of Trustees. For the six months ended September 30, 2009, expenses incurred under the agreement are shown in the Statement of Operations as transfer agency fees.

  The Trust has entered into master distribution agreements with Invesco Aim Distributors, Inc. (“IADI”) to serve as the distributor for the Class A, Class A3, Class Y and Institutional Class shares of the Fund. The Trust has adopted plans pursuant to Rule 12b-1 under the 1940 Act with respect to the Fund’s Class A3 shares (the “Plan”). The Fund, pursuant to the Plan, pays IADI compensation at the annual rate of 0.25% of the Fund’s average daily net assets of Class A3 shares. Of the Plan payments, up to 0.25% of the average daily net assets of each class of shares may be paid to furnish continuing personal shareholder services to customers who purchase and own Class A3 shares of the Fund. Any amounts not paid as a service fee under the Plan would constitute an asset-based sales charge. Rules of the Financial Industry Regulatory Authority (“FINRA”) also impose a cap on the total sales charges, including asset-based sales charges that may be paid by any class of shares of the Fund. For the six months ended September 30, 2009, expenses incurred under the Plans are shown in the Statement of Operations as distribution fees.

  Front-end sales commissions and CDSC (collectively the “sales charges”) are not recorded as expenses of the Fund. Front-end sales commissions are deducted from proceeds from the sales of Fund shares prior to investment in Class A shares of the Fund. CDSC are deducted from redemption proceeds prior to remittance to the shareholder. During the six months ended September 30, 2009, IADI advised the Fund that IADI retained $786 in front-end sales commissions from the sale of Class A shares and $0 from Class A shares for CDSC imposed upon redemptions by shareholders.

  Certain officers and trustees of the Trust are officers and directors of Invesco Aim, IAIS and/or IADI.

NOTE 3—Supplemental Information

Generally Accepted Accounting Principles (GAAP) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable

28        AIM Tax-Free Intermediate Fund

inputs (Level 3) generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1 —	Prices are determined using quoted prices in an active market for identical assets.
Level 2 —	Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.
Level 3 —	Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

  The following is a summary of the tiered valuation input levels, as of the end of the reporting period, September 30, 2009. The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

	Level 1		Level 2		Level 3		Total
Municipal Obligations	$	—	$	885,373,828	$	—	$	885,373,828
Short-Term Investments		—		273,450,000		—		273,450,000
Total Investments	$	—	$	1,158,823,828	$	—	$	1,158,823,828

NOTE 4—Security Transactions with Affiliated Funds

The Fund is permitted to purchase or sell securities from or to certain other AIM Funds under specified conditions outlined in procedures adopted by the Board of Trustees of the Trust. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment advisor (or affiliated investment advisors), common Trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended September 30, 2009, the Fund engaged in securities sales of $4,025,489.

NOTE 5—Expense Offset Arrangement(s)

The expense offset arrangement is comprised of transfer agency credits which result from balances in Demand Deposit Accounts (DDA) used by the transfer agent for clearing shareholder transactions. For the six months ended September 30, 2009, the Fund received credits from this arrangement, which resulted in the reduction of the Fund’s total expenses of $1,630.

NOTE 6—Trustees’ and Officers’ Fees and Benefits

“Trustees’ and Officers’ Fees and Benefits” include amounts accrued by the Fund to pay remuneration to certain Trustees and Officers of the Fund. Trustees have the option to defer compensation payable by the Fund, and “Trustees’ and Officers’ Fees and Benefits” also include amounts accrued by the Fund to fund such deferred compensation amounts. Those Trustees who defer compensation have the option to select various AIM Funds in which their deferral accounts shall be deemed to be invested. Finally, certain current Trustees are eligible to participate in a retirement plan that provides for benefits to be paid upon retirement to Trustees over a period of time based on the number of years of service. The Fund may have certain former Trustees who also participate in a retirement plan and receive benefits under such plan. “Trustees’ and Officers’ Fees and Benefits” include amounts accrued by the Fund to fund such retirement benefits. Obligations under the deferred compensation and retirement plans represent unsecured claims against the general assets of the Fund.

  During the six months ended September 30, 2009, the Fund paid legal fees of $1,563 for services rendered by Kramer, Levin, Naftalis & Frankel LLP as counsel to the Independent Trustees. A member of that firm is a Trustee of the Trust.

NOTE 7—Cash Balances

The Fund may borrow for leveraging in an amount up to 5% of the Fund’s total assets (excluding the amount borrowed) at the time the borrowing is made. In doing so, the Fund is permitted to temporarily carry a negative or overdrawn balance in its account with The Bank of New York Mellon, the custodian bank. To compensate the custodian bank for such overdrafts, the overdrawn Fund may either (i) leave funds as a compensating balance in the account so the custodian bank can be compensated by earning the additional interest; or (ii) compensate by paying the custodian bank at a rate agreed upon by the custodian bank and Invesco Aim, not to exceed the contractually agreed upon rate. A Fund may not purchase additional securities when any borrowings from banks exceeds 5% of the Fund’s total assets.

NOTE 8—Tax Information

The amount and character of income and gains to be distributed are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. Reclassifications are made to the Fund’s capital accounts to reflect income and gains available for distribution (or available capital loss carryforward) under income tax regulations. The tax character of distributions paid during the year and the tax components of net assets will be reported at the Fund’s fiscal year-end.

29        AIM Tax-Free Intermediate Fund

  Capital loss carryforward is calculated and reported as of a specific date. Results of transactions and other activity after that date may affect the amount of capital loss carryforward actually available for the Fund to utilize. The ability to utilize capital loss carryforward in the future may be limited under the Internal Revenue Code and related regulations based on the results of future transactions.

  The Fund had a capital loss carryforward as of March 31, 2009 which expires as follows:

	Capital Loss
Expiration	Carryforward*
March 31, 2017	$	269,784

*  Capital loss carryforward as of the date listed above is reduced for limitations, if any, to the extent required by the Internal Revenue Code.

NOTE 9—Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Fund during the six months ended September 30, 2009 was $552,128,959 and $13,080,230, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed Federal income tax reporting period-end.

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis
Aggregate unrealized appreciation of investment securities	$	41,203,172
Aggregate unrealized (depreciation) of investment securities		(197,206	)
Net unrealized appreciation of investment securities	$	41,005,966
Investments have the same cost for tax and financial statement purposes.

NOTE 10—Share Information

	Summary of Share Activity
	Six months ended						Year ended
	September 30, 2009(a)						March 31, 2009
	Shares			Amount			Shares			Amount
Sold:
Class A		937,081		$	10,231,907			1,958,933		$	20,915,557
Class A3		75,219,610			822,721,863			24,041,565			255,830,915
Class Y(b)		6,163,240			67,286,532			3,779,870			39,435,685
Institutional Class		219,117			2,381,533			200,126			2,117,885
Issued as reinvestment of dividends:
Class A		97,259			1,059,217			232,541			2,460,308
Class A3		676,035			7,420,403			363,056			3,838,583
Class Y		22,326			233,299			11,451			121,044
Institutional Class		4,260			46,482			4,324			45,765
Reacquired:
Class A(b)		(1,706,484	)		(18,556,503	)		(6,966,468	)		(73,295,695	)
Class A3(b)		(10,525,757	)		(114,998,615	)		(6,990,938	)		(73,761,572	)
Class Y		(2,450,427	)		(26,330,224	)		(1,007,184	)		(10,820,474	)
Institutional Class		(202,550	)		(2,211,143	)		(67,711	)		(712,687	)
Net increase in share activity		68,453,710		$	749,284,751			15,559,565		$	166,175,314

(a)

There are entities that are record owners of more than 5% of the outstanding shares of the Fund and in the aggregate own 21% of the outstanding shares of the Fund. IADI has an agreement with these entities to sell Fund shares. The Fund, Invesco Aim and/or Invesco Aim affiliates may make payments to these entities, which are considered to be related to the Fund, for providing services to the Fund, Invesco Aim and/or Invesco Aim affiliates including but not limited to services such as securities brokerage, distribution, third party record keeping and account servicing. The Trust has no knowledge as to whether all or any portion of the shares owned of record by these entities are also owned beneficially.

(b)

Effective upon the commencement date of Class Y shares, October 3, 2008, the following shares were converted from Class A and Class A3 into Class Y shares of the Fund:

Class	Shares			Amount
Class Y		3,420,676		$	35,643,445
Class A		(3,232,497	)		(33,682,616	)
Class A3		(188,179	)		(1,960,829	)

30        AIM Tax-Free Intermediate Fund

NOTE 11—Financial Highlights

The following schedule presents financial highlights for a share of the Fund outstanding throughout the periods indicated.

																												Ratio of			Ratio of
						Net gains																						expenses			expenses
						(losses)																						to average			to average net			Ratio of net
	Net asset					on securities						Dividends			Distributions													net assets			assets without			investment
	value,		Net			(both			Total from			from net			from net						Net asset					Net assets,		with fee waivers			fee waivers			income
	beginning		investment			realized and			investment			investment			realized			Total			value, end		Total			end of period		and/or expenses			and/or expenses			to average			Portfolio
	of period		income			unrealized)			operations			income			gains			Distributions			of period		Return(a)			(000s omitted)		absorbed			absorbed			net assets			turnover(b)
Class A
Six months ended 09/30/09	$	10.72	$	0.21	(c)	$	0.50		$	0.71		$	(0.22	)	$	—		$	(0.22	)	$	11.21		6.68	%	$	114,234		0.42	%(d)		0.42	%(d)		3.79	%(d)		3	%
Year ended 03/31/09		10.70		0.48	(c)		(0.02	)		0.46			(0.43	)		(0.01	)		(0.44	)		10.72		4.44			116,422		0.44			0.44			4.57			22
Year ended 03/31/08		10.76		0.45	(c)		0.02			0.47			(0.45	)		(0.08	)		(0.53	)		10.70		4.50			167,381		0.48			0.48			4.18			19
Year ended 03/31/07		10.92		0.46			(0.09	)		0.37			(0.48	)		(0.05	)		(0.53	)		10.76		3.49			145,563		0.50			0.50			4.24			11
Year ended 03/31/06		11.21		0.47			(0.26	)		0.21			(0.50	)		—			(0.50	)		10.92		1.87			194,526		0.46			0.46			4.16			9
Year ended 03/31/05		11.69		0.49			(0.49	)		(0.00	)		(0.48	)		—			(0.48	)		11.21		(0.01	)		246,946		0.43			0.44			4.09			4
Class A3
Six months ended 09/30/09		10.72		0.19	(c)		0.50			0.69			(0.20	)		—			(0.20	)		11.21		6.55			967,373		0.67	(d)		0.67	(d)		3.54	(d)		3
Year ended 03/31/09		10.70		0.46	(c)		(0.02	)		0.44			(0.41	)		(0.01	)		(0.42	)		10.72		4.18			224,508		0.69			0.69			4.32			22
Year ended 03/31/08		10.76		0.43	(c)		0.02			0.45			(0.43	)		(0.08	)		(0.51	)		10.70		4.24			37,865		0.73			0.73			3.93			19
Year ended 03/31/07		10.92		0.46			(0.12	)		0.34			(0.45	)		(0.05	)		(0.50	)		10.76		3.23			38,156		0.75			0.75			3.99			11
Year ended 03/31/06		11.21		0.42			(0.24	)		0.18			(0.47	)		—			(0.47	)		10.92		1.57			128,946		0.73			0.73			3.89			9
Year ended 03/31/05		11.69		0.43			(0.47	)		(0.04	)		(0.44	)		—			(0.44	)		11.21		(0.37	)		97,651		0.78			0.79			3.74			4
Class Y
Six months ended 09/30/09		10.72		0.21	(c)		0.49			0.70			(0.22	)		—			(0.22	)		11.20		6.59			73,014		0.42	(d)		0.42	(d)		3.79	(d)		3
Year ended 03/31/09(e)		10.42		0.24	(c)		0.28			0.52			(0.21	)		(0.01	)		(0.22	)		10.72		5.01			29,834		0.45	(f)		0.45	(f)		4.56	(f)		22
Institutional Class
Six months ended 09/30/09		10.70		0.21	(c)		0.50			0.71			(0.22	)		—			(0.22	)		11.19		6.68			2,684		0.42	(d)		0.42	(d)		3.79	(d)		3
Year ended 03/31/09		10.69		0.48	(c)		(0.03	)		0.45			(0.43	)		(0.01	)		(0.44	)		10.70		4.28			2,344		0.50			0.50			4.51			22
Year ended 03/31/08		10.75		0.45	(c)		0.02			0.47			(0.45	)		(0.08	)		(0.53	)		10.69		4.46			879		0.53			0.53			4.13			19
Year ended 03/31/07		10.92		0.46			(0.10	)		0.36			(0.48	)		(0.05	)		(0.53	)		10.75		3.43			3,215		0.52			0.52			4.22			11
Year ended 03/31/06		11.21		0.45			(0.24	)		0.21			(0.50	)		—			(0.50	)		10.92		1.91			46,992		0.41			0.41			4.21			9
Year ended 03/31/05(e)		11.40		0.32			(0.19	)		0.13			(0.32	)		—			(0.32	)		11.21		1.13			32,779		0.42	(f)		0.43	(f)		4.10	(f)		4

(a)	Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset value for financial reporting purposes and the returns based upon those net asset values may differ from the net asset value and returns for shareholder transactions. Does not include sales charges and is not annualized for periods less than one year, if applicable.
(b)	Portfolio turnover is calculated at the fund level and is not annualized for periods less than one year, if applicable.
(c)	Calculated using average shares outstanding.
(d)	Ratios are annualized and based on average daily net assets (000’s omitted) of $111,714, $493,817, $34,652 and $2,913 for Class A, Class A3, Class Y and Institutional Class shares, respectively.
(e)	Commencement date of October 3, 2008 and July 30, 2004 for Class Y and Institutional Class shares, respectively.
(f)	Annualized.

31        AIM Tax-Free Intermediate Fund

Calculating your ongoing Fund expenses

Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments or contingent deferred sales charges on redemptions, and redemption fees, if any; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period April 1, 2009 through September 30, 2009.

Actual expenses

The table below provides information about actual account values and actual expenses. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Actual Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical example for comparison purposes

The table below also provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return.

  The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

  Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions, and redemption fees, if any. Therefore, the hypothetical information is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.

							HYPOTHETICAL
			ACTUAL				(5% annual return before expenses)
	Beginning		Ending		Expenses		Ending		Expenses		Annualized
	Account Value		Account Value		Paid During		Account Value		Paid During		Expense
Class	(04/01/09)		(09/30/09)1		Period2		(09/30/09)		Period2		Ratio
Class A	$	1,000.00	$	1,066.80	$	2.18	$	1,022.96	$	2.13		0.42	%
Class A3		1,000.00		1,065.50		3.47		1,021.71		3.40		0.67
Class Y		1,000.00		1,065.90		2.18		1,022.96		2.13		0.42

1	The actual ending account value is based on the actual total return of the Fund for the period April 1, 2009 through September 30, 2009, after actual expenses and will differ from the hypothetical ending account value which is based on the Fund’s expense ratio and a hypothetical annual return of 5% before expenses.
2	Expenses are equal to the Fund’s annualized expense ratio as indicated above multiplied by the average account value over the period, multiplied by 183/365 to reflect the most recent fiscal half year.

32        AIM Tax-Free Intermediate Fund

Approval of Investment Advisory and Sub-Advisory Agreements

The Board of Trustees (the Board) of AIM Tax-Exempt Funds is required under the Investment Company Act of 1940 to approve annually the renewal of the AIM Tax-Free Intermediate Fund (the Fund) investment advisory agreement with Invesco Aim Advisors, Inc. (Invesco Aim) and the Master Intergroup Sub-Advisory Contract for Mutual Funds (the sub-advisory contracts) with Invesco Asset Management Deutschland GmbH, Invesco Asset Management Limited, Invesco Asset Management (Japan) Limited, Invesco Australia Limited, Invesco Global Asset Management (N.A.), Inc., Invesco Hong Kong Limited, Invesco Institutional (N.A.), Inc., Invesco Senior Secured Management, Inc. and Invesco Trimark Ltd. (collectively, the Affiliated Sub-Advisers). During contract renewal meetings held on June 16-17, 2009, the Board as a whole, and the disinterested or “independent” Trustees voting separately, approved the continuance of the Fund’s investment advisory agreement and the sub-advisory contracts for another year, effective July 1, 2009. In doing so, the Board determined that the Fund’s investment advisory agreement and the sub-advisory contracts are in the best interests of the Fund and its shareholders and that the compensation to Invesco Aim and the Affiliated Sub-Advisers under the Fund’s investment advisory agreement and sub-advisory contracts is fair and reasonable.

The Board’s Fund Evaluation Process
The Board’s Investments Committee has established three Sub-Committees that are responsible for overseeing the management of a number of the series portfolios of the AIM Funds. This Sub-Committee structure permits the Trustees to focus on the performance of the AIM Funds that have been assigned to them. The Sub-Committees meet throughout the year to review the performance of their assigned funds, and the Sub-Committees review monthly and quarterly comparative performance information and periodic asset flow data for their assigned funds. These materials are prepared under the direction and supervision of the independent Senior Officer, an officer of the AIM Funds who reports directly to the independent Trustees. Over the course of each year, the Sub-Committees meet with portfolio managers for their assigned funds and other members of management and review with these individuals the performance,

investment objective(s), policies, strategies and limitations of these funds.

      In addition to their meetings through- out the year, the Sub-Committees meet at designated contract renewal meetings each year to conduct an in-depth review of the performance, fees, expenses, and other matters related to their assigned funds. During the contract renewal process, the Trustees receive comparative performance and fee data regarding the AIM Funds prepared by an independent company, Lipper, Inc. (Lipper), under the direction and supervision of the Senior Officer who also prepares a separate analysis of this information for the Trustees. Each Sub-Committee then makes recommendations to the Invest- ments Committee regarding the fees and expenses of their assigned funds. The Investments Committee considers each Sub-Committee’s recommendations and makes its own recommendations regarding the fees and expenses of the AIM Funds to the full Board. The Investments Committee also considers each Sub-Committee’s recommendations in making its annual recommendation to the Board whether to approve the continuance of each AIM Fund’s investment advisory agreement and sub-advisory contracts for another year.

      The independent Trustees met separately during their evaluation of the Fund’s investment advisory agreement and sub-advisory contracts with independent legal counsel. The independent Trustees were also assisted in their annual evaluation of the Fund’s investment advisory agreement by the Senior Officer. One responsibility of the Senior Officer is to manage the process by which the AIM Funds’ proposed management fees are negotiated during the annual contract renewal process to ensure that they are negotiated in a manner that is at arms’ length and reasonable. Accordingly, the Senior Officer must either supervise a competitive bidding process or prepare an independent written evaluation. The Senior Officer recommended that an independent written evaluation be provided and, at the direction of the Board, prepared an independent written evaluation.

      During the annual contract renewal process, the Board considered the factors discussed below in evaluating the fairness and reasonableness of the Fund’s investment advisory agreement and sub- advisory contracts. The Board considered all of the information provided

to them, including information provided at their meetings throughout the year as part of their ongoing oversight of the Fund, and did not identify any particular factor that was controlling. Each Trustee may have evaluated the information provided differently from another Trustee and attributed different weight to the various factors. The Trustees recognized that the advisory arrangements and resulting advisory fees for the Fund and the other AIM Funds are the result of years of review and negotiation between the Trustees and Invesco Aim, that the Trustees may focus to a greater extent on certain aspects of these arrangements in some years than in others, and that the Trustees’ deliberations and conclusions in a particular year may be based in part on their deliberations and conclusions regarding these same arrangements throughout the year and in prior years.
      The discussion below serves as a summary of the Senior Officer’s independent written evaluation with respect to the Fund’s investment advisory agreement as well as a discussion of the material factors and related conclusions that formed the basis for the Board’s approval of the Fund’s investment advisory agreement and sub-advisory contracts. Unless otherwise stated, information set forth below is as of June 17, 2009, and does not reflect any changes that may have occurred since that date, including but not limited to changes to the Fund’s performance, advisory fees, expense limitations and/or fee waivers.

Factors and Conclusions and Summary of Independent Written Fee Evaluation

A. Nature, Extent and Quality of Services Provided by Invesco Aim

The Board reviewed the advisory services provided to the Fund by Invesco Aim under the Fund’s investment advisory agreement, the performance of Invesco Aim in providing these services, and the credentials and experience of the officers and employees of Invesco Aim who provide these services. The Board’s review of the qualifications of Invesco Aim to provide these services included the Board’s consideration of Invesco Aim’s portfolio and product review process, various back office support functions provided by Invesco Aim and its affiliates, and Invesco Aim’s equity and fixed income trading operations. The Board concluded that the nature, extent

33 AIM Tax-Free Intermediate Fund continued

and quality of the advisory services provided to the Fund by Invesco Aim are appropriate and that Invesco Aim currently is providing satisfactory advisory services in accordance with the terms of the Fund’s investment advisory agreement. In addition, based on their ongoing meetings throughout the year with the Fund’s portfolio manager or managers, the Board concluded that these individuals are competent and able to continue to carry out their responsibilities under the Fund’s investment advisory agreement.

      In determining whether to continue the Fund’s investment advisory agreement, the Board considered the prior relationship between Invesco Aim and the Fund, as well as the Board’s knowledge of Invesco Aim’s operations, and concluded that it is beneficial to maintain the current relationship, in part, because of such knowledge. The Board also considered the steps that Invesco Aim and its affiliates continue to take to improve the quality and efficiency of the services they provide to the AIM Funds in the areas of investment performance, product line diversification, distribution, fund operations, shareholder services and compliance. The Board concluded that the quality and efficiency of the services Invesco Aim and its affiliates provide to the AIM Funds in each of these areas support the Board’s approval of the continuance of the Fund’s investment advisory agreement.

B. Nature, Extent and Quality of Services Provided by Affiliated Sub-Advisers

The Board reviewed the services provided by the Affiliated Sub-Advisers under the sub-advisory contracts and the credentials and experience of the officers and employees of the Affiliated Sub-Advisers who provide these services. The Board concluded that the nature, extent and quality of the services provided by the Affiliated Sub-Advisers are appropriate. The Board noted that the Affiliated Sub-Advisers, which have offices and personnel that are geographically dispersed in financial centers around the world, can provide research and other information and make recommendations on the markets and economies of various countries and securities of companies located in such countries or on various types of investments and investment techniques. The Board noted that investment decisions for the Fund are made by Invesco Institutional (N.A.), Inc.

(Invesco Institutional). The Board concluded that the sub-advisory contracts benefit the Fund and its shareholders by permitting Invesco Aim to utilize the additional resources and talent of the Affiliated Sub-Advisers in managing the Fund.

C. Fund Performance

The Board considered Fund performance as a relevant factor in considering whether to approve the investment advisory agreement as well as the sub-advisory contracts for the Fund, as Invesco Institutional currently manages assets of the Fund.

      The Board compared the Fund’s performance during the past one, three and five calendar years to the performance of all funds in the Lipper perfor- mance universe that are not managed by Invesco Aim or an Affiliated Sub-Adviser and against the Lipper Intermediate Municipal Debt Funds Index. The Board noted that the Fund’s performance was in the first quintile of its performance universe for the one and three year periods, and in the second quintile for the five year period (the first quintile being the best performing funds and the fifth quintile being the worst performing funds). The Board noted that the Fund’s performance was above the performance of the Index for the one, three and five year periods. Although the independent written evaluation of the Fund’s Senior Officer only considered Fund performance through the most recent calendar year, the Board also reviewed more recent Fund performance and this review did not change their conclusions. The Board noted that, in response to the Board’s focus on fund performance, Invesco Aim has taken a number of actions intended to improve the investment process for the funds.

D. Advisory and Sub-Advisory Fees and Fee Waivers

The Board compared the Fund’s contractual advisory fee rate to the contractual advisory fee rates of funds in the Fund’s Lipper expense group that are not managed by Invesco Aim or an Affiliated Sub-Adviser, at a common asset level. The Board noted that the Fund’s contractual advisory fee rate was below the median contractual advisory fee rate of funds in its expense group. The Board also reviewed the methodology used by Lipper in determining contractual fee rates, which includes using audited financial data from the most recent

annual report of each fund in the expense group that was publicly available as of the end of the past calendar year. The Board noted that some comparative data was at least one year old and that other data did not reflect the market downturn that occurred in the fourth quarter of 2008. The Board noted that neither Invesco Aim nor its affiliates serve as an adviser to other domestic mutual funds or other domestic clients with investment strategies comparable to those of the Fund.

      The Board noted that Invesco Aim has agreed to reduce the per account transfer agent fee for all the retail funds, including the Fund, effective July 1, 2009.
      The Board also considered the services provided by the Affiliated Sub-Advisers pursuant to the sub-advisory contracts and the services provided by Invesco Aim pursuant to the Fund’s advisory agreement, as well as the allocation of fees between Invesco Aim and the Affiliated Sub-Advisers pursuant to the sub-advisory contracts. The Board noted that the sub-advisory fees have no direct effect on the Fund or its shareholders, as they are paid by Invesco Aim to the Affiliated Sub-Advisers, and that Invesco Aim and the Affiliated Sub-Advisers are affiliates.
      After taking account of the Fund’s contractual advisory fee rate, the contractual sub-advisory fee rate, the comparative advisory fee information discussed above and other relevant factors, the Board concluded that the Fund’s advisory and sub-advisory fees are fair and reasonable.

E. Economies of Scale and Breakpoints

The Board considered the extent to which there are economies of scale in the provision of advisory services to the Fund. The Board also considered whether the Fund benefits from such economies of scale through contractual breakpoints in the Fund’s advisory fee schedule. The Board noted that the Fund’s contractual advisory fee schedule includes two breakpoints but that, due to the Fund’s asset level at the end of the past calendar year, the Fund is not currently benefiting from the breakpoints. Based on this information, the Board concluded that the Fund’s advisory fees would reflect economies of scale at higher asset levels. The Board also noted that the Fund shares directly in economies of scale through lower fees charged by third party service providers based on the combined size of all of the AIM Funds and affiliates.

34 AIM Tax-Free Intermediate Fund continued

F. Profitability and Financial Resources

The Board reviewed information from Invesco Aim concerning the costs of the advisory and other services that Invesco Aim and its affiliates provide to the Fund and the profitability of Invesco Aim and its affiliates in providing these services. The Board also reviewed information concerning the financial condition of Invesco Aim and its affiliates. The Board reviewed with Invesco Aim the methodology used to prepare the profitability information. The Board considered the overall profitability of Invesco Ltd., the ultimate parent of Invesco Aim and the Affiliated Sub-Advisers, and of Invesco Aim, as well as the profitability of Invesco Aim in connection with managing the Fund. The Board noted that Invesco Aim continues to operate at a net profit, although the reduction of assets under management as a result of market movements and the increase in voluntary fee waivers for affiliated money market funds have reduced the profitability of Invesco Aim and its affiliates. The Board concluded that the Fund’s fees are fair and reasonable, and that the level of profits realized by Invesco Aim and its affiliates from providing services to the Fund is not excessive in light of the nature, quality and extent of the services provided. The Board considered whether Invesco Aim is financially sound and has the resources necessary to perform its obligations under the Fund’s investment advisory agreement, and concluded that Invesco Aim has the financial resources necessary to fulfill these obligations. The Board also considered whether each Affiliated Sub-Adviser is financially sound and has the resources necessary to perform its obligations under the sub-advisory contracts, and concluded that each Affiliated Sub-Adviser has the financial resources necessary to fulfill these obligations.

G. Collateral Benefits to Invesco Aim and its Affiliates

The Board considered various other benefits received by Invesco Aim and its affiliates resulting from Invesco Aim’s relationship with the Fund, including the fees received by Invesco Aim and its affiliates for their provision of administrative, transfer agency and distribution services to the Fund. The Board considered the performance of Invesco Aim and its affiliates in providing these services and the organizational structure employed by Invesco Aim and its affiliates to

provide these services. The Board also considered that these services are provided to the Fund pursuant to written contracts that are reviewed and approved on an annual basis by the Board. The Board concluded that Invesco Aim and its affiliates are providing these services in a satisfactory manner and in accordance with the terms of their contracts, and are qualified to continue to provide these services to the Fund.
     The Board considered the benefits realized by Invesco Aim and the Affiliated Sub-Advisers as a result of portfolio brokerage transactions executed through “soft dollar” arrangements. The Board noted that soft dollar arrangements shift the payment obligation for research and execution services from Invesco Aim and the Affiliated Sub-Advisers to the funds and therefore may reduce Invesco Aim’s and the Affiliated Sub-Advisers’ expenses. The Board concluded that Invesco Aim's and the Affiliated Sub-Advisers’ soft dollar arrangements are appropriate. The Board also concluded that, based on their review and representations made by the Chief Compliance Officer of Invesco Aim, these arrangements are consistent with regulatory requirements.
     The Board considered the fact that the Fund’s uninvested cash and cash collateral from any securities lending arrangements may be invested in money market funds advised by Invesco Aim pursuant to procedures approved by the Board. The Board noted that Invesco Aim will receive advisory fees from these affiliated money market funds attributable to such investments, although Invesco Aim has contractually agreed to waive through at least June 30, 2010, the advisory fees payable by the Fund in an amount equal to 100% of the net advisory fees Invesco Aim receives from the affiliated money market funds with respect to the Fund’s investment in the affiliated money market funds of uninvested cash, but not cash collateral. The Board concluded that the Fund’s investment of uninvested cash and cash collateral from any securities lending arrangements in the affiliated money market funds is in the best interests of the Fund and its shareholders.

35 AIM Tax-Free Intermediate Fund

Important Notice Regarding Delivery of Security Holder Documents

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). Mailing of your shareholder documents may be householded indefinitely unless you instruct us otherwise. If you do not want the mailing of these documents to be combined with those for other members of your household, please contact Invesco Aim Investment Services, Inc. at 800 959 4246 or contact your financial institution. We will begin sending you individual copies for each account within thirty days after receiving your request.

Fund holdings and proxy voting information

The Fund provides a complete list of its holdings four times in each fiscal year, at the quarter-ends. For the second and fourth quarters, the lists appear in the Fund’s semiannual and annual reports to shareholders. For the first and third quarters, the Fund files the lists with the Securities and Exchange Commission (SEC) on Form N-Q. The most recent list of portfolio holdings is available at invescoaim.com. From our home page, click on Products & Performance, then Mutual Funds, then Fund Overview. Select your Fund from the drop-down menu and click on Complete Quarterly Holdings. Shareholders can also look up the Fund’s Forms N-Q on the SEC website at sec.gov. Copies of the Fund’s Forms N-Q may be reviewed and copied at the SEC Public Reference Room in Washington, D.C. You can obtain information on the operation of the Public Reference Room, including information about duplicating fee charges, by calling 202 942 8090 or 800 732 0330, or by electronic request at the following email address: publicinfo@sec.gov. The SEC file numbers for the Fund are 811-07890 and 033-66242.

      A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities is available without charge, upon request, from our Client Services department at 800 959 4246 or on the Invesco Aim website, invescoaim.com. On the home page, scroll down and click on Proxy Policy. The information is also available on the SEC website, sec.gov.

      Information regarding how the Fund voted proxies related to its portfolio securities during the 12 months ended June 30, 2009, is available at our website. Go to invescoaim.com, access the About Us tab, click on Required Notices and then click on Proxy Voting Activity. Next, select the Fund from the drop-down menu. The information is also available on the SEC website, sec.gov.

If used after January 20, 2010, this report must be accompanied by a Fund fact sheet or Invesco Aim Quarterly Performance Review for the most recent quarter-end. Invesco Aim^SM 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 advisers 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 subadvisers. 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.

     It is anticipated that on or about the end of the fourth quarter of 2009, Invesco Aim Advisors, Inc., Invesco Aim Capital Management, Inc., Invesco Aim Private Asset Management, Inc. and Invesco Global Asset Management (N.A.), Inc. will be merged into Invesco Institutional (N.A.), Inc., and the consolidated adviser firm will be renamed Invesco Advisers, Inc. Additional information will be posted at invescoaim.com on or about the end of the fourth quarter of 2009.

invescoaim.com TFI-SAR-1 Invesco Aim Distributors, Inc.

ITEM 2. CODE OF ETHICS.

There were no amendments to the Code of Ethics (the “Code”) that applies to the Registrant’s Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) during the period covered by the report. The Registrant did not grant any waivers, including implicit waivers, from any provisions of the Code to the PEO or PFO during the period covered by this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

Investments in securities of unaffiliated issuers is included as part of the reports to stockholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

None.

ITEM 11. CONTROLS AND PROCEDURES.

(a) As of September 21, 2009, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of September 21, 2009, the Registrant’s disclosure controls and procedures were reasonably designed to ensure: (1) that information required to be disclosed by the Registrant on Form N-CSR is

	recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.
(b)	There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by the report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

ITEM 12. EXHIBITS.

12(a)(1)	Not applicable.
12(a)(2)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.
12(a)(3)	Not applicable.
12(b)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: AIM Tax-Exempt Funds
By:	/s/ Philip A. Taylor
	Philip A. Taylor
	Principal Executive Officer

Date: December 4, 2009

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Philip A. Taylor
	Philip A. Taylor
	Principal Executive Officer

Date: December 4, 2009

By:	/s/ Sheri Morris
	Sheri Morris
	Principal Financial Officer

Date: December 4, 2009

EXHIBIT INDEX

12(a)(1)	Not applicable.
12(a)(2)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940.
12(a)(3)	Not applicable.
12(b)	Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(b) under the Investment Company Act of 1940.